Riverside Quay Shopping Centre Haverfordwest

RIVERSIDE QUAY SHOPPING CENTRE HAVERFORDWEST

DOMINANT SHOPPING CENTRE WITH CONSENTED LEISURE DEVELOPMENT

SA61 2LJ Fawcett Mead

2 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST . £740,192 £902,064 Haverfordwest is the county town of Pembrokeshire, Wales. Wales. town of Pembrokeshire, is the county Haverfordwest 125,000. population of approximately a loyal district benefits from The town Haverfordwest. destination in centre shopping dominant town Centre is the Quay Shopping Riverside town each year. for over four million visits to the Tourists account units, totaling 86,349 sq. ft. 23 well configured retail The scheme comprises including six screen cinema retail and leisure development granted to incorporate new Consented scheme Anchor tenants include: Anchor tenants to national retailers. 96% of income secured A rates of £35.00. Sustainable Zone Freehold. • • • • • • INVESTMENT SUMMARY SUMMARY INVESTMENT • • • Income: Net Current • Value: Rental Estimated Fawcett Mead

3 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST Consented Leisure Consented Leisure Development Market Riverside Quay Shopping Centre Multi-story Car Park centre shopping destination in Haverfordwest. Riverside Quay Shopping Centre is the dominant townRiverside Quay Shopping Centre is the For indicative purposes only. only. purposes indicative For Fawcett Mead

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spectively. A483 M4 MINS SWANSEA The Mumbles Gorseinon 90 A48 Llanelli Llangenneth Camathen MINS Ferryside 60 digan r Ca Llanbody A477 e r A487 A40 enby T MINS okeshi r Coast 30 oke National Park National Pemb WEST Newport Pembr Dock ORD d Haven Milfor VERF HA The town has good road connections and is strategically located at the western the at located strategically is and connections road good has town The end of the A40 trunk road. The A40 links the town to the national motorway Cardiff International Airport is located 96 miles east of Haverfordwest town centre. town Haverfordwest of east miles 96 located is Airport International Cardiff network via junction 49 of the M4 motorway. The ports of Fishguard and Milford and Fishguard of ports The motorway. M4 the of 49 junction via network and 7 miles to the south re Haven are situated 15 miles to the north Piccadilly Manchester and Central Cardiff to services rail direct regular are There respectively. in approximately 2 hours 30 minutes and 5 hours 46 minutes St Davids (Source: Pembrokeshire Council 2011) LOCATION in excess of 4 million visitors per annum. per visitors million 4 of excess in The Pembrokeshire coast and countryside coast and The Pembrokeshire is a major tourist destination, attracting Haverfordwest is a tourist hub, and as a result of its status as the retail and leisure core Haverfordwest is a tourist hub, and of Pembrokeshire, retailers in Haverfordwest benefit directly from the 7.2 million day each year. visits to Pembrokeshire National Park Haverfordwest is the County town of Pembrokeshire, Wales. The town is located of Pembrokeshire, Wales. The town is located Haverfordwest is the County town of west miles 134 and Cardiff of west miles 96 Swansea, of west miles 57 approximately district population of 125,000. Bristol. The town benefits from a Fawcett Mead

5 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST stating that over 75,000 visitors had visited between December-March. between visited had visitors 75,000 over that stating EMPLOYMENT County Pembrokeshire include employers major Haverfordwest, Within Withybush the and town, the in situated is office head whose Council, General Hospital. Elsewhere within the catchment, Milford Haven is the third largest port in the UK and is developing a cluster of energy driver economic key a providing port, the alongside businesses related inward investment. for Pembrokeshire and attracting significant In December 2018 the new County Library was developed, locally known locally developed, was Library County new the 2018 December In as The Riverside, the county’s new flagship cultural centre. Thethe new on Quay Riverside opposite directly situated is which development, other side of the river Cleddau, comprises a state-of-the-art cultural feedback press initial The £3m. approximately costing café, and facility to the regeneration project has been extremely positive, with reports river. Bridge Street hosts occupiers including Superdrug, Specsavers, Superdrug, including occupiers hosts Street Bridge river. H Samuel and Vision Express. every Friday from 9am to 2pm. The popular markets provide stallholders the opportunity to showcase homemade food and entertainment a consistent feature. drink, with musical Historically prime retail was focussed on Bridge Street, which is the of side opposing the on Quay, Riverside of west the to located Riverside Riverside Quay Shopping Centre forms the prime retail location in configured well 23 comprises scheme air open The Haverfordwest. retail units which run alongside the river Cleddau to form a highly environment. attractive retailing location in the town centre, the Haverfordwest By virtue of its core Farmers Market is hosted within Riverside Quay Shopping Centre RETAILING IN HAVERFORDWEST IN RETAILING Fawcett Mead

6 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST over the first floor. The property includes a surface level car park which comprises approximately 158 spaces. The car park is let to Pembrokeshire County Council for a term of 25 years from 25 March 1990 at a over. peppercorn rent. The tenant is holding end southern the at footbridge the is ownership the within Included Riverside linking Cleddau, River the crosses which scheme, the of Quay to Bridge Street. DESCRIPTION 86,349 approximately provides Centre Shopping Quay Riverside retail accommodation. sq ft (8,022 sq m) in purpose built the of majority the with units, retail 23 accommodates centre The accommodation ancillary with only floor ground from trading units New New £3 million library and cafe the scheme opposite directly The scheme adjoins the picturesque River Cleddau. The scheme adjoins the picturesque 158 spaces situated at the north of the subject property, behind Wilko. Furthermore, the comprises and east the to scheme the adjoins park car Multi-storey Riverside owned council bays. approximately 357 spaces and 30 disabled The property benefits from its own dedicated surface level parking, comprising approximately comprising parking, level surface dedicated own its from benefits property The The shopping centre is anchored by Wilko, other national occupiers include: Wilko, other national occupiers The shopping centre is anchored by SITUATION town centre. located in the heart of Haverfordwest’s Riverside Quay Shopping Centre is Fawcett Mead

