PRIME HIGH STREET RETAIL INVESTMENT PRIME HIGH STREET RETAIL 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 D L O Bury M180 C h u A627(M) r 1 Bnsley 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 M60 Rotherham A1(M) E R A34 TEF A6 N Stockport Peak District A61 M1 T Poperty 28 PO 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 Ker m 3 o 6133 A61 A57 Ce c A S e h c e a Macclesfield f R f A6 3 i 13 e A34 Chesterfield 6 l d A 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 R1 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). R a G 1 de 10 Market Para PC Y A 8 D 1 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 4 4 9 1 6 2 1 1 2 LB 2 17 2 4 3 t o 6 2 5 7 1 8 3 1 1 0 1 2 1 9 y El a e b D d u 4 TCP y a S 1 a a rc St M 1 GLASSWORKSA UNDER 6 7 1 1 a n 6 ee 8 r 1 5 CONSTRUCTIONG 2 2 3 o t 0 1 2 1 1 C 1 1 h 8 - a 3 r Market Hall 0 te r 2 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 1 2 3 6 0 4 - 1 4 3 3 TCBs T AS 1 T E 5 EE TR S 2 RT 4 El LBE 3 A Sub 2 Sta 21 4 4 4 7 2 1 5 1 8 W 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.