Phoenix Leisure Park

Phoenix
Leisure
Park
PA I S L E Y R E N F R E W S H I R E PA 1 2 B H
MULTI-LET LEISURE INVESTMENT
• Four modern stand alone restaurant units let to KFC, Burger King, Pizza Hut and Ashoka Cook School
• Located adjacent to a 14 screen Showcase multiplex cinema, an ASDA supermarket and Phoenix Retail Park
• The fast food/casual dinning sector has performed well in recent years and is one of the few sectors to have
experienced rental growth during the economic downturn
• Total passing rent of £298,300 per annum
• 86% of total income secured to national restaurant covenants
• Average weighted unexpired lease term of 10 years
• Heritable interest (Scottish equivalent of English Freehold)
• Offers in excess of £3,995,000 subject to contract and exclusive of VAT, reflecting a net initial yield of 7.06% after
deduction of standard purchasers costs of 5.80%
Phoenix
Leisure
Park
PA I S L E Y R E N F R E W S H I R E PA 1 2 B H
Location
Paisley is Scotland’s largest town
and is the administrative capital
of the Renfrewshire Council Area.
The town forms part of the greater
Glasgow conurbation and is located
approximately 11 miles from Glasgow
city centre. PROMIS estimates that the
town has a primary retail catchment
population of 173,000.
MATALAN
B&M
Situation
CARPETRIGHT PETS AT HOME
TK MAXX
ARGOS
FORD
DREAMS
PEUGEOT
BOBBIN
PUB
ASDA SHOWCASE
CINEMA
PHOENIX
RETAIL PARK
TO PAISLEY
TOWN CENTRE
D
OA
DR
O
WO
LIN
Phoenix Leisure Park is located
approximately 3 miles to the west
of Paisley town centre and occupies
an accessible, highly visible and
prominent position immediately
adjacent to the A761 Linwood Road,
which provides direct access to
Paisley’s town centre to the east and
connects to the A737 immediately to
the north. The A737 connects directly
to junction 29 of the M8 a short
distance to the north.
PHOENIX
LEISURE PARK
Phoenix Leisure
and Retail Park
The Leisure Park is anchored by a 14
screen Showcase multiplex cinema
and other leisure occupiers include
McDonalds, Premier Inn, Brewers
Fayre and the Bobbin family pub.
Phoenix Retail Park is anchored
by ASDA and is fully let to national
retailers; Matalan, TK Maxx, Dreams,
Carpetright, Thomas Cook, Argos and
Pets At Home. Additionally there is a
major concentration of car showrooms
situated in close proximity including
Ford, Volkswagen, Peugeot, Vauxhall,
Skoda, Honda, Nissan, Mazda, Kia,
Hyundai, Mitsubishi and Suzuki.
McDONALDS
A761
PHOENIX
BUSINESS PARK
TO JOHNSTONE
A737
TO GLASGOW
ARNOLD
CLARK
PHOENIX
CAR GROUP
PREMIER
INN
BREWERS
FAYRE
VOLKSWAGEN
TO LINWOOD
TOYOTA
Phoenix
Leisure
Park
PA I S L E Y R E N F R E W S H I R E PA 1 2 B H
Description
Covenant Information
KFC is the world’s most popular chicken restaurant chain with over 15,000
outlets in 105 countries, in the UK and Ireland it has over 800 outlets. Kentucky
Fried Chicken (Great Britain) Ltd has a Dun & Bradstreet rating of 5A1.
According to Dun & Bradstreet, their latest accounts dated 4 December 2011,
show a sales turnover of £394 million, a profit before tax of £47 million and a
tangible net worth of £64 million.
The subjects comprise two modern purpose built drive through
restaurant units let to KFC and Burger King and two modern purpose
built restaurant units let to Pizza Hut and Ashoka Cook School.
There are approximately 169 customer car parking spaces in total
providing an excellent car parking ratio of 1:70 sq ft. Each of the
units has a dedicated access and car park.
Ashoka Cook School is part of Ashoka Restaurants, the largest Indian
restaurant group in Europe with 14 restaurants throughout Scotland, Source:
www.ashokarestaurants.com
The site extends to approximately 3.62 acres.
Tenure
Pizza Hut is the biggest pizza company in the world and has approximately 700
outlets in the UK and Ireland. Pizza Hut (U.K.) Ltd has a Dun & Bradstreet rating
of 4A1, their latest accounts dated 4 December 2011 show a sales turnover of
£331 million, a loss before tax of £24 million and a tangible net worth of £31
million.
