CINEMA PORTFOLIOmedia.prd.pl.artirix.com.s3-eu-west-1.amazonaws.com/... · CINEMA PORTFOLIO | 02. SITUATION The property is located just outside the city walls and close to the train

CINEMA PORTFOLIO

Highly Reversionary Leisure Investment / Redevelopment Portfolio For Sale

• Four highly reversionary leisure investments for sale

• Situated in city centre locations

• Some medium term redevelopment opportunities

• Total income £3,150 per annum with the major reversions in 2035

• Bids for individual or parts of the portfolio will be considered

• Off ers in excess of £2,500,000

INVESTMENT SUMMARY

2 Skinner Street, Wolverhampton, WV1 4LD

Empire Cinema, Maney Corner, Birmingham Road, Sutton Coldfi eld B72 1QL

Former Odeon Cinema, Trinity Street, Hanley, Stoke on Trent ST1 5HEAberdeen

GlasgowEdinburgh

Newcastle

ManchesterLiverpool

LeedsSheffi eld

Bristol

Plymouth

Portsmouth

London

Birmingham Coventry

Belfast

Reel Cinema, Blossom Street, York Y024 1AJ

CINEMA PORTFOLIO | 01

BARNSLEY DONCASTER

A628

A629 A628

A635A635M18M20

LEEMAN ROAD

ROUG

IER STREET

DAVYGATE PARLIAMENT ST

CONEY STREET

WELLINGTO

N ROW

NORTH ST

SKELDERGATE

BARB

ICA

N S

T

MONKGATE

QUEEN

STR

EET

STA

TION

RD

M

USEUM

STR

EET

BOOTHAM

NUNNERY LANE T

HE MOUNT

BLO

SSOM

ST

GILL

YGAT

E

TOWER ST FISHERGATE

FAW

CET

T ST

BISH

OPT

HORP

E R

D

B

ISHOPGATE

FOSS ISLA

ND

S ROA

D

FOSS ISLA

ND

S ROA

D

FOSS BANK

ST MAURICE’S ROAD

STONEG

ATE

LOW

ER PETERGATE C

OLLIERG

ATE FOSSGATE

RIVER OUSE

RIVER FOSSYORK

TO A64

MIC

KLEGATE MICKLEGATE BRIDGE ST C

LIFFORD STREET

YORK MINSTER

REEL CINEMA

REEL CINEMABLOSSOM STREET, YORK Y024 1AJ

LOCATION York is a historic walled city, rich in ancient history and is the traditional county town of Yorkshire.

The historic and charismatic cathedral city of York in the commercial centre for North Yorkshire and is situated 26 miles north east of Leeds and 22 miles east of Harrogate. York benefits from excellent road links with the A64 forming part of York’s outer ring road, providing dual carriageway links to the A1 and the National motorway network. The city is two hours by train from London.

CATCHMENT & LOCAL ECONOMY At the 2011 Census York had a population of 198,000, a 9.4% increase since 2001.Since 1971 York’s population has grown by nearly 31%.

In 2011 York had total employees of 103,000, with above average concentrations of finance, professional and business services employees.

Unemployment at September 2014 stood at 1% compared to the GB average of 2.6%.

Major employers in York include Aviva, Network Rail, Northern Rail, City of York Council, York Hospitals NHS Trust, University of York and Tesco.

York’s demographic includes an above average proportion of the adult population within the most affluent AB social group. Furthermore, York University is rapidly expanding and the city benefits from a student population of around 21,000.

The annual potential spend on comparison goods within the York catchment shopping population is estimated to be £922.54m.

Visit York reported this year that York attracts over 7 million visitors spending approximately £600m each year, with tourism supporting over 20,000 jobs in the city. York’s main tourist attractions include York Minster, The Jorvik Viking Centre and the Heritage Centre.


SITUATION The property is located just outside the city walls and close to the train station. Nearby occupiers include Sainsbury’s Local and Premier Inn.

DESCRIPTIONThe property comprises a parade of five shops predominantly let to local tenants, adjoining a 1930’s art deco 5 screen Reel cinema with surface car parking to the rear.

SITEThe total site area is 0.6 acres.

HAMPTON BY HILTON YORK

CITY GATE

CITY WALL

PREMIER INN

SAINSBURY’S

YORK TRAIN STATION

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Ground + First FloorFloor Area (sq ft) GIA

Cinema 24,402Shop Unit 1 850Shop Unit 2 947Shop Unit 3 710Shop Unit 4 797York Passage Unit 1a 170Total 27,876

TENUREFreehold

TENANCY The entire property is let to 3R Construction Property & Development Ltd (original tenant Odeon York Limited) for a term of 99 years from 18/02/1936, expiring 17/02/2035 at a rent of £800 without review. Lease available on request.

