the walnuts shopping centre kent br6 0tw€¦ · kent br6 0tw. investment considerations •...
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Poundland, OrpingtonTHE WALNUTS SHOPPING CENTRE
KENT BR6 0TW
INVESTMENT CONSIDERATIONS• Orpington is an affluent south east town
with a ‘Greater London’ address
• 7.5 years remaining to the 5A1 covenant of Sainsbury’s Supermarkets Ltd guaranteed by J Sainsbury’s PLC
• Part sub-let to Poundland Limited which provides a future asset management angle
• Long leasehold
• Passing rent of £351,130 per annum which equates to £11.84 psf
• Substantial town centre retail unit totalling 29,666 sq ft
• A new Leisure scheme has opened opposite the unit helping to drive footfall in the vicinity
• Situated adjacent to the town’s main shopping centre
• Affluent catchment population with over 61% of the population categorised in the AB and C1 group.
• Offers are sought in excess of £3,660,000 (Three Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 9.00% after allowing for purchaser’s costs of 6.51%.
LONDONHeathrow
Oxford
LondonCity
Gatwick
StanstedLuton
J27J25J23
J21
J20
J19
J16
J15
J12
J10
J7J8
J9
J6
J5
J3
J2
J29
J28
A5
A505
A418
A602A131A130
A138
A130
A127
A217
A331
A322
A33
A339
A316
A309
A232
A264
A264
A229
A120
A404
A355
A404
A418
A413
A4142
A4010
A414
A414
A414
A1
A2
A3
A3
A41
A41
A34
A40
A31
A24
A22
A21
A20
A10
A10
A12
A12
A13
A26
A21
A23
A23
A420
A303
A34
A34
A44
A40
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Harlow
Bishop’sStortford
EppingPotters Bar
Knebworth
Hertford
Luton
Aylesbury
Abingdon
Wantage
Witney
Dorchester
Bradfield
Wallingford
DunstableStevenage
Hatfield
Dartford
Bromley
Gravesend
Gillingham
Shoreham
Rochester
Sittingbourne
Croydon
Biggin Hill
Romford
Sevenoaks
Tonbridge
RoyalTunbridge
Wells
Maidstone
Snodland
Sheerness
StaplehurstPaddock
Wood
East GrinsteadCrawley Three Bridges
Horley
Horsham
Witley
Godalming
Andover
Stockbridge
Cranleigh
NorthHorsham
HaywardsHeath
Burgess Hill
Redhill
Oxted
DorkingGuildford Reigate
Staines
Slough
HemelHempstead St Albans
HighWycombe
Thame
Watford
WembleyUxbridge
RuislipHarrow Brent
Cross
Woking
SouthOxney
Rickmansworth
Harefield
BorehamwoodEnfield
Windsor
Famborough
Aldershot
Alton
Basingstoke
Winchester
Newbury
Famham
Fleet
WokinghamBracknall
Egham
Ascot
SandhurstBagshot
Reading
Oxford
Henley-on-Thames Maidenhead
EpsomSutton
Clapham
Swanley
Fulham
Ashford
RichmondHounslow
KingstonUpon Thames
BillericayWickford
Stanford-le-Hope
Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
DIDCOT
ORPINGTONORPINGTON
•
LocationOrpington is an affluent market town in the London Borough of Bromley approximately 15 miles south east of Central London, 5 miles (8km) south east of Bromley and 10 miles (16km) east of Croydon. Orpington is located in the heart of the south east commuter belt with a ‘Greater London tag’ and is one of the principal suburbs of the London Borough of Bromley.
The town is served by excellent communications, with regular rail services from Orpington to central London with a fastest journey time of 18 minutes to London Bridge. The town benefits from a good road network being conveniently situated 4 miles (6km) north west of Junction 4 of the M25. The A21 is situated approximately 2 miles (3km) to the west which provides access to Bromley 4.5 miles (7km) to the north and Central London 15 miles (24km) to the north west.
Orpington is served by 17 different bus routes providing daily services around the town and Greater London.
Gatwick airport is a 27 minute drive to the south, located approximately 34 miles (55 km) from Orpington.
