HAYMARKET TOWERS HUMBERSTONE GATE - LEICESTER Prime Freehold Retail Investment - MMX Retail
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
HAYMARKET TOWERS
HUMBERSTONE GATE
LEICESTER
Prime Freehold Retail Investment
HAYMARKET TOWERS
HUMBERSTONE GATE
INVESTMENT SUMMARY
LEICESTER LE1 1WA
A rare chance to secure a The asset provides the best high Passing rent
substantial, 100% prime retail street retail units in Leicester £2,245,500 per annum
parade in a Top 10 UK city
Modern retail parade with double- Offers are sought in excess of
Freehold height glazed frontages
£35,000,000
reflecting a
Leicester is a regional, retailing Anchored by M&S, Barclays and
Net Initial Yield of 6.00%,
centre in the UK New Look, extending to almost
after allowing for graduated
90,000 sq ft
purchaser’s costs at 6.77%
Leicester was 3rd in Hot 100
Retail Locations (CACI - 2015) Over 50% of the income derived
from blue-chip, FTSE 100 companies
Leicester has the 9th largest primary
catchment population in the UK Over 85% of the income derived
from national covenants
Leicester is the 10th Best Retail
Location in the UK (HDH - 2016) AWULT to lease expiry in excess of
10 years and in excess of 9 years to
break options
LOCATION & COMMUNICATIONS TOURISM & CULTURE
Leicester is in the heart of England, some 38 miles (61 km) north of Northampton, Leicester has a number of high profile, state-of-the-art, award-winning venues
45 miles (72 km) east of Birmingham and 25 miles (42 km) south of Nottingham. including The Curve and the National Space Centre, in addition to the renowned
museums, galleries, areas of natural beauty and ancient heritage in its immediate
CAR surroundings. There is also a wide ranging calendar of events and festivals in the
Leicester is well connected to the national road network, lying east of City throughout the year.
junctions 21, 21A and 22 of the M1 motorway with easy access to the
M69 and the M6. The A6 runs though the city centre providing access The City Mayor and the Local Council put together Leicester’s ‘Tourism Action Plan
to Loughborough immediately to the north and Market Harborough 2015-2020’, setting out their vision whereby, come 2020, Leicester will be firmly
to the south. established as a primary tourism destination, delivering sustained and sustainable
growth into Leicester’s economy.
Leicester’s ring road, the A563, connects towns and cities to the east,
such as Peterborough, Grantham, Melton Mowbray and Uppingham At the VisitEngland Awards for Excellence 2016, the Attenborough Arts Centre, The
via the A607 and A47. Dandelion Hideaway and King Richard III Partnership all won awards amongst the
country’s elite tourism offers.
TRAIN
Following the discovery of Richard III’s remains in 2012 and his burial in Leicester
With over £70m invested in Leicester’s rail connections during 2013,
Cathedral, there has been a surge in the number of visitors to Leicester. One of the
London is now only 1 hour and 2 minutes from Leicester city centre.
trustees at the Richard III visitor centre recently suggested that the visitor centre
The rail service is extensive and efficient also providing frequent
increased tourism in Leicester by 3% since opening, which is the equivalent of
services to Birmingham, Sheffield and Nottingham.
boosting the local economy by an estimated £45 million.
LEICESTER AIR
The city is located 18 miles (29 km) south of East Midlands
LOCAL ECONOMY & LEICESTER’S The value of tourism in Leicester and Leicestershire has grown for the sixth
consecutive year to reach a record high of £1.571 billion (LeicesterShire
Leicester is one of the oldest cities in England with a history going back almost International Airport which provides a full range of domestic and VISION FOR THE FUTURE Promotions). This is a 6% rise on the previous year and a total increase of
2000 years. Leicester is the principal commercial centre in Leicestershire and lies international flights. It is the UK’s No.1 airport for pure freight, more than 20% over the last six years.
