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High Yielding Retail Investment on Large Town Centre Site

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High Yielding Retail Investment on Large Town Centre Site High Yielding Retail Investment On Large Town Centre Site INVESTMENT SUMMARY • Large town with strong economy. • One acre strategic town centre site. • Prime retailing location. • 93% let to D&B 5A1 tenants / car park. • Lease regearing and re-letting potential. • Longer term redevelopment opportunity. • Quoting price - £6,450,000 / 10% net initial, subject to contract. 02 Inverness Aberdeen Dundee Perth Stirling Falkirk Edinburgh Glasgo w Dumfries Newc astle upon Tyne Carlisle Sunderland Hartlepool Stockton-on-Tees Middlesbr ough Darlington Scarborough Leeds Bradford International Airport Leeds Bradford Preston Burnley Barnsley Doncaster Grimsby Manchester Peak District Liverpool Robin Hood Airport Manchester Airport A57 Chester Lincoln A1 Skegnes s Nottingham Grantham A148 A140 Derby Nottingham City Ariport East Midlands King’s Lynn Airport Telford A47 Norwich A47 A47 Great Yarmouth Leicester A146 Petersborough A11 Birmingham Lowe stoft Corby Birmingham Kettering Airport A11 Coventry A45 A140 Cambridge M5 Northampton Worcester Ipswich M40 Bedford A134 A12 Milton Keynes M1 Colchester Felixstowe Luton Cheltenham Stevenage Gloucester Aylesbury Stansted A41 Oxford M40 Chelmsford High Wycombe M25 Swansea SWINDON Southend-on-Sea M5 Reading M4 LONDON Cardiff Bristol M4 Heathrow London Gateway Ramsgate Bath Basingstoke M25 Weston-super-Mare Guildford Maidstone Amesbury M3 M5 Crawley Royal Tunbridge Wells Salisbury Winchester Taunton A303 A350 Southampton Yeovil Hastings LOCATION & CATCHMENT A37 Brighton A338 Portsmouth Eastbourne Exeter Bournemouth Swindon is the County town for Wiltshire and lies in a strategic position in the middle of Newport the country, 35 miles to the west of Reading, 35 miles to the east of Bristol and 30 miles Torquay Swindon has a resident population of approximately south west of Oxford. Plymouth 218,280 people and a primary catchment of 496,000, which The town lies just to the north of the M4 (Junctions 15 and 16), which provide ranks the town 38th within the UK. The population is forecast good access east to the M25 and London and west to Bristol and South Wales. to rise by 46,820 (21%) by 2031. The A417 / A419 also lies in close proximity to the town and provides dual carriageway access to Cheltenham and Gloucester. Major employers in the town include Honda, BMW / Mini, WH Smith, Zurich Assurance, Nationwide, Reckitt Benckiser, Swindon railway station provides a fast and frequent service to London the National Trust and international engineering firm Halcrow. (Paddington) with a fastest journey time of 57 minutes. High profile attractions in the town include the McArthur Heathrow Airport lies 68 miles to the east. Glen Designer Outlet and the Steam Museum. 03 RETAILING IN SWINDON Prime town centre retailing is centred on the junction of the pedestrianised Regent Street, The Parade, Bridge Street and Canal Walk with more secondary retailing provided by the Brunel Shopping Centre. Major retailers on Regent Street include Marks & Spencer, Sportsdirect.com, Flannels, WH Smith, Metro Bank and Primark, who have recently purchased their freehold demonstrating the commitment to the town and the pitch. SITUATION The subject property is located in a prime position on the northern side of Regent Street adjacent to Primark and opposite Marks and Spencer. DESCRIPTION The property comprises 44,500 sq ft of retail accommodation within an attractive parade of four retail units and an additional prominent unit on the corner of Regent Street and Edgeware Street. The retail units comprise both two and three storey buildings and are of varying sizes from a 25,000 sq ft MSU to smaller 2,500 sq ft units. WH Smiths and HMV trade on both ground and first floors. To the rear of the property is a large car park comprising 50 spaces from which service access is 04 provided to the retail units. ACCOMMODATION The property has the following net internal area floor areas (sq ft): Floor Use 10/12 Regent Street 13 Regent Street 14/15 Regent Street 16-17 Regent Street 19A Regent Street Ground Sales 11,295 987 1,522 2,291 2,466 Ground ITZA 2,211 574 1,153 1,182 1,153 First Sales 1,776 2,225 First Ancillary 6,257 2,382 729 390 Second Sales 1,283 Second Ancillary 8,530 375 869 1,173 TOTAL 26,082 3,744 2,251 6,609 5,864 05 One acre strategic town centre site with longer term development opportunities. TENURE The property is held freehold. We