B&Q INTERCHANGE PARK AMPTHILL ROAD, BEDFORD MK42 7AZ - FREEHOLD RETAIL WAREHOUSE INVESTMENT FOR SALE FORWARD COMMITMENT OR FULL FUNDING
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
FREEHOLD RETAIL WAREHOUSE INVESTMENT FOR SALE
FORWARD COMMITMENT OR FULL FUNDING
B&Q INTERCHANGE PARK AMPTHILL ROAD, BEDFORD MK42 7AZ 2 Freehold Retail Warehouse Investment for Sale
EXECUTIVE SUMMARY
●● Bedford is the principal commercial centre in Bedfordshire, located
10 miles north east of Junction 13 of the M1.
●● The unit will be situated in Bedford’s dominant out of town retail
destination, adjacent to Phases 1 and 2 of the Interchange Retail
Park which comprises some 250,000 sq ft of purpose built units
with occupiers including Next, Clarks, Boots and Sportsworld.
●● The unit will comprise a 56,810 sq ft purpose built DIY store
together with an 8,000 sq ft builders yard and 12,000 sq ft garden
centre. The unit will have 360 car parking spaces providing a ratio
of approximately 1:15 sq m (1:160 sq ft).
●● On practical completion the unit will be let in its entirety to B&Q Plc
on full repairing and insuring terms for a term of 20 years subject to
a tenant only break option at the end of the 15th year.
●● The commencing rent will be approximately £738,530 per annum
reflecting an overall rate of £13.00 per sq ft subject to final
measured survey.
●● Rent reviews are to be five yearly to RPI with a collar and cap of 0%
and 2.5% per annum respectively.
●● B&Q is part of the largest DIY retailing group in Europe and has a
Dun & Bradstreet rating of 5A1.
●● Funding is sought for the development with a total capital
commitment of £11,000,000 subject to contract and exclusive of
VAT reflecting a net initial yield of 6.35% assuming market costs at
5.80% (6.45% assuming actual acquisition costs).
●● Offers on the basis of a full funding or forward commitment will be
considered.
Freehold Retail Warehouse Investment for Sale 1
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
2 Phase 2
e
as
Ph
s e1
ha
-P
ark
li P
R eta
ge
an
ch
n ter
eI
Th
2 Freehold Retail Warehouse Investment for Sale
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
LOCATION Bedford benefits from regular rail services to London Kings Cross with a
Bedford is located approximately 52 miles north of London, 28 miles fastest journey time of approximately 36 minutes, whilst London’s Luton
west of Cambridge and 17 miles north east of Milton Keynes. Airport is situated 22 miles to the south accessible via the A6.
Bedford occupies a good strategic location some 10 miles north east of
DEMOGRAPHICS
junction 13 of the M1 and 9 miles to the west of the A1. Recently, the
Bedford has an urban area population of 82,500 with a catchment of
A421 bypass has been dualled linking the town to both junction 13 and
132,800 within 6 miles, rising to 361,565 within 12 miles (source: Focus).
the A1 dual carriageway.
Demographic data is set out below:
St Neots Mosaic Consumer Classifications Urban Area (%) GB (%)
A428 A509
A6 B660
B1046
Symbols of Success 10.43 9.70
A421
A421
A1
Happy Families 12.67 11.64
A428 BEDFORD
A603
B1042
Suburban Comfort 18.94 14.69
A509 A 5134
B526
A422 B1040 Urban Intelligence 11.88 7.65
Interchange A600 Biggleswade
M1
Park
B658
14 A421 A6
A6001 A1
Car Ownership District GB
A507
MILTON
13 1 Car 42.8 43.5
A 5130 A507 10
KEYNES
A4012
M1 A5120 A6 A600
Letchworth
Garden City
2Cars 27.9 23.1
A5 B655 9
A4012
A4046 12
A1 (M)
Leighton A5120
A505 8
Household Tenure District GB
Buzzard
A505 A5
Owner Occupied 72.3 68.3
11 7
Dunstable LUTON
Freehold Retail Warehouse Investment for Sale 3
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
SITUATION
The property will be situated in the Kempston district approximately 3 miles AMPTHILL ROAD
south of Bedford town centre, north of the A421 Bedford southern bypass
and west of the A6 Ampthill Road.
