NEASHAM ROAD RETAIL CENTRE - DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT - London
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NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
NEASHAM ROAD RETAIL CENTRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
DARLINGTON TRAIN STATION
Outline for indicative purposes only.
For illustrative purposes only.
NEASHAM ROAD RETAIL CENTRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
For illustrative purposes only.
INVESTMENT CONSIDERATIONS
■ Darlington is a large market town in County Durham ■ Class E Retail Park with Unit 5 Sui Generis ■ Asset management opportunities include restructuring
■ Well located purpose built Retail Park a short walk planning consent Matalan’s lease and development of additional units
from the town centre adjacent to Darlington ■ Fully let to the national covenants of Matalan, on the site. Planning permissions have now lapsed
Train Station Farmfoods, Ladbrokes and Asda (long leasehold) for an additional two units totalling 2,300 sq ft
and an additional five units totalling 3,600 sq ft
■ Over 180,000 people live within a 20 minute ■ Total rent of £715,000 per annum averaging
drive time catchment of the town £10.60 psf ■ Offers sought in excess of £6,000,000
(Six Million Pounds) subject to contract
■ Freehold ■ WAULT of 6.7 years
and exclusive of VAT. A purchase at this
■ Total floor area of 67,444 sq ft ■ Within the last 3 months Farmfoods has extended
level reflects £89 psf and an attractive
their occupation into unit 2 and Ladbrokes has
net initial yield of 11.18% assuming
regeared their lease
standard purchaser’s costs
M8
M74
NEASHAM ROAD RETAIL CENTRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
NEWCASTLE
UPON TYNE
A69
Carlisle
SUNDERLAND
A68
Durham A19
A1(M)
MIDDLESBROUGH
A66 A66
DARLINGTON
DurhamTees Valley
A171
A6 International Airport
A1 A19
M6
A61 A170
A165
A65 A64
A59 A166
A1(M) YORK
A629
Blackpool
M55
LEEDS A63 A164
M65
HULL
EET
STR
M62 WILLIAM STREET
SS
RD
CRO
M62 Scunthorpe
A1
ELL
DE
YN
NM
ME
A RK
STR
W H E S SO
E ET
M58 M18
M60 M1
E RO
LIVERPOOL MANCHESTER
oad
HAUGHTON
AD
HE
NR
A1(M) LE SKERNE
th R
Y ST
A167 Nor
M53
M62 SHEFFIELD A1
ST
ND
WHESS
O E ROAD
MU
T
ES
Lincoln
ED
LOCATION
OT
BRINKBUR
N ROAD NC
LEY
IA
ALL
ANNS BO
TERRACE
TERR NO
Buxton AC E MI
WA
Y
STREET
M1
REET
Newark-on-trent ALBERT RO
Darlington is located within the County of Durham in the north-east
AD
T
M6 NORTH ROAD
WILSON S
FAIRFIELD
STATION ROAD
HO
STREET CL
SURTEES EV
of England. The town is situated approximately 16 miles to the west
P
EL
ET O
AN
DS
WN
T RE
ET
A68
OR
LA
MCNAY STRE
N
TH ET
NE
COTE TE
of Middlesbrough and 37 miles south of Newcastle-upon-Tyne.
RRACE
WIDDOWFIELD ST
Darlington benefits from excellent road and rail connections being
M54
located approximately 2 miles from J57 and J58 of the A1(M)
M6 Toll A47
NORWICH
providing access to Newcastle UponM42 Tyne to the north, Doncaster and
GREENBANK ROAD
EM
VALLEY STREET NORTH
OU
NT
RO B6279 B6279
For illustrative purposes only.
London to the south. CORPORATION ROAD
BIRMINGHAM
AD
A1(M)
EASON ROAD
M6 A14 A11
M5
The A66, 1 mile to the south of Darlington provides access to
A43
Middlesbrough to the east M42
and Cumbria and the M6 to the west.
MCM
Northampton
ULLE
CHESNUT ST
A428
WORCESTER STRATFORD
N RO
9
27
Darlington Railway Station provides direct services to Middlesbrough,CAMBRIDGE
AD
B6
UPON-AVON
A 16 7
A1
A11
Newcastle and London Kings Cross with M40 approximate journey times of IPSWICH
GLADSTONE STREET
MILTON M1
26 minutes, 28 minutes and 2 hours 20 minutesKEYNES
M50
respectively.
