SANDY LANE RETAIL PARK, WORKSOP, S80 1UJ - ENTER PRIME RETAIL PARK INVESTMENT OPPORTUNITY
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SANDY LANE RETAIL PARK, WORKSOP, S80 1UJ P R I M E R E TA I L PA R K I N V E S T M E N T O P P O R T U N I T Y ENTER
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
INVESTMENT HIGHLIGHTS
• Worksop is located in the East Midlands, approximately 25 • Let off low rents averaging just £12.86 per sq ft and totalling
miles north of Nottingham and 16 miles east of Sheffield. £668,483 per annum.
Date Yield Reason
• There is very limited retail warehousing in Worksop, with • The income benefits from a fixed uplift in the B&Q lease in
Sandy Lane Retail Park being the dominant scheme in the 2021 and fixed uplifts in the Anytime Fitness lease for the first Now 7.00%
town. 5 years of the term.
26/02/2019 7.03% Anytime Fitness fixed increase
• Attractive tenant mix reflecting the modern day local retailing • Attractive WAULT of 8 years
desired environment with tenants; B&Q, Anytime Fitness, 26/02/2020 7.05% Anytime Fitness fixed increase
• Offers are sought in excess of £8,960,000 (Eight Million,
Pets at Home and Currys PC World.
Nine Hundred and Sixty Thousand Pounds) reflecting an
26/02/2021 7.08% Anytime Fitness fixed increase
• Total GIA is 51,991 sq ft arranged across flexible units, ranging attractive net initial yield of 7.00% rising to 7.69% in 2022,
from 31,935 sq ft to 5,008 sq ft. allowing for purchaser’s costs of 6.63%. By virtue of the 21/12/2021 7.66% B&Q fixed increase
fixed increases in the Anytime Fitness and B&Q leases, the
investment provides a very attractive running yield as shown 26/02/2022 7.69% Anytime Fitness fixed increase
opposite:
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
Ilkley
Otley Tadcaster
LEEDS
Keighley BRADFORD
14 Colne Bingley AIRPORT Beverley
13
12
LEEDS Brayton
8
10 Burnley BRADFORD Garforth
38 HULL
1 47
31 7 43
6
27 37
26
Halifax Batley 30
Castleford
9
M65 41
31 32 36 Goole
Darwen Rawtenstall Brighouse 33 34
M62
25
24 40 Wakefield
M18
23
Rochdale M62
1
22 Huddersfield 39
6
M61 M66 38 Hemsworth Thorne
Bury 21
5 5
2 1
6 Bolton 3 19
20
M1 38
2 M180
3
5
4 37 Barnsley 4
4
Oldham
17 37
3
15
14
M60 Doncaster
36 36
DONCASTER
23 MANCHESTER Stocksbridge SHEFFIELD AIRPORT
M18
35
M62 1 3
22
Glossop
A1M
6
11 Rotherham
9
Sale 9 M60 34
1
34
Cheadle
SHEFFIELD
33
32 34
5
M56
20 6
7 MANCHESTER 31
10 Wilmslow Retford
19
Dronfield M1
Staveley 30
Macclesfield Buxton
Chesterfield WORKSOP LINCOLN
M6
18 29 A1
Congleton Clay Cross
17 Mansfield
Matlock
Leek 28
LOCATION AND CATCHMENT
Kidsgrove
16
Newark-on-Trent
27
Ripley
Hucknall
STOKE-ON-TRENT Ashbourne
Belper
Eastwood
Worksop is situated in the East Midlands approximately 25 miles north of Nottingham and 16 miles east of Newcastle-Under-Lyme 26
Ilkeston
Sheffield. Worksop benefits from excellent road communications, being strategically located between the M1 NOTTINGHAM
15
and A1, approximately 7 and 3.75 miles away respectively. Sandy Lane Retail Park links directly with the A57, DERBY 25
Beeston
Grantham
which provides direct access to both the M1 via junction 31, and the A1. Stone Uttoxeter Long Eaton
M6
Worksop Railway Station lies approximately 0.5 miles from Sandy Lane Retail Park where there are regular
EAST 24
14 MIDLANDS
Stafford
services to Sheffield with a journey time of around 30 minutes, and to the national rail network. Ashby-de- M1
Melton Mowbray
Newport 13 Rugeley la-Zouch 23
Loughborough
Manchester Airport is located 48 miles west of Worksop and is the UK’s third largest airport facilitating in
excess of 25.6 million passengers in 2016. East Midlands Airport and Doncaster Sheffield Airport are also
located 44 miles south and 18 miles north respectively.
