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PC World Megastore Junction 9, M6, GALLAGHER RETAIL PARK, WEDNESBURY WS10 9QY

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PC World Megastore Junction 9, M6, GALLAGHER RETAIL PARK, WEDNESBURY WS10 9QY PC WORLD, GALLAGHER RETAIL PARK | 1 PC WORLD MEGASTORE JUNCTION 9, M6, GALLAGHER RETAIL PARK, WEDNESBURY WS10 9QY PRIME WELL LET RETAIL WAREHOUSE INVESTMENT 2 | PC WORLD, GALLAGHER RETAIL PARK PC WORLD, GALLAGHER RETAIL PARK | 3 INVESTMENT SUMMARY Junction 9 at Wednesbury is one of the 138 car parking spaces providing a ratio of principal retail warehouse locations in the 1:221 sq ft. country. Let to the 5A1 rated covenant DSG Retail Excellent communication links and extensive Limited. catchment of 1,113,691 within a 20 minute Site area of 2.5 acres (1 ha). drivetime and 5,019,256 within 1 hour. Long unexpired term certain in excess of 16 The property comprises a solus retail years. warehouse unit let to DSG Retail Limited totalling 30,500 sq ft (2,834 sq m). Total passing rent of £1,308,241 per annum. Prominently situated in a concentration of Fixed increase in 2016 to £1,516,610 per retail warehousing totalling 535,000 sq ft annum. anchored by a 185,000 sq ft IKEA Superstore Freehold and a 102,000 sq ft B&Q warehouse. Our client is seeking offers in excess of Immediately opposite the 165,000 sq ft £22,500,000 (Twenty Two Million, Five phases 1 & 2 of Gallagher Retail Park and Hundred Thousand Pounds), subject to adjacent to a 52,000 sq ft Decathlon store. contract and exclusive of VAT, which reflects a Bulky Goods planning consent. Net Initial Yield of 5.50%, rising to 6.37% in 2016, assuming acquisition costs of 5.80%. 135,000 vehicles pass the site on the M6 everyday. 4 | PC WORLD, GALLAGHER RETAIL PARK LOCATION Junction 9 of the M6 at Wednesbury is strategically The M6 Motorway provides a direct link to Stoke-on- M6 situated 4 miles to the north of the intersection with the Trent, Manchester, Liverpool and the north west up M5 Motorway and 7.5 miles south of the intersection to Carlisle. It also provides a link to the M54 which d Bro R ad 8 way with the M54, between Walsall to the north and provides access to Shrewsbury and3 northern Wales. t W 40 A o c West Bromwich to the south. This part of the national The M6 connects with the M1 Motorway approximately s e B motorway network, north of Birmingham, forms a 37 miles to the east of J9. The M1 provides the UK’s A xletr ee crucial transport corridor due to its central positioning main arterial north-south route linking the M25, London rd J9 D within the UK. and South East with Birmingham,a Nottingham, Leeds, M6 r la s the A1(M), the North andt North East. o Junction 9 is located 11 miles to the north of n R d A1 Birmingham, 6.5 miles east of Wolverhampton, 36 miles The M6 Motorway also connects to the M5 south of Stoke-on-Trent, 51 miles to the west of Leicester approximately 2 miles south of the property providing 0 M1 and 125 miles north west of London. Bescot Stadium access to Worcester, West Bromwich and Bromsgrove 0 M6 Telford 2 4 B Station, located approximately 1 mile to the east of the to the south of Birmingham. property, provides a fastest journey time to London M42 The M5 also connects to the M42 approximately 14 Euston of approximately 2 hours. miles south of the property. The M42 Alinks to the M40, d M54 4 R 6 e B 2 s Leicester providinglac access to Banbury and Oxford. u k o Co or H un an tr M y N ew SITUATION SUTTON Rd