91 LORD STREET SOUTHPORT PR8 1RH - WELL SECURED HIGH YIELDING RETAIL WAREHOUSE INVESTMENT WITH A NUMBER OF ASSET MANAGEMENT OPPORTUNITIES - Lewis ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
91 LORD STREET
SOUTHPORT PR8 1RH
LORD STREET
WELL SECURED HIGH YIELDING RETAIL WAREHOUSE INVESTMENT WITH A NUMBER OF ASSET
MANAGEMENT OPPORTUNITIES
B&M 91 Lord Street, Southport, PR8 1RH 2
INVESTMENT SUMMARY
t Located in the affluent coastal town and tourist hub of Southport. t 119 car parking spaces.
t Excellent position situated on the north side of Lord Street. t Large site area of 1.4 acres reflecting a low site cover of approximately 29%.
t Securely let to Safeway Stores ltd (Morrisons) with a co terminus sublease to t A number of asset management opportunities to include alternative uses, subject to
B&M Retail Limited for a further 4.5 years. necessary planning consents.
t Current rent of £402,400 per annum. t Offers in excess of £4,500,000 (FOUR MILLION AND FIVE HUNDRED THOUSAND
POUNDS) subject to contract and exclusive of VAT.
t B&M have been in occupation for over 27 years and have recently spent over
£200,000 on the property with further works planned. t Net Initial Yield of 8.4% after allowance for purchaser’s costs of 6.57%.
t Freehold.
B&M 91 Lord Street, Southport, PR8 1RH 3
LOCATION SITUATION
Southport is an affluent coastal town and one of the North West’s most established The subject property is situated on the north side of Lord Street, Southport’s principal
tourist destinations attracting over 9 million visitors each year. The town is located in leisure and retailing thoroughfare. Nearby occupiers include: Morrisons, Travelodge,
Merseyside approximately 16 miles (26 km) north of Liverpool, 14.8 miles (23.8 km) JD Wetherspoons, Iceland and Starbucks.
southwest of Preston and 31 miles (49.93 km) northwest of Manchester.
Road communications in Southport are excellent with the A565 providing direct access
south to Liverpool and north to Preston. The A565 also provides access to the M57 and
M58 linking Southport to the M6 and the wider national motorway network.
Rail links are also strong with Southport Railway Station providing regular direct links
to Liverpool Central (45 mins), Wigan Wallgate (30 mins), Manchester Victoria and
Manchester Piccadilly (1 hr 15 mins).
KIN
GSW
DU
KE S
AY
T.
MANCHESTER
B&M 91 Lord Street, Southport, PR8 1RH 4
DESCRIPTION
The subject property comprises a former supermarket of brick construction built up
over ground and first floor accommodation.
OS Plan Black / White
Principal access to the property is provided via a main entrance fronting onto Lord
Street. The ground floor has been fitted out as a sales area to B&Ms standard fitout.
The first floor it currently used as ancillary and storage space and is fully utilised by
B&M.
333200
333300
The property benefits from a car park located to the rear of the unit providing 417200 417200
approximately 119 spaces with an access road fronting Kingsway. The Car Park
also benefits from a loading bay for deliveries.
There is a secondary entrance to the sales area accessed via a ramp at the southside
of the car park.
The property has a total site area of approximately 1.4 acres (0.56 hectares) and a
low site cover of approximately 29%.
417100 417100
For identification purposes only.
333200
333300
Metres
0 5 10 20 30 40 50
B&M 91 Lord Street, Southport, PR8 1RH 5 ACCOMMODATION The property has an approximate GIA of 29,807 sq ft in accordance with the table below: Description Sq Ft Sq M Ground Floor Sales 16,834 1,564 First Floor Ancillary & Storage 12,973 1,205 TOTAL 29,807 2,769 TENANCY The property is let to Safeway Stores Ltd for a term of 45 years expiring 24th December 2025 at a current rent of £402,400 per annum. The property is sublet in its entirety to B&M Retail limited who have been in occupation for over 27 years. The sublease is co terminus with the existing occupational lease and B&M are paying the same rent.
