DW FITNESS CLUB & SMYTHS TOYS UNIT - VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB - Allsop
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DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE AND RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE AND RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
INVESTMENT CONSIDERATIONS
■ City Fringe Gym Investment and Retail Warehouse ■ Total area of 54,857 sqft (5,096.2 sq m) ■ Site area of 4.3 acres (1.74 hectares)
Investment situated on the busy Vicarage Lane ■ Fully let to the strong covenants of Dave Whelan ■ The vendor is seeking offers in excess of £4,750,000
within close proximity to Blackpool city centre Sports Limited and Smyths Toys UK Limited (Four Million Seven Hundred and Fifty Thousand
■ The town has an extensive catchment population ■ Attractive average weighted unexpired lease term Pounds) subject to contract and exclusive of VAT.
and benefits from excellent accessibility with the of 14.4 years (12.8 years to break) Based on this level of pricing, the net initial yield
A583 & A5230 linking Blackpool to the M55 and reflects 7.5%, assuming standard purchasers costs.
A584 coast road, which connects the city to the ■ Producing a total rent of £377,257 pa, equating
affluent Lytham St. Anne’s. to a low passing rent of £6.88 psf YIELD PROFILE
■ Freehold April 2021 8.57%
April 2026 9.87%
■ Benefits from on-site car parking for approximately
200 cars. *based on forecast RPI at 2.5%
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INVESTMENT
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BLACKPOOL REGENERATION
Leeds/
M6 Bradford
BLACKPOOL LEEDS
M55 Burnley BRADFORD M1
Blackpool M65
International Preston M621
Blackpool is set for the biggest single investment for more
A1(M)
Airport
BLACKBURN M606 HULL
Warton
Aerodrome
Halifax
than a century. £300m has been earmarked for the ‘Blackpool
Pontefract
M62
M62
HUDDERSFIELD
Central’ development. This development will include, new
M6 M66
M61 Rochdale M1
Bolton
SCUNTHORPE
Wigan
Oldham
hotels, restaurants, a food market,GRIMSBY
Barnsley
A1(M)
event square, residential
M18 M180 M181
Humberside
Airport
apartments and multi-storey parking. Furthermore, a range
M60
DONCASTER
MANCHESTER
LIVERPOOL
M62
M60 M67
Glossop of indoor attractions will be built, including the world’s first
Rotherham
M18
A1(M)
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SHEFFIELD multimedia exhibition of its kind, the UK’s first flying theatre
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Warrington Stockport ak
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and the most advanced virtual reality experience.
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Liverpool International
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Airport
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M53 Worksop
M58
M1
M6
Buxton
In addition, improvement works on the current Central Station
Chesterfield
site in the heart of the town is expected to start in 2020.
LINCOLN
Chester
Hawarden
Airport
Blackpool council estimate that this regeneration will attract Skegness
LOCATION 600,000 additional visitors a year with a combined annual
spend of £75m. They also believe it will also create 1,000 new
The well known seaside town of Blackpool is situated in the county turn links to the national motorway network. In addition, the A584 jobs for people in Blackpool.
of Lancashire and is a within the North West of England on the coast road connects the city with Lytham St Anne’s to the south
Lancashire coast. It has a district population of approximately 142,065 and Cleveleys, Thornton and Fleetwood to the north. Blackpool Rail
(2011 Census). station provides a direct service to Preston with a journey time of INFRASTRUCTURE IMPROVEMENTS
The town is on the Irish Sea between the Ribble and Wyre estuaries, approximately 25 minutes and an indirect service to London Euston
Lancashire Enterprise Partnership, in conjunction with Blackpool
approximately 29 km (18 miles) west of Preston, 40 km (25 miles) south with a journey time of approximately 2 hours 50 minutes.
Council, commenced work in July 2019 on a £7m ‘facelift’ of
of Lancashire and 54 km (86 miles) north west of Manchester. There Blackpool Airport is situated 2.5miles south west of the property, key roads and infrastructure around Blackpool town centre.
are a number of tourist attractions within the city including Blackpool with Manchester International Airport is situated approximately These improvements include, resurfacing pavements and roads,
Tower and the ‘Golden Mile’, which is dominated by funfair attractions 93.2 km (57.9 miles) to the south east of Blackpool. planting new trees, benches and bin as well as improved.
The town benefits from good road communications with the A583 Furthermore, in April 2020, demolition begins on the Wilko’s
and A5230 providing direct access to the M55 motorway, which in store site on Talbot road, to then develop a new car park,
Holiday Inn hotel, an underpass leading to Blackpool North
Station as well a new tram terminus.
DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE AND RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
SITUATION
The subject property is situated on the corner of
Sanderson Way and the north eastern side of the
prominent Vicarage Lane which links to the A5073 and in
turn the A583 approximately 1.1 km (0.7 miles) to the north.
Vicarage Lane is located on the outskirts of Blackpool
town centre, which is situated approximately 4.8 km
(3 miles) to the north.
The north eastern side of Vicarage Lane, where the subject
property is situated, is an established commercial location
with a number of industrial buildings and retail and trade
counter occupiers including an Asda Superstore, Home
Bargains, Tool Station and Peter Jones Flooring.
Directly opposite the subject property, on the southern
side of Vicarage Lane, is Blackpool Trade Park, which is
home to occupiers such as Topps Tiles, Halfords, Screwfix
and Euro Car Parts. Adjacent to this estate is a stand-alone
B & M store.
DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE AND RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
DESCRIPTION
The subject property comprises two single storey semi-
detached retail warehouse Units. One of the units has been
converted to provide a gymnasium, with a swimming pool
and other facilities. The the other is arranged to provide
a Toy Store.
DW UNIT
The unit occupied by DW is accessed via a protruding single
storey entrance lobby. The lobby leads into a reception area
with a custom built reception desk and barrier entrance gates
which lead further into the gym. Within this area there is a
customer café with associated seating areas.
The reception area leads to the main open plan gym which
has been zoned into a cardio area and free weights area.
There is a studio which is utilised for classes such as spinning,
Les Mills group fitness and yoga.
Beyond the gym area are male and female open and cubicle
changing rooms and WC facilities which themselves provide
access to the swimming pool area. The pool area incorporates
a swimming pool together with a Jacuzzi and steam room.
There is a plant room housed in an extension at the rear of
the building. There is a small yard area to the rear of the unit
which is accessed off Sanderson Way.
SMYTHS TOYS
This unit is accessed directly from the car park via two sets
of double glazed entry doors. Internally it comprises an open
plan retail unit with fitted with racking / display stands.
To the rear of the unit is a store room and staff room / office
area. This unit benefits from a roller shutter door which leads
to a rear servicing area. This area is accessed directly from
Sanderson Way.
To the front of the unit there is a trolley bay for storage of
shopping trolleys. Externally the property sits on a large
site which benefits from approximately 200 marked car
parking spaces to the front and side elevations. The car park
is free to use.
There is a freestanding totem sign which faces Vicarage Lane.
SITE AREA
4.2985 acres (1.738 hectares).
DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE
D W SportsAND
Fitness,RETAIL WAREHOUSE
Sandersons INVESTMENT
Way, Blackpool, FY4 4NB WITH FIXED UPLIFTS
created on © Crown Copyright, ES 100004106. For identification purposes
Plotted Scale - only.
1:1,803
SCHEDULE OF ACCOMMODATION & TENANCY PLANNING
Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, 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 instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment
has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
DW Store – as per planning application number 10/0794: the retail
contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for
Unit Tenant Trading Sq Ft Sq M Lease Lease End Rent Unexpired Rent Rent Comment lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
Name Start (Break) Term (Break) psf Review element shall be restricted to the sale of sports goods and related
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.
products; and shall only be operated by the fitness club operator.
Gym Dave DW 31,553 2,931.3 01/04/2011 30/03/2036 £262,257 pa 16.25 years £8.31 01/04/2021 Fixed uplifts at review: Smyths Toys – as per planning application number 15/0586: The retail use
Whelan Fitness 01/04/2026 01/04/2021 - £304,028 pa
hereby permitted shall be operated only by Smyth’s Toys Limited and the
Sports 01/04/2031 01/04/2026 - £352,452 pa
Limited 01/04/2031 - £408,589 pa premises shall be used for the sale of toys, children’s sports goods and
equipment, bicycles and associated equipment, play equipment, baby
Toy Smyths Smyths 23,304 2,164.9 11/01/2016 10/01/2031 £115,000 pa 11 years £4.93 10/01/2021 Break subject to 9 months equipment and products, electronic games and equipment and either
Store Toys Toys (10/01/2026) (6 years) 10/01/2026 notice Rent reviews products associated with toys and children’s entertainment and for no
Limited based on: upward only
other purpose.
open market capped
at 2.5% compounded. Further information on planning can be found in the dataroom.
Rent expected to rise to
£130,000 at next review
TENURE
Total 54,857 5,096.2 £377,257 pa
Freehold.
DW FITNESS CLUB & SMYTHS TOYS UNIT VICARAGE LANE, BLACKPOOL, LANCASHIRE, FY4 4NB SECURE, LONG LET LEISURE AND RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
GYMNASIUM INVESTMENT COMPARABLES
Property Sale Date Tenant Earliest Determination NIY Sale Price
Timber Beach Road, Sunderland June 19 DW Fitness 16.5 years 6.50% £2,600,000
Tritton Road, Lincoln May 19 DW Fitness 14.5 years 5.90% £2,900,000
Ranelagh Road, Ipswich April 19 DW Fitness & Orwell Motorcycles 16 years 7.00% £4,650,000
125 Copenhagen Way, Norwich Jan 19 Pure Gym 15 years 6.00% £2,500,000
43 Peninstone Road North, Sheffield Aug 18 Greenwich Leisure 12 years 6.10% £2,545,000
The Pentagon, Nottingham Aug18 Nuffield Health 25 years 5.48% £9,850,000
COVENANT
Dave Whelan Sports Ltd The Group completed its disposal programme of non-core Fitness Smyths Toys UK Ltd
First Clubs and they continued its store and club refurbishment. Since it’s inception in 1986, Smyth’s Toys has grown exponentially. Founded
Established in 2009, DW has grown exponentially to become the second
largest operator of gyms in the UK. This leading leisure and retail business During 2019, Net Cash Inflow into the business was strong at £12.95m with by the four Smyth brothers in Ireland, the Smyths Group now operates
Health and Fitness membership numbers increasing by 1.5%. globally across 200 stores, in the UK, Ireland, Germany, Austria and
currently operates 78 retail stores across the UK stocking a wide range of
authentic sports performance brands, as well as 121 gym clubs providing Furthermore, the Whelan family loans are quasi equity and total £44.7m, Switzerland.
extensive facilities for members including large gym floor and functional which when added to Net Assets provides Shareholder Funds of £100m. This multinational chain specialises in toys, baby products as well as gaming
training areas, member cafes, swimming facilities and a wide range of In addition, Health & Fitness revenues increased from £134m to £137m and and entertainment products.
group exercise classes. DW have reduced their exposure to retail sales now at £84m with the 13 loss Despite struggles in the retail sector as whole, Smyths Toys has
making store closures.
In September 2016, DW Sports acquired Fitness First UK, which added an continued to grow increasing their revenue by over £100m last year
Dave Whelan Sports Ltd reported the following results over the last 3 years: and profits by c. 30%.
additional 45 Fitness First Clubs. This acquisition expanded DW’s market
share into the south-east market giving an even greater nationwide presence. 31/03/2019 31/03/2018 31/03/2017 Smyths Toys UK Ltd reported the following results over the last 3 years:
For the year ended March 2019, Dave Whelan Sports Limited has Sales Turnover £222,223,000 £222,961,000 £203,528,000 30/12/2018 30/12/2017 30/12/2016
continued to streamline its business. They have reported a level of
EBITDA £14,271,000 £18,274,000 £18,582,215 Sales Turnover £581,570,000 £475,741,000 £396,490,000
turnover in line with last year, with an adjusted EBITDA figure of £14.2m.
This drop in EBITDA from March 2018 is a result of the closure of 13 loss Pre-Tax Profit (£18,128,000) (£8,925,000) (£7,987,398) Pre-Tax Profit £14,532,000 £11,884,000 £10,100,000
making stores resulting in a £4.25m impairment, however total revenue
Shareholders Funds £55,051,000 £68,230,000 £55,943,000 Shareholders Funds £43,800,000 £32,578,000 £23,739,000
levels have been maintained at £222m.
EPC PROPOSAL
DW Sports Fitness, Vicarage Lane - available on the dataroom.
Smyths Toys, Vicarage Lane - available on the dataroom.
The vendor is seeking offers in excess of £4,750,000 (Four Million Yield Profile
Seven Hundred and Fifty Thousand Pounds) subject to contract April 2021 8.57%
VAT and exclusive of VAT. Based on this level of pricing, the net initial April 2026 9.87%
The purchase will be subject to VAT and it is our client’s yield reflects 7.5%, assuming standard purchasers costs.
intention to sell the property by way of a TOGC. *based on forecast RPI at 2.5%
For further information or to make arrangements for viewing please contact:
DATAROOM PRIVATE CLIENT TEAM
For access to Allsop Dataroom please use the following link: Ronnie Morgan Alex Butler
https://datarooms.allsop.co.uk/register/dwsmythsblackpool 020 7543 6808 020 7543 6722
ronnie.morgan@allsop.co.uk alex.butler@allsop.co.uk 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 02.20
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