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 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).
A9 97 A Aberdeen A93 A9 A888 A82 80 9 A93 A93 A90 A86 A9 A889 A957 A830 A92 S C O T L A N D 61 A8 A9 A9 A82 7 3 A93 A90 Greenock Scottish Leisure Market A9 24 4 A93 4 A828 A88 6 A92 A932 A928 A84 A82 A9 8 A9 A94 33 7 A82 A90 A92 Greenock is the administrative centre for the Inverclyde area and The food and beverage sector is currently at the forefront of A94 A923 A822 3 Dundee A9 A85 A849 provides the main retail and leisure provision for the area. A85 A85 A85 Perth occupier market activity. The national restaurant and public house A82 A9 A92 market operators are continuing to expand with city and town A819 The town is approximately 42 km (26 miles) west of Glasgow and A91 A917 centres locations being primarily targeted. There is a plethora A915 M90 A816 38 km (23.6 miles) north of Kilmarnock. The town benefits from A821 A84 A9 A823 of operators that are expanding at present including Mitchells & 16 A9 A9 A873 Glenrothes good communication links, with the A8/M8 providing direct routes Butlers, Greene King, Spirit Group, Marstons, Stonegate and Living 11 A8 A91 Stirling 15 A814 to Glasgow and the east; the A78 providing access to the south Ventures, who are also being joined by emerging Scottish brands A83 A811 A81 A92 86 A8 M9 A907 Kirkcaldy A82 Dunfermline along the west coast and inland via the A71 to Kilmarnock. Greenock M80 A985 A19 such as Brew Dog and Bar Soba. A80 8 railway station offers a regular and direct service to Glasgow city Greenock 9 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. A815 A8 M8 M80 Cumbernauld A1 A8 Glasgow A1 86 Clydebank Livingstone 107 A8 46 A78 Paisley Airdrie Coatbridge M8 A720 There is a general under provision of national operators within the A1 A737 Greenock has a population of approximately 45,500 people (SCROL) A8 47 A725 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. 0 A7 A6 36 112 Kilbride A7 A702 98 A703 5 01 10 A72 A6 M77 A7 A6 A7 1 is the largest settlement in the Inverclyde area and the catchment A7 A1 2 A721 A697 1 A7 A72 A6 spend per capita of the population is in line with the PROMIS Irvine A78 A71 A77 Kilmarnock 08 9 average. A83 A70 M74 A68 A699 01 A7 A698 A841 Ayr A70 8 The service sector accounts for 80% of total employment in A70 A719 M74 A68 2 A76 A70 Greenock, slightly above the Retail PROMIS average. Within A77 A60 88 this sector, ‘financial & business services’ accounts for 25% of A2 total employment, slightly above the Retail PROMIS average. A1068 A7 A697 13 A2 A1 A7 Coleraine The manufacturing sector in Greenock Ballymoney accounts for 5% of total A37 A70 2 A701 Ashington employment, slightly below the Retail PROMIS average. Major A2 A189 Limavady A44 N13 A712 A696 Blyth 09 A2 A68 A1 A7 A43 Londonderry A77 A74(M) Cramlington employers in the town include IBM, National Semi-Conductor, A26 A54 Dumfries A19 A7 A7 Longbenton Whitley Bay A76 A5 A29 14 13 13 A6 A75 12 N14 Amazon and EE. 2 A7 A75 North Shields A6071 A69 Wallsend Jarrow M2 A7 A69 A695 Newcastle Felling South Shields 15 A42 Ballymena 18 A75 A689 upon Tyne 94 A692 Gateshead A36 A77 A710 Carlisle A69 A6 86 A6 Sunderland A26 A747 A68 Washington A8 A2 Chester- Houghton le Spring A31 A6 A711 le-Street A716 A6 A595 A691 A746 N O R T H E R N A6 A686 Durham Carrickfergus M6 M2 A596 90 A1(M) A181 Peterlee A505 Newtownabbey A689 A6 A19 A52 A2 Bangor A5 94 A179 Hartlepool A5 BELFAST A167 I R E L A N D A66 A29 Newtownards Workington A66 A689 01 A66 Newton Billingham Redcar A5 86 35 A32 Aycliffe South A50 A26 Lisburn A59 2 Stockton- Bank A4 A3 on-Tees Middlesbrough A20 M1 A688 A66
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. GH TC LU B < OA KMA LL S HOP PING CEN TRE
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 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
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.
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.
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