KINGSTHORPE NORTHAMPTON · NN2 7BD WELL LOCATED FOODSTORE AND CONVENIENCE RETAIL INVESTMENT INVESTMENT SUMMARY We have been instructed to seek offers in the region of £12,500,000, subject to contract and exclusive of VAT. A purchase at this level would reflect an initial yield of 6.45% and a reversionary yield of 7.36% on letting the vacant units, after allowing for standard purchaser’s costs of 6.8%. • Well located foodstore anchored investment • Prominent roadside location • 3.3 acre site with 220 car spaces • Freehold • Rebased Waitrose foodtore (£17.00 to £13.60 psf) • 84% of income secured to strong covenants • Low global rents 2 • Sustainable income with longer term growth potential LOCATION & COMMUNICATIONS LOCATION A1101 A34 A6 7 la-Zouch A60 A606 6 Coalville A1 A1 Cannock 22 A50 6 12 11 A46 A1 11 A606 A113 M54 3 A112 2 1 Tamworth M42 LEICESTER 9 A47 2 LOCATION & COMMUNICATIONS A600 A4 10 21 7 A47 TON 10 Walsall M69 Wigston A43 Peterborough 9 Hinckley March A6 8 7 Northampton is a strong affluent County Town located in the heart of 9 2 M6 Nuneaton 1 Market 1 6 5 8 Corby Harborough 7 41 Northamptonshire 68 miles north of London, 15 miles north of Milton 2Keynes, A42 A605 A444 M1 A1 BIRMINGHAM Bedwoth A6 3 11 30 miles south of Leicester and 28 miles east of Coventry. Birmingham 20 A4304 Stourbridge 3 27) 6 6 2 (A4 Solihull A45 A1 Ely M5 M42 M6 1 5 19 A508 Kettering COVENTRY A14 A43 4 4 The town has excellent communications as it lies only 5 miles north of A1 Huntingdon 2 Rugby 18 4 1 3 A45 M42 2 A46 A45 A448 16 St Ives the M1 (Jct 15-16) and is also well connected by the A43 which runs M45 17 A10 Wellingborough M40 A45 Rushden south to the M40. Leamington Spa A1 5 A5 4 A6 RedditchA441 A435 Warwick NORTHAMPTON 15 14 M5 13 A45 A428 14 Stratford Daventry 16 St Neots 13 A428 Northampton train station provides a fast and regular train6 service to upon Avon 12 A46 12 15 8 9 2 2 A43 11 London and Birmingham with a fastest journey time of 557 minutes and Bedford A4 A4 M1 M11 63 minutes respectively. A508 A509 A46 A5 10 Newport Biggleswade A10 A44 A43 Pagnell A6 Evesham A505 9 11 Banbury 14 A1 Royston Kingsthorpe is an affluent suburb of Northampton that lies 3 miles to the A4 Milton 8 2 1 A44 2 13 Keynes 10 A505 north of the town centre and forms the northern outskirts of the town. A46 Letchworth 9 3 Tewkesbury 9 Kingsthorpe is characterised by low density housing with numerous green A43 Leighton 12 M5 10 A5 Hitchin A44 Buzzard 8 spaces, such as Thornton Park, Kingsthorpe Recreation Ground, Bradlaugh10 M1 M40 Gloucestershire Luton A1(M) Stevenage 11 7 A60 Fields and Kingsthorpe Golf Club. 11 Bicester 8 A41 2 Gloucester 9 Dunstable 10 A10 6 A34 Luton A43 Kidlington Aylesbury 6 Hertford 9 Aiport Ware 9 A40 A41 2 Witney Hemel 5 M11 7 A4 A40 A41Hempstead St 4 OXFORD 8 Hatfield Thame A413 Albans Stroud A40 M10 3 7 7 Hoddesdon 8 A418 Berkhamsted 1 2 A419 7 A 22 4 Cichester 0 1 20 0 Amersham 24 M25 25 26 20 19 5 A4 Abingdon High 6 18 Enfield 5 9 5 Wycombe 2 17 Watford 4 Barnet A4 A419 M40 M11 4 A12 Didcot 3 M1 2 A406 4 Marlow 2 Harrow A40 1 A41 Swindon 1 Maidenhead A406 LONDON 16 Henley- Slough Uxbridge A13 M4 15 on-Thames 17 7 6 4 1 A34 3 2 14 Chippenham A205 14 13 M4 Reading 13 A20 A2 12 Bracknell Kingston DEMOGRAPHICS DEMOGRAPHICS Northampton has a population of 497,269 within a 30 minute drivetime and this DEMOGRAPHICS is likely to increase significantly with the various housing developments planned for the area. Most notably, Dallington Grange lies 1 mile to the west and has outline Northampton has developed from it’s shoe manufacturing past into one of permission for 3,000 homes and Buckton Fields just to the north of Kingsthorpe. the UK’s leading distribution hubs, due to it’s central location in the country and the fact that 90% of England can be accessed within a 4 hour drive time, Northampton has an affluent catchment with 52% of the catchment in ABC1 including the UK’s main ports that serve mainland Europe. The town is also socio-demographic group. 