Cube Portfolio - Investment Sales
Transcription
Cube Portfolio - Investment Sales
B O LT O N I W E S T B R O M W I C H I S O U T H A M P T O N I D U N F E R M L I N E I N O T T I N G H A M E NT E R > PORTFOLIO SUMMARY TH E O P P O R T U N I T Y An attractive mixed retail portfolio comprising 5 assets in wellestablished regional locations. Comprises 1 major town shopping centre, 1 modern retail outlet park, 1 prime high street multi-let parade and 2 long-let high street unit shops. Excellent UK wide geographical spread, being located in the strong regional centres of Bolton, Southampton, Nottingham, West Bromwich and Dunfermline. BOLTON NOTTINGHAM The portfolio provides numerous asset management opportunities including lease regears/renewals and potential to enhance value through wider development and refurbishment. 428,853 sq ft of retail and leisure space and 30,730 sq ft of office accommodation. Exceptional WAULT of 12.10 years to expiry and 11.17 years to break. Key portfolio tenants include Primark, M&S Outlet, Boots, WH Smith, McDonalds and Barclays. 3 assets are held freehold/feuhold, 1 is held both freehold and long leasehold, and 1 is held long leasehold. WEST BROMWICH 83% let to national retailers by income. Low vacancy rate of 5% providing excellent income security across the portfolio. Total passing rent of £5,137,670 per annum and NOI of £4,524,839 per annum. Offers are sought in excess of £52,000,000, reflecting 8.25% NIY 8.62% EY and 8.85% RY, adopting our assumptions and purchaser’s costs of 5.80%. SOUTHAMPTON P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M DUNFERMLINE < BACK | NEXT > PORTFOLIO SUMMARY TH E A S S E TS 4. D U N F E R M L I N E 1 CROMPTON PLACE SHOPPING CENTRE BOLTON 2 ASTLE OUTLET PARK WEST BROMWICH 3 30-34 ABOVE BAR STREET SOUTHAMPTON 4 129-137 HIGH STREET & 1-25 NEW ROW DUNFERMLINE 5 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK NOTTINGHAM 1. B O LT O N 5. N O T T I N G H A M 2. W E ST B R O M W I C H 3. S O UTHAM PTO N P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > PORTFOLIO SUMMARY P O RTF O L I O I N C O M E A N A LYS I S V AT WAULT of 12.10 years to expiry and 11.17 years to break. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). However, should this not be the case, the properties have all been elected for VAT and therefore VAT will be payable on the purchase price. 83% let to national retailers by income. Low Vacancy rate of 5% providing excellent income security across the portfolio. EPCS Energy Performance Certificates (EPCs) are available on the marketing website. I N C O M E BY C O V E N A NT T YP E PROPOSAL 7% 1% We are instructed to seek offers in excess of £52,000,000 (Fifty Two Million Pounds) which reflects an attractive 8.25% NIY rising to 8.62% EY and 8.85% RY adopting our assumptions and purchaser’s costs of 5.8%. 1% 8% 83% W E B S ITE Further information is available online at: www.cubeportfolio.co.uk F U RTH E R I N F O R M ATI O N James Stratton T: 0207 152 5668 E: [email protected] Chris Lewis T: 0207 152 5991 E: [email protected] National Retailer 83% Local Retailer 8% Car Park 7% Sam Waterworth T: 0207 152 5149 E: [email protected] Mall Income 1% Offices 1% CGI images have been used with reference to the Dunfermline asset in this brochure. Cushman & Wakefield LLP (and any joint agent appointed) on its own behalf and for vendors or lessors of this property, whose agent it is, gives notice that: (1) The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. (2) No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to this property. (3) The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. (4) Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order. (5) Unless otherwise stated, no investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. Publication Date: July 2015. Designed by Creativeworld: 01282 858200. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > CROMPTON PLACE SHOPPING CENTRE BOLTON P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N I N V E ST M E NT S U M M A R Y Bolton is one of the key metropolitan districts and administrative centres in Greater Manchester. Bolton is the focus of significant investment; in particular, a new £48m transport interchange is currently under construction. Extensive primary catchment of 564,000 people, ranking the town 27th of the PROMIS Centres. Crompton Place is the principal mid-market retail offer within Bolton. Key retailers include Primark, Boots, New Look and BHS. Exceptional weighted average unexpired lease term of 11.80 years to expiry and 11.36 to break. The scheme totals approximately 261,500 sq ft of high quality retail accommodation and was extensively refurbished in 2011. TOWN HALL & ALBERT HALLS MARKET PLACE SHOPPING CENTRE BOLTON MARKET CROMPTON PLACE Asset includes Bolton’s most centrally located significant car parking with 285 spaces at basement level. Part freehold and part long leasehold (184 years unexpired) at a peppercorn rent. Significant asset management opportunities to add value and enhance the retail environment. Gross Income Landlord’s Shortfalls (Inc Marketing Contribution) Net Income NEW TRANSPORT INTERCHANGE £2,946,102 pa £518,749 pa £2,427,353 pa P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > CARLISLE A68 SUNDERLAND A1 C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O L T O N Consett 42 2 9 A6 Stanley Bolton is one of the leading metropolitan The town is located approximately 15 miles (24 km) north west of Manchester, 18 miles (29 km) 8 68 south east of Preston, 27 miles (43 km) north east of Liverpool and is bounded by Athe districts of Chorley, Blackburn, Wigan, Bury and Salford. A68 9 Redcar Middlesbrough 59 Darlington A6 A59 The town benefits from excellent road communications with direct access to junction 3 85 of the M61 and, via the A666 dual carriageway, easy access to the M60 Manchester A6 38 orbital motorway and the M62, 3 miles (5 km) to the south. TEESSIDE 57 6 Whitby 1 56 A19 A1 71 Bolton railway station offers regular services to Manchester Victoria and Piccadilly Kendal and to37 London Euston (approximately 2 hours, stations (approximately 20 minutes) 30 minutes). Numerous local rail services are also provided to destinations including: Preston, Wigan, Blackpool and Kirkby. M6 Northallerton A1 Scarborough A170 70 A1 36 A61 Ripon A19 A1 65 68 A1 Transport forUlverston Greater Manchester (TfGM) and Bolton Council are currently developing 0 a new £48mA59Transport Interchange, which will relocate the town’s main bus station A6 5 alongside the train station and connect them via a pedestrian bridge, called the Skylink. 