Neasham Road Retail Centre Darlington Dl1 4Pf

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF

CLASS E RETAIL PARK INVESTMENT NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT

DARLINGTON TRAIN STATION

Outline for indicative purposes only. For illustrative purposes only. NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT

For illustrative purposes only.

INVESTMENT CONSIDERATIONS

■ Darlington is a large market town in County Durham ■ Class E Retail Park with Unit 5 Sui Generis ■ Asset management opportunities include restructuring ■ Well located purpose built Retail Park a short walk planning consent Matalan’s lease and development of additional units from the town centre adjacent to Darlington ■ Fully let to the national covenants of Matalan, on the site. Planning permissions have now lapsed Train Station Farmfoods, Ladbrokes and Asda (long leasehold) for an additional two units totalling 2,300 sq ft and an additional five units totalling 3,600 sq ft ■ Over 180,000 people live within a 20 minute ■ Total rent of £715,000 per annum averaging drive time catchment of the town £10.60 psf ■ Offers sought in excess of £6,000,000 (Six Million Pounds) subject to contract ■ Freehold ■ WAULT of 6.7 years and exclusive of VAT. A purchase at this ■ Total floor area of 67,444 sq ft ■ Within the last 3 months Farmfoods has extended level reflects £89 psf and an attractive their occupation into unit 2 and Ladbrokes has net initial yield of 11.18% assuming regeared their lease standard purchaser’s costs ABERDEEN

DUNDEE PERTH

M80

M9 EDINBURGH M73 GLASGOW M8

M77 M74 NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT

NEWCASTLE UPON TYNE A69

SUNDERLAND Carlisle A68 Durham A19

A1(M) MIDDLESBROUGH DARLINGTON A66 A66 A171 DurhamTees Valley A6 International Airport A1 A19 M6 A61 A170

A165 A65 A64

A59 A166 A1(M) YORK A629 Blackpool LEEDS A63 A164 M55 M65 T E HULL E R T S

M62 WILLIAM STREET S S D O R R L L C M62 E Scunthorpe N A1 Y DE E NM M A W RK S H T RE E ET S M18 S M58 O E

M60 M1 R O A d D a o H LIVERPOOL EN HAUGHTON R R MANCHESTER Y S A1(M) h T LE SKERNE t r o

M53

T M62 7 S D SHEFFIELD A1 6 WH N E 1 SSOE R U OAD M TO A D S T CE L E BRINKB N E Lincoln URN R IA Y OAD L L T A E B A R NNS ON T R ERR OM ACE A I LOCATION C W A Buxton E Y T

E T

E E

R E

M1 T R ALBERT S T R Newark-on-trent O S AD

L N NORTH ROAD

M6 IE O S T F S

L H R I

Darlington is located within the County of Durham in the north-east I O T I

A O W P F C TREET E N L TEES S T E SUR V

O R E W L

O AN N A D

S A D L TR N A EE of England. The town is situated approximately6 16 miles to the west O R N M T T E CNAY 8 H STREET COTE of Middlesbrough and 37 miles south of Newcastle-upon-Tyne. TERRACE

WIDDOWFIELD ST Darlington benefits from excellent road and rail connections being located approximatelyM54 2 milesM6 Toll from J57 and J58 of the A1(M) A47 NORWICH

M42 EN H E T M providing access to Newcastle Upon Tyne to the north, Doncaster and B O R U A N O T B B6279 N 6 R 279 N O K CORPORATION A For illustrative purposes only. RO T D AD

E E

London to the south. E A

R S

A1(M) D

N O BIRMINGHAM S A14 M6 A11 Y

M5 E R

L O

The A66, 1 mile to the south of Darlington provides access to L A

A D V M

C A43 M

M42 U L Middlesbrough to the east and Cumbria and the M6 to the west. L Northampton E CHESNUT S N T A428 R 9 O 7 A WORCESTER STRATFORD 2 D 6 Darlington Railway Station provides direct services to Middlesbrough, 7 B UPON-AVON CAMBRIDGE 6 A1 1 A A11 GLADSTONE STREET Newcastle and London Kings Cross withM40 approximate journey times of IPSWICH 26 minutes, 28 minutesM50 and 2 hours 20 minutesMILTON respectively.M1 BEDFORD S 8 E KEYNES G A6 C M11 G

