WICKES HOME IMPROVEMENT CENTRE - CRIBBS CAUSEWAY BRISTOL BS34 5TS
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HOME IMPROVEMENT CENTRE
CRIBBS CAUSEWAY BRISTOL BS34 5TS
OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Investment Considerations
• Bristol is the largest city in the south west of England,
benefiting from a vast catchment population.
• The subject property is situated at Cribbs Causeway,
the dominant of out of town retail destination for
Bristol, located adjacent to Junction 17 of the M5
motorway.
• The property is a standalone unit totalling 24,107 sq ft
and is let to the 5A1 D&B rated covenant of Wickes
Building Supplies Limited.
• The rent totals £554,000 per annum, reflecting
£22.98 per sq ft.
• The property benefits from an open A1 non-food
planning consent.
• Future asset management angles including the option
to subdivide the unit and re-let to new occupiers.
• We are instructed to seek offers of £5,820,000
(Five Million, Eight Hundred and Twenty Thousand
Pounds), subject to contract and exclusive of VAT.
This reflects an attractive net initial yield of 9%,
(assuming purchaser’s costs of 5.80%).
v PREVIOUS : NEXT w OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
17 Lynn
A5
470 Newport 23
A1101
13
A42
7 A47
A45
8
M6 M1 A60 A6
06 A1
6
WICKES
A1
A5
Cannock 22
Stamford A16
A10
7
A45
6 5 12 11
Wisbech
8
M54 11 A606 Downham
A1 A1 Market
2 M42 LEICESTER 13 12
A6003
M6(T) 9
83
A47 2
A4
A4
70 21 Peterborough
WOLVERHAMPTON
A4
A47
March
7
10
M69
A43
HOME IMPROVEMENT CENTRE A489 8 7 A1
34
A6
9
M6
INVESTMENT LOCATION & RETAIL WAREHOUSING
2
TENURE, TENANCY ASSET MANAGEMENT EPC, VAT
1 6
CONSIDERATIONS
1
M1
CATCHMENT POPULATION & SITUATION DESCRIPTION
Market
Corby & PLANNING & TENANT’S COVENANTS & PROPOSAL
0
5 8
05
A1
A427 A6
1
BIRMINGHAM Harborough
2
A14
70
A4
CRIBBS CAUSEWAY BRISTOL BS34 5TS
3
A61
A1165
BIRMINGHAM 20
3 6
16
2
M6
A483
M42 Ely
A1
M5 COVENTRY
1 19 Kettering A1
1
A1
5
42
3
A50
4
Mildenhall
A4
A4
70
4
A14 Huntingdon
8
Stourport- 1 2
3
18
A4
5
on-Severn Bromsgrove M42 M45 St Ives
A10
16
Location Catchment
Wellingborough Population
17
A4
M40 Leamington
48
A449
Rushden A14
5 Redditch Warwick Spa A1
4
Northampton A1
4 Newmarket
A6
15 14
A435
A44
Bristol is the largest cityA4in
4 the south west of England and is the region’s major commercial and retail centre.
Droitwich
M5
13 The city is
Daventry The city hasA45a primary catchment population of 941,000
St Neots
A428 14
people and a
1
13
16
Cambridge
A483
strategically located just north of the M4 and M5 motorway intersection, and approximately 120 miles west of London. shopping population of 492,000 people (PMA), ranking 12it 10th out of the top
A44 A428
6
A442 A4 6
Stratford Worcester 12
200 PMA
15
retail centres.
