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Ay Being Within 1 Mile to the North and South Higher Than Average Levels of Disposable Income

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Ay Being Within 1 Mile to the North and South Higher Than Average Levels of Disposable Income The Leggar Retail Park BRIDGWATER | TA6 4AB A Prime Convenience Retail Scheme ENTER with a Rare and Attractive WAULT of 11.7 years Investment Summary • Bridgwater is a large and established town in Somerset, • Current income of £585,468 per annum, averaging 28 miles south west of Bristol. £13.53 per sq ft. Proposal • Over 131,000 people living within 20 minutes’ drive of the • Total contracted rent to lease expiries of circa £6,600,000. We are instructed to seek offers in property. The town is to see significantly above average population growth to 2022. • Rare and attractive WAULT of 11.7 years with no break excess of £7,083,000 (Seven options. • The Leggar Retail Park, along with Bridgwater Retail Park, Million and Eighty Three The Clink Retail Park, Sainsbury’s and Asda, combine • Farmfoods have recently taken the final unit on a 15 year Thousand Pounds), subject to to form the dominant retail destination for the town’s lease, relocating from the neighbouring Bridgwater Retail significant catchment. Park. contract and exclusive of VAT. • A recently constructed convenience led retail scheme • Formerly Open A1 (including food) planning consent. totalling 43,256 sq ft let to Home Bargains, The Food Now Use Class E, under the recent changes to the Use This reflects an attractive Warehouse by Iceland and Farmfoods. The 26,867 sq ft Lidl Classes Order. net initial yield of 7.75% store is sold off on a long leasehold basis to the retailer. • All four units have an ‘A’ EPC rating. (assuming purchaser’s costs of 6.65%). • Home Bargains and The Food Warehouse have remained open during the COVID-19 pandemic, reporting strong • 5.92 acres, site cover of 27%. trading and have been meeting their rental obligations. Farmfoods are currently on-site fitting out their store. • Freehold. • All four tenants are classified as ‘Essential Retailers’ and are significant footfall drivers. INVESTMENT LOCATION / AERIAL RETAIL WAREHOUSE DESCRIPTION / TENANCY / PROPOSAL / SUMMARY DEMOGRAPHICS PROVISION TENURE / COVENANT STRENGTH FURTHER PLANNING INFORMATION A4042 A465 A48 A419 Aberdare A449 Cirencester Pontypool Llanelli Neath Swansea Chepstow M5 A419 B M48 O A433 A470 WESTERN W Port Talbot Pontypridd WA E Caerphilly Newport Y R W L Swindon N H M49 A429 I M4 TF M4 C IE Bridgend H L CARDIFF D M5 M32 I L Porthcawl R M5 T Chippenham O D T N Clevedon BRISTOL A46 A350 H T S E Barry A4 R T D IN R A38 O A37 Melksham IT Y V Weston- Bath Y A E BRISTOL U super-Mare Devizes W A36 Q A E Trowbridge Y The Leggar D A361 R R L A Ilfracombe Burnham-on-Sea Retail Park G O T Minehead Frome Y G S D A E I A361 Warminster L R R H W E T B A A36 G H B A303 R Bridgwater T E 23 A361 B B Retail Park B A39 P O 3 Bridgwater A338 M A W 3 O R W A37 3 E H K R Barnstaple 9 THE CLINK 24 H W E L I N V A T The Clink T A303 A350 Y F M5 A S I Bideford E E L Retail Park H L Taunton D A361 A C A358 A354 D R R D A303 N HU L A3088 C 8 Yeovil A338 A386 3 A377 A A303 S Tiverton Town Centre T J M5 OHN M5 ST A30 D A31 R BRIGWATR A37 A350 N A354 O Y BD BR A A338 M O E W A A30 A348 W A D AD 3 A31 W O 7 A35 R 2 A35 Bridport Poole AY B Exeter Dorchester W E Sidmouth Bournemouth ST A376 ON ZO YLA A380 N Exmouth D RD Weymouth A372 Dawlish Teignmouth A38 A386 Location Demographics Bridgwater is a large and established town in Somerset PROMIS states that the town has a primary catchment The two highest socio-economic groups within the 20 minute located within the Sedgemoor District. The town is located population of 70,000 people and is due to see significantly catchment are Country Living (13.4%) who are well-off 12 miles north of Taunton, 28 miles south west of Bristol above average growth in population over the next few years to homeowners in rural locations and Aspiring Homemakers and 27 miles north west of Yeovil. The town benefits from 2022. Experian provides that approximately 131,105 people (13.1%) often younger households in full time employment, excellent road communications, with Junctions 23 and 24 of live within 20 minutes’ drive of The Leggar Retail Park. settling down in starter homes. Both of these categories have the M5 Motorway being within 1 mile to the north and south higher than average levels of disposable income. Spending habits of the Primary Retail Market Area, per capita of the town. In addition, the A38 and A39 intersect in the total retail spending levels, are above the PROMIS average town and provide easy access into