Worksop is the largest town in the Bassetlaw District of Nottinghamshire and is the top retail destination in
the District with a primary catchment population of 76,000 people. CACI estimate the population within a 10
minute drive time of the subject property to be 48,985 people, increasing to 151,913 people within a 20 minute
drive time. Over 57% of people within the 20 minute drive time are between the ages of 30 and 75.
Car ownership and multiple car ownership is 16% higher than the UK average within the 20 minute drive time
catchment population. Home ownership in Worksop is 10% above the UK average.
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
E
AV
RK
PA
SITUATION
ES
H
AS
Sandy Lane Retail Park is located 0.5 miles north of G AT E F ORD ROA
D
the town centre. The park forms the heart of the
A57
main retail warehouse pitch for Worksop and is the
R AY M O T H L A N E
dominant retail warehouse park for the town. On
C A R LT O N R OA D
the opposite side of Babbage Way is a 25,000 sq ft
D
A
standalone Wickes unit, and adjoining to the west
RO
of the park are two separate standalone units let to
H
Halfords Autocentre and Bensons for Beds.
T
LY
AD
B
LA
C
Y L A N D S AVE
Y RO
Access to the park is from Babbage Way, which
leads onto the A60, also linking to the other retail
G AT E F O
warehousing in the immediate vicinity. SUBJECT TO PLANNING
VALL E
Worksop Retail Park;
SH Lidl, B&M & McDonald’s
A5
RD
LIMITED RETAILING
IR
7
SANDY LANE RETAIL PARK
EO
RO
SHEPHER
COMPETITION
D’S
A
A60 AVE
A
K
D
S
O
R
AD SA N
DY
E
WORKSOP
There is very limited retail warehouse floorspace in LA
N
Worksop, totalling just 124,000 sq ft, with most goods
Bensons For Beds & Halfords
being under-represented in terms of provision per
household. The subject property provides the main TE
TGA
LL
N ROAD
Wickes
scheme in the town and therefore is the destination EAS
HI
of choice for any retailers wanting representation in
E
Carpetright
O
the town; Dunelm, Next and TK Maxx have all had
HIGH H
Matalan
SO
requirements for the town, and seriously considered
A5
W AT
this scheme in the past. AVE
TLE
7
CAS
NEW
The closest retailing competition is in Mansfield, which TER STR E E T
POT RE
is 14 miles away and around a 30 minute drive from TF
OR
NETHERTON ROAD
the town, and the more dominant retailing locations D R
A 60 O AD
of Sheffield and Nottingham are a 35 minute and
48 minute drive away from the town respectively.
HILL
B6
Therefore, the scheme provides a strong local offer
04
and the retailers on the scheme represent that.
0
KEN
0
6
A
A5
The existing retail warehousing in Worksop is detailed
S PA R
7
opposite, along with a proposed scheme to be A57
anchored by B&M and Lidl, for which planning has not
A57
yet been granted.
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
DESCRIPTION
Sandy Lane Retail Park is a well presented scheme, arranged in a linear terrace and totalling 51,991 sq ft. Car parking totals 244 spaces, giving an ample car parking ratio of 1 : 213 sq ft. Servicing is to the rear
The terrace is split into four units let to B&Q, Anytime Fitness, Pets at Home and Currys PC World, and of the scheme and is accessed separately to the customer car park.
range in size from 5,008 sq ft to 31,935 sq ft.
