St. James Retail Park Northampton
Freehold Open A1 Retail Warehouse Investment Opportunity St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Investment Considerations n Northampton has a substantial and affluent population which is projected to grow significantly. n The scheme draws on a primary retail catchment of approximately 473,000. n St. James Retail Park is the dominant retail park in Northampton city centre. n The park comprises 15,369 sq m (165,428 sq ft) benefitting from an Open A1 non-food planning consent. n The scheme is anchored by DFS and Toys R Us with other tenants including Next, Boots, Mothercare and Homesense. n Substantial car parking extending to approximately 588 spaces. n The property is held Freehold. n The park offers an attractive income profile with a WAULT of 10.5 years, and approximately 53% of the income benefiting from fixed uplifts. n This is a rare situation where average rents reflect £20.77 psf compared to rental offers of £29.50, whereby there is immediate scope for rental improvement. n There are numerous asset management angles. n Offers in excess of £54,160,000 (Fifty Four Million One Hundred and Sixty Thousand Pounds) are being sought, subject to contract and exclusive of VAT, reflecting a net initial yield of6.00% after deduction of purchaser’s costs at 5.8 %. n The running yield is anticipated to increase 6.41% in 2018 as a result of fixed increases in the leases. A69 A69 NEWCASTLE UPON TYNE Carlisle Gateshead Jarrow A689 44 A68 A1 SUNDERLAND 43 Carlisle A963 65 Washington Consett A692 64 42 Stanley 63 Houghton le Spring A691 A19 A596 Durham 62 Peterlee
Brandon A167 M6 61
41 A68 Hartlepool Spennymoor A66 A1(M) Workington Penrith 40 Bishop Auckland A689 60 A19 A689 Appleby-in- Redcar Westmorland 59 Whitehaven Middlesbrough A688 Darlington Teesside 57 Whitby A591 A66 56
A19 A595 38 A685
A172
A171
Northallerton Kendal 37 A1 Scarborough M6 A170 36 A590 A170 Ulverston
A165 A590 A65
A168 A19 Ripon 35 Barrow-in-Furness A64 Bridlington Morecambe 34 A683 A61 A1(M) (A166) Heysham Lancaster A614 Knaresborough A165 A166 M6 A65 Harrogate A59 33 A59
2 8 Skipton A6 York Ilkley A59 Fleetwood A614 A61 A64 Otley (A163) A65 A6068 A1035
Tadcaster A19 Yeadon Leeds/Bradford A58 A585 Clitheroe Keighley A650 14 Bingley A1079 Beverley A165 13 Colne 12 Nelson Shipley Blackpool A59 3 32 Padiham LEEDS Garforth 4 M55 1 Selby A614
10 BRADFORD M621 A164 M65 8 Burnley A63 A63 Preston 1 47 A1 38 HULL 7 43 A 6 Accrington 10 M62 41 A63 Halifax 26 27 Castleford 37 Lytham St Anne's Todmorden A646 Batley 30 M62 A59 29 9 41 Leyland 31 32 A645 36 Goole Darwen Brighouse 25 Dewsbury 33 34 Rawtenstall Pontefract A58 24 40 Wakefield Southport 23 M18 M6 A15 A160 A570 Chorley Rochdale M62 39 1 22 Huddersfield Hemsworth A638 6 Immingham A59 38 Thorne Bury M66 21 M181 M61 A61 Grimsby 27 Bolton 2 A62 5 Scunthorpe 5 Ormskirk 20 1 A565 19 38 Skelmersdale 6 A58 3 M1 M180 2 M180 Cleethorpes Formby Middleton A629 3 A58 37 Barnsley 4 37 4 26 3 17 Oldham A635 M58 Wigan 15 Doncaster 14 A46 M60 A670 A616 36 36 7 Kirkby 3 Crosby A628 23 2 A159 5 St Helens MANCHESTER 35 Bootle 1 3 Stocksbridge Salford Glossop A15 6 A16 Wallasey 7 M67 Rotherham A1(M) LIVERPOOL M62 10 A631 A57Sale 34 1 A631 BANGOR 4 9 7 Warrington 21 12 Stockport 34 2 33 32 Gainsborough Birkenhead A57 Altrincham5 34 Widnes Cheadle A6 SHEFFIELD Louth 6 Prestatyn 7 Manchester 