high yielding, well secured, retail investment...igloo furniture 4 less peacocks vers th &...

30/36 victoria lane & 49/57 new street

huddersfield

high yielding, well secured, retai l investment

http://www.greenandpartners.co.uk

high yielding, well secured, retail investment 30/36 victoria lane & 49/57 new street, huddersfield

Investment Summary | Location | Demographic & Local Economy | Retailing in Huddersfield | Situation | Property | Accommodation | Tenure | Goad Plan |Tenancies | Current Income Pax | Service Charge | VAT | EPC |Proposal | Further Information |

INVESTMENT SUMMARY

■ Huddersfield is a major retailing destination with a catchment population of circa 309,000.

■ Busy pedestrianised retailing pitches with Peacocks, Argos, Waterstones, Poundworld, Primark and Boots adjacent and/or in close proximity with The Piazza Shopping Centre opposite

■ 67% of the income secured on established covenants of Poundland and Brighthouse

■ A substantial property comprising three, well configured, units comprising circa 41,642 sqft with dual trading frontages onto New Street and Victoria Lane

■ A weighted unexpired lease term (WULT) of circa 5.44 years

■ Total current net income of £340,250 pax

■ Offers in excess of £3,570,000 (Subject to contract & exclusive of VAT)

■ Attractive 9% net initial yield



Location Huddersfield is a busy retail and commercial destination located within

West Yorkshire and the administrative centre for Kirklees MBC. The town is

situated approximately 31.22 km (19.4 miles) south-west of Leeds, 47.32

km (29.4 miles) north-east of Manchester and 21.4 km (13.3 miles) south

of Bradford.

Huddersfield has excellent road communications. The A640 (New Hay

Road), A629 (Halifax Road), and A62 (Leeds Road) provide direct access to

the M62 (junctions 23, 24 and 25) some 4km (2.5 miles) to the north and

the A637 links to the M1 (junction 38) some 19.31km (12 miles) to the east.

In terms of rail links there are regular and direct services to Manchester (35

minutes), Leeds (25 minutes) and to Sheffield (75 minutes). London (Euston)

is accessible via Manchester (Piccadilly) with a fastest journey time of circa

175 minutes. Leeds Bradford International Airport and Manchester Airport

are within 45 and 50 minutes’ drive-time respectively.

Demographics & Local Economy Huddersfield is the largest urban area within Kirklees MBC and has a total

resident population of circa 135,000 (2011 Census), a borough population of

425,500 and a primary catchment population of 309,000 persons. The age

and socio-economic structure of the town is broadly in line with the UK generally.

Huddersfield is a town steeped in history, being an important textile centre

during the industrial revolution and more recently the home of rugby league.

The manufacturing sector remains important accounting for 17% of total

employment, significantly above the retail PROMIS average. The town is

home to textile, engineering and chemical companies including Cummins

Turbo Technologies, Huddersfield Fine Worsteds, C&J Antich Textiles,

Sygenta AG and Mama’s & Papa’s.

click on the map to view in Google Maps

the property

https://www.google.co.uk/maps/place/Huddersfield/@53.6520595,-1.7877003,13z/data=!3m1!4b1!4m2!3m1!1s0x487962132bcdb7bb:0x653c3a498c896a17

https://www.google.co.uk/maps/place/Huddersfield/@53.6520595,-1.7877003,13z/data=!3m1!4b1!4m2!3m1!1s0x487962132bcdb7bb:0x653c3a498c896a17



Retailing in HuddersfieldHuddersfield has an estimated 1.36m sqft of town centre retail floor space

(above the sub-regional average) and an estimated shopping population

of 195,000 (PROMIS). Retailing in the town is centred on the Kingsgate

Shopping Centre (circa 263,000 sqft), which is anchored by House of

Fraser, Top Shop, Next, H&M, New Look and TK Maxx; The Piazza Shopping

Centre, (circa 90,000 sqft) where occupiers include Bhs, WH Smith, Boots

and Poundworld and the pedestrianised, New Street, Victoria Lane and King

Street where M&S, Primark, Poundland, Argos, and Peacocks are located.

SituationThe property occupies a prominent location, with dual frontages onto the

pedestrianised New Street and Victoria Lane (opposite the entrance to

the Piazza Shopping Centre). Both streets link to King Street and thus the

Kingsgate and Packhorse shopping centres. Albert Yard is adjacent. Nearby

retailers include Marks & Spencer, Boots, Primark, Waterstones, Argos,

Poundworld, Peacocks and Bon Marché.

PropertyThe property occupies an extensive sloping site and comprises a substantial retail

premises, forming three well-configured units created from the re-development

of the former Woolworths. 51/53 New Street (Clinton Cards) occupies ground

and first floors and 55/57 New Street (Brighthouse) trade from ground floor

only. There is a self-contained gym on the first-floor which is accessed from

the pedestrianised New Street. Fronting Victoria Lane is a MSU (Poundland)

arranged over ground, basement, mezzanine, first and second floors.



