Droitwich Spa Yew Tree Village Local Centre

An opportunity to acquire a prime local centre investment with a national foodstore anchor 1 Average number of baskets of items bought between March-July 2020 rose 32% at local convenience stores

51% of shoppers said they were planning to continue shopping at their local convenience store

2 in 3 said their local corner store had everything they need

Retail Gazette

2 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY

INVESTMENT SUMMARY

• Prime new local centre development

• The Co-op foodstore anchor providing nearly 50% of the income

• Four new retail units of 1,000 sq ft each

• New day nursery up to 6,000 sq ft, can be made available

• The centre adjoins a new private care home

3 DROITWICH SPA M5 Droitwich Spa is situated 6 miles north of Worcester A442 A456 and 30 miles south of Birmingham, with easy access A38 in both directions thanks to the nearby M5 accessed at Junctions 5 and 6. 4 A435 All the facilities of the city of Worcester are just six 2 miles south via Droitwich Road (A38) and nearby M42 3 schools in the area include Meadows, St Peters & Stourport- A448 4a Alvechurch & Pre-School. on-Severn

A441

Worcester 6.2 miles A38 A448 Reddich 12 miles Reddich Kidderminster 12.8 miles Birmingham City Centre Great30 miles Witley A449 5 32 miles Hanbury 35 miles Droitwich Approximate distances from the Local Centre Spa A441 A435 Martley M5

Alcester Knightwick 6 A442 Worcester A44

A38 A44 7

4 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY YEW TREE VILLAGE

D Yew Tree Village is part of a 70-acre new residential A O Vines Park R

E P R housing development located approximately three A A Y W WITTON L W A E S T L miles to the south of Droitwich Spa town centre.

A DROITWICH SPA S TOWN CENTRE

OM B E R L E Y W Great Pool AY providing 765 new homes.

A38 L

A

N

A Y School The Droitwich C National house builders Persimmon, Taylor Wimpey A W Hospital

N T

A H H and Redrow have been developing new homes, M O E R E C U

I H N E O which commenced in 2016. W V T L I School A L O Y S R O I A R A R D F W W K

C A

Y A L A new local retail centre will be built at the heart of

B Y E L R the housing development with access via Pulley Lane E B O M L D O C O A Droitwich C H R from the Worcester Road (B4090). School O A D Lido Park

D

A School O R

L L R O A D R G W E A

R E R T Droitwich Town Centre 2.8 miles O S

M C R A E N E C

T L R Gaudet Luce A W V O A G Y E S W Golf and Leisure Droitwich Spa Station 2.9 miles T U N A Y W E W

E W Complex

A L

Y D L

N L A S M R M5 South (Junction 6) 3.7 miles R I P O

A ND M S L A W A D P R I Y M5 North (Junction 5) 4.4 miles Water Tower

Approximate distances from the Local Centre A D D Y E A Y S W

COPCUT The Orchards

L A N E L E Y U L P

A38

Yew Tree

E N A L Village

D N A L W E N

5

DESCRIPTION

The local centre provides retail and nursery facilities to a wider catchment of Droitwich Spa, which has a population of 24,000 all within a 10 km radius of the centre.

The scheme is being constructed by Henry Davidson Developments, an established specialist Local Centre developer (www.hddl.co.uk) providing a convenience store and four new retail units which will be available to lease.

In addition to the retail units, a new day nursery extending up to circa 6,000 sq ft on two floors with dedicated demised parking can be made available. Design and layout for the nursery is flexible at this stage and can be tailored to specific operators requirements.

The retail units available offer a uniform in line terrace adjoining a convenience food store of 4,000 sq ft to be occupied by The Co-operative. Shared parking for 40 vehicles is provided within the centre.

The new development will be surrounded by new housing.

This plan is indicative only and may have varied during construction.

6 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY ACCOMMODATION

The property will comprise the following CUCKOO CLOSE approximate floor areas:

s 1k tail 40 space Re c Terrace

b m/ Sq M Sq Ft

/ t 1k gated yard 1k C-Store 371.61 4,000 1k

acce PLOT 3 re C' Sto ss Retail Unit 1 92.90 1,000

sign 4k cycle ss acce ries delive Retail Unit 2 92.90 1,000

garden

6k CUCKOO CLOSE Nursery private 2 storey Retail Unit 3 92.90 1,000

GOLDCREST WAY Retail Unit 4 92.90 1,000

WOODLAND WAY Total 743.22 8,000 PLOT 2 New Day Nursery* 557.41 6,000

*NEW DAY NURSERY

24 Parking Spaces The new Day Nursery plot does not form part of this transaction however HDD would be prepared to discuss options.

JENNY WREN ROW PLOT 1

7 PROPOSAL PROPOSED INCOME

Unit Sq ft Rent psf Rent (PA) Term R/R Tenant Comment

C Store 4,000 £18.00 £72,000 20 years 5-yearly OMV Co-op AFL exchanged with Kenmare Estates Limited. 9 months rent free

Retail 1 1,000 £20.00 £20,000 - - Void Marketing

Retail 2 1,000 £20.00 £20,000 - - Void Marketing

Retail 3 1,000 £20.00 £20,000 - - To be advised Under Offer

Retail 4 1,000 £20,00 £20,000 - - Void Marketing

£152,000

• A forward funding of this opportunity is sought on the basis of a land purchase and WIP cost of £350,000, with a further two interim payments to be made, and a final balancing payment at practical completion. • Upon this traditional funding structure and a rent role on the completed scheme of £152,000 per annum the maximum commitment to the investor is £2,175,000 (TWO MILLION, ONE HUNDRED AND SEVENTY FIVE THOUSANDS POUNDS), which reflects a net initial yield of 6.57% after purchase costs of 6.33%. • Consideration will be given to proposals offering a 50:50 share of the the SDLT saving available.

Land Payment 1 and WIP Upon Planning Consent becoming unconditional Payment 2 3 Months post-unconditional Planning £1,300,000 split to be agreed. Payment 3 Balancing payment at Practical Completion Payment 4 Top up for lettings as they occur £525,000 to be released incrementally as void units are Let.

8 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY TIMING

• Planning Mid March 2021 • End of judicial review period End of April 2021 • Start on site May 2021 • Practical Completion November/December 2021.

TENURE Freehold.

ENERGY PERFORMANCE Energy Performance Asset Rating: TBC.

VAT All figures quoted are exclusive of Value Added Tax which will be charged at the prevailing rate.

ANTI MONEY LAUNDERING The successful purchaser will be required to submit information to comply with anti-money laundering regulations.

9 CONTACT

For further information please contact

Duncan MacLaren MRICS [email protected] D | 020 7317 3132 M | 07770 648 755 W | maclarenpartners.co.uk

MacLaren & Partners for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) MacLaren & Partners cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of MacLaren & Partners has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; 10 Yew Tree Villageand (v) Local MacLaren Centre & Partners | Woodland will not be liable, Way in negligence | Pulley or Lane otherwise, | Droitwich for any loss arisingSpa WR9from the 7FY use of these particulars. February 2021. Produced by creativewiredesign.co.uk