mfi, victoria street south, grimsby dn31 1nh - Wilkinson Williams

RETAIL WAREHOUSE INVESTMENT ASSET MANAGEMENT
OppORTUNITY WITH OpEN NON-fOOD CONSENT
MFI, VICTORIA STREET SOUTH, GRIMSBY DN31 1NH

MFI, Victoria Street South Grimsby
In 2001 Grimsby had a district population of approximately
87,500, with a catchment within 6 miles of the town centre
of approximately 160,000.
GRIMSBY
1.0 LOCATION
Grimsby is the commercial and retailing centre
of North East Lincolnshire, lying approximately
70 miles east of Leeds.
Grimsby benefits from good road communications,
with direct links to the motorway network via the
M180, which is connected to the M18 and from
there to the M62 and M1.
As at 2001, Grimsby had a district population
of approximately 87,500, with a catchment
within 6 miles of the town centre of
approximately 160,000.

MFI, Victoria Street South Grimsby
2.0 SITUATION
The property is situated in an exceptionally prominent
position fronting Victoria Street South (A16), which
forms the principal route to the town from the A180.
The property, together with the adjacent unit occupied
by Allied Carpets, is situated at the junction of Victoria
Street South and Frederick Ward Way (A1136), the
principal road leading to nearby Grimsby town centre
and the Freshney Place Shopping Centre.
Victoria Street South/North forms the principal retail
warehouse pitch for the town, which includes the Victoria
Retail Park occupied by Next, JJB, Sportsworld, Brantano
and Staples. To the north of this, High Point Retail Park is
occupied by Currys, Carpetright and Maplin and there is
an adjoining Homebase unit. The Alexander Retail Park
is located on the western side of Alexander Dock and is
occupied by tenants including Wickes, Matalan, Argos
and Comet. Other nearby occupiers include B&Q.
The property, together with the adjacent unit occupied
by Allied Carpets, is situated at the junction of Victoria
Street South with fredrick Ward Way (A1136)
ALEXANDRA RETAIL PARK
HIGH PoINT RETAIL PARK
A180
VIcToRIA RETAIL PARK
SuBjEcT PRoPERTY
A180

MFI, Victoria Street South Grimsby
3.0 DESCRIpTION
The subject property comprises a purpose built
building of steel portal frame construction with
elevations clad with masonry and profile steel
sheeting. The unit was wholly originally occupied
by MFI, however, it has since been subdivided to
create two further units occupied by Floors 2 Go
and The Bed Shed.
The building lies on the eastern side of the site, being
immediately adjacent to Victoria Street South from
where it is very prominent. Immediately adjacent to
the development is a detached building occupied
by Allied Carpets, which is in separate ownership.
Customers access the site directly from Fredrick Ward
Way into a customer car park.
There is a service entrance to the side of the unit
occupied by MFI with the other units being serviced
from the customer car park.
freshney Place
Shopping centre
fREDRIcK wARD wAY
VIcToRIA STREET SouTH

A180
ALEXANDRA RETAIL PARK
HIGH PoINT RETAIL PARK
Freeman Street
Victoria Street North
Victoria Street South
VIcToRIA RETAIL PARK
Fredrick Ward Way
A180
SuBjEcT PRoPERTY
MFI, Victoria Street South Grimsby
The property provides approximately
35,113 sq ft (3,262 m) of gross
internal area.
4.0 ACCOMMODATION
The property provides approximately 35,113 sq ft (3,262 m)
of gross internal area.
The unit is currently divided with two smaller units
extending to circa 4,840 sq ft (Floors 2 Go) and
10,026 sq ft (Bed Shed).
The property benefits from approximately 180 car
parking spaces, equating to a ratio of 1 per 195 sq ft.
5.0 TENURE
The site as outlined in red is held freehold.
6.0 pLANNING
The property benefits from an open non food
retail consent.

MFI, Victoria Street South Grimsby
7.0 TENANCIES
The property is let on a lease to MFI Properties Ltd
for a term of 25 years from 15 February 1989 at a
current rent of £315,000 per annum, equating to
£8.97 per sq ft. The lease is guaranteed by
Galiform Plc.
MFI have granted subleases to Anglo Baltic Ltd
(Floors to Go)(4,840 sq ft) at a rent of £43,560 per
annum (£9.00 per sq ft), and Factory Shack 1997 Ltd
(The Bed Shed)(10,026 sq ft) at a rent of £90,234 per
annum (£9.00 per sq ft).
The property is let on a lease to MFI Properties Ltd for a term
of 25 years from 20 February 1989 at a current rent of
£315,000 per annum, equating to £8.97 per sq ft.
8.0 TENANTS/GUARANTORS COVENANTS
The most recent accounts for the tenant and guarantor are summarised below.
Tenant Date Turnover Pre -Tax Profits Net Currant Assets
MFI Properties Ltd 24/12/05 £9.22m £19.54m £15.48m
Galiform Plc 30/12/06 £733m £25.00m £35.20m
9.0 ASSET MANAGEMENT
We believe that through a combination of regearing
the lease with MFI, reletting part of the accommodation
and undertaking a refurbishment of the scheme,
considerable additional value could be created.
Discussions have suggested that MFI are keen to take
a new lease on a unit of 20,000 sq ft and that it should
be possible to take back the unit let to Bedshed. Terms
have been put to Mothercare to take the refurbished
unit currently occupied by Bedshed and this would then
leave Floors 2 Go as a direct tenant of the landlord.
Further details can be provided on request.
10.0 pROpOSAL
Our clients are seeking a price of £4,580,000, subject to
contract and exclusive of VAT, which would produce a net
initial yield of 6.50% on the basis of the existing lease to MFI,
assuming purchaser’s costs of 5.7625%.

11.0 CONTACTS fOR fURTHER INfORMATION
Miles Marten
Wilkinson Williams
Mellier House
26a Albemarle Street
London, W1S 4HY
MISREPRESENTATION NOTICE
Tel: 020 7317 3777
Fax: 020 7495 5432
E-mail: m.marten@wilkinsonwilliams.co.uk
www.wilkinsonwilliams.co.uk
Wilkinson Williams LLP give notice to anyone who may read these particulars as follows:-
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but
are not intended to constitute part of an offer or contract.
2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement
of representation or fact.
3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are
in good working order.
4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects
may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs.
Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.
5. Any areas, measurements or distances referred to herein are approximate only.
6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property,
this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must
be verified by an intending purchaser.
7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of
statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is no guaranteed and
they do not form part of any contract.