Dronfield Civic Centre Units 1-14, Dronfield, S18 1Pd

DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD

FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT

INVESTMENT CONSIDERATIONS

■ A busy neighbourhood scheme comprising 15 retail units, ■ Successful scheme with an AWULT of 3.36 years to expiry and 2.58 years to break 7 flats and a garage ■ Large car park comprising approximately 50 spaces ■ Dronfield is a popular residential suburb between Sheffield and Chesterfield ■ Total site area of 1.85 acres providing the potential for future development ■ Freehold ■ Asset management opportunities with 7 flats ■ The centre comprises a mix of national and local occupiers. National tenants ■ Opportunity to replace local covenants with national multiples include Betfred, McColl’s, Barnardo’s and Cooplands ■ We are instructed to seek offers in excess of £3,500,000 (Three Million Five ■ Marketing Rent of £466,600 per annum subject to vendor top up on Unit 5 Hundred Thousand Pounds) subject to contract. A purchase at this level ■ 47% of the income is secured to Midland Co-Operative Society would reflect a net initial yield of 12.5% subject to standard purchaser’s costs. DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT

DEMOGRAPHICS AND RETAILING IN DRONFIELD Dronfield is a commuter town where an estimated 70-80% of the A61

population travel to Sheffield or Chesterfield for5 7work. B60 WAY PARK RPE THO The NEDDC’s commissioned Retail StudyA N2018 highlights that the town has RD JO D Y a smaller proportion of convenience retail units than the nationalC average. H E

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A61 C A15 HE ST ER FI M62 ELD RO Huddersfield AD A666 M66 A1 M18 Dronfield Rochdale Trading Estate Bury SCUNTHORPE A180

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Barnsley CHE STERF GRIMSBY IELD Oldham M180 RO AD M61 DONCASTER M60 M1 MANCHESTER LOCATION A628 A616 DronfieldA159 is an attractive town in North East Derbyshire and is located 6 miles north of Chesterfield, ROTHERHAM A638 M62 M67 A61 and 7 miles south of Sheffield. The Peak District National Park lies 3 miles (4.8km) to the west. M60 M18 A15 A1(M) Sheffield City A631 GainsboroughThe town provides easy access to the M1 (junction 30 and 29) from the A61. Airport A631 Stockport 22 mins SHEFFIELD M56 A6 A6102 A1 A156 DRONFIELD A46 A623 A57 A61 M1 Macclesfield Buxton A619 A158 A619 Chesterfield DRONFIELD TRAIN STATION PROVIDES REGULAR AND DIRECT ACCESS A523 LINCOLN A54 13 mins TO SHEFFIELD IN 11 MINUTES AND CHESTERFIELD IN 6 MINUTES Peak District A617 National Park A1

A53 Mansfield A46 Crewe A38

M6 A614 A53 A15 A520

Newcastle-under-Lyme A610

A52 Stoke-on Trent A38

NOTTINGHAM A52 A52 DERBY A52 Grantham A606 A453 A34 DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT

Dronfield Civic Centre, S18 1PD

SITUATION DESCRIPTION

Dronfield town centre consists of a historic core and the Civic The property comprises a 1960’s shopping parade Centre is situated within the heart of the town adjacent to of 15 ground floor retail units, 7 first floor flats and the Sports Centre and the Civic Hall. one garage. Dronfield Sports Centre was refurbished in 2016 and offers The retail parade provides a mix of national and two swimming pools, fitness studio and a six court sports hall local covenants. Access to the flats to the rear of with climbing wall. The Civic Hall provides three venues for the retail units. hire, including a stage with tiered seating for 146 with a total The car park is accessed from the High Street and capacity of up to 218 people. is positioned behind the Civic Centre providing rear The Civic Centre is situated a 500m west of the train station. loading, staff parking and overflow car parking for the Civic Centre. The car park to the front of the TENURE TOTAL SITE AREA property is owned and operated by North East Derbyshire District Council. Freehold. 1.85 acres (0.75 hectares).

Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, 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 instructing party does not make or give, and neither Allsop nor any of their members nor any person in their 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 instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party 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. DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT

TENANCY SCHEDULE

Demise Tenant Area Area Lease Lease Expiry Rent Marketing Marketing LTA Comments (sq m) (sq ft) Start (Break) Review Rent (£ pa) Rent (£ psf) 1954 Unit 1 Stuart Ollerenshaw t/a Geoff’s DIY 112.1 1,207 25/12/19 24/12/24 £14,750 £12.22 N Mutual rolling break on or after 25 June 2020 on 6 months’ notice. Unit 2 Esquire Retail Limited t/a Clintons 112.6 1,212 25/04/20 24/04/23 £10,000 £8.25 Y Proposed regear for a term of 3 years at an annual rent of £10,000. (31/01/20) Mutual break on 31 January each year on 3 months’ notice. Further information available upon request.

Unit 3 Barnardo’s 106.8 1,150 17/10/16 16/10/26 17/10/21 £30,800 £26.78 Y Tenant break option, subject to 6 month notice period. (Flat 20 & Garage 3) (16/10/21) Unit 4 The Extracare Charitable Trust 116.9 1,258 15/01/13 14/01/23 £25,000 £19.87 Y Rent review due on 19 January 2018 is outstanding. Unit 5 Cards and Gifts Sheffield Limited 99.8 1,074 22/05/20 31/05/25 £18,000 £16.76 N The tenant has the benefit of a rent free until 21 July 2020. (22/05/23) There is then a stepped rent as follows: • 22 July 2020 to 22 September 2020 (inclusive) - £9,000 per annum; • 23 September 2020 to 22 May 2021 (inclusive) - £18,000 per annum; • 23 May 2021 to 22 May 2022 (inclusive) - £19,000 per annum; • 23 May 2022 onwards - £20,000 per annum; The vendor will top up to the September 2020 review. There is an initial rent deposit of £4,500. Unit 6 (& Flat 3) Martin Retail Group Limited t/a McColl’s 104.5 1,125 01/01/11 31/12/20 £29,450 £26.18 Y Rent review due on 1 January 2016 is outstanding. Personal concession to pay principal annual rent monthly. Unit 7 Vacant 66.9 720 Unit 8 Cooplands Direct Ltd 73.2 788 01/06/18 31/05/23 £24,600 £31.22 Y Unit 9 (& Flat 5) Barnardo’s 72.5 780 30/11/13 28/11/23 £28,500 £36.54 Y The rent review due on 29 November 2018 is outstanding. Unit 10 Vacant 51.4 553 Unit 11 (& Flat 6) Vacant 136.4 1,468 Unit 12 Vacant 74.0 796 Unit 13 Done Brothers (Cash) t/a Betfred 73.8 794 06/03/07 05/03/22 £30,000 £37.78 Y Rent review due 6 March 2017 is outstanding. Unit 14 (& Flat 7) Saxton Mee Limited 64.8 698 12/06/07 11/06/22 £32,000 £45.85 Y Rent reviews due on 12 June 2012 and 2017 are outstanding. Flat 12 Private Individual 26/06/18 25/12/18 £6,000 N Security deposit of £600. Supermarket & Flat 21 Midland Co-Operative Society 2,377.7 25,593 30/01/89 29/01/24 £217,500 £8.50 Y Sub-let to Poundstretcher at £80,000. Rent review due on 30 January 2019 is outstanding. Total 3,643.3 39,216 £466,600 £11.90 DRONFIELD CIVIC CENTRE UNITS 1-14, DRONFIELD, S18 1PD FREEHOLD NEIGHBOURHOOD CENTRE INVESTMENT

COVENANT

AG RETAIL CARDS LIMITED MIDLAND CO-OPERATIVE SOCIETY MARTIN RETAIL GROUP LIMITED Company No: 8087453 Company No: IP10143R Company No: SC013840 (100 - Very Low Risk) Parent Co: Esquire Retail Limited n Central England Co-Operative is one of the largest independent Parent Co: TOG Limited (Ultimate Ho Co - McColl’s Retail Group Plc) n Clintons was founded in 1968 and now operates from approximately retailers in the UK with over 400 trading outlets including foodstores, n McColls are a neighbourhood retailer with around 1,400 convenience 330 stores all over the UK employing 2,500 people. The company sell funeral homes, filling stations and travel branches with approximately stores and newsagents throughout the UK. 30% of their customers a range of greeting cards, gifts and stationary items. 8,600 colleagues and more than 330,000 regular trading members. shop with them everyday with 1 in 7 visits involving a service. n Clintons was put into administration in 2019 but was immediately n Central England Co-Operative trades across 16 counties from the brought by Esquire Retail Limited, the same family behind Clinton’s Midlands to the East Coast through more than 250 foodstores. former parent company American Greetings.

