HURRICANE PORTFOLIO SECURE LONG INCOME PORTFOLIO OF 5 WICKES RETAIL WAREHOUSES - Cyril Leonard
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HURRICANE SECURE LONG INCOME PORTFOLIO OF 5 WICKES RETAIL WAREHOUSES PORTFOLIO next
HURRICANE 7 WADE STREET, HALIFAX
HX1 1SN
PORTFOLIO
Newcastle
LOCATIONS
A1
8 OLD MILLS, PAULTON
MIDSOMER NORTON, BS39 7SW
York
M6
5 Leeds
M62
Manchester
Liverpool 10 GIPPING WAY STOWMARKET
SUFFOLK, IP14 1EY
M1
A1
M6 Derby Nottingham
Norwich
Birmingham
A14
Milton Cambridge
Keynes 4
M5 M40
UNIT 25, CASTLEFIELDS M1 M11
INDUSTRAIL ESTATE, WYLDS Harwich
ROAD, BRIDGWATER, TA6 4DH Oxford
M4
Cardiff M25
Bristol M4 LONDON
M2
2 M20
137-139 SOMERFORD ROAD,
3 CHRISTCHURCH, BH23 3PY
M3 M23
M5
Southampton
Brighton
Exeter
1
Bournemouth
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PORTFOLIO SUMMARY
• A portfolio of five retail warehouse properties
• Over 75% of the income derived from newly developed or fully refurbished
units located in the south of England
• Strong trading locations with favourable local demographics
• Total GIA of 155,112 sq ft (excl. trading mezzanines)
• Over 90% of the income from Wickes Building Supplies Ltd which is a 5A1
covenant with additional income from Travis Perkins and Halfords Autocentres
• Majority let on 15 year leases from March 2017 offering an overall WAULT
c. 13.25 years
• Total rent of £1,620,080 per annum equating to a low average rent of
£10.44 per sq ft overall
• All properties are held freehold
• We are seeking offers in excess of £27,600,000 (Twenty Seven Million Six
Hundred Thousand Pounds) subject to contract and exclusive of VAT. This
equates to a Net Initial Yield of 5.50% and a capital value of £178 per sq ft
for the portfolio.
A sale of the portfolio as a whole is preferred, although a sale of part or
individual holdings will be considered.
HURRICANE
PORTFOLIO
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PORTFOLIO OVERVIEW PORTFOLIO
ANALYSIS
PORTFOLIO OVERVIEW
The portfolio comprises five retail warehouse properties located in
Christchurch, Halifax, Midsomer Norton, Bridgwater and Stowmarket
all let to Wickes with additional units let to Travis Perkins and Halfords in
Stowmarket and Halifax respectively. The portfolio is 93% let to Wickes
with over 75% of the income derived from newly developed or fully
refurbished units located in the south of England.
LEASE TERM
INCOME BY INCOME BY COVENANT INCOME BY
All units are let for 15 years from March 2017 providing 13.5 years
TENANT STRENGTH REGION
unexpired with the exception of the Halfords unit in Halifax which expires
in February 2024, providing an overall WAULT of c. 13.25 years.
RENT REVIEW
All leases are subject to five yearly upward only rent reviews to
Open Market Value. Trading mezzanines and associated ancillary
accommodation are to be regarded as tenant’s fit out works and will be
excluded at rent review. Wickes 5A1 South
Travis Perkins
RENTAL INCOME Halfords
4A2 North
The total rental income of the portfolio is £1,620,080 per annum,
equating to a low overall rent of £10.44 per sq ft overall.
INCOME BY BY UNIT
TENURE SITE COVERAGE TYPE
All properties within the portfolio are held Freehold.
PROPOSAL
We are seeking offers in excess of £27,600,000 (Twenty Seven Million
Six Hundred Thousand Pounds) subject to contract and exclusive of VAT.
This equates to a Net Initial Yield of 5.50% and a capital value of £178
per sq ft for the portfolio.
TENANCY SCHEDULE
All of the properties are fully let subject to the below tenancy schedule with an overall WAULT of c. 13.25 years.
Site Area Site Coverage
Location Areas (GIA) Tenant Lease Start Rent Review Lease Expiry Rent (pa) Rent (psf)
(acres) (%)
Christchurch 18,820 1.23 35% Wickes 23/03/2017 23/03/2022 22/03/2032 £281,330 £14.95
36,763 Wickes 23/03/2017 23/03/2022 22/03/2032 £330,000 £8.98
Halifax 3.11 32%
9,739 Halfords 10/02/2014 10/02/2019 09/02/2024 £50,000 £5.13
Midsomer Norton 32,736 4.13 18% Wickes 23/03/2017 23/03/2022 22/03/2032 £357,500 £14.26
Bridgwater 26,412 2.07 28% Wickes 23/03/2017 23/03/2022 22/03/2032 £281,250 £10.65
20,371 Wickes 23/03/2017 23/03/2022 22/03/2032 £258,000 £12.67
Stowmarket 2.69 26%
10,271 Travis Perkins 23/03/2017 23/03/2022 22/03/2032 £62,000 £6.04
Total 155,112 13.23 28% £1,620,080 £10.44
* Midsomer Norton include two underleases to Toolstation and City Plumbing consisting of 7,668 sq. ft.
HURRICANE
PORTFOLIO
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COVENANTS
WICKES BUILDING SUPPLIES LTD TRAVIS PERKINS TRADING COMPANY LTD HALFORDS AUTOCENTRES LTD
Wickes Building Supplies Ltd opened its first store Travis Perkins is a subsidiary of Travis Perkins PLC and Halfords is the UK’s leading MOT, car service,
in the UK in 1972 and is the UK’s fastest growing is one of the largest suppliers to the UK’s building and brakes, repairs and tyres specialist with over 300
DIY retailer, now trading from over 240 stores and construction industry with a national network of more autocentres throughout the UK. Revenue to year
the market leading online DIY proposition. The new than 660 branches providing over 100,000 product end March 2018 was up by 0.8% with like for
trading format stores continue to drive an uplift lines to trade professionals and self builders. While the like sales up by 0.2%. Halfords Autocentres is a
turnover which increased by 1.7% to year end Dec company reported a marginal decrease in revenue and subsidiary of Halfords Group Plc which is a FTSE
2017. Wickes was acquired by Travis Perkins PLC in a decrease in pretax profit, higher operating costs were 250 listed company with revenues of circa £1.1bn
2005 which is a leading company in the builders’ required to extend the service of the heavyside range at end of year March 2018, up 3.7% year on year.
merchanting and home improvement markets. centre network to all branches and for the opening of Halfords Autocentres Ltd has a Dun & Bradstreet
Wickes Building Supplies Ltd has a Dun & Bradstreet new stores. Travis Perkins Trading Company Ltd has a Rating of 4A2.
Rating of 5A1, which represents a minimum risk of Dun & Bradstreet Rating of 5A1, which represents a
business failure. minimum risk of business failure.
30/12/2017 30/12/2016 30/12/2015 30/12/2017 30/12/2016 30/12/2015 30/03/2018 30/03/2017 30/03/2016
(000) (000) (000) (000) (000) (000) (000) (000) (000)
Turnover £1,234,000 £1,213,269 £1,104,950 Turnover £2,714,000 £2,728,000 £2,547,660 Turnover £157,871 £156,625 £152,992
Pre-tax Pre-tax Pre-tax
£56,000 £65,403 £60,133 £121,000 £136,000 £167,576 £2,418 £368 £1,910
profit/(loss) profit/(loss) profit/(loss)
Tangible Tangible net Tangible net
£239,900 £304,109 £404,992 £442,700 £409,500 £469,917 £32,737 £34,407 £34,676
net worth worth worth
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INVESTMENT 1 137-139 SOMERFORD ROAD, CHRISTCHURCH, BH23 3PY
SUMMARY
• Christchurch is strategically located five
miles east of Bournemouth on the south
coast of Dorset
• Prominently located in the primary out of
town retail area for the town on
Somerford Road
• Christchurch has an affluent and fast
growing catchment population
• Recently developed retail warehouse unit
constructed in 2015 measuring 24,433 sq ft
GIA (including trading mezzanine)
• Let for a term of 15 years from March 2017
to Wickes Building Supplies Ltd at a rent of
£281,330 per annum equating to £14.95
per sq ft (excluding trading mezzanine)
• Planning consent for B8 use
• Low site coverage of 35%
HURRICANE
PORTFOLIO
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137-139 SOMERFORD ROAD, CHRISTCHURCH, BH23 3PY 1 back next
137-139 SOMERFORD ROAD, CHRISTCHURCH, BH23 3PY 1
LOCATION SAL ISBUR Y W IN C HE ST E R
A36 M3
Christchurch is an affluent town located on the edge of the New Forest on the Dorset coast
S H AF T E SBUR Y
approximately 25 miles south west of Southampton and 5 miles east of Bournemouth. The A354
T OT T ON
town benefits from good road communications with the A35 linking directly to Bournemouth A338
M27
E AST L E IGH
and the A31 trunk road providing access to the M3 and M27 at Southampton via the A338. The
town is well served by mainline railway services with frequent services to London Waterloo, F OR D IN GBR ID GE
A31
SOUT HAMP T ON
A350
Southampton and Bournemouth. The fastest journey time to Waterloo is approximately 1 hour
50 minutes. Bournemouth International Airport is 5 miles to the north of the town centre. BL AN D F OR D M27
F OR UM F AR E HAM
SITUATION
A31
A354
A31
The property occupies a prominent corner position at the junction of the B3059 Somerford A35
A350
CHRISTCHURCH
Road and Penton High Street. Situated approximately 1 mile east of Christchurch town centre,
Somerfield Road is the primary out of town retail location for Christchurch. Occupiers in P OOL E
BOUR N E MOUT H
the area include Sainsburys, Lidl, McDonald’s, Screwfix and Howdens. Meteor Retail Park on
ISL E OF W IGHT
Somerfield Road has recently been developed and is fully let to TK Maxx, Aldi, Bathstore,
Poundland, Sports Direct and Matalan. Opposite the property is a Citroen car dealership.
