BRIDGES Retail Park Whitehaven, CA28 7RW Bridges Retail Park | WhitehavenCONVENIENCE-LED | CA28 7RW Retail Park Investment Opportunity 1 Investment Summary t Whitehaven is an attractive seaside town, situated on the west coast of Cumbria, 38 t Class E planning consent, with flexible accommodation allowing for merging or miles south west of Carlisle, and on the edge of the Lake District. subdivision of units. t The property is located in a prominent position fronting Flatt Walks, en route to t Asset management potential including the low site cover of 27%, allowing for further central Whitehaven and the A595, which is the main route to the nearby towns of development on site, subject to the necessary consents. Workington and Cockermouth. t We have been instructed to seek offers in excess of £4,285,000 (Four Million, Two t The scheme forms the only retail park for the town and is anchored by a 52,000 sq ft Hundred and Eighty Five Thousand Pounds), subject to contract and exclusive of Morrisons with petrol filling station. VAT. A purchase at this level would reflect an attractive net initial yield of 8.25%, assuming purchasers’ costs of 6.56%. t The park totals 42,790 sq ft and is occupied by B&M, Carpetright, Shoe Zone, Greggs and McDonald’s. B&M comprise almost 50% of the income. The yield increases to a minimum of 9.10% in October 2024 on commencement of the McDonald’s reversionary lease. t Low rents averaging just £8.80 per sq ft, with a total income of £376,730 per annum. This reflects a low capital value of just £100.00 per sq ft and £1,132,400 per acre. t The McDonald’s rent increases significantly in October 2024 from £39,000 per annum to £78,000 per annum on commencement of their reversionary 15 year lease. Bridges Retail Park | Whitehaven | CA28 7RW 2 Flatt Walks Bridges Retail Park | Whitehaven | CA28 7RW 3 A595 M9 EDINBURGH A1 M8 M8 GLASGLocationOW A7 M77 ROSEHILL A71 Whitehaven isM74 an attractive seaside A72town and port, situated on the west coast of Cumbria, on the edge of the Lake District National Park. The town is located 38 miles south west of Carlisle and 45 A76miles north of Barrow-in-Furness. The quaint Georgian town lies just off the A595 West Cumbria A1 A595 coastal route, which provides access to the M6 via the A66 at Junction 40, therefore making the A708 VICTORIA RD MORESBY PARKS town an accessible tourist destination. The local train station is 0.5 miles to the north west of the retail park, with services along the MORESBY PARKS RD A7 A68 A713 Cumbrian coastline to nearbyA74(M) towns, stretching to Carlisle in the north in 1 hour, and Lancaster to WHITEHAVEN RED LONNING the south in just over 2 hours. WHITEHAVEN NEWCASTLE UPON TYNE CARLISLE A69 SUNDERLAND A5094 MORESBY RD CORKICKLE A68 A595 FRIZINGTON A1(M) PENRITH CORKICKLE CLEATOR MOOR RD M6 GINNS TO KELLS RD MIDDLESBROUGH WHINLATTER RD EGREMONT RD FRIZINGTON RD A66 B5345 KEEKLE TERRACE B5294 A595 WHITEHAVEN MEADOW RD KENDAL WHITEHAVEN RD HIGH RD A61 A1(M) MIREHOUSE RD CLEATOR MOOR M6 For indicative purposes only. Not to Scale. The retail park trades well as it is located in a prominent position fronting Flatt Walks, En route to central Whitehaven and the A595, which is the main route to THE nearby towns OF Workington and Cockermouth. Bridges Retail Park | Whitehaven | CA28 7RW 4 Catchment POPULATION The park has a captive catchment population, extending to Cockermouth and Egremont, due to the limited retail offer in the region, making the park the dominant scheme in the area for the existing catchment population and tourists. The Lake District attracts over 19.38 million overnight visitors and over 28.55 million day visitors (2018 figures) with the tourist sector worth around £3.004 billion to the local economy (2018). Whilst this is spread throughout the Lake District area, Whitehaven, due to its seaside location, is a tourist destination, with the offer of a golf club and coastal walks. The area is set to benefit with visitor numbers expected to increase over the coming years due to travel restrictions. The town centre is set to improve due to being included in a Strategic Regeneration Area within the Local Plan, which aims to enable sustainable development and bring mixed-use sites, including housing , to the town centre. There are 32,435 people living within a 10 minute drive time of the subject property, increasing to 86,097 people within a 20 minute drive time. The catchment population is economically active with unemployment levels considerably less than the national average. Significant employers in the area are mostly associated with nuclear and energy, including Sellafield Ltd and the Nuclear Decommissioning Authority. The town has a lot of retirees, comprising 15.98% of the catchment population, who are most likely to shop locally and in store rather than travelling to Workington, over 8 miles The subject property provides the only retail park in the town, dominating the catchment area. away, or shopping online. Bridges Retail Park | Whitehaven | CA28 7RW 5 Retail Warehousing in WHITEHAVEN The subject property provides the only retail park in the town, The nearest competition is located over 8 miles north of the park, dominating the catchment area. The tenant mix is complementary at Derwent Howe Retail Park and Derwent Retail Park in Workington. for the town with its value driven population, providing a convenience Here, B&M have a smaller store of 15,000 sq ft. There is very little by retail and food-based offer. Adjacent to the park, there is a 52,000 sq way of retail warehousing to the south of Whitehaven, due to the lack ft Morrisons store with a petrol filling station. Slightly further west of the of development near the National Park, with the closest competition scheme, there is a 28,271 sq ft standalone Home Bargains unit, and a being Barrow-in-Furness, 47 miles to the south, and Kendal, 57 miles to first generation Iceland and Aldi. Tesco provides the other foodstore for the east. The scheme therefore benefits from an extensive catchment the town, extending to 47,000 sq ft and located 0.8 miles north of the population, boosted by the tourism to the area. subject property. Bridges Retail Park | Whitehaven | CA28 7RW 6 SITUATION DESCRIPTION The park is situated in a prominent and accessible location off Bridges Retail Park is a 42,790 sq ft convenience-led the A5094, which runs through the town and leads to theA59 5A595. scheme that comprises a linear terrace anchored The park is located around 0.8 miles south of the town centre and by B&M, which extends to just over 24,000 sq ft. benefits from excellent visibility from the road. Access is provided Carpetright, Shoe Zone and Greggs compriseM9 the EDINBURGH A1 via a traffic light junction on the main road. The immediate remainder ofM8 the units. There is also a standalone surrounding area is predominantly residential, whilst there is a McDonald’s unit with drive-thru to the M8north east Morrisons foodstore and associated petrol filling station opposite boundary of the site. Servicing and staff parking are GLASGOW A7 the property, with the town’s leisure centre sandwiched between to the rear of the terrace and to the side of B&M. the two properties. M77 ROSEHILL Internally, the units are fitted out to the individual A71 tenants’ specifications. B&M extendedM74 into the A72 adjacent unit in 2019, giving them a full format store. There is potentialA76 to further extend the unit to A595 provide a garden centre. The units do not currently A1 have mezzanines in, but they could be installed, A708 VICTORIA RD MORESBY PARKS subject to planning. MORESBY PARKS RD Car parking is located to the front of the units, with A7 A68 A713 some spaces fronting Flatt Walks in front of theA74(M) WHITEHAVEN RED LONNING McDonald’s unit. The scheme has 200 dedicated car parking spaces, equating to a parking ratio of 1 : 214 sq ft. WHITEHAVEN Access and egress to the scheme is via the main entrance, which also provides access to the adjacent NEWCASTLE UPON TYNE BRIDGES RETAIL PARK Morrisons foodstore and sports centre. However, CARLISLE A69 there is a separate exit from the scheme car park. SUNDERLAND A5094 Servicing is to the side and rear of the units and is MORESBY RD CORKICKLE also accessed via the car park. A68 A595 FRIZINGTON A1(M) PENRITH CORKICKLE CLEATOR MOOR RD M6 GINNS TO KELLS RD SITE MIDDLESBROUGH WHINLATTER RD EGREMONT RD FRIZINGTON RD A66 B5345 TheKEEKL Esite TERRAC Earea extends to 3.78 acres (1.53 hectares), giving a very low site cover of 27% andB52 9allows4 for future A595 development, subject to planning. MEADOW RD KENDAL WHITEHAVEN RD HIGH RD A61 TENURE A1(M) MIREHOUSE RD CLEATOR MOOR M6 For indicative purposes only. Not to Scale. Freehold as delineated in red on the scheme plan. Each of these plans are for indicative purposes only. Not to Scale. Bridges Retail Park | Whitehaven | CA28 7RW 7 TENANCY The scheme is fully let with a WAULT of 5.3 years to break, producing a total rent of £376,730 per annum with a very low average rent of just £8.80 per sq ft. Unit Tenant GIA Lease Term Lease Lease Next Rent Current Rent Rent Percentage (sq ft) Start (years) Expiry Break Review (per annum) (per sq ft) of Income 1 B&M Retail Ltd 14,015 14/07/2014 10 14/07/2024 - - £112,000 £7.99 30% 2 Opus Homewares Ltd 10,000 23/02/2019 5 13/07/2024 - - £73,000 £7.30 19% (t/a B&M) 3 Carpetright Ltd* 9,601 25/12/2016 10 24/12/2026 - - £82,500 £8.59 22% A3 Mcdonald’s Restaurants Ltd** 3,134 05/10/1999 40 04/10/2039 - 05/10/2024 £39,000 £12.44 10% 4 Shoe Zone Retail Ltd 4,023 24/02/2020 5 23/02/2025 - - £40,230 £10.00 11% 5 Greggs plc 2,017 18/11/2019 10 17/11/2029 18/11/2024 18/11/2024 £30,000 £14.87 8% Total 42,790 WAULT 5.3 £376,730 £8.80 * Under offer for a reversionary lease for 5 years from the original lease expiry of 24/12/2021.