LORDSMILL STREET, CHESTERFIELD S41 7RS SECURE RETAIL WAREHOUSE INVESTMENT WITH 14.6 YEARS UNEXPIRED AND 2.5% PA FIXED UPLIFTS

Similar documents
Matalan, St Thomas Street, Scarborough YO11 1DY. Highly Secure Long Income Investment Opportunity

FRENCHGATE & BAXTERGATE, DONCASTER, DN1 1QQ PROMINENT RETAIL PARADE INVESTMENT OPPORTUNITY

SOPER OF LINCOLN-BMW & MINI CAR SHOWROOM ROMAN WAY, SOUTH HYKEHAM, LINCOLN LN6 9UH CAR SHOWROOM INVESTMENT

Freehold Car Dealership Investment FORD, VICARAGE LANE, BLACKPOOL, FY4 4ES

BOOKER CASH & CARRY, TWIBELL STREET, BARNSLEY S71 1DN

FOR SALE CAR SHOWROOM INVESTMENT

PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY. Unit 1 Southampton Road Salisbury SP1 2LE

PRIME CAR SUPERMARKET INVESTMENT Motorpoint Birmingham, 2 Lichfield Road, Birmingham, B6 5SU

211 HIGH STREET CHELTENHAM

wagamama Parliament Street, Harrogate HG1 2QU Prime Restaurant Investment Opportunity Years Unexpired

Retail Warehouse Investment Opportunity

14/20 SOUTH STREET WORTHING BN11 3AA

PRIME RETAIL RESIDENTIAL DEVELOPMENT OPPORTUNITY

OFFICE INVESTMENT FOR SALE KELVIN HOUSE BUCHANAN GATE BUSINESS PA RK STEPPS GL ASGOW G33 6FB

For Sale. 473 Newport Road, Cardiff CF24 1RQ. Leisure Investment Opportunity

PRIME HEALTH AND FITNESS CLUB INVESTMENT Virgin Active, Broadfield Park, Broadfield Road, Sheffield S8 0XQ

HARROGATE 4-16 CAMBRIDGE ROAD & 7 OXFORD STREET. Prime Freehold Convenience Retail Investment

St Paul s Chambers, Sheffield Prime City Centre Mixed Use

Well Let Premier Inn Hotel Investment. Premier Inn, Castlegate Business & Leisure Park, Castlegate Way, Dudley DY1 4TA

Secure Supermarket & Gym Investment Opportunity HIGH STREET, SELSEY, NR CHICHESTER PO20 0QG

HIGH YIELDING CITY CENTRE OFFICE INVESTMENT WEST GLAMORGAN HOUSE ORCHARD STREET SWANSEA SA1 5AD

SOUTH COAST : DAWLISH RETAIL & RESIDENTIAL INVESTMENT Piermont Place, Dawlish EX7 9PH

51 Queen Street CARDIFF

London Road Staines-Upon-Thames, TW18 4JQ Freehold Plant and Tool Hire Depot let to 5A1 Covenant on 1.3 acre site fronting the A30

14-15 COMMERCIAL STREET

WELL-SECURED FOODSTORE & RETAIL INVESTMENT OPPORTUNITY. Sainsbury s and Majestic, Haddricks Mill Road, South Gosforth, Newcastle-Upon-Tyne NE3 1SR

UNIT 2 BRUNEL WAY. Segensworth East, Fareham, Hampshire PO15 5TX INVESTMENT SALE

100 ABOVE BAR STREET SOUTHAMPTON SO14 7DT. freehold, reversionary, high street retail investment

HIGH STREET SUTTON PRIME REBASED GREATER LONDON RETAIL INVESTMENT FOR SALE

BIRKENSHAW TRADING ESTATE, GLASGOW, G71 5PR

722 Prince of Wales Road

Prime Car Showroom and Motor Trade Investment Units 1a, b & c, The Drive, Gatwick Road, Crawley, West Sussex

194,196 & 198 COMMERCIAL ROAD PORTSMOUTH

MOXON WAY, MOOR LANE TRADING ESTATE, SHERBURN IN ELMET, LEEDS LS25 6ES LONG LET INDUSTRIAL INVESTMENT WITH FIXED RENTAL UPLIFTS

