Cube Portfolio - Investment Sales

Transcription

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
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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
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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
National Retailer 83%
Local Retailer 8%
Car Park 7%
Sam Waterworth
T: 0207 152 5149
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.
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CROMPTON PLACE SHOPPING CENTRE
BOLTON
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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
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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
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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+.
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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:
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.
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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.
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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%
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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
Sunday 9.00 am – 5.15 pm
£1 per day
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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.
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ASTLE OUTLET PARK
WEST BROMWICH
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ASTLE OUTLET PARK, WEST BROMWICH
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)
Net Income
£1,148,507 pa
£2,448 pa
£1,146,059 pa
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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
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
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
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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.)
< BACK | NEXT >
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.
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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.
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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.
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%
£79,420
7.7%
£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%
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%
< BACK | NEXT >
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.
< BACK | NEXT >
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.
< BACK | NEXT >
30-34 ABOVE BAR STREET
SOUTHAMPTON
< 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
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
< 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
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
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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).
< BACK | NEXT >
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.
< BACK | NEXT >
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.
< BACK | NEXT >
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.
< BACK | NEXT >
129-137 HIGH STREET & 1-25 NEW ROW
DUNFERMLINE
< 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 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
Net Income
£420,097 pa
£37,246 pa
£382,851 pa
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5
A9
A8
2
A9
A9
0(A
A96
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
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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
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).
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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.
50 metres
For more information on our products and services:
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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.
< BACK | NEXT >
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.
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%
Local Retailer 25.5%
Offices 5.7%
Car Park 4.2%
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3-6 ST PETER’S SQUARE &
13-14 EXCHANGE WALK
NOTTINGHAM
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3-6 ST PETER’S SQUARE & 13-14 EXCHANGE WALK, NOTTINGHAM
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
Net Income
£243,000 pa
£243,000 pa
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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
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
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
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A1
46
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).
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Nottingham Central
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.
50 metres
Experian Goad Plan
< Created:
B A C K | N11/06/2015
EXT >
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.
< BACK | NEXT >
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
Comment
Surety from McDonald’s
Restaurants Limited
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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
Chris Lewis
T: 0207 152 5991
Sam Waterworth
T: 0207 152 5149
< BAC K | E XIT >

Cube Portfolio - Investment Sales

Transcription

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