leeknewcastle road, staffordshire st13 5qj - SLIDEBLAST.COM
LEEK
•
NEWCASTLE ROAD, STAFFORDSHIRE ST13 5QJ
O P E N A 1 – L O N G L E T P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y
•
INVESTMENT SUMMARY • S ituated in a captive catchment with over 20,000 people living within a 5 minute drive. • O n a busy road with over 12,500 daily car movements past the property. Adjacent to a 40,000 square foot Morrisons. • Freehold • O pen A1 Non Food • A purpose built, high quality retail warehouse unit of 26,675 square foot. Plus a circa. 10,000 square foot garden centre. • L et solely to B&M Retail Limited (5A1 rated) for a term expiring 24th March 2028 providing a WAULT of 11.8 years. • C ar park totalling 116 spaces providing a generous ratio of 1:230. • T he tenant is currently paying £336,500 per annum exclusive which equates to £12.62 per sq ft. • W e are instructed to seek offers in excess of £4,857,000 (Four Million, Eight Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of approximately 6.50%, assuming purchaser’s costs of 6.57%.
‘The only retail warehouse in the town...’
TO LEEK TOWN CENTRE
MORRISONS
A53 C. 12,500 CAR MOVEMENTS
TO STOKE-ON-TRENT
SAINSBURYS
LOCATION
A523
3 A5 WAITROSE
A523
OD
ST HIGH
RD
SO
A523 FARMFOODS
3 A5
O RT N
HUDDERSFIELD
ST
M66
DONCASTER
M180
AV
BA R
A5 3
LL
M60 To STOKE-ON-TRENT
M56
SHEFFIELD
RD IELD NF
M1
MORRISONS
A520
CA MP BE
MANCHESTER
LIVERPOOL
ST
A5
23 A5
BU
The town benefits from a captive catchment with over 20,000 people living within a 5 minute M62 drive of the property. BOLTON
ALDI
U CR
T WO WES
I N ST FOUNTA
STANLEY ST
3
LEEK TOWN CENTRE
A34
ASDA
J U N C TI ON R D
A623 LINCOLN CHESTERFIELD
A523 CONGLETON
M6
CREWE
A53
M1
A1
LEEK
A34
A515
A41
A38
A52
STOKE-ON-TRENT A51
A52
NOTTINGHAM
A50
SITUATION The property sits in a prominent location on the A53. A principle highway which leads into the town centre. It also provides direct access to both Newcastle under Lyme and Stoke on Trent.
DERBY
This is an established location; adjacent is a 40,000 square foot Morrisons.
M6 M1
A515
A1
SPALDING
There are approximately 12,500 car movements past the property on a daily basis. M54
M6
M42
LEICESTER
WOLVERHAMPTON BIRMINGHAM A1(M) A49
KETTERING
A523
WEST S T
A52 0
Leek is a traditional market town situated in Staffordshire. Located in the North West of England; it is 12 miles north east of Stoke on Trent and 14 miles south of Macclesfield. M6 Leek is now the administrative centre for the Staffordshire Moorlands District Council.
DEMOGRAPHICS Leek is a popular town with a strong demographic base. Underpinned by ‘Comfortable Communities’, which forms the backbone of the community. There is also significant representation from the more upscale ‘Affluent Achievers’ and more value orientated ‘ Financially Stretched’ groups. This diversity provides a strong, consumer-driven economy with a high propensity to spend. Retail spend per capita is higher than national averages in a number of core retail categories, including food and homewares / household goods. Local employment is geared towards skilled labour and managerial levels.
Retail spend per capita in Leek is higher than national averages
A well-established location, adjacent to a dominant foodstore.
A captive catchment with over 20,000 people in a 5 minute drive of the property.
The only retail warehousing offer in the town.
COMPETITION The property provides the only retail warehouse offer in the local catchment area. The retailing in Leek is predominantly foodstore led with occupiers including Morrisons, Aldi, Waitrose, Asda, Sainsburys and Farmfoods.
KEY The town centre offers a mixture of both local occupiers and smaller units occupied by national multiples including Home Bargains, Argos, Wilko, Halfords and The Works.
The Property is over a 25 minute drive from the closest competing schemes, as this plan demonstrates.
The Property Festival Retail Park Octagon Shopping Park Longton Retail Park Congleton Retail Park 5 mins
A523
10 mins
15 mins
A53
CONGLETON
LEEK A527
A53
A523 A520
STOKE-ON-TRENT A52
12
DESCRIPTION
WOO
Accommodation
Planning
The property comprises a purpose built retail warehouse unit erected in 2003. The building is steel framed construction with brick elevations.
