Currys PC World & Carpetright

Transcription

1 Currys PC World & Carpetright, YO12 4HE CLICK TO ENTER

2 Investment Scarborough is a popular seaside town in North Yorkshire, 41 miles north east of York. The town is the largest holiday resort on the Yorkshire coast, with tourism providing an additional 470 million to the local economy annually. The subject property is located in a prominent and visible position adjacent to the A64, the main route into Scarborough, in the main retail warehouse pitch for the town. The property boasts a captive catchment with the nearest competing centre, York, being around an hour s drive away. Modern 2 unit scheme totalling 28,970 sq ft. Let to the secure covenants of DSG Retail Ltd and Carpetright plc. Bulky goods planning consent. Lease expiring in March Total rent of 412,000 per annum, reflecting an average rent of per sq ft. Asset management potential. We are seeking offers in excess of 5,725,000 (Five Million, Seven Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.75%, assuming purchaser s costs of 6.62%.

3 Morpeth NEWCASTLE Whitley Bay Gateshead NEWCASTLE UPON TYNE SUNDERLAND Durham A1(M) Hartlepool 22 BRADFORD Halifax M62 Huddersfield A1(M) LEEDS & BRADFORD M1 TEESSIDE A1(M) Knaresborough Harrogate Ilkley Otley Bingley Ripon M621 Darlington LEEDS Northallerton M62 Wakefield Redcar MIDDLESBROUGH Thirsk Garforth Tadcaster Castleford YORK Selby M18 Thorne M180 Pickering Market Weighton Malton M62 Goole M181 Whitby A171 A170 A64 Scunthorpe Driffield Beverley SCARBOROUGH Filey A165 HULL Bridlington Immingham Grimsby Cleethorpes Location Scarborough is a popular seaside town on the North Sea coast of North Yorkshire. The town is located 41 miles north east of York, 46 miles north of Hull, 48 miles south of Middlesbrough and 68 miles north east of Leeds. Scarborough benefits from excellent road communications, being situated on the intersection of the A171, A164, A170 and A64, which provide easy access to York, Hull, Middlesbrough and Leeds, as well as the M62 and A1(M) motorways. Scarborough railway station provides direct access to York and Leeds, with journey times of 48 minutes and 1 hour 14 minutes respectively. From both these stations, there are regular trains to London. Leeds Bradford Airport is situated 70 miles south west, providing internal flights, as well as flights to European and worldwide destinations. Scarborough has a catchment population of 147,000 people, with Experian estimating there are 60,932 people living within a 10 minute drive time of the subject property, extending to 82,749 people within a 20 minute drive time. Scarborough is the largest holiday resort on the Yorkshire Coast. In 2012, the town attracted approximately 1.4 million overnight visitors and 6.5 million people on day trips, spending over 470 million. In addition, the impact of tourism generated a further 187 million to the local economy, giving an overall increase of 7% from Retail in Scarborough benefited from 25% of the total spend. The retail spend per person in Scarborough is above the UK average for household textiles and household goods including white goods. This has a direct positive impact on the retailers at the subject property, particularly Currys PC World. The spend per person within the population averages 2.34 and 0.17 on household comparison goods and household services i.e. repairs to appliances, compared with the UK average of 2.06 and 0.13, respectively. SHEFFIELD Gainsborough Louth

4 Situation The subject property is situated in a prominent and visible location approximately 1.5 miles south of the town centre immediately adjacent to the A64 Seamer Road. The A64 is a major arterial road and provides direct access to the town centre to the north and to York to the south. The subject property is situated in close proximity to the dominant retail park in the town - Seamer Road Retail Park. This pitch forms the principal retail warehouse destination for Scarborough. The surrounding area around the subject property provides a mixture of car showroom, building depots and residential accommodation. WOODLANDS DR A170 A171 SCALBY ROAD A171 SCALBY R D STEPNEY DR A170 A171 STEPNEY RD WYKEHAM ST A64 VALLEY RD CO LUMBUS RAVINE NORTHWAY VICTORIA RD A165 B1364 CASTLE ROAD VALLEY RD Town Centre FORESHORE RD Scarborough is relatively under supplied in terms of retail warehousing, with the total floor space estimated at 264,000 sq ft (PROMIS), significantly below the PROMIS average in terms of overall provision per household. Most goods categories are relatively under-represented in the town, particularly fashion and furniture/furnishing goods. A170 RACECOURSE RD SEAMER MOOR LN STEPNEY HILL SANDYBED LN Currys PC World & Carpetright Seamer Road Seamer Road Retail Park (92,000 sq ft) Tenants include B&Q, Halfords, Next Home, Dunelm, Brantano, Pets at Home SCARBOROUGH A64 SEAMER RD A64 SEAMER RD B427 QUEEN MARGARET S RD MERE LN MOUNTSIDE WEAPONESS LN WEAPONESS DR RAMSHILL RD COLLEGE L N HOLBECK HILL FILEY RD A165 FILEY RD Scarborough has a captive catchment due to its distance from competing retail centres. The closest competing towns are Middlesbrough, York and Hull, all over an hour s drive away. As a result, Scarborough retains the majority of the retail warehouse spend from within its catchment. The main park is Seamer Road Retail Park, located approximately 400 metres south of the subject property. This scheme provides approximately 92,000 sq ft of predominantly open A1 non-food retail accommodation. The park is anchored by B&Q, with other units let to Halfords, Next Home, Brantano, Pets At Home and Dunelm. Rents currently range from approximately to per sq ft. Immediately adjacent to this is a 10,000 sq ft unit occupied by B&M. TK Maxx and Matalan both have standalone units close to the town centre. A165

