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On behalf of Savills Investment Management, Cooper Rose has sold the freehold interest in 54/55 Chapel Market, Islington for a price of £3.765m, reflecting a net initial yield of 4.79%.
The investment received a strong level of interest with over ten offers received for the property.
Contact Giles Cooper or our joint agents Fawcett Mead
On behalf of private clients, Cooper Rose has sold the freehold interest in the Sainsburys in Bishop Auckland for an undisclosed price.
The property comprises a purpose built food store totalling 96,702 sq ft.
The property is let to Sainsbury’s Supermarkets Ltd for a term of 25 years from 29 September 2010 at a passing rent of £2,075,043 pa.
The rent is subject to upwards only reviews on a 5-yearly basis, with the next review being on 29 September 2025.
Contact Ben Rose or our joint agents Morgan Williams
Cooper Rose LLP has launched the sale of a prime retail investment with development potential in Islington, London N1,
Islington, London N1 - one of the capital’s most affluent boroughs and a vibrant residential, business, retail and leisure area.
Located close to The City of London and the West End, benefitting from central London’s comprehensive transport infrastructure.
Situated on the southern side of the pedestrianised Chapel Market, one of Islington’s busiest retailing thoroughfares, close to Angel Underground Station.
Two substantial retail units totalling 12,195 sq ft.
Let at re-based rents to the undoubtable covenants of JD Sports Fashion plc & Superdrug Stores plc.
Potential for full or partial redevelopment (STPP).
Total current income: £192,000 per annum
Price: £3,150,000 (subject to contract and exclusive of VAT)
Net Initial Yield: 5.73%
Contact Giles Cooper or our joint agents, Fawcett Mead
On behalf of private clients, Cooper Rose LLP has acquired the freehold interest in the Sainsbury’s on Kilburn High Road, London.
The 52,614 sq ft store is let to Sainsbury's until 2043 at a current rent of £992,065 per annum, subject to 5 yearly open market rent reviews
Contact Ben Rose or Giles Cooper
On behalf of institutional clients, Cooper Rose has acquired the heritable interest in The Henge Retail Park, Glenrothes, Scotland.
The property comprises a food convenience led scheme totalling 33,167 sq ft and is anchored by a stand-alone Marks and Spencer Food Hall.
Other tenants include Iceland’s Food Warehouse, Farmfoods and Indigo Sun.
The current passing rent is £525,500 per annum and the WAULT to expiry is approximately 12 years.
Contact Giles Cooper
Cooper Rose has launched the sale of Sainsbury’s in Bishop Auckland, a prime foodstore investment let to the excellent covenant of Sainsbury’s Supermarkets Ltd for a further 14.5 years.
The property is located in the historic market town of Bishop Auckland in County Durham, serving a catchment of over 100,000 people within a 15-minute drivetime.
Occupying a highly prominent position on the A688, adjacent to the successful and fully let Bishop Auckland Retail Park, the purpose-built foodstore was developed in 2010 and comprises a total GIA of 96,702 sq ft, together with a 6-pump Petrol Filling Station and 612 car parking spaces.
The store incorporates an Argos concession and operates dot-com delivery service.
The freehold site extends to approximately 8.6 acres.
The occupational lease expires on 28 September 2035 at a passing rent of £2,075,043 pa (reflecting an affordable rate of £19.50 psf), subject to 5-yearly OMV reviews.
We are instructed to seek offers in excess of £37,000,000 (Thirty Seven Million Pounds) subject to contract and exclusive of VAT, for our client’s freehold interest. A purchase at this level would show an attractive Net Initial Yield of 5.25% allowing for standard purchaser’s costs of 6.80%.
Contact Ben Rose, Sammy Whittaker or our joint agents Morgan Williams
On behalf of AEW UK Core Property Fund, Cooper Rose has sold School Brow Retail Park in Warrington for a price of around £2,000,000.
The property is mainly let to Farmfoods Ltd until 2035 at a rent of £95,000 per annum.
Contact Giles Cooper
We are pleased to launch this portfolio of three petrol station investments located in Bristol, Newcastle-under-Lyme and Peterborough, with fixed rental increases.
Located in affluent areas on major arterial routes with excellent roadside prominence.
Let to or guaranteed by the excellent covenants of Rontec Properties (No. 4) Limited, Rontec Roadside Retail Limited, Co-operative Foodstores Limited and Co-operative Group Food Limited
WAULT of approximately 15.69 years to expiry and 12.60 years to breaks
Total GIA 10,404 sq ft (966.5 sq m)
Total site area 3.95 acres (1.6 hectares)
Current rental income of £590,078 per annum
We are seeking offers in excess of £10,500,000, subject to contract and exclusive of VAT
A purchase as this level reflects a Net Initial Yield of 5.26%,
Available as a portfolio or on an individual basis.