30-Jan-16 28-Jan-17 27-Jan-18 28-Jan-2017 27-Jan-2018 26-Jan-2019 27-Nov-16 26-Nov-17 25-Nov-18 Turnover £207,750,000 £201,222,000 £188,791,000 Turnover £805,769,000 £809,279,000 £827,804,000 Turnover £294,305,000 £287,242,000 £277,982,000 Pre-Tax Profit -£9,276,000 -£19,442,000 -£14,270,000 Pre-Tax Profit -£1,830,000 £7,257,000 £2,007,000 Pre-Tax Profit £6,316,000 £6,209,000 -£2,713,000 Total Net Worth -£18,476,000 -£38,122,000 -£53,790,000 Total Net Worth £143,118,000 £134,078,000 £193,837,000 Total Net Worth £58,701,000 £65,946,000 £64,939,000

BARNARDO’S THE EXTRACARE CHARITABLE TRUST DONE BROTHERS (CASH BETTING) LIMITED Company No: 61625 (100 - Very Low Risk) Company No: 2205136 (100 - Very Low Risk) Company No: 1277703 n Barnardo’s is the UK’s largest children’s charity supporting hundreds n The Extracare Charitable Trust was founded in 1988 is a not-for-profit n Betfred opened their first shop in 1967 and now operate from of thousands of young people and families across the UK. The charity developer of housing for over 55’s. They currently have 15 retirement 1,500 shops in the UK employing approximately 5,500 staff. have over 700 retail shops and employ more than 8,000 staff and villages and 5 housing schemes. have over 20,000 volunteers.

31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-17 31-Mar-18 31-Mar-19 25-Sep-16 24-Sep-17 30-Sep-18 Turnover Turnover £85,804,000 £94,037,000 £123,256,000 Turnover £320,065,000 £377,599,000 £437,368,000 Pre-Tax Profit -£12,691,000 £220,569,000 -£11,000 Pre-Tax Profit £7,262,000 £10,237,000 £19,070,000 Pre-Tax Profit £29,293,000 £18,403,000 -£42,723,000 Total Net Worth £2,153,000 £2,038,000 £2,027,000 Total Net Worth £50,577,000 £60,181,000 £72,826,000 Total Net Worth £23,115,000 -£24,958,000 -£49,832,000

COOPLANDS DIRECT LTD SAXTON MEE LIMITED CARDS & GIFTS SHEFFIELD LIMITED Company No: 9406732 Company No: 6696170 (Below Average Risk) Company No: 12536609 n Cooplands was founded in 1885 and is now the UK’s third largest n Saxton Mee is an independent estate agent with 7 offices across n The company operate from two stores, one in Sheffield and one in bakery chain with three bakeries in Hull, Durham and Scarborough Derbyshire and Sheffield. The Dronfield Offices services the immediate Dronfield and offer a wide selection of cards, gifts and party supplies. with 160 shops across the north of England. area and surrounding villages towards Chesterfield. The company took the Best Greeting Card Retailer Newcomer or New n The company reported a Total Net Worth of £23,173 in July 2019. n The company reported a Total Net Worth of £514,815 in October 2017. Branch – North award at the greeting card retailing awards, The Retas. SERVICE CHARGE Further information is available in the data room.

EPC Available in the data room.

VAT We understand the property has been elected for VAT, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATA ROOM For access to the Allsop data room please use the following link: https://datarooms.allsop.co.uk/register/dronfield

PROPOSAL We are instructed to seek offers in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract. A purchase at this level would reflect a net initial yield of 12.5% subject to standard purchaser’s costs.

For further information or to make arrangements for viewing please contact:

Alex Butler Lottie Hayward Tom Dales 020 7543 6722 020 7543 6750 020 7543 6866 [email protected] [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 07.20