8pp 106032 holyhead retail park11
DESCRIPTION
HOLYHEAD, ANGLESEY OPEN A1 (PART FOOd) RETAIL PARk INvEsTmENT sALE A development by: A55 to Bangor Penrhos Retail Park KIERAN FROST, NEW LOOK Phase 2 36,000 sq ft Open A1 Phase 3 3,200 sq ft A3 HOLYHEAD RETAIL PARK Application made to extend to the format 2 HOTEL sITE Holyhead, Anglesey Opened in 2008 PFs HOLYHEAD, ANGLESEY FASHIONTRANSCRIPT
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
OPEN A1 (PART FOOd) RETAIL PARk INvEsTmENT sALE
A development by:
“The store has over achieved since opening and trade continues to perform ahead of expectations”
KIERAN FROST, NEW LOOK
Holyhead PortFerries to Ireland
Town Centre
A5 to Bangor
FASHION
Penrhos Retail Park
Holyhead and Penrhos Retail Area
Phase 3 3,200 sq ft A3
Phase 2 36,000 sq ft Open A1
Application made to extend to the format
HOTEL sITE
PFs
A55 to Bangor
Opened in 2008
HOLYHEAD RETAIL PARKHolyhead, Anglesey
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
2
• Freehold retailpark securely let tonational retailers includingNewLook, Wilkinson,Carpetright, BrantanoandPeacockswithoneunitUnderOffer
• ProminentandstrategiclocationonjunctionoftherecentlyupgradedA55andA5153which connectstotheA5
• FlexibleOpenA1(part-food)planningconsent
• Established retail location anchored by a newMorrisons (65,000 sq ft),Tesco (44,000 sq ft) and Icelandfoodstores.OthernearbyretailersincludeHomebase,Argos,InstoreandQS
• Modern purpose-built retail warehousing with 52,500 sq ft of ground floor space with an extra13,250sqftofretailmezzanine
• Lowpassingbaserentsof£10.81-£12.25persqft
• Highlyattractiveweightedaverageunexpiredleasetermofover12.50years
Weareinstructedtoseekoffersinexcessof£8,075,000 (Eight Million and Seventy Five Thousand Pounds) subjecttocontractandexclusiveofVATforourclient’sinterest. Apurchaseatthislevelwillreflectanetinitialyieldof7.25%*,anequivalentyieldof7.52%andareversionaryyieldof7.53% havingallowedforpurchaserscostsof5.725%.
*Inclusive of rental guarantee offered by the vendor
Investment summary
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
3
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PFs
LondonRoad
A5 to Bangor
A5153PenrhosLink
Und
er
Offe
r
A55
Opened 2007
To Bangor
25 miles
Opened 2007
Opened 2008
FASHION
Application made to extend to the format
Penrhos Retail Park
Phase 2 36,000 sq ft Open A1
Phase 3 3,200 sq ft A3
PFs
HOTEL sITE
HOLYHEAD RETAIL PARKHolyhead, Anglesey
Holyhead Out of Town Retail Area
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
4
LocationHolyheadisthelargesttownonAnglesey.ThePenrhosareaprovidesthe only out of town retailing on the island.TheA55, which hasrecentlybeenupgradedtoadualcarriageway,connectsthemainlandofWaleswithHolyheadandultimatelytheferryport.
Theportisanimportantferrylinkwithover2.4millioninternationalpassengersperyearmakingitthethirdbusiestpassengerportintheUKbehindDoverandPortsmouth.
demographicsAngleseyhasapopulationofcirca70,000.Duringthepeaktouristmonthsinthesummer,thisfiguremorethantriples.Theparkdrawsfromacatchmentof33,000(Source:IOACC).
situationHolyhead Retail Park is prominently situated next to the junction of theA55 and Penrhos Link Road (A5153) which links totheA5.Thepark is located1mile(1.6km)southofHolyheadtowncentre.
This retail hub is anchoredby a new65,000 sq ftMorrisons and44,000sqftTesco,whichissubjecttoaplanningapplicationtoextendittoaTescoExtra.ThenewTescoExtrawillbe88,000sqft.
Sharing the same access road as the scheme is the 35,000 sq ftPenrhosRetailParklettoArgosExtra,QS,InstoreandFarmfoods.Also in the surrounding area is a newly constructed 25,000 sq ftHomebaseandarecentlyrefurbishedToppsTiles.
Holyhead Shopping ParkHolyhead, Anglesey
A55
A4080
A5025
A5025
ANGLESEYHOLYHEAD
MENAIBRIDGE
LLANGEFNI
BANGOR
B4545
A55
A5153
MORAWELON
STYRD
KINGSLAND
A5
A55
HOLYHEAD RETAIL PARKHolyhead, Anglesey
Holyhead Shopping ParkHolyhead, Anglesey
“A good store that trades withinthetophalfofour trading portfolio”
MARCUS PHILLIS, BRANTANO
PortTown centre
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
5
descriptionTheschemecomprisesmodernpurpose-builtretailwarehousingconstructed in 2005. The units are of steel portal frameconstruction with a combination of brickwork and profilemetal sheeting external elevations.
The park is configured as a retail terrace of five units withthe standaloneWilkinson unit on the opposite side of the carpark.
Intotaltheparkcontains206carparkingspaces,providingaratioof1:291sqft.