on the River Soar, at the edge of the National Forest. managing 300,000 tonnes per annum. Some of the largest employers in Leicester and Leicestershire are:
Leicester also benefits from two high profile sports teams. Leicester
Leicester is a modern, exciting, cosmopolitan city. It is rich in arts, culture, sports BUS Emerson Process Management IBM Hastings Direct City FC ‘The Foxes’ are the 2016 English Premier
and steeped in heritage, most recently with the reburial of King Richard III, who First Bus, Arriva and Centre Bus all operate extensive local and Santander Grant Thornton KPMG League Champions and Leicester Rugby FC
reigned 1483 - 1485, at Leicester Cathedral in March 2015. national bus services to and from the city centre. There are also Park Everards Brewery KP Snacks Babcock ‘The Tigers’ came 4th in the 2016 English
and Ride services into Leicester city centre from 7am to 7pm Monday Caterpillar Baker Tilly Taylor Hobson Rugby Premiership.
There is a comprehensive shopping offer in Leicester, ranging from the main to Saturday from sites at Birstall, Enderby and Meynell’s Gorse.
stream shopping centres and streets to the boutiques, markets and specialist Winning the football Premier League is
stores. likely to be worth £250m to Leicester
Mansfield City FC alone (CityAM) and with an
Matlock
exemption into Champions League
football next season, the triumph will
Newark-on-Trent
undoubtedly generate greater profile
M1
STOKE-ON-TRENT and more tourism for the city.
Ashbourne
NOTTINGHAM
DERBY Grantham
Stone Uttoxeter
The value of tourism to
Leicester has grown for
EAST
Stafford MIDLANDS Spalding
Leicester City Council developed an Economic Action Plan for 2012 to 2020. The key
the sixth consecutive
Loughborough Melton
Mowbray points of this Action Plan are to:
Glasgow Edinburgh M6 M1
Cannock •
•
Invest in the City
Drive economic growth
year to a record high
Newcastle
M6(T) M42 LEICESTER
• Build on the significant investment made previously of £1.571 billion
WOLVERHAMPTON Uppingham
Belfast M69 • Build on the strong entrepreneurial spirit of Leicester and its business
M6 community
Corby
BIRMINGHAM Market • Emphasise the city’s location and connectivity with the rest of the UK, Europe
Harborough
Manchester BIRMINGHAM
and the world
Dublin M5
M42 COVENTRY
M6
Kettering • Establish Leicester as a more attractive and accessible hub UNIVERSITIES/STUDENTS
Birmingham Leicester M42
Redditch Leamington Spa Wellingborough
• Joining up the retail, leisure and entertainment offer with improved pedestrian
flow, cycle ways and bus routes / stops There are a number of colleges and universities in the city for further education.
The most renowned educational establishments are The University of Leicester
Warwick
Droitwich Daventry
M1
and De Montfort University. There are almost 40,000 students in the City.
NORTHAMPTON St Neots Continuing to focus on the links between transport hubs, retail areas, the historic
Cardiff London city itself, the markets, the Cultural Quarter, the CBD and the newly developing
Bristol Stratford upon Avon M40
areas such as regenerating the Waterside area, as well as the residential areas
beyond the inner ring road (A563), should ensure that Leicester remains a
Great
Malvern Evesham dominant UK city and continues to prosper.
Banbury
MILTON KEYNES
Progress is visible throughout the city and most recently the multi-million pound
Letchworth
redevelopment of the bus station to the north and rear of the Haymarket Shopping
Centre demonstrates the local council’s commitment to invest in the city.
