99 FISHERGATE, PRESTON PR1 2AE PRIME LISTED FREEHOLD HIGH YIELDING BANK INVESTMENT LET TO SKIPTON BUILDING SOCIETY

Transcription

1 99 FISHERGATE, PRESTON PR1 AE PRIME LISTED FREEHOLD HIGH YIELDING BANK INVESTMENT LET TO SKIPTON BUILDING SOCIETY

2 Investment Summary r Prime trading location within the established banking quarter for the City r A Listed Building with the benefit of a separate access to the upper parts. r The Skipton Building Society currently sublet the first and second floors which on renewal offer a residential redevelopment opportunity, subject to obtaining the necessary planning and Listed Building consents. The subtenancies are outside the security and tenure provisions of the Landlord & Tenant Act. r An effective full repairing and insuring lease on the entire to Skipton Building Society for a term of years from 1 September 199, subject to yearly upward only rent reviews at a current rental of 1,000 p.a.x. r A low capital value of 19.6 psf ( 1.8 psm). r The Skipton have traded from this property for nearly years. r The property has been registered for VAT purposes and it is assumed that the transaction will be dealt with as a TOGC. r Freehold. r We are instructed to seek offers in excess of 90,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 1.% after deducting purchaser s costs of.69%.

3 Location The City of Preston is the principal commercial and administrative centre for Lancashire and is the third largest City in the North West of England. Preston is situated 1 miles (19.km) southeast Preston of Blackpool, 0 miles (8.km) northwest of Manchester and miles (6.km) northeast of Liverpool. Preston benefits from excellent road communications with the, 1, and M motorways all within miles (6.km) of the City centre, linking directly the national motorway network. Preston Railway Station is located at the western end of Fishergate and provides a frequent and direct service to London Euston ( hrs 9 mins), Manchester A Piccadilly (0 mins) and B Edinburgh C ( hrs 9 mins). Manchester International Airport, one of Europe s fastest growing airports is located approximately miles (.1km) south of the City centre. There 1 is also direct access from Preston Railway Station to the airport with a journey time of approximately 1 hour. Liverpool Bay River Dee Southport A6 Liverpool LIVERPOOL 1 Birkenhead A6 A6 M A8 A06 Albert Dock A1 A9 A0 A0 6 A9 16 A80 A8 1 6 A08 A61 8 M 1 A8 PRESTON A6 Skelmersdale M8 M Liverpool John Lennon Airport Ellesmere Port /1 A A6 M A9 Preston St Helens 1/6 A0 A00 1 A9 A8 A80 Runcorn A 6/6 1A 8 9A 9/1 Widnes 1 A9 A6 A / 8 Wigan 9 Warrington 11 A6 A6 A9 1 A8 WELLINGTON STREET Blackburn 10 A6 A6 10/1A 6 A0 A9 A /9 A80 A666 A666 A8 A6 6 MARSH LANE STRAND ROAD (A0) Bolton 1 A 19 ASHTON STREET A680 A6 1 A0 1/1 WELLFIELD ROAD /1 A Trafford Centre 10 9 A6 6 A0 A6 A8 RINGWAY (A9) TALBOT ROAD 8 A6 A68 A Manchester Airport A A6 HARTINGTON ROAD /18 1 Manchester PEDDER STREET CROFT STREET 19 A8 1/ 19 0 A MANCHESTER A A A66 A6 LODGE STREET GERRARD STREET A 1 A60 A60 A6 A6 MAUDLAND BANK A66 A60 BOW LANE CHRIST CHURCH STREET ARTHUR STREET FISHERGATE HILL FYLDE ROAD (A8) MAUDLAND ROAD LEIGHTON STREET PITT STREET CHRISTIAN ROAD MARSH LANE Preston Railway Station BUTLER STREET D HARRINGTON STREET CORPORATION STREET CORPORATION STREET Fishergate Shopping Centre MOOR LANE (A01) FRIARGATE WALKER STREET RINGWAY (A9) THEATRE ST GREAT SHAW STREET MARKET STREET WEST FOX ST MOUNT STREET LUNE STREET Museums, Arts & Entertainment degrees C1 Frog & Bucket Comedy Club F Guild Hall & Charter Theatre F Harris Museum & Art Gallery F Korova D Museum of Lancashire H Playhouse Theatre D PR1 Gallery C1 The Continental C6 Police Division Headquarters CROWN STREET LAWSON STREET FISHERGATE CHAPEL STREET SNOW HILL WINCKLEY ST WINCKLEY SQUARE E LANCASTER ROAD NORTH ELIZABETH ST WALKER STREET Magistrates Court FRIARGATE ORCHARD ST 99 FISHERGATE Winckley Square GUILDHALL ST STARKIE STREET MELLING ST MARKET ST St George s Shopping Centre CANNON STREET GLOVERS COURT CROSS STREET ORMSKIRK RD LANCASTER ROAD CHADDOCK STREET BAIRSTOW STREET NORTH ROAD (A6) LUND ST Combined Courts Market Quarter Town Hall Shopping Cannon Street E Fishergate Shopping Centre D Friargate D,E Fishergate D,E Guild Hall Street E Lune Street D Markets E Miller Arcade F St George s Shopping Centre E Winckley Street E GREAT AVENHAM ST TITHEBARN STREET St Johns Shopping Centre Miller Arcade BOLTONS COURT SYKE STREET AVENHAM LANE F MEADOW STREET Bus Station CARLISLE STREE T CHURCH ROW Preston Minster LORD S WALK SHEPHARD ST ST PAUL S ROAD RINGWAY (A9) AVENHAM LANE MEADOW STREE POLE STREET PE CHURCH STRE MANCHESTE CHARLOTTE STR OXFORD STREET Landma Arkwrigh Avenham Avenham Flag Mar Harris In Miller Ar Miller Pa Preston St Walbu Winckley E ST GRAFTON CL (A9) WES RIBBLESDALE

