Halfords, Marlborough Retail Park - Highfield Road, Craigavon, BT64 1AG - Prime Open A1 Retail Warehouse
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Prime Open A1 Retail Warehouse Halfords, Marlborough Retail Park Highfield Road, Craigavon, BT64 1AG
Investment Summary
Open Class A1 Retail Warehouse forming
part of Craigavon Town Centre.
• The property occupies a prominent location in • The property is let to Halfords Limited on a 20 year • We have been instructed to seek offers in excess of
Central Craigavon adjacent to Tesco Extra, B&Q full repairing lease from 1st November 2002 (tenant £850,000 (Eight Hundred and Fifty Thousand
and Rushmere Shopping Centre & Retail Park break clauses at years 11 & 16). Pounds) reflecting an attractive net initial yield
of 9.98% with a reversionary yield (based on
• A purpose built retail warehouse unit with a gross • Current rent passing is £89,784 per annum. The
our opinion of ERV) of 10.40% excluding VAT
internal area of 7,791 sq ft. lease stipulates the property is to be reviewed to a
and assuming full purchasers costs at 5.80%.
7,482 sq ft unit and on this basis the rent equates
• Freehold.
to £12 per sq ft.
• Open Class A1 retail planning permission.
• Opportunity to regear the lease.
Newcastle
Middelsbrough
York Hull
Derry Leeds
Belfast
Lisburn
Craigavon Bolton
Manchester
Newry
Liverpool
Nottingham
Cambridge
Dublin Birmingham
Luton
London
Oxford
Reading
The subject property is located in Craigavon, County In addition the direct Belfast to Dublin train service The Borough has a catchment population of 180,000,
Armagh and lies in between the towns of Portadown stops in Portadown some 3.5 miles (5 km) to the second only to Belfast and has the highest birth rate
and Lurgan. Craigavon is located approximately 28 South-West of the town. George Best Belfast City in the country of 2.3%, Craigavon’s population of
miles (45 km) South-West of Belfast and 23 miles (37 Airport is located approximately 30 miles (48 km) to 93,023 is forecast to continue to grow to 100,000 by
km) North of Newry. the North-East with Belfast International Airport some 2015 and to 112,000 by 2023. Additionally there is a
28 miles (45 km) to the North. population of 805,390 within a 45 minute drive time.
Craigavon enjoys excellent transport infrastructure (Source: NISRA 2011)
and is well connected to the rest of Ireland and to Craigavon Borough has the third largest population in
mainland UK. Craigavon has good road networks Northern Ireland and performs a strong sub-regional Craigavon is ranked 20th in CACI’s ranking of over
being positioned within close proximity to the M1 role offering a wide range of services and facilities, 400 Irish Retail Footprint Centres and 7th in Northern
motorway which links Belfast, approximately 30 including an acute hospital. Ireland Retail Footprint ranking. Furthermore the
minutes drive time to the North and Dublin via the surrounding retail area has the greatest retail
Permit ID:130039 © Crown Copyright 2013 A1 is approximately 1 hour 30 minutes drive time to footprint attractiveness score outside of the
the South. shopping centres in Belfast.
Description
The property is a purpose built retail unit, constructed facing brick at lower level and then alternate courses incorporates a cooling coil. A second oil fired boiler
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in 2002 extending to 7,791 sq ft. The main retail area of clay facing brick and fair faced concrete blocks provides the heating source for the domestic hot water
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is primarily single storey however it accommodates a extending up to eaves level. At the front of the building and low temperature hot water system in the back
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retail area at mezzanine level. The building comprises a flat roofed atrium enclosed with polyester coated of house accommodation. Illumination throughout is
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a steel portal frame supporting a low dual pitched and aluminium curtain walling complete with sealed double largely by fluorescent lighting.
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hipped roof finished with composite plastisol coated glazed units forms the customer entrance.
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profiled steel sheeting interspersed with translucent The property occupies a site of approximately 1.11
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roof lights. Internally the main retail and mezzanine retail areas acres and includes approximately 48 car parking
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are largely open plan. The main retail area is heated spaces equating to a ratio of 1:230 sq ft.
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The external walls are finished with a plinth of clay with an oil fired ducted warm air unit which also
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Tenancy and Accommodation
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The property is fully let to Halfords Limited for a period The property benefits from 5 yearly open market rent A measured areas survey has been undertaken by
of 20 years from the lease commencement date reviews with the next review due on 2nd November Plowman Craven Ltd which is assignable to the
TESCO of 2nd November 2001 with a lease expiry on 1st 2016. The current rent passing is £89,784 per annum purchaser and is available in the secure document
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November 2021. The tenant has options to determine and the lease stipulates the property is to be reviewed library.
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HALFORDS their lease at the end of the 11th and 16th year. to a 7,482 sq ft unit. On this basis the rent equates to
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£12 per sq ft.
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Unit Tenant Floor Area (sq ft) Area (sq m) Rent (£) Lease Start Lease Expiry Rent Review Tenant Break Option
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Unit 1 Halfords Ground 7,791 724
Marlborough limited 89,784 02/11/2001 01/11/2021 02/11/2016 02/11/2017
Retail Park Mezzanine 3,256 302.5
Tenant Covenant
YE 30/03/2012 YE 01/04/2011 YE 02/04/2010
Situation Halfords Ltd GBP(000’s) GBP(000’s) GBP(000’s)
Halfords Craigavon sits adjacent to an 86,620 sq ft Rushmere Shopping Centre & Retail Park is home to Sales Turnover 752,300 771,400 817,600
B&Q which together form Marlborough Retail Park. circa 70 retailers and is anchored by Sainsbury’s,
The subject property is situated adjacent to a Tesco Debenhams, Homebase and TK Maxx. Recently Profit / (Loss) Before Taxes 101,300 122,000 109,200
Extra which along with the 490,000 sq ft Rushmere planning approval has been granted for an Omniplex
Shopping Centre & Retail Park form Craigavon Cinema in close proximity to Marlborough Retail Park Tangible Net Worth 425,800 350,900 261,500
Town Centre as set out in the Boundaries and Retail which will add a late night leisure element to the retail Net Current Assets (Liabilities) 347,100 270,900 181,600
Designations Plan 2010. offer.
Tenure Freehold For indicative purposes only Planning Open Class A1 planning permission. The subject site The surrounding lands are proposed for additional and adjoining lands were designated Town Centre as Open A1 retail and leisure users. Any retail part of the ‘Craigavon Town Centre, Boundaries and development in the Craigavon Area will be focused Retail Designations Plan 2010’. within the new town centre development limit.
Retail Warehousing in Craigavon VAT EPC
Marlborough Retail Park and Rushmere Retail Park The property has been elected for VAT purposes and
form Craigavon Town Centre and is the dominant retail therefore it is expected that the investment sale will be
warehouse provision for the surrounding catchment. considered as a Transfer of a Going Concern (TOGC).
Marlborough Retail Park – Class 1 Retail Permission
The subject property is currently located within
Proposal
Marlborough Retail Park which also includes a 86,620
We have been instructed to seek offers in excess
sq ft B&Q and a 113,738 sq ft Tesco Extra with an
of £850,000 (Eight Hundred and Fifty Thousand
associated 8 pump filling station. The Retail Park
Pounds) reflecting an attractive net initial yield of
benefits from open class retail consent with rents
9.98% with a reversionary yield (based on our
ranging from £12 per sq ft to £12.50 per sq ft.
opinion of ERV) of 10.40% excluding VAT and
Rushmere Retail Park – Class 1 Retail Permission assuming full purchasers costs at 5.80%.
Rushmere Retail Park sits opposite the subject
property and provides over 130,000 sq ft of open
class 1 retail accommodation. The Tenant line-up
includes Matalan, B&M Bargains, Poundstretcher,
Homebase, Currys, Harry Corry, Pets at Home, Argos,
Next and Menary’s. The headline rents are currently in
the region of £17 per sq ft.
Estimated Rental Value
On the basis of the above, we believe the etimated
rental value of the property is in the region of £93,500
per annum, equating to £12.50 per sq ft.
Further Information Secure Document Library If you require access to the secure document library www.savills.com/halfordscraigavon online or for further information please contact; Ben Turtle James Gulliford Director Director 1st Floor, Lesley Studios 33 Margaret Street 32-36 May Street, Belfast London BT1 4NZ W1G 0JD Tel: 028 9026 8006 Tel: 020 7409 9934 Email: ben.turtle@savills.ie Email: jgulliford@savills.com Dervla Daly Surveyor 1st Floor, Lesley Studios 32-36 May Street, Belfast BT1 4NZ Tel: 028 9026 8009 Email: dervla.daly@savills.ie Savills (NI) Limited for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without responsibility of Savills (NI) Limited or the Vendors or Lessors as 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) Savills (NI) Limited cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of Savills (NI) Limited has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Savills (NI) Limited will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. June 2013.
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