dewsbury â 2/12 market place
DEWSBURY – 2/12 MARKET PLACE LET TO PEACOCK’S STORES LIMITED UNTIL MARCH 2023 Sat Nav Ref: WF13 1DH
INVESTMENT SUMMARY • Prominent retail investment opportunity in Dewsbury, a popular West Yorkshire market town • The property comprises 17,222 sq ft (1,600 sq m) of well configured and flexible retail accommodation • Let to Peacock’s Stores Limited until 2023 – a company with a Dun and Bradstreet rating of 5A1 • Freehold • Total current income:
£140,000 per annum
• Price:
£1,457,000
• Attractive Net Initial Yield: 9.00%
2 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
A682
A6068
A658
Leeds
A671 A59 A680
77
A579
A580
A6036
A629 A646
A58 A646
Dewsbury A644 A6033 A642 A666 A637
A629
A628
A663 A576
A627
A56 A580
A665
A628
A62
Manchester
A628
A616
A629
A6018
A57 A6
A34
LOCATION
SITUATION
Dewsbury is a popular West Yorkshire market town located 9 miles south west of Leeds, 6 miles west of Wakefield and 5 miles north east of Huddersfield. The resident population of Dewsbury is approximately 53,527 with over 380,000 living within the wider Kirklees area.
The subject property occupies a highly prominent trading position on the partly pedestrianised Market Place, at its intersection with Corporation Street, Northgate and Bond Street. The property benefits from a return frontage along Bond Street and is serviced to the rear.
Dewsbury is well connected to the national motorway network, with Junctions 25, 27 and 28 of the M62 and Junction 40 of the M1 all within 6 miles of the town centre. Dewsbury railway station provides frequent services to Leeds and Manchester. Furthermore, London can be reached in less than 3 hours. The nearest international airport is Manchester Airport, situated 46 miles south west of the town centre.
3 | Fawcett Mead Dewsbury – 2/12 Market Place
DESCRIPTION The property comprises a concrete framed building beneath a flat roof, arranged over ground, first and second floors. The ground floor provides a full height glazed frontage to Market Place and offers well configured and flexible retail accommodation. The property is currently arranged to provide well configured ground floor sales accommodation, with ancillary accommodation at first and second floor level. There is also a surface car park situated to the rear that is fully demised to the tenant.
Retail property expertise
ACCOMMODATION Based upon a measured survey undertaken by Plowman Craven in 2016, the subject property provides the following approximate Gross Internal floor areas: Floor
Use
sq ft
sq m
Ground
Sales
7,963
740
First
Ancillary
9,192
854
Second
Plant
67
6.2
17,222
1,600
TOTAL
TENURE Freehold
TENANCY The property is let in its entirety to Peacock’s Stores Limited on a full repairing and insuring lease for a term of 15 years, commencing on 31st March 2008 and expiring on 30th March 2023. The lease has a tenant break option on 31st March 2020. The current rent is £140,000 per annum.
4 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
COVENANT INFORMATION Peacock’s Stores Limited is a fashion retail chain and wholly owned subsidiary of Edinburgh Woollen Mill Group. There are currently over 400 Peacock’s retail outlets located in the United Kingdom and more than 200 stores located in twelve other countries throughout Europe. The company was established in Warrington in 1884 as a family-run business selling a wide range of goods. Over the years, Peacocks has re-branded as a value fashion store.
Let to Peacock’s Stores Limited until 2023 – a company with a Dun and Bradstreet rating of 5A1 RENTAL COMMENTARY
Peacock’s Stores Limited financial results for the last three years are summarised below: 27/02/2016
28/02/2015
01/03/2014
Turnover
£369,711,000
£351,681,000
£324,874,000
Pre-Tax Profit
£67,879,000
£66,454,000
£58,471,000
£142,597,000
£131,863,000
£90,545,000
Net Worth
5 | Fawcett Mead Dewsbury – 2/12 Market Place
We have analysed the passing rent in respect of 2/12 Market Place to reflect a low overall rate of £8.13 per sq ft. It is our opinion that this compares favourably with other large stores both within Dewsbury and within competing retail centres. A full schedule of comparable evidence is available upon request.
Retail property expertise
INVESTMENT COMPARABLES We consider that the subject property offers an attractive opportunity to purchase a secure, six year income stream in a dominant retailing centre at a price which compares favourably with similar recent market transactions. These include: Town Derby
Tenant Poundland Kieran Mullin
Expiry 2027
Price
NIY
Date
£3,300,000
7.69%
Dec 2016
2026
£4,070,000
7.26%
Nov 2016
2018x=
Preston
Wilko
Newcastle-under-Lyme
Poundland
2026
£1,800,000
7.30%
Sep 2016
Gillingham
Poundland
2024
£1,400,000
6.75%
Aug 2016
Tiverton
Argos
2020
£1,550,000
7.92%
Jan 2016
Bury
Wilko
2029
£5,400,000
6.05%
May 2015
6 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
EPC A full copy of the EPC is available upon request.
VAT The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). CAR PARK
PROPOSAL We are instructed to seek offers in excess of £1,457,000 (One Million Four Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 9.00%, assuming purchasers costs of 6.08%.
