NAVIGATION POINT MARINERS POINT THE MARINA HARTLEPOOL TS24 0UH

UNIQUE LEISURE INVESTMENT OPPORTUNITY

NAVIGATION POINT MARINERS POINT THE MARINA HARTLEPOOL TS24 0UH

INVESTMENT CONSIDERATIONS• Freehold

• Dominant and vibrant restaurant and bar location

• The marina is one of the north east’s key tourist attractions

• Let to established local operators

• Nine lettings in the last 12 months

• AWULT 7.15 years to expiry

• Total passing rent of £593,316 per annum

• 26 retail units (residential sold off on long leasehold)

• The parade comprises an area of approximately 49,886 sq ft (4,634.6 sq m) and provides a range of unit sizes from 600 sq ft to 5,958 sq ft

• Site area of 4.89 acres (1.97 hectares)

• Large car parking provision of 350 spaces

PROPOSALOffers in the region of £4,730,000 (subject to contract and exclusive of VAT.)

A purchase at this level reflects the following yield profile allowing for purchaser’s costs of 5.80%:

11.85% net initial yield

Car Park can be excluded by negotiation.

SITUATION

The property occupies a prominent location on Mariners Point less than a mile from A689 which links directly to the A19 and A1(M) and provides access to the national transport network and beyond.

The location is serviced by a number of out-of-town retail and leisure parks and supermarkets. Nearby occupiers include Next, Argos, Boots, B&M, Vue Cinema, Mecca Bingo, Premier Inn and Asda.

NAVIGATION POINT MARINERS POINT THE MARINA HARTLEPOOL TS24 0UH

DurhamTees Valley

International Airport

Newcastle

A66

A19

A66

A67

A68

A68

A68

A69A69

A66

A66

A19

A19

A19

A6072

A1150

A1053

A688

A167

A167

A691

A693

A694

A184

A692

A696

A690

A1231

A1018

A689 A177A689

A179

A171

A172

A174

A1

A1

A1(M)

A1(M)

NEWCASTLEUPON TYNE

MIDDLESBROUGH

DARLINGTON

HARTLEPOOL

SUNDERLAND

SouthShields

Tynemouth

Washington

Billingham Redcar

Brotton

Gateshead

Durham

Jarrow

Hartlepool

Queen StMiddleton Road

Greenland Road

Mariners P

oint

Harbour Walk

Ferry Road

Slak

e Te

rrace

Clarence R

oad

Lancaster Road

Victoria Road

Maritime Avenue

Maritim

e Avenue

Lynn Street

Lynn Street

Whitby S

treet

Surtees Street

The Highlight

The LanyardFleet Avenue

Swainson St

Raby Road

Museum Rd

Broughham Terrace

Tow

er Street

B1376 Middleton Road

A178 Mainsforth Terrace

A178 Church Street

A179A

179

Marina W

ay

A17

9 S

tock

ton

Street

THE PROPERTY

LOCATION

Hartlepool is a popular residential and commercial centre situated on the north east coast located 12 miles (19 km) north of Middlesbrough and 26 miles (41 km) south of Newcastle Upon Tyne. The town benefits from good road connections north and south via the A19 and A1 motorways. The town’s railway station provides direct services to London Kings Cross and Newcastle.

Hartlepool has a resident population of 86,000 and a catchment within 12 miles (20 km) of the town centre of 637,000. The town is known for its port facilities and major tourist attractions including the Maritime experience, HMS Trincomalee, Art gallery and Marina.

TRAIN TRAVEL TIME

NEWCASTLE 49 minutes

EDINBURGH 2 hours 54 minutes

LONDON KINGS CROSS 3 hours 8 minutes

KEY ROADS DISTANCE BY CAR

A689 0.8 miles

A19 7.4 miles

A1 44 miles

KEY TOWNS DISTANCE

DURHAM 18 miles

NEWCASTLE 32 miles

DARLINGTON 25 miles

DESCRIPTION

The property was developed in 2000 and comprises a modern mixed use building of brick construction arranged over ground floor with residential to the upper floors.

