Grand Buildings Jameson Street, Hull, Hu1 3Jx

GRAND BUILDINGS JAMESON STREET, HULL, HU1 3JX

FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL

HIGHLY PROMINENT RETAIL PARADE IN THE HEART OF HULL CITY CENTRE SURROUNDED BY UPCOMING DEVELOPMENT

ST STEPHENS SHOPPING CENTRE INVESTMENT CONSIDERATIONS

· Highly prominent City Centre site with excellent HULL RAILWAY STATION frontage on to Jameson Street, a key arterial link PROSPECT from Hull Rail Station HAMMONDS OF HULL SHOPPING CENTRE · Fully pedestrianised pitch with attractive tree lined avenue and excellent public realm facilities SUBJECT PROPERTY ALBION SQUARE REDEVELOPMENT · Located on the corner of the main southern entrance to the Prospect Shopping Centre · Total area of 52,766 sq ft arranged over three stories on a 0.8 acre site · Let to six individual tenants with national brands including Lloyds Bank, HSBC, Halifax, Slater BONUS ARENA HULL Menswear, Blacks Outdoor and Waterstones · Total Contracted Rent of £567,000 per annum, reflecting a low rental rate of £11.60 psf on let accommodation · Net Operating Income of £532,676 per annum PRINCES QUAY · Weighted Average Unexpired Lease Term (WAULT) of 3.50 years to expiry (2.90 to breaks) · Excellent tenant retention during lockdown with Halifax recently extending their lease and Slaters break option removal in negotiation now · 2 vacant units totalling a limited 12% of the total area present immediate letting potential. · Significant potential for alternative uses in the medium term, subject to vacant possession and necessary consents

PROPOSAL* £3,550,000

NIY 15.00%

TNIY 14.10%

AREA (SQ FT) 52,766

CAP RATE (PSF) £67

*subject to standard purchaser’s costs. B A U W D A E W R N T O BRANSHOLME E H A O R E D

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GRAND BUILDINGSS E D FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT

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JAMESON STREET, HULL, HU1 3JXE W WITH SIGNIFICANT REDEVELOPMENT POTENTIAL RLE L

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RO COMMUNICATION BS GREENWOOD AVE O D N SUTT R W ON R L A OAD L Y ROAD E W L A SUTTON O A1079 0.2 miles SUTTO H N RO GOLF COURSE AD SUTTONONHULL A63 0.5 miles B M62 15.7 miles

SU A1(M) 42.3 miles

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B L D S W U LOCATIONE A TTO V O N OAK ROAD E R RO Doncaster 49 min E L S A L D R D R A Kingston uponL Hull isPLAYING Yorkshire’s only FIELDS maritime City in the North East Hull was UK City of Culture in 2017, and the city centre plays host O E Leeds 55 min E L A Y of England, situated on the River Humber. With a population of over to severalD outdoor events and festivals. There are also two theatres,

ROAD York 59 min 284,000 people and spread over 71 kilometres squared, it is the fourth a music hall, a 3,500 capacity arena, seven free museums, ten art largest city in Yorkshire. galleries, and several independent live music venues. It SUTTONis also home INGSto London Kings Cross 2hr 42 min

the world's only submariumSTONEFERRY - The Deep. IN The city centre consists of three shopping centres, two Victorian G S R COT arcades, an indoor market and a huge variety of independent shops, Hull is homeA to the UK’s biggest Port complex, providing multipurpose TINGHAM R O AIR OAD A NEWLAND D

as well as restaurants, pubs, two cinemas, and a selection of leisure deep water river terminal access for some of the World’s largest freight activities. There is also a bustling marina and aC LcityOUG centreH ROAD park and passenger vessels. The Port handles nearly 1 million passengers per Humberside Airport (HUY) 20.0 miles A (Queens Gardens) situated on an old dock. year and provides daily sailings to Rotterdam and Zeebrugge via P&O’s Leeds Bradford (LBA) 68.4 miles

new super cruise ferries. A wide mix of architecture sits side by side, with Victorian cobbled East Midlands (EMA) 95.2 miles

streets just a stone's throw away from art deco buildings, 60s brutalist MAYB UR Y Manchester (MAN) 110 miles

tower blocks and top-of-the-range modern apartment blocks. A EAST PARK

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L E M HULL A E S SELBY A V N E T L C HALIFAX M M EST SPR M NG BANK W ING O SPRI BA U NK N T WAKEFIELD

