Units 1-3, Victoria Lane HUDDERSFIELD, HD1 2QF. Investment Sale

Transcription

1 Investment Sale

2 INVESTM SUMMARY Huddersfield is a major regional retail centre with a catchment population in excess of 300,000 people within 10km (6.5 miles) of the town centre Pedestrianised retail pitch in the heart of Huddersfield opposite The Piazza Shopping Centre Three modern regular configured retail units let to Argos, Oakham Clothing and Internacionale Total current income 90,550 pax rising to 98,050 pax in September 0 Lease expiries September 0, February 016 and September 0 9% of income secured on covenant of Argos until September 0 3,300,000 subject to contract and exclusive of VAT. Net initial yield 8.3%, yield September 0 8.5% and true equivalent yield 8.98% net of purchasers costs at 5.8%

3 HUDDERSFIELD Huddersfield is a significant retail and commercial centre within West Yorkshire. The town is located 30 km (190 miles) north of London, 3 km (0 miles) south west of Leeds, 6 km (16 miles) south west of Bradford and 7 km (9 miles) east of Manchester. The town centre is 3km ( miles) south of junction of the M6. Huddersfield has direct rail links to Leeds, Manchester and Sheffield. Fastest journey time to London Kings Cross is hours 5 minutes The resident population is 16,000 (001 census) with 306,000 and 1,060,000 people living within 10km (6.5 miles) and 0 km (.5 miles) respectively of the town centre. Major employers include Huddersfield Royal Infirmary, David Brown Engineering, Syngenta, Cummins Turbo Technologies, Sellers and the University of Huddersfield. Approximately 3,000 students attend the University of Huddersfield. SITUATION The property is situated on the pedestrianised Victoria Lane facing The Piazza Shopping Centre owned by Threadneedle. Victoria Lane links into the pedestrianised King Street which leads to the Kingsgate Centre. Nearby retailers include Marks Spencer, Boots, British Home Stores, Ethel Austin, Au Naturale, Peacocks, Superdrug, Dorothy Perkins and Evans. Queensgate Market (the town s covered market) is within 100 metres to the south. Car parking is available at Alfred Street 150 metres to the south (576 spaces) and Kingsgate 50 metres to the north (650 spaces). The prime pitch is centred on the Kingsgate Centre and the pedestrianised section of King Street. The Kingsgate Centre opened in 00 and totals circa 300,000 sq ft of retail accommodation with retailers including House of Fraser, Next, HM, TK Maxx, HMV and New Look. Zone A rents are approximately 100 headline.