A43
28
11 1
A1
A429
A4
7
Bedford
The city benefits from excellent road communications, having access to the north and south
A41
upon
12 ofAvon
the country via the M5 3 M1 M11
A509
A410
motorway and to the east and west via the M4 motorway. The M32 motorway spur provides a direct link between the city Experian calculate there is a total population of 94,296 people living within
6
83 A5
A5
10
A4
A470
0
A4 Great
8
Biggleswade
A1
Newport Haverhill
3
08
A4
centre and the M4, whilst the A4174 acts
A438
as a ring road toMalvern
the east of the city. A44 Evesham Banbury a 10 minute drive time of the subject property, increasing
Pagnell A50 to 543,309
5 9 people Sud
A6
A438 11
A43 within aKeynes
20 minute
Milton 14
drive time. Royston Saffron
21
Hereford
A4
8 A42
A1
A44 2 05
1 13 Walden
Bristol is served70
by 2 main line railway stations; Bristol Parkway and Bristol Temple A4
6 Meads and benefits from frequent trains
Letchworth
10 A5
A4
A4 to London Paddington (1 hour and 30 minutes),
A4
65 Birmingham New
2
Street
Tewkesbury (1 hour
9
and 28 minutes) and Cardiff (38 minutes). Much of Bristol’s catchment is of above average affluence with those
3
0 9
M50 within the top AB social group totalling 26% of the 2011 adult population,
A4
Leighton 12 Hitchin
A47
M5 A4
10
Buzzard
A5
9
8
Bristol International Airport is located 8 miles south
A49
of
4
the
3
city GLOUCESTERSHIRE
centre. 10 4
M40 significantly above the PMA M1 average A1(M)
of 22%. Braintree
Luton Stevenage STANSTED
A40
Cheltenham Bicester Dunstable 11 7 A60 8
11 2
Gloucester A41 Bishop's A120
Given the strength of the retail10 offer in Bristol,
Welwyncombined with the affluence
A4 9
A10
0 0 Stortford
1
LUTON
4
A4 A1
A13
A436
A3
6 Garden
30
ofAylesbury
the catchment population, Bristol ranks highly in terms of retail spend,
A47
9
City Ware Witham
Kidlington
0
A46
5 A40
Witney Tring 5
Hertford M11
Merthyr Abergavenny as demonstrated below: Hemel
29
B4
A41
St
A4
12
Tydfil EASTER 05 A40 Hempstead 4 Harlow Hatfield
7
A40 Oxford M10 Albans3 Chelmsford
A4
8
Stroud C O M P T O N
5B
Hoddesdon
1
Berkhamsted
A404
13 A4 7
A413
65
LACK
0
8
7
A4 Thame 1 2
A4
Aberdare M5 8 A418 A414
Cirencester
2
49
A419
PMA PMA top
7 22
Pontypool
A4
A4010
Amersham
Rank
20
HORSE H
2
24 M25 25 26 A1
A420 Spending Potential 19
Bristol Barnet
5
Major Enfield
City 200 Centre
A130
Abingdon High Watford
ath Cwmbran M5
6 18 5 (1=best)
Wycombe Average M11AverageChigwell
CON
5
Chepstow
ILL 19
4
A10
BRI
17
Didcot M40 4 Beaconsfield 28 R
14
A12 Brentwood
ISTO
2
33 M1
TAN
A4 6
M48 2 A40
Pontypridd 27
26 25 24 1 A4
Per capita in-store
Marlow
3
2
4
29 A127 Basildon
NR
Newport 23
N
A4
Caerphilly Harrow6 1 A41
comparison expenditure £2,503 £2,238 £2,314 27
IA R
A40
70
21
8 28
M4 22 1
M25
HO
SwindonOD LN
D
HIGHWOOD LN 0
3
Uxbridge A4
A1
M4 29 Henley- Maidenhead
D
CITY
M49
LL
WO
9
D £ 2013 LONDON
30 16 A13
A42
36
M4 17
YW
16 OO
37 32 17
D M4 15IGH on-Thames Slough
35 H PE 7 30
34 33 19 L17N Woolwich
R
6
Bridgend
A34
GA 4 2 1 Tilbury
CARDIFF
18
ER
wl 31
Per capita retail
RD warehouse
1 18 3
A346
LYNEHAM
DWindsor
PIT
19 2 M32 £495
A4
Richmond £427 £452 31 Gravesend
SU
Chippenham OO Dartford
M4 Readingexpenditure
14 A205
M5 3 RD
A329(M)£ 2013
S
JU
Clevedon M 13 A
8 14
W
ER 13 HEATHROW 20 A2 2
Roches
01
GH
12
20 L IN 10 Bracknell Staines 1 Kingston Swanley A2
A4
A4
A350
M5
HI
RD 1
Barry
Total in-store comparison
11 upon Thames Gil
6
A4 Newbury 2
Melksham £2,356
Sutton £2,929 £812 8 Chatham
8
A37
Weston-
A3
super-Mare Bath retail expenditure3 2013 (£m)
11 A232
Croydon 4
