BICESTER 3-4 MARKET SQUARE OXFORDSHIRE, OX26 6AA - DIVERSE RETAIL, RESIDENTIAL & CAR PARKING INCOME - Allsop
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BICESTER
3-4 MARKET SQUARE
OXFORDSHIRE, OX26 6AA
DIVERSE RETAIL, RESIDENTIAL
& CAR PARKING INCOME
MEDIUM TERM REDEVELOPMENT POTENTIAL
BICESTER BICESTER
INVESTMENT HIGHLIGHTS
• Affluent North Oxfordshire Market Town and
popular commuter location to London, Oxford
and Birmingham, located adjacent to Junction 9
of the M40
• Attractive building of part period design with
excellent prominence on Market Square totalling
24,620 sq ft (2,287.3 sq m)
• Sandwiched between the southern end of the
main pedestrianized pitch and the Town Centre’s
largest car park, operated by the Local Authority
• Total rental income of £234,000 per annum
diversified against retail, residential and car
parking uses
• Secure income let to Wilko Stores Limited at
£171,000 per annum, equating to
£7.83 psf, for 5.75 years unexpired
• Residential income secured to four flats let
on ASTs producing £54,000 per annum
• Additional alternative sector income secured
to 40 car parking spaces let to Cherwell District
Council, producing £9,000 per annum for
6.4 years term certain
• Medium term potential to comprehensively
re-develop the site to provide alternative uses,
subject to vacant possession and planning
consent
• Freehold
PROPOSAL
Offers are sought in excess of £2,600,000 (Two
Million, Six Hundred Thousand Pounds), subject to
contract and exclusive of VAT. A purchase price at
this level reflects a Net Initial Yield of 8.50%, subject
to standard purchaser’s costs and a low capital rate
of £105 psf.
DATA ROOM
For access to the Allsop Marketing Data Room,
please refer to the following link:
https://datarooms.allsop.co.uk/register/wilkobicester
Outline for indicative purposes only.
BICESTER BICESTER
M42
LEICESTER
BIRMINGHAM M69
M6
A43
A45
Outline for indicative purposes only. A46
REDDITCH
M5 COVENTRY RUGBY
M45
BICESTER AT A GLANCE NORTHAMPTON
NORTHAMPTON
CAMBRIDGE
STRATFORD-UPON-AVON
M1
M40 BEDFORD
BRACKLEY A421
BUCKINGHAM
A421 MILTON A6
A4421
KEYNES
A44 Bicester
North
M5 BICESTER A5
Bicester is a key commercial hub in Excellent rail connectivity The University of Oxford continues to Bicester
The Oxford-Cambridge Arc, the UK’s to London (61 mins), Oxford (17 mins) generate more spin-outs than any other Village
knowledge economy engine. and Birmingham (99 mins) University in the UK. There are currently AYLESBURY
more than 150 active science and A40
Oxford
A41
technology start-ups in the region. Parkway
WITNEY
A40 M1
OXFORD
M25
A420
M40
A34
LONDON
M4
LONDON
SWINDON M4
Bicester has impressive growth plans Bicester Village retail development is a Strong residential capital growth –
with 10,000 new homes planned within significant UK tourist attraction, drawing 47% increase in the 10 years
12 years, the population increasing from in over 7.0 million visitors a year (2019). to 2021. LONDON
32,000 to 50,000+ by 2031. READING
HEATHROW
BICESTER BICESTER
Bic min
12
es s
te
SITUATION
rN
or
th
The property is situated on the eastern side of Market Square, the historic
Ra
retailing centre of the town, with additional rear entrance and frontage on
ilw
ay
to Claremont Car Park (159 spaces), operated by the Local Authority.
Sta
This is a very busy location with footfall enhanced by the property’s position
tio
n
on the main walk through from the pedestrianised pitch to Bicester Village
Rail Station.
The southern boundary of the property also backs on to Deans Court
Shopping Centre, a small pedestrianised retail parade, which has
developed into a vibrant hub for independent stores.
(159 Spaces)
Bice
ster
Villa
ge
Rail
w
ay S mins
tatio
6
n
Outline for indicative purposes only.
BICESTER BICESTER
DESCRIPTION
The subject properties form two adjoining buildings
3 & 4 Market Square. 3 Market Square comprises
retail accommodation in a prominent three storey
period building fronting Market Square. The property
benefits from a large modern rear extension over
two floors providing retail sales at ground floor level
and ancillary storage at both ground and first floor.
The rear extension also benefits from a secondary
entrance, which links to the Claremont Car Park,
one of Bicester’s main car parking facilities,
situated to the rear. The property has its own
separate access road, service area and loading
bay accessed off Victoria Road with a roller shutter
door for store deliveries.
4 Market Square adjoins Wilko and comprises a
three-storey period building. The accommodation
consists of a communal entrance hall at ground
level and 4 two-bedroom residential apartments
over 1st and 2nd floors. These apartments also
extend over the two upper floors of the front section
of the Wilkinson store and provide modern residential
accommodation. In addition the residents of the
apartments benefit from one free car parking permit
to the car park to the rear of the property.