CATCHMENT AND DEMOGRAPHIC
The 2011 Census recorded a population of 54,210 for Christchurch and the town forms part
D
A
RO
STO
of the South Dorset conurbation with an urban area population estimated at approximately
T
RS
NY
U
H
D
N
LA
FA
LY
400,000. The population of Christchurch is forecast to increase by 26% between 2014
A35
IRM
NE
SS
B Y PA
ILE
R CH
HU
S TC
RO
and 2039, just behind Bournemouth at 32% for the same time period based on ONS data.
I
CHR
AD
HIGHC
LI F
FE
Christchurch recently combined with Bournemouth and Poole local authorities to form a new SOMERFORD RO
AD
unity authority for East Dorset with a new housing target set in 2017 of 1,250 per annum.
A337
AD
A3
5
Christchurch PU
REW
ELL
RO
Christchurch has been earmarked to deliver more than 1,000 new homes over the next 15 CRO
SS
RF
O RD
FRIARS CLIFF
THE PROPERTY
E
PUREWELL SOM
years, the majority of which will be developed on green belt land.
RO A D
PUREWELL
T
STR EE
WAY
HI
GE
GH
ID
UN
BR
Christchurch has a 10 minute drive time catchment population of 84,917 people and a 20
T
S
ER
ST
TH
AN
CHRI STCHURCH
minute drivetime of 307,678 people. It is an affluent town highlighted by the high proportion of
AD
PI
T
LANE
RO
S TA NP I T
R
the catchment with an AB social grouping, 32%, and the low representation of those classed as
OU
B U RE
ST
D or E social grade, 17%. M U D E FOR
D
MUDEFORD
Within the wider vicinity, Bournemouth Airport, and its associated businesses, provides W IC K
significant employment in and around the Bournemouth area, specifically Christchurch. This
sector is earmarked to expand over the next few years.
C h r i s tc h u rc h H a r b o u r
H e n gi s t b u r y H e a d
HURRICANE
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137-139 SOMERFORD ROAD, CHRISTCHURCH, BH23 3PY 1
DESCRIPTION
The property comprises a modern retail warehouse
unit measuring 24,433 sq ft (incl trading mezzanine)
constructed in 2015 of steel portal frame
construction with ground and first floor ancillary
office space and an eaves height to underside of
haunch of 6.67m. External elevations and roof are
of profiled metal cladding whilst internally there
is concrete block work to 2.5m. To the rear of the
property is a secure service yard accessed via two
loading doors. The car park to the front of the unit
has a total of 58 car parking spaces (1 per 350 sq ft).
The total site area is approximately 1.23 acres (0.50
hectares) with site coverage of 35%.
ACCOMMODATION
Floor/Unit Sq m GIA Sq ft GIA
Ground Floor 1,748 18,820
Trading Mezzanine For indicative purposes only. © Crown copyright reserved.
521 5,613
& Ancillary*
TENURE
TOTAL 2,270 24,433
Freehold.
NB *The trading mezzanines and mezzanine ancillary accommodation is to be
regarded as Tenant’s fit-out works and is to be disregarded at rent review or
lease renewal.
TENANCY
The property is let for a term of 15 years from March 2017 to
PLANNING Wickes Building Supplies Ltd at a rent of £281,330 per annum
(£14.95 per sq ft).
The property has planning consent for the sale of
DIY, home improvement and building materials/ EPC
items all for purposes within Class B8. The mezzanine
floor shall only be used as a showroom for the sale of The property has been rated (A-20). A copy of the EPC is
kitchens and bathrooms. available upon request.
HURRICANE
back next PORTFOLIOINVESTMENT 2 OLD MILLS, PAULTON, MIDSOMER NORTON, BS39 7SW
SUMMARY
• Prominently located with extensive
frontage to the A362 which joins the A27
Bristol Road two miles to the west
• Comprehensively refurbished retail
warehouse unit remodelled to Wickes’
latest trading format
• Purpose built retail warehouse totalling
34,898 sq ft GIA (including trading
mezzanines) which has been sub-divided
into three trading units
• Let on an overriding lease for a term of 15
years from March 2017 to Wickes Building
Supplies Ltd at a rent of £357,500 per
annum equating to £10.92 per sq ft overall
(excluding trading mezzanines)
• Valuable open A1 (including food)
planning consent
• Very low site coverage of 18% percent
HURRICANE
PORTFOLIO
back nextOLD MILLS, PAULTON, MIDSOMER NORTON, BS39 7SW 2 back next
OLD MILLS, PAULTON, MIDSOMER NORTON, BS39 7SW 2
LOCATION A4 M32
M4
A46
M5
Midsomer Norton is an attractive Somerset market town located 10 miles outside Bath B R IS TOL A4
and 15 miles south of Bristol. The town benefits from good road communications with the A38 A4
A37 Bristol to Yeovil road approximately three miles from the town centre whilst the A39
BA TH
A39
provides access to Bath via the A362. Junction 18 of the M4 motorway is 20 miles to the WES TO N - S U P ER - M A R E
north and the nearest main line rail connection is Bath Spa, which has fast and frequent MI D S O MER
TR O WBR I DG E
A368
N O RT O N
connections to London. A370
A36
A350
A38
SITUATION A39 A37
FROME
H I G H BR I DG E
WEDM O R E
The property occupies a large site, approximately half a mile northwest of the town centre MINE HE A D M5
S H EP TO N
WA R M I N S TER
with an extensive frontage to the A362 which joins the A27 Bristol Road two miles to D UNS T E R
A39
M A L L ET
the west. There is a Tesco superstore located directly opposite the property as well as a A39
A39 G L A S TO N BU R Y
A361 A359
number of local trade operators within the Old Mill Industrial Estate. A358
BR I DG WA TER
A303
The property is accessed via an adopted estate road which also provides access to the A396 M5 PAULTO N S O M ER TO N
A37
Somer Valley Enterprise Park, a serviced office operation situated to the rear of the A361
LANGPORT
property and which houses circa 30 local businesses. Further retail warehouse provision WI N C A N TO N
L
TA U NTON A372
SPARKFORD
HIL
A303
in the town includes Halfords located on the edge of the town centre. A38
MO N G E
R
L
HI L
B A MT ON
LA
PH I L L I S
RY
NE
A358 Y EO V I L
CATCHMENT AND DEMOGRAPHIC
U
XB
BO
A303
O LD MILLS S
THICKE T MEAD
Midsomer Norton has a resident population of 10,997 (2011 Census) and a total MIL
L
WEST RO AD
OLD
population of c 28,000 when the villages of Paulton, Peasedown and Radstock are
included. The estimated catchment population is 46,000. Being outside the Bath and NE THE PROPERTY
NO
LA
Bristol Green Belt, the Bath & North East Somerset Core Strategy (2014) is actively ’S
RT
L EY
H ME A D
promoting the retail regeneration of the town centre and the 13.5 hectare Old Mills WE LTO N
NG
Industrial Estate (opposite the property) which has received Enterprise Zone funding
LA
R OAD
to provide some 900 permanent jobs, plus residential expansion with some 2,470 new
ROA D
homes to be built by 2029. NO R T H
ET
RE
ST
Located in the Somer Valley, the town retains a diverse manufacturing base which
H
HI
G
MI DSO MER
accounts for 25% of employment is a retail and service hub for an extensive rural CLA P T
ON N O R TO N
R OAD
community as well as a commuter town for the larger commercial centres, such as Bristol RO
AD
RO
AD
and Bath.
D
N
I EL
LT O
DF
PA U
RE
RK
PA
E
S
HI
WIT
HURRICANE
back next PORTFOLIOOLD MILLS, PAULTON, MIDSOMER NORTON, BS39 7SW 2
DESCRIPTION
The property comprises a comprehensively refurbished and remodelled retail warehouse unit which has been
subdivided to provide a 25,068 sq ft retail warehouse unit for Wickes and two smaller retail/trade units of 3,672 sq
ft and 3,996 sq ft let to City Plumbing Supplies (CPS) and Toolstation (both Travis Perkins plc subsidiary companies).
The unit has been fitted out with their standard showroom and trade counter interior whilst a mezzanine storage area
has also been installed. The original natural stone elevations were overclad with profile steel sheeting as part of the
refurbishment works. Internally, the unit has a height to underside of haunch of 4.15m. Ground floor staff amenities,
canteen and administrative offices have also been constructed. The store opened for trading in October 2015. There
is car parking for a total of 166 vehicles (1 per 197 sq ft GIA) and covered trolley and cycle racks have been provided.
Accessed separately from the estate road are a secure outdoor project centre together with a gated service yard
shared by all three units. The total site area is approximately 4.13 acres (1.67 hectares) with low a site coverage of
18% percent.
ACCOMMODATION PLANNING
The unit has an Open A1 (including food) planning consent.
For indicative purposes only. © Crown copyright reserved.
Floor/Unit Sq m GIA Sq ft GIA
Wickes - Ground Floor 2,329 25,068
TENURE
Freehold.
CPS - Ground Floor 341 3,672
TENANCY
CPS – Mezzanine* 201 2,162
The property is let on an overriding lease for a term of 15
years from March 2017 to Wickes Building Supplies Ltd at
Toolstation – a rent of £357,500 per annum (£10.92 per sq ft).
371 3,996
Ground Floor
TOTAL 3,242 34,898
EPC
The property has been rated as (A-16). A copy of
NB *Mezzanine storage accommodation within the CPS unit is to be regarded as the Energy Performance Certificate is available
Tenant’s fit-out works and is to be disregarded at rent review or lease renewal. on request.
