LANDMARK MIXED USE INVESTMENT WAULT OF 36 YEARS TERM CERTAIN WITH INDEX LINKED OR FIXED RENTAL UPLIFTS - Allsop
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ARUNDEL G TE SHEFFIELD S12PN LANDMARK MIXED USE INVESTMENT WAULT OF 36 YEARS TERM CERTAIN WITH INDEX LINKED OR FIXED RENTAL UPLIFTS
UNIQUE OPPORTUNITY TO ACQUIRE A LANDMARK SCHEME
IN THE HEART OF SHEFFIELD
ARUNDEL
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MOOR MARKET HEART OF THE CITY II HEART OF THE CITY I FARGATE CRUCIBLE & LYCEUM DIGITAL CAMPUS
73,000 sqft indoor market home Under construction mixed use A £130 million mixed use prime Theatres The new Acero Building provides 80,000 sqft
to over 90 independent traders development comprising 1.5 million sqft development completed in 2016 retail pitch of Grade A new office accommodation
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NEW ERA STUDENT DEVELOPMENT SHEFFIELD TOWN HALL SHEFFIELD STATION HS2 PONDS FORGE
£67M China Town Development STUDENT HALLAM PEACE WINTER COMPLETION DUE 2026 SHEFFIELD INTERNATIONAL
including China-UK Business Incubator ACCOMMODATION STUDENT UNION GARDENS GARDEN SUPERTRAM STOP BUS TERMINAL SPORTS CENTRE
WAULT OF 36 YEARS TERM CERTAIN 97% LET TO THE STRONG COVENANTS OF NCP, ODEON CINEMAS, ACADEMY MUSIC GROUP WITH INDEX LINKED OR FIXED RENTAL UPLIFTS
ARUNDEL
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INVESTMENT
CONSIDERATIONS
■■ A unique opportunity to acquire a landmark ■■ Large site area of 2.15 acres
scheme in the heart of Sheffield, the fourth ■■ Asset management opportunities with future
largest city in England redevelopment potential
■■ The property comprises a Multi-Storey Car ■■ Freehold
Park, 10 screen Odeon ‘Luxe’ Cinema (under
■■ Offers are sought in excess of £34,800,000
refurbishment, completion December 2018)
(Thirty Four Million, Eight Hundred Thousand
and live music & events venues
Pounds) after allowing for usual purchaser’s costs.
■■ Multi let to 4 tenants with 97% let to the strong This reflects a net initial yield of 4.75% with an
covenants of NCP, Odeon and Academy Music equivalent yield of 6.40% and reversion as follows:
Group with index linked or fixed rental uplifts
■■ Anchored by a 672 space Car Park operated by Year Running Yield Year Running Yield
National Car Parks Limited with an unexpired term 2019 4.82% 2024 5.49%
of 49 years and annual 2.5% fixed rental uplifts
2020 4.89% 2025 5.57%
■■ WAULT of 36 Years term certain
2021 4.96% 2026 5.65%
■■ Most centrally and strategically located Car Park
2022 5.03% 2027 5.73%
in Sheffield in close proximity to Sheffield Hallam
2023 5.42% 2028 6.06%
University, Crucible Theatre, The Lyceum and
Sheffield Institute of Arts Gallery
■■ Total passing rent of £1,764,553 per annum
■■ The property has an area of 96,365 sq ft
(8,957.6 sq m) excluding the car park
■■ Low rental levels
CGI for indicative purposes only. Odeon and external
areas undergoing refurbishment, completion due 2018.
