FOR SALE BRAND NEW FLAGSHIP CAR SHOWROOM INVESTMENT Nissan Bristol, Plot E5, Hayes Way, Northfield Park, Cribbs Causeway, Bristol, BS34 5BZ ...
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FOR SALE BRAND NEW FLAGSHIP CAR SHOWROOM INVESTMENT Nissan Bristol, Plot E5, Hayes Way, Northfield Park, Cribbs Causeway, Bristol, BS34 5BZ
Investment Summary
• Situated within one of the country’s • 5 yearly rent reviews to the higher of
premier retail destinations; close to Market Rent or RPI collared and
other car showrooms capped at 0% to 3% per annum
• Within Northfield Park • Rent – £292,000 per annum (£16.04
– www.northfieldbristol.com psf)
• Let to Nissan Motor (GB) Ltd (D&B • Practical Completion scheduled for
Rating 5A1) for a term of 20 years 18th December 2015
from completion
Location
Bristol is the largest city in South West England and one of England’s eight ‘Core Cities’. It has an estimated
resident population of 428,200 which is expected to reach 472,900 by 2021.
Bristol is located approximately 115 miles west of London. The city is connected by road east to west from
London to Wales by the M4 motorway, and north to south west from Birmingham to Exeter by the M5 motorway.
There are two principal railway stations, Bristol Parkway and Bristol Temple Meads. The city is also served by its
own airport which offers services to major European destinations.
Northfield Business Park is located 7 miles north of Bristol City Centre in a prominent location near the intersection
of the M4 and M5 motorways and the A38 at Cribbs Causeway. The Park, lying between the Cribbs Causeway
retail and leisure destination and a major new residential development by Bovis, is being developed by Goodman
to create a mixed use commercial development in a high quality landscaped environment.
This prominent site lies on Hayes Way next to a roundabout junction. Hayes Way is a busy new link road which
runs from the A38 near the Royal Mail depot at Filton to The Mall shopping centre at Cribbs Causeway, where
retailers include; John Lewis, Marks & Spencer, Boots and Next. This shopping centre provides 780,000 sq ft
(72,464 sq m) of accommodation. The roundabout junction will be one of the main accesses to the Filton Airfield
Development being promoted by BAE Systems, where planning has been obtained for the development of 2,675
new houses situated on 143 hectares along with health, business, schools, leisure and other uses. The
development is also expected to create a further 7,785 jobs. Persimmon are also planning to construct a further
1,100 new homes south of Filton Airfield.
Surrounding are retail parks totalling 650,000 sq ft (60,386 sq m) where occupiers include Argos, PC World,
Harveys, Asda, Toys R Us, B&Q, DFS, Porcelanosa, TK Maxx, Maplin, Costa Coffee, Halfords, and Tesco Home
Plus. Supermarkets include Asda, Morrisons and Makro. There is also the Venue Leisure Park which includes a
VUE cinema. It has a total catchment population of 4 million with 63% of shoppers living within a 30 minute drive
time and an annual footfall of 12.6 million visitors. Nearby car dealerships at Cribbs Causeway include; Ford,
CGI of the completed dealership Audi, Mercedes-Benz, Honda, Peugeot, BMW, Mini, and Porsche.
Caerwent J1
M48
Sudbrook M48
J23 A403
M4
A38
Undy Sev Redwick
Redw
edwick M4 J21
ern
Brid M5
ge J22 Awkley
Nissan Bristol J15 / J20
B0455
Plot E5, Hayes Way, Northfield Park
J16
B0455
A403
M5
Mouth of Easter M4
Cribbs Causeway, Bristol, BS34 5BZ The Severn M49
Compton
C
J17
A38
Winterbourne
Winterbourne
Northfield A432
Park
Filton
ton J1 / J19
A4018
8
J18 A4174 M4
A403
J18a
Avonmouth Southmead A4174
A4162
Portishead
M5 A4 A38
J2
J19 A432 A4175
Redcliffe Bay A369 A4176 A4017
Eastville
J1
A369 A420
Lower A4 A420
Failand Bristol
A431
M5 A4053
A405
ER Wraxall A470
ST Tickenham
Tickenham
UCE A38 Knowle
O A4174
GL Bristol Airport A431
& 19 Miles
M4
TO
M5
CON
IS
TON
D
OA
DR
ROA
WOO
GH
HI
D
17 TO M5
E
A38
AR & M4
-M
P ER
SU
N- AY
TO
ES EW
M
W US
ER
TO C A IN
L
S RO
BB AD
I
CR
LYSAND AY
SW
8
ER ROAD
01
YE
A4
HA
WAY
ME YES
RLI HA
NR
OAD
Nissan Bristol
TO BRISTOL
Highwood Road
M5 J16
Charlton Way
Northfield West
Multi-use space (15.44 acres)
A38
Cribbs Causeway
Regional Shopping
Centre
Hayes Way
Rolls Royce
Royal Mail
M5 J17
Northfield East
Planning consent for four office buildings
161,500 sq ft (8.69 acres)
Nissan Bristol Ford Dealership
(1.8 acres) (2.52 acres)
Completion December 2015 Opened July 2013
Description Tenure
A brand new purpose built Nissan dealership is being constructed Freehold.