HURRICANE
back next PORTFOLIOINVESTMENT 3 UNIT 25, CASTLEFIELDS INDUSTRIAL ESTATE, WYLDS ROAD, BRIDGWATER, TA6 4DH
SUMMARY
• Bridgwater is a historic and established
commercial centre between Taunton
and Bristol
• Excellent road communications being
located one mile from junctions 23 and 24
of the M5 Motorway
• Prosperous and growing market town
• Comprehensively refurbished and
remodelled retail warehouse unit totalling
26,412 sq ft
• Let for a term of 15 years from March 2017
to Wickes Building Supplies Ltd at a rent of
£281,250 per annum equating to a low
rent of £10.65 per sq ft (excluding
trading mezzanines)
• Low site coverage of 28% percent
HURRICANE
PORTFOLIO
back nextUNIT 25, CASTLEFIELDS INDUSTRIAL ESTATE, WYLDS ROAD, BRIDGWATER, TA6 4DH 3 back next
UNIT 25, CASTLEFIELDS INDUSTRIAL ESTATE, WYLDS ROAD, BRIDGWATER, TA6 4DH 3
M4
A4 M32
A46
M5
LOCATION
BRISTOL A4
A38 A4
BATH
A39
Bridgwater is a historic and established commercial centre located between Taunton and WESTON-SUPER-MARE
TROWBRIDGE
Weston super Mare in Somerset, just off the M5 motorway which links the town with Bristol to A370
A368
A36
A350
the north and Exeter to the south. The town has excellent road communications being located A38
MIDSOMER
NORTON
one mile from junctions 23 and 24 of the M5 Motorway with Taunton located 10 miles to the
LYNTON
A39
FROME
HIGHBRIDGE A37
WEDMORE
south via the A38. Bridgwater station offers frequent services to Taunton and Bristol
A39
MINEHEAD
M5 WARMINSTER
SHEPTON
DUNSTER MALLET
Temple Meads. A39
A39 BRIDGWATER A39 GLASTONBURY
A361 A359
A358
SITUATION
NORTH
PETHERTON A303
A37
A396 SOMERTON
A361
LANGPORT
WINCANTON
TAUNTON
The property occupies a prominent site at the junction of Wylds Road and The Drove,
A372
A303 SPARKFORD
A361
A38
approximately one mile north of Bridgwater town centre and just off the A38 Bristol Road. A358
The site is within an established out of town retail and trade location with tenants in the
M5
YEOVIL
A303
A361 ILMINSTER
vicinity including Screwfix, City Electrical Factors, Topps Tiles, Jewson and The Range. TIVERTON
Bridgwater Retail Park is half a mile to the south of the property and includes tenants Lidl, A303
BLANFORD
FORUM
Next, Argos, Halfords and Pets at Home. Sainsburys and Asda are also within a five minute HONITON
drive of the property. A377
A30
A35
EXETER
CATCHMENT AND DEMOGRAPHIC
LYME REGIS
A30 C H I LTO N T R I NI T Y DORCHESTER
Bridgwater lies at the heart of Sedgemoor District Council which has a resident population of
ROAD
approximately 119,000 which is boosted by some 620,000 staying visitors during the THE PROPERTY
holiday season. ROA
D
E R N W AY AD
WE S T RO
S
Bridgwater is projected to see above average growth in population over the period 2016-21
OL
D
yL
W
BRIST
E A S T B OW
H
and is forecast to see significantly above average percentage growth in the available pool
TH
E
T
DR
BA
W E MBD O N OVE
H
Y
of comparison spending over the forecast period of 2016 to 2021. The town has a broad IL
M5
WA
L
C R OW P I L L
economic employment base and an established logistics presence with occupiers such as
G
PA R K WAY
ER
BO
MB
Morrisons, Asda and the NHS all being attracted by the proximity of the M5 Motorway.
W
HO
ER
S YD E NH AM
L AN E
There is a broad manufacturing base with occupiers including Refresco Gerber UK Ltd B RIDG WAT ER
AY
NO R T H F I E L D ST
DW
and Elecsis Swichgear Ltd. The speculative industrial, office and roadside retail mixed use Q UA JO Bridgwater
OA
NTO C
K R OAD
BR
HN
development of the 120 acre Bridgwater Gateway at junction 24 of the M5 highlights the
BR
O S T RE E T
A
D W AY
strength of the Bridgwater commercial location and the proposed Northgate development is AD
A 372
RO
expected to provide a six screen cinema, four restaurants, 111 car parking spaces and an Aldi DU
R LEI
GH
TOA
supermarket to the town centre. H AYG R OV E
UNT
ON
RO
AD
HURRICANE
back next PORTFOLIOUNIT 25, CASTLEFIELDS INDUSTRAIL ESTATE, WYLDS ROAD, BRIDGWATER, TA6 4DH 3
DESCRIPTION
The property comprises a comprehensively refurbished
and remodelled retail warehouse unit totalling 26,412
sq ft. Works included the recladding of the principal
elevations and re-roofing of the unit with an insulated
profiled steel panelling system.
Internally, the unit has a height to underside of haunch
of 4.6m with ground and first floor staff amenities,
canteen and administrative offices. Externally, there
is car parking for a total of 95 vehicles (1 per 278 sq ft
GIA). In addition, is a secure outdoor project centre and
a service yard which has separate access.
Both are gated and have 4m high security fences.
The total site area is approximately 2.07 acres (0.84
hectares) with a site coverage of 28%.
For indicative purposes only. © Crown copyright reserved.
PLANNING
The property has planning consent for the sale of DIY
ACCOMMODATION and garden products only.
TENURE
Floor/Unit Sq m GIA Sq ft GIA
Freehold.
This is a print of the view of the title plan obtained from HM Land Registry showing the state of the title plan on 02 October 2018 at 15:57:54. This title plan shows the
general position, not the exact line, of the boundaries. It may be subject to distortions in scale. Measurements scaled from this plan may not match measurements
between the same points on the ground.
Ground Floor Trading 2,376 25,574 TENANCY
This title is dealt with by HM Land Registry, Plymouth Office.
Crown Copyright. Produced by HM Land Registry. Reproduction in whole or in part is prohibited without the prior written permission of Ordnance Survey. Licence
Number 100026316.
