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BRETTON
CENTRE
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INVESTMENT CONSIDERATIONS
n Peterborough is the largest city in Cambridgeshire and n The scheme offers a unique tenant mix, including n The scheme trades well, as evidenced by retailers
as such is a dominant retailing location, benefiting from Sainsbury’s and a number of smaller occupiers, who renewing their leases, most recently Boots.
an extensive catchment area. with the adjacent occupiers of Iceland and Aldi, make it
n There are significant asset management opportunities,
a popular convenience lead retail destination.
n The city ranks 20th out of the top 200 PMA Retail including several lease regears.
Centres in terms of retail spend and total in-store retail n Well let with over 83% of the income comprising 5A1
n We are instructed to seek offers in excess of
expenditure. D&B rated tenants.
£18,935,000 (Eighteen Million, Nine Hundred and
n The Bretton Centre is strategically located in close n Total income of £1,465,305 per annum, equating to a Thirty Five Thousand Pounds), subject to contract and
proximity to the A47, the main road through the city. low average rent of £23.53 per sq ft for a scheme of this exclusive of VAT. This reflects an attractive net initial
calibre. yield of 7.25% (assuming purchaser’s costs at 6.74%).
n The property is a dominant scheme totalling
129,282 sq ft, anchored by Sainsbury’s, with other n Open A1 planning consent including food.
retailers including Boots, Sports Direct, Pets at Home,
Laura Ashley, Poundland and Costa.
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Spalding Holbeach
M1 Loughborough Bourne King's Lynn
LOCATION
Melton Mowbray
A1
A15
Coalville
Oakham Market Deeping Wisbech
Stamford
Peterborough is the largest city in the county of Cambridgeshire,
Downham
situated approximately 85 miles north of London, 35 miles north LEICESTER A1
A47 Market
west of Cambridge, 41 miles east of Leicester and 43 miles north
east of Northampton.
Oadby Uppingham A47 PETERBOROUGH
Wigston March
Blaby Whittlesey
Hinckley
The city is easily accessed via Junction 18 of the A1 (M), which Yaxley
connects to London to the south and Leeds to the north. Market
M1 Corby Oundle
Harborough A1(M) Littleport
Chatteris
By rail, Peterborough is a major stop on the East Coast Main Rothwell Sawtry
Line, with a fastest journey time of approximately 40 minutes Ely
into London King’s Cross, making it an attractive place to live for M6 A14 Kettering
commuters. Rugby A14
Huntingdon
Brampton St Ives
East Midlands Airport is 60 miles north west of the city and Godmanchester
Leamington Wellingborough Rushden
London Luton Airport is 61 miles south, both providing flights to
Spa M1 Waterbeach
A1 A14
a large number of national and international destinations. Daventry Newmarket
NORTHAMPTON
St Neots
CAMBRIDGE
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CATCHMENT & DEMOGRAPHICS
Peterborough’s primary catchment population primary catchment area, particularly from
A15
is significantly above average at 716,000 small towns and villages to the north and east. Drive Time Key A1175
people, which spans north into Lincolnshire, Total in-store comparison retail expenditure 20 mins
A6121
encompassing a number of small towns such was £1.861 million in 2016 in Peterborough 10 mins
Market Deeping Crowland
as Spalding, Stamford and Market Deeping. compared with the PMA average of A1
Peterborough’s catchment borders those of £947 million and ranking the city 20th by PMA. A606 A1175
A15
A16
Stamford
Corby and Leicester to the west, King’s Lynn
to the north east and Cambridge to the south- Peterborough also boasts a number of tourist
A6121
east. CACI calculate there are 125,427 people attractions, including a Norman cathedral in A43 A47
Wittering Eye
living within a 10 minute drive time of the the heart of the central shopping area. Visit
A1
subject property, increasing to 238,569 people England estimates that 330,000 domestic day A47
Peterborough
within a 20 minute drive time. visitors and 770,000 overnight visitors came to A47
A605
Peterborough in 2014, spending around A1
Whittlesey
The estimated shopping population of £38 million.
