WAREHOUSE INVESTMENT & WILTON STREET, WF12 8AB

ENTER & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT

u INVESTMENT SUMMARY

⊲⊲ Dewsbury is a traditional in West . ⊲⊲ Retail warehousing in Dewsbury is limited, as a result ⊲⊲ Open A1 non-food planning consent. It is well located, benefitting from easy access to the M62 many national retailers are not represented here, and the M1 motorways. including Dunelm, Aldi and Home Bargains. ⊲⊲ The tenants trade well here, as evidenced by B&Q recently extending their lease term by 5 years. ⊲⊲ The town has an extensive catchment population, with ⊲⊲ The scheme totals 38,126 sq ft and is let to the 5A1 507,040 people living within a 20 minute drive time of covenants of B&Q plc and Direct Ltd. ⊲⊲ The Screwfix lease benefits from a fixed uplift in the subject property. January 2019. ⊲⊲ The total rent is £358,850 per annum, equating to a low ⊲⊲ The property is located in the principal retail warehousing average rent of £9.41 per sq ft. ⊲⊲ We are seeking offers in excess of £4,810,000 (Four pitch for the town. Million, Eight Hundred and Ten Thousand Pounds). ⊲⊲ Attractive WAULT of 8.5 years. A purchase at this level reflects an attractive net initial yield of 7.00%, increasing to 7.15% in January 2019, assuming purchaser’s costs of 6.58%.

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT A19 WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT & 35 A64

34 A683 A61 A1(M) Lancaster A614 u LOCATION Knaresborough A166 M6 A65

A59 Harrogate

Dewsbury is an attractive33 market town in , located 9 miles south A59 2

8 west of and 9 miles south east of . and6 WakefieldSkipton A lie 5 miles south west and 6 miles east of the town respectively. A59 A614 A61 A64 (A163) The town benefits from good traffic links, being located at the intersection of Tadcaster A65 A6068 A1035 the A638, A644 and A653, approximately 4 miles south west to Junction 25 LEEDS & A19 Clitheroe BRADFORD A58 of the and 3 miles west of junction 40 of the M1 motorway. A650 A1079 14 Colne Beverley Its accessibility makes it a popular town with commuters; there13 are also direct 12 Nelson Shipley A59 rail links to Manchester (4532 minutes), Leeds (13 minutes) and Huddersfield (8 LEEDS 1 A614 minutes). 10 BRADFORD A164 8 Burnley A63 HULL Preston M621 1 47 A63 38 31 7 43 A1 A 6 Accrington 10 M62 Blackburn 4 27 1 37 A63 30 Halifax 26 A646 30 M62 u CATCHMENT29 9 M65 41 Leyland 28 31 32 A645 36 Goole Darwen Rawtenstall 25 33 34 & DEMOGRAPHICS8 24 40 Wakefield 23 M6 A58 M18 A15 Chorley Rochdale M62 39 Dewsbury has a catchment population of 144,000 people1 (PMA), significantly 22 Huddersfield A638 6 Thorne above the PMA Small Town average, and a shopping populationM66 of 44,000 38 M181 Bury 21 A62 A61 people. There is an extensive27 catchmentM61 populationBolton within 2easy access of the 5 Scunthorpe 5 20 1 19 38 6 A58 3 M1 M180 2 M180 subject property; CACI predict there are 134,008 people living within a 10 DEWSBURY 3 5 4 minute drive time of the subject property,A58 extending4 to 507,040 people within a 37 4 3 17 37 20 minute drive time. Wigan 15 M60 25 14 A628 A616 36 36 During the ,24 Dewsbury was an important and a 23 MANCHESTER A159 35 key centre for the shoddy and mungo industries, which recycled woollen1 items3

