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Riverway Retail Park Irvine | Ka12 8Ag

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Riverway Retail Park Irvine | Ka12 8Ag RIVERWAY RETAIL PARK IRVINE | KA12 8AG DOMINANT RETAIL WAREHOUSE PARK INVESTMENT RIVERWAY RETAIL PARK // IRVINE 2 CONTENTS INVESTMENT SUMMARY 03 LOCATION 04 SOCIO-ECONOMIC PROFILE 05 SITUATION 06 RETAIL PROVISION 07 DESCRIPTION & SCHEME MANAGEMENT 08 TENANCIES 09 COVENANT INFORMATION 10 TENURE & ASSET MANAGEMENT 11 PLANNING, SERVICE CHARGE & ENVIRONMENTAL 12 EPC’S & VAT 13 PROPOSAL & CONTACTS 14 RIVERWAY RETAIL PARK REPRESENTS THE DOMINANT OUT OF TOWN OFFER IN IRVINE BY VIRTUE OF ITS POSITIONING, CRITICAL MASS AND TENANT LINE UP RIVERWAY RETAIL PARK // IRVINE 3 INVESTMENT SUMMARY POST CODE KA12 8AG GRID REFERENCE NS 31754 38414 • Irvine is located in North Ayrshire, Scotland, approximately 52 km (32 miles) south west of Glasgow, 14 km (9 miles) west of Kilmarnock and 24 km (15 miles) north of Ayr. • Riverway Retail Park is situated to the south west of Irvine town centre, adjacent to the Rivergate Shopping Centre and the town’s train station. • The subject property comprises a purpose built retail warehouse park, extending to 12,814 sq m (137,930 sq ft), configured in a west facing linear terrace with four Class 3 stand alone units arranged around forecourt parking for approximately 630 vehicles. • The park provides well specified and configured floorspace with eaves heights comfortably able to accommodate mezzanine floors as demonstrated by those in a number of the units. Additionally the park has seen significant external works recently with a number of fascia rebrands, the phased resurfacing of the car park and improved landscaping. • Let to 12 occupational tenants including M&S Foodhall, Sports Direct, Homebase, Currys, Home Bargains, Costa Coffee, KFC and Frankie & Benny’s. The scheme has a contracted current income of £1,759,369 per annum. • The scheme provides an average weighted unexpired term of approximately 7 years. PROPOSAL • Riverway Retail Park benefits from a Retail Class 1 planning consent OFFERS ARE SOUGHT IN THE REGION OF £25,105,000 (TWENTY FIVE including food sales up to a maximum of 735 sq ft. MILLION ONE HUNDRED AND FIVE THOUSAND POUNDS) SUBJECT TO • Recent activity on the scheme includes lettings to Tapi and Costa Coffee, FORMAL MISSIVES AND EXCLUSIVE OF VAT, FOR THE FREEHOLD however there remains significant asset management opportunities providing the ability to drive short term and long term performance. INTEREST IN THIS PROPERTY. A PURCHASE AT THIS LEVEL WOULD REFLECT A NET INITIAL YIELD OF 7.50%, BASED ON PURCHASER’S • Multiple offers have been received for both vacant units and further COSTS OF 6.25% AND A DAY 1 INCOME OF £2,000,605 PA. information in relation to this interest is available on request. RIVERWAY RETAIL PARK // IRVINE 4 A9 A92 Glenrothes LOCATION A91 Buckhaven Irvine is a new town on the coast of the Firth of Clyde in North Ayrshire, M9 A82 A811 Alloa Kirkcaldy Stirling Scotland, approximately 52 km (32 miles) south west of Glasgow, 14 Cowdenbeath km (9 miles) west of Kilmarnock and 24 km (15 miles) north of Ayr. Helensburgh Grangemouth North Ayrshire boasts a population in the order of 134,000 people Alexandria Gourock Falkirk M9 of which it is estimated 75% live in Urban areas or ‘accessible small Greenock Dumbarton towns’ (North Ayrshire CC 2014). Kirkintilloch Cumbernauld EDINBURGH Port Glasgow Clydebank Located towards the southern boundary of North Ayrshire, Irvine M8 Airdrie M8 Bonnyrigg is well served by several arterial roads, namely the A78 which Livingston Johnstone GLASGOW A71 effectively functions as the main orbital road around the east side Hamilton A78 Barrhead of Irvine providing access to Ardrossan, Saltcoats, West Kilbride and A737 Motherwell A702 Greenock in the north and Monkton, Prestwick and Ayr in the south. East A7 M77 Carluke The A71 provides a direct link to the scheme from the west, access Kilbride A703 Kilwinning Larkhall A70 to Kilmarnock to the east, along with the A77 and M77 which then M74 connects to Glasgow further north, as well as the M74 and ultimately Kilmarnock A71 Edinburgh to the north east. IRVINE A72 Irvine Train Station is situated at the junction of New Street and A77 KM Riverway, opposite the subject property, and located on the main line Troon A76 52 Prestwick between Stranraer and Glasgow. Fastest journey times into Glasgow Ayr SOUTH WEST OF GLASGOW Central station are around 30 minutes. A70 LOCAL INVESTMENT The Irvine Bay Regeneration Company was set up in 2006, one of the second generation of Scottish URCs. Irvine is one of the five KM towns in the area, along with Ardrossan, Saltcoats, Stevenston and 24 Kilwinning. Major development projects in the Irvine area include the NORTH OF AYR redevelopment of Irvine Harbour, creating a residential area