The property benefits from Open A1 (non-food) consent. A copy of the full planning consent is available upon request.
The building provides a rectangular floor plate with a single loading bay to a rear corner of the unit. Within the main structure there is a small two storey office/ amenities block.
Site
DCR O
2
FT A
VEN UE
14
6
1 22
LB
Wharf House
The Haven
21
NE WC AS TL E
The height to the eaves is 7.1m with a total floor to ceiling height of 8.9m.
17 19
RO A
D
11 15
24
We calculate the site extends to approximately 1.89 acres (0.76 hectares) giving a low site coverage of 36%,
There is an external garden centre which totals approximately 10,000 square feet.
S LD
There is a surface car park situated at the front of the unit. This provides a total of 116 spaces which equates to a generous ratio of 1:230 sq ft.
Tenure Freehold
Tenancy The property is let as follows Tenant
Area (sq ft)
Lease Start
Terms (Yrs)
Expiry Date
Unexpired Term (Yrs)
Next Review
Current Rent (p.a.)
Current Rent (p.s.f.)
B&M Retail Limited
26,675
25th March 2003*
25 years
24th March 2028
11.8 years
25th March 2018
£336,500
£12.62
*The lease was originally vested in Focus (DIY) Limited. B&M Retail Limited subsequently took the assignment of the lease in July 2011 from the administrators of Focus (DIY) Limited.
O CL
SE
ASSET MANAGEMENT Whilst the building is currently right sized for the occupier, it offers great potential for a number of deliverable asset managment opportunities, including:
• W iden the existing planning consent to allow the sale of food & drink.
• Installing a trading mezzanine. • S ubject to planning, build a ‘pod’ development in the car park.
• E xtend the existing footplate over the garden centre to provide more retail accommodation.
• T he existing configuration of the unit would facilitate a sub-division. Engage with the tenant over resizing capability to allow the creation of a multi-let scheme. See plan.
‘...great potential for a number of deliverable asset management opportunities...’
26,675 SQ FT
(Possible Subdivision)
Covered Area
GARDEN CENTRE APPROX 10,000 SQ FT
(Development Potential)
Lobby Indicative floor plan
CUSTOMER PARKING
TENANT COVENANT B&M was founded in 1978 and today is one of the leading variety retailers in the UK. Yearly sales exceed £1 billion with their stores hosting over 2 million customers per week. B&M now trade from over 450 stores nationwide, employing some 20,000 people. The covenant has a D&B risk assessment of 5A1 (minimum risk of business failure), which is the strongest rating.
Tenant
Year Ending
Sales Turnover (000s)
Profit / Pre Tax (000s)
Net Worth (000s)
B&M Retail Ltd
28th March 2015
£1,526,181
£116,800
£333,599
29th March 2014
£1,509,132
£123,398
£281,228
EPC The property has an EPC rating of C(67). A copy of the EPC can be provided on request.
VAT It is intended that the sale of this Property will be treated as a ‘Transfer of a Going Concern’ (TOGC).
PROPOSAL We are instructed to seek offers in excess of £4,857,000 (Four Million, Eight Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of approximately 6.50%, assuming purchaser’s costs of 6.57%.
CONTACTS Dominic Walton
Oliver Petch
Jonathan Devaney
T 020 7861 1591 M 07818 041 670 E [email protected]
T 020 7861 1107 M 07716 085 925 E [email protected]
T 0121 233 6490 M 07717 346 610 E [email protected]
Important notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition, its value or its ownership structure. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: Any guide prices quoted or discussed are exclusive of VAT. The VAT position relating to the property may change without notice. 5. Knight Frank LLP is not authorised by the Financial Conduct Authority to undertake Regulated Activities, other than insurance mediation, and generally acts as agent in respect of real estate property interests only. This communication is exempt from the restriction in Section 21 of the Financial Services and Markets Act 2000, on the communication of invitations or inducements to engage in investment activity by unauthorised persons, on the basis that it meets the conditions for exemption relating to such activities carried on in connection with the sale of a body corporate as set out in Article 62 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and the similar exemption relating to all Regulated Activities in Article 70 of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. In all instances you should seek your own independent advice in relation to the sale or purchase of shares and on any corporate structure. Knight Frank LLP is not responsible for any information or opinions provided in respect of any such sale or purchase. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. Date of particulars: July 2016. 01622 833880
|
createwithimpact.com (E4832/LU)
•
NEWCASTLE ROAD, STAFFORDSHIRE ST13 5QJ
O P E N A 1 – L O N G L E T P R I M E R E TA I L I N V E S T M E N T O P P O R T U N I T Y
•
INVESTMENT SUMMARY • S ituated in a captive catchment with over 20,000 people living within a 5 minute drive. • O n a busy road with over 12,500 daily car movements past the property. Adjacent to a 40,000 square foot Morrisons. • Freehold • O pen A1 Non Food • A purpose built, high quality retail warehouse unit of 26,675 square foot. Plus a circa. 10,000 square foot garden centre. • L et solely to B&M Retail Limited (5A1 rated) for a term expiring 24th March 2028 providing a WAULT of 11.8 years. • C ar park totalling 116 spaces providing a generous ratio of 1:230. • T he tenant is currently paying £336,500 per annum exclusive which equates to £12.62 per sq ft. • W e are instructed to seek offers in excess of £4,857,000 (Four Million, Eight Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of approximately 6.50%, assuming purchaser’s costs of 6.57%.
