BLOCK 4, THE QUADRANT, ALCESTER STREET REDDITCH, B98 8AE
020 7437 6977
HIGH YIELDING LEISURE PARADE INVESTMENT WITH DEVELOPMENT OPPORTUNITIES KEY INVESTMENT CRITERIA
Freehold in the established A3/A4 pitch
39,065 sq ft of well configured retail/leisure HEART OF and gym accommodation WORCESTER COLLEGE 8 tenancies providing a total income of £369,908 per annum with a WAULT of 7.21 years (4.17 years to break)
26% of the income let to J D Wetherspoon plc SUBJECT PROPERTY
BLOCK 1 IS AVAILABLE Development opportunity of building over FURTHER INFORMATION part of the 143 space car park. Plans drawn up AVAILABLE ON REQUEST for 45 flat scheme
Seeking offers in excess of £3,475,000 THE KINGFISHER Subject to contract and exclusive of VAT. SHOPPING CENTRE Attractive net initial yield of 10%*
*after allowing for purchaser’s costs REDDITCH BOROUGH COUNCIL of 6.48%. John o' Groats Durness Skerray Port of Ness Thurso Balchrick Portskerra Wick Tongue Mybster Wick Stornoway Culkein Altnaharra Ulbster Unapool Kinbrace Stornoway Lybster Lochinver
Lairg Brora Ullapool Inveran Dornoch Kincardine Gairloch Braemore Junction Invergordon Lossiemouth Macduff Fraserburgh Cromarty Elgin Buckie Forres Banff Benbecula Achnasheen Nairn Keith Inverness Rothes Turriff Mintlaw Peterhead Inverness Grantown- Craigelliachie Huntly Kyle Drumnadrochit on-Spey Inverurie Ellon
Barra Invermoriston Dyce Aviemore Aberdeen Invergarry Kingussie Aberdeen Ardvasar Portlethen Mallaig Newtonmore Braemar Banchory Stonehaven Dalwhinnie Laurencekirk Fort William Johnshaven Pitlochry Brechin Glencoe Tobermory Montrose Tiree Aberfeldy Forfar Lunan Blairgowrie Arbroath Dundee Carnoustie
Oban Dundee Perth St Andrews Callander Cupar Glenrothes Dunblane Alloa Buckhaven Stirling Cowdenbeath Kirkcaldy Dunfermline Helensburgh Denny North Berwick Dunoon Stenhousemuir Dumbarton Kilsyth Edinburgh Dunbar Falkirk Glasgow Bo'ness Greenock Livingston Haddington Paisley Edinburgh Rothesay Motherwell Eyemouth Largs Islay Hamilton Peebles Biggar Irvine Kilmarnock Melrose Coldstream Brodick Muirkirk Troon Prestwick Kelso Belford Prestwick Machrihanish Cumnock Ayr Campbeltown New Cumnock Maybole Sanquhar Turnberry Moffat Girvan Thornhill Morpeth Ballantrae Otterburn Londonderry Kielder Blyth New Lockerbie Galloway Woolsington Dumfries Newcastle International Airport Kirkcolm Gretna Newton Haltwhistle Prudhoe Stewart Dalbeattie Annan Stranraer Newcastle-upon-Tyne Glenluce Kirkcudbright Brampton Sunderland Portpatrick Wetheral Allonby Wigton Port Logan Whithorn Durham Peterlee Drummore Maryport Bishop A1M Auckland Hartlepool Belfast Workington Keswick Penrith Whitehaven Durham Tees A66 Valley Airport St Bees Middlesbrough Whitby Darlington Seascale Richmond Windermere Ramsey Ravenglass Coniston A19 Scarborough Peel Pickering Douglas LOCATION Ripon FileySITUATION DEMOGRAPHIC PROFILE Ballasalla
Castletown LancasterRedditch is a town in north-east Worcestershire that was Retail in Redditch is dominated by the Kingfisher Shopping According to PROMIS, Redditch has a primary catchment designated a ‘New Town’Harrogate in 1964. The town is located 29 km Centre where occupiers include Debenhams, H&M, JD Sports, population of 189,000 people. A slight over representation of (18 miles) south of Birmingham, 40 km (25York miles) north-east of Boots, M&S, New Look, Next and Primark. Alcester Street people in the 45-64 demographic means Redditch is more affluent Worcester and 185 km (115 miles) north-west of London. where the subject property is located provides a link from the than some of the neighbouring towns, with home ownership Beverley Blackburn Leeds scheme to both the Palace Theatre and the other shopping hub at 71% compared to the national average of 66% and 2+ car M65 M621 at the Trafford Retail Park where Aldi, Maplin and Iceland occupy ownership at 43% compared to the national average of 34%. Preston A1 (M1) The town benefits from excellent