BENTLEY MILL WAY WALSALL WS2 0LE Prominent retail investment with annual fixed rental uplifts
Investment Considerations WALSALL Prominent retail investment, situated just off Junction 10 of the, Walsall. The property comprises an 81,987 sq ft retail outlet store arranged over ground and first floor, with 419 car parking spaces. Freehold property benefitting from Open A1 (non food) planning consent. FRI lease with annual fixed increases Let on a single 25-year lease to the 4A1 covenant of Libra Textiles Limited (trading as Boundary Mill Stores, net worth 29m), expiring 26th April 2029 (11.5 years remaining). The current passing rent of 1,610,875 per annum reflects 19.65 psf. The lease is subject to annual fixed rental uplifts of 3.5% per annum. Proposal OFFERS SOUGHT IN EXCESS OF 22,350,000 % Net Initial Yield 6.75 Running Yield 2020 7.49 Running Yield 2024 8.59 Running Yield 2028 9.86 Subject to contract and exclusive of VAT. Yields are net of purchaser s costs of 6.76%.
CHESTER CREWE SANDBACH LEEK STOKE-ON-TRENT MATLOCK ASHBOURNE MANSFIELD NEWARK ON TRENT NEWCASTLE UNDER LYME Location & Communications Walsall is the administrative centre of the Metropolitan Borough of Walsall and is situated in the West Midlands. The town is located 10 miles (16 km) north-west of Birmingham, 7 miles (11 km) east of Wolverhampton and 37 miles (60 km) north-east of Worcester. The area benefits from excellent communications links, primarily centred on the town s highly developed road and rail networks, both of which provide links across the UK. Walsall is located close to the junction of the M5 and motorway, which connects the motorway towards London and M74 motorway towards Glasgow. Walsall Railway Station is situated on Station Street in the town centre, approximately 2 miles away. The station provides a regular service to Birmingham New Street (four trains per hour, with an average journey time of 23 minutes), with onward connections to London Euston. Birmingham International Airport is situated at Junction 6 of the, located within a 30-minute drive. M54 M50 WOLVERHAMPTON BROMSGROVE M5 WORCESTER STAFFORD CANNOCK REDDITCH UTTOXETER Toll EVESHAM WALSALL BIRMINGHAM BIRMINGHAM STRATFORD UPON AVON DERBY M40 EAST MIDLANDS LEICESTER COVENTRY LEAMINGTON SPA BANBURY NOTTINGHAM M40 DAVENTRY MELTON MOWBRAY MARKET HARBOROUGH WELLINGBOROUGH NORTHAMPTON GRANTHAM MILTON KEYNES KETTERING RUSHDEN BEDFORD Walsall benefits from excellent communications positioned at the centre of the UK s motorway network HUNTINGDON BIGGLESWADE ROYSTON GLOUCESTERSHIRE GLOUCESTER M5 STROUD CHELTENHAM CIRENCESTER KIDLINGTON OXFORD BICESTER AYLESBURY THAME M40 ABINGDON DUNSTABLE TRING BERKHAMSTED AMERSHAM LUTON LUTON A1(M) STEVENAGE M25 BRISTOL M4 CHIPPENHAM SWINDON M4 HENLEY- ON-THAMES MAIDENHEAD SLOUGH WINDSOR HEATHROW UXBRIDGE LONDON RICHMOND
Catchment & Socio-Economic Analysis Strategic Situation The subject property is located to the west of Walsall town centre adjacent to Junction 10 of the motorway, accessed off Bentley Mill Way. Surrounding occupiers include Showcase Cinema and Grosvenor Casino. Walsall serves an extensive primary retail catchment area, extending to Cannock in the north and to the outskirts of West Bromwich to the south. The total population within the Walsall primary catchment area is 447,000 with an estimated shopping population of 206,000. The subject Boundary Mill Store benefits from a wide catchment area. A number of coach operators offer return travel from a number of surrounding town and cities including Coventry, Birmingham, Bedworth and Nuneaton. GRANTHA WOLVERHAMPTON RD M54 STAFFORD Toll 16 MILES WOLVERHAMPTON RD W 10 A454 BLACK COUNTY RTE HEATH ROAD BENTLEY MIL L WAY A4038 DARLASTON RD PLECK RD 8 MILES BIRMINGHAM NUNEATON BEDWORTH COVENTRY BROMSGROVE REDDITCH M5 24 MILES M40 WELLINGBOROUGH NORTHAMPTON Primary Catchment of 447,000 people