I ELL ST LA S S R RUS

A A P T 6 8 R 1

A1(M) A U 6 S N O 7 F N

Durham Tees Valley InternationalCHELTENHAM airport lies approximately 8 miles to H A LUTON O M

P E

E E

GLOUCESTER R FR the east of the town centre. O A EAST ST

M5 OXFORD N

O TOWN H ST U M25 R

SWICK UN N T CENTRE BR

H M40 D

E M25 T E

D A N

M48 R

G S

SWANSEA H R G

E L

DUKE S U T A

L N Swindon N R

D A

OA N Y R O E BE I S AB R M4 B K T C T A Reading S U BW OW

H ELL R

M4 F

H I

E W R CARDIFF O

O L i

v P R e D DARLINGTON

r LONDON E

S B

S BRISTOL k 6 7

e 2 r 8 T 6

O n 0 e

1 A

D A

S E BATH HOUN M D E O G C ATE A

A U C H

A R T L ROAD RAIL D L R D E B6280 M2 R R H P E YA FE E RM ROAD F E I F T L G C K S N E ON A R C R V A Y G A AR P M M3 E M20 ROA DARLINGTON Newcastle Upon Tyne 44.5 miles 26 mins R D Middlesbrough G M23 R EASTBOURNE DOVER A RETAIL PARK A167 H Leeds 64 miles Newcastle-upon-Tyne 28 mins d a o VIC M5 R TO e RIA R iff OA cl D is n Sainsbury’s YAR Doncaster 80 miles M27 N RO London Kings Cross 2h 20 minsA23 Co OAD AD 7 Superstore URNE R 6 ASTBO A E M27 DARLINGTON

southampton N D E A A E O S

R N H BRIGHTON A A

N L M PORTSMOUTH O K T R

F O I AR A L P D EXETER AIR C Durham Tees Valley International airport 8 miles For illustrative purposes only.

For indicative purposes only. PLYMOUTH SMITHFIELD ROAD

7 6 1 A

PA RKS IDE P A RKSIDE

A66

A66 A66

A66

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT

DARLINGTON TOWN CENTRE

DARLINGTON TRAIN STATION

PERSIMMON HOMES DEVELOPMENT

THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING 3,600 SQ FT

PLANNING CONSENT HAS NOW LAPSED FOR 2 UNITS TOTALLING 2,300 SQ FT

For illustrative purposes only. Outline for indicative purposes only.

SITUATION The property is prominently positioned on Neasham Road in a predominantly residential area. Neasham Road is a main arterial road connecting the B6280 Yarm Road to the north and the A66 to the south. Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre. Darlington, DL1 4PF

NEASHAM ROAD RETAIL CENTRE 47.2m

5 DARLINGTON DL1 4PF 2 CLASS E RETAIL PARK INVESTMENT y Surger

6 SE 3

7 O L 6 6 C 1 o 5 1 t Y 57 EB

BANK TOP AP 2

2 7

3 9 6

1 5

1 4

7 DESCRIPTION 1 47.2m

The property comprises five retail units extending to 67,444 5

7 sq ft GIA. The units are of steel portal frame construction 7

with brick elevations. Servicing is to the rear. Shelter Internally all units are fitted out to the individual tenant’s

8 specification. 1 46.9m There are approximately 323 car parking spaces providing an attractive ratio of 1:208 sq ft. TCB

PLANNING

LB Unit 1 Class E El Sub Sta El Sub Sta Units 2 & 3 Class E SITE AREA TENURE Unit 4 Class E The property has a site area of Freehold.

Sui Generis

Unit 5 2 0

1 4.88 acres (1.976 ha) providing

46.9m

6 a low site cover of 32%. 0

2 1 4 2 3 16 33 44 3ASDA0 unit sold off on LongET Leasehold. D STRE

5 EONAR

4 L 8

0 1

1 3

MEWS P 2 O 9

BANK T

3 1

2 1 2 9 2 0m 10m 20m 30m 1 1 15 22 32

REET 2 T 1 N S

WALTO

4 2

For illustrative purposes only. NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT

TENANCY SCHEDULE

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01

Farmfoods have recently extended into Unit 2 and regeared their lease. 2 & 3 Farmfoods Limited 9,140 849 01/03/2021 28/02/2036 01/03/2026 £80,000 £8.75 The vendor will top up the 18 months rent free.

4 Asda Stores Limited 10,180 946 08/09/2004 07/09/2129 £0 £0 Asda unit sold off long leasehold.

Ladbrokes Betting Ladbrokes have been in occupation since 2004 and have recently extended 5 2,000 186 25/12/2020 24/12/2025 £21,000 £10.50 and Gaming Limited their lease.

ATM Cardtronics UK Limited 01/01/2017 31/12/2021 £14,000 Tenant has expressed an interest to extend their lease.

Total 67,444 6,266 £715,000 £10.60*

*Not inclusive of unit 4.

COVENANT INFORMATION

Matalan Retail Limited Farmfoods Limited Ladbrokes Betting & Gaming Limited Company number 2103564. Experian Low Risk Company number SC030186. Experian Very Low Risk Company number 775667. Experian Very Low Risk Matalan is a British fashion and homewear retail established in 1985. The Farmfoods is a family business established in 1954 operating Ladbrokes Coral Group plc is a British-based betting and gambling company operate from 231 UK stores and 40 international franchise stores. a chain of frozen food stores. The company occupy over 300 company. In 2016, Ladbrokes acquired its rival, Gala Coral Group, The ultimate parent company of Matalan is Missouri Topco Limited, stores and 4 distribution centres nationwide employing around and changed its name to Ladbrokes Coral. with the group being ultimately controlled by the Hargreaves family. 4,000 people. Ladbrokes has more than 2,700 retail betting shops in the UK, Matalan grew its online offering by 84% in the five-week Christmas Ireland, Belgium and Spain with more than 800,000 customers. period, representing the retailer’s push to become omnichannel through investment in supply chain capacity and order fulfilment from stores. 28/12/2019 29/12/2018 30/12/2017 31/12/2019 31/12/2018 31/12/2017 Turnover £661,754,000 £660,304,000 £642,676,000 Turnover £983,371,000 £732,366,000 £766,519,000 29/02/2020 23/02/2019 24/02/2018 Pre Tax Profit £22,148,000 £12,101,000 £11,123,000 Pre Tax Profit £462,204,000 -£43,794,000 -£166,483,000 Turnover £1,129,400,000 £1,103,900,000 £1,062,500,000 Total Net Worth £112,514,000 £102,879,000 £96,171,000 Total Net Worth £1,117,459,000 £730,285,000 £761,750,000 Pre Tax Profit £-22,000,000 £28,300,000 £29,800,000

Total Net Worth £280,700,000 £305,300,000 £252,600,000 T E E R NEASHAM ROAD RETAIL CENTRE T S

WILLIAM STREET S S D O R R L L C DARLINGTON DL1 4PF E CLASS E RETAIL PARK INVESTMENT N Y DE E NM M A W RK S H T RE E ET S

O A d D a o HE HAUGHTON R NR Y S h T LE SKERNE t r o

T 7 S D 6 WH N E 1 SSOE R U OAD M TO A D S T CE L E BRINKB N E URN R IA Y OAD L L T A E B A R NNS ON T R ERR OM ACE A I C W A E Y T

