Booths, Heyhouses Lane, Lytham St Annes, Lancashire Fy8 3Ut Investment Opportunity
Total Page:16
File Type:pdf, Size:1020Kb
MODERN FREEHOLD FOODSTORE INVESTMENT 30 YEARS UNEXPIRED, WITH INDEX LINKED UPLIFTS On the instructions of Fixed Charge Receivers www.avisonyoung.co.uk BOOTHS, HEYHOUSES LANE, LYTHAM ST ANNES, LANCASHIRE FY8 3UT INVESTMENT OPPORTUNITY “THERE IS POSITIVE MOMENTUM AT BOOTHS AS WE CONTINUE TO TRANSFORM THE BUSINESS INTO A VIBRANT MULTI-CHANNEL RETAILER.” Booths Chief Executive Edwin Booth, January 2020 • A prime foodstore investment situated within Lytham St Annes, an affluent, popular seaside resort and tourist destination • Situated on the main arterial route connecting the motorway to Lytham St Annes on Heyhouses Lane, as a result the property has excellent roadside frontage • 146 new residential dwellings within close proximity of the property are due to be built over the course of the next 12 months • A purpose built supermarket with adjoining car park developed in 2015 for Booth’s occupation with GIA of We are instructed to seek 37,732 sq ft together with 190 customer car parking offers in excess of £9,720,000 spaces • Freehold (Nine Million Seven Hundred and • Let to E.H.Booth & Co Ltd with 30 years unbroken term Twenty Thousand Pounds) which • D&B Rating of 5A3 assuming purchaser’s costs of 6.69%, • Passing rent of £777,620.97 per annum with 5 yearly CPI compounded rent reviews (subject to a cap and shows a Net Initial Yield of 7.50%. collar of 2% - 4.5%) Silloth A1018 A693 63 A691 42 62 A68 A595 Durham STAVELEY A691 A596 41 A19 61 MARYPORT A179 PENRITH WORKINGTON A66 BISHOP AUCKLAND A689 HARTLEPOOL 40 A68 60 A688 A66 APPLEBY-IN- A689 A66 KESWICK WESTMORELAND A595 Billingham 59 MIDDLESBROUGH A1053 WHITE HAVEN A688 58 A591 A66 Easington A19 39 A66 LYTHAM ST ANNESLake District 57 A66 National Park A171 Whitby A66 A66 A6 56 A172 AMBLESIDE 38 M6 A591 STAVELEY Catterick A595 A171 A5284 LYTHAM ST ANNES IS AN IMPORTANT 37 A19 KENDAL North York Moors National Park TOWN WHICH SITS WITHIN THE FYLDE 51 A591 DISTRICT OF LANCASHIRE AND ON THE Scarborough A5092 A590 NORTH WEST COAST OF ENGLAND. ST 36 A170 A170 ANNES, A TRADITIONAL VICTORIANA595 TOWN, Kilburn A590 A65 50 A168 IS LOCATED APPROXIMATELY 5 MILES 35 A165 A64 SOUTH OF BLACKPOOL AND 15 MILES Ripon 49 BARROW IN FURNESS WEST OF PRESTON. THE TOWN’S DISTRICT M6 A687 A61 Boroughbridge A19 Bridlington 34 POPULATION IS ALMOST 75,000 WITHLANCASTER A598 A64 AROUND 3,000,000 VISITORS TO THE A65 A614 A166 A166 BOROUGH OF FYLDE EACH YEAR. Harrogate A1237 33 A59 47 A59 A682 YORK A614 A165 46 A1237 A588 A1079 Pocklington A64 A61 FLEETWOOD A65 45 A6 A682 A56 A1M A588 45 The A584 provides direct access to A6068 A629 A64 Market A1035 A587 A586 14 A660 Weighton both Blackpool and Preston in the 44 A19 A583 13 A1079 A59 12 A650 A658 A6120 Beverley north and north east respectively, M55 43 A165 32 M65 A6120 BLACKPOOL 3 A671 LEEDS A614 1 11 4 BRADFORD 47 A1079 and the M55 motorway close by M6 10 A647 46 A59 9 Selby A164 A6 7 A583 A666 3 2 connects to the M6 at Junction PRESTON 31 3 4 45 A63 7 44 A584 6 5 A63 38 A629 2 M621 1 43 KINGSTON UPON HULL 32 and the regional motorway LYTHAM BLACKBURN A646 1 27 6 A63 30 7 A63 37 28 29 A63 5 A646 26 29 A53 42 29 network beyond. 29 3 4 1 A56 M62 41 30 M606 DEWSBURY 31 LEYLAND 28 M65 A58 25 40 32 33 Lytham St Annes benefits from A644 WAKEFIELD 34 35 24 M62 A628 strong connectivity links with 8 39 23 HUDDERSFIELD A15 1 A58 the main railway station located M6 M61 22 A1 BOLTON M66 A180 within the town centre. St Annes ROCHDALE A629 A666 BURY A58 21 M1 M161 27 Horwich 2 5 Centre is approximately 1.5 miles, 20 M180 SCUNTHORPE 5 3 38 Ormskirk 6 A58 19 Barnsley 38 2 offering direct rail services to 5 A1(M) 3 4 4 3 4 M61 19 OLDHAM 4 M180 M58 5 26 3 17 20 37 37 GRIMSBY Blackpool and Preston. 16 21 22 A629 1 14 Wardley SALFORD M18 25 A627 DONCASTER 36 Blackpool Airport is located within 7 A580 M6 12 A628 A46 24 1 2 3 3 A6010 23 A15 6 Eccles 35 A580 11 36 A159 2 miles and Fleetwood Ferry Port M57 23 10 2 A16 Bootle 4 M67 ST HELENS M62 24 3 3 A46 is approximately 12 miles along MANCHESTER 35 A18 Wallasey 3 A58 22 11 A6 34 Rotherham 102 34 Bawtry 10 6 25 1 A5058 A57 M62 21A A34 26 the northerly coastline. 