Droitwich Spa Yew Tree Village Local Centre - An opportunity to acquire a prime local centre investment with a national foodstore anchor ...
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Droitwich Spa
Yew Tree Village
Local Centre
An opportunity to acquire a prime local centre
investment with a national foodstore anchor 1
Average number of baskets of items
bought between March-July 2020 rose
32% at local convenience stores
51% of shoppers said they were
planning to continue shopping
at their local convenience store
2 in 3 said their local corner store
had everything they need
Retail Gazette
2 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY
INVESTMENT SUMMARY
• Prime new local centre development
• The Co-op foodstore anchor providing
nearly 50% of the income
• Four new retail units of 1,000 sq ft each
• New day nursery up to 6,000 sq ft,
can be made available
• The centre adjoins a new private
care home
3
DROITWICH SPA Birmingham
M5
Droitwich Spa is situated 6 miles north of Worcester A442
A456
and 30 miles south of Birmingham, with easy access A38
in both directions thanks to the nearby M5 accessed Kidderminster
at Junctions 5 and 6. 4
A435
All the facilities of the city of Worcester are just six
2
miles south via Droitwich Road (A38) and nearby M42 3
schools in the area include Meadows, St Peters & Stourport- A448 4a Alvechurch
Hadzor & Oddingley Pre-School. on-Severn Bromsgrove
A441
Worcester 6.2 miles A38 A448
Reddich 12 miles
Reddich
Kidderminster 12.8 miles
Birmingham City Centre Great Witley
30 miles A449 5
Gloucester 32 miles
Hanbury
Hereford 35 miles Droitwich
Approximate distances from the Local Centre
Spa A441 A435
Martley
M5
6 Alcester
Knightwick
A442
Worcester
A44
A38 A44
7
4 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY
YEW TREE VILLAGE
Vines Park
Yew Tree Village is part of a 70-acre new residential
AD
RO
housing development located approximately three
PE
WITTON
AR
AY
miles to the south of Droitwich Spa town centre.
LW
EW
SA
LT
DROITWICH SPA TOWN CENTRE
providing 765 new homes.
SA
Great Pool O M B E R L E Y WAY
A38
L
NA
School The Droitwich National house builders Persimmon, Taylor Wimpey
CA
Hospital
Y
A
W
N and Redrow have been developing new homes,
H
A
TH
M
RO
UE
which commenced in 2016.
IC
E H
EN
W
School IT
OLLOW
V
A
O RS
DR A
Y
FR
IA
W
K
A new local retail centre will be built at the heart of
C
AY
A
L
B
the housing development with access via Pulley Lane
Y
E
L
R
E
from the Worcester Road (B4090).
O
B
O
M LD
COAC
H RO
Droitwich
School AD Lido Park
AD
School
R O
LL R O AD
R A GW E
R
ER
Droitwich Town Centre 2.8 miles
ST
O
M
ER
A
C E L V
N
Gaudet Luce
RC
Droitwich Spa Station 2.9 miles
TAG WE L L
W
Golf and Leisure
O
A E S T
Y
W
UNE
WA Y
W Complex
M5 South (Junction 6) 3.7 miles
A
D
AN
Y
SL
IM
P R
R OAD
ND W
MSL A
PRI
AY
M5 North (Junction 5) 4.4 miles
Water Tower
AD
Approximate distances from the Local Centre
D Y
E S WAY
COPCUT The Orchards
LA NE
LE Y
PUL
A38
Yew Tree
Village D
LA
N
E
N
LA
EW
N
5
DESCRIPTION The local centre provides retail and nursery facilities to a wider catchment of Droitwich Spa, which has a population of 24,000 all within a 10 km radius of the centre. The scheme is being constructed by Henry Davidson Developments, an established specialist Local Centre developer (www.hddl.co.uk) providing a convenience store and four new retail units which will be available to lease. In addition to the retail units, a new day nursery extending up to circa 6,000 sq ft on two floors with dedicated demised parking can be made available. Design and layout for the nursery is flexible at this stage and can be tailored to specific operators requirements. The retail units available offer a uniform in line terrace adjoining a convenience food store of 4,000 sq ft to be occupied by The Co-operative. Shared parking for 40 vehicles is provided within the centre. The new development will be surrounded by new housing. This plan is indicative only and may have varied during construction. 6 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY
ACCOMMODATION
The property will comprise the following
CUCKOO CLOSE
approximate floor areas:
1k
40 s
pa ces
m/c
il
Reta ce
1k Te
rra Sq M Sq Ft
t/b
gate
1k
C-Store 371.61 4,000
d ya
rd
1k
3
LOT
P
Retail Unit 1 92.90 1,000
acce
tore
C' S
s
4k
s
cycle
sign
ss
deli
veri
es
acce
Retail Unit 2 92.90 1,000
en
gard
6k
urse
N
ry
Retail Unit 3 92.90 1,000
CUC
rey
2 sto
priv
Y
WA
KOO
EST
ate
R
LDC Retail Unit 4 92.90 1,000
CLO
GO
SE
Total 743.22 8,000
WOO LOT
2
D
LAND P
WAY New Day Nursery* 557.41 6,000
*NEW DAY NURSERY
24
ing
Park es
Spa
c
The new Day Nursery plot does not form part of
this transaction however HDD would be prepared
to discuss options.
T1
PLO
JENN
YW
REN
ROW
7
PROPOSAL
PROPOSED INCOME
Unit Sq ft Rent psf Rent (PA) Term R/R Tenant Comment
C Store 4,000 £18.00 £72,000 20 years 5-yearly OMV Co-op AFL exchanged with Kenmare Estates Limited.
9 months rent free
Retail 1 1,000 £20.00 £20,000 - - Void Marketing
Retail 2 1,000 £20.00 £20,000 - - Void Marketing
Retail 3 1,000 £20.00 £20,000 - - To be advised Under Offer
Retail 4 1,000 £20,00 £20,000 - - Void Marketing
£152,000
• A forward funding of this opportunity is sought on the basis of a land purchase and WIP cost of £350,000, with a further two interim payments
to be made, and a final balancing payment at practical completion.
• Upon this traditional funding structure and a rent role on the completed scheme of £152,000 per annum the maximum commitment to the investor is £2,175,000
(TWO MILLION, ONE HUNDRED AND SEVENTY FIVE THOUSANDS POUNDS), which reflects a net initial yield of 6.57% after purchase costs of 6.33%.
• Consideration will be given to proposals offering a 50:50 share of the the SDLT saving available.
Land Payment 1 and WIP Upon Planning Consent becoming unconditional
Payment 2 3 Months post-unconditional Planning £1,300,000 split to be agreed.
Payment 3 Balancing payment at Practical Completion
Payment 4 Top up for lettings as they occur £525,000 to be released incrementally as void units are Let.
8 Yew Tree Village Local Centre | Woodland Way | Pulley Lane | Droitwich Spa WR9 7FY
TIMING
• Planning Mid March 2021
• End of judicial review period End of April 2021
• Start on site May 2021
• Practical Completion November/December 2021.
TENURE
Freehold.
ENERGY PERFORMANCE
Energy Performance Asset Rating: TBC.
VAT
All figures quoted are exclusive of Value Added Tax which will be charged
at the prevailing rate.
ANTI MONEY LAUNDERING
The successful purchaser will be required to submit information to comply
with anti-money laundering regulations.
9CONTACT
For further information please contact
Duncan MacLaren MRICS
duncan@maclarenpartners.co.uk
D | 020 7317 3132
M | 07770 648 755
W | maclarenpartners.co.uk
MacLaren & Partners for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance
of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) MacLaren & Partners cannot guarantee the accuracy of any description,
dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as
statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of MacLaren & Partners has any authority to make or give any representation or
warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition;
10 Yew Tree Village
and (v)Local Centre
MacLaren | Woodland
& Partners Way
will not be liable, | PulleyorLane
in negligence | Droitwich
otherwise, Spa WR9
for any loss arising from the7FY
use of these particulars. February 2021. Produced by creativewiredesign.co.ukYou can also read