E T

E E

R E

T R ALBERT S T R O S AD

L N NORTH ROAD

IE O S T F S

L H R I

I O T I

A O W P F C TREET E N DARLINGTON NORTHL TEES S T E SUR V

O R E W L

O AN N A D

S A D L RETAIL PARK TR N A EE 6 O R N M T T E CNAY 8 HC STREET RETAIL WAREHOUSING IN DARLINGTON OTE TERRACE

WIDDOWFIELD ST The retail warehouse provision in Darlington is predominantly

R based between three retail parks:- Darlington Retail Park, E

H E T M B O R U A N O T B B6279 N 6 R 279 N O K CORPORATION A RO T D AD

Darlington North Retail Park and Neasham Road Retail Centre. E E

E A

R S

N O

E R

L O

L A

A D V M Darlington Retail Park comprises a 154,056 sq ft Open A1 C M

L L E CHESNUT S N T R 9 O 7 A (non food) scheme approximately 2 miles to the east of the D 2 6 7 B

A town centre. Tenants include Carpetright, Currys/PC World, GLADSTONE STREET DFS, Costa Coffee, Wren Living, Furniture Village, Harveys, S 8 E G A6 C G

I ELL ST LA S S R RUS

A A P T 6 8 R 1

A U 6 S N O 7 F N

Home Bargains, The Range, KFC, Pets at Home, ScS and TKMaxx. H A O M

P E

E E

R FR

A EAST ST Rents range between £11.25 per sq ft to £18.70 per sq ft. D

O TOWN H ST U

R SWICK UN N T CENTRE BR

E D T E

D A N

G S

H R G

E L

DUKE S U Darlington North Retail Park comprises a 41,993 sq ft T A O

L N R N

D A

OA N Y R O E BE I S AB R B K T C T A S U BW OW

H ELL R

N F

H I

E W R Open A1 scheme approximately 2 miles north of the town O

O L i

v P R e D DARLINGTON

r E

S B

S k 6 7

e 2 r 8 T 6

O n 0 e

1 A

D A centre close to Darlington North train station. Tenants include S

S E HOUN M D E O G C ATE A

A U C H

A R T L D L R D E B6280 R R H P E YA FE E RM ROAD F E I F T L G Aldi, Iceland, Poundland, Subway, Greggs, Barnardo’s, Card C K S N E ON A R C R V A Y G A AR P M E RO R AD G EASTBOURNE Factory, and KFC. Rents range between £13.74 per sq ft to R A DARLINGTON A167 H NEASHAM ROAD RETAIL PARK

d £23.61 per sq ft. a o VIC RETAIL PARK R TO e RIA R iff OA cl D is n Sainsbury’s YAR N RO Co OAD AD 7 Superstore URNE R 6 ASTBO A E DARLINGTON

N D E A A E O S

R N H

A A

N L M

O K T R

F O I AR A L P D C

DEVELOPMENT / SMITHFIELD ROAD

7 6 1 ASSET MANAGEMENT OPPORTUNITIES A

The property offers a number of both short PA RKS IDE and long term asset management and P A RKSIDE redevelopment opportunities (subject to gaining all the necessary consents):

• Develop additional units. Planning permission was granted (Ref:15/00977/ FUL) to build a retail terrace totalling 2,300 sq ft across two units, A66 however this has now lapsed. A66 A66

• Regear Matalan leases.

• Planning permission was previously granted and A66

has since lapsed for a new retail terrace totalling 3,600 sq ft. The permission consisted of five units ranging between 500 – 1,000 sq ft for uses within class A1, A2 and A5, subject to agreement on re-allocation of car parking with existing tenants.

For illustrative purposes only. SERVICE CHARGE The service charge budget for the year ending 31st March 2022 is £45,620 per annum.

EPC Available upon request.

VAT The property has been elected for VAT, it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC).

ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.

DATAROOM Further information is provided in the dataroom. For access please register on the following website: http://datarooms.allsop.co.uk/register/NeashamRoadDarlington

PROPOSAL Offers sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects £89 psf and an attractive net initial yield of 11.18% assuming standard purchaser’s costs.

For further information or to make arrangements for viewing please contact:

Dale Johnstone Lottie Hayward 07788 554555 07817 549237 [email protected] [email protected] allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.21