Prime Shopping Centre Investment Opportunity
Investment Summary • Chippenham is an attractive market town, with an affluent and loyal catchment, demonstrated by the fact that it retains 58.6% of its retail spend. • The town’s population has increased substantially in recent years, from 28,000 persons in 2001, to in excess of 45,000 persons in 2012. • Borough Parade is a modern, 80,000 sq ft, open air shopping centre, that provides the town’s prime retail offer. • The shopping centre has a convenience led offer and its main tenants include; Waitrose, Argos, Robert Dyas, Waterstones, Body Shop, Caffè Nero, Clarks Specsavers and JD Wetherspoon. • Low, rebased rental tone, of £40-£60 Zone A. • The centre has a nucleus of tenants that have been in occupation since it opened in 1996 and in recent years it has attracted several national multiple retailers who are new to the town, or that have relocated from elsewhere in the town centre. • Strong WAULT of 8.5 years to expiry. • 82.90% of the current income is secured against national multiple covenants. • The property is held on three long leases from Wiltshire Council, which are all for 150 years from 1996 and 1998. The head rent is 7.50% of the net rents received, on a side by side basis. • We are instructed to seek offers in excess of £15,722,000 (Fifteen Million, Seven Hundred and Twenty Two Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.25%, allowing for the usual purchaser’s costs of 5.80%.
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 3
The combination of the accessibility to London and the quality of life in the area has proved very attractive
Location Chippenham is a historic market town and the third largest centre in Wiltshire. It is located 13 miles east of Bath, 22 miles east of Bristol, 20 miles west of Swindon and 101 miles west of London. Chippenham is located on the M4 motorway and the town centre is 3 miles south of junction 17. The town centre is 1 mile east of the junction of the A350 and A4 trunk roads, which run north/south and east/west of the town respectively. Chippenham benefits from being on the main railway line between London Paddington and the West Country and the journey time to London is 1 hour 15 minutes. The combination of the accessibility to London and the quality of life in the area has proved very attractive and Chippenham has increasingly become a commuter town over the past decade or so. The train service will be further improved following the electrification of the main line, which is scheduled for completion in 2016. This will increase the frequency of trains to London and also reduce the journey time by around 10 minutes.
4
Norton
Cheltenham
M40 A3 4
A4 21
A29
72
4
A26
A2
LS
Ho Worthing
CHIPPENHAM STATION
ST
A3
PAU
5
A338
8
A34
83
SHOREHAM
AU DL
EY RO AD
M
GOLD
05
E AV NEY
N
5
A4 20
Fortuneswell
A3
UE
S RY
A M Shanklin ST Ventnor
FO G H A M S H I
RIVER AVON
RE
BOROUGH PARADE AD
CHIPPENHAM
TH BA
RO
HI GH ST RE ET
DON
A4
HILL
NE
AD
TH
RO
EC
S AU
OW E R
S
AY EW
FL
A4
S LA
GLADSTO NE
WESTMEAD LAN E
A FLECHE UE L EN AV
LOWDE N
BAY
LOWDEN
4
A272
Pulborough
S ER DL SA
Weymouth
N AV ENU E
0 02 A3
Swanage
81
A272
1
AD O L D RO
1 A3
FLE C
11
Horsha
A2
A2 4
A3
4
A26
A3(M) NE SOUTHAMPTON RK LA 3 Havant Lyndhurst Arundel 0 PA M279 10 11 A27 Chichester HE A42 Ringwood Blandford Forum A27 Hythe 1212 5 D 31 Fareham A A Fawley Littlehampton Wimborne O 4 R A Brockenhurst 5 35 Y Minster A3 0 UR Gosport EB KL C DO Lymington Bognor CO Portsmouth W N A31 Regis A35 ING Cowes ST Ryde EA New Milton DALLAS Selsey ROAD D Poole Christchurch Dorchester Bournemouth Newport Freshwater Wareham A352 E A3 AC Sandown LOWDE 51 PL A353 AVE NU E LA
Crawley
9
Midhurst
A2
Petersfield
12 13 Eastleigh 14 4 4 5 7 A334 8
A286
8 A33
GATWICK
3
90
A2
A2
4
43 A3
38 A3
A345
A509
38
43 A3
A3 3
A4
A3
0 A35
03 A3
A31
Haslemere Liphook Billingshurst
A3
A32
1 36
A34
A3
A4 29
61 A3
A35
9
7 A3
A3
29
A46
68 A3
A3
9 8
Dorking Reigate Guildford A25 Godalming
A29
A35
8
A323
A24
3
1
1
A3
9
83
0
9
Leatherhead
A2
A3
M2510
Woking A331
2
Sutton Epso
11
A287
M3Alresford New
Romsey
PARK FIELDS
Aldershot
Farnham
9 A33
Bridport
0 A34
Sherborne
A352
A35
Lyme Regis
A37
6 06
uth
Axminster
A3
A30
Shaftesbury
)
0 31 A 3 (A
6
5
Richmo Kingst upon T
HEATHROW
Staines 1
3 4
Alton
9 10 11
Winchester
A3
54
57
A3
56
A30
Salisbury
Bracknell
10
2 1
3
A4
14 13
A329(M)
M3
A303
A337
Chard
Wilton
A3
Crewkerne A3
eaton
A30
Yeovