99 FISHERGATE, PRESTON PR1 2AE PRIME LISTED FREEHOLD HIGH YIELDING BANK INVESTMENT LET TO SKIPTON BUILDING SOCIETY
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99 FISHERGATE, PRESTON PR1 2AEPRIME LISTED FREEHOLD HIGH YIELDING BANK INVESTMENT
LET TO SKIPTON BUILDING SOCIETY
Investment Summary
r Prime trading location within the established banking quarter for the City
r A Listed Building with the benefit of a separate access to the upper parts.
r The Skipton Building Society currently sublet the first and second floors which on renewal offer a residential redevelopment opportunity, subject to obtaining the necessary planning and Listed Building consents. The sub-tenancies are outside the security and tenure provisions of the Landlord & Tenant Act.
r An effective full repairing and insuring lease on the entire to Skipton Building Society for a term of 25 years from 21 September 1994, subject to 5 yearly upward only rent reviews at a current rental of £125,000 p.a.x.
r A low capital value of £159.63 psf (£14.82 psm).
r The Skipton have traded from this property for nearly 25 years.
r The property has been registered for VAT purposes and it is assumed that the transaction will be dealt with as a TOGC.
r Freehold.
r We are instructed to seek offers in excess of £950,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.45% after deducting purchaser’s costs of 5.69%.
LocationThe City of Preston is the principal commercial and administrative centre for Lancashire and is the third largest City in the North West of England. Preston is situated 12 miles (19.3km) southeast of Blackpool, 30 miles (48.3km) northwest of Manchester and 35 miles (56.3km) northeast of Liverpool.
Preston benefits from excellent road communications with the M6, M61, M65 and M55 motorways all within 4 miles (6.4km) of the City centre, linking directly to the national motorway network.
Preston Railway Station is located at the western end of Fishergate and provides a frequent and direct service to London Euston (2 hrs 9 mins), Manchester Piccadilly (40 mins) and Edinburgh (2 hrs 29 mins).
Manchester International Airport, one of Europe’s fastest growing airports is located approximately 33 miles (53.1km) south of the City centre. There is also direct access from Preston Railway Station to the airport with a journey time of approximately 1 hour.
Location
Liverpool is the 6th largest city in the UK with a population of approximately 450,000 and is the principal commercial centre for Merseyside. The city has a primary catchment population of 1.1 million, ranking it 7th out of the PROMIS centres in terms of catchment.
Liverpool has excellent road communications. The M62 provides a fast link from Merseyside to the M6, approximately 12 miles to the east. The M57 Bypass, to the northeast of the conurbation, connects the M62 to the M58. Two toll tunnels, beneath the River Mersey, provide direct links to the Wirral and the M53.
Public transport within the Liverpool area is well established. Mersey Rail operates two popular services, the Wirral and Northern Lines. They provide a suburban rail network and link the city’s principal railway stations. In addition, rail services to London Euston are available in approximately 2 hours and 40 minutes.
Liverpool John Lennon Airport is one of Europe’s fastest growing airports. It is located 8 miles to the south of the city centre. In addition, Manchester airport is within 1 hour’s drive time of Liverpool city centre.