4 DESCRIPTION The property was completed in 1987 and comprises three well configured regular shaped retail units with storage and ancillary accommodation on two upper floors. The property has a service area to the rear with two communal goods lifts. The rear service yard is accessed via an underground service road from Queen Street to the east. FAST FOOD RESTAURANT BURGER KING TH UNCIL OFFICES THEATRE DOROTHY PERKINS MARKS SPENCER DRUG HEALTH BEAUTY CARD CIRCLE STYLE LOB R C RUSSELL BUTCHER SAMUEL TAYLORS BUTTON BO KITSONS GREGGS BODYCARE SKIPTON CO-OP CANCER RESEARCH U K CHARITY SHOP ALLIANCE + LEICESTER THORNTONS TAXI THE CLARKS SHOP TOP SHOP ANN SUMMERS CLINTON CARDS CARDS GIFTS INTERNACIONALE PEACOCKS COFFEE CALI COFFEE SHOP L ARGOS MELLOW MOMS YORKSHIRE LINEN CO BHS SHIRE JONATHAN JAMES PETER JONES WATERSTONES COOK J CS HAIR BEAUTY LILY NAILS WOOD LENITIVE PLUS SILVER LINING YORKSHIRE JEWELLERY OXFAM C JS BARBERS HAIR UPPERCRUST S/W BAR EDWARDS CAFE STOREYS MISS REBEL BOOTS THE CHEMIST JESSOPS AROMAS S/W BAR LABELS FOR LESS ORANGE OCCASION GIFTS FLOR SNOOTYS F/FD REST RAYNER PUBLISHERS BOOK CLEARANCE D A HOME EVANS CARD FACTORY AX ELMANN DEV AZURI THE ALBERT TOPMAN LOCKER MYMOV THE WORKS HUDDERSFIELD PET SUPPLIES ITORS FRIEND HUDDERSFIELD LIGHTING ER VISION TOTESPORT CHELTENHAM GLOUCESTER CLOTHING SHOPPING XPERIENCE BEAU SAL M/WR VAC NOBLES MARKS SPENCER BOOTS S WHSMITH VISION EXPRESS VODAFONE THE LATTE HUT COFF SH THO YORKSHIRE BUZZ MO TEL THE CARPHON WAREHOUSE RYS.DIGITAL PETERS FONEBOOTH TEL MONSOON VIRGIN MEDIA TY SHOP BAR REST STO STORE ANT SHOES BOOKS OFFICE AMUSEMS CARDS GIF THAT S ERTAINM NT VARIETY STORE BEAU SAL SHOES L/WR STO STORE AMUSEMS SANTAN BEAVERBRO PHONES HERBERT BRO JEWELLER BOSIDENG MENS WEAR CHOOS TCOFF MERCH H SAMUEL AXI VARIETY STORE SPIN RECORDS 0 PHONES L ACCESS MENS WEAR N E M DAL SURGERY OODS ORATION STREET EL STREET HEALTH BEAUTY PUTER PM BET OFF BUILDING SOCIETY VAC MUSEUM ART GALLERY LIBRARY HEALTH BEAUTY PUBLIC HOUSE CARDS BOOKS V 11 VARIETY STORE CTN BAKER SHOES NEWSAG BOOKS COSTA COFFEE BOOKS TELEPHONES DEPARTM STORE AU NATURALE ETHEL AUSTIN LINGERIE CONF BIS GIFTS CATALOGUE SHOWROOM JWLR JWLR PHOTO GOODS TELEPHONES ORIGINAL POUNDSTORE SOFT FURNISHINGS BUILDING SOCIETY TEL LADIES MENS WEAR HOME AR COFF SH JEWELLER TELEPHON JEWELLER TELEPHONES RO TRAVEL UNIT 1 UNIT 1A PRINCESS ALEXANDRA WALK ARCADE RAMSDEN STREET QUEEN STREET ALBERT YARD NS ONLY EXCEPT PERMIT HOLDERS NEW STREET LOADING.00PM AM) SERVICE AREA SQUAR MARKET AVENUE THE SHAMBLES 31 VICTORIA LANE (EXCEPT CYCLES) UNDER PUBLIC GARDENS STAIRS (PEDESTRIANS ONLY) OVER THE PIAZZA SHOPPING CRE TO LOADING AREA UNDER RANCE EXIT RANCE 9 35A A RANCE LOCKWOODS YARD FIRE EXIT 7 SERVICE AREA KING STREET UNIT MARKE Units 1-3, 18-8 Victoria Lane

