Property Auctions 14/Feb/2019 | The Forum, Market Hall Street, Cannock, Staffordshire, WS11 1EB

Town Centre Retail Investment

Substantial shopping centre currently comprising 10 retail units totalling 29,805 sq ft
Tenants include Clarks, Dorothy Perkins, Clintons and Shoe Zone
Well located on the pedestrianised Market Hall Street
Nearby occupiers include Boots, H Samuel, Costa and JD Sports

Lot 18
Auction 14th February 2019
Rent £292,725 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Shopping Centre
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 10 miles south of Stafford; 16 miles north of Birmingham; 33 miles south-west of Derby
Roads: A34, A5, M6 Toll (Junction 11)
Rail: Cannock Rail
Air: Birmingham International Airport

Situation

Cannock is a popular market town and one of Staffordshire’s principal commercial centres. The centre is located off the pedestrianised Market Hall Street, diagonally opposite the Cannock Shopping Centre, forming part of the principal retailing area. The property benefits from being within close proximity of Market Hall multi storey car park and Cannock’s main bus station and rail station. The Cannock Shopping Centre houses retailers including Costa Coffee, JD Sports and Poundland. Other nearby occupiers include Boots, H Samuel and Card Factory.

Tenure

Long Leasehold. Held by Cannock Chase District Council for a term of 125 years from 28/03/1974 until 28/03/2099 and extended for a further term from 29/03/2099 until and including 31/12/2112 at a peppercorn rent.

Location

Miles: 10 miles south of Stafford; 16 miles north of Birmingham; 33 miles south-west of Derby
Roads: A34, A5, M6 Toll (Junction 11)
Rail: Cannock Rail
Air: Birmingham International Airport

Situation

Cannock is a popular market town and one of Staffordshire’s principal commercial centres. The centre is located off the pedestrianised Market Hall Street, diagonally opposite the Cannock Shopping Centre, forming part of the principal retailing area. The property benefits from being within close proximity of Market Hall multi storey car park and Cannock’s main bus station and rail station. The Cannock Shopping Centre houses retailers including Costa Coffee, JD Sports and Poundland. Other nearby occupiers include Boots, H Samuel and Card Factory.

Tenure

Long Leasehold. Held by Cannock Chase District Council for a term of 125 years from 28/03/1974 until 28/03/2099 and extended for a further term from 29/03/2099 until and including 31/12/2112 at a peppercorn rent.

Description

The property comprises a shopping centre currently providing 10 retail units on the ground floor with first floor ancillary accommodation. Indicative plans for a residential redevelopment scheme comprising 55 flats are available within the legal pack.

VAT

VAT is 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

The property comprises a shopping centre currently providing 10 retail units on the ground floor with first floor ancillary accommodation. Indicative plans for a residential redevelopment scheme comprising 55 flats are available within the legal pack.

