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Faraday Retail Park COATBRIDGE ML5 3SQ Faraday Retail Park COATBRIDGE ML5 3SQ A prime dominant retail park with further development potential Over a third of Scotland’s population live within a 30 minute drive time of Faraday Retail Park Total rent of £3,101,079 per annum, giving a low average rent of £19.00 per sq ft Open A1 non-food and food planning consent Investment Highlights • Coatbridge is situated on the east of the Glasgow conurbation approximately 11.5 miles from the city centre. • The town is strategically located close to the M73, M74 and M8 motorways. • Over a third of Scotland’s population live within a 30 minute drive time of Coatbridge. • The subject property effectively comprises Proposal Coatbridge’s town centre and is anchored by M&S Foodhall, Currys PC World, TK Maxx, Next We are instructed to seek offers in excess of and Tesco Extra. • The park is held feuhold. • The scheme has an attractive WAULT of almost £43,230,000 8 years to expiry, with around 25% of the income (Forty Three Million, Two Hundred and Thirty Thousand having over 10 years unexpired. Pounds.) This is based on a net initial yield of 6.75% and purchaser’s costs of 6.28%. • The rent totals £3,101,079 per annum which equates to a low average rent of £19.00 per sq ft for a scheme of this calibre. • TheparkbenefitsfromhavinganopenA1 non-food consent and a fully unrestricted open A1 consent including food. • There are a good number of exciting asset management opportunities to be explored, including expanding the scheme through further development. 3 | FARADAY RETAIL PARK, COATBRIDGE, ML5 3SQ Wattston Lumloch Muirhead Stand Gamkirk Glenboig TEPP Caldercruix Location Gartcosh Glenmavis Millerston 3 Plains North East The towns’ development and growth have been M8 AIRDRIE intimately connected with the technological Craigneuk Coatdyke advances of the industrial revolution, and in Glasgow Bargeddie Coatbridge particular with the hot blast process. Gartness Baillieston Calton Coatbridge was a major Scottish centre for iron works and coal Shettleston M8 Calderbank mining during the 19th century and in this period was described Salsburgh as ‘the industrial heartland of Scotland’ and the ‘Iron Burgh’. Birkenshaw M77 A725 Newhouse 21st century Coatbridge is the site of Scotland’s inland container Carmyle Jersay base with the town chosen as the site in part due to the proximity Viewpark of various rail and motorway networks. Lees Foods Ltd are a Holytown Hareshaw Mossend confectionery and bakery products company based in the town Uddingston ELLILL Newarthill Halfway M74 and are the manufacturers of the Lees’ macaroon bar. Cambuslang New Stevenston Flemington William Lawson’s Scotch Whisky distillery has been located Orbiston Carfin in Coatbridge since 1967. Bothwell Cleland Blantyre Bonkle 5 OTERELL 3 A9 10 MINUTE A84 High Blantyre EAI Rogerton Nerston A91 DRIVETIME M90 A82 A811 A92 M9 5 M876 Coatbridge is situated in North Lanarkshire and The M73 effectively forms Glasgow’s eastern Falkirk M9 forms part of the Greater Glasgow conurbation, orbital, linking just to the south with the M8, M80 Cumbernauld A1 7 Edinburgh lying 11.5 miles east of Glasgow city centre. which runs through the Central Belt Clydebank Livingston 70 to Edinburgh. M8 Glasgow Coatbridge is strategically located adjacent to the north Coatbridge M8 7 6side of the A8(T)/M8 motorway, the principal road 75 73 70 7 link between Glasgow and Edinburgh. In addition, the Coatbridge is served by a good rail network with regular trains to both Glasgow (16 minutes) East Kilbride town lies only a few miles to the east of the M73/ M74 703 67 737 M77 and Edinburgh (50 minutes). 70 interchange, the M74 comprising the principal route 7 M74 7 from West Central Scotland to the South. 