B&M 47-57 CARR STREET, IPSWICH, IP4 2HB - HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY - Allsop
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B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE
RETAIL INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS PROPOSAL
■ Located in the heart of Ipswich Town Centre ■ Passing rent of £197,000 per annum ■ We are seeking offers in excess of £2,060,000
■ Prominent retail unit let to B&M Retail Limited until ■ Low rent of £6.00 psft overall (Two Million and Sixty Thousand Pounds) subject to
October 2028 contract and exclusive of VAT. This shows a net initial
■ Upwards only rent review in October 2021 yield of 9% after allowing for standard purchaser’s costs.
■ Comprising ground and basement retail accommodation, ■ No breaks
totalling 32,896 sq ft
■ Store has stayed opened throughout lockdown
■ Virtual Freehold
A607 King’s Lynn A140
A16
A1101
A606
Norwich
Stamford Wisbech
LEICESTER A15 Swaffham Great
Downham NORWICH
B&M
A47 Yarmouth
Wigston A47 Market A1065
PETERBOROUGH A146
A6
47-57 CARR STREET, IPSWICH, IP4 2HB A605 Munford Lowestoft
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
M1 A1(M)
Thetford A143
A14 Kettering A141 Ely
A1066
A11
A45
A508 Huntington A12
A10
A45 A14 Bury
A1 Newmarket St Edmunds
NORTHAMPTON A140
A5
A428
CAMBRIDGE A14
Cambridge
Towcester Bedford
A43 Milton A421 Haverhill A134 IPSWICH
Keynes
M11
A421 A12 Felixstowe
M1
Stevenage Bishop’s Stansted Harwich
Luton Stortford Colchester
A41
A418 Luton A120
Aylesbury A130
Hemel A1(M)
Harlow Clacton-on-Sea
Hempstead
A413 Chelmsford
M40 A414
High
Wycombe M1 M25
M25
Basildon
Maidenhead
M4
LONDON London
Southend-on-Sea
Reading Airport
Heathrow
LOCATION
ROAD RAIL
Ipswich is the largest town in the county of Suffolk and the county’s principal administrative centre, located 19 miles
A12 3.1 miles London Liverpool Street 70 mins
north east of Colchester, 27 miles south east of Bury St Edmunds and 53 miles east of Cambridge.
A14 3.1 miles Cambridge 82 mins
Ipswich benefits from excellent road communications, located 3 miles from the intersection of J55 of the A14
and A12. The A14 acts as a major trunk road that runs north west from Felixstowe to J14 of the A1 (M) and the M25 54.6 miles Norwich 43 mins
intersection of the M6 and M1 Motorways at J19, providing access to the rest of the UK. The A12 links directly to M11 50.7 miles Felixstowe 26 mins
J28 of the M25, London’s Orbital Motorway. Ipswich Railway Station, which operates along the Great Eastern Main
Line, provides regular direct services to London Liverpool Street (70 minutes), Cambridge (82 minutes), Norwich
(43 minutes) and Felixstowe (26 minutes). AIRPORTS
Stansted Airport is located 48 miles south west of Ipswich, accessed via the A12 (1 hour), with domestic and Norwich International Airport 46.6 miles Southend Airport 55.7 miles
international flight services. Stansted Airport 48.2 miles London City Airport 68.9 miles
B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
SITUATION DESCRIPTION TENANCY
The property prominently is situated within the main retail The property forms part of the Eastgate Shopping Centre and The property is entirely let to B&M Retail Limited for a term of 12-years from
thoroughfare of Ipswich, on Carr Street. The pedestrianised Carr comprises a retail unit over basement and ground floors. 7th October 2016, expiring on 9th October 2028. The current passing rent is
Street runs through the heart of Ipswich Town Centre, connecting £197,000 per annum, subject to an upwards only, rent review on 10th October 2021.
Sq ft Sq m
Bond Street to the east and Civic Drive to the west. The location is The passing rent equates to an overall rate of £6.00 psf.
popular with national occupiers such as Sports Direct, Specsavers, Ground 31,023 2,882.13 The lease is drawn on full repairing and insuring terms subject to a service charge and this
Superdrug, Peacocks and Poundland. Basement 1,873 174.01 lease was a renewal once the previous lease expired.
Both of the town’s shopping centres, Sailmakers and Buttermarket, Total 32,896 3,056.14
are in close proximity naturally resulting in high footfall in the vicinity
TENURE
of the property. There is a Centre car park at first floor level and the tenant has Virtual freehold. The property will be held on an effective 999 year lease from the date
the right to park 6 cars. of completion.
B&M
47-57 CARR STREET, IPSWICH, IP4 2HB
HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT OPPORTUNITY
COVENANT
B&M Retail Ltd (5A1) is a FTSE 250 company In May, B&M reported a 23% jump in sales during lockdown
founded in 1978 and is now one of the and a 7% rise in sales growth for Q4 2019.
leading variety retailers in the UK. From its
Please find below B & M Retail Limited’s previous 3 years accounts:
first store in Blackpool, B&M has grown to
over 600 stores located throughout England,
30 March 2019 31 March 2018 25 March 2017
Scotland, Wales and Northern Ireland.
In 2014, B&M was floated on the London Turnover £2,801,499,000 £2,629,145,000 £2,252,265,000
Stock Exchange raising over £1 bn. Pre-Tax Profit £273,406,000 £236,006,000 £198,006,000
Net Worth £754,389,000 £600,542,000 £498,412,000
© Crown Copyright, ES 100004106. For identification purposes only.
SERVICE CHARGE
The subject property contributes a small service charge to the security and maintenance of the wider site.
As per the occupational lease, this service charge is fully recoverable from the Tenant. It is anticipated the subject property’s
contribution for this unit for 2019/2020 is estimated at £11,178 (£0.34 per sq ft).
EPC
Available upon request.
VAT
The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern.
AML
A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/carrstreetipswich
PROPOSAL
We are seeking offers in excess of £2,060,000 (Two Million and Sixty Thousand Pounds)
subject to contract and exclusive of VAT. This shows a net initial yield of 9%
after allowing for standard purchaser’s costs.
For further information or to make arrangements for viewing please contact:
Alex Butler Lottie Hayward
07801 219 888 07817 549 237
alex.butler@allsop.co.uk lottie.hayward@allsop.co.uk
allsop.co.uk
THE PROPERTY IS DUE TO BE OFFERED AT OUR 21ST JULY 2020 COMMERCIAL AUCTION UNLESS SOLD PRIOR OR WITHDRAWN
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 06.20
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