WILTON STREET, DEWSBURY WF12 8AB - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
RETAIL WAREHOUSE INVESTMENT
& WILTON STREET, DEWSBURY WF12 8AB
ENTER
& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
u INVESTMENT SUMMARY
⊲⊲ Dewsbury is a traditional market town in West Yorkshire. ⊲⊲ Retail warehousing in Dewsbury is limited, as a result ⊲⊲ Open A1 non-food planning consent.
It is well located, benefitting from easy access to the M62 many national retailers are not represented here,
and the M1 motorways. including Dunelm, Aldi and Home Bargains. ⊲⊲ The tenants trade well here, as evidenced by B&Q
recently extending their lease term by 5 years.
⊲⊲ The town has an extensive catchment population, with ⊲⊲ The scheme totals 38,126 sq ft and is let to the 5A1
507,040 people living within a 20 minute drive time of covenants of B&Q plc and Screwfix Direct Ltd. ⊲⊲ The Screwfix lease benefits from a fixed uplift in
the subject property. January 2019.
⊲⊲ The total rent is £358,850 per annum, equating to a low
⊲⊲ The property is located in the principal retail warehousing average rent of £9.41 per sq ft. ⊲⊲ We are seeking offers in excess of £4,810,000 (Four
pitch for the town. Million, Eight Hundred and Ten Thousand Pounds).
⊲⊲ Attractive WAULT of 8.5 years. A purchase at this level reflects an attractive net initial
yield of 7.00%, increasing to 7.15% in January 2019,
assuming purchaser’s costs of 6.58%.
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
& WILTON STREET, DEWSBURY WF12 8AB
A19
35 RETAIL WAREHOUSE INVESTMENT
4
A6
83
A61
34 A6 A1(M)
u LOCATION Lancaster
Knaresborough
A166
M6 A65
Dewsbury is an attractive market town in West Yorkshire, located 9 miles south A59 Harrogate A59
33
682
Skipton
west of Leeds and 9 miles south east of Bradford. Huddersfield and Wakefield
A
lie 5 miles south west and 6 miles east of the town respectively. Ilkley A5 14
9 4 A6
A6 63)
(A1
A6
8 Otley
The town benefits from good traffic links, being located at the intersection of 06 Tadcaster
1
A6 A65
A19
the A638, A644 and A653, approximately 4 miles south west to Junction 25
A58
LEEDS &
Keighley
of the M62 motorway and 3 miles west of junction Clitheroe
40 of the M1 motorway.
14 Bingley
BRADFORD
A10
Colne
A6
13 7
Its accessibility makes it a popular town with commuters; there areNelsonalso direct
50
12 Shipley
59 minutes) and Huddersfield (8
14
rail links to Manchester (4532 minutes), LeedsA(13 LEEDS Garforth
A6
1
minutes). 8 10 Burnley BRADFORD A6
3
Preston M621 1 47 43 A1 A63 38
31 7
Blackburn 6
Accrington M62
A10
u CATCHMENT
27
Castleford 1 37
Halifax 26
4
30 30
29 9 Todmorden A6 Batley M62
M65 46 41
A645
Leyland 28 31 32 36 Goole
& DEMOGRAPHICS
Darwen
8
Rawtenstall Brighouse
23
24
25
40
Wakefield
33 34
M6 A58 M18
Chorley Rochdale M62
Dewsbury has a catchment population of 144,000 people 1 (PMA), significantly 22 Huddersfield 39
Hemsworth A6 6 Thorne
above the PMA Small Town average, and a shoppingBury population
M66 of 44,000 38 M181
A61
38
21 2
27
people. There is an extensive M61
catchment Bolton within 2easy access of the
population A6 5 Scuntho
20 1
8 38
subject property; CACI predict there 6are 134,008 people
5
A5 living
3 19
within a 10 DEWSBURY M1 M180 2
3
A 5 8
minute drive time of the subject property, extending
4 to 507,040 people within a 37 4
17 37 4
3
20 minute drive time. Wigan 15
M60
25 14 A628 A616 36 36
24
59
During the Industrial Revolution, Dewsbury was an important millMANCHESTER
town and a
A1
23
key centre for the shoddy and mungo industries, which recycled woollen 35
1 items
3
22 M62 6
by mixing them with new wool and making 11 heavy blankets and uniforms. The Rotherham
A15
A63
9
M62 from 1 1
town benefitted economically being on a key canal route,
9 M60
its location at 34
7 34
the heart of the Heavy Woollen District, and its proximity to coal mines. The 33 32 34 Gainsborough
town is now a charming and traditional 20
5
market town with6 some attractive
SHEFFIELD
7 31
Victorian architecture. However manufacturing still plays aMANCHESTER
large role in the A57
M56 A6
11 of10
town, with it accounting for 16% total employment, around double the M1 Retford
19
PMA average. The town’s12largest employer is Canada’s biggest greeting card A6
23 A1
A6
A15
company, Carlton Cards. A5 A5 1 30 A619 A5
37 37
6
7
Buxton
Chesterfield
A34
M6
Macclesfield
A619
A6
18 29
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
A5
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
15
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
I L L LANE
US E M
RO
u SITUATION
TR A C K R O A D
53
A6
A6
D
38
OA
The subject property is located within the main retail warehousing pitch for the town and
DR
fronts the B64O9 Wilton Street, which links directly onto the A638 Vicarage Road, which
OR
runs along the southern edge of Dewsbury town centre.
