WICKES & STAPLES, BANBURY - SOUTHAM ROAD, OXFORDSHIRE, OX16 2RR OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY - Wilkinson Williams

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WICKES & STAPLES, BANBURY - SOUTHAM ROAD, OXFORDSHIRE, OX16 2RR OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY - Wilkinson Williams
OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE, OX16 2RR

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WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                            HOME   INVESTMENT       LOCATION &       RETAILING IN BANBURY   DESCRIPTION      TENURE, TENANCY   ASSET MANAGEMENT &   ADDITIONAL
                                                                                     CONSIDERATIONS   DEMOGRAPHICS     & SITUATION                             & PLANNING        TENANTS’ COVENANTS   INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

INVESTMENT CONSIDERATIONS                                        l   Banbury will become a key regional retail destination with               l    Planning consent is considered to be ‘wide bulky goods’.
                                                                     the development of Banbury Gateway Shopping Park.
                                                                                                                                              l    Asset management opportunities available to add value.
l   Banbury is situated in a strategic location within
                                                                 l   The subject property is situated within the main out of
    Oxfordshire, in close proximity to Junction 11 of the M40,                                                                                l    We are instructed to seek offers of £7,100,000 (Seven
                                                                     town retail pitch for Banbury, on the A361 Southam Road.
    linking with London to the south and Birmingham to the                                                                                         Million, One Hundred Thousand Pounds), subject to
    north.                                                       l   The scheme comprises two units of 25,054 sq ft and 10,414                     contract and exclusive of VAT. This reflects an attractive
                                                                     sq ft, let to Wickes and Staples at rents reflecting £14.49                   net initial yield of 7.0% (assuming purchaser’s costs
l   The town has a very affluent catchment population,
                                                                     per sq ft and £15.74 per sq ft respectively. The total rent is                of 5.80%).
    ranked 18 out of the top 200 PMA Retail Centres.
                                                                     £525,430 per annum.
WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                                          HOME     INVESTMENT       LOCATION &                           RETAILING IN BANBURY                            DESCRIPTION                             TENURE, TENANCY                         ASSET MANAGEMENT &                                ADDITIONAL
                                                                                                     CONSIDERATIONS   DEMOGRAPHICS                         & SITUATION                                                                             & PLANNING                              TENANTS’ COVENANTS                                INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

                                                                                                                                                                                Lichfield
                                                                                                                           M54                                                              Tamworth                                                    LEICESTER
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LOCATION

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                                                                                                                                                      Brownhills                                                                                                                                                                                             9

                                                                                                                                                         Aldridge

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                                                                                                                                                                                             M42                                                         Wigston                                                                                  A47
                                                                                                                                                                                                                                                                                                                               Peterborough

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                                                                                                                                                                                                                                       M69

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Banbury is an affluent market town in Oxfordshire benefiting from excellent transport connections to the                  WOLVERHAMPTON                                                                   Hinckley

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                                                                                                                            West Bromwich                     M6                                   Nuneaton
Midlands and the South. The town is located approximately 80 miles north west of London, 50 miles south                       Dudley                                                                                                              M1
                                                                                                                                                                                                                                                              Market                                                                05
                                                                                                                                                                                                                                                                                    A427              Corby                       A6

                                                                                                                                                                                                                                                                                                                                                                                         1
east of Birmingham and 22 miles north of Oxford.

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                                                                                                                                                                   BIRMINGHAM                                                                             Harborough
                                                                                                                                 Halesowen

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                                                                                                                                                                 Birmingham
                                                                                                                                                                                                                             M6

                                                                                                                                                                                                                                                                                                              16
                                                                                                                                                                                     M42

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The town benefits from excellent road communications. Junction 11 of the M40 is easily accessible via the                                                   Solihull                                 COVENTRY                                                                                        Kettering

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                                                                                                                                                                                                                                                                                                                                       A14

                                                                                                                                                                                                                                                                              A50
                                                                                                                                                                                                                       Rugby

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A422 and provides direct access to London to the south and Birmingham to the north.

