Burton-on-Trent is a desirable Staffordshire town at the heart of England. Burton-on-Trent is the administrative centre for East Staffordshire and lies within the National Forest close to the Staffordshire/Derbyshire boundary.
Staffordshire is well located within the Midlands, being in close proximity to the major industrial, commercial and financial centres of the West Midlands. Burton-on-Trent is 29 miles north east of Birmingham, 27 miles south west of Nottingham, 12 miles south west of Derby and 126 miles north west of London.
Burton-on-Trent's commercial and retail performance is enhanced by the town's excellent transport links and superb car parking provision, making access into the town centre very easy.
The town benefits from excellent road links, being located on the A38 and A444. The former links to the M6 Toll motorway approximately 14 miles to the south west, and the latter linking to Junction 11 of the M42 approximately 11 miles to the south.
By rail, the town benefits from direct links to Nottingham, Derby, Birmingham and Tamworth.
East Midlands Airport, a short 30 minute journey from Burton-on-Trent, is the second largest air cargo gateway in the UK, and home to UK hubs for UPS, DHL, TNT and the Royal Mail.
The property provides a large modern floor plate over two levels with customer access from St Modwens Walk, which is part of the covered Coopers Square Shopping Centre.
Primark occupies the whole property and trades from both ground and first floors. In the last month they have fully refurbished the store demonstrating their long-term commitment to the property.
The first floor is accessed via a customer lift and escalators. There is also a back of house stairwell and two good lifts at the rear.
The property has dedicated servicing at the rear which is accessed via New Street.
The property benefits from ample car parking with over 1,050 car parking spaces in the immediate vicinity. This is supported by an extensive amount of car parking within the town, providing a total of circa 3,700 spaces. Approximately 600 of those spaces are within a surface car park adjacent to the Coopers Square Shopping Centre.
The property is let to Primark Stores Limited (guaranteed by ABF Investments Plc) on a long leasehold until 21st March 2095 (approximately 76 years unexpired) at a passing rent of £318,750 per annum.
The reviews are 7 yearly open market rent reviews, subject to a hypothetical term based on the residue of the unexpired lease at the date of review. The next review is due in April 2024.
The property is subject to an annual service charge of £91,565 per annum, which is recoverable in full from Primark for the duration of the 76 year unexpired term.
For the 6-month period ending 2nd March 2019, Primark reported a surge of 25% in half year profits, with adjusted half year operating profit jumping to £426m and sales growing 4% to £3.6bn.
Primark Stores Limited has the highest D&B rating of 5A1.
ABF Investments Plc (guarantor) has an Experian credit rating of 100, indicating the lowest level of risk.
Further information can be found within the schedule link below.
We understand the property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).
Offers sought in excess of £6,000,000 reflecting a net initial yield of 5.00% subject to contract and exclusive of VAT.
Yields are net of purchaser's costs of 6.63%.