1 9 A56 5 27 A1103 4 5 6 7 33 Hemswell Cliff 1 4 2 2 21 1 3 3 2 A631 A631 Birkenhead A630 32 A631 4 M60 SHEFFIELD 3 LIVERPOOL A5300 A557 M56 5 A57 A562 Widnes 20 8 6 A41 A56 A6 31 Speke 9 Peak District A15 A46 A16 Llandudno 4 Manchester A6102 10 Airport National Park Rhyl Liverpool River Mersey John Lennon A533 11 M53 Airport A34 A523 A557 12 19 A1 5 6 A61 A55 7 M6 30 Colwyn Bay Rhuddlan 8 Ellesmere Port A533 A623 A547 A55 A540 9 A537 A6 A158 M56 A556 A619 10 14 A537 A548 St. Asaph A548 29 11 A49 Chesterfield 15 15 MACCLESFIELD A537 Lincoln A158 A525 A541 A41 A6 A6020 A619 A614 A548 A5119 A5117 A556 A60 A54 A34 12 A533 29a A1 A158 Denbigh A544 A494 A51 18 A54 A49 A513 CHESTER A523 A53 A61 A55 Congleton A6 Mansfield Llanrwst A16 A494 Ruthin 17 A470 A41 A50 A51 A34 A530 A534 28 A1 M6 A515 A15 A527 A60 WHY LYTHAM ST ANNES? DEMOGRAPHICS HOUSING TOURISM Lytham St Annes is a popular seaside higher or intermediate managerial, In December 2019, Telereal Trillium sold Approximately 3,000,000 visitors every year resort and tourist destination, and had an administrative and professional an adjoining 11-acre site to Morris Homes. visit Lytham and the wider Fylde Borough. urban area population of approximately occupations compared to the national The site has outline planning consent for Fylde Borough’s tourism economy is estimated 41,327 and a district population of 73,213 average. Average house prices in Lytham the demolition of the remaining buildings to be worth in excess of £200m per annum. as at the 2011 census. The town also are £260,000 – almost 15% above the previously occupied by Hewlett Packard, and 5% of all tourism visits in Lancashire are to the has an affluent demographic, and in national average. to construct 146 residential dwellings. Whilst Fylde Borough. particular is popular with retirees. construction on site is yet to start, it signals 30% of Lytham’s population have a higher Lytham St Annes is home to many historic further demands in the immediate area which The town has an almost 25% higher education qualification (Level 4) – almost buildings including Lytham Hall and high- will be to the benefit of the subject property proportion of households classified as 10% higher than the national average. quality cultural attractions including the and its future trading performance. annual Lytham Music Kite Festivals. The town is home to an eclectic mix of independent and national restaurants and retailers which provides a real sense of distinctiveness. Lytham St Anne’s Pier SITUATION THE PROPERTY IS SITUATED WITH ROADSIDE FRONTAGE ONTO HEYHOUSES LANE (B5261), APPROXIMATELY THREE MILES NORTH EAST OF LYTHAM TOWN CENTRE. THE B5261 PROVIDES A CONNECTION BETWEEN THE A5230, IN TURN LEADING TO JUNCTION 4 OF THE M55 MOTORWAY. THE PROPERTY BENEFITS FROM VEHICULAR FLOWS ALONG HEYHOUSES LANE, AS A RESULT OF ITS GOOD ROADSIDE FRONTAGE. The immediate surrounding area is characterised by high and medium density residential stock, most notably a new build residential scheme to the south by Morris Homes known as ‘Clifton Views’. There is a new public house immediately adjacent to the subject property, fronting Heyhouses Lane, branded as ‘The Water’s Edge’, whilst the site immediately to the rear of the subject has been built out as a purpose- built care facility branded as ‘The Hamptons’, providing care home and nursing facilities. The property lends itself well to the current use and the surrounding residential dwellings provide an immediate catchment. LOCAL MARKET YEADON RD J4 A5 M55 LIDL MORRISONS 8 1. 117A SQUIRES GATE LANE, 2. SQUIRES GATE LANE, 4 M6 - BLACKPOOL, BLACKPOOL, FY4 2AY N BLACKPOOL M E I RD D L FY8 2FX W D A dated large food store situated L G YT FIE H E 2.9 miles North West of the S HIG A modern food store situated 3.4 H L PR A D subject property, totalling 81,063 A A583 - PRESTO WR miles north west of the subject N N NE M F O DR property and totalling 25,500 sq ft with surface parking, O RD MAN X sq ft with surface parking. It petrol and car washing services. D RD ILL L opened October 2017. It refurbished in 2015 having TEH A A LN HI N TE W E originally opened in the late 1990’s D GA ES PE E E IR QU N -S D 0 E 3. S A523 L ALDI ALDI 2. R D BLACKPOOL RETAIL PARK, CLIFTON DRIVE NORTH, 1. 3. 4. BLACKPOOL UNIT A, LYTHAM ST ANNES, AIRPORT BLACKPOOL, FY8 2NA FY4 2RP A modern food store situated A food store situated 2.6 miles 1.7 miles south west of south north west of the subject west of the subject property, BR property, totalling 19,000 sq totalling 25,000 sq ft.