Leicester is home to almost
HAYMARKET TOWERS
HUMBERSTONE GATE
40,000 students
LEICESTER LE1 1WA
04 05
HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER LE1 1WA SITUATION This site was home to Lewis’s Department Store until the mid-1990’s when Haymarket Towers, extending to some 90,000 sq ft (8,361 sq m), was built. Haymarket Towers enjoys an extremely prominent position, opposite the Haymarket Shopping Centre, with retailing frontage directly on to Humberstone Gate. Humberstone Gate is the prime high street retailing location in Leicester. The shop units provide an occupier with modern, well-configured retail space and double-height glass frontages on to the pedestrianised Humberstone Gate. Marks & Spencer occupy one of the most prominent units in Haymarket Towers and own the other part of their store Freehold. The whole store creates a link through to Gallowtree Gate where M&S also have an entrance. The other tenants in the parade are Barclays Bank, Superdrug, Select, New Look and DW Sports. DW Sports have an entrance at ground floor, in between M&S and Barclays, leading to a modern gymnasium and sportswear store on the 1st floor. Haymarket Towers is ideally situated close to retailers such as Primark, H&M and Boots directly opposite, who are all integrated as part of the Haymarket Shopping Centre. Primark owner-occupy their store and are a major attraction, as well as a strong, complementary, anchor store at this end of the pitch. Haymarket Towers also benefits from easily accessible loading facilities, provided via the service yard to the rear, which is within the Title boundary. Haymarket Towers enjoys an extremely prominent position, with retailing frontage directly on to Humberstone Gate 06 07
HAYMARKET TOWERS
HUMBERSTONE GATE
CURVE CITY HALL TOWN HALL
LEICESTER LE1 1WA
THEATRE SQUARE
CULTURAL
GRA
QUARTER
RETAILING IN LEICESTER
NBY
Leicester is the second largest commercial centre in the Leicester’s second shopping centre, The Haymarket Centre,
East Midlands and classified as a regional centre in the UK fronts onto the Clock Tower and provides the entire retailing
ST
(PROMIS). frontage directly opposite Haymarket Towers. Key anchor
ST
retailers within the Haymarket Centre include H&M, Sports
Leicester is a major, dominant, retailing destination, Direct, Peacocks, TK Maxx and Primark.
AN
providing a highly sought after, attractive and diverse retail CORN EXCHANGE
OM
G A L LOW T R E E G
offer. Retail rents in Leicester, in terms of Zone A (ITZA), peaked at HU
MB
YE
approximately £245/£250 per sq ft when Highcross opened HAYMARKET
ER
Leicester’s primary catchment area population is 962,000 and have now tailed off to around £200 per sq ft ITZA. Rents STO TOWERS
ranking the city 9th out of 200 (PMA) and an estimated on Humberstone Gate were in the order of £180 per sq ft NE
GA
shopping population at 495,000 ranks the city 12th out of ITZA but are now considered to be £140-£150 per sq ft ITZA. TE
LEICESTER
200 (PMA). Rents in the Haymarket Shopping Centre are approximately MARKET
£100 per sq ft ITZA.
Leicester has 2.50 million sq ft of retailing floor space,
ranking the city 7th out of the 200 PMA Centres. On other There are currently no significant retail developments HU
MB
PMA rankings, Leicester ranks 9th in Anchor Stores, 20th on proposed in Leicester city centre. ER
AT E
ET
the Retail Score, on par with the likes of Newcastle-Upon- ST
ON
RE
Tyne and Reading and 23rd on the Fashion Score. Leicester came 3rd in the ‘Hot 100 Retail E G
Locations’ CACI report produced in November A TE
ST
L
After opening in 2008, Highcross Shopping Centre 2015. The report provides the top 100 towns HAYMARKET
EE
S
strengthened Leicester’s retail offer, ensuring that the and cities in the UK that have the greatest SHOPPING
LE
CENTRE SILVER ARCADE
primary shopping population were drawn back into the city capacity to support more mass-market retail brands.
STREET
AR
centre. Highcross is the dominant centre and considered to
CH
be the prime shopping offer with John Lewis, Debenhams Leicester also came 10th in Harper Dennis Hobbs’ recently
and Rackhams (House of Fraser) being the anchor stores to published ‘Best UK Retail Centres 2016’.
a wide range of fashion and aspirational brands. EAST
G AT E S
The main entrance to Highcross fronts onto East Gates and
HAYMARKET
Leicester’s iconic Clock Tower, which is the heart of the city
centre. The main shopping streets radiate from the Clock
Leicester’s PMA Retail Score is on par BUS STATION
C H U R C H G AT E
Tower, including Humberstone Gate, with a number of with the likes of Newcastle-Upon-Tyne HIGHCROSS
major fashion multiples and variety stores including M&S,
New Look, Boots, TK Maxx and Primark.
and Reading K ET
M AR
H AY
Cropston
Syston
5 Minutes
DEMOGRAPHICS
Drive Time
Thurcaston
10 Minutes
Leicester’s population is predominantly young and with an sharers. The dominant type of housing, within the 15 minute drive
Drive Time ethnic mix dominated by White British and Asian/Asian British time catchment, is semi-detached and terraced houses.