35 The development, combined with extensive refurbishment of Newport Street, will Barrow-in-Furness improve access to the town centre, and dramatically enhance the overall shopping Morecambe 83 A6 34 experience in Bolton. A6 A6 Harrogate A166 682 A59 Warrington A41 M53 MANCHESTER 1 3 M60 9 5 20 M56 10 A58 Rotherham SHEFFIELD A6 6 7 Stockport 36 34 34 16 12 A34 M6 Macclesfield Buxton 18 494 17 M1 30 Chesterfield P O RT F O L I O S U M M A RY I Chester B O LTO N I W E ST B R O M W I C H I S O U TH A MA523 P TO N I DA53U N F E R MA515 L I N E I N O TA6T I N G H A M A55 A6 14 3 Scunthorpe M180 A160 Immingham Grimsby 5 Cleethorpes 4 A4 6 A1(M) A631 A631 Gainsborough 34 Louth 31 MANCHESTER 14 32 2 3 1 33 M180 M181 4 37 35 Thorne 5 1 38 A61 9 10 38 36 6 M18 6 37 Goole Matlock Retford A1 A4 6 Ellesmere Port 11 8 M62 36 A6 15 A63 A15 5 Hemsworth HULL 37 A645 34 38 M62 A16 M62 9 11 33 M1 17 M60 3 32 A63 A15 7 38 A6 20 39 14 24 23 22 2 Huddersfield Castleford Wakefield Pontefract 40 2 21 19 23 M62 A63 59 St Helens 4 3 3 4 4 8 27 24 Selby A1 A1 5 4 5 2 Flint Wigan 25 6 1 5 A58 5 1 LIVERPOOL A5 6 2 3 Garforth 43 A61 65 A5 7 4 3 Bury M66 22 47 35 A10 Beverley A10 79 30 M62 Batley 41 Brighouse 31 Dewsbury 25 46 A58 Rochdale 1 M61 Ormskirk M58 A55 Bolton A5 9 M6 27 26 LEEDS 1 Tadcaster A15 A5 70 Halifax A6 6 8 Southport statyn M65 7 A66 28 30 29 9 LEEDS & BRADFORD M621 A682 9 6 A5 6 A5 Blackburn A65 Yeadon Bingley Shipley Burnley 10 8 Colne 4 A61 63) (A1 4 41 A10 Preston 31 13 A6 65 A1 4 12 A59 1 32 York 9 1 M55 3 14 50 Blackpool Otley 8 A6 5 06 A5 A164 Ilkley A6 A6 (A1 14 Knaresborough Fleetwood Bridlington ) 66 A1(M) Lancaster Manchester International Airport, M6 the third busiest airport in the UK, Ais readily 65 A59 accessible. It is situated 20 miles 33(32 km) south of Bolton town centre and provides Skipton A numerous international and domestic flights (CAA). A58 4 A19 Heysham A19 9 A1 72 districtsAppleby-inin Greater Manchester. Westmorland 90 Hartlepool Spennymoor A1(M) Bishop Auckland A68 60 Penrith 40 61 A6 8 41 A66 Peterlee A167 L O C ATI O N & C O M M U N I C ATI O N S A5 62 Durham Brandon M6 A19 1 A 95 Houghton le Spring A69 6 59 A5 Washington 65 64 63 A963 A165 43 Carlisle Jarrow Gateshead A689 44 6 A1 6 A1 A5 7 58 Lincoln 29 Mansfield < A1B58A C K | N E X T > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N C ATC H M E NT & D E M O G R A P H I C S Bolton benefits from a primary population of 564,000 people, significantly above the UK average, and ranking the town 27th of the PROMIS Centres. This population is forecast to grow in line with the national average over the next 5 years (PROMIS). Bolton’s extensive catchment draws people from numerous surrounding towns, such as: Darwen to the north, Radcliffe to the east, Boothstown to the south and Horwich to the west and is the principal retail centre in the locality. Bolton’s in-store retail expenditure for 2014 totalled £1.274bn, ranking the town 31st of the PROMIS Centres, highlighting the town’s dominance within the area. Bolton’s economy was traditionally centred around the cotton industry but has diversified over time into other manufacturing activities. Today, manufacturing represents 12% of total employment and the service sector has grown dramatically to account for 70% of total employment. 21% of service sector employment is accounted for by financial and business services, in line with the PROMIS average, and reflecting the town’s role as a key administrative centre. Major private sector employers in the town include: AXA, Reebok, B&Q, Warburtons and Tesco. The social demographics of Bolton are broadly in line with the UK average, although it is slightly over represented in people aged 45-64 and under represented in people aged 65+. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N Bolton R E TA I L I N G I N B O LTO N Bolton benefits from approximately 1.36m sq ft of retail floorspace which is primarily focused around the pedestrianised Market Street and the town’s two shopping centres: Crompton Place and Market Place. The town provides a wide range of mid and mass market retail and has an excellent array of national multiples, including: Primark, New Look, M&S, Zara and JD Sports. The town centre is compact and the majority is pedestrianised encouraging high footfall in the central core. FI R ST FLO O R Bolton has a long history as a bustling market town. Its market continues to thrive today and has recently undergone a £4.5m refurbishment. The 300 stall market is located approximately 300 metres south west of Crompton Place and is a major draw of the town centre. Freehold Prime rents in Bolton peaked at approximately £150 Zone A and have been substantially rebased since. Rents in Crompton Place are currently in the order of £75 Zone A on Victoria Square and Hotel Street and £50 Zone A on Acresfield Mall. Leasehold 50 metres For more information on our products and services: Experian Goad Plan Created: 10/06/2015 www.experian.co.uk/goad | [email protected] | 0845 601 6011 50 metres Created By: Cushman and Wakefield Copyright and confidentiality Experian, 2015. © Crown copyright and da Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015 Ordnance Survey 100017316 S ITU ATI O N Survey 100017316 For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011 Crompton Place Shopping Centre is situated in the heart of Bolton town centre. The scheme is bounded by the pedestrianised Victoria Square, Hotel Street and Exchange Street to the west, north and south respectively. Bradshawgate to the east is one of the main arterial routes through the town centre, providing good prominence to passing pedestrian and vehicular traffic. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N D E S C R I P TI O N Crompton Place is a purpose built shopping centre which opened in 1972 and was subsequently extensively refurbished in 2011. The scheme comprises approximately 261,500 sq ft of retail accommodation across 40 shop units, 5 MSUs and 3 RMUs. The majority of this accommodation is arranged over the three main ground floor malls. The shopping centre is easily accessed via three entrances on Hotel Street, the corner of Hotel Street and Mealhouse Lane and Exchange Street. Access can also be gained via BHS on Victoria Square or via the scheme’s 285 space car park. Crompton place dominates Bolton’s mid-market retail offer and is anchored by Primark (32,568 sq ft) and Boots (26,366 sq ft). Other key occupiers include: Boots New Look, JD Sports, BHS and Poundland. This strong tenant line-up drives footfall of approximately five million people annually. Acresfield House, located above the shopping centre, comprises approximately 18,000 sq ft of office accommodation over three levels. Access is via Exchange Street or directly from the scheme’s car park. The shopping centre is serviced from roof top level with access from Bradshawgate. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N TE N U R E TE N A N C I E S & I N C O M E A N A LYS I S The asset is held on freehold and leasehold titles, as approximately indicated on the GOAD plan included. The property is let in accordance with the tenancy schedule and produces a gross rent of £2,947,041 per annum. After the deduction of landlords non-recoverable costs, the centre produces a current net rent of £2,428,288 per annum. 