Witham • Essex
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WITHAM • ESSEX PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY INVESTMENT CONSIDERATIONS • The scheme is a dominant modern • Current gross income of £624,554 shopping centre containing the per annum with current passing net majority of the retail pitch in Witham. income of £576,812 per annum after deduction of occupational shortfalls. • Adjoins Tesco supermarket and principal shoppers car park for the • Favourable estimated rental values town. (ERVs) average c. £40 sq ft Zone A with the total ERV estimated to be £708,694 • Freehold. per annum. • Total accommodation of 53,243 sq ft • WAULT of 4.1 years to lease expiry (4,946 sq m) comprising 25 retail units. (2.74 years to tenant break). • The centre boasts a wide variety of • A number of asset management local and national retailers, including: opportunities to enhance value. Costa, Boots Opticians, Specsavers, Superdrug, Clarks Shoes, Poundland, • Offers in excess of £6,546,000 are Shoe Zone, Holland and Barrett, M&Co invited for the freehold interest. and Select. • An attractive net initial yield of 8.25% • Customer access to 369 free parking a reversionary yield of 10.14% an spaces. equivalent yield of 9.95% and a true equivalent yield of 10.6% assuming • Good retailer demand evidenced by a purchaser’s costs of 6.80%. number of recent lettings and high level of occupancy. • Strong income profile with 81% of gross income secured to national multiple retailers. The scheme is a dominant modern shopping centre containing the majority of the retail pitch in Witham 2 3 11 F Bedford M11 LO M1 R 10 A Haverhill R WITHAM Biggleswade O Newport Pagnell IPSWICH A 9 Sudbury D 14 Royston Sa�ron Walden LL END 8 13 S HA 1 10 ER 0 Located in the South East of England and lying within POW C 1 Felixstowe HIP B D PIN the county of Essex, the market town of Witham has a L EN G 9 AL HI 12 Harwich RS H LL resident population of 25,353 (2011 Census) and is part POWE 8 S P of the district of Braintree (ONS). The town stands 8 Braintree A Witham 2 7 R 11 Luton STANSTED 1 miles (13km) from the city of Chelmsford to theDunstable south 8 COLCHESTER O Station A A D Bishops A 10 A1(M) D LUTON Stortford O west and 13 miles (21km) from Colchester to the north R 6 R Aylesbury 9 Welwyn E Ware WTAM T east; London is approximately 45 miles (72km) to the 5 Garden S Tring M11 Clacton-on-Sea E M1 City T H Hemel 4 H C south west. E L Hempstead 8 Maldon C A 3 Hat�eld Harlow O 7 CHELMSFORD O V C Berkhamsted 7 E 1 2 L N H U 22 L I E I G N 20 D H 24 25 26 G A Amersham 19 M25 5 F W I O E R O 6 18 Watford 5 L M1 Barnet En�eld S 5 Brentwood D O T High Wycombe 17 4 S H E R D 9 E 28 N M40 M11 Rayleigh O R 8 G 4 Beacons�eldRickmansworth 2 A O 3 R R Witham is located3 1 O 4 D U 2 29 A B V O 1 Basildon Southend-on-Sea D E B Harrow Marlow 1 E A40 CITY M25 E Maidenhead Uxbridge R in the South EastSlough of Canvey Island F 7 30 6 LONDON 2 4 3 2 1 Woolwich 31 1 Richmond T Tilbury E A England andM4 Windsolyingr 14 HEATHROW Dartford Sheerness E R M 13 2 Gravesend Margate T A 10 Herne S L 1 Rochester D Staines 1 Bay D 1 Bracknell Kingston Swanley N O upon Thames 2 Gillingham A N within the county L R 11 Whitstable W D PA E 4 M20 Chatham Sittingbourne E S 3 4 Ramsgate N V TU 3 5 NTS H O RE M25 BLU AL OAD R RD Camberley 2 4 L R G 10 3 M2 6 7 E 4 Woking 9 5 6 TH of Essex 5 7 9 7 M3 Leatherhead M25 8 Canterbury 5 6 Sevenoaks S 8 Maidstone P Deal IN Aldershot Guildford Dorking K S L Farnham Tonbridge A M23 N M 9 T E E A E WITHAM Ashford Dover R L T D S O E G N D R I H R O O B 2 W A COMMUNICATIONS B D 1 R A ID G E R D Witham is aided by high quality communications; by AD O road, train and air both inward to London and outward R D RENC L LAU E AV IE E to the rest of East Anglia, as well as having many F T A national links. Situated on the A12 midway between H Chelmsford and Colchester, Witham has swift access routes off the M25 as the A12 services Central London directly. Additionally, just 6 miles north of Witham lies the A120, providing a link between the town, Stansted Airport and much of the M11 corridor. By rail, the Grove Centre is serviced by Witham Train Station, providing DEMOGRAPHICS AND frequent commuter services to London Liverpool LOCAL ECONOMY Street. Moreover, Witham station