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  • KEYLINE BUILDERS MERCHANTS 10-20 CHORLEY ROAD BLACKPOOL FY3 7XQ

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    Investment Summary

    Trade Counter Investment 11,908 sq ft (0.76 acres) Let to Keyline Builders Merchants Limited (D&B 5A1) 20 years from 1st September 2003, expiring 31st

    August 2023 (9.9 years UXT) 5 yearly open market reviews (outstanding review

    1st September 2013)

    45,000 per annum (3.78 psf) Estimated rental value 47,632 (4.00 psf) Freehold Offers in excess of 500,000 Net Initial Yield of 8.6%, Reversionary Yield

    of 9.09%

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    BlackpoolBlackpool is located on the North West coast of England, in the county of Lancashire.

    It is located approximately 52 miles North West of Manchester and 16 miles west of Preston.

    The town has a primary catchment population of 296,000 people (Source: Promis).

    The town benefits from good communication links, the M55 motorway runs between Blackpool and Preston to the east, providing direct access to the national motorway network via junction 32 of the M6.

    There is an indirect rail service from Blackpool North to London Euston, changing at Preston, with a fastest journey time of approximately 2 hours 51 minutes. Blackpool airport is located 3.8 miles to the south west of the subject property, providing services to selected destinations throughout Europe.

    Blackpool is one of Europes largest tourist destinations; attracting 12 million annual visitors contributing 1 billion per annum in additional expenditure.

    SAT NAV FY3 7XQ

    10-20 CHORLEY ROAD

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    SituationKeyline Builders Merchant is situated on Chorley Road close to the junction with Mowbray Drive, a well-established trade counter destination to the North of Blackpool town centre.

    The site is easily accessible being situated close to the inner ring road, providing access from the North and South of the city via the A587 and East and West via A586.

    Notable trade occupiers in the immediate vicinity include B&Q, Jewsons, Howdens Joinery, Johnstones Decorating Centre, Chadwicks and Parkinson.

    10-20 CHORLEY ROAD

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    DescriptionThe site comprises two industrial units, the smaller unit to the north of the site is used as trade counter for sales while the unit to the southern boundary is used for storage of cement, plaster and insulation boarding.

    Both units are of steel portal framed construction under pitched asbestos roofs with block elevations. The trade counter unit has an internal mezzanine incorporating offices and toilets.

    The large surfaced central yard area is used for storage, deliveries and parking. The property is secured with metal palisade fencing around the perimeter.

    AccommodationWe have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition). The property has the following approximate gross internal areas:

    TRAVIS PERKINS SQ M SQ FT

    MAIN WAREHOUSE/ OFFICES 886.4 9,541

    MEZZANINE 209.9 2,259

    TRADE COUNTER 169.5 1,824

    GROUND STORE 50.5 543

    MEZZANINE 39.8 428

    TOTAL 1,106.3 11,908

    *GIA excludes the Mezzanine accommodation which is a tenants alteration.

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    TenancyThe property is let on assignment to Keyline Builders Merchants Limited for a term of 20 years from 1st September 2003, expiring 31st August 2023.

    The current rent of 45,000 per annum (3.78 psf), is subject to review every 5 years to the open market rental value. The review dated 1st September 2013 is currently outstanding.

    Tenure Freehold.

    EPCEstimated Rental Value Prime rental levels within trade parks around Blackpool are currently circa 8-10 psf. Recent rental transactions undertaken in the area include the following:-

    Howden Joinery, 1 Mowbray Drive, Blackpool New 15 year lease agreed in April 2013 at a revised rent of 80,000 per annum (5.20 psf). Modern unit extending to 15,370 sq ft, within 0.5 miles of the subject property.

    HSS Hire Services, Preston New Road, Blackpool Rent review dated August 2010 at a revised rent of 31,960 per annum (9.35 psf). Modern unit adjacent to ATS and Johnsons Dry Cleaners. Considered 100% prime.

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    VATVAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a transfer of a going concern.

    ProposalOur client is seeking offers in excess of 500,000 for their freehold interest, subject to contract. A purchase at this level reflects an 8.6% net initial yield and a 9.09% reversionary yield, after deducting purchase costs at 4.8%.

    Keyline Builders Merchants Limited is one of the largest suppliers of

    civils, heavy building materials and drainage solutions in the UK with a nationwide network of 88 branches.

    Covenant StatusKeyline Builders Merchants Limited (Company Number: sco42425) is one of the largest suppliers of civils, heavy building materials and drainage solutions in the UK with a nationwide network of 88 branches.

    Keyline Builders Merchants was purchased by Travis Perkins Plc in 1998 and has been operated as a separate brand since. Travis Perkins Plc operates 18 businesses from more than 1,700 sites across the UK including some of the leading brands in the industry such as Keyline, BSS, City Plumbing Supplies, CCF, Wickes, Benchmarx, PTS, Tile Giant, Birchwood Price Tools and Toolstation (30% owned).

    Keyline Builders Merchants Limited reported the following financial information in the last three years accounts:

    Financial Year 31st December 2011 31st December 2010 31st December 2009Turnover 299,906,000 262,176,000 243,748,000Pre Tax Profits 16,230,000 10,056,000 12,704,000Shareholder Fund 202,745,000 194,711,000 191,695,000

    The company are an undoubted covenant and have a Dun & Bradstreet credit rating of 5A1. Further information is available at; www.travisperkins.co.uk, www.travisperkinsplc.com or www.keyline.co.uk

  • KEYLINE BUILDERS MERCHANTS, 10-20 CHORLEY ROAD, BLACKPOOL, FY3 7XQ

    For further information or to arrange an inspection, please contact:

    MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed and Produced by Ask 0161 976 1836. October 2013.

    Mark Powell Tel: 07825 077724 Email: mp@christopherdee.co.uk

    Alex Perratt Tel: 07588 538848 Email: ap@christopherdee.co.uk

    Christopher Dee 40 Peter Street

    Manchester M2 5GP

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