Peterborough is 322,000 people, ranking the A43
city 30th out of the top 200 PMA Retail Centres. A605
Yaxley
Given the city’s distance from other large retail
centres, a high proportion of the total available A1(M)
A427
retail spend is likely to be retained. In addition, Oundle
Peterborough draws trade from beyond its
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RR
IN
GT
ON
Brotherhood Shopping Park
PA
RETAIL WAREHOUSING
RK
155,000 sq ft
W
AY
Tenants include: Marks & Spencer,
BRE
TK Maxx, Poundland, Next, Tapi, A1
IN PETERBOROUGH
5
TTO
Hobbycraft, Outfit, H&M, PA
ST
O
NW
Harveys, Oak Furnitureland,
Y
N
WA
PA
RK
AY
RK
W
AY
PA
FLAXLAND
OKE
Peterborough is an established and dominant retail warehousing
Y
LI N
WA
A47 S
ELL
CO
AY
RKW
destination, with shoppers travelling from a wide area to shop
FLAXLAND
HARTW
BRETTON
LN
RO PA
AD KE
CENTRE SO
here. The subject property provides a different offer to the A4 7
BRETT
Boulevard Retail Park
majority of the retail parks in Peterborough; with the benefit
RIGHTWEL L
124,000 sq ft
of Sainsbury’s anchoring the scheme, and many smaller local
ON WAY
Tenants include: Dreams, Dunelm
HA
TW
Currys/PC World, Office Outlet,
operators, it provides a convenience based offer, as well as
R
W
EL
L
W
Carpetright, Furniture Village, DFS
T
having the national footfall drawing operators such as Sports
AY
AS
JCT
E
RIGHT
WE L L 16
BRETTON CENTRE
Direct, Boots, Laura Ashley and Pets at Home. BRETTON GATE
BRETT
ON
GA
TE Maskew Avenue Retail Park
145,000 sq ft
Y
N WA
Tenants include: B&Q,
Argos, Matalan
Y
A47
TTO
KWA
SITUATION
B RE
R
PA
KE
AY
SO
KW
7
A4
R
PETERBOROUGH
PA
S
Peterborough
IN
RK
PE
The Bretton Centre is situated on the western fringe of the city, approximately
KN
RA
9F
2 miles to the north of Peterborough city centre. It lies between Soke Parkway
13
A1
(A47) and Bretton Way, the city’s prime ring road running through the city,
Boongate Retail Park
which services North Bretton from Soke Parkway. As a result, the scheme is 85,000 sq ft
NE
easily accessible.
NE
Tenants include : B&M
PA
RK
The Range, Smyths Toys
W
AY
The scheme benefits from extensive frontage to Bretton Way, as well as
frontage onto Flaxland Road and Rightwell East, on which a local bus service
runs to the park, and also providing servicing access to the scheme.
Adjacent to the scheme is a standalone Iceland unit, which can be accessed A1139
FLETTO
N PARKWAY
via the scheme, adjacent to the Laura Ashley unit. On the opposite side of the
scheme, fronting Flaxland Road, is a new, standalone Aldi store. A number of A1
office and retail units are also opposite the scheme. WA
Y Serpentine Green Shopping Park
RK
PA
TON 319,000 sq ft
ET
9 FL Tenants include: Tesco, H&M, Next,
A113
The Cresset Centre links to the subject property and houses a church and M&S Simply Food, River Island, Game
local library. New Look, Toys R Us, Clarks, Outfit,
Mothercare
The scheme is popular with shoppers, with many arriving by car, but the local
bus also proves a popular method of transport to the park, with the bus stop A1(M)
situated close to the Domino’s and Carphone Warehouse units.
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DESCRIPTION
The Bretton Centre totals 129,292 sq ft of predominantly retail
accommodation arranged as 2 inward facing terraces, with a smaller terrace,
creating a ‘U’ shape around a central car park. Sainsbury’s anchor the scheme
in a 67,000 sq ft unit, with Boots and Laura Ashley adjacent creating the first
terrace; the opposite terrace is occupied by Pets at Home, Poundland, Sports
Direct, Peacocks and Costa.
