VICTORIA STREET & CORPORATION STREET, BLACKPOOL, FY1 4RW
INVESTMENT CONSIDERATIONS Modern Retail Parade providing a total area 2,113 sq m (22,743 sq ft) Located in 100% prime position in pedestrianised town centre Comprises Seven well proportioned retail units Situated opposite the entrance to the Houndshill Shopping Centre WAULT of 2.17 years Total current rent 392,000 per annum Freehold Tenants include Specsavers, Clinton Cards, Holland and Barrett and Card Factory One of the leading retail centres in the North West Most popular seaside destination in UK with 8.6 million day visits last year Town Centre footfall of approximately 17.71 million Asset Management Potential PROPOSAL We are instructed to seek offers in excess of 3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 12.27% allowing for purchaser s costs.
LOCATION The historic seaside town of Blackpool is located along the north-west coast of Lancashire and with a population of 140,000 and 8.6m day trip tourist visits per annum is regarded as one of the leading retail centres in the north-west and is the second largest tourist centre outside of London. Blackpool is excellently situated close to Manchester and Liverpool being approximately 63 km (39 miles) north-west of Manchester, 46 km (29 miles) north of Liverpool and 22 km (14 miles) west of Preston. The town is well connected via the M55 which lies 7.2 km (4.5 miles) to the south east of the town centre, which provides access to the M6, 27 km (16.5 miles) east of Blackpool. Communications are further enhanced by excellent public transport with regular rail services to Manchester Piccadilly with a journey time of 1 hour 10 minutes and a fastest journey time to London Euston of 3 hours. Additionally Blackpool has the benefit of access to both Liverpool John Lennon Airport and Manchester Airport which lie 101 km (63 miles) and 92 km (57 miles) south-west and south-east, respectively, from the town centre and provides flights to domestic and international destinations. BLACKPOOL Blackpool International Airport LIVERPOOL M53 Warton Aerodrome M6 M55 Liverpool John Lennon Airport M58 Preston BLACKBURN M6 M61 Wigan M62 Warrington Bolton M62 M65 M60 M58 M66 Burnley Rochdale MANCHESTER Manchester International Airport Oldham M60 Stockport M67 G M6 Chester Hawarden Airport
SITUATION The property is prominently located within the prime pedestrianised town centre of Blackpool on the corner of Victoria Street and Corporation Street. The property benefits from being opposite to the town s only shopping centre, Houndshill Shopping Centre. This is the main retail hub in the town with Victoria Street being the main retail thoroughfare, pedestrian footfall is significant. The property benefits from being in close proximity to notable national occupiers such as Marks and Spencer, Topshop and The Body Shop. In addition the property has the advantage of being in close proximity to ample car parking, with a multi-storey car park located within Houndshill Shopping Centre and further multi storey car park located within a five minute walk. DESCRIPTION Each of the properties within the retail parade are arranged on basement, ground and first floor with 26/28 benefiting from basement trading. The parade comprises seven ground floor retail units together with ancillary accommodation above. Additionally there is a large loading area to the rear of the site which provides access for loading and ancillary areas to all units. TENURE Freehold
Blackpool - Central VICTORIA STREET & CORPORATION STREET, BLACKPOOL, FY1 4RW T N VACA The r e Wint ns e d r a G RETAILING IN BLACKPOOL Being the most popular seaside destination in the UK, Blackpool experienced 8.6 million day visits last year, with town centre footfall at approximately 17.71 million (Promis). This fact, coupled with a catchment area of 300,000 has established Blackpool as one of the leading retail centres in the North West. Town centre retail floorspace in Blackpool is estimated at 1.37 million sq ft, with the main retailing pitch being the pedestrianised Victoria Street and the Houndshill Shopping Centre. The main and only shopping centre in Blackpool is the Houndshill Shopping Centre, which was extended in 2008, totalling 36,975.4 sq m (398,000 sq ft) with prime frontage on Victoria Street. National occupiers include retailers such as Boots, NEXT, H&M, River Island and Primark. Crown Copyright, ES 100004106. For identification purposes only.