transport links, space. Rochdale Goole being located 7 km (4.5 miles) south of Junction 2 Humberside M6 Scunthorpe Bury of the M42 motorway. Doncaster Alcester Street has become a quasi-leisure pitch with both TENURE M1 M58 restaurantsGrimsby and pubs/bars occupying space. Within the Liverpool ownership and at the rear of the commercial element sits a The property is held freehold. M18 M60 M62 Redditch train station provides a direct and regular surface car park providing over 140 spaces. A15 Louth Mablethorpe Stockportservice to Birmingham New Street with a fastest Sheffield A46 Sutton-on-Sea journey time of approximately 35 minutes. M56 Macclesfield M1 Retford Lincoln Ingoldmells Chester M6 Chesterfield Caernarfon Skegness The closest airport is Birmingham International A15 Wells next Airport (30km/19 miles to the north-east).A46 Coningsby the Sea Nefyn Porthmadog Sheringham Nottingham Hunstanton Holt Cromer Criccieth Whitchurch Derby Pwllheli Fakenham M1 Long N. Walsham Spalding Sutton Aylsham Loughborough King's Lynn Hemsby Barmouth Telford M6 East Norwich Midlands E. Dereham Welshpool Swaffham Great M6 Yarmouth M52 TOLL Norwich Leicester Peterborough Wymondham Aberdovey Wolverhampton Downham Birmingham M42 Corby Market Lowestoft M6 Attleborough Beccles M69 Brandon Kessingland Newtown Thetford Diss Kerry County Aberystwyth Birmingham Bungay Kidderminster Kettering Ely Southwold Waterford Coventry M5 Halesworth Llandrindod Mildenhall Wells M42 Northampton Coventry Cambridge Leiston Aberaeron Bury St Stowmarket Worcester Redditch M1 Cambridge Edmunds Tregaron Aldeburgh Llanelwedd Hay- Haverhill Lampeter on-Wye Woodbridge Cardigan Milton Sudbury Ipswich Keynes Llandovery M40 Cork Fishguard Hereford Brecon Ledbury Colchester Felixstowe Braintree Cheltenham St. Aylesbury Stevenage A12 Walton on the Naze Haverfordwest Clears Frinton-on-Sea Carmarthen Oxford Luton Tiptree Merthyr Monmouth Gloucester M11 Clacton-on-Sea Milford M1 Haven Llanelli A1 (M) Tenby Stroud Neath Chepstow Chelmsford Pembroke Swansea Cwmbran M25 M40 Port Pontypridd M4 M5 A46 SwanseaTalbot Maidenhead Bridgend M4 Newport Swindon London Chipping Cardiff Bristol Sodbury Reading M4 Porthcawl Bristol M4 Penarth Lyneham London Margate Llantwit Bristol Heathrow City Broadstairs Barry Chippenham Newbury Major Cardiff Clevedon Weston Bath M3 Croydon Kent Intnl. Ramsgate Super-Mare A37 Guildford M25 M20 M2 Lynton Lynmouth Burnham- Trowbridge Sandwich Ilfracombe Canterbury on-Sea Westbury Basingstoke Gatwick Maidstone Deal Minehead Bridgwater Wells Crawley Dover Barnstaple M3 M20 Glastonbury Folkestone Salisbury Winchester Tunbridge Taunton A303 Wells Petersfield Clovelly Bideford Shaftesbury South Wellington Southampton Great Molton YeovilYeovil Torrington Southampton Holsworthy Crewkerne Sherborne Bude Honiton Brighton Lyme B'mouth Crediton Regis Okehampton Dorchester Shoreham Exeter Sidmouth A31 Poole Tintagel Exeter Bridport Newport Bournemouth Launceston Wareham Newton Exmouth Padstow Abbot Teignmouth Weymouth Swanage Wadebridge Tavistock Bodmin Newquay Plymouth Torquay
Newquay Looe Totnes Plymouth Paignton St. Austell Redruth Truro Kingsbridge Dartmouth St. Ives Salcombe Penzance Heliport Hayle St Mawes St Just Penzance Falmouth Helston Redditch
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SUBJECT PROPERTY
BLOCK 1 IS AVAILABLE FURTHER INFORMATION AVAILABLE ON REQUEST
Experian Goad Plan Created: 16/11/2017 50 metres Created By: GCW Copyright and confidentiality Experian, 2017. © Crown copyright and database For more information on our products and services: rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 DESCRIPTION & ACCOMMODATION The property consists of 39,065 sq ft of well configured, open and flexible retail/leisure and gym space on ground floor and first floors. The property benefits from excellent servicing facilities with access to a service yard which links into Wellington Street.
