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1-7 Princess Road, Cleveleys, Fy5 1Bp Flagship B&M Investment Opportunity Investment Considerations Proposal

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1-7 Princess Road, Cleveleys, Fy5 1Bp Flagship B&M Investment Opportunity Investment Considerations Proposal 1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP FLAGSHIP B&M INVESTMENT OPPORTUNITY INVESTMENT CONSIDERATIONS PROPOSAL ■ Flagship B&M store prominently situated in the heart of ■ Let to the excellent covenant of B&M Retail Ltd ■ Offers sought in excess of £2,660,000 (Two Million the popular seaside town of Cleveleys with an unexpired term of 3.6 years Six Hundred and Sixty Thousand Pounds) subject ■ Attractive building providing 30,007 sq ft (2,787.7 sq m) ■ Passing rent of £255,000 per annum (£8.50 psf) to contract and exclusive of VAT. This reflects an over ground and first floors attractive Net Initial Yield of 9% after allowing ■ Store remained open and traded well throughout lockdown for standard purchaser’s costs of 6.40% ■ Freehold ■ B&M have been in occupation for over 27 years Y or ks hir e D al es M6 Na A683 tio A65 n al P A61 A19 ark Au LANCASTER tho 1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP rity FLAGSHIP B&M INVESTMENT OPPORTUNITY A59 A59 Harrogate A658 Skipton A1237 A661 YORK A629 A588 A65 A658 Fleetwood A1(M) A6 A682 A660 Tadcaster A58 CLEVELEYS M6 A6068 Leeds A585 A650 Bradford A64 A586 Airport A59 Bingley A6120 B5269 BLACKPOOL M55 A585 Burnley LEEDS A680 BRADFORD A643 M1 A629 A6177 Blackpool A583 M65 International A63 Airport PRESTON M621 Warton BLACKBURN M606 A1(M) A584 Aerodrome A56 A646 A58 A582 HALIA Castleford M62 A668 A6033 Wakefield A565 M6 Southport HUDDERSIELD M66 A1 M62 A642 Rochdale A638 A19 A59 LOCATION M61 A628 A5209 BOLTON A58 Cleveleys is a popular seaside town on the Fylde Coast of Lancashire, located about 4 miles north of Blackpool, Ormskirk A668 Formby A629 Barnsley 18 miles north west of Preston and 42 miles north west of Manchester. The town benefits from excellent transport WIGAN A565 Oldham A635 A1(M) M18 links with the A585 providing access to M55 to Blackpool and M6 to the south of England. M58 A570 M60 M1 A665 DONCASTER Cleveleys is served by Blackpool Tramway, providing access to Blackpool, Fleetwood and Bipsham. Blackpool International A5207 A628 A616 Airport is 8 miles south of Cleveleys, with regular flights to Spain, Portugal and Ireland, amongst other destinations. A5036 A580 MANCHESTER A580 M6 ST. HELENS A572 M67 Bootle M60 M62 A560 Glossop M18 A58 A1(M) Sale ROAD RAIL / BUS AIRPORT LIVERPOOL A57 A5058 M62 A56 Stockport Birkenhead WARRINGTON P ea SHEFFIELD Blackpool 13 mins Fleetwood 7 mins Blackpool 25 mins k D A561 idnes A6 i A562 M58 Manchester str A41 International ic A57 Preston 34 mins Blackpool 40 mins John Lennon Liverpool 1hr 30 mins Airport t N Liverpool at John Lennon io Airport A523 na Manchester 60 mins Liverpool 1hr 40 mins l Pa A34 rk M53 A533 Liverpool 1hr 10 mins Manchester 1hr 56 mins A619 A556 A537 A623 A61 M58 A55 A550 Macclesfield Buxton A49 A537 CHESTERIELD A60 A55 A533 M6 A515 M1 A51 CHESTER A523 Hawarden A53 Airport A41 A530 Mansfield A34 1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP FLAGSHIP B&M INVESTMENT OPPORTUNITY SITUATION The property is situated on the western side of Princess Road, close to its junction with Victoria Road West, the principal retailing thoroughfare in Cleveleys. The property is situated within 50 metres of the junction between Cleveleys North and South promenades, which forms a popular seafront attraction. Cleveley’s Bus Station, as well as the principal car park for the town centre, are located directly next to the subject property, ensuring high footfall. Nearby retailers include Argos, Iceland, Wilko, Costa Coffee, Halifax, Home Bargains, Poundland and other national and independent retailers. For identification purposes only. 1-7 PRINCESS ROAD, CLEVELEYS, FY5 1BP FLAGSHIP B&M INVESTMENT OPPORTUNITY DESCRIPTION SITE The property comprises an attractive two storey flagship retail unit with The property provides a total site area a large open plan shop floor at ground floor level and ancillary storage 0.44 acres (0.18 hectares). accommodation at first floor level, totalling 30,007 sq ft (2,787.7 sq m). The property benefits from rear servicing, with loading access leading TENURE to three service lifts. Freehold. The property also benefits from 25 car parking spaces. TENANCY ACCOMMODATION The property is let to B&M Retail Limited on a SQ FT SQ M 20 year FRI lease from 30th March 2004, providing an unexpired term of 3.6 years. The passing rent is Ground Floor 15,269 1,418.5 £255,000 per annum reflecting a low rate of £8.50 psf. First Floor 14,738 1,369.2 The lease is subject to 5 yearly upward only rent Total 30,007 2,787.7 reviews to the open market rental value. The March 2019 rent review is outstanding providing an immediate We are advised that Princess Road, Cleveleys is one of B&M’s flagship stores and opportunity to increase the rent. that the unit has long been a strong trader and forms a key part of its portfolio, being located in the town where the company opened its first shop. We are informed that the unit remained open during lockdown and continued to trade very well. COVENANT INFORMATION B&M Retail Limited is a FTSE 250 company founded in 1978 and B&M Retail Limited’s previous 3 years accounts: is now one of the leading variety retailers in the UK. From its first 30 March 2019 31 March 2018 25 March 2017 store in Blackpool, B&M has grown to over 650 stores located Turnover £2,801,499,000 £2,629,145,000 £2,252,265,000 throughout England, Scotland, Wales and Northern Ireland, currently Pre-Tax Profit £273,406,000 £236,006,000 £198,006,000 employing 29,000 people. In 2014, B&M was floated on the London Net Worth Stock Exchange raising over £1bn. £754,389,000 £600,542,000 £498,412,000 Dun & Bradstreet Score: 5A2 Experian Credit Rating: 100 (very low risk) In 2020, B&M Stores… £532.6m cash 5.8% growth Reported a group revenue generated from of the number of £252m operations, being a B&M stores – 36 growth of 16.5% Profit Before Tax 25.9% increase net new B&M store on 2019 figures on 2019 (£423m) (656 stores in UK) © Crown Copyright, ES 100004106. For identification purposes only. VAT The property is elected for VAT and therefore it is assumed the sale will be treated as a TOGC. DATAROOM The dataroom can be accessed at: https://datarooms.allsop.co.uk/register/b&mcleveleys EPC Available in the dataroom. PROPOSAL Offers sought in excess of £2,660,000 (Two Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 9% after allowing for standard purchaser’s costs of 6.40% For further information or to make arrangements for viewing please contact: James Salmon Gergo Petrovics 07720 400 306 07961 234 029 [email protected] [email protected] allsop.co.uk 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. Design CommandD www.commandHQ.co.uk 09.20.
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