Units A3/A2/A1 have been recently refurbished and divided into three smaller units with the largest unit let to Thai Village and the others recently let.

The property is located overlooking Hartlepool Marina which provides a mixture of retail, commercial and residential accommodation. Navigation Point provides the highest concentration of restaurants in Hartlepool offering high quality cuisine from around the world.

ACCOMMODATION

The property provides 26 retail units and 350 car parking spaces totalling 49,886 sq ft (4,634.6 sq m) with a range of unit sizes from 600 sq ft to 5,958 sq ft.

Please refer to the tenancy schedule for a breakdown of the individual unit sizes.

THE

ROO

M

THE

CAPT

AINS

G

ALLE

Y

THAI

VIL

LAG

E

HOW

DO

YO

U DO

THE

ROO

M

THE

CAPT

AINS

G

ALLE

Y

THAI

VIL

LAG

E

HOW

DO

YO

U DO

Mud

Sand and Shingle

Mean

High

Wate

r

West Harbour

4.0m

Cn Mooring Posts

Cn

MIDDLETON ROAD

Boat Yard

Car Park

Car Park

Boulders

54to

81

Navig

atio

nPo

int

29to

53

Abdeil House

52 to 61

1to

28

Middleton House

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1512

Excluded from Sale

NAVIGATION POINT MARINERS POINT THE MARINA HARTLEPOOL TS24 0UH

Outlines for indicative

purposes only.

TENANCY SCHEDULE

Unit Tenant Description Size sq ft (sq m)

Lease start Lease end(Next break)

Next review Current rent (psf)

ERV Comment

A1 Helen Riley Café 1,115 (103.6)

01/05/2015 30/04/2025 01/05/2020 £16,000(£15.00)

£16,800 Stepped rent Year 1 £8,400, years 2-5 £16,800. Rent review to market rent in year 5.t/a The Captains Galley. Vendor to ‘top up’ to £16,800.

A2 Opulance Ltd (S Kelly guarantor) How Do You Do 1,720 (159.8)

01/03/2015 28/02/2025 £15,000(£8.72)

£24,000 Stepped rent, 01/03/2015- 29/02/2016 £10,000, 01/03/16 -28/02/2018 £15,000 and £24,000 thereafter.t/a Cafe, cocktail and wine bar. Vendor to ‘top up’ to £15,000.

A3 Monzur Azad Thai Village 1,900(176.5)

01/11/2014 31/10/2029 01/11/2019 £20,000(£10.53)

£26,000 Stepped rent from 01/11/2014 to 31/10/15 of £13,000, 1/11/2015 to 31/10/2016 of £20,0000, from 1/11/2016 to 31/10/2017 of £22,000, from 1/11/2017 to 31/10/2018 of £26,000, from 1/11/2018 to 31/10/2019 of £26,000. Vendor to ‘top up’ to £20,000 p.a.

1 Joanne Burnside and Jason Unwin Happy Daze 900 (83.6)

04/05/2009 03/05/2019 £12,000(£13.33)

£12,000 t/a American style ice cream parlour.

1a store Joanne Burnside and Jason Unwin Happy Daze 150 (13.9)

04/08/2011 03/05/2019 £2,400(£16.00)

£2,400

2 Claire Elwood Beauty & Spa 1,000 (92.9)

15/06/2015 30/06/2020 £12,000(£12.00)

£12,000 Stepped rent from 01/07/2015 to 30/06/2016 £6,000, from 01/07/2016 to 30/06/2020 £12,000.t/a The Room. Vendor to ‘top up’ to £12,000.

3 Callum Hassan & Habeeb Alli-Owe Killimanjaro 1,450 (134.7)

01/06/2014 31/05/2024(31/05/2019)

£17,500(£12.00)

£20,000 t/a African & Carribean restaurant. Vendor to ‘top up’ to £17,500.Stepped rent from 1/06/2015 to 31/05/2016 of £17,500, from 1/06/2016 to 31/05/2017 of £20,000.