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                                                                                                                                                                                                                                                                                                                           5                      Huntingdon
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                                                                                                                                Bromsgrove

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                                                                                                                                                            Redditch                                                                                                          Wellingborough                        Rushden
The town has a direct train link to London Marylebone with a journey time of 54 minutes. Birmingham                                                                                                         Leamington Spa
                                                                                                                                                                                                       Warwick                                           M1                                A45
                                                                                                                                       Droitwich                                                                                  Daventry
International Airport is situated approximately 38 miles north west of the town.

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                                                                                                                                                                   A435
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                                                                                                                                                                                                                                                                                 Northampton

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                                                                                                                                                                                                                                                                                                                                         St Neots

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                                                                                                                                                                                                            M40
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                                                                                                                                     A442                                 A46               Stratford                                                                                            8
                                                                                                                                Worcester

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                                                                                                                                                                                            upon Avon

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                                                                                                                                                                                                                                                                                                               Bedford

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                                                                                                                                                                                                                                                                                                                                                                 Biggleswade

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                                                                                                                                                A44          Evesham                                                                                                                                  Newport Pagnell

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DEMOGRAPHICS                                                                                                                                                                                                                                                       Milton Keynes

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                                                                                                                          M50                       A4
Banbury has a primary catchment population of 206,000 people and an estimated shopping population                       Tewkesbury
                                                                                                                                                                                                                                                                                                                                               Letchworth

                                                                                                                                                                                               BANBURY

                                                                                                                                                                                                                                                   3
                                                                                                                                                                                                                                                   A4
                                                                                                                                                                                                                                                                                                                                              Hitchin
of 142,000 people. This is projected to increase by 0.9% per annum between 2014 and 2019, above the UK                                                                                                                                                                                                        A5
                                                                                                                                                                                                                                                                                    Leighton Buzzard
average. Experian calculate there is a total population of 60,518 people living within a 10 minute drive time                               Cheltenham                                                         A4
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                                                                                                                                                                                                                                                 M40
                                                                                                                                                                                                                                                        Bicester                                          Dunstable
                                                                                                                                                                                                                                                                                                                                        Luton
                                                                                                                                                                                                                                                                                                                                                                       A60
                                                                                                                                                                                                                                                                                                                                                                          2
of the subject property, increasing to 124,369 people within a 20 minute drive time. This is predicted to                                                                                                                                                          A41
                                                                                                                                                                                                                                                                                                                                                                  A1(M)

                                                                                                                                                                                                                                                                                                                                                                                     A10
                                                                                                                                                                                                                                                                                                                                             Luton

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                                                                                                                                                A436

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increase by 4.45% by 2017.                                                                                                                                                                                                               Kidlington                      Aylesbury
                                                                                                                                                                                                              Witney                                                                                               Tring

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                                                                                                                                        A41

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                                                                                                                                                                                                     A40

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Banbury has a very affluent catchment population, ranked 18 out of the top 200 PMA Retail Centres on the

                                                                                                                                                                                                                                                                                                               1
                                                                                                                                                                                                                         Oxford
PMA Affluence Indicator. The relative affluence of the town is demonstrated below:                                                           A419

 Affluence Indicator                                      Banbury           PMA Sub           PMA Top 200
                                                                         Regional Centre     Centre Average
                                                                            Average
 Social structure - AB (most affluent)% of adult            28%                22%                   22%
 population
 DE (least affluent)% of adult population                   20%                26%                   26%
 Car ownership - 2 + cars % of households                   47%                34%                   42%
 Average house prices Q3 2014                             £298,700           £240,600              £228,900
 Total average earnings (gross weekly wages 2013)           £425               £415                 £419
 Per capita in-store comparison expenditure 2014           £2,444             £2,387                £2,366
 Per capita retail warehouse expenditure 2014               £491               £473                 £469
 Forecast growth in comparison retail expenditure           5.5%               2.5%                 2.5%
 2014-2019 (% per annum real)
WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                                                                                                                                                                                                                                                          HOME                INVESTMENT       LOCATION &     RETAILING IN BANBURY   DESCRIPTION           TENURE, TENANCY   ASSET MANAGEMENT &   ADDITIONAL
                                                                                                                                                                                                                                                                                                                                CONSIDERATIONS   DEMOGRAPHICS   & SITUATION                                  & PLANNING        TENANTS’ COVENANTS   INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

RETAILING IN BANBURY
The retail warehouse supply in Banbury currently stands at 471,000 sq ft, with an overall provision per
household of retail warehouse floor space being below average.