totalling 18,202 sq ft (1,691.29 sq m) on a site of 1.79 acres
(0.724 hectares), together with ancillary servicing, repair and Tenancy
MOT facilities. Landscaping, external storage, vehicle display, The property is to be let to Nissan Motor (GB) Ltd on full
parking and associated works also to be provided. repairing and insuring lease for a term of 20 years commencing
The building will comprise reinforced concrete ground bearing from completion of the Lease at a commencing rent of £292,000
slab, steel frame with concrete planks to first floor, “Kingspan” per annum. With 5 yearly rent reviews to the higher of Market
Rent or RPI collared and capped at 0% to 3% per annum. The
roof cladding with roof lights, external wall cladding, curtain wall
glazing and internal fit-out to dealer specification. Externally Lease is to be completed within 10 working days from practical
tarmacked parking area, soft and hard landscaping, screened completion of the Property as certified under the Agreement for
refuse store and covered cycle store, drainage, services, Lease. Practical Completion is scheduled for 18th December
and signage bases, with Rhino fixed hoop barriers along the 2015.
boundary. The premises are to be underlet to Wessex Garages Holdings
Limited who will operate the Nissan business.
CGI of the completed dealership Northfield Park Masterplan
AD
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HI
AD
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HA 8 A
GH
A3
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TO
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HAYE
Ford Dealership
(2.52 acres)
Nissan Bristol Opened July 2013
MER
TO M5 J17 LIN
ROA (1.8 acres)
D Completion December 2015
Covenant Franchise Background
In the UK, Nissan had a 2014 market share estimated at 5.69%, and a 5.90% market share Nissan Motor Company is a multinational car manufacturer headquartered in Japan.
2015 to date. The following table shows that Nissan rank 5th in the UK by number of new In 1999, Nissan entered a two way alliance with Renault which owns nearly half of Nissan
car registrations. while Nissan holds 15% of Renault shares. Together they sell more than 1 in 10 cars
worldwide employing more than half a million people. In 2010, a further alliance was made
with Daimler where Daimler exchanged a 3.9% share of its holdings for 3.9% from both
Ranking Marque 2015 % Market Share
Nissan and Renault. This triple alliance provided lower costs to Nissan who benefit from
the synergy between the three manufacturers. Eight major global brands operate under the
1 Ford 213,245 13.05
alliance: Renault, Nissan, Infiniti, Renault Samsung Motors, Dacia, Datsun and Venucia.
2 Vauxhall 168,252 10.29 2014 Global sales increased 4.1% year-on-year to 5,310,064 units, with European sales
increasing 13.4% year-on-year to 738,730 units, marking an all-time calendar year record.
3 Volkswagen 143,178 8.76 Nissan’s global production also increased 3.0% year-on-year to 5,097,772 units, achieving
another all-time calendar year record.
4 Audi 104,863 6.42 Nissan took two of the top 10 spots for the best-selling UK cars during 2014. The Juke
and the Qashqai were awarded 10th and 6th spot respectively. Consequently, these
5 Nissan 96,494 5.90 two models are responsible for over 75% of all Nissan used car sales for the average
UK dealership. The Juke is responsible for 50% of all new car sales while the Qashqai
6 BMW 94,596 5.79 accounts for 26.5%. Overall, UK Nissan dealers have an average new to used car ratio
of 0.6:1.
7 Mercedes-Benz 88,899 5.44
8 Peugeot 67,718 4.14
9 Toyota 62,509 3.82
10 Hyundai 55,119 3.37
Nissan Motor (GB) Limited (02514418) has a Dun and Bradstreet rating of 5A 1 representing
a Minimum Risk of Business Failure. We have provided below a summary of the recent
financial performance:
31 Mar 2014 31 Mar 2013 31 Mar 2012
(000’s) (000’s) (000’s) Nissan have led the way in producing zero emissions cars and were manufacturers of the
very first UK built electric car, the Leaf. Built in Sunderland, the leaf Global sales totalled over
Sales turnover 1,681,971 1,483,331 1,360,454 158,000 units at the end of 2014. Nissan’s expansion into the electric car sector follows their
dominance in the cross-over sector with the Nissan Qashqai, Juke and the recently released
Profit / (Loss) before tax 15,849 6,390 7,152 Nissan Pulsar.
Nissan GB’s car dealer network has seen a rise in dealer profitability in Q2 of 2015 with
Tangible Net Worth 115,910 88,247 83,571 dealers achieving a 1.5% average return on sales for its network. The 1.5% average return is
a 66% improvement year-on-year. Nissan say new car sales gross profit has risen by 42.9%,
Net Current Assets (Liabilities) 102,663 74,210 69,257 while service gross profit rose 12.2% and parts by 9.6%.
Accommodation
According to the latest plans, the Gross Internal Area of the property will be as follows.
