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Retail Warehousing & Foodstores

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Retail Warehousing & Foodstores RETAIL WAREHOUSING & FOODSTORES TRACK RECORD DETAILED KNOWLEDGE. WEALTH OF EXPERIENCE. ALL RETAIL. 1 Malvern Shopping Park - 135,658 sq ft INTRODUCTION Formally established five years ago, Knight Frank’s Out of Town Retail Capital Markets team is led by Andrew McGregor & Dominic Walton. Both individuals have more than 30 years’ experience in the sector, both in investment and crucially, occupational expertise. They oversee the team’s execution of one shared goal: to provide the best advice possible. DOM WALTON ANDREW MCGREGOR T +44 20 7861 5191 T +44 20 7861 1531 “AT LONDON METRIC OUR CUSTOMER FOCUS HELPS CREATE VALUE FOR ALL. THIS IS AN APPROACH THAT KNIGHT FRANK SHARE WITH US AND IT CREATES A REAL POINT OF DIFFERENCE!” Andrew Jones London Metric 3 OUR EXPERTISE The Out of Town Retail Capital Markets team provides the following services: • Purchase advice – backed up by full tenant audit, pricing and cash flow analysis, legal due diligence and a comprehensive purchase report. • Competitive sales advice – a well-researched view on price, before embarking on the most effective and aggressive method of achieving best value. • Asset review - our in-depth knowledge of the occupational market enables us to provide comprehensive and often speculative asset reviews. Unlike most investment teams, we have direct relationships with tenants, which enables us to fully understand their trade motives and requirements. Our advice is therefore able to give a true insight into the opportunities and/or threats posed by the occupational market and its likely impact on the scheme. • Debt advisory - our dedicated debt advisory team enables us to provide best-in-class advice on matters around the cost and suitability of debt; from assessing the impact and suitability of leverage during the purchasing process to the merit of stapling a debt proposal as part of the sales process. • Research - Stephen Springham leads our dedicated retail research capability. With 15 years’ experience in the sector, Stephen offers a unique insight into the macro and micro economic, demographic and consumer issues affecting tenants, and the overall impact on the investment market. • Professional - our Out of Town Retail Valuation team is one of the most active and professional in the sector. Headed by Graham Spoor, the team counts UK Institutions, REITS and Propcos as core portfolio clients. Critically, the team works closely with the OOT Retail Capital Markets team to stay fully informed of market conditions while remaining within the confidential remits of its work. • Lease advisory - as part of our role as comprehensive advisers to owners of Out of Town retail assets, we will always consider the value and merit of lease re-gear / re-structure. We are also able to advise and negotiate lease renewal / re-gear for the occupier and have undertaken several transactions for major clients, including the likes of Wickes. Whilst the detailed knowledge and advice is predominately London based, we recognise the local expertise offered by our regional offices and also the increasing need to access new sources of global money. We therefore have a strong relationship with our Global Desk in London and the key investment hubs in the US, Europe, the Middle East and Asia. 5 INVESTMENT TRANSACTIONS “WE