Well Located Open A1 Retail Warehouse Investment Staples, Queen Alexandra Road / Marlow Hill, High Wycombe, Hp11 2Jx Staples: High Wycombe 2
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WELL LOCATED OPEN A1 RETAIL WAREHOUSE INVESTMENT STAPLES, QUEEN ALEXANDRA ROAD / MARLOW HILL, HIGH WYCOMBE, HP11 2JX STAPLES: HIGH WYCOMBE 2 INVESTMENT SUMMARY • High Wycombe is an affluent south east town, • Let in its entirety to Staples UK Retail Limited with an extensive catchment population of until 13 August 2027, with a tenant only break approximately 223,000 (Promis) option on 14 August 2022 • Highly accessible location being situated on • Passing rent of £200,000 with a fixed uplift the A404 Marlow Hill, providing direct access to £400,000 per annum in February 2015, to the M40 motorway located 1 mile (1.6 km) equating to £25.75 per sq ft. The vendor to the south will top up the rent until February 2015 We are instructed to seek offers in excess • Prominent town centre site situated adjacent • Unrestricted Open A1 planning consent of £5,400,000 (Five Million, Four to Buckinghamshire New University and within • Freehold Hundred Thousand Pounds), subject to walking distance of the town centre • Strategic town centre site offering future contract and exclusive of VAT. A purchase Solus retail warehouse unit comprising • redevelopment potential at this level will reflect aNet Initial Yield 15,533 sq ft (1,443 sq m) of well-configured flexible accommodation together with 93 car of 7.00%, based on the topped up rent parking spaces equating to an excellent ratio after allowing for normal purchaser’s costs of 1:167 per sq ft of 5.80%. STAPLES: HIGH WYCOMBE 3 LOCATION High Wycombe is an affluent town in Buckinghamshire located approximately 32 miles (52 km) north west of London, 10 miles (16 km) north of Maidenhead, 15 miles (24 km) south of Aylesbury and 29 miles (47 km) south east of Oxford. The town benefits from excellent transport links being situated in close proximity to Junctions 3 and 4 of the A5 M40 Motorway which links with the M25 and London LEIGHTON M1 BUZZARD A10 STEVENAGE to the south east, and Birmingham and the Midlands A44 DUNSTABLE to the north. High Wycombe railway station offers A41 LUTON frequent services into Central London with a fastest A1(M) A34 A5 M40 journey time of approximately 30 minutes. AYLESBURY YARNTON OAKLEY The town is also conveniently located for London A40 A40 Heathrow Airport, approximately 20 miles (32 km) HEMEL ST ALBANS A420OXFORD HEMPSTEAD A1(M) to the south east, accessed via the M40 and M25 A413 A41 M11 APPLETON CHESHAM M25 motorways respectively. CHINNOR M25 A420 ABINGDON M40 HIGH AMERSHAM WYCOMBE WATFORD ENFIELD DORCHESTER BARNET A355 M25 DEMOGRAPHICS EDGWARE DIDCOT High Wycombe benefits from a large and affluent MARLOW HARROW A503 M40 A406 population, with the primary catchment estimated A34 A12 A404 A40 at 223,000, ranking the town 118 out of the PROMIS MAIDENHEAD A13 COMPTON SLOUGH centres (Promis). M4 LONDON M4 A102 M4 WINDSOR The area is characterised by an over-representation M4 HEATHROW AIRPORT READING of working adults categorised in the highest AB TWICKENHAM A214 M4 M25 class groupings (30.3% of the district population) ASCOT NEWBURY MITCHAM BROMLEY comprising those employed within higher and M3 WEYBRIDGE A24 CROYDON intermediate managerial, administrative and A33 YATELEY EPSOM professional roles. WOKING M25 A339 LEATHERHEAD A23 Further demographic and economic indicators which M3 FARNBOROUGH M25 demonstrate the strength of the catchment population A34 include levels of car ownership (85.9% compared GUILDFORD M3 with the UK average of 72.6%) and dwelling owner ANDOVER M23 occupation (75.5% compared with the UK average of MILFORD 68.3%) significantly above the national average. STAPLES: HIGH WYCOMBE 4 SITUATION The site lies in an established mixed use area with property on Marlow Hill adjacent to Junction 4 of Wycombe Hospital situated immediately to the the M40 motorway. Construction of this mixed use The subject property is situated in a highly west and Wycombe Abbey School to the south. development is under way and is due to complete prominent position fronting a busy roundabout at Located directly opposite the subject property is the in Q4 2015. It will provide a new sports and leisure the junction of Queen Alexandra Road and Marlow High Wycombe Campus of Buckinghamshire New centre and a circa 24,750 sq ft Waitrose foodstore Hill, approximately 300 metres to the south of High University which recently underwent a £4.5 million together with a new coachway park and ride scheme. Wycombe town centre. redevelopment and reopened in September 2014. The master plan further contains provision for future office accommodation and a hotel. The roundabout, which is located at the bottom of The area is further set to benefit from the Marlow Hill, is served by London Road (A40) and the redevelopment of The Handy Cross Hub which is A404, the main arterial roads from Junctions 3 and 4 located one mile to the south west of the subject of the M40 motorway. 