costa coffee m61/j4 bolton bl5 1bu...costa coffee is situated in an extremely prominent position at...

www.logisticsnorth.com

Transforming Regenerating Revitalising

14 years unexpired to a 5A1 covenant with guaranteed rental uplifts

M61/J4 BOLTON BL5 1BU COSTA COFFEE

INVESTMENT SUMMARY

. Excellent opportunity to acquire a newly developed, purpose built Costa drive thru unit located at the North West’s premier logistics park, Logistics North.

. Let for an unexpired term certain of approximately 14 years to the undoubted covenant of Costa Limited (Dun & Bradstreet 5A1) at a passing rent of £60,000 per annum.

. 5 yearly rent reviews to open market rent, subject to cap and collar of 3% and 1% per annum compounded, providing guaranteed rental uplifts.

. Prominent situation at the entrance of Logistics North, adjacent to a brand new Aldi Foodstore and Greene King pub, providing immediate access to Junction 4 of the M61.

. We are instructed to seek offers in excess of £987,000 (Nine Hundred and Eighty Seven Thousand Pounds) subject to contract and exclusive of VAT.

. A purchase at this level reflects a Net Initial Yield of 5.75% assuming purchaser’s costs of 5.74%.

. Minimum Reversionary Yield of 6.04% in 2022 and 6.35% in 2027.



COSTA COFFEE

LOCATIONBolton is a major regional centre in the North West of England situated within Greater Manchester and just 10 miles north west of Manchester City Centre. The town of Bolton has a population of approximately 139,000, whilst the Metropolitan Borough, for which Bolton is the administrative centre, has a population of circa 262,000.

The Town benefits from excellent road communications, positioned between the M61 and M66 motorways both connecting directly to the M60 Manchester Orbital approximately 3 miles to the south.

The Town is highly accessible by rail with direct trains to Central Manchester in a journey time of under 20 minutes. Furthermore, Manchester Airport is located only 20 miles to the south east.

Bolton has the second highest employment base in Greater Manchester with 1 million people living within 45 minutes of Logistics North and circa 443,000 within a 5 mile radius. Total Weekly Consumer Spending was approximately £81 million within a 5 mile radius in 2016, with circa £6.5 million spent on Restaurants & Hotels.

M1

M69M6

M6 Toll

M1

M11

M25

A1(M)

A1(M)

A1(M)

M25M23

M2M26M3

M27

M4M4

M20

M40

M40

M42

M5

M50

M5

M6

M6

M6

A74(M)

M74

M56

M62M62

M180M18

M56M57

M54

M8

M61

HolyheadManchester

Leicester

BirminghamCoventry

Derby Nottingham

Sheffield

Stoke-on-Trent

Liverpool

Southampton

Poole

Bristol

Gloucester

Cardiff

Swansea

Plymouth

Exeter

Cambridge

Norwich

MiltonKeynes

Folkestone

Dover

London

Middlesbrough

Scarborough

Whitehaven

Dumfries

Carlisle

LeedsImmingham

Grimsby

York

NewcastleUpon Tyne

Edinburgh

Perth

Glasgow

A58

A56

A56

A50A57

A56A6

A6

A6

A664

A635

A5103

A579

A565

A565

A666

A6033A666

A580

A5080

A577A59

A59

A5209

A56

A34

A57

A49

M56

M60M62

M62

M58

M6

M6

M6

M60

A627(M)

M602

M61

M65

M60

M67

M66M62

Manchester

Bolton

Wigan

Warrington

Rochdale

Oldham

Liverpool

St. Helens

Southport

Preston Blackburn

J15J1

J4

LiverpoolJohn Lennon

Airport

ManchesterAirport



LOGISTICS NORTHLogistics North is a 250 acre prime logistics park providing 4 million sq ft of masterplan employment space, with over 2.5 million sq ft completed or under construction.

The park benefits from unrivalled connectivity to junction 4 of the M61 motorway, resulting in access to 21 million consumers within a two hour drive time.

Costa Coffee is situated in an extremely prominent position at the entrance to Logistics North immediately adjacent to a brand new standalone Aldi Food Store and Greene King Pub.

Other blue chip occupiers on the estate include Amazon, Lidl, Joy Global, Aldi, MBDA and Whistl.

The property is ideally situated, not only to benefit from the footfall generated form the adjacent amenities, but also to serve the large labour pool within the wider estate. It also serves as a valuable service stop for commuters on the M61 motorway.

