B PLA C E BEACONS PLACE SHOPPING CENTRE MERTHYR TYDFIL CF47 8DF - SHOPPING CENTRE INVESTMENT - Allsop
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ACO
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BEACONS PLACE SHOPPING CENTRE
MERTHYR TYDFIL CF47 8DF
SHOPPING CENTRE INVESTMENT
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St Tydfil 500 parking
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Shopping Centre spaces
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LACE
Investment Summary
• Prime Shopping Centre Investment • Totalling 28,858 sq ft (2,681 sq m) We are seeking offers in excess of £3,890,000
• Conveniently located for exploring key Welsh tourist locations • Freehold (Three Million Eight Hundred and Ninety
such as the Brecon Beacons National Park • Total passing rent of £383,820 pa Thousand Pounds) subject to contract
• Beacons Place links Tesco Extra/Rail Station/Car Park to the • Net rent £373,582 pa
High Street generating high levels of footfall
and exclusive of VAT. A purchase at this
• 58.4% of the income is secured to the national covenants level would reflect a net initial yield of 9.00%
• Tenants include Greggs, The Fragrance Shop, Clarks,
• Attractive AWULT of 5.7 years to expiry and 3.6 years and reversionary yield of 10.05% after
Select and Principality Building Society
to break option
• Largest retailing centre within the South Wales valleys purchaser’s costs.
ACO
BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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International Airport is situated 53 km (33 miles) south of the town.
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services providing transport into the town centre, within a short M4
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ACO BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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SITUATION DESCRIPTION TENURE
Beacon’s Place Shopping Centre is situated on the High Street in the centre The property was constructed in 2003 and comprises 13 retail units at Freehold.
of Merthyr Tydfil and provides the town’s prime retail pitch together with Tydfil ground floor level with storage and ancillary accommodation above.
Square. The shopping centre is strategically located between Tydfil Square The centre includes a large atrium, which provides natural light to the
to the east and Tesco and a 530 space surface car park to the west. The main thoroughfare. The external finish to the High Street elevation provides
centre therefore provides a key pedestrian link between the car park and an attractive façade of reconstituted stone with large full height windows
the primary shopping centre, St Tydfil Square Shopping Centre. at ground and first floor levels.
The centre has prime frontage to the High Street and the rear entrance
provides access to the main town centre car park, Rail station and Tesco Extra.
ACO BEACONS PLACE SHOPPING CENTREMerthyr Tydfil
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MERTHYR TYDFIL, CF47 8DF
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VACANT
GREGGS
MISS LABEL
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AR
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MP TTIN
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PANDORA
INCOME SUMMARY COVENANT PROFILE BREAKDOWN SERVICE CHARGE RATEABLE VALUE
The property provides the following income profile: The property provides the following income profile: The budgeted service charge 2016/17 The recent draft rateable values have been published
is £129,450 which equates to £5.29 psf. and this has resulted in a c.52% reduction in business
Gross income £382,621 National 58.4% rates for the centre (based on the current multiplier).
The current shortfall equates to £10,237.
Net income (after S/C shortfalls) £362,388 Regional 9.8% This will substantially reduce occupational costs for
Further details are provided on the dataroom. tenants and improve their profitability.
WAULT to expiry 5.7 years Local 31.8% Experian Goad Plan Created: 07/11/2016
WAULT to break options 3.6 years Created By: Allsop
50 metres
Copyright and confidentiality Experian, 2016. © Crown copyright and For more information on our products and services
database rights 2016. OS 100019885 www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
ACO BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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TOURISM, RETAILING & DEMOGRAPHICS
Merthyr Tydfil has a primary retail catchment of 76,000 persons The town has excellent transport links and is located in
(PMA). The town has a long and varied industrial heritage and close proximity to key Welsh attractions such as The Brecon
was once considered the Iron capital of the world. The majority of Beacons National Park, which has over 4 million visitors a year,
employment today is based within the public sector, manufacturing and Bike Park Wales. ‘Adventure Tourism’ is a key driver to the
and service sector industries. The town is the largest retailing centre local economy bringing in 1.23 million visitors and over £66m
within the south Wales valleys, with the closest notable competition to the economy in 2015.
being Pontypridd 20 minute drivetime to the south.
Recent Government initiative have seen an increase in
The local authority has invested heavily in improving access to the tourist numbers and the local authority are instigating further
town and provided a new bridge and central link road, improved investment in improving local access and facilities. Details
Railway Station access, 250 space multi storey car park, and various of the plan can be found in the ‘Merthyr Tydfil Destination
gateway projects which have improved accessibility into Merthyr Management Plan 2016-2018’ which can be accessed
Tydfil Town Centre. The recent improvements in the town centre have via the link.
resulted in the town being voted 5th best Town Centre in the UK 2016
by “Great British High Street”
ACO BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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SCHEDULE OF ACCOMMODATION & TENANCIES
Unit Tenant Description Area Sq Ft Passing Rent (p.a) ERV (p.a) Lease Lease Expiry Lease Term Review Comments
(ITZA p.s.f) (ITZA p.s.f) Start (Break) (Years) Date
GF Retail 726
Rent review 80% of market value.
£22,500 £25,575 17/07/2022
Kofee Ltd (ITZA) 682 18/07/2012 10 18/07/2017 Rent is calculated as higher of £22,500 or 13% of turnover.
1 (£33.00) (£37.50) (18/07/2017)
T/A Trenchers No turnover rent has been paid to date.
