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2/30 Greyfriars & 75/87 Midland Road, Bedford MK40 1HP HIGH YIELDING MIXED USE RETAIL AND RESIDENTIAL INVESTMENT OPPORTUNITY
2/30 Greyfriars & 75/87 Midland Road, Bedford MK40 1HP
HiGH yieldinG Mixed Use Retail and Residential investMent OPPORtUnity
Offers are sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT, reflecting a net initial yield of 10.88%, and a reversionary yield of 11.65% assuming purchaser’s costs of 5.8%
Investment Considerationsn Largetowncentresite
n Prominentcornerposition.
n Approximately100mfromBedfordBusStationand450mfromBedfordRailStation.
n Multi-letpropertywith18retailunitsand18residentialunitsproducingatotalrentalincomeof£403,070p.a.withapotentialreversionto£431,415p.a.
n Long-termre-developmentpotentialsubjecttoobtainingallnecessaryconsents.
n Siteextendstoapproximately0.66hectares(1.63acres).
2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 1HP
Bedford Town Centre
2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 iHP
Bus Station
Police Station
Car Park
Greyfriars Road
LIDL
Bedford Library
TESCO
JD Wetherspoon
Midland Road
Silver Street
High Street (A6)
A4280 Bromham Road
Harpur Shopping
Centre
Outline for indicative purposes only.
2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 1HP
locationBedford is the county town of Bedfordshire and is a strong commercial and retail centre, located 50 miles north of london, 17.8 miles north east of Milton Keynes and 20.9 miles south east of northampton. the town has a population of 80,000 (2005 census) and a wider borough area of 153,000.
The town benefits from excellent transport links and is strategically located between the major arterial routes of the M1 and a1, both being 10 miles to the west and east respectively. The A421 southern bypass is a primary link between the a1 and the M1, with the section between Bedford and junction 13 of the M1 having been recently upgraded to a dual carriageway. the a421 additionally links with the A6, which provides direct access to Luton to the south.
the town is well served by rail connections with frequent connections to london st Pancras with a fastest journey time of 35 minutes. international air travel is provided by Luton Airport approximately 20 miles to the south.
demographicsBedford Borough’s population rose from 148,000 in 2001 to 159,200 in 2012 (increase of 12%). Much of the Borough is situated in the growth areas of the former Milton Keynes and south Midlands (MKsM) strategy and approximately 9,000 new homes are planned for 2012 - 2021. As a result the Borough’s population is expected to grow significantly to more than 170,000 by 2021. the town can however draw from a much larger primary catchment of 309,000 (Promis) due to a lack of competition and strong retailing provision within the town.
Bedford
Western Street
Alexandra R
oad
Con
duit Road
Commercial Road
Alexandra PlaceB
rereton Road
Maitland Street
Costin Street
Battison Street
Woburn Road
Ford End Road
Mill Street
Cardington Road
Duck Mill Lane
The Embankment
Ne
wnham
Ro
ad
St. C
uthbert’s S
treet
The
Cre
scen
t
Silver Street
St. Loyles Street Harp
ur Street
Lime Street
Midland Road
Priory Street
Hass
ett S
treet
A5141 Ashburnham
Road
A5141
A5141 Prebend Street
A4280A4280 Bromham Road
A4280 Bromham Road
A6
Greyfriars
A6
Greyfriars
A6
St. M
ary’s Street
A6
High S
treet
A6 Tavistock Street
A6
A6
A425
A120
A140
A134
A134
A134
A143
A130
A141
A428
A142
A1065
A45
A47
A11
A12
A14
A14
A14
A11
A10
A10
A10
A6A509
A508
A421
A5
A1
M6
M4M4
M1
M1
M1
M1
M45
M11
M40M25 M25
A1(M)
A1(M)
Heathrow
Luton
Stansted
Norwich
Cambridge
LONDON
BurySt Edmunds
GreatYarmouth
Lowestoft
NORWICH
King’s Lynn
PETERBOROUGH
Leicester
CAMBRIDGENewmarket
Huntington
Thetford
BEDFORD
KetteringRugby
MiltonKeynes
Stevenage
HarlowSt. Albans
Watford Enfield
Maidenhead
Reading
HighWycombe
Luton
Aylesbury
OXFORDHemel
Hempstead
Bishop’sStortford
NORTHAMPTON
IPSWICH
Felixstowe
Harwich
Clacton-on-Sea
Colchester
Chelmsford
BasildonSouthend-on-Sea
2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 iHP
descriptionThe property comprises a large ‘L-shaped’ parade constructed over ground, first and second floors to provide 18 retail units on the ground floor with 18 residential units above. the retail units are currently arranged as 7 single units, 2 double units, 2 triple units and a former supermarket occupied by Qd stores.
The residential units are located at first and second floor level and in addition, there is a snooker hall, a large amount of empty storage space above the Qd store and vacant upper level accommodation which would suit conversion into residential (12/16 Greyfriars). There are 9 garages situated to the rear of the building which house 2 of the flats above (Priory Street).
The property is anchored by QD Stores which benefits from both a front and rear entrance onto the car park with access from Priory street. in addition, there is a large surface pay and display car park included within the demise situated to the rear with car parking for approximately 70 cars.
situationthe property is situated within the heart of Bedford town centre at the junction of Greyfriars and Midland Road adjacent to the main town police station in close proximity to Bedford Bus Station.
immediately to the east of the property is the main retail pitch of the pedestrianized Midland Road / silver street where all the main retailers are represented along with a tesco convenience store located diagonally opposite the subject property. in addition there is a large Wetherspoon’s pub situated directly adjacent, whilst to the west is a densely populated residential area.
accommodation & tenanciesTotal commercial floor area extends to 3,766.3 sqm (40,540 sq ft) together with 18 residential units and 9 garages. the current rent passing amounts to £403,070 p.a.
tenurethe property is held freehold.
service Chargethe service charge budget for the year ending 31st March 2015 is £23,350. further information is available upon request from allsop.
site areaThe site area extends to approximately 0.66 hectares (1.63 acres).
Bedford Bus Station Re-developmentthe Bedford Bus station area is currently undergoing a major regeneration which, when completed, will significantly improve this vital gateway into Bedford town centre.
The wider scheme includes:• The demolition and replacement of the existing bus station building.• new public toilets.• Major refurbishment of Allhallows multi-storey car park.• Construction of new surface car park at Greyfriars.• new shop fronts and disabled access for shops.• External improvements including new parking,
seating and other features.
the council has committed to spend £9m on the improvements with completion due by december 2014.
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2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 1HP
Accommodation Tenant Use Sq M Sq Ft Zone A
Rent (£) psf
Start Expiry (Break)
Next Review Current Rent
ERV Comments
MIDLAND ROAD
75 Ms. M. Batko Retail/a3 48.0 517 407 £31.32 17/10/2009 16/10/2014 17/10/2013 £12,750 £12,750 Tenant Vacating. Under offer to Aras Hassan Hamagawre on a 3 year term at £12,750 pa.
77/79 d. Kadir t/a Wissla Convenience store Retail/a3 291.3 3,136 10/2014 10/2024 (2019)
10/2019 £20,000 £20,000 Under Offer (not inspected) - 10 year lease, 5 year break - Completion imminent
81/83/85 Mr s.a. Omar Retail/a3 255.6 2,751 1,724 £15.37 12/11/2012 11/11/2022 (11/11/2017)
12/11/2017 £26,500 £26,500 Trading as Wisla (Bedford) Ltd - Supermarket
87 (G/f/s) Mr. K. Kaygusuz Retail/a3 87.0 936 495 £20.80 25/03/2001 24/03/2026 25/03/2011 £10,000 £10,000 Trading as Donehill Ltd (Fast Food Takeaway)
GReyFRIARs
2 Tuncay Aykar & Kamil Baser Retail/a3 77.0 829 29/09/2013 28/09/2023 29/09/2018 £12,000 £12,000 Trading as Ideal Supermarket Ltd (Convenience Store)
4 Mrs. Z.E. Franklin Retail/a3 56.2 605 470 £29.75 23/09/2004 23/09/2014 23/09/2014 £14,000 £14,000 Trading as Zoe's Hair Salon - New lease under discussion
6 Mrs. J. njoroge Retail/a3 51.7 556 572 £19.27 26/03/2012 25/03/2017 - £11,025 £13,000 (not inspected) tenant not in occupation and not paying rent.
