—
On behalf of institutional clients, Cooper Rose Real Estate has sold the freehold in a prime food store let to Sainsbury’s for a price of around £20,000,000, reflecting a net initial yield of 5%.
The details of the transaction are confidential.
Contact Giles Cooper
Cooper Rose Real Estate has been instructed to market this modern, purpose built food store investment in Immingham, North-East Lincolnshire, the salient points of which are as follows:
Immingham is an historic shipping town located approximately 8 miles north west of Grimsby, 22 miles east of Scunthorpe and 28 miles south of Hull
The town benefits from good road communications and is serviced by the A180, linking the town with Grimsby to the south east and the M180 just 9 miles to the west
There are over 37,700 people living within 15 minutes of Immingham rising to over 236,000 people living within 30 minutes
The town is rapidly expanding with plans to build over 700 new homes
Immingham is also a thriving industrial town with trade centred on the Port of Grimsby and Port of Immingham, which is the UK’s largest Port
The subject property forms part of the town centre for Immingham which was recently subject to a £10 million redevelopment
45,286 sq ft supermarket that has recently been re-fitted to trade as Jack’s – Tesco’s new discount trading fascia
Long leasehold for a term of 999 years from 30 November 1995 (976 years unexpired) from Cleethorpes Borough Council at a peppercorn rent
Let to Tesco Stores Limited, trading as Jack’s, for a further 20.9 years (10.9 years term certain) on a fully repairing and insuring lease
The passing rent is £679,290 p.a. (£15.00 per sq ft) and is reviewed five yearly on an upward only basis linked to the Retail Prices Index with a collar of 1.00% p.a. and cap of 4% p.a.
The next review being 5th September 2019 - vendor will top the rent up to £760,000 p.a.
Tesco Stores Limited have an undoubted covenant with a ‘5A1 / Minimum Risk’ credit rating from Dun & Bradstreet with a reported turnover of over £40bn in 2017
We are instructed to seek offers in excess of £10,960,000 subject to contract and exclusive of VAT, which reflects an attractive Net Initial Yield of 6.50% on the basis the rent is topped up and assuming purchaser’s costs of 6.70%
A purchase at this price produces an estimated running yield at next review (Sept 2024) of 7.50%
Contact Ben Rose, Sammy Whittaker or our joint agent Ben Turquet of Harvey Spack Field
By Paul Norman - Friday, October 05, 2018 11:08
Melburg Capital, the privately owned investment management specialist, has bought a 65,000 sq ft mixed-use regeneration opportunity in Bristol city centre for £10m, taking its acquisitions to £330m in the past 15 months.
The site, at 15-33 Union Street was bought off-market from a private UK institutional investor.
The mixed-use building, which is principally let to discount retailer Wilkinson’s, sits in Bristol’s prime retail pitch within close proximity to the Galleries Shopping Centre.
Melburg is understood to be planning to reposition the existing tenant profile for a regeneration scheme.
Melburg declined to comment.
Melburg were advised by Cooper Rose Real Estate.
Contact Giles Cooper
On behalf of AEW UK, Cooper Rose Real Estate have been instructed to market a freehold retail warehouse investment in Warrington.
The salient points of the investment are as follows:
• Warrington is a major commercial and retailing centre with strong communication links
• Retail park comprising three well configured units
• Open A1 Planning Consent
• Let to three tenants trading as Office Outlet, Farmfoods and Dreams
• Leases expire in 2024
• Potential for future redevelopment and restaurant pod
• Current income: £279,538 per annum
• Price: £3,280,000, subject to contract and exclusive of VAT
• Net Initial Yield: 8%
Contact Giles Cooper
As reported by CoStar in April 2017, this development has now reached PC:
Aberdeen Asset Management has agreed a £12m funding deal with Tungsten Properties for a speculative logistics development in the industry’s ‘Golden Triangle’ in Lutterworth, CoStar News can reveal.
The 130,000 sq ft logistics facility, which will be developed by Tungsten, is located close to the M1 and in turn the national motorway network, and is also well connected to the West via the A4303 to the A5 and Magna Park.