5 ACCOMMODATION The net internal areas are as follows: Unit 1 Unit Unit 3 6/8 Victoria Lane / Victoria Lane 18/0 Victoria Lane Sq m Sq ft Sq m Sq ft Sq m Sq ft Ground Floor , , ,18 Ground Floor (ITZA) (13.9) (1,) (86.86) (935) (9.3) (1,39) First Floor , ,837 Second Floor ,957 Total 9.7, ,75 1,115.95,0 The site extends to approximately hectares (0.30 acres). TENURE The property is held long leasehold under three separate leases for terms of 999 years from 5 March 1870, 5 March 1889 and 9 September The annual rents reserved are 60.5, 7.1 and respectively. Rights to use the underground service road are documented in a Deed dated 6 February OCCUPATIONAL LEASES The property is let in accordance with the tenancy schedule below. The total current passing rent is 90,550 pax with a fixed increase to 98,050 pax in September 0. Unit Tenant Total Area Current Rent Start Date Expiry Date Rent Review Notes Sq m Sq ft pa pax 1, 6/8 Internacionale 9.7,81 80,000 8/0/011 7/0/016 1, Victoria Lane Retail Ltd, / Oakham 9.93,75 68,050 9/09/1987 8/09/0 3 Victoria Lane Clothing Ltd 3,18/0 Argos Ltd 1,115.95,0 1,500 9/09/1987 8/09/0 9/09/0, 5 Victoria Lane 9/09/017 1, ,38 90,550 Note 1: Commencing rent 0,000 pax, rising to 80,000 pax 8/08/0. Vendor to top up rent to 80,000 pax from completion of sale. Note : Schedule of Condition. Note 3: Guaranteed by Broughton Brothers Ltd and Superdrug Stores Plc. Note : Reversionary Lease Ground, part 1st and nd Floors. Term 9/09/0 to 8/09/0 at 150,000 pax which amalgamates 3 existing leases as follows Unit 3 Ground, part 1st and part nd Floors Term 9/09/1987 to 8/09/0 at 0,000 pax. Part 1st Floor Term 9/08/1997 to 8/09/0 at 3,550 pax. Part 1st and part nd Floors Term 15/03/010 to 8/09/0 pax at 18,950 pax. Note 5: Fixed increase 9/09/0 to 150,000 pax.

6 Unit - Oakham Clothing Ltd (Company Number ) Trading as Jonathan James. The most recent financial figures are: RAL VALUE The Zone A rents for each unit analyse as follows adopting rental values of 5 psf and psf for the first and second floors respectively. Unit 1 Internacionale 5.59 psf Unit Oakham Clothing psf Unit 3 Argos psf TENANT S COVENANTS Unit 1 - Internacionale Retail Ltd (Company Number ) Internacionale Retail Ltd was incorporated in April 008. The most recent financial figures are: Year ending 5/07/009 GBP 000 s Turnover 7,196 Pre tax Profit (Loss) (8,663) Net Worth (6,163) 31/07/009 31/07/008 31/07/007 Turnover 10,35,8,878 Pre tax Profits (Loss) (116) (69) 7 Net Worth Guarantor - Broughton Brothers Ltd (Company Number 06830). The most recent financial figures are: 31/07/009 31/07/008 31/07/007 Turnover 1,609 5,650 8,315 Pre tax Profits (Loss) () (1,0) 393 Net Worth,091,88 3,93 Guarantor - Superdrug Stores Plc (Company Number ). The most recent financial figures are: 7//009 7//008 7//007 Turnover 1,07,83 1,07,863 1,097,0 Pre tax Profits (Loss) (3) (7,396) 1,599 Net Worth, ,690 15,089

7 Unit 3 - Argos Ltd (Company Number ) The most recent financial figures are: 7/0/010 7/0/009 7/0/008 Turnover,16,75,056,338,099,773 Pre tax Profits (Loss) 7,851 (19,37) 39,987 Net Worth 1,130,07 1,08,16 1,381,659 VAT We understand that the property has not been elected for VAT. Proposal We are instructed to seek offers in the region of 3,300,000 subject to contract and exclusive of VAT, a net initial yield of 8.3%, a yield in September 0 of 8.5% and a true equivalent yield of 8.98% after deduction of purchasers costs at 5.8% For further information please contact David Nicholls Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on any statements by Hague Nicholls in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Hague Nicholls has no authority to make any representation about the property and accordingly any information given is entirely without responsibility on the part of the agent(s), seller(s) or lessors(s).. Photographs etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Any areas, measurements or distances given are approximate only. 3. Any buyer must satisfy themselves by inspection or otherwise as to the correctness of any information given. Particulars prepared April 011. Designed and produced by Tel: Chartered Surveyors Queen Street Leeds LS1 TW T: F: E: dwn@haguenicholls.com