Well secured, freehold, retail investment
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
blackpool 76 bank hey street well secured, freehold, retail investment
Key Investment Criteria Location
blackpool 76 bank hey street
• Well secured retail, investment occupying a strong trading
position in Bank Hey Street opposite Poundworld and B&M
with Primark, Sports Direct, Savers, and McDonalds located
nearby.
• In close proximity to Hounds Hill Shopping Centre (Adelaide
Street West) and the Blackpool Tower complex
• Freehold
• Substantial retail unit comprising 3,669m² (39,495 sq. ft.)
• Let to TJX UK (t/a TK Maxx) – 5A1 D&B Rating
• Circa 7.15 years unexpired on the lease with a fixed rental
uplift in March 2016. Blackpool is a major tourist destination and the second
largest in the UK after London. The town is also one of
• £4,418,000 subject to contract and exclusive of VAT reflecting the leading retail centres in the north-west of England
a net initial of 7.75% rising to a guaranteed 8.91% in 2016 situated approximately 50 miles (80.47km) north-west
of Manchester; 45 miles (72.4km) north of Liverpool
allowing for usual purchaser’s costs of 5.8%. The equivalent
and 18 miles (29km) west of Preston.
yield is 8.58%
Blackpool benefits from excellent road, rail and sea
communication links. By road, the M55 motorway links
directly with J32 of the M6 and with the M62 motorway.
By rail there are regular services to London (Euston),
Liverpool, Manchester, Preston and surrounding towns.
By air, Blackpool International Airport lies 2 miles
(3.2km) south of the town centre and by sea, there are
regular ferry services from Fleetwood to Northern
Ireland and Seacat services from nearby Liverpool to
Belfast, Dublin and the Isle of Man.
prime, well secured, freehold, retail investment
Tenure
blackpool 76 bank hey street
Freehold
Tenancy
The property is let to TJX UK (t/a TK Maxx) on a lease
expiring on 24/03/2019 at a current rental of £362,250
pax. The rent reserved is subject to a fixed uplift in
24/03/2016 to £416,587.50 pax until lease expiry. The
occupational lease has circa 7.15 years unexpired. TJX
Europe Ltd is a guarantor to the lease.
Situation
The property occupies a strong trading position in Blackpool’s
retail core close to a principle entrance of the Houndshill
Shopping Centre (Adelaide Street West) and diagonally
opposite Blackpool Tower World. Retailers within the
immediate vicinity include Sports Direct, Poundworld,
Primark, Waterstones and HMV. The Houndshill car park
(800 spaces) is nearby and the unit benefits from having a bus
stop directly outside providing a frequently busy footfall.
Description
The property, comprising a substantial department store, has
an extensive frontage onto Bank Hey Street and is arranged
over ground and three upper floors. TK Maxx retail from
ground and first floors with customer access via an escalator
located towards the centre of the store and a stairwell to the
rear. The second and third floors are utilised for ancillary
storage and staff accommodation.
Accommodation
blackpool 76 bank hey street
The property is arranged over ground, first, second
and third floors and provides a total approximate GIA
floor area of circa 3,669m² (39,495 sq. ft.)
Current Net Income
£362,250 per annum exclusive (£8.53 psf overall
allowing for the 7.5% fitted store assumption).
Tenant Covenant
Tenant Financial Turnover PTP Net Worth VAT
Year
The property has been elected for VAT and thus it
TJX UK (t/a 29/01/2011 £1,264,994,000 £92,036,000 £336,872,000 will be payable on the sale
TK Maxx)
blackpool 76 bank hey street
Proposal
£4,418,000 reflecting a net initial
yield of 7.75% rising to a
guaranteed 8.19% in 2016 allowing
for purchasers costs of 5.8%. The
equivalent yield is 8.58%
Further Details
David Freeman
020-7659-4830
david.freeman@greenpartners.co.uk
James Baillie
020-7659-4839
james.baillie@greenpartners.co.uk
Ed Smith
020-7659-4831
ed.smith@greenpartners.co.uk
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed.
The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the
understanding that all negotiations are conducted through this office. February 2012.
You can also read