86.7% of the asset’s income is derived from national covenants. The weighted average unexpired lease term is an exceptional 11.80 years to expiry and 11.36 to tenant break clauses. The principal leasehold interest is held on a 200 year term from the Borough Council of Bolton, expiring on 30/03/2199 (184 years unexpired) at a peppercorn rent. Further details and title plans are available in the data room. We consider the property to have an estimated rental value of £3,012,861 per annum. Our opinion of ERV is guided by the adoption of rental tones ranging from £35 to £75 Zone A, as summarised in the table below: TE N A N CY S C H E D U L E Victoria Square The tenancy schedule can be found in the dataroom or by following the link below: Crompton Place Shopping Centre Tenancy Schedule Acresfield Mall £75 Zone A Hotel Street £75 Zone A £40 - £50 Zone A The Gates £35 Zone A The opportunity for active asset management is demonstrated by the 8 leasing transactions that have taken place in the past 18 months. INCOME BY COVENANT TYPE 1.2% TERM CERTAIN BY INCOME 0.7% 6.4% 9.4% 29% 17% 19% 35% 82.4% National Retailer 82.4% More than 10 Years 29% Local Retailer 9.4% 5 to 10 Years 19% Car Park 6.4% 1 to 5 Years 35% Offices 1.2% Less than 1 Year 17% Mall Income 0.7% P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N SERVICE CHARGE The shopping centre’s operating costs are covered by a comprehensive service charge which is apportioned based on each unit’s Rateable Value. The service charge year runs to 31st December and the budget for this year totals £1,175,015, equating to £4.20 per sq ft. The total 2015 marketing budget is £114,100 and the landlord’s contribution for marketing is £50,500. Service Charge - Year to 31st December Total 2012 (statement) £1,267,507 2013 (statement) £1,140,352 2014 (statement) £1,111,860 2015 (budget) £1,175,015 CAR PAR K The shopping centre benefits from a 285 space underground car park which is accessed from Bradshawgate, to the south of the scheme. This car park provides Bolton’s most centrally located parking facility and is consistently well occupied. The vendor has managed the car park in-house since 3rd February 2013 and upon gaining control undertook an extensive refurbishment programme at a cost of approximately £550,000. The refurbishment included: On a rolling year February 2014-2015 the car park produced a gross income (net of VAT) of £359,774 and a net operating income of £111,424. For the current calendar year the car park is forecast to generate £382,944 of gross income and contribute £188,641 of net operating income. The parking tariffs are as follows: Up to 1 hour £1.50 New LED lighting 1-2 hours £2.60 New epoxy resin floor covering and markings 2-3 hours £3.30 New directional signage 3-4 hours £4.10 4-6 hours £5.70 6-12 hours £9.00 Remodelled entrance General redecoration Upgraded CCTV Installation of Automatic Number Plate Recognition and pay-on-foot system P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M Sunday 9.00 am – 5.15 pm £1 per day < BACK | NEXT > C R O M P T O N P L A C E S H O P P I N G C E N T R E , B O LT O N C O M M E R C I A L I S ATI O N The vendor manages the mall commercialisation within the shopping centre, and is currently generating a net income of £43,457 per annum. Contributors to this income include Sky, Admedia Ltd and local operators such as HMP Lash & Brow Bar. Full details of the commercialisation can be found in the tenancy schedule. A S S E T M A N A G E M E N T O P P O RTU N ITI E S The first floor MSU is currently under offer to TJ Hughes. The proposed letting would incorporate units 1-5 The Gates, providing ground floor level prominence. Completing this letting will provide the purchaser with an excellent opportunity to drive footfall within the scheme with a new anchor store. Following the letting we envisage that the purchaser will be able to improve tenant mix in The Gates and enjoy enhanced tenant demand across the scheme. Let vacant and temporary occupied units to drive income forward building on the Select letting and the proposed TJ Hughes letting. We believe that the scheme is underserved by food and beverage operators and would benefit from an increased leisure offer. Create larger units in order to upsize existing tenants and introduce new large space occupiers. Renew and regear existing tenancies to increase income security and enhance value. Acquire sublease to Toscaig Properties Limited to gain control of this element of the scheme and engage directly with key tenant New Look. Increase commercialisation income. Improve car park signage to assist in driving revenue. Alternative use and refurbishment possibilities for Acresfield House should be considered. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK WEST BROMWICH P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH I N V E ST M E NT S U M M A R Y West Bromwich is a large and bustling town, where in-store comparison retail expenditure totalled approximately £503m in 2014. NEW SQUARE Extensive catchment of 253,000 people which is demographically well suited to outlet retailing. West Bromwich has been a major focus of investment in recent years with numerous regeneration projects currently underway. ASTLE OUTLET PARK QUEEN SQUARE West Bromwich is continuing to evolve into a high quality retailing centre, with the completion of the Tesco anchored New Square Shopping Centre, increasing the attraction of the town centre offer. Astle Outlet Park is located the heart of West Bromwich. HIGH STREET Rare opportunity to acquire a freehold, in town Outlet Park with asset management opportunities to enhance value. High profile tenants (including M&S Outlet, Pure Gym, Nike and Mecca Bingo) and a well used 300 space car park to drive footfall. Modern, purpose built and flexible park which can be easily modified to suit ever changing tenant requirements. Let off conservative base rents with turnover provisions to ensure both landlord and tenant benefit from strong performance. The asset benefits from a WAULT of 7.41 years to expiry and 5.07 years to tenant break options. Gross Income (Contracted Base Rent) Landlord’s Shortfalls Net Income £1,148,507 pa £2,448 pa £1,146,059 pa P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 30 M62 Batley 41 Brighouse 31 Dewsbury 25 46 A5 6 8 A6 20 5 4 3 38 5 1 11 5 20 36 SHEFFIELD A6 6 A515 Scunthorpe M180 3 32 Immingham Grimsby 5 Cleethorpes 4 A4 A631 6 A631 Gainsborough 34 Louth Retford A4 A1 6 A1 6 A15 A53 2 3 7 West Bromwich benefits from excellent communication links with Junction 31 1 of the M5 MANCHESTER M56 10 motorway being 1 mile (1.6 km) to the east, which in turn connects to the M1 M6 to the A61 north and the M42 to the south. These communications were recently enhanced with 30 Buxton the completion of the Saints Junction, which A34£25m underpass scheme at the A41/All Chesterfield has dramatically improvedMacclesfield access into West Bromwich town centre for pedestrians, M6 cyclists and18vehicles. 29 A523 M180 A160 A16 arrington M181 4 37 West Bromwich is one MANCHESTER of the Black Country’s most important towns and is located 35 1 3 A1(M) M62 65 miles (8 km) west of Birmingham City Centre, 4 miles Rotherham approximately (3 km) east of 11 1 34 9 M60 Dudley and 8 miles (13 km) south-east of Wolverhampton. 