7 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST the tenant line up. PARK – WILKINSON CAR DEVELOPMENT The vendor has had plans approved for a mixed available is retail information Further and site. leisure Wilkinson existing the on scheme on page 9. FROM THE COUNCIL PARK FOR CAR POSSESSION VACANT SECURE Council are currently holding over, paying no rent. Landlord could secure vacant possession and collect tariffs directly. Haverfordwest’s historic town centre architecture restricts the provision the restricts architecture centre town historic Haverfordwest’s extending and 2-4 Units Amalgamating stores. retail format larger of would units larger create to scheme the within units other of number a attract a variety of national retailers. National multiples with active Cotton and KFC Saltrock, Farmfoods, include; currently requirements is available upon request. Traders. Further information CURRENT OWNERSHIP THE PROPERTIES OUTSIDE OF ACQUISITION Various units on Old Bridge adjacent to the scheme with discussions are historic been currently have There ownership. core the outside the vendor to acquire these sites and a prospective purchaser could the increase to order in units these of acquisitions the target therefore potential redevelopments. size of the scheme and assist with OFFER FOOD AND BEVERAGE IMPROVING The food and beverage offering in the scheme is under represented. Improvement of the catering and leisure offer would diversify the dwell time and footfall. centre’s offering, improving consumer WITHIN THE TOWN RETAILERS OF NATIONAL RELOCATION Bridge on located are Greggs and Warehouse Mountain Factory, Card should They months. 12 next the within expiries lease have all and Street therefore be targeted for relocations, which would help strengthen LET VACANT UNITS LET VACANT The scheme has successfully attracted a number of multiple national letting by further these to add to opportunity an is there and retailers the vacant units. UNITS OF EXISTING RECONFIGURATION F E B C D G A Limited 09/06/2015 Belfast Created: Colliers Plan By: e Goad G Created 2015. Ordnanc Experian ights r e abas dat A and t 6011 opyright dwes B r 601 own c C rfo r e 0845 Hav

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For www.experian.co.uk/goad For indicative purposes only. Title plan available upon request. ASSET MANAGEMENT OPPORTUNITIES MANAGEMENT ASSET Fawcett Mead

8 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST national multiple retailers 96% of current income is secured to Fawcett Mead

9 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST Artist Impressions. Artist Artist Impressions. Planning Application Number: 16/0879/PA. Further information available upon request. The vendor has received offers from a number of national and regional leisure operators. Travelodge also have an active requirement and are interested in this scheme. the part demolition and alteration to the existing Wilko store. the part demolition and alteration to ground floor level, with a cinema (Use Class D2) at first floor level. Class D2) at first ground floor level, with a cinema (Use alongside park car existing the to alterations entail would development The Plans were approved by Pembrokeshire County Council in August 2017 to 2017 August in Council County Pembrokeshire by approved were Plans at floorspace A3 and A1 flexible of m) sq (1,400 ft sq 15,070 to up develop DEVELOPMENT Fawcett Mead

10 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST 19% < 1 year 24% 1 to 3 years 5% Holding Over to expiry to Income profile profile Income 19% 33% 5 to 10 years 3 to 5 years 24% < 1 year 10% Holding Over 24% 1 to 3 years INCOME ANALYSIS INCOME by anchored stream income sustainable a offers Centre Shopping Quay Riverside unexpired weighted average The retailers. multiple national of percentage high a to expiry (2.07 to break). term is 2.99 years INCOME PROFILE AND RENTAL ANALYSIS RENTAL AND PROFILE INCOME of deduction the After annum. per £791,050 is income gross contracted total The is £740,192 per annum. net income shortfalls, the current the current £902,064 of value rental estimate gross current a has Centre Shopping Riverside per annum based on ERV tones between £20-£35 Zone A. Costa have recently reflected £35 Zone A. for a further five years and this renewed their lease to break to 5% Income profile profile Income 5 to 10 years 37% 3 to 5 years 96% National Current Current 4% covenant Local gross rent by by rent gross Riverside Quay Shopping Centre is let in accordance with accordance in let is Centre Shopping Quay Riverside the attached tenancy schedule. TENANCIES Riverside Quay Shopping Centre benefits from strong the visiting shoppers million 2 of excess in footfall annual scheme in 2018. FOOTFALL TENURE Freehold. Fawcett Mead

11 RIVERSIDE QUAY SHOPPING CENTRE – HAVERFORDWEST VAT We understand that the property is elected for VAT. It is anticipated that the sale will be structured as a transfer of a going concern (TOGC). DATA ROOM DATA and leases including information Further EPC’s are available in the data room. Details available upon request. Riverside Shopping Centre is £3.30 per sq ft. covered by a comprehensive service annual current service The area. floor by charge apportioned for 2019 December 31 to year the for budget charge SERVICE CHARGE SERVICE The operating costs of the shopping centre are PROPOSAL

We are instructed to seek offers in excess of £5,785,000 (Five Million, Seven Hundred and Eighty Five Thousand Pounds), subject to FURTHER INFORMATION contract and exclusive of VAT. A purchase at this level reflects an attractivenet initial yield of James Mead Nick Carvey Joe Baio 12.00% after standard purchaser’s costs of 6.62%. [email protected] [email protected] [email protected] 020 7182 7489 020 7182 7493 020 7182 7493 07515 889 649 07851 116 426 07851 116 426

Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. SUBJECT TO CONTRACT Designed by Graphic Outlines Ltd 2019