SOUTH BAILEYGATE RETAIL PARK, PONTEFRACT, WEST YORKSHIRE, WF8 2LN HIGH YIELDING REVERSIONARY RETAIL WAREHOUSE INVESTMENT OPPORTUNITY Outline for indicative purposes only. Investment Considerations ■ Located to the north east of Pontefract ■ The property is fully let and comprises ■ In total the investment produces ■ Open A1 with minor restrictions town centre, near Junction 33 of the M62 5 retail warehouse units totalling £638,135 per annum, which equates (further information available on request) motorway c.68,000 sq ft of accommodation to a low average rent of £9.38 per sq ft ■ Offers are sought in the region of ■ Virtual Freehold (999 years). The long surrounding a large shared car park ■ The scheme benefits from part consisting £8,000,000 (Eight Million Pounds), leaseholder has a pre-emption right to ■ Strong tenant line-up let to 5 tenants with of 3 sub-10,000 sq ft units allowing a large subject to contract and exclusive of VAT. buy the Freehold. 76% of the contracted income coming degree of flexibility A purchase at this level would reflect a net ■ The property benefits from being located from strong covenants of B&M and ■ Asset management potential including initial yield of 7.50% based on the current within the same scheme as an Aldi Poundstretcher immediately acting on the JYSK rent rent passing and a reversionary yield of supermarket who have demonstrated their ■ WAULT 8.06 years review where recent evidence within the 8.00% after allowing for purchaser’s costs commitment to the location by recently scheme suggests significant rental uplift of 6.67%. expanding their store is possible SOUTH BAILEYGATE RETAIL PARK, PONTEFRACT WF8 2LN HIGH YIELDING RETAIL WAREHOUSE INVESTMENT OPPORTUNITY Y or ks hir e D ale s N at ion al P ark Au tho rity Harrogate A1(M) Ilkley YORK A M62 1 FERRBYBRIDGE 6 2 Keighley M6 Leeds/ A1(M) Bradford LOCATION SITUATION M O N K Blackpool H I L L Pontefract is a historic market town in the County of West South Baileygate Retail Park is located LEEDS M55 Burnley L M1 A BRADFORD A M65 N Blackpool E 1 Yorkshire. The town has a primary catchment of 81,000 on the eastern periphery of Pontefract AD 6 International Preston M621 O M62 2 Airport M606 A1(M) R BLACKBURN HULL E PONTEFRACT G people and a resident population of approximately 300,000 fronting the A645 thoroughfare A Warton D Halifax RACE COURSE 6 I Aerodrome 3 R 9 B Y people within a 15 minute drive time. connecting the town to J33 of the M62 R J33 R D (A645) M62 E ROA Pontefract F EY GL Motorway. The park is a 5 minute walk PONTEFRACT Monkhill IN TT Pontefract is located approximately 12.8 km (8 miles) east Pontefract O M62 N M6 M66 HUDDERSFIELD Park K north east of Pontefract Baghill train M61 Rochdale M1 of Wakefield, 19.3 km (12 miles) south east of Leeds and is station. The main town centre is 0.65 km SCUNTHORPE A equidistant between York and Sheffield, 32.2 km (20 miles) Bolton 1 6 Humberside 2 (0.4 miles) to the south west and Parkside M18 M180 M181 Airport GRIMSBY from both. The town benefits from its excellent strategic Wigan Barnsley PONTEFRACT Oldham A1(M) Pontefract B Retail Park, the other retail warehousing in Doncaster A location close to Junction 32A, which links the M62 and M60 NE G K LA Tanshelf H AR IL P A L the town, is located 2.2 km (1.4 miles) to MANCHESTER 6 L A1(M) 39 A A1(M) as well as Junctions 31,32 and 33 of the M62. Pontefract NE the west. M60 M67 M18 Baghill M62 Glossop The town also benefits from good public transport links. A1(M) 9) Harewood Rotherham 63 TOWN L LIVERPOOL A Park i Also part of the retail park (outside ( CENTRE n M62 AD c Pontefract, Monkhill and Baghill stations provide regular rail P O o ea Gainsborough R l Warrington Stockport k H Willow Park n our ownership) is a large detached Aldi T s D R i SHEFFIELD D h services to Leeds and surrounding local centres. Pontefract s A O tr O ir R W M58 ic D Pease e Manchester t K N EL Supermarket with a large car park and C W International a FI Park is also 24.1 km (15 miles) from Leeds Bradford Airport. Liverpool ti E A Airport on K o John Lennon a A ld Airport l P W s other nearby occupiers include Howdens M53 ar M58 k Worksop CA M1 R L and Plumb Centre. T O Buxton N R M6 O A GROVE TOWN Chesterfield D LINCOLN Chester Hawarden Airport Skegness SOUTH BAILEYGATE RETAIL PARK, PONTEFRACT WF8 2LN HIGH YIELDING RETAIL WAREHOUSE INVESTMENT OPPORTUNITY