34 33 Stockport Thorne 6 A15 M62 A63 M18 22 9 HULL Goole 36 A6 36 38 M62 37 A645 34 37 17 15 Hemsworth A63 A1 24 23 33 38 14 25 32 M1 L O C ATI O N M60 & C O M M U N I C ATI O N S Wigan A58 39 38 2 21 19 Huddersfield A61 2 3 M62 22 Bury M66 M61 23 A58 Rochdale 1 Castleford A15 Bolton A63 Wakefield Pontefract 40 24 Selby A1 43 A16 Garforth 27 26 6 M6 6 A1 A5 7 58 Lincoln A158 A6 Mansfield West Bromwich is conveniently located on the Midland Metro line between Birmingham Matlock 6 A4 A46 12 Milton 13 5 A1 A10 A140 0 A1 A1 41 10 Letchworth 9 3 Tewkesbury A4 2 5 14 12 A116 A10 Bury St Edmunds Stowmarket 1 A1 0 A509 6 A4 A42 Cambridge M11 Biggleswade Newport Pagnell P O RT F O L I O S U M M A RY 1 I B O LTO NA46 I W E ST 4B4 R O M W I C H I S O U TH A M P TO N I D U2 N F E R M L I N E I N O T Keynes TI N G HAM A 13 11 A1 A43 14 Newmarket 4 11 Bedford A6 Banbury 08 8 Evesham A5 A438 A44 4 A1 12 15 A5 A428 St Neots M1 Great Malvern 4 A1 Stratford upon Avon A14 A1 28 A442 7 A45 A428 A143 A134 16 A1066 A Mildenhall 9 A5 05 10 5 0 A5 Royston Haverhill 9 Saffron Walden Ipsw Sudbury A1 34 A131 Northampton Daventry Rushden A4 1 13 Wellingborough St Ives Thetford 11 A140 15 14 5 A4 17 Huntingdon A14 A6 A44 Warwick A435 6 Leamington Spa 42 M40 Redditch M5 M45 16 48 A4 4 9 5 Droitwich Worcester 3 Ely A1 1 COVENTRY 5 0 A6 Kettering 19 18 A4 Bromsgrove 5 4 2 1 8 A50 4 A11 34 Market A427 Corby Harborough 20 M6 Norwich Swaffham March A1 Solihull 2 A47 22 A47 Peterborough 16 M5 M42 East Dereham A1 M1 3 6 9 Wisbech Downham A1 Market 1 A61 BIRMINGHAM BIRMINGHAM 3 Kidderminster 2 1 8 A47 1 2 5 13 A4 2 6 A47 A6 9 1 A1 A43 M69 7 8 West Bromwich A44 21 10 A16 A606 LEICESTER M42 A1 Stamford 7 A4 Wolverhampton 6 06 A6003 M6(T) M6 Stourporton-Severn 22 11 11 2 A6 A43 M54 Telford 7 A60 M1 3 Cannock 12 5 23 A42 King's Lynn A17 A140 6 48 A1 A151 A1101 7 Spalding A1 A5 7 A60 A38 13 8 A17 Newport A14 A52 EAST MIDLANDS A515 Stafford Grantham A15 14 A52 06 NOTTINGHAM A52 A1 A50 BirminghamA53International A34Airport, the UK’s seventh busiest airport, is approximately Uttoxeter 25 DERBY 16 miles (26 km) south east of town and can be accessed in an approximately 25 minute drivetime. The airport provides a significant range of international and A50 domestic flights (CAA.) A51 24 Boston A1121 A1 A16 A52 A17 07 Under-Lyme A17 A6 15 Newarkon-Trent A15 Snow Hill and Wolverhampton. The town has a total of 7 stops and the link provides Leek 28 Crewe services every 8 minutes at peak times. In addition, Sandwell and Dudley Railway 16 A500 27 Nantwich A38 Station is located approximately 1 mile (1.6 km) south west of the town centre and STOKE-ON-TRENT provides regular services to Birmingham New Street, Wolverhampton, Edinburgh, Ashbourne A52 Newcastle-other stations. London Euston and numerous 26 A5 2 17 A4 ens 47 59 A6 1 ASTLE OUTLET PARK, WEST BROMWICH M65 8 27 Halifax A682 30 29 9 7 A6 6 28 Blackburn 6 A5 6 31 LEEDS 41 A10 on M621 Burnley 10 8 A 1 32 12 A < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH C ATC H M E NT & D E M O G R A P H I C S West Bromwich is densely populated and benefits from a significant primary catchment of 253,000 people, which is expected to grow at an above average rate over the period 2014-2019. This catchment is relatively young and benefits from a high proportion of people within the 0-44 age range. The catchment is biased towards a less affluent demographic profile with the volume of people being the principal driver of retail spend available. This catchment structure is generally focussed on maintaining unpretentious lifestyles and seeking value for money, making it well suited to outlet retailing. There is a below average level of car ownership within the area, encouraging shoppers to remain within the locality. West Bromwich has a strong industrial heritage founded on the mining of coal. These industrial and manufacturing roots continue to play an important role, making up 18% of employment in the town, considerably above the UK average. Today the services sector dominates, however, accounting for 62% of total employment; 15% of which derived from by financial and business services (PROMIS.) P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH West Bromwich R E TA I L I N G I N W E ST B R O M W I C H The town centre has seen an influx of investment in recent years and has undergone one of the largest regeneration programmes taking place in the West Midlands. Hundreds of millions of pounds has been invested from the private and public sector in a number of schemes that will provide state of the art services and facilities. These include a new Bus Station, the Urban 180 residential scheme, All Saints Office Park, New Square Shopping Centre, the Providence Place office development, the new £77m Sandwell College and significant funds are also being invested in the public realm, including the creation of new parks and green spaces (Sandwell Borough Council.) West Bromwich town centre has several notable retail pitches: Astle Outlet Park, New Square, High Street, Queen’s Square and King’s Square. These pitches combine in a circular configuration to provide a varied and bustling retailing environment which offers a diverse range of both national and local operators. The pedestrianised High Street provides the historic prime pitch and, coupled with regular street markets, encourages exceptionally strong footfall in the town. The Queen’s Square and King’s Square shopping centres are located on either side of High Street and provide a strong supporting pitch. New Square, which completes the cyclical town centre flow, opened in 2013 and is a Tesco anchored shopping centre and entertainment complex. The development has contributed significantly to the economic revival in the town centre. Hundreds of jobs have been created and the town has attracted new occupiers as a result, including: JD Sports, Primark, Next, H&M and Outfit. Parking provision is located at New Square, King’s Square and Astle Outlet Park, with approximately 2,500 car parking spaces provided within the three schemes. S ITU ATI O N Astle Outlet Park is located adjacent to West Bromwich town centre, just off the High Street, with vehicular access from Cronehills Linkway and a direct pedestrianised link to High Street. Being just 5 minutes by road from the Junction 1 of the M5 the scheme is readily accessible. This core location also means that the scheme is well positioned to benefit from West Bromwich’s significant number of town centre shoppers which has been boosted considerably by the opening of New Square. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH D E S C R I P TI O N Astle Outlet Park originally operated as a retail park but has been successfully transformed into the UK’s first in town outlet centre, offering a range of high street brands’ outlet stores. The scheme is split into two distinctive parts. The majority is comprised within the retail warehouse accommodation, which totals approximately 117,750 sq ft of retail and leisure space. It contains a single run of steel portal framed retail units with a brick and profiled steel cladding façade. The terrace is anchored by M&S Outlet and Nike Factory Store with a Mecca Bingo hall situated at first floor. To the front of the scheme is a 300 space surface level car park which is an excellent footfall generator. The property offers occupiers, high quality, versatile, big-box retail accommodation at an affordable rent and has proved an attractive retailing destination for both tenants and shoppers alike in recent years. In addition to the outlet units, the ownership also includes seven modern unit shops. Six benefit from frontage to High Street and one to the outlet park element of the property. The units are arranged either side of the pedestrian access from High Street to Astle Outlet Park. Each is configured over ground and first floor, with tenants including William Hill, Subway and Connells Estate Agents. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH TE N U R E TE N A N C I E S & I N C O M E A N A LYS I S Freehold The property is let on a range of occupational leases, as set out in the tenancy schedule. The majority of leases adopt the standard outlet park format whereby base and turnover linked rent is payable and performance linked break options align landlord and tenant interests in delivering performance through active asset management. Many of the base rents across the scheme conservatively reflect approximately £10 per sq ft. TE N A N CY S C H E D U L E The asset benefits from a WAULT of 7.41 years to expiry and 5.07 years to tenant break options. The tenancy schedule can be found in the dataroom or by following the link below: Astle Outlet Park Tenancy Schedule Tenant Current Gross Rent % of Total Gross Rent £233,640 22.7% 100/100 – Very Low Risk Pure Gym £168,713 16.4% 88/100 – Low Risk Nike £139,681 13.6% 100/100 – Very Low Risk (Nike (UK) Ltd) M&S Outlet £129,936 12.6% 100/100 – Very Low Risk £79,420 7.7% 100/100 – Very Low Risk £751,390 73.0% Mecca Bingo Pavers Outlet TOTAL Experian Rating INCOME BY COVENANT TYPE INCOME BY TENANT 1% 2% 5% 6% 4.1% 12.8% 21% 7% 9% 15% 83.1% 11% 11% 12% National Retailer 83.1% Mecca Bingo 21% Unit Shops 9% Car Park 12.8% Pure Gym 15% Pavers Outlet 7% Local Retailer 4.1% Nike Clearance Store 12% Original Factory Shop 6% M&S Outlet 11% GAP Outlet 5% Car Park 11% Domo 2% Trespass Outlet 1% P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH SERVICE CHARGE The outlet park’s operating costs are covered by a comprehensive service charge, which is apportioned on a Gross Internal Area (GIA) basis. The expenditure consists of operational and maintenance costs for the whole site and marketing activity, geared towards maximising footfall. Whilst all tenants contribute towards operational and maintenance costs, marketing costs are only recovered from units which front the car park. The service charge year runs from 1st February to 31st January and the budget for this year totals £164,490, equating to £1.41 per sq ft overall. A £35,000 marketing budget is incorporated into this figure. This equates to a rate of £1.60 per sq ft for tenants contributing to marketing and £1.06 per sq ft for high street facing tenants who do not contribute to marketing. Service Charge - Year to 31st January Total 2013 (expenditure) £182,403 2014 (budget) £222,028 2015 (budget) £164,490 CAR PAR K The shopping centre benefits from a 300 space car park surface car park which provides one of the dominant parking facilities in the town. The car park is operated by the vendor and for the year ending 31st January 2015 produced a gross income of £266,481 (net of VAT) and a net income of £156,423. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > ASTLE OUTLET PARK, WEST BROMWICH A S S E T M A N A G E M E N T O P P O RTU N ITI E S The flexibility offered by the outlet park leasing structure provide significant opportunity for active asset management. Potential opportunities to enhance value include: Secure Original Factory Shop for a longer contractual period, capitalising on their buoyant trade since opening in May 2015. Undertake a strategic regear programme to extend unexpired terms and increase the asset’s value. Relet vacant Unit 3c. Rightsize tenants to drive overall turnover and sales densities across the scheme. Improve the scheme’s leisure offer. We anticipate that the addition of a coffee shop would increase dwell time significantly and evening/night-time amenities could prove a lucrative development. Buy in freehold interest in Unit 2 (currently for sale) to secure control of this adjoining ownership which benefits from frontage and prominence to both the High Street and Outlet Park. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 30-34 ABOVE BAR STREET SOUTHAMPTON P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3 0 - 3 4 A B O V E B A R S T R E E T, S O U T H A M P T O N I N V E ST M E NT S U M M A R Y Southampton is one of the principal commercial and retail centres in the south of England and is the south coast’s dominant centre. The primary catchment population of Southampton is estimated at 719,000 people, ranking the city 18th out of the PROMIS centres. Southampton ranks 22nd on the PMA Fashion Score and 23rd on the PMA Retail Score highlighting the strength of its retail offer. The property occupies a prime position on the pedestrianised Above Bar Street, close to the entrance of WestQuay shopping centre and adjacent to Primark. Let to WH Smith Plc until December 2049 (34.5 years unexpired), the asset offers long secure income. Covenant rated 96/100 and deemed “Very Low Risk” by Experian. Gross Income Headrent Net Income £375,275 pa £54,415 pa £320,860 pa P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 0 A4 21 13 A1 05 A13 1 4 A2 Gosport Cowes 5 PORTSMOUTH SHOREHAM A256 A2 CHANNEL TUNNEL TERMINAL 9 10 M20 11 9 A3 A1 3 A1 0 A2 6 38 A3 8 A33 A338 12 12 A27 Chichester Littlehampton A2 83 Deal 12 A20 13 Hythe Dover Folkestone Lydd/Ashford 1 Fareham 11 Ryde Bournemouth A2 Havant 8 Uckfield A2 10 3 Ramsgate A253 Canterbury A2 A2 Ashford Crowborough A259 Hastings A27Lewes Brighton Hove Worthing Bognor Regis Hailsham A259 A27 Newhaven Seaford A22 Christchurch Lymington A229 1 A3 Hythe Fawley Haywards Heath 7 M20 Tunbridge Wells 11 Horsham 6 A28 A299 A28 8 1 Ringwood 1 A3(M) 8 9 M27 Maidstone 2 1 1 A3 M2 A 7 A2 7 6 Sittingbourne Whitstable Faversham A2 4 5 Tonbridge 264 10 A272 Petersfield 6 4 10 11 12 13 Eastleigh 14 4 5 4 3 Margate Herne Bay 5 249 A2 1 3 Haslemere A3 9 A26 2 Sevenoaks East Grinstead A 9 Crawley 1 A3 M23 GATWICK Alton M3 Redhill Oxted Reigate A31 M26 4 3 6 8 A23 2 Dorking M20 A2 6 SOUTHAMPTON Leatherhead 5 M25 7 A22 54 A3 9 4 M25 Sheerness Gravesend Rochester 1 Gillingham 2 Chatham A2 2 A3 9 Croydon 2 Swanley A232 Southend-on-Sea Tilbury Dartford A2 0 A12 7 Canvey Island 30 31 A2 Winchester Salisbury 10 Godalming A303 A2 2 A303 Aldershot Farnham 8 A34 Poole 7 Andover 5 M25 Basildon A127 A13 Woolwich A205 Sutton Epsom Rayleigh Brentwood M25 Kingston upon Thames 1 28 A12 29 LONDON A24 ster M3 6 Woking Farnborough Chigwell CITY A2 39 8 Basingstoke 6 4 A3 A33 e A3 3 A3 4 3 A414 A41 Richmond Maldon Chelmsford A2 5 11 izes A4 Staines 5 4 A23 11 3 HEATHROW 13 1 6 Clacton-on-Sea 2 M11 2 1 14 Bracknell 10 Newbury ksham A329(M) 12 Harrow 6 0 Uxbridge A4 4 13 14 Windsor A40 2 A2 A34 M4Reading M1 2 A1 Witham A1 A2 6 29 A4 A346 LYNEHAM ippenham 30 26 25 Barnet Enfield 4 A40 1 4 M25 24 5 2 Southampton Airport is located 3.5 miles (5.6 km) to the north east of the city centre Swindon HenleyMaidenhead and 16provides flights to over 40 UK and European destinations. 