PRIME RETAIL INVESTMENT

UNIT 2B NEW STATION WAY FISHPONDS, BRISTOL, BS16 3LD

Olympia House Gelderd Lane Leeds LS12 6DD

EDF ENERGY 334 OUTLAND RD

Long Income Hotel Investment Opportunity. Travelodge, Goldington Road, Bedford MK41 0DS

St Paul s Chambers, Sheffield PRIME CITY CENTRE MIXED USE INVESTMENT OPPORTUNITY FOR SALE

For Sale. Hunts Court, Corporation Street, Taunton, Somerset. Leisure Investment Opportunity

DUTTON FORSHAW PEUGEOT & CITROEN (PART OF LOOKERS PLC) SEVEN STILES AVENUE, NEWPORT, GWENT. Prime Freehold Car Dealership Investment

BOOKER CASH & CARRY, MURRAYFIELD ROAD, LEICESTER LE3 1UW

ENERGY CENTRE, SKYPARK, EXETER, DEVON E.ON UK PLC

PRIME FREEHOLD RETAIL INVESTMENT PROPERTY. 8/8a BUTTERMARKET, BURY ST EDMUNDS, SUFFOLK IP33 1DB

SHEFFIELD 11/15 FARGATE & 18/36 CHAPEL WALK PRIME RETAIL PARADE WITH ASSET MANAGEMENT OPPORTUNITIES. Sat Nav Ref: S1 2HD

PRELIMINARY PARTICULARS MODERN FREEHOLD OFFICE INVESTMENT OPPORTUNITY BELGRAVE HOUSE, MONUMENT HILL, WEYBRIDGE, SURREY KT13 8RN

For sale. Building 6 Drakes Meadow Business Park Swindon SN3 3LL. Modern Office Investment Opportunity

87-91 Albion Street & 23 Butts Court, Leeds LS1 6AG. Prime Mixed use Investment with Asset Management Opportunities

Freehold Multi-Let Retail & Office Investment Carlyle s Court, St Mary s Gate, Carlisle CA3 8RY

well secured, freehold, retail investment blackpool 76 bank hey street

LONG LET RETAIL INVESTMENT WITH ALTERNATIVE USE POTENTIAL

SUFFOLK CO10 1RB. Well Secured Prime High Street Retail Investment

MARLOW HIGH STREET, MARLOW. 100% PRIME INVESTMENT IN AN AFFLUENT MARKET TOWN High Street, Marlow, SL7 1AW MARLOW: HIGH STREET

CEDAR HOUSE Spa Road, Gloucester, GL1 1XL SOUTH WEST OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES

FOR SALE PROMINENT OFFICE/RETAIL INVESTMENT

MOXON WAY, MOOR LANE TRADING ESTATE, SHERBURN IN ELMET, LEEDS LS25 6ES

UNITS 1-9 CENTRE COURT

THORP ARCH TRADING ESTATE WETHERBY LS23 7FW

Highly Specified Office building let to RBS Plc

WELL SECURED, CITY CENTRE, RETAIL INVESTMENT. 2a, 2b & 2c Wulfrun Square, Wolverhampton

HIGH YIELDING PRIME RETAIL INVESTMENT MURRAYGATE AND ALBERT SQUARE, DUNDEE, DD1 2BB

jenics CENTRALLY LOCATED Travelodge Bradford Central Valley Road Bradford BD1 4AF

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

DONINGTON COURT UNIT 2A DONINGTON COURT PEGASUS BUSINESS PARK CASTLE DONINGTON DE74 2UZ

SOUTH EAST FREEHOLD OFFICE INVESTMENT LET TO EDF ENERGY PLC ATLANTIC HOUSE HAZELWICK AVENUE CRAWLEY RH10 1QQ

HOME NEW RETAIL WAREHOUSE UNITS PROPOSED IN A PROMINENT LOCATION

DERBY COLLEGE - THE JOHNSON BUILDING. Locomotive Way Pride Park Derby DE24 8PU

3-9 HOPE STREET WREXHAM LL11 1BG. well secured, freehold, retail investment opportunity