AlbertDock
Halifax
Birkenhead
Runcorn
Widnes
Warrington
St Helens
Wigan Skelmersdale
Southport
Preston Blackburn
Bolton
Manchester
Chester
EllesmerePort
LiverpoolLiverpoolBirkenhead
Runcorn
Widnes
Warrington
St Helens
Wigan Skelmersdale
Southport
Preston
A583
A585
M55
M6
M65
M61
M6
M58
M57
M62
M61
ManchesterAirport
TraffordCentre
Liverpool John Lennon
Airport
AlbertDock
M60
M66
M60
M67
M62
M606
M62
3 32
31
30
3
8
6
5
54
3
1
7
65
4
4 5
32
43
2
45
67
910
11
12
8
9/229/1
29A
6/26
10/21A
11/15
20/9
1/3
1/15
1/12
1A
28
27
25
23
22
9
21
207 7 6
54
3 2
6
54
127
2625
24
23
1 2 3
2221
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1
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3
22
2324
25
2
19
19
2
7
19
18
17
1011
12
10
12
16
98
765
4
3
2
1
14
7
11
24
14
A583
A59
A59
A59
A59
Liverpool Bay
River Dee
A49
A6
A6
A666
A673
A666
A677
A680A671
A646 A646
A58
A6025
A644
A62
A640
A670
A628
A560
A6
A623A6
A6
A515A53A54
A523A536
A523
A34
A50
A50
A537
A54
A533
A530
A556
A556
A54
A49
A56
A56
A56
A56
A56
A56
A57
A50
A49
A51
A51
A55
A41
A41
A550
A5117
A494
A55
A55
A494 A483
A50
A34
A34
A682A56
A59
A59
A58
A58
A57
A58
A58A58
A664
A62
A62
A579
A580
A580
A580
A561
A562A5300
A5036
A5058
A557
A570
A570
A565
A565
A565
A565
Blackburn
Bolton
Halifax
Bradford
Manchester
Chester
EllesmerePort
M65
14
13
11
109
8
M6
M6
M56
M56
M6
M6
M62
M6
1/6
M53
M53
M53
1/26
4/18
Bradford
Liverpool Bay
River Dee
Demographic & Economic Profi le
The age profile of the Liverpool primary catchment includes a high proportion of young adults aged between 15–24. In contrast, older working aged adults aged 45–64 are under represented.
With over 50,000 students at its three universities, Liverpool has one of the largest student populations in the UK.
Whilst the Local Authority is the largest single employer in the Liverpool area, the Financial and Business Services sector also account for an above average proportion of jobs. Employment is concentrated within a number of major firms such as Royal Liver Assurance, RSA, Barclays Bank, HSBC, Sony and Virgin Media. There is also a large pharmaceutical sector in Liverpool, with vaccine manufacturers Eli Lilly and Novartis being major employers.
Liverpool is an important destination for tourists. According the Mersey Partnership, more than 27 million people visited the city in 2008, generating an estimated £617 million of revenue. Top attractions include the Albert Dock, Tate Liverpool, The World Museum and the Beatles Museum.
The city has enjoyed significant inward investment and transformation over the last decade. Liverpool hosted the European Capital of Culture in 2008 and in addition to Liverpool One, other high quality capital expenditure projects have included the improvement of Lime Street Station, the BT Convention Centre and Echo Arena.
LIVERPOOL
MANCHESTER
PRESTON
BA DC FE HG JI
1
2
3
4
5
6
COTTON COURT
LIVERPOOL R
OAD (A59)
ORMSKIRK RD
CHRIST CHURCH STREET
PERCY S
TREE
T
CH
RIS
TIAN
RO
AD
EAST
CLIF
F
GRAFTON STREET
SOUTH MEADOW
LANE
SYKE STREET
ALBYN
ST EAS
T
BENCE ROAD
FRENCHWOOD KNOLL
JAMES
STR
EE
T
STR
AND
ROAD
(A5072 )
TALBOT ROAD
HARTINGTON ROAD
LARKHILL
ST
RIVER PARADE
TAYLOR STREET
LUN
E STR
EET
TITHEB
ARN
STR
EET
SH
EPH
AR
D S
T
BU
TLER S
TREE
T
SELBORNE
STREE
T
FRENCHWOOD KNOLL
SELBORNE