‘The only retail warehouse in the town...’
TO LEEK TOWN CENTRE
MORRISONS
A53 C. 12,500 CAR MOVEMENTS
TO STOKE-ON-TRENT
SAINSBURYS
LOCATION
A523
3 A5 WAITROSE
A523
OD
ST HIGH
RD
SO
A523 FARMFOODS
3 A5
O RT N
HUDDERSFIELD
ST
M66
DONCASTER
M180
AV
BA R
A5 3
LL
M60 To STOKE-ON-TRENT
M56
SHEFFIELD
RD IELD NF
M1
MORRISONS
A520
CA MP BE
MANCHESTER
LIVERPOOL
ST
A5
23 A5
BU
The town benefits from a captive catchment with over 20,000 people living within a 5 minute M62 drive of the property. BOLTON
ALDI
U CR
T WO WES
I N ST FOUNTA
STANLEY ST
3
LEEK TOWN CENTRE
A34
ASDA
J U N C TI ON R D
A623 LINCOLN CHESTERFIELD
A523 CONGLETON
M6
CREWE
A53
M1
A1
LEEK
A34
A515
A41
A38
A52
STOKE-ON-TRENT A51
A52
NOTTINGHAM
A50
SITUATION The property sits in a prominent location on the A53. A principle highway which leads into the town centre. It also provides direct access to both Newcastle under Lyme and Stoke on Trent.
DERBY
This is an established location; adjacent is a 40,000 square foot Morrisons.
M6 M1
A515
A1
SPALDING
There are approximately 12,500 car movements past the property on a daily basis. M54
M6
M42
LEICESTER
WOLVERHAMPTON BIRMINGHAM A1(M) A49
KETTERING
A523
WEST S T
A52 0
Leek is a traditional market town situated in Staffordshire. Located in the North West of England; it is 12 miles north east of Stoke on Trent and 14 miles south of Macclesfield. M6 Leek is now the administrative centre for the Staffordshire Moorlands District Council.
DEMOGRAPHICS Leek is a popular town with a strong demographic base. Underpinned by ‘Comfortable Communities’, which forms the backbone of the community. There is also significant representation from the more upscale ‘Affluent Achievers’ and more value orientated ‘ Financially Stretched’ groups. This diversity provides a strong, consumer-driven economy with a high propensity to spend. Retail spend per capita is higher than national averages in a number of core retail categories, including food and homewares / household goods. Local employment is geared towards skilled labour and managerial levels.
Retail spend per capita in Leek is higher than national averages
A well-established location, adjacent to a dominant foodstore.
A captive catchment with over 20,000 people in a 5 minute drive of the property.
The only retail warehousing offer in the town.
COMPETITION The property provides the only retail warehouse offer in the local catchment area. The retailing in Leek is predominantly foodstore led with occupiers including Morrisons, Aldi, Waitrose, Asda, Sainsburys and Farmfoods.
KEY The town centre offers a mixture of both local occupiers and smaller units occupied by national multiples including Home Bargains, Argos, Wilko, Halfords and The Works.
The Property is over a 25 minute drive from the closest competing schemes, as this plan demonstrates.
The Property Festival Retail Park Octagon Shopping Park Longton Retail Park Congleton Retail Park 5 mins
A523
10 mins
15 mins
A53
CONGLETON
LEEK A527
A53
A523 A520
STOKE-ON-TRENT A52
12
DESCRIPTION
WOO
Accommodation
Planning
The property comprises a purpose built retail warehouse unit erected in 2003. The building is steel framed construction with brick elevations.