We have been verbally informed that 3R Construction has sub-let the cinema to Reel Cinemas Ltd (associate company) along with a number of other local tenants for varying terms, which we believe produces a total headline rental of £213,000 per annum approximately, which does not take into account any income from the rear car park.

PLANNING The cinema is currently Grade II Listed, including the adjoining shops and is within a conservation area. The property benefits from class A1 and D1 use.

REDEVELOPMENT OPPORTUNITY/ALTERNATIVE USEWe understand that the buildings are listed and in a conservation area, so total redevelopment is unlikely, although alternative uses and further increases in density are possible on the car park to the rear.

VAT The property is not elected for VAT, so no VAT will be charged on the transaction.

EPCAvailable on request.

ACCOMMODATIONThe property has the following approximate floor areas:


LOCATION Stoke-on-Trent is located in the county of Staffordshire, approximately 40 miles north west of Birmingham and 30 miles south of Manchester.

Hanley forms part of the extensive Stoke-on-Trent conurbation, comprising the towns of Stoke-on-Trent, Burslem, Turnstall, Fenton and Longton, as well as the adjacent centre of Newcastle-under-Lyme.

Stoke-on-Trent has excellent communications being easily accessible from the A500, the main dual carriageway running north through the conurbation and linking directly to Junctions 15 and 16 of the M6 Motorway. The town also forms the focal point for the convergence of the A50, A53, A34 and A52. The city is served by a direct rail service to London Euston with a journey time of approximately 1 hour 24 minutes.

Hanley town centre lies just off the A50 which in turn connects to the A52 and A53 approximately 1 mile east of the junction with the A500. Hanley is considered the city centre of Stoke-on-Trent and provides the main concentration of retailing and commercial uses for the conurbation.

CATCHMENT & LOCAL ECONOMY Stoke-on-Trent has a population of 249,000 (2011) and a catchment population of 800,000 within a 30 minute drive-time. Hanley is the primary commercial and administrative centre of Stoke-on-Trent and is now considered to be the heart of the conurbation and the main city centre.

The economy was principally developed around the ceramic industry, but in recent years the service sector has played an increasing important part. The Local Tourist Authority estimate the area attracts over 4 million tourists a year, spending approximately £150 million per annum.

Major employers include Churchill China, Michelin Tyres, Staffordshire University and British Telecom.

PotteriesShopping

Centre

Forest Park

FestivalRetailPark

EtruriaPark

worldworld

Octagon Retail Park

Sainsbury’s Supermarket

Century St

Sampson St Sampson StCentury St

Clough St

Clough St

Clough St

Stafford S

t Stafford St

Found

ry St

Weaver St

Pall Mall

Lichfield St

Bryan S

t

W

ay

Festival Way

Marina W

ayR

idge House Dr

Pavilion Dr

Ridge H

ouse Dr

Gre

yhou

n

W

aterloo Rd Vale Pl

Potteries Way

Potteri

Potteries W

ay

Broad

St

Yo

rk St

Marsh S

t N

Broad St

Etruria Rd

Ho

pe S

t

Etruria Vale Rd

Etruria V

Tow

n Rd

Etruria Rd

New Hall St

Etruria

Rd

C

obrid

ge R

d

Cob

ridge

Rd

Cob

ridge

Rd

C

obrid

A50

FORMER ODEON CINEMA

Trinity St

FORMER ODEON CINEMATRINITY STREET, HANLEY, STOKE ON TRENT ST1 5HE


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SITUATION The property is located within the entertainment area of the city and close to the main pedestrianized retailing pitch and at the Potteries Shopping Centre. Other leisure operators in the area include Fiction Bar and Walkabout.

DESCRIPTIONA classic 1930’s cinema, formerly a theatre which has been split into a bar on two levels fronting Trinity Street, with a nightclub to the side principally on ground floor with mezzanine fronting Foundry Street.

SITEThe total site area is approximately 0.3 of an acre.