FF 737
Total 1,463
GF Retail 868
£34,200 Temporary Letting
Christmas World (ITZA) 912 £0 26/10/2016 02/01/2017
2 (£37.50) (Tenant covers s/c and rates)
(Cardiff) Ltd FF 1,149
Total 2,017
GF Retail 388
£10,500 £11,640 10/05/2016 09/05/2020 4 Surety from Mr P. W. Croot
2A Keyvapours Ltd (ITZA) 188
Total 388
GF Retail 920
£24,000 £23,925
(ITZA) 1,886 11/03/2016 10/03/2026 10 11/03/2021
3 Miss Label Ltd (£37.00) (£37.50)
FF 966
Total 1,886
GF Retail 1,034
£33,500 £33,500 31/11/2026
(ITZA) 690 31/11/2016 10 Outstanding rent free to be topped up by the vendor.
TCS Merthyr LLP (£48.00) (£48.00) (31/11/2021)
4 FF 1,057
(t/a Card Value)
Total 2,091
GF Retail 1,255
£33,500 £33,500
Dowlais Pharmacy Ltd (ITZA) 743 24/06/2014 23/06/2019 5
5 (£45.00) (£45.00)
T/A Vantage Chem FF 12,252
Total 2,507
GF Retail 1266 Outstanding rent free to be topped up by the vendor.
09/08/2018
£25,000 £28,463 08/08/2026 S/C capped at £13,684, RPI linked annually.
(ITZA) 759 09/08/2016 10 01/08/2019
6 Greggs Plc (£33.00) (£37.50) (08/08/2021) Fixed uplift August 2018 to £26,000 / August 2019 to £27,500 /
09/08/2021
FF 1222 Review in 2021 to OMV upwards only.
Total 2,488
GF Retail 229
£13,000 27/04/2020
Duc the Vu (ITZA) 266 £12,615 28/04/2015 5
7 (£49.00) (27/04/2018)
T/A Fashion Nails FF 612
Total 841
ACO BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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Unit Tenant Description Area Sq Ft Passing Rent (p.a) ERV (p.a) Lease Lease Expiry Lease Term Review Comments
(ITZA p.s.f) (ITZA p.s.f) Start (Break) (Years) Date
GF Retail 398
£15,000 £14,325 23/06/2024
TFS Stores Ltd T/A (ITZA) 382 24/06/2014 10 24/06/2019
7A (£39.00) (£37.50) (24/06/2019)
The Fragrance Shop FF 368
Total 766
GF Retail 433 £16,000 £15,938
30/04/2010 29/04/2020 10
8 Ramsdens Financial Ltd (ITZA) 425 (£37.00) (£37.50)
Total 433
GF Retail 3,886
£60,000 31/07/2024
Genus UK Ltd T/A Select (ITZA) 1,935 £59,980 01/08/2014 10 01/08/2019
9 (£31.00) (01/08/2019)
FF 3,745
Total 7,631
GF Retail 1,707
£45,000 £38,250
C & J Clark International Ltd (ITZA) 1,020 14/11/2005 13/11/2020 15 Sub-let to Soldzone Ltd (Surety R Bates)
10 (£44.00) (£37.50)
T/A Clarks FF 1,808
Total 3,515
GF Retail 1,224
£45,000 £43,800
(ITZA) 1,168 26/08/2005 25/08/2020 15
11 The Principality Building Society (£33.00) (£37.50)
FF 1,215
Total 1,168
Mall Income 1 Ride On Entertainment (UK) Ltd £4,020 £4,000 01/05/2016 30/04/2019 3 Top up of 50% of total receipts over £10,000.
24/05/2021
Mall Income 2 Sky UK Ltd £17,500 £17,500 25/05/2016 (24/05/2018) 5 Outside ‘54 Act
(24/05/2020)
Mall Income 3 Clearhill Ltd £1,600 £1,600 20/02/2009 Rolling Rent is calculated at 25% of sales
Mall Income 4 Top Gifts c/o JFR Promotions £17,700 £17,700 01/12/2016 30/12/2021 5 Fixed increase to £18,900 after 30 months
Western Power Distribution
Sub Station £1 £1 25/06/2003 24/06/2102
(South Wales) Ltd
Management Suite 393
Total 28,465* £383,820 £416,512
*Areas provided by vendor.
ACO BEACONS PLACE SHOPPING CENTRE
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MERTHYR TYDFIL, CF47 8DF
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ENERGY PERFORMANCE CERTIFICATES
Copies of the EPC’s are available in the dataroom.
VAT
The property is elected for VAT, however, we anticipate that this
transaction will be treated as a Transfer of a Going Concern
(TOGC) and therefore no VAT should be chargeable.
DATAROOM
Further information is provided in the dataroom.
The following link can be used to register for access:
https://datarooms.allsop.co.uk/register/BPMERTHYR
Existing users can login to the dataroom site and register
by using the following access code: BPMERTHYR
PROPOSAL
We are seeking offers in excess of
£3,890,000 (Three Million Eight Hundred
and Ninety Thousand Pounds) exclusive
of VAT and subject to contract. An offer
at this level would reflect a net initial yield
of 9.00% and reversionary yield of 10.05%
after allowing for purchaser’s costs.
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
Jeremy Hodgson Mark Dansky Tom Dales
020 7543 6709 020 7543 6813 020 7543 6866
jeremy.hodgson@allsop.co.uk mark.dansky@allsop.co.uk tom.dales@allsop.co.uk www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property
are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations,
warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to:
(a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the
property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 11.16
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