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Southway Drive, Plymouth Devon, Pl6

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Southway Drive, Plymouth Devon, Pl6 ON BEHALF OF JOINT FIXED CHARGE RECEIVERS SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR FREEHOLD SHOPPING CENTRE INVESTMENT OPPORTUNITY SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR INVESTMENT CONSIDERATIONS • A busy neighbourhood scheme comprising • Successful scheme with an AWULT of 4.89 years We are instructed to seek offers in excess of 15 shops, a supermarket and a public library to expiry and 2.95 years to break on the retail £2,250,000 (Two Million Two Hundred and together with 14 maisonettes above. accommodation. Fifty Thousand Pounds) subject to contract • Situated within a popular residential • Large car park comprising 100 spaces. and exclusive of VAT. A purchase at this suburb of Plymouth. level would reflect a net initial yield of • Total site area of 1.85 acres (0.75 ha). 11.8% with a potential reversion of 14.3% • Freehold. • Asset management opportunities with after costs of 6.33%. • The centre is anchored by Co-op and other 10 maisonettes included in the commercial tenants include Lloyds Bank, Coral Racing, leases, potential to let the vacant units and Martin Newsagents and Well Pharmacy. further site development opportunities. • Current passing rent £281,725 pa. SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR Chedder ■ Lynton Burnham-0n-Sea ■ ■ Ilfracombe Minehead Wells ■ ■ ■ La L n an gle g y le Cr y E esce xm nt C o re o sc r Na A39 e tio BRIDGWATER n n t al ■ d Pa oa rk Kinnaird Cr R escent rd LOCATION fo Barnstable A37 tta M5 li ■ C C lit ta fo Plymouth is one of the largest commercial centres in the South West rd Bideford R TAUNTON A303 o ■ ■ a of England and is located within the county of Devon, 80 km (50 A361 d Great A358 d Torrington rd Roa miles) south west of Exeter, 193 km (120 miles) south west of Bristol ■ YEOVIL Clittafo ■ Ilminster F l ■ a d m Tiverton d Clittaford Roa oa b and 345 km (215 miles) from Central London. ■ A303 ford R Clitta o r o A377 A37 u g A386 h The town has excellent communication links with the A38 Devon R o Bude Skerries Road a ■ d rive S Expressway providing direct and easy access to Exeter and the M5 y D outhway Driv M5 Honiton d wa Alderney Road a uth e ■ Axminster o o ■ R S ith hke motorway. Driving time from London is approximately four and a A30 Inc A35 Bridport nt half hours. EXETER ■ e A39 ■ ad Seaton hkeith Ro esc c r ■ In rive C Sidmouth nue e n A30 ■ Av outhway D ne e o e Plymouth is served by First Great Western, providing direct rail access S gst on d L n A395 Launceston ■ Pe A380 Exmouth to London Paddington (3 hours 15 minutes), Bristol Temple Meads ■ e nu r ve oo A artm in D w (2 hours) and other South West regional centres. e d u oo ven G rk e A Tavistock nal Pa Newton e on A388 ■ Natio riv st ■ D ong Abbot Teignmouth ay L The city is also classed as a major port offering both passenger ■ w uth P o endeen Cresc Yelverton S and vehicle ferry services currently operated by Brittany Ferries. ■ Torquay field Avenue Bodmin A38 ■ Rock ■ A386 ue en t v en e A sc A390 A385 n in re A38 t w C Saltash d en ■ oo e Brixham G nd Ivybridge ■ e Pe ■ riv PLYMOUTH D ay Dartmouth ■ Southw GOODWIN PARK Kingsbridge ■ SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR SITUATION The property occupies a prominent corner within the residential suburb of Southway, 8km (5 miles) north of Plymouth city centre. The property can be accessed both from Southway Drive and Flamborough Road and lies approximately 0.5km west from the A386 Tavistock Road, which in turn links with the A38 Devon Expressway. Aldi is preparing plans for a new supermarket across from the subject property on the other side of Flamborough Road. The proposal is for the construction of a new Aldi food store with 103 customer parking spaces. Aldi’s investment in the area will improve Southway’s retail offering and the subject property will benefit from increasing numbers of shoppers being attracted by Aldi’s presence. DEMOGRAPHICS Plymouth has a primary catchment area of 471,000 and an estimated shopping population of 