A46 A607
Birstall
15 Minutes (Experian). There is a particularly high proportion of young
Thurmaston Drive Time
Anstey adults, aged 15 - 24, within the catchment and the retired There has been a consistent fall in unemployment and a rise in
aged of 65 and over are moderately under-represented (PMA). average house prices. Leicester’s Claimant Count is considerably
Leicester is expected to experience close to average growth in lower than Nottingham and Nottinghamshire at 36% of the peak
A50 A5630 population size between 2015 - 2020 (PMA). Claimant Count seen in March 2013.
Belgrave
In the year up to September 2015, Leicester’s main workforce
A6 A607 Drive time Population Population Growth
were categorised in ‘Major Group 1-3’ which includes Managers,
Glenfield A5125 Humberstone Prediction (2019)
Scraptoft Directors and Professionals (Nomis). 65% of the workforce is
Leicester 5 mins 21,556 3.89% made up of Groups 1-3 and 8-9 (Plant & Machine Operatives
Thurnby
B6416 10 mins 162,256 3.34% and Elementary Occupations). The remainder is spread evenly
A594 Bushby between Groups 4-7.
B667
15 mins 347,163 2.96%
Evington
B568
Source: Experian
M1
Unemployment is falling;
Braunstone
A426 The dominant, Experian classified, Mosaic Groups in Leicester
are ‘Urban Cohesion’ and ‘Rental Hubs’. Urban Cohesion are
house prices are rising
B5366
Aylestone Oadby described as residents who are settled in the community and
M69 have a strong sense of identity. Rental Hubs are described as
A563
A5199 A6 educated young people, aged between 18-35, either singles or
Enderby Glen Parva
Wigston
08 09
TENURE TENANCIES
Freehold.
AWULT to lease expiry in excess The property comprises a parade of six retail units providing a total Net Internal Area (NIA) of 88,415 sq ft (8,214 sq m). It is fully let to national multiple retailers including
Land Registry Title LT337810. of 10 years and an AWULT to Marks & Spencer, Superdrug and Barclays in accordance with the tenancy schedule below.
break options over 9 years The income is extremely well secured. The Average Weighted Unexpired Lease Term (AWULT) is comfortably in excess of 10 years to expiry and the AWULT incorporating
the break options is over 9 years.
Tenant Details Lease Events Floor Areas (sq ft) Passing Income Estimated Rental Value
Unit No. Tenant Name Trading As Lease Lease Term Expiry Date Next Rent Break Ground ITZA First Second Total Current Rent Current Rent ERV ERV ITZA (£ psf) Comments
Start Date (Yrs) Review Date Option Floor Floor Floor (£ pa) ITZA (£ psf) (£ pa) (overall psf)
1-3 Barclays Bank Plc Barclays 04/08/2008 15 03/08/2023 04/08/2018 10,473 3,432 1,178 8,747 20,398 £650,000 £179.35 £549,300 £150.00 Regional HQ Bank.
4 Dave Whelan Sports Ltd DW Sports 18/02/2013 15 17/02/2028 18/02/2023 18/02/2023 18,690 18,690 £200,000 (£10.70) £243,798 (£13.10) Lease held outside Sections 24-28 of the Landlord & Tenant Act 1954. Stepped Rents: 18th
Feb 2018 - £220,816 pa ; 18th Feb 2023 - £243,798 pa. 6 month’s notice required from tenant
to exercise break option (2023). Service charge cap. No shortfalls and further details upon
request.
5 Marks & Spencer Plc M&S 24/06/2001 35 23/06/2036 29/09/2016 13,905 3,803 1,142 15,047 £595,000 £154.35 £540,400 £140.00 Part of full line, GM store (see goad plan). M&S own freehold of remaining part.
6&7 Superdrug Stores Plc Superdrug 25/08/2010 10 24/08/2020 - 6,685 2,349 5,529 12,214 £393,000 £150.83 £355,800 £135.00 August 2015 break option not exercised. Tenant has been in occupation since 1997.