The property is let for a term of 15 years from March 2017
1st Floor Ancillary 78 838 to Wickes Building Supplies Ltd at a rent £281,250 per
annum (£10.65 per sq ft).
TOTAL 2,454 26,412
EPC
The property has been rated (B-31). A copy of the Energy
Performance Certificate is available upon request.
HURRICANE
back next PORTFOLIOINVESTMENT 4 10 GIPPING WAY, STOWMARKET, SUFFOLK, IP14 1EY
SUMMARY
• Stowmarket is a well located Suffolk
market town between Ipswich and
Bury St Edmunds
• Prominent edge of town centre location
just off the A14
• Stowmarket has been earmarked for a
large amount of residential and commercial
development including 2,000 new homes
• New Wickes and Travis Perkins Builders
Merchants developed in 2016 measuring
39,474 sq ft and 10,271 sq ft respectively
• Let for a term of 15 years from March 2017
to Wickes Building Supplies Ltd at a rent of
£258,000 per annum (£12.92 per sq ft)
and Travis Perkins Trading Company Ltd at
a rent of £62,000 per annum
(£6.04 per sq ft).
• Low site coverage of 26%
HURRICANE
PORTFOLIO
back next10 GIPPING WAY STOWMARKET, SUFFOLK, IP14 1EY 4 back next
10 GIPPING WAY, STOWMARKET, SUFFOLK, IP14 1EY 4
LOWESTOFT
A11
A1(M)
THETFORD
LOCATION THRAPSTON
A14
ELY
Stowmarket is an attractive market town in mid Suffolk located between Ipswich and A1 A14
A140
Bury St Edmunds on the A14, approximately 15 miles to the south and north of the town A6
NEWMARKET BURY ST
EDMUNDS STOWMARKET
respectively. The A14 dual carriageway also provides direct access to Cambridge to the CAMBRIDGE
A134
A12
west and Colchester to the south of the town. Norwich is approximately 40 miles to BEDFORD
A11
the north. The town has grown in popularity as a commuter town for larger commercial A14
centres, aided by fast and frequent rail services to London Liverpool St (1hr 25mins); SAFRON SUDBURY
IPSWICH
WALDEN
Ipswich (12mins) and Norwich (32 mins). M11 FELIXSTOW
A11
A5
BISHOPS HARWICH
SITUATION LUTON
STORTFORD
STANSTED
A120
COLCHESTER
A1(M) A12
The property occupies a prominent and highly visible site on the edge of the town centre M1
fronting Gipping Way with access from Iron Foundry Road. The A1308 Gipping Way
HARLOW
A41 CHELMSFORD
A10
serves as the main north-south bypass around Stowmarket and provides direct access
to the A14. The property is located directly opposite a B&M Bargains store with further WATFORD
M25 A12
BRENTWOOD
trade occupiers including Jewson, Plumbase and Wolseley within a five minute drive of A127
the property. Supermarket provision is provided by Asda, Tesco and Lidl. M25
SOUTHEND
ON SEA
LONDON A13
CATCHMENT AND DEMOGRAPHIC DARTFORD
Stowmarket and the resident population within a ten mile radius is estimated at 128,000.
N EW
The town has been targeted within the Mid-Suffolk Action Area Plan for both residential STOWU PL AN D
TON
and economic growth with several major sites allocated to the north, south and east of the D
R OAD
RO A
AN
MO
town centre. This expansion includes a target of nearly 2,000 new homes, many of which PL
RTIMER ROAD
U
D
OW
are already under construction.
ST
S TOW MA R K E T A14
GI P
PIN
BUR
StowmarketEAST at junction 50 of the A14 is set to provide a mixed-use development
G
Y S
Stowmarket
WA
AC H
of office, manufacturing, storage and distribution space totalling 530,000 sq ft. Due to A P P RO
TR E E T
Y
N
TI O
ST R E E T GA
the park’s strategic location facing the A14 it is anticipated that it will become home to a
TA V E R N I
N AV
variety of national and international companies. IP
S
THE PROPERTY
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GU
EET
N
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WA
IN
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W
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12
BS
A1
LA
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N E E D H AM R O AD
HURRICANE
back next PORTFOLIO10 GIPPING WAY,
WAY STOWMARKET,
STOWMARKET, SUFFOLK,
SUFFOLK, IP14
IP14 1EY
1EY 4
DESCRIPTION
The property comprises a Wickes retail warehouse and a Travis Perkins
builders merchant unit newly developed in 2016 and measuring 20,371
sq ft and 10,271 sq ft respectively. Both units have separate entrances
and have been constructed specifically for the respective occupier
operations.
Both buildings are of steel portal frame construction with profiled metal
clad roofs and external elevations. The Wickes unit has a minimum eaves
height of 7m with 6m for the Travis Perkins unit. Each unit has its own
self-contained secure service yard and outdoor compound. Both units
have mezzanine floors installed as part of the Tenant’s fit-out works, with
the Wickes mezzanine providing bathroom and kitchen display areas as
well as ancillary staff accommodation. Externally, the Wickes unit has car
parking provision for 49 vehicles and Travis Perkins a total of 22 vehicles.
