The Avenue Retail Park Newport Road Cardiff Cf23 9Ae
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THE AVENUE RETAIL PARK NEWPORT ROAD CARDIFF CF23 9AE PRIME CONVENIENCE-LED SCHEME INVESTMENT HIGHLIGHTS Cardiff is the capital city of Wales and one of the fastest Newport Road is the most growing cities in the UK. established retail warehousing Newport Road is the most established retail warehousing destination in the city. destination in the city. Prime convenience-led scheme with circa 60% of the income from retailers deemed essential during COVID-19. Anchored by M&S Foodhall, B&M and Home Bargains, with other occupiers being Matalan, Sharps Bedrooms, Magnet and Greggs. 119,550 sq ft and site area of 8.16 acres. Low average rent of just £12.60 per sq ft, with a total current rent of £1,509,752 per annum. Class E planning consent which was formerly bulky goods consent with various relaxations. Asset management opportunities including extending the WAULT through lease re-gears and creating a new pod unit development. Freehold. We are instructed to seek offers in excess of £16,965,000 (Sixteen Million, Nine Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 8.25%, based on purchaser’s costs of 7.67%. This gives a low capital value of just £142.00 per sq ft. A69 NEWCASTLE UPON TYNE HEXHAM A68 A694 SUNDERLAND A693 A690 DURHAM A68 A19 A1(M) BISHOPS HARTLEPOOL AUCKLAND A689 A68 MIDDLESBROUGH BARNARD CASTLE DARLINGTON A66 A66 A19 M6 A585 BLACKPOOL M65 LEEDS M55 A59 BURNLEY BRADFORD A583 PRESTON BLACKBURN A646 HALIFAX M62 CASTLEFORD M65 A56 A59 M62 SOUTHPORT A666 HUDDERSFIELD M6 M61 M66 A570 BOLTON M62 A5758 WIGAN M58 M1 A628 MANCHESTER M6 M57 M62 M60 ROTHERHAM LIVERPOOL WARRINGTON PEAK DISTRICT SHEFFIELD NATIONAL PARK M53 M56 A623 NORTHWICH MACCLESFIELD CHESTERFIELD LINCOLN A550 CHESTER M6 A53 A523 M1 MANSFIELD A6 A34 A515 A423 A534 A385 A46 STOKE-ON-TRENT A52 BOSTON NOTTINGHAM A515 DERBY A453 A50 BURTON UPON TRENT A53 MELTON A46 A515 MOWBRAY KING’S LYNN M1 M6 A38 A41 SHREWSBURY M54 NORWICH M42 LEICESTER GREAT M6 Toll A444 DOWNHAM YARMOUTH MARKET A442 WOLVERHAMTON M69 PETERBOROUGH A49 A458 CORBY LOWESTOFT A458 BIRMINGHAM M6 M1 A1(M) THETFORD M5 M42 COVENTRY KETTERING A141 A14 KIDDERMINSTER RUGBY M42 A14 A46 M45 A49 A456 A508 A423 WELLINGBOROUGH A14 A449 A1 A14 NEWMARKET A6 A14 CAMBRIDGE STRATFORD-UPON-AVON NORTHAMPTON BEDFORD WORCESTER A5 M40 A11 A46 M1 M11 IPSWICH A429 ST GEORGE’S CHANNEL SUDBURY BANBURY MILTON A1 A505 CARDIFF HEREFORD A44 KEYNES FELIXSTOWE M5 M1 A6 A470 M50 Cardiff is one of the fastest growing cities in the UK and is A5 HARWICH A40 M40 LUTON STEVENAGE STANSTED the capital city of Wales, providing the principal retailing and A44 A120 commercial centre for the South Wales region. A40 LUTON COLCHESTER DUNSTABLE A10 CARMARTHEN BRECON BEACONS A429 A41 A1 (M) BISHOP’S NATIONAL PARK HERTFORD WARE STORTFORD A12 ROAD A470 AYLESBURY HEMEL ST CLACTON-ON-SEA ALBANS A48 A483 A40 HEMPSTEAD CHELMSFORD The city is located immediately to the south of the A414 HARLOW GLOUCESTER OXFORD M4 motorway, accessed via junctions 29-33 of the HATFIELD A414 M4 motorway. Cardiff is situated approximately PONYTPOOL AMERSHAM LLANELLI M5 M25 A465 M40 A12 150 miles west of London, 40 miles west of Bristol, A420 HIGH M1 M25 WYCOMBE M25 NORTH 42 miles east of Swansea, 115 miles south of A449 WATFORD SWANSEA A470 SEA Birmingham and 195 miles of south Manchester. M48 PONTYPRIDD M4 BASILDON NEWPORT SWINDON SOUTHEND-ON-SEA M4 SLOUGH WEST A13 RAIL SWANSEA A343 DRAYTON LONDON CITY M4 Cardiff is the closest European capital city to M4 SHEERNESS CARDIFF READING HEATHROW London, soon to be down to under 100 minutes BRISTOL CHIPPENHAM LONDON MARGATE A2 ROCHESTER by train. Other destination and journey times are: A346 M4 BRACKNELL M5 NEWBURY A38 A322 Bristol 50 minutes CARDIFF M20 CROYDON BRISTOL BATH A33 Swansea 53 minutes BRISTOL CHANNEL WESTON-SUPER-MARE M3 M2 A343 Birmingham 1 hour 56 minutes A3 M25 BASINGSTOKE SEVENOAKS A338 A24 MAIDSTONE ANDOVER REIGATE A22 M20 AIR FARNHAM GUILDFORD M23 A39 A361 A303 DOVER Cardiff Airport is located 15 miles south west of MINEHEAD M5 A36 GATWICK ASHFORD A303 M3 ALTON ROYAL the city centre and provides flights to a number of GLASTONBURY A3 CRAWLEY TUNBRIDGE A31 WELLS FOLKESTONE national and international destinations. A22 BRIDGEWATER A361 SALISBURY A26 A37 WINCHESTER BARNSTAPLE A23 A272 UCKFIELD As the capital city of Wales, TAUNTON A350 A36 PETERSFIELD A272 SOUTHAMPTON WELLINGTON A354 Cardiff is the main engine YEOVIL A338 SOUTHAMPTON LEWES M27 of growth in the Welsh A3 (M) CHICHESTER HASTINGS economy, the city has been NEWHAVEN BROCKENHURST BRIGHTON developing as a significantA377 M5 A354 EASTBOURNE E R A338 PORTSMOUTH