North
The property lies immediately to the east of Bedford’s principal out of AD
ILL RO
AMPTH
town retailing location, the Interchange Retail Park.
Parking for 327 spaces
A6
PA
UL
A
RA Builders Yard
DC 8,000 sq ft / 743.2 sq m
LIF
FE
WA
Y
A A 4 2 8 BR
OM D
HA ROA
MR A4 2 8 C O L D I N G T O N
OA
D
Y
Garden Centre
E WA
Proposed B&Q Store
TOWN CENTRE Yard 55,000 sq ft / 5,109 sq m 12,000 sq ft /
30m turning circle GIA at grade excluding entrance/exit pods
OL M
1,115 sq m
GH
A42
ON
A5 1 4 0 L
8
Security Gates
AD CAR
LO
DIN
ND
RO
GT Security Fencing
ON
ON
I LL
ROAD
RO
MPTH
AD
AD
A6
RO 0
B 530 A
0
O RD 21
DF A4
BE A5134 P RO G R ESS WAY
31
B5
Interchange
AD
Park RO
THE F R A
ILL
THE
TH 1
A42
HIG
AMP
NK
H RO
BR
AD
AN
ST
ON
AY A421
W
O
ILL R
A M P TH
4 Freehold Retail Warehouse Investment for Sale
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
RETAIL WAREHOUSING IN BEDFORD
The Interchange Retail Park is the dominant out of town retail
7,018,75 sq m (75,000 sq ft), is a predominantly bulky goods The only other dedicated retail park in Bedford is the St John’s
destination for Bedford comprising in excess of 250,000 sq ft of
scheme comprising a 5 unit terrace together with a detached B8 unit Retail Park, approximately 2 miles north of the subject property. This
purpose built accommodation. Phase 1 is a 16,722 sq m (180,000
and two fast food restaurants-occupiers include SCS, Dreams, Harveys, comprises approximately 11,148 sq m (120,000 sq ft) of bulky
sq ft) open A1 non food scheme with occupiers including Sportsworld,
Easy Living, Fuji Film, Burger King and KFC. goods accommodation-occupiers include Homebase, Halfords, Currys,
Next, Clarks, Boots, TK Maxx and Toys ‘R’ Us. Phase 2, comprising
Carpetright, Rosebys, Comet, Allied Carpets and PC World.
The remaining retail warehouse offer in Bedford is generally in roadside solus
units. A number are grouped on the Goldington Road, east of Bedford town
centre, including Homebase, Wickes, MFI and The Home Store.
A plan showing the location of all retail warehousing in Bedford is shown below.
MFI
Tesco
The Home Store
Sainsburys
A6
A428 Wickes
A428
Homebase
ST JOHNS
RETAIL PARK
A421
KINGSWAY
Magnets
BEDFORD A603
Tesco Extra
ALBAN
RETAIL PARK A603
B531 A6 A600
B5134
Sainsburys
A421
INTERCHANGE KEMPSTON A600
PARK B530
Freehold Retail Warehouse Investment for Sale 5
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
DESCRIPTION ACCOMMODATION
The property will comprise a purpose built retail warehouse with a target The unit will benefit from 360 surface level customer car parking spaces. The The property comprises the following gross internal floor areas:
gross internal ground floor area of 56,810 sq ft together with a builders property will occupy a site of approximately 5.53 acres. The building will Description Sq M Sq Ft
yard of 8,000 sq ft and a garden centre of 12,000 sq ft. be constructed in accordance with B&Qs specification 2010. Further Main Store 5,109.67 55,000
information on the specification is available upon request. 1st Floor offices 168.15 1,810
Builders Yard 743.23 8,000
Garden Centre 1,114.84 12,000
TENURE
Freehold.
Front Elevation Facing Park Entrance Roundabout TENANCY
An agreement for lease was entered into on 22/12/2011 between the
developer and B&Q Plc for a new 20 year full repairing and insuring
lease from practical completion subject to a tenant only break clause at
the end of the fifteenth year. The commencing rent will be based on £13
Rear Elevation Facing Railway
per sq ft on the measured gross internal area subject to a maximum of
£738,530 per annum.
The rent is to be reviewed five yearly and at each review date the
reviewed rent will be calculated by multiplying the passing rent by the
Side Elevation Facing South Side Elevation Facing North product of the annual increases in RPI, subject to an annual collar and
cap of 0% and 2.5% respectively.
