Wickes Retail Warehouse Investment Opportunity - London Commuter Belt - Amazon AWS
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Wickes Retail Warehouse
Investment Opportunity
Hatfield Road – St Albans – AL4 0JY London Commuter Belt
Investment Summary ●● Solus retail warehouse investment located within the affluent Hertfordshire commuter belt around London. ●● Situated in one of the main retail warehouse areas in St Albans. ●● Freehold ●● Open A1 non-food planning consent. ●● Purpose built retail warehouse totalling 29,086 sq ft with 108 car parking spaces. ●● An unexpired term of 10.5 years to break and 15.5 years to expiry. Securely let to Wickes Building Supplies Limited, rated 5A1 by Dun & Bradstreet. ●● A passing rent of £450,000 per annum exclusive agreed in 2015 equating to £15.47 per sq ft. ●● Our Client is seeking offers in excess of £7,340,000 subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 5.75% assuming acquisition costs of 6.64%. Wickes – Hatfield Road – St Albans 02
Welwyn Garden City
Redbourn
Location
Sandrigde A1 (M) A414
St Albans is an affluent cathedral city in Hertfordshire. M1
Located 23 miles to the north of London. Its proximity A414
and excellent transport links make it a significant Wickes
commuter hub. Hatfield
St Albans
A1507
The city has an excellent road network being close to Hemel
junction 22 of the M25 and junctions 7 & 8 of the M1. Hempstead
In addition, there is a fast train service from St Albans
into St Pancras with a journey time of approximately
25 minutes. A414 Welham Green
London Colney Brookmans Park
M1
M25
Abbots Langley Bracket Wood
South Mimms
Potters Bar
Leavesden Shenley
Radlett M25
Ly
Situation
onW
ay
The Property is located approximately 1.25 miles to
the east of the city centre, fronting onto Hatfield Road
)
507 (A1057), an arterial route between St Albans and
(A1
Ac
d
ld R Hatfield. Junction 3 of the A1 is 2 miles to the east of
rew
fie
Hat
oo
d
the property.
Wa
y
The location is one of the main out of town retail
provisions in St Albans alongside Holywell Hill.
Adjacent to the Property is a solus Dunelm, a
Volkswagen dealership and a Bunnings Warehouse;
one of the first to be opened in the UK.
Wickes – Hatfield Road – St Albans 03
A1507
St Albans Hatfield Road
Bunnings
Demographics
St Albans City
Warehouse
Ash
Dunelm Mill
A1(M)
ley R
St Albans
Co St Albans boasts a wealthy residential population
oad
ln
ey
St Albans Abbey
He
at
h
La
and is a core commuter hub for professionals
ne
working in the capital.
ive
Dr
Abbey View
There is a primary catchment population of
es
ak
Retail Park
Dr
Lo
Bunnings nd
approximately 151,000 people with 75% ranked
Hi
on
gh
Warehouse Ro
fie
Toll
in the most affluent socio-economic group
ad g
ld
ate
ad
Roa
La
d
Ro
d
ne
oa
lR
(PROMIS). Consumer spend in St Albans on non-
ord
ita
tf
rb
Wa
O
comparison goods has topped £230m in the last
N
6 months (CACI).
The closest Wickes to St Albans is in Hemel
A414 Ro
ad Hempstead.
rs
se
ur
Co
oad
Size Tenants
al R
rbit
NO
Matalan, Halfords, Carpetright,
Abbey View Retail Park 62,600 sq ft
Lo
Pets at Home, Tapi & McDonalds
nd
on
Hi
Ro
gh
Bunnings Warehouse, Holywell
ad
Sh
St
60,141 sq ft Bunnings Warehouse
en
Hill
ley
La
Fr
ne
og
New Look, TK Maxx, Monsoon,
Ln
mo
Colney Fields Shopping Park 58,212 sq ft
St
re
Boots & Next
rk
Colney Fields
Pa
How Wood
Shopping Park
Bunnings Warehouse, Hatfield
36,817 sq ft Bunnings Warehouse
Road
Dunelm Mill, Hatfield Road 25,250 sq ft Dunelm Mill
M25
Wickes – Hatfield Road – St Albans 04
Description
The Property comprises a purpose built solus retail
warehouse of steel portal frame with brick elevations
and profile metal sheeting above.