31 A41 Liverpool A57 Rhyl M56 Holyhead Llandudno 11 Wilmslow M53 Dronfield M1 Worksop Retford A46 Colwyn Bay Runcorn 19 5 Knutsford A156 A16 A623 A1 A5 Ellesmere A556 A537 Staveley 30 A614 Conwy Abergele A55 M56 Frodsham A537 A619 A57 A158 Port Buxton A61 A55 Flint 16 Chesterfield A530 Macclesfield Lincoln M6 A619 12 A54 A470 A49 18 29 A51 A533 A50 A515 Clay A158 Chester A60 Cross A41 Congleton A55 17 A527 A53 Sutton in Mansfield Sandbach Matlock A5 Ashfield A617 A494 Biddulph A534 Crewe Leek 28 Kirkby in A15 Kidsgrove Newark- A17 A52 A483 A500 A523 A6 Ashfield 16 on-Trent A534 Nantwich 27 Wrexham Ripley A6097 A5 Belper A38 A470 Newcastle- Ashbourne Hucknall A607 A49 STOKE-ON-TRENT Eastwood A46 under-Lyme A52 A17 A525 26 A1121 Boston A487 A52 Ilkeston 15 NOTTINGHAM A51 A50 A1 A52 A5 A52 A16 A148 A495 A41 Beeston
A5 A52 A53 Uttoxeter DERBY 25 A606 Grantham A52
A470 Stone A6 Long Eaton A494 A516 Freehold Open A1 Retail Warehouse Investment OpportunityA17 A51 A15 Oswestry A453 A607 St. James Retail Park A518 A50 East A442 A41 24 A148 14 Burton upon Midlands A151 A53 Trent Spalding A49 Stafford King's A140 A444 Loughborough Melton A17 Northampton A5 A518 M6 A515 M1 Lynn A38 Mowbray A1101 A470 A42 23 Newport 13 Rugeley A46 A34 Ashby-de- A6 A47 East la-Zouch A607 A606 A458 Coalville A1 A16 Dereham A1065 A47 Norwich Shrewsbury Cannock A50 22 A16 A47 A5 7 6 5 12 11 A46 A10 A458 4 Norwich Telford Swaffham Great Yarmouth 3 11 A606 Location M54 A1139 A1122 2 Tamworth M42 A458 A442 1 LEICESTER A146 A487 A483 A47 A47 A6003 A470 10 21 A47 WOLVERHAMPTON 10 Walsall M69 Wigston Peterborough A143 A43 A11 Northampton is the county town of Northamptonshire, in the East Midlands,A49 located 9 March Bridgnorth A6 A489 8 7 Hinckley A134 9 2 Lowestoft approximately 109km (68 miles) north of London, 61km (38 miles) south of Leicester, 72km M6 Nuneaton 1 1 6 A140 5 8 Market A10 A458 2 A427 Corby A605 A444 Harborough A141 (45 miles) south-east of Birmingham, and 48km (30 miles) north-east of Oxford. BIRMINGHAM Bedworth M1 A143 A470 A6116 3 A487 Birmingham 20 A442Stourbridge 3 A4304 Thetford A44 6 2 A1066 (A427) A1165 Aberystwyth A1 A45 Ely A483 M42 M6 A142 Kidderminster M5 Solihull 1 19 Kettering A49 5 A508 A11 COVENTRY A14 4 4 A43 A470 Rugby Huntingdon Mildenhall A143 2 18 A14 Stourport- 1 3 A452 M42 A46 A45 on-Severn A448 16 St Ives M45 17 A10 A456 A449 M40 A45 Wellingborough Rushden A14 Leamington Spa A14 5 A5 A12 Redditch A140 A441 A435 A6 Warwick A14 Newmarket 15 14 A44 M5 13 Daventry A45 A428 14 Bury 16 St Neots 13 St Edmunds A44 A428 A483 6 12 Stowmarket A46 Worcester 12 15 A14 Stratford A43 A428 11 7 A11 NORTHAMPTON A134 A487 upon Avon A429 Bedford A4112 A4103 M1 M11
A509 A470 A508 A46 A5 10 A483 Great Newport A10 A438 Biggleswade Ipswich A438 A6 Malvern A44 A43 Pagnell Haverhill Evesham A505 9 A438 11 Sudbury Banbury 14 A1 Royston A134 A14 Hereford 8 A422 Milton Keynes Saffron 1 A44 13 Walden A12 10 A505 A46 Letchworth A131 Felixstowe A470 2 9 A40 Tewkesbury A479 A465 9 Harwich M50 M5 A43 12 Hitchin 10 Leighton A5 A120 A44 Buzzard 8 A120 A49 4 3 10 M1 Braintree A40 A40 Gloucestershire M40 A1(M) Luton Stevenage Stansted Carmarthen Dunstable 11 7 A602 Colchester A133 A40 11 Bicester 8 Gloucester A41 A120 A40 9 A483 A48 10 A10 A34 Luton A130 A40 A40 A470 A40 A131 Abergavenny A436 6 Aylesbury 9 Ware Witham A12 Clacton-on-Sea A417 A40 Kidlington 5 A465 