M20 4
BRISTOL
21
BRISTOL Devizes ME Camberley M25 Epsom M25
3
RD
4
Y LYSA RL
A3
NDER RD IN 2 A24
Forecast growth in
4
Woking
A36
OD
10 3
3
9
M26
A23
6
A
RD 4 5
A3
A22
4
Trowbridge
A2
W
7
A33
WO
5
9
M25
A3
Leatherhead
comparison retail expenditure 1.8% 1.2%6 1.7% 87
7
C’
Sevenoaks
28
8
39
GH
Maidston
A2
IB 361
CRIBBS
CAT
BS
Basingstoke
A3
5
CR A
8
HI
6
2013Aldershot
M3 – 2018 (% p.a real) A2
6
BRA
Dorking
A2
Burnham-on-Sea C A UAndover
S E W AY Redhill Oxted
1
22
Frome Guildford Reigate
Minehead Farnham Tonbridge
IN L
7
A361 Warminster A31 M23
A22
Godalming
A229
8
In addition, Bristol is likely to draw shoppers and spending from beyond its
N
A24
A3
A303 A303 Alton
GATWICK
9 East Tunbridge Wells
primary catchment area, as well as benefiting from
A26 approximately
6
23 A3
61 Grinstead
A39 Crawley 10 4
38
C AT B R A I N M3 16 million visitors to the city each year.A264
A3
Bridgwater
A34
A2
31 F I LT O N A I R F I E L D
1
7
A
A3
24 A3
Haslemere 11
A26
9 Horsham
Salisbury Winchester Crowborough
A22
0
M5
03
A35
10
A3
Taunton 11 Haywards
A3
25
354
6 Heath
A Romsey A272
Petersfield Uckfield
OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
12
v PREVIOUS26: NEXT w 03
A3
A3 13 Eastleigh
A23
58
Yeovil 14
A338
A3 4
A2
08 2 3 4 5
4
1
8
A2
A26
27 7
A2
3 1 1
A30 A2
2
83
Tiverton
31
SOUTHAMPTON 8 A3(M) A27 Lewes
WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Issues Cribbs Causeway
in
Dra
PROMIS estimate there is approximately
Pond
Drain
3 million sq ft of retail warehouse space in Bristol.
HIGHWOOD LANE
Given the lack of competing centres, we understand
Drain
the retail parks in the city, in particular Cribbs
Causeway, attract shoppers from beyond the city’s
catchment area, particularly from Bath, where
there is a very limited supply of out of town retail
accommodation.
The subject property is located in the heart of Cribbs
Causeway, the dominant out of town shopping
destination in Bristol. To the rear of the property is a
AD
RO
standalone Toys ‘R’ Us unit and opposite is a 175,000
ER
ND
sq ft Asda foodstore. To the west is Centaurus Retail
SA
LY
PE Park where occupiers include TK Maxx, Hobbycraft,
D
G
OA
AS
Carpetright and Tesco Homeplus.
SR
US
RO
U
UR
AD
TAN
CE
In the vicinity, further retailers include DSG, John
Lewis, B&Q, Morrisons, Next Home and Sports Direct.
There is also a large leisure scheme in close proximity,
The Venue, which features a VUE cinema, Hollywood
Bowl, a gym and several restaurant units.
The Mall Shopping Centre anchored by John Lewis
provides another attraction here. The centre is home
to a wide range of retailers including Jack Wills,
Th
eM
Superdry, Lakeland, Thomas Sabo and Bose. All these
AD
operators add to the critical mass of the location.
RO
all
Sh
ER
op
ND
pin
SA
gC
LY
en
tre
Access to Cribbs Causeway is via Junction 17 of the
M5, the B4055 to the east and the A38 to the west.
Access to the property itself is from Pegasus Road,
which also leads to the Toys ‘R’ Us and Halfords units.
THE CONE
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WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Description
The subject property provides a standalone
purpose built retail warehouse unit let to
Wickes, totalling 24,107 sq ft.
Internally, the unit is fitted out to Wickes’
specification. The ground floor area of the
property is 22,743 sq ft. There is a first floor
amenity block of 1,300 sq ft, which contains staff
offices and facilities. There is sufficient eaves
height within the unit to install a mezzanine,
subject to planning.
