Stechford Retail Park Birmingham Enter
Total Page：16
File Type：pdf, Size：1020Kb
STECHFORD RETAIL PARK BIRMINGHAM B33 8BT PRImE OPEn A1 R etail P ARK ENTER Investment Summary Save Email Print Exit Investment Location Demographics Situation & Description Planning Tenancies Tenants’ Birmingham’s VAT & Contacts Summary Competing & Tenure Covenants Plans & Asset Proposal Retail Parks Management n Birmingham is the second largest city in the United Kingdom, with in excess of 2.38 million people living within 12 miles of the town centre. I BIRMINGHAM n Stechford Retail Park is situated in a highly prominent position close to the A4040, which forms the city’s inner ring road and serves the eastern part of the city and surrounding suburbs. n Within a 20 minute drive time from the subject property, the population is estimated to be 852,535 people. n Modern, purpose built retail park extending to STECHFORD RETAIL PARK RETAIL STECHFORD approximately 104,000 sq ft. Tenants include Argos, Carpetright, Currys, Matalan, Peacocks and Poundworld. n The property is let off rents between £9.96 per sq ft and £18.80 per sq ft. Offers are sought in n The park benefits from an unrestricted Open A1 non-food excess of £22.90 million, planning consent, with A3 consent for the restaurant unit. which would provide n The park is now fully let after a recent letting to a purchaser with a Poundworld. There is proven tenant demand as net initial yield of 6.75%, demonstrated by the agreed sublettings to Pets at Home rising to 6.97% following and Poundstretcher, which will further strengthen the trading profile of the park. fixed rent reviews in June 2013. Purchaser’s costs n Freehold. have been taken at 5.80%. Location Save Email Print Exit Investment Location Demographics Situation & Description Planning Tenancies Tenants’ Birmingham’s VAT & Contacts Summary Competing & Tenure Covenants Plans & Asset Proposal Retail Parks Management Birmingham has developed into a TAMWORTH successful commercial, retail and A5 cultural centre serving the Midlands, and is a highly successful conurbation with Aldridge one of its principal strengths being its I BIRMINGHAM M6 excellent communications. In particular, Birmingham benefits from being situated adjacent to a number of motorways M6 Toll including the M6, which runs through the north east segment of the city linking the north of Kingsbury the country with the M1, while the M42 links the M42 southern boundary of the conurbation to the M40 and the M5, which then runs to the west linking up M6 with the M6. The M6 toll road provides additional TAMWORTH access around the north eastern segment of the A5 conurbation linking the M42 with the M6. A38 PARK RETAIL STECHFORD Aldridge Water Orton There are various rail services serving the centre M6 of Birmingham, with the fastest direct service to A38(M) London Euston from Birmingham New Street having a journey time of approximately 1 hour 40 minutes. M6 Toll Coleshill Kingsbury Birmingham International Airport continues to A4123 M42 develop as a major hub for both domestic and A456 Stechford Retail Park M6 international flights, being situated approximately M6 8 miles east of the city centre, close to the BIRMINGHAM internationally renowned National Exhibition A38 Centre (NEC). Water Orton ( ) A45 Stechford is a suburb situated approximately A435 A38 M M5 3 miles east of Birmingham city centre and with Coleshill the adjoining suburbs forms a densely populated M42 residential area. Stechford has developed around A4123 A456 M6 the A4040, which forms Birmingham’s outer ring BIRMINGHAM road and which lies to the west of the subject property. The A4040 joins the A45, which provides dual carriageway access to Birmingham Hollywood A435 A45 International Airport, Coventry, the NEC and M5 Dorridge 20 minute drive time Birmingham city centre. M42 Hollywood Dorridge Demographics Save Email Print Exit Investment Location Demographics Situation & Description Planning Tenancies Tenants’ Birmingham’s VAT & Contacts Summary Competing & Tenure Covenants Plans & Asset Proposal Retail Parks Management In recent times, Birmingham has seen significant regeneration following the decline of the heavy industries for which the area was renowned. Whilst manufacturing industries are I BIRMINGHAM still important, representing 11.0% of total employment, compared to 18.0% in 2001, service industries have grown significantly with “banking, finance and business services” now accounting for 23.0% of employment, as opposed to 16.4% in 2001. In addition, Birmingham continues to benefit from various commercial and cultural developments, perhaps most significantly being PARK RETAIL STECHFORD the recent redevelopment of the Bullring, which provides a major “in town” regional shopping centre and the current redevelopment of Birmingham’s New Street Railway Station to incorporate a new John Lewis store. Looking forward, the city is currently finalising plans to completely rejuvenate and extend the city centre, which will create employment and increase