Oli Lord, fund manager at Aberdeen Asset Management, said: “We are delighted to have secured such a prominent and well located opportunity. We look forward to working with Tungsten to deliver a high quality product and take advantage of current favourable supply / demand dynamics."
The speculative industrial development is being marketed by the joint letting agents, MWRE and Burbage Realty, at £6.75 per sq ft.
Jeff Penman, Tungsten Properties, said: “We are delighted to be working with Aberdeen Asset Management to deliver this prime logistics facility. The 128,600 sq ft unit will be built to a ‘best in class’ specification, and will provide immediate access to J20 of the M1, close to Magna Park, Lutterworth, in the heart of the Golden Triangle.”
Cooper Rose Real Estate represented Aberdeen Asset Management; whilst Franck-Steier Price acted on behalf of Tungsten Properties.
Contact Ben Rose
On behalf of Savills Investment Management, Cooper Rose Real Estate has sold the freehold investment in the Jurys Inn in Derby for a price of £20,000,000, reflecting a net initial yield of 5.85%.
The property comprises a modern 213 bedroom hotel constructed in 2008, located within the Cathedral Quarter of Central Derby, close to the core, pedestrianised retailing area and easily accessible via the inner ring road.
The property is let to Jurys Hotel Management (UK) Ltd, with surety from Vesway Designated Activity Company, for a term of 35 years from 19 June 2009 (expires 18 June 2044).
The current rent is £1,250,000 pa, subject to five yearly, uncapped RPI rent reviews.
Contact Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has acquired the freehold interest in The Bell Hotel, Orford Hill, Norwich for a price of £4.85m, reflecting a net initial yield of 5.38%, rising to 5.83% later this year.
The Bell Hotel is one of the strongest performing Wetherspoons in the UK and has recently undergone a £2.2m refurbishment.
The property is let to JD Weatherspoon plc on a lease with fixed increases until 2048 and Santander UK plc until 2020. The total current income is £278,000 per annum.
Contact Ben Rose or Giles Cooper
CoStar Group have confirmed that the acquisition of the Sainsbury's Foodstore investment in Wakefield by Cooper Rose Real Estate on behalf of private clients was the largest investment transaction recorded in Yorkshire during 2017.
The property was acquired for a price of around £40,000,000.
Contact Ben Rose or Sammy Whittaker
On behalf of private clients, Cooper Rose Real Estate has sold the freehold interest in the Preston Brook Contact Centre in Daresbury, near Warrington, for a price of around £40m.
The property comprises a modern office / contact centre constructed in 1998, providing
158,471 sq ft across 3 floors.
The property is fully let to Capita Business Services Ltd, guaranteed by Capita Plc, servicing an outsourcing contract for O2, until 2041 at a passing rent of around £1,800,000 per annum.
The rent is subject to annual, RPI linked rent reviews, collared and capped at 0% and 3%
Contact Ben Rose
On behalf of private clients, Cooper Rose Real Estate has acquired the heritable interest in the Mercure hotel in Livingstone, Scotland from the Aviva Linked Property Fund.
The property is let to Jupiter Hotels Limited for a term of 34 years from 24 August 1999 at a current rent of £678,192 per annum subject to RPI linked rent reviews and with an additional rent based on turnover.
The acquisition price was around £6,200,000.
Contact Ben Rose or Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has acquired the 999 year long leasehold interest in the Marks & Spencer in Huddersfield for a price of around £5.9m.
The property is sub-let to Marks & Spencer on two leases until 2064 and 2065.
Contact Ben Rose or our joint agents Christopher Dee
On behalf of private clients, Cooper Rose Real Estate has acquired two retail investments for a combined price of £4,255,000.
Contact Ben Rose or our joint agents Metis and Carrick Real Estate
On behalf of private clients, Cooper Rose Real Estate has acquired the long leasehold interest in a supermarket investment in Wakefield.
The property is held on a 999 year long leasehold basis from 13 August 2014 and is let to Sainsbury's Supermarkets Ltd until 22 May 2036.
The property was acquired for a price of around £40m.