Heritable Interest – Scottish equivalent of English Freehold.
Tenancy
The property is let as per the tenancy schedule below:
UNIT
TENANT
FLOOR
AREA
(SQ FT)
LEASE
START
LEASE
EXPIRY
RENT
REVIEWS
RENT (P.A.)
RENT
(PER SQ FT)
COMMENT
1
Kentucky Fried
Chicken (Great
Britain) Ltd
2,861
15/07/1998
15/07/2023
28/08/2013
28/08/2018
£79,000
£27.61
-
2
Ashoka Cook
School Ltd
1,948
04/10/2012
03/10/2022
04/10/2017
£42,000**
£21.56
Personal guarantee
from Sanjay Majhu
3
Pizza Hut
(UK) Ltd
3,559
29/09/1997
29/09/2022
29/09/2012*
29/09/2017
£84,000
£23.60
Additional 272 sq ft
stand alone store
4
Burger King Ltd
3,422
08/12/1997
07/12/2022
08/12/2012*
08/12/2017
£93,300
£27.26
Sub-let to Caspian Food
Retailers Limited
11,790
Burger King is the second largest fast food hamburger chain in the world with
more than 12,600 outlets in 83 countries, in the UK & Ireland it has over 500
outlets. Burger King Ltd is a subsidiary of the US parent company Burger King
Holdings Inc. Burger King Ltd has a Dun & Bradstreet rating of N2, their latest
accounts for the 18 months to 31 December 2011, show a sales turnover of
£81.8m, a gross profit of £57.8m, a net loss of £9.6m and a tangible net worth of
negative £17.1m.
£298,300
* Outstanding rent review.
** Ashoka Cook School Ltd currently benefit from a concessionary rent of £24,500 p.a, the vendor will top up the passing rent to the year four rent of £42,000 p.a.
VAT
The property has been elected for VAT and therefore VAT will be applicable on the
purchase price. However it is anticipated that the sale can be treated by way of a
Transfer of a Going Concern (TOGC).
Proposal
Offers are sought in excess of £3,995,000 subject to contract and exclusive of VAT,
reflecting an attractive net initial yield of 7.06% after deduction of purchasers
costs at 5.8%.
Site Plan
TO GREENOCK
AND WEST
1
GLASGOW
AIRPORT
M8
J29
4
2
A737
TO GLASGOW
CITY CENTRE
A726
A741
LINWOOD
3
LIN
WO
O
A761
A737
A761
DR
OA
D
JOHNSTONE
A761
PAISLEY
TOWN CENTRE
A761
A726
A789
ELDERSLIE
Contact
For further information or to arrange an
inspection, please contact:
Douglas Wood
T 0141 227 4661
E douglas.wood@montagu-evans.co.uk
Phoenix
Leisure Park
PA I S L E Y R E N F R E W S H I R E PA 1 2 B H
DISCLAIMER Important notice relating to the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991: Montagu Evans for themselves and their client give notice that: 1. The information contained in these particulars is for guidance to intending purchasers, licensees or any other third parties and they are
for general information purposes only and will be used at the individual purchaser’s own risk. 2. All reasonable endeavours have been taken to ensure the accuracy of information, however, there is no guarantee or warranty as to the accuracy or completeness, factual correctness or reliability of any information in the
particulars (especially as the information may have been obtained from third parties). No liability will be accepted for any errors or omission, including any inaccuracies or typographical errors. 3. Any interested purchasers, licensees or any third parties should not view the information in the particulars as statements or
representations of fact and should satisfy themselves that the facts and specific details in the particulars are correct and accurate especially in relation to floor areas and other measurements through inspection or other means, as appropriate, and will be responsible for taking independent surveys or valuations before
entering into any legally binding transaction in respect of the property or premises that is the subject matter of these particulars. 4. No investigations of any issues concerning pollution and potential land, building, air or water contamination have been undertaken. Prospective purchasers, licensees or any third parties must
undertake their own enquiries and satisfy themselves in this regard. 5. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Subject to Contract. January 2013.