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INVESTMENT RATIONALE
% OF INCOME BY LEASE LENGTH % OF INCOME BY TENANT YIELD PROFILE
6.50%
15+
6.00%
yrs 5.50%
40+ 5.00%
yrs
24+ 4.50%
yrs
4.00%
Running Yield
3.50%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
ASSET MANAGEMENT & DEVELOPMENT INITIATIVES
GRADE A OFFICE REDEVELOPMENT STUDENT ACCOMMODATION
There are a number of both short and long term asset
management and redevelopment opportunities. Prime city centre Grade A office supply is constrained with only 110,000 sqft Sheffield benefits from a large student population of over 60,000
available at the end of Q1 2018, the lowest level on record for the city. across two universities. There is a lack of supply of city centre
In the short term, there is scope to develop and improve
Notable transactions that completed in Q1 2018 included Spaces’ student accommodation and many students are living on the
the outdoor space on the site. Once complete, the
25,000 sqft letting at Acero Works and the Home Office’s relocation outskirts of town.
area could host an array of occupiers, for example,
food operators, pop up stores and/or street vendors to 21,000 sq ft at Foundry House. Prime headline rents have reached The proximity of this site to the University campus and the fact that
subject to planning. £24.50 psf. The continued diminishing supply coupled with strong it is located within the city centre means that it may lend itself to
occupier demand has resulted in an increase in rents across all grades. redevelopment by way of student accommodation.
In the long term this gateway site may lend itself
to a variety of different uses subject to planning:
EXTENSION OF SHEFFIELD HALLAM UNIVERSITY RESIDENTIAL DEVELOPMENT
The property is situated adjacent to the Sheffield Hallam University Due to the city centre location, proximity to transport networks as
and could accommodate a potential extension of their campus. well as demand for city centre residential units, the site could lend
itself to residential development.
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SHEFFIELD G TE
Sheffield is the commercial, administrative and
retail centre of South Yorkshire. The city is located
91 miles (146 km) north east of Birmingham, 167 miles
(268 km) north of London, 38 miles (61 km) east of
Manchester and 36 miles (58 km) south of Leeds.
●
A1(M)
ARUNDEL
M6 G TE
A1(M) YORK
●
The city benefits from excellent road communications with LEEDS
BLACKPOOL
● M55 ●
the M1 junctions 33 and 34 located approximately 4 miles M56 HULL
●
(6.5km) to the east of the city centre. The M1 provides access
M61 M62
to Leeds to the north, Nottingham and London to the south. GRIMSBY
MANCHESTER M1 M18 M180
●
The M18 is accessed at junction 32 of the M1 and offers access to the A1(M)
and M62. The A57 runs directly through Sheffield offering routes west towards LIVERPOOL Piccadilly
●
●
SHEFFIELD
Manchester and east towards Lincoln. Over the next 5 years £2 bn is to be
invested into the road network. M56
SKEGNESS
Manchester LINCOLN
Sheffield benefits from a centrally located mainline rail station which provides International ●
●
regular services to London St Pancras International, Manchester Piccadilly and Airport
Leeds. HS2 is due to complete in 2026 and will further enhance Sheffield’s rail M1
connectivity offering more routes and significantly cutting travel times. M6 NOTTINGHAM BOSTON
●
Connectivity is excellent within the city centre with regular bus stations and a ●
light rail tram system which operates throughout the city with over 12 million LOUGHBOROUGH
journeys made per year. ●
NORWICH
LEICESTER ●
M42 PETERBOROUGH
●
●
BIRMINGHAM
A1(M)
● M6
CONNECTED M5
NORTHAMPTON
● CAMBRIDGE
BURY ST
EDMUNDS
● ●
BEDFORD
ROAD AIR WORCESTER
●
M1
MILTON KEYNES
●
M6 ● A1(M)
M50
Destination Distance Airports Distance
London 167 miles Doncaster Sheffield International 25 miles
HEMEL CHELMSFORD
Manchester 38 miles Manchester International 39 miles HEMPSTEAD ●
OXFORD ●
● M25
Leeds 36 miles London Luton International 140 miles
SWANSEA M48
● St Pancras International
M4 M4
CARDIFF
RAIL ● M32 LONDON
BRISTOL BATH M2
Destination Journey Time Proposed Travel ● ● M25
Times MAIDSTONE M20
M5 M3 ●
London St Pancras International 2 hrs 7 minutes 87 minutes M23 FOLKSTONE
●
Manchester Piccadilly 51 minutes -
Leeds 39 minutes - M27
●
Birmingham New Street 1hr 32 minutes 42 minutes SOUTHAMPTON A3(M)
BRIGHTON
● ●
EXETER PORTSMOUTH
●
WEYMOUTH
●
PLYMOUTH
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SUBJECT PROPERTY
SHEFFIELD IS ENGLAND’S FOURTH LARGEST
CITY WITH A POPULATION OF 1,855,300Kelham
STREE
T ARUNDEL
SITUATION
ALMA
G TE
Riv
NU
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Do
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GIBRA
Wicker
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DEREK D
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RIVERSIDE
SCOTLA
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WEST BAR
CASTLEGATE
ST VINCENT’S EE
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KW
QUARTER
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CATHEDRAL
Situated on the eastern side of Arundel T SH
Gate, the property is prominently
positioned in the heart of the town
centre, opposite the Crucible and
QUARTER COMME
RCIAL S
TREET
Lyceum Theatres, adjacent to Sheffield LANE
AD
BRO
ST GEORGE’S
CHURCH STREET
SHEAF
EET
Hallam University. Arundel Gate is a main
STR
thoroughfare in the city and links to both
VALLEY
OK H ILL
QUARTER
ND
the High Street and the A61BROring road.