The subject property is situated within the main out of town retail pitch for Banbury, which is centred
around the A423 Southam Road and the A222. Banbury Cross Retail Park is currently the dominant retail
warehouse scheme in the town, anchored by a 111,000 sq ft Tesco Extra foodstore. However, to the east
of the town centre, currently under construction, is Banbury Gateway Shopping Park, which will comprise
285,000 sq ft of open A1 consented space, anchored by Marks & Spencer, Next and Primark, with further
retailers including River Island, Fat Face and Outfit. This scheme will further enhance the critical mass of
the town and attract shoppers from a wider catchment area, establishing Banbury as a key regional retail
warehouse destination.

                    Banbury Cross Retail Park                                                                                                                       Banbury Gateway Shopping Park

                                                                                                                                                                                                                                                                                      WAY
                                                                                         S O U TH A M R D

                          (168,868 sq ft)                                                                                                                                      (285,000 sq ft)

                                                                                                                                                                                                                                                                                ACORN
                     DSG, DFS, Next, Boots,                                                                                                                           Marks & Spencer, Next, Outfit                                            WILDM
                                                                                                                                                                                                                                                    ERE RD
                      Argos, Home Bargains,                                                                                                                           River Island, Fat Face, Primark
                       Pets at Home, Maplin
             T RD
          MON
      BEAU

                                                                     Tesco (110,000 sq ft)

                                                                                                                                                                                                                                              RE RD
                                                                                                                                                                                                                                 WILDME
                                                                                                                                                                                                                                                                                                                           11
                             VE
                           EA                                                                                                                                                                                                                                                                  A422
                         OT                                                                                 HE
                       SC                                                                                        NN                                                                                            F W AY
                    RU                                                                                                  EF W                                                                    A4 2   2 HENNE
                                  Wickes and                                                                                       AY
                                   Staples                                                                                                                                                                                               RD
                                                                                                                                                                                                                             MAN O R
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                                                                                                 B&Q (34,800 sq ft)
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                                                                                                                                                                                  ST
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                                                                     MA                                                                                                       LER
                                                                        R   LE                   Halfords (13,229 sq ft)                                                     W                                                                                                                                                        M40
                                                    RD

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                                                                               Y

                                                                                                                                                                                                                                                                                                                                                                                                     SITUATION
                                                                                                                                                     CONCORD AVE

                                                                                   W
                                                HAM

                                                                                    AY
                                                                                                                                                                                                                                                  DAVENTRY
                                       A361 SOUT

                                                                                       Homebase (35,000 sq ft)
     N UR

                                                                                                                                                                                                                                                                                     RD
                                                                                   Dunelm (15,000 sq ft)                                                                                                                                                                        ON                                                                                                                   The subject property is situated on the A361 Southam Road,
      SER

                                                                                                                                                                                                                                                                              ET
                                                                                                                                                                                                                                                           RD

                                                                                                                                                                                                                                                                            DL
         Y

                                                                                   Topps Tiles (5,000 sq ft)                                                                                                                                                              ID
                                                                                                                                                                                                                                                                                                                                                                                                     in a prominent accessible location, linked via the A422,
          DR

                                                                                                                                                                                                                                                                      M
                                                                                                                                                                                                                                                                                                              ERMON

                                                                                                                                                                                                                                                                                                                                                                                                     which in turn connects to the M40. The A361 leads to the
                                                                                                                                                                                                   WEST ST

                                                                                                                       SPICEBALL
                                                                                                                                                                                                                                                                                                                   T WAY

                                                                                                                         PARK

                                                                                                                                                                                                                                                                                                                                                                                                     town centre, a short distance to the south.
                    FOUN

                                                                                                                                                                                                                            RD
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                        DRY

                                   COPE RD
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                                                                                                                                                                                                                                                                                                                                                                                                     Also situated on Southam Road, in close proximity to
                                                                                                                                                                                                                                                WA
                                                                                                                                                          CON

                                                                                                                                                                                                                                 SCH

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                                                                                                                                                             CORD AVE

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                                                                                                                                                                                                                                                  RD
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                                                                                                                                                                                                                                                                                                                                                                                                     the subject property are several retailers including B&Q,
                                                                                                                                                                                                                                      VIE