Witney Tring Hertford M11 Merthyr A429 Hemel A4076 Ammanford 12 St Milford A40 A41 4 A477 Tydfil A40 Hempstead A4042 Oxford 8 Albans Hatfield Maldon Haven A413 Chelmsford 49 13 Stroud A40 M10 3 Hoddesdon 7 Berkhamsted 7 A478 A48 1 2 A465 Aberdare 8 A418 Thame A414 48 M5 A419 7 A4010 22 Pontypool A449 Cirencester A477 Amersham 20 M4 24 25 26 A12 A130 47 46 45 19 M25 Pembroke Llanelli A420 5 44 Neath Abingdon High Watford Swansea 43 Cwmbran 6 18 Enfield 5 5 Wycombe 42 Chepstow 17 4 Barnet 14 A429 A419 M11 28 Rayleigh 41 2 Didcot M40 Beaconsfield A12 Brentwood 4 2 A127 40 25 M48 A433 3 M1 A406 4 A470 26 24 1 2 29 Port 39 27 23 Marlow A127 Basildon Pontypridd 1 A41 Southend-on-Sea Caerphilly 28 Newport 21 A40 Harrow Talbot 38 M4 22 1 Swindon M25 A13 30 29 Henley- Uxbridge A406 36 M4 M49 16 16 Maidenhead A13 Canvey Island 37 32 17 M4 15 on-Thames Slough 35 LONDON 30 34 33 19 17 7 6 18 4 2 1 Porthcawl Bridgend 1 M4 18 A34 3 31 Tilbury CARDIFF 19 2 Sheerness M32 14 M5 3 Chippenham Reading A205 Dartford Gravesend Clevedon 14 13 M4 13 A20 A2 2 Margate A46 A350 12 A2 Rochester Herne 20 BRISTOL 10 Bracknell 1 Kingston Staines Swanley 1 Bay Barry 11 upon Thames Gillingham A28 A4 Newbury 2 A38 Melksham A299 The town benefits from excellent road communication, with Junctions 15, 15a andA37 16 of the 11 A232 Chatham Whitstable Bath Sutton Sittingbourne A253 Ramsgate M1 being located approximately 8 km (5 miles) to the west of the town centre. In addition the Croydon A45 provides east and west access across the Midlands, whilst the A43 provides a direct link to the M40 motorway to the south-west.
Northampton station provides direct rail services to both London and Birmingham, both with journey times of approximately 1 hour. In addition, the town is within an hours’ drive of four international airports: Birmingham, East Midlands, Stansted and Luton. A69 A69 NEWCASTLE UPON TYNE Carlisle Gateshead Jarrow A689 44 A68 A1 SUNDERLAND 43 Carlisle A963 65 Washington Consett A692 64 42 Stanley 63 Houghton le Spring A691 A19 A596 Durham 62 Peterlee
Brandon A167 M6 61
41 A68 Hartlepool Spennymoor A66 A1(M) Workington Penrith 40 Bishop Auckland A689 60 A19 A689 Appleby-in- Redcar Westmorland 59 Whitehaven Middlesbrough A688 Darlington Teesside 57 Whitby A591 A66 56
A19 A595 38 A685
A172
A171
Northallerton Kendal 37 A1 Scarborough M6 A170 36 A590 A170 Ulverston
A165 A590 A65
A168 A19 Ripon 35 Barrow-in-Furness A64 Bridlington Morecambe 34 A683 A61 A1(M) (A166) Heysham Lancaster A614 Knaresborough A165 A166 M6 A65 Harrogate A59 33 A59
2 8 Skipton A6 York Ilkley A59 Fleetwood A614 A61 A64 Otley (A163) A65 A6068 A1035
Tadcaster A19 Yeadon Leeds/Bradford A58 A585 Clitheroe Keighley A650 14 Bingley A1079 Beverley A165 13 Colne 12 Nelson Shipley Blackpool A59 3 32 Padiham LEEDS Garforth 4 M55 1 Selby A614
10 BRADFORD M621 A164 M65 8 Burnley A63 A63 Preston 1 47 A1 38 HULL 7 43 A 6 Accrington 10 M62 41 A63 Halifax 26 27 Castleford 37 Lytham St Anne's Todmorden A646 Batley 30 M62 A59 29 9 41 Leyland 31 32 A645 36 Goole Darwen Brighouse 25 Dewsbury 33 34 Rawtenstall Pontefract A58 24 40 Wakefield Southport 23 M18 M6 A15 A160 A570 Chorley Rochdale M62 39 1 22 Huddersfield Hemsworth A638 6 Immingham A59 38 Thorne Bury M66 21 M181 M61 A61 Grimsby 27 Bolton 2 A62 5 Scunthorpe 5 Ormskirk 20 1 A565 19 38 Skelmersdale 6 A58 3 M1 M180 2 M180 Cleethorpes Formby Middleton A629 3 A58 37 Barnsley 4 37 4 26 3 17 Oldham A635 M58 Wigan 15 Doncaster 14 A46 M60 A670 A616 36 36 7 Kirkby 3 Crosby A628 23 2 A159 5 St Helens MANCHESTER 35 Bootle 1 3 Stocksbridge A1(M) Salford Glossop A15 6 A16 Wallasey 7 M67 Rotherham LIVERPOOL M62 10 A631 A57Sale 34 1 A631 BANGOR 4 9 7 Warrington 21 12 Stockport 34 2 33 32 Gainsborough Birkenhead A57 Altrincham5 34 Widnes Cheadle A6 SHEFFIELD Louth 6 Prestatyn 7 Manchester 31 A41 Liverpool A57 Rhyl M56 Holyhead Llandudno 11 Wilmslow M1 M53 Dronfield Worksop Retford A46 Colwyn Bay Runcorn 19 5 Knutsford A156 A16 A623 A1 A5 A556 Staveley A614 Ellesmere M56 Frodsham A537 A537 30 A619 A57 A158 Conwy Abergele A55 A61 Port Buxton A55 Flint 16 Chesterfield A530 Macclesfield Lincoln M6 A619 12 A54 A470 A49 18 29 A51 A533 A50 A515 Clay A158 Chester A60 Cross A41 Congleton A55 17 A527 A53 Sutton in Mansfield Sandbach Matlock A5 Ashfield A617 A494 Biddulph A534 Crewe Leek 28 Kirkby in A15 Kidsgrove Newark- A17 A52 A483 A500 A523 A6 Ashfield 16 on-Trent A534 Nantwich 27 Wrexham Ripley A6097 A5 Belper A38 A470 Newcastle- Ashbourne Hucknall A607 A49 STOKE-ON-TRENT Eastwood A46 under-Lyme A52 A17 A525 26 A1121 Boston A487 A52 Ilkeston 15 NOTTINGHAM A51 A50 A1 A52 A5 A52 A16 A148 A495 A41 Beeston
A5 A52 A53 Uttoxeter DERBY 25 A606 Grantham A52
A470 Stone A6 Long Eaton A494 A516 A17 A51 A15 Oswestry A453 A607 A518 A50 East
A442 A41 24 A148 14 Burton upon Midlands A151 A53 Trent Spalding A49 Stafford Freehold Open A1 Retail Warehouse Investment Opportunity King's A140 A444 Loughborough Melton A17 St. JameA5 s RetailA518 ParM6 k A515 M1 Lynn A38 Mowbray A1101 A470 A42 23 Newport 13 Rugeley A46 A34 Ashby-de- Northampton A6 A47 East la-Zouch A607 A606 A458 Coalville A1 A16 Dereham A1065 A47 Norwich Shrewsbury Cannock A50 22 A16 A47 A5 7 6 5 12 11 A46 A10 A458 4 Norwich Telford Swaffham Great Yarmouth 3 11 A606 Demographics M54 retail catchment map A1139 2 Tamworth M42 A1122 A458 A442 1 LEICESTER A146 A487 A483 A47 A47 A470 10 Northampton is one of the UK’s fastest growing towns with a resident population of 21 A47 approximately 212,000 (2011 Census)WO andLVERHAMP is the UK’s thirdTON largest town10 withoutWalsal lofficial M69 Wigston A143 A43 A11 A49 9 March Bridgnorth A6 city status.A489 8 7 Hinckley A134 9 2 Lowestoft M6 1 1 6 A140 5 8 Market A10 The town’s retail offer draws on a wide primary retail catchmentA458 estimated2 at 473,000, A427 Corby A605 A444 Harborough A141 Bedworth M1 A143 A470 BIRMINGHAM A6116 ranking the town 47 of the Promis Retail Centres. The retail catchment includes the 3 A487 Birmingham 20 A442Stourbridge 3 A4304 Thetford A44 surrounding towns of Wellingborough, Kettering, Daventry and Newport Pagnell. 6 2 A1066 (A427) A1165 Aberystwyth A1 A45 M6 Ely A483 M42 A142 Kidderminster M5 Solihull 1 19 Kettering A49 5 A508 A11 The catchment shows good levels of affluence, as demonstrated by the following COVENTRY A14 4 4 A43 A470 Rugby Mildenhall A143 socio‑economic indicators: 2 18 A14 Stourport- 1 3 A452 M42 A46 A45 on-Severn A448 16 St Ives M45 17 A10 A456 A449 Acorn Profile Catchment UK M40 A45 Wellingborough Rushden A14 Leamington Spa A14 5 A5 A12 Redditch A6 A140 A441 A435 A14 Newmarket Wealthy Executives 15.7% 8.3% 15 14 Daventry 14 Bury A44 M5 13 NORTHAMPTON A428 16 St Neots 13 St Edmunds Flourishing Families A44 8.6% 7.2% A428 A483 6 12 Stowmarket A46 Secure Families 15.3%Worcester 13.6% 12 ST. JAMES 15 A14 Stratford A43 A428 11 7 A11 A134 A429 Bedford A487 Settled Suburbia 9.3% 6.1% upon Avon RETAIL PARK A4112 A4103 M1 M11