MARKS & SPENCERQUALITY HOTEL

BHS

GO OUTDOORS

WILKO REGENT THEATRE

FICTION HANLEY

WALKABOUT

TESCOS

INTU POTTERIES SHOPPING CENTRE EXTENSION

INTU POTTERIES SHOPPING CENTRE

TK MAXX

FO

UN

DR

Y ST

RE

ET

TRINITY STREET

ACCOMMODATIONThe property has the following approximate areas:

TENUREFreehold

TENANCY The entire property is let to Mastdata Properties Ltd (original tenant Theatre Development Corporation Ltd/Cinema Services Ltd) for a term of 99 years from 8 January 1936 expiring 7 January 2035, at a current rental of £800 per annum, with no further reviews. Lease available upon request.

We have been verbally informed that Mastdata in turn sublet to Inventive Bar Company trading as Rift & Co and Luminar Leisure trading as Chicago Rock. We understand the combined total rental income is £129,000 per annum.

Floor Area (sq ft) GIARift & Co 7,456Chicago Rock Café 12,031Total 19,487

PLANNING The former cinema is not listed and not located within a conservation area. The property benefits from A2, A3 and D2 class use.

REDEVELOPMENT OPPORTUNITY/ ALTERNATIVE USEThe existing leaseholder has obtained change of use and split the building into two leisure uses, which is probably the buildings most likely future use.




SUTTON HOSPITAL

THE MALL

BR

ASSI

NG

TON

A VE

A512

7

VICTORIAROAD

QUEEN STREE T

A512

7

HI G

H S

T REE

T

A51

27

VICTORIA ROAD

COLES HILL R OAD

THE

PAR

AD

E

COLESHILL RO

AD

UP

PER

HO

LLAN

D R

OA

D

UPP ER HOLLAN D R OAD

DUKE STREET

HOLLANDSTREET

QUEEN

STR

EET

THE LO

WER

PARADE

SOUTH PARADE

SOUTHPARADE

T R INIT Y H

ILL

R E C TORY R OAD

R E C TORY R OAD

JER

RAN

D D

RIV

E

RIL A

ND

RO

AD

RO

YAL RO

AD

KATHLE E N R D

PAR K R OAD

UPPER C

LIFT

ON

RD

LIFT

ON

RO

AD

CLI

FTO

N R

OAD

FART H I N

GLA

NE

M AN OR HIL LMANOR HILL

MANOR R OAD

R AILW

AY ROAD

STATION S T

RED

DIC

RO

FT

LYNDON R OAD

TUDOR R OAD

GAR

RAN

GG

ARDE

NS

FAWDRY C LOSE

RYTON CL

DR

IFFO

LD

MIDLAND DR IVE

WY

ND

L EY

DR

I VE

TUD

OR

HIL

L

SUTTON COLDFIELD

SUTTON COLDFIELD

RED ROSECENTRE

EMPIRE CINEMA

CO

LEG

EH

LLLI

While Rd

LOCATION Sutton Coldfield is located approximately 8 miles (13km) north of Birmingham city centre and is one of the most affluent suburbs of the West Midlands conurbation.

The town benefits from excellent road links via the M6 and M6 toll which provide access to Manchester (95 miles) and the North West. The town also has easy access to the M42 to the east of the town, which in turn leads to the M5 and the South and West of England.

By rail there are direct and frequent commuter services from the town to Birmingham New Street, which in turn provides direct connections to London.

Birmingham International Airport is located 14 miles (22.5 km) south east of the town, providing regular domestic and international flights.

CATCHMENT & LOCAL ECONOMY Sutton Coldfield is the most affluent borough within the West Midlands, the second most populous area of the UK after Greater London. The town has a substantial primary catchment population estimated at 203,000 people and is expected to see above average growth in population to 2016.

Reflecting the affluent demographic profile, the town contains a significantly above average proportion of adults of working age categorised within the most affluent AB social group (PROMIS). In contrast, the least affluent D and E social groups are particularly under represented.

The area is regarded as one of the most desirable and prestigious residential locations within Central England and contains eight out of the ten most expensive residential streets in the West Midlands. The level of owner occupation in Sutton Coldfield is significantly above average ranking the town 11th of the 200 PROMIS Centres on this measure.

As the most affluent district in Birmingham, Sutton Coldfield benefits from high levels of household income and low levels of unemployment. The service sector accounts for approximately 75% of total employment with manufacturing accounting for 11%.

Reflecting the wealth in the local catchment, per capita spending levels are significantly above the PROMIS average for both comparison and retail warehouse goods.

EMPIRE CINEMAMANEY CORNER, BIRMINGHAM ROAD, SUTTON COLDFIELD B72 1QL


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SITUATION The property is situated in a very affluent part of Sutton Coldfield, surrounded by high quality housing stock.

It is situated on Birmingham Road in the immediate vicinity of Iceland and a Tesco store and a range of quality restaurants and bars.

