5 rise shopping centre bingley bd16 1aw · a65 a61 a64 a58 a58 m62 m62 m1 m1 bradford leeds bingley...

INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION

5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 1

5 Rise Shopping CentreBINGLEY BD16 1AW

PRIME FOOD ANCHORED RETAIL INVESTMENT FOR SALE

INVESTMENT SUMMARY

�� Bingley�is�an�affluent�and�attractive�West�Yorkshire�market�town,�with�a�resident�population�of�approximately�20,000.��

�� 5�Rise�is�a�refurbished,�modern,�open�shopping�centre,�comprising�approximately�59,500�sq�ft�and�providing�the�only�pedestrianised�retail�within�the�town.

�� 5�Rise�benefits�from�a�convenience-led�offer�with�main�tenants�including�Co-Op,�Home�Bargains,�Poundland�and�Greggs.

�� Low�rental�tone�of�£25-35�Zone�A.

�� Strong�WAULT�of�8.62�years�to�expiry�(7.96�to�break).

�� 87.6%�of�the�current�income�is�secured�against�national�multiple�covenants.

�� Strong�occupational�feedback�received�from�key�occupiers.

�� Average�weekly�footfall�of�circa�34,600.

�� Freehold.

�� We�are�instructed�to�seek�offers�in�excess�of�£8.42m (Eight Million, Four Hundred and Twenty Thousand Pounds),�subject�to�contract�and�exclusive�of�VAT.��A�purchase�at�this�level�would�reflect�a�net�initial yield of 7.5%,�an�equivalent�yield�of�8.1%�and�a�reversionary�yield�of�8.2%.�



M62

M621M621

A6110

A6036

A6068

A6033

A6120

A658

A658

A660

A650

A629

A629

A629

A646

A646

A644A638

A650

A58

A56

A65

A61

A64

A58

A58

M62

M62

M1

M1

BradfordLeeds

Bingley

Keighley

BrighouseDewsbury

Wakefield

Headingley

Morley

Halifax

Shipley

Colne

Hebden Bridge

EastburnOtley

BradfordLeeds

Bingley

Keighley

BrighouseDewsbury

Wakefield

Headingley

Morley

Halifax

Shipley

Colne

Hebden Bridge

EastburnOtley

5 Rise Shopping CentreLOCATIONBingley�is�an�attractive�market�town�in�West�Yorkshire,�located�approximately�16.8�miles�west�of�Leeds,�4.2�miles�east�of�Keighley�and�3.2�miles�west�of�Shipley.

The�town�is�served�principally�by�the�A650�and�A657�providing�the�route�west�to�Leeds�and�access�to�the�M62,��M1�and�A1M�motorways.

Bingley�Railway�Station�provides�half�hourly�services�from�Bingley�to�both�Leeds�and�Bradford,�Forster�Square.��Additionally�there�are�4�trains�an�hour�towards�Skipton.��The�trains�to�Leeds�have�a�journey�time�of�approximately��20�minutes.

Bingley�is�located�10�miles�drive�from�Leeds�Bradford�Airport�and�54�miles�drive�from�Manchester�airport.

SITUATION5�Rise�is�centrally�situated�within�Bingley�fronting�the�Main�Street�with�rear�access�from�Chapel�Lane�and�Midland�Hill�providing�direct�access�to�Bingley�Railway�Station�(approximately�5�minutes�walking�distance).��In�addition�to�the�bus�stops�located�immediately�to�the�front�of�the�shopping�centre,�5�Rise�offers�shoppers�excellent�access�to�public�transport�links.

5�Rise�provides�the�dominant�retail�offer�in�the�town,�with�other�notable�occupiers�in�close�proximity�including�JD�Wetherspoon�and�Sainsbury’s�Local.

The�former�Bradford�&�Bingley�HQ�opposite�the�Centre�has�now�been�demolished.�

A�new�Aldi�store�will�shortly�open�to�the�rear�of�the�Centre�at�the�top�of�Midland�Hill.



DEMOGRAPHICSBingley�offers�a�resident�population�of�just�under�20,000�and�a�population�within�6.2�miles�of�the�subject�property�of�406,750.

Bingley�has�a�similar�market�size�and�consumer�profile�of�other�affluent�Yorkshire�towns�including�Selby,�Guisborough�and�Ripon.

Bingley’s�ACORN�profile�is�dominated�by�secure�families�(18.8%)�and�blue�collar�roots�(13.7%).��

The�town�has�more�wealthy�executives�and�flourishing�families�than�the�Yorkshire�and�Humber�average.



DESCRIPTION5�Rise�is�arranged�as�an�open-plan�shopping�centre,�originally�constructed�in�1970�and�comprehensively�refurbished�and�officially�re-opened�in�December�2009,�offering�59,500�square�feet�of�single�level�retail�accommodation�arranged�across�18�individual�shop�units.��The�centre�is�anchored�by�a�Coop�food�store,�with�other�notable�tenants�including�Home�Bargains,�Poundland,�Card�Factory,�Greggs,�Santander�and�Boots.��The�Bingley�Library�is�located�upon�Chapel�Lane�directly�underneath�Home�Bargains,�and�offers�approximately�6,000�square�feet�community�facility�

which�is�let�on�a�125�year�lease�at�a�peppercorn�to�Bradford�Metropolitan�District�Council.

5�Rise�is�adjacent�to�the�rail�station,�several�bus�stops,�as�well�as�the�main�town�car�parks.

The�retail�units�including�the�food�store�are�arranged�along�two�terraces�with�a�central�open�mall.��Servicing�is�accessed�via�Burrage�Street�and�Ferncliffe�Road.

The�retail�units�are�all�arranged�with�ground�floor�sales�and�approximately�50%�of�the�units�have�additional�first�floor�ancillary�accommodation.

The�retail�units�are�of�two-storey,�part�concrete�frame�and�part�steel�frame�construction.��The�elevations�are�a�mix�of�rendered�blockwork�and�glazing�with�powder-coated�aluminium�frames.��The�roofs�are�a�mix�of�bitumen�and�felted�flat�roofs�together�with�steeled�decking.

All�units�provide�good�quality,�modern,�unrestricted�retail�space.



TENANCY SCHEDULE5�Rise�is�multi-let�in�accordance�with�the�tenancy�schedule�and�produces�a�current�gross�rental�receipt�of�£680,500�pa.��The�current�net�rental�after�shortfalls�on�vacancy�is�£668,132�pa.

Unit Address Tenant Ground Flr (Sq ft)

ITZA 1st Flr/Basement

(Sq ft)

Term Lease Start Date

Lease Expiry Date

Break Rent Review

Zone A Passing Rent ERV (ZA/sq

ft)

ERV pa Rates Payable

Annual S/C

Annual Insurance

(April)

Landlord Shortfall

pa

Comments

1�A&B 153-155�Main�Street� Santander� 2,360 1,354 10.7 14/02/14 04-Nov-24 05-Nov-19 05/11/19 £37.0 £50,000 £35.0 £47,390 £17,906 £4,803 £708 £0 No�return�frontage.�5%�ITZA�adjustment.�Break�05/11/2019

1C 157�Main�Street� Yorkshire�Building�Society 1,100 888 10 22/04/12 21-Apr-22 22/04/17 £33.8 £30,000 £35.0 £31,080 £10,040 £2,238 £360 £0 Less�5%�no�anc.

2�to�4 Poundland�Ltd�T/A�Poundland

3,935 2,087 1,531 5 14/09/15 13-Sep-20 14-Sep-18 £23.0 £50,000 £35.0 £73,045 tbc £11,123 £1,787.83 £0 Less�15%�F-D/Anc�@�£1.50.��Break�end�of�the�3rd�year�subject�to�6�months�notice.�5%�ITZA�adjustment��

5 Sportswift�Ltd�T/A�Card�Factory�

1,550 1,055 832 5 20/07/15 19-Jul-20 £22.5 £25,000 £35.0 £36,925 £11,902 £4,847 £736 £0

6 T�J�Morris�Ltd�T/A�Home�Bargains�

7,240 15 29/10/09 28-Oct-24 31/10/14 £9.46 £68,500 £9.46 £68,500 £30,843 £13,394 £2,174 £0 Overall�rate�.Rent�to�£75,000�if�alcohol�sold

7 YMCA 1,400 655 1,150 5 14/09/15 13-Sep-20 £26,000 £35.0 £22,925 £5,189 £1,352 £0 Under�offer�to�YMCA.�£26k�pa�by�way�of�new�lease�full�details�tbc.�To�be�assesed�for�RV

7A Vacant 1,100 655 1,300 £0 £35.0 £22,925 £4,884 £601 £5,485 To�be�assesed�for�RV

8A Greggs�PLC�T/A�Greggs 895 524 10 09/10/09 08-Oct-19 09/10/14 £52.0 £27,500 £35.0 £18,340 £5,796 £1,656 £268 £0 Less�5%�no�anc.