The total site area is approximately 2.69 acres (1.09 hectares) with a site
coverage of 26%.
ACCOMMODATION
For indicative purposes only. © Crown copyright reserved.
Floor/Unit Sq m GIA Sq ft GIA
TENURE
Freehold.
Wickes - Ground Floor 1,893 20,371
TENANCY
Wickes - Trading Mezzanine & Ancillary* 464.5 5,000
The property is let on two separate leases. Both units
Travis Perkins - Ground Floor 954.2 10,271 are let for a term of 15 years from March 2017 to
Wickes Building Supplies Ltd at a rent of £258,000
Travis Perkins – Trading Mezzanine* 356 3,832 per annum (£12.92 per sq ft) and Travis Perkins
Trading Company Ltd at a rent of £62,000 per
TOTAL 3,667 39,474 annum (£6.04 per sq ft).
NB *The trading mezzanines and mezzanine ancillary accommodation is to be regarded as Tenant’s fit-out EPC
works and is to be disregarded at rent review or lease renewal.
The Wickes unit has an EPC rating of A 19 and the
PLANNING Travis Perkins unit an EPC Rating of B 29. Copies of
the certificates are available on request.
The Wickes unit has planning consent for the sale of DIY, garden and
general bulky goods. The Travis Perkins unit has planning consent to be
used as a sui generis builders merchants with open storage.
HURRICANE
back next PORTFOLIOINVESTMENT 5 7 WADE STREET, HALIFAX, HX1 1SN
SUMMARY
• Halifax is well located close to the M62
between Leeds and Manchester
• Prominent edge of town centre site
adjacent to the primary shopping area for
the town
• Two purpose-built retail warehouse
units let to Wickes and Halfords totalling
46,502 sq ft
• The Wickes unit is let for a term of 15
years from March 2017 to Wickes Building
Supplies Ltd at a rent of £330,000 per
annum equating to £9.35 per sq ft
• The Halfords unit is let to Halfords
Autocentres Ltd for a term expiring in
February 2024 at a rent of £50,000 per
annum equating to £5.13 per sq ft
• Low site coverage of 32%
HURRICANE
PORTFOLIO
back next7 WADE STREET, HALIFAX, HX1 1SN 5 back next
7 WADE STREET, HALIFAX, HX1 1SN 5
A658
LOCATION BURNLEY
BRADFORD A647
LEEDS
M65
Halifax is located in the heart of the north of England in Yorkshire 15 miles west of Leeds and 30 A646
A629
A6036 M621
M1
miles east of Manchester, both easily accessible via the M62 Trans-Pennine route approximately HEBDEN M606
M62
BRIDGE HALIFAX
five miles south of the town centre. Huddersfield, Bradford and Rochdale are all within 20 miles A646
A58
of Halifax. Rail communications are also good with frequent and rapid links to Manchester, BRIGHOUSE
Bradford and Leeds and Halifax is a popular commuter town for the surrounding commercial M62
DEWSBURY
A638
WAKEFIELD
centres. Major employers within the town include Lloyds Banking Group (Halifax Plc) and
A644
A58
Rowntree Mackintosh. HUDDERSFIELD A642
M66
M62 A637
SITUATION ROCHDALE
M1
BURY
The property occupies a large and prominent corner site on the edge of the town centre at the A56 M62
A627(M)
junction of Wade Street and Winding Road. Winding Road is one of the main arterial routes A629
BARNSLEY
through Halifax and as such the property benefits from a high level of vehicular traffic and also M60
A628
has excellent prominence. The site is located opposite a 90,000 sq ft Sainsburys supermarket
on Wade Street and moments from the Woolshops Shopping Centre which provides the MANCHESTER A628
principal retail provision for the town. Further car parking provision is located to the south M602
of the site at Mulcture Hall Road Car Park and Eureka Car Park. Additional out-of-town retail
HA
provision in the vicinity includes Currys PC World, Next, DW Sports and Matalan. Further retail OLD
LE
Y
LAN HI
warehouse provision close by on Pellon Lane includes Aldi, The Range, Dunelm and E LL NE
LA
Y
LE
Home Bargains. OVE NE W
BAN D
NDE
N K GO
RO GO
AD CH
CATCHMENT AND DEMOGRAPHIC
DL
AR EY
LE BE ROAD
ST ACO
OW N H
N ILL
N O R T H GA
RO
Halifax has a primary catchment area population of 192,000 which has witnessed a 9.5% ORANGE STREET
AD
ROUNDABOUT THE PROPERTY
increase in the number of households over the previous decade, larger than the average for
TE
T RO
EE
O R A NGE S
England and Wales (7.9%). The estimated shopping population of Halifax is 116,000, ranking the PEL W I ND
I NG S TR GO
AD
LON DL
DE EY
LAN WA
town 123 of the PROMIS centres, which is above the average for the Average Resilient Towns. E
BR A N
RO A
T
AD S
T
BRO
D
CH R
Calderdale Council set a target of 800 new homes per annum for the district, to which Halifax
8
A5
is the primary commercial centre, for the five year period to 2017 and continue to target this
A D O
Halifax
AY
SQU
Minster
figure while they undertake a review of their requirement. The first phase of the Beech Hill
KW
HALI FAX
ARE
BURDOC
CO W
housing redevelopment on the edge of the town centre off Pellon Lane is currently under CI T Y CENTRE
ROA
construction which is set to deliver 650 new homes by 2020.