8 8 A 2 40 1 W 4 W A E ST W 4 YC 004 O 4 A MB E R L O L A IIL D H M A A H BUCKINGHAMSHIREB S QQUEENU AL NEW UNIVERSITY B R E E E EN N A Y HIGH WYCOMBE LE M E W XA A RAILWAY STATION W NNDD A R Y A R R RO O O AADD A A D D WYCOMBE HOSPITAL A4 0 L STAPLES ON DO N R OA A D 4 0 1 TO WYCOMBE 0 RETAIL PARK MARLOW HILL DAWSD AW S H HILIL L L A N E 4 40 A HANDY CROSS HUB JO AY M40 HN HALL W NEXT HOME J4 H E ASDA & GARDEN A TH E TO JOHN LEWIS M40 ND RO AD STAPLES: HIGH WYCOMBE 5 DESCRIPTION Externally there are 93 car parking spaces surrounding the perimeter of the unit which is situated at the The subject property, originally a bus depot, was centre of the site, equating to an excellent ratio of converted to a DIY unit in the 1970’s before being 1:167 per sq ft. Access and egress to the site is via refurbished and extended in the mid 1990s. The Queen Alexandra Road. original building comprises brick elevations under a flat roof with the rear extension being of steel portal The total site area is approximately 1.129 acres frame construction with profiled metal cladding and (0.457 ha) with a low site coverage of approximately 32%. brick elevations under a pitched roof. The property is rectangular in shape and provides a ground floor sales area, ancillary storage, office accommodation, kitchen and WC’s. Internally, the store is fitted out to the occupier’s corporate specification. ABBEY WAY BUCKINGHAMSHIRE NEW UNIVERSITY QUEEN ALEXANDRA ROAD WYCOMBE HOSPITAL WYCOMBE SCHOOL MARLOW HILL A404 STAPLES: HIGH WYCOMBE 6 ACCOMMODATION COVENANT INFORMATION The property provides a gross internal area of approximately 15,533 sq ft (1,443 sq m). Staples was formed in 1986 and has grown to become the world’s largest office products company supplying a range of office equipment, technology and business services. The company employs in excess of 50,000 people in over 2,200 stores TENURE within a global network which extends across 37 countries. Staples Inc. recorded Freehold revenue of $23.1 billion for 2013. The most recent financial results for Staples UK Retail Limited are summarised below: TENANCY February 2013 January 2012 January 2011 The property is let in its entirety to Staples UK Retail Limited for a term of 15 years expiring on 13 August 2027. The lease is drawn on full repairing and insuring terms Sales Turnover £267,794,000 £287,534,000 £315,896,000 and is subject to five yearly upward only rent reviews to Open Market Value, capped at 2.5% per annum. There is a tenant only break option on 14 August 2022. Pre-Tax Profit / (Loss) (£59,725,000) £5,152,000 (£3,607,000) The current passing rent is £200,000 per annum with a fixed uplift to £400,000 per Tangible Net Worth (£51,009,000) £7,932,000 £1,814,000 annum from 14 February 2015, equating to £25.75 per sq ft which the vendor will top up. The next review is due in August 2017. PLANNING Planning consent was granted for the change of use to a DIY unit on 16 November 1977 (reference W/2806/77). On 18 March 1994 condition 5 of this consent restricting the use of the premises to DIY use was removed (reference 94/05143/RCDN). The property therefore benefits from an unrestricted Open A1 planning consent. STAPLES: HIGH WYCOMBE 7 RETAIL WAREHOUSING IN HIGH WYCOMBE The majority of retail warehousing in High Wycombe is situated around London Road (A40) including Wycombe Retail Park located 1.5 miles to the south west of the subject property. The scheme comprises a total of 107,630 sq ft (9,999 sq m) with occupiers including M&S Simply Food, Argos, Pets at Home, Hobbycraft, Wickes, KFC and Pizza Hut. The highest rent currently stands at £33.00 per sq ft. In addition to the retail park, there are a number of solus retail warehouse units along London Road (A40) including B&Q, Homebase and DFS. The B&Q unit benefits from a bulky goods planning consent and comprises a total of 46,967 sq ft (4,363 sq m) with approximately 9,906 sq ft (920 sq m) sub-let to Halfords. B&Q are currently paying £24.50 per sq ft. The DFS unit comprises a total of 17,250 sq ft (1,603 sq m) and benefits from a bulky goods planning consent.