106159 22-26 Lister Gate Inv_V5

1

Uni

ts 4

,5 &

6 L

iste

rgat

e N

ottin

gham

NottinghamUnits 4, 5 & 6 Listergate Prime FreeHOLD reTAiL OPPOrTUNiTY

■ Let to Marks & Spencer Plc, a 5A1 covenant and the UK’s largest clothing retailer.

■ The property is let for in excess of 10 years expiring 28 September 2020 with a break in 2015.

■ The property is located on the prime pedestrianised pitch of Listergate, a thoroughfare linking Westfield’s Broadmarsh Shopping Centre to the rest of the City Centre.

■ Nottingham boasts the UK’s 6th largest retail centre by shopping population.

■ Freehold.

■ Total passing rent of £773,000 per annum, which reflects a Zone A of c. £200 psf.

Executive Summary

Recognised as the Capital of the East Midlands, Nottingham is a major commercial centre and University City.

The City is situated approximately 25 km (16 miles) east of Derby, 45 km (25 miles) north of Leicester, 85 km (50 miles) north of Birmingham and 220 km (120 miles) north-west of London. Nottingham benefits from access to an excellent communications infrastructure, situated at the intersection of the A60 and A52, which link directly to the M1 motorway and the national motorway network via Junctions 25 and 26.

Rail services to London St. Pancras are frequent and direct with a fastest journey time of approximately 1 hour 45 minutes. In addition, services are available to a variety of destinations including Derby, Lincoln and Sheffield.

NottinghamThe catchment of Nottingham contains a population of 7.7 million, ranking the City 10th nationally (Source: NSLSP), and attracts a regular shopping population from its catchment of 617,000 ranking it 6th nationally (Source: Promis). The City’s shopping population is forecast to grow by 7.9% over the 2008-2018 period, a total increase in shopping population of over 46,000 people (Source: NSLSP).

Demographics

M40M45

M23

M26

M25

M69

M42

M11

A1(M)

M5

M4

M3

M6

M1

M62

M58

M56

M62

M180

M54

A1(M)

M6

SHEFFIELD

HULL

GRIMSBY

LINCOLN

STOKE-ON-TRENT

DERBY

WOLVERHAMPTONLEICESTER

NORTHAMPTON

CHELTENHAMGLOUCESTER

WORCHESTER

PETERBOROUGH

CAMBRIDGECOVENTRY

READING

SWINDONSWANSEA

GUILDFORD

LUTONCOLCHESTER

IPSWICH

SOUTHEND-ON-SEA

MANCHESTER

LEEDS

LONDONBRISTOLCARDIFF

BIRMINGHAM

LIVERPOOL

NOTTINGHAM

MANCHESTER

SHEFFIELD

LEEDSHULL

GRIMSBY

LINCOLN

STOKE-ON-TRENT

DERBY

WOLVERHAMPTONLEICESTER

NORTHAMPTON

LONDON

CHELTENHAMGLOUCESTER

WORCHESTER

PETERBOROUGH

CAMBRIDGE

READING

SWINDON

BRISTOLCARDIFF

SWANSEA

GUILDFORD

LUTONCOLCHESTER

IPSWICH

SOUTHEND-ON-SEA

BIRMINGHAM

COVENTRY

LIVERPOOL

NOTTINGHAM

Nottingham City Centre is one of the UK’s foremost shopping destinations with an extensive retail provision estimated at 2.9 million sq ft. Retailing is concentrated along a north-south axis, anchored by the Westfield’s Broadmarsh Shopping Centre to the south, running along Listergate, Bridlesmith Gate and Clumber Street, towards CSC’s Victoria Shopping Centre to the north. Nottingham presents an attractive retail destination and dominates its catchment as a result.

Prime pitch within the town is focused along the pedestrianised Listergate and Clumber Street. Listergate benefits from a number of high quality MSUs including H&M, River Island and New Look confirming its status as the premier retail pitch.

The retail pitch extends south into the Broadmarsh Shopping Centre which accommodates Bhs, TK Maxx, Dorothy Perkins and Boots. Westfield and Hermes have plans to redevelop the scheme but their CPO has expired, therefore the scheme is currently under review. Should this development proceed in the long term, it would reinforce the prime pitch.

Further north, the historic tone along Clumber Street reached £260 psf Zone A while Bridlesmith Gate provides a niche/boutique fashion offer with rents having reached £200 psf Zone A. Additional retailers within the City include John Lewis, House of Fraser, Debenhams, Topshop, Monsoon and Zara.