M61

J4

LOGISTICS 175FUTURE PHASE

PHASE 1

PHASE 2

Manchester 12 miles

COSTA COFFEE



COSTA COFFEE

DESCRIPTIONThe property comprises a newly constructed, purpose built Costa Coffee ‘drive-thru’ unit, benefitting from 31 dedicated parking spaces.

The unit has been constructed to a typical Costa specification for their drive-thru format and comprises attractive part-rendered, part glazed elevations beneath a mono-pitched roof. Internally, Costa have fitted the unit out in accordance with their corporate branding, providing a well laid out sales counter and seating area with additional ancillary accommodation along with staff and customer toilet facilities.

The unit is situated in a low density, well laid out environment, providing an additional outdoor seating area with 360-degree circulation facilitating Costa’s ‘drive-thru’ offering.

USEThe lease permits use within Classes A1, A3, and A5.



UNIT C

3

ACCOMMODATIONThe property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and benefits from the following areas: -

GIA (sq ft) GIA (sq m)

Ground floor 1,787 166.02

The property sits on a site of 0.51 acres (0.2 ha), providing a site cover of 8%.

TENANCYThe property is let entirely to Costa Limited on a new lease for a term of 15 years from 10 July 2017, providing an unexpired term certain of approximately 14 years.

The passing rent is £60,000 per annum which reflects £33.58 per sq ft. The lease is subject to 5 yearly rent reviews to open market rent, subject to collar and cap of 1% - 3% per annum compounded.

The lease therefore provides for guaranteed minimum rental uplifts:

. 10 July 2022 £63,060 pa

. 10 July 2027 £66,277 pa

The lease has been drafted on FRI terms.

COSTA COFFEE

Stock internal photo of a typical Costa Unit

M61/J4

Site entrance



COVENANTS INFORMATIONCosta Limited (company no: 01270695) is a British multi-national coffee company, founded in 1971 and has grown to 3,401 stores across 31 countries. It is now the second largest coffee chain in the world and the largest in the UK.

The company has been Graded 5A1 by Dun & Bradstreet and is a wholly owned subsidiary of Whitbread, a FTSE 100 company listed on the London Stock Exchange.

02/03/2017(000’s)

03/03/2016(000’s)

26/02/2015 (000’s)

Turnover £866,366 £835,037 £735,974

Pre-tax profit £103,387 £117,498 £127,221

Tangible Net Worth

£616,894 £542,180 £444,814

Net current assets

£4,944,570 £2,194,127 £1,279,893

COSTA COFFEE

Stock internal photo of a typical Costa Unit



Misrepresentation Act: B8RE and JLL for themselves and for the vendors or lessors of this property, whose agents they are give notice that: a) all particulars are set out as general outline only for the guidance of intending purchasers or lessees, and do not comprise part of an offer or contract: b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them, c) no person in the employment of B8RE and JLL has any authority to make any representation or warranty whatsoever in relation to this property. Images are indicative only. May 2018.

FURTHER INFORMATIONFor further information and to arrange a viewing, please contact one of the joint selling agents on the numbers below.

Simon Wood 01925 320 520 [email protected]

John Burrows 01925 320 520 [email protected]

Edward Blood 0161 238 6212 [email protected]

Andrew Whitehead 0161 238 6242 [email protected]

TENUREThe property is held freehold.

VATThe property has been elected for VAT and it is the intention to treat the transaction as a Transfer of a Going Concern (TOGC).

ESTATE CHARGEA service charge is administered throughout Logistics North.

For the year ending 31 Dec 2018, the amount apportioned to this property is £248.92 (£0.14 psf).

Further information can be provided upon request.

EPCAn Energy Performance Certificate is available upon request.

reac

hmar

ketin

g.co

.uk

322

29 0

5/18

PROPOSALWe are instructed to seek offers in excess of £987,000 (Nine Hundred and Eighty-Seven Thousand Pounds) subject to contact and exclusive of VAT.

A purchase at this level reflects the following yield profile, assuming purchaser’s costs of 5.74%

. Net Initial Yield: 5.75%

. Minimum reversionary yield at July 2022: 6.04%

. Minimum reversionary yield at July 2027: 6.35%

0161 828 6440jll.co.uk/property

costa coffee m61/j4 bolton bl5 1bu...costa coffee is situated in an extremely prominent position at...

Documents