To the rear are 38 car parking spaces currently let
to Cherwell District Council. These currently form
part of a wider Victoria Road council run car park
which provides a total of 159 additional surface car
parking spaces.
Rear entrance.
TENANCY & ACCOMMODATION
Property Sector Tenant Area (sq ft) Lease Start Lease End Next Break Rent Review WAULT WAULT Passing Rent Passing Rent Comments
(Expiry) (Break) (£ p.a.) (£ psf)
Ground & Rear 1st Retail Wilko Retail Limited 21,832 01/12/2011 30/11/2026 01/12/2021 5.7 5.7 £171,000 £7.83
Rear Car Park Car Park Chewell DC 38 10/07/2020 09/07/2030 19/07/2027 10/07/2021 9.3 6.3 £9,000 38 Car Parking spaces. Lease held outside of the security
Spaces provisions of the L&T 1954 Act. Mutual break option.
Flat 1 Residential Private Individual 608 21/11/2020 19/11/2021 0.7 0.7 £13,200 £21.71 Deposit £1,269.23.
Flat 2 Residential Private Individual 718 01/04/2020 31/03/2022 T -30 days 1.0 1.0 £13,200 £18.38 Tenancy signed at £1,100 pcm for one year from 01/04/2021
rolling to 31/03/2022 (previously £1,100). Deposit £1,269.23.
Tenant break 30 days notice for military necessity.
Flat 3 Residential Private Individual 631 24/09/2020 23/03/2021 0.5 0.5 £14,100 £22.35 Renewal agreement at £1,175 pcm for six months to
23/09/2021. No breaks. Deposit £1,326.92.
Flat 4 Residential Private Individual 831 25/05/2019 27/05/2022 T -30 days 1.2 1.2 £14,100 £16.97 Renewal signed at £1,175 pcm for one year 28/05/21 to
rolling 27/05/22 (previously £1,150). Deposit £1,326.92. Tenant
break on 30 days' notice only for reason of military necessity.
Total 24,620 5.90* 5.70 £234,600 £9.14
*WAULT calculated on the commercial income only.
BICESTER BICESTER
TRADING TURNOVER
2020 PERFORMANCE HIGHLIGHTS THROUGHOUT YEAR 2020
The financial year ending 2020 has presented a challenging
trading environment for retailers across the UK, yet despite this,
Wilko Retail has made significant progress on continuing to
2O2O £1.4BN
strengthen commercial and financial controls with a focus
on strategic cost control and cash discipline.
In 2020, the Company’s total sales reduced by £80.2M to
£1.4BN, based on a 52 week comparative period; retail like
for like sales reduced by 6.1%.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) was £41.4M, an increase of £8.5M on the preceding
year, representing an increase of 26%.
Cash discipline remains a key priority of the Company with nil EBITDA PROFIT
ESSENTIAL UP 26%
£6.3M
banking facilities drawn throughout the preceding financial
year. Continued cash discipline has provided a free cash
£41.4M
flow of £21.7M, with total losing cash in Feb 2020 of £93.6M.
COVID-19 BEFORE TAX
COVID-19 CONTINGENCY PLANNING RETAILER
In February 2020, the Company successfully concluded a review to
confirm the Company will continue to hold sufficient cash reserves
despite the current economic uncertainty introduced by the
COVID-19 pandemic. These forecasts assumed reduced trading
for a 6 month period of social distancing followed by a lag period
before trading levels are expected to return to normal levels.
In March 2020 the Company’s total overdraft facility was
increased to £37.5M along with a similar supply chain facility
increase in Feb 2020 from £5M to £20M.
CASH RETAIL
£93.6M 416
The director’s also assessed a severe downside scenario, if a
situation occurred whereby government restrictions change
and all Wilko stores are closed for a 6 month period, with a
phased recovery thereafter. In light of the company’s net assets RESERVES STORES
of over £99M at 01/02/2020, and cash reserves of £93.6M,
there is an expectation that the Company will continue in
operational existence for the foreseeable future.
Wilko, as an essential retailer, has kept stores open throughout
the COVID-19 pandemic.
VAT
The property is not elected for VAT.
EPC
The commercial element of the property has an EPC rating of C (62).
Residential accommodation ranges from C (74) C (79).
Please refer to the Online Energy Performance of
Buildings Register for further information
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to satisfy the AML
requirements when Head of Terms are agreed.
DATA ROOM
For access to the Allsop Marketing Data Room, please refer to the following link:
https://datarooms.allsop.co.uk/register/wilkobicester
PROPOSAL
Offers are sought in excess of £2,600,000 (Two Million, Six Hundred
Thousand Pounds), subject to contract and exclusive of VAT. A purchase
price at this level reflects a Net Initial Yield of 8.50%, subject to standard
purchaser’s costs and a low capital rate of £105 psf.
For further information or to make arrangements for viewing please contact:
Tom Dales Freddie Foley
07799 663631 07765 982637
tom.dales@allsop.co.uk freddie.foley@allsop.co.uk
allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an
offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or
give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations,
warranties, undertaking’s and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the
vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the
property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property;
and (e) carry out all necessary searches and enquiries. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading
name of Allsop LLP. Design CommandD www.commandHQ.co.uk 03.21
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