359,000, which ranks the city 21st in the UK on this measure. The city is extremely dominant within its catchment, due to the distance to competing retail centres and it is ranked 1st in the PMA Competition 109.1m Index (i.e. it has the least competition of any retail centre in the UK). Consumer spending in Plymouth is aided by tourism and its student population. In 2013 “Destination Plymouth” estimated that 5.5 million The Church of the 7 9 0 people visit Plymouth annually, spending £314 million. In addition 6 Holy Spirit Plymouth has a student population of approximately 26,000 which adds to the city’s retail economy annually. 5 6 t 6 o 6 2 4 6 6 4 5 t 8 4 o 4 6 6 4 4 4 2 F DESCRIPTION 0 LA M I N B 9 C O The property was constructed in the late 1960s and comprises a 5 H R K O E U neighbourhood shopping centre with a substantial car park which I T G H H R R is strategically located to serve the densely populated surrounding O O A Car Park A D residential areas. D The centre comprises a supermarket and 15 shops arranged on ground floor with 14 maisonettes arranged on the first and second floors. Surgery 347 There is a public library above 3 of the shop units which has been sold 345 3 385 87 34 83 3 341 3 PO 49 9 381 33 9 off on a long lease. 37 37 3 77 335 3 375 349 Shelter 351 389 33 3 373 Posts 331 TOTAL SITE AREA 371 329 369 The property has a total site area of 1.85 acres (0.75 ha). Library 367 59 65 353 3 TCB 325 3 55 327 3 DEVELOPMENT POTENTIAL 321 361 2 TENURE 8 Clinic ESS 4 LB Owing to the large site area and the current low site coverage, there is the potential to increase the density of buildings on the site. Alternatively, a Freehold. PCs 116.4m 2 8 0 cleared site may suit a much larger development including alternative uses. IVE DR WAY UTH All the above is subject to the necessary planning consents (Plymouth City SO Shelters Council – www.plymouth.gov.uk) 2 7 0 2 © Crown Copyright,114.0m ES 100004106. For identification purposes only. 2 6 8 33 8 2 5 8 31 3 0m 10m 20m 30m 4 39 Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR TENANCY SCHEDULE Unit Tenant Use Area Area Lease Start Next Review/ Lease End Current ERV Comments (sqm) (sqft) Reversion (Lease Break) Rent pa 321 Vacant Retail 55.6 599 £12,200 323 M Johnson Retail 55.4 597 20/06/2011 19/06/2016 19/06/2021 £12,700 £12,700 Tenants option to determine not exercised. Internal Repairing with contribution clause. 325 and 327, Martin the Newsagent Ltd Retail/Residential 120.3 1,294 24/06/2013 23/06/2018 23/06/2023 £28,400 £28,400 Tenants option to determine. 365 and 367 (23/06/2018) Repairing plus service charge. 329 Kishor GC Retail 56.7 610(1) 08/10/2012 08/10/2017 07/10/2027 £12,850 £12,850 Rent review every 5 years. Tenants option to determine. Internal Repairing (08/10/2017) plus service charge. (08/10/2022) 331 and 371 Bestway National Chemists Ltd Retail/Residential 58.9 634 29/09/2014 29/09/2019 29/09/2024 £14,600 £14,600 Tenants option to determine. FR&I (29/09/2019) 333 and 335 Vacant Retail £3,000 Units not inspected by Allsop. 337 and 375 Ivor Dewdney's Pasties Ltd Retail/Residential 58.6 630 13/12/2012 12/12/2017 12/12/2017 £14,000 £14,000 Internal repairing plus service charge. 339 and 377 Lloyds Bank Plc Retail/Residential 58.3 627 24/06/2013 23/06/2018 23/06/2018 £14,600 £14,600 Internal repairing plus service charge. 341 and 379 Coral Racing Ltd Retail/Residential 63.6 685 24/06/2013 23/06/2018 23/06/2023 £14,500 £14,500 FR&I (23/06/2018) 343 and 381 Friary Mill Bakery Ltd Retail/Residential 57.2 615 06/04/2011 05/04/2021 05/04/2026 £16,600 £16,600 Tenants option to determine. Internal Repairing, Schedule of condition, (06/04/2021) plus service charge. 345 and 383 P Chan Retail/Residential 56.0 603 01/09/2012 31/08/2017 31/08/2022 £14,550 £14,550 Tenants option to determine. FR&I (31/08/2017) 347 and 385 M Law Retail/Residential 60.5 652 15/02/2011 14/02/2021 14/02/2031 £16,000 £16,000 Rent review every 5 years. FR&I 349, 351, 387, 389 Co-Operative Stores Ltd Ground Floor Shop 782.0 8,418 25/12/2004 24/12/2019 24/12/2019 £106,825 £106,825 FR&I Upper parts Ancillary/ 68.5 737 Lease includes maisonette (No.
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