8B Vacant 350 300 £0 £35.0 £10,500 £6,003 £611 £270 £6,884

9 151�Main�Street� Adele�Hepworth�T/A�Myrtle�Perks

810 624 871 0.75 19/01/15 18-Oct-15 £30.0 £20,000 £35.0 £21,840 £7,245 £1,560 £505 £0

9A Timpson�Ltd�T/A�Timpsons

220 220 15 16/01/08 15-Jan-23 16/02/13 £52.0 £11,500 £35.0 £7,700 £2,525 £466 £76 £0

10 Co-operative�Group�Ltd�T/A�Co-op

11,915 5,145 20 23/09/09 22-Sep-29 23/09/14 £12.9 £220,000 £13.0 £221,780 £72,450 £31,211 £5,121 £0 Overall�rate.

11A 10�Chapel�Lane Proctor�Night�Clubs�Ltd�T/A�Bijou

1,347 702 6 17/06/15 16-Jun-21 17-Jun-18 £23.0 £16,000 £25.0 £17,550 £5,692 £2,741 £375 £0 Less�5%�no�anc.�6�months�rent�free.�Tenants�break�end�of�3rd�year

11B 12�Chapel�Lane Done�Brothers�(Cash�Betting)�Ltd�T/A�Bet�

Fred

1,128 574 10 09/10/09 08-Oct-19 09/10/14 £50.0 £28,500 £25.0 £14,350 £4,554 £2,035 £373 £0 Less�5%�no�anc.

12 1�Burrage�Street� �Andrew�Boggett�T/A�Off�the�Tap�

875 598 3 07/03/15 06-Mar-18 £25.0 £15,000 £25.1 £15,004 £4,968 £1,781 £263 £0 Less�5%�no�anc.�Expired�08/03/15�assumed�holding�over

14�Chapel�Lane Harvester(Bingley)Ltd�T/A�Harvester

2,625 3,000 10 23/12/14 22-Dec-24 23/12/19 £25,000 £25,000 £6,624 £6,706 £1,089 £0 Overall�rate.�

18�Chapel�Lane Bradford�MDC�T/A�Bingley�Library�

6,000 125 03/12/09 02-Dec-34 £0 £0 £20,493 £12,210 £1,801 £0 Sold�off.

143�Main�Street� National�Westminster�Bank�PLC�T/A�Nat�West�

1,172 878 759 5 24/09/14 23-Sep-19 24-Sep-17 £28.0 £26,000 £35.0 £30,730 £10,764 £3,483 £604 £0 Break�end�of�3rd�year�subject�to�6�months�notice

145�Main�Street Photographic�Retail�(2008)�Ltd�T/A�Max�

Spielman�

413 270 10 20/08/12 19-Aug-22 £31.0 £8,500 £35.0 £9,450 £3,271 £1,000 £125 £0 Less�5%�no�anc.

147/9�Main�Street� Boots(UK)�Ltd�T/A�Boots

1,514 1,009 1,066 5 01/09/15 31-Aug-20 £32.0 £33,000 £32.0 £33,000 £13,041 £2,725 £570 £0 New�lease�agreed�5�yrs�from�1st�Sep�2015�£33,000pax

Total Annual Rent £680,500 £728,034 £234,117 £114,664 £19,159 £12,368



opening October

TIMPSON

N

For illustration purposes only.