A509 A470 A508 A46 A5 10 A483 CatchmentGreat UK Newport A10 A438 Biggleswade Ipswich A438 A6 Malvern A44 A43 Pagnell Haverhill Evesham A505 9 A438 11 Sudbury Home Ownership 74% 70% Banbury 14 A1 Royston A134 A14 Hereford 8 A422 Milton Keynes Saffron 1 A44 13 Walden A12 2+ Car Households 36% 30% 10 A505 A46 Letchworth A131 Felixstowe A470 2 9 A40 Tewkesbury A479 Northampton wasA465 designated a new town in 1968, has experienced significant housing and 9 Harwich M50 M5 A43 12 Hitchin 10 Leighton A5 A120 population growth. The Regional Housing Strategy aims for further significant growth, with A44 Buzzard 8 A120 A49 4 3 10 M1 Braintree A40 A40 a target of 40,375 new homes within NorthamptonshireGloucestershire over the period between 2001 and M40 A1(M) Luton Stansted Carmarthen Dunstable 11 7 Colchester A133 2026, the majority of which will be built withinA40 Northampton itself.11 Bicester 8 Gloucester A41 A120 A40 9 A48 A483 10 Luton A10 A130 A40 A40 A470 A40 A131 AbergavennThe significanty new housing is expected to lead to an increase in populationA436 of more than 6 Aylesbury 9 Ware Witham A12 Clacton-on-Sea 100,000 by 2026. PMA have estimated that population growth betweenA417 2011 and 2016A40 will Kidlington 5 A465 Witney Tring Hertford M11 Merthyr A429 Hemel A4076 Ammanford 12 St Milford be 1.1% p.a. which is significantly ahead of the national average of 0.6% p.a. Comparison A40 A41 4 A477 Tydfil A40 Catchment Map Key Hempstead A4042 Oxford 8 Albans Hatfield Maldon Haven A413 Chelmsford 49 goods retail expenditure growth in the catchment is13 also forecastStroud to be significantly ahead of A40 M10 3 Hoddesdon 7 n Primary Berkhamsted 7 A478 A48 1 2 A465 Aberdare the national average over the period. 8 A418 Thame A414 48 M5 A419 7 A4010 22 Pontypool A449 Cirencester n Secondary A477 Amersham 20 M4 24 25 26 A12 A130 47 46 45 19 M25 Pembroke Llanelli Significant new housing developments currently underway include Upton (1,600 homes to n A420Tertiary 5 44 Neath Abingdon High Watford Swansea 43 Cwmbran 6 18 Enfield 5 the west of the town centre), Pineham (650 homes to the north), Nunn Mills (950 homes to n Quaternary 5 Wycombe 42 Chepstow 17 4 Barnet 14 A429 A419 M11 28 Rayleigh 41 the east) and Ransome Road2 (800 homes to the south). Didcot M40 Beaconsfield A12 Brentwood 4 2 A127 40 25 M48 A433 3 M1 A406 4 A470 26 24 1 2 29 Port 39 27 23 Marlow A127 Basildon Pontypridd 1 A41 Southend-on-Sea Caerphilly 28 Newport 21 A40 Harrow Talbot 38 M4 22 1 Swindon M25 A13 30 29 Henley- Uxbridge A406 36 M4 M49 16 16 Maidenhead A13 Canvey Island 37 32 17 M4 15 on-Thames Slough 35 LONDON 30 34 33 19 17 7 6 18 4 2 1 Porthcawl Bridgend 1 M4 18 A34 3 31 Tilbury CARDIFF 19 2 Sheerness M32 14 M5 3 Chippenham Reading A205 Dartford Gravesend Clevedon 14 13 M4 13 A20 A2 2 Margate A46 A350 12 A2 Rochester Herne 20 BRISTOL 10 Bracknell 1 Kingston Staines Swanley 1 Bay Barry 11 upon Thames Gillingham A28 A4 Newbury 2 A38 Melksham A299 A37 11 A232 Chatham Whitstable Bath Sutton Croydon Sittingbourne A253 Ramsgate St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity
K I A Northampton N 5 0 G 9 D 5 H R S G OU Y T OR E GB A N H LLIN A WE W L O 00 A45 L S R