8 Genus UK Ltd Select 07/05/2013 10 06/05/2023 07/05/2018 07/05/2018 2,587 850 2,001 4,588 £117,500 £121.76 £124,500 £130.00 Lease held outside Sections 24-28 of the Landlord & Tenant Act 1954. 6 month’s notice
required from tenant to exercise break option (2018). Equivalent of 6 month’s rent penalty
if Tenant exercises break option. Tenancy schedule assumes break option on 07/05/2018.
Lease does not specify an exact date in 2018 for the break option.
9 New Look Retailers Ltd New Look 11/03/2014 10 10/03/2024 11/03/2019 11/03/2019 7,748 2,317 6,579 3,151 17,478 £290,000 £101.21 £345,100 £125.00 Tenant has been in occupation since 1998. 6 month’s notice required from tenant to
exercise the break option.
TOTALS 41,398 35,119 11,898 88,415 £2,245,500 £2,158,898
INCOME ANALYSIS
INCOME EXPIRY PROFILE INCOME EXPIRY PROFILE INCOME BY TENANT
(inc. BREAK OPTIONS)
12.91%
17.50%
26.50% 26.50% 5.23% 28.95%
35.65%
17.50%
8.91%
8.91%
47.09% 37.85% 26.50%
0 - 5 years 0 - 5 years Barclays Bank Plc
5 - 10 years 5 - 10 years Dave Whelan Sports Ltd
10 - 15 years Over 20 years Marks & Spencer Plc
Over 20 years Superdrug Stores Plc
Genus UK Ltd
New Look Retailers Ltd
HAYMARKET TOWERS
HUMBERSTONE GATE
LEICESTER LE1 1WA
10 11
HAYMARKET TOWERS
HUMBERSTONE GATE
LEICESTER LE1 1WA
COVENANT ANALYSIS COVENANT COMMENT
Haymarket Towers has an excellent covenant profile being fully let to national multiple retailers. We have summarised the Experian Delphi score and risk bands below.
Full Experian credit reports are available on request.
Barclays Bank Plc (01026167) is a British multinational banking and financial Marks and Spencer (00214436) is a UK multinational retailer with approximately
services company. Barclays has a primary listing on the London stock exchange 852 UK stores and has 420 overseas stores throughout 52 territories. M&S is listed
New Look Retailers Ltd and is a constituent of the FTSE 100 index. on the London stock exchange and is a constituent of the FTSE 100 index.
Delphi Score 100/100
Experian gives Barclays Bank Plc a Delphi score of 93/100 reflecting a ‘Very Low Experian gives Marks and Spencer Plc a Delphi score of 100/100 reflecting a ‘Very
Delphi Band - Very Low Risk
Risk’ of business failure. Low Risk’ of business failure.
Barclays Bank Plc
Delphi Score 93/100
Date of Accounts Sales Turnover Profit Before Tax Net Worth Date of Accounts Sales Turnover Profit Before Tax Net Worth
Dephi Band - Very Low Risk (000’s) (£000’s) (000’s) (000’s) (£000’s) (000’s)
Genus UK Ltd
12.91%
Delphi Score 10/100 31/12/2015 N/A 2,841,000 55,845,000 28/03/2015 10,311,400 600,000 4,791,600
Delphi Band - Maximum Risk 31/12/2014 N/A 2,309,000 55,576,000 29/03/2014 10,309,700 580,400 4,383,400
5.23% 28.95%
31/12/2013 N/A 2,885,000 53,264,000 30/03/2013 10,026,800 564,300 4,375,300
17.50%
Superdrug Stores Plc
Delphi Score 100/100 8.91%
Delphi Band - Very Low Risk
Superdrug (00807043) is the United Kingdom’s second-largest beauty and health
26.50% retailer currently operating over 900 stores in England, Scotland, Wales and Ireland. DW Sports Fitness (06846128) is a British retailing and fitness business. Founded
Dave Whelan Sports Ltd in March 2009 when Dave Whelan purchased the 50 JJB Sports Fitness Clubs
Delphi Score 76/100 Superdrug is owned by AS Watson, the retail division of Hong Kong-based and the attached retail stores for £83.4 million. DW Sports now occupies 74 retail
Delphi Band - Below Average Risk conglomerate Hutchison Whampoa which also owns fellow cosmetics retailer stores and 71 gyms.