is the point at which the Braintree branch meets the Ipswich main line, allowing passengers to travel to destinations such Witham, in 2011, had a resident population of 25,353 as: Ipswich, London, Braintree, Norwich, Cambridge, within the radius of the town, and this was predicted to Stansted airport, Lowestoft and Felixstowe. All of these rise to 26,035 by 2015 (City Populations). Essex, due to services are operated by Abellio Greater Anglia, with an its close proximity to London, allows the county to be a average journey time to London standing at 45 minutes. centre for business and commerce. Much of the eastern With its excellent transport links, Witham has a large side of Witham has a large concentration of industrial number of residents who commute to London; this was estates, for example: Crittall Windows, a national highlighted by the Witham Railway Station appearing in manufacturer, relocated to occupy a new factory on the the 150 busiest railway stations in Great Britain (Office Freebournes Industrial Estate. Despite the dominance of Rail Regulation). The bus station is located outside of industry, tourism is also a key contributor to the Essex the railway station, from where Plusbus operate local economy. Approximately 8% of all residents in Essex trips around the town and to many major settlements are considered to be employed by the tourism industry in south east Essex. The nearest passenger airport (ONS). Witham’s primary and secondary catchment is London Stansted, which is 23 miles (37km) to the has a high percentage of residents who own their northwest; the airport is the fourth largest in the UK, households at 73.2%, in contrast to the national average servicing 24,320,000 passengers in 2016 (Civil Aviation of 63.6%. Additionally, around 72% of residents in this Authority). Stansted provides both domestic and catchment are economically active, compared to the international flights. national average of 69.7%. 4 5 Demise line for indicative purposes only MAYLAND HOUSE 66,000 SQ FT (6,132 SQ M) COFUNDS MAYLAND ROAD TESCO MAIN TOWN CAR PARK SUPERMARKET (369 SPACES) RETAILING IN WITHAM SITUATION Witham has a mainly linear town centre focused The Grove Centre is situated upon the south- around the high street and two shopping eastern side of Witham’s busiest retailing precincts, which forms a cross that bisects the thoroughfare, Newland Street. The town’s high street – the Newlands Shopping Centre main retail space is primarily organised within with a 1970s design to the north, and the the Grove Centre and the smaller Newlands more modern Grove Centre to the south. The Shopping Centre, lying directly opposite the town centre consists of around 270,000 sq ft scheme. The centre is also bordered by Maldon (25,080 sq m) retail floor space, yet much of Road to the south-west, Mayland Road to the this is comprised of period buildings. The Grove north and The Grove to the south-east. The Centre is one of the few locations in Witham Grove Centre is configured with pedestrian where retailers have access to modern retail access from both Newland Street and the 369 accommodation. There are also a range of small space shoppers surface car park to the rear of MALDON ROAD NEWLAND STREET shops, restaurants, pubs, major high-street Tesco. banks and national commercial chains, which draw consumers into the centre of Witham. TRAVIS PERKINS INVESTMENT IN WITHAM AND BRAINTREE 1. In December 2014, one of the UK’s addition to the development, Redrow leading financial firms, Cofunds, homes have promised to invest c. £6 decided to relocate from Chelmsford million into the surrounding area; a to Mayland House in Witham, a large spokesperson for the company said 66,000 sq ft (6,132 sq m) office block ‘education will receive £4.8 million, virtually adjacent to the Grove Centre. with almost £480,000 allocated for This move allowed the relocation of 600 transport, £350,000 for a community permanent jobs in the largest single hall, £246,000 for health, £225,000 for office letting in Essex for 10 years. sports and finally £20,000 set aside for Mayland House town centre improvements’. 2. Redrow homes have begun construction of 525 private sale homes 3. Bellway homes have also begun on a 36 hectare panel of land on the construction of more than 300 outskirts of Witham.