Contact: Sammy Whittaker, Ben Rose or Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has acquired the freehold interest in Units A-D, Baltic Road, Bootle, Liverpool.
The property is located 500m from Bootle Docks and totals 42,617 sq ft across four units.
It is fully let and currently produces £130,565 per annum, reflecting a low passing rent of £3.05 per sq ft.
The property is let to Mersey Pipeline Supplies, Bootle Containers Ltd And Aperture Solutions Ltd and has an AWULT of 5.0 years to expiry (2.8 years to break).
Contact Ben Rose or Sammy Whittaker
On behalf of private clients, Cooper Rose has acquired the freehold interest in Primark, Burton-on-Trent.
The property is let to Primark Stores Limited, guaranteed by ABF Investments plc, until 21 Match 2095 at a current rent of £318,750 pa subject to rent reviews every 7 years, the next being in April 2024.
The price is confidential.
Contact Giles Cooper or Ben Rose
On behalf of private clients, Cooper Rose Real Estate has acquired a Tesco food store in Rotherham, South Yorkshire.
The property comprises a modern, purpose built 110,172 sq ft food store with a six pump petrol filling station. The property also benefits from 540 car parking spaces.
It is secured to Tesco Stores Limited on a 30 year lease from 29 September 2014, expiring on 28 September 2044 without break. The current rent is £2,039,550 per annum and is subject to 5 yearly upward only reviews, to the annual compounded increase in RPI, collared and capped at 1% and 4%.
The property is held on a long leasehold basis for 250 years from 28 February 2013 at a peppercorn rent from Rotherham Borough Council.
The acquisition price is confidential.
Travelodge has been warned that it could face court action if it pushes ahead with a restructuring to cut rents.
Combined Property Control Group (CPCG), the landlord that brought a legal challenge against Debenhams last year, has accused the hotel chain of penalising property owners while benefiting from government support. Travelodge, owned by hedge funds GoldenTree Asset Management and Avenue Capital, and the investment bank Goldman Sachs, has furloughed staff and has been granted business rates relief.
“The changes the government made were not meant to allow people who have pulled tens of millions a year . . . leaving it with little cash, to plead poverty and tear up leases using strong-arm tactics,” said Ben Rose of Cooper Rose Real Estate, representing CPCG. The landlord owns five hotels.
In a letter, Travelodge has warned that unless it is able to waive up to £146m in rent, it will be forced to pursue a company voluntary arrangement (CVA), a controversial type of insolvency, to slash rents and leave some sites. Landlords have been blocked from taking legal action by the government, which has issued a temporary ban on statutory demands.
CPCG says Travelodge should not pursue a CVA and that a key ruling from the Debenhams case — which found that tenants could not protect their best properties from being taken back by landlords in a CVA — could be a stumbling block.
On behalf of private investors, Cooper Rose has acquired the freehold and part long leasehold interest in Mecca Bingo & Grosvenor Casino, Moor Lane, Bolton.
The property is located to the south-west of the town centre at the junction of Ormrod Street, Moor Lane and Trinity Street which are part of the inner ring road system. Bolton Train Station is nearby.
The property is arranged over ground and part mezzanine floors and totals 61,941 sq ft.
The property is let on two effectively full repairing and insuring leases with approximately 10 years unexpired and produces an overall income of £655,039 per annum. Both leases benefit from a rent review on 18 October 2023 which is linked to RPI, capped at 3% pa.
Contact Ben Rose
In an off-market transaction, on behalf of Threadneedle Pensions Limited, Cooper Rose LLP has sold the freehold interest in Commercial Buildings, 63-75 Commercial Way, Woking to Woking Borough Council for a price of £3,800,000, reflecting a net initial yield of 5.58%.
The property comprises a parade of seven retail units, with ancillary upper floor accommodation, situated in an edge of prime trading position in Woking town centre.
The property is secured on seven tenancies, with occupiers including Caffe Nero and Oxfam, and produces £225,900 per annum.
Contact Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has been instructed to market the Motion Portfolio - three petrol station investments in Bristol, Newcastle-under-Lyme and Peterborough with fixed rental increases
• Located in affluent areas on major arterial routes with excellent roadside prominence
• Let to or guaranteed by the excellent covenants of Rontec Properties (No. 4) Limited, Rontec Roadside Retail Limited, Co-operative Foodstores Limited and Co-operative Group Food Limited
• WAULT of approximately 16.9 years to expiry and 14 years to breaks
• Total GIA 10,404 sq ft (966.5 sq m)
• Total site area 3.95 acres (1.6 hectares)
• Total rental income of £585,875 per annum
• We are seeking offers in excess of £10,500,000, subject to contract and exclusive of VAT
• A purchase as this level reflects a Net Initial Yield of 5.22%, assuming purchaser’s costs of 6.80% and provides the following yield profile:
2024 - 5.50%
2029 - 5.86%
2034 - 6.27%
Contact Ben Rose or Sammy Whittaker
Thanks to all our clients and contacts for the last seven years.