The property benefits from Open A1 (non-food) consent. A copy of the full planning consent is available upon request.
The building provides a rectangular floor plate with a single loading bay to a rear corner of the unit. Within the main structure there is a small two storey office/ amenities block.
Site
DCR O
2
FT A
VEN UE
14
6
1 22
LB
Wharf House
The Haven
21
NE WC AS TL E
The height to the eaves is 7.1m with a total floor to ceiling height of 8.9m.
17 19
RO A
D
11 15
24
We calculate the site extends to approximately 1.89 acres (0.76 hectares) giving a low site coverage of 36%,
There is an external garden centre which totals approximately 10,000 square feet.
S LD
There is a surface car park situated at the front of the unit. This provides a total of 116 spaces which equates to a generous ratio of 1:230 sq ft.
Tenure Freehold
Tenancy The property is let as follows Tenant
Area (sq ft)
Lease Start
Terms (Yrs)
Expiry Date
Unexpired Term (Yrs)
Next Review
Current Rent (p.a.)
Current Rent (p.s.f.)
B&M Retail Limited
26,675
25th March 2003*
25 years
24th March 2028
11.8 years
25th March 2018
£336,500
£12.62
*The lease was originally vested in Focus (DIY) Limited. B&M Retail Limited subsequently took the assignment of the lease in July 2011 from the administrators of Focus (DIY) Limited.
O CL
SE
ASSET MANAGEMENT Whilst the building is currently right sized for the occupier, it offers great potential for a number of deliverable asset managment opportunities, including:
• W iden the existing planning consent to allow the sale of food & drink.
• Installing a trading mezzanine. • S ubject to planning, build a ‘pod’ development in the car park.
• E xtend the existing footplate over the garden centre to provide more retail accommodation.
• T he existing configuration of the unit would facilitate a sub-division. Engage with the tenant over resizing capability to allow the creation of a multi-let scheme. See plan.
‘...great potential for a number of deliverable asset management opportunities...’
26,675 SQ FT
(Possible Subdivision)
Covered Area
GARDEN CENTRE APPROX 10,000 SQ FT
(Development Potential)
Lobby Indicative floor plan
CUSTOMER PARKING
TENANT COVENANT B&M was founded in 1978 and today is one of the leading variety retailers in the UK. Yearly sales exceed £1 billion with their stores hosting over 2 million customers per week. B&M now trade from over 450 stores nationwide, employing some 20,000 people. The covenant has a D&B risk assessment of 5A1 (minimum risk of business failure), which is the strongest rating.
Tenant
Year Ending
Sales Turnover (000s)
Profit / Pre Tax (000s)
Net Worth (000s)
B&M Retail Ltd
28th March 2015
£1,526,181
£116,800
£333,599
29th March 2014
£1,509,132
£123,398
£281,228
EPC The property has an EPC rating of C(67). A copy of the EPC can be provided on request.
VAT It is intended that the sale of this Property will be treated as a ‘Transfer of a Going Concern’ (TOGC).
PROPOSAL We are instructed to seek offers in excess of £4,857,000 (Four Million, Eight Hundred and Fifty Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of approximately 6.50%, assuming purchaser’s costs of 6.57%.
CONTACTS Dominic Walton
Oliver Petch
Jonathan Devaney
T 020 7861 1591 M 07818 041 670 E [email protected]
T 020 7861 1107 M 07716 085 925 E [email protected]
T 0121 233 6490 M 07717 346 610 E [email protected]
Important notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition, its value or its ownership structure. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: Any guide prices quoted or discussed are exclusive of VAT. The VAT position relating to the property may change without notice. 5. Knight Frank LLP is not authorised by the Financial Conduct Authority to undertake Regulated Activities, other than insurance mediation, and generally acts as agent in respect of real estate property interests only. This communication is exempt from the restriction in Section 21 of the Financial Services and Markets Act 2000, on the communication of invitations or inducements to engage in investment activity by unauthorised persons, on the basis that it meets the conditions for exemption relating to such activities carried on in connection with the sale of a body corporate as set out in Article 62 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and the similar exemption relating to all Regulated Activities in Article 70 of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. In all instances you should seek your own independent advice in relation to the sale or purchase of shares and on any corporate structure. Knight Frank LLP is not responsible for any information or opinions provided in respect of any such sale or purchase. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. Date of particulars: July 2016. 01622 833880
|
createwithimpact.com (E4832/LU)