8 vacant Retail/a3 51.4 553 n/a £0 £13,000 (not inspected)
10 (G/f/s) Games Workshop Ltd. Retail/a3 126.7 1,364 511 £21.35 23/11/2011 22/11/2021 (23/11/2016)
23/11/2016 £15,000 £15,000 Part trading with limited opening hours
12/16 K.K. Ahmedkersa Retail/a3 261.9 2,819 1,754 £18.52 10/2014 10/2024 (2019) 10/2019 £32,500 £32,500 Under Offer t/a supermarket - 10 year lease, 5 year break - Completion imminent
18/20 Rania Groceries ltd Retail/a3 161.5 1,738 1,111 £19.80 10/2014 10/2024 10/2019 £22,000 £22,000 t/a convenience store - under offer - 10 year lease - Completion imminent
22/30 Qd stores Retail/a3 1526.7 16,433 £5.17 o/a 30/07/2014 29/07/2024 30/07/2019 £85,000 £85,000 Rent rebased in September 2014 from £125,000 pa. - Completion imminent
22/30 ff vacant storage 356.4 3,836 n/a - - QD have relinquished the first floor accommodation though require access to electrical supply
Pt 1/2fl 22/30 Messers M.i. & n. Gilbert Retail/a3 414.9 4,466 £3.58 o/a 24/06/2013 23/06/2018 £16,000 £16,000 Trading as Greyfriars Snooker Centre Ltd
Electricity Sub-station
eastern electricity Plc. Retail/a3 25/12/1961 24/12/2036 £1 £1
MIDLAND ROAD
79a vacant Residential £0 £5,000
81a Mr s Pur Residential 29/11/2013 28/05/2014 £5,400 £5,400
83a Mr y alotaibi Residential 21/03/2014 20/09/2014 £5,100 £5,100
85 vacant Residential £0 £0 staircase access has been removed.
GReyFRIARs
6A Mr M. Rice Residential 18/07/2013 17/07/2014 £5,700 £5,700 Periodic tenancy
8a Mr Jabir Al-Wail Residential 25/11/2013 30/04/2015 £5,700 £5,700
12A/14A/16A vacant storage £0 Potential to convert to residential subject to planning.
18a Mrs K.B. Barszczewska & Mr D.J. Barszczewska Residential 30/12/2013 29/10/2014 £5,400 £5,400 Periodic tenancy
20a Mr n. Rani & Mr d. lal Residential 25/02/2012 30/04/2015 £5,400 £5,400
flat 1 Mr. K. Brown Residential 30/08/2014 29/08/2015 £4,500 £4,500
flat 2 Mrs. y. Popova Residential 16/09/2013 30/04/2015 £4,560 £4,560
flat 3 Miss l. Udrite Residential 18/07/2011 18/02/2015 £4,680 £4,680
flat 4 Mr e. Karrar Residential 20/09/2014 19//03/2015 £4,200 £4,500
flat 5 Mr. sereda & Miss a Klich Residential 23/08/2013 22/08/2014 £4,800 £4,800 Periodic tenancy
Flat 6 Mr l.n. Coutain Residential 08/02/2013 07/02/2014 £4,380 £4,500 Periodic tenancy
flat 7 vacant Residential - - £0 £5,100 Under offer
flat 8 Miss. a. sengupta Residential 13/03/2013 12/09/2014 £4,200 £4,200 Periodic tenancy
PRIORy sTReeT
flat 17a Mrs M. Michalska Residential 04/03/2014 03/03/2015 £4,644 £4,644 situated above garage
flat 17B Miss t. landore Residential 01/04/2010 31/03/2011 £4,080 £4,080 Situated above garage - Periodic tenancy
GReyFRIARs
Garages 1-9 Various Tenants (Units 1,5,6 & 9 Vacant) Garage various £3,550 £6,400
Greyfriars Car Park Star Park Management 2 Ltd. Parking 25/12/2012 24/12/2022 £50,000 £50,000 Rent rebased in sept 2014 from £100,000 pa.
Commercial Accommodation 3766.3 40,540 £403,070 £431,415
2/30 GReyfRiaRs & 75/87 Midland ROad, BedfORd MK40 iHP
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 10.14
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson020 7543 6709
Alex Butler020 7543 6722
Tom Dales020 7543 6707
www.allsop.co.uk
Proposal Offers are sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds)
subject to contract and exclusive of VAT, reflecting a net initial yield of 10.88%, and a reversionary yield of 11.65% assuming purchaser’s costs of 5.8%
