The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...

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The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
The James Watt, 80/92 Cathcart Street, Greenock
Prime Public House Investment
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
The James Watt, 80/92 Cathcart Street, Greenock
Investment Summary

Greenock is the administrative centre for the Inverclyde area                Net income of £163,962.50 per annum, with a rent review on 31st March 2019.
approximately 20 miles west of Glasgow.
                                                                             Absolute Ownership interest (Scottish equivalent of English freehold).
The town is the focal point for the surrounding area and has a primary
catchment population of 106,000 people.                                      Offers in excess of £2,290,000 (Two Million, Two Hundred and Ninety
                                                                             Thousand Pounds Sterling) subject to contract and exclusive of VAT are
The property is situated in the heart of the town centre, beside the local   sought for the Absolute Ownership in the property.
government buildings and the Oak Mall Shopping Centre.
                                                                             A purchase at this price will reflect a net initial yield of 6.75% after allowing
The property is let to JD Wetherspoon on FRI terms until 30th March 2034,    for purchaser’s costs of 5.87% based on Scotland’s Land and Buildings
with a tenant only break option on 31st March 2029.                          Transaction Tax (LBTT).
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
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           Greenock                                                                                                                                                                                                                                                                                                                                                                                                                                         Scottish Leisure Market

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           Greenock is the administrative centre for the Inverclyde area and                                                                                                                                                                                                                                                                                                                                                                                The food and beverage sector is currently at the forefront of

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                                                                                                                                                                                                                                                                                                                                                                                                                      Dundee

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           provides the main retail and leisure provision for the area.                                                                                                                                                      A85
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                                                                                                                                                                                                                                                                                                                                                       A85                        Perth
                                                                                                                                                                                                                                                                                                                                                                                                                                                            occupier market activity. The national restaurant and public house
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                                                                                                                                                                                                                                                                                                                                                                                                                                                            market operators are continuing to expand with city and town

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           The town is approximately 42 km (26 miles) west of Glasgow and                                                                                                                                                                                                                                                                                                                                      A91                               A917       centres locations being primarily targeted. There is a plethora

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           38 km (23.6 miles) north of Kilmarnock. The town benefits from                                                                                                                                                                                                       A821
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                                                                                                                                                                                                                                                                                                                                                      A823                                                                                                  of operators that are expanding at present including Mitchells &

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                                                                                                                                                                                                                                                                                          A873                                                                                                             Glenrothes
           good communication links, with the A8/M8 providing direct routes                                                                                                                                                                                                                                                                                                                                                                                 Butlers, Greene King, Spirit Group, Marstons, Stonegate and Living

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                                                                                                                                                                                                                                                                                                                     Stirling

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           to Glasgow and the east; the A78 providing access to the south                                                                                                                                                                                                                                                                                                                                                                                   Ventures, who are also being joined by emerging Scottish brands
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                                                                                                                                                                                                                                                                                                                       M9                                A907                                              Kirkcaldy
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                                                                                                                                                                                                                                                                                                                                                     Dunfermline
           along the west coast and inland via the A71 to Kilmarnock. Greenock                                                                                                                                                                                                                                            M80                                      A985                                                                               A19
                                                                                                                                                                                                                                                                                                                                                                                                                                                            such as Brew Dog and Bar Soba.

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           railway station offers a regular and direct service to Glasgow city                                                                                                                                              Greenock

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                                                                                                                                                                                                                                                                                                                                   Falkirk
                                                                                                                                                                                                                                                                                                                                                                           M9       A90          EDINBURGH                                                    A1

           centre with a journey time of just over 30 minutes.                                                                                                                                                                                                                                                                                                                                                                                              Greenock is the main leisure and retail hub for the Inverclyde area.