WORKED WITH KNIGHT FRANK ON OUR ACQUISITION OF MALVERN SHOPPING PARK. WE WERE IMPRESSED WITH THEIR EXCELLENT SERVICE - THEIR EXPERIENCE, KNOWLEDGE AND DOGMATIC OUT OF TOWN RETAIL PARKS APPROACH ENSURED THAT ALL PARTIES WERE HAPPY WITH THE POSITIVE RESULT” Peter Hall Halsey Garton Property Investments MALVERN SHOPPING PARK, HOUGH RETAIL PARK, MALVERN STAFFORD DATE :: Purchased October 2017 DATE :: Sold March 2016 TENURE :: Freehold TENURE :: Freehold CLIENT :: Halsey Garton Property Investments CLIENT :: Albemarle Stafford LLP SIZE :: 135,658 sq ft SIZE :: 101,799 sq ft PRICE :: £75,000,000 PRICE :: £21,050,000 NET INITIAL YIELD :: 5.46% NET INITIAL YIELD :: 6.77% 7 INVESTMENT TRANSACTIONS OUT OF TOWN RETAIL PARKS TYNE VALLEY RETAIL PARK, LADYBAY RETAIL PARK, CENTRAL DRIVE, HEXHAM NOTTINGHAM MORECOMBE DATE :: Sold October 2016 DATE :: Sold March 2017 DATE :: Sold January 2017 TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold CLIENT :: Network Rail CLIENT :: Columbia Threadneedle CLIENT :: Wm Morrison plc SIZE :: 38,103 sq ft SIZE :: 105,524 sq ft SIZE :: 82,629 sq ft PRICE :: £7,387,50 0 PRICE :: £24,200,200 PRICE :: £12,000,000 NET INITIAL YIELD :: 6.61% NET INITIAL YIELD :: 6.25% NET INITIAL YIELD :: 7 . 3 7 % 9 INVESTMENT TRANSACTIONS FOODSTORES TESCO, WELLING AND SAINSBURY’S, ASDA, WAITROSE, BISHOP AUCKLAND LEWISHAM MENAI BRIDGE DATE :: Sold July 2016 DATE :: Sold December 2016 DATE :: Sold January 2017 TENURE :: Freehold TENURE :: Long leasehold TENURE :: Freehold CLIENT :: Aviva CLIENT :: Ashford Developments CLIENT :: Blackrock Investment Management TESCO, WELLING NET INITIAL YIELD :: 6.00% PRICE :: £13,711,000 PRICE :: £4,740,000 SAINSBURY'S, BISHOP AUCKLAND NET INITIAL YIELD :: 6.50% NET INITIAL YIELD :: 4 . 6 5 % PRICE :: £57,500,000 11 INVESTMENT TRANSACTIONS STANDALONE RETAIL ALDI, HOMEBASE, THE RANGE, B&M, BEDFORD BEDFORD HALIFAX LEEK DATE :: Purchased May 2017 DATE :: Sold December 2015 DATE :: Sold August 2016 DATE :: Sold July 2017 TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold CLIENT :: AXA IM CLIENT :: Knight Frank Investment Management CLIENT :: M&G Real Estate CLIENT :: DVS Property Limited PRICE :: £7,500,000 PRICE :: £6,400,000 PRICE :: £4,620,000 PRICE :: £5,050,000 NET INITIAL YIELD :: 4.30% NET INITIAL YIELD :: 6 . 8 1 % NET INITIAL YIELD :: 8.50% NET INITIAL YIELD :: 6 . 2 5 % 13 INVESTMENT TRANSACTIONS STANDALONE RETAIL PC WORLD & CURRYS, INTERCHANGE RETAIL PARK, HOVE IPSWICH DATE :: Purchased April 2016 DATE :: Purchased August 2015 TENURE :: Freehold TENURE :: Freehold CLIENT :: Aberdeen Asset Management CLIENT :: Teeside Pension Fund PRICE :: £13,600,000 SIZE:: 62,165 sq ft NET INITIAL YIELD :: 5.40% PRICE :: £15,050,000 NET INITIAL YIELD :: 6.25% 15 INVESTMENT TRANSACTIONS STANDALONE RETAIL BOUNDARY MILL, MATALAN, MATALAN, SHEFFIELD LEEDS BURY ST EDMUNDS DATE :: Sold April 2016 DATE :: Purchased April 2016 DATE :: Sold June 2017 TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold CLIENT :: Boundary Mill Stores CLIENT :: SAKD Properties Limited CLIENT :: CBRE Global Investors WAULT :: 25 years PRICE :: £3,900,000 PRICE :: £4,360,000 SIZE :: 130,000 sq ft NET INITIAL YIELD :: 7.70% NET INITIAL YIELD :: 6.56% PRICE :: £14,500,000 NET INITIAL YIELD :: 6.00% 17 INVESTMENT TRANSACTIONS “I AM DELIGHTED WITH THE SERVICE I HAVE RECEIVED FROM KNIGHT FRANK OVER THE LAST 3 YEARS. THE TEAM ARE EXTREMELY PROACTIVE AND HAVE CONCLUDED SOME EXCELLENT TRANSACTIONS SOLUS DIY ON