Phoenix
Leisure
Park
PA I S L E Y R E N F R E W S H I R E PA 1 2 B H
EPC Ratings
Energy Performance Certificate for buildings other than dwellings
Energy Performance Certificate for buildings other than dwellings
Energy Performance Certificate
Lifespan SBEM v4.1.d [SBEM]
Scotland
Building type
Current rating
Restaurants and Cafes/Drinking Est./Takeaways
Carbon Neutral
A
B
C
D
E
F
G
Excellent
(0 to 15)
(16 to 30)
(31 to 45)
(46 to 60)
(61 to 80)
(81 to 100)
G
(100+)
Carbon Dioxide Emissions
The number refers to the calculated carbon dioxide emissions in terms
of kg per m2 of floor area per year
Very Poor
Main heating fuel:
Natural Gas
Renewable energy source: Heat pumps
127
296 kWh/m2
Approximate current energy use per m2 of floor area:
Building Services: Air conditioning
Electricity:
Grid supplied
Carbon Dioxide is a greenhouse gas which contributes to climate change.
Less Carbon Dioxide emissions from buildings helps the environment.
Benchmarks
A building of this type built to building regulations standards current at
E
73
the date of issue of this certificate would have a rating:
Where the accompanying recommendations for the cost effective improvement
G
102
of energy performance are applied, this building would have a rating:
Calculated asset rating using
Lifespan SBEM v4.1.d [SBEM]
Scotland
Building type
Current rating
Restaurants and Cafes/Drinking Est./Takeaways
Carbon Neutral
A
B
C
D
E
F
G
Excellent
(0 to 15)
(16 to 30)
(31 to 45)
(46 to 60)
(61 to 80)
(81 to 100)
G
(100+)
Carbon Dioxide Emissions
The number refers to the calculated carbon dioxide emissions in terms
of kg per m2 of floor area per year
Very Poor
Natural Gas
Renewable energy source: Heat pumps
129
306 kWh/m2
Approximate current energy use per m2 of floor area:
Main heating fuel:
Building Services: Air conditioning
Electricity:
Unit 4
Energy Performance Certificate for buildings other than dwellings
Building Energy Performance
Energy Performance Certificate
Building Energy Performance
Calculated asset rating using
Unit 3
Grid supplied
Carbon Dioxide is a greenhouse gas which contributes to climate change.
Less Carbon Dioxide emissions from buildings helps the environment.
Benchmarks
A building of this type built to building regulations standards current at
E
75
the date of issue of this certificate would have a rating:
Where the accompanying recommendations for the cost effective improvement
G
118
of energy performance are applied, this building would have a rating:
Energy Performance Certificate for buildings other than dwellings
Building Energy Performance
Calculated asset rating using
Lifespan SBEM v4.1.d [SBEM]
Scotland
Building type
Current rating
Restaurants and Cafes/Drinking Est./Takeaways
Carbon Neutral
A
B
C
D
E
F
G
Excellent
(0 to 15)
(16 to 30)
(31 to 45)
(46 to 60)
(61 to 80)
(81 to 100)
G
(100+)
Carbon Dioxide Emissions
The number refers to the calculated carbon dioxide emissions in terms
of kg per m2 of floor area per year
Very Poor
Main heating fuel:
Natural Gas
Renewable energy source: None
135
368 kWh/m2
Approximate current energy use per m2 of floor area:
Building Services: Air conditioning
Electricity:
Grid supplied
Carbon Dioxide is a greenhouse gas which contributes to climate change.
Less Carbon Dioxide emissions from buildings helps the environment.
Benchmarks
A building of this type built to building regulations standards current at
E
72
the date of issue of this certificate would have a rating:
Where the accompanying recommendations for the cost effective improvement
G
120
of energy performance are applied, this building would have a rating:
Building Energy Performance
Calculated asset rating using
Energy Performance Certificate
Unit 2
Energy Performance Certificate
Unit 1
Lifespan SBEM v4.1.d [SBEM]
Scotland
Building type
Current rating
Restaurants and Cafes/Drinking Est./Takeaways
Carbon Neutral
A
B
C
D
E
F
G
Excellent
(0 to 15)
(16 to 30)
(31 to 45)
(46 to 60)
(61 to 80)
(81 to 100)
G
(100+)
Carbon Dioxide Emissions
The number refers to the calculated carbon dioxide emissions in terms
of kg per m2 of floor area per year
Very Poor
Main heating fuel:
Natural Gas
Renewable energy source: Heat pumps
141
337 kWh/m2
Approximate current energy use per m2 of floor area:
Building Services: Air conditioning
Electricity:
Grid supplied
Carbon Dioxide is a greenhouse gas which contributes to climate change.