with the atmosphere of a Scottish village. Planning for a new golf course with a hotel and holiday resort is also well under way in the Marine Drive area, and the Riverside Business Park will be revitalised to attract new business into the area. The Bridgegate renovation project is now nearing completion (only the old Trinity church is left to complete). KM Additionally North Ayrshire Council renewed the main bridge over 14 the River Irvine between 2007 and 2010 at a total cost in the WEST OF KILMARNOCK region of £2m. RIVERWAY RETAIL PARK // IRVINE 5 Dalry Dunlop Kingsford SOCI0-ECONOMIC PROFILE WestWest Killbride Killbride Auchentiber Irvine boasts a residential population of around 33,698 people A737 (2011 Census) and a wider borough population in excess of 136,020 people. Stewarton Drivetime catchment figures provided by CACI Ltd show a population of Dalgarven approximately 43,730 people within a 10 minute contour of the subject property and this rises to around 89,593 people with 15 minutes. M77 Whilst Kilmarnock and Ayr represent reasonably sized towns in their own A78 Kilwinning Montgreenan right, Irvine unquestionably draws on the smaller towns and villages in the surrounds, as a result of the critical mass of retail offer it provides. Ardrossan Stevenston Cunninghamheam Kilmaurs Saltcoats Perceton A78 A77 IRVINE Springside KILMARNOCK A71 A71 A71 Gatehead Drybridge Gailes A76 Dundonald A77 A78 Craigie Bogend Symington Loans Troon Fail This plan is published for convenience of identification only. Any site boundaries are indicative only and should be checked against title deeds. DRIVETIMES Monkton Tarbolton 10 MINUTE A77 IRVINE UNQUESTIONABLY DRAWS ON THE SMALLER 15 MINUTE TOWNS AND VILLAGES IN THE SURROUNDS RIVERWAY RETAIL PARK // IRVINE 6 SITUATION SAINSBURY’S Riverway Retail Park is situated immediately to the south of the Rivergate Shopping Centre, just to the west of Irvine High Street and the River Irvine, and opposite Irvine Train Station. Riverway is the established retail pitch and is a branch road from the A737 which acts as the main north-south route on the western TESCO side of the town, linking from the roundabout junction with the FULLARTON STREET A78, around 0.5 km (0.3 miles) in the south, to the main road junction with the A78 close to Eglinton Country Park in the north. A13 Low Green Rd Boyle St Jail Cl High St West Rd Hill St RIVERWAY ROAD New St River Irvine RIVERGATE River Irvine SHOPPING CENTRE New St IRVINE Victoria Cres RIVERGATE ASDA RIVERWAY SHOPPING CENTRE Riverway RETAIL PARK Mckinlay Cres FULLARTON ST Harbour St Gottries Rd NEW STREET Harbour Rd Merryvale Rd Scott Rd A71 This plan is published for convenience of identification only. Any site boundaries are indicative only and should be checked against title deeds. RIVERWAY RETAIL PARK // IRVINE 4 7 A737 A736 9 Low Green Rd Ballot Rd Boyle St High St East Rd RETAIL PROVISION River Irvine West Rd Irvine’s retail provision is centred around the subject property, Mill Rd the Rivergate Shopping Centre and large foodstores in Tesco, B7081 Asda and J Sainsbury’s, between the River Irvine and the towns railway station. We have summarised these assets below and they 2 Broomlands Dr are identified on the adjacent aerial photo and provision map. River Irvine 7 New St FU NON FOOD L Victoria CresLA R T TOTAL GIA O Whyte Ave ASSET POSTCODE TENANTS (INCL.) N (SQ FT) 1 S Riverway T Home Bargains, M&S, Mckinlay Cres Riverway 1 KA12 8AG 137,930 Currys, Homebase, Harbour St Retail Park Sports Direct Gottries Rd Rivergate Primark, Boots, A737 2 KA12 8EJ 235,000 Shopping Centre Wilkos, New Look Harbour Rd A71 Scott Rd Poundstretcher, Brantano, 3 Riverway Dev. KA12 8AY 26,000 Pets at Home 3 5 East Road Halfords, Argos, 4 KA12 0AF 15,000 Retail Park Domino’s Pizza 6 5 Lamont Drive KA12 8HD 21,954 Bed Shed 8 Lamont Dr TOTAL 435,884 10 FOOD TOTAL GIA ASSET POSTCODE COMMENTS (SQ FT) 6 Tesco Extra KA12 8AY 84,000 700 parking spaces Shopping centre store. 7 Asda KA12 8EJ 66,000 1,100 parking spaces 8 Sainsbury’s KA12 8BH 60,000 Opened 2011 includes PFS 9 Aldi KA12 0AF 16,000 10 Farmfoods KA12 8EH 8,000 TOTAL 234,000 RIVERWAY RETAIL PARK // IRVINE 8 DESCRIPTION The subject property comprises a purpose built retail warehouse available from the northern boundary onto New Street. park, built in 1990, totalling approximately 12,814 sq m Segregated rear servicing facilities for the main terrace are (137,930 sq ft), arranged around forecourt parking for c. 630 vehicles, giving a ratio of 1:20.2 sq m (1:218 sq ft) available and accessed from New Street. within a 2.1 hectare (5.3 acre) site. The main west facing The units of the main terrace are of steel portal frame terrace comprises 10 units including the recently constructed construction with front elevations of brickwork and profiled infill unit (5C) for Costa Coffee.
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