Accrington, Bb5 1Ey
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THE BROADWAY ACCRINGTON, BB5 1EY FREEHOLD HIGH YIELDING RETAIL INVESTMENT INVESTMENT CONSIDERATIONS PROPOSAL ■ Accrington is a strategically located town within close proximity ■ Three vacant units totalling 9,104 sq ft (845.8 sq m) ■ We are instructed to seek offers in excess of to the M65 motorway and Manchester providing immediate asset management potential £2,825,000 (Two Million, Eight Hundred and ■ The subject property comprises an open format retail scheme ■ Total passing rent of £381,500 per annum Twenty Five Thousand Pounds) subject to contract totalling 5,460.3 sq m (58,774 sq ft) arranged over 12 units, and exclusive of VAT. A purchase at this level reflects ■ Net operating income of £300,596 per annum within the main retail pitch of the town a Triple Net Initial Yield of 10.00% and a low ■ ■ Multi-let to 8 well-recognised tenants including Greggs, WAULT of 4.14 years to expiry and 2.54 years to break capital rate of £48 psf, allowing for standard Sportsdirect, Game Retail Ltd, Cash Converters and Wilko ■ Freehold purchaser’s costs. A687 THE BROADWAY A65 A61 A19 ACCRINGTON, BB5 1EY LANCASTER FREEHOLD HIGH YIELDING RETAIL INVESTMENT A59 YORK A658 A65 M6 A61 Leeds A64 Bradford A6068 A629 A1(M) A19 A585 BLACKPOOL A59 PADIHAM LEEDS M55 BLACKBURN BRADFORD A583 BURNLEY PRESTON A63 Blackpool M65 ACCRINGTON A646 HALIFAX A59 A56 M62 A565 A6033 SOUTHPORT HUDDERSFIELD M61 A1 M6 M66 M62 M1 A570 A59 BOLTON A629 M58 OLDHAM MANCHESTER A628 A580 Robin Hood LIVERPOOL ( ) M62 M60 A1 M k r a SHEFFIELD P l A1 Manchester a M56 A523 Liverpool n M1 o M53 i A623 t A61 a N Retford t A60 c i r A556 t s i D M6 A614 k A53 a Hawarden e P A51 Q UEENS ROAD WEST QUEENS ROAD W EST A 6 8 0 LOCATION W H D MILNSHAW A A L O Accrington is a popular market town in the borough of Lancashire, located 5 miles (8 km) west of Blackburn, L PARK E R Y Y E 6 miles (10 km) east of Burnley and 20 miles (32 km) north of Manchester. GATTY R L O N A R PARK U Accrington is situated within the heart of the northern motorway network. The M65 motorway is situated D B L 9 7 6 2 miles (3km) to the north of the town, with direct access to the North West of England and the national A A motorway network. A6 6 79 8 HYN 0 DB E URN R A The town is well connected by rail with half hourly services to Manchester, served by Northern Rail. There is OAD S TG A also an hourly service to Blackpool, Leeds and York. A new bus station was constructed by Lancashire TE TOWN Council in 2016, improving the town’s interconnectivity, with services to Manchester and Burnley. CENTRE Manchester Airport, is located 40 miles south east of Accrington, the busiest airport in the UK outside of London, with further plans to extend over the next 10 years. The airport D ROA URN handles over 23m passengers a year with over 100 airlines making more than 200 CKB BLA international flights every day serving 225 destinations worldwide. ROAD ACKBURN BL OAD N R ATIO TREET NT LE S ACCRINGTON PLA DA M65 motorway Hourly service to Manchester Airport 2 miles (3km) Blackpool, Leeds & York 40 miles E N A L S W O L L I EET W ER STR CHART THE BROADWAY ACCRINGTON, BB5 1EY FREEHOLD HIGH YIELDING RETAIL INVESTMENT SITUATION DESCRIPTION The property is situated within the centre of Accrington Town (0.4 miles) east of Accrington The property comprises an attractive period style retail parade and open mall area, Railway Station and south of the Eastgate Viaduct, which provides direct access to the arranged on ground and first floors. The property is split to provide 12 units of varying M65 leading to Blackburn and M66 leading to Manchester. size from 436 sq ft to 22,021 sq ft. The property is located within established retail location, anchored by a number To the rear of the parade, the property comprises a two storey department of national