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                                                                                                                                                                                                                                                             M8                                               M80      Cumbernauld
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                                                                                                                                                                                                                                                                               Glasgow                                                                                                                                                                                                            A1

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                                                                                                               46                                                                                                     A78                                Paisley                                                     Airdrie
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                                                                                                                                                                                                                                                                                                                                                                                                                                                            There is a general under provision of national operators within the
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           Greenock has a population of approximately 45,500 people (SCROL)              A8
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                                                                                                                                                                                                                                                                                                           Motherwell                           A71                                                                                                         town though with the JD Wetherspoon being one of the few national
                                                                                                                                                                                                                                                                                                  Hamilton    Wishaw                                                                                                                                                            Berwick-upon-Tweed
           and a primary catchment of 106,000 people (PROMIS). The town                                                                                                                                                                                                                 East                                                                                                                                                                food and beverage operators within the town centre.

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           is the largest settlement in the Inverclyde area and the catchment
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           spend per capita of the population is in line with the PROMIS                                                                                                                                                           Irvine
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                                                                                                                                                                                                                                                                 Kilmarnock                                                                                                                                                                                                08
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           average.                                                                                                                                   A83                                                                                                                                                      A70
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           The service sector accounts for 80% of total employment in

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           Greenock, slightly above the Retail PROMIS average. Within                                                                                                                                                       A77
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           this sector, ‘financial & business services’ accounts for 25% of   A2

           total employment, slightly above the Retail PROMIS average.
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                                       Coleraine
           The manufacturing sector in Greenock  Ballymoney
                                                            accounts for 5% of total
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Ashington

           employment, slightly below the Retail PROMIS average. Major
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                              Limavady
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           N13                                                                                                                                                                                                                                                                                          A712                                                                                                                                                                                                                   A696                                Blyth

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                  Londonderry                                                                                                                                                                          A77
                                                                                                                                                                                                                                                                                                                                                                                   A74(M)                                                                                                                                                                       Cramlington
           employers in the town include IBM, National Semi-Conductor,              A26
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Longbenton Whitley Bay
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           Amazon and EE.
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15                                                                                 A42           Ballymena
                                                                                                                                                                                            18                                       A75                                                                                                                                                                                                                     A689                                                                     upon Tyne
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           A68                                        Washington
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Chester-               Houghton le Spring
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                le-Street
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                      N           O         R         T            H          E            R                N
                                                                                                       A6                                                                                                                                                                                                                                                                                                                                                          A686                                                                         Durham
                                                                                                                                            Carrickfergus                                                                                                                                                                                                                                                                           M6
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                           A505                                                                                                      Newtownabbey                                                                                                                                                                                                                                                                                                                                                           A689                                      A6                       A19

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Hartlepool
                      A5                                                                                BELFAST                                                                                                                                                                                                                                                                                                                                                                                                                                              A167

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                                                     A29                                                                                              Newtownards                                                                                                                                                                         Workington
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                                                                                                                 01                                                                                                                                                                                                                                                                                                 A66                                                                                                                                          Newton               Billingham     Redcar
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35

     A32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Aycliffe                      South
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                                                                                                 A26                  Lisburn                                                                                                                                                                                                                                                                                                A59
                                                                                                                                                                                                                                                                                                                                                                                                                                2                                                                                                                                   Stockton-                   Bank
                                      A4                                                                A3                                                                                                                                                                                                                                                                                                                                                                                                                                                            on-Tees                 Middlesbrough
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                                                                       M1                                                                                                                                                                                                                                                                                                                                                                                                                                                         A688
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The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
The James Watt, 80/92 Cathcart Street, Greenock
Situation

                                                          The property is situated within the heart of the town centre, at the
                                                          junction of Cathcart Street and Cross Shore Street.

                                                          The subject is situated adjacent to main government buildings, the
                                                          public library and the town’s main retail provision, Oak Mall shopping
                                      RE
                                        D
                                            NI
                                                          centre. The local job centre is directly adjacent to the subjects.
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The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
Description                                                           Accommodation & Tenancy

The subjects comprise an impressive, Category B listed former post    The ground floor of the subject property have been measured on
office building. The property is arranged over ground, basement and   a gross internal area (GIA) basis in accordance with the RICS Code
two upper floors.                                                     of Measuring Practice (6th Edition), and approximate areas are as
                                                                      follows:
JD Wetherspoon have a lease over the whole building. The ground
floor provides the bar, dining room, customer toilets and staff       Floor                                         sq m              sq ft
ancillary areas. The basement and upper floors are not currently in   Second floor*                                315.30            3,394
use as the building is undergoing refurbishment.
                                                                      First floor*                                 307.70             3,312

