Prime High Street Retail Investment 24-32 Cheapside, Barnsley, S70 1Rr

PRIMEPRIME HIGH HIGH STREET STREET RETAIL RETAIL INVESTMENT INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR 24-32 CHEAPSIDE, BARNSLEY, S70 1RR PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

INVESTMENT SUMMARY

• Barnsley is the largest retail, administrative and commercial centre in the Barnsley • The property is arranged to provide 3 large flexible retail units with extensive Metropolitan Borough, with a catchment population of over 2.2 million. upper parts.

• The Yorkshire town is situated approximately 24 km (15 miles) north of Sheffield and • The property is let to 3 national retailers; Superdrug, New Look and Sportsdirect 32 km (20 miles) south of Leeds. producing a total current income of £596,866 per annum, exclusive.

• The property is prominently situated on Cheapside, the town’s prime • The net income less void costs in respect of the vacant 3rd floor is £586,533 per pedestrianised retail area, with return frontage to Albert Street East. annum.

• Barnsley town centre is currently undergoing major transformation due to • Asset management opportunities with vacant upper parts. the Council led regeneration scheme on a 9.5 acre site, directly opposite the property. • Offers are invited in excess of £5,000,000 (Five Million Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 11.00% assuming • The property comprises a former BHS department store arranged over ground purchaser’s costs of 6.62%. and three upper floors extending to approximately 5,329.6 sq m (57,368 sq ft). • This reflects a capital value of £87 per sq ft. • Freehold. Bus & Rail Interchange

THE PROPERTY The Glass Works redevelopment The Glass Works redevelopment

Alhambra Shopping Centre A61 PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

L O C A T I O N SITUATION Barnsley is the largest retail, administrative and commercial centre in the Barnsley Metropolitan The property is prominently situated on the western side of Cheapside; the town’s prime Borough of South Yorkshire, situated approximately 24 km (15 miles) north of Sheffield and 32 km (20 pedestrianised retail thoroughfare, with return frontage to the pedestrianised Albert Street miles) south of Leeds. East. Cheapside, runs from the Alhambra Shopping Centre to the south to May Day Green and Queen Street to the north. The property benefits from approximately 25 metres of retail frontage The town has excellent communication links being situated immediately adjacent to Junction 37 of to Cheapside and approximately 67 metres to Albert Street East. the M1 which provides direct access to the M62 and M18 motorways. The property is situated directly opposite the Metropolitan Centre which fronts Cheapside and The town’s public transport provision was comprehensively upgraded by a new £25 million rail comprises a 300 stall indoor market. This forms the centre of The Glass Works, a 9.5 acre Council led and bus interchange, which opened in the centre of Barnsley in May 2007. The national rail station regeneration scheme which is currently underway and will significantly enhance the town centre provides regular rail services to Sheffield (25 minutes), Leeds (32 minutes) and Wakefield (15 minutes). and will consolidate Cheapside as the focus of the towns prime retail pitch.

A61 Occupiers in the immediate vicinity include Boots, Topshop, Poundland, WH Smith and Lloyds. A59 A58 A19 M&S is situated within 70 metres to the north and the Alhambra Shopping Centre within 75 metres to the south. LEEDS A64 M65 Bradford Burnley M606 M621 A63 A1(M) A63 A 6 1 A58 3 6 5 A Halifax M62 Dewsbury M62 Wakefield Pontefract M62 d B a o R A1 H r E Huddersfield A19 o N o LA M62 m L M66 g IL Po M

Rochdale M1

O Bury

M180 C h

u A627(M) r 1 B A1(M) Road S c M60 M18 or 6 ogmo u h P m A Doncaster S C m t A56 e Barnsley A62 M60 r C L t D A628 a les S M1 n b A am C O e h H R MANCHESTER S E A628 AP T M18 S C ID B A Rotherham E R M60 A34 A1(M) EF A NT Peak District A61 62 PO Stockport M1 T P 8 C S A6 National Park H 28 E SHEIELD 6 d F ALHAMBRA F M56 A R O D A60 SHPPING IE N n L C A6 D 37 o CENTRE A M1 A S A1 R TE 6 m R 1 D RD Worksop 3 m 3 o 6133 A61 A57 C c A e S h c e a Macclesfield f R f A6 3 i 13 e A34 Chesterfield 6 l A d