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Jonathan Mills 020 7182 7483 07795 333 195 [email protected] Nick Carvey 020 7182 7493 07851 116 426 [email protected] www.fawcettmead.co.uk Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT
INVESTMENT SUMMARY • Prominent retail investment opportunity in Dewsbury, a popular West Yorkshire market town • The property comprises 17,222 sq ft (1,600 sq m) of well configured and flexible retail accommodation • Let to Peacock’s Stores Limited until 2023 – a company with a Dun and Bradstreet rating of 5A1 • Freehold • Total current income:
£140,000 per annum
• Price:
£1,457,000
• Attractive Net Initial Yield: 9.00%
2 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
A682
A6068
A658
Leeds
A671 A59 A680
77
A579
A580
A6036
A629 A646
A58 A646
Dewsbury A644 A6033 A642 A666 A637
A629
A628
A663 A576
A627
A56 A580
A665
A628
A62
Manchester
A628
A616
A629
A6018
A57 A6
A34
LOCATION
SITUATION
Dewsbury is a popular West Yorkshire market town located 9 miles south west of Leeds, 6 miles west of Wakefield and 5 miles north east of Huddersfield. The resident population of Dewsbury is approximately 53,527 with over 380,000 living within the wider Kirklees area.
The subject property occupies a highly prominent trading position on the partly pedestrianised Market Place, at its intersection with Corporation Street, Northgate and Bond Street. The property benefits from a return frontage along Bond Street and is serviced to the rear.
Dewsbury is well connected to the national motorway network, with Junctions 25, 27 and 28 of the M62 and Junction 40 of the M1 all within 6 miles of the town centre. Dewsbury railway station provides frequent services to Leeds and Manchester. Furthermore, London can be reached in less than 3 hours. The nearest international airport is Manchester Airport, situated 46 miles south west of the town centre.
3 | Fawcett Mead Dewsbury – 2/12 Market Place
DESCRIPTION The property comprises a concrete framed building beneath a flat roof, arranged over ground, first and second floors. The ground floor provides a full height glazed frontage to Market Place and offers well configured and flexible retail accommodation. The property is currently arranged to provide well configured ground floor sales accommodation, with ancillary accommodation at first and second floor level. There is also a surface car park situated to the rear that is fully demised to the tenant.
Retail property expertise
ACCOMMODATION Based upon a measured survey undertaken by Plowman Craven in 2016, the subject property provides the following approximate Gross Internal floor areas: Floor
Use
sq ft
sq m
Ground
Sales
7,963
740
First
Ancillary
9,192
854
Second
Plant
67
6.2
17,222
1,600
TOTAL
TENURE Freehold
TENANCY The property is let in its entirety to Peacock’s Stores Limited on a full repairing and insuring lease for a term of 15 years, commencing on 31st March 2008 and expiring on 30th March 2023. The lease has a tenant break option on 31st March 2020. The current rent is £140,000 per annum.
4 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
COVENANT INFORMATION Peacock’s Stores Limited is a fashion retail chain and wholly owned subsidiary of Edinburgh Woollen Mill Group. There are currently over 400 Peacock’s retail outlets located in the United Kingdom and more than 200 stores located in twelve other countries throughout Europe. The company was established in Warrington in 1884 as a family-run business selling a wide range of goods. Over the years, Peacocks has re-branded as a value fashion store.
Let to Peacock’s Stores Limited until 2023 – a company with a Dun and Bradstreet rating of 5A1 RENTAL COMMENTARY
Peacock’s Stores Limited financial results for the last three years are summarised below: 27/02/2016
28/02/2015
01/03/2014
Turnover
£369,711,000
£351,681,000
£324,874,000
Pre-Tax Profit
£67,879,000
£66,454,000
£58,471,000
£142,597,000
£131,863,000
£90,545,000
Net Worth
5 | Fawcett Mead Dewsbury – 2/12 Market Place
We have analysed the passing rent in respect of 2/12 Market Place to reflect a low overall rate of £8.13 per sq ft. It is our opinion that this compares favourably with other large stores both within Dewsbury and within competing retail centres. A full schedule of comparable evidence is available upon request.
Retail property expertise
INVESTMENT COMPARABLES We consider that the subject property offers an attractive opportunity to purchase a secure, six year income stream in a dominant retailing centre at a price which compares favourably with similar recent market transactions. These include: Town Derby
Tenant Poundland Kieran Mullin
Expiry 2027
Price
NIY
Date
£3,300,000
7.69%
Dec 2016
2026
£4,070,000
7.26%
Nov 2016
2018x=
Preston
Wilko
Newcastle-under-Lyme
Poundland
2026
£1,800,000
7.30%
Sep 2016
Gillingham
Poundland
2024
£1,400,000
6.75%
Aug 2016
Tiverton
Argos
2020
£1,550,000
7.92%
Jan 2016
Bury
Wilko
2029
£5,400,000
6.05%
May 2015
6 | Fawcett Mead Dewsbury – 2/12 Market Place
Retail property expertise
EPC A full copy of the EPC is available upon request.
VAT The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). CAR PARK
PROPOSAL We are instructed to seek offers in excess of £1,457,000 (One Million Four Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect a net initial yield of 9.00%, assuming purchasers costs of 6.08%.
FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Jonathan Mills 020 7182 7483 07795 333 195 [email protected] Nick Carvey 020 7182 7493 07851 116 426 [email protected] www.fawcettmead.co.uk Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT
