BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF - FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
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BUSHMEAD SHOPPING CENTRE,
HANCOCK DRIVE, LUTON, LU2 7SF
FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE
INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS
■■ A busy neighbourhood scheme comprising 10 shops, ■■ Total site area of 1.465 acres (0.593 ha)
11 flats (sold off on long leases) and 10 garages. ■■ Asset Management opportunities include letting the vacant unit,
■■ Situated within Bushmead, a popular residential suburb of Luton redeveloping the site and breaking up the parade and selling the
■■ Anchored by a Co-operative convenience store let on a long lease units off piecemeal.
■■ Current Passing Rent of £269,850 pa ■■ Offers are sought in excess of £3,375,000 (Three Million Three Hundred and
Seventy Five Thousand Pounds), subject to contract and exclusive of VAT.
■■ AWULT of 8.84 years to expiry and 7.73 years to break A purchase at this level would reflect a net initial yield of 7.50% after
■■ Car parking for 66 cars allowing for purchasers costs of 6.49%
■■ Freehold
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
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BUSHMEAD PRIMARY SCHOOL BARNFIELD COLLEGE
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Outline for indicative purposes only.
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
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LOCATION Ave
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LUTON
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A505 Stevenage
Bishop’s Stansted
A120
A418
Luton
A10
Stortford The town of Luton is located in Bedfordshire
Aus
tin Roa
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Luton Airport Parkway and Luton Railway
A5
M1 A1(M) A602 within the South East of England, approximately stations offer direct routes to London St Pancras,
A131
Harpenden
A130
18 miles (29km) north of Watford, 22 miles with a journey time of 26 minutes. Other direct
M11
(35km) south east of Milton Keynes and 30 miles services include St Albans (14 mins) and Bedford
A414
A41 Hemel A12 (48km) north west of Central London. (14 mins).
Hempstead St Albans Hatfield
M10 A414 A138 Luton benefits from excellent road Luton Airport is situated approximately 2 miles
A404
J21
Potters Bar Epping Chipping
A414 communications being situated adjacent (3km) east of Luton Town Centre offering
A4010 Chesham J20
J19
J23
J25
M25 J27
Ongar to the M1 Motorway at both Junctions 10 and domestic and international flights to over
M25 Watford A1 Enfield 11. The M1 provides a direct link to the M25 70 destinations as well as freight services.
High
Wycombe A355 A413
M1 M11 A130 Motorway, 12 miles (19km) to the south
Harefield Brent J28 and the M6, 52 miles (83km) to the north west.
M40 Cross
Harrow
A10
A12 A127
There are also a number of key roads that
J29
A404 J16 Wembley Romford serve the town including the A6, A1081
LONDON and A505 dual carriageway which leads
A40
on-Thames
Slough A13
to the A1(M) east.
A404(M) Southall London
J15
M4 City
Windsor Clapham
G A2
M4 Heathrow A316 Dartford M25
329(M) Bracknall Egham Ashford Kingston J2
A20
Ascot Upon Thames
J12 A23
Bromley
M3 A309 A3
A322 J3
Croydon
A232 A21
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
DEMOGRAPHICS
Luton has a primary catchment area of 265,000
with an estimated shopping population of 210,000.
The town is projected to see significantly above
average growth in population over the next 5 years.
SITUATION
The property is situated within the Luton suburb of
Bushmead approximately 2 miles (3km) north of Luton
Railway station and Luton town centre.
The property is positioned fronting Hancock Drive, which
also encircles the shopping centre and site. Opposite
the property is Bushmead Retirement Centre, which has
41 apartments over two floors. Directly adjacent to the
property is a church, a community centre, and a pub,
highlighting the importance of this shopping centre to the
local community.
The surrounding area can be characterised as being a
densely populated residential neighbourhood, located
within a countryside backdrop. The area is renowned
for its beautiful countryside, popular hiking paths and
impressive horse riding tracks.
Barnfield College and Bushmead Primary School are both
within close proximity to the property.