M62 A15 22 6 Rotherham by mixing them with new and making11 heavy blankets and uniforms. The A631 9 1 A631 town benefitted economicallyM62 from being on a key canal route,9 its locationM60 at 34 7 34 the heart of the , and its proximity to coal mines. The 33 32 34 Gainsborough 5 SHEFFIELD town is now a charming and traditional 20market town with6 some attractive 7 31 A57 Victorian architecture. However manufacturing still plays aMANCHESTER large role in the A6 11 10M56 town, with it accounting for 16% of total employment, around double the M1 Retford A46 12 19 A623 PMA average. The town’s largest employer is Canada’s biggest greeting card A156 A61 A1 company, Carlton Cards. A537 A537 30 A619 A57

A34 Buxton Chesterfield M6 Macclesfield Lincoln A619 A6 18 29 INVESTMENT LOCATION, SITUATION AERIAL A515 DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT

LAN SE MILL E OU R

D 3

A u5 SITUATION 6 O A D A R 6 3 A 8 K O C R The subject property is located within the main retail warehousing pitch for the town and

A D R TR fronts the B64O9 Wilton Street, which links directly onto the A638 Vicarage Road, which O F D runs along the southern edge of Dewsbury town centre. A R B 6 B 1 D 2 OA 8 D R The B&Q unit benefits from good prominence from both the A638 and the B6409, with the UPPER R O A EDS H LE Screwfix unit having good visibility from the B6409. A L I F A OW X 2 5 Access to the scheme is via a traffic light junction on the B6409, which connects to Link R L 6 O A L A Road,A which provides access from the other retail warehousing in the town to the subject D NE property, and is a popular route for locals to use. DEWSBURY RISHWORTH CENTRE H Matalan, Halfords E C To the rear of the scheme are 2 units let to Carpetright and Farmfoods, and Wickes and RO 3 Poundstretcher, Next K G AD 65 A6 M A 3 IN B&M have stores on the opposite8 side of the B6409. The town’s bus station is located on the O R B& & SCREWI N Y D R M1 8 opposite side of the A638 to the property. W U A63 B I AD K S RO E Farmfoods, Carpetright W LD IE R F DE KE D O W A E A W D u RETAIL WAREHOUSINGSB IN DEWSBURY U R 4 Y 4 RAILWAY STREET R 6 O A RETAIL PARK A The retail warehousing in DewsburyD is fairly limitedA 6 and is all concentrated close to the town Pets at Home, 3 8 9 0 centre and off the A638. Wickes 4 Clarks, K 6 I B N

& B&M D T G A H S O D Sports Direct O The main scheme in theW town is the Rishworth Centre, owned by Aviva. This totals 68,700 R A D A L R O & JYSK Y E R Sainsbury’s I sq ft of open non-food consented space occupied by Matalan, Poundstretcher, Halfords F NH A S I E T 6 L L S 3 R L I 8 R V and Next. Adjacent to this is Railway StreetE Retail Park, comprising of Pets at Home, Clarks DD O A L A S A Jct40 U and Iceland, adjoining a Sainsbury’s foodstore of 60,000 sq ft. H D D

Jysk, Sports Direct, WickesOSSETT and B&M all have units close by. Carpetright and Farmfoods are located to the rear of the subject property. Also accessed via the B6409E Wilton Street is a S IV T DR A ’S 70,000 sq ft Asda foodstore. T EN IO UE N Q R O A The lack of retail warehousing in the town resultsD in many national retailers not being RAV ENTHO represented here, including Dunelm, The Range, Home Bargains, TK Maxx and Aldi. RPE RO AD

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT R H O D E

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R O 1 Y A INVESTMENT N LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, E W V N S O Chy O a N SUMMARY R CATCHMENT & 9 & RETAIL Depot PLANNING COVENANTS PROPOSAL N 2 A G C 4 3 1 1 DEMOGRAPHICS 9 WAREHOUSING37 5m & TENANCY & CONTACT & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT u DESCRIPTION u PLANNING