A6133 R M6 A1 d A54 A53 A60 M1 09 Postcode: S70 1RR B6 PRIME HIGH STREET RETAIL INVESTMENT

24-32 CHEAPSIDE, BARNSLEY, S70 1RR NEW PUBLIC SQUARE R7a

R7b

R8 RETAILING IN BARNSLEY SU16 Barnsley has a catchment population of over 2.2 million people with an SU6 annual comparison goods spend of approximately £5.5 billion (source: MSU5 SU7 NSLSP). The town is ranked within the top 100 in terms of catchment SU8 population and the top 125 in shopping population out of more than 2000 MSU4 SU9 UK retail centres. The shopping population is forecast to experience a 13% SU17 increase over the 10 year period from 2013. R9 SU10 SU11 SU18 SU1 Prime retailing within Barnsley is concentrated along the pedestrianised GLASSWORKS UNDER SU12

Cheapside anchored by the Alhambra Shopping Centre to the south, SU2 CONSTRUCTION SU13 A1 the Metropolitan Centre (opposite the subject property) and M&S to the

MSU1 north on Queens Street. K1

MSU2 The Alhambra Shopping Centre was constructed in 1991 and is currently K2 K3 SU3 MSU3 configured to provide approximately 182,693 sq ft (16,973 sq m) of retailing K4 space in 40 units over 2 levels. The centre is anchored by Primark, Wilko, SU15 TK Maxx, Next and Iceland with a host of other national operators. The centre SU5 SU14 provides approximately 496 car parking spaces. In August 2014, planning SU19 permission was granted for a new multiplex cinema and 5 restaurants to be SU20 built upon the roof of the Alhambra Centre. Empire Cinemas confirmed in May 2016 that they intend to open a 10-screen cinema in 2017.

Barnsley Metropolitan Borough Council, in conjunction with Queensbury and Henry Boot Construction, have started a £100 million town centre regeneration scheme called The Glass Works immediately opposite the subject property. Approximately 9.5 acres of central Barnsley, focused on the Metropolitan Centre and surrounding areas, is being redeveloped and refurbished to provide new leisure, restaurant, hotel and residential accommodation around a new Town Square and library as well as comprehensive refurbishment and extension to the market hall of the Metropolitan Centre, with additional new car parking. The Glass Works will significantly enhance the town centre and will consolidate Cheapside as the towns prime retail pitch. For further information please see www.theglassworksbarnsley.com.

Barnsley’s 700 year old market comprises 300 indoor and outdoor stalls and is open for trade all week with the exception of Thursdays and Sundays. PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

DESCRIPTION The property was constructed in the late 1970’s as a purpose-built department store over ground Additionally, there is an entrance fronting and three upper floors. The property has subsequently been divided into three individual retail units Albert Street East which provides access to with substantial and underused upper floors and extends to approximately 5,329.6 sq m (57,368 sq the third floor via a dedicated lift. This floor ft). The highly prominent building is bound by Cheapside to the east, with a return frontage on has recently been vacated by a Pentecostal Albert Street East to the south and a dedicated service yard fronting Albert Street to the west. Church, having previously been a snooker club.

The property is of reinforced concrete frame construction with brick clad elevations under a All units benefit from extensive common parts reinforced insitu cast concrete deck, weathered in asphalt. The Cheapside elevation of the that access the dedicated rear service yard via property has been split to provide two retail units on the ground floor and a third retail unit staircases and goods lifts. benefiting from a ground floor entrance to the first floor retailing. Internally the retail units have been fitted out to suit the retailers’ occupational requirements and corporate styles. The first The property occupies a site of approximately floor retail unit is accessed by way of two escalators and a lift. 0.17 hectares (0.41 acres).