The property has been measured in accordance with the RICS Property Measurement, 1st Edition and has the following Net Internal Floor areas.
TENANCY SCHEDULE
Ground First Lease Lease Next Break EPC Unit Tenant Trading As Floor (sq ft) ITZA Floor (sq ft) Start Expiry Review Date Rent p.a. Comments Rating
4A Bar Red Redditch Ltd Saints 5,299 2,364 453 23/06/17 22/06/29 23/06/22 22/06/20 £31,000 Rent deposit of £9,300. E-125
4B La Piccola Italia Redditch Ltd La Piccola Italia 4,333 2,019 08/09/17 07/09/27 08/09/22 07/09/22 £40,000 Rent deposit of £12,000, A3 use, 3 months rent free. E-123
4C J D Wetherspoon plc The Rising Sun 6,313 2,643 25/03/99 24/03/24 25/03/19 - £97,750 Pending
4D1 D P Realty Ltd Dominoes 950 684 07/12/99 06/12/29 07/12/24 - £18,000 Reversionary lease recently completed. Pending
4D2 Joao Manuel Lopes & Jorge Manuel Lopes Ice Maidens 1,194 966 17/05/04 16/05/19 - £16,000 D-99
5 Swanswell Charitable Trust Swanswell 3,061 19/06/15 31/03/20 01/04/18 31/03/18 £22,000 D1 use, outside 1954 Act. E-125
5th Fixed uplifts at Y4 (£80,000) and Y5 (£90,000). Initial rent Gym Prime Fitness (UK) Ltd Prime Fitness 17,462 Currently under offer £60,000 B-50 Anniversary deposit £6,000 rising to £18,000. 4 months rent free.
This figure is net of costs. Gross income is £120,000 per Car Park Excel Parking Services Ltd - 21/03/16 20/03/19 £85,158 - annum on average. There are 143 Spaces.
Total 18,089 20,976 £369,908 COVENANT CAR PARK DP Realty Ltd t/a Domino’s opened its first store in 1985 The 143 space car park is currently generating income via an agreement with Excel Parking Services Limited whereby the landlord and now has over 1,000 stores across the country and over receives all income generated after costs are deducted. Some costs are able to be put though service charge. The gross income has 35,000 employees. DP Realty Ltd has a Dun & Bradstreet rating been £120,000 per annum on average. Further information can be provided on request. of 2A 1 representing a minimum risk of business failure. The most recent company figures from 2016 can be seen below: DEVELOPMENT OPPORTUNITY Turnover Pre-tax Profit Tangible Net Worth Plans have been drawn up for a 45 residential and 2 commercial unit’s development on part of the car park and further information is £22,479,000 £2,184,000 £3,335,000 available on request.
J D Wetherspoon Plc was founded in 1979 and is now the UK’s largest chain. J D Wetherspoon PLC has a Dun & Bradstreet rating of 5A 1 representing minimum risk of business failure. The most recent company figures from 2016 can be seen below:
Turnover Pre-tax Profit Tangible Net Worth
£1,595,197,000 £66,049,000 £180,397,000
Swanswell Charitable Trust are an established charity who received income in excess of £11.3m in 2016 and operate from 7 different offices throughout the midlands.
Computer Generated Image VAT We understand that the property is elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).
PROPOSAL We are instructed to seek offers in excess of £3,475,000 (Three Million Four Hundred and Seventy Five Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 10%, after allowing for purchaser’s costs of 6.48%.
FURTHER INFORMATION For further information please contact:
James Pearson T: 020 7647 4817 M: 07817 410361 [email protected]
Alex Matthews T: 020 7647 4827 7-10 Chandos Street, London W1G 9DQ M: 07776 935 529 T: 020 7408 0030 F: 020 7495 4248 [email protected] www.gcw.co.uk
Chris Childs 020 7437 6977 T: 020 7543 6817 M: 07818 087 990 [email protected]
Jonathan Wright T: 020 7543 6725 33 Wigmore Street, London W1U 1BZ M: 07764 755 610 T: 020 7437 6977 F: 020 7437 8984 [email protected] www.allsop.co.uk
Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particulars by vendor, lessor or the agent. Allsop and Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB. December 2017 © Produced by Barbican Studio T: 020 7634 9573