STREE
T
MANCHESTER ROAD
CHARLOTTE
STR
EET
SOUTHERN PA
RADE
GEORGE STREET
JAMES STREET
GU
ILDH
ALL ST
WIN
CK
LEY ST
CROSS STREET
GLO
VERS C
OURT
CH
APEL STR
EET
RIBBLESDALE PLACE
QUEEN STR
EET
WIN
CKLEY S
QUAR
E
LANCAS
TER R
OAD
BOLTO
NS
CO
UR
T
MANCHESTER ROAD
GRIMSHAW
STREET
OXFORD STREET
STAR
KIE S
TREE
T
CHADDOCK STREET
BAIRSTOW STREET
GREAT AVENHAM ST
LORD’S WALK
POLE S
TREET
CHUR
CH R
OW
FISHER
GATE H
ILL
THEATR
E ST
WINCKLEY ROAD
WEST CLIFF
BO
W LANE ARTHUR STREET
PITT S
TREE
T
CARR S
TREE
T
ALBYN BANK ROAD
AVEN
HAM
LAN
E
AVENHAM LANE
BR
OAD
GATE
CLAREN
DON ST
TIBER STREET
PRINCESS ST
ST AUSTIN’S ROAD
MO
UN
T STR
EET
GERRARD STREET
ORCHAR
D ST
FRIARGATE
MA
RKET S
T
FOX S
T
CAN
NO
N S
TREE
T
SOUTH MEADOW LANE
CORP
ORA
TIO
N S
TREE
T
CHURCH STR
EE
T
FISHERGATE
CARLISLE S
TREE
T
BRO
CKH
OLE
S VI
EW
ASHLEIGH ST
DEEPD
ALE RO
AD (A6
063 )
MARSH LANE
CORPO
RATION STREET
GREAT SHAW STREET
FYLDE ROAD
(A583)
NEW HALL LANE (A59)
MARKET STREET WEST
ST MAR
Y’S STREET
WALKER STREET
WALKER STREET
MOOR
LAN
E ( A
5071)
CRO
FT STR
EET
WELLFIELD
RO
AD
ASH
TON
STR
EET
LEIGH
TON S
TREET
MAUD
LAND
BANK
NO
RTH RO
AD (A6)
ST PAUL’S ROAD
EAST VIEW
EAST STR
EET
MAUDLAND ROAD
HARRINGTON STREET
HOLSTEIN STREET
MEADOW STREET
MEADOW STREET
LODGE STREET
WELLINGTON STREET
PEDDER STREET
SN
OW
HILL
LAWSO
N S
TREET
CROWN STREET
MELLING ST
GEOFFREY STREET
LUND STELIZABETH ST
LANCAS
TER R
OAD
NO
RTH
MARSH LANE
RIBBLETON LANE (B6243)
FRIARGATE
RIBB
LETO
N L
ANE
(B62
43)
LON
DO
N R
OAD
(A6 )
LONDON ROAD (A6)
RINGWAY (A59)
RINGWAY (A59)
RINGWAY (A59)
A59 TowardsLiverpool
Southport
Leyland
RIVER
RIB
BLE
PrestonRailwayStation
PrestonSportsClub
Police DivisionHeadquarters
FishergateShoppingCentre
Miller Park
GuildWheel
MagistratesCourt
CombinedCourts
TownHall
St George’sShoppingCentre
WinckleySquare
Pavilion
Avenham P ark
RIVER RIBBLE
BusStationSt Johns
ShoppingCentre
MillerArcade
PrestonMinster
A6063 TowardsPreston North End
DeepdaleShopping Park
Moor Park
LancashireInfantry Museum
HMPPreston
CardinalNewmanColleg e
FrenchwoodRecreationGround
B6243 TowardsLongridge
RIVE
R RI
BBLE
A59 TowardsBlackburn/Clitheroe
ManchesterM6 (J31)/M61
BrockholesNature Reserve
Cemetery
FishwickNatureReser ve
BMX Park
A6 TowardsChorley
Bamber Bridge
M6 (J29)/M65 (J1)
Capitol Centre
Park & Ride
GuildWheel
One squarerepresentsapproximately300 metres &4 minutes wal k
PrestonMuseums, Arts & Entertainment53 degrees C1Frog & Bucket Comedy Club F3Guild Hall & Charter Theatre F3Harris Museum & Art Gallery F3Korova D3Museum of Lancashire H2Playhouse Theatre D2PR1 Gallery C1The Continental C6
Shopping Cannon Street E3Fishergate Shopping Centre D4Friargate D2,E3Fishergate D3,E3Guild Hall Street E3Lune Street D3Markets E2Miller Arcade F3St George’s Shopping Centre E3Winckley Street E4
Landmarks & ParksArkwright’s House F3Avenham Park E5Avenham Pavilion E6Flag Market E3Harris Institute E5Miller Arcade F3Miller Park D6Preston Minster F3St Walburge’s Church B1Winckley Square E4
Transport Bus Station F2Park & Ride Parking A4,J5Park & Ride Pick up C4,D4,E3,F2,F3,H3Railway Station C4Shopmobility E3Taxi Ranks C4,F3,F2
InformationCounty Hall C4Lancashire Records Office C3Town Hall F3Visitor Information Centre F3
Miscellaneous Cotton Court G3Driving Theory Test Centre E4Post Office D4University of Central Lancashire (UCLan) C1,C2