prosperity to the Greater Birmingham area. CACI has estimated the catchment contours of the subject property and concludes there is a population of 161,824 persons and 852,535 persons within 10 and 20 minute drive times of Stechford Retail Park respectively. Within the 20 minute drive time catchment, 29% are aged between 25–44 and 48% constitute the C1/C2 social grade. There are 319,060 dwellings within the 20 minute catchment. Situation & Competing Retail Parks Save Email Print Exit Investment Location Demographics Situation & Description Planning Tenancies Tenants’ Birmingham’s VAT & Contacts Summary Competing & Tenure Covenants Plans & Asset Proposal Retail Parks Management Situation Competing Retail Parks Stechford is a suburb of Stechford Retail Park has developed into a successful Birmingham, situated retail destination serving its densely populated 5 miles east of the city catchment population situated between the city centre. A38 centre, which is located approximately 5 miles to the I BIRMINGHAM east, and the M6 motorway, which is approximately Stechford Retail Park lies to the Ravenside Retail Park east of Station Road (A4040),A4040 Castle Vale Retail Park 3 miles to the north. with access being directly off A47 The closest retail warehousing to the subject property is situated to Iron Lane/Flaxley Road, onto A452 the north of the M6 motorway, which we summarise below:- Flaxley Parkway, which forms an TAMWORTH adopted estate road providing The Fort Shopping Park (285,000 sq ft) access to the subject property. M6 This scheme is situated approximately 3 miles to the north of the subject property and provides a regional shopping park AldridgeThe majority of the surrounding area comprises a number of destination, providing a range of high street type occupiers, commercial buildings and M6 including M&S, Bhs, Next and River Island. Rents of £65.00 per densely developed residential sq ft have been achieved in this location, and as such, we do not The Fort Shopping Park PARK RETAIL STECHFORD neighbourhoods. consider it really competes with the subject property. The park is situated between Castle Vale Retail Park (80,000 sq ft) the A4040/M6 and A4040/ Approximately 3 miles to the north of the subject property is the A45 junctions, which are both Castle Vale Retail Park, which is situated adjacent to a Sainsbury’s within two miles of the subject Kingsbury foodstore and is occupied by Comet, TK Maxx, Argos and SCS, property providing excellent with the highest rents being approximately £25.00 per sq ft. accessibility to the scheme from Ravenside Retail Park, Erdington (135,000 sq ft) all directions. This scheme is situated approximately 3.25 miles north of the subject property, again being north of the M6 motorway. This scheme is occupied by The Range, Currys, Dreams, Starplan, Dunelm, Harveys, Carpetright and Halfords. Approximately 35,000 sq ft of accommodation currently remains vacant, Water Orton including a former MFI unit. Rents range from £13.50 per sq ft A4040 to £19.00 per sq ft. Stechford Retail Park St Andrew’s Retail Park (65,000 sq ft) This scheme is situated approximately 4 miles to the south west of Coleshill the subject property and comprises a former Big W, which has been let over the last 12-18 months, with occupiers now being Toys “R” Us, Peacocks, Outfit, Boots and JD Sports at rents up to £17.50 per sq ft. BIRMINGHAM Stechford Retail Park In addition, there are a number of smaller standalone or cluster developments situated along the Inner Ring Road (A450) to the east of the city centre, with occupiers including Matalan, Dunelm and Halfords. Hollywood Dorridge Description Save Email Print Exit Investment Location Demographics Situation & Description Planning Tenancies Tenants’ Birmingham’s VAT & Contacts Summary Competing & Tenure Covenants Plans & Asset Proposal Retail Parks Management The property comprises a modern Flaxley Parkway, which is adopted, runs retail park, developed in 1998, between the two terraces. extending to approximately There is a customer car park situated to 104,079 sq ft GIA. the front of each of the retail terraces, both being accessed off Flaxley Parkway, I BIRMINGHAM The retail accommodation is constructed which are surfaced in concrete block in two terraces comprising 10 units, pavers and tarmacadam. In total these occupied by Argos, Carpetright, Currys, provide 602 car parking spaces, equating Matalan, Home Bargains, Dreams, to a ratio of 1:173 sq ft (1:16.07 sq m). Each ScS, Peacocks, Benson for Beds and retail terrace benefits from a concrete Poundworld. At the front of the smaller surfaced service yard to the rear of the terrace fronting Station Road is a units, which are also accessed off Flaxley standalone McDonald’s unit. Parkway. Terms have been agreed for the The retail accommodation is divided to subletting of the Dreams unit to Pets at provide attractive unit sizes of between Home and the Benson for Beds unit to 5,000 and 10,000 sq ft and a single unit PARK RETAIL STECHFORD Poundstretcher.