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
DESCRIPTION
The property occupies a large site to the east of Hancock Drive and comprises
a purpose built neighbourhood shopping centre constructed in 1990. The
property provides a terrace of ten units of part brick construction under a
pitched tiled roof. Internally the property provides 10 retail units and 11 flats
which have been sold on long leases.
The property also benefits from 10 garages as well as car parking to the front
for 66 cars.
Hancock Drive Luton
7
11
73
1
24
20
18
DRIVE
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Community Centre
17
19
Christchurch
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John Dony
Field Centre TCB 1
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1
26
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19 9
to 3
32
GLENEAGLES DRIVE
Shelter
4
SITE AREA
10
18
27
31
40
61
62
5
28
Total site area of 1.47 acres
41
63
(0.59 ha).
17
Bushmead Court
4
51
64
15
2
TENURE
29
17
14 to 16
42 to 45
15
46 to 50
13
Freehold.
21 10
PH 16
11
1
0m 10m 20m 30m El S
ub S HANCOCK DRIV
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12
29
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10
K © Crown Copyright, ES 100004106. For identification purposes only.
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
TENANCY SCHEDULE
Unit Tenant Trading As Area sq ft (GIA) Area sq m (GIA) Lease Start Next Review Break Lease End Rent (£pa) Rent psf Comments
RETAIL INCOME
Units 1-3 Co-Operative Group Food Ltd Co-op 5,838 542.4 24/8/2018 24/8/2023 24/8/2033 £85,000 £14.56
Unit 4 MAA Catering Ltd Fusion 1,550 144 25/10/2004 25/10/2019 24/10/2024 £28,000 £18.06 Rent Deposit - £16,800. AGA in place
Unit 5 CJ & JG Ltd CJ’s Café 1,175 109.2 22/12/2017 22/12/2022 22/12/2022 22/12/2027 £20,000 £17.02 Tenant Break Option
Guarantors in place
Unit 6a Fiona Terrington The Head Shed 490 45.5 24/6/2015 24/6/2020 23/6/2030 £10,000 £20.41
Mr Mustafizur Rahman
Unit 6b Bushmead News 674 62.6 13/7/2016 13/7/2021 12/7/2019 12/7/2026 £9,000 £13.35 Tenant Break Option
Chowdury
Unit 7a Mr Sheikh MD Nural Alam Bushmead Fish Bar 620 57.6 8/10/2015 8/10/2020 7/10/2025 £11,500 £18.55
Unit 7b Gurveer Kaur 1,091 101.4 9/11/2015 9/11/2020 8/11/2030 £21,820 £20.00 Rent Deposit - £9,350 plus VAT
AGA in place
Unit 8 Vacant Vacant 1,250 116.1 £25,000 £20.00 Vendor to provide 12 month Rental Guarantee
Unit 9 R & N Healthcare Ltd Acorn Pharmacy 1,450 134.7 6/1/2017 6/1/2022 6/1/2022 5/1/2027 £25,200 £17.38 Tenant Break Option
Guarantors in place
Rent Deposit - £30,240
Unit 10 Harrison Murray Ltd Harrison Murray Estate Agents 1,800 167.2 27/9/2012 26/9/2022 £26,250 £14.58
£261,770
Unit Tenant Lease Start Next Review Lease End Rent (£pa) Unit Tenant Lease Start Next Review Lease End Rent (£pa)
RESIDENTIAL INCOME GARAGE INCOME
Flat 1a Private 12/5/2017 31/12/2032 11/5/2116 £250 Garage 1 Private 1/5/2017 30/4/2018 £600
Flat 1b Private 10/3/2017 31/12/2032 9/3/2116 £250 Garage 2 Private 18/7/2014 17/7/2015 £780
Flat 2 Private 19/12/2014 18/12/2113 £100
Garage 3 Private 1/5/2017 30/4/2018 £600
Flat 3 Private 1/2/2016 1/2/2031 31/1/2115 £250
Garage 4 Private 8/9/2009 7/3/2010 £500
Flat 4 Private 19/12/2014 18/12/2113 £100
Garage 5 Private 25/9/2010 24/9/2011 £500
Flat 5 Private 6/6/2016 1/1/2032 6/6/2115 £250
Garage 6 Private 5/6/2017 4/6/2018 £600
Flat 6 Private 27/1/2015 26/1/2114 £100
Garage 7 Private 31/1/2017 31/7/2017 £700
Flat 7 Private 2/9/2016 2/9/2031 1/9/2115 £250
Garage 8 Private 29/9/2015 28/3/2016 £600
Flat 8 Private 2/9/2016 1/1/2032 1/9/2115 £250
Flat 9 Private 19/12/2014 18/12/2113 £100 Garage 9 Private 10/7/2009 9/7/2010 £600
Flat 10 Private 19/12/2014 18/12/2113 £100 Garage 10 Private 7/7/2017 6/1/2018 £600
£2,000 £6,080
AWULT (RETAIL) OVERALL INCOME £269,850
8.84 years to expiry and 7.73 years to break.