6 Freehold Retail Warehouse Investment for Sale
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
TENANT COVENANT
Entrance/Exit Lobby Exit Lobby Entrance Lobby
B&Q plc is the UK’s leading DIY and home improvement retailer with
321 stores in the UK and 9 in Ireland. B&Q plc is a subsidiary of
Kingfisher Group plc, Europe’s largest home improvement operator.
Brands within the Kingfisher Group include B&Q, BRICO, KOCTAS, NOMI Draught
Lobby
and Screwfix.
B&Q Plc is rated by Dun & Bradstreet as a 5A1 covenant and the
company’s last three year trading figures are set out below:
Year to Date Year to date Year to date Proposed B&Q Store
55,000 sq ft / 5,109 sq m
29 Jan 2011 30 Jan 2010 30 Jan 2009 GIA at grade excluding entrance/exit pods
(£000’s) (£000’s) (£000’s)
Turnover 3,711,700 3,792,400 3,683,300 Goods
Handling
Pre Tax Profits 144,700 400,400 113,700 Area
Net Worth 3,656,000 3,476,400 3,240,400
RENTAL LEVEL
The commencing rent of £13.00 per sq ft is relatively low set in the
context of B&Q rents across the UK. Rents for smaller bulky durable First Floor Plan First Floor Plan
goods units on Interchange Park range between £18.00 and £21.50.
Freehold Retail Warehouse Investment for Sale 7
B&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
PLANNING
A Change of Use Application was submitted to Bedford Borough Council
on 23 December 2011 for a mixed use development comprising
erection of an A1 retail unit, B1(C), B2/B8 employment units, sui
generis car showroom, car parking and landscaping. The application
relates to a larger site and the remainder will be developed separately.
The application reference number is 11/02707/MAF
It is anticipated that this application will be determined by March 31 2012.
Further information can be provided on request.
TIMING
Approximate anticipated timings are as follows:
March 2012 June 2012 July 2012 May 2013
Receipt of End of Judrical Start on site Practical
Planning Review Period Completion
Permission and Lease
Commencement
8 Freehold Retail Warehouse Investment for SaleB&Q INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
DEVELOPER AND PROFESSIONAL TEAM A full set of warranties in respect of design and construction will be ENVIRONMENTAL
The privately owned Howard Group has a strong track record of made available to the purchaser. The professional team is as follows:
commercial property investment and development and is recognized as
one of the leading property companies operating in the East of England. Developer - HPG Developments
Architect - LHA
A considerable proportion of the Group’s investment portfolio has been
developed using Group resources on sites drawn from the existing land CDM - Savills
bank. The portfolio includes shopping centres, retail parks, industrial Environmental Consultant - WSP
estates, distribution warehouses and offices.
Highways Consultant - Intermodal
M&E Consultant - TBD
PROPOSAL
HPG Developments acts as the development partner for those properties
Our client is seeking offers in the region of £11,000,000 (eleven
and land assets held within The Howard Group’s investment portfolio Planning Consultant - Martin Robeson million pounds), subject to contract and exclusive of VAT. A purchase
requiring redevelopment.
PM - Savills at this level reflects a net initial yield of 6.35%, assuming standard
purchaser’s costs at 5.8%. (6.45% assuming actual acquisition costs).
QS - Davis Langdon
Structural/Civil - John Tooke & Partners Our clients are seeking offers either on the basis of a forward funding or
forward commitment.
VAT
VAT will be chargeable on the purchase price.
CAPITAL ALLOWANCES
Capital allowances will be available to a purchaser.
An estimate is available on request.
Freehold Retail Warehouse Investment for Sale 9B&Q, INTERCHANGE PARK
AMPTHILL ROAD, BEDFORD MK42 7AZ
FURTHER INFORMATION
For further information please contact:
Roger Yates Andrew Groves
DD: 020 7297 6277 DD: 020 7297 6274
Email: roger.yates@bidwells.co.uk Email: andrew.groves@bidwells.co.uk
8 Pollen Street
London W1S 1NG
Tel: 020 7493 3043
Fax: 020 7493 2213
bidwells.co.uk
February 2012
IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 AND THE PROPERTY MISDESCRIPTIONS ACT 1991
Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that:
These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are
not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when
inspecting the property.
Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection.You can also read
