PHASE 4 CORTONWOOD RETAIL PARK - BARNSLEY, SOUTH YORKSHIRE, S73 0UF WELL LET RETAIL PARK INVESTMENT OPPORTUNITY - Staunton Whiteman
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PHASE 4
PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
CORTONWOOD RETAIL PARK
BARNSLEY, SOUTH YORKSHIRE, S73 0UF
W E L L L E T R E TA I L PA R K I N V E S T M E N T O P P O R T U N I T Y
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
INVESTMENT SUMMARY
Cortonwood is a very well located out of town retail destination totalling 454,000 sq ft.
The subject property is situated opposite Cortonwood Shopping Park, which opened in 2017.
Phase 4 is an attractive retail park of 32,519 sq ft, which was developed in 2011.
Open A1 (non-food) planning permission.
Let to Smyths Toys, TK Maxx and Pets at Home.
WAULT of 7 years.
Dun & Bradstreet rate all of the tenants as having a ‘Minimum Risk of Business Failure’.
Our client is seeking offers in excess of £11.644 million, subject to contract and exclusive of VAT.
A purchase at this level would show a net initial yield of 6.00%, after allowing for purchaser’s costs of
6.8%. This will rise to 6.40% following the fixed uplift in the Smyths Toys lease on 24th November 2021.
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
Dearne Valley Parkway
Dearne Valley Parkway
3
PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
M1
LOCATION
wy
39
Pk
A633
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Cortonwood Retail Park is very well located on the A6195 dual carriageway in the Dearne
Val
itc
he
e
lls
Valley, some 4 miles south east of Barnsley. The A6195 Dearne Valley Parkway is an important
ar n
W
ay
De
s
arterial route connecting the M1 in the west to the A633, the A635 and the A1(M) in the east.
A6195
M1
There are some 57,000 people living within a 10 minute drive time of the property, with 145,000 M18
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living within 15 minutes.
A61 Va lley Pkwy
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M1 A6195 D ea A6195
A633
DONCASTER
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BARNSLEY eV
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ld R
37 ar
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37 De
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A635 A638
Cortonwood
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A61 A633
A1(M)
Retail Park
M1 J36
A6195 A61
A6135
36 36
4
A6023
S h e f fi e
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A61 35
ld
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ROTHERHAM
35 A630
M18
A1(M)
M1
1
SITUATION
34
34
SHEFFIELD
33 The subject property benefits from its situation within a 454,000 sq ft cluster of out of town
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A630 retail. Directly opposite the subject property is Cortonwood Shopping Park, a 79,750 sq ft
M1 new development that is let to Outfit, New Look, H&M, River Island, Poundland, JD Sports,
M&S Simply Food, Clarks, Mountain Warehouse and Wilko.
To the south of the subject property and adjoining Cortonwood Shopping Park is a further
development of 226,194 sq ft that is let to B&Q Warehouse, Sports Direct, Boots, Next, Argos
and Matalan.
The location also benefits from a Morrisons foodstore of 82,000 sq ft, with a 24 hour petrol
filling station.
All of the above retail parks and the Morrisons foodstore share a single access point with the
subject property from the roundabout junction on the A6195 Dearne Valley Parkway.
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
DESCRIPTION EPC
The subject property comprises an attractive retail park of three units totalling 32,519 sq ft that Copies of the Energy Performance Certificates (EPC’s) are available upon request.
was built in 2011.
As may be noted from the accompanying photographs, the units have been constructed to a high TENURE
specification with large glazed entrances and feature signage panels above.
The property is held on a 125 year lease from 5th April 2011 at a peppercorn rent (expiring on 4th
The building is of steel portal frame construction with an internal height of 23 ft (7 m). The April 2136). There is an option to purchase the freehold for £1 from the 20th year (5th April 2031).
elevations are clad with profile steel cladding, with an inner leaf blockwork wall. The roofs are
pitched and clad with Plastisol coated profile steel sheets.
Unit 2 (TK Maxx) has a full cover sales mezzanine floor and Unit 1 (Smyths Toys) has a storage
PLANNING
mezzanine. The subject property was originally granted planning permission on 18th March 2010 for the
The property provides 153 customer car parking spaces to the front of the building, giving an erection of five non-food retail units. This permission was subsequently varied on 23rd March
excellent car parking ratio of 1:213 sq ft. 2011 to allow for the current configuration of three units.
The property has Open A1 (non-food) planning permission, with no restriction upon the range of
THE SITE goods that may be sold from the units.
The site is level and extends to some 2.56 acres (1.035 ha).
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
Cortonwood Retail Park
Cortonwood Shopping Park
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
TENANCIES
The property is let to Smyths Toys, TK Maxx and Pets at Home in accordance with the following tenancy schedule, producing a total income of £746,150 pa.
