PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

INVESTMENT SUMMARY

• Barnsley is the largest retail, administrative and commercial centre in the Barnsley Metropolitan Borough, with a catchment population over 2.2 million

• The Yorkshire town is situated approximately 15 miles north of Sheffield and 20 miles south of Leeds

• The property is prominently situated on Cheapside, the town’s prime pedestrianised retail destination

• The property comprises a prime retail unit currently utilised as a Bank with ground and first floor trading extending to 7,100 sq ft

• Freehold • The property is let to Lloyd’s Bank Plc until 24th December

2024 (7.5 years unexpired) • The current rent of £115,000 per annum (£76 ZA) was

re-based from £168,000 per annum (£110 ZA) and now provides excellent scope for growth as the scheme opposite develops

• The tenant has been in occupation of the property since 1970’s and has recently re-fit the property to the latest corporate standards

• Our client is seeking offers in excess of £1,450,000 which reflects a Net Initial Yield of 7.48%

• Low capital value of only £204.22 psf

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

A61

A628

SHEFFIELD RD

A628

LLOYDS BANK PLC

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

A61

Summ

er La ne

Race

c om

mo

n R

d

B609

Sheffield Rd

Church St

Old Mill Lane

A61

Sheffield Rd

Doncaster Rd

A6133 A6133

A6133

A6133

A628

A628

A

628

A635

The PropertyM1

M1

Jnt 37

CalypsoCove

Barnsley Football

Club

Barnsley Hospital

Keresforth Centre

ALHAMBRA SHOPPING

CENTRE

Barnsley

Pogmoor Road

M621M606

M62

M65

M66

M60

M60

M60

A627(M)

M56

M6

M62

M62

M62

M1

M1

M1

A1(M)

A1(M)

M18

M18

M180

A1(M)

A19

A63

A58

A58

A56

A6

A6

A34

A54 A53

A61

A61

A60

A60

A57

A1

A1

A6

A62

A34

A59

A64

A63

A1A19

A61

A628

LEEDSBradford

Burnley

Halifax

Dewsbury Wakefield

Huddersfield

Pontefract

Doncaster

Rotherham

SHEFFIELD

Chesterfield

Worksop

Macclesfield

Stockport

MANCHESTER

Rochdale

Peak District National Park

Bury

Barnsley

Shambles St

CHEAPSIDE

LocATIoNBarnsley is a commercial centre located in South Yorkshire, approximately 15 miles north of Sheffield and 20 miles south-east of Leeds.

The town is strategically located immediately adjacent to Junction 37 of the M1 motorway, which provides access to the M62 and M18 motorways and to the national motorway network.

The main a635 dual carriageway connects Barnsley to Junction 37 of the a1 (M) to the east. By rail, there are a number of train services available to local and national stations and there are four international airports located within a 1 hour drive time.

DEMoGRAPHIcSBarnsley has an urban population of circa 81,250 persons, a Metropolitan Borough population of circa 231,221 (2011 Census), an above average primary catchment of 268,000 persons and an above average shopping population of 124,000. The town ranks 99th out of the Promis Centres.

Barnsley has an above average shopping population of 124,000

A61

B609

Sheffield Rd

Church St

Old Mill Lane

A61

Sheffield Rd

Summ

er Lane

Doncaster Rd

A6133 A6133

A6133

A6133

A628

A628

A

628

A635

M1

M1

Jnt 37

CalypsoCove

Barnsley Football

Club

Barnsley Hospital

Keresforth Centre

THE GLASSWORKS

ALHAMBRASHOPPINGCENTRE

Barnsley

Pogmoor Road

M621M606

M62

M65

M66

M60

M60

M60

A627(M)

M56

M6

M62

M62

M62

M1

M1

M1

A1(M)

A1(M)

M18

M18

M180

A1(M)

A19

A63

A58

A58

A56

A6

A6

A34

A54 A53

A61

A61

A60

A60

A57

A1

A1

A6

A62

A34

A59

A64

A63

A1A19

A61

A628

LEEDSBradford

Burnley

Halifax

Dewsbury Wakefield

Huddersfield

Pontefract

Doncaster

Rotherham

SHEFFIELD

Chesterfield

Worksop

Macclesfield

Stockport

MANCHESTER

Rochdale

Peak District National Park

Bury

Barnsley

Shambles St

CHEAPSIDE

Race

com

mon

Rd

LLOYDS BANK PLC

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

SITUATIoNThe property is prominently situated on the western side of Cheapside; the town’s prime pedestrianised retail thoroughfare. Cheapside, runs from the Alhambra Shopping Centre to the south to May Day Green and Queen Street to the north. The property benefits from approximately 5 metres of retail frontage to Cheapside.

Occupiers in the immediate vicinity include Boots, Topshop, Poundland, WH Smith and Lloyds. M&S is situated within 70 metres to the north and the Alhambra Shopping Centre within 75 metres to the south.

