Thornton Shopping Centre, Thornton Cleveleys
, FY5 5DX
Price: Property no longer available.
Size: 21317 sq ft1980 sqm Primary Category: Shop All Categories:
Investment, Shop, Property Ref/Movehut: MH295192 Property Ref/Agent: Thornton Shopping Centre Thornton Cleveleys FY5 5DX
*Please use the agent ref when calling the agent directly.
The property is located in Thornton-Cleveleys, an attractive village and commercial centre.
Thornton-Cleveleys is located approximately 5 miles north-east of Blackpool, 19 miles south-west of Lancaster and 12 miles north of Southport.
The area is served by the A585 which provides access to Junction 3 of the M55 Motorway.
Poulton-le-Fylde train station provides services to Blackpool and Manchester.
The property is situated to the north of Victoria Road East within a mixed retailing and residential area.
Nearby occupiers include Martin-s Newsagents, Bet Fred and Lloyds Pharmacy.
The property comprises a purpose built, single level supermarket together with six retail units.
The supermarket is of a steel frame construction with brick elevations under a pitched roof. The retail units are of traditional brick construction.
Subject to planning it may be possible to add residential units on the car park to front Lawsons Road, an established residential street.
Subject to agreement with the tenants, there is the potential to combine the units to create better retail accommodation.
Subject to agreement with the tenants, extra retail space could also potentially be created over the surface car park
Unit 1a Use -Sales/Anc 1,137sq ft 105.6sq m ITZA 489
Unit 1b Use -Sales/Anc 975sq ft 90.6sq m ITZA 420
Unit 1c Use -Sales/Anc 975sq ft 90.6sq m ITZA 420
Unit 1d Use -Sales/Anc 975sq ft 90.6sq m ITZA 420
Unit 2 Use - Sales/Anc 1,223sq ft 113.6sq m ITZA 98
Unit 3 Use - Sales/Anc 1,694sq ft 157.4sq m ITZA 758
Unit 11 Use -Sales/Anc 14,338sq ft 1,332.1 sq m-
Total (GIA) 21,317sq ft 1,980.5sq m
The property occupies a site which extends to approximately 1.75 acres.
The site includes a surface car park providing 87 spaces.
Tenancies / Rent Passing
Unit 1a Tenant- Barnardos Lease End- 23/09/2020 Rent (pa) -?10,000
Unit 1b Tenant-Ms J Davies & Mr S Wagster Lease End- 29/06/2024 ?Rent (pa) -10,000
Unit 1c Tenant-American Chicken Ranch (II) Ltd Lease End- 05/03/2028 Rent (pa) -?10,500
Unit 1d Tenant-Mr M A Bashir Lease End- 12/02/2019 Rent (pa) -?12,001
Unit 2 Tenant-Martin McColl Limited Lease End- 31/08/2017 Rent (pa) -?12,500
Unit 3 Tenant-Done Brothers (Cash Betting) Ltd Lease End- 19/02/2018 Rent (pa) -?12,500
Unit 11 Tenant- Somerfield Stores Ltd Guarantor- Somerfield Ltd (Co-op Group Food Limited) Lease End- 02/04/2037 Rent (pa) -?202,106*
Unit 120 Tenant- Wyre Borough Council Lease End- 27/05/2103 Rent (pa) - ?10
Total Rent (pa) -?279,617
The supermarket rental benefits from fixed annual uplifts of 2.25%, payable annually, which currently equates to ?14.09 per sq ft.
Due to the fixed annual uplifts of 2.25% the following running yields apply:
Overall Running Yield
April 2019 - Year 5 7.24%
April 2024 - Year 10 7.89%
April 2029 - Year 15 8.63%
April 2034 - Year 20 9.44%
Lease end 9.98%
(The 2.25% increase is payable annually and is displayed above five yearly.)
During 2013 the revenue for Co-operative Group Food Limited was ?7.24bn, with an underlying operating profit of ?247m.
The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC)
We are instructed to seek offers in excess of ?3,832,000 (three million, eight hundred and thirty two thousand pounds), exclusive of VAT. A purchase at this level would provide an attractive net initial yield of 6.65%, after allowing for purchaser-s costs of 5.8%.
EPC for Thornton Shopping Centre, Thornton Cleveleys
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