The subject property comprises 2 separate purpose built, standalone retail warehouse The original planning permission for the property was granted in July 1985 for the units. The B&Q unit totals 31,175 sq ft and benefits from having a garden centre, outdoor erection of 2 open A1 non-food retail units with garden centre and associated car parking compound and a first floor amenity block. The Screwfix unit extends to 6,951 sq ft and and servicing facilities. has a small mezzanine area housing staff facilities, which could be extended, subject to planning. Both units are fitted out to the respective tenant’ss specification. The original permission stated that the premises shall be used for the sale of DIY, gardening and electrical equipment and no other goods. This user restriction was Car parking is located to the front of the units providing 165 spaces, equating to an removed by a further planning permission dated 1 October 1993. attractive ratio of 1 : 231 sq ft. The property therefore benefits from an open A1 non-food retail planning permission. The units share the benefit of a secure rear service yard with customer and service access directly off Wilton Street. u TENANCIES The site totals 2.57 acres, equating to a low site cover of 34%. The property is let on full repairing and insuring leases and provides a WAULT of 8.5 years. The rents on the scheme are low, averaging just £9.41 per sq ft.

B&Q have recently extended their lease for a further 5 year term from June 2021 until 2026, demonstrating their commitment to the location. The Screwfix lease benefits from having a fixed uplift in January 2019 to £57,600 per annum.

CURRENT GIA NEXT RENT UNIT TENANT LEASE START LEASE EXPIRY RENT COMMENTS (SQ FT) RENT REVIEW (PER SQ FT) (PER ANNUM)

Rent review in 2021 capped at 2.5% per 1 B&Q plc 31,175 24/06/1986 23/06/2026 24/06/2021 £308,850 £9.91 annum compounded.

Fixed uplift in the lease from 2019 to 2 Screwfix Direct Ltd 6,951 07/01/2014 06/01/2024 07/01/2019 £50,000 £7.19 £57,600 per annum reflecting £8.29 per sq ft.

TOTAL 38,126 £358,850 £9.41

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT u TENURE

The property is held freehold in accordance with the title plan below, delineated in red.

TCB

Bus Station

AD O R S AM D AL S

Dewsbury Minster

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Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1417

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT u TENANTS’ COVENANTS

B&Q plc are the largest home improvement and garden centre retailer in the UK, employing B&Q and Screwfix are both wholly owned subsidiaries of , a FTSE 100 over 25,000 people nationwide across 350 stores. The retail chain offers over 40,000 company, with a market capitalisation of £8.64 billion. Kingfisher are an international home products across their stores and had a customer base of over 7 million people (July 2016). improvement company operating nearly 1,200 stores in 10 countries across Europe. Its main brands, along with B&Q and Screwfix, are Castorama and Brico Dépôt. Screwfix is the UK’s largest multi-channel retailer of trade tools, accessories and hardware products offering customers to shop 28,000 products over the phone, online, via their Both retailers benefit from having a 5A1 D&B rated covenant, and the most recent tenant mobile or in-person from their local store. The company operates from over 522 stores accounts are as follows: across the UK and is still expanding.

SALES PRE TAX NET WORTH UNIT TENANT YEAR ENDING D&B RATING TURNOVER (000’s) PROFIT/LOSS (000’s) (000’s)

31/01/2016 £3,704,000 -£68,900 £4,493,200 1 B&Q plc 5A1 31/01/2015 £3,664,000 £5,400 £4,368,900

31/01/2016 £1,057,373 £91,053 £348,231 2 Screwfix Direct Ltd 5A1 31/01/2015 £835,569 £62,006 £273,616

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT & WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT u EPCs u PROPOSAL

Unit 1 (B&Q) has an EPC rating of C74. We are seeking offers in excess of £4,810,000 (Four Million, Eight Hundred and Ten Thousand Pounds). A purchase at this Unit 2 (Screwfix) has an EPC rating of C62. level reflects an attractive net initial yield of 7.00%, increasing to 7.15% in January 2019, assuming purchaser’s costs of u VAT 6.58%. The property is registered for VAT and it is proposed that the sale will be treated as a ‘Transfer of Going Concern’. u CONTACT

Ellie Kirkby T 020 7317 3790 M 07764 241898 E [email protected]

Wilkinson Williams Heathcoat House 20 Savile Row London W1S 3PR

www.wilkinsonwilliams.co.uk

MISREPRESENTATION NOTICE. Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. September 2017. Designed and produced by Creativeworld Tel: 01282 858200.

INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT, SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT