EXCELLENT WELL-LET INVESTMENT OPPORTUNITY RAVENSTHORPE PARK DEWSBURY WF13 3HN

ENTER INVESTMENT SUMMARY

Excellent, well-let retail park located in Dewsbury, .

Strategically situated fronting the main arterial route between Dewsbury and Huddersfield.

Good tenant line up fit for the catchment, and fully occupied with additional external occupier demand. Internet defensive tenants.

Gross internal area of 40,625 sq ft, with unit sizes ranging from 1,000 sq ft to 8,000 sq ft, on a site area of 4.294 acres.

Total rent passing of £348,263, equating to a low average rent of £11.50 per sq ft.

Weighted Average Unexpired Lease Term of 3.2 years to expiry.

Generous car parking with 280 parking spaces provided, in addition to nearby on street parking.

Well managed estate, with open class 1 planning consent including food.

We are instructed to seek offers in excess of £3,850,000 subject to contract and exclusive of VAT, which reflects a net

initial yield of 8.50% after purchaser costs of 6.53%. CLICK HERE TO VIEW AERIAL

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN x

RAVENSTHORPE STATION

WAKEFIELD 25 MINS

HUDDERSFIELD 20 MINS

A644 HUDDERSFIELD RD

NORTH RD

QUEEN ST

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN LOCATION

Ravensthorpe Retail Park is located in the centre of A6177 Ravensthorpe, situated 2 miles from Dewsbury and Junction 25 (M62), and 4 miles from Huddersfield.

The retail park fronts onto Huddersfield Road (A644), the main ‘A’ M1 road between Dewsbury and Huddersfield, providing access to the M62 (J25). The A644 has an estimated daily traffic flow of 20,000 vehicles (DWP)

M62 Ravensthorpe is an area of Dewsbury, a town in the Metropolitan Borough of Kirklees, in West Yorkshire. It is to the west of , RAVENSTHORPE east of Huddersfield and south of Leeds. Brighouse RETAIL PARK A6025 The immediate residential catchment is 5,500 persons with Dewsbury

278,000 persons within a 5 mile radius. Dewsbury urban sub-area A644 Wakefield has a population of 62,945, and the wider Kirklees Borough has a Ravensthorpe population of 434,321.

Huddersfield

M1

Map data © OpenStreetMap.org. Available under the Open Database Licence. A636 A61

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN DESCRIPTION

The retail park was developed in 2008 and comprises a modern purpose-built retail park arranged across 10 units within two terraces.

The units are of steel portal frame construction with the front elevations being clad with attractive blonde brickwork and glazing, with profile sheet cladding above to eaves height under a pitched profile metal sheet roof.

Internally the units are fitted out in the standard corporate style of the individual occupiers. Dedicated servicing for the stores is located to the rear of each unit and there are 199 car parking spaces.

ACCOMMODATION

40,625 sq ft on a site of 4.294 acres. The site offers low site coverage of 22%.

Unit 1 which is owner occupied by measures 10,375 sq ft. This unit has been sold off on a long leasehold basis.

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN TENANCY SCHEDULE

Unit Size (sq ft) Tenant Rent (PA) Rent (PSF) Lease start Lease expiry Rent review Comments

1 10,375 Long leasehold for 150 years to Netto from 28th June 2007

2 3,250 Heron Frozen Foods Limited £43,875 £13.50 3/14/08 3/13/23 3/14/18 Break not exercised in 2018.

3 5,000 Courtesy Shoes £45,000 £9.00 10/30/15 10/29/20 N/A

Re-based rent in 2018, following lease 4 8,000 Limited £80,000 £10.00 3/14/08 3/13/23 3/14/18 negotiations with the tenant.

5 8,000 Limited £70,000 £8.75 3/14/08 3/13/23 3/14/18

Tenant approached Landlord and in discussion 6a 1,000 Sportswift Ltd £12,500 £12.50 5/12/15 5/11/20 N/A to re-gear their existing lease early.

Tenant approached Landlord and in discussion 6b 1,000 Sportswift Ltd £12,500 £12.50 5/12/15 5/11/20 N/A to re-gear their existing lease early.

6c 1,000 Barnardos £18,500 £18.50 1/13/12 1/13/22 1/13/17 Break not exercised in 2017.

6d 1,000 White Rose Pharmacy Services Ltd £20,000 £20.00 5/12/09 5/11/24 5/12/19 Break not exercised in 2019.

7 1,000 Subway Realty Ltd £19,888 £19.89 3/14/08 3/13/23 N/A Break not exercised in 2018.

8 1,000 Greggs Plc £17,500 £17.50 3/14/08 3/13/23 3/14/18 Break not exercised in 2018.

ATM Cardtronics UK Ltd £2,500 4/13/10 4/12/15 N/A Mutual break notice of 3 months.

40,625 £342,263 £14.21 WAULT 3.22 years

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN COVENANTS

Unit Tenant Latest accounts Trading style Turnover 2018 Net worth Comments

A group engaged in the retail The company continues to expand and has 2 Heron Frozen Foods Limited 31/3/18 of frozen foods and grocery £393.8m £41.863m recently been acquired by B&M Retail. products.

Retail sale of footwear in Looking to expand portfolio further in 3 Courtesy Shoes 31/12/17 specialised stores - Footwear £27.33m £10.982m the UK. retailer

Other retail sale in non- 4 Poundstretcher Limited 31/3/18 specialised stores - Variety £387.44m £21.574m 400 stores across the UK. retailing.

Other retail sale in non- 5 Poundland Limited 1/10/17 specialised stores - Value £2.25bn -£115m Over 500 stores in the UK and Ireland. retailer.