The Property The property comprises a large retail store totalling 81,987 sq ft arranged over ground floor and first floors. The unit is of a steel-portal frame construction with a glazed entrance, under a pitched metal clad roof. The property benefits from 419 car parking spaces, providing a car parking ratio of 1:196 sq ft. Access is via Bentley Mill Way, with servicing to the southern end of the unit. The site extends to 5.20 acres (2.1 hectares). Accommodation The property comprises the following floor areas: Unit Area (sq ft) Area (sq m) Ground Floor 78,628 7,304.8 First Floor 3,359 312.1 Total 81,987 7,619.9 81,987 sq ft arranged predominantly at ground floor level
Tenancy The property is let on a single lease to Libra Textiles Limited (t/a Boundary Mill Stores) for a term of 25 years from 27th April 2004, expiring 26th April 2029. The current passing rent of 1,610,875 per annum, reflects 19.65 psf, and the lease is subject to fixed rental uplifts as below, which is effectively 3.5% per annum. 2018 1,667,255 per annum 20.33 psf 2019 1,725,609 per annum 21.05 psf 2020 1,786,006 per annum 21.78 psf 2021 1,848,516 per annum 22.55 psf 2022 1,913,214 per annum 23.34 psf 2023 1,980,176 per annum 24.15 psf 2024 2,049,483 per annum 25.00 psf 2025 2,121,214 per annum 25.87 psf 2026 2,195,457 per annum 26.78 psf 2027 2,272,298 per annum 27.72 psf 2028 2,351,828 per annum 28.69 psf 2029 2,434,142 per annum 29.69 psf
Boundary Mill - Walsall The subject Boundary Mill Store opened in 2003 and benefits from a wide catchment with customers traveling from surrounding towns and cities to visit. In addition, a number of coach operators offer return travel from nearby locations including Coventry, Birmingham, Bedworth and Nuneaton, with the ability to combine a day s shopping with a trip to Birmingham Botanical Gardens, The Walsall Leather Museum or Cadbury World. WALSALL OPENING TIMES Monday 10am - 8pm Tuesday 10am - 8pm Wednesday 10am - 8pm Thursday 10am - 8pm Friday 10am - 8pm Saturday 10am - 8pm Sunday 10am - 5pm* NEWCASTLE Boundary Mill Stores was established 30 years ago at the first site in Colne, and now operates from 5 retail outlet stores across the UK Boundary Mill Stores Boundary Mill Stores was established 30 years ago at the first site in Colne, and now operates from 5 retail outlet stores across the UK (Newcastle, Colne, Sheffield, Grantham and Walsall). Boundary Mill is one of the leading names in women s and men s leisure, outdoor and occasion wear, footwear, lingerie, luggage, bags & accessories, home furnishings, cookware, cards and stationery. LIBRA TEXTILES LTD (Trading as Boundary Mill Stores) COLNE SHEFFIELD GRANTHAM WALSALL Libra Textiles Limited has a Dun & Bradsheet rating of 4A1 representing a minimum risk of business failure. A summary of the most recent company accounts are set out below: Y/E Y/E 31/01/2017 Y/E 31/01/2016 Y/E 31/01/2015 Sales Turnover 32,049,525 31,867,718 30,766,874 Pre-Tax Profit 3,004,774 2,909,867 2,800,161 Net Worth 29,186,114 26,831,694 24,645,481
Planning The property benefits from Open A1 (non food) planning consent. Tenure The property is held Freehold (Title number: WM206044). There is a small rectangular area (edged blue) on the attached plan let to British Gas plc for 99 years from 7 September 1987 at a peppercorn rent. Environmental Information An environmental report is available upon request. EPC The Energy Performance Certificate for the property can be obtained upon request. VAT This property has been elected for VAT purposes and it is expected that the investment sale will be treated as a Transfer of a Going Concern (TOGC). Proposal OFFERS SOUGHT IN EXCESS OF 22,350,000 % Net Initial Yield 6.75 Running Yield 2020 7.49 Running Yield 2024 8.59 Running Yield 2028 9.86 Subject to contract and exclusive of VAT. Yields are net of purchaser s costs of 6.76%.
Contacts Tom Edson E: tom.edson@colliers.com T: 0207 344 6554 Georgie Griffiths E: georgie.griffiths@colliers.com T: 0207 344 6611 James Watson E: james.watson@colliers.com T: 0207 344 6877 Colliers International 50 George Street, London, W1U 7GA MISREPRESENTATION ACT DISCLAIMER Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. November 2017. Colliers International is the licensed trading name of Colliers International UK Plc. Company registered in England & Wales no. 4195561. Registered office: 50 George Street, London W1U 7GA. Designed and produced by Creativeworld. Tel 01282 858200.