LEISURE / RETAIL INVESTMENT OPPORTUNITY

Transcription

1 FOR SALE LEISURE / RETAIL INVESTMENT OPPORTUNITY RANELEGH ROAD, IPSWICH, SUFFOLK, IP2 0AQ ENTER

2 INVESTMENT SUMMARY Freehold leisure/retail ivestmet opportuity Situated withi a established retail park strategically located withi a short drive of the A14/A12 Substatial, detached buildig of 2,699 sq m (29,052 sq ft) GIA Site area totallig 0.79 ha (1.97 acres) Let to Gala Bigo o a 30 year term from 29th September 1995 o Full Repairig ad Isurig terms Reversioary lease grated extedig the term by 5 years to 28th September 2030 Total curret passig ret 377,138 pax Opportuity for retal icrease at September 2015 ret review Offers sought i the regio of 5,500,000 reflectig a attractive et iitial yield of 6.48% havig allowed for purchasers costs of 5.8%

3 IPSWICH Ipswich is the couty tow of Suffolk located o the River Orwell. The tow has a populatio of approximately 133,000 ad a catchmet of about 333,000. The A12 ad A14 provide excellet road commuicatios with Felixstowe, 12 miles to the south east, Lodo 77 miles to the south west, the Midlads ad the atioal motorway etwork. Ipswich trai statio provides a regular service to Lodo (Liverpool Street) with a jourey time of approximately 1 hour 10 miutes. The tow is experiecig o goig ivestmet, with the curret redevelopmet/rebradig of the two tow cetre shoppig cetres, a ew retail scheme, Futura Retail Park beig established to the south east ad further, predomiately residetially led developmet schemes located aroud the tow s Waterfrot area. The Ipswich Garde Suburb (Norther Frige) area provides approximately 200 hectares of proposed housig lad to the orth of the tow. The busiess district is also seeig further improvemets with three large office schemes plaed for the Ipswich Village area betwee the tow cetre ad railway statio. BRAMFORD SPROUGHTON A14 CLAYDON A14 TO THE MIDLANDS A1214 A1156 AKENHAM A1214 WESTFIELD IPSWICH A L O N D O N R O A D A1156 H G I E L D A H PAULS ROAD R O A D RUSHMERE ST ANDREW A1189 B A H R G O A 1 L 0 7 E 5 R N A A1214 CULPHO D A W E S T O E N A D R D PLAYFORD RIVER ORWELL KESGRAVE A D F O R D R N O A H A D IPSWICH WASHBROOK TO LONDON PINEWOOD A137 Orwell Bridge A12 TO FELIXTOWE A12 BELSTEAD A14 NACTON

4 LOCATION The property is located upo Orwell Retail Park o Raelagh Road (B1075) to the west of the tow cetre. Raelagh Road jois with Lodo Road (A1214) leadig to the A12/A14 Copdock itersectio withi approximately 2.7 miles. The tow cetre is withi 1.2 miles to the east. Neighbourig occupiers iclude Matala, DW Sports ad Fitess Club, Glasswells Retail, Pets at Home, Stellisos, Wickes, Orwell Motorcycles ad McDoalds. Suffolk Retail Park is close by, occupiers icludig Next, Halfords, Argos, The Rage, Duelm ad Bratao Footwear. Saisburys ad Lidl are both withi 0.3 miles.

5 DESCRIPTION The property is occupied by Gala Bigo ad trades as a bigo hall. The buildig is of steel portal frame costructio with brick claddig to the elevatios ad profile sheet claddig to the pitched roof ad etrace caopy. The premises are arraged to provide a receptio foyer ad adjoiig amusemet arcade area, large ope pla bigo hall, associated restaurat, bar ad kitche area. Acillary accommodatio icludes two sets of male ad female WC facilities together with offices, staff room ad chagig areas. The specificatio icludes suspeded ceiligs with recessed fluorescet lightig, air coditioig ad full carpetig. A covered smokig area adjois the mai buildig. The site has a wide frotage to Raelagh Road ad backs oto the River Orwell. The surfaced car park provides parkig for approximately 118 vehicles, 5 of which are reserved for use by earby residets. The property is show edged red for idetificatio purposes oly o the site pla.

6 ACCOMMODATION The gross iteral floor areas of the mai buildig ad smokig shelter are 2, sq m (27,748 sq ft) ad sq m (1,304 sq ft) respectively. The eaves height is approximately 5.6 metres. The site has a total area of hectares (1.97 acres). PLANNING Plaig coset for chage of use from vacat warehouse to bigo club was grated i December 1995 (Referece I/94/0858/FP). BUSINESS RATES Accordig to the VOA website the property has a Rateable Value of 219,000. EPC The property has a EPC (Eergy Performace Certificate) ratig of C(71). GLASWELLS RETAIL PETS AT HOME MATALAN N ot to scale: for idetificatio purposes oly

7 TENANCIES The property is subject to a full repairig ad isurig lease for a term of 30 years from 29th September The curret passig ret is 362,138 per aum, subject to 5 yearly reviews. A reversioary lease was grated i 2012 extedig the lease by 5 years to 28th September A supplemetal lease was also grated i 2012 i relatio to the smokig shelter also for a term expirig o 28th September 2030 ad upo similar terms to the pricipal lease. The curret passig ret is 15,000 per aum. The total aual ret for the etire property therefore curretly equates to 377,138, subject to review i September 2015 whe it is aticipated that a uplift could be achieved. The car parkig ad ladscaped areas are excluded from the demised premises ad maitaied by the ladlord. The teat is resposible for paymet of a service charge i this regard. Subsequet to the pricipal lease beig grated, the freehold iterest i the adjoiig property, Uit 4 Orwell Retail Park occupied by Matala, was sold ad a mutual deed of grat etered ito allowig shared use of the respective car parks. COVENANT The pricipal lease is curretly vested i Gala Leisure (1998) Limited as teat, the surety beig Caos Group Limited. The smokig shelter lease ad reversioary lease are held by Gala Leisure (1998) Limited, with Gala Leisure Limited as surety. Gala Leisure (1998) Limited (Reg No ) has a Experia score of 74 (below average risk). Gala Leisure Limited (Reg No ) has a Experia score of 100 (very low risk). Turover for the year eded 27th September 2014 was approximately 280,000,000 with a pre-tax profit of approximately 79,000,000. Caos Group Limited (Reg No ) pre-tax profit for the year eded 31st December 2013 was approximately 82,000,000. It is a subsidiary of Nuffield Health ( 654,400,000 turover).

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9 TENURE Freehold. VAT The property is VAT elected. PROPOSAL Offers are ivited i the regio of 5,500,000 (five millio five hudred thousad pouds) for the freehold iterest. A purchase at this level will reflect a yield of 6.48% after a allowace for purchaser s costs of 5.8%. A sale of the property as a TOGC will be cosidered. RECEIVERS PROVISIONS The sale is o behalf of Joit LPA Receivers therefore o warraties, guaratees ad CPSE s ca be provided. The Receivers act as agets of the mortgagor ad without persoal liability. FURTHER INFORMATION For further iformatio please cotact the joit sole agets. Alistair Mitchell agm@fewright.co.uk Tom Colyer tom.colyer@eddisos.com Misrepresetatio Act These details are provided oly as a geeral guide to what is beig offered subject to cotract ad subject to lease beig available ad are ot iteded to be costrued as cotaiig ay represetatio of fact upo which ay iterested party is etitled to rely. Other tha this geeral guide either we or ay perso i our employ has ay authority to make, give or imply ay represetatio or warraty whatsoever relatig to the properties i these details. Desiged ad produced by Richard Barber & Co