DF
BR A
B6
AD
12
U P P E R R O AD RO The B&Q unit benefits from good prominence from both the A638 and the B6409, with the
8
DS
LE
E Screwfix unit having good visibility from the B6409.
HA
LIF
Access to the scheme is via a traffic light junction on the B6409, which connects to Link
A65 2
O
AX
W
RO
L
Road, which provides access from the other retail warehousing in the town to the subject
LA
AD
NE
property, and is a popular route for locals to use.
DEWSBURY RISHWORTH CENTRE
Matalan, Halfords
To the rear of the scheme are 2 units let to Carpetright and Farmfoods, and Wickes and
HE
ROAD 53 Poundstretcher, Next A6
CK
NG A6 B&M have stores on the opposite 38
side of the B6409. The town’s bus station is located on the
B&Q & SCREWFIX
MO
I
YR
opposite side of the A638 to the property. M1
ND
UR
A638
AD
WI
SB
Farmfoods, Carpetright D RO
IEL
EW
KE
EF
u RETAIL WAREHOUSING IN DEWSBURY
K D
D
WA
RO
EW
SB
AD
UR
RAILWAY STREET Y
44
RO
A6
RETAIL PARK The retail warehousing in Dewsbury
D is fairly limited A
A 6 and is all concentrated close to the town
38
Asda Pets at Home,
9
centre and off the A638.
40
Wickes Clarks, Iceland
KI N G
B6
& B&M
AD
The main scheme in the town is the Rishworth Centre, owned by Aviva. This totals 68,700
THO
RO Sports Direct
AD
SW
LD & JYSK
RO
R Sainsbury’s sq ft of open non-food consented space occupied by Matalan, Poundstretcher, Halfords
AY
E
S FI NH
IL
A6
ST
ILE
38
and Next. Adjacent to this is Railway Street Retail Park, comprising of Pets at Home, Clarks
R
Jct40
L
D
LE
V
RO
D
SA
and Iceland, adjoining a Sainsbury’s foodstore of 60,000 sq ft.
DA
U
AD
H
Jysk, Sports Direct, Wickes and B&M all have units close by. Carpetright and Farmfoods are
OSSETT
located to the rear of the subject property. Also accessed via the B6409 E Wilton Street is a
ST RIV
70,000 sq ft Asda foodstore. AT N ’S D
I EE O
N QU
RO
The lack of retail warehousing in the town results
A D in many national retailers not being
R AV E N represented here, including Dunelm, The Range, Home Bargains, TK Maxx and Aldi.