DemographicsOrpington has a primary catchment of 105,000 people with an estimated shopping population of 30,000 which is projected to see significant growth over the next five years. Orpington has an affluent catchment with over 61% of the population categorised in the AB and C1 group, it benefits from a low local unemployment rate of 6.9%. The town has a significant population of students with 8,000 full and part-time students from the Orpington Campus of Bromley College.
Retailing in OrpingtonOrpington town centre has an excellent provision of multiple retailers, which was significantly enhanced in 2015 with the redevelopment and extension of the Walnuts Shopping centre to provide 65,000 sq ft of new accommodation with a B&M, Pure Gym and a seven screen Odeon Cinema. Originally the High Street was considered to be the prime pitch, this has now changed to The Walnuts Shopping Centre. There is an estimated 0.59 million sqft of retail floor space in Orpington (PROMIS). The Walnut Shopping centre attracts a high footfall aided by the long established market, that runs every Tuesday, Friday and Saturday which is situated in the heart of the shopping centre. Zone A rents in the Walnuts Centre are at £50 psf.
SituationThe property is located in a prominent position forming part of the Walnuts Shopping centre, Orpington’s principal centre, providing the prime retailing destination. The Walnuts Shopping Centre sits adjacent to the High Street to the West and the subject property is situated in the south east of the shopping centre in an outdoor Courtyard.
There are numerous national retailers in immediate proximity including New Look, Lloyds Bank, The Edinburgh Woollen Mill, Starbucks, Argos, Odeon, Wilko amongst others.
DescriptionThe property is of brick construction and occupies an end of terrace retail unit totalling 2,756.1 sq m (29,666 sq ft). The property is arranged to provide a ground floor retail unit of 864.5 sq m (9,305 sq ft) with storage to the rear which benefits from two roller shutter doors providing access to a loading area to the rear. Part of the ground floor and first floor are not occupied by Poundland.
Description Area sq m Area sq ft
GF retail area 864.5 9,305
GF storage/ancillary 1,523.2 16,396
FF storage/ancillary 368.4 3,965
Total 2,756.1 29,666
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For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
Orpington
Experian Goad Plan Created: 02/08/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crowncopyright and database rights 2016. OS 100019885
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© Crown Copyright, ES 100004106. For identification purposes only.
TenureThe property is held long leasehold from the London Borough of Bromley for a term of 99 years from 29th September 1972 (approximately 55 years unexpired) at a peppercorn rent.
TenancyThe property is let to Sainsbury’s Supermarkets Ltd for a term of 35 years from 25th March 1989 thus providing approximately 7.5 years remaining at a passing rent of £351,130 per annum which equates to £11.84psf. The rent is reviewed on a 5 yearly basis with the next review in March 2019. The lease is guaranteed by J Sainsbury’s PLC.
Sainsbury’s Supermarkets Ltd have sublet the property to Poundland Limited for 10 years from 29th October 2010 to 28th October 2020. Further details available upon request.
Covenant Information
Sainsbury’s Supermarkets Ltd
16/03/2013 15/03/2014 14/03/2015
Turnover (000’s) £23,290,000 £23,919,000 £23,443,000
Pre-Tax Profit (000’s) £616,000 £810,000 (£206,000)
Total Net Worth (000’s) £4,507,000 £4,706,000 £4,224,000
J Sainsbury’s PLC (Guarantor)
15/03/2014 14/03/2015 12/03/2016
Turnover (000’s) £23,949,000 £23,775,000 £23,506,000
Pre-Tax Profit (000’s) £898,000 (£72,000) £548,000
Total Net Worth (000’s) £5,717,000 £5,214,000 £6,036,000
EPCThe property has an EPC rating of E(110).
VATThe property has been elected for VAT and therefore it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
ProposalOffers are sought in excess of £3,660,000 (Three Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 9.00% after allowing for purchaser’s costs of 6.51%.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 09.16
For further information or to make arrangements for viewing please contact:
www.allsop.co.uk
Richard Lea020 7543 6832richard.lea@allsop.co.uk
Dale Johnstone020 7543 6796dale.johnstone@allsop.co.uk
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