SITEThe total site area is around 1.2 acres.

HO

LLA

ND

RO

AD

BIRMINGHAM ROAD

MORRISONS

TESCO

KWIK FIT

ICELAND

HOLLAND ROAD

BIR

MIN

GH

AM

RO

AD

ACCOMMODATIONThe property has the following approximate floor areas:

TENUREFreehold

TENANCY The entire property and car park is let to Sutton Coldfield Cinema 2 Limited (Empire Cinemas Ltd), original tenant Odeon, Sutton Coldfield Limited, for a term of 99 years from 25 March 1935, expiring 24 March 2034 at a current annual rent of £550 per annum without review.

Empire Cinemas Ltd is a multiplex cinema operator which operates 17 cinemas throughout the UK.

PLANNING The cinema is currently Grade II Listed, although not within a conservation area. The property benefits from D2 class use.

REDEVELOPMENT OPPORTUNITY/ALTERNATIVE USEWhile we understand the cinema operator is happy operating the premises as a cinema, we see this in the medium term as a mixed commercial and residential development opportunity, possibly incorporating a cinema.


EPCAvailable on request.Floor Area (sq ft) GIA

Ground fl oor 11,805First fl oor 5,456Second Floor 3,670Total 20,931


H

H

WestPark

A454CHAPEL

e Eyermary

West Park

PA

RK

R

OA

DW

ES

T

P A R KR

OA

D

AD

UPR

VAUX

HALL

CONNAU

GHTRD

OA

KST

GR EAT BR ICKK ILN S TR EET

LORDST

ST MARK’S

HUMBER

RD

ZOARST

UPPERZOAR

ST

L E AR O A D

LIME ST

MERRIDALE ST WEST

ROAD

A

OW

EN

BRISTOLST

OAKS CRESCEN

T

CLIFTONST

WAL

R OA

D

BATH RO

N E WH A M

Wyrley & Essingto

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II

II

II

II

II

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P

P

P

THE ROYAL

ST GEORGE’SMETRO

P

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WOLVERHAMPTON RAILWAY STATION

LawCrt

L ASH

RING RD

STGEO

RGES

RGRD

STD

AVID

S

RING RD ST PETERS

RIN

GRD

ST

ANDREWS

RING

RDST

MA

RKS

RING RD ST JOHNS

DUD

LEY

RO

AD

A45

9BIRM

ING

HA

MRD

A412A

449

PEN

NRO

AD

MolineuxFootballGround

CivicCentre

Art Gallery

RING RD ST PATRICKS

A41

B I LSTONRO

AD

LWR HORSELEY FIELD

A45

4HORSELEY FIELDS

W E D N E S F I E L DR O A D

A4124

A449

EE

T

CoachSta

Supermarket

DARLINGTON STQUEEN SQ

SNO

WHILL

GARR

ICK

ST

PRINCESS

ST

VICT

ORIA

ST

WOR

CEST

ERST

TEMPLE STREET

SALOP ST

SCHO

OL

ST

WATERLO

ORD

BROAD ST

LICHFIELD STREET

HORSELEYFIELDS

DUDLEYST

GRTW

ESTERNST

T

JACK HAYWARD WAY

WAT

ERLO

ORD

BRIG

DE

AS

T LANSDOWNE

RD

PIPE

R’S

ROW

BERRY ST

ST GEORGE’

SPA

R

T

RAGLAN

ST

ST

RETR

EAT

S T

GRAISELEY

D

MERRIDALE ST

ALEXANDERST

ABLOW STPOUNTNEY ST

POOLST

GRAISELEY ROW BELL

PLAC

E

CHURCH LANE

THO

MAS

ST

FREDERICK

ST

ST

LEVER ST

DUNKLEYST

STAFFORDSTREET

CLEVELAND STREET

MO

LIN

EUX

STR

EET

RABY

STRE

ET

PEARSON ST

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MP T O N

R O A D

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VI

CA

RA

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RO

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ST

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L H

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AN

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LOWER WALSALL ST

COM

MERCIAL

SHARROCKS ST

RD

WALSALLSTREET

CULW

ELL ST

OA

D

CHERVIL RISE

TREMONT ST INKERMAN

ST

CORN

HILL

DUKEST

ALL SAINTS ROAD

EAGL

EST

SUTHERLAND PL

BOWDLER RD

REDLIO

NST

ULFRUNA ST

NORTH

SOUTH

A41

2 SKINNER ST

W

LOCATION Wolverhampton is a large, thriving commercial and administrative centre situated in the core of the West Midlands some 29km (18 miles) north-west of Birmingham, 53km (33 miles) south of Stoke on Trent and 68km (42 miles) south west of Derby.