This Goad Plan is for identification only and not to be scaled as working drawing. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. © Crown copyright 2010. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright

IGLO

O FURNITURE4 LESS

PEACOCKS

SAVERS HEALTH & BEAUTY

goad



AccommodationThe property provides an approximate total net floor area of 3,868 m2 (41,642 sqft) sub-divided as follows:

Unit Tenant (T/A) Floor Use m2 sq ft

30/36 Victoria Lane Poundland Ltd GroundBasementBasementMezzanineFirst MezzanineSecondMezzanine

SalesLoadingAncillaryAncillaryAncillaryAncillaryAncillaryAncillary

1,310 52 63

103 438 48

401 65

14,102560673

1,1084,713

5204,320

703

2,480 26,699

51/53 New Street Clinton Cards (t/a Clintons)

GroundITZAGroundFirst

SalesITZAAncillaryAncillary

326 92 20

329

3,507 986 213

3,537

674 7,257

55/57 New Street Brighthouse GroundITZA

SalesITZA

332 106

3,577 1,144

332 3,577

49/57 New Street B&Q Properties Ltd (Sub-let to Figurelicious Health 4 Life Ltd)

First 382 4,109

382 4,109

Total 3,868 41,642

TenureLong Leasehold

999 years from 25/03/1870 (circa

855 years unexpired) at £60.5s.0d

per annum from Kirklees MBC.



Tenancies

UNIT Tenant LEASE START NEXT RR/LR RENT PA COMMENTS

30/36 Victoria Lane

Poundland Ltd 10 yrs from 22/06/2011

expiring 21/06/2021

22/06/2016 £150,000(44.10%)

Partial exclusivity on first letting to single price retailers.

51/53 New Street AG Retail Cards Ltd 25 yrs from 29/09/1990

expiring 28/9/2015

29/09/2015 £80,000(23.52%)

AG Retail Cards Ltd took an assignment of the former Clinton’s lease on 28/09/2012. A Deed of Variation (dated 28/09/2012) reduced the original rent from £127,000pax to £80,000 (wef 07/06/2012). Negotiations are ongoing with AG Retail to sign a 5 yr reversionary lease at £80,000 subject to 15 month’s rent free. Monthly rents.

55/57 New Street Caversham Trading Ltd (t/a Brighthouse) 10 yrs from 23/09/2011

expiring 22/09/2021

23/09/2016 £80,000(23.52%)

Service charge cap of £5,000 pa for first five years of the term. Rent not to be greater than £100,000 at review in 2016. Monthly rents.

49/57 New Street B&Q Properties Ltd 25 yrs from 24/06/1992

expiring 20/06/2016

20/06/2016 £30,000(8.82%)

Sub-let to Figurelicious Health 4 Life Centre Ltd until 17/06/2016 at £17,500 pax - a franchisee of Énergie Fitness for Women. Énergie (effw) are the largest and fastest growing fitness franchise group in the UK. The business which is now in its 10th year has almost 100 clubs across UK, Ireland, Eastern Europe and the Middle East. Énergie has a network turnover of approaching £30m and with more than 90,000 members. The franchisee won Énergie Club of the Year 2012.

Sub-station Yorks Electricity 60 yrs from 11/09/1991

expiring 10/09/2051

£250

TOTAL £340,250

The average weighted unexpired lease term is 5.44 years.

Tenant Covenants

Tenant D&B Financial Year End Turnover Profit (Loss) Tangible Net Worth

Poundland Ltd 5A1 31/03/2013 £880,491,000 £34,313,000 £119,042,000

AG Retail Cards Ltd 2A 3 02/02/2013 £153,369,000 £5,643,000 £4,178,000

Caversham Trading Ltd 5A1 31/03/2013 £75,961,000 £8,235,000 £44,253,000

B&Q Properties Ltd 5A 3 02/02/2013 £38,170,263 (£33,995,624) £450,570,091

Figurelicious Health 4 Life Ltd E 3 31/08/2012 n/a n/a £55,325



Current income pax£340,250 per annum exclusive

Service ChargeThe leases are drawn on effectively full repairing and

insuring terms with the landlord able to recover full

costs through a service charge arrangement. The

service charge is apportioned as follows:

• Poundland Ltd 59.78%

• AG Retail Cards Ltd 19.67%

• Caversham Trading Ltd 10.28%

• Energie Fitness for Women 10.28%

The service charge budget for the year ending 31/01/2015

is £36,606.47. There is no landlord shortfall.

VATThe property has been elected for VAT. It is anticipated

that the sale will be treated as a Transfer of a Going

Concern (TOGC).

EPCEnergy performance certificates are available on

request.

ProposalOffers in excess of £3,570,000 (Subject to Contract and

exclusive of VAT) reflecting an attractive net initial yield

of 9%, allowing for purchaser’s costs of 5.8%.

FURTHER INFORMATION

For further information please contact:

David Freeman James Baillie Ed Smith

020 7659 4830 020 7659 4839 020 7659 4831

[email protected] [email protected] [email protected]

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 vendors 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. April 2014.

Adrian Gates Photography & Design 07710 316991

http://www.greenandpartners.co.uk

high yielding, well secured, retail investment...igloo furniture 4 less peacocks vers th &...

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