OCEAN PLAZA, MARINE PARADE, SOUTHPORT, PR8 1SQ OVERVIEW • Southport is an affluent shopping and long-established tourist destination located in the county of Merseyside. • An estimated 8.65 million visitors come to the area each year for events as diverse as the Open Golf Championship and the largest independent flower show in the country. • Ocean Plaza is a fully occupied, vibrant leisure and shopping destination promoted extensively in the local area under the banner ‘SHOP-EAT-PLAY’ • It has a dedicated website www.oceanplazasouthport.com 01 CENTRAL 12 SOUTHPORT RAILWAY STATION TOWN CENTRE LORD STREET MARINE WAY BRIDGE PIER MARINE LAKE MARINE PARADE SOUTHPORT MARINE PIER DRIVE 02 INVESTMENT CONSIDERATIONS No other purpose built, Ocean Plaza comprises Offers the only multiplex Open A1 non-food, A3 and multi-let leisure Closest retail park 1/3 of Southport’s total cinema and bowling alley leisure planning consent. competition in town. to the town centre. out-of-town floor space. in Southport. Fully let to occupiers including… £2.86M 9.5 YEARS 999 YEARS Long WAULT to expiry of 9.5 £2,864,899 pa equating years and 8.7 years to breaks A range of asset Long leasehold for 999 years to a low average tone secured to predominantly Regular upward only management opportunities from 17th January 2002 of £12.60 per sq ft. national covenants. rent reviews. to be explored. at a peppercorn rent. Our client is seeking offers in the region of £38,320,000 (Thirty Eight Million Three Hundred and Twenty Thousand Pounds), subject to contract. A purchase at this level would reflect an attractive 7.00% net initial yield, after allowing for purchasers costs of 6.77%. 03 SOUTHPORT Top four ranked paid events in Liverpool City Region A SIGNIFICANT TOURIST 1 2 Open Golf Southport DESTINATION Championship Air Show 203,000 visitors 90,000 visitors Southport is an established, core part of the north west’s visitor economy and remains one of the UK’s most popular seaside resorts, attracting in the region of 8.65 million visitors per annum and generating approximately £336 million of revenue from day trips, short breaks 3 4 and conferences. Southport The Grand The town hosts a number of regional and national tourist events on a regular basis. In 2014 the Open Golf Flower Show National Championship, Southport Flower Show and Southport Air Show were the 1st, 3rd and 4th most attended paid 67,500 visitors 139,000 visitors events in the Liverpool City Region (the combined local authorities of Liverpool, Sefton, St. Helens, Wirral, Halton and Knowsley). Southport is located in the county of Merseyside and is Southport is known as ‘England’s a readily accessible coastal destination 20 miles north Golfing Capital’ (Source: Visit of Liverpool, 20 miles south west of Preston and 33 miles Southport) with nine of the Open south of Blackpool. The town is situated at the junction of Championships being held here the A570 and A565 within easy reach of the north western since the 1950’s. motorway network including the M58 and M6. The A565 links to Liverpool and Preston. The Royal Birkdale course, host to the 2017 Open, is situated just 2.25 miles south of Ocean Plaza. 04 SOUTHPORT HOME OWNERSHIP DEMOGRAPHICS Home Ownership Outright Ownership 30.6%30.6%40.4%40.4% 64.1%64.1%74.7%74.7% 53.2%53.2%53.8%53.8% 46.8%46.8%46.2%46.2% 31% 31% 65% 65% 49.6%49.6% 50.4%50.4% Southport has a primary catchment The highest social class groups (AB and C1) population of 268,000 and an estimated are over-represented compared to both regional and national averages and the shopping population of over 150,000. SOCIAL CLASS GROUP Acorn profile ‘Affluent Achievers’ is 75% The local population (within a 20 minute and 80% over-represented using the same AB & C1 C2 & DE drivetime) is affluent as demonstrated by respective averages. the high proportion of home ownership, Average property values within the drivetime 30.630.6% % 40.440.4% % 64.164.1% % 74.774.7% % 53.253.2% % 53.853.8% % 46.846.8% % 46.246.2% % at 17% above the national average, catchment are over £150,000; 22.4% above and outright ownership (no mortgage) the average for the north west. Household31%31% 65%65% 49.649.6% % 50.450.4% % 32% above the national average. incomes are also above the regional average Car ownership is 3% above the national by 8.4%. average. SOUTHPORT NORTH EAST GREAT BRITAIN Source: CACI Drivetime Report Source: CACI and Promis 05 LANCASTER M6 BLACKPOOL M55 CATCHMENT PRESTON ST. ANNE'S BLACKBURN LYTHAM There are frequent direct Primary retail catchment M65 rail services to both Liverpool SOUTHPORT and Manchester with a 268,000 people M61 fastest approximate journey M62 M66 time of 45 minutes and 30 minute drive time BOLTON 70 minutes respectively. OLDHAM M58 343,000 people M6 MANCHESTER A628 60 minute drive time M57 M62 M60 LIVERPOOL STOCKPORT 3.4 million people M56 A55 06 A51 M6 WREXHAM A531 STOKE-ON-TRENT A5 A522 SOUTHPORT COMMITMENT TO TOURISM Southport is committed to retaining and The £2.77m is due to be spent on structural improving its tourism economy, much upgrades to the pier, the tram/train service, of which is centred on the immediate new shops and cafes, transformation of the pier pavilion and to maximise year-round tourism surroundings of the subject property. with a focus on green tourism during the winter months. The Pier, for example, is Grade 2 listed, the 2nd longest in the UK and has stood for over During the weekend of the Open Golf 150 years. It is destined for a major £2.77m Championship the Southport BID and the council refurbishment with a £2m contribution by the meet any additional costs for shuttle buses Coastal Communities Fund and the remainder between Royal Birkdale, the town centre and from the council and Southport Business Ocean Plaza, given its late night trading hours. Improvement District. ‘BID’ is an independent A permanent bus link between the Town Centre organisation whose main focus is to support and Ocean Plaza is currently being considered. and improve the economic vitality in the local area by investing monies raised. Not only does this show the importance of Ocean Plaza to Southport and the local catchment but also demonstrates the willingness of the council and Southport BID to invest to ensure its success. TOURISM GROWTH 2012 2015 % Change Total visitor spend £291m £336m +15.4% Wider economic impact £431m £498m +15.5% Total Visitor numbers 8.37m 8.65m +3.3% 268,000 people ‘England’s c.8.65 million in primary Golfing Capital’ visitors per Total Visitor days 9.80m 10.58m +7.9% catchment area annum 07 SOUTHPORT PROMINENT AND ACCESSIBLE LOCATION Ocean Plaza occupies a highly visible and accessible location on Marine Parade adjacent to the non-tidal Marine Lake, approximately 0.5 miles to the west of the town centre. In addition to being convenient for car access Marine Parade in turn links to the nearby town centre via The Promenade and across Marine Way Bridge enabling both the leisure and retail stores to be within walking distance of the central Southport facilities. There are a variety of tourist attractions and leisure facilities in this immediate area including the Floral Hall Gardens, Dunes Splash World (an all-weather swimming pool and recreation centre) and Pleasureland funfair. Southport Theatre and Convention Centre, one of the largest multi-purpose venues in Merseyside, is located nearby overlooking Marine Lake. Southport Pier, the oldest iron pier in the country and an important feature for the tourist trade, is located immediately alongside Ocean Plaza. It includes a variety of amusements which bring many visitors to this location. 08 OCEAN PLAZA LEISURE 09 OCEAN PLAZA RETAIL 10 EXCLUSIVE SOUTHPORT CINEMA & TEN PIN BOWLING OFFER AT OCEAN PLAZA Out-of-town retail and leisure in Southport is SOUTHPORT made up of predominantly multi-let schemes with just one solus unit and provides a total RETAIL & LEISURE of approximately 673,000 sq ft. The subject property makes up over 1/3 of Southport’s entire offer. On a per capita basis, Southport is under supplied with retail warehousing showing a provision of 2.46 sq ft per capita compared to the PROMIS 200 average of 2.63 sq ft per capita. Source: PROMIS 11 SOUTHPORT MUNICIPAL GOLF CLUB ROAD BRIDGE AM C 5 6 5 A MARINE D R T LAKE R E B L A E NE D LA OE A 7 R N 26 E E A5 IV M O R P 5 4 T 2 S 5 D INE DR B R O L MAR Central 12 Shopping Park E A S T B B A D 5 N A 2 K O 7 T R 6 S S T E ’S N W E K O T U S L R W D T R S O O O L D B 5 R 2 O 0 Meols Cop 8 A A A 57 D U 0 S Retail Park G CA H RI T SB D O RI A N CK O N R R EW D H RD T D R A O O R W Y L R U E L T E B&Q 5 M 6 E 5 C A 67 52 A Kew A Retail Park 5 7 0 B S 5 O 2 4 U 3 T H K P E O W R T R D R D RD MOSS Leisure Retail Meols Cop Retail Park, owned by UBS, is a bulky Over 132,500 sq ft of the subject property goods park located approximately 2 miles south The A1 retail at Ocean Plaza, comprising provides the only significant, purpose built east of the town centre.