4 Retailing in Preston Preston is one of the strongest retailing centres in the North West, providing approximately 1. million square feet of City centre retail floorspace, ranking the City th of the PROMIS centres. Retail provision in Preston is centered upon the pedestrianised Fishergate and Friargate with major retailers represented including Marks & Spencer, Debenhams, Primark, New Look, Boots, H&M, WH Smith, Next and Topshop. Fishergate is ably supported by two enclosed shopping centres, The St George s Shopping Centre totaling approximately,000 sq ft and trading over two levels which provides a link from Fishergate to the south and the pedestrianised Friargate to the north. The scheme is anchored by Marks & Spencer, New Look and H&M and was refurbished in 00 and benefits from a 10 space multistory car park. The City s other major scheme is the Fishergate Centre which provides approximately 0,000 sq ft of retail accommodation and is situated at the western end of the retail core adjacent to the City s Railway Station. The scheme is anchored by Debenhams and Primark with other multiple retailers including Sports Direct and TK Maxx. Demographics Preston serves an extensive and loyal catchment area with a primary catchment population of 08,000 people with an estimated shopping population of 9,000 people. The affluence of the catchment population is underlined by the over representation of the most affluent AB Social Group with the least affluent C and DE Social Groups being under represented (Source: PROMIS). The City also benefits from a substantial student population of approximately,000 people from the University of Central Lancashire (UCLAN) which is the 1th largest and fastest growing University in the UK and ranked 6th in the Guardian s 018 University Guide, contributing an estimated 00 million into the regional economy. The Preston Campus of the University is concentrated to the immediate northwest of the City centre within walking distance of the City s retail provision and the subject property.

5 Situation The property occupies a prime trading location being adjacent to RBS and Virgin Media. Nearby multiple retailers include Santander, EE, Clarks, WH Smith, River Island, Halifax, Bodycare, Marks & Spencer, Next, Sainsburys Local, Nationwide, Thorntons, Thomas Cook and Carphone Warehouse. Description The property is arranged on basement, ground, first and second floors and is of a brick and stone construction under a pitched, slate and flat roof built in the early 0th Century. The property is listed. The ground floor has been fitted out in the standard Skipton Building Society corporate style with a substantial banking hall, interview/meetings rooms and a kitchen area (all created from demountable partitions). The basement area contains a number of secure strong rooms. The first and second floor office accommodation has a separate access to the left hand facing side of the subject property, directly off Fishergate. Both office suites have been fitted out a high standard with carpeting, heating and Category lighting throughout. Both suites have been sublet - (see Tenancy details). Accommodation The premises are arranged on basement, ground, first and second floors with the following approximate areas and dimensions:- Description ft/sq ft m/sq m Window frontage (Fishergate) 0 6. m Splay frontage 9.8 m Return frontage m Internal width (maximum) m Shop depth m Ground floor sales 1,89 sq ft 16. sq m Ground floor ancillary 8 sq ft. sq m Basement ancillary 99 sq ft 9.1 sq m Basement rooms not inspected (locked) First floor offices 1,1 sq ft 1 sq m Second floor offices 1,181 sq ft 109. sq m ITZA 1,0. units

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7 PRESTON MARKET ORCHARD ST FRIARGATE SUBJECT PROPERTY ST GEORGE S SHOPPING CENTRE FISHERGATE FISHERGATE SHOPPING CENTRE

8 6b Tenure The property is held freehold, subject to the tenancy listed below. The site area extends to 0.0 of an acre (0.0 hectares). Tenancy The property is let to Skipton Building Society by way of a year effective full repairing and insuring lease from 1 September 199, subject to yearly upward only rent reviews at a current rental of 1,000 (one hundred and twenty five thousand pounds) per annum exclusive. The first floor has been sublet to Brook Street (UK) Limited (Company No. 0096) by way of an effective FR&I lease from 0 August 011 until 19 September 019 at a current rental of 8,0 p.a.x. The sub-lease is outside the security and tenure provisions of the Landlord & Tenant Act. The second floor is also sublet to Brook Street (UK) Limited (Company No.0096) by way of an effective FR&I lease from 0 August 011 until 19 September 019 at a current rental of,000 p.a.x. The sub-lease is outside the security and tenure provisions of the Landlord & Tenant Act. Initial conversations with the Skipton would indicate a willingness to renew on expiry in September El Sub Sta 9 CHAPEL WALKS m FISHERGATE LB 0 8 0m 0m

9 Covenant Information The Skipton Building Society was established in 18 in Skipton, North Yorkshire where it remains head quartered. It is the UK s th largest Building Society and has over 919,000 members and 100 branches. We set out below the most recent financial information available for the tenant:- Year End s Year End s Turnover Pre-Tax Profit Total Assets 1, ,019.0 (Source:- Skipton Building Society Annual Report) EPC The property has a rating of D8. A Certificate and Recommendations are available upon request. VAT The property has been elected for VAT and it is assumed that the transaction will be treated as a TOGC. Anti Money Laundering In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

10 Proposal We are instructed to seek offers in excess of 90,000 subject to contract and exclusive of VAT reflecting a Net Initial Yield of 1.% after deducting purchasers costs of.69%. Further Information For further information, or to arrange an inspection of the property, please contact: Hugh Ockleston Ockleston Bailey Tel: hugh@ocklestonbailey.co.uk Misrepresentation Act 196 Ockleston Bailey Ltd (and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that : (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Ockleston Bailey Ltd cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Ockleston Bailey Ltd (and their joint agents where applicable) has any authority to make any representations or warranty or enter into contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition, (v) Ockleston Bailey Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. NOVEMBER 018