Prime, well secured, retail investment - Green and Partners · Prime, well secured, retail...

16/26 west gate mansfield

Prime, well secured, retai l investment

http://www.greenandpartners.co.uk

Prime, well secured, retail investment 16-26 west gate, mansfield

Investment Summary | Location | Demographic & Local Economy | Retailing in Mansfield | Situation | Property | Accommodation | Tenure | Goad Plan

| Tenancies | Asset Management Opportunities | Current Income Pax | Service Charge | VAT | Proposal | Further Information |

INVESTMENT SUMMARY

■ 100% prime retailing pitch, adjoining Marks & Spencer and opposite Primark and the Four Seasons Shopping Centre.

■ Let to three established covenants in Clydesdale Bank, Dorothy Perkins (Redcastle) and New Look.

■ A prominent and substantial freehold property comprising 3,405 m2 (36,654 ft2) with a 34.4 m (113ft) retailing frontage onto West Gate.

■ A weighted unexpired lease term (WULT) of circa 6.53 years.

■ A future 0.22 acre development site currently within New Look’s lease.

■ Offers in excess of £5,660,000 (subject to contract & exclusive of VAT)

■ Attractive 8% net initial yield




Location Mansfield, a busy sub-regional retailing centre, is situated approximately

23km (14 miles) north of Nottingham and 21 km (13 miles) north-east of

Derby. London is circa 227 km (141 miles) to the south.

The town benefits from excellent road communications. Mansfield is easily

accessible from the A1 and M1. The A617 and A38 trunk roads afford direct

access to the M1 and the north west of the town at Junctions 28 and 29

respectively. The A617 links to the A1, some 24 km (15 miles) to the east

near Newark-on-Trent.

In terms of local rail links, ‘The Robin Hood’ line, provides regular services

to Nottingham and Worksop and onto London (St Pancras) with a fastest

journey time of circa 150 minutes. East Midlands Airport and Birmingham

International Airport are within 30 and 90 minutes drive-time respectively.

Demographics & Local Economy Mansfield has a district population of circa 99,600 persons (2011 Census),

234,500 people within a 15 minute drive-time of the town centre and an

estimated shopping population of 143,000 (PROMIS).

Ambitious regeneration projects in recent years have transformed Mansfield

and environs in terms of retail, leisure, housing and industry. The spring

2013 opening of the town’s new £11.6m bus station development, close to

Market Square, has provided essential new links with the existing railway

station benefitting the 5m passengers using the facilities and has unlocked

other development opportunities specifically Stockwell Gate (old bus station

currently used as a temporary car park).

Mansfield is home to a diverse range of businesses. Major employers in the

town include: Mansfield District Council, Linney Group, SPS Aerostructures,

Glenair UK Ltd, Toray Textiles Europe, West Nottinghamshire College, BPR

Medical, Personna international and Mansfield Local Health Authority.

mansfield

click on the map to view in Google Maps

16-26 West Gate

https://www.google.co.uk/maps/place/Mansfield/@53.1300762,-1.2933263,12z/data=!4m2!3m1!1s0x4879960103837b17:0x8ddae75902857c2a




Retailing in MansfieldThe town’s core retail area, which totals circa 850,000ft2 (Goad), is

concentrated within the Four Seasons Shopping Centre (230,000ft2) and

the prime pedestrianised West Gate with Stockwell Gate, Regent Street and

Market Place busy secondary locations, the latter hosting a bustling open

market four days a week. Multiple retailers established in the town include

Debenhams, Marks & Spencer, Primark, Boots, Next, Topshop, WH Smith

and Bhs.

SituationThe property occupies a particularly prominent, 100% prime position in

pedestrianised West Gate, adjacent to Marks & Spencer and Costa Coffee

and directly opposite Primark, WH Smith and Savers and close to the prime

East Mall entrance of the Four Seasons Shopping Centre. The building has

an extensive frontage of approximately 34.4 m (113ft).

PropertyOccupying an extensive site, the property comprises a substantial retail

store, which re-configured in 1988, forms three retail units arranged over

ground and two upper floors. The ground floor accommodation is dedicated

to retail/A2 sales with the first and second floors providing ancillary and

staff/stock areas. There are voided areas in both the first floors of both New

Look and Dorothy Perkins although within their lease demises. The building

is serviced from West Gate and Alfred Court and part of New Look’s demise

is a 0.22 acre ‘bare’ site fronting onto Clumber Street (currently used for

staff parking). The units have shared fire escape routes to the rear of their

respective stores and benefit from a shared goods lift.