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A M R R A D V D E M NORTHAMPTON E E S BILLING RD ST ANDREW’S N S R E WICKES ’S ST PETER’S WAY HEALTHCARE 500 O N A4 R RETAIL PARK 5
H MATALAN 5 D 4 9 A
HOBBYCRAFT 8 6 0
0 K 7 5 HALFORDS BECKETT RETAIL PARK L 5
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A 5 W GENERAL HOSPITAL A E N EY D CH R 123
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NENE VALLEY RETAIL PARK B&Q
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P L 5 L U A D A A 42 R 8 V BE R DFO D E RD R E T N S E E N D C OA W 5 G R 4 IN O R A T A 3 5 2 0 1 L 7 5 Sixfields Retail Park (USS) St Peter’s Way Retail Park A 6 Retail Warehouse Prov ision A D D
Y A B N Located to the west of the town centre on the A4500 (DTZ Investment Management) R E
I S D D
3 C DELAPRE GOLF G 2 A R
E Weedon Road, Sixfields Retail Park comprises Situated on the edge of the town centre this is a hybrid 1 COMPLEX
M
Current retail warehouse provision is estimated at
D N
5 R P A O W approximatelyD 60,000 sq ft of Open A1 non-food consented town centre/retail warehouse scheme extending to approximately 1.5 million sq ft, with the town’s mainA retail Y N
O
L accommodation. The scheme is occupied by Boots, M&S approximately 96,000 sq ft of Open A1 food and non-food
parks being as follows: 8
0 5
Simply Food, A Next, First Choice Holidays and Mama’s & accommodation. Occupiers include Argos, Iceland, Home
A5 Papa’s. Top rents reflect approximately £25 psf. Bargains and Just for Pets. TK Maxx occupy a unit of Nene Valley Retail Park (Land Securities) 076 Located immediately adjacent to St James Retail Park, 21,500 sq ft immediately to the south of the scheme. this scheme comprises approximately 147,000 sq ft of There are several solus units in the close proximity including Top rents reflect approximately £20 psf. accommodation benefiting from an Open A1 non-food Wickes, Matalan, Hobbycraft and Halfords. planning consent. Occupiers include Currys/PC World, Riverside Retail Park (BP Pension Fund) B&M, Family Bargains, SCS, Pets at Home and Staples. Located approximately 2 miles to the east of the town Top rents reflect approximately £25 psf. B&Q occupy a unit centre, this scheme extends to approximately 180,000 sq ft, of 105,000 sq ft on the opposite side of Towcester Road. and benefits from a restricted consent. Current occupiers include Homebase, Next, Brantano, Carpetright, Boots, Sports Direct, Harveys, Halfords, Pets at Home and Currys. Top rents reflect approximately £27 psf. St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Situation
St James Retail Park is located approximately ½ a mile to the south-west of Northampton town centre, adjacent to the A5123 Towcester Road which is one of the town’s main arterial routes, linking the town centre to Junction 15a of the M1.
The A5123 Towcester Road links to the A4500 St Peter’s Way, forming the town’s D inner ring road, approximately 250 yards to the north east via a roundabout junction. A O R R The proximity to the town centre and inner ring road means that the scheme is easily E T S E accessible from surrounding areas. C W O T 3 Nene Valley Retail Park, owned by Land Securities, is located directly adjacent to 2 1 5 the south, whilst on the opposite side of Towcester Road is a B&Q Warehouse of ST. JAMES A approximately 105,000 sq ft. RETAIL PARK
Customer vehicle access and egress to the scheme is via Towcester Road.
