287/291 lord street - metrus · lakeland and waterstones. communications southport is serviced by...
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PRIME RETAIL INVESTMENT ON LORD STREET SINGLE LET TO NEXT
287/291 LORD STREETSOUTHPORT
287/291 LORD STREET, SOUTHPORT | 2
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.
• Let to an undoubted covenant Next Retail Ltd, part of Next plc a FTSE 100 company
• Approximately 8 years expired
• Situated on Lord Street, Southport’s prime retail destination.
• Freehold
• Producing a rental income of £115,000 per annum exclusive
• Seeking offers in excess of £1,250,000 reflecting a net initial yield of 8.7% after deducting usual purchaser’s costs of 5.8%.
Investment Summary
287/291 LORD STREET, SOUTHPORT | 3
Location
Southport is a large affluent seaside town in the Metropolitan Borough of Sefton, Merseyside. The town is located approximately 30 km (19 miles) north of Liverpool, 61 km (38 miles) west of Manchester, 165 km (103 miles) north-west of Birmingham and 334 km (209 miles) north-west of the City of London. Southport is a popular holiday and residential centre with the main retail activity within the town located on Chapel Street and Lord Street.
The premises occupy an excellent position on Lord Street adjacent to Beales Department Store. Retailers nearby include Ernest Jones, Moss, Caffé Nero, Lakeland and Waterstones.
Communications
Southport is serviced by the A565 which to the south adjoins the A5207, leading directly to junctions with the M28 and the M27. The A565 to the north adjoins Liverpool Road (A59) to Preston. The M6 is located approximately 26km (16 miles) to the east of the town. There are a number of train stations that service the surrounding area including Southport where the shortest journey time to London Euston in 2 hours 40 minutes with 2 changes and Liverpool Central direct in 45 minutes.
Not to scale. Indicative only.
The property is arranged on ground and first floor levels with the first floor sales area having the benefit of a glazed frontage.
We are advised that the premises provide the following approximate total net internal floor area:
Description
Accommodation
Description Area Sq Ft Area Sq M
Ground Floor 2,177 202.3
Ground Floor Store 291 27.0
First Floor Sales 1,080 100.3
First Floor Store 801 74.4
ITZA 1,211 112.5
Total 4,349 404.0
287/291 LORD STREET, SOUTHPORT | 4
9.1mBANK
PASSAG
E
WAVERLEY
STREE
BANK
PASSAG
E
Sca
risbrick
Ave
nue
27
235
21
Scarisbrick
52
239
7to
9
33
237
39
241b
55
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241a
Hotel
4to
8
43
50
El Sub Sta
Pond
Fn
TCBs
TCBs
LB
TCBs
Posts
Posts
LO
RD
STREET
LO
Car Park
269
11
281
37
22 to 26
to
341
Christ Church
311
Town Hall
253
34
36
The C
Bank
to
321
to
25
5
3
1
327
45
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31
7
339
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40
Bank
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1
365
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331
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357
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267
6
32
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to30
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Wayfa
rers
Arca
de
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hops
(above)
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The
Courtya
rd
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325
28
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337
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to291
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74
(above
)
42a
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343 34
9
345
335
277
Tenure
Freehold.
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.
Covenant Information
Next Group Plc
Next Group Plc is a UK based retailer offering stylish, quality products in clothing, footwear, accessories and home products. Next distributes through three main channels, Next Retail, a chain of more than 480 stores in the UK & Ireland, the Next Directory, a direct mail catalogue and transactional website with more than 3.5 million customers and Next International that has in excess of 140 stores overseas.
For further information please visit www.next.co.uk.
Accounts for Next Group Plc:
Year End 25th January 2014
Year End 26th January 2013
Year End 28th January 2012
Sales Turnover £197,700,000 £212,300,000 £195,000,000
Pre-Tax Profit £53,000,000 £322,500,000 £530,600,000
Tangible Net Worth £1,296,600,000 £1,747,900,000 £1,951,000,000
Tenancy
Single let to Next Retail Ltd for a term of 15 years expiring 24th March 2023 (approximately 8 years unexpired) at a current rent of £115,000 per annum exclusive and subject to an upwards only rent review on 25th March 2018.
287/291 LORD STREET, SOUTHPORT | 5
Proposal
Further Information
£1,250,000 reflecting a net initial yield of 8.7% after deducting usual purchaser’s costs of 5.8%.
For further information or to arrange an inspection, please contact:
Mark Shipman0207 529 [email protected]
Richard Carter0207 529 5707 [email protected]
Martin Crossley0207 079 2499 [email protected]
Misrepresentations Act 1967 & Declaration:
Michael Elliott and Metrus for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) 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 purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott and Metrus has any authority to make or give any representations or warranty whatever in relation to this property.
May 2015 (Q3190)
PROPERTY INVESTMENT ADVISORS
VAT EPC
This property is elected for VAT and it is proposed that the transaction will take place as a transfer of going concern (TOGC).
EPC rating available upon request.