5 The subject property comprises 2 retail warehouse units totalling approximately 28,970 sq ft. Both units are of steel portal frame construction with brick and profile steel clad elevations. Internally, the units are fitted out to the individual tenant s specification. Bensons for Beds have a concession within the Carpetright unit. The Currys PC World unit incorporates the 3 retail facias; Currys, PC World and Carphone Warehouse. The Currys PC World unit was refurbished in 2010, with the tenant also installing a part mezzanine. The Carpetright unit has sufficient eaves height to install a mezzanine, subject to planning. 129 car parking spaces are provided to the front of the units, giving a low ratio of 1:224 sq ft. There is a substantial shared service yard to the rear. The park is accessed directly off the A64 Seamer Road with shared access with MKM Building Supplies (the UK s largest independent building merchant). The site extends to approximately 2.82 acres giving a low site cover of approximately 24%, and presenting the opportunity to develop further on the site, subject to planning.

6 Investment Garage Mast Shelter CR ED and Ward Bdy MP 41 TCB SEAMER ROAD 41.1m Depot Industrial Estate Planning m SL El Sub Sta Planning consent was originally granted on 8 August 1998, subsequently varied on 20 June 1995 and permits the sale of non-food goods precluding the sale of the following: (i) food and drink (ii) magazines, books and stationery (iii) handbags and luggage (iv) jewellery, perfume, toiletries and cosmetics (v) clothing, footwear and related accessories (vi) CD s, pre-recorded cassettes and records (vii) cutlery, crockery, small kitchen utensils and non-electrical cookwares 14 SL El Sub Stas Ambulance Furthermore, no unit shall be created by the subdivision of the building that has a gross floor area of less than 10,000 sq ft. 1 4 Station 11a 9a 11 TRICOURT The site, delineated in red on the site plan, is held freehold. 0m 10m 20m 30m 9 7a 7 Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:1215

7 Tenancies The property is let on full repairing and insuring leases as below: Unit Tenant Area (sq ft) Lease Start Date Lease Term (years) Lease Expiry Date Next Rent Review Current Rent (per annum) Current Rent (per sq ft) Comments A DSG Retail Limited t/a Currys PC World 16,368 25/03/ /03/ /03/ , The unit has a lobby area that is not rentalised at rent review. B Carpetright Plc 12,602 25/03/ /03/ /03/ , There is an additional lobby area of 536 sq ft that is valued at half rate. Total area is 13,138 sq ft. The rate applied to the main warehouse at the last rent review was per sq ft. TOTAL 28, , Tenants Covenants DSG Retail Limited is a subsidiary of Dixons Carphone plc, which was formed following the merger on 7 August 2014 of Dixons Retail plc and Carphone Warehouse Group plc. The new company joined the FTSE 100 on 22 September with a market capitalisation of approximately 4.23 billion. The company has almost 1,300 stores across the UK and Ireland. Carpetright plc is the biggest carpet retailer in the UK with a market share of circa 35% and sells a wide range of carpets, rugs, vinyls and laminates, together with beds. There are currently 438 trading stores and concessions in the UK. The individual tenant accounts are as follows: The property benefits from a low site cover of 24% giving the potential for further retail development in the car park. Plans have previously been drawn up for a potential A3/pod unit, which would be positioned at the entrance to the property. We believe this would increase both footfall and dwell time to the scheme and be of benefit to the existing retailers. Further details are available on request. Tenant Year Ending Sales Turnover (000 S) Pre Tax Profit / Loss (000 S) Net Worth (000 S) D&B Rating DSG Retail Limited Carpetright plc 02/05/2015 4,314, , ,900 30/04/2014 4,078,300 94, ,500 02/05/ ,800 6,600 3,400 26/04/ ,700-7,200 2,500 5A1 2A1

8 EPC Unit Tenant EPC Rating A Currys PC World D100 B Carpetright D95 Copies of the EPC are available on request. VAT The property has been elected for VAT, however, it is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC). Price Offers are sought in excess of 5,725,000 (Five Million, Seven Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 6.75%, assuming purchaser s costs of 6.62%. Paul Wilkinson Ellie Kirkby Tel: Tel: Mob: Mob: p.wilkinson@wilkinsonwilliams.co.uk e.kirkby@wilkinsonwilliams.co.uk MISREPRESENTATION NOTICE. Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. s of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. April Wilkinson Williams LLP give notice that some of the partnership members have a financial interest in this property. Designed and produced by Creativeworld Tel: