On behalf of N J Pask and R J Goode, Joint Fixed Charge Receivers FORMER SUPERMARKET LUNE STREET, PADIHAM, BURNLEY, LANCASHIRE, BB12 8DG SECURE INCOME INVESTMENT GUARANTEED BY CO-OP (12 YEARS UNEXPIRED) FORMER SUPERMARKET LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP INVESTMENT CONSIDERATIONS ■ Current rent of £179,885 per annum ■ We are instructed to seek offers in excess of £2,300,000 ■ Prominent town centre former supermarket investment (Two Million Three Hundred Thousand Pounds) subject to ■ Fixed rental uplifts in June 2021 and ■ Situated in the attractive town of Padiham contract and exclusive of VAT. This equates to an attractive June 2026, based on 2.25% per annum net initial yield of 7.35% after allowing for purchaser’s costs of ■ The unit comprises a total of 1,023.5 sq m (11,017 sq ft) compounded 5 yearly 6.34%. With the following guaranteed reversions: - of well configured floor space ■ Car parking for 80 cars Date Running Yield ■ Let for a further 12 years (no breaks) to the excellent ■ Freehold June 2021 8.22% covenant of Rochpion Properties (4) LLP, with Co-operative Group Limited as guarantor ■ Site area of 1.18 acres (0.48 hectares) June 2026 9.19% FORMER SUPERMARKET LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP A687 A65 A61 A19 LANCASTER A59 YORK LOCATION A658 M A65 O T M6 A61 O Y S Burnley is located in the county of Lancashire, 44 km (27 miles) to the Leeds A64 RR R UA Bradford E A629 Q A6068 8 A1(M) L 6 A19 north of Manchester, 17 km (11 miles) to the east of Blackburn and A585 60 A E A N N LA E E V BLACKPOOL A59 PADIHAM LEEDS RYCLIFFE ST O 48 km (30 miles) to the west of Bradford. GR ST ST M55 ST GUY BRADFORD A A583 BLACKBURN E Padiham The town is located immediately to the east of Junctions 10 and 11 PRESTON BURNLEY AR Football Club A63 Blackpool BO of the M65 Motorway which in turn links with the M61 Motorway at C M65 R L Y OAD I A646 HALIFAX R T A59 D N H Junction 9 and the M6 Motorway at Junction 29. The M6 Motorway R T R E A56 S U R T B M62 K O ES C W A E gives access to Birmingham and London to the south and Carlisle A565 L T A6033 B S EE SOUTHPORT 8 T TR 7 R E S HUDDERSFIELD A6 E N E U and Scotland to the north. A1 T L M61 M1 A M6 M66 M62 D A570 A59 A 6 RO 1 K 7 Burnley is well connected, with two railway stations that service the R E BOLTON PA IV A629 R River Calder D R town centre, Burnley Railway Station and Burnley Manchester Road Padiham E M58 OLDHAM IV R VE Memorial RailwayRI Station. Burnley Central Railway Station provides a direct D S E Park T G MANCHESTER A628 A RID T KB I service to Manchester Victoria Railway Station (50 minutes) and Preston O C STO A580 N A Robin Hood R 67 OA 1 B (33 minutes), with Burnley Manchester Road Railway Station providing UR LIVERPOOL D NL M60 A1(M) EY M62 RO direct services to Leeds (1hr 22 minutes) and York (1hr 52 minutes). AD k r a SHEFFIELD There are four International airports within an hour’s travel of Burnley, P l A1 M56 Manchester a with Manchester Airport 50 km (31 miles) south, Liverpool John A523 n Liverpool M1 o D M53 i A A623 t A61 O Lennon Airport 66km (41 miles) south west, Leeds Bradford Airport R a K N R Retford A 39 km (24 miles) north east and Blackpool Airport 53 km (33 miles) t P A60 c i r A556 t west of the property. s i D M6 A614 k A53 a Hawarden e P A51 Former Somerfield Store Lune Street Padimore Burnley ta S ub l S E FORMER SUPERMARKET LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT LANCASHIRE, BB12 8DG m GUARANTEED BY CO-OP 1 2 SITUATION 15 ET RE R Riverside Mill Padiham, with a population of 10,000, is a town situated T I S B EY B L L 3 miles west of Burnley. R E S T R The property is prominently positioned on the south side of E E ts T f Pos Lune Street adjacent to the main arterial road of the town, Line O Burnley Road (A671), which leads onto the A6060, providing access to Junction 8 of the M65 Motorway 8km (5 miles) to ET RE ST the south. NE LU Rose Grove Railway Station is located 1.8 miles south of the 7 76.8m subject property and offers direct routes to Burnley Town 5 T S L Centre (10 minutes), Blackburn (23 minutes) and Leeds L A R S R (1hr 46 minutes). 