QUARTER
PO
The property benefits from being situated
HEART
B60
approximately 150 metres south east of Sheffield
EET
70
Winter Gardens a popular tourist destination where
OF THE
STR
over 2,000 specimens of plants are displayed. Set
AF
just to the rear of the Winter Gardens is Sheffield’s
SOUTH STREET
CITY
SHE
Central Business District where prime office rents
haveGL reached
OSSOP approximately
RO £24.50 psf.
AD
The main retail pitch in Sheffield is Fargate, which
UPPER HANOVER ST
ET
is situated approximately 200 metres west of the STRE
ON
property and comprises many national occupiers DIVISI
including Topshop, Marks & Spencer, Next, H&M,
WILKINSON STREET
Carphone Warehouse, Pandora and Starbucks.
The property is situated 300 metres north west of DEVONSHIRE DE
L G AT
E
Sheffield mainline train station, the main transport
hub for the city. Arundel Gate Interchange Bus QUARTER A RUCULTURAL
N
Station is located just outside the property. FU
NR
IVA INDUSTRIAL
The surrounding area has an established leisure, LG
ATE QUARTER NO
W
RF
THE
culture and entertainment offering with many
RO
O
galleries and performance theatres in the LK
TER
immediate vicinity.
MOOR FU
RO
AD
AR
NR
IVA
CH
LS
ST
TENURE T
RE
EY
Freehold
HA
NO
VE
R
W
MA
AY
LTIARUNDEL
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SHEFFIELD ATTRACTS MAJOR EMPLOYERS DUE TO A STRONG SPECIALIST
ADVANCED MANUFACTURING TALENT POOL & GROWING DIGITAL ECONOMY
Student population
in excess of £22 MILLION Sheffield City
invested in digital Region economy
60,000 infrastructure
worth approximately
across two world £30BN
since 2015
renowned universities
Population Sheffield is a popular
in excess of 20,000+ tourist destination with
1.5 MILLION Businesses located an estimated
in Sheffield in Sheffield 20 MILLION
Metropolitan District City Centre visitors per annum
MAJOR EMPLOYERS INCLUDE:
A NEW £20 MILLION A NEW £50 MILLION MCLAREN A NEW £90 MILLION
FABRICATION FACILITY COMPOSITES TECHNOLOGY CENTRE GRADE A OFFICE
The proposed 66,700 sqft Boeing Sheffield facility will The facility is based at the Advanced Manufacturing Innovation District. The HSBC is investing in a 140,000 sqft city centre office
be located at the Sheffield Business Park and will be facility will manufacture carbon fibre chassis and provide a £100 million which will serve as a global IT shared service centre
the first Boeing Manufacturing facility in Europe. boost to the economy. and create 2,700 jobs.ARUNDEL
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ADVANCED
MANUFACTURING
INNOVATION DISTRICT
The Innovation District was created by a partnership
between Sheffield’s two universities, private business
and the region’s Local Authorities. The district spans
over 2,000 acres and is a centre for research led,
technology based solutions.