6a Sportswift Ltd 31/1/18 Retail greeting cards and gifts. £403.12m £47.25m 850 stores in the UK. 6b Sportswift Ltd

Registered charity - services to 6c Barnardos 31/3/18 £304.27m £2.038m Dun & Bradstreet rating of 4A1. children and young people.

Dispensing chemist in 6d White Rose Pharmacy Services Ltd 31/3/18 £558,000 specialised stores.

The largest specialist sandwich 7 Subway Realty Ltd 31/12/17 £35.424m £1.574m Over 1,600 stores. franchise in the UK.

UK’s largest baker / food on Looking to expand estate to over 2,000 8 Greggs Plc 30/12/17 £960m £317.455m the go operator. units.

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN MARKET EVIDENCE

There is sustainable demand for well-located neighbourhood retail parks offering convenience. There is evidence to support an improvement across the rental tone of the retail park, with recent transactional information as follows:

Property Size (sq ft) Tenant Rent (PSF) net effective Date

Unit 3 Belgrave Retail Park, 4,000 Ltd £15.00 – new build Jan 2018 Pudsey

Unit 6 Belgrave Retail Park, 1,300 Sportswift t/a Card Factory £15.54 – new build Jan 2018 Pudsey

Unit 8 Belgrave Retail Park, 1,255 Greggs Plc £19.12 – new build Jan 2018 Pudsey

Unit 5 Snowhill Retail Park, 1,200 Barnardos £20.00 – new build May 2017 Wakefield

Unit 3 Snowhill Retail Park, 6,000 Retail Ltd £18.00 – new build May 2017 Wakefield

Unit 5 Heeley Retail Park, 10,067 Next £18.38 May 2017 Sheffield

Unit B Cathedral Retail Park, 8,016 United Carpets £11.47 May 2016 Wakefield

Unit 2 Heeley Retail Park, 5,000 Poundworld Retail Ltd £23.89 Dec 2016 Sheffield

Unit 3a South Baileygate Retail 5,000 The Bed Shop £13.00 Aug 2016 Park, Pontefract

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN INVESTMENT COMPARABLES

The retail park and shopping centre investment market has remained relatively buoyant since 1st January 2018, with a total of 7 parks transacting to a total value in excess of £92m, and reflecting an average yield of 6.93%. A notable transaction was the Palmer Capital JV acquisition of Beck Retail Park in Wakefield for £37.5m, reflecting a low net initial yield of 6.28%.

Examples of comparable multi-let retail park investment transactions include:

Address City Tenants WAULT Purchase price Net initial yield Purchaser Date Comments

Boots, Pets at Home, Heeley Retail Mayfair Apr Sheffield Matalan, Costa and 5.58 £17.167m 7.15% Park Capital IM 2018 Poundworld.

Home Bargains, The site is anchored by a 24,500 sq ft store with Belgrave Local Retail Mar Pudsey Heron, Card Factory 11 years £4.3m 6.75% seven other retail units fully let to names including Retail Park Fund GP 2018 and Greggs Home Bargains, Heron, Card Factory and Greggs.

Dunelm, Carpet Right Madford Retail Daniel (UK) Feb A1 – restricted. 43,460 sq ft, freehold, with a long Carlisle and Eden Valley 11 years £4.5m 7.95% Park Properties 2018 leasehold interest to Lidl. 143 car parking spaces. Hospice

Poundstretcher, LSH Keighley Retail Mar Purpose built open A1 retail park which extends to Keighley Halfords, Pets at 6.9 years £14.5m 6.89% Investment Park 2018 65,571 sq ft, with parking for 285 vehicles. Home, TK Maxx. Management

Rishworth The Rishworth Centre (68,400 sq ft) comprises four Next, Poundstretcher, Centre and NewRiver Feb retail units and 265 free car parking spaces. The Dewsbury Pets At Home, Clarks 5.7 years £14.275m 7.85% Railway Street REIT Plc 2018 Railway Street Retail Park (23,700 sq ft) comprises and . Retail Park three retail units and 116 free car parking spaces.

Aldi, Poundland, Snowhill Retail Ropemaker Jul Wakefield Iceland, Barnardos £13.70m 6.75% Forward fund deal from Kier Plc. Park Properties Ltd 2016 and Card Factory.

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN GALLERY

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN FURTHER INFO

EPC ASSET MANAGEMENT OPPORTUNITIES For more information about this opportunity please contact the agents: Energy Performance Certificates have Look to re-gear leases where short been prepared for the asset, and the unexpired term exists, at higher ratings range between B-42 to C-73. market rent. Further information can be provided on Low site cover provides opportunity request. Neil Higson to add more accommodation CAPITAL ALLOWANCES through additional retail unit, kiosk 0161 533 0265 or drive thru operation. [email protected] Where possible, any unclaimed Capital wildbrookcre.co.uk Allowances will be transferred to the QUOTING TERMS Purchaser, at their applicable tax written We are instructed to seek offers in down value. excess of £3,850,000 subject to VAT contract and exclusive of VAT, which reflects a net initial yield of 8.50% after VAT will be applicable to the sale of the purchaser costs of 6.53%. properties, which we anticipate will be undertaken by way of a Transfer of a Dan Crawshaw The Agents for themselves and for the vendors or lessors of this property Going Concern (TOGC). whose agents they are give notice that: (i) the particulars are set out as 0161 930 8499 a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract, [email protected] SERVICE CHARGE (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not parkinsonre.com The service charge budget for the year rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of 2019 is set at £66,274 per annum which them; (iii) no person in the employment of the Agents has any authority to make or give any representations or warranty whatever in relation to equates to £1.62 per sq ft. this property. August 2019.

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RAVENSTHORPE RETAIL PARK DEWSBURY WF13 3HN