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 E OS U A T E GR R E V I R STO A52 GRIM A148

A148 WAY ENEFER A17 ARD B M1 A606 A1 DW SPALDING KING’S LYNN A140 E LOUGHBOROUGH A15 D A O

A1078

A47 O

WISBECH A47 T

LEICESTER St Nicholas O NORWICH

SWAFFHAM O Retail Park

W A47 I

A134 A148 N

A10 E

PETERBOROUGH A11

ENC U

A605 HW

RT Q

A1(M) N RO

KETTERING

MATALAN

ELY KING’S LYNN

A140 A1076 A14 G

A Y T

E O TOWN CENTRE N

RUGBY V R OA

A D

M1 N West Lynn R

N S

A14 Y

Vancouver

BURY ST N

NORTHAMPTON O E Gaywood

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 C S

E 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

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4 TENANCY

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Posts 7 The property is let to Matalan Retail Limited for a term of 25 years from 1 June

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7 7 7 2002 to and including 31 May 2027. The rent is £378,500 per annum, reflecting

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5 38 £11.13 per sq ft. 7 6

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2 0 The lease is guaranteed by Matalan Limited. There is a further open market review

9 7 7 on 1st June 2022 assuming a hypothetical lease term of 15 years. COB URG S TREET

R 4.0m

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5 TENURE 1 oor 16

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The property is held on a 125 year ground lease from 6th December 2013 subject

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( 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

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2 o t however may not be reduced below 155 car parking spaces.

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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. the former Focus unit. B&Q and KFC

The permitted use is predominantly open A1 with the exception of Adjacent to the park is a 24 hour Tesco superstore. This is a purpose built development comprising a 46,800 sq ft unit let the Wickes unit which is restricted to use as a ‘DIY store and garden to B&Q (with a 15,000 sq ft garden centre) and a KFC food unit. centre’. There are also two takeaway A5 units. PIERPOINT RETAIL PARK There is a Home Bargains immediately adjacent to the north of the site. Open A1 retail park comprising 71,090 sq ft. Tenants include B&M, Next, Tapi Carpets and Barclays.

MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity COVENANT

MATALAN RETAIL LIMITED (02103564) D&B Rated 5A1 28 Feb 2015 28 Feb 2016 28 Feb 2017 Turnover £1,094,000,000 £1,060,500,000 £1,036,100,000 Pre Tax Profit £20,300,000 £-20,300,000 £10,300,000 Total Net Worth £300,100,000 £317,800,000 £317,900,000

Matalan Limited (1579910) are guarantors and as at 25/02/17 had a total net worth of £96.78m.

PLANNING

Planning permission was granted in June 2001 (ref 2/01/0943/F) for Class A1 non-food retail use.

Further planning information available on request.

SERVICE CHARGE

The service charge budget for the year to 30/11/17 is £37,152 with an apportionment of £12,728 to the unit.

VAT

The property is elected for VAT, it is assumed the transaction will be treated as a Transfer of a Going Concern (TOGC).

EPC

An Energy Performance Certificate has been undertaken for the property as a whole and a rating of B43 has been confirmed. A full copy of the certificate is available upon request.

MATALAN Blackfriars Road, King’s Lynn, PE30 1QB Well Secured Retail Warehouse Investment Opportunity Well Secured Retail Warehouse Investment Opportunity MATALAN Blackfriars Road, King’s Lynn, PE30 1QB

PRICING

We are instructed to seek offers 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%, CONTACT DETAILS after allowing for purchaser’s costs of 6.55%. Guy Scott Plummer Lottie Hayward T: 020 7543 6726 T: 020 7543 6750 E: [email protected] E: [email protected]

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. September 2017. Alamo Design 01924 471114.