VAT

VAT is 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	Review/ (Reversion)
1A	Ground First	Retail Ancillary	129.32 sq m 67.82 sq m	(1,392 sq ft) (730 sq ft)	SHOE ZONE RETAIL LIMITED t/a Shoe Zone (1)	10 years from 17/07/2009	£52,500	17/07/2014 (17/07/2019)
1B/1C	Ground First	Retail Ancillary	105.17 sq m 100.71 sq m	(1,132 sq ft) (1,084 sq ft)	ANGELPACE LTD t/a Clarks Shoes	15 years less 3 days from 11/12/2002	£57,225	Holding over (2)
2/3	Ground First	Retail Ancillary	169.83 sq m 90.39 sq m	(1,828 sq ft) (973 sq ft)	A G RETAIL CARDS LIMITED t/a Clintons (3)	Approximately 6 years and 6 months from 29/08/2012	£45,000	Holding over (2)
4	Ground First	Retail Ancillary	566.34 sq m 305.56 sq m	(6,096 sq ft) (3,289 sq ft)	VACANT POSSESSION	-	-	-
5A	Ground First	Retail Ancillary	189.71 sq m 115.11 sq m	(2,042 sq ft) (1,239 sq ft)	BONMARCHE LIMITED (4) t/a Bonmarché	Approximately 6 years and 4 months from 22/11/2011	£52,500	Holding over (2)
5B	Ground First	Retail Ancillary	86.59 sq m 110.09 sq m	(932 sq ft) (1,185 sq ft)	VACANT POSSESSION	-	-	-
6	Ground First	Retail Ancillary	75.81 sq m 33.72 sq m	(816 sq ft) (363 sq ft)	WARREN JAMES (JEWELLERS) LIMITED (5) t/a Warren James	15 years from 30/09/2004	£25,500	(30/09/2019)
6A	Ground First	Retail Ancillary	48.40 sq m	(521 sq ft)	VACANT POSSESSION	-	-	-
7	Ground First	Retail Ancillary	67.26 sq m 40.88 sq m	(724 sq ft) (440 sq ft)	TCCT RETAIL LIMITED guaranteed by Thomas Cook Group UK Limited (6) t/a Thomas Cook	5 years from 16/02/2015 (7)	£20,000	(16/02/2020)
8	Ground First	Retail Ancillary	245.17 sq m 221.11 sq m	(2,639 sq ft) (2,380 sq ft)	BURTON/DOROTHY PERKINS PROPERTIES LIMITED (8) t/a Dorothy Perkins	5 years from 29/09/2014 (9)	£40,000	(29/09/2019)
Total			2,768.99 sq m	(29,805 sq ft)			£292,725

(1) For the year ending 30th September 2017, Shoe Zone Retail Limited reported a turnover of £157,777,000, pre-tax profits of £9,670,000 and a total net worth of £31,696,000 (Source: Experian Group 07/11/2018). Shoe Zone operate from a portfolio of over 500 stores and employ approximately 3,750 employees across the UK and the Republic of Ireland (Source: shoezone.com 07/11/2018).
(2) The Vendor is in discussions with the tenant with regards to agreeing a new lease.
(3) Clintons was founded in 1968 and is a leading retailer of greeting cards, gifts and wrap. There are currently circa 400 stores all over the UK (Source: Clintonsretail.com 07/11/2018).
(4) For the year ending 31st March 2018, Bonmarché Limited reported a turnover of £186,014,000, pre-tax profits of £7,923,000 and a total net worth of £21,876,000 (Source: Experian Group 207/11/2018). Established in 1982, the Bonmarché business has more than 30 years of experience, operating out of 300+ stores across the UK (Source: Bonmarcheplc.com 07/11/2018).
(5) For the year ending 31st March 2018, Warren James (Jewellers) Limited reported a turnover of £117,917,000, pre-tax profits of £40,200,000 and a total net worth of £125,282,000 (Source: Experian Group 14/01/2019). Warren James is the UK’s largest independently owned jewellery chain with 225 shops (Source: warrenjames.co.uk 07/11/2018).
(6) For the year ending 30th September 2017, Thomas Cook Group UK Limited reported pre-tax profits of £6,900,000 and a total net worth of £894,900,000 (Source: Experian Group 07/11/2018). Founded 176 years ago, the Thomas Cook Group is the oldest and best known name in leisure travel with 22,000 employees worldwide (Source: thomascookgroup.com 07/11/2018).
(7) A tenant option to determine in February 2018 was NOT EXERCISED by the tenant.
(8) Dorothy Perkins and Burton form part of the Arcadia Group Ltd. Established more than 95 years ago, Dorothy Perkins now has around 400 UK stores and a growing global presence (Source: dorothyperkins.com 07/11/2018). Burton are one of the UK’s largest men's fashion retailers with over 400 stores in the UK and Ireland (Source: burton.co.uk 07/11/2018).
(9) A tenant option to determine in September 2017 was NOT EXERCISED by the tenant