FREEHOLD MULTI-LET INDUSTRIAL, TRADE COUNTER AND RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS Freehold multi-let industrial, trade counter and retail warehouse investment opportunity Prominently situated within a mixed use location 5 units ranging from 5,086 sq ft to 41,045 sq ft - total area of 58,379 sq ft Fully let to 4 tenants at a passing rent of 231,840 per annum ( 3.98 psf) 55% let to A. F. Blakemore and Son Limited (D&B 5A1) for a term of 7.85 years to expiry The property benefits from a WAULT of 6 years to lease expiry and 5.4 years to break Numerous asset management opportunities The location will benefit from the development of 230 residential units to the rear and the subletting of the adjacent former B&Q We are instructed to seek offers in excess of 2,565,000 (Two Million Five Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.50% and a low capital value of 43.94 psf. WOMBWELL RETAIL PARK TESCO UNIT C UNIT 4 VACANT B&Q (Under offer) ALLOCATED RESIDENTIAL DEVELOPMENT SITE OUTLINE PLANNING FOR 230 UNITS UNIT 3 UNITS 1-2 Outline for indicative purposes only.
Outline for indicative purposes only. LOCATION Barnsley is a major South Yorkshire town situated on the west bank of the Dearne Valley. Barnsley is located within close proximity of a number of national road networks, making it an attractive location for industrial occupiers. The M1, M62, A1 (M) and M18 motorways provide Barnsley with access to (Manchester 47 miles (75 km) to the west, Leeds 24 miles (38 km) to the south, Sheffield 16 miles (26 km) to the north and (180 miles) 289 km north of London). Barnsley railway station provides regular National Rail services into Leeds (35 minutes) and Sheffield (24 minutes) which provide regular connections to London Kings Cross (2h 30 minutes from Leeds & Sheffield) and Manchester Piccadilly (50 minutes from Sheffield & 1 hour from Leeds). Barnsley interchange also provides for regular bus links to Leeds, Doncaster, Sheffield and Manchester which are all accessible within an hour drive. The town also benefits from a number of additional transport links including Manchester airport to the west and Doncaster Robin Hood airport to the east. The surrounding area is a prominent industrial and retail location with a number of national retailers in occupation including McDonalds, Aldi and Tesco. Wombwell Retail Park is adjacent to the subject property with occupiers such as B&M, Harveys, Pets at Home and Dunelm whilst Barnsley Trade Park is also situated nearby with national occupiers including Jewsons, Toolstation, Halfords Autocentre and Screwfix. LIVERPOOL HALIFAX BOLTON MANCHESTER BUXTON NEWCASTLE-UNDER-LYME STOKE-ON-TRENT STAFFORD WALSALL YORK LEEDS BARNSLEY DONCASTER SHEFFIELD GAINSB CHESTERFIELD NEWARK-ON NOTTINGHAM DERBY LEICESTER A 6 28 A 635 Barnsley Barnsley Town Centre BROUGH MMON A6113 SHEFFIELD RD A61 MOUNT VERNON RD Barnsley Football Club A61 SHEFFIELD ROAD River Dearne HOYLE MILL A635 DONCATSER ROAD KENDRAY A628 PONTEFRACT ROA D MEASBOROUGH DIKE A 633 ROTHERHAM ROAD B6100 HUNNINGLEY LANE LUNDWOOD CUNDY CROSS A633 A633 WOMBWELL LANE DONCATSER ROAD STAIRFOOT WOLVERHAMPTON
19 47 2a 15 2b 6 4 UNITS 1-3 STAIRFOOT WAY & Stairfoot Way and Beachcroft Way Barnsley S70 3PA The Bungalow El Sub Sta 13 KAY'S TERRACE Superstore LD LANE 45 2 BLEACHCROFT WAY Warehouse Tank Issues Water STAIRFOOT WAY Stairfoot Business Park 0m 25m 50m 75m Crown Copyright, ES 100004106. For identification purposes only. El Sub Sta Ordnance Survey Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1743 SITUATION TENURE ASSET MANAGEMENT OPPORTUNITY The property is located off the Stairfoot roundabout which acts as the intersection of Doncaster Road, Wombwell Lane and Hunningley Lane. The subject units are situated within the Stairfoot Business Park which is only 2 miles (3.2 km) from the centre of Barnsley. Both junctions 36 and 37 of the M1 are 3.5 miles (5.5 km) to the west of the property which provides it with excellent to the wider UK motorway network. Freehold. SITE AREA The site area is 2.86 acres for unit 4 & unit C (41% site coverage) and 0.69 acres for units 1, 2 & 3 (39% site coverage) providing a total site area of 3.55 acres and a 41% site coverage overall. The subject property offers significant asset management and growth potential: Potential to renew the existing lease on unit 1 let to GA Kelly. Negotiate a surrender of the unit 4 let to AF Blakemore who not in occupation and sub divide the unit to achieve a higher rent. Alternatively, there may be potential for alternative uses including trade counter, drive-thru restaurant or residential use subject to the necessary consents. The former B&Q unit located directly opposite unit 4 and unit C is currently let to Sainsbury s as a large supermarket format who did not take occupation. A sub lease from Sainsbury s is currently under offer through Colliers pending negotiation. The recent reallocation of the land to the rear of the property from employment use to residential use and an outline application for up to 230 dwellings is currently under determination (Ref. No 2017/0753).
DESCRIPTION UNITS 1-3 Comprises a terrace of warehouse units built in 2004 with an internal eaves height of approximately 6.50 metres and customer car parking accessed via Stairfoot Way. UNIT 4 Comprises a former cash and carry warehouse with an internal eaves height of approximately 5.60 metres and a large customer car park which provides 61 marked spaces accessed via Bleachcroft Way. UNIT C Comprises a self-contained retail warehouse which benefits from an internal eaves height of 5.60 metres and 23 marked customer car parking spaces accessed via Bleachcroft Way. COVENANT A. F. Blakemore and Son Limited (D&B 5A1) is a UK based family owned business engaged in the wholesale, retail distribution and the operation of SPAR convenience shops. 26/04/2015 30/04/2016 30/04/2017 Turnover 1,275,954,000 1,306,165,000 1,299,653,000 Pre Tax Profit 9,011,000 7,603,000 7,354,000 Net Worth (exc intangible assets) 62,838,000 63,260,000 70,319,000 Wilsons Furnishers Limited (D&B 2A1) is a UK based company involved in the retail sale of carpets, rugs, flooring and beds. 30/09/2015 30/09/2016 30/09/2017 Turnover 13,221,983 18,002,704 22,484,781 Pre Tax Profit 980,852 1,158,770 1,307,006 Net Worth (exc intangible assets) 1,687,136 2,420,347 3,097,909 TENANCY SCHEDULE Unit Tenant Area sq m Area sq ft Lease Start Lease Expiry (Break Option) Rent (p.a.) Rent (psf) Comments 1 GA Kelly (Fruit Sales) Ltd 558.72 6,014 23/7/04 22/7/19 27,000 4.49 2&3 BFS (Barnsley Food Catering Supplies) Ltd 472.51 5,086 25/6/07 24/6/22 22,500 4.42 4 A. F. Blakemore & Son Ltd 3,813.21 41,045 2/8/16 1/8/26 132,340 3.22 Rent topped up by vendor to the fixed increase on 02/08/2019 to 132,340 p.a.& then OMV thereafter. The current rent is 122,160 p.a. Tenant not in occupation. C Wilson Furnishers Ltd 579.16 6,234 25/11/17 24/11/2023 (25/11/2020) Total 5,423.59 58,379 231,840 3.98 50,000 8.02 Break option subject to 6 months written notice.
Outline for indicative purposes only. EPC Available upon request. VAT The property has been elected for VAT. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/stairfoot PROPOSAL We are instructed to seek offers in excess of 2,565,000 (Two Million Five Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.50% and a low capital value of 43.94 psf. For further information or to make arrangements for viewing please contact: Mark Dansky 020 7543 6813 mark.dansky@allsop.co.uk Andrew Wise 020 7543 6731 andrew.wise@allsop.co.uk allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 10.18