SQ FT SQ M
Showroom 5,536 514.31
Offices 978 90.86
Ancillary 428 39.76
Workshop Ancillary 418 38.83
Workshop 3,816 354.52
MOT Bay 635 58.99
Parts 832 77.29
Valet Bays / Wash Bay 952 88.44
SUB TOTAL GIA 13,595 1,263.01
First Floor
Offices 1,689 156.91
Ancillary 637 59.18
Oil tanks / Compressors 352 32.70
HQ Offices 1,932 179.49
SUB TOTAL GIA 4,608 428.28
TOTAL GIA 18,202 1,691.29
Demonstrators 12
Used Car Display 76
Customer Parking 35
Service Parking 13
Staff Parking 22
Storage Parking 18
TOTAL PARKING 176
Site Area: 1.79 acres (0.724 hectares). Producing a site density of 23%
Measurement subject to confirmation on Practical Completion.
Rental Comparables Special Notice
We set out below the occupational activity considered most relevant to the property: There is an absolute prohibition against applying for any change of use of the property
or extension of the building prior to 14 March 2018 to ensure compliance with an overage
• Brunel Ford, Charlton Way, Northfield Business Park Cribbs Causeway, Bristol BS34 agreement binding the Vendor and successors in title.
7ST. Letting in May 2013 to Ford Retail on a new 20 year lease with 5 yearly reviews to the
higher of Market Rent or RPI collared and capped at 0-3% per annum at a commencing Capital Allowances
rent of £300,000 p.a. divided between a “dealership rent” of £243,013 pa (£17.18 psf) for
Capital Allowances will be available to the purchaser and further details are available
a 14,145 sq ft dealership plus an additional compound at a rent of £56,987 per annum on
on request.
a 2.48 acre site. A breakdown analysis shows; showroom & offices £22.50 psf, workshop,
parts & ancillary £8.50 psf, prime display spaces £750, Secondary display spaces £475
Rateable Value
per space.
To be assessed.
• Honda, Lysander Road, Bristol BS10 7UG. 15,127 sq ft. Lease Re-Gear in August 2013
at £295,887 (£19.56 psf). A breakdown analysis shows; showroom £22.50 psf, workshop EPC
£8.50 psf and display spaces at £750. To be assessed.
• Nissan, Bircholt Road, Parkwood Estate, Maidstone, Kent, ME15 9YN. 15,726 sq ft VAT
on 1.04 acres. Letting March 2015 at £250,000 (£15.90 psf). 5 yearly upward only rent
reviews indexed to RPI, with the first 5 years subject to a minimum increase of 2% pa The property has been elected for VAT.
compounded and a maximum increase of 4% pa. Thereafter 5 yearly rent reviews indexed
to RPI, subject to a minimum increase of 1.50% p.a compounded and a maximum
increase of 4.00% pa compounded. A breakdown analysis shows; showroom & offices
£20psf, workshop, ancillary & parts £9psf, first floor office £9psf, used car display spaces
at £700 and all other spaces valued at £200.
Town Planning
The site falls within the Northfield Development Area which was granted outline planning
consent in March 2008 (Application No. PT03/3143/O). The permission covers the site of
some 81 hectares (200 acres) of mixed use development, principally for 2,200 new dwellings
and 66,000 sq m (710,424 sq ft) of employment space in Use Classes B1, B2 and B8.
The site was granted planning permission on 31st October 2014 for the “Erection of a motor
dealership facility to provide vehicle sales, servicing and repair, MOT testing facility, together
with associated storage, vehicle display and parking, ancillary uses and landscaping.”
(Application No. PT14/1516/F). It was later granted a variation on 30th March 2015 to
increase the floor space of the dealership (Application No. PT14/5040/RVC).
Construction Warranties
Warranties will be provided to the purchaser from the Building Contractor and design team
(Architect and Civil/Structural Engineer) and the following sub-contractors – Steel Frame,
Curtain Walling and M+E Installation.
Proposal We have been instructed to seek offers of £5,810,000 (Five Million Eight Hundred and Ten Thousand Pounds) for our Client’s Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects an initial yield of 4.75% (assuming costs at 5.8%).
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Further Information IMPORTANT NOTICE
Automotive Property Consultancy for themselves and for the Vendors or Lessors of this property whose agents they are given notice that:
Viewing strictly by prior arrangement. For further information please (1) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part of an offer or contract.
contact either: (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are
believed to be correct, but 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 item.
(3) no person in the employment of Automotive Property Consultancy has any authority to make or give any representation or warranty whatever in relation
BILL BEXSON to this property or these particulars, nor enter into any contract relating to the property on behalf of Automotive Property Consultancy nor any contract on
behalf of the vendor.
M: 07831 827 442
E: bbexson@automotive-property.com (4) no responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties which have been sold, let or
withdrawn. October 2015.
CHARLIE DALTON
Please note all internal photographs and totem pole photograph are of the new Nissan dealership in Maidstone, which completed in January 2015, and is a
M: 07733 535 952 model for the new Nissan Bristol dealership.
0203 588 7200 E: cdalton@automotive-property.comYou can also read
