Pearl House, Huddersfield

Investment

Description

INVESTMENT SUMMARY

Prominently located property in Huddersfields retail and leisure core.

Secure income against the substantial covenants of Wetherspoon's, Power Leisure Bookmakers Ltd (UK) (Paddy Power) and Fusion Housing Ltd.

WAULT to lease expiries 13.6 years (6.68 years to break clauses)

999 year lease from 1918

Recently refurbished building including new roof, new windows and refurbished internal offices

Offers over £2,100,000

Net initial yield 8% after purchasers costs of 6.8%

LOCATION

The property is located on John William Street close to its junction with Westgate, Kirkgate and Market Place immediately adjacent to Pizza Hut and McDonalds and opposite Nandos.

John William Street is the core of the leisure circuit in Huddersfield and benefits from being a short walk from Huddersfield Mainline Station and close to the Town's principle car parks.

Huddersfield is the 11th largest Town in the UK with a population of 168,698 people (2015 Census).

The Town lies halfway between Leeds and Manchester close to the M62 motorway at junction 24.

Huddersfield Railway Station is a Grade 1 listed building which was renovated at a cost of £4m and won an award for European Architecture.

Huddersfield is a manufacturing Town however, the University is the largest single employer with world leading applied research groups in Bio Medical Sciences, Engineering and Physical Sciences.

The Town is ranked 59 in the Countries National Retail Rankings making it a top 100 location and in 2011 a substantial redevelopment and expansion of the Kingsgate Centre reinforced Huddersfield's retail core providing 300,000 sq. ft. of high quality retail space.

DESCRIPTION

Pearl House comprises ground floor leisure space with 4 upper floors of good quality office accommodation.

The property is of concrete frame construction under a flat felt roof and has recently undergone complete refurbishment including re-roofing and replacement of the windows with aluminium framed double glazed units and a refurbishment of the internal office space to provide good quality office accommodation.

The building has a car park at basement level accessed from Wood Street and providing 6 car spaces.

The ground floor has been fully fitted out by Wetherspoon's to provide a large bar and restaurant and Power Leisure Bookmakers Ltd who trade as Paddy Power Bookmakers.

ACCOMMODATION

The property provides the following accommodation: -

TENANT

FLOOR

USE

SQ FT

SQ M

Wetherspoons

Ground

Bar

4,323

401.61

Basement

Bar

429

39.85

Basement

Staff/beer cellar

819

76.06

Power Leisure

Ground

Bookmakers

1,386

128.72

Basement

Store

536

49.80

Fusion Housing

First

Offices

2,223

206.49

Fusion Housing

Second

Offices

2,033

188.90

Fusion Housing

Third

Offices

2,033

188.90

Fusion Housing

Fourth

Offices

2,033

188.90

TOTAL

15,815

1,369.23

TENANCY DETAILS

The property is let on the following basis: -

DEMISE

TENANT

LEASE

COMMENCEMENT DATE/EXPIRY

REVIEWS

BREAK CLAUSE

RENT

10 John Williams Street

Power Leisure Bookmakers Ltd (UK)

16 years 4 months 12 days

From 06.12.2004 to 17.04.2021

£25,370 pa

Ground floor and basement 14-18 John Williams Street

J D Wetherspoons

35 years

30.05.2001 to 29.05.2036

30.05.2021 to open market

30.05.2026

£90,000 pa

First Floor

Fusion Housing Ltd

11 years 2 months 11 days

01.09.2016 to 011.11.2027

12.11.2017 fixed uplift to £17,072 pa or open market

11.11.2021

£15,000 pa

Second, third and fourth Floor

Fusion Housing Ltd

15 years

12.11.2012 to 11.11.2027

12.11.2017 to open market

12.11.2021

£46,792 pa

5 car parking spaces

Fusion Housing Ltd

11 years 2 months 11 days

01.09.2016 to 11.11.2027

£2,000 pa

Basement substation

Northern Powergrid (Yorkshire) plc

21 years

25.03.1984 to 24.03.2005

£99

TOTAL

£179,261

All lease are on an effective FRI basis via a service charge for common areas. Fusion Housing have a service charge cap of

£3 sq ft RPI uplifted annually.

COVENANT STRENGTH

The investment offers exceptional covenant strength.

TENANT

EXPERIAN RATING

LATESTS ACCOUNTS

TURNOVER

PROFIT

NET ASSETS

J D Wetherspoons plc

99 very low risk

2016

£1.59 b

£66 m

£180 m

Power Leisure Bookmakers Ltd

72 below average risk

December 2015

£420.5 m

£8.39 m

-£56 m

Fusion Housing Ltd

N/A

March 2012

£191,000

Fusion Housing are a non profit making registered charity.

TENURE

999 year ground lease from 1918

PROPOSAL

Offers are invited in excess of £2,100,000 this reflects a net initial yield of 8% after purchase costs of 6.8%.

VAT

The property is elected for VAT and it is anticipated that the transaction will take place by way of a TOGC.

ENERGY PERFORMANCE CERTIFICATE

EPC's are available upon request.

FOR FURTHER INFORMATION

Please contact: -

AWS LOGO

AWS Ltd

Kevin Surplice

[email protected]

Tel: 01132351362

SUBJECT TO CONTRACT

Status Sold
Type Investment
Size 15,815 sq ft
To Let/For Sale For Sale

Address

Pearl House
Huddersfield
HD1 1BA

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