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Colliers International

Colliers International

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Key Information

Price Asking price £4,350,000
Style Investment Property
EPC Rating B45
Status For sale

Location

This agent has listed the accuracy as: Quite Near

Features

  • 86,596 sq ft (8,046 sq m) covered mall incorporating 479 car parking spaces.
  • Key anchor tenants include Tesco and Omniplex, both of which have been sold long leasehold.
  • Asset management opportunities to increase income stream.
  • Site area 1.11 hectares (2.76 acres)
  • Scheme is currently 97.5% let
  • Current net income £463,296 P.A.
  • Price £4,350,000 (Four Million Three Hundred and Fifty Thousand Pounds) exclusive.

Additional Information

The Quayside Centre is a purpose built shopping centre constructed in the early 1990's and consisting of 86,596 sq ft of accommodation and a multi storey car park providing 479 spaces. The shopping centre is anchored by Tesco and Omniplex Cinema both of which have been sold off long-leasehold for a term of 125 years. Quayside is accessed via a main entrance on the Strand Road, while the car park is entered and exited via great James Street. Internally the scheme contains 17 units with various mall and kiosk concessions.

The centre has been designed and constructed in a 'T' shape configuration with the main mall running on a north-south axis (Tesco to the north and the car park to the south) and a shorter mall intersecting with access from Strand Road. The main Mall benefits from a glazed roof providing natural light on to the main mall. The cinema is self-contained and accessed via an entrance on the Strand Road. The cinema sits above the shopping centre and comprises 7 screens which have been recently refurbished in November 2014 at a cost of £500,000.

The Tesco supermarket is a former Crazy Prices store (the group was acquired by Tesco in 1997). The store has been sold off long leasehold for a term of 125 years from 1st November 1992. The Omniplex Cinema has been sold off long leasehold for a term of 125 years from 30 April 1993.

TENURE & SITE BOUNDARY

The Quayside Shopping Centre is held Freehold whilst the car park is held long leasehold for a term of 999 years from April 1994 at a yearly rent of one peppercorn. Further information is available in the dataroom.

ASSET MANAGEMENT

Implement a focused and targeted letting strategy. Address current mall environment by decanting existing kiosks operators into void units. Changing the lease expiry profile on the scheme whereby the vast majority of net income is secured for a period of 5+ years or more. Address landlord shortfalls / inclusive rents and various over-holding leases.

SERVICE CHARGE

The current annual service charge budget for the year is £243,982 which equates to £4.20 per sq ft overall. There is currently one directly employed centre management member of staff in Quayside Shopping Centre. The employment of this employee will be transferred as part of the sale under the TUPE regulations.

EPCs

'EPC Rating B45'. A full Energy Performance Certificate is available from the secure Dataroom. VAT The property is registered for VAT and it is proposed that the sale will be treated as a 'Transfer of a going Concern'.

DATAROOM

A secure dataroom with additional information is available in addition to the brochure. Contact: Gareth Planck at Arthur Cox. Email: gareth.planck@arthurcox.com

PRICE

£4,350,000 (Four Million Three Hundred and Fifty Thousand Pounds) equating to a Net Initial Yield of 10.0%, assuming purchasers costs of 6.56%

MISREPRESENTATION ACT DISCLAIMER

Colliers International gives notice that these particulars are set out as general outline only for the guidance of intending Purchases or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchaser's, or Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatever in relation to this property.

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Listing Views

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