MULTI-LET INDUSTRIAL INVESTMENT UNITS 55-65, NORWICH LIVESTOCK & COMMERCIAL CENTRE, HALL ROAD, NORWICH NR4 6EQ

British Midland Airways Limited Stockley Close, West Drayton Near Heathrow, London

Virtual Freehold Leisure Investment Kiss Gyms, Paramount Building, Princes Street, Swindon, SN1 2SD

BENTLEY MILL WAY WALSALL WS2 0LE. Prominent retail investment with annual fixed rental uplifts

PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

1 & 2 CHAPMAN S YARD, SCARBOROUGH. well secured, large space, freehold, retail investment

Woodland House, Park House, Maple House & Beech House

INVESTMENT SUMMARY. Edinburgh is Scotland s capital city, with a population of 487,500.

5-7 NORTH STREET, SUDBURY, SUFFOLK, CO10 1RB

57/61 ABOVE BAR STREET SOUTHAMPTON PRIME FREEHOLD RETAIL PARADE INVESTMENT

AVAILABLE MARCH 19 EXCHANGED

Design and Build. New Industrial Warehouse Opportunities. Up to 1 million sq ft (92,903 sq m)

FOR SALE VAT FREE EDINBURGH RETAIL INVESTMENT

Widnes Shopping Park. Tesco Extra. Widnes. Hive Leisure Park. Restaurant / Leisure Development. To Let /For Sale. Enter

ockleston bailey 48 MILL STREET, MACCLESFIELD SK11 6LT PRIME FREEHOLD NON VATTED RETAIL INVESTMENT

THE OLD POST OFFICE, VICTORIA STREET, DERBY DE1 1EQ FREEHOLD CITY CENTRE DEVELOPMENT OPPORTUNITY

48/50 Western Road, BN1 2EB BRIGHTON. Well-secured retail investment opportunity.

Llys Castan Parc Menai Bangor North Wales. A well let investment opportunity Royal Mail & RSPB Unit 14 Llys Castan Parc Menai Bangor.

Neilston Road, Paisley, PA2 6NE. Prominent Convenience Store Investment

31-43 REGENT STREET WREXHAM, LL11 1RY

LONG LET HEADQUARTERS OFFICE INVESTMENT KING EDWARDS COURT KING EDWARDS SQUARE SUTTON COLDFIELD BIRMINGHAM B73 6AY

HOME NEW RETAIL WAREHOUSE UNITS PROPOSED IN A PROMINENT LOCATION

Prime Well Let Retail Parade. Inverness 41/47 High Street

Freehold Office Investment Opportunity. Riverside Court Guildford Road Leatherhead KT22 9DF

RETAIL OPPORTUNITY. A new retail destination. Riverside Building Riverside Way, Nottingham NG2 1DP

HALFORDS (PART SUB-LET TO CARPETRIGHT)

VICTORIA STREET & CORPORATION STREET, BLACKPOOL, FY1 4RW UNBROKEN RETAIL PARADE INVESTMENT OPPORTUNITY

C30 COBALT BUSINESS PARK NEWCASTLE

For Sale Park Street, Walsall. Prime Retail Investment. 102 Colmore Row Birmingham B3 3AG

PRIME DISTRIBUTION WAREHOUSE INVESTMENT AAH PHARMACEUTICALS UNIT WOBURN ROAD, WINWICK QUAY WARRINGTON, CHESHIRE WA2 8UH

OPEN A1 RETAIL PARK INVESTMENT NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF

Transcription:

LORDSMILL STREET, CHESTERFIELD S41 7RS SECURE RETAIL WAREHOUSE INVESTMENT WITH 14.6 YEARS UNEXPIRED AND 2.5% PA FIXED UPLIFTS 1

RAVENSIDE SPIRES MARKHAM ALMA LEISURE PARK Site boundary for illustrative purposes only. 2

INVESTMENT SUMMARY Chesterfield is the largest commercial centre in Derbyshire located 12 miles south of Sheffield with a primary catchment population of 266,000. Excellent location positioned on the 7 in an established, busy trading location for retail warehouse occupiers. Purpose built retail warehouse unit comprising 34,963 sq ft with 111 car spaces. Open non-food (excluding clothing, footwear and fashion). The income is secured to the 5 covenant of CDS (Superstores International) Limited. Unexpired lease term of 14.6 years expiring May 2032. 5 yearly 2.5% per annum compound fixed uplifts. Freehold. Total passing rent of 288,322 pa, reflecting a very low 8.25 per sq ft relative to an estimated rental value of 9.50 per sq ft. Our client is seeking offers in excess of 4,329,000 (Four Million, Three Hundred and Twenty Nine Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects the following attractive yield profile, assuming 6.56% purchase costs. Net Initial Yield 6.25% Running Yield 2022 7.07% Running Yield 2027 8.00% Equivalent Yield 7.04% 3

Soresby Street THE RANGE, LORDSMILL STREET, CHESTERFIELD S41 7RS 65 A56 HALIFAX M62 LEEDS M62 Wakefield M62 M62 A63 64 HULL A63 Tennyson Ave Marsden Street B6543 B6057 B6543 B6543 Cowley Cl Brewery St Durrant Road Crow Lane CHESTERFIELD 1 62 56 ewe Rochdale Bury M66 Oldham M62 M60 M6 MANCHESTER M56 M67 M60 Stockport A523 Macclesfield A523 A6 A53 Newcastle-under-Lyme M6 Stoke-on Trent A628 A6 Buxton A54 A53 Peak District National park Huddersfield A523 A52 6 A623 Barnsley Sheffield City Airport A57 SHEFFIELD 02 A57 ROTHERHAM 9 CHESTERFIELD A38 9 7 0 A38 0 8 A57 DONCASTER 8 (M) Mansfield A638 (M) 4 4 A631 SCUNTHORPE 81 80 59 59 59 5 Gainsborough 56 5 A57 LINCOLN A46 A46 5 A631 A46 5 80 A46 Rose Hill West Boythorpe Avenue Rose Hill QUEENS PARK Park Road Rose Hill East Market Place Park Road New Street Elton Street Baden Powell Road Saltergate Glumangate Knifesmithgate High Street Low Pavement Vicar Lane New Beetwell Street 9 Markham Road Elder Way Holme Brook South Place Broad Pavement Burlington Street Cavendish Street Beetwell Street Stephenson Place Hipper Street Old Ship Ln RAVENSIDE MARKHAM B6543 Spa Lane Hollis Lane 7 Station Road Lordsmill Street Rother Way Mill Street Rother Way A632 Hady Hill Clayton Street A520 A38 DERBY A52 NOTTINGHAM A52 A52 A453 A606 Grantham THE SPIRES 7 LOCATION Chesterfield is an attractive historic market town in Derbyshire, situated on the, 12 miles south of Sheffield and 24 miles north of Derby. The town benefits from excellent communication links. The Range is positioned on the 7, close to its junction with the, providing easy access to an excellent road network including the, located 5 miles east of the property. The provides direct links to Sheffield (25 minutes), Nottingham (37 minutes), Leeds (55 minutes), Coventry (1h 10 minutes) and London (2 hours). Immediately west of the property is the 9 linking the town to Manchester (1h 28 minutes). Chesterfield benefits from an excellent rail network with frequent trains direct to London St Pancras in a fastest journey time of 1h 52 minutes and to Sheffield in 15 minutes. Chesterfield is served by 2 major airports. The closest being East Midlands Airport, which is the 11th busiest airport in the UK with approximately 4.5 million passengers per annum situated 35 miles (37 minutes) south of the town and Robin Hood Airport in Doncaster with approximately 1.25 million passengers per annum, positioned 35 miles (39 minutes) north east of Chesterfield. Both provide international and domestic flights. REGENERATION Chesterfield is benefiting from significant investment within a number of major schemes. CHESTERFIELD WATERSIDE A 320m scheme, 1 mile north of the property comprising, 1,500 new homes, 27,000 sq ft of Grade A office accommodation, leisure and hotel accommodation, and a network of open spaces. Construction to commence in 2017. The scheme is being developed by a joint venture between Chesterfield Borough Council and other developers. ELDER WAY A new leisure scheme within the town centre, to complete December 2018. The scheme comprises 6 new ground floor restaurant units, Premier Inn, Health and Fitness gym with refurbished public realm. The scheme is being developed by Jomast Developments. MARKHAM VALE A 70 acre industrial and logistics site 4 miles east of the property with outline planning consent for 750,000 sq ft of warehouse / industrial use. This scheme is being developed by a Joint Venture between Henry Boot Developments and Derbyshire Borough Council. SPIRE WALK Positioned immediately south of Spires Retail Park, a new Ford car dealership facility has planning consent on this gateway site to be developed by Perry s Motor Group. 4

7 Proposed Ford Car Dealership SITUATION The property is prominently located off the 7, close to the roundabout junction with the. The immediate location is a well-established out of town retail pitch and the subject property sits directly adjacent to TK Maxx and Home Bargains forming a very busy retail destination. To the north west is Ravenside Retail Park, Chesterfield s largest out of town retail offering comprising 130,000 sq ft with key tenants driving footfall to the area including Asda Living, B&M, Curry s / PC World, Debenhams and Next. To the south is Spires Retail Park, comprising a 55,000 sq ft B&Q plus Toys R Us, Xercise4less and a new unit being created for Go Outdoors. Further south is Alma Leisure Park, where occupiers include Cineworld, Nuffield Health, Nandos, Chiquito, Frankie & Benny s and McDonald s. There has been a substantial amount of new residential development in the immediate vicinity and a large cleared site sits adjacent to Spire Retail Park, which has consent for a new Ford car dealership. CATCHMENT AND DEMOGRAPHICS The total population within the Chesterfield primary catchment area is 266,000, significantly above average for towns of this size. The estimated shopping population for Chesterfield at 174,000 is also above average for towns of this size. In addition, Chesterfield is an important destination for tourists. The Peak District, one of the most popular national parks in the UK is situated immediately west of Chesterfield and attracts in the region of 10 million visitors per year (PeakDistrict. gov.uk). 5

RETAIL WAREHOUSE PROVISION CHESTERFIELD TK MAXX AND HOME BARGAINS Combined 40,768 sq ft Rent Range: 9.38-12.00 psf RAVENSIDE 130,000 sq ft Rent Range: 17.00-30.00 psf Tenant Profile: ASDA Living / Debenhams / Currys PC World / Next / B&M / Pets at Home / Maplin / Hobbycraft. 9 VICAR LANE SHOPPING CENTRE MARKHAM 20,000 sq ft Rent Range: 16.00-17.00 psf Tenant Profile: ScS / Bensons / Jysk. THE SPIRES 123,000 sq ft Rent Range: 12.50-17.00 psf Tenant Profile: B&Q / Toys R Us / Xercise4Less / Go Outdoors. WHEATBRIDGE QUEENS PARK 9 RAVENSIDE MARKHAM 7 A632 ALMA LEISURE PARK 75,614 sq ft Rent Range: 8.20 (Cineworld) - 28.00 psf (McDonalds) Tenant Profile: Cineworld / Nuffield Health / Nandos / McDonalds / Chiquito / Frankie & Benny s / Harvester. WHEATBRIDGE 53,450 sq ft Rent Range: 11.00-13.60 psf Tenant Profile: Carpetright / Wickes / Dunelm Mill. THE SPIRES ALMA LEISURE PARK 7 MATALAN Unit Rent: 28,635 sq ft 10.57 psf 6

14.6 YEARS UNEXPIRED WITH 5 YEARLY 2.5% PA FIXED UPLIFTS DESCRIPTION The property comprises a purpose-built retail warehouse totalling 34,963 sq ft, comprising 33,927 sq ft of ground floor accommodation and 1,036 sq ft at 1st floor. The building is of steel portal frame construction with elevations of brick work and profile cladding. Shared servicing is located to the southern edge of the property and accessed via a secure storage yard with a roller shutter door. The property benefits from 111 dedicated parking spaces, providing a car parking ratio of 1:306 sq ft based on the ground floor area. The total site area extends to approximately 2.01 acres (0.81 ha). TENURE Freehold TENANCY The property is let to CDS (Superstores International) Limited for a term of 20 years from 4th May 2012, expiring 3rd May 2032, providing 14.6 years unexpired. The current passing rent is 288,322 per annum, which equates to a very low 8.25 per sq ft. The rent is subject to 5 yearly 2.5% pa compound fixed uplifts. The property therefore produces the following guaranteed rental income: Rent Review Date Total Rent (Guaranteed) Rent ( per sq ft) 04/05/2017 288,322 8.25 04/05/2022 326,210 9.33 04/05/2027 369,077 10.56 The lease repairing obligations are subject to a schedule of condition, which is available upon request. 7