Retailing

S PARADEBRIDESMITH GATE

LOWER PARLIAMENT

UPPER PARLIAMENT

FRIAR LANE

LONG ROW LONG ROW

WHEELER GATE

CANAL STREET

MID

DLE H

ILL

WEE

KDAY

CRO

SSFL

ETCH

ER G

ATE

MAID

MA

RION

WAY

CANAL STREET

CLIFF ROAD

POPH

AM

STREET

PILCHER GATE

CASTLEGATE

LOW PAVEMENT

WEEKDAY CROSSHIGH PAVEMENT

STON

EY STREET

WARSER GATE

GEO

RGE STREET

BROAD

STREET

BRIDESM

ITH G

ATE

LIST

ERG

ATE

ALBERT ST

ST PETER’S GATE

HIG

H ST

CLUM

BER STREET

MILTO

N STREET

HUNTINGDON S

TREE

T

GLASSHOUSE STREET

SHAKESPEARE STREET

S SHERW

OO

D STREET

TALBOT STREET

TRINITY SQUARE

GO

LDSM

ITH STREET VICTORIA

CENTRE

BROADMARSHCENTRE

EXCHANGEARCADE

THE FHMALL

BUSSTATION

TRAIN

STATION

The subject property occupies a central and prominent position on the City’s prime pedestrianed pitch, Listergate, and close to the entrance to Westfield’s Broadmarsh Shopping Centre. Listergate also provides the main thoroughfare from the Broadmarsh scheme and the City’s bus and railway stations into the City Centre.

Occupiers in the immediate vicinity include New Look, H&M, River Island, HSBC, HMV, Topshop and a second Marks & Spencer store on Albert Street to the north. Marks & Spencer have traditionally operated two stores in this location.

SituationThe subject property is a well-configured retail unit with a large floorplate, having originally consisted of three smaller retail units, and trades over ground and first floors. The property is wholly let to Marks & Spencer Plc. Additional storage and staff facilities are located on the second floor. The property is serviced via a shared service yard to the rear.