Less Carbon Dioxide emissions from buildings helps the environment.
Benchmarks
A building of this type built to building regulations standards current at
E+
68
the date of issue of this certificate would have a rating:
Where the accompanying recommendations for the cost effective improvement
G
119
of energy performance are applied, this building would have a rating:
Recommendations for the cost-effective improvement (lower cost measures) of the energy performance
Recommendations for the cost-effective improvement (lower cost measures) of the energy performance
Recommendations for the cost-effective improvement (lower cost measures) of the energy performance
Recommendations for the cost-effective improvement (lower cost measures) of the energy performance
1. Replace tungsten GLS lamps with CFLs: Payback period
dependent on hours of use.
1. Consider replacing T8 lamps with retrofit T5 conversion kit.
1. Replace tungsten GLS lamps with CFLs: Payback period
dependent on hours of use.
4. Add weather compensation controls to heating system.
1. Consider replacing T8 lamps with retrofit T5 conversion kit.
2. Consider replacing T8 lamps with retrofit T5 conversion kit.
2. Add weather compensation controls to heating system.
2. Consider replacing T8 lamps with retrofit T5 conversion kit.
5. Add local time control to heating system.
2. Add optimum start/stop to the heating system.
3. Add weather compensation controls to heating system.
3. Some glazing is poorly insulated. Replace/improve glazing
and/or frames.
3. Add optimum start/stop to the heating system.
Address:
Conditioned area (m2 ):
Name of protocol organisation:
Date of issue of certificate:
Unit 1, Pegasus Avenue, Phoenix Leisure Park, Paisley PA1 2BH
300
Royal Institution of Chartered Surveyors, [RICS850263]
(Valid for a period not exceeding 10 years)
16 Nov 2012
This certificate is a requirement of EU Directive 2002/91/EC on the energy performance of buildings.
NB THIS CERTIFICATE MUST BE AFFIXED TO THE BUILDING AND NOT REMOVED UNLESS REPLACED
WITH AN UPDATED VERSION AND FOR PUBLIC BUILDINGS DISPLAYED IN A PROMINENT PLACE
Address:
Conditioned area (m2 ):
Name of protocol organisation:
Date of issue of certificate:
Unit 2, Pegasus Avenue, Phoenix Leisure Park, Paisley PA1 2AB
170
Royal Institution of Chartered Surveyors, [RICS850263]
(Valid for a period not exceeding 10 years)
16 Nov 2012
This certificate is a requirement of EU Directive 2002/91/EC on the energy performance of buildings.
NB THIS CERTIFICATE MUST BE AFFIXED TO THE BUILDING AND NOT REMOVED UNLESS REPLACED
WITH AN UPDATED VERSION AND FOR PUBLIC BUILDINGS DISPLAYED IN A PROMINENT PLACE
Address:
Conditioned area (m2 ):
Name of protocol organisation:
Date of issue of certificate:
Unit 3, Pegasus Avenue, Phoenix Leisure Park, Paisley PA1 2BH
319
Royal Institution of Chartered Surveyors, [RICS850263]
(Valid for a period not exceeding 10 years)
16 Nov 2012
This certificate is a requirement of EU Directive 2002/91/EC on the energy performance of buildings.
NB THIS CERTIFICATE MUST BE AFFIXED TO THE BUILDING AND NOT REMOVED UNLESS REPLACED
WITH AN UPDATED VERSION AND FOR PUBLIC BUILDINGS DISPLAYED IN A PROMINENT PLACE
4. Add local time control to heating system.
3. Add weather compensation controls to heating system.
Address:
Conditioned area (m2 ):
Name of protocol organisation:
Date of issue of certificate:
Unit 4, Pegasus Avenue, Phoenix Leisure Park, Paisley PA1 2BH
328
Royal Institution of Chartered Surveyors, [RICS850263]
(Valid for a period not exceeding 10 years)
16 Nov 2012
This certificate is a requirement of EU Directive 2002/91/EC on the energy performance of buildings.
NB THIS CERTIFICATE MUST BE AFFIXED TO THE BUILDING AND NOT REMOVED UNLESS REPLACED
WITH AN UPDATED VERSION AND FOR PUBLIC BUILDINGS DISPLAYED IN A PROMINENT PLACE