Substantial shopping centre currently comprising 10 retail units totalling 29,805 sq ft
Tenants include Clarks, Shoe Zone and Hays Travel
Asset management/development potential (subject to consents)
Well located on the pedestrianised Market Hall Street
Nearby occupiers include Boots, Costa and JD Sports
Lot 43
Auction 26th March 2020
Rent £99,200 per Annum Exclusive
Status Sold
Price
Sector Shopping Centre
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
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 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 and Card Factory.
Tenure
Long Leasehold. Held from 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 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 and Card Factory.
Tenure
Long Leasehold. Held from 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 scheme provides 10 retail units at ground floor level 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.
EPC
Available at acuitus.co.uk
Description
The scheme provides 10 retail units at ground floor level 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.
EPC
Available at acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reversion
Unit 1A
Ground First
Retail Ancillary
129.32 sq m 67.82 sq m
(1,392 sq ft) (730 sq ft)
SHOE ZONE RETAIL LIMITED (1)
10 years from 17/07/2009 (2)
£52,500
Holding Over
Unit 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
5 years from 24/06/2019 (3)
£26,700
23/06/2024
Unit 5A
Ground First
Retail Ancillary
189.71 sq m 115.11 sq m
(2,042 sq ft) (1,239 sq ft)
BONMARCHE LIMITED t/a Bonmarché
Approximately 6 years and 4 months from 22/11/2011
£0
Holding Over
Unit 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 (4)
5 years from 16/02/2015
£20,000
Holding Over
Units 2/3, 4, 5b, 6, 6a, 8
Ground/First
Retail/ Ancillary
1,860 sq m
(20,022 sq ft)
Total
2,768.99 sq m
(29,805 sq ft)
£99,200
NB: A full tenancy schedule is available to download from the legal pack. (1) For the year ending 29th September 2018, Shoe Zone Retail Limited reported a turnover of £160,615,000, pre-tax profits of £11,433,000 and a total net worth of £39,128,000 (Source: Experian Group 28/02/2020). (2) Terms have been agreed with Shoe Zone Retail Limited for a new lease for a term of 5 years at £20,000 p.a.x, with a rolling tenant option to determine subject to 6 months' notice and a landlord's redevelopment break on 24th June 2021 and 24th June 2023. (3) The tenant is currently benefitting from a rent free due to expire on 08/03/2021. The vendor has agreed to adjust the completion monies so the unit will effectively produce £26,700 p.a.x. The lease provides a mutual option to determine on 24/06/2021 and 24/06/2023. (4) Thomas Cook vacated the unit following the company's administration. The vendor is currently in negotiations with Hays Travel for a new 10 year term (year 5 break) at a rent of £15,000 with 6 months rent free.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
Contacts
Associate Auctioneers
Smith Price LLP 5-7 John Princes Street London W1G 0JN