The Advanced Manufacturing Research Centre
(AMRC) includes 100+ industrial partners including
Boeing, Rolls Royce, BAE Systems and Airbus.
GOVERNMENT
INVESTMENT
Sheffield City Region have negotiated a unique
devolution deal with the government, over the next
30 years, £1.3 bn will be invested to assist with
Housing & Planning solutions, increase employment,
improve infrastructure and transport and stimulate
further business growth.
HEART OF THE CITY I & II
The Heart of the City I was a major £130 million mixed use redevelopment in
Sheffield city centre, which completed in 2016. The development included 220,000
sqft of Grade A office accommodation, 316 residential apartments and restaurant
outlets.
Heart of the City II comprises the redevelopment of a 7 hectare site with Phase
One due to complete in 2019. This includes a new flagship office for HSBC, almost
60,000 sq ft of retail space and the improvement of public spaces and squares.
The next phase involves an inward investment of £470 million by the local council
with plans for hotels, shops, a food hall, public spaces and accommodation.ARUNDEL G TE
ARUNDEL DESCRIPTION G TE 672 Space Multi-Storey car park Live Music Venue This multi storey car park comprises 10 levels of parking providing 672 with a 440 person capacity car spaces, wider disabled spaces and NCP Staff parking. The car park The Tank Music Venue is positioned at the rear also benefits from basement level storage units and a loading bay of the Odeon Cinema and comprises the main accessed by two roller shutter doors. concert room which has a small stage as well Being the premier central parking amenity within Sheffield, the car park as a bar, a private lounge room and male and is well utilised throughout the week by both business and leisure users. female bathrooms. There are also two offices The car park also benefits from the student population stemming from for staff use and ancillary store rooms. Sheffield Hallam University and a number of the recent retail and leisure www.tanksheffield.co.uk developments in the surrounding area. The cinema and neighbouring theatres also draw in patrons to use the car parking facilities. www.ncp.co.uk/find-a-car-park/car-parks/sheffield-arundel-gate
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ARUNDEL
Photography: Kevin WellsARUNDEL
DESCRIPTION G TE
Typical Odeon ‘Luxe’ interior
Live Music Venue with a 2,850 person capacity 10 screen Odeon ‘Luxe’ cinema
The O2 Academy comprises a live music & The venue is a main attraction for the student The property will comprise a 10 screen multiplex Externally, these refurbishments include, replacing
entertainment venue arranged over basement, population of Sheffield and also for the wider cinema with a capacity of 569 seats over three entrance doors, refurbishing externals of the building,
ground and first floor. The venue is accessed via South Yorkshire region. Many famous artists have stories. The property is constructed from a concrete i.e. painting façades and installing new guttering and
Arundel Gate. The property was refurbished when performed at this venue including Stormzy, frame beneath a pitched roof. Pedestrian access for exterior signage. Internally this includes new luxury
the Academy Music Group opened the venue in The Wailers, Reverend & The Makers, visitors is via the front with alternative access through recliner seating, updated toilets, ‘Oscar’s Bar’ which
2008 and it now has an auditorium capacity of James Arthur and Travis. the car park. The cinema opened in 1992 as an will provide an extensive range of drinks from wines
2,350 and a secondary room of 500. https://academymusicgroup.com/ alternative to an existing Odeon cinema until 1994 to premium spirits, internal signage and redecorating
This venue is a historical landmark from the o2academysheffield when it became the city’s only multiplex cinema. corridor walls as well as updating all their projectors
Sheffield’s ‘swinging sixties’ era, then known as Odeon is currently comprehensively refurbishing the and lighting within the screens.
the Roxy Disco and provides a popular venue for cinema and converting it to their Odeon ‘Luxe’ brand
multiple musical concerts throughout the year. at a capital cost in excess of £5,000,000. Works are
due to complete in Q4 2018.ARUNDEL
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ACCOMMODATION & TENANCY SCHEDULE
Description Tenant Floor Areas Areas Rent Rent (psf) / Lease Lease Next Rent Income Unexpired Comments
(sq ft) (sq m) (pa) (per space) Start Expiry Review Term (Expiry)
Full repairing and insuring lease. Annual
2.5% fixed rental uplifts. The lease expires on
29/05/2037 but there is a mutual renewal option
Multi-Storey National Car £1,473
672 Spaces £999,090 29/05/1968 17/05/2067 13/11/2019 56% 48.75 until 17/05/2067. Landlord benefits from a
Car Park Parks Ltd per space surrender option exercisable on or prior to
31 December 2020 in case of redevelopment
on 20 business days’ notice.
