Booker Cash & Carry, Twibell Street, Barnsley S71

PRIVATE CLIENT

BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN

SINGLE LET WHOLESALE INVESTMENT WITH FIXED UPLIFTS PRIVATE CLIENT

INVESTMENT CONSIDERATIONS ■■ Cash & Carry warehouse investment located in close proximity to ■■ The property comprises a single storey industrial warehouse totalling the M1 in an established industrial estate in Barnsley’s Town Centre a GIA of approximately 86,947 sqft (8,078 sqm). ■■ The property is let on a full repairing and insuring lease to ■■ Freehold Giant Booker Limited (D&B 5A1) with 11.5 years unexpired ■■ The vendor will consider topping the rent up to the minimal 2020 (6.5 years to break) uplift to result in a more attractive yield for the purchaser ■ ■ Rent reviews subject to a minimum 2.5% pa compound rental growth ■■ Offers sought in excess of £3,600,000 (Three Million Six Hundred with the next rent review in February 2020. Thousand Pounds) subject to contract and exclusive of VAT. This ■■ Tesco completed a £3.7 billion takeover of Booker Group PLC in 2018. reflects an attractive Net Initial Yield of 7.25% with a minimum ■■ Total Current Income of £277,955 per annum (£3.20 psf) with a Reversionary Yield of 8.20% in 2020, after allowing for purchaser’s minimum rental uplift to £314,481 in 2020 costs of 6.51%. PRIVATE CLIENT

BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN SINGLE LET WHOLESALE INVESTMENT WITH FIXED UPLIFTS

METRODOME LEISURE COMPLEX

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BARNSLEY BUS & TRAIN STATION

BARNSLEY DIGITAL MEDIA CENTRE DNDEE ■ PERTH ■

PRIVATE CLIENT

BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN EDINBRGH SINGLE LET WHOLESALE INVESTMENT WITH FIXED UPLIFTS ■

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N A HLL Located in South Yorkshire within the attractive Dearne Valley, Barnsley is L

L IL M 12 miles (19.3 km) north of Sheffield, 20 miles (32.2 km) south of Leeds and D L O BU A R HALIFA 6 1 TO 3 6 N ROAD 17 miles (27.4km) west of Doncaster. 5 A H D D E R With a population of c. 81,250 and an above average Primary Catchment S F IE L D SCNTHRPE R Area population of 270,000 (Promis), the town is a major commercial and BLTN BARNSLEY A

D River Dearne DNCASTER administrative centre in the region. Barnsley is strategically located with GRIMSBY

NE LA ILL close proximity of a number of national road networks, with the M1, M62, D M

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A1 (M) and M18 motorways providing Barnsley with access to Manchester, 6 1

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Leeds, Sheffield and London as well as a number of international airports R B

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such as Manchester Airport and Doncaster Robin Hood Airport. H

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The town also benefits from a number of additional transport links including A BTN M D

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a local rail service that offers links to Wakefield, Leeds, Huddersfield and

5 S 3 U M 6 Sheffield which provide connections to London Kings Cross, Manchester M A Barnsley E R L A Piccadilly and Manchester Victoria. There are also excellent bus links N E NEARNTRENT

ET TRE E S S to neighbouring towns of Leeds, Bradford, Doncaster, Sheffield and AMBL SH NECASTLENDERLYME

A BSTN Manchester, all of which are accessible within a 60 minute drive. 6 Barnsley Football Barnsley 2

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A628 Town Centre A STENTRENT 6 NTTINGHAM

S 1 DERBY D HE R FF IEL 628 N D A O RD M M O C E STAFFRD C A R

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■ PLYMTH PRIVATE CLIENT

BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN SINGLE LET WHOLESALE INVESTMENT WITH FIXED UPLIFTS

SITUATION DESCRIPTION The property is situated on Twibell Street, approximately 3 miles The property comprises a self-contained Cash and Carry industrial east of the M1 accessed via the A628 and less than a half a mile warehouse arranged over ground and first floors measuring from Barnsley town centre and railway station. The property’s approximately 86,947 sq ft. The property is of steel portal frame central positioning and good transport links means the warehouse construction with brick elevations surmounted by profile steel is very well located to serve not just the needs of local businesses cladding beneath a corrugated roof. but also businesses in the surrounding area. The property has been fitted out to suit a Cash and Carry operator The property also benefits from being in an established retail park with a large open plan sales space, staff accommodation and location, in close proximity to other national occupiers, including storage/loading areas to ground floor with further staff and office Screwfix, Wickes, Hayes Fencing, B & M Bargains Store, Halfords accommodation alongside ancillary storage space to first floor. and Argos. The external office extension to the south of the property is not currently used by the tenant. The unit benefits from a large customer car park to the east along with the property’s service yard to the north, which are both accessed via a main vehicular entrance from Twibell Street leading directly to the car park. There are three electric up-and-over roller shutter doors which all provide access to the service area. PRIVATE CLIENT

Booker, Barnsley (1) Booker, Barnsley 2 BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN SINGLE LET WHOLESALE INVESTMENT WITH FIXED UPLIFTS

SITE AREA e rn ea D The site provides an area of approximately 4.28 acres (1.73 er iv Hectares) which represents a site cover of approximately 41%. R

TENURE Freehold.

TENANCY The property benefits from a separate piece of land just to the east Warehouse of0m the main10m demise20m which 30m will be included in the sale.

The property is let on a full repairing and insuring lease to Giant Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:727 Booker Limited, t/a Booker Wholesale, for a term of 25 years from 28th February 2005, expiring on 28th February 2030, with a further guarantee to Giant Bidco Limited. The parent company of Booker Group plc is Tesco PLC. The current rent passing is £277,955 per annum (£3.20 psf) and the lease is subject to a tenant’s break clause on the 20th anniversary of the term subject to six months’ prior written notice. The lease benefits from five yearly upward only rent reviews which are reviewed to the higher of either Open Market Value or 2.5%

per annum compounded uplifts. Assuming the tenant does not

3 exercise their break option in 2025 this ensures a minimum rental 9

1 uplift profile of: © Crown Copyright, ES 100004106. For identification purposes only. 28th February 2020 2 0m 10m 20m 30m Higher of £314,481 per annum or OMV 3 4 E A M IN 28th February 2025 G Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 V IE Higher of £355,806 per annum or OMV W The vendor will consider topping the rent up to the minimal 2020 uplift if required to result in a more attractive yield for the purchaser.

COVENANT INFORMATION Founded in 1835, Booker Group is the UK’s leading food wholesale In the last few years The Brooker Group has notably enhanced their with over 13,000 employees serving a total of 1.2 million customers delivery division by highlighting this as an area of growth and gaining across the UK and India. In January 2017, it was announced that several significant contracts left vacant by the collapse of the incumbent the supermarket retailer Tesco had agreed to purchase the company wholesaler, Palmer & Harvey, in November 2017. for £3.7 billion – resulting in Britain’s biggest retailer combining with The company also founded, and was previously a sponsor of, the the country’s largest wholesaler. The sale is expected to result in Booker Prize (originally the Booker–McConnell Prize) for literary fiction, a further growth of market share by the Booker brand and to which was established in 1968. Giant Booker Limited has reported the add new capabilities to Tesco’s current offering. following financial information for the last three years: The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct, Premier, Family Shopper, 27 Mar 2015 25 Mar 2016 24 Mar 2017 Budgens, Londis and Booker India. In the last few years The Booker Turnover £9,200,000 £10,300,000 £10,500,000 Group has increased its delivery capabilities. Pre-Tax Profit £5,600,000 £6,700,000 £5,700,000 Total Net Worth £233,000,000 £227,400,000 £228,300,000 PRIVATE CLIENT

Booker, Barnsley 2

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PROPOSAL

VAT Offers sought in excess of £3,600,000 (Three Million Six Hundred Thousand Pounds) subject to The property is registered for VAT and we would expect the property contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 7.25% with a minimum to be treated as a Transfer of a Going Concern (TOGC). Reversionary Yield of 8.20% in 2020, after allowing for purchaser’s costs of 6.51%. EPC Energy Performance Certificate for the property is available upon For further information or to make arrangements for viewing please contact: request. PRIVATE CLIENT TEAM DATAROOM Liam Stray Alex Butler For access to the Allsop dataroom please use the following link: 020 7543 6769 020 7543 6722 https://datarooms.allsop.co.uk/register/BookerBarnsley [email protected] [email protected] www.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 10.18