THORP
E ROA
D
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
OA
D
use
R Town Hall
es
STRE
T
Office ET
28
G
8
RIN MARKET STREET
ORTH
Car Park
7
Y
UR
2
2a
SB
22 2
RISHW
5
38
EW
1
17
38.1m
4
1
Hall
7 9
6
40
El Sub Sta
12
D
3
2
42
8 6
61.3m
3
25
5
WEL
14
LB
TE
63.6m
TCBs
10
26
GA
&
LINGT
2
Dewsbury
16
ST
ROAD
12
National Elim
WE
Spiritualist
WILTON STREET, DEWSBURY WF12 8AB
56 to 62 48
ON
Pentecostal 64
21
18
Church
15
RETAIL WAREHOUSE INVESTMENT
Church
STRE
38
34
Y
21
66 32 30
16
28
WA
20
ON
20
AD
24
23
DAISY
ET
GT
59.7m HILL
RO
25 TO 59.7m
LIN
58
28
59
W
23
63
LL
N
H
53
EL
LONGCAUSEWAY
51
25
HA
27
RT
49
39.3m Day Centre
W
47
74
65
43 45
O
24
41 29
W
L
T
HIL
3
SH
E
60
ISY
RE
RID 64
RI
DA
71
27 BA IN
ST
CK 62
GS
SCHO
NELS
2
ON RO
STREET AD
PH
83
The Princess of
OL
14
BARN
Ridings
4
29
37
10 Wales Precinct
STRE
1
85
16 (Church) Mill
12 87
6
ET
10a
8 E
6 4 2 TITH
NELS SCHOOL STREET
ON ST b Sta
68
3
REET El Su
46.6m
31 17
15
13 PH
8
11 9
PH 7 3 1
Social
5
30
CHURCH STREET
3
LB
33
10
1
Centre PC
33 32 Subway
Posts 34
a
24
35 36 Car Park
78 38
10
1 40 7
Caxton 42 11
44
WE
15
44.8m 46 inct
Prec
ST
Car Park Square
Wales
61
48 El Sub Sta
GA
of
cess
TE
Prin
The
TE
Rishworth
R
SO
RA
27
UTH
CE
FSs
Centre
GA
Reman House Yorkshire
TE
House TCBs
AD
28
RO
ON
GT
LIN
RA
Car Park Crown
WH
IL
W
Buildings
AY
EEL
WR
AD
ST
E RO
30
Club ET
RAG
R
SOUTH STRE
IG
E
EE
VICA
AT
30
HT
T
TG
ST
ES
RE
W
LD
ET
O
Car Park TCB
Car Park
40.2m Bus Station
MS
RO
AD
FB
Railway
AL
DA
Street
Dewsbury Minster
Sports Centre
Retail Park
Pol Sta
Church of the
Nazerene
Posts
37.5m
48
ALDAMS ROAD
ry
54
FB
37.2m
37.8m
Car Park
LONGCAUSEWAY
AD
WILTON STREET LINK RO
ET
El Sub Sta
STRE
El Sub Sta
AY
ILW
RA
Warehouse
37.2m
37.5m
Tank
Slo
pin
gm
as 39.6m GO
on ODS
ry LAN
E
Outfall
MILL STREET
WEST
37.8m
Lorry Park
SAN
DS
LAN
E
Outfall
40.8m
Savile CR
River C
alde Mil
ls
2
Bridge
r
OAD
Ward Bdy
ield
stf
Ea
ER
1
IL
SAV
12
1
11
EET
TR
DS
17
Savile Bri
dge Mills
AN
RTL
KE
Cut End
24
6
0m 50m 100m 150m
T
EE
37.5m El Sub Sta Mills
STR
23
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
OR
AY
1
VEN
W
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
OS
N Chy
O Depot
NN
29a
GR
CA
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
34
37 5m
11
9
& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
u DESCRIPTION u PLANNING
The subject property comprises 2 separate purpose built, standalone retail warehouse The original planning permission for the property was granted in July 1985 for the
units. The B&Q unit totals 31,175 sq ft and benefits from having a garden centre, outdoor erection of 2 open A1 non-food retail units with garden centre and associated car parking
compound and a first floor amenity block. The Screwfix unit extends to 6,951 sq ft and and servicing facilities.
has a small mezzanine area housing staff facilities, which could be extended, subject to
planning. Both units are fitted out to the respective tenant’ss specification. The original permission stated that the premises shall be used for the sale of DIY,
gardening and electrical equipment and no other goods. This user restriction was
Car parking is located to the front of the units providing 165 spaces, equating to an removed by a further planning permission dated 1 October 1993.
attractive ratio of 1 : 231 sq ft.
The property therefore benefits from an open A1 non-food retail planning permission.
The units share the benefit of a secure rear service yard with customer and service access
directly off Wilton Street.
u TENANCIES
The site totals 2.57 acres, equating to a low site cover of 34%.
The property is let on full repairing and insuring leases and provides a WAULT of 8.5 years.
The rents on the scheme are low, averaging just £9.41 per sq ft.
B&Q have recently extended their lease for a further 5 year term from June 2021 until 2026,
demonstrating their commitment to the location. The Screwfix lease benefits from having a
fixed uplift in January 2019 to £57,600 per annum.
CURRENT
GIA NEXT RENT
UNIT TENANT LEASE START LEASE EXPIRY RENT COMMENTS
(SQ FT) RENT REVIEW (PER SQ FT)
(PER ANNUM)
Rent review in 2021 capped at 2.5% per
1 B&Q plc 31,175 24/06/1986 23/06/2026 24/06/2021 £308,850 £9.91
annum compounded.
Fixed uplift in the lease from 2019 to
2 Screwfix Direct Ltd 6,951 07/01/2014 06/01/2024 07/01/2019 £50,000 £7.19 £57,600 per annum reflecting £8.29 per
sq ft.
TOTAL 38,126 £358,850 £9.41
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
u TENURE
The property is held freehold in accordance with the title plan below, delineated in red.
TCB
Bus Station
AD
RO
S
D AM
AL
S
Dewsbury Minster
48
D
ALDAMS ROA
54
FB
37.2m
37.8m
AD
LINK RO
WILTON STREET
Slo
pin
g ma
so 39.6m
nry
Outfall
0m 25m 50m 75m
37.8m
Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1417
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT
& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
u TENANTS’ COVENANTS
B&Q plc are the largest home improvement and garden centre retailer in the UK, employing B&Q and Screwfix are both wholly owned subsidiaries of Kingfisher plc, a FTSE 100
over 25,000 people nationwide across 350 stores. The retail chain offers over 40,000 company, with a market capitalisation of £8.64 billion. Kingfisher are an international home
products across their stores and had a customer base of over 7 million people (July 2016). improvement company operating nearly 1,200 stores in 10 countries across Europe. Its
main brands, along with B&Q and Screwfix, are Castorama and Brico Dépôt.
Screwfix is the UK’s largest multi-channel retailer of trade tools, accessories and hardware
products offering customers to shop 28,000 products over the phone, online, via their Both retailers benefit from having a 5A1 D&B rated covenant, and the most recent tenant
mobile or in-person from their local store. The company operates from over 522 stores accounts are as follows:
across the UK and is still expanding.
SALES PRE TAX NET WORTH
UNIT TENANT YEAR ENDING D&B RATING
TURNOVER (000’s) PROFIT/LOSS (000’s) (000’s)
31/01/2016 £3,704,000 -£68,900 £4,493,200
1 B&Q plc 5A1
31/01/2015 £3,664,000 £5,400 £4,368,900
31/01/2016 £1,057,373 £91,053 £348,231
2 Screwfix Direct Ltd 5A1
31/01/2015 £835,569 £62,006 £273,616
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACT& WILTON STREET, DEWSBURY WF12 8AB RETAIL WAREHOUSE INVESTMENT
u EPCs u PROPOSAL
Unit 1 (B&Q) has an EPC rating of C74. We are seeking offers in excess of £4,810,000 (Four Million,
Eight Hundred and Ten Thousand Pounds). A purchase at this
Unit 2 (Screwfix) has an EPC rating of C62.
level reflects an attractive net initial yield of 7.00%, increasing
to 7.15% in January 2019, assuming purchaser’s costs of
u VAT 6.58%.
The property is registered for VAT and it is proposed that the sale will be treated as a ‘Transfer of Going Concern’.
u CONTACT
Ellie Kirkby
T 020 7317 3790
M 07764 241898
E e.kirkby@wilkinsonwilliams.co.uk
Wilkinson Williams
Heathcoat House
20 Savile Row
London W1S 3PR
www.wilkinsonwilliams.co.uk
MISREPRESENTATION NOTICE. 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. 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. 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. 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. 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 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. 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. September 2017. Designed and produced by Creativeworld Tel: 01282 858200.
INVESTMENT LOCATION, SITUATION AERIAL DESCRIPTION, TENURE TENANTS’ EPCs, VAT,
SUMMARY CATCHMENT & & RETAIL PLANNING COVENANTS PROPOSAL
DEMOGRAPHICS WAREHOUSING & TENANCY & CONTACTYou can also read