Map KeyPlease see reverse
MarketQuarter
99 FISHERGATE
Retailing in PrestonPreston is one of the strongest retailing centres in the North West, providing approximately 1.5 million square feet of City centre retail floorspace, ranking the City 24th of the PROMIS centres.
Retail provision in Preston is centered upon the pedestrianised Fishergate and Friargate with major retailers represented including Marks & Spencer, Debenhams, Primark, New Look, Boots, H&M, WH Smith, Next and Topshop.
Fishergate is ably supported by two enclosed shopping centres, The St George’s Shopping Centre totaling approximately 375,000 sq ft and trading over two levels which provides a link from Fishergate to the south and the pedestrianised Friargate to the north. The scheme is anchored by Marks & Spencer, New Look and H&M and was refurbished in 2007 and benefits from a 410 space multistory car park.
The City’s other major scheme is the Fishergate Centre which provides approximately 340,000 sq ft of retail accommodation and is situated at the western end of the retail core adjacent to the City’s Railway Station. The scheme is anchored by Debenhams and Primark with other multiple retailers including Sports Direct and TK Maxx.
DemographicsPreston serves an extensive and loyal catchment area with a primary catchment population of 508,000 people with an estimated shopping population of 295,000 people.
The affluence of the catchment population is underlined by the over representation of the most affluent AB Social Group with the least affluent C2 and DE Social Groups being under represented (Source: PROMIS).
The City also benefits from a substantial student population of approximately 35,000 people from the University of Central Lancashire (UCLAN) which is the 12th largest and fastest growing University in the UK and ranked 67th in the Guardian’s 2018 University Guide, contributing an estimated £300 million into the regional economy. The Preston Campus of the University is concentrated to the immediate northwest of the City centre within walking distance of the City’s retail provision and the subject property.
SituationThe property occupies a prime trading location being adjacent to RBS and Virgin Media. Nearby multiple retailers include Santander, EE, Clarks, WH Smith, River Island, Halifax, Bodycare, Marks & Spencer, Next, Sainsburys Local, Nationwide, Thorntons, Thomas Cook and Carphone Warehouse.
DescriptionThe property is arranged on basement, ground, first and second floors and is of a brick and stone construction under a pitched, slate and flat roof built in the early 20th Century. The property is listed.
The ground floor has been fitted out in the standard Skipton Building Society corporate style with a substantial banking hall, 3 interview/meetings rooms and a kitchen area (all created from demountable partitions). The basement area contains a number of secure strong rooms.
The first and second floor office accommodation has a separate access to the left hand facing side of the subject property, directly off Fishergate. Both office suites have been fitted out a high standard with carpeting, heating and Category 2 lighting throughout. Both suites have been sublet - (see Tenancy details).
AccommodationThe premises are arranged on basement, ground, first and second floors with the following approximate areas and dimensions:-
Description ft/sq ft m/sq mWindow frontage (Fishergate) 22’0” 6.7 mSplay frontage 9’3” 2.8 mReturn frontage 46’0” 14 mInternal width (maximum) 32’8” 9.9 mShop depth 63’3” 19.3 mGround floor sales 1,897 sq ft 176.2 sq mGround floor ancillary 38 sq ft 3.5 sq mBasement ancillary 992 sq ft 92.1 sq mBasement – 2 rooms not inspected (locked)
First floor offices 1,314 sq ft 122 sq mSecond floor offices 1,181 sq ft 109.7 sq mITZA 1,027.5 units
50 metres
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Preston
Experian Goad Plan Created: 05/11/2018Created By: Ockleston Bailey
Copyright and confidentiality Experian, 2017. © Crown copyright anddatabase rights 2017. OS 100019885
FRIARGATE
FISHERGATE
ORCHARD ST
FISHERGATE SHOPPING
CENTRE
ST GEORGE’S SHOPPING
CENTRE
PRESTONMARKET
SUBJECTPROPERTY
TenureThe property is held freehold, subject to the tenancy listed below. The site area extends to 0.054 of an acre (0.022 hectares).
TenancyThe property is let to Skipton Building Society by way of a 25 year effective full repairing and insuring lease from 21 September 1994, subject to 5 yearly upward only rent reviews at a current rental of £125,000 (one hundred and twenty five thousand pounds) per annum exclusive.
The first floor has been sublet to Brook Street (UK) Limited (Company No. 00459637) by way of an effective FR&I lease from 30 August 2011 until 19 September 2019 at a current rental of £8,750 p.a.x. The sub-lease is outside the security and tenure provisions of the Landlord & Tenant Act.
The second floor is also sublet to Brook Street (UK) Limited (Company No.00459637) by way of an effective FR&I lease from 30 August 2011 until 19 September 2019 at a current rental of £7,000 p.a.x. The sub-lease is outside the security and tenure provisions of the Landlord & Tenant Act.
Initial conversations with the Skipton would indicate a willingness to renew on expiry in September 2019.
32.3m
LBFISHERGATE
CH
AP
EL W
ALK
S
32
2
100
to
102
40
37
1
78
41
99
103
31
36
39
7
62
PH
Methodist Church
105
80
107
44
42
1
6
97
95
El
Sub Sta
43
6b
101102
96
35
49
3 2
38
5
0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:500
Covenant InformationThe Skipton Building Society was established in 1853 in Skipton, North Yorkshire where it remains head quartered. It is the UK’s 4th largest Building Society and has over 919,000 members and 100 branches.
We set out below the most recent financial information available for the tenant:-
Year End 2017£000’s
Year End 2016£000’s
Turnover £735.80 £691.00
Pre-Tax Profit £200.10 £168.90
Total Assets £21,023.80 £19,019.70
(Source:- Skipton Building Society Annual Report)
EPCThe property has a rating of D87. A Certificate and Recommendations are available upon request.
VATThe property has been elected for VAT and it is assumed that the transaction will be treated as a TOGC.
Anti Money LaunderingIn accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
ProposalWe are instructed to seek offers in excess of £950,000 subject to contract and exclusive of VAT reflecting a Net Initial Yield of 12.45% after deducting purchasers costs of 5.69%.
Further InformationFor further information, or to arrange an inspection of the property, please contact:
Hugh Ockleston Ockleston Bailey
Tel: 01244 403 445 Email: [email protected]
Misrepresentation Act 1967 Ockleston Bailey Ltd (and their joint agents where applicable) for themselves and for the vendors or lessors of this property for whom they act, give notice that : (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Ockleston Bailey Ltd cannot guarantee the accuracy of any description, dimension, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; (iii) no employee of Ockleston Bailey Ltd (and their joint agents where applicable) has any authority to make any representations or warranty or enter into contract whatever in relation to the property; (iv) prices/rents quoted in these particulars may be subject to VAT in addition, (v) Ockleston Bailey Ltd will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. NOVEMBER 2018
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