COLDFIELD 2 WOLVERHAMPTON 4 M Phase 3 of Gallagher1 Retail Park is situated within a major concentration of retail 6 WALSALL 4 M M69warehousing,A totalling approximately 535,000 sq ft. It is immediately adjacent 6 to Junction 9 of the M6 Motorway and approximately 1.6 miles to theA47 east of ) M Wednesbury town centre. WEDNESBURY ( 8 3 A WEDNESBURYThe unit has excellent accessibility, with dedicated slip roads on Wood Green Road DUDLEY M6 BIRMINGHAM to the south providing access from the M6 and the local area, whilst Park Lane and OLDBURY Axletree Way offer access from the north. A45 The unit has excellent frontageM1 to and visibility from the motorway, and is adjacent to A a 185,000 sq ft IKEA Superstore and 102,000 sq ft B&Q Warehouse. Also nearby is 41 M6 A the 52,000 sq ft Decathlon store which opened in 2010. 5 4 A 3 3 4 M 5 SOLIHULL 8 3 A Phases 1 and 2 of Gallagher Retail Park, opposite the subject unit, provide 2 4 KIDDERMINSTER M approximately 164,000 sq ft of retail warehouse accommodation, with tenants A 4 4 including: Harveys, Furniture Village, ScS, Currys, Pizza Hut, KFC, Burger King, Next, 1 TK Maxx, Outfit, Mamas & Papas and Boots. M42 BROMSGROVE REDDITCH M45 Worcester Northampton M40 M1 PHASE 3 M6 PHASE 2 PHASE 1 J9 PC WORLD, GALLAGHER RETAIL PARK | 7 DESCRIPTION CATCHMENT AND The PC World store comprises a western facing stand DEMOGRAPHICS alone retail warehouse unit extending to 30,500 sq ft, situated immediately opposite, and sharing an access The subject property serves a surrounding catchment of road with, Phases 1 and 2 of Gallagher Retail Park. 165,934 people within a ten minute drive time and 1,113,691 There is a Burger King restaurant pod immediately to within a 20 minute drive time. (Source: Pitney Bowes the south. Business Insight and ONS). The unit is of steel portal frame construction with Demographic analysis of this population shows that the brickwork and profiled metal cladding to the elevations, households of ‘Stable Income’ are above the national together with a glazed entrance lobby. The unit has average. The percentage of those in full time employment been fitted out to the tenant’s specification. An eaves GALLAGHER RETAIL PARK is in line with the national average. height of 6.5 m can accommodate a mezzanine level Number of though one has not been installed. Drivetime (minutes) Population Households The car park to the front of the unit comprises 138 10 Minutes 165,934 65,618 spaces (including 7 designated disabled spaces), 20 Minutes 1,113,691 451,277 providing a ratio of 1: 221 sq ft. 60 Minutes 5,019,256 2,134,100 The servicing area is adjacent to the northern elevation The neighbouring Ikea store draws from a larger of the unit. It is accessed from Axeltree Way to the rear, catchment of up to an hour drive time, encompassing which also forms the eastern boundary to the entire towns such as Stafford, Stoke-on-Trent, Coventry and site and provides a link with the B&Q Warehouse and Wolverhampton. IKEA Superstore to the north. The level of car ownership is above average with 42.60% of households within a 20 minute drive time owning 1 or more vehicles. 135,000 vehicles pass the site on the M6 everyday. (Source: Department for Transport) A detailed Catchment demographic report is available upon request. SITE The site extends to an area of approximately 2.5 acres (1 hectare). 