BLOCK 4, THE QUADRANT, ALCESTER STREET REDDITCH, B98 8AE 020 7437 6977 HIGH YIELDING LEISURE PARADE INVESTMENT WITH DEVELOPMENT OPPORTUNITIES
KEY INVESTMENT CRITERIA Affluent Midlands New Town Freehold in the established A3/A4 pitch 39,065 sq ft of well configured retail/leisure and gym accommodation HEART OF WORCESTER COLLEGE 8 tenancies providing a total income of 369,908 per annum with a WAULT of 7.21 years (4.17 years to break) 26% of the income let to J D Wetherspoon plc SUBJECT PROPERTY BLOCK 1 IS AVAILABLE FURTHER INFORMATION AVAILABLE ON REQUEST Development opportunity of building over part of the 143 space car park. Plans drawn up for 45 flat scheme Seeking offers in excess of 3,475,000 Subject to contract and exclusive of VAT. THE KINGFISHER SHOPPING CENTRE Attractive net initial yield of 10%* *after allowing for purchaser s costs of 6.48%. REDDITCH BOROUGH COUNCIL
LOCATION Redditch is a town in north-east Worcestershire that was designated a New Town in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London. The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway. Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes. SITUATION Retail in Redditch is dominated by the Kingfisher Shopping Centre where occupiers include Debenhams, H&M, JD Sports, Boots, M&S, New Look, Next and Primark. Alcester Street where the subject property is located provides a link from the scheme to both the Palace Theatre and the other shopping hub at the Trafford Retail Park where Aldi, Maplin and Iceland occupy space. Alcester Street has become a quasi-leisure pitch with both restaurants and pubs/bars occupying space. Within the ownership and at the rear of the commercial element sits a surface car park providing over 140 spaces. DEMOGRAPHIC PROFILE According to PROMIS, Redditch has a primary catchment population of 189,000 people. A slight over representation of people in the 45-64 demographic means Redditch is more affluent than some of the neighbouring towns, with home ownership at 71% compared to the national average of 66% and 2+ car ownership at 43% compared to the national average of 34%. TENURE The property is held freehold. The closest airport is Birmingham International Airport (30km/19 miles to the north-east). M1 Telford M52 Wolverhampton dderminster M6 M5 M6 TOLL Birmingham M42 M6 Birmingham M42 Coventry Coventry East Midlands M69 Loughborough Leicester Corby Kettering Northampton Worcester Redditch M1 dbury M40 Milton Keynes Cheltenham Aylesbury Gloucester Oxford w Stroud
N SUBJECT PROPERTY BLOCK 1 IS AVAILABLE FURTHER INFORMATION AVAILABLE ON REQUEST
DESCRIPTION & ACCOMMODATION The property consists of 39,065 sq ft of well configured, open and flexible retail/leisure and gym space on ground floor and first floors. The property benefits from excellent servicing facilities with access to a service yard which links into Wellington Street. The property has been measured in accordance with the RICS Property Measurement, 1st Edition and has the following Net Internal Floor areas. TENANCY SCHEDULE Unit Tenant Trading As Ground Floor (sq ft) ITZA First Floor (sq ft) Lease Start Lease Expiry Next Review Break Date Rent p.a. Comments EPC Rating 4A Bar Red Redditch Ltd Saints 5,299 2,364 453 23/06/17 22/06/29 23/06/22 22/06/20 31,000 Rent deposit of 9,300. E-125 4B La Piccola Italia Redditch Ltd La Piccola Italia 4,333 2,019 08/09/17 07/09/27 08/09/22 07/09/22 40,000 Rent deposit of 12,000, A3 use, 3 months rent free. E-123 4C J D Wetherspoon plc The Rising Sun 6,313 2,643 25/03/99 24/03/24 25/03/19-97,750 Pending 4D1 D P Realty Ltd Dominoes 950 684 07/12/99 06/12/29 07/12/24-18,000 Reversionary lease recently completed. Pending 4D2 Joao Manuel Lopes & Jorge Manuel Lopes Ice Maidens 1,194 966 17/05/04 16/05/19-16,000 D-99 5 Swanswell Charitable Trust Swanswell 3,061 19/06/15 31/03/20 01/04/18 31/03/18 22,000 D1 use, outside 1954 Act. E-125 Gym Prime Fitness (UK) Ltd Prime Fitness 17,462 Currently under offer 5th Anniversary 60,000 Fixed uplifts at Y4 ( 80,000) and Y5 ( 90,000). Initial rent deposit 6,000 rising to 18,000. 4 months rent free. B-50 Car Park Excel Parking Services Ltd - 21/03/16 20/03/19 85,158 Total 18,089 20,976 369,908 This figure is net of costs. Gross income is 120,000 per annum on average. There are 143 Spaces. -
COVENANT CAR PARK DP Realty Ltd t/a Domino s opened its first store in 1985 and now has over 1,000 stores across the country and over 35,000 employees. DP Realty Ltd has a Dun & Bradstreet rating of 2A 1 representing a minimum risk of business failure. The most recent company figures from 2016 can be seen below: The 143 space car park is currently generating income via an agreement with Excel Parking Services Limited whereby the landlord receives all income generated after costs are deducted. Some costs are able to be put though service charge. The gross income has been 120,000 per annum on average. Further information can be provided on request. Turnover Pre-tax Profit Tangible Net Worth 22,479,000 2,184,000 3,335,000 DEVELOPMENT OPPORTUNITY Plans have been drawn up for a 45 residential and 2 commercial unit s development on part of the car park and further information is available on request. J D Wetherspoon Plc was founded in 1979 and is now the UK s largest chain. J D Wetherspoon PLC has a Dun & Bradstreet rating of 5A 1 representing minimum risk of business failure. The most recent company figures from 2016 can be seen below: Turnover Pre-tax Profit Tangible Net Worth 1,595,197,000 66,049,000 180,397,000 Swanswell Charitable Trust are an established charity who received income in excess of 11.3m in 2016 and operate from 7 different offices throughout the midlands. Computer Generated Image
VAT We understand that the property is elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of 3,475,000 (Three Million Four Hundred and Seventy Five Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 10%, after allowing for purchaser s costs of 6.48%. FURTHER INFORMATION For further information please contact: James Pearson T: 020 7647 4817 M: 07817 410361 james.pearson@gcw.co.uk Alex Matthews T: 020 7647 4827 M: 07776 935 529 alex.matthews@gcw.co.uk Chris Childs T: 020 7543 6817 M: 07818 087 990 chris.childs@allsop.co.uk Jonathan Wright T: 020 7543 6725 M: 07764 755 610 jonathan.wright@allsop.co.uk 7-10 Chandos Street, London W1G 9DQ T: 020 7408 0030 F: 020 7495 4248 www.gcw.co.uk 020 7437 6977 33 Wigmore Street, London W1U 1BZ T: 020 7437 6977 F: 020 7437 8984 www.allsop.co.uk Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particulars by vendor, lessor or the agent. Allsop and Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB. December 2017 Produced by Barbican Studio T: 020 7634 9573