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Derby South Services Derby South Services A50, Shardlow Derbyshire DE72 2WW gva.co.uk/investment/shardlow Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW Executive Summary • A rare opportunity to acquire a modern twin • A sector protected by regulation, with Trunk Road Service Area (TRSA) on the A50 at resilient, defensive and oligopolistic Shardlow near Junction 24 of the M1. characteristics. • Arterial route location on the A50 linking • Income stream benefitting from fixed Nottingham, Derby and Stoke on Trent increases. between the M6 and M1. • Offers are sought in excess of £11,250,000 • Freehold. (Eleven Million, Two Hundred and Fifty Thousand Pounds) subject to contract and • Let entirely to Welcome Break Holdings Ltd exclusive of VAT. A purchase at this level for 35 years from 30 November 2000 at would show a net initial yield of 7.00%, with £833,054 per annum, subject to 5 yearly fixed increases during the term as follows: fixed rental uplifts at 2.5% pa compounded. 2015 7.92% • In excess of 22 years unexpired. 2020 8.90% • 67% of the income is underwritten by Shell 2025 10.14% UK Ltd by way of sub leases. 2030 11.47% 2035 12.98% Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW Please click on maps to link to online Bing maps Location The A50 Services at Shardlow are The Services are located a short distance to the north of Castle Donington and East Midlands Airport. located toward the eastern end of the The subject property comprises two prominent sites with A50, 3 miles from Junction 24 of the M1. significant road frontage to the eastbound and westbound The A50 is dualled in its entirety and is the major east/west carriageways of the A50. arterial route between Junctions 24 and 24A of the M1, to the east, and Junction 15 of the M6, to the west, linking Nottingham, Derby and Stoke on Trent. Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW The amenity building is of the same design and finish as its twin The external areas comprise outside seating and landscaping. Description outlet on the other side of the A50. There are 83 designated passenger vehicle parking spaces. The subject investment property The petrol forecourt is again Shell supplied and in essence is The land hatched green on the plan below is owned by the comprises a twin Trunk Road Service identical to the west bound development. Secretary of State. Area (TRSA) as follows: Westbound Site A modern facility, opened in 2000, occupying a generous plot of 10.47 acres. The site comprises a comprehensive facility including petrol forecourt, amenity building and hotel. The forecourt provides separate facilities for HGV and passenger car refuelling, with the forecourt shop forming part of the amenity building. The petrol retail forecourt provides five six-nozzle multi-product dispensers and one duo auto-gas dispenser protected by an extensive flat-topped steel illuminated canopy finished with Shell livery. The amenity building comprises a part two-storey structure with a mixture of glazed, blockwork and profile-metal elevations beneath a ‘hanger’ style profile-metal roof. Internally it trades with the WH Smith franchise and includes an “Eat In” catering outlet, with customer seating area, together with WCs. The hotel is a two-storey structure with external elevations of blockwork to lower levels, and profile metal at first floor, again under a ‘hanger’ profile-metal roof. It is branded Days Inn and provides 48 rooms over two floors and also includes a conference room catering for up to 30 delegates. Outside seating is provided between the amenity building and the customer car park There are several advertising hoardings on the site together with a telephone box and a Link cash point. There are 81 designated passenger vehicle parking spaces. Eastbound Site The Eastbound site effectively mirrors the Westbound site albeit on a slightly larger plot of 11.35 acres. There is no hotel, but the amenity building does incorporate a Burger King restaurant with an external drive-thru lane. Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW Accommodation Westbound Site Description M² ft² Westbound Amenity Block: Ground Floor 644.9 6,942 Sub-Total 644.9 6,942 Days Inn Hotel: Ground Floor 690.9 7,437 First Floor 951.9 10,246 Sub-Total 1,641.9 17,683 Car Parking: 81 spaces Coach Parking: 4 spaces HGV Parking: 4 spaces Total 2,286.8 24,615 Eastbound Site Description M² ft² Eastbound Amenity Block: Ground Floor 581.7 6,261 First Floor Offices 57.6 620 First Floor Plant 248.7 2,677 Sub-Total 888.0 9,558 Car Parking: 83 spaces Coach Parking: 4 spaces HGV Parking: 4 spaces Total 888.0 9,558 Grand total 3,174.8 34,173 Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW Welcome Break successfully completed the refinancing of The land on which sites are developed is typically acquired Tenure its business in January 2013, some 12 months ahead of loan by the operator who will then construct the facility. By way of Freehold. maturity, comprising £221 million of senior facilities divided example, recent developments such as those at Wetherby by eight lenders as well as £130 million of mezzanine debt (Moto), Beaconsfield (Extra) and Cobham (Extra) are owned increasing the average maturity of Welcome Break’s debt freehold (or long leasehold) by the respective operator. to 5.5 years. This has provided a platform for the business to Tenancy The scarcity of viable development sites is in part due to invest in its existing estate and to expand further should the The property is let in its entirety to Welcome Break Holdings Ltd strict spacing restrictions on the road network, with planning opportunity arise. (company number: 3290817) for a term of 35 years from 30th notoriously difficult to secure. In terms of sites with consent November 2000 at a current rent of £832,054 per annum. There Welcome Break Holdings Ltd is the principal holding company on the existing motorway network, there is only one, located are in excess of 22 years unexpired. within the Group and a Creditsafe rating of 95 out of 100 between Junctions 11a and 12 of the M5, and known as indicating a very good credit worthiness and low risk. The last ‘Gloucester Gateway’. The rent is reviewed 5 yearly on the basis of fixed rental uplifts at 3 years’ accounts are summarised below: 2.5% per annum compound, as set out below:- The most recent investment transaction is Telford MSA – let to Welcome Break for a further 14 years it was sold in October 30th November 2015 £941,392 per annum 31.01.2013 31.01.2012 25.01.2011 2013 for £13.6m reflecting 6.24% NIY rising to 7.05% in 2017 2020 £1,065,099 per annum Turnover £636,677,000 £631,750,000 £598,404,000 and 7.97% in 2022. 2025 £1,205,061 per annum Pre-Tax Profit (£19,846,000) £4,205,000 £2,629,000 2030 £1,363,415 per annum Net Current £118,508,000 £80,243,000 £81,814,000 Assets The lease is drawn on full repairing and insuring terms and contains a tenant’s option to extend the term for a further 15 years. The commencing rent would be £1,542,579 per annum Environmental subject to review on the same basis as the existing lease. An environmental risk assessment undertaken by SKM Enviros Welcome Break have underlet the two petrol filling stations and in 2010 considered the site to represent a ‘low risk’ of being shops to Shell UK Ltd for a term of 20 years from 30th November subject to any environmental regulatory action. 2000 at a combined rent of £558,000 per annum. This means We understand the site previously comprised greenfield land. over 67% of the overall rental payable under the headlease is underwritten by Shell UK Ltd. Market overview and Covenant recent activity Welcome Break is the second largest MSA operator in the UK and There are currently 73 Motorway Service Areas in England. The currently operates 24 sites (20 of which are in England) with over market shares of the major MSA operators in the UK are broadly 80 million people visiting their sites each year. They work in close as follows: partnerships with operators including Shell, Waitrose, Starbucks, Burger King, WH Smith, KFC, Electro City and Krispy Kreme. • Moto: 30 sites (41.1%) The Welcome Break Group is ultimately owned by a consortium • Welcome Break: 20 sites (27.4%) of investors including NIBC European Infrastructure Fund, ING • Roadchef: 15 sites (20.5%) European Infrastructure Fund and Challenger Life together • Extra: 6 sites (8.2%) with management. • Other: 2 sites (2.7%) Home I Executive summary I Location I Description I Accommodation I Tenure I Tenancy I Covenant I Environmental I Market Overview I VAT I EPC I Proposal I Contact Derby South Services A50, Shardlow, Derbyshire DE72 2WW Attractive investment VAT characteristics The property has been elected for VAT.
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