On behalf of private investors, Cooper Rose Real Estate has acquired the freehold interest in a prime retail investment in Lincoln city centre for a price of £1,300,000, reflecting a net initial yield of 5.5%.
The subject property sits within a 100% prime location on the pedestrianised High Street just south of the River Witham and opposite St Benedicts Square. There are currently very few vacant shops along this part of the High Street with nearby multiple retailers including; Paperchase, Ernest Jones, Fat Face, Boots and Pandora.
The entire property is let to Next Holdings Limited on a 99 year full repairing and insuring lease from 6th March 1970 (approximately 50.5 years unexpired) at a current rent of £77,000 per annum. The lease benefits from 10 year rent reviews with the next due on 6th March 2020.
EE Limited currently occupy the premises on a 5 year underlease from 31st July 2017 (approximately 4 years unexpired) at a current rent of £104,300 per annum. The underlease is on the same terms as the original lease and has the benefit of a rent review due on 6th March 2020.
HRH Retail acted for the vendor.
Contact Giles Cooper
On behalf of private investors, Cooper Rose Real Estate has sold the long leasehold interest in the Jurys Inn hotel on Station Road in Nottingham, East Midlands.
The property comprises a modern 264 Bedroom hotel opened in October 2005. All rooms are en-suite with air conditioning and free Wi-Fi. Additional facilities include a Costa coffee and hotel restaurant and bar. The hotel has recently been refurbished at a cost of £2.2m.
The property is situated close to Nottingham rail station and tramway and within walking distance of the city centre.
The investment is secured to to Jurys Hotel Management (UK) Limited with a guarantee from Jurys Inn Group Ltd on a 35 year lease from 16 October 2005, expiring 15 October 2040
The current passing rent is £1,749,738.57 per annum, which is subject to uncapped RPI compounded uplifts every 5 years, with the next review on 16 October 2020.
The details of the transaction are confidential.
Contact Ben Rose or Giles Cooper
On behalf of private clients, Cooper Rose Real Estate has sold the freehold interest in two adjacent industrial units in Huyton, Merseyside for a price of £3,500,000, reflecting a net initial yield of 7.59%.
The property is situated on the established Huyton Business Park, adjacent to the intersection of the M62 and M57 Motorways, and comprises two detached, well specified industrial units on a large site extending to 6.47 acres.
Unit 1 comprises 92,117 sq ft whilst Unit 6 provides 31,272 sq ft of accommodation (123,389 sq ft in total).
Unit 1 is secured to the undoubted covenant of City and St James Property Holdings Limited (D&B Rating 5A1) with circa 3.5 years unexpired. Unit 6 is secured to the established covenant of Locker Freight Limited (D&B Rating A1) on a lease expiring in April 2019.
The total current income is £282,690 per annum, reflecting £2.48 psf on Unit 1 and £1.73 psf on Unit 6.
Contact Ben Rose or Mark Powell at our joint agents Christopher Dee.
Sainsbury’s superstore bought by Cheltenham Borough Council ‘to support the local economy’ - The authority buys site in Priors Road as it adds to its property portfolio
By Robin Jenkins Chief Cheltenham Reporter
Cheltenham Borough Council says it has bought Sainsbury’s in the town’s Priors Road “to support the local economy”.
The council said the completion took place yesterday and that the property in Oakley, Cheltenham would remain as a supermarket.
Councillor Rowena Hay (LD, Oakley), the authority’s cabinet member for finance, said: ‘’The purchase will contribute towards making the authority more financially sustainable at a time when government funding is diminishing to continue to invest in front line services and community development.
“Acquiring Sainsbury’s, together with the recent purchase of Ellenborough House, highlights the council’s commercial aspirations. Negotiations have taken almost a year and I am pleased that we are at the point of completion.
‘’This investment also demonstrates the commitment the council has in the strength of Cheltenham’s current and future economic prospects.’’
Paul Jones, the council’s executive director for finance and assets, said: “The taxpayers of Cheltenham can be assured that significant due diligence and negotiations went into this acquisition, which complements our already well balanced and diversified property investment portfolio.
‘’The net income from our property investment portfolio amounts to £1.6m per annum and is projected to rise to £1.8m by 2022/23. This source of income is critical to funding the valued services provided by the borough council to its residents and replaces the government funding that we once relied upon.”
The property comprises approximately 44,500 sq ft, 187 parking spaces and a six pump petrol station, on a four acre site.
The purpose built store, which opened in October 2006 on part of the old GCHQ Oakley site, is the only large-scale supermarket on the eastern side of Cheltenham.
Cooper Rose Real Estate acted for the vendor.
https://www.gloucestershirelive.co.uk/news/cheltenham-news/sainsburys-superstore-bought-cheltenham-borough-2136926