The property is of reinforced concrete frame construction with a mix of

brick/block elevations under flat concrete block roofs.

AccommodationThe property provides an approximate total net floor area of 3,405 m2

(36,654 sq ft) sub-divided as follows:

Tenant (T/A) Floor Use m2 sq ftNew Look Ground

Ground First Second

Sales Ancillary Ancillary Ancillary

837 31

705 96

9,006 333

7,590 1,037

1,669 17,966Dorothy Perkins

Ground Ground First Second

Sales ITZA Ancillary Ancillary

396 110 393 88

4,268 1,186 4,230

942877 9,440

Clydesdale Bank(areas stated in lease)

Ground Ground First Second

Sales ITZA Ancillary Ancillary

405 106 346 108

4,359 1,117 3,722 1,167

859 9,248

TenureFreehold.

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Ground floor only within the freehold title




This Goad Plan is for identification only and not to be scaled as working drawing. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. © Crown copyright 2010. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright

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(40) (ESTIMATED

(80) (ESTIMATED)s

VACANT

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PAPER KISSES (CARDS)

SANTANDER

goad




Tenancy Schedule

UNIT Tenant LEASE START LEASE EXPIRY

RENT PAX NEXT RR COMMENTS

1 Clydesdale Bank plc (t/a Yorkshire Bank) 25/12/2013 24/06/2020 £125,000 25/12/2014 Reversionary lease. Areas stated in lease. Clydesdale Bank plc is a subsidiary of National Australia Bank Ltd

2 Burton/Dorothy Perkins Properties Ltd 29/09/2013 24/12/2020 £129,100 29/09/2018 Reversionary lease guaranteed by Redcastle Ltd (003194733). Assigned from Matte plc (04/07/2008). Rent payable monthly in advance (personal to tenant).

3 New Look Retailers Ltd 17/09/2010 16/09/2020 £225,000 17/09/2015 Recently re-fitted. Rear service yard area subject to a schedule of condition. Demise includes undeveloped 0.22 acre site. Former Woolworths store. Rent payable monthly in advance (personal to tenant).

Sub-station East Midlands Electricity plc 23/07/1990 22/07/2015 £1 22/07/2015TOTAL £479,101

The weighted unexpired lease term is 6.53 years

Tenant Covenants

Tenant D&B

RatingDate of

AccountsTurnover

Pre-tax Profit/Loss

Net Worth Comments

New Look Retailers Ltd 5A1 30/03/2013 £1,248,464,000 £121,909,000 £1,143,242,000 Part of New Look Ltd

Burton/Dorothy Perkins Properties Ltd

H1 25/08/2012 £n/a £n/a £1 Part of Arcadia Group Ltd

Redcastle Ltd 5A1 25/08/2012 £337,768,000 (£9,858,000) £274,035,000 Part of Arcadia Group Ltd

Clydesdale Bank plc 5A1 30/09/2013 £1,209,000,000 (£33,000,000) £2,410,000,000 Part of National Australia Group Europe Ltd

Asset Management Opportunities• Potential to ultimately develop the rear site at the back of the New Look

unit for leisure, office or mixed use (subject to negotiation with the

tenant and planning).

• Large areas within both the New Look and Dorothy Perkins stores at

first floor level are demised but un-used. Explore the opportunity of

better utilising and maximising income from the upper parts (subject to

negotiation with the tenants).

Potential future redevelopment site




Current income pax£479,101 per annum exclusive

Service ChargeThe leases are drawn on effectively full repairing and insuring terms with the

landlord able to recover full costs through a service charge arrangement.

The service charge is apportioned as follows:

• New Look 48.10%

• Dorothy Perkins 22.56%

• Clydesdale Bank Plc 29.34%

The service charge budget for the year ending 31/01/2015 is £23,898.31

VATThe property has been elected for VAT and thus VAT will be payable on the

purchase price.

ProposalOffers in excess of £5,660,000 (Subject to Contract and exclusive of VAT)

reflecting an attractive net initial yield of 8%, allowing for purchaser’s

costs of 5.8%.

FURTHER INFORMATION

Clumber Street Frontage

For further information please contact:

David Freeman James Baillie Ed Smith

020 7659 4830 020 7659 4839 020 7659 4831

[email protected] [email protected] [email protected]

MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. March 2014.

Adrian Gates Photography & Design 07710 316991

http://www.greenandpartners.co.uk

Prime, well secured, retail investment - Green and Partners · Prime, well secured, retail...

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