B&M, Chapel Street, Hucknall, Nottinghamshire, NG15 7AU
• Rare High Street Retail Warehouse Opportunity comprising 22,345 sq ft (2,075.91 sq m) GIA of accommodation over ground and first floors.
• Frontage onto both the High Street and the main public car park of Hucknall providing excellent footfall.
• The tenant has recently carried out a major internal and external refurbishment, highlighting their commitment to the property.
• Let to EV Retail Limited, with guarantee from B&M Retail Limited, until May 2028 providing an unexpired term certain of 10.5 years.
• The lease is subject to 5 yearly rent reviews to 2.5% pa compounded in May 2018 and May 2023.
• The current passing rent is to be topped up by the vendor to the May 2018 level of £179,669.68 per annum reflecting £8.04 per sq ft overall (GIA).
• B&M Retail Limited provide a strong D&B rating of 5A1.
• Offers are invited in excess of £2,250,000 (Two Million, Two Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.50% off the topped up rent of £179,669.69 per annum, a minimum reversionary yield of 8.40% in 2023 and a capital value of £100 per sq ft GIA, after purchaser’s costs of 6.33%.
Hucknall is a former colliery town in the county of Nottinghamshire some 7 miles (11 km) north-west of Nottingham and 8 miles (13 km) south of Mansfield. It benefits from excellent road links being some 5 miles (8 km) east of Junction 27 of the M1 Motorway and 4 miles (6 km) west of the A60 which provides a direct link between Nottingham and Mansfield. Hucknall also benefits from regular and direct rail services to Nottingham (17 minutes) and Mansfield (16 minutes). Hucknall is also supported by Nottingham’s tram network (The Nottingham Express Transit), which serves 25,000 passengers daily. East Midlands Airport is located just 15 miles (24 km) to the south west.
The property is situated in the main retail area of Hucknall. The High Street is the town’s principal retailing thoroughfare which the subject property faces on to. A large number of retailers are located here with occupiers including; Superdrug, Boots, Peacocks, Bon Marche, Holland & Barrett, HSBC, Greggs and NatWest.
The town centre has a lively mix of national and local occupiers, with a popular 130 year old market which trades two days a week. The unit benefits from high footfall due to its close proximity to Piggins Croft Car Park.
The property provides a purpose built two-storey retail building with car parking to the rear. Internally the building provides ground floor retail accommodation with ancillary/storage accommodation on the first floor. Deliveries are through the rear of the property via The Piggins Croft Car Park, an Ashfield District Council owned facility providing 322 car parking spaces, the largest car parking facility in Hucknall.
The tenant has recently carried out a major internal and external refurbishment which was completed in June 2016.
We have been provided with the following gross internal areas (GIA) which gives a breakdown of the total on a
floor by floor basis:
The property (trading as B&M Bargains) is let in its entirety to EV Retail Limited (previously Firesource Limited), with guarantee from B&M Retail Limited, for a term of 20 years from 21 May 2008 until 20 May 2028 at a passing rent of £158,801 per annum exclusive. The lease is subject to minimum uplifts to 2.5% per annum compounded, reviewed 5 yearly with the next review on 20 May 2018 increasing the rent to £179,669.98 per annum. The vendor is willing to top up the rent to this level at completion, on a pro rata basis, in order that the passing income will be £179,669.68 per annum.
The property is held Freehold.
EV Retail Limited has a Dun & Bradstreet rating of 3A1 and has reported the following financial figures:
B&M Retail Limited was formed in 1978 and is now one of the leading variety retailers in the UK. From its first store in Blackpool, Lancashire, B&M has grown to over 500 stores and employs over 22,500 staff. They attract over 3 million customers per week.
B&M Retail Limited has a Dun & Bradstreet rating of 5A1 and has reported the following financial figures:
The property has been elected for VAT purposes. It is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).
Offers are invited in excess of £2,250,000 (Two Million, Two Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.50%, a reversionary yield of 8.40% in 2023 and a capital value of £100 per sq ft GIA, after purchaser’s costs of 6.33%
MISREPRESENTATION ACT 1997 & DECLARATION
Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.