The scheme then benefits from having a number of smaller units including
a hairdresser, newsagent, Coral betting shop, fish and chip shop and a
Chinese takeaway. Some of these border The Cresset Centre, a mixed use
community facility incorporating a number of local tenants, a church and a
library. Between the two main terraces are 2 units occupied by Carphone
Warehouse and Domino’s Pizza.
The tenant mix provided for on the scheme creates a strong draw for a wide
range of shoppers and contributes to the scheme’s trading success.
Internally, all of the units are fitted out to the individual tenants’
specifications. The Sainsbury’s has a café, and there is a large range of
retailers selling food, including Costa, Domino’s Pizza and Ho’s Garden
Chinese takeaway, all helping to increase dwell time and attract footfall.
Servicing is to the rear of the units with service vehicles
accessing the Sainsbury’s, Boots and Laura Ashley units
via Flaxland Road. Access to the rear service yard for the
remainder of the scheme is via the customer car park. The
car park provides approximately 844 spaces giving a ratio
of 1 : 153 sq ft.
Opposite the scheme is Roundhead Public House, a vacant
pub, which forms part of the subject property and benefits
from having an adjacent car park. This could potentially be
redeveloped for an alternative use in the future.
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BUS STOP
Fryz Fish & Chips
The Hair Gallery
Ho’s Garden
WNG Solicitors
FLAXLAND
AY
BRETTON W
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TENURE
The scheme comprises the areas shown edged red and dark blue on the plan below. Almost all of the scheme is freehold, as
edged in red. The area edged in dark blue is held on 125 year leases that commenced in 2002.
The Sainsbury’s unit has been let to Sainsbury Propco A Limited on a 125 year lease and their demise is shown below in green.
Further details are available on request.
Pond
Scout HQ
22.5m
FLAXLAND
El Sub Sta
Gas
Governor
ESS
PLANNING
22.3m
Bor o Con
st Bdy
Co Const
& Ward
Bdy Tank
De
f
Planning was granted for the property in 2005 which
was revised in 2008 for the development of 7 new
retail units, including 6 mezzanine floors, the retention
21.9m
El
Subw
Sub Sta ay
and refurbishment of 5,780 sq ft of Class A1 retail floor
space and 1,055 sq ft of Class A3 restaurant/cafe floor
BRET
4
TON
Car Park
space and associated works. Pat
h
WAY
Bank
There were no restrictions attached to the consent
with regard to the goods allowed to be sold, and
TCB Health
Centre
Busway
therefore the park has a fully open consent, including
food. No restrictions were attached to unit sizes. 21.6m
Police
Station
Shelter
There is a landlord’s restrictive covenant in favour of
9 8
Car Park
Sainsbury’s, which prevents other units being used as
E3b
PH
El
a retail store principally for the sale of food and drink
Sub Sta
(excluding A3 use). 22.7m Library
Stirling House
El Sub Sta TCB
Further details are available on request. The Church
of the
Holy Spirit
The Cresset
0m 25m 50m 75m
Plan is for illustration purposes only Fusion House
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TENANCY
The property is well let on full repairing and insuring leases as follows:
Unit Tenant Name GIA Lease Lease Expiry Break Next Rent Rent Rent Comments
(sq ft) Start Term Date Date Review (per annum) (per sq ft)
3 Sainsbury Propco A Ltd 67,000 15/09/2003 125 14/09/2128 £0 £0.00 Let on a 125 year lease.
2 Boots UK Ltd 8,205 05/02/2002 25 04/02/2027 04/02/2022 £156,000 £19.01 Lease renewed from 05/03/2017 for 10 years. The
rent increased from £150,000 pa to £156,000 pa.