BUSHMEAD SHOPPING CENTRE, HANCOCK DRIVE, LUTON, LU2 7SF FREEHOLD NEIGHBOURHOOD SHOPPING CENTRE INVESTMENT OPPORTUNITY
COVENANT
CO-OPERATIVE GROUP FOOD LIMITED Operating profit was £40m, in line with last year. Profits are shown The Group is undergoing rapid expansion in the wholesale market
The Co-Operative Group is the fifth largest food retailer in after deducting the amount members have earned through the 5% following the recent acquisition of Nisa and five-year commercial
the UK, operating from over 2,800 local, convenience and medium and 1% member rewards, which totalled £35m in the first half of the deal to supply Costcutter Supermarkets Group. When combined
sized stores. The group is also the largest UK funeral services provider, year (2017: £35m). with independent co-operative societies, The Co-Operative Group
a major general insurer and a growing legal services business. now supply over 7,700 stores nationwide.
In the first half of 2018, The Co-Operative Group opened 45 new
The Group employs over 70,000 people across the various business food stores and 10 new funeral homes creating over 600 new jobs. A summary of Co-operative Group Food Limited’s accounts
lines with over 4.65 million active members, accounting for 33.5% of They also acquired Simplify Probate to expand the probate business are below:
total food turnover. In H1 2018, sales increased to £5bn, an increase and increase existing support for bereaved families, making Co-Op
of 10% compared to 2017 sales of £4.5bn. This reflects a strong 06/01/2018 31/12/2016
the largest provider of probate services in the UK.
performance within the Food business as well as accounting the
acquisition of Nisa’s wholesaling operations. In the second half of 2018, the group has significantly increased the Turnover £7,159,600,000 6,933,400,000
The profit before tax for the period was £26m, up from £14m in 2017. rate of expansion, opening 60 new food stores and 15 new funeral Pre Tax Profits £195,400,000 £154,200,000
Underlying profit before tax, the core trading performance of the homes in addition to introducing a revised product base within the
Insurance business. Shareholder Funds £1,875,100,000 £1,805,400,000
businesses less underlying interest, was £10m, up £7m from 2017.
VAT PROPOSAL
We understand the property has been elected for VAT. It is
anticipated that the sale will be treated as a Transfer of Going Offers are sought in excess of £3,375,000 (Three Million Three Hundred and Seventy Five
Concern (TOGC).
Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level
EPC would reflect a net initial yield of 7.50% after allowing for purchasers costs of 6.49%
EPCs are available in the dataroom.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/bushmead For further information or to make arrangements for viewing please contact:
Jonathan Butcher Alex Butler Ronnie Morgan
020 7543 6755 020 7543 6722 020 7543 6808
jonathan.butcher@allsop.co.uk alex.butler@allsop.co.uk ronnie.morgan@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,
undertakings 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. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 03.19
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