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S M BOTANIC A F AY A M ROCHDALE M RE N W N ETOW M T ITHA BURY SCUNTHORPE W A A M BARNSLEY GRIMSBY OLDHAM DONCASTER M M DRYPOOL M A(M) CITY D M ROA EDON H MANCHESTER CENTRE A NLABY ROA A D M ROTHERHAM

K T HULL PARAGON R C OLD TOWN VICTORIA PARK I A GAINSBOROUGH INTERCHANGE R M P STOCKPORT A T L RETFORD AY S SHEFFIELD I W A D R D A M N W ILL M K O R I GE RO A RIVER HUMBER T A E A P N M MACCLESFIELD BUXTON CHESTERFIELD LINCOLN

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NEWCASTLEUNDERLYME Hull

GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL

THE ROYAL HOTEL & ALBION SQUARE REDEVELOPMENT

SITUATION

The property is located on a prime trading location on Jameson Street, a key arterial link between Hull Rail Station and the vast remainder of the City Centre’s retail provision. This is a very busy location with footfall enhanced by the adjacent southern entrance of the Prospect Shopping Centre. National retailers in the immediate vicinity include TSB Bank, Sainsbury’s, O2, Skipton Building Society and LUSH. The property is bounded by South Street to the west (pedestrianised) and West Street to the north, which provides rear service and loading access to all units.

HULL RAILWAY STATION

Freehold Title Demise

Experian Goad Plan Created: 06/10/2020 50 metres Created By: Allsop Copyright and confidentiality Experian, 2020. © Crown copyright and For more information on our products and services: database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL

ACCOMMODATION

DEMISE GROUND FLOOR FIRST FLOOR SECOND FLOOR ITZA TOTAL (SQ FT) (SQ FT) (SQ FT) (SQ FT) (SQ FT) Unit 1 6,085 927 2,120 7,012 Unit 1A 7,388 2,989 10,377 Unit 2 2,176 260 969 2,437 Units 3 & 4 4,047 1,747 788 1,960 6,582 Unit 5 1,939 1,730 374 1,009 4,042 Unit 6 4,094 5,203 1,101 2,332 10,398 Unit 7 2,203 887 2,203 Unit 8 5,067 3,938 711 2,294 9,716 TOTAL 25,610 21,194 5,962 2,294 52,766

DESCRIPTION The property comprises an extensive City Centre site comprising a large terraced retail parade, arranged over ground and two upper floors totalling 4,902.1 sq m (52,766 sq ft). Grand Buildings benefits from dual frontage on to Jameson Street and South Street, leading on to the Prospect Shopping Centre with brick elevations and full height glazed retail frontage at ground level. The western element of the site provides an attractive dome structure at roof level alongside several sloped and pitched roofs above, which host a majority of the site’s plant equipment. To the rear, the building again benefits from attractive brick built elevations with glazed windows and ground level loading access doorways to each individual unit. The site area extends to 0.8 acres (0.32 hectares). The building is located within the Hull Jameson Street Conservation Area. No elements of the subject property are listed. GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL

TENANCIES SERVICE CHARGE The scheme is let in accordance with the Schedule of The service charge is apportioned on a weighted floor Accommodation and Tenancies. area basis. In summary the estate provides: The following table sets out the service charge expenditure in recent years: Contracted Rent (£ p.a.) £567,000 Landlord Service Charge Liability £8,996 Year Expenditure Landlord Rates Liability £24,830* 2020 (Budget) £75,195 Landlord Insurance Liability £499 2019 £74,583 Net Operating Income £532,676 2018 £70,360

*Landlord rates liability net of mitigation scheme, providing 50% reduction to rates payable. Additional lease documentation is available in the Allsop Marketing Data Room.

INCOME ANALYSIS The scheme is let in accordance with the Schedule of Accommodation and Tenancies.

UNEXPIRED TERM NATIONAL OCCUPIERS COVENANT STRENGTH

36% 43%

57% 100% 57%

n 0-2 YEARS n NATIONAL OCCUPIERS n VERY LOW RISK n 2-5 YEARS n AVERAGE RISK n 5+ YEARS

TENANCY

DEMISE TENANT AREA ITZA LEASE START LEASE EXPIRY WAULT WAULT NET OPERATING CONTRACTED CONTRACTED ZONE A TOTAL LANDLORD COMMENTS (SQ FT) (SQ FT) (BREAK) (EXPIRY) (BREAK) INCOME (£ P.A.) RENT (£ P.A.) RENT (£ P.S.F.) RENT (£ P.S.F.) LIABILITY (£ P.A.)

