block 4, the quadrant, alcester street redditch, b98 … · block 4, the quadrant, alcester street...
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BLOCK 4, THE QUADRANT, ALCESTER STREETREDDITCH, B98 8AE
020 7437 6977
HIGH YIELDING LEISURE PARADE INVESTMENT WITH DEVELOPMENT OPPORTUNITIES
KEY INVESTMENT CRITERIA
Affluent Midlands ‘New Town’
Freehold in the established A3/A4 pitch
39,065 sq ft of well configured retail/leisure and gym accommodation
8 tenancies providing a total income of £369,908 per annum with a WAULT of 7.21 years (4.17 years to break)
26% of the income let to J D Wetherspoon plc
Development opportunity of building over part of the 143 space car park. Plans drawn up for 45 flat scheme
Seeking offers in excess of
£3,475,000Subject to contract and exclusive of VAT.
Attractive net initial yield of 10%*
*after allowing for purchaser’s costs of 6.48%.
HEART OFWORCESTER
COLLEGE
SUBJECTPROPERTY
THE KINGFISHER SHOPPING CENTRE
BLOCK 1 IS AVAILABLEFURTHER INFORMATION AVAILABLE ON REQUEST
REDDITCHBOROUGH COUNCIL
LOCATIONRedditch is a town in north-east Worcestershire that was designated a ‘New Town’ in 1964. The town is located 29 km (18 miles) south of Birmingham, 40 km (25 miles) north-east of Worcester and 185 km (115 miles) north-west of London.
The town benefits from excellent transport links, being located 7 km (4.5 miles) south of Junction 2 of the M42 motorway.
Redditch train station provides a direct and regular service to Birmingham New Street with a fastest journey time of approximately 35 minutes.
The closest airport is Birmingham International Airport (30km/19 miles to the north-east).
Redruth
Padstow
Wadebridge
TintagelLaunceston
Looe Paignton
Dartmouth
SalcombeKingsbridge
Douglas
Ramsey
Peel
Castletown
Macduff
Inverness
Aberdeen
Portlethen
DundeeBlairgowrie
PerthOban
Glencoe
KirkcaldyBuckhaven
Bo'ness
Glenrothes
Stirling
Forfar
DunblaneAlloa
Denny
Callander
Kilsyth
Livingston
Biggar
Aberfeldy
Cupar
DunfermlineCowdenbeath
Falkirk
HelensburghStenhousemuir
GreenockGlasgow
Motherwell
Dumbarton
Hamilton Peebles
KilmarnockBrodick
Wick
Portskerra
Skerray
Mallaig
Ardvasar
Kyle
Dunbar
HaddingtonEdinburgh
Invergarry
Invermoriston
Tobermory
Stonehaven
Peterhead
Ellon
Dyce
Inverurie
Mintlaw
Fraserburgh
Lossiemouth
Elgin
ForresNairn
Dornoch
Achnasheen
Invergordon
Inveran
Johno' Groats
Thurso
FortWilliam
Arbroath
Carnoustie
Lunan
Ipswich
Stowmarket
Halesworth
Sudbury
Chelmsford
Braintree
Tiptree
Croydon Ramsgate
Broadstairs
Crawley
MaidstoneCanterbury
FolkestoneTunbridgeWells
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Newbury
Monmouth
Hay-on-Wye
LlandrindodWells
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Salisbury Winchester
Wareham
Poole
YeovilCrewkerne
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Barnstaple
Trowbridge
ChippenhamWeston
Super-MareBath
Clevedon
ChippingSodbury
Stroud
Bristol
Gloucester
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FakenhamAylsham
Holt
King's Lynn
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GreatYarmouth
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E. Dereham
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Ely
Dorchester
Weymouth
BridportExeter
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NewtonAbbot
Truro
Hayle
Newquay
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Brecon
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Llanelwedd
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Bridgend
CardiffPenarth
Barry
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CarmarthenHaverfordwest
Pembroke
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Macclesfield
Chester Lincoln
Derby
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WolverhamptonLeicester
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Aberystwyth Birmingham
Ledbury
Taunton
Merthyr
Felixstowe
Cromer
N. Walsham
AttleboroughLowestoftKessingland
Haverhill
Hemsby
Southampton
St. Austell
Bude