                                                                      Ground floor                                802.30             8,636
Tenancy                                                               Basement & garage*                          975.80            10,504

                                                                      Total                                       2,401.1           25,846
The property is let to JD Wetherspoon PLC on a Full Repairing and
Insuring (FRI) lease for 35 years expiring on 30 March 2034. There
is a tenant only break option on 31 March 2029. The current rent      *Access to the upper floors, basement and garage was restricted,
is £163,962.50 per annum, with the next rent review due on 31         due to current works that the tenant is undertaking, at the time of
March 2019.                                                           inspection and these areas should be used as a guide only.
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
The James Watt, 80/92 Cathcart Street, Greenock
Tenant Covenant

J D Wetherspoon is a leading national public house operator with
over 1,000 pubs across the UK and Ireland. The company was
founded in 1979 and is well known for its low prices, long opening
hours and no music policy.

J D Wetherspoon are rated by Experian as “very low risk”. For the
financial year to 27th July 2014, the company had a turnover of
£1,409,333,000, a pre-tax profit of £78,365,000 and a net worth of
£200,330,000. This covenant provides good security of income.

  Financial Year
                       Turnover        Pre-tax Profit   Net Worth
      Ended

29 July 2012          £1,197,129,000    £58,882,000     £152,708,000

28 July 2013         £1,280,929,000      £57,143,000    £194,749,000

27 July 2014         £1,409,333,000     £78,365,000     £200,330,000
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
2585
         LAND REGISTER
          OF SCOTLAND                                                      9/11/1999                                                         REN94683
       N
                                   ORDNANCE SURVEY                                                                                                       70m
                                NATIONAL GRID REFERENCE
   Tenure                                                                                             VAT
                                                                                                                                                Survey Scale
                                    NS2875NW NS2876SW
                                                                                                                                                       1/1250
CROWN COPYRIGHT        © - Produced from REGISTERS DIRECT on 28/01/2010 at                 14:06    with the authority of Ordnance Survey pursuant to section 47 of the Copyright, Designs and Patents
   Absolute Ownership (Scottish equivalent of English Freehold).
                   C
                                                                                                      The property has been elected for VAT and therefore VAT will be
Act 1988. Unless that act provides a relevant exception to copyright, the copy must not be copied without the prior permission of the copyright owner. This copy has no evidential status.
                                                                                                      elected on the purchase price. However it is anticipated that the
   EPC                                                                                                sale will be treated as a Transfer Of a Going Concern (TOGC).

   The Energy performance rating for the property is G with CO2
   emissions of 126. A full Energy Performance Certificate (EPC)
   can be provided on request.
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
Proposal

We are instructed to seek offers in excess of £2,290,000
(Two Million, Two Hundred and Ninety Pounds Sterling)
subject to contract and exclusive of VAT for the Absolute
Ownership in the property. A purchase at this price, after
allowing for purchaser’s costs of 5.87% based on LBTT, will
reflect a net initial yield of 6.75%.

For further information please contact:

Sarah Stewart
T: +44 (0)131 226 8736
E: sarah.stewart@eur.cushwake.com

Stephen Bibby
T: +44 (0)131 226 8738
E: stephen.bibby@eur.cushwake.com

Stuart Moncur
T: +44 (0) 131 226 8754
E: stuart.moncur@eur.cushwake.com

Cushman & Wakefield LLP
The Auction House
63A George Street
Edinburgh EH2 2JG

MISREPRESENTATION ACT
Cushman and Wakefield LLP for themselves and for the vendors or lessors of this property whose agents they are give notice that: (1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (2) all descriptions, dimensions, references
to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in
the employment of Cushman and Wakefield LLP has any authority to make or give representation or warranty whatever in relation to this property. July 2015.
The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ... The James Watt, 80/92 Cathcart Street, Greenock - Prime Public House Investment - Cushman ...
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