1 Laura Ashley Ltd 5,856 18/12/2007 10 17/12/2017 - £145,661 £24.87
21b Pets at Home Ltd 4,700 07/10/2013 15 06/10/2028 06/10/2023 07/10/2018 £105,179 £22.38
21a Poundland Ltd 5,377 07/10/2013 10 06/10/2023 07/10/2018 £153,216 £28.49
19&20 Sportsdirect.com Retail Ltd 10,814 15/05/2007 15 14/05/2022 15/05/2017 £374,500 £34.63
18 Peacocks Stores Ltd 7,500 25/04/2008 10 24/04/2018 - £191,027 £25.47
17 Costa Ltd 2,000 27/02/2012 10 26/02/2022 26/02/2018 27/02/2017 £50,000 £25.00
4 The Carphone Warehouse Ltd 1,500 06/03/2006 15 05/03/2021 06/03/2016 £35,000 £30.00 Rent review outstanding.
5 DP Realty Ltd t/a Domino’s 900 04/04/2008 20 03/04/2028 04/04/2018 £25,200 £28.00
10 Iwona Fraszczak t/a The Hair Gallery 600 09/01/2016 5 08/01/2021 - £10,000 £16.67
11 Guo Cai He 391 02/02/1996 35 01/02/2031 02/02/2021 £8,250 £21.10 Lease currently being renewed for a new 15 year
t/a Ho’s Garden (Chinese Takeaway) lease from 02/02/16. Tenant currently holding over.*
12 Stephen Green, Christopher Waller, Timothy 491 01/01/1996 10 31/12/2005 - £5,000 £10.18 Office. Tenants are holding over having been in
Needham, Martin Trayford occupation since 1996.
t/a Waller Needham Green Solicitors
14&15 Martin McColl Ltd 2,626 14/03/2006 15 13/03/2021 14/03/2016 £57,772 £22.00
16 Age UK 1,480 09/03/2006 20 08/03/2026 08/03/2021 09/03/2021 £32,500 £20.95 Lease being renewed for a new 10 year lease from
09/03/2016 at an increased rent of £32,500 pa
from £31,000 pa. Tenant currently holding over.*
6 Robert A Brownlee & Caroline Elizabeth 750 23/12/2005 25 22/12/2030 23/12/2020 £15,000 £20.00 New reversionary lease from and including 23
Brownlee t/a Fryz Fish & Chips December 2020 for 10 years.
7 Coral Racing Ltd 1,533 15/02/2013 10 14/02/2023 15/02/2018 £32,500 £21.20
8&9 Sportswift Ltd t/a Card Factory 1,750 08/05/2014 5 07/05/2019 - £38,500 £22.00
Punch Partnerships (PTL) Ltd 5,810 01/04/1975 99 31/03/2074 01/04/2017 £30,000 £5.16
TOTAL 129,282 £1,465,305 £23.50
* Deals are currently in solicitors hands
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TENANTS’ Unit Tenant Year Ending
Sales Turnover
(000’s)
Pre-Tax Profit
(000’s)
Net Worth
(000’s)
D&B
Rating
COVENANTS 1 Laura Ashley Ltd
30/06/16
31/01/15
£384,974
£295,764
£25,820
£22,364
£117,935
£109,562
5A1
31/08/15 £9,198,000 £542,000 £367,000
Over 91% of the income secured against 2 Boots UK Ltd 5A1
31/03/14 £6,340,000 £507,000 £456,000
‘5A1’ strength covenants, as rated by
31/03/16 £739,726 £81,843 £598,310
Dun & Bradstreet. We set out here the 21b Pets at Home Ltd 5A1
26/03/15 £689,697 £79,920 £517,138
most recent company accounts for each
tenant: 27/03/16 £1,214,818 £34,653 £20,520
21a Poundland Ltd 4A1
29/03/15 £1,111,526 £45,922 £93,866
26/04/16 £2,904,325 £361,807 £1,177,825
19 & 20 Sports Direct International PLC 5A1
26/04/15 £2,832,560 £313,446 £908,997
27/02/16 £369,711 £67,879 £141,072
18 Peacocks Stores Ltd 5A1
28/02/15 £351,680 £67,042 £135,268
3% 3%
03/03/16 £835,037 £117,498 £542,180
17 Costa Ltd 5A1
26/02/15 £735,974 £127,221 £444,814
30/04/16 £2,104,671 £86,056 £1,029,021
10.5%
4 The Carphone Warehouse Ltd 1A!1
02/05/15 £2,056,123 £77,146 £1,007,570
27/12/15 £18,964 £688 £923
5 DP Realty Ltd 1A1
28/12/14 £18,141 £527 £450
10 The Hair Gallery (I Fraszczak) – – – – O2
11 Mr Guo Cai He – – – – –
12 Waller Needham & Green – – – – O2
29/11/15 £489,336 £22,229 £91,307
14 & 15 Martin McColl Ltd 5A1
30/11/14 £462,850 £27,947 £80,309