The city benefits from excellent road communications with easy access to the motorway network with Junctions 9 and 10 of the M6 situated 9.6km (6 miles) to the east, Junction 2 of the M54, 6.4km (4 miles) to the north and the M5 within 16km (10 miles) to the south east. The city is connected by fast, direct train services to Birmingham (20 minutes) and to London (98 minutes).

CATCHMENT & LOCAL ECONOMY Wolverhampton has a large, densely populated, loyal catchment which incorporates a number of more affluent boroughs to the north and west of the city. The primary catchment population of 430,000 people ranks it the 54th largest of the UK PROMIS Centres.

There are 353,700 people located within a 15 minute drive of the city centre and 1,731,300 people within a 30 minute drive time. This large catchment generates a strong in town expenditure of £902m, ranking Wolverhampton 61st of the PROMIS Centres. The city population is further boosted by the expanding University population which now attracts circa over 23,000 students per annum. £115m has been invested in the campus over the last decade with a further £45m planned.

Wolverhampton has a strong and diverse economy with a highly skilled workforce of 144,000 people supporting 8500 companies. The service sector is dominant, although there is an established broad manufacturing base. Halifax Bank and Birmingham Midshire’s Building Society both have HQ’s in the city and other major employers represented include GE Aviation, Carillion and UTC Aerospace Systems, Moog Aircraft Group and Jaguar Land Rover.

2 SKINNER STREETWOLVERHAMPTON WV1 4LD


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SITUATION The property is situated in the heart of Wolverhampton close to the Mander shopping centre and the open market. Occupiers in the area include House of Fraser and Tesco Metro.

DESCRIPTIONThe property is a classic 1930’s red brick cinema with art deco frontage, which has been converted to provide a smart entertainment suite that can accommodate up to 800 guests for a variety of events.

SITEThe total site area is around 0.4 acres.

BUS STATIONWULFRUN SHOPPING SENTRE

MANDER SHOPPING CENTRE

MARKET SQUARE

ST JOHNS RETAIL PARK

SAINSBURY’S

MAGISTRATES COURT

HOUSE OF FRASER

SA

LO

P S

TR

EE

TSK

INN

ER

ST

RE

ET

SCHOOL STREET

VICTORIA STREET

TENUREFreehold

TENANCYThe entire property is let to Paramjit Singh - Jagir Kaur (original tenant Theatre Development Corporation Limited) for a term of 99 years from 11/02/1936, expiring on 10/02/1935 at a rental of £1000 per annum without further review. Lease available upon request.

More information on the tenant can be found at www.thediamondbanquetingsuite.com

ACCOMMODATIONThe property has the following approximate areas:

Floor Area (sq ft) GIA

Total 20,264

PLANNING The cinema is currently Grade II Listed, although not within a conservation area. The use class for the property is sui generis.

REDEVELOPMENT OPPORTUNITY/ALTERNATIVE USEThe property is currently used as an established entertainment/conference venue, which may well be its future use. Alternatively, it could be suitable for redevelopment on its own or as part of a larger scheme.




MISREPRESENTATION ACT 1967 AND DISCLAIMER AHBN LLP for themselves and for the vendors of this property whose agents they are give notice that :- The particulars are set out as a general outline only for the guidance of intending purchasers and neither constitute, nor constitute part of, an offer or contract. 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 purchaser should not rely on them as statements of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of AHBN LLP have any authority to make or give any representation or warranty in relation to the property. No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn. AHBN LLP have not made any investigations into the existence or otherwise of any issues concerning pollution and potential land, air or water contamination. The purchaser is responsible for making their own enquiries in this regard.

June 2015

PROPOSALWe are instructed to seek offers in excess of £2,500,000, subject to contract for the entire portfolio: bids for individual or parts of the portfolio will be considered.

FURTHER INFORMATION & VIEWINGShould you require more information or wish to arrange an inspection, please contact either Nick Ayles or Patrick Church.

AHBN LLP 8 Wigmore Street, London, W1U 2RD 0207 436 8110 www.ahbn.co.uk

Nick Ayles 07850 964 765 [email protected]

Patrick Church 07909 685 587 [email protected]

Documents

CINEMA PORTFOLIOmedia.prd.pl.artirix.com.s3-eu-west-1.amazonaws.com/... · CINEMA PORTFOLIO | 02. SITUATION The property is located just outside the city walls and close to the train