Servicing is to the eastern elevation of the
property, where there is a secure external
compound, which is also used for storage.
Car parking is located to the front of the unit
providing 98 spaces, equating to an
attractive car parking ratio of 1: 246 sq ft.
The total site area is 1.74 acres, providing a low
site cover of 32%.
v PREVIOUS : NEXT w OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Tenure Planning
The site, delineated below, is held freehold. Planning was granted in September 1985 for the erection of a non-food retail warehouse and
a car park for 98 cars. Therefore, the property benefits from a fully open A1 non-food consent
with no restrictions on subdivision or unit size, allowing for a wide range of retailers to occupy
the scheme in the future. A copy of the consent is available on request.
Tenancy
The property is let on a full repairing and insuring lease for 25 years from 25 November 1991
to Wickes Building Supplies Limited. The lease expires on 24 November 2016. The current rent
is £554,000 per annum, reflecting £22.98 per sq ft.
v PREVIOUS : NEXT w OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Asset Management Opportunities Tenant’s Covenants
The property provides the opportunity for an investor to create value through Wickes was established in 1972 and has grown into one of the UK’s leading DIY retailers. The company was
re-letting the unit at lease expiry in November 2016 in the event that Wickes do purchased by Travis Perkins plc in February 2005 and now has a portfolio of over 200 stores across the UK,
not renew. The unit is a regular shape totalling 24,113 sq ft and could therefore be selling a wide selection of home improvement products. We set out below the most recent company accounts
subdivided. The large site area also gives the opportunity for future re-development. for Wickes Building Supplies Ltd.
D&B
We believe that given the strength of the location and the critical mass Cribbs Tenant Year Ending Sales Turnover (000’s) Pre-Tax Profit (000’s) Net Worth (000’s)
Rating
Causeway provides, any new entrants to the market or occupiers without
representation here would be interested in this unit, along with owner occupiers. Wickes 29/12/2012 £976,136 £55,550 £273,471
Acquisitive retailers without a store here include The Range, Home Bargains, B&M, Building 5A1
Supplies Ltd 31/12/2011 £980,450 £40,375 £230,250
Family Bargains, Poundstretcher and Dunelm.
v PREVIOUS : NEXT w OUT OF TOWN RETAIL INVESTMENT OPPORTUNITY
WICKES
HOME IMPROVEMENT CENTRE INVESTMENT
CONSIDERATIONS
LOCATION & RETAIL WAREHOUSING
CATCHMENT POPULATION & SITUATION DESCRIPTION
TENURE, TENANCY
& PLANNING
ASSET MANAGEMENT
& TENANT’S COVENANTS
EPC, VAT
& PROPOSAL
CRIBBS CAUSEWAY BRISTOL BS34 5TS
Environmental
Delta Simons have undertaken a Phase 1 Environmental Survey which is
assignable to the purchaser. This gives the site a low environmental risk
rating. A copy of the report is available on request.
EPC
The property has an EPC rating of C54.
VAT
The property has been elected for VAT and therefore VAT is payable.
However, we anticipate the transaction to be treated as a ‘TOGC’.
Proposal
We are instructed to seek offers of £5,820,000 (Five Million, Eight Hundred
and Twenty Thousand Pounds), subject to contract and exclusive of VAT.
This reflects an attractive net initial yield of 9% (assuming purchaser’s costs
of 5.80%).
Further Information
Paul Wilkinson
T: 020 7317 3799
M: 07770 585313
E: p.wilkinson@wilkinsonwilliams.co.uk
MISREPRESENTATION NOTICE
Ellie Kirkby
Wilkinson Williams LLP give notice to anyone who may read these particulars as follows:
1 These particulars are prepared for the guidance only of prospective purchasers. T: 020 7317 3790
They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract.
2 Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact.
M: 07764 241898
3 Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. E: e.kirkby@wilkinsonwilliams.co.uk
4 The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the
photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect
of parts of the property which are not shown in the photographs.
5 Any areas, measurements or distances referred to herein are approximate only.
Wilkinson Williams,
6 Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a Heathcoat House,
statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser.
7 Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. 20 Savile Row, London, W1S 3PR
Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract.
Designed and Produced by Creativeworld. Tel 01282 858200. September 2014. www.wilkinsonwilliams.co.uk
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