understand the property is not listed and does not lie in a Conservation Area. TENANCIES The property is let on FRI leases at a total gross rent of £691,000 per annum as set out on the tenancy schedule below: Unit Tenant Lease Start Lease Expiry Rent Rent psf ZA ERV psf ZA ERV pa 10/12 Regent Street WH Smith Retail Holdings Ltd 11/06/2009 24/12/2021 £435,000 £176 £90 £246,000 13 Regent Street Vacant n/a £80 £56,000 14/15 Regent Street Signet Group Ltd 25/12/2011 24/12/2021 £158,000 £143 £75 £83,000 16/17 Regent Street HMV Retail Ltd 01/02/2018 31/01/2020 £50,000 £35 £65 £92,000 19A Regent Street Vacant n/a £50 £72,000 Car Park Brittania Parking Services Ltd 20/03/2017 19/03/2020 £48,000 * n/a n/a £48,000 TOTAL £691,000 £597,000 * The rent payable is the net car parking receipts split 80/20 between the owner / operator. The 2017 Rateable Values / Rates Payable (based on the UBR of 0.493) for the vacant units are: 13 Regent Street £66,500 / £32,785 and 19A Regent Street £151,000 / £74,443. The net rent based on these figures is£583,772 per annum. Transitional relief will apply to these figures and purchasers should make 06 their own enquiries of the local authority. Swindon VACANT 19A 07 Experian Goad Plan Created: 19/03/2018 50 metres Created By: Kitchen LaFrenais Morgan Copyright and confidentiality Experian, 2017. © Crown copyright and database For more information on our products and services: rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 COVENANT STATUS We set out below the latest summary financial figures on the tenants below : WH Smith Limited are a FTSE 250 company with a market cap of £2 billion and one of the UK’s leading newsagent and stationary companies. WH Smith Retail Holdings Ltd. D&B Rating – 5A1 Date of Accounts 31/08/2015 31/08/2016 31/08/2017 Turnover £169,626,000 £175,131,000 £181,024,000 Pre-Tax Profit £62,392,000 £75,302,000 £67,219,000 Net Worth £472,209,000 £461,234,000 £449,954,000 Signet Group are the world’s largest jewellery company and trade in the UK under the H Samuel, Ernest Jones and Leslie Davis brands 93% Signet Group Ltd. of the income is let D&B Rating - 5A1 to D&B Rated 5A1 Date of Accounts 31/01/2015 30/01/2016 28/01/2017 tenants / car park. Turnover n/a n/a n/a Pre-Tax Profit $987,354,000 $10,152,000 $274,636,000 Net Worth $548,945,000 $461,361,000 $902,147,000 HMV are the UK’s only dedicated seller of DVDs, CDs, audio books and movie / TV merchandise. The main UK trading company is Signet Trading Limited and we set out their HMV Retail Ltd. accounts below: D&B Rating – N3 Date of Accounts 31/01/2015 30/01/2016 28/01/2017 Date of Accounts 03/01/2015 02/01/2016 31/12/2016 Turnover £458,132,000 £485,350,000 £489,366,000 Turnover £365,746,000 £325,338,000 £300,829,000 Pre-Tax Profit £27,477,000 £34,910,000 £31,096,000 Pre-Tax Profit (£8,451,000) (£714,000) (£8,366,000) Net Worth £263,834,000 £289,797,000 £241,706,000 Net Worth (£13,345,000) (£25,418,000) (£32,202,000) 08 ERVs & TENANT TRADING Prime rents in Swindon are currently in the region of £100 Zone A. This tone has become increasingly driven by size of unit / tenant trading rather than exact pitch. The latest rental transactions include: Unit 3, 40 The Parade OML August 2017 on 10 year lease (5 year break) at £108 ZA headline / £92 ZA net. 34A The Parade OML December 2017 on 15 year lease at £18.33 psf overall / £15.89 psf overall net. 1-2 Regent Street OML September 2017 on 25 year lease (15 year break) at £119 ZA headline / ZA £115.36 net. We consider the current ERV of the property to be £597,000 per annum based on a range of £50-90 Zone A. Swindon is the home to WH Smith and we understand they are keen to retain a High Street presence in the town not least because their shop houses the town’s Post Office. Initial re-gear discussions have taken place. We understand from conversations on site that H Samuel trade well from this store. 09 HMV have recently renewed their lease. Swindon EPCs VAT EPCs are available on The property is elected for VAT, but we would envisage request. the transaction to be concluded by way of a TOGC. DEVELOPMENT POTENTIAL The property comprises a 1.2 acre town centre site, which we believe longer term could be more intensively developed. The rarity of a bespoke car park in the middle of the town centre would make the unit suitable for a food discounter such as Aldi, Lidl or B&M. WH Smith could be downsized into a smaller unit and H Samuel could be relocated to the corner unit / 19A Regent Street, which would be a much more prominent trading location for a jeweller.
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