LEISURE@CWMBRAN GLYNDWR ROAD, CWMBRAN, TORFAEN NP44 1QS - LEISURE INVESTMENT OPPORTUNITY - Allsop
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LEISURE@CWMBRAN
GLYNDWR ROAD, CWMBRAN, TORFAEN NP44 1QS
LEISURE INVESTMENT OPPORTUNITY
LEISURE@CWMBRAN
LEISURE@CWMBRAN
CWMBRÂN BUS
STATION STATION
NEWPORT
6.5 MILES
A5
40
1
TO THE
A4042
ABERGAVENNY
14 MILES
LEISURE@CWMBRAN
Investment Summary
• Popular leisure complex located in a strong • Vue cinema account for approximately 30% • Leisure @ Cwmbran provides the only leisure
commercial centre in South Wales of the income complex in Cwmbran
• Freehold • Long unexpired lease terms with an • Offers are sought in excess of £11,000,000
• Let to 9 tenants at a passing rent of £826,969 pa attractive AWULT of 13.43 years to expiry (Eleven Million Pounds), which reflects a net
plus turnover rent of £36,067 (11.32 years to break) initial yield of 7% (net initial yield of 7.35%
inc. the turnover rent) after the deduction of
normal purchaser’s costs of 6.70%.
LEISURE@CWMBRAN
LEISURE@CWMBRAN provides the only
leisure complex in Cwmbran.
LOCATION
Cwmbran is located in South Wales,
approximately 6.5 miles North of Newport,
16 miles north east of Cardiff and 14 miles
South of Abergavenny. Junctions 26 and 25a
of the M4 motorway are approximately 4 miles
to the south, with access being provided via
the A4051 and A4042 respectively.
Cwmbran Railway Station is located within
a 10 minutes walk of the complex and provides
a regular and direct service to Cardiff and
Newport with journey times approximately
30 minutes and 10 minutes respectively.
Cardiff airport is located 26 miles South West
of the subject property and is accessible via
the M4, Junction 33. eet
M aeGreat
ndy
Malvern
St. David’s Road
el Str
A4103 W Some r s e t Road
A449 ay W
A4 0 5
Porth Mawr Road
A438
A470 A438 oo
Retailing in Cwmbran
Chap
A438 Hereford
dla
A483 A4172 Maendy Way Trussel Roa nd
d Ro
ay
1
Cwmbrân W ad
A49 an The town has a primary catchment population of approximately 146,000
S p r i n g va
A438 A449 lo g
WoodsiM50 Ed
A40 Brecon A479 de Way A417 significantly above the PROMIS small town average. Cwmbran is the only
A40 A40
odside Road
le Way
A465 Ross-on-Wye
Springvale
C a r a doc R o a d
“new town” development in South Wales and is an established commercial
al Park
A 40 5 1 C w m b r â n
A4137
A40
Brecon Beacons Nation GLOUCESTER Lesiure @ location with a total working population of approximately 48,000.
St. David’s Ro d
Wo
A40 Way
rge
A40
Cwmbran
Glyndwr Roa
Forest of foDean
A483 Abergavenny
The town provides a total of 780,000 sq ft of retail accommodation with a further
n
Glyndwr Road
ee
A465
A48 A470
310,000 sq ft of retail warehouse and leisure accommodation.
Lly
Gr
Gr Cwmbrân
Merthyr ee
we
Tydfil
A4042 Shopping
lyn Road
Cwmbran Shopping Centre, situated adjacent to Leisure @ Cwmbran, provides
nf
Centre
a
or
A48
d
Pontypool A449
D
A465
ge
St
700,000 sq ft of retail accommodation and forms the 2nd largest shopping centre
r iv e
.D
M4 CWMBRÂN
W
M5 ia l
Neath sR
ay
SWANSEA
Chepstow oa
d Tudor Roa
d in Wales and the 29th largest in the UK. The shopping centre is anchored by House
Gr a ng e R
Swansea
M48
Port Talbot Pontypridd
NEWPORT
of Fraser (30,000 sq ft), Topshop (4,000 sq ft), Asda (90,000 sq ft) and Marks &
St. Da
A470 Caerphilly M4 sc ent
A403
A433 Cre Spencer (30,000 sq ft). There are 3,000 free car parking spaces in close proximity
oa d
Chipping
n
vid’s Ro
M49
to the leisure complex.
a rv o
A470 A48 A48(M) Sodbury
Gr
Ll y
M4
A40
Avonmouth eeM4
C a er n
CARDIFF Pontshead nm
we
M32
A4
e
A46 yn Cwmbran Retail Park is located on the outskirts of the town to the west of Leisure @
ad
51
A4232
BRISTOL A420 ad
l
Ro
y
t.
Wa
ow ad
S
Penarth D
M5 i a ls Cwmbran where occupiers include Next, Halfords, CarpetRight, TKMaxx and B&Q.
Cwm
W A4 Road
von
Cardiff
BristolA38 A4
Barry
yr A
ay
ey
Bl
A37 BATH
brân
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Vi
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A38 oad
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Weston-super-Mare R a
or
ear
e e ch
im R
ry
St
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According to the BFI Research and Statistics Unit, UK cinema admissions
in 2015 were 9% higher than the same period in 2014. Total UK spend
for film in 2015 was £1.236 billion; up 17% on the previous year. Cwmbran
SITUATION
Leisure @ Cwmbran is situated within the centre of
LEISURE@CWMBRAN
Cwmbran on Glyndwr Road adjacent to Cwmbran
Shopping Centre.
Cwmbran town centre benefits from 3,000 free
customer car parking spaces. Leisure @ Cwmbran
is located directly between the town’s main bus and
railway station. The railway station is linked directly to
the scheme via a pedestrianised bridge; the link also
connects to the Morrison supermarket to the east of
the leisure complex.
The property provides a frontage onto a
pedestrianised walkway leading to Morrisons
supermarket from where Frankie and Benny’s, Tiffins,
Bowlplex, Vue, and Harvester can be accessed.
Lollypops & Ladybirds Ltd and Bay Leisure have
frontages onto Glyndwr Road.
DESCRIPTION CINEMA SUPPLY
The property was constructed in 2008 and comprises Major cinema supply within a 20 mile radius:
Experian Goad Plan Created: 04/11/2015
a purpose built leisure complex arranged over ground 50 metres
and first floor. The property provides a range of
NEWPORT - 6 MILES Created By: Allsop
Cineword
Copyright(Spytty Park) - 13 screens
and confidentiality Experian, 2015. © Crown copyright and database For more information on our products and services:
complementary uses with six A3 units, a cinema,
bowling alley, gym and a trampoline centre. Cineworld (Friars
rights 2015 Walk) - 8
Ordnance screens
Survey 100017316 www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
The property is anchored by Vue cinema comprising CARDIFF – 16 MILES
8 screens, including 2 digital 3D screens over Cineworld - 15 screens
20,000 sq ft of ground and first floor. Odeon - 18 screens
Vue - 14 screens
Bowlplex comprises a 20 lane bowling complex
with a late night licensed bar. NANTGARW – 20 MILES
Showcase - 12 screens
LEISURE@CWMBRAN
TENANCY SCHEDULE
Unit Tenant Use Area Area Lease Start Lease Break Lease Review Rent Rent Comments
(Sq m) (Sq ft) Expiry Term (£p.a) (£psf)
1A Lollypops & A3 132.76 1,429 11/10/2013 11/10/2018 5 N/A £17,000 £11.90
Ladybirds Limited
1B Kaspa’s Cwmbran Ltd A3 191.66 2,063 25/05/2016 25/05/2026 10 25/05/2021 £40,000 £19.39 Lease subject to guarantee from
Kaspas Distribution Limited.
2 City Centre Restaurants Restaurant 369.29 3,975 27/07/2009 27/09/2034 27/07/2019 25 27/07/2019 £70,000 £17.61 5 yearly upwards only reviews to
(UK) Limited (The Restaurant (Frankie and 27/07/2024 Open Market Rental Value.
Group (UK) Limited) Bennys)/A3 27/07/2029
3A & 3B To be Gareth and A3 318.29 3,426 03/01/2017 02/01/2019 2 £55,000 £16.05 In solicitor’s hands and due to complete shortly.
Heather Lee
t/a Restaurant
4 Precision Trade Europe Restaurant/A3 300.54 3,235 04/08/2008 03/08/2033 25 04/08/2018 £66,000 £20.40 5 yearly upwards only reviews to the higher of RPI
Limited (Tiffins) 04/08/2023 or Open Market Rental Value.
04/08/2028
5 Mitchells & Butler Retail Restaurant/A3 438.04 4,715 14/07/2011 14/07/2036 14/07/2026 25 14/07/2021 £66,819 £14.17 RPI Linked increases.
(No2) Limited Harvester 14/07/2026
14/07/2031
Cinema Vue Entertainment Limited Cinema 1,969.52 21,200 18/12/2008 17/12/2028 10 18/12/2018 £243,800 £11.50 5 yearly upwards only reviews to Open Market Value.
18/12/2023
Bowling Bowlplex Limited Ten Pin 2,781.52 29,940 15/03/2012 03/08/2033 21 14/03/2022 £170,000 £5.68 Bowlex Limited has recently been acquired by Hollywood Bowl.
Bowling Centre 14/03/2027 £36,067(1) Turnover Rent - 12.5% of any turnover over £1m.
14/03/2032 2014 - £10,842, 2015 - £27,020, 2016 - £36,067.(1)
Turnover Rent terminates on 15/03/2022.
5 yearly upwards only reviews to Open Market Rental Value.
Unit 6&7 Simply Leisure Ltd guarantee GYM/D2 811.42 8,734 02/11/2015 02/11/2030 15 02/11/2020 £47,850 £5.48 5 yearly linked to RPI.
by Bay Leisure Limited 02/11/2025
Unit 81 Euphoria (Cwmbran) Ltd Salon/A1 181.16 1,950 04/05/2016 03/05/2019 04/05/2017 3 £8,000 £4.10 Rent increases 03/05/2017 to £10,000,
04/05/2018 - £12,000
Unit 82 Bounce Zone SA1 Ltd Trampoline 924.03 9,946 03/01/2017 02/01/2027 10 03/01/2022 £42,500 £4.27 In solicitor’s hands. Rent for 1st year is £20,000 and
Play Area £42,500 for years 2-5. Vendor to top-up or guarantee
1st year rent.
Total 8,418.23 90,613 £826,969
COVENANT STRENGTH
Vue Entertainment Ltd Bowlplex Limited Mitchells & Butler Plc The Restaurant Group Plc
(Parent Company of City Centre Restaurants (UK) Ltd)
29 Nov 2012 28 Nov 2013 27 Nov 2014 28 April 2013 27 April 2014 26 April 2015 29 Sept 2012 28 Sept 2013 27 Sept 2014 30 Dec 2012 29 Dec 2013 28 Dec 2014
Turnover 257,952,000 258,111,000 244,899,000 Turnover 23,665,000 23,893,000 25,339,000 Turnover 1,889,000,000 1,895,000,000 1,970,000,000 Turnover 532,541,000 579,589,000 635,225,000
Pre-Tax Profit 28,893,000 28,034,000 17,888,000 Pre-Tax Profit -16,000 -122,000 409,000 Pre-Tax Profit 83,000,000 150,000,000 123,000,000 Pre-Tax Profit 64,561,000 72,685,000 84,927,000
Shareholders Funds 168,258,000 188,736,000 294,137,000 Shareholders Funds 6,298,000 6,427,000 6,741,000 Shareholders Funds 1,088,000,000 1,219,000,000 1,185,000,000 Shareholders Funds 183,848,000 215,965,000 244,524,000
Vue International is the largest cinema group in the The company was founded in 1976 and comprises 17 Mitchells and Butlers is the largest operator of managed The Restaurant Group plc operates over 470 restaurants
world outside of the US and a leader in the premium family entertainment centres across England, Scotland restaurants and pubs in the UK. Principal brands include, and pub restaurants. Principal brands include, Frankie and
entertainment cinema sector. Vue has 84 state of the and Wales. These centres comprise ten-pin bowling, late All Bar One, Browns, Harvester, Toby Carvery and Vintage Benny’s, Chiquito, Coast to Coast and Garfunkel’s. Total
art multiplex cinemas throughout the UK and Ireland night licensed bars, video arcades and American pool. Inns. Mitchells and Butlers employ approximately 43,000 revenue increased 8% from Q1 to Q2 2015 and
with 7 cinemas in Wales. people and operate from c. 1,800 predominantly UK The Restaurant Group expect to open 43 – 48 new sites
managed pubs. Harvester account for 213 of those sites. in 2015.
Tenure VAT EPC’s DATAROOM
Freehold The property is elected for VAT and therefore it is Further information is available upon For access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/leisurecwmbran
anticipated that the sale will be treated as a TOGC. request or within the dataroom. Existing users can log in to the dataroom site and register using access code: leisurecwmbran
Proposal
Offers are sought in excess of £11,000,000 (Eleven Million Pounds), which reflects
a net initial yield of 7% (net initial yield of 7.35% inc. the turnover rent) after the
deduction of normal purchaser’s costs of 6.70%.
For further information or to make arrangements for viewing please contact:
Jeremy Hodgson Lottie Hayward Tom Dales
020 7543 6709 020 7543 6750 020 7543 6866
jeremy.hodgson@allsop.co.uk lottie.hayward@allsop.co.uk tom.dales@allsop.co.uk
www.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 11.16
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