Description

CREAM

H S B C

NAILSPA

NELSONS

GAME

HM

V

K H SPERSONNEL LTD

STEPHENBURDON

O2

DIVAC

OLLECTIO

N

THORNTONS

KEITHHALL

BLUE

INC

PAPERCHASE

THE

WO

RKS

JD

H SAMUEL

ILBER

TOR

ELLI

NELSONS

STAFFLINERECRUITM

ENT

JACKSHAIR

GREGGS

CLINTONCARDS

E@M

E

SUITS YOU

OPTICAL EXPRESSTHE

DENTAL CLINIC

STEAD&

SIMPSO

N

THESLU

G&

LETTUCE

ORIG

INAL

SHO

EC

O

HOLLAND &BARRETT

BBS

COFFEE

&M

UFFINS

BRADFORD &BINGLEY

POUNDLAND

FONEHOUSE

WESLEY

OWEN

GAMEORANGE

LEEDS

PAUL

SMIT H

WEAVERS

MS

RN

E WSG

RO

UP

THORNTO

NS

MARKS & SPENCER

LEPETIT

FOU

RFRAN

CAIS

LLOYDS TSB

ZUMO

PRETTYO

RCHID

PILOT

ACCESSORIZE

PETERS

THE CARPHONE

WAREHOUSE

GLITZ

XANTHUS

BOOTS THE CHEMIST

T MOBILE

LEPETIT

FOUR

FRANCAIS

COMFORT

FASHIONSHOES

PHONES 4 U

3 STORE

PEPPERS

THE BODY SHOP

T K MAXX

STONETHE

CROWS

ERNEST JONES

WILLIAM

HILL

LAMBERT SMITH HAMPTON

HOTEL CHOCOLAT

ADAMS

SUBWAY

DIES

CLARKS

SOLETRADER

NORT

HAM

ERIC

A

VIT

- A

TRAI

LFIN

DER

THE

PERFUME

SHO

PBO

OK

EXTRA

VODAFONE

BERKERTEX BRIDE

STORE

BANK

BEAUTYSALON

SOLICITOR

OFFICE

RECORDINGS

EMP AGY

SOLIC

OFFICE

OFFICE

HAIRDRESSING

GIFTS

MEN

SW

EAR

OFFICE

BOO

KS

SPORTS

GO

OD

S

VAC A NTO

U TL E T&

UND E R

AL TE R AT ION

ITALIANR

ESTAURAN

T

SOLICITOR

HAIRDRESSING BAKER

CARDS & GIFTS

SA NDW

ICHB AR

VA CAN

TO

T HER

BUIL D

ING&

UN D

ERALTE R

AT ION

OPTICIAN&

DENTAL SURGERY

SHOES

BAR&

REST

SHOES

HEALTH SHOP

CAFE

BANKHOUSEHOLDGOODS

FICE

CHRISTIANBOOKS

COMPUTER GAMES

TELEPHONES

BUILDING SOCIETY

L/WR

&M/W

R

V ACA N

TO

T HER

BUILD

INGC

TN

PLACE OF WORSHIP

CONF

&BIS

OFF

LIC

TELEPHONES

MENS WEAR

OYMENT

AGENCY

JEWELLER

STATIONER

CONF & BIS

L/WR

BERELIX DECHAINE

TELEPHONES

COMPUTER GAMES

HAIRDRESSING

OFFIC

E

BANK

TAKE AWAY

THAI REST

TELEPHONES

LACCESS

LEATH GDS

VARIETY STORETELEPHONES

TELEPHONES

HEALTH & BEAUTY

INTERIOR

DECORATIONS

BETOFF

SURVEYOR & OFFICE

CONFECTIONERY

& BISCUITS

CHILD

RENS

WEAR

JEWELLER

HAIRDRESSING

CAFE

TELEPHONES

SHOE REP

L ACCESS

LADIES

WEAR

CAF E

VACS/W

BAR

CLOTH

SHOES

HEALTHFO

OD

BOO

KS

TELEPHONES

BRIDAL WEAR

HEALTH&

BEAUTY

TRAV

EAG

ENT

HEAL

THF

PEPPER STRE

RAMP

(2 RETAIL FLOORS)ENFIELD

CHAMBERS

(2RET

F LRS )

(2 RETFLRS)

(2 RETAIL FLOORS)

(2 RET FLRS)

ESCSERV

ICE

ROAD

(4 RETAIL FLOORS)

ENTENT

ENTRANCE

ENT

DWGS

LIST

ERG

ATE

LOW PAVEMENT

BROAD WALK

ALBERT STREET

HOUNDS GATE

STANFORD STREET

CASTLE GATE STREET

LISTERGATESQUARE

Accommodation schedule Ground Floor First Floor second Floor oVerAll

unit no tenant name overall itZA sales stock stock niA

unit 4 Marks & spencer plc 2,182 1,196.5 1,619 1,000 587 5,388



*Areas in square feet

Accommodation schedule

Fiscal consolidated Fiscal consolidated Fiscal consolidated GBP 28 Mar 2009 (000’s) GBP 28 Mar 2008 (000’s) GBP 28 Mar 2007 (000’s)

Sales Turnover 9,062,100 9,022,000 8,588,100

Profit / (Loss) before Taxes 706,200 1,129,000 936,900

Tangible Net Worth 1,681,400 4,296,600 3,542,400(Source: Dun & Bradstreet)

The property is let to Marks & Spencer plc expiring 29 September 2020 off a current passing rent of £773,000 per annum.

For the purposes of review, it is assumed that the principal rent will be the aggregate at which each of Unit 4, Unit 5 and Unit 6 might reasonably be expected to be let as separate units in the open market; the review being 29 September 2015. In addition, the Tenant may end this Lease between 31 January 2015 and 31 January 2016 by giving at least six months’ written notice to expire between 31 January 2015 and 31 January 2016.

We have analysed the passing rent to show £200 psf Zone A having applied a rate of A/14 to ground floor ancillary, A/12 to first floor sales, A/20 to first floor ancillary and A/40 to second floor ancillary.

TenancyThe property is let to Marks & Spencer Plc; a British institution with over 560 stores across the UK, and an additional 150 stores worldwide operating in 30 countries, who have been operating for over 125 years. Marks & Spencer has the top Experian Delphi Score of 100 out of 100 and a Dun & Bradstreet covenant strength of 5A1, which represents the minimum risk of business failure. The retailer has a UK market share in excess of 10% for clothing, home and 4% of food sales. (Source: Fashion Trak; TNS worldpanel)

Tenant’s Covenant

The purchase of the property will be subject to VAT.

VAT

PropositionOffers are sought in excess of £12,200,000, exclusive of VAT and subject to contract. A purchase at this level would reflect an initial yield of 6.00% assuming full costs.

The property is held freehold.

Tenure

Disclaimer: CB Richard Ellis 2010

CB Richard Ellis on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that:

1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract.

2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them.

3. No person in the employment of CB Richard Ellis has any authority to make any representation or warranty whatsoever in relation to this property.

4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT.

Nottingham | Units 4, 5 & 6 Listergate | February 2010 | Ref: 106159

106159 22-26 Lister Gate Inv_V5

Documents

Transcript of 106159 22-26 Lister Gate Inv_V5