74% of the catchment is economically active (70% a strong financial centre with Barclaycard and Nationwide both having their UK) and it has a high level of families with dependent children (21% vs UK 19%) headquarters in the town. Other major occupiers include Avon Products, (SOURCE CACI). Panasonic, Travis Perkins, Coca-Cola / Schweppes, National Grid, Texas Instruments and Carlsberg. Companies that have their distributions Drivetime 10 minute 20 minute 30 minute hubs here include Amazon, Clipper, Sainsburys, Morrisons and Royal Mail. 4 Population 148,460 280,319 497,269 Households 62,861 116,456 207,456 A508 NORTHAMPTON IN PROVISION FOODSTORE Kingsthorpe SPP INNEY HILLLL Centre DALLINGGTTOO N ABBBIINGTOTONN Northampton A45 A5076 A428 A508 WEW ESST HUNSUN BUB RRYY FOODSTORE PROVISION The main foodstore provision in KingsthorpeW isOO providedTTO N by M1 Waitrose and the adjoining Asda, which provides a quality and discount offer respectively. In addition, there is an Aldi just to the south on the A508 Kingsthrope Road and a Morrisons on A5128 Kettering Road to the east. We are therefore of the opinion that the area is ‘right-sized’ 5 in terms of foodstore provision and Waitrose are in a good position providing the only quality supermarket offer. DESCRIPTION & ACCOMMODATION DESCRIPTION & ACCOMMODATION The property comprises a total floor area of 62,653 sq ft (5,821 sq m) on a gross internal basis. We have been provided with individual floor areas which we set out in the following tenancy schedule. The site comprises 3.3 acres. DESCRIPTION The property comprises a 44,121 sq ft (4,099 sq m) supermarket with 8 small shops located either side of the entrance, which forms an attractive retail parade under a modern canopy. The supermarket has a ground floor of 28,237 sq ft (2,623 sq m) and a first floor of 15,884 sq ft (1,476 sq m).The first floor of the supermarket comprises storage and ancillary areas such as staff changing, canteen, offices and WCs. Loading is provided at the rear with 2 dock levellers and goods lifts to access the first floor storage. Waitrose have also recently started ‘Drive through click and collect’. Units 12, 13 and 14 also have rear servicing facilities. Waitrose’s opening times are as follows: 2 hour free car parking is provided to the front for shoppers 6 with 195 marked car spaces and there is additional staff Monday to Friday 8am to 9pm parking at the rear (25 spaces). Saturday 8am to 9pm Sunday 10am to 4pm TENURE & TENANCIES TENURE & TENANCIES The property is let on effective FRI leases with a service charge. The 2020/21 service charge budget is £88,150 / £1.40 psf. Unit Tenant Area (sq ft GIA) Lease Start Lease Expiry Rent Review Rent Rent psf Comments Rent review capped at Supermarket Waitrose Ltd 44,121 24/06/2005 23/12/2029 25/12/2024 £600,000 £13.60 £662,448 pa (2% pa comp). O/S rent free will be topped up. Astrapet Ltd Unit A 3,326 22/09/2014 21/09/2024 £53,000 £15.94 t/a Pet Superstore Unit B Costa Ltd 1,260 16/12/2015 15/12/2025 16/12/2020 £35,000 £27.77 TOB 16/12/21 Shortfalls £11,668. Offer Unit C Vacant 1,024 received from Card Factory Optics 2000 Ltd Unit D 809 24/06/2004 23/06/2024 £21,650 £26.76 t/a Kingsthorpe Eyecare Shortfalls £16,951, Unit E Vacant 948 Mezzanine level 912 sq ft Shortfalls £2,858. In rates holiday Unit F Vacant 2,035 at present. RP = £18,837 Martin Retail Group Ltd Units 11/12 3,143 11/02/2014 10/02/2024 £51,500 £16.39 t/a Martin’s Wallgreen Ltd Unit 13 2,138 06/09/2015 05/09/2025 06/09/2020 £65,000 £30.40 t/a Touchwood Pharmacy Unit 14 Heron Foods Ltd 3,849 04/07/2017 03/07/2027 04/07/2022 £66,500 £17.28 TOB 4/7/22 Elec Sub Stn East Mids Elec 08/01/2004 07/01/2073 TOTAL 62,653 £892,650 The net rent after allowing for shortfalls on the vacant units is £861,173 per annum. TENURE The majority of the property is held freehold. There is a small parcel of land adjacent to the northern car park entrance that is held long leasehold from Northamptonshire County Council at a peppercorn. This land 7 was originally held for road widening purposes but is now surplus to requirements and could be bought back in. Further information available on request. Northampton - Kingsthorpe PLANNING PLANNING The property was granted planning permission on 24 May 1970 for the ‘erection of a shopping centre and parking area’. The property lies within Kingsthorpe District Centre as defined in Northampton Borough Council Local Plan. As such we understand that the property has an A1 retail permission. Further information available on request. 8 Experian Goad Plan Created: 14/08/2020 50 metres Created By: Kitchen LaFrenais Morgan For more information on our products and services: Copyright and confidentiality Experian, 2020.