GALLERY
Blockchain
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Summary
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City centre retail investment opportunity
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Located adjacent to The Mall Shopping Centre
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New 5 year lease from June 2021
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Let to an established charity - Derian House Children’s Hospice
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Re-based rent
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Freehold
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£332,500, subject to contract
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8.0% Net Initial Yield
Location
Blackburn is located in the county of Lancashire, approximately 360 km (224 miles) north-west of London, 93 km (58 miles) west of Leeds, 42 km (26 miles) north-west of Manchester and 16 km (10 miles) east of Preston.
The city has good road communications being served by the M65 Motorway (Junctions 4,5 & 6) which in turn connects with the M61 and M6 Motorways. By rail, Blackburn benefits from direct services to London (Euston), with a fastest journey time of approximately 2 hours 32 minutes. Direct services also operate to Manchester and Preston. In addition, Blackpool Airport is located approximately 42 km (26 miles) to the west.
Situation
The property is situated in the heart of Blackburn town centre on the pedestrianised King William Street. Surrounding occupiers include McDonald’s (adjacent), Greggs (opposite), Marks & Spencer, Halifax, NatWest, Santander and SportsDirect.com.
The property benefits from being parallel to The Mall Blackburn, a 600,000 sq ft shopping centre, extended and refurbished in 2011. The Mall underwent a £66 million development scheme which modernised the malls and car park, creating a further 104,000 square feet of retail space as well as a further 300 car parking spaces and over 20 new retailers. Occupiers include Primark, H&M, Boots, Wilko, River Island, JD Sports, Next, Specsavers and Ernest Jones.
Description
The property comprises a ground floor open plan retail unit with first floor storage and ancillary accommodation.
The unit’s principal frontage is to King William Street with an extensive return frontage to Lord Street.
Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
| Net Frontage | 8.38 m | 27’6” |
| Gross Frontage | 8.92 m | 29’3” |
| Zone A | 51.19 sq m | 551 sq ft |
| Zone B | 52.02 sq m | 560 sq ft |
| Zone C | 51.37 sq m | 553 sq ft |
| Remainder | 15.89 sq m | 171 sq ft |
| ITZA | 991 | |
| Total Ground Floor | 170.47 sq m | 1,835 sq ft |
| First Floor Ancillary | 184.69 sq m | 1,988 sq ft |
| Total | 355.16 sq m | 3,823 sq ft |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £540 + VAT.
Tenure
Freehold.
Tenancy
The property is entirely let to Derian House Children’s Hospice Shops Limited on a full repairing and insuring lease for a term of 5 years from 7th June 2021, expiring on 6th June 2026, at a current passing rent of £27,500 per annum.
The property was previously let to Caversham Finance Limited (t/a BrightHouse) at a rent of £50,000 per annum prior to them going into administration. Therefore, the rent has been rebased.
Covenant
Derian House Children’s Hospice Shops Limited is a wholly owned subsidiary of Derian House Children’s Hospice and carries out trading activities on behalf of the charity selling donated goods and bought in goods such as cards and giftware.
Derian House Children’s Hospice is a registered charity (No. 1005165) and provides respite and end-of-life care to more than 450 children and young people across the North West.
The care they provide is free for families and they look after children and young people up until their 26th birthday offering palliative care, respite stays, day care, holidays and end of life support. Derian’s ethos is to make sure that every child and young person is able to make the very most of the time they have. For further information visit www.derianhouse.co.uk.
For the year ending 31st December 2020 the Derian House Group reported Total Incoming Resources of £5,105,045, Net Assets of £22,952,457 and held £16,080,000 in its long-term investment portfolio.
VAT
The property has been registered for VAT. Therefore, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC)
Proposal
We are instructed to seek a figure of £332,500 (Three Hundred and Thirty Two Thousand, Five Hundred Pounds) subject to contract, reflecting a net initial yield of 8.0%, assuming standard purchaser’s costs of 3.64%.
Please note that a purchaser will be re-charged the costs of the measured survey (£540 + VAT) and searches (£806.58) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
Investment Considerations
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An opportunity to acquire a freehold retail investment in Blackburn city centre;
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The property is let on a new 5 year lease from June 2021;
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Let to an established charity, Derian House Children’s Hospice;
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The property is let at a rebased rent;
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The property is situated in the heart of the city centre, adjacent to The Mall Blackburn shopping centre;
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A purchase at the asking price reflects an attractive net initial yield;
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Attractive lot size to an investor.
Data Room and clicktopurchase®
Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.
Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.
clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.
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Contact Us
| Singer Vielle | +44 (0) 207 935 7200 | |
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| Dale Henry | dale@singervielle.co.uk | +44 (0) 203 701 1356 |
| Neil Singer | neil@singervielle.co.uk | +44 (0) 203 478 9120 |
Vendors Solicitor
| Gunnercooke | +44 (0) 333 014 3401 |
|---|---|
| Jonathan Wilkson | jonathan.wilkinson@gunnercooke.com |