B&M 91 Lord Street, Southport, PR8 1RH 6
COVENANT INFORMATION
B&M is the UK’s market leading general merchandise value retailer with over 656
stores servicing nearly 208 million customers a year.
Morrisons is the fourth largest chain of supermarkets in the UK. As of 2020 Morrisons The company has been listed on the London Stock Exchange since 2014 and more
have supermarket stores in over 494 locations across the UK. The company is listed recently become a member of the FTSE 100 in 2020. The group also entered the
on the London Stock Exchange and is a constituent of the FTSE 250 index. value convenience food market with its acquisition of Heron Foods in 2017.
For the year ending 02/02/2020 Safeway Stores ltd reported a turnover of £7.82Bn For the year ending 28th March 2020, B&M Retail Ltd reported a turnover of £2.094Bn
and pre tax profits of £207M. For the same period, the company reported a net worth and pre-tax profits of £262.3M. For the same period, the company reported a net
of £1.072bn. worth of £806.84M.
B&M’s Excellent Covid
Track Record
During the Pandemic B&M was listed as
an essential retailer and the company
was able to keep its 656 UK stores open
(including Southport) despite continuing
lockdown restrictions.
In November 2020 B&M repaid the
government £3.7m of furlough money,
considering strong trading results. In
December 2020, the discount retailer
decided to forgo £80m of emergency
rates relief. In January 2021 B&M paid
a special dividend of 20p per share
(equating to approximately £200m in total)
to its shareholders following exceptional
trading performance.
B&M 91 Lord Street, Southport, PR8 1RH 7
ASSET MANAGEMENT OPPORTUNITIES
We understand the property may be suitable for a number of asset management opportunities (subject to necessary
planning consents) to include:
t Re gearing with B&M on a new lease.
Potential redevelopment of the entire site
t Extending the existing unit out to the rear to create more sales space for B&M or another tenant in the future.
Potential redevelopment of the partial site
t Partial redevelopment of the car park (as shaded in white above) while maintaining the majority of the car park for
the tenant. VP on this portion of the site is achievable now for £1, more information can be provided upon request.
t We understand Sefton Council has identified the site as a major redevelopment opportunity to cater for a multi level
residential or mixed use scheme.
B&M 91 Lord Street, Southport, PR8 1RH 8
FURTHER INFORMATION
EPC Should you wish to view the property or require any further information please contact.
The property has an EPC rating of C.
Joseph Rantor
Mobile: 07976 599 374
VAT josephrantor@lewisandpartners.com
Stephen Raingold
Value added tax will be applicable to the sale of this property and it is anticipated Mobile: 07775 647 499
that the transaction will be treated as a transfer of going concern.
stephenraingold@lewisandpartners.com
PROPOSAL Ben Lewis
Mobile: 07887 553 674
benlewis@lewisandpartners.com
Offers in excess of £4,500,000 (FOUR MILLION FIVE HUNDRED THOUSAND
POUNDS) Subject to contract and exclusive of VAT. A purchase at this level will
reflect a net initial yield of 8.4% after allowance for purchasers’ costs of 6.57%.
Lewis & Partners
Chartered Surveyors and Property Consultants
15/19 Cavendish Place,
London W1G 0QE
Tel: 020 7580 4333
SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT
LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-
1. These particulars do not constitute any part of the offer for sale or contract for sale.
2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the vendors or lessors.
3. None of the statements contained in these particulars as to this property are to be relied on as statements or
representations of fact.
4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the
statements contained in these particulars.
5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are
photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for identification purposes only.
6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be
included in the sale.
7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date
a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to inspect the property and neighbouring areas.
8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no warranty as to their
correctness or otherwise and the purchasers must rely on their own measurements.
9. All terms quoted are exclusive of value added tax unless otherwise stated.
10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this property.
11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
12. These details were prepared as of June 2021.
Adrian Gates Photography & Design 07710 316 991
You can also read