a G 1 de 10 Market Para PC Y A

8 D

Y 1

QU A 1

E M 5

1 3 E

N 3

1 ST 22

7 R

1 -

7 E 95.7m

E 1 T 5 18 24

2 FB 2 26

6 2 1

2 LB

2 17

4 3

2 5

7 1

8 3

1 1

1 2

1 9 y El a e

b D d

u 4 TCP y a S 1 a a rc St M

1 GLASSWORKS A UNDER

6 7 1 1 a n

6 ee 8 r

1 5 CONSTRUCTIONG

2 3

0 1

1 1 C 1 1 h 8 - a 3 r Market Hall 0 te

3 A -

TH 4 r U 2 c O 5 a S d ET e RE C ST H 7 N E E A UE P Q S 3 ID 2 E

3 9 4

1 1

2 3

6 0

- 1 4 3

3 TCBs T AS 1 T E 5 EE

S 2 RT 4 El

LBE 3 A Sub

2 Sta 21 4

7 2 1

5 1 8

E 4 0 6 5 L M L A I N R 4 97.2m G 8 K T E O

T 5 N 9

0 2

S S T T R R E E E E El T

T Sub Sta

1 3 El 0m 10m 20m 30m Sub H Sta A

3 Y 2 2 E S A 9 L C Ordnance Survey © Crown Copyright 2017. All rights reserved.B Licence number 100022432. Plotted Scale - 1:1250 R E O Note: The extent of the property shown edged red is approximateR and shown for indicativeF purposes only. A plan showing the Legal Title T T

can be provided upon request. S T R E PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

First Floor ACCOMMODATION GENERAL ARRANGEMENT DRAWINGS The property has been measured by Plowman Craven in accordance with RICS Code of Measuring Practice (Sixth Edition). A copy of this survey will be assignable to the purchaser Ground First Floor and is available on our website. The approximate floor areas of the property are as follows: Plant Canopy

Approximate Floor Areas

Plant Address Floor sq m sq ft ITZA Loading Bay

Ground 648.6 6,982 1,597 Stairs Unit 1 - Superdrug Stores Plc Stairs

Second 5 87.6 6,325 - Stairs

Lifts Lifts Sub-Total 1236.2 13,307 - V Unit 2 - New Look Retailers Ltd Ground 685.7 7, 3 81 1,459 Access Second 836.6 9,0 05 - N L S S D Sub-Total 1,522.3 16,386 - Unit 3 - Sportsdirect.com Retail Ltd Ground 69.8 751 541

First 1,205.6 12,977 - Access Sub-Total 1,275.4 13,728 - S D Second Floor Third Floor - Vacant Third 1,295.7 13,947 - Third Floor Sub-Total 1,295.7 13,947 - Stairs TOTAL 5,329.6 57,368 - Canopy

C H E A P S I D E C H E A P S I D E

Second Floor N L Third Floor

Stairs Access

Stairs

Lifts

Access

Stairs Stairs

S Roof

C H E A P S I D E C H E A P S I D E PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

TENANCIES AND CURRENT INCOME The property is let on full repairing and insuring terms as follows: Current Income NIA Term Rent Unit Tenant sq ft Start Review Expiry £pax £ITZA/psf Comments 1 Superdrug Stores Plc 13,307 24.09.2001 - 23.09.2021 £223,000 £128 ZA -

In occupation since 2001 – rent rebased from £255,212 pa. 2 New Look Retailers Ltd 16,386 22.12.2016 - 21.12.2019 £185,000 £108 ZA Rent paid monthly in advance. No rent free.

3 Sportsdirect.com Retail Ltd 13,728 24.06.2001 - 23.06.2021 £180,000 £13.11 psf First floor accessed from Cheapside.

Legacy Network Ltd (a Pentecostal Church) vacated in June 2017. The annual rates 3rd Floor Vacant 13,947 - - - - - and service charge void costs equate to £10,333 per annum.

Mast Telefonica O2 UK Ltd - 05.08.2008 - 04.08.2018 £8,866 - -

TOTALS 57,368 £596,866

NET INCOME £586,533 As at the December quarter day the property has a weighted average unexpired lease term of approximately 3.1 years. The town centre regeneration works are scheduled to conclude in 2020. PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

TENANT COVENANTS Superdrug Stores Plc New Look Retailers Ltd Sportsdirect.com Retail Ltd Company No. 00807043 Company No. 01618428 Company No. 03406347 37% of total income 31% of total income 30% of total income

Established in 1964, Superdrug are now the UK’s second- Established in 1969, New Look is a British based Established in 1982, Sportsdirect are now the UK’s largest largest beauty and health retailer currently operating fashion retailer with 591 stores in the UK and over 276 sports retailer operating from approximately 420 stores across approximately 800 stores across the UK and the Republic across Europe, China and Asia and employing over the UK and 270 stores across Europe. Additionally, the group of Ireland and employing over 14,000 people. In addition, 18,000 people. Further information can be found at owns of a significant number of world famous sport, fashion and Superdrug operate approximately 200 in-store pharmacies. www.newlookgroup.com. lifestyle brands including Dunlop, Slazenger, Everlast, Lonsdale, Further information can be found at www.superdrug.com. Karrimor, Kangol, No Fear and Firetrap. Further information can New Look Retailers Ltd’s latest financial information, for the be found at www.sportsdirectplc.com. Superdrug Stores Plc’s latest financial information, for the year year ending 25th March 2017, is as follows: ending 26th December 2016, is as follows: Sportsdirect.com Retail Ltd’s latest financial information, for Sales Turnover Pre-tax Profit Tangible Net Worth the year ending 30th April 2017, is as follows: Sales Turnover Pre-tax Profit Tangible Net Worth £1,324,195,000 £84,987,000 £361,242,000 £1,105,002,000 £56,842,000 £50,149,000 Sales Turnover Pre-tax Profit Tangible Net Worth New Look Retailers Ltd has a current D&B rating of 5A2. £2,220,022,000 £17 7,0 97,0 0 0 £1,273,500,000 Superdrug Stores Plc has a current D&B rating of 5A1. Sportsdirect.com Retail Ltd has a current D&B rating of 5A1. PRIME HIGH STREET RETAIL INVESTMENT 24-32 CHEAPSIDE, BARNSLEY, S70 1RR

ASSET MANAGEMENT TENURE There are a number of potential asset management initiatives that could be undertaken at The property is held Freehold. the property.

• The major town centre regeneration scheme, situated opposite the property, is currently VAT The property is elected for VAT and VAT will therefore be chargeable on the purchase price if it is underway and scheduled for completion in 2020. This scheme will further consolidate the not possible to arrange this transaction by way of a transfer of a going concern. subject property as the prime pitch on Cheapside. The scheduled completion should benefit the purchaser’s potential to re-gear the leases in an enhanced town centre. EPC • The vacant third floor provides approximately 1,295.7 sq m (13,947 sq ft) benefitting from Energy Performance Certificates have been prepared for the property and are available on ceiling heights of approximately 4 metres with good natural light from large aluminium our website. framed casement windows. The accommodation lends itself to a variety of alternative uses (subject to planning). PROPOSAL • The second floor (approximately 1,424.2 sq m (15,240 sq ft)) above New Look and Offers are invited for the freehold interest in the excess of £5,000,000 (Five Million Pounds) Superdrug are currently under-utilised and could be combined with the vacant third floor subject to contract and exclusive of VAT. accommodation for an alternative use (subject to planning). A purchase at the asking terms reflects a net initial yield of 11.00% after an allowance for costs of SERVICE CHARGE acquisition calculated at 6.62%. The service charge budget for the year ending September 2018 is £30,877 per annum which equates to £0.54 per sq ft overall. Further information is available on our website. There is a This reflects a capital value of £87 per sq ft. service charge shortfall of £7,357 per annum in respect of the vanant 3rd floor.

Vacant Third Floor Second Floor Storage FURTHER INFORMATION

For further information or to arrange an inspection to view, please contact Matthew Joyce or Harry Fell at:

Matthew Joyce [email protected]

Harry Fell [email protected]

Griffiths Eccles LLP 23 Princes Street, London, W1B 2LU

www.griffithseccles.com

SUBJECT TO CONTRACT EXCLUSIVE OF VAT

INVESTMENT l DEVELOPMENT l ASSET MANAGEMENT 23 Princes Street, London, W1B 2LU Telephone: +44 (0)20 7499 0550 Fax: +44 (0)20 7290 3669

NOTICE Griffiths Eccles LLP for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract. (ii) Griffiths Eccles LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements or fact or representations and must satisfy themselves as to their accuracy; (iii) rents quoted in these particulars may be subject to VAT in addition; (iv) Griffiths Eccles LLP will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and (v) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. (vi) no employee of Griffiths Eccles LLP has any authority to make or give any representation or warranty or enter into any contract whatever in relation to this property; (vii) the information contained in these particulars has been prepared as at October 2017.

Adrian Gates Photography & Brochures 07710 316 991