Substantial Town Centre Retail Investment with Development/Change of Use Opportunity on Upper Parts
Part let to B&M Retail Limited on a renewed 5 year lease from May 2019 (subject to option)
Substantial corner property (forming part of White Rose Shopping Centre) totalling approximately 4,056.63 sq m (43,666 sq ft)
Potential to convert/change use of self-contained vacant upper parts (subject to necessary consents)
Low Capital Value of circa £5.15 psf
High Yielding on Guide Price
Lot 35
Auction 12th February 2020
Rent £75,000 per Annum Exclusive
Status Sold
Price £450,000
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On Behalf of
Property Information
Location
Miles
22 miles south-west of Liverpool
32 miles west of Chester
Roads
A55, M53, M56
Rail
Rhyl
Air
Liverpool John Lennon Airport
Situation
Rhyl is a seaside resort town on the north-east coast of Wales, 22 miles south-west of Liverpool. The property is located in a prominent corner position on the south side of East Parade, adjoining the pedestrianised High Street.
The property forms part of the White Rose Shopping Centre, Rhyl's primary retailing destination. Nearby occupiers in the White Rose Shopping Centre include Iceland, Superdrug, JD Sports, Boots the Chemist, Specsavers and Poundland. Other nearby occupiers in the town include McDonald's, Costa Coffee, Holland & Barrett J D Wetherspoon, Wilko and various banks.
Tenure
Freehold. There is a very small area to the rear which is held on a long lease from 24/06/1984 until 23/06/2083 at a ground rent of a peppercorn.
Location
Miles
22 miles south-west of Liverpool
32 miles west of Chester
Roads
A55, M53, M56
Rail
Rhyl
Air
Liverpool John Lennon Airport
Situation
Rhyl is a seaside resort town on the north-east coast of Wales, 22 miles south-west of Liverpool. The property is located in a prominent corner position on the south side of East Parade, adjoining the pedestrianised High Street.
The property forms part of the White Rose Shopping Centre, Rhyl's primary retailing destination. Nearby occupiers in the White Rose Shopping Centre include Iceland, Superdrug, JD Sports, Boots the Chemist, Specsavers and Poundland. Other nearby occupiers in the town include McDonald's, Costa Coffee, Holland & Barrett J D Wetherspoon, Wilko and various banks.
Tenure
Freehold. There is a very small area to the rear which is held on a long lease from 24/06/1984 until 23/06/2083 at a ground rent of a peppercorn.
Description
The property comprises a building arranged on four floors with a basement area used as a boiler room. The main accommodation comprises a large ground floor shop, with ancillary accommodation on part of the first, second and third floors. The remainder of the property is separately accessed and arranged on part ground, part first, part second and part third floors and is currently vacant.
VAT
VAT is applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk
Description
The property comprises a building arranged on four floors with a basement area used as a boiler room. The main accommodation comprises a large ground floor shop, with ancillary accommodation on part of the first, second and third floors. The remainder of the property is separately accessed and arranged on part ground, part first, part second and part third floors and is currently vacant.
(1) For the year ending 30th March 2019, B&M Retail Limited reported a turnover of £2,801,499,000, pre-tax profits of £273,406,000 and a total net worth of £754,389,000 (Source: Experian Group 27/11/2019). B&M has over 600 stores and employs over 28,000 staff (Source: bmstores.co.uk 27/11/2019). (2) The lease is subject to a tenant option to determine on 06/05/2022, subject to a 3 month notice period. A rent penalty of £12,500 + VAT is payable by the tenant if they exercise their break option in 2022. (3) The lease to B&M Retail Limited is full repairing and insuring, subject to a Schedule of Condition.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