SCHEDULE OF ACCOMMODATION & TENANCIES Unit Tenant Name Accommodation Area sq ft Area sq m Annual Rent Zone A Rent Lease Start Date Lease Expiry Date Comments Ground 1,835 170.5 24 Victoria Street Specsavers Optical Superstores ITZA 1,107 102.8 First (Ancillary) 1,932 179.5 85,000 73.00 27/08/10 26/08/20 Total 3,767 350.0 Ground 1,848 171.7 26/28 Victoria Street Roman Originals PLC ITZA 1,096 101.8 First (Ancillary) 1,866 173.4 Basement 2,158 200.5 70,000 52.00 12/01/18 11/01/19 The rent is inclusive of the service charge and insurance rent. Landlord rolling break on 2 months notice. Contracted outside of the 1954 Act. Schedule of Condition included. Total 5,872 545.5 Ground 1,059 98.4 30 Victoria Street AGRetail Cards Limited t/a Clinton Cards ITZA 707 65.7 First (Ancillary) 1,151 106.9 37,500 50.00 01/06/18 31/05/23 Total 2,210 205.3 Ground 1,046 97.2 37 Corporation Street Vacant ITZA 671 62.3 First (Ancillary) 1,069 99.3 06/04/11 05/04/21 The property was formerly occupied by Grainger Games Limited Total 2,115 196.5 Ground 1,246 115.8 35 Corporation Street Game Retail Ltd ITZA 703 65.3 First (Ancillary) 1,409 130.9 62,500 85.00 24/06/12 23/06/17 Tenant is holding over. Total 2,655 246.7 Ground 1,140 105.9 33 Corporation Street Holland and Barrett Limited ITZA 715 66.4 First (Ancillary) 1,409 130.9 72,500 98.00 25/03/13 24/03/23 Rent review on 25/03/2020 Total 2,549 236.8 Ground 1,122 104.2 31 Corporation Street SportSwift Limited t/a Card Factory ITZA 654 60.8 First (Ancillary) 2,453 227.9 64,500 91.00 25/06/04 24/06/19 Contracted outside of the 1954 Act Total 3,575 332.1 Totals 22,743 2,112.9 392,000 *Area provided by vendor.
COVENANT INFORMATION Specsavers Optical Superstores (Company Number: 1721624) D&B Rating: 5A1 Year Ending 28/02/15 29/02/16 28/02/17 Turnover 433,826,000 673,564,000 716,509,000 Pre-Tax Profit 20,398,000 28,776,000 32,772,000 Total Net Worth 54,568,000 53,648,000 54,000,000 AG Retail Cards t/a Clinton Cards (Company Number: 08087453) D&B Rating: N2 Year Ending 31/01/15 30/01/16 28/01/17 Turnover 207,424,000 207,750,000 201,222,000 Pre-Tax Profit - 26,027,000-9,276,000-19,442,000 Total Net Worth - 9,466,000-18,476,000-38,122,000 Holland and Barrett Limited (Company Number: 04515115) D&B Rating: 2A1 Year Ending 30/09/14 30/09/15 30/09/16 Turnover 0 0 612,006,000 Pre-Tax Profit 234,542,000 30,038,000 114,623,000 Total Net Worth 210,596,000 198,459,000-71,635,000 Roman Originals PLC (Company Number: 00980843) D&B Rating: 3A1 Year Ending 31/12/14 31/12/15 31/12/16 Turnover 48,829,055 55,450,666 56,971,428 Pre-Tax Profit 4,887,268 1,345,938 556,479 Total Net Worth 10,574,181 10,796,844 10,650,068 Game Retail Ltd (Company Number: 07837246) D&B Rating: 5A2 Year Ending 31/07/15 30/07/16 29/07/17 Turnover 651,828,000 583,890,000 493,112,000 Pre-Tax Profit 23,888,000 6,868,000-7,135,000 Total Net Worth 28,746,000 72,104,000 68,866,000 SportSwift Limited (Company Number: 03493972) D&B Rating: 5A1 Year Ending 31/01/15 31/01/16 31/01/17 Turnover 336,676,000 362,226,000 379,540,000 Pre-Tax Profit 62,320,000 92,210,000 81,718,000 Total Net Worth 58,862,000 80,967,000 62,010,000
EPC Available in the dataroom. VAT The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC). DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/blackpool PROPOSAL We are instructed to seek offers in excess of 3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 12.27% allowing for purchaser s costs. For further information or to make arrangements for viewing please contact: Jeremy Hodgson 020 7543 6709 jeremy.hodgson@allsop.co.uk Mark Dansky 020 7543 6813 mark.dansky@allsop.co.uk Jonathan Butcher 020 7543 6755 jonathan.butcher@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 05.18