The site area totals 4.45 acres, giving a low site cover of 27%. There is sufficient space within the car
Internally, all of the units are fitted out to the tenant’s individual specification. Currys PC World have park to create a further pod unit, subject to planning.
recently re-fitted their unit and it incorporates the standard Carphone Warehouse concession. Anytime
Fitness have recently taken a lease on the scheme and have re-fitted their unit to their bespoke
specification, incorporating changing rooms, a gym floor installed with state of the art gym equipment,
and a studio where virtual classes can be held. The gym will be open 24/7 and will bring significant
additional footfall to the scheme. B&Q have the benefit of a garden centre adjacent to their unit.
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
TENURE
The property is held freehold.
TENANCY
The scheme is well let providing a long WAULT of 8 years to expiry, and just under 7 years to break. The rents are low across the scheme, averaging just £12.86 per sq ft, providing the income security
The park also has an attractive income profile, the Anytime Fitness lease benefits from fixed uplifts and capacity for future rental growth.
annually for the first 5 years, and the B&Q lease is subject to a fixed uplift in December 2021.
Unit Tenant Name GIA Lease Date Term Lease Expiry Break Date Next Rent Current Rent Rent Comments
(sq ft) Start Date Review (per annum) (per sq ft)
Unit 1 DSG Retail Limited 10,036 18/02/2000 20 17/02/2020 - £131,000 £13.05
t/a Currys PC World
Unit 2 Tempo Libero Limited 5,012 26/02/2018 15 25/02/2033 26/02/2028 26/02/2023 £55,132 £11.00 Fixed uplifts in rent as follows:
t/a Anytime Fitness Year 1 £55,132 pa/£11.00 psf; Year 2 £57,638 pa/£11.50 psf;
Year 3 £60,144 pa/£12.00 psf; Year 4 £62,650 pa/£12.50 psf;
and Year 5 £65,156 pa/£13.00 psf.
Tenant break option 26/02/2028 subject to 12 months notice.
Unit 3 Pets at Home Limited 5,008 22/04/2014 15 21/04/2029 23/04/2024 22/04/2019 £75,180 £15.01 Tenant break option 23/02/2024 subject to 6 months notice.
Unit 4 B&Q plc 31,935 21/12/2016 10 20/12/2026 21/12/2021 £407,171 £12.75 Fixed uplift in rent on 21/12/2021 to £463,057 pa, £14.50 per sq ft
TOTAL 51,991 £668,483 £12.86
Sandhole Sidings
40.0m
1
T
STREE
El Sub Sta
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ 1b
Ward
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Bd
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MP PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY
0.5
LANE TENURE & TENANTS’ EPC’S, PROPOSAL
Bd
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FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK ED
TENANCY
El Sub Sta COVENANTS & CONTACTS
ENHANCEMENT
SP
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Bd
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Wa
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PLANNING
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Bd
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The subject property benefits from having an attractive Class A1 planning
permission (excluding the sale of food or drink) for three of the four units.
39
.3m
Tank
Permission to change the use of Unit 2 (Anytime Fitness) from Class A1 to
Class D2 was granted in 2017, with permission to operate 24 hours a day.
Further details are available on request.
FUTURE VALUE ENHANCEMENT
The scheme is fully let and income producing. However, Currys PC World
have a lease expiry in 2020 and there is the potential to re-gear this lease
particularly given they have a new shop fit including the installation of a
El
Sub
Sta 435 sq m trading mezzanine. Their general strategy currently with regard
to lease re-gears is to wait until very close to lease expiry before entering
e ll P
la into dialogue with the landlord.
e dw
S pe
There is sufficient car parking and a large enough site area to
accommodate a pod unit on the scheme, subject to planning. This
7
initiative could be undertaken by an incoming purchaser, particularly
given there are few A3 operators in the vicinity.
3
L Twr
AY
All these initiatives would create additional value and enhance the
W
GE
attractiveness of the scheme.
