LUNE STREET, PADIHAM, BURNLEY, LANCASHIRE, BB12 8DG - FORMER SUPERMARKET SECURE INCOME INVESTMENT GUARANTEED BY CO-OP (12 YEARS UNEXPIRED) - Allsop
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On behalf of N J Pask and R J Goode, Joint Fixed Charge Receivers
FORMER SUPERMARKET
LUNE STREET, PADIHAM, BURNLEY, LANCASHIRE, BB12 8DG
SECURE INCOME INVESTMENT GUARANTEED BY CO-OP (12 YEARS UNEXPIRED)
FORMER SUPERMARKET
LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT
LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP
INVESTMENT CONSIDERATIONS
■■ Current rent of £179,885 per annum ■■ We are instructed to seek offers in excess of £2,300,000
■■ Prominent town centre former supermarket investment (Two Million Three Hundred Thousand Pounds) subject to
■■ Fixed rental uplifts in June 2021 and
■■ Situated in the attractive town of Padiham contract and exclusive of VAT. This equates to an attractive
June 2026, based on 2.25% per annum net initial yield of 7.35% after allowing for purchaser’s costs of
■■ The unit comprises a total of 1,023.5 sq m (11,017 sq ft) compounded 5 yearly 6.34%. With the following guaranteed reversions: -
of well configured floor space
■■ Car parking for 80 cars Date Running Yield
■■ Let for a further 12 years (no breaks) to the excellent
■■ Freehold June 2021 8.22%
covenant of Rochpion Properties (4) LLP, with
Co-operative Group Limited as guarantor ■■ Site area of 1.18 acres (0.48 hectares) June 2026 9.19%
FORMER SUPERMARKET
LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT
LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP
A687
A65 A61
A19
LANCASTER
A59
YORK LOCATION
A658
M OOR
A65
M6 A61 RY
ST Burnley is located in the county of Lancashire, 44 km (27 miles) to the
Leeds A64 AR
QU
north of Manchester, 17 km (11 miles) to the east of Blackburn and
A629 Bradford
A6068
8 A1(M)
E LA
06 A19
A585 A6 AN
E
LEEDS EL 48 km (30 miles) to the west of Bradford.
NE
BLACKPOOL A59 PADIHAM RYCLIF F E ST
GR
OV
T
M55 TS GUY S
T
A583 BLACKBURN BRADFORD Padiham E AS
The town is located immediately to the east of Junctions 10 and 11
PRESTON BURNLEY Football Club A63
of the M65 Motorway which in turn links with the M61 Motorway at
AR
Blackpool
M65
BO
OAD
CLITHER O
HALIFAX
NR Junction 9 and the M6 Motorway at Junction 29. The M6 Motorway
RY
A646
UR
A59
A56
DR
ST
KB M62
ES
T
AC gives access to Birmingham and London to the south and Carlisle
A565 A6033
W
BL EE
T
E
SOUTHPORT 8 STR
A6 7 and Scotland to the north.
ST
HUDDERSFIELD NE
RE
M61 A1 LU
E
M6 M1
T
M66 M62
AD
A6
Burnley is well connected, with two railway stations that service the
A570 A59
RO 17
RK E
BOLTON PA IV
A629 River
Calde
DR town centre, Burnley Railway Station and Burnley Manchester Road
Padiham
ER
M58 OLDHAM r
RIV
Memorial Railway
RIV
E Station. Burnley Central Railway Station provides a direct
MANCHESTER Park ED
IDG
KBR service to Manchester Victoria Railway Station (50 minutes) and Preston
STA
A628
C
STO
T IO
A580 A6
71 (33 minutes), with Burnley Manchester Road Railway Station providing
NR
Robin Hood
BU
LIVERPOOL RN
OA
LEY
M60 A1(M) direct services to Leeds (1hr 22 minutes) and York (1hr 52 minutes).
D
M62 RO
AD
nal Park
SHEFFIELD There are four International airports within an hour’s travel of Burnley,
M56 Manchester
A523
A1
with Manchester Airport 50 km (31 miles) south, Liverpool John
Liverpool M1
Lennon Airport 66km (41 miles) south west, Leeds Bradford Airport
Natio
M53
AD
A623
RO
A61
39 km (24 miles) north east and Blackpool Airport 53 km (33 miles)
RK
Retford
PA
trict
A60
A556 west of the property.
Dis
M6 A614
ak
A53
Hawarden
Pe
A51
a
St
b
Su
El
FORMER SUPERMARKET
LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT
LANCASHIRE, BB12 8DG m GUARANTEED BY CO-OP
21
SITUATION 15
E T
Padiham, with a population of 10,000, is a town situated RE Riverside Mill
ST
RI
EY
BB
3 miles west of Burnley. RL
LE
S
The property is prominently positioned on the south side of
TR
f Posts
E
Line O
ET
Lune Street adjacent to the main arterial road of the town,
Burnley Road (A671), which leads onto the A6060, providing
access to Junction 8 of the M65 Motorway 8km (5 miles) to EE
T
TR
the south. NES
LU
Rose Grove Railway Station is located 1.8 miles south of the 76.8m
7
subject property and offers direct routes to Burnley Town
5
T
Centre (10 minutes), Blackburn (23 minutes) and Leeds
S
R
LL
SA
(1hr 46 minutes). 99
ER
er
ald
TT
rC
TA
The property benefits from being situated opposite a Tesco 10 e
Riv
1 77.1m
10
Superstore as well as the established High Street (Burnley 3
N
TO
Road), housing a number of national multiples, which draws 10
1
NG
91
11
ET
strong footfall to the location.
DI
RE
AD
ST
W
4
ET
RE
ST
EY
62
78.0m
© Crown Copyright, ES 100004106. For identification purposes only.
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
DESCRIPTION
The property comprises a single storey retail unit constructed in the 1980s of
steel frame with brick and profile metal clad elevations beneath a pitched
profile metal sheeted roof.
The internal specification comprises tiled floors, suspended ceilings with LED
lighting and air cooling cassettes.
The majority of the property is used as sales accommodation with large glazed
display windows fronting towards Burnley Road. There are also staff amenities
and a stock room on the western side of the property with a roller shutter
loading door leading onto the car park. The car park is accessed from Lune
Street and offers 80 car parking spaces.
The property is currently being underlet to Boyes and is trading as a household store.
SITE AREA
Site area of 1.18 acres (0.48 hectares).
FORMER SUPERMARKET
LUNE STREET, PADIHAM, BURNLEY, SECURE INCOME INVESTMENT
LANCASHIRE, BB12 8DG GUARANTEED BY CO-OP
ACCOMMODATION
Floor Use Sq m Sq Ft COVENANT
Ground Sales/store 1,023.51 11,017 Rochpion Properties (4) LLP In the first half of 2018, The Co-Operative Group opened 45 new food
A summary of Rochpion Properties (4) LLP accounts are below: stores and 10 new funeral homes creating over 600 new jobs. They also
acquired Simplify Probate to expand the probate business and increase
TENANCY 06/01/2018 31/12/2016 02/01/2016 existing support for bereaved families, making Co-Op the largest
The property is let in its entirety to Rochpion Properties (4) LLP for provider of probate services in the UK.
Turnover £482,000 £364,000 £703,000
a term of 25 years from 29th June 2006 expiring on 28th June 2031 In the second half of 2018, the group has significantly increased the
(c.12 years unexpired) at a current passing rent of £179,885 per annum. Pre Tax Profits £973,000 £6,866,000 £1,905,000 rate of expansion, opening 60 new food stores and 15 new funeral
The lease provides for 5 yearly upward only rent reviews, calculated on a fixed Total Net Worth £84,686,000 £83,713,000 £76,848,000 homes in addition to introducing a revised product base within the
uplift based upon 2.25% per annum compounded 5 yearly. The next rent reviews insurance business.
are due in June 2021 and June 2026 where the fixed uplifts are calculated The Group is undergoing rapid expansion in the wholesale market
to be as follows: Guarantor: following the recent acquisition of Nisa and five-year commercial
i deal to supply Costcutter Supermarkets Group. When combined with
Date Rent The Co-operative Group Limited
independent co-operative societies, The Co-Operative Group now
The Co-Operative Group is the fifth largest food retailer in
June 2021 £201,053 supply over 7,700 stores nationwide.
the UK, operating from over 2,800 local, convenience and
June 2026 £224,713 medium sized stores. The group is also the largest UK funeral services A summary of Co-operative Group Limited’s accounts are below:
provider, a major general insurer and a growing legal services business.
The property had originally been let to Somerfield Stores Limited but was 06/01/2018 31/12/2016 02/01/2016
assigned in July 2016 to Rochpion Properties (4) LLP with Co-operative Group The Group employs over 70,000 people across the various business lines
with over 4.65 million active members, accounting for 33.5% of total Turnover £9,470,000,000 £9,472,000,000 £9,301,000,000
Limited as guarantor.
food turnover. In H1 2018, sales increased to £5bn, an increase of 10% Pre Tax Profits £72,000,000 -£132,000,000 £23,000,000
The property has been underlet to W. Boyes & Co Limited from 21st April
compared to 2017 sales of £4.5bn. This reflects a strong performance
2016, for the same term as the superior lease. There is a tenant break option Total Net Worth £2,191,000,000 £2,298,000,000 £2,006,000,000
within the Food business as well as accounting for the acquisition of
in the sub-lease on the 21st April 2026.
Nisa’s wholesaling operations.
TENURE
Freehold.
VAT EPC DATAROOM
We understand the property has been elected for VAT. It is anticipated An EPC is available in the dataroom. For access to the Allsop dataroom please use the following link:
that the sale will be treated as a Transfer of Going Concern (TOGC). https://datarooms.allsop.co.uk/register/coopburnley
PROPOSAL
We are instructed to seek offers in excess of £2,300,000 (Two Million Three Hundred Thousand Pounds) subject to contract and exclusive of VAT.
This equates to an attractive net initial yield of 7.35% after allowing for purchaser’s costs of 6.34%. With the following guaranteed reversions:
Date Running Yield
June 2021 8.22% For further information or to make arrangements for viewing please contact:
June 2026 9.19% Ronnie Morgan Alex Butler
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 04.19
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