Nene Valley Retail Park
EAST OAD ST. JAMES MILL R GRAND UNION CANAL
ION CANAL GRAND UN St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Description
The scheme comprises a purpose built retail Several of the units contain trading mezzanines, warehouse development, with a total ground floor with a total provision of 34,303 sq ft. GIA of approximately 15,369 sq m (165,428 sq ft). The units are arranged in an Car parking provision extends to approximately L-shaped terrace of 9 units totalling 14,783 sq m 588 spaces in total, with 455 spaces in the main (159,128 sq ft) GIA, with two standalone units customer car park to the front of the units, and with a combined floor area of 585 sq m a further 133 spaces within the service yard to (6,300 sq ft). the rear of Unit 3A which are used for customer D overflow / staff parking. The overall parking ratio A O is therefore 1:281 sq ft. R R E T S E C W O T ST. JAMES RETAIL PARK
For indicative purposes only
EAST OAD ST. JAMES MILL R GRAND UNION CANAL
ION CANAL GRAND UN St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Planning
The majority of the scheme has the benefit of an Open A1 non-food planning consent with the following exceptions: n Unit 5A (BHS) and Unit 7 (Boots) benefit from an unrestricted A1 consent n Unit 8 (Starbucks) benefits from an A3 consent n Unit 3A (DW Sports) benefits from a part D2 (up to 2,640 sq m) and part A1 non-food (up to 1,745 sq m) consent
There are no restrictions on the amalgamation or subdivision of units with the exception of Units 6A and 6B which cannot be further subdivided without consent.
A number of the units have mezzanines installed. Consent has been granted but not implemented to install trading mezzanine floorspace of approximately 1,541 sq m into Unit 5, subject to a bulky goods use restriction.
Tenure
The property is held Freehold. St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Tenancy
Unit Tenant Floor Areas (sq ft) Lease Terms Passing Rent Comments
Ground Mezz Start Expiry Rent Review Per Per Floor Annum Sq Ft
Unit 1 Toys 'R' Us Limited 43,842 - 29-Sep-07 28-Sep-27 29-Sep-17 £858,275 £19.58 Fixed uplifts at review to £971,059 at 29/09/2017 and £1,098,665 at 29/09/2022 (representing 2.5% compound).
Unit 2 DFS Furniture Company 18,951 - 29-Sep-08 28-Sep-23 29-Sep-18 £428,827 £22.63 Current rent passing £379,020 p.a. 5 yearly reviews based on Limited fixed uplifts of 2.5% pa compound. Rent rises to £428,827 on 29/09/2013 and to £485,178 on 29/09/2018. Rent to be topped up to £428,827 p.a.
Unit 3A Dave Whelan Sports 23,140 18,768 29-Sep-06 28-Sep-26 29-Sep-16 £445,262 £19.24 Rent subject to 2.5% compound increases in 29/09/2016 to Limited £503,783 pa and 29/09/2021 to £569,978 p.a.
Unit 3B Mothercare UK Ltd 10,445 3,015 02-Mar-07 01-Mar-17 02-Mar-12 £263,725 £24.88
Unit 3C Next Group Plc t/a Next 11,380 5,100 05-Feb-10 04-Feb-20 05-Feb-15 £170,700 £15.00 Higher of 5% turnover or base rent £170,700 for 10 years, with a Home review in the 5th year to higher of the passing rent or 60% market rent.
Unit 4 Brantano (UK) Limited 6,048 - 24-Jun-88 24-Jun-23 24-Jun-13 £150,875 £24.95
Unit 5A BHS Limited 30,322 - 25-Dec-06 24-Dec-21 25-Dec-11 £555,000 £18.50
Unit 6A Laura Ashley Limited 5,000 - 26-Mar-07 25-Mar-22 26-Mar-12 £125,000 £25.00 Tenant's break option in March 2012 was not actioned.
Unit 6B TJX UK t/a Homesense 10,000 7,420 17-Mar-08 16-Mar-23 17-Mar-18 £225,000 £22.50 Tenant has agreed March 2013 rent review to be documented at £22.50 psf and March 2018 break option to be removed, subject to payment of £225,000 to the tenant. The March 2018 rent review is to OMRV capped at 115% of the passing rent.
Unit 7 Boots UK Limited 4,500 - 09-May-11 08-May-21 09-May-16 £130,500 £29.00 Drive Thru.
