Substantial Shopping Centre Investment Opportunity
Tenants include Greggs, Iceland, Betfred and British Heart Foundation
Comprises 46 retail units, 37 residential flats and 352 car parking spaces
Significant opportunity to enhance rental income
Adjacent to the new £300 million Civic & Cultural Quarter Regeneration Development Project
Excellent redevelopment potential (subject to consents)
Six Week Completion (subject to Landlords consent to assign)
Rent: £1,032,537 p.a.x. (gross), £651,417 (net)
Lot 15
Auction 11th July 2013
Rent £1,032,537 per Annum Exclusive
Status Sold
Price £3,675,000
Sector Shopping Centre
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On the instructions of Julian Clarke & Matthew Nagle acting as Joint Fixed Charge Receivers, Savills
Property Information
Location
Miles
19 miles north-east of Sheffield, 28 miles south-east of Leeds, 43 miles south of York
Roads
M18 (Junctions 3 & 4), A1 (M) (Junctions 36 & 37)
Rail
Doncaster Railway Station (1 hour 49 miles to London Kings Cross)
Air
Doncaster Robin Hood Airport & Leeds Bradford Airport
Situation
The property is prominently situated in Doncaster town centre bound by
Cleveland Street to the north-west, College Road to the south-west, Waterdale to the south-east and Young Street to the north-east. The main pedestrianised arcades of Kingsgate, Queensgate and Princegate provide walkways through the centre. The town is benefiting from a £300m regeneration programme which has seen significant investment in the New Civic & Cultural Quarter which lies adjacent to the property.
Tenure
Freehold. A small area (shaded orange on the plan) relating to units 41-51 College Road are held from Doncaster Borough Council for a term of 86 years from 1st October 1978 until 30th September 2064 at a current rent of £6,250 per annum. The rent is reviewed on an upward only basis every 21 years to 20.2% of the annual rack rent received.
Location
Miles
19 miles north-east of Sheffield, 28 miles south-east of Leeds, 43 miles south of York
Roads
M18 (Junctions 3 & 4), A1 (M) (Junctions 36 & 37)
Rail
Doncaster Railway Station (1 hour 49 miles to London Kings Cross)
Air
Doncaster Robin Hood Airport & Leeds Bradford Airport
Situation
The property is prominently situated in Doncaster town centre bound by
Cleveland Street to the north-west, College Road to the south-west, Waterdale to the south-east and Young Street to the north-east. The main pedestrianised arcades of Kingsgate, Queensgate and Princegate provide walkways through the centre. The town is benefiting from a £300m regeneration programme which has seen significant investment in the New Civic & Cultural Quarter which lies adjacent to the property.
Tenure
Freehold. A small area (shaded orange on the plan) relating to units 41-51 College Road are held from Doncaster Borough Council for a term of 86 years from 1st October 1978 until 30th September 2064 at a current rent of £6,250 per annum. The rent is reviewed on an upward only basis every 21 years to 20.2% of the annual rack rent received.
Description
The property comprises an uncovered shopping centre of 46 ground floor retail units, 37 residential apartments divided between three separate blocks, a former cinema, office accommodation and a sports and social club. Additionally the property benefits from a 263 space basement car park accessed from Waterdale and two surface level parking areas accessed from Young Street providing approximately 89 car parking spaces.
Note:
A full tenancy schedule as at 14th June 2013 is available online on our website in the legal pack.
In summary:
Commercial Tenancies – The total current rental income for the occupational commercial tenancies is £431,961 per annum. Currently 8,292.64 sq m (89,262 sq ft) is unoccupied.
Residential Tenancies – The total current rental income for the 27 occupied residential apartments is £105,114 per annum. Currently 10 apartments are unoccupied.
Car Parking – The total car parking rental income for the year ending December 2012 was £473,075 per annum. An additional income of £22,387 per annum is generated from service yard parking permits.
The total current gross rental income for Waterdale Shopping Centre is
therefore £1,032,537 per annum.
Shortfalls – The current estimated annual income shortfall is £381,120. Further information is available within the legal pack. The total current net rental income for Waterdale Shopping Centre allowing for service charge shortfall, ground rent and void business rates is £651,417 per annum.
Service Charge – The current annual service charge budget for the year ending 31st March 2014 is £190,449. Further information is available within the legal pack.
NB. The Shopping Centre has been professionally measured by Plowman Craven. The floor plans and calculations are available within the legal pack. The areas have been warranted and the warranty will be passed on to the purchaser on completion of the sale.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting without personal liability and therefore no warranties or guarantees in any respect including VAT can be given.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises an uncovered shopping centre of 46 ground floor retail units, 37 residential apartments divided between three separate blocks, a former cinema, office accommodation and a sports and social club. Additionally the property benefits from a 263 space basement car park accessed from Waterdale and two surface level parking areas accessed from Young Street providing approximately 89 car parking spaces.
Note:
A full tenancy schedule as at 14th June 2013 is available online on our website in the legal pack.
In summary:
Commercial Tenancies – The total current rental income for the occupational commercial tenancies is £431,961 per annum. Currently 8,292.64 sq m (89,262 sq ft) is unoccupied.
Residential Tenancies – The total current rental income for the 27 occupied residential apartments is £105,114 per annum. Currently 10 apartments are unoccupied.
Car Parking – The total car parking rental income for the year ending December 2012 was £473,075 per annum. An additional income of £22,387 per annum is generated from service yard parking permits.
The total current gross rental income for Waterdale Shopping Centre is
therefore £1,032,537 per annum.
Shortfalls – The current estimated annual income shortfall is £381,120. Further information is available within the legal pack. The total current net rental income for Waterdale Shopping Centre allowing for service charge shortfall, ground rent and void business rates is £651,417 per annum.
Service Charge – The current annual service charge budget for the year ending 31st March 2014 is £190,449. Further information is available within the legal pack.
NB. The Shopping Centre has been professionally measured by Plowman Craven. The floor plans and calculations are available within the legal pack. The areas have been warranted and the warranty will be passed on to the purchaser on completion of the sale.
Note
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting without personal liability and therefore no warranties or guarantees in any respect including VAT can be given.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