BEDFORD 8
M11 A6 AC
E
G GS
ST
A68 A1 RUSSELL PL
Durham Tees Valley International airport lies approximately LUTON
8 miles to
A1(M)
R RI
67
STANHOP E ROAD NORTH
CHELTENHAM
NS
FOU
MA
the east ofGLOUCESTER
the town centre.
EE
FR
M5 OXFORD M25 TOWN
E AS T S T
ICK ST
M40
HUNDE
CENTRE BRUNSW
EA M48
M25
GATE
H RD
NS LA
SKINNER
DUKE ST
Swindon
B OROUG
D
M4 ABBEY ROA
LARCHFIELD S T
NE
Reading
CARDIFF M4
STANHOPE
TU BWELL ROW
BRISTOL LONDON DARLINGTON
E ROW
River Skerne
B6
28
A167
0
ROAD SOUT
BATH
ROAD RAIL
FEELHAMS
HOUND G
T E RRACE
AT E
LACE
M2 RD B6280
RD
H FE YA RM ROAD
P
C LIF
NG E
NS
PARK
CO
AV E
M3 YAR
G RA
Newcastle Upon Tyne 44.5 miles Middlesbrough 26 mins M20
DOVER
M ROA DARLINGTON
RE
D
M23 EASTBOURNE
RETAIL PARK
RG
HA
A167
Leeds 64 miles Newcastle-upon-Tyne 28 mins
M5 Ro
ad VICTOR
IA ROAD
Doncaster 80 miles f fe
M27London Kings Cross 2h 20 minsA23 7
Co
nis
cli
Sainsbury’s
Superstore
EASTBOURNE
ROAD
YARN
ROAD
A6
M27 DARLINGTON
southampton
BRIGHTON
OAD
NEASHAM
PORTSMOUTH
ANE
ON R
PARK L
AIR
CLIFT
ROAD
EXETER
Durham Tees Valley International airport 8 miles For illustrative purposes only.
For indicative purposes only.
SMITHFIELD ROAD
67
NEASHAM ROAD RETAIL CENTRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
DARLINGTON TOWN CENTRE
DARLINGTON TRAIN STATION
PERSIMMON HOMES DEVELOPMENT
THE PREVIOUS
PLANNING APPLICATION
HAS NOW LAPSED FOR
A RETAIL TERRACE OF
5 UNITS TOTALLING
3,600 SQ FT
PLANNING CONSENT HAS
NOW LAPSED FOR 2 UNITS
TOTALLING 2,300 SQ FT
For illustrative purposes only. Outline for indicative purposes only.
SITUATION
The property is prominently positioned on Neasham Road in a predominantly residential area. Neasham Road is a main arterial road connecting the B6280 Yarm Road to the north and the A66 to the south.
Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre.
NEASHAM ROAD RETAIL CENTRE 47.2m
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
55
2
Surgery
18
63
E
67 OS
CL
to 1
65
1
57 BY
BANK TOP AP
P LE
2
67
27
29 to 39
69
DESCRIPTION
55 11
to
41
71
47.2m
The property comprises five retail units extending to 67,444
75
sq ft GIA. The units are of steel portal frame construction
77
with brick elevations. Servicing is to the rear. Shelter
Internally all units are fitted out to the individual tenant’s
specification.
81
46.9m
There are approximately 323 car parking spaces providing an
attractive ratio of 1:208 sq ft. TCB
PLANNING
LB
Unit 1 Class E El Sub Sta
El Sub Sta
Units 2 & 3 Class E
SITE AREA TENURE
Unit 4 Class E
The property has a site area of Freehold.
Unit 5 Sui Generis
4.88 acres (1.976 ha) providing
102
46.9m a low site cover of 32%.
106
2
4
32 16
44
33
ASDA unit sold off onSTLong
30 REET
Leasehold.