TENANT COVENANT Founded in 1989, by Chris Dawson, The Range is one of the fastest growing retailers in the UK with over 140 stores nationwide. The Range continues to expand and remains an active retailer seeking to open 15 further stores in 2017. To date in 2017, The Range have acquired stores in Ipswich, Derry, Cannock and have submitted plans to develop a new headquarters in Plymouth with an adjoining superstore. In March 2017 the business commenced construction of a new 1.2 million sq ft distribution centre in Avonmouth. The most recent company accounts for CDS (Superstores International) Limited are set out below: 31 January 2016 25 January 2015 26 January 2014 Turnover 674,203,000 565,064,000 470,282,000 Pre Tax Profit 57,032,000 57,299,000 45,238,000 Net Worth 190,245,000 166,972,222 123,113,000 The company has a Dun & Bradstreet (D&B) Rating of 5, representing a minimum risk of business failure. RENTAL VALUE In our opinion, the current rent passing of 288,322 pa, reflecting 8.25 per sq ft, is reversionary with an estimated rental value in the region of 332,150 pa, reflecting 9.50 per sq ft. TK Maxx acquired one of the adjacent units comprising 25,767 sq ft in November 2012 at a rent of 9.38 per sq ft. Home Bargains acquired the adjacent unit comprising 13,377 sq ft for 12.00 per sq ft in 2012. More recently, Matalan, extending to 28,365 sq ft and located in an inferior pitch 1 mile west of the property, re-geared in 2014 with a 15 year reversionary lease at a rent of 10.57 per sq ft with a 12 month capital contribution providing a net effect rent of 9.43 per sq ft. Most recently, Go Outdoors have taken a 26,107 sq ft unit on Spires Retail Park at a headline rent of 9.38 per sq ft. PLANNING The planning consent is Open non-food (exlcuding the sale of clothing, footwear and fashion goods). Further details are available upon request. 8

VAT THE RANGE, LORDSMILL STREET, CHESTERFIELD S41 7RS The property is not elected for VAT. EPC The EPC rating is C-66. PROPOSAL Our client is seeking offers in excess of 4,329,000 (Four Million Three Hundred and Twenty Nine Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would provide the following yield profile based on purchaser s costs of 6.56% Net Initial Yield 6.25% Running Yield 2022 7.07% Running Yield 2027 8.00% Equivalent Yield 7.04% FURTHER INFORMATION Nick Richardson T 020 7312 7420 M 07818 012 420 E Nick.Richardson@montagu-evans.co.uk Mark Girling T 020 7312 7460 M 07770 851 123 E Mark.Girling@montagu-evans.co.uk Will Collins T 020 7312 7405 M 07972 148 262 E Will.Collins@montagu-evans.co.uk Misrepresentation Act 1967 Montagu Evans LLP for themselves and for the vendors or lessors of this property whose agents they are, give notice that: (i) The particulars are set out as a general guideline only for the guidance of intending purchasers or lessees and do not constitute the whole or any part of an offer or contract. (ii) All descriptions, dimensions, references to condition and necessary permissions of the use and occupation, and other details are given in good faith without responsibility whatsoever and any intending purchasers or tenants 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. (iii) Neither Montagu Evans LLP nor their employees has any authority to make or give any representation or warranties whatsoever in relation to the property. (iv) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and intending purchasers or lessees must satisfy themselves independently as to the applicable VAT position. (v) All the plans and maps provided within the particulars are for identification purposes only. September 2017. Design: Command D www.commandhq.co.uk