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For Sale Newly Developed Retail Investment

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For Sale Newly Developed Retail Investment FOR SALE NEWLY DEVELOPED RETAIL INVESTMENT TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE sw.co.uk Investment Summary • Rare opportunity to acquire a well let brand new petrol station with Greggs drive thru • Prominent position fronting onto the A1056 and close to the roundabout junction with the A189 • Purpose built filling station of 7,007 sq ft (650.95 sq m) on a site of 1.46 acres (0.59 hectares). • Includes a drive thru sub-let to Greggs. • Let to the Kay Group (UK) Limited by way of a 25 year FRI lease at a rent of £190,000 per annum. • Tenant only break option at the 15th anniversary of the commencement of the lease. Indicative Image • To the year ending 31/08/18 The Kay Group reported a turnover of £108.84 million, a net worth of £5.44 million and Creditsafe give them a rating of 69 (low risk). • We are seeking offers in the region of £3,200,000 reflecting a net initial yield of 5.58% after allowance for purchase costs of 6.47%. Prominent Site Location Freehold Interest Multi-let Drive Thru and Petrol Station investment opportunity Current Passing Rent £190,000 per annum Subject to Contract TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE Location Newcastle Upon Tyne is the largest city in the North East of England and is the administrative centre for the Tyne and Wear District with a resident population of circa 305,000 and a wider urban population of circa 1 million. Major employers in the city include Virgin Money, Sage Group, Barclays Bank, Qbix Tax, DAC Beachcroft Solicitors, BskyB and Proctor and Gamble. Newcastle has two Universities, Newcastle and Northumbria which between them have over 50,000 students, with the former being a member of the Russell Group. Newcastle benefits from excellent communication links. The city is served by the A167(M) Central Motorway, which links to the A1 to the north west and the A184 that joins with the A1 to the south. The city is also served by the A1058 that leads to the eastern coast. Newcastle train station lies on the east coast mainline and provides regular services to London with a fastest journey time of 2 hours and 50 minutes. Newcastle International Airport is 7 miles north east of the city centre and is one of the top ten airports in the UK handling more than 4.6 million passenger movements a year to over 80 destinations. Newcastle is 13 miles south east of Sunderland, 98 miles north of Leeds, 120 miles south west of Edinburgh and 289 miles north of London. Situation The subject property is located on Sandy Lane (A1056), close to the roundabout junction with the A189, 6 miles north of Newcastle city centre, 22 miles north west of Sunderland and 24 miles north of Durham. The property has a prominent frontage onto Sandy Lane, a major arterial route to the north of the City and in close proximity to the A1, which provides direct access to Edinburgh to the north and the A1(M) and the wider motorway network to the south. Nearby occupiers include Tyneside Autoparc, United British Caravans and Practical Driving Test Centre. Indicative Image Indicative Image TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE Description The site has been developed by the landlords to provide a new purpose built petrol filling station including pumps and tanks, beneath a canopy, with a shop and a drive thru. The total net lettable accommodation will be approximately: Convenience store 494.00 sq m (5,317 sq ft). Drive thru 185.80 sq m (2,000 sq ft) Total 679.80 sq m (7,317 sq ft) There are 8 high volume fuel pumps along with 5 jet wash bays, 2 vacuum points and there is an outside seating area for the drive thru. The site benefits from 60 external car spaces. Site The property lies on a relatively level and regularly shaped site of 1.46 acres (0.59 hectares). TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE Tenancy The site was pre-let to the Kay Group (UK) Limited by way of a 25 year full repairing and insuring lease subject to a tenant only break option at the 15th anniversary of the commencement of the lease in 10 July 2019. The passing rent is £190,000 per annum exclusive. Rent reviews are 5 yearly in line with the increase in RPI with a maximum increase of 10% and a minimum increase of 5% and are upward only. The tenant benefits from 3 months rent free from lease commencement which will be topped up by the vendor. The Kay Group have in turn sub-let the drive thru to Greggs. Covenant We have carried out a credit search on the tenants with Creditsafe (figures in brackets denote the previous years accounts) To the year ending 31/08/18 they reported a turnover of £108.84 million (£96.44 million), a pre-tax profit of £2.725 million (£2.57 million) and a net worth of £5.44 million ((£10.78 million). They were incorporated in March 1985 and Creditsafe give them a rating of 69 out of 100 (low risk). They are one of the North West’s leading petrol retailers operating through 19 developed high volume 24hr petrol retail outlets, all with convenience stores and car washing facilities. Shell, BP, Texaco and Spar are the Company’s principle suppliers along with in store retailing partners Greggs, Subway and Costa. TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE Energy Performance Certificate An EPC has been commissioned and will be available upon request. Money Laundering In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Asking Price The benefit of our clients freehold interest is available at an asking price of £3.2 million reflecting a net initial yield of 5.58% taking into account reasonable purchasers costs at 6.47%. TYNESIDE AUTOPARC SANDY LANE NORTH GOSFORTH NEWCASTLE UPON TYNE NE13 6PE For further information please contact the Agents: Kevin McGorie 0191 269 0174 [email protected] Mark Convery 0191 269 0103 [email protected] Charlotte Marshall 0191 269 0132 [email protected] David Ferris 0117 338 1817 [email protected] Sanderson Weatherall Central Square South Orchard Street Newcastle upon Tyne Misrepresentation Act 1967: Messrs Sanderson Weatherall LLP for itself and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1) These NE1 3AZ particulars do not constitute any part of an offer or contract; 2) None of the statements contained in these particulars as to the properties are to be relied on as statements of representations of fact; 3) Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars; 4) The vendor(s) or lessor(s) do not make or give and neither Messrs Sanderson Weatherall LLP nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property; 5) None of the building’s services or service installations (whether these be the specific responsibility of the freeholder, lessor or lessee) have been tested and are not warranted to be in working order. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 and Business Protection from Misleading Marketing Regulations 2008; Every reasonable effort has been made by Sanderson Weatherall to ensure accuracy and to check the facts contained in these particulars are complete. Interested parties are strongly advised to take appropriate steps to verify by independent inspection or enquiry all information for themselves and to take appropriate professional advice. Sanderson Weatherall LLP Registered in England company number OC 344 770 Registered Office 6th floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL December 2019 sw.co.uk.
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