D
45 LEONAR
108
© Crown Copyright, ES 100004106. For identification purposes only. 1
13
P MEWS
BANK TO 29
31
30
55
54
120
2
19 12
0m 10m 20m 30m
15 22
32
N STREET
21 WALTO
14
20
Ordnance Survey © Crown Copyright 2018. All rights reserved.
Licence number 100022432. Plotted Scale - 1:1424
For illustrative purposes only.
NEASHAM ROAD RETAIL CENTRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
TENANCY SCHEDULE
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01
Farmfoods have recently extended into Unit 2 and regeared their lease.
2&3 Farmfoods Limited 9,140 849 01/03/2021 28/02/2036 01/03/2026 £80,000 £8.75
The vendor will top up the 18 months rent free.
4 Asda Stores Limited 10,180 946 08/09/2004 07/09/2129 £0 £0 Asda unit sold off long leasehold.
Ladbrokes Betting Ladbrokes have been in occupation since 2004 and have recently extended
5 2,000 186 25/12/2020 24/12/2025 £21,000 £10.50
and Gaming Limited their lease.
ATM Cardtronics UK Limited 01/01/2017 31/12/2021 £14,000 Tenant has expressed an interest to extend their lease.
Total 67,444 6,266 £715,000 £10.60*
*Not inclusive of unit 4.
COVENANT INFORMATION
Matalan Retail Limited Farmfoods Limited Ladbrokes Betting & Gaming Limited
Company number 2103564. Experian Low Risk Company number SC030186. Experian Very Low Risk Company number 775667. Experian Very Low Risk
Matalan is a British fashion and homewear retail established in 1985. The Farmfoods is a family business established in 1954 operating Ladbrokes Coral Group plc is a British-based betting and gambling
company operate from 231 UK stores and 40 international franchise stores. a chain of frozen food stores. The company occupy over 300 company. In 2016, Ladbrokes acquired its rival, Gala Coral Group,
The ultimate parent company of Matalan is Missouri Topco Limited, stores and 4 distribution centres nationwide employing around and changed its name to Ladbrokes Coral.
with the group being ultimately controlled by the Hargreaves family. 4,000 people. Ladbrokes has more than 2,700 retail betting shops in the UK,
Matalan grew its online offering by 84% in the five-week Christmas Ireland, Belgium and Spain with more than 800,000 customers.
period, representing the retailer’s push to become omnichannel through
28/12/2019 29/12/2018 30/12/2017 31/12/2019 31/12/2018 31/12/2017
investment in supply chain capacity and order fulfilment from stores.
Turnover £661,754,000 £660,304,000 £642,676,000 Turnover £983,371,000 £732,366,000 £766,519,000
29/02/2020 23/02/2019 24/02/2018
Pre Tax Profit £22,148,000 £12,101,000 £11,123,000 Pre Tax Profit £462,204,000 -£43,794,000 -£166,483,000
Turnover £1,129,400,000 £1,103,900,000 £1,062,500,000
Total Net Worth £112,514,000 £102,879,000 £96,171,000 Total Net Worth £1,117,459,000 £730,285,000 £761,750,000
Pre Tax Profit £-22,000,000 £28,300,000 £29,800,000
Total Net Worth £280,700,000 £305,300,000 £252,600,000
NEASHAM ROAD RETAIL CENTRE
ET
STRE
DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
WILLIAM STREET
S
CROS
RD
ELL
DEN
YN
MAR
ME
KS
TRE
W H E S SO
ET
E RO
oad
HAUGHTON
AD
HE
NR
LE SKERNE
th R
Y ST
A167 Nor
ST
ND
WHESS
O E ROAD
MU
T
ES
ED
OT
BRINKBUR
N ROAD NC
LEY
IA
ALL
ANNS BO
TERRACE
TERR NO
AC E MI
WA
Y
STREET
REET
ALBERT RO
AD
T
NORTH ROAD
WILSON S
FAIRFIELD
DARLINGTON NORTH
STATION ROAD
HO
RETAIL WAREHOUSING IN DARLINGTON
STREE T CL
SURTEES EV
P
EL
ETO
RETAIL PARK AND STREET
WN
A68
OR
LA
MCNAY STRE
N
TH ET
NE
COTE TE
RRACE
WIDDOWFIELD ST
The retail warehouse provision in Darlington is predominantly
based between three retail parks:- Darlington Retail Park,
GREENBANK ROAD
EM
VALLEY STREET NORTH
OU
Darlington North Retail Park and Neasham Road Retail Centre. CORPORATION ROAD
NT
RO B6279 B6279
AD
EASON ROAD
Darlington Retail Park comprises a 154,056 sq ft Open A1
MCMU
(non food) scheme approximately 2 miles to the east of the
LLEN
CHESNUT ST
9
27
ROAD
B6
A 16 7
town centre. Tenants include Carpetright, Currys/PC World, GLADSTONE STREET
DFS, Costa Coffee, Wren Living, Furniture Village, Harveys, A6
8 E
AC
G GS
Home Bargains, The Range, KFC, Pets at Home, ScS and TKMaxx.