8 | PC WORLD, GALLAGHER RETAIL PARK OUT OF TOWN PROVISION AT JUNCTION 9 TENURE There is a significant retail offer in the Junction 9 vicinity including: The property is Freehold Gallagher Retail Park This is the largest retail park in the area and is situated opposite the subject property. It provides 165,000 sq ft of retail warehouse accommodation in two phases. It is owned by KKR and comprises 9 units and 3 pod units. Phase 1 TENANCY AND ACCOMODATION has Open A1 (non food) planning consent, and tenants include: Boots, TK Maxx, Mamas & Papas, Next and Outfit. Planning consent on Phase 2 has recently been widened, with units 1-3 (Furniture Village, ScS and Harveys) being The unit is let in its entirety to DSG Retail Limited, trading as PC World, for a term of wide Bulky and unit 4 (Currys) being Open A1 non food. 25 years from 6th February 2006. The current passing rent is £1,308,241, equating As well as the main park there are also three solus units: to £42.89 per sq ft on the area of 30,500 sq ft as stated in the lease. B&Q There is a fixed uplift in February 2016 to £1,516,610 per annum, equating to £49.72 per sq ft. The nearby B&Q unit provides approximately 102,00 sq ft of retail warehouse accommodation and is owned by B&Q Properties. Further reviews will be upwards only to open market value. Decathlon The Decathlon unit adjacent to the subject property provides approximately 52,000 sq ft of retail warehouse accommodation and is owned by Decathlon. IKEA The Ikea unit provides approximately 185,000 sq ft of accommodation and is owned by Ikea Properties Investments. ESTIMATED RENTAL VALUE We outline below a schedule of rents for comparable accommodation: Scheme Town Tenant Headline Rent Brent South Brent Cross Betta Living £59.00 Ladymead Guilford Oak Furnitureland £52.50 Fosse (South) Leicester Oak Furnitureland £45.00 Junction 27 Retail Park Leeds Betta Living £45.00 Junction 27 Retail Park Leeds Multi York £45.00 Fosse (South) Leicester Sofaworks £42.50 Purley Way Croydon Furniture Village £40.00 Orbital Swindon Outfit £39.75 Springvale Orpington Wren Kitchens £38.00 Giltbrook Nottingham Homestyle £37.50 Great Cambridge Road Enfield Sofaworks £37.50 PC WORLD, GALLAGHER RETAIL PARK | 9 D Track EY R OA N 1 7 A 1 S L 3 66 Lodge 2 7 3 1 3 FB 9 MP 0.5 4 3 5 4 9 1 t 3 ur 5 n Co 1 avia 6 5 ald 7 S 2 4 9 5 9 1 1 5 1 2 1 8 4 8 1 4 1 1 1 7 7 1 3 1 0 1 6 SITE PLAN SP 6 Tennis 7 Cou rts 2 8 P utting G reen Ca r P ark 7 R 8 i Bowling G reen 1 10 W v 20 a e 14 rd r B T D dy a ra m in C e R Tank P os ts MO NTFO R T R OAD P avilion 3 7 4 8 E l S ub 7 S ta 1 Frederic Bull Memorial Hall (Son s of R est) P avilion 1 4 a 9 3 9 3 2 d 6 n U 7 3 Pleck Park 5 3 P layground 9 2 191 FF SP 1 4 Def Und E Boro Const & Met Dist Bd V y I 0 The C hes tnut Tree R 0 D 1 (P H) OT C AX S LE Drain E 9 T R E B 7 E W 1 AY 4 0 1 9 1 f e D iver Tame P os ts R 2 P os ts M6 7 Track 16 Garage 3 Track 1 E l S ub 6 S ta 1 1 1 7 0 1 5 6 1 Axletree Way Warehouse a 9 5 1 P A R K L 9 A 5 N 1 1 E 6 2 E l S ub S ta 1 R iv 5 Tanks er 4 Ta me 1 5 2 7 120.1m Tank 14 a 3 S 2 he 145 lt er 5 3 0 14 Tank 3 14 LB 2 4 SL 1 3 13 6 J9 TCB 2 3 S helter 3 1 3 2 2 0 5 7 2 E l S ub S ta 1 3 0 3 1 S urgery 2 1 1 14 1 2 4 119 .5m 3 U 1 3 4 n 9 d 3 1 1 1 8 A L 2 Allotment G ardens D E 2 9 4 R 3 0 R O AD B o ro C De on f st & M et D ist Bdy Ri P ver O T P am LA e 1 R Axletree Way 3 R 4 O AD 9 Tunnel 2 2 1 1 8 37 1 0 8 3 2 1 1 13 1 25 3 2 2 1 2 2a 2 A N X R 2 L O E l S ub S ta E AD DING L T 6 EY R OAD R E E WA 2 Y 2 6 0 1 0 6 8 El 9 AD 1 S ub S ta 1 9 4 5 4 1 2 3 7 E l S ub S ta 1 2 4 2 2 .
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