Freehold Retail/Residential Investment William Hill, 564-566 Aigburth Road, Cressington, Liverpool L19 3Qg
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FREEHOLD RETAIL/RESIDENTIAL INVESTMENT WILLIAM HILL, 564-566 AIGBURTH ROAD, CRESSINGTON, LIVERPOOL L19 3QG INVESTMENT SUMMARY • Cressington is an affluent leafy suburb of Liverpool, located approximately 4 ½ miles south of the city centre, close to Allerton, Aigburth and Mossley Hill. • The property is situated on Aigburth Road, which is a main arterial route linking the city centre to its more affluent southern suburbs and the airport. • The property forms part of a traditional suburban shopping parade which is extremely well established. There is off-road car parking close by to the front of the parade. • The property comprises a double retail unit let to William Hill and two large flats over ground, first and second floor levels. • Flat 564a currently provides 3 bedrooms and 566a is a 4 bedroom flat. • The flats are both self-contained and accessed via their rear yards. • Ground floor let to William Hill Organization Ltd for a term of 10 years from 17/02/17 (expiring 16/02/27). There is a tenant’s break clause at the end of Year 5 and the current rent is £10,500 per annum. • The flats will be sold with full vacant possession and provide a redevelopment/refurbishment opportunity. • The property is to be sold Freehold. • Offers sought in excess of £295,000 (TWO HUNDRED AND NINETY-FIVE THOUSAND POUNDS) for our client’s freehold interest, subject to contract and exclusive of VAT. LOCATION Liverpool is the principal centre within the UK’s fifth largest metropolitan area (Liverpool/Birkenhead) and the commercial and administrative capital of Merseyside. The metropolitan area has a population of 2.24 million, making it an integral part of the North West region, the largest regional economy in the UK outside of the South East. Liverpool has benefitted from over £5 billion of investment over the last 10 years and is now the fifth most important retail centre and sixth most tourist visited city in the UK. Liverpool is located 32 miles west of Manchester, 98 miles north-west of Birmingham and 212 miles north-west of London. The city has excellent road connections being served by the M53, M57, M58 and M62 Motorways. The city is also very well served with rail links, with a journey time to London Euston of approximately 2 hours. SITUATION The property is situated on Aigburth Road (A561) in Cressington, a leafy South Liverpool suburb approximately 3½ miles from the city centre and close to Allerton, Aigburth and Mossley Hill. Aigburth Road is one of the main arterial routes into the city centre from Liverpool’s more affluent southern suburbs. It also links the city centre to Liverpool John Lennon Airport. The property occupies an extremely prominent position on Aigburth Road and forms part of a traditional and long-established suburban shopping parade serving Cressington and passing trade. There is off-road car parking close by to the front of the parade. Other occupiers on the parade include Numark Pharmacy, newsagents, hair and beauty and various food outlets. Directly opposite the parade is a Toby Carvery pub and Travelodge hotel. DESCRIPTION The property was originally constructed as two separate buildings. These have been combined at ground floor level to create a larger retail unit. The ground floor has been fitted-out as a William Hill betting shop and this has been the longstanding use of the property. The tenant renewed the lease for a further 10 years in Feb 2017. Above the retail accommodation are two separate self-contained flats. Both are accessed from the rear via their yard areas. Flat 564a is arranged over 1 st and 2 nd floor levels and provides lounge, kitchen, bathroom and three bedrooms. 566a is arranged over part ground, 1 st and 2 nd floors and provides similar accommodation but with a 4 th bedroom. Both flats will be sold with full vacant possession and represent a redevelopment/refurbishment opportunity. They could be refurbished in their current format or be combined to provide a larger HMO. The property has two walled rear yards accessed via a common alleyway serving the parade. ACCOMMODATION The property has the following Net Internal Areas (NIA):- Ground Floor Retail Area 80.44 sq m 866 sq ft Part Ground , First & Second Floor s One 3-bed flat - - One 4-bed flat Total NIA 80.44 sq m 866 sq ft TENANCY SCHEDULE Premises Tenant Lease Start Expiry Rent Rent pa (Break) Review 564 -566 William Hill 10 year FRI 17/02/17 16/02/27 17/02/12 £10,500 Organization Ltd (17/02/22) 564a Vacant - - - - - 566a Vacant - - - - - Total £10,500 TENANT INFORMATION William Hill was founded in 1934 and has been listed on the London Stock Exchange since 2002. It operates over 2,300 betting shops in the UK, representing approx. 26% of total provision. In addition the company has operations in Gibraltar, Israel, Bulgaria, Spain, Italy, The Philippines and Australia. A particular focus for the company at the moment is its US business, as recent Supreme Court rulings on gambling have meant that many states are in the process of legalising and regulating sports betting. William Hill is at the forefront of developments and is actively securing new licences and partnerships to complement its market-leading existing operations in Nevada. Globally the company employs in the region of 16,000 people. William Hill Organization Ltd 2016 2015 (Company Number: 278208) Turnover £879,000,000 £873,900,000 Pre-tax Profit £223,500,000 £246,400,000 Shareholder’s Funds £134,300,000 £118,600,000 TENURE The property is held freehold. EPC Energy Performance Certificates are available on request. VAT The property has not been elected for VAT. PROPOSAL Offers are sought in excess of £295,000 (TWO HUNDRED AND NINETY-FIVE THOUSAND POUNDS) for our client’s freehold interest, subject to contract and exclusive of VAT. FURTHER INFORMATION Tom Gibson 0151 225 0130 [email protected] Mason Partners LLP, The Corn Exchange, Brunswick Street, Liverpool L2 0PJ MISREPRESENTATION ACT 1967 AND DECLARATION: Mason & Partners LLP for themselves and for the vendors of this property whose agents they are, give notice that: i) the particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract. ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each item. iii) No person in the employment of Mason & Partners LLP has any authority to make or give any representation or warranty in relation to this property. Details prepared June 2018. SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT PHOTOGRAPHS TITLE PLAN LOCATION PLANS .