ST
A68 A1 RUSSELL
PL
R RI
67
STANHOP E ROAD NORTH
NS
FOU
MA
EE
Rents range between £11.25 per sq ft to £18.70 per sq ft. E AS T S T
FR
TOWN ST
HUND
ICK
CENTRE BRUNSW
Darlington North Retail Park comprises a 41,993 sq ft
ATE
GH R D
ENS
SKINNERG
DUKE ST
B OROU
LANE
ABBEY ROAD
LARCHFIELD S T
Open A1 scheme approximately 2 miles north of the town
STANHOPE
TU BWELL ROW
DARLINGTON
E ROW
River Skerne
B6
centre close to Darlington North train station. Tenants include
28
A167
0
ROAD
FEELHAMS
HOUND G
T E RRACE
AT E
E
SOUT
Aldi, Iceland, Poundland, Subway, Greggs, Barnardo’s, Card
PLAC
RD B6280
RD
H FE YA RM ROAD
C LIF
NG E
NS
PARK
CO
AV E
YAR
G RA
Factory, and KFC. Rents range between £13.74 per sq ft to
M ROA
RE
D
EASTBOURNE
RG
DARLINGTON
HA
A167
RETAIL PARK
£23.61 per sq ft. Ro
ad VICTOR
IA ROAD
NEASHAM ROAD
RETAIL PARK
fe
lif
sc
ni Sainsbury’s YARN
Co ROAD ROAD
A6
7 Superstore
EASTBOURNE
DARLINGTON
OAD
NEASHAM
ANE
ON R
PARK L
CLIFT
ROAD
DEVELOPMENT / SMITHFIELD ROAD
ASSET MANAGEMENT OPPORTUNITIES
7
A16
The property offers a number of both short
PAR
and long term asset management and
KSID
E
PA RKSIDE
redevelopment opportunities (subject to
gaining all the necessary consents):
• Develop additional units. Planning permission
was granted (Ref:15/00977/ FUL) to build a retail
terrace totalling 2,300 sq ft across two units, A66
however this has now lapsed.
A6 6
A66
• Regear Matalan leases.
• Planning permission was previously granted and A66
has since lapsed for a new retail terrace totalling
3,600 sq ft. The permission consisted of five units
ranging between 500 – 1,000 sq ft for uses within
class A1, A2 and A5, subject to agreement on
re-allocation of car parking with existing tenants.
For illustrative purposes only.
SERVICE CHARGE
The service charge budget for the year ending 31st March 2022 is £45,620 per annum.
EPC
Available upon request.
VAT
The property has been elected for VAT, it is assumed that the transaction will be treated
as a Transfer of a Going Concern (TOGC).
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to satisfy the AML requirements
when Heads of Terms are agreed.
DATAROOM
Further information is provided in the dataroom. For access please register on the following website:
http://datarooms.allsop.co.uk/register/NeashamRoadDarlington
PROPOSAL
Offers sought in excess of £6,000,000 (Six Million Pounds)
subject to contract and exclusive of VAT. A purchase at
this level reflects £89 psf and an attractive net initial
yield of 11.18% assuming standard purchaser’s costs.
For further information or to make arrangements for viewing please contact:
Dale Johnstone Lottie Hayward
07788 554555 07817 549237
dale.johnstone@allsop.co.uk lottie.hayward@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 04.21
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