1.7 million on-Thames In excess ofSlough 15 7 6 passengers used the airport in 2014 (CAA). M4 A3 19 Colchester A130 19 A4 Marlow A1 City Ware M11 Hertford Harlow Hatfield Hoddesdon 7 22 20 Southampton has strong with frequent services to London Waterloo Watford A420 rail connections Abingdon High 6 with fastest journey times of approximately 1 hour 10 minutes. are additional 1718 Wycombe 5 There Didcot M40 4 Beaconsfield direct services to Bristol, Gatwick Airport, Winchester and Bournemouth. 3 A120 A120 20 A2070 1 Amersham 8 Bishop's Stortford A1 28 4 A3 5 A4 A4010 7 4 A133 justTring 3 miles A413 Cirencester A1 2 A1 Felixstowe Harwich Braintree STANSTED 6Garden Hemel The city benefits from communications, being located (4.8 St 4 A Hempstead Oxford with both the M25 and the M27, the 8 km) south of the M340motorway, which connects M10 Albans3 A4 Berkhamsted 7 2 1 latter providing east/west links to Portsmouth 0and8theA4New Forest. 18 Thame A419 34 8 M1 9 Aylesbury Kidlington Witney road excellent A1 A2 A5 Southampton is a major port city and oneM40 of the UK’s primary commercial centres. The Luton A1(M) Stevenage 7 Cheltenham Dunstable A60 city is located approximately 76 miles (122 km)Bicester south west of central London, 30 miles11 2 A4 1 9 10 Welwyn LUTON (48 km) east of Bournemouth and 20 miles (32 km) west of Portsmouth. 6 43 A40 Saffron Walden 9 Hitchin 12 Ipswich Sudbury 9 Royston A10 Leighton Buzzard 10 4 A Haverhill 05 Letchworth A4 3 A4 A5 10 L O C ATI O N & C O M M U N I C ATI O N S A134 8 A509 14 10 A5 A131 2 A1 M11 Biggleswade A1 6 A4 Milton Keynes A43 A42 A44 1 11 A6 11 Bedford Newport Pagnell 08 Banbury Evesham A44 A5 A4 6 3 0 - 3 4 A B O V E B A R S T R E E T , S O U T H A MM1P T O N A5 Cambridge 12 15 A43 12 13 4 A1 Stratford upon Avon A46 Bury St Edmunds Stowmarket 14 A428 St Neots A428 A4 2 1 A45 16 140 Northampton Daventry 13 6 A4 4 A435 15 14 Bexhillon-Sea Eastbourne Newport Shanklin P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3 0 - 3 4 A B O V E B A R S T R E E T, S O U T H A M P T O N C ATC H M E NT & D E M O G R A P H I C S Southampton boasts a primary catchment population of 719,000 people. This is above the Regional Centre average and ranks the city 18th of the PROMIS Centres. The estimated shopping population of Southampton is 434,000 people, ranking the city 16th largest of the PROMIS centres. This high penetration within the primary catchment demonstrates Southampton’s dominance as a leading retail centre nationally. Southampton benefits from a significantly above average proportion of people categorised within the most affluent AB social group. The city also has a large student population (approximately 50,000 students) shared between Southampton University and Southampton Solent University which provide a significant boost to the local economy. In addition to the affluent resident population Southampton benefits from a thriving tourism industry, with the city serving as Europe’s main cruise port with over 1 million passengers each year. The port also acts as the UK’s number one vehicle handling port. It was estimated in 2014 that the Port of Southampton contributed £990 million to the UK economy, including £714 million for the Solent region (Arup). P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3 0 - 3 4 A B O V E B A R S T R E E T, S O U T H A M P T O N R E TA I L I N G I N S O UTH A M P TO N Southampton is a major regional retail destination on the south coast. City centre retail floor space totals approximately 2.18 million sq ft, which is above the Regional Centre average and ranks 12th of the PROMIS centres by this measure. Southampton’s enviable retail offer ranks the city 23rd on the PMA Retail Score and 22nd on the PMA Fashion Score (PROMIS). The 800,000 sq ft Hammerson-owned WestQuay shopping centre opened in 2000 and significantly boosted Southampton’s wider retailing environment. Since opening it has dominated Southampton’s prime offer and major retailers in the scheme include John Lewis, Marks & Spencer, H&M, River Island, Apple, Next, Hollister and Gap. Hammerson is currently building a £150m leisure led extension to WestQuay, situated to the south of the scheme. The scheme, WestQuay “Watermark” will comprise a 10 screen cinema let to luxury cinema brand Showcase Cinema de Lux and 20 restaurant units (including Bills & Jamie’s Italian) which is due to open in Autumn 2016. Above Bar Street, the city’s traditional prime pitch, is the principal retail thoroughfare in Southampton. The street runs in a north-south direction and the dominant central section is pedestrianised linking directly to the WestQuay scheme. Retailers located on Above Bar Street include Boots, TK Maxx, Primark, Urban Outfitters, HMV, Topshop, BHS and Peacocks. S ITU ATI O N The property occupies a prime position on the eastern side of Above Bar Street near the entrance of WestQuay Shopping Centre. The property’s position is well secured with Primark and Clarks Shoes either side. Boots and Topshop are located directly opposite. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > Experian Goad Plan Created: 11/06/2015 3 0 - 3 4 A B O V E B A R S T R E E T, S O U T H A M P T O N D E S C R I P TI O N The glazed fronted shop is arranged over four levels, basement to second floor. The ground and first floor levels trade as sales with ancillary accommodation at second floor and basement levels. There is also a separate remote storage area. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3 0 - 3 4 A B O V E B A R S T R E E T, S O U T H A M P T O N TE N U R E & TE N A N CY The property is held long leasehold from Southampton City Council for a term of 125 years expiring March 2112 (98 years unexpired). The LLH is subject to a head rent of a sum equal to 14.5% of rents receivable or if greater a quarterly rent of £631.75. The current head rent is £54,415 pa. The property is subject to two tenancies as noted below. Address Tenant Accommodation Sq Ft / ITZA Units Lease Start Lease Expiry Rent Review Date Annual Rent (£ P.a.) 32-34 Above Bar Street WH Smith Plc ITZA Units 1,466 28/02/1977 28/12/2049 28/02/2017 £374,000 Ground Floor Sales 5,478 1st Floor Sales 3,909 1st Floor Ancillary 762 2nd Ancillary 985 Basement Ancillary Total 30 Above Bar Street Zurich Assurance Ltd 5 yearly rent reviews. 16,197 575 Ground Floor Sales 911 Basement Storage 735 TOTAL Title Plan available on the marketing website. 4,811 ITZA Units Total Comment 22/11/1954 28/12/2049 £1,275 Zurich Assurance Ltd have sublet the unit to Vodafone. 1,646 17,843 £375,275 E STI M ATE D R E NTA L V A L U E Above Bar Street rents peaked at approximately £210 Zone A. Following the recession prime rents have settled at approximately £180 Zone A, as demonstrated by the recent letting to HSBC at 55 Above Bar Street and offer an attractive base for future rental growth. Above Bar Street continues to offer an attractive rental discount to WestQuay, where rents are currently estimated at £350 Zone A. Southampton consistently benefits from strong tenant demand and in January 2015 there were 39 reported requirements for Southampton, against an average of 13 ranking the city 11th of the PROMIS Centres. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 129-137 HIGH STREET & 1-25 NEW ROW DUNFERMLINE P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E I N V E ST M E NT S U M M A R Y Dunfermline is the dominant retailing centre in the Scottish county of Fife. Prominent multi-let retail and office parade dominated by five prime high street shop units. Prime, well secured position adjacent to Primark and opposite Marks & Spencer. Significant footfall in the locality enhanced by the Kingsgate Centre entrance opposite. Held Heritable (Scottish equivalent of freehold). 55% of the total income is secured against national retailers: Caffé Nero, Specsavers, Barclays Bank, Pandora and Shoe Zone. WAULT of 7.37 years to lease expiry and 5.66 years to tenant break options. The asset includes a well-used 46 space surface, town centre car park to the rear. Gross Income Landlord’s Shortfalls Net Income £420,097 pa £37,246 pa £382,851 pa P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 5 A9 A8 2 A9 A9 0(A A96 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E L O C ATI O N & C O M M U N I C ATI O N S ABERDEEN A9 Aberdeen A93 6 The town has good connectivity with two rail stations on the central Fife network linking to the wider national rail network. The town is also located just 14 miles (22.4 km) north of Edinburgh airport, accessed via the M90. A9 2 A8 A90 Dunfermline is situated 17 miles (27 km) north of Edinburgh across the Firth of Forth. A93 The town is well connected to the main road network, being served by the A907 which meets the M90 and A92 and allowing ease of access from the predominantly rural surrounding catchment area. The A985 to the Kincardine Bridge links to Stirling and Glasgow. A9 A93 A9 0 Montrose A90 Forfar A92 Arbroath Dundee A9 A85 A85 PERTH 10 0 11 2 A9 ) 14 (A9 9 A84 St Andrews A9 A91 8 7 6 11 A91 Stirling 10 11 Dunfermline 7 A97 5 4 Alloa M9 A8 M90 8 Alexandria umbarton 4 M80 Kirkintilloch Clydebank 1 30 ASGOW 26 29 27 25 24 20 15 Paisley 11 2 8 7 1 3 6 Falkirk Airdrie GLASGOW 1 6 A8 5 M8 5 Kirkcaldy M9 3 A1 2 1 2 EDINBURGH 1 EDINBURGH Livingston Dalkeith Bonnyrigg 4 A6 02 A7 8 6 Berwick-upon-Tweed A7 Carluke A703 7 3 A7 Larkhall A7 7 4 A71 5 East Kilbride A92 2 3 M73 Buckhaven Cowdenbeath Bo'ness Cumbernauld 3 3 Glenrothes 3 M80 5 DUNDEE A697 8 M74 < BACK | NEXT > P O RT F O L I O S U M M A RY 9 I 10B O LTO N I W E ST AB72R1 O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M Kilmarnock A72 Galashiels A1 A71 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E C ATC H M E NT & D E M O G R A P H I C S Dunfermline is the largest town in West Fife with a population of approximately 50,000 people. The primary catchment extends to 136,000 people and pulls from surrounding villages, such as Oakley and Crossgates and the wider spread, predominantly rural surroundings. Dunfermline boasts a high concentration of families and affluent individuals. ‘Wealthy Executives’ are the third largest Acorn group in the catchment, accounting for 11% of the local population compared with 8% across the UK (Source: CACI). P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E Dunfermline R E TA I L I N G I N D U N F E R M L I N E Dunfermline is the principal shopping centre serving the counties of Fife and Clackmannanshire. The town’s retail offer is centred on the pedestrianised High Street and Kingsgate Shopping Centre; Dunfermline’s only managed scheme. The Kingsgate Centre is anchored by Marks & Spencer and Debenhams and a 711 space car park. An extension of Kingsgate in 2008 significantly enhanced the retail offer within the town and consolidated Dunfermline’s position as the dominant retailing centre within Fife. S ITU ATI O N The property occupies a prominent corner position on the southern side of High Street at its junction with New Row, Bonar Street and East Port. The property is located in an excellent trading position at the busy eastern end of the High Street adjacent to Primark and directly opposite Marks & Spencer and the entrance to Kingsgate Shopping Centre. Other national retailers located on the High Street include Next, Mountain Warehouse and WH Smith. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M 50 metres For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011 Experian Goad Plan Created: 29/06/2015 < BACK | NEXT > Created By: Cushman and Wakefield 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E D E S C R I P TI O N The property comprises five prime retail units fronting High Street. The units provide regular retail sales accommodation at ground floor with further sales/ancillary accommodation at basement level. The property also benefits from a multi-let parade of seven retail units along New Row. The units are primarily ground floor sales only, however No.7-9 provides an office at first floor and No.25 has ancillary storage at first floor. The retail accommodation totals 23,443 sq ft, making the asset a significant town centre holding. The property also includes approximately 12,690 sq ft of office accommodation, which is accessed via a dedicated entrance on New Row. The office space is arranged over first and second floor levels and principally sits above the retail units fronting High Street. The asset further benefits from a 46 space surface car park to the rear, accessed via an entrance off Canmore Road. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 1 2 9 - 1 37 H I G H S T R E E T & 1 - 2 5 N E W R O W , D U N F E R M L I N E TE N U R E CAR PAR KI N G The property is held Heritable (Scottish equivalent of freehold). The property benefits from a 46 space car park at the rear of the site accessed off Canmore Street. The car park is principally let to the local authority with other income derived from a number of the occupational tenants. TE N A N CY S C H E D U L E The car park is currently producing £17,537 per annum with £11,150 coming from Fife Council with a 2021 lease expiry. The property is let on 17 separate tenancies producing a gross income of £420,097 per annum. The tenancy schedule is available on the dataroom or by clicking on the link below: 129-137 High Street & 1-25 New Row Tenancy Schedule The asset offers a generous WAULT of 7.37 years to lease expiry and 5.66 years to tenant break options. I N C O M E BY C O V E N A NT T YP E 4.2% 5.7% 25.5% 64.8% National Retailer 64.8% Local Retailer 25.5% Offices 5.7% Car Park 4.2% P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK NOTTINGHAM P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM I N V E ST M E NT S U M M A R Y Nottingham is considered to be the commercial capital of the East Midlands and is one of the UK’s leading retailing destinations. The estimated shopping population of Nottingham is 586,000 people, ranking the city 7th of the PROMIS centres. Nottingham has a primary catchment population of 1,059,000 people, ranking the city 8th largest in the UK outside London (PROMIS). Prominent corner retail unit situated on the pedestrianised Exchange Walk. Fully let to McDonalds Real Estate Ltd until 2024. Retailers in the