99 E T r T e A ld T a C The property benefits from being situated opposite a Tesco 10 r 1 77.1m ive 1 R 03 Superstore as well as the established High Street (Burnley N O T Road), housing a number of national multiples, which draws 1 1 09 G 1 IN T 1 E 1 D E strong footfall to the location. D R A T W S 4 T E E R T S Y E 62 78.0m © Crown Copyright, ES 100004106. For identification purposes only. Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 DESCRIPTION The property comprises a single storey retail unit constructed in the 1980s of steel frame with brick and profile metal clad elevations beneath a pitched profile metal sheeted roof. The internal specification comprises tiled floors, suspended ceilings with LED lighting and air cooling cassettes. The majority of the property is used as sales accommodation with large glazed display windows fronting towards Burnley Road. There are also staff amenities and a stock room on the western side of the property with a roller shutter loading door leading onto the car park. The car park is accessed from Lune Street and offers 80 car parking spaces. The property is currently being underlet to Boyes and is trading as a household store. SITE AREA Site area of 1.18 acres (0.48 hectares). FORMER SUPERMARKET LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP ACCOMMODATION Floor Use Sq m Sq Ft COVENANT Ground Sales/store 1,023.51 11,017 Rochpion Properties (4) LLP In the first half of 2018, The Co-Operative Group opened 45 new food A summary of Rochpion Properties (4) LLP accounts are below: stores and 10 new funeral homes creating over 600 new jobs. They also acquired Simplify Probate to expand the probate business and increase TENANCY 06/01/2018 31/12/2016 02/01/2016 existing support for bereaved families, making Co-Op the largest The property is let in its entirety to Rochpion Properties (4) LLP for provider of probate services in the UK. Turnover £482,000 £364,000 £703,000 a term of 25 years from 29th June 2006 expiring on 28th June 2031 In the second half of 2018, the group has significantly increased the (c.12 years unexpired) at a current passing rent of £179,885 per annum. Pre Tax Profits £973,000 £6,866,000 £1,905,000 rate of expansion, opening 60 new food stores and 15 new funeral The lease provides for 5 yearly upward only rent reviews, calculated on a fixed Total Net Worth £84,686,000 £83,713,000 £76,848,000 homes in addition to introducing a revised product base within the uplift based upon 2.25% per annum compounded 5 yearly. The next rent reviews insurance business. are due in June 2021 and June 2026 where the fixed uplifts are calculated The Group is undergoing rapid expansion in the wholesale market to be as follows: Guarantor: following the recent acquisition of Nisa and five-year commercial i deal to supply Costcutter Supermarkets Group. When combined with Date Rent The Co-operative Group Limited independent co-operative societies, The Co-Operative Group now The Co-Operative Group is the fifth largest food retailer in June 2021 £201,053 supply over 7,700 stores nationwide. the UK, operating from over 2,800 local, convenience and June 2026 £224,713 medium sized stores. The group is also the largest UK funeral services A summary of Co-operative Group Limited’s accounts are below: provider, a major general insurer and a growing legal services business. The property had originally been let to Somerfield Stores Limited but was 06/01/2018 31/12/2016 02/01/2016 assigned in July 2016 to Rochpion Properties (4) LLP with Co-operative Group The Group employs over 70,000 people across the various business lines Turnover £9,470,000,000 £9,472,000,000 £9,301,000,000 Limited as guarantor. with over 4.65 million active members, accounting for 33.5% of total food turnover. In H1 2018, sales increased to £5bn, an increase of 10% Pre Tax Profits £72,000,000 -£132,000,000 £23,000,000 The property has been underlet to W. Boyes & Co Limited from 21st April compared to 2017 sales of £4.5bn. This reflects a strong performance 2016, for the same term as the superior lease. There is a tenant break option Total Net Worth £2,191,000,000 £2,298,000,000 £2,006,000,000 within the Food business as well as accounting for the acquisition of in the sub-lease on the 21st April 2026.