4 Singh, Tuli, and Dhubwarr Kings Bar 1,500 (139.3)

01/04/2012 31/03/2027(31/03/2017)

01/04/2015 £18,000(£12.00)

£18,000 t/a Bar & restaurant

5 Café Rappor Bar Limited Café Rappor 1,000 (92.9)

06/11/2003 31/08/2027(01/09/2022)

01/09/2017 £11,250(£11.25)

£11,250 t/a Bistro & Cáfe.Recent lease extension.

6 Café Rappor Bar Limited Café Rappor 1,000 (92.9)

01/09/2012 31/08/2027(01/09/2022)

01/09/2017 £13,000(£13.00)

£13,000

7 Andrew Bianco and Neil Bianco Bianco’s 1,000 (92.9)

09/02/2010 08/02/2016(09/02/2013)

£15,000(£15.00)

£15,000 t/a Deli cáfe

8 Andrew Haygarth and G & H Trading Company Limited

Rosie O'Gradys2,416

(199.4)

01/04/2013 20/02/2022 21/02/2016 £12,325 £12,325 t/a Irish bar

9 Andrew Haygarth and Lee Haygarth and G & H Trading Company Limited

Rosie O'Gradys 21/02/2007 20/02/2022 21/02/2016 £15,000 £15,000

10-12 Mane Leisure Limited Black Olive 3,100 (288.0)

01/08/2008 31/07/2023 01/08/2018 £45,000(£14.52)

£45,000 t/a Cocktail and wine bar

12a J Wallis Leisure Ltd (J Wallis guarantor) Wallis Bar 1,335(124.0)

01/05/2015 01/05/2025(01/05/2020)

01/05/2020 £20,000(£15.00)

£20,000 Stepped rent from 01/05/2015 to 30/04/2016 to £10,000, 01/05/2016 to 30/04/2020 of £20,000. Vendor to ‘top up’ to £20,000 p.a.

14 Crasim UK Ltd The Water Front 600(55.7)

01/04/2015 31/03/2025(01/04/2020)

01/04/2020 £12,000(£20.00)

£12,000 t/a Fish and chips takeaway.Business sold and unit refurbished.

15 Robert Darby Curious House 1,400 (130.0)

29/08/2014 31/03/2020 £10,000(£7.00)

£14,000 t/a Jewellery and Gift Store.Current rent until 31/03/2016 £10,000, from 1/04/2016 to 31/03/2017 of £12,000, from 1/04/2017 to 31/03/2020 of £14,000.

16-18 Monzur Azad Spices 3,500 (325.1)

05/01/2001 04/01/2026 05/01/2016 £35,000(£10.00)

£35,000 t/a Indian restaurant

19 Jack Rabbit Slims Limited Jack Rabbit Slims 3,200 (297.3)

01/05/2014 30/04/2024(30/04/2019)

01/05/2019 £30,000(£9.30)

£40,000 t/a American 1950’s themed diner.Stepped rent from 1/05/2016 to 30/04/2017 of £30,000, from 1/05/2017 to 30/04 2018 of £40,000. Vendor to ‘top up’ to £30,000.

20-22 G & H Trading Company Limited Vibes Bar 3,000 (278.7)

09/10/2002 08/10/2022 09/10/2017 £43,000(£14.33)

£43,000 t/a Wine bar

23-24 G & H Trading Company Limited The North Star 1,711 (158.9)

01/04/2005 31/03/2025(31/03/2015)

01/04/2015 £24,000(£14.03)

£24,000 t/a Bistro

25-26 Casa Del Mar Casa Del Mar 2,922 (271.4)

03/05/2005 02/05/2020 03/05/2015 £41,500(£14.20)

£41,500 t/a Tapas restaurant

27-28 Birol Sert and Sener Kocu Buon Cibo 2,809 (260.9)

01/01/2013 31/12/2042 01/01/2019 £30,000(£10.67)

£40,000 t/a Italian restaurant. Vendor to ‘top up’ to £30,000.Stepped rent from 1/01/2016 to 31/12/2017 of £30,000, from 1/01/2018 to 31/12/2018 of £40,000.