immediate vicinity include Blacks, Ryman and Halifax. Freehold. Gross Income Landlord’s Shortfalls Net Income £243,000 pa £243,000 pa P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > A1 72 A19 A1 71 A1 3 - 6 S T P E T E R ’ S S Q U A R E & 1 Northallerton 3-14 EXCHANGE WALK, NOTTINGHAM Scarborough A170 70 A1 A6 4 Nottingham is the commercial capital of the East Midlands and a strong retailing destination. The city is ranked 7th nationally by the size of its shopping population A1(M) (586,000 people) and has a wider primary catchment of 1.042 million people. Knaresborough A61 A65 Harrogate Bridlington ) 66 (A1 4 61 A165 Ripon A19 A1 68 65 A1 L O C ATI O N & C O M M U N I C ATI O N S A A166 A59 682 A59 The city isSkipton approximately 128 miles (205 km) north of London, 25 miles (40 km) A north of Leicester and 50 miles of Birmingham.York Ilkley (80 km) north east A 59 A6 1 A6 4 A61 63) (A1 4 0 Nottingham mainline station provides and regular rail services to London, with a A65 fast A6 LEEDS & Tadcaster BRADFORD Yeadon fastest14 journey time of just over 1 hour 45 minutes to London St Pancras. Bingley A19 A58 14 38 36 1 14 A631 Louth 6 58 Lincoln 29 Matlock A38 NOTTINGHAM A6 07 A17 26 A52 A3 4 DERBY 1 24 Spalding 48 A1 A151 22 Stamford PM54 O RT F O L I O 11S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N OA606 TTI N G HAM 2 M6(T) M42 LEICESTER 21 7 A4 M6 A47 A1 A1 A140 11 6 06 A1 Cannock A6 A1101 7 A60 King's Lynn A17 23 13 8 A17 A5 Stafford A15 7 A60 EAST MIDLANDS A14 A52 Long Eaton A50 M6 A52 A52 25 Boston A1121 A1 M1 A50 Uttoxeter A17 6 Belper Ashbourne A52 Newarkon-Trent 27 A15 STOKE-ON-TRENT 2 28 A4 23 5 A158 Mansfield Leek Stone A1 A1 A5 7 M1 A6 6 5 A51 A5 A53 30 Chesterfield A4 A1 06 Buxton 17 12 6 Gainsborough 34 6 A34 A6 A15 32 A15 Macclesfield 14 Cleethorpes 31 18 A53 Grimsby A4 Retford NewcastleUnder-Lyme Immingham 5 4 A1(M) 1 33 A6 15 3 3 MANCHESTER 16 2 Scunthorpe M180 A16 Rotherham 34 34 SHEFFIELD A6 6 7 M180 A160 A1 35 Stockport M181 4 37 9 5 Thorne 5 1 38 MANCHESTER 1 3 ort ord 6 36 6 M18 A6 37 17 Goole East Dereham A10 15 Hemsworth M1 M60 3 36 A5 19 34 A63 A16 8 38 A6 20 33 HULL 37 A645 A6003 A5 39 2 21 2 3 Huddersfield 32 Wakefield Pontefract 40 24 M62 22 Castleford 38 M62 A15 Bury M66 23 A58 Rochdale 1 26 30 M62 Batley 41 Brighouse 31 Dewsbury 25 46 A61 A56 A682 A6 27 A63 41 A10 Halifax A63 A1 59 10 7 65 50 M621 Burnley 1 47 Europe. to nearly 90 destinations, principally around 43 8 6 Beverley A10 79 Shipley Selby connections Nottingham East Midlands Airport to the LEEDS south westGarforth of the city provides 12 A1 A6 Colne 13 35 A10 A164 Otley 68 A16 A1 13 9 A47 Wisbech Downham A1 Market 1 22 Swaffham A47 NORWICH A47 Norwich < BACK | NEXT > A1 46 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM C ATC H M E NT & D E M O G R A P H I C S The city’s population has a demographic bias towards the higher spending, younger age groups of 15-24 and 25-44 years of age. Population growth is also forecast to be above average between 2014 and 2019. Nottingham is one of the UK’s leading university cities. Nottingham University, Nottingham Trent University and the teaching hospital collectively attract a student population of approximately 62,000, with many residing and studying in the city centre. Nottingham University itself has 35,000 students and is the UK’s 3rd largest university by student number (CACI). P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > Nottingham Central 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM R E TA I L I N G I N N OT TI N G H A M The annual retail spend in the city is estimated at £1.73 billion, which is significantly higher than nearby Leicester at £1.1 billion (CACI). Nottingham has an estimated at 2.88 million sq ft of retail floorspace making it one of the largest retail centres nationally. Nottingham’s retail area is principally arranged on a north-south axis between intu Broadmarsh shopping centre and Listergate to the south and intu Victoria Centre and Clumber Street to the north. Other significant pitches within the core offer include Albert Street, Bridlesmith Gate and Old Market Square. Exchange Walk acts as an important cut through linking Albert Street through to Old Market Square. Both of Nottingham’s principal managed schemes, intu Broadmarsh and intu Victoria Centre are owned by intu. The 910,000 sq ft, John Lewis and House of Fraser anchored, intu Victoria Centre is undergoing refurbishment, which is due to complete this summer. A wider redevelopment of into Broadmarsh is proposed. This significant investment will further bolster Nottingham as a retail centre and consolidate its position as the dominant retail centre in the East Midlands. Retailer demand for Nottingham city centre is healthy. In January 2015, there were 31 reported requirements for Nottingham, against an average of 13, ranking the city 18th of the PROMIS Centres. S ITU ATI O N The subject property is well located in a prominent corner position fronting Exchange Walk and St Peters Gate, in the heart of the retail core. The pitch links Albert Street, Listergate and intu Broadmarsh to the south of Old Market Square, and Exchange Arcade and Clumber Street to the north, and benefits from strong footfall. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M 50 metres Experian Goad Plan < Created: B A C K | N11/06/2015 EXT > Created By: Cushman and Wakefield 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM D E S C R I P TI O N The property comprises a prominent retail unit located on the corner of Exchange Walk and the junction of Albert Street, Wheeler Gate and St Peters Gate. The unit is arranged over four levels, basement and second floor. The ground and part first floors are currently traded as sales accommodation with the remainder used for ancillary purposes. P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BACK | NEXT > 3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM TE N U R E & TE N A N CY Freehold. The property is let on a full repairing and insuring lease to the excellent covenant of McDonald’s Real Estate LLP. McDonalds is one of the UK’s biggest restaurant operators with approximately 1,250 outlets in the UK. The premises trades 24hr daily, highlighting the strength of the both the pitch and also Nottingham as a retail centre. Tenant Accommodation Sq Ft / ITZA Units Lease Start Lease Expiry Rent Review Date Annual Rent (£ p.a.) McDonald’s Real Estate LLP ITZA Units 1,567 31/01/1989 30/01/2024 31/01/2019 £243,000 Ground Floor Sales 2,733 First Floor Ancillary 2,173 Second Floor Ancillary 1,580 Basement Ancillary 1,893 TOTAL 8,379 P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M Comment Surety from McDonald’s Restaurants Limited < BACK | NEXT > B O LTO N I W E ST B R O M W I C H I S O UTH A M P TO N I D U N F E R M L I N E I N OT TI N G H A M F U RTH E R I N F O R M ATI O N James Stratton T: 0207 152 5668 E: [email protected] Chris Lewis T: 0207 152 5991 E: [email protected] Sam Waterworth T: 0207 152 5149 E: [email protected] P O RT F O L I O S U M M A RY I B O LTO N I W E ST B R O M W I C H I S O U TH A M P TO N I D U N F E R M L I N E I N O T T I N G H A M < BAC K | E XIT >