The internal sales area was refitted in the last 3 years,
the unit also benefits from an external trade yard.
The surface car park provides 108 spaces, equating to
a ratio of 1:269 sq ft. The site totals approximately 2.53
acres with a low site coverage of 27%.
A number of trees at the front of the site are subject to a
Tree Preservation Order.
Accomodation
Area (GIA)
Ground Floor 27,735 sq ft 2,577 sq m
First Floor 1,351 sq ft 126 sq m
Total 29,086 sq ft 2,703 sq m
Planning
In November 1992, consent was granted (5/92/0605) for a
non-food retail warehouse falling within Class A1(a) of the
Town and Country Planning (Use Classes) Order 1987.
A copy of the planning consent is available upon request. Area : 2.53 acres (1.03 ha)
Dunelm Mill
Wickes – Hatfield Road – St Albans 05
Tenure
Freehold. Title Number HD309982
Tenancy
The Property is let in its entirety to Wickes Building Supplies
Limited on a 25 year lease from 29th September 1993, which is
set to expire on 28th September 2018.
In September 2015, Wickes signed a reversionary lease that
is set to commence on 29th September 2018 for a term of 15
years; expiring on 28th September 2033. The reversionary lease
is subject to a tenant’s only break option on 29th September
2028, upon 6 months’ notice.
The current passing rent is £406,250 per annum exclusive. In
September 2018 the rent will increase to £450,000 per annum
exclusive. Our Client will top up the rent to £450,000 upon
completion
The Property has an unexpired term of 10.5 years to break
and 15.5 years to expiry.
Wickes – Hatfield Road – St Albans 06
Covenant
Wickes Building Supplies Limited is a wholly owned subsidiary of Travis Perkins Wickes Building Supplies Limited has a Dun & Bradstreet rating of 5A 1,
plc and is one of the UK’s largest DIY retailers operating from over 200 stores which represents a minimum risk of business failure. A summary of the
nationwide. St Albans benefits from the new store format, which Wickes have rolled company’s accounts is set out below:
out in selected locations. Features include:
●● 1 hour Click & Collect service Turnover Pre-Tax Profits Tangible Net Worth
Year
(000’s) (000’s) (000’s)
●● Improved product adjacencies
2016 £1,213,269 £65,403 £304,109
●● Increased product depth and availability 2015 £1,104,950 £60,468 £404,992
●● Improved kitchen and bathroom design centre 2014 £1,039,000 £69,250 £355,080
Wickes – Hatfield Road – St Albans 07
EPC Contact
The Property has an EPC rating of B37.
–
The full report is available upon request.
VAT & Capital Allowances
The property is elected for VAT and it is
anticipated that the transaction will be
treated as a Transfer of Going Concern
(TOGC).
No capital allowances are available to the
purchaser.
Access to a data room is available upon
request.
Proposal
Our Client is seeking offers in excess
of £7,340,000 subject to contract and
exclusive of VAT, which reflects a
Net Initial Yield of 5.75% assuming
acquisition costs of 6.64%
Oliver Petch Dominic Walton Daniel Serfontein
T +44 20 7861 1107 T +44 20 7861 1591 T +44 20 7861 5264
M +44 7716 085 925 M +44 7818 041 670 M +44 7773 258 729
E oliver.petch@knightfrank.com E dominic.walton@knightfrank.com E daniel.serfontein@knightfrank.com
The agent for themselves and for the vendors or lessors of their property whose agent they are give notice that: i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute
any part of, an offer or contract; ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and 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 of them; iii) no person in the employment of the agents has any authority to make or give any representation or warranty whatever
in relation to this property. Design & Production DS.Emotion Ltd. March 2018
Wickes – Hatfield Road – St Albans 08
You can also read