29 Syed Munjur and Sayed Rahman Cinnamons 1,200 (111.5)

01/07/2007 30/06/2022 01/07/2017 £20,000(£16.67)

£20,000 t/a Bangladeshi Indian restaurant

30-34 Seymour Civil Engineering Seymours 5,958 (553.5)

26/04/2006 31/08/2016 £60,000(£10.07)

£60,000 Head office

35-36 Live Smart @ Home Live Smart 2,500 (232.3)

14/06/2001 13/06/2016 £8,000(£3.20)

£8,000 Residential Lettings & Management

37 Live Smart @ Home Live Smart 1,500 (139.4)

14/06/2001 13/06/2016 £5,000(£3.33)

£5,000

Car Parking Parking £29,541 £45,000 Previous income: y/e Oct 2013 £45,616 y/e Oct 2012 £45,310

Trading Sub 12 Limited Residential n/a 14/06/2001 14/06/2226 Peppercorn

Total 49,886* (4,684.6)

£593,316 £650,355

*Areas provided by vendor.

NAVIGATION POINT MARINERS POINT THE MARINA HARTLEPOOL TS24 0UH

PREMIER INN

VUE

ASDAMECCA

MARITIME EXPERIENCE

HIGHLIGHT RETAIL PARK

ANCHOR RETAIL PARK

JACKSON’S LANDING

THE MARINA

The marina is the focus and unique selling point for Hartlepool and creates a hub that many of the attractions and facilities are built around. The marina offers 500 permanent berths and provides first class facilities on a year round basis. It also provides both day and night entertainment with its boats, watersports, attractions and mix of bars, cafes, shops and restaurants.

The marina is home to top quality attractions including the popular award winning Maritime Experience, home of HMS Trincomalee and the Museum of Hartlepool. The Maritime Experience and Museum of Hartlepool attract over 150,000 visitors a year making it one of the north east’s key tourist destinations.

The marina is the focal point for many varied events including the monthly Farmers-market and regularly hosts the Tall Ships Races which attracts almost 1 million visitors over four days.

Hartlepool Borough Council have agreed for the Maritime Experience and the HMS Trimcomalee to be a full affiliate of the National Museum of the Royal Navy. The affiliation will upgrade the attraction and increase exposure on a national scale, visitor numbers are expected to increase from 150,000 to 340,000 due to the enhanced exposure.

Further details can be found at:

www.hartlepool-marina.com

HARTLEPOOL VISION

The local Council have recently purchased Jackson’s Landing which has been earmarked for a new leisure/water sports facility and tourism uses. It is at the heart of a £500m masterplan that includes 24 hectares of marina development incorporating Trincomalee Wharf and Hartlepool’s Maritime Experience which make up Hartlepool Waterfront. There are also plans to expand and develop the nearby Highlight Retail Park.

Further details can be found at: www.hartlepool.gov.uk

SITE

We calculate the site extends to approximately 4.89 acres (1.97 hectares).

TENURE

Freehold

EPCs

Copies of the Energy Performance certificates can be provided upon request.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 09.15

Alex Butler020 7543 6722alex.butler@allsop.co.uk

For further information or to make arrangements for viewing please contact:

www.allsop.co.uk

Mark Dansky020 7543 6813mark.dansky@allsop.co.uk

James Salmon020 7543 6880james.salmon@allsop.co.uk

PROPOSAL Offers are sought in excess of £4,730,000 (Four Million Seven Hundred and Thirty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 11.85%, allowing for purchaser’s costs of 5.80%.