Unit 1 Lloyds Bank plc 7,594 2,120 07/01/2015 6/1/2025 4.24 4.24 £105,000 £105,000 £13.83 £49.54

29/8/2027 Unit 1A Slater Menswear 11,182 n/a 30/08/2002 6.89 1.89 £70,000 £70,000 £6.26 Tenant Break Option 29/08/2022 subject to 3 month notice period. (29/8/2022) Unit 2 Blacks Outdoor Retail Ltd 2,366 969 14/05/2014 13/5/2024 3.59 3.59 £40,000 £40,000 £16.91 £41.27 In negotiation to remove the 29/08/2022 break option.

Unit 3/4 HSBC Bank plc 6,869 1,960 02/11/2001 1/11/2021 1.06 1.06 £132,000 £132,000 £19.22 £67.34 Lease renewal discussions initiated. Rates mitigation scheme in place providing 50% reduction Unit 5 Vacant 4,405 1,009 -£19,528 -£19,528 to rates payable. Unit 6 Waterstones Booksellers Ltd 11,017 2,332 13/02/2012 12/2/2022 1.34 1.34 £120,000 £120,000 £10.89 £51.68 Rates mitigation scheme in place providing 50% reduction Unit 7 Vacant 2,241 887 -£14,796 -£14,796 to rates payable. Unit 8 Halifax Ltd 9,881 2,294 13/10/2000 12/10/2026 6.01 6.01 £100,000 £100,000 £10.12 £43.60

TOTAL 55,555 3.50 2.90 £532,676 £567,000 £10.21 -£34,324 GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL

ALBION SQUARE REGENERATION The Albion Square development will comprise high-quality retail, housing, leisure and enhanced parking facilities set around an enclosed courtyard. It will include more than 250 residential units, 12,000 sq m retail space, 640 parking spaces.

THE BID AREA

King Edward Brook Street Street 406,806 400,994 St Stephens Mall Jasmeson Street 566,846 219,336 Humber Street Prospect Street 40,813 159,262

Whitefriargate 261,494

HAMMONDS OF HULL

Iconic gateway building at 1 Paragon Square will provide a cutting edge mixed-use creative building ready for the 21st Century. The building will bring together 4 floors of retail, restaurants, leisure and office space.

CGI Image. For indicative purposes only. CGI Image. For indicative purposes only.

HULLBID 19 THE BUSIEST DAY WAS THE PEAK HOUR WAS ON HullBID has 7 footfall counters located 2,033,283 SATURDAY 19TH SEPT WITH SATURDAY AT 13:00 WITH in key footfall areas around the city centre. AUG 2020 93,787 VISITORS 3,904 VISITORS The cameras provide an overall footfall FOOTFALL AVERAGE DAILY FOOTFALL (BASED ON WEEKLY AVERAGES) count in any 24 hour period. 2,055,551 SEPT 2020 MON TUE WED THU FRI SAT SUN 68,763 89,119 80,107 66,417 68,494 91,974 49,012 VAT The property is elected for VAT and it is anticipated the transaction will be treated as a Transfer of a Going Concern (TOGC).

EPC The property is rated from B(46) to D(94). Please refer to the Allsop Marketing Data Room for supporting information.

ANTI-MONEY LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATA ROOM For access to the Allsop Marketing Data Room, please refer to the following link: https://datarooms.allsop.co.uk/register/grandbuildings

PROPOSAL Offers are sought in excess of £3,550,000 (Three Million, Five Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase price at this level reflects a Net Initial Yield of 15.00%, subject to standard purchaser’s costs and a low capital rate of £67 psf.

For further information or to make arrangements for viewing please contact:

Tom Dales Lottie Hayward 07799 663631 07817 549237 [email protected] lottie.hayward@allsop.co.uk

allsop.co.uk

THE PROPERTY IS DUE TO BE OFFERED AT OUR 9TH DECEMBER 2020 COMMERCIAL AUCTION UNLESS SOLD PRIOR OR WITHDRAWN

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, undertaking’s 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. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.20