Ground Floor 20,639 1,922.0
Academy First Floor 16,656 1,547.0
O2 Full repairing and insuring lease. The rent is subject
Music £350,463 £8.57 10/01/2008 09/01/2043 10/01/2023 20% 24.38
Academy Second Floor 3,613 336.5 to 15% increases payable every 5 years.
Group Ltd
Total 40,909 3,805.5
Basement 11,976 1,112.6
Odeon Ground Floor 22,669 2,106.0 Full repairing and insuring lease. 5 yearly rent
Cinema £355,000 £6.97 01/07/2018 24/12/2034 02/07/2023 20% 16.32
Cinemas Ltd First Floor 16,324 1,516.6 reviews to RPI (1%-3% collar & cap).
Total 50,969 4,735.2
The tenant has been in occupation since 2007.
Lower Level 4,378 406.8 *The lease is currently in solicitor’s hands and will be
full repairing and insuring with the benefit of five yearly
Arundelgate fixed rent reviews to 2.5% per annum compounded.
The Tank Ground Level 109 10.1 £60,000 £13.37 30/09/2018* 29/09/2033 30/09/2023 3% 15.00 The new lease has the benefit of a guarantee
Ltd
from Well Verse Events Ltd. The landlord will hold a
rent deposit of £30,000.
Total 4,487 416.9
Total 96,365 8,957.6 £1,764,553 36.22ARUNDEL
ELEVATION PLANS G TE
ARUNDEL GATE ELEVATION
Arundel
Gate
POND STREET ELEVATION
Arundel
Gate
Not to scale, for identification purposes only.ARUNDEL G TE
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COVENANT INFORMATION G TE
ARUNDELGATE LTD (Guaranteed by Well Verse Events Ltd)
D&B RATING H3 (D&B RATING C2)
The tenant has been in occupation since 2007, the director is
an experienced leisure operator in Sheffield.
NATIONAL CAR PARKS LIMITED ACADEMY MUSIC GROUP LTD ODEON CINEMAS LTD
D&B RATING 5A1 D&B RATING 4A1 D&B RATING 5A1
NCP is the UK’s most recognised and longest standing private car Academy Music Group (AMG) is the UK’s leading owner and Founded in 1930, ODEON is the largest and best-known cinema chain
park operator being founded in 1931. NCP operates car parking operator of nationwide live music and club venues. They operate in the UK and Ireland. The first cinema that opened under the “Odeon”
spaces across the UK at over 500 sites for approximately 150,000 across 20 different venues across the UK and are represented brand was located in Perry Barr, Birmingham. There are now cinemas
cars, possessing a 30% market share. NCP Limited is jointly owned by in all of the UK’s major cities. Their most notable venues include, in 122 locations in the UK and also 11 locations in Ireland giving it the
Park24 and the Development Bank of Japan (DBJ), both investment O2 Academy Brixton, O2 Shepherd’s Bush Empire O2 Academy largest market share in the UK. The ODEON Leicester Square is world
grade rated businesses with substantial cash generation potential and Birmingham and the O2 Apollo Manchester. In 2008, the Group renowned and has hosted over 700 of Europe’s biggest film premiers
cash/ capital reserves relative to the NCP Group. The joint venture (JV) formed a partnership with O2 and Live Nation, which involved O2 since the 1930s.
purchased NCP Limited in July 2017 for an indicative enterprise value of customers receiving priority tickets and Live Nation owning a 51% Odeon Cinema Group has undergone multiple ownership changes
£440 million. As part of the acquisition 100% of the NCP Group’s external stake in the Group. In 2017, this agreement was renewed for a throughout its history, however currently as of November 2016, the
debt was repaid. Park24 is a listed Japanese company based in Tokyo, further 10 years. company was bought for $921 million by U.S AMC Theatres, which is
and is a major parking operator with over 1 million spaces in 19,000 owned by Chinese conglomerate Wanda Group.
sites across 8 countries. DBJ is a Japanese Government owned financial
institution with a strong track record in infrastructure finance.
31/03/2017 25/03/2016 27/03/2015 31/12/2017 31/12/2016 31/12/2015 31/12/2016 31/12/2015 31/12/2014
Turnover £211,461,000 £202,703,000 £198,736,000 Turnover £48,399,616 £43,719,462 £35,773,084 Turnover £220,136,000 £218,034,000 £171,519,000
Pre-Tax Profit £24,793,000 £28,001,000 £14,859,000 Pre-Tax Profit £7,848,783 £6,010,020 £6,060,892 Pre-Tax Profit £9,884,000 £21,644,000 -£8,403,000
Net Worth £210,138,000 £186,897,000 £156,973,000 Net Worth £33,895,856 £29,379,004 £23,206,969 Net Worth £210,478,000 £201,598,000 £183,677,000ARUNDEL
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RENTAL COMPARABLES NCP SALES COMPARABLES
CAR PARKS CINEMA
Tenant Location No. of Amount per Tenant Location Lease Rent Address Date Tenant Unexpired Size / Price NIY
Spaces Car parking Start Date psf Term Car Park
Space Review Space
Stoney Street, The Light Cromwell Leisure Mount Street, Nottingham July 18 NCP 19 569 £22,450,000 4.15%
NCP 289 £2,315 Jan 14 £14.73
Nottingham Cinema Park, Wisbech
Mount Vernon Street,
Broadway Plaza, May 18 NCP 29 702 £14,500,000 3.50%
Nelson Street, Odeon Dec 17 £16.76 Liverpool
NCP 269 £2,058 Birmingham
Bristol
Mitchell Street, Glasgow Dec 17 NCP 19 220 £10,620,000 4.40%
Odeon Odeon, Canterbury July 16 £12.86
Chorlton Street,
NCP 577 £1,983 Southgate, Bradford July 17 NCP 20 233 £5,000,000 4.75%
Manchester Cineworld,
Cineworld Mar 12 £12.37
Southampton
Rutland Centre,
NCP 526 £1,507 Odeon, Southend
Leicester Odeon Sept 12 £10.15
On Sea
NCP East Street,
NCP 420 £1,416 Odeon Riversway, Preston July 15 £18.60
LeicesterARUNDEL
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EPC SERVICE CHARGE VAT DATAROOM
Available in the dataroom. The Service Charge Budget for 01/01/2018 – The property is elected for VAT and we Further information is provided in the dataroom.
31/12/2018 is £148,811 reflecting £0.59 sq ft. would expect the transaction to be treated For access please register on the following website:
Further information is available in the dataroom. as a Transfer of Going Concern (TOGC). http:/datarooms.allsop.co.uk/register/arundelgatesheffield
PROPOSAL
Offers are sought in excess of £34,800,000 (Thirty Four Million, Eight
Hundred Thousand Pounds) after allowing for usual purchaser’s costs.
This reflects a net initial yield of 4.75% with an equivalent yield of
6.40% and reversion as follows:
Year Running Yield Year Running Yield
2019 4.82% 2024 5.49%
2020 4.89% 2025 5.57%
2021 4.96% 2026 5.65%
2022 5.03% 2027 5.73%
2023 5.42% 2028 6.06%
For further information or to make arrangements for viewing please contact:
Mark Dansky Lottie Hayward Ronnie Morgan
020 7543 6813 020 7543 6750 020 7543 6808
mark.dansky@allsop.co.uk lottie.hayward@allsop.co.uk ronnie.morgan@allsop.co.uk www.allsop.co.ukMisrepresentation 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 09.18
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