D
AD
BE
RO
SS GR
AC
O EE
CR ST R EE T
ON
S
N
H O R TO N
Halifax
G
IN
HILL RO
K
HURRICANE
AD
back next PORTFOLIO7 WADE STREET, HALIFAX, HX1 1SN 5 DESCRIPTION The property comprises two purpose-built retail warehouse units occupied by Wickes and Halfords measuring 36,763 sq ft and 9,739 sq ft respectively. The units are of steel portal frame construction with brick clad elevations. Internally, both units comprise ground and first floor ancillary staff and administrative accommodation with a minimum eaves height of 7.50m and 5.63m for the Wickes and Halfords unit respectively. Externally, the Wickes unit has a large and secure builders’ yard/outdoor projects centre, together with a separately accessed service yard. The Halfords unit is similarly serviced and the site provides a total of 170 car parking spaces of which 21 are demised to the Halfords unit. The total site area is approximately 3.11 acres (1.26 hectares) with a site coverage of 32%. ACCOMMODATION WICKES HALFORDS For indicative purposes only. © Crown copyright reserved. Floor/Unit Sq m GIA Sq ft GIA Floor/Unit Sq m GIA Sq ft GIA Ground Floor Trading 3,278 35,288 Ground Floor Trading 745 8,023 1st Floor Ancillary 137 1,475 1st Floor Ancillary 159 1,716 TOTAL 3,415 36,763 TOTAL 904 9,739 PLANNING The Wickes unit has a broad bulky-goods consent and the Halfords unit has vehicle servicing/repair and MOT testing centre (B2) consent. TENURE Freehold. TENANCY The property is let on two separate leases. The Wickes unit is let for a term of 15 years from March 2017 to Wickes Building Supplies Ltd at a rent of £330,000 per annum (£9.35 per sq ft). The Halfords unit is let to Halfords Autocentres Ltd for a term expiring in February 2024 at a rent of £50,000 pa (£5.13 per sq ft) and is subject to an upwards only rent review on 10th February 2019. The lease is subject to a Schedule of Condition prepared following completion of ‘Tenant’s Works’. EPC The Wickes unit has been rated (E-112) and the Halfords (D-88). Copies of the Energy Performance Certificates is available upon request. back next
INVESTMENT COMPARABLE EVIDENCE
Rent Price
Date Address Area Tenant WAULT
(per sq. ft) (per sq. ft)
Yield
VAT
Hambridge Road, Wickes, Dulux, 17.7 years to expiry £329,500 £6,414,250 All properties have been elected for VAT. The
Sep-18 37,869 4.82%
Newbury Benchmarx (9.3 years to breaks) (£8.70) (£169) transactional structure will permit the sale of all
properties to be treated as a TOGC.
Otterspool Way, Wickes, trade £475,000 £9,296,000
Jun-18 30,037 18.3 years to expiry 4.71%
Watford motor unit (£15.81) (309)
PROPOSAL
Longfield Road, Wickes, Tapi £557,277 £10,895,000
June-18
Tunbridge Wells
31,520
Carpets
16.7 years to expiry
(£17.68) (£346)
4.71% We are seeking offers in excess of £27,600,000
(Twenty Seven Million Six Hundred Thousand Pounds)
Hatfield Road, St. 15 years to expiry and £450,150 £8,522,000 subject to contract and exclusive of VAT.
May-18 29,086 Wickes 4.95%
Albans (10.5 years to break) (£15.48) (£253) This equates to a Net Initial Yield of 5.50% and a
capital value of £178 per sq ft for the portfolio.
Betts Way, £602,800 £10,410,000
Mar-18 27,400 Wickes 19 years to expiry 4.50%
Crawley (£22.00) (£380)
A sale of the portfolio as a whole is preferred, although
Kennet Way, £313,400 £5,542,000 a sale of part or individual holdings will be considered.
Dec-17 27,543 Wickes 9.5 years to expiry 5.30%
Trowbridge (£11.37) (£200)
FURTHER INFORMATION
For further information and access to the data room please contact:
Olly Spero Charlie Davies Tom FitzGerald
D: 020 7408 4624 D: 020 7408 4648 D: 020 7408 4646
oliver.spero@cyrilleonard.co.uk charlie.davies@cyrilleonard.co.uk tom.fitzgerald@cyrilleonard.co.uk www.cyrilleonard.co.uk
Misrepresentation Act
HURRICANE
SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT Cyril Leonard give notice that (i) these particulars do not constitute, nor constitute any part of, an offer or a contract; (ii) all statements contained in
these particulars as to these properties are made without responsibility on the part of Cyril Leonard (iii) none of the statements contained in these particulars as to these properties are to be relied on
as statements or representations of fact; (iv) any intending purchasers or lessees must satisfy themselves by inspection or otherwise, as to the correctness of each of the statements contained in these
particulars; (v) the vendors or lessors do not make or give, and neither Cyril Leonard nor any person in their employment has authority to make or give, any representation or warranty whatever in relation
to this property. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence PORTFOLIO
of VAT in respect of any transaction. October 2018
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