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MATALAN Blackfriars Road, King's Lynn, PE30

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MATALAN Blackfriars Road, King's Lynn, PE30 MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity Hardwick Campbells Retail Park & Dobbies Meadow Retail Park Pierpoint Retail Park Vancouver Quarter Bus Station SUBJECT PROPERTY COBURG STREET BLACKFRIARS ROAD College of West Anglia A148 MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity Well Secured Retail Warehouse Investment Opportunity Blackfriars Road King’s Lynn PE30 1QB INVESTMENT CONSIDERATIONS • Purpose built unit comprising 3,157.85 sq m (33,992 sq ft) • Prominently located in King’s Lynn town centre, adjacent to the railway station and Morrison’s foodstore • Let to the D&B rated 5A1 covenant of Matalan Retail Limited • Unexpired lease term of 9.7 years • Current rent of £378,500 per annum equating to £11.13 per sq ft Offers sought in excess of £4,180,000 (Four Million One Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 8.5%, after allowing for purchaser’s costs of 6.55%. LOCATION SITUATION The town of King’s Lynn is situated in Norfolk approximately 40 miles (64 km) north of Cambridge, 42 miles The subject property is located a short distance to the east of the town centre, next to the train (72 km) north west of Norwich and 37 miles (56 km) north east of Peterborough. The town benefits from good station and immediately adjacent to a Morrisons foodstore and Petrol Filling Station. Other road communications, being alongside the A47, which links the town to both Norwich and Peterborough and the occupiers within the immediate vicinity include Halfords Autocentre and Tile Giant. A10, which is the main road to Cambridge. Fronting Blackfriars Road the car park is accessed off Coburg Street with a secondary entrance London is approximately 105 miles (169 km) to the south and can be accessed via the A1(M) and the M11 from Littleport Terrace. A separate service roadN on the south side of the site provides access to the motorway. A rail service from King’s Lynn to Kings Cross London also operates on an hourly basis with a journey service yard to the rear of the property. time of approximately 1 hour 37 minutes. SOUTH WOOTON BOSTON NOTTINGHAM A52 GRANTHAM RIVER GREAT OUSE STO A52 GRIM A148 A148 WAY ENEFER A17 ARD B M1 A606 A1 KING’S LYNN DW SPALDING A140 E LOUGHBOROUGH A15 D A O R A1078 N A47 O WISBECH A47 T LEICESTER St Nicholas O NORWICH SWAFFHAM O Retail Park W A47 I L E A134 A148 N E A10 E PETERBOROUGH A11 CL ENC U A605 HW A RT Q O A1(M) N RO KETTERING AD MATALAN ELY KING’S LYNN A140 A1076 A14 G A Y T E O TOWN CENTRE N RUGBY V R OA A D D M1 N West Lynn R O N S A14 Y O N D Vancouver BURY ST N N NORTHAMPTON O E Gaywood L Quarter T EDMUNDS A14 CAMBRIDGE A6 A148 A1 A11 BEDFORD A17 A149 IPSWICH Y MILTON A A149 Pierpoint D W M1 KEYNES R H Retail Park A134 H E A M40 EC S R A12 B U D IS W A5 W O IC R K M11 R A D LUTON A1(M) COLCHESTER A47 N A10 A47 AYLESBURY Hardwick A41 Campbells Meadow Retail Park HARLOW Retail Park OXFORD CHELMSFORD D HIGH A WYCOMBE M1 M25 O R A34 M40 N SOUTHEND I A47 A LONDON A13 -ON-SEA M READING M4 M25 A10 MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity CATCHMENT POPULATION: PRIMARY CATCHMENT SECONDARY CATCHMENT A17 BOSTON Wells-next-the-Sea Sheringham Hunstanton Cromer Holt A52 A16 A148 A15 Holbeach Fakenham Aylsham Spalding Great Bourne Massingham A17 A140 A1101 East A47 Dereham Market A47 Norwich Deeping International Wisbech Airport A47 Swaffham Downham PETERBOROUGH Market A1065 NORWICH Wymondham A146 A1 March A134 A10 I Mundford A140 A1(M) Ely Thetford A142 A143 A14 Middenhall Honington Airfield A143 A11 HUNTINGDON DESCRIPTION A14 A14 St. Neots Built in 2002 the property comprises a modern style detached retail warehouse of portal CAMBRIDGE Newmarket BURY A428 frame construction with brick elevations and pitched profiled sheet covered roof behind Cambridge ST EDMUNDS M11 Airport parapet walls. Internally the property has been fitted out to provide large open plan sales area with storage, CATCHMENT AND DEMOGRAPHICS loading and staff amenities to the rear. King’s Lynn has a population of 175,267 (Experian) within a 30 minute drive time of which 84,364 are economically The leasehold interest extends to the envelope of the building with use of the active. The town has benefited from a significant amount of regeneration in recent years, including the extension and car park (see Tenure). refurbishment of the main shopping centre in the town, the Vancouver Centre. King’s Lynn is projected to see above average growth in population over the period 2017-21. King’s Lynn has an extremely large catchment population by virtue of there being limited competing centres for a considerable distance in all directions. The closest major retail centres are Norwich, 42 miles to the east, Peterborough 37 miles to the west and Cambridge 40 miles to the south. MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity ACCOMMODATION Area (GIA) Use sq m sq ft Sales 2,737.85 29,471 Store/amenity 420.00 4,521 TOTAL 3,157.85 33,992 There is a mezzanine to the rear of the sales area, providing storage and staff facilities of 360.74 sq m (3,883 sq ft) which is to be disregarded for rent review purposes. 6 ary 4 Prim E D 7 & 4 TENANCY 8 4 W a 5 1 r 5 5 d 6 5 3 6 5 2 1 B 5.2m 2 d y 6 5 5 7 0 RACE 9 ER 5 N T 8 TO 6 AX 3 P 9 7 6 6 3 4 8 Posts 7 The property is let to Matalan Retail Limited for a term of 25 years from 1 June 3 1 6 2 5 7 7 7 2002 to and including 31 May 2027. The rent is £378,500 per annum, reflecting 6 6 7 5 38 £11.13 per sq ft. 7 6 6 3 7 8 7 7 6 7 1 9 2 0 The lease is guaranteed by Matalan Limited. There is a further open market review 8 4 6 9 7 7 on 1st June 2022 assuming a hypothetical lease term of 15 years. COB URG S TREET D A O R S R 4.0m A I a 4 R 1 F K 4 C 1 A L B 5 TENURE 1 oor 16 l l a ) f W o The property is held on a 125 year ground lease from 6th December 2013 subject e s wn r o u T o c ( 18 4.0m to a peppercorn rent. The ground lease contains a right of ‘first offer’ giving the landlord the right to purchase the leasehold interest. Posts Kings Lynn Station The title boundary is edged red and the common area within the wider estate, for Car Park which the tenant will contribute a proportion of the service charge, is edged in blue. 2 2 SL PH Shelter 11a LB The long leasehold interest extends to the envelope of the building although SL under the terms of the lease the tenant has the use of the ‘car parking area within E Sub Sta TCB SL MP 96.75 the Estate which may be varied by the Landlord’. In any event the long SP Car Park leaseholder has the benefit of a Protected Parking Area which can be altered, Vicarage Club r 1 2 o t however may not be reduced below 155 car parking spaces. e SP v i H o u s R B e l g a r d o o w y a G Bowling Green 4.6m l l ) f a o W e n s r 3.0m w u o o T c ( Sluice St J ohn's St Johns Church Walk 3.4m LONG LEASEHOLD INTEREST FREEHOLD PROTECTED PARKING AREA SERVICE AREA MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity RETAIL WAREHOUSING IN KING’S LYNN In the last 5 years King’s Lynn has seen the arrival or recommitment to the town of Sainsbury’s (80,000 sq ft), Tesco (replacement 80,000 sq ft store), Dobbies (50,000 sq ft), Subway, Carphone Warehouse, Travelodge, Majestic Wine, Topps Tiles, Euro Car Parts, Formula One and Tool Station. Kings Lynn comprises approximately 669,000 sq ft of retail warehousing accommodation spread principally over the following parks: ST NICHOLAS RETAIL PARK HARDWICK RETAIL PARK CAMPBELLS MEADOW RETAIL PARK St Nicholas Retail Park is the newest of the retail warehouse parks in This is the principle retail park in King’s Lynn totalling 111,310 sq ft of The park comprises 53,425 sq ft with a bulky goods planning consent. King’s Lynn and lies just north of the town centre, comprising accommodation. Tenants include Argos, Carpetright, Mothercare, Tenants include Maplin, Pets at Home, Halfords, McDonalds, and 58,352 sq ft of accommodation. Currys PC World, AHF, Jolleys, Frankie & Bennys, Boots, Pizza Hut, Benson for Beds. The Range, Costa, Subway and Sofas Dining Beds. The park has a Tenants include Sue Ryder, Farmfoods, Wickes, Dominos and bulky goods planning consent with open A1 non-food in respect of Lituanica Retail Limited.
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