Unit 8 Starbucks Coffee Co 1,800 - 28-Feb-11 27-Feb-21 28-Feb-15 £82,500 £45.83 Drive Thru. Fixed uplifts to £83.5k Feb-15 and £90k Feb-16 (no (UK) Ltd open market review).
Advertising Additional Income - - 03-Jun-05 02-Jun-15 - £1,000 £- Turnover provision equating to 20% of the revenue from each advertising structure that exceeds the base rent.
Substation East Midlands Electricity - - 25-Mar-88 24-Mar-09 - £- £-
Totals 165,428 34,303 £3,436,664 £20.77 St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Tenant Covenants
Unit Tenant D&B Year End Sales Profit/ (Loss) Tangible Net % of Current Rating Turnover Before Tax Worth Income 1 Toys ‘R’ Us Ltd 5A1 28-Jan-2012 £476.3m (£2.6m) £328.7m 24.9% 2 DFS Furniture 5A2 28-Jul-2012 £2.2m £54.4m £37.6m 12.4% Company Ltd 3A Dave Whelan 3A2 01-Apr-2012 £143.1m £7.4m £9.3m 12.9% Sports Ltd 3B Mothercare UK 5A1 31-Mar-2012 £606.1m (£22.7m) £46.3m 7.6% Ltd 3C Next Group plc 5A1 28-Jan-2012 £195.0m £530.6m £1,951m 4.9% 4 Brantano (UK) Ltd 3A2 31-Dec-2011 £97.0m (£3.7m) £10.7m 4.4% 5A BHS Ltd B2 27-Aug-2011 £740.3m (£78.06m) £0.33m 16.1% 6A Laura Ashley Ltd 5A1 28-Jan-2012 £278.7m £22.7m £102.7m 3.6% 6B TJX UK 5A1 28-Jan-2012 £1,353m £35.4m £370.6m 7.0% 7 Boots UK Ltd 5A1 31-Mar-2012 £6,354m £240m £234m 3.8% 8 Starbucks Coffee N2 02-Oct-2011 £397.7m (£32.9m) (£1.28m) 2.4% Co (UK) Ltd St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Income Analysis
The property is fully let to 12 tenants, producing a total current income of £3,436,664 per annum.
The property has a current WAULT to Break/Expiry of approximately 10.5 years.
Approximately 53% of the income is subject to fixed uplifts, with an additional £253,156 pa of income by 2018.
Income by D&B Rating Income by Lease Expiry N2 2.4% 0-5 yrs B2 7.7% 16.1%
5A1 3A2 15+ yrs 10-15 yrs 51.8% 17.3% 50.4% 41.9%
5A2 12.4% St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Asset Management
The scheme shows strong retailer trading patterns, and the asset management strategy is to build on this by incorporating new tenant fascias which will complement the current line-up. There are currently several retailer requirements for the scheme with a strategy to incorporate them as shown on the plan.
D A O BHS R McDonald’sR E There is the potential to split the store. T S Heads of Terms have been agreed with E Detailed proposals have been made by two C McDonald’s to take a new Drive thru unit, W retailers which would increase the rental O subject to planning, as indicated on the plan. income. Details are available on request. T ST. JAMES RETAIL PARK Toys R Us Mothercare There is a potential to downsize the store and The tenant has suggested that they may be increase the overall rental. Interest has been prepared to regear their lease. expressed from a new tenant in taking a unit of up to 13,000 sq ft. Details are available on request.
EAST OAD ST. JAMES MILL R GRAND UNION CANAL
ION CANAL GRAND UN St. James Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
Environmental Contacts
RPS have carried out and Environmental Desktop Study which can be assigned to the Mark Morgan purchaser. A copy of the report is available on request. [email protected]
Paul Williams VAT [email protected]
It is anticipated that the transaction will be structured as a TOGC. Iain MacDonald [email protected]
Proposal
Offers for our client’s freehold interest in excess of £54,160,000 (Fifty Four Million One Hundred and Sixty Thousand Pounds) are being sought, subject to contract and exclusive of VAT, reflecting a net initial yield of6.00% after deduction of purchaser’s costs at 5.8%.
The running yield is anticipated to increase to 6.41% by 2018 as a result of the fixed increases in the leases.
Misrepresentation Act Morgan Williams for themselves and for the vendors of this property whose agents they are give notice that the particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract; All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them; No person in the employment of Morgan Williams has any authority to make or give any representation of warranty in relation to this property; All negotiations are subject to contract. July 2013. Designed and produced by Creativeworld Tel: 01282 858200 St. James’ Retail Park Freehold Open A1 Retail Warehouse Investment Opportunity Northampton
EPC’s