GRAND BUILDINGS JAMESON STREET, HULL, HU1 3JX - Allsop
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GRAND BUILDINGS JAMESON STREET, HULL, HU1 3JX FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT
JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
HIGHLY PROMINENT RETAIL PARADE IN THE HEART OF HULL CITY CENTRE SURROUNDED BY UPCOMING DEVELOPMENT
ST STEPHENS
SHOPPING CENTRE INVESTMENT
CONSIDERATIONS
· Highly prominent City Centre site with excellent
HULL RAILWAY STATION
frontage on to Jameson Street, a key arterial link
PROSPECT
from Hull Rail Station
HAMMONDS OF HULL
SHOPPING CENTRE
· Fully pedestrianised pitch with attractive tree
lined avenue and excellent public realm facilities
SUBJECT PROPERTY
ALBION SQUARE
REDEVELOPMENT · Located on the corner of the main southern
entrance to the Prospect Shopping Centre
· Total area of 52,766 sq ft arranged over three
stories on a 0.8 acre site
· Let to six individual tenants with national brands
including Lloyds Bank, HSBC, Halifax, Slater
BONUS ARENA HULL Menswear, Blacks Outdoor and Waterstones
· Total Contracted Rent of £567,000 per annum,
reflecting a low rental rate of £11.60 psf on let
accommodation
· Net Operating Income of £532,676 per annum
PRINCES QUAY
· Weighted Average Unexpired Lease Term
(WAULT) of 3.50 years to expiry (2.90 to breaks)
· Excellent tenant retention during lockdown with
Halifax recently extending their lease and Slaters
break option removal in negotiation now
· 2 vacant units totalling a limited 12% of the total
area present immediate letting potential.
· Significant potential for alternative uses in
the medium term, subject to vacant possession
and necessary consents
PROPOSAL* £3,550,000
NIY 15.00%
TNIY 14.10%
AREA (SQ FT) 52,766
CAP RATE (PSF) £67
*subject to standard purchaser’s costs.
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GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT
JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
THE ROYAL HOTEL & ALBION SQUARE
REDEVELOPMENT
SITUATION
The property is located on a prime trading location on
Jameson Street, a key arterial link between Hull Rail Station
and the vast remainder of the City Centre’s retail provision.
This is a very busy location with footfall enhanced by the
adjacent southern entrance of the Prospect Shopping Centre.
National retailers in the immediate vicinity include TSB Bank,
Sainsbury’s, O2, Skipton Building Society and LUSH.
The property is bounded by South Street to the west
(pedestrianised) and West Street to the north, which provides
rear service and loading access to all units.
TION
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RAILW
HULL
Freehold Title Demise
GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT
JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
ACCOMMODATION
DEMISE GROUND FLOOR FIRST FLOOR SECOND FLOOR ITZA TOTAL
(SQ FT) (SQ FT) (SQ FT) (SQ FT) (SQ FT)
Unit 1 6,085 927 2,120 7,012
Unit 1A 7,388 2,989 10,377
Unit 2 2,176 260 969 2,437
Units 3 & 4 4,047 1,747 788 1,960 6,582
Unit 5 1,939 1,730 374 1,009 4,042
Unit 6 4,094 5,203 1,101 2,332 10,398
Unit 7 2,203 887 2,203
Unit 8 5,067 3,938 711 2,294 9,716
TOTAL 25,610 21,194 5,962 2,294 52,766
DESCRIPTION
The property comprises an extensive City Centre site comprising a large terraced
retail parade, arranged over ground and two upper floors totalling 4,902.1 sq m
(52,766 sq ft).
Grand Buildings benefits from dual frontage on to Jameson Street and South
Street, leading on to the Prospect Shopping Centre with brick elevations and
full height glazed retail frontage at ground level. The western element of the site
provides an attractive dome structure at roof level alongside several sloped and
pitched roofs above, which host a majority of the site’s plant equipment.
To the rear, the building again benefits from attractive brick built elevations with
glazed windows and ground level loading access doorways to each individual unit.
The site area extends to 0.8 acres (0.32 hectares). The building is located within
the Hull Jameson Street Conservation Area. No elements of the subject property
are listed.
GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT
JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
TENANCIES SERVICE CHARGE
The scheme is let in accordance with the Schedule of The service charge is apportioned on a weighted floor
Accommodation and Tenancies. area basis.
In summary the estate provides: The following table sets out the service charge
expenditure in recent years:
Contracted Rent (£ p.a.) £567,000
Landlord Service Charge Liability £8,996 Year Expenditure
Landlord Rates Liability £24,830* 2020 (Budget) £75,195
Landlord Insurance Liability £499 2019 £74,583
Net Operating Income £532,676 2018 £70,360
*Landlord rates liability net of mitigation scheme, providing 50% reduction to rates payable.
Additional lease documentation is available in the Allsop Marketing Data Room.
INCOME ANALYSIS
The scheme is let in accordance with the Schedule of Accommodation and Tenancies.