Contact Ben Rose or Sammy Whittaker
On behalf of Threadneedle Pensions Limited, managed by Columbia Threadneedle, Cooper Rose Real Estate has sold a portfolio of nine high street retail investments to clients of BCM for a price of £11,400,000, reflecting a net initial yield of approximately 8%.
The properties are as follows:
East Grinstead – 53-59 London Road
Epsom – 58-60 High Street
Haverhill – 1 & 2 High Street
Ilford – 133A High Road
Norwich – 7-13 Orford Place
Southend on Sea – 189 High Street
Southend on Sea – 191-201 High Street
Strood – 84-89 High Street
Wallasey – 309-313 Liscard Road & 1-9 Wallasey Road
The total gross income is approximately £989,745 per annum.
Contact Giles Cooper or our joint agents Fawcett Mead
The Charities Property Fund (“The Fund”), managed by Savills Investment Management, has purchased the freehold interest in the House of Fraser in Chichester for a price of £13.4 million.
The property comprises the only department store in Chichester and is situated in a prime trading position in the city centre. The store has recently been refurbished by the tenant and extends to 69,313 sq ft.
The lease has an unexpired term of in excess of 22 years with five-yearly rent reviews.
The price reflects a net initial yield of 5.26% and a capital value of approximately £193 per sq ft.
This follows The Fund’s recent sales of two smaller high street retail investments in Chichester, let to WH Smith and Oasis, for prices of £3.82 million, reflecting a net initial yield of 4% and a capital value of £688 per sq ft and £2.55 million, reflecting a net initial yield of 3.69% and a capital value of £1,141 per sq ft respectively.
Harry de Ferry Foster, Fund Director, commented: “Having recently sold two assets in Chichester at a combined yield of 3.88% - a record low, we welcomed the opportunity to immediately buy back in at a 35% premium, with the benefit of a much longer lease. This asset has an extensive retail frontage and occupies an excellent spot opposite the Cathedral. It is a very attractive building and also offers a number of opportunities for alternative uses in the future”.
The purchaser was advised by Cooper Rose and Smith Price. The vendor was advised by Fawcett Mead.
Contact Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has been instructed to sell the Prestige Portfolio, a portfolio of four prominent, freehold car showroom investments, located in Nottingham, Stoke-on-Trent and Sutton Coldfield, as follows:
We are instructed to seek offers in excess of £9,500,000 reflecting a Net Initial Yield of 6.52% and a low capital value of £140 per sq ft (£1,507 per sq m) after taking into account purchaser’s costs of 6.70%.
Contact Ben Rose or Sammy Whittaker or our joint agents CBRE
On behalf of private clients, Cooper Rose Real Estate has acquired the freehold interest in a hotel investment in Gateshead.
The property is let on a 35 year lease to Jurys Inn Hotel Management (UK) Ltd, expiring 24 August 2046.
The property was acquired for a price of around £23,000,000, reflecting a net initial yield of 6.67%.
Contact Ben Rose
Cooper Rose Real Estate has launched the sale of the Barclays Bank on High Street, Rhyl, North Wales, the details of which are as follows:
Contact Sammy Whittaker
On behalf of private clients, Cooper Rose Real Estate has acquired the long leasehold interest in a prime high street retail investment in Southampton.
The property is let to WH Smith plc and Zurich Assurance Ltd until December 2049 at a total rent of £375,275 per annum. Zurich have sublet their unit to Vodafone.
The property was acquired for a price of around £5.4m, reflecting a net initial yield of approximately 5.56%.
Contact Ben Rose or Giles Cooper
Cooper Rose Real Estate, together with joint agents Fawcett Mead, have sold the freehold interest in 16/17 North Street, Chichester for a price of £3,820,000, reflecting a net initial yield of approximately 4%.
The property is let to WH Smith Retail Holdings Limited on a full repairing and insuring lease for a term of 10 years from 25 December 2012 at a current rent of £163,750 per annum. There is an upward only, open market rent review on 25 December 2017.
Cooper Rose Real Estate acted on behalf of Savills IM.
Contact Giles Cooper