83%
31/03/16 £86,432 £5,635 £41,973
16 Age UK 5A1
31/0315 £90,103 £5,393 £29,785
Robert A Brownlee &
6 – – – – –
Caroline Elizabeth West
5A1 Rating
26/09/15 £667,786 £81,106 £264,149
7 Coral Racing Ltd 5A1
4A1 Rating 27/09/14 £668,107 £56,703 £153,383
31/01/16 £362,226 £92,210 £58,862
Other 9 Sportswift Ltd 5A1
31/01/15 £336,676 £62,320 £58,862
Not Applicable 22/08/16 £2
Punch Partnerships (PTL) Ltd – – H4
23/08/15 £2
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ASSET MANAGEMENT
The property benefits from being well let and has the There remain a number of asset management strategies n There is a vacant pub with a lease to Punch
benefit of an unrestricted open A1 planning consent. which could be executed by a future purchaser to Partnerships (PTL) Ltd, which expires in 57.5 years,
enhance the scheme, extend the WAULT, and improve at a passing rent of £30,000 per annum. Given their
The landlord has implemented a number of asset value including: ongoing liability, the tenant may explore a surrender
management initiatives, including: option and pay a premium to do so. The property has
n Costa have a break in February 2018 and, from the benefit of a car park adjacent and therefore the
n Regearing the lease with Boots, extending their term inspecting the scheme, it is clear to see they trade well site could be sold off separately.
for a further 10 years from their existing lease expiry at here and therefore would be unlikely to exercise their
an increased rent of £156,000 per annum in return for break. n There is good tenant demand from both coffee
3 months’ rent free. operators and local occupiers for the smaller units,
n Laura Ashley have a lease expiry in December 2017. making these easily re-lettable, should any become
n Removing the April 2018 break from the Domino’s They have indicated that they trade well from this unit available.
lease in return for 9 months’ rent free. and would like to remain in occupation. A regear could
therefore be negotiated with them. n There is the potential to purchase the adjacent Iceland
n Age UK are renewing their lease for a further 5 years, unit in the future, which would allow the scheme to be
in exchange for 3 months’ rent free. n Peacocks have a lease expiry in April 2018 and a extended adjacent to the Laura Ashley unit.
regear could also be negotiated with them.
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EPC PROPOSAL CONTACTS
EPC’s are available on request. We are instructed to seek offers in excess of Ellie Kirkby Miles Marten
£18,935,000 (Eighteen Million, Nine Hundred and T: 020 7317 3790 T: 020 7317 3777
Thirty Five Thousand Pounds), subject to contract M: 07764 241898 M: 07770 748290
VAT and exclusive of VAT. This reflects an attractive net
initial yield of 7.25% (assuming purchaser’s costs
E: e.kirkby@wilkinsonwilliams.co.uk E: m.marten@wilkinsonwilliams.co.uk
at 6.74%). Wilkinson Williams
The property has been elected for VAT, however,
Heathcoat House
it is anticipated that the transaction will be
20 Savile Row
treated as a Transfer of a Going Concern (TOGC).
DATA ROOM London
W1S 3PR
Further information including property documents
www.wilkinsonwilliams.co.uk
is available as follows:
http://brettoncentre-peterborough.com
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. June 2017. Designed and produced by Creativeworld Tel: 01282 858200.
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