A
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BB
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BA
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24
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34
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SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
TENANTS’ COVENANTS
The majority of the income is from well-established 5A1 covenants, as detailed below: Pets at Home Limited
Pets at Home is the UK’s leading pet specialist retailer, with over 440 stores across the UK. The
DSG Retail Limited company has a 39% share of the UK market of pets accessories. 58% of stores incorporate a groom
DSG Retail Limited operates the Currys and PC World brands, and the combined fascia Currys room and a veterinary practice, giving them 11% and 13% of the total market share in these areas
PC World. The parent company, Dixons Carphone, is one of the largest consumer electronics respectively, and offering good potential for further growth. Revenue has grown continuously and was
companies in Europe. In their most recent trading update, the company reported a like for like sales up 7.8% from 2017 to 2018 to £898.9 million.
increase of 2%.
B&Q plc
Tempo Libero Limited B&Q is the UK’s leading home improvement and garden living retailer, having been established in
Anytime Fitness is an established 24/7 operating gym running on a franchisee model, having been 1969. The company currently has over 300 stores selling over 40,000 product lines and have 32%
founded in 2002, with over 3,500 gyms worldwide. The company has over 120 branded gyms open of the UK DIY market share (2017) significantly above the market share of Wickes (11%) - the next
across the UK and has continuing expansion plans. The ability to access the gym 24 hours a day closest competition. B&Q are currently in the middle of a five year transformational plan, with the
allows gym members to work out at a convenient time for them. retailer taking an ‘anthropological’ approach to improving the customer experience by researching
the evolving way people live in their homes, and introducing this into concept stores.
UNIT TENANT YEAR SALES TURNOVER PRE-TAX PROFIT/LOSS NET WORTH D&B
ENDING (000’S) (000’S) (000’S) RATING
29/04/2017 £4,345,700 £247,600 £477,700
1 DSG Retail Limited 5A1
30/04/2016 £4,237,900 £63,000 £406,900
31/10/2016 N/A N/A -£32
2 Tempo Libero Limited O2
30/11/2015 N/A N/A -£39
30/03/2017 £752,374 £67,557 £650,186
3 Pets at Home Limited 5A1
31/03/2016 £739,726 £81,843 £598,310
31/01/2017 £3,582,800 £229,100 £4,647,200
4 B&Q plc 5A1
31/01/2016 £3,704,00 -£68,900 £4,493,200
SANDY LANE RETAIL PARK, WORKSOP S80 1UJ
PLANNING &
INVESTMENT LOCATION & SITUATION & RETAIL SANDY LANE TENURE & TENANTS’ EPC’S, PROPOSAL
FUTURE VALUE
HIGHLIGHTS CATCHMENT COMPETITION RETAIL PARK TENANCY COVENANTS & CONTACTS
ENHANCEMENT
EPC’S
EPC’s for the individual properties are available on request.
PROPOSAL
A price of £8,960,000 (Eight Million, Nine Hundred and Sixty Thousand Pounds),
is sought reflecting an attractive net initial yield of 7.00%, allowing for purchaser’s
costs of 6.63%. By virtue of the fixed increases in the Anytime Fitness and B&Q leases,
the investment provides a very attractive running yield as follows, rising to 7.69%, by
February 2022:
Date Yield Reason
26/02/2019 7.00% Anytime Fitness fixed increase
26/02/2020 7.03% Anytime Fitness fixed increase
26/02/2021 7.05% Anytime Fitness fixed increase
21/12/2021 7.66% B&Q fixed increase
26/02/2022 7.69% Anytime Fitness fixed increase
CONTACT
Ellie Kirkby Paul Wilkinson
T: 020 7317 3790 T: 020 7317 3799
M: 07764 241 898 M: 07770 585 313
E: ellie.kirkby@avisonyoung.com E: paul.wilkinson@avisonyoung.com
Avison Young
MISREPRESENTATION NOTICE. Avison Young give notice to anyone who may read these particulars as follows:
Heathcoat House 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
20 Savile Row 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
London 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
W1S 3PR 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
www.avisonyoungretail.co.uk 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. September 2018.
Designed and produced by Creativeworld Tel: 01282 858200.
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