NUNEATON 5/6 MARKET PLACE LET TO POUNDLAND LTD UNTIL AUGUST Sat Nav Ref: CV11 4EA

Transcription

1 NUNEATON 5/6 MARKET PLACE LET TO POUNDLAND LTD UNTIL AUGUST 2022 Sat Nav Ref: CV11 4EA

2 INVESTMENT SUMMARY Nuneaton is the largest municipality within Warwickshire county with a catchment population of approximately 165,000 The property occupies a 100% prime trading position on the pedestrianised section of Market Place, adjacent to Boots and opposite Debenhams The property comprises 29,051 sq ft (2,699.0 sq m) of well configured and flexible retail accommodation Let to Poundland Ltd until August 2022 Freehold Total current income: 190,000 per annum Price: 2,233,000 Attractive Net Initial Yield: 8.00% 2 Fawcett Mead

3 A41 A51 A50 A515 A52 Nottingham A52 A15 A17 A17 A49 A518 A50 A46 A607 A15 A515 A606 A1 A41 A38 A42 A1175 LOCATION A458 A454 A442 A4123 Birmingham A34 Nuneaton A45 A5 A42 A43 A47 A43 A605 A6116 A605 Nuneaton is an historic market town and the largest municipality within Warwickshire. With a large primary catchment population of approximately 165,000 it is an important retailing centre in The Midlands. The town is located approximately 9 miles north of Coventry and 20 miles east of Birmingham. A34 A508 A49 A456 A44 A422 A46 A426 Northampton A6 A1 A14 Nuneaton is well connected to the national motorway network, with the town centre situated just 4 miles north of Junction 3 of the M6, connecting the town to Birmingham to the west and London to the south, via the M1. A417 A49 A4103 A438 A449 A46 A429 A423 A43 A508 A421 Nuneaton railway station provides frequent services into London Euston with a fastest journey time of approximately 1 hour, and Birmingham in only 30 minutes. The nearest international airport is Birmingham Airport, situated some 13 miles south west of the town centre. RETAILING IN NUNEATON Nuneaton is a distinguished regional centre with over 980,000 sq ft (91,000 sq m) of retail floor space, above the small town average (Source: PROMIS). Nuneaton displays a strong retail provision within an attractive centre, characterised by low vacancy rates which highlight the vitality of the town. The total in-store comparison retail expenditure in 2016 was 423,000,000, well above the small town average (Source: PROMIS). Prime retailing in Nuneaton is focused on the pedestrianised Market Place and Bridge Street, which accommodate a number of popular national multiple retailers including Debenhams, Boots The Chemist, Holland & Barrett and Superdrug. The strength of this retail location is supported by the close proximity to the two managed shopping centres: Abbeygate Shopping Centre and Ropewalk Shopping Centre. 3 Fawcett Mead

4 The property comprises one of the best large retail floorplates within Nuneaton SITUATION The property occupies a 100% prime trading position on the pedestrianised Market Place, at the junction with Bridge Street. Retailers in the immediate vicinity include: Immediately to the south of the property is a 45 space car park located on Mill Walk which serves the store. The property is serviced from the rear of the property. DESCRIPTION The property provides one of the best large retail floorplates within Nuneaton and enjoys frontage onto Market Place. Built of concrete framed construction with a semi-glazed frontage, the property offers well configured and flexible retail accommodation. The property is arranged to provide well configured retail sales accommodation at ground floor, with ancillary accommodation over first and second floors. ACCOMMODATION Based upon a measured survey undertaken by Plowman Craven in 2016, the subject property provides the following approximate Gross Internal Areas: Floor Use sq ft sq m Ground Sales 14,421 1, First Storage 13,880 1, Second Plant ,051 2, Fawcett Mead

5 TENURE Freehold TENANCY The property is let in its entirety to Poundland Ltd on a full repairing and insuring lease for a term of 10 years, commencing on 3 rd August 2012 and expiring on 2 nd August The lease is subject to an upward only rent review on 3 rd August The current rent is 190,000 per annum. INVESTMENT COMPARABLES We consider that the subject property offers an attractive opportunity to purchase a highly secure, five and a half year income stream in a dominant retailing centre at a price which compares favourably with similar recent market transactions. These include: Town Tenant Expiry Price NIY Date East Grinstead Derby Poundland ,700, % Available Poundstretcher 2020 Poundland ,300, % Dec 2016 Kieran Mullin 2018 Clacton-on-Sea Poundland ,460, % Oct 2016 Newcastle-under-Lyme Poundland ,800, % Sep 2016 Gillingham Poundland ,400, % Aug Fawcett Mead

6 RENTAL COMMENTARY We have analysed the passing rent in respect of 5/6 Market Place to reflect a low overall rate of 6.54 per sq ft. It is our opinion that this compares favourably with other large stores both within Nuneaton and within competing retail centres. A full schedule of comparable evidence is available upon request. COVENANT INFORMATION Poundland Limited is a British variety store chain founded in Today the company operates from over 800 stores and employs approximately 10,000 members of staff. Poundland Limited has reported the following figures in their annual accounts: 27/03/ /03/ /03/2014 Turnover 1,214,818,000 1,111,526, ,803,000 Pre-Tax Profit 34,653,000 45,922,000 41,017,000 Net Worth 20,520,000 93,866,000 96,235,000 6 Fawcett Mead

7 EPC A full copy of the EPC is available upon request. VAT The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of 2,233,000 (Two Million Two Hundred and Thirty Three Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect an attractive net initial yield of 8.00%, assuming purchasers costs of 6.33%. FURTHER INFORMATION For further information or to arrange an inspection, please contact the sole agent: Jonathan Mills +44 (0) (0) jonathan@fawcettmead.co.uk Joe Baio +44 (0) (0) joe@fawcettmead.co.uk Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 SUBJECT TO CONTRACT