Savers.
Experian gives Dave Whelan Sports Limited a Delphi score of 76/100 reflecting a
Experian gives Superdrug Stores Plc a Delphi score of 100/100 reflecting a ‘Very ‘Below Average Risk’ of business failure.
Marks & Spencer Plc Low Risk’ of business failure.
Delphi Score 100/100 Date of Accounts Sales Turnover Profit Before Tax Net Worth
Delphi Band - Very Low Risk
85% of the income has an Experian Delphi Date of Accounts Sales Turnover
(000’s)
Profit Before Tax
(£000’s)
Net Worth
(000’s)
(000’s) (£000’s) (000’s)
Score above 90/100 and is categorised as
29/03/2015 154,383 8,243 71,327
27/12/2014 1,058,047 38,044 138,513 30/03/2014 150,399 4,062 64,356
‘Very Low Risk’ of business failure 28/12/2013 1,010,212 28,982 122,235 31/03/2013 145,499 5,664 13,747
29/12/2012 1,021,021 (3,977) 106,905
Select Fashion (05896509) was first launched in the early 1980s and is now owned
New Look Retailers Limited (01618428) was incorporated in 1982 and is one of the by Turkish investor Cafer Mahiroglu under Genus UK Limited. Select now have
most well recognised fashion brands in the UK, operating from over 1,100 stores over 154 stores throughout the UK with expansion plans in place, focussing on
nationwide. more prime locations.
Experian gives New Look Retailers Limited a Delphi score of 100/100 reflecting a Experian gives Genus UK Limited a Delphi score of 10/100 reflecting a ‘Maximum
‘Very Low Risk’ of business failure. Risk’ of business failure.
Date of Accounts Sales Turnover Profit Before Tax Net Worth Date of Accounts Sales Turnover Profit Before Tax Net Worth
(000’s) (£000’s) (000’s) (000’s) (£000’s) (000’s)
28/03/2015 1,310,401 145,471 307,168 06/06/2015 86,365 806 3,361
29/03/2014 1,273,813 116,956 255,991 31/05/2014 70,794 801 2,480
30/03/2013 1,248,464 121,909 1,143,242 01/06/2013 58,706 548 1,604
12 13
HAYMARKET TOWERS
HUMBERSTONE GATE
LEICESTER LE1 1WA
OCCUPATIONAL COMMENTARY
The City of Leicester captures a significant amount of the available spend within
Leicestershire. Humberstone Gate / Haymarket Towers is the prime high street
retailing location.
Haymarket Towers contains six tenants, all of whom are renowned brands on the
UK high street. Barclays Bank operate their flagship, regional HQ, from this unit
and have recently undertaken a new store re-fit. The A2 user consent secured
here is also valuable. M&S operate a full line ‘general merchandise’ store, which
includes a Food Hall and M&S Café.
Superdrug have been in occupation for almost 20 years, as have New Look who
anchor the eastern end of the parade. New Look is directly opposite Primark
at the eastern end of Humberstone Gate and both retailers are extremely
prominent, acting as strong anchor tenants on this pitch.
There are few vacancies within the core retailing area of Leicester which includes
Highcross Shopping Centre, the Haymarket Centre and Humberstone Gate.
Outside of the core, the vacancy rate does increase which is generally due to
a shift towards smaller shop units that tend to be poorly configured along the
likes of Gallowtree Gate and the more peripheral streets of Market Street, Granby
Street and Cank Street.
Travelling into the city centre by bus is popular. The prominence of bus stops
immediately outside the New Look store, on Charles Street, as well as the
recently redeveloped Haymarket Bus Station, should only enhance the already
consistently high pedestrian footfall on Humberstone Gate.