NoRTH

5

IBI GROUP FEASIBILITY STUDY: BARNSLEY MULTIPLEX CINEMA

DECEMBER 2015

P

P

R2 R3 R4 R5

L1

R6

R7a

R7b

R8

SU18

SU17

A1

MSU1

MSU2

SU15

SU14

SU5

SU4

SU3

SU2

SU1

R11

K1K2

K3

K4

L2

SU10

SU11

SU12

SU13

SU14

SU15

SU16

R9R10

R1

SU16

MSU5

MSU4

500space

car park

175space

car park

ExpEctEd tEnant REpREsEntation

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

RETAILING IN BARNSLEYBarnsley has a catchment population of over 2.2 million people with an annual comparison goods spend of approximately £5.5 billion (source: NSLSP). The town is ranked within the top 100 in terms of catchment population and the top 125 in shopping population out of more than 2000 UK retail centres. The shopping population is forecast to experience a 13% increase over the 10 year period from 2013.

Prime retailing within Barnsley is concentrated along the pedestrianised Cheapside anchored by the Alhambra Shopping Centre to the south, the Metropolitan Centre (opposite the subject property) and M&S to the north on Queens Street.

The Alhambra Shopping Centre was constructed in 1991 and is currently configured to provide approximately 182,693 sq ft (16,973 sq m) of retailing space in 40 units over 2 levels. The centre is anchored by Primark, Wilko, TK Maxx, Next and Iceland with a host of other national operators. The centre provides approximately 496 car parking spaces. In August 2014, planning permission was granted for a new multiplex cinema and 5 restaurants to be built upon the roof of the Alhambra Centre. Empire Cinemas confirmed in May 2016 that they intend to open a 10-screen cinema in 2017.

Barnsley Metropolitan Borough Council, in conjunction with Queensbury and Henry Boot Construction, have started a £100 million town centre regeneration scheme called The Glass Works immediately opposite the subject property. Approximately 9.5 acres of central Barnsley, focused on the Metropolitan Centre and surrounding areas, is being redeveloped and refurbished to provide new leisure, restaurant, hotel and residential accommodation around a new Town Square and library as well as comprehensive refurbishment and extension to the market hall of the Metropolitan Centre with additional new car parking. The Glass Works will significantly enhance the town centre and will consolidate Cheapside as the towns prime retail pitch. For further information please see www.theglassworksbarnsley.com.

For a video overlay please click here.

In August 2014, planning permission was granted for a new multiplex cinema and 5 restaurants to be built upon the roof of the Alhambra Centre.

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

DEScRIPTIoNThe property was constructed in the late 1960’s as a purpose-built retail unit over ground and first floor of reinforced concrete frame construction with brick clad elevations under a reinforced insitu cast concrete deck, weathered in asphalt.

Internally the retail units have been fitted out in Lloyds Bank’s corporate style. The first floor retail unit is accessed by way of two escalators and a lift. Servicing is to the rear accessed via Hayes Croft.

AccoMMoDATIoNThe property has been measured in accordance with the Code of Measuring Practice (6th Edition) and provides the following Net Internal Areas:

Sq ft Sq m

ITZA 1,150

GF (Sales) 2,766 257.0

1st (Sales) 2,395 222.5

1st (anc) 150 13.9

2nd (Anc) 1,789 166.2

Total 7,100 659.60

TENUREFreehold

TENANcYThe property is let on a full repairing and insuring lease to Lloyd’s Bank Plc for a term of 8 years from 25th December 2016 expiring 24th December 2024. The current rent of £115,000 per annum is subject to upwards only review to the open market rental value on 25th December 2021.

The tenant has been in occupation of the property since the 1970s and on renewal the rent was re-based from £168,000 per annum with an incentive of 6 months’ rent free.

coVENANT STATUSLloyd’s Bank Plc (Company Registration Number: 2065) is a British retail and commercial bank with branches across England and Wales. The bank was founded in Birmingham in 1765 and has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

The Group’s main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Group operates the UK’s largest retail bank and has a large and diversified customer base.

Lloyds Banking Group is quoted on both the London Stock Exchange and the New York Stock Exchange and is one of the largest companies within the FTSE 100.

Lloyds Bank Plc has the following credit ratings:

Moody’s a1

Fitch a+

Standard & Poor’s a

DBRS a (High)

D&B 5a1

Lloyds Bank Plc reported the following figures in their last three years results:-

2015 2014 2013

turnover £46,962,000,000 £48,771,000,000 £43,739,000,000

Pre-Tax Profit £1,372,000,000 £2,289,000,000 £894,000,000

Net Worth £22,587,000,000 £30,162,000,000 £38,217,000,000

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PRIME FREEHOLD BANK INVESTMENT

LLOYDS BANK PLC, 50 CHEAPSIDE, BARNSLEY, YORKSHIRE S70 1RU

VATThe property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.

ENERGY PERFoRMANcE cERTIFIcATEThe property has an EPC rating of 119.

A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

G over 150

This is how energy efficientthe building is.119

Christopher Dee LLP 40 Peter Street Manchester M2 5GP

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 LLP 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. Design by Ask Design Ltd. 0161 976 1836. May 2017.

For further information or to arrange an inspection, please contact: James Kinsler Tel: 07825 870209 Email: jk@christopherdee.co.uk

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

PRoPoSAL

Our client is seeking offers in excess of £1,450,000 for their freehold interest. A purchase at this level reflects an 7.48% net initial yield, after deducting purchase costs.