59 - 61 Church Street & 1 - 3 Parker Street Liverpool Merseyside L1 1DJ

59 - 61 Church Street & 1 - 3 Parker Street
Liverpool
Merseyside
L1 1DJ

Highly Reversionary Freehold Retail Ground Rent Investment

Two prime retail units in heart of City Centre with substantial upper parts comprising 1,204 sq m (12,959 sq ft)
Entirely let to The Prudential Assurance Company Limited with major reversion in 2046 (circa 28 years)
Currently sublet to tenants trading as Co-operative Bank and Schuh at a total subrent of £410,000 pa.
Nearby occupiers include Liverpool ONE, TK Maxx, Primark, Marks & Spencer and Superdrug

Lot
17
Auction
7th December 2017
Rent
£4,425 per Annum Exclusive
Status
Sold
Price
£1,500,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Liverpool City Council

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Highly Reversionary Freehold Retail Ground Rent Investment

Two prime retail units in heart of City Centre with substantial upper parts comprising 1,204 sq m (12,959 sq ft)
Entirely let to The Prudential Assurance Company Limited with major reversion in 2046 (circa 28 years)
Currently sublet to tenants trading as Co-operative Bank and Schuh at a total subrent of £410,000 pa.
Nearby occupiers include Liverpool ONE, TK Maxx, Primark, Marks & Spencer and Superdrug

Lot 17
Auction 7th December 2017
Rent £4,425 per Annum Exclusive
Status Sold
Price £1,500,000
Sector
Ground Rent
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Liverpool City Council

Property Information

Location

Miles: 30 miles west of Manchester
Roads: A57, A5036, A59, M53 (Junction 1)
Rail: Liverpool Lime Street Station
Air: Liverpool John Lennon Airport

Situation

Liverpool is the second largest city in the North West of England and is one of the most popular retail and tourism destinations in the UK. The property occupies a prominent corner position on the pedestrianised Church Street, at its junction with Parker Street, Liverpool's prime retailing pitch. Clayton Square Shopping Centre is also located immediately opposite the property and comprises a recently refurbished scheme with occupants including Boots, Clas Ohlson, Peacocks, Maplin and Poundworld. The property benefits from strong footfall from Liverpool Lime Street Rail Station to the north-east and Liverpool ONE to the south-west. Other nearby occupiers include TK Maxx, Primark, Marks & Spencer and Superdrug.

Tenure

Freehold.

Location

Miles: 30 miles west of Manchester
Roads: A57, A5036, A59, M53 (Junction 1)
Rail: Liverpool Lime Street Station
Air: Liverpool John Lennon Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial six storey building currently arranged to provide two retail units and ancillary accommodation. 59-61 Church Street comprises a ground floor retail unit with ancillary accommodation over basement, first, second, third, fourth and fifth floors. 1-3 Parker Street comprises a ground floor retail unit with basement ancillary accommodation.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
59-61 Church Street 1-3 Parker Street	Ground Basement First Second Third Fourth Fifth Ground Basement	Retail Ancillary Office/Ancillary Ancillary Ancillary Ancillary Ancillary Retail Office/Ancillary	119.6 sq m 142.0 sq m 191.0 sq m 156.2 sq m 150.0 sq m 150.0 sq m 150.0 sq m 80.91 sq m 64.61 sq m	(1,287 sq ft) (1,528 sq ft) (2,055 sq ft) (1,681 sq ft) (1,614 sq ft) (1,614 sq ft) (1,614 sq ft) (870 sq ft) (695 sq ft)	THE PRUDENTIAL ASSURANCE COMPANY LIMITED (1) Part sublet to Schuh Limited (2) and part sublet to Cooperative Bank Plc (3)	99 years from 05/03/1947	£4,425	04/03/2046
Totals			1,204 sq m	(12,959 sq ft )			£4,425

(1) For the year ending 31st December 2016, The Prudential Assurance Company Limited reported a turnover of £33,093,000,000, pre-tax profits of £2,315,000,000 and a total net worth of £13,603,000,000 (Source: Experian Group 10/11/2017).
(2) 59-61 Church Street has been sublet to Schuh Limited on a 15 year lease from 01/04/2005 at a rent of £300,000 pa.
(3) 1-3 Parker Street has been sublet to Co-operative Bank Plc on a 10 year lease from 14/09/2016 at a rent of £110,000 pa.