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Prime City Centre Convenience Store Investment Let to Sainsbury's

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Prime City Centre Convenience Store Investment Let to Sainsbury's FOR SALE – Prime City Centre Convenience Store Investment Let to Sainsbury’s Supermarket Limited 40 Fishergate, Preston PR1 2AD A new Convenience store in a refurbished period building secured on a 15 year lease (break at 10) to Sainsbury’s Supermarkets Limited Rent Review geared to RPI (1 – 3.5% collar and cap ) compounded annually and payable on a 5 yearly basis Prime city centre location Freehold Passing rent of £90,000 pa (Zone A of c. £67) which is significantly below prevailing market rents along Fishergate (ZA of c. £120) Seeking offers in excess of £1,415,000 reflecting a NIY of 6.01% assuming purchasers costs of 5.8% www.kingstreetcommercial.com 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 LOCATION Preston is the principal commercial and administrative centre for the County of Lancashire, approximately 36 miles (58 km) north west of Manchester and 37 miles (59 km) north of Liverpool. The town benefits from excellent road communications, with its positioning close to the M6, M61 and M65 motorways. There are frequent rail links to Manchester and Liverpool with the fastest journey time of approximately 40 and 54 minutes respectively. Preston is ranked 38th out of 2,000 retail centres and has a loyal catchment population of circa 180,000 within a 10 minute drive time and circa 260,000 within a 15 minute drive time. SITUATION The subject property is prominently located on the south side of Fishergate, the prime pedestrianised retail pitch in Preston City Centre. The property is situated midway between the Fishergate Shopping Centre (Debenhams / Primark) and The St Georges Shopping Centre ( M&S )and benefits from the foot flow between the two. Surrounding occupiers include Next, Clarks, W H Smith, Nationwide – See Appendix 1. The Council along with the European Regional Development Fund have recently invested £3.38m on improving the streetscape around Fishergate. The pavements have been widened and the public realm improved which has greatly enhanced the streetscape and the subject property. DESCRIPTION A three storey (plus basement), period building with a stone facade under a pitched roof. ACCOMODATION Sainsbury’s occupy a ground floor area of approximately 4,381 sq ft. See Appendix 2. In addition there is an area totalling 2,508 sq ft at ground floor which is part of the Sainsbury’s lease but is currently not occupied. Should Sainsbury’s need to expand (they are considering opening a training centre), this area allows for an effective future proofing of the building. A breakdown of the areas are as follows: Sq ft Sq m Ground Floor 4,381 407.0 Ground Floor 2,508 233.0 Basement 594 55.2 1st Floor (Front) 1,422 132.1 1st Floor (Rear) 756 70.2 2nd Floor 457 42.5 Total 10,118 940 Please note these measurements are taken from scaled architect plans. 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 TENANCY Let in its entirety to Sainsbury’s Supermarkets Limited on 15 year lease commencing on 18th August 2014. There is a tenant only break option on 18th August 2024 (not less than 6 months notice). The passing rent is £90,000 per annum with 5 yearly rent reviews to the Retail Price Index (collared at 1% and capped at 3.5%), compounded annually and payable on a 5 yearly basis. The lease is drawn on a full repairing and insuring basis. COVENANT INFORMATION 13 2012 201 Sainsbury’s Supermarkets Limited is the principal trading company of J Sainsbury plc, one of the largest retailers in the UK. The company was established in 1869 and is Britain’s longest standing major food retailing chain. It is estimated that Sainsbury’s serves over 19 million customers per week and with the company trading from 1,000 stores across the UK. The company currently operates over 18 million sq ft of retail floor space and employs approximately 157,000 people.2012 201 March 2013 (000’s) March 2012 (000’s) March 2011 (000’s) Turnover £23,290,000 £22,288,000 £21,100,000 Pre Tax Profits £616,000 £1,114,000 £775,000 Net Worth £4,507,000 £4,509,000 £3,920,000 The company has a D&B rating of 5A1. ESTIMATED RENTAL VALUE The property has been let at considerably below current market value. We estimate that off a conservative Zone A rental level of c. £120 the property has an open market rental level in excess of £160,000 pa. We calculate that the passing rent equates to £67 Zone A. Recent market lettings along Fishergate can be summarised as follows: Address Tenant Date Zone A Comments 109-110 River Island December £132.50 10 year lease at a rent of £285,000 with 2 years Fishergate 2013 rent free. 41 Fishergate Nationwide December £133 15 year lease, 10 year break at £182,500 pa 12 (Next door 2013 months rent free unit) 124 Fishergate Office Shoes July 2012 £117 10 year lease, 5 year break at £90,000 pa with 12 months rent free 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 TENURE Freehold. VAT The property is elected for VAT. PROPOSAL We are instructed to seek offers in excess of £1,415,000 exclusive of VAT. Based on purchaser’s costs of 5.8% this reflects a net initial yield of 6.01%. CONTACT Matt Cox MRICS DD: 0161 850 0498 M: 07788 99 99 11 E: [email protected] Darren Moorhouse MRICS E: [email protected] DD: 0161 850 7788 M: 07778 15 99 22 Ted Murray MRICS E: [email protected] DD: 0161 850 0497 M: 07766 00 33 22 www.kingstreetcommercial.com Subject to Contract – November 2014 IMPORTANT NOTICE MISREPRESENTATION ACT 1967 KING STREET COMMERCIAL, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: These particulars do not constitute, nor constitute any part of, an offer or contract. King Street Commercial Ltd and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. Neither King Street Commercial nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents are quoted exclusive of Value Added Tax (VAT), any intending purchasers or lessees must satisfy themselves independently as to the incidence of vat in respect of any transaction. 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 APPENDIX 2 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 APPENDIX 2 41 South King Street, Manchester M2 6DE. Tel: 0161 234 0101 [email protected] King Street Commercial Limited Company No: 8653993 .
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