                                                               CASTLE ST
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                                                                                                                                                                                                                                                        CAU
                                                                                                                                                                                                                                                           SEW
                                                                                                                                                                                                                                                              AY
                                                                                                                                                                                                                                                                                                                                                                                                     Halfords, Homebase, Dunelm and Topps Tiles.  In addition,
                                                       A361

                                                                                                                                                                                                                                                                                                                                                                                                     there are several car dealerships in the vicinity.
                                                                                                                                                                                                                                                                                               THORPE W

                                                                                                                                                                                                                                                                                                                                 CHALKE

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                                                                                                                                                                                        GE S
                                                                                                                                                                                            T                   RTON
                                                                                                                                                                                                              ME
     Calthorpe Centre                                                                                                                                                          B R ID
                                                                                                                                                ST

       (49,000 sq ft)
                                                                                                                                                                                                                                                                                                       AY

                                                                                                                                                                                                                                                                                                                                       R WAY
                                                                                                                                              CHERWELL

    TK Maxx,Farmfoods
                                                                                                    GEORGE
      Poundstretcher                                                                                             ST
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WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                                          HOME    INVESTMENT         LOCATION &         RETAILING IN BANBURY   DESCRIPTION   TENURE, TENANCY   ASSET MANAGEMENT &   ADDITIONAL
                                                                                                    CONSIDERATIONS     DEMOGRAPHICS       & SITUATION                          & PLANNING        TENANTS’ COVENANTS   INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

DESCRIPTION
The subject property comprises two adjoining retail warehouse                To the rear of the Wickes unit is an external builders’ yard. Adjacent to
units let to Wickes and Staples, totalling 25,054 sq ft and 10,414 sq ft     this is the service yard shared between the two tenants, accessed to
respectively.                                                                the side of the Staples unit.

Internally, the units are fitted to the individual tenant’s specification.   Car parking is located to the front of the units and to the side of the
The Wickes unit benefits from having a mezzanine floor, used for             Wickes unit  providing 172 spaces, equating to a ratio of 1:206 sq ft.
sales, and staff accommodation and facilities. There is no mezzanine
floor within the Staples unit, however, there is sufficient eaves height     The total site area is 3.18 acres, giving a low site cover of 26%.
to install a mezzanine, subject to planning.
WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                 HOME   INVESTMENT         LOCATION &         RETAILING IN BANBURY   DESCRIPTION      TENURE, TENANCY       ASSET MANAGEMENT &   ADDITIONAL
                                                                          CONSIDERATIONS     DEMOGRAPHICS       & SITUATION                             & PLANNING            TENANTS’ COVENANTS   INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

    TENURE                                               TENANCY
    The site delineated in red below is held freehold.   The property is let on full repairing and insuring leases as follows:

                                                          Unit       Tenant        GIA        Lease         Unexpired       Lease        Next Rent    Current Rent          Rent      Comments
                                                                     Name         (sq ft)     Start           Term          Expiry        Review      (per annum)         (per sq ft)
                                                          Unit 1      Wickes     25,054     25/03/1996       6 years      24/03/2021     25/03/2011    £363,094            £14.49    2011 rent review
                                                                     Building                                                                                                        outstanding. Lease inside
                                                                     Supplies                                                                                                        the Act.
                                                                     Limited
                                                          Unit 2     Staples     10,414     25/03/1996       6 years      24/03/2021     25/03/2016    £162,336            £15.74    The rent equates to £15.75
                                                                    UK Retail                                                                                                        per sq ft with half rate on
                                                                    Limited                                                                                                          the lobby of 196 sq ft. Lease
                                                                                                                                                                                     inside the Act
                                                          TOTAL                  35,468                                                                £525,430            £14.85

                                                         PLANNING
                                                         Planning was granted in December 1995 for the construction of two retail warehouses with an access road, servicing and car parking. The
                                                         retail use permitted was for building materials, DIY home and garden improvements products, hardware, self-assembly and pre-assembled
                                                         furniture, household furnishings, floor coverings, motor accessories, electrical goods, office supplies and pet supplies. The ancillary sale of
                                                         sweets and chocolates, or food for consumption on the premises, providing the floor area for the sale of such items does not exceed 10% of
                                                         the floor area of the particular unit, is also permitted. Therefore we consider the scheme to have a ‘wide bulky goods’ consent.

