GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE - ENTER - Wilkinson Williams
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GO OUTDOORS
BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE
ENTER >
FREEHOLD RETAIL WAREHOUSE INVESTMENT OPPORTUNITY WITH NEW 15 YEAR LEASE
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Investment Summary
• Loughborough is an affluent town in Leicestershire, • The property occupies a prominent position on • Wide bulky goods planning consent.
situated 11 miles north of Leicester and 16 miles south Bishop Meadow Road, close to the A6.
of Nottingham. • Go Outdoors have a 3A1 ‘D&B’ rated covenant, but
• Go Outdoors occupy a 29,495 sq ft standalone unit. have been recently purchased by JD Sports, who
• The town is home to Loughborough University, the have a 5A1 ‘D&B’.
best university for sports in the world. • Go Outdoors have entered into a new 15 year lease
with 5 yearly open market rent reviews to a minimum • We are instructed to seek offers for the property
• Loughborough has an affluent catchment population of 1.00% per annum compounded and capped at based on an attractive net initial yield of 7.50%
ranking 48th out of the top 200 PROMIS retail 3.00% p.a. compounded. (assuming purchaser’s costs at 6.50%), giving a
centres. purchase price of £3,445,000 (Three Million, Four
• Low rent of £275,000 per annum reflecting just £9.32 Hundred and Forty Three Thousand Pounds),
per sq ft. subject to contract and exclusive of VAT.
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Ashbourne
A5
2 Ilkeston
26
Catchment &
M1 NOTTINGHAM A1
Beeston
Demographics
Uttoxeter DERBY 25
A6
06
A50 Loughborough is synonymous with
A50 Loughborough University; the world’s best
Burton upon sporting university. The university is consistently
24
Trent EAST ranked within the top 15 in each of the most
Melton recent university national league tables. Its
MIDLANDS LOUGHBOROUGH Mowbray sporting excellence attracts students from across
the world, many of whom compete at the top
2
A4
8
A3
Rugeley Ashby-de- 23 level of their sports. University-linked athletes
la-Zouch A6 7 brought back 42 medals from the Olympics and
M1 A60 A6 Paralympics in Rio in 2016, and if Loughborough
06
22
had been a country at the Games, it would
11 have ranked in the world top 20! There are
approximately 17,000 students enrolled at the
Tamworth
M42 university.
LEICESTER
M6(T)
21
Loughborough has a total primary catchment area
A4
Wigston of 144,000 people. Population growth between
7 2016 and 2021 is estimated at 0.9% per annum,
8 7 Hinckley above the UK average forecast growth. CACI
A6
9 2
Nuneaton estimate there are 67,725 people living within
1 Market
6 5 8 M1 a 10 minute drive time of the subject property,
Harborough A427 extending to 192,047 people within a 20 minute
M69
BIRMINGHAM M6 drive time. The 10 minute drive to catchment
3
BIRMINGHAM 20 population is predicted to increase by 2.9% by
6 2 2020.
Loughborough benefits from having an affluent
Location catchment population, ranking 48th out of the top
200 PROMIS Centres, with 26% of the population
being within the highest AB social group, ahead of
Loughborough is an affluent town, made famous through The A6 runs through the town, providing direct access to the PROMIS average of 22%. Per capita in-store
its university, located in Leicestershire. The town is Leicester to the south and Junction 24 of the M1 to the north. comparison expenditure in 2016 was £2,678, in
approximately 11 miles north of Leicester, 16 miles south of excess of the PROMIS average of £2,655, and
Nottingham, 17 miles south east of Derby and 47 miles north Loughborough train station provides direct trains to London this is estimated to increase by 2.8% per annum
east of Birmingham. (85 minutes), Sheffield (68 minutes), Leeds (153 minutes) and between 2016 and 2021, significantly ahead of the
York (159 minutes). PROMIS average of 1.7% per annum.
Loughborough benefits from excellent road communication
In September 2016, the local claimant count was
links, being 3 miles east of Junction 23 of the M1, which
0.5%, significantly lower than the UK average at
connects to London to the south and Leeds to the north.
that time of 1.3%.
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Situation Go Outdoors
The property is situated to the north of the town centre Staples 19,934 sq ft
D
MEADOW L ANE
R
OW
A6
on Bishop Meadow Road in a prominent position at
E AD
its junction with Weldon Road. Bishop Meadow Road
PM
Wickes 26,167 sq ft
HO
links to the A6 in close proximity to the unit and the
BIS
area is a large employment location, with several Willowbrook Retail Park B&Q 87,400 sq ft
AY
DE
office and industrial units close by occupied by large 100,755 sq ft
W
K RB
IC
W LOUGHBOROUGH
employers for the town. Pizza Hut, Dreams, R
YR
WA 004
Pets at Home, Maplin, A6
OA
AD
D
RO
EP
B&M Bargains,
IN
AM
Bensons for Beds, A6
AL
D
ROA 89
GH
W
Halfords & The Range ON B5 N
BELT
AY
TI
BR OT
Retail Warehousing in
ID N
G
SW
ES
AN
ST
HBY ROAD
TR
ST
Loughborough AS
EET
K I NG
TE
GA
EW
AD OD
RO LOUGHBOROUGH
N
WO
Y
Loughborough has a limited supply of retail HB
AS
warehousing with many national retailers not
represented. Most goods categories are under
represented. The 2 main schemes in the town are M1 Regent Place Retail Park
A6
65,975 sq ft
Regent Place Retail Park and Willowbrook Retail Park. D Harveys, Carpetright,
Regent Place Retail Park is anchored by Currys PC OA
LO
A512 TR Currys/PC World,
S
U
World and Dunelm, with further occupiers including RE ScS, Dunelm,
GH
FO
ScS, Harveys, Carpetright and KFC. The scheme has a Carphone Warehouse
BO
JCT 23
RO
bulky goods consent and rents average £14.00 per sq ft. & KFC
UG
H
A6
RO
00
AD
4
Willowbrook Retail Park has a bulky goods consent,
with some relaxations. B&M Bargains and The Range
anchor the scheme, with Maplin, Bensons for Beds, AD
RO A6
Halfords, Pizza Hut and Dreams also having units here. FOR E S T
Rents here average £13.00 per sq ft.