The adjoining land is in the control of the vendor,who hasplanningpermissionforPhase2,whichwillextendthecurrentschemebyafurther36,000sqftofOpenA1(nonfood)retail.ThiswillprovideanimprovedlinkfromtheretailparktotheMorrisonsFoodstore.
Thevendor is also in controlof theA1/A3 site at the frontof the retail park where there is planning permission for a 3,200sqftpodunittobeconstructed.Thissiteispotentiallyavailabletopurchasewithfurtherinformationavailableuponrequest.
PlanningThe property benefits from an Open A1 (part-food) planningconsentthatallowsupto10%ofthetotalfloorspaceoftheindividual units to be used for the sale of food. Included within the planningpermissions was consent for 29,250 sq ft ofmezzanine floor space16,000 sq ft of which has not yet been implemented, including:Carpetright(3,000sqft),NewLook(3,000sqft)andtheunitUnderOffer(10,000sqft).
site Theretailparkextendstoapproximately1.34hectares(3.3acres).
TenureFreehold.
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A5153 Penrhos Link
Und
er O
ffer
“The Penrhos area is a strong trading location for us and in retailingterms,haseffectivelybecomethenewtowncentreforHolyhead”
AdAM KIRK, WILKINSON
Phase 2 36,000 sq ft Open A1
Phase 3 3,200 sq ft A3
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
6
wv tw
Tenancy & Accommodation CovenantsTenant Unit Size
(sq ft)Lease Start
Expiry date
Contracted Rent Next Rent Review
ERV Comments
p.a per sq ft p.a per sq ft
Brantano(UK)Ltd Unit1 5,000 25-Mar-05 24-Mar-20 £55,000 £11.00 25-Mar-10 £62,500 £12.50
Peacock’sStoresLtd Unit2
G M
6,500 3,000
25-Mar-05 24-Mar-20 £69,875 £10.75 25-Mar-10 £79,625 £12.25
T 9,500
CarpetrightPlc Unit3 6,500 25-Mar-05 24-Mar-20 £74,750 £11.50 25-Mar-10 £79,625 £12.25
NewLook RetailersLtd
Unit4
GM
6,0003,000
29-Sep-05 28-Sep-20 £73,500£9,187
£12.25£3.06
29-Sep-10 £75,500£9,375
£12.50 £3.13
Mezzaninefloorisrentaliedat£25%ofgroundfloorrentpersqft
£84,375£82,687T 9,000
Underoffer Unit5 10,000 - £110,000 £11.00 - £110,000 £11.00Vendortoprovideatwoyearguaranteeuntil let and income producing
Wilkinsons HardwareStoresLtd
Unit6
GM
18,5007,250
25-Mar-05 24-Mar-25 £226,500 £12.24 25-Mar-15 £226,500 £12.24 Vendortoprovidearental top-uptothe£226,500p.a.fixedincreasedueon24-Apr-10
Currentpassingrentof£200,000p.a.
£226,550T 25,750
GM
52,50013,250
£618,812 £642,625
T 65,750
Tenant Experian Rating (/100)
Latest Pre-Tax Profits
Brantano(UK)Ltd 60 -£5,621,000
Peacock’sStoresLtd 79 £24,617,000
Carpetrightplc 100 £16,700,000
NewLook RetailersLtd
91 £20,306,000
UnderOffer - -
Wilkinsons HardwareStoresLtd
100 £29,461,000
Thepropertyisletinaccordancewiththescheduleprovidedandproducesatotalcurrentincomeof£618,812perannum(inclusiveofrentalguaranteeofferedbythevendor).
HOLYHEAD RETAIL PARKHOLYHEAD, ANGLESEY
7
Weareinstructedtoseekoffersinexcessof£8,075,000 (Eight Million and Seventy Five Thousand Pounds)subjecttocontractandexclusiveofVATforourclient’sinterest.Apurchaseatthislevelwillreflectanetinitialyieldof7.25%*, anequivalentyieldof7.52%andareversionaryyieldof7.53%havingallowedforpurchaserscostsof5.725%.
Forfurtherinformationpleasecontact:
A development by:
Proposal
*Inclusive of rental guarantee offered by the vendor
Disclaimer:CBRichardEllisNovember2009
CBRichardEllisonitsbehalfandfortheVendorsorLessorsofthispropertywhoseAgentstheyare,givenoticethat:
1.TheseparticularsaresetoutasageneraloutlineonlyforguidancetointendingPurchasersorLessees,anddonotconstituteanypartofanofferorcontract.
2.Detailsaregivenwithoutanyresponsibilityandanyintendingpurchasers,LesseesorThirdPartiesshouldnotrelyonthemasstatementsorrepresentationsoffact,butmustsatisfythemselvesby
inspectionorotherwiseastothecorrectnessofeachofthem.
3.NopersonintheemploymentofCBRichardEllishasanyauthoritytomakeanyrepresentationorwarrantywhatsoeverinrelationtothisproperty.
4.Unlessotherwisestated,allpricedandrentsarequotedexclusiveofVAT.
James Gulliford
T:02071822216 E:[email protected]
Ian davies
T:01244408214 E:[email protected]
Will Atkinson
T:02071822401 E:[email protected]
Anglesey | Holyhead Retail Park | November 09 | Ref: 106032