Superdrug (Unit 6&7) renewed their lease in 2010 at a rent reflecting £150 per sq ft
ITZA. Select (Unit 8) took a new lease in 2013 and New Look (Unit 9) renewed in SERVICE CHARGE PROPOSAL
2014. The passing rent on the New Look reflects £100 per sq ft ITZA and Select is
£120 per sq ft ITZA. In our opinion these rents were rebased at the time and are The service charge budget for the year ending 31 December 2015 was £70,283, Offers are sought in excess of £35,000,000 (Thirty Five Million Pounds), subject
now reversionary. which is the equivalent of £0.80 per sq ft. The service charge is fully recoverable to contract and exclusive of VAT. This reflects a Net Initial Yield of 6.00% after
under the terms of the leases and the service charge budget is set at allowing for graduated purchaser’s costs at 6.77% and an Equivalent Yield of
Haymarket Towers provides the best high street retail units in Leicester. Our view approximately £62,000 for the year ending 31 December 2016. 5.94%.
A rare chance to secure a substantial, 100% is that the ERV of this parade is currently in the order of £140-£150 per sq ft ITZA,
which is effectively a 25%-30% discount from the prime rental tone in Highcross Further detailed information can be provided upon request.
prime retail parade in a Top 10 UK city Shopping Centre.
WEBSITE
CAPITAL ALLOWANCES Supplementary information is available on the password protected, marketing
website www.haymarket-towers-investment.co.uk.
The vendor will look to retain any capital allowances available.
HIGH STREET RETAIL INVESTMENT MARKET CONTACTS
Haymarket Towers offers the rare opportunity to secure a prime, unbroken retail parade in one of the UK’s top cities. The strength of the prime retail investment market, in
EPC’s
Nick Stewart Scott Mitchell
regional towns and cities throughout the UK can be demonstrated through a variety of recent transactions, including:
The EPC ratings for each unit are as follows: Partner Partner
DD 020 3130 4659 DD 020 3130 4660
City Address Occupiers include Price NIY (%) Purchaser Date Unit No (Tenant) EPC Rating Unit No (Tenant) EPC Rating
M 07717 653937 M 07967 552995
Glasgow 229-249 Buchanan Street TopShop TopMan, JD Sports £38.00m 5.00% Hines May 2016 1-3 (Barclays) D 79 6-7 (Superdrug) C 53 E nickstewart@mmxretail.co.uk E scottmitchell@mmxretail.co.uk
Edinburgh 78 Princes Street & 14-18 Sketchers, JD Sports, Yo Sushi, £19.85m 5.10% GLL Jan 2016 4 (DW Sports) B 46 8 (Select) D 87
Hanover Street Ernest Jones + offices 5 (M&S) E 109 9 (New Look) C 70
MMX Retail LLP
Newcastle Monument Mall Sports Direct, TK Maxx, Sainsbury’s, £75.00m 4.25% Standard Life Dec 2015 4th Floor
White Company, Jack Wills 41-43 Maddox Street
Birmingham Exchange Buildings, New Street HSBC, McDonalds, Premier Inn £40.40m 4.47% Orchard Street Dec 2015 VAT London
W1S 2PD
Edinburgh 71-77 Princes Street Fraser Hart, Three, O2, Dr Martens £24.10m 5.11% Cordea Savills Dec 2015
The purchase of this property will be subject to VAT and it is anticipated that the
Nottingham 41-51 Clumber Street Schuh, William Hill, Nationwide, O2 £21.15m 4.75% DTZ Investors Dec 2015 sale will be dealt with as the Transfer of a Going Concern (TOGC). www.mmxretail.co.uk
Brighton 132-134 North Street Sainsbury’s, Sports Direct, Poundland £15.15m 4.21% Teeside Pension July 2015
Fund
York 1-7 Spurriergate H&M, Zara, Morrisons £36.50m 3.99% Aviva Investors Dec 2014
MISREPRESENTATION ACT 1967
MMX Retail as agents for the vendor, or as the case may be, Lessor (the “Vendor”) and for themselves, give notice that: (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become
part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, MMX Retail or their servants. It is for the purchaser or as the case may be Lessee (the
“Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon these particulars as statements or representations of fact. (3) The Vendor does not
make or give and neither MMX Retail nor their servants has any authority, express or implied, to make or give any representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars
and the Conditions of Sale, the latter shall prevail. Designed and produced by Creativeworld. Tel 01282 858200. (2016)
14 15
HAYMARKET TOWERS
HUMBERSTONE GATE
LEICESTER
You can also read