V service centre and economic D O A386 FISHBOURNE F BOURNEMOUTH T O driver for the widerA30 south A I EXETER DORCHESTER POOLE T R east Wales economy. EXETER ISLE OF WIGHT ENGLISH CHANNEL S LAUNCESTON WEYMOUTH A386 EXMOUTH DARTMOOR NATIONAL PARK A380 A388 A38 TORQUAY A385 NEWQUAY PLYMOUTH DARTMOUTH PLYMOUTH FALMOUTH ENGLISH CHANNEL CARDIFF ECONOMY Cardiff is projected to be one of the UK’s fastest growing cities with 26% population growth over the next 20 years. Cardiff has one of the UK’s It is one of the top cities in the UK for business growth and has fastest growing creative a higher proportion of ‘gazelle’ companies than any other UK city. Cardiff has one of the UK’s fastest growing creative sectors sectors outside of London, outside of London, with around a third of all Welsh creative with around a third of all industry jobs being based in Cardiff. Welsh creative industry jobs being based in Cardiff. HOUSING Within the next two decades, over 41,000 new homes will be built in Cardiff as part of the city council’s Local Development Plan, making the city around 30% bigger. The biggest impact of this house building period in Cardiff will be the creation of a new £2 billion ‘garden city’ called Plasd to the north west and west of the capital. This will be a new suburb of 7,000 homes covering over 900 acres. RETAIL SPEND Cardiff ranks 10th in terms of the volume TOURISM of total retail spend available within the Primary Retail Market Area, totalling £4.241 An estimated 20.31 million people visited Cardiff in 2017, a 5% increase on the year before, billion, with per capita retail expenditure of with 2.06 million staying overnight, with a total impact to the economy of £1.3 billion. £5,304 in 2020. QUALITY OF LIFE STUDENT POPULATION Cardiff is consistently ranked as one of the best places to live in the UK for quality of life and There are 75,000 students in the city-region was ranked third in Europe.* Despite being a capital city, Cardiff has more green space per (half the student population in Wales); person than any other core UK city. of which 43,000 live in Cardiff city centre. POPULATION Avenue Retail Park benefits from a 10 minute drive time catchment population of 168,788 people, extending to 494,467 people within a 20 minute drive time. Between 2019 and 2039, Cardiff’s population is projected to increase by 20% to 444,700, including 280,700 aged 16 to 64, making it the fastest growing core city in the UK. * Source: The Quality of Life in European Cities Survey. CITY LINK RETAIL PARK SEAGER RETAIL PARK NEWPORT ROAD RETAIL PARK DRAGON RETAIL PARK MORRISONS Size: 118,623 sq ft Size: 34,000 sq ft Tenants: Currys PC World, Halfords, Tenants: Metro Bank, Wickes Tenants: Dunelm, Aldi, TK Maxx, The Food Tenants: Pets at Home, Sofology, Topps Tiles, Dreams Warehouse, TGI, Poundland, Home Bargains, Tapi Carpets Argos, Shoe Zone, Costa CARPETRIGHT SAINSBURY’S & WILKO THE RANGE GO OUTDOORS MC DONALD’S BATHSTORE NEWPORT ROAD Newport Road is the principal and most established retail warehousing destination for Cardiff. Newport Road is one of the main arterial routes through Cardiff city centre, linking with the A48 Eastern Avenue and also Junctions 29 and 30 of the M4. The property lies to the eastern side of Newport Road, opposite a 60,725 sq ft Morrisons foodstore with petrol filling station. THE AVENUE RETAIL PARK M4 The Avenue Retail Park is the premier scheme on Newport Road, benefitting from a convenience-led tenant line up including retail stalwarts B&M, M&S Foodhall and Home Bargains. The scheme totals 119,550 sq ft and is arranged in a linear terrace, with a standalone unit of 5,200 sq ft occupied by Magnet at the far end of the car park, benefitting from excellent visibility from Newport Road. Close to the entrance to the car park, opposite M&S Foodhall and Home Bargains are two ‘pod’ units let to Greggs and Sharps Bedrooms. A470 M4 The scheme presents well, being prominently located on Newport Road, and comprising modern units with entrance features showcasing the tenant signage. Internally, the units are fitted out to the individual tenant’s specification. The B&M unit benefits from having A48 an external garden centre. Whilst there are no trading mezzanines in Units 2-5, there are THE AVENUE RETAIL PARK mezzanines in Units 2-4 used for a combination of storage facilities and staff amenities. A48 M&S Foodhall has a customer café and this, along with Greggs, provides a food offer on the A470 A4161 scheme, helping to increase dwell time. A4232 CARDIFF A4161 The calibre of the tenant line up means the scheme is popular with shoppers, and busy at times, but car parking is located to the front of the Units providing 374 spaces.