7 7 Kilmarnock Glasgow Airport lies only some 30 minutes’ 707 70 to the west of the town. 77 drive 76 7 7 4 | FARADAY RETAIL PARK, COATBRIDGE, ML5 3SQ Deveron St hinhall Rd ommunity Par n e v e L Town hea d R d Moss ide Par A u l Situation d r h D am l l i Coatbridge e h A n l S Sunnyside r b t o e The park is well situated on the edge of r C t a A the town centre, adjacent to the South v Blairhill e Circular Road (A89) with a secondary M Monklands o n access from Coatbank Street (A725). D uneth t Hospital B g allys Par B u l o a n Puli Par l a i m d b r i r R e R h e Forming part of the scheme, sharing the same car t r d i e l y H h l d i S A e R park, but on a long ground lease at nominal rent, is s Coatdyke t r d v i y e t a n a modern Tesco Extra of 103,000 sq ft. To the north g n e u S r of the park is a 99,300 sq ft Asda foodstore, which W D a M u t ir e Le y yh l t S together with the Tesco, create further criticalfro mass S all l Dr y y S Kennedy S o t e t fr y Le v r Coatbridge T r and help draw a large amount of footfall to the area B Mai La a o n HPP St u w Central t T CATBRIDGE E S and the scheme. Q s l M i u e n t E iryh d S l S a e g l ll e l i C St a s D S n i a ru t C S la C W t r oat R s St d Kin g St lion rumellier overs F Mai olf lu S n St to Coatbank Wa West nd b y c Puli Par ro s s t S S t nk Ba t ler S Mil Ca ldee n Rd St G er las ald gow Cal C Rd dee C n ecil St Rd Kirkwood t S Whifflet d l e i f w St o r A725 de rr al a C B Whifflet C a rf alder in S ommunity t hifflet entre t S Puli Par COATBRIDGE, ML5 3SQ l 5 | FARADAY RETAIL PARK, l i h t a o A725 C Monkland Rd oathill Hosital Old Over 133,000 people live within a Catchment and 10 minute Demographics Coatbridgebenefitsfrom Over a third of Scotland’s whole drive time of the subject property, having a very large catchment population live within a extendingtosignificantlyover It is considered Faraday Retail Park forms the population 30 minute 733,500 dominant retail offer for both Coatbridge and drive of the town. people within a 20 minute Airdrie, which lie adjacent, with the centres only drive time. 3 miles apart, and are effectively within the same conurbation. There is a retail park in the centre of Airdrie; Airdrie Retail Park, anchored by a smaller Tesco of 60,000 sq ft, but the majority of the remaining offer is discount led, with B&M The catchment population enjoy (23,500 sq ft) and Bargain Buys, together with shopping, and spend Average weekly spend per person is Argos and Halfords. Weekly spend above average on furniture and furnishings is £26.64 on food per person on both clothing and marginally above average in and £3.98 on non-alcoholic drinks, footwear. On a weekly basis average Coatbridge and spend personal spend on clothing is £17.40 on convenience goods is above the UK average of £25.78 compared with the UK average of above average. and £3.43 per person respectively. £16.07 per person. The park therefore caters for most of the shoppers’ needs within the catchment area, with retailers represented including: North Lanarkshire Council has a So far £172 million 13 sites over 800 project to build over 2,150 homes havebeenidentifiedanditis new homes will be built for local in the area by 2027. likely that within the next residents, expanding the catchment 5 years alone. population further. 6 | FARADAY RETAIL PARK, COATBRIDGE, ML5 3SQ Retail Provision AVAILABLE in Coatbridge The scheme is part of the town centre in planning terms and is the main shopping destination for the catchment population, providing a wide variety of retailers. There is a B&Q Warehouse opposite, and a DW Sports close by. There are also secondary stand-alone units occupied by Go Outdoors and Poundstretcher. Asda also have a foodstore opposite the park, which links to Quadrant Shopping Centre. Proposed A3 and Gym Site Faraday Retail Park The retail park is popular with local shoppers, drawing in over 60,000 cars a week. The scheme is arranged in a linear terrace with car parking in front and servicing to the rear making it easy for shoppers to park and for the retailers to operate ‘click and collect’ from their units. The retail park totals 162,215 sq ft, and the adjacent Tesco is 103,032 sq ft. There are 1,138 car parking spaces shared between the retail park and foodstore, giving an overall ratio of 1 : 233 sq ft. The scheme presents well, with attractive and modern fasciae. Units 14-17 were only constructed in 2011, with the remainder having been re-clad, with attractive new entrance features also created. Therefore, no capital expenditure should be required to update the scheme in the foreseeable future. The retail park is popular with local shoppers, drawing in over 60,000 cars a week. 8 | FARADAY RETAIL PARK, COATBRIDGE, ML5 3SQ Tenure Retailer Details and Floor Areas The property is held feuhold, with the title delineated in red on the plan below.
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