Penzance
Teignmouth
Bideford
Holsworthy
SouthMoltonGreat
Torrington
MilfordHaven
Fishguard
Cardigan
Hereford
Porthmadog
Caernarfon
Grimsby
Louth
Dover
Deal
Sandwich
Margate
Colchester
Clacton-on-SeaFrinton-on-SeaWalton on the Naze
SouthwoldBungayThetford
Peterborough
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StevenageAylesbury
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Workington
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Durham
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York
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Ripon
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Goole
NewGalloway
PenrithKeswick
ConistonRavenglassRichmond
AyrCumnock
New Cumnock
Moffat
Muirkirk
MayboleTurnberry
Scarborough
Pickering
StranraerPortpatrick
Port LoganDrummore
Campbeltown
Whitby
Girvan
Ballantrae
Kirkcolm
Sanquhar
BanffBuckie
Huntly
TurriffKeith
Craigelliachie
Kinbrace
Altnaharra
Lochinver
Culkein
Balchrick
Ullapool
Gairloch BraemoreJunction
Durness
Lairg
Grantown-on-Spey
Rothes
Braemar
Laurencekirk
Drumnadrochit
Stornoway
Port of Ness
AviemoreKingussie
Newtonmore
Dalwhinnie
NeathLlanelli
St.Clears
LampeterTregaron
Tenby
Porthcawl
PontypriddPortTalbot
LlantwitMajor
Aberaeron
Aberdovey
Nefyn
Barmouth
Pwllheli Criccieth
Welshpool
Mablethorpe
Sutton-on-Sea
Coningsby
Kirkcudbright
Prestwick
Paisley
Kincardine
Melrose
Kelso
MorpethOtterburn
Prudhoe
Bodmin
Clovelly
Dunoon
Exmouth
Sidmouth
Honiton
Hunstanton
Montrose
Johnshaven
Helston
St. Ives
St Just FalmouthSt Mawes
Minehead
Burnham-on-Sea
Swanage
Petersfield
AldeburghWoodbridge
Leiston
Swaffham
Mildenhall
Brandon
WymondhamDownhamMarket
Diss
Beccles
Sheringham
Wells next the Sea
Beverley
Filey
Blyth
Belford
Kielder
Haltwhistle
Coldstream
Eyemouth
North Berwick
St Andrews
BrechinPitlochry
Tongue
Banchory
Unapool
Irvine
LargsRothesay
Troon
Maryport
Allonby
WhitehavenSt Bees
Seascale
Whithorn
Glenluce
NewtonStewart
Lockerbie
Wigton
WetheralBrampton
Newport
IlfracombeLynton Lynmouth
NewtownKidderminster
Windermere
Cromarty
Lybster
Ulbster
Mybster
Brora
Westbury
Shaftesbury
Sherborne
LymeRegis
Bridgwater
Totnes
WellsGlastonbury
Wellington
Retford
Blackburn
Bury
Chesterfield
Whitchurch
Bury StEdmunds
Oxford
Swindon
Machrihanish
Islay
Tiree
Barra
Benbecula
Stornoway
Belfast
Penzance Heliport
Plymouth
Newquay
Ballasalla
Cork
Waterford
Kerry County
Shoreham
Norwich
Cambridge
Dundee
Aberdeen
Wick
Swansea
Lyneham
Inverness
Londonderry
Coventry
Birmingham
Kent Intnl.
LondonCity
Southampton
Humberside
Woolsington
Durham Tees Valley Airport
Newcastle International Airport
Edinburgh
Prestwick
Cardiff
Bristol
Exeter
EastMidlands
B'mouth
Heathrow
Gatwick
Guildford
Cheltenham
Cambridge
Luton
Reading
MiltonKeynes
Northampton
Maidenhead
Yeovil
Bristol
Bournemouth
LondonM4 M5
M4
A37
A46
A303
A12
M20
M20 M2
A31
A19
A66
A1M
M6
M6
M6
M1
M11
M1
M1
A15
A46
A46
A15
M1
M5
M3
M3
M18
M69
M60
M621M65
M42
M52
M56
M58
M62
M25
M25
A1 (M)
M6
M6TOLL
A1 (M1)
M40
M40
M1
M4M4
Redditch
M42
SITUATIONRetail in Redditch is dominated by the Kingfisher Shopping Centre where occupiers include Debenhams, H&M, JD Sports, Boots, M&S, New Look, Next and Primark. Alcester Street where the subject property is located provides a link from the scheme to both the Palace Theatre and the other shopping hub at the Trafford Retail Park where Aldi, Maplin and Iceland occupy space.
Alcester Street has become a quasi-leisure pitch with both restaurants and pubs/bars occupying space. Within the ownership and at the rear of the commercial element sits a surface car park providing over 140 spaces.
DEMOGRAPHIC PROFILEAccording to PROMIS, Redditch has a primary catchment population of 189,000 people. A slight over representation of people in the 45-64 demographic means Redditch is more affluent than some of the neighbouring towns, with home ownership at 71% compared to the national average of 66% and 2+ car ownership at 43% compared to the national average of 34%.
TENUREThe property is held freehold.
50 metres
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Redditch
Experian Goad Plan Created: 16/11/2017Created By: GCW
Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885
N
SUBJECTPROPERTY
BLOCK 1 IS AVAILABLEFURTHER INFORMATION AVAILABLE ON REQUEST
DESCRIPTION & ACCOMMODATIONThe property consists of 39,065 sq ft of well configured, open and flexible retail/leisure and gym space on ground floor and first floors. The property benefits from excellent servicing facilities with access to a service yard which links into Wellington Street. The property has been measured in accordance with the RICS Property Measurement, 1st Edition and has the following Net Internal Floor areas.
TENANCY SCHEDULE
Unit Tenant Trading AsGround
Floor (sq ft) ITZAFirst
Floor (sq ft)Lease Start
Lease Expiry
Next Review
Break Date Rent p.a. Comments
EPC Rating
4A Bar Red Redditch Ltd Saints 5,299 2,364 453 23/06/17 22/06/29 23/06/22 22/06/20 £31,000 Rent deposit of £9,300. E-125
4B La Piccola Italia Redditch Ltd La Piccola Italia 4,333 2,019 08/09/17 07/09/27 08/09/22 07/09/22 £40,000 Rent deposit of £12,000, A3 use, 3 months rent free. E-123
4C J D Wetherspoon plc The Rising Sun 6,313 2,643 25/03/99 24/03/24 25/03/19 - £97,750 Pending
4D1 D P Realty Ltd Dominoes 950 684 07/12/99 06/12/29 07/12/24 - £18,000 Reversionary lease recently completed. Pending
4D2 Joao Manuel Lopes & Jorge Manuel Lopes Ice Maidens 1,194 966 17/05/04 16/05/19 - £16,000 D-99
5 Swanswell Charitable Trust Swanswell 3,061 19/06/15 31/03/20 01/04/18 31/03/18 £22,000 D1 use, outside 1954 Act. E-125
Gym Prime Fitness (UK) Ltd Prime Fitness 17,462 Currently under offer 5th Anniversary £60,000 Fixed uplifts at Y4 (£80,000) and Y5 (£90,000). Initial rent
deposit £6,000 rising to £18,000. 4 months rent free. B-50
Car Park Excel Parking Services Ltd - 21/03/16 20/03/19 £85,158 This figure is net of costs. Gross income is £120,000 per annum on average. There are 143 Spaces. -
Total 18,089 20,976 £369,908
CAR PARKThe 143 space car park is currently generating income via an agreement with Excel Parking Services Limited whereby the landlord receives all income generated after costs are deducted. Some costs are able to be put though service charge. The gross income has been £120,000 per annum on average. Further information can be provided on request.
DEVELOPMENT OPPORTUNITYPlans have been drawn up for a 45 residential and 2 commercial unit’s development on part of the car park and further information is available on request.
COVENANTDP Realty Ltd t/a Domino’s opened its first store in 1985 and now has over 1,000 stores across the country and over 35,000 employees. DP Realty Ltd has a Dun & Bradstreet rating of 2A 1 representing a minimum risk of business failure. The most recent company figures from 2016 can be seen below:
Turnover Pre-tax Profit Tangible Net Worth
£22,479,000 £2,184,000 £3,335,000
J D Wetherspoon Plc was founded in 1979 and is now the UK’s largest chain. J D Wetherspoon PLC has a Dun & Bradstreet rating of 5A 1 representing minimum risk of business failure. The most recent company figures from 2016 can be seen below:
Turnover Pre-tax Profit Tangible Net Worth
£1,595,197,000 £66,049,000 £180,397,000
Swanswell Charitable Trust are an established charity who received income in excess of £11.3m in 2016 and operate from 7 different offices throughout the midlands.
Computer Generated Image
VAT We understand that the property is elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).
PROPOSALWe are instructed to seek offers in excess of £3,475,000 (Three Million Four Hundred and Seventy Five Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 10%, after allowing for purchaser’s costs of 6.48%.
FURTHER INFORMATIONFor further information please contact:
James Pearson
T: 020 7647 4817M: 07817 [email protected]
Alex Matthews
T: 020 7647 4827M: 07776 935 [email protected]
Chris Childs
T: 020 7543 6817M: 07818 087 [email protected]
Jonathan Wright
T: 020 7543 6725M: 07764 755 [email protected]
Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particulars by vendor, lessor or the agent. Allsop and Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB.
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020 7437 6977