DESCRIPTION The property comprises a 5 unit retail park forming the majority part of South Baileygate Food and Non-Food discount Retail Park. The units surround a shared car park containing 167 spaces. There is a service yard to the rear of the property which is accessed via its own slip road. The units are of steel portal frame construction with solid concrete floors and are built of brick/blockwork and profiled steel cladding. Internally, the units are divided to provide retail, stock and office/staff facilities. Each unit has rear loading facilities. CATCHMENT AND DEMOGRAPHICS Pontefract has a total retail catchment population of 81,000, in line with the PMA average for similar sized towns and an estimated shopping population of 26,000. Pontefract is projected to see close to average growth in population over 2016 – 2021. The level of car ownership in Pontefract is broadly average with around 75% of households owning at least one car and 66% classify themselves as owner occupiers which is in line with the national average. Overall 54% of total employment is now in the service sector, with the financial and business services sectors accounting for 7.4% of this. The manufacturing sector now accounts for 11% of total employment with 24.5% in the retail and leisure sector. Total in-store comparison retail expenditure in 2016 stood at £201,000,000. SOUTH BAILEYGATE RETAIL PARK, PONTEFRACT WF8 2LN HIGH YIELDING RETAIL WAREHOUSE INVESTMENT OPPORTUNITY A 1 FERRBYBRIDGE 6 M62 2 J32 A1(M) M O N K H I L L TCB L 1 A 28.3m 0 A El N 7 Sub Sta 1 5 ATE E EYG BAIL D 6 ORTH A N 2 1 M62 All Saints' Church 8 O R in ra D E G 28.3m A D D 6 I W 3 R 9 DW B Y R R (A645) E OAD F Y R Pontefract LE D W G IN 4 Monkhill TT O N PARK ROAD K RETAIL PARK Depot S BAEGAE EA PA A 30.5m Pontefract 1 Race Course 6 2 Broomcroft Depot PONTEFRACT Grenton South Baileygate Retail Park Pontefract B Oatley E A LAN G RK Tanshelf H 1 A IL P A L Chez Nous 6 L A1(M) 39 A Pontefract NE Baghill ) Harewood in 9 ra 3 D 6 TOWN Park 1 A 8 ( CENTRE AD O 73 R H Willow Park T D R OA O R W D Pease L K 3 E 1 8 I C 6 F Park A 7 2 E Works K A W 55 3 0m Works 25m 50m 75m 8 CA 1. South Baileygate Retail Park R L T Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1856 O 2. Park Road Retail Park N R SITE AREA O 3. Asda A GROVE TOWN The site is approximately 5.13 acres (2.07 hectares) providing a low site coverage of 30%. D 4. Tesco 5. Morrisons © Crown Copyright, ES 100004106. For identification purposes only. SOUTH BAILEYGATE RETAIL PARK, PONTEFRACT WF8 2LN HIGH YIELDING RETAIL WAREHOUSE INVESTMENT OPPORTUNITY PLANNING RENTAL VALUE The Park benefits from Open A1 consent with some minor restrictions. The open market lettings to B&M and The Bed Shop have There is a strong possibility of obtaining an unrestricted open set a new rental tone for both the larger and smaller units consent in the future if required. within the Park. This evidence resulted in a significant uplift at rent review by way of Independent Expert decision Planning information can be found within the dataroom. for Unit 1 (Poundstretcher) increasing from £180,000 pa to £265,000 pa (£8.82 psf). Independent Expert report TENURE available in the dataroom. The property is held virtual freehold (999 year lease) and there We believe the above has set a benchmark for the Park and is a right of pre-emption. More details available upon request. that the rents of Units 3B & 4 are therefore reversionary. TENANCY SCHEDULE Unit Tenant Trading Name Size Mezzanine Term Lease Start Lease Expiry Rent Review ERV ERV Current Rent Rent Comments (Sq Ft) (Sq Ft) (£ pa) (£ psf) (pa) (£ psf) 1 Poundstretcher Ltd Poundstretcher 30,045 10 years 02/05/2012 01/05/2022 £265,000 £8.82 £265,000 £8.82 Rent increased from £180,000 at Arbitration (2017 review) 2 B & M Retail Ltd B & M 22,061 15 years 03/10/2016 02/10/2031 03/10/2021 £220,000 £9.97 £220,000 £9.97 Half rent paid for first two years. Vendor will top up. Includes 5,000 sq ft Garden Centre. 3A Symbolgen Ltd The Bed Shop 5,000 10 years 09/08/2016 08/08/2026 09/08/2021 £65,000 £13.00 £65,000 £13.00 3B United Carpets United Carpets 5,000 4,500 10 years 31/05/2016 30/05/2026 31/05/2021 £60,000 £12.00 £40,000 £8.00 Rent Review is capped (Property) Ltd at 115% 4 JYSK Ltd JYSK 6,000 2,146 10 years 11/07/2013 10/07/2023 11/07/2018 £72,000 £12.00 £48,000 £8.00 Full parent guarantee held.