BEHALF OF THE TRAVIS PERKINS PROPERTY TEAM IN CHALLENGING SITUATIONS” Jo Lord Property Director, Wickes WICKES, WICKES & KFC, WICKES, WICKES, HUDDERSFIELD SHIPLEY DARTFORD CHATHAM DATE :: Sold October 2016 DATE :: Purchased April 2015 DATE :: Purchased December 2016 DATE :: Sold April 2016 TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold CLIENT :: M&G Real Estate CLIENT :: Columbia Threadneedle CLIENT :: London Metric CLIENT :: London Metric PRICE :: £4,716,000 PRICE :: £4,750,000 PRICE :: £8,500,000 PRICE :: £6,900,000 NET INITIAL YIELD :: 6.50% NET INITIAL YIELD :: 6 . 7 4 % NET INITIAL YIELD :: 4.79% NET INITIAL YIELD :: 5.60% 19 INVESTMENT TRANSACTIONS SOLUS DIY WICKES, B&Q, B&Q, B&Q, SHREWSBURY SUNDERLAND DERBY HULL DATE :: Purchased February 2015 DATE :: Purchased August 2017 DATE :: Sold June 2015 DATE :: Purchased December 2016 TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold TENURE :: Freehold CLIENT :: M&G Real Estate CLIENT :: The Hanro Group CLIENT :: Ares Management, L.P CLIENT :: London Metric Plc PRICE :: £4,050,000 PRICE :: £8,676,000 PRICE :: £20,600,000 PRICE :: £9,373,000 NET INITIAL YIELD :: 8.56% NET INITIAL YIELD :: 6 . 7 5 % NET INITIAL YIELD :: 6.65% NET INITIAL YIELD :: 7 . 4 5 % 21 DEVELOPMENT We are able to advise on the complex nature of development, including scheme appraisals, pre-let negotiations & lease structure, land purchase and development agreements, leading ultimately to the funding and delivery of the project. ALEX MUNRO DOM WALTON T: +44 20 7861 1116 T +44 20 7861 1591 “KNIGHT FRANK SOURCED AND DELIVERED AN OFF MARKET TRANSACTION FOR US SHOWING A KEEN UNDERSTANDING OF OUR REQUIREMENTS AND A STRONG ABILITY TO ADVISE ON AND DELIVER THE ASSET.” James Dunne Aberdeen Asset Management 23 DEVELOPMENT TRACK RECORD ASDA, SOUTH QUAY, WEALDSTONE, THE CRESCENT, HOWARD ROAD, HAYLE LONDON HINCKLEY ST NEOTS CLIENT :: Peveril Securities Ltd CLIENT :: Ashford Developments / Pears Property CLIENT :: Osprey Equity Partners CLIENT :: Quora Developments Ltd OUTLINE :: Site acquisition of a harbour, the OUTLINE :: New Asda foodstore comprising 16,000 sq ft OUTLINE :: Forward funding of a 100,000 sq ft OUTLINE :: 50,000 sq ft of retail plus 10,000 sq ft pre-letting of the supermarket to ASDA and The Gym Group of 17,000 sq ft Sainsbury superstore as part of a industrial starter units. Primary tenants stores and then the forward funding of the redevelopment of Hinckley town centre by include Aldi, B&M and Pets at Home development ACTIVITY :: Purchased on behalf of the client and agreed the Tin Hat Partnership, which completed a new lease term to Asda and The Gym Group, in October 2015 ACTIVITY :: Site identification, site acquisition, ACTIVITY :: Sold to LSIM for NILGOSC for £23.7m and advised the JV on the sale to leasing agreements and development reflecting a NIY of 4.4%. Aberdeen Asset Management. ACTIVITY :: Purchased by Osprey Equity Partners for consultancy. £39.5 million, representing a net initial yield of 5.025%. 25 PROFESSIONAL The valuation team have a dedicated Out of Town Retail capability run by Graham Spoor. They currently value across a broad spectrum of institutional / REIT & Propco portfolios, approximately £4.5 billion Out of Town assets equating to 18 million sq ft. Service Lead & Signatory Partner, Valuations, RICS Registered Valuer Graham has over 30 years’ professional valuation experience across all sectors.
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