LEASE EXPIRY
UNIT TENANT AREA (SQ FT) RENT (PSF) RENT (PA) COMMENTS
(BREAK OPTION)
1 Smyths Toys 15,098 £24.91 £376,150 23/11/2026 Fixed uplift to £425,576 pa on 24/11/2021. Storage mezzanine.
06/07/2029 Tenant’s break at Year 10. Full cover sales mezzanine. Rent review dated
2 TK Maxx 9,921 £20.16 £200,000
(06/07/2024) 07/07/2019 to OMRV, capped at 115%.
09/06/2028
3 Pets at Home 7,500 £22.67 £170,000 Tenant’s break at Year 10. Rent review dated 10/06/2023 to OMRV.
(09/06/2023)
TOTAL 32,519 £22.58 £746,150
The property has a weighted average unexpired lease term (WAULT) of 7 years.
RETAIL WAREHOUSING AT CORTONWOOD
There is a total of 454,000 sq ft of out of town retail at Cortonwood. Brief details of the various developments are as follows:-
Cortonwood Shopping Park Phase 3 Cortonwood Retail Park
Cortonwood Shopping Park was developed by Helical Retail in 2017 and totals 79,750 sq ft. It Phase 3 of Cortonwood Retail Park opened in 2005 anad directly adjoins the shopping park. It totals
comprises 11 units let to M&S Simply Food, Outfit, New Look, H&M, River Island, Clarks, JD Sports, 33,619 sq ft and is let to Asda Living, Halfords and ScS.
Poundland, Mountain Warehouse, Wilko and Frankie & Benny’s. Rents of up to £30 psf have been
achieved upon the retail units on the park, which was funded by Aberdeen Standard. Morrisons Foodstore
Cortonwood Retail Park The Morrisons foodstore totals some 82,000 sq ft and opened in 1998. The site includes a 24 hr
petrol filling station.
Cortonwood Retail Park was developed in 2001 and comprises 226,194 sq ft let to B&Q Warehouse,
Boots, Argos, Next, Matalan, Sports Direct, McDonald’s and Pizza Hut. Rents of up to £29.50 psf
have been achieved upon the park.
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
Not to scale. For indicative purposes only.
2.
1.
3. 4.
5.
1. Phase 4
2. Morrisons Foodstore
3. Cortonwood Retail Park
4. Phase 3
5. Cortonwood Shopping Park
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PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
INCOME SECURITY
All of the tenants at Phase 4 Cortonwood Retail Park are national multiple retailers who are household names.
The income from the existing lettings has a weighted average unexpired lease term (WAULT) of 7 years to the
earlier of lease expiry/break.
A summary of the most recent financial information upon the tenants is set out in the table below:-
PRE TAX
D&B RISK OF BUSINESS TURNOVER NET WORTH
TENANT YEAR ENDING PROFIT
RATING FAILURE (£'000S) (£'000S)
(£'000S)
30-Dec-16 396,490 10,100 23,390
Smyths Toys UK
4A1 Minimum 30-Dec-15 334,381 5,963 14,540
Limited
31-Dec-14 256,050 3,841 11,394
28-Jan-17 2,684,000 111,400 640,500
TJX UK 5A1 Minimum 30-Jan-16 2,434,000 142,300 599,400
31-Jan-15 2,195,400 134,300 583,400
30-Mar-17 752,374 67,557 650,186
Pets at Home Limited 5A1 Minimum 31-Mar-16 739,726 81,843 598,310
26-Mar-15 689,697 79,920 517,138
As may be noted from the above, all of the tenants are rated by Dun & Bradstreet as having a ‘Minimum Risk of Business
Failure’.
10PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
Cortonwood Shopping Park
11PHASE 4, CORTONWOOD RETAIL PARK, BARNSLEY, SOUTH YORKSHIRE, S73 0UF
PURCHASE PRICE FURTHER INFORMATION
Our client is seeking offers in excess of £11.644 million (eleven million, six Should you require any further information on the property or wish to arrange an
hundred and forty four thousand pounds) subject to contact and exclusive inspection, please do not hesitate to contact:
of VAT. A purchase at this level would show a net initial yield of 6.00%, after
allowing for purchaser’s costs of 6.8%. This will rise to 6.40% following the fixed
uplift in the Smyths Toys lease on 24th November 2021. Nick Staunton James Dunlop
nick@stauntonwhiteman.co.uk James.Dunlop@sgcommercial.co.uk
Hamish Whiteman
hamish@stauntonwhiteman.co.uk
Staunton Whiteman LLP SG Commercial LLP
9-10 Savile Row Standbrook House
London 2-5 Old Bond Street
W1S 3PF London, W1S 4PT
020 7287 2228 020 7290 1616
MISREPRESENTATION ACT 1967 AND DECLARATION
Messrs Staunton Whiteman LLP and SG Commercial LLP, for themselves and for the vendors of this property whose agents they are, give notice that:
i) the particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract:
ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct,
but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness
of each of them:
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iii) no person in the employment of Staunton Whiteman LLP or SG Commercial LLP has any authority to make or give any representation or warranty in relation to this property.You can also read