the wider catchment. (CACI). The level of car ownership is significantly above The town’s main railway station is situated less than half a average at 81% of households, with a particularly high mile to the south east of The Leggar Retail Park and provides proportion of multiple car ownership. Spending habits of the Primary mainline rail services via Taunton to London Paddington, Retail market Area, per capita, are with a journey time of just over 2 hours. above the PROMIS average INVESTMENT LOCATION / AERIAL RETAIL WAREHOUSE DESCRIPTION / TENANCY / PROPOSAL / SUMMARY DEMOGRAPHICS PROVISION TENURE / COVENANT STRENGTH FURTHER PLANNING INFORMATION The Leggar Retail Park, along with Bridgwater and The Clink Retail Parks, Sainsbury’s and Asda, combine to total over 350,000 sq ft and form the dominant retail destination for the town’s extensive catchment area. THE LEGGAR RETAIL PAR BRIDGWATER RETAIL PAR THE CLIN THE CLIN RETAIL PAR THE LEGGAR TO TOWN CENTRE This aerial has been subject to CGI. INVESTMENT LOCATION / AERIAL RETAIL WAREHOUSE DESCRIPTION / TENANCY / PROPOSAL / SUMMARY DEMOGRAPHICS PROVISION TENURE / COVENANT STRENGTH FURTHER PLANNING INFORMATION Situation Retail Warehouse Provision The Leggar Retail Park is located in a highly prominent and accessible The Leggar Retail Park, along with Bridgwater and The Clink Retail Parks, Sainsbury’s and Asda, combine to total location just to the west of the roundabout junction of the A38 over 350,000 sq ft and form the dominant retail destination for the town’s extensive catchment area. (Bristol Road) and the A39 (Bath Road). The scheme is accessed via Bridgwater Retail Park has undergone significant improvement works. The former Wickes unit has been a roundabout junction from The Leggar which has recently been extensively refurbished, subdivided and let to M&S Foodhall and Shoezone. The former Lidl unit has recently upgraded and widened as part of the development of the scheme. been redeveloped creating a number of smaller A3 – now Class E – units that further link Bridgwater and The Leggar Retail Parks. Avison Young are retained letting agents for the scheme and the latest letting information can be provided upon request. The construction of The Leggar Retail Park, along with the redevelopment of Bridgwater Retail Park and the highway improvement works have created a best in class retail destination. The only other retail warehouse provision in Bridgwater are solus units or clusters. To the north on Bristol Road, there is a small cluster let to Matalan (25,000 sq ft at £8.10 per sq ft), The Range (42,500 sq ft at £7.80 per sq ft) and Wickes (26,142 sq ft at £10.65 per sq ft). At The Broadway, to the south of the town centre, there is a B&M Homestore (46,500 sq ft at £9.50 per sq ft), which sits adjacent to a Morrisons foodstore. INVESTMENT LOCATION / AERIAL RETAIL WAREHOUSE DESCRIPTION / TENANCY / PROPOSAL / SUMMARY DEMOGRAPHICS PROVISION TENURE / COVENANT STRENGTH FURTHER PLANNING INFORMATION Description Tenure Service Charge The Leggar Retail Park is a modern, high specification, The site, as delineated in red on the plan, is held freehold. The property has a service charge of £0.90 per sq ft. retail warehouse scheme that opened in late 2018. The site outlined in blue has been sold off on a long leasehold There are service charge caps in all four leases and any Constructed of steel portal frame construction the basis to Lidl. This plan is provided for indicative purposes anticipated shortfalls are detailed in the tenancy schedule. park comprises a terrace of three retail warehouse only. The latest service charge budget and previous service charge units totalling 43,256 sq ft, let to three market accounts are available upon request. leading ‘convenience’ retailers in Farmfoods, The Food Warehouse and Home Bargains, who also have a Planning garden centre. Formerly Open A1 (including food) planning consent. Now Use EPC’s There is also a 26,867 sq ft Lidl foodstore adjacent to Class E, under the recent changes to the Use Classes Order. Unit Rating the main terrace that has been sold off on a 125 year long lease to the retailer. 1 (Lidl) A 23 All four tenants are classified as ‘Essential Retailers’ 2 (Farmfoods) A 20 and are significant footfall drivers. 3 (The Food Warehouse) A 25 Internally, the units are fitted out to the individual tenants’ specification, whilst Farmfoods are currently 4 (Home Bargains) A 17 fitting out their unit. The car park situated to the front of the Home Bargains, The Food Warehouse and Farmfoods units provides approximately 198 customer car parking spaces. In addition, there are circa 124 customer parking spaces within Lidl’s demise.
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