The property is situated to
the north of the town centre
in a prominent position
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Description
The subject property comprises a standalone unit let The site is rectangular with car parking located at the
to Go Outdoors. The unit totals 29,495 sq ft and has front of the unit, providing 133 spaces giving an attractive
the benefit of a garden centre to the front, which Go ratio of 1 : 222 sq ft. The total site area is approximately
Outdoors use to display their camping equipment. 2.62 acres, giving a low site coverage of 26%.
Internally, the unit is fitted out to Go Outdoor’s corporate
specification.
Access to the property is via Weldon Road for both
customers and service vehicles. Servicing is to the side
of the unit, close to the rear.
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Planning
The property has a wide bulky goods consent allowing the ‘sale of DIY goods, garden centre sales, pet foods and pet products and
tents / camping equipment with an associated ancillary protective / insulated outdoor clothing and associated accessories and
footwear range occupying no more than 18% of the floor area.’ This was following a variation to the planning consent in 2006 to allow
Go Outdoors to trade from the unit.
Tenancy
Tank
Go Outdoors have signed a new 15 year lease
from 31 March 2017. Go Outdoors have been in
occupation since they took an assignment of the
lease from the former tenant (Focus) in 2006.
The original lease expires in June 2020, but Go
Outdoors recently agreed a new lease at an
increased rent of £275,000 per annum, reflecting
a low rent of just £9.32 per sq ft. They were
previously paying a rent of £250,000 per annum.
Reviews are to open market rental value 5 yearly,
with the benefit of a minimum uplift of 1.00% per
annum compounded and a maximum uplift of
3.00% per annum compounded.
WE
LD ON
RO
AD
Tenure
The property is held freehold in accordance with
El Sub Sta the title plan opposite, delineated in red.
1
New 15 year lease to
Go Outdoors
4
0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:870
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
Tenant Covenant
Go Outdoors is an outdoor equipment superstore chain, established in its current form in 2004, and
originally focused on camping and footwear. Since 2008, the business has evolved to cover the entire
outdoor equipment market and has 55 stores across the UK. In November 2016, Go Outdoors has been
acquired by JD Sports for £112.3 million subject to approval by the Competition Markets Authority. JD Sports
already own outdoor market retailers Blacks, Millets and Tiso. Their acquisition of Go Outdoors is thought
to strengthen their outdoor offer, particularly out-of-town.
The subject property is the only Go Outdoors store in Leicestershire, with their next closest stores being in
Derby and Nottingham, 15 miles north west and 17 miles north respectively.
The recent company accounts for Go Outdoors are as follows:-
Year Sales Turnover Pre-Tax Profit Net Worth D&B
Ending (000’s) (000’s) (000’s) Rating
31/01/2016 £202,157 £4,933 £9,017
Go Outdoors 3A1
25/01/2015 £181,406 £3,088 £6,147
For reference, the most recently company accounts for JD Sports are as follows:-
Year Sales Turnover Pre-Tax Profit Net Worth D&B
Ending (000’s) (000’s) (000’s) Rating
JD Sports 30/01/2016 £1,821,652 131,631 £308,809
5A1
Fashion plc 31/01/2015 £1,522,253 £90,496 £195,414
Go Outdoors is an
outdoor equipment
superstore chain,
which has 55 stores
across the UK
GO OUTDOORS BISHOP MEADOW ROAD, LOUGHBOROUGH, LE11 5RE < BACK | NEXT >
Investment Location & Situation & Retail Description Planning, Tenant Covenant EPC, VAT,
Summary Catchment & Warehousing in Tenancy & Tenure Proposal & Contacts
Demographics Loughborough
EPC
The property has a C55 EPC rating. A copy of the certificate is available
on request.
VAT
The property is registered for VAT and it is proposed that the sale will be
treated as a ‘Transfer of Going Concern’.
Proposal
We are instructed to seek offers for the property based on an attractive
net initial yield of 7.50% (assuming purchaser’s costs at 6.50%), giving a
purchase price of £3,443,000 (Three Million, Four Hundred and Forty
Three Thousand Pounds), subject to contract and exclusive of VAT.
Contact
Ellie Kirkby
T: 020 7317 3790
M: 07764 241 898
E: e.kirkby@wilkinsonwilliams.co.uk
Wilkinson Williams LLP
Heathcoat House
20 Savile Row
London W1S 3PR
MISREPRESENTATION NOTICE. Wilkinson Williams LLP give notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement
of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have
changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there
is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions of the property are
inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. April 2017.
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