tenants within the immediate area including Argos, VUE Cinema, format store, occupied by Wilko with additional ground level kiosk and Barclays, Sports Direct and Costa Coffee. public toilet facilities, sold on leasehold. The property is situated in the heart of the local pedestrianised The site totals approximately 1.09 acres (0.44 hectares) with site High Street (Broadway), which serves as the town’s prime cover of 24%. retail pitch and opposite the Arndale Centre, Accrington’s only dedicated shopping centre. THE BROADWAY ACCRINGTON, BB5 1EY FREEHOLD HIGH YIELDING RETAIL INVESTMENT © Crown Copyright, ES 100004106. For identification purposes only. ■ SOLD ON LONG LEASEHOLD THE BROADWAY ACCRINGTON, BB5 1EY FREEHOLD HIGH YIELDING RETAIL INVESTMENT ACCOMMODATION & TENANCY INFORMATION The scheme is let in accordance with the schedule of Accommodation and Tenancies to 8 individual tenants generating a contracted rent of £381,500 per annum, with a Weighted Average Unexpired Lease Term (WAULT) of 4.14 years to expiry, 2.54 years to break. In summary, the centre provides: Contracted Rent £381,500 Landlord Service Charge Liability £31,833 Landlord Rates Liability £ 47, 271 Landlord Insurance Liability £1,800 Net Operating Income £300,596 TENANCY SCHEDULE UNIT TENANT TRADING ITZA GF SALES F1 ANC. TOTAL LEASE START LEASE BREAK RENT WAULT WAULT NET CONTRACTED CONTRACTED ZONE A TOTAL COMMENTS NAME (SQ FT) (SQ FT) (SQ FT) AREA EXPIRY REVIEW (EXPIRY) (BREAK) OPERATING RENT (£ PA) RENT RENT LANDLORD (SQ FT) INCOME (£ PSF) (£ PSF) LIABILITIES (£ PA) (£ PA) Unit 1A Vacant 436 674 674 0.00 0.00 -£10,157 £10,157 Unit 1B Vacant 440 673 757 1,430 0.00 0.00 -£10,169 £10,169 Unit 2 Greggs Plc Greggs 717 1,232 1,195 2,427 25/07/16 24/07/26 24/07/21 25/07/21 6.69 1.69 £37,500 £37,500 £15.45 £52.30 Unit 3 Waklin Limited Waklin 751 1,263 1,273 2,536 07/08/12 06/08/22 2.73 2.73 £35,000 £35,000 £13.08 £46.60 Unit 4 Sportsdirect.com Sports Direct 1,008 14,946 15,954 30/01/16 29/01/26 29/01/21 30/01/21 6.21 1. 21 £53,463 £68,000 £4.26 £14,537 Retail Limited Unit 4A Greenhaigh’s 705 74 8 74 8 24/06/17 23/06/27 23/06/22 24/06/22 7.61 2.61 £16,500 £16,500 £22.06 £23.40 Craft Bakery Limited Unit 5 Game Retail Game 755 1,429 1,429 19/03/19 18/03/20 26/04/19 0.34 0.34 Mutual rolling break option. Limited Unit 6 Sayers the Bakers Sayers 754 1,438 1,438 03/11/11 02/11/21 1.97 1.97 £32,500 £32,500 £22.60 £43.10 Limited Units Vacant 1,856 3,501 3,499 7,000 0.00 0.00 -£46,040 £46,040 7 & 8 Unit 8A Cash Converters Cash 848 1,459 1, 513 2,972 07/05/10 06/05/20 0.47 0.47 £23,000 £23,000 £7.74 £ 27.12 (UK) Limited Converters Unit LSU Wilko Retail Wilko 14,877 7, 289 22,166 24/06/03 23/06/33 3.61 3.61 £169,000 £169,000 £7.63 Limited Peel St. The Council of 03/10/03 29/07/27 107.77 33.91 Landlord development break Kiosks the Borough of 03/10/53. & Public Hyndburn Toilet 28,302 30,472 58,774 4.14 2.54 £300,596 £381,500 £7.89 £80,904 EPC AML Please refer to the Allsop Marketing Data Room for A successful bidder will be required to provide information to satisfy the AML supporting documentation. requirements when Head of Terms are agreed. VAT DATAROOM We understand the property has been elected for VAT. It is anticipated For access to the Allsop dataroom please use the following link: that the sale will be treated as a Transfer of Going Concern (TOGC). https://datarooms.allsop.co.uk/register/thebroadwayaccrington PROPOSAL We are instructed to seek offers in excess of £2,825,000 (Two Million, Eight Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Triple Net Initial Yield of 10.00% and a low capital rate of £48 psf, allowing for standard purchaser’s costs. For further information or to make arrangements for viewing please contact: Tom Dales Andrew Wise Ronnie Morgan 020 7543 6866 020 7543 6731 020 7543 6808 [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.