COVENANTSTenant Company

No.Year Turnover Net Profits Net

WorthUnited�Co-operatives�Retail�Ltd 525R 2014 £9,433,000,000 £216,000,000 -TJ�Morris�Ltd�(Home�Bargains) 1505036 2014 £1,277,324,000 £124,760,000 £439,875,000Santander�UK�plc 2294747 2014 n/a £1,399,000,000 £12,006,000,000Sportswift�Ltd�(Card�Factory) 3495972 2014 £336,676,000 £62,320,000 £58,862,000Poundland�Ltd 2495645 2014 £997,803,000 £41,017,000 £96,235,000Done�Brothers�(Cash�Betting)�Ltd��(Bet�Fred) 1277703 2014 £417,111,000 £13,967,000 £108,429,000National�Westminster�Bank�plc�(NatWest) 929027 2014 n/a £2,643,000,000 £16,009,000,000Boots�(UK)�Ltd 928555 2013 £6,340,000,000 £507,000,000 £456,000,000Greggs�plc 502851 2014 £803,691,000 £49,743,000 £241,982,000

ERVWe�consider�the�rental�tone�for�the�property�to�be�in�the�order�£25-35�Zone�A,�producing�a�total�ERV�of�£728,034�per�annum,�and�providing�an�excellent�platform�for�medium-term�rental�growth.

INCOME ANALYSISApproximately�87.6%�of�the�current�rental�income�is�secured�against�national�multiple�retailers.

Net�income�profile�to�lease�expiry Net�Income�by�covenant

47%

21%32%

0-5 years5 - 10 years10+ years

87%

13% NationalLocal

47%

21%32%

0-5 years5 - 10 years10+ years

87%

13% NationalLocal



TENUREFreehold.�

ASSET MANAGEMENT�� Utilise�the�original�planning�permission�granted�

when�the�shopping�centre�was�refurbished�and�extended�to�convert�existing�office�accommodation�above�Santander,�totalling�approximately�7,500�square�feet�into�residential�apartments.

�� Re-let�remaining�two�vacant�retail�units�completing�the�letting�programme�and�improving�the�income�return.

�� Consider�the�possibility�of�extending�the�unit�located�at�151�Main�Street,�and�currently�let�on�flexible�terms,�in�order�to�secure�a�major�branded�coffee�operator.

MANAGEMENT SERVICE CHARGEThe�operating�costs�of�the�shopping�centre�are�covered�by�a�comprehensive�service�charge.

The�service�charge�year�is�from�1�October�to�30�September.

Last�years’�service�charge�total�was�£94,024.03�pa�and�the�budget�for�this�year�is�£99,609.38�pa.

Based�upon�the�current�budget,�service�charge�payable�by�the�tenants�amounts�to�£1.85�per�sq�ft.

There�are�no�shortfalls�as�a�result�of�service�charge�caps.



PLANNING Planning�consent�for�the�development�was�granted�by�the�City�of�Bradford�Metropolitan�District�Council�in�July�2008,�under�application�number�07/08080/FUL�for�the�following:-

Alterations�and�extensions�to�the�existing�shopping�centre�in�two�phases�to�provide�refurbished�and�extended�shopping�facilities,�a�relocated�library�and�conversion�of�the�existing�offices�to�10�x�1�bedroom�residential�apartments�in�Phase�1,�and�upper�storey�extensions�to�provide�residential�accommodation�comprising�an�additional�62�x�1�bed�and�14�x�2�bed�apartments�in�Phase�2.

��

WARRANTIES Full�collateral�warranties�are�in�place�for�12�years�from�October�2009�from�the�Architect,�Structural�Engineer,�Services�Engineer�and�Contractor.

EPC EPC�certificates�for�all�units�are�available�on�request.

VAT The�property�is�elected�for�VAT�and�it�is�proposed�that�the�sale�be�structured�as�a�TOGC.

PROPOSAL Offers�are�sought�in�excess�of�£8.42m (Eight Million, Four Hundred and Twenty Thousand Pounds)�for�our�client’s�freehold�interest,�subject�to�contract�and�exclusive�of�VAT.��An�acquisition�at�this�level�would�reflect�the�following�yield�profile,�assuming�purchaser’s�costs�of�5.8%:-�

Net�Initial�Yield� 7.5%Net�Equivalent�Yield� 8.1%Net�Reversionary�Yield� 8.2%



Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. JC0075. September 2015.

FURTHER INFORMATION

For�further�information�please�contact:-

Jonathan�Milburn�/�Adam�Robinson�Jackson Criss020�7637�[email protected]�/�[email protected]

Paul�Lancaster�4 Urban Consulting Ltd01423�[email protected]�

DES

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ED�B

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C� INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION


5 rise shopping centre bingley bd16 1aw · a65 a61 a64 a58 a58 m62 m62 m1 m1 bradford leeds bingley...

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