UNEXPIRED TERM NATIONAL OCCUPIERS COVENANT STRENGTH
7%
36% 43%
57% 100%
57%
n 0-2 YEARS n NATIONAL OCCUPIERS n VERY LOW RISK
n 2-5 YEARS n AVERAGE RISK
n 5+ YEARS
TENANCY
DEMISE TENANT AREA ITZA LEASE START LEASE EXPIRY WAULT WAULT NET OPERATING CONTRACTED CONTRACTED ZONE A TOTAL LANDLORD COMMENTS
(SQ FT) (SQ FT) (BREAK) (EXPIRY) (BREAK) INCOME (£ P.A.) RENT (£ P.A.) RENT (£ P.S.F.) RENT (£ P.S.F.) LIABILITY (£ P.A.)
Unit 1 Lloyds Bank plc 7,594 2,120 07/01/2015 6/1/2025 4.24 4.24 £105,000 £105,000 £13.83 £49.54
29/8/2027
Unit 1A Slater Menswear 11,182 n/a 30/08/2002 6.89 1.89 £70,000 £70,000 £6.26 Tenant Break Option 29/08/2022 subject to 3 month notice period.
(29/8/2022)
Unit 2 Blacks Outdoor Retail Ltd 2,366 969 14/05/2014 13/5/2024 3.59 3.59 £40,000 £40,000 £16.91 £41.27 In negotiation to remove the 29/08/2022 break option.
Unit 3/4 HSBC Bank plc 6,869 1,960 02/11/2001 1/11/2021 1.06 1.06 £132,000 £132,000 £19.22 £67.34 Lease renewal discussions initiated.
Rates mitigation scheme in place providing 50% reduction
Unit 5 Vacant 4,405 1,009 -£19,528 -£19,528
to rates payable.
Unit 6 Waterstones Booksellers Ltd 11,017 2,332 13/02/2012 12/2/2022 1.34 1.34 £120,000 £120,000 £10.89 £51.68
Rates mitigation scheme in place providing 50% reduction
Unit 7 Vacant 2,241 887 -£14,796 -£14,796
to rates payable.
Unit 8 Halifax Ltd 9,881 2,294 13/10/2000 12/10/2026 6.01 6.01 £100,000 £100,000 £10.12 £43.60
TOTAL 55,555 3.50 2.90 £532,676 £567,000 £10.21 -£34,324
GRAND BUILDINGS FREEHOLD HIGH YIELDING CITY CENTRE INVESTMENT
JAMESON STREET, HULL, HU1 3JX WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
ALBION SQUARE REGENERATION
The Albion Square development will comprise high-quality retail, housing, leisure
and enhanced parking facilities set around an enclosed courtyard. It will include
more than 250 residential units, 12,000 sq m retail space, 640 parking spaces.
THE BID AREA
King Edward Brook Street
Street 406,806
400,994
St Stephens Mall
Jasmeson Street 566,846
219,336
Humber Street
Prospect Street 40,813
159,262
Whitefriargate
261,494
HAMMONDS OF HULL
Iconic gateway building at
1 Paragon Square will provide
a cutting edge mixed-use
creative building ready for the
21st Century. The building will
bring together 4 floors of retail,
restaurants, leisure and office
space.
CGI Image. For indicative purposes only.
CGI Image. For indicative purposes only.
HULLBID
19
HullBID has 7 footfall counters located 2,033,283 THE BUSIEST DAY WAS
SATURDAY 19TH SEPT WITH
THE PEAK HOUR WAS ON
SATURDAY AT 13:00 WITH
in key footfall areas around the city centre.
2,055,551
AUG 2020 93,787 VISITORS 3,904 VISITORS
The cameras provide an overall footfall FOOTFALL AVERAGE DAILY FOOTFALL (BASED ON WEEKLY AVERAGES)
count in any 24 hour period.
SEPT 2020 MON TUE WED THU FRI SAT SUN
68,763 89,119 80,107 66,417 68,494 91,974 49,012
VAT
The property is elected for VAT and it is anticipated the transaction
will be treated as a Transfer of a Going Concern (TOGC).
EPC
The property is rated from B(46) to D(94). Please refer to the
Allsop Marketing Data Room for supporting information.
ANTI-MONEY LAUNDERING
A successful bidder will be required to provide information to satisfy
the AML requirements when Head of Terms are agreed.
DATA ROOM
For access to the Allsop Marketing Data Room, please refer to the following link:
https://datarooms.allsop.co.uk/register/grandbuildings
PROPOSAL
Offers are sought in excess of £3,550,000 (Three Million,
Five Hundred and Fifty Thousand Pounds), subject to contract
and exclusive of VAT. A purchase price at this level reflects a
Net Initial Yield of 15.00%, subject to standard purchaser’s costs
and a low capital rate of £67 psf.
For further information or to make arrangements for viewing please contact:
Tom Dales Lottie Hayward
07799 663631 07817 549237
tom.dales@allsop.co.uk lottie.hayward@allsop.co.uk
allsop.co.uk
THE PROPERTY IS DUE TO BE OFFERED AT OUR 9TH DECEMBER 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, undertaking’s 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. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading
name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.20
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