HALFORDS (PART SUB-LET TO CARPETRIGHT)

Transcription

1 HALFORDS (PART SUB-LET TO CARPETRIGHT) OPEN A1 NON-FOOD

2 Dover is an important commercial centre and major port on the south eastern coastline of Kent Highly accessible and prominent site situated on Granville Street close to the, which links with the The property comprises a two unit retail warehouse scheme totalling 15,215 sq ft (1,414 sq m), together with 63 car parking spaces, equating to a ratio of 1:241 sq ft Let to the strong covenant of Halfords (5A1 with a Net Worth in excess of 655m) until 23 June 2021 Halfords have sub-let 3,925 sq ft (365 sq m) to Carpetright Passing rent of 228,225 per annum, equating to per sq ft Open A1 non-food planning consent Freehold We are instructed to seek offers in excess of 3,175,000 (Three Million, One Hundred and Seventy Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect a Net Initial Yield of 6.75%, after allowing for purchaser s costs of 6.47%.

3 Dover is a major port on the south eastern coastline of Kent. The town lies approximately 65 miles south east of London, 15 miles south east of Canterbury and 11 miles east of Folkestone. Dover benefits from strong road communications with convenient access to the M2 motorway via the and the M20 via the 0. Further to this, the 0, and connect with Folkestone to the west, Ramsgate to the north and Canterbury to the north west. Dover Priory railway station provides regular direct services to London with a fastest journey time of 1 hour 21 minutes to London St Pancras and 2 hours to London Victoria. HS1 will further improve communication links with direct services to London St Pancras in just over one hour. A40 M4 A3 M1 Worthing A406 M25 LONDON Crawley 3 M23 Brighton A M25 7 M11 A13 0 Sevenoaks 6 2 Dartford 1 M20 Royal Tunbridge Wells Eastbourne Chelmsford A127 A13 59 Maidstone 1 Southend on Sea M2 29 Hastings 59 M20 Ashford Canterbury Folkestone Margate Ramsgate Dover The district population of Dover is estimated at 113,200 (ONS) and is anticipated to significantly increase with 14,000 new homes planned over the next 10 years. The Dover catchment population is moderately affluent, reflecting the demographic profile and spending habits of the catchment population, per capita retail spending levels are comparable with the PROMIS average (CACI). Non-grocery shopper spend is currently estimated at 91m and this is anticipated to rise to 136m by Dover is one of Britain s key ports with a total of 13 million people travelling last year. The town is also the UK s second busiest cruise terminal with 200,000 cruise passengers departing and arriving annually. There has been significant recent investment in Dover with 85m having been spent on the Port, with another 120m allocated to the Western Dock. Further to this, the new St James Retail and Leisure scheme will transform the town centre with 156,915 sq ft of new accommodation. Pre-lets have been agreed with a range of key occupiers including M&S, Next, Travelodge and Cineworld. The development is anticipated to increase the local shopping population by as much as 50%.

4 HALFORDS & CARPETRIGHT G R A N V I L L E ST R E E T D OV E R C T LG The property is prominently located to the north of the town centre on Granville Street in close proximity to the junction of Bridge Street and the, which serves as the arterial route through the town. The links with the to the north west and 0 to the south east providing convenient access to the M20 motorway. The subject property is located within an established retail warehouse cluster in close proximity to a variety of national retailers including Morrisons, Iceland and Aldi. Castleton Retail Park is located to the south of the subject site, which comprises approximately 26,000 sq ft of Open A1 accommodation. Retailers include Asda, Jollyes, Farmfoods and Poundstretcher. Charlton Shopping Centre Castleton Retail Park

5 IN DOVER Retail warehouse provision in Dover totals approximately 185,000 sq ft with the majority situated within two main clusters around the, where the subject property is located, and off the at Whitfield, to the north of the town centre. CASTLETON PARK, BRIDGE STREET, CT16 2QH The scheme comprises approximately 26,000 sq ft and benefits from an Open A1 part food planning consent. Occupiers include Asda, Jollyes, Farmfoods and Poundstretcher. The highest rent on the scheme reflects per sq ft. B&Q, HONEYWOOD PARKWAY, CT16 3GN The property comprises a 60,000 sq ft solus unit completed in The property benefits from a bulky goods consent. The passing rent reflects per sq ft. BASE, HONEYWOOD RD, CT16 3PT The property comprises a first generation solus unit comprising a total of 42,892 sq ft. The property benefits from an Open A1 non-food consent. The passing rent reflects per sq ft. HONEYWOOD PARK, HONEYWOOD RD, CT16 3PS Purpose built retail park completed in 2015 and comprising a total of 41,550 sq ft. The scheme benefits from an Open A1 non-food consent with occupiers including Bensons, Pets at Home, B&M and KFC. KFC are currently paying per sq ft and the rents on the other units range from per sq ft to per sq ft. ST JAMES DEVELOPMENT, ST JAMES STREET Construction is underway on the new town centre scheme which is being developed by Bond City in partnership with Dover District Council and forward funded by Legal and General. The scheme is due to open in March 2018 and will provide a mix of retail and leisure accommodation extending to a total of 156,915 sq ft. The scheme is now 80% pre-let with further units in advanced discussions. Pre-lets have been secured with a range of national operators including Marks & Spencer, Next, JD Sports, Poundland, Cineworld, Travelodge, Frankie & Benny s and Costa Coffee. More recently, deals have been agreed with Shoe Zone, Card Factory, Carphone Warehouse and Greggs, at rents of up to per sq ft. d Beaconsfield Rd Granville St Astor Ave Honeywood Retail Park Bridge St Folkestone Rd Old Charlton Rd Castleton Retail Park Connaught Rd Park Ave DOVER 0 Dover Rd St James Development Upper Rd Castle Hill Rd 0

6 The subject property comprises a modern, retail warehouse unit of steel portal frame construction with block / brickwork and metal profile clad elevations, below a pitched roof incorporating translucent panels. The property is rectangular in shape and extends to a Gross Internal Area of approximately 15,215 sq ft (1,414 sq m). The property has been subdivided to accommodate Carpetright who occupy approximately 3,925 sq ft (365 sq m). Both units incorporate sales areas, ancillary storage, WC s, kitchen and staff facilities. Internally, both units have been fitted out to the occupiers corporate specification. Externally, car parking is laid out to the front and side of the property with approximately 63 spaces in total, providing a car parking ratio of 1: 241 sq ft. Servicing is to the north eastern side of the property and is accessed through the customer car park via Granville Street.

7 Planning was originally granted in 1989 (reference 89/00401) for the erection of a Class A1 non-food retail warehouse including car service centre, car parking and access. Subsequent consents (reference 05/01118 and reference 05/00341 respectively) granted the change of use of car service centre (part) and vacant car servicing bay to non-food retail within use class A1. The property in its entirety, therefore, benefits from an Open A1 non-food consent. SITE The site extends to approximately 1.03 acres (0.42 hectares), providing a low site cover of 37%. TENURE The property is held Freehold. DETAILS The property is let to Halfords Limited (company number: ) for a term of 20 years from 24 June 2001, expiring on 23 June The current passing rent is 228,225 per annum, equating to per sq ft. The lease is drawn on Full Repairing and Insuring terms and is subject to five yearly, upward only, rent reviews to Open Market Value. Halfords Ltd sub-let 3,925 sq ft to Carpetright PLC in April 2006, expiring 20 June 2021.

8 Halfords Limited ( ) is the leading retailer of car parts, car enhancement, camping, touring, mobility and bicycles operating in the UK and Ireland. The group employs in excess of 8,000 people and trades from more than 460 outlets. Halfords Limited has a current Dun & Bradstreet rating of 5A1, reflecting a minimum risk of business failure. The most recent financial results summarised below: April 2016 April 2015 March 2014 Sales Turnover 866,100, ,700, ,100,000 Pre-Tax Profit (Loss) 86,200,000 92,600,000 86,200,000 Tangible Net Worth 655,900, ,300, ,000,000 Carpetright PLC ( ) is an international retailer and a leading floor coverings and beds provider. Carpetright trade from 434 stores and concessions throughout the UK as well as 137 stores across Holland, Belgium and the Republic of Ireland. Carpetright PLC has a current Dun & Bradstreet rating of 4A1, reflecting a minimum risk of business failure. The most recent financial results are summarised below: April 2016 May 2015 April 2014 Sales Turnover 456,800, ,800, ,700,000 Pre-Tax Profit (Loss) 12,800,000 6,600,000 ( 7,200,000) Tangible Net Worth 16,900,000 3,400,000 2,500,000

9 VAT EPC S The property has been elected for VAT, however, it is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC). A copy of the EPC report is available upon request. We are instructed to seek offers in excess of 3,175,000 (Three Million, One Hundred and Seventy Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect a Net Initial Yield of 6.75% after purchaser s costs of 6.47%. For further information or to arrange an inspection, please contact: Rick McIntosh-Whyte rick.mcintosh-whyte@rapleys.com Rebecca James rebecca.james@rapleys.com Martin Carey martin.carey@rapleys.com Rapleys LLP is registered as a Limited Liability Partnership in England and Wales. Registration No: OC Registered Office at Falcon Road, Hinchingbrooke Business Park, Huntingdon PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS. Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey Crown Copyright Licence No and Crown Copyright. All rights reserved. Licence No. ES Misrepresentation Act: These particulars are produced in good faith and believed to be correct. Neither Rapleys, their joint agents (where applicable) or their client guarantees their accuracy and they are not intended to form any part of a contract. No person in the employment of Rapleys or their joint agents has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. February Design by carve-design.co.uk 12801