Liverpool, L1 1Rh Prime Leisure Investment
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PRIME LEISURE INVESTMENT OPPORTUNITY LIVERPOOL, L1 1RH INVESTMENT CONSIDERATIONS • Prime leisure and office • 74% of the income is investment in the heart of secured against national Liverpool City Centre. covenants. • Highly prominent and • Weighted average visible position. unexpired lease term certain of 11.7 years. • Well located to take advantage of some of • Offers are sought in Liverpool’s most popular excess of £17,250,000 cultural attractions. subject to contract and exclusive of VAT. A purchase • The property provides at this level would reflect 101,642 sq ft (9,442 sq m) an attractive net initial of leisure and office yield of 6.73% after usual accommodation. purchasers costs. • Gross rent receivable of • This further reflects an £1,359,280 per annum equivalent yield of 7.12% equating to a low average and reversionary yield rent of £13.37 of 7.21%. per sq ft. • Net rent receivable of £1,238,356 per annum. 2 PRIME LEISURE INVESTMENT OPPORTUNITY 3 Albert Dock Liverpool ONE The Metquarter Church Street Whitechapel Queensway Tunnel Playhouse Theatre Clayton Square St Johns Centre St George’s Hall Empire Lime Street Station Theatre Site boundary for indicative purposes only PRIME LEISURE INVESTMENT OPPORTUNITY World Museum Walker Art Gallery 5 INVERNESS ABERDEEN DUNDEE PERTH STIRLING FALKIRK EDINBURGH GLASGOW DUMFRIES NEWCASTLE UPON TYNE CARLISLE SUNDERLAND HARTLEPOOL DRIVETIME CATCHMENT 20 minutes 40 minutes SCARBOROUGH LOCATION A1 (M) Liverpool is the principal The city is also well served Mersey Ferries, operate a daily Atlantic port for the north of by the national rail network service between Pier Head England, situated 217 miles from Lime Street Station and the Wirral while P&O and (349 km) north west of London, which provides direct access to Norfolkline Irish Sea offer daily and 34 miles (54 km) west of destinations including Manchester, services to Dublin, Belfast M6 Manchester. The city benefits Birmingham and London and Douglas (Isle of Man). In from excellent transport Euston which has a journey addition to this, Liverpool has communications. time of approximately 2 hours. recently opened a major cruise LEEDS liner terminal which allows PRESTON BRADFORD The M62 links Leeds, Liverpool John Lennon Airport cruise liners to commence and BLACKBURN Manchester and Liverpool with is situated 6 miles (10km) terminate their journeys from BURNLEY KINGSTON UPON HULL the wider motorway network south east of the city centre the City Centre. and provides direct access to and is one of Europe’s fastest M62 the city centre. The M57 and growing airports serving over Liverpool boasts a catchment SOUTHPORT M58 provide links to north 60 European destinations. population of 783,417 people M62 Liverpool and the wider region, Manchester Airport, the UK’s within a 20 minute drive time M6 SCUNTHORPE FORMBY with access to the Wirral 3rd largest airport is, 38 miles of the property and this rises BARNSLEY Peninsula via the Kingsway (61 km) to the west. to 1,835,517 people within a 40 (Wallasey) and Queensway minute drive time. M58 GRIMSBY (Birkenhead) tunnels. MANCHESTER M M1 LIVERPOOL M60 M57 M62 SHEFFIELD M53 M56 COLWYN BAY CHESTER LINCOLN M18 M6 SKEGNESS WREXHAM STOKEONTRENT GRANTHAM DERBY Not to scale for indicative purposes only. A KING’S LYNN NORWICH GREAT YARMOUTH A A A PETERBOROUGH LOWESTOFT M M AM COVENTRY A M WORCESTER NORTHAMPTON NEWMARKET BEDFORD M CAMBRIDGE IPSWICH M M MILTON KEYNES COLCHESTER LUTON CHELTENHAM STEVENAGE Gloucester AYLESBURY STANSTED OXFORD CHELMSFORD HIGH WYCOMBE Swansea SOUTHENDONSEA SWINDON READING London CARDIFF BRISTOL RAMSGATE BATH Weston-super-Mare BASINGSTOKE GUILDFORD MAIDSTONE ROYAL DOVER SALISBURY WINCHESTER TUNBRIDGE WELLS FOLKESTONE CRAWLEY TAUNTON SOUTHAMPTON HASTINGS BRIGHTON PORTSMOUTH EASTBOURNE EXETER BOURNEMOUTH NEWPORT Torquay Plymouth PRIME LEISURE INVESTMENT OPPORTUNITY LIVERPOOL OVERVIEW Liverpool is the UK’s 5th largest city. It is The city is the largest wealth management In addition the city has four universities with a The city is now ranked 3rd of major UK cities a major centre in the UK’s second largest centre in the UK outside of London and home population of 60,000 students and has one of in terms of its retail offer. regional economy, the North West, which has a to a number of major financial institutions the highest retention rates of any UK city, population of 7.2 million people. and public bodies including Barclays Wealth, with 1 in 6 graduates finding employment In addition to all this, Liverpool has a great Royal Sun Alliance, Royal Liverpool, Liverpool in the Liverpool area. sporting tradition. The city is home to two The Liverpool City Region accounts for 2.3 Victoria, Jaguar Landrover, and HM Revenue Premier League football clubs in Liverpool million people but has a broader catchment and Customs. In 2004, the historic waterfront Mercantile FC and Everton FC, the world’s most famous of 3.75 million and a population of 6.2 million District became a UNESCO World Heritage steeplechase, the Grand National, takes place people within a one hour drive time Liverpool continues to invest and develop in Site and, along with the city’s 2008 Capital of annually at Aintree Racecourse and golf’s [www.investliverpool.com]. its own future. Over the next decade, Liverpool Culture status, helped attract over 10million Open Championship is frequently played will deliver some of the UK’s largest and most visitors to the city during 2011. on nearby course along what is known as The city of Liverpool has undergone one of ambitious development and infrastructure “England’s Golf Coast”. the most remarkable transformations of any project schemes, Liverpool Waters, Pall Mall, Perhaps the biggest symbol of Liverpool’s European city over the past decade, with New Royal Liverpool University Hospital and regeneration is the completion of Liverpool over £5billion of inward investment delivered Bio Campus, Edge Lane Retail Park and the One. The retail led development by Grosvenor through public and private partnership. transformation of North Liverpool, with a total included the redevelopment of 42 acres of Liverpool is at the centre of the UK’s second development value in excess of £10 billion. Liverpool city centre and is anchored by largest regional economy worth over The aim is to create a world class, waterside John Lewis, Debenhams, a 14 screen Odeon £121billion and home to 252,000 businesses mixed use development at the heart of the city. Cinema along with restaurants, apartments, (Liverpool Vision). offices and public open space. LIVERPOOL IS AT THE CENTRE OF THE UK’S SECOND LARGEST REGIONAL ECONOMY WORTH OVER £121BILLION AND HOME TO 252,000 BUSINESSES (LIVERPOOL VISION) 7 LIVERPOOL LEISURE MARKET Having gained international recognition as European Capital of Culture 2008 the city continues to attract inward investment and development, providing one of the most attractive retailing and leisure destinations in the UK. The city is a well-established visitor destination and is currently the 5th most popular in the UK for overseas visitors, with 34.8m visits during 2016. (Liverpool Local Enterprise Patnership 2018). Between 2009 and 2016 there has been a 47% increase in visitor numbers and a 56% increase in the economic value of the tourist economy. The city has one of the strongest leisure offers in the UK with its breadth of nationally and internationally renowned museums and galleries, and its wealth of other cultural and sporting attractions. These are accompanied by a strong accommodation offer, an increasingly high quality restaurant sector and the city’s renowned architectural landscape. THE KEY LEISURE DESTINATIONS IN THE CITY INCLUDE QUEEN SQUARE ITSELF, LIVERPOOL ONE, AND ROYAL ALBERT DOCK. QUEEN SQUARE LIVERPOOL ONE ROYAL ALBERT DOCK Queen Square, which forms part of the Liverpool’s most significant retail and leisure Located on the Waterfront adjacent to the St Georges Quarter, is perfectly located in the development in recent years is Liverpool ONE, Liverpool Arena and BT Convention Centre, heart of Liverpool to take advantage of some which covers 42 acres and over 1.65 million sq ft. the scheme comprises a mix of bars and of Liverpool’s most popular cultural attractions, The scheme, which provides over 160 stores, restaurants. The leisure offer is a mix of including the Liverpool Empire Theatre, bars and restaurants, is one of Europe’s leading national and independent operators. The Royal Court Theatre, The Playhouse retail and leisure destinations. Anchored Over the past two years rents at the Docks Theatre, St Georges Hall and the World by the likes of John Lewis, Debenhams and have grown from between £15 to £20 per sq ft Museum Liverpool. Queen Square offers Harvey Nichols, the scheme also provides to in excess of £30 per sq ft, with new leases a variety of leisure uses including hotels, 220,000 sq ft of leisure accommodation, over to the likes of Lunya Lita and Rosa’s Thai Cafe. restaurants, bars, all of which are successfully 600 apartments, two hotels and 3,000 new trading alongside each other to present a car parking spaces. Footfall in the scheme RENTS thriving leisure destination. Recent lettings exceeded 1 million people in the first two Significant rental growth has been observed to Costa Coffee and Five Guys, who enjoyed weeks and reached 20 million visitors in the across the leisure sector in recent years as a record opening weeks trade, underline first year. Liverpool City Council report footfall illustrated above. Traditionally lower value this success. The addition of one of the most in the city has increased 24% since the first locations such as Bold Street, and Hanover accessible car parks in Liverpool further phase of Liverpool ONE opened in May 2008. Street continue to see good demand with contributes to the success of this scheme. Its leisure offer is food led, complimenting the openings from the likes of Mowgii, Crust, retail and cinema use, and is family orientated.