                                                         The planning consent stipulates a minimum gross unit size of 5,000 sq ft.

Indicative plan only.
WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                             HOME   INVESTMENT         LOCATION &           RETAILING IN BANBURY   DESCRIPTION         TENURE, TENANCY   ASSET MANAGEMENT &   ADDITIONAL
                                                                                      CONSIDERATIONS     DEMOGRAPHICS         & SITUATION                                & PLANNING        TENANTS’ COVENANTS   INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

ASSET MANAGEMENT OPPORTUNITIES                                         TENANTS’ COVENANTS
The property provides the opportunity for an incoming investor         Wickes was established in 1972 and has grown into one of the UK’s leading DIY retailers. The company was purchased by Travis Perkins plc
to create value as follows:                                            in February 2005 and now has a portfolio of over 200 stores across the UK, selling a wide selection of home improvement products.

•   The leases have 6 years unexpired, giving the opportunity          Staples is the world’s largest office products retailer with 2013/2014 sales of $23.1 billion from 2,200 stores across 12 countries. In the
    to agree lease re-gears with the respective tenants.               UK, there are 1,500 employees across 112 stores with a total estimated sales area of 1,935 million sq ft. Staples recently announced the
                                                                       acquisition of its rival Office Depot for $6.3 billion. This will consolidate its position as the leading retailer of office supplies and allow the
•   An alternative occupier could be found for the units if re-gears   business to become more competitive on a global basis. The deal is yet to be approved by the US Federal Trade Commission.
    were not pursued. There are currently several acquisitive
    retailers without representation in the town including B&M,        Below are the most recent company accounts for the tenant covenants:
    Wren Living, Sofaworks, HomeSense, Sports Direct and
    Smyths Toys.                                                        Unit    Tenant                                  Year Ending       Sales Turnover           Pre-Tax Profit/Loss        Net Worth          D&B Rating
                                                                                                                                              (000’s)                    (000’s)               (000’s)
•   There is sufficient space to develop a further unit of
    5,000 - 10,000 sq ft on part of the car park, adjacent to           1       Wickes Building Supplies Ltd            28/12/2013             £972,038                 £49,441                £298,859               5A1
    the Wickes unit.                                                                                                    29/12/2012             £976,136                 £55,550                £273,471
                                                                        2       Staples UK Retail Ltd                   01/02/2014             £227,367                 -£7,061                -£57,765                N2
                                                                                                                        02/02/2013             £267,794                 -£59,725               -£51,009
WICKES & STAPLES, BANBURY
SOUTHAM ROAD, OXFORDSHIRE OX16 2RR                                                                                                 HOME       INVESTMENT               LOCATION &                RETAILING IN BANBURY        DESCRIPTION               TENURE, TENANCY          ASSET MANAGEMENT &          ADDITIONAL
                                                                                                                                              CONSIDERATIONS           DEMOGRAPHICS              & SITUATION                                           & PLANNING               TENANTS’ COVENANTS          INFORMATION

OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY

EPC                                                                                      PROPOSAL                                                                                 FURTHER INFORMATION
The Wickes unit has an EPC rating of C (53).                                             We are instructed to seek offers of £7,100,000                                           Ellie Kirkby
The Staples unit has an EPC rating of E (120).                                           (Seven Million, One Hundred Thousand Pounds),                                            T: 020 7317 3790
                                                                                         subject to contract and exclusive of VAT. This reflects                                  M: 07764 241898
                                                                                         an attractive net initial yield of 7.0% (assuming                                        E: e.kirkby@wilkinsonwilliams.co.uk
VAT                                                                                      purchaser’s costs of 5.80%).
                                                                                                                                                                                  Wilkinson Williams
The property has been opted to Tax however it is                                                                                                                                  Heathcoat House
envisaged the transaction will be structured as a                                                                                                                                 20 Savile Row
TOGC.                                                                                                                                                                             London
                                                                                                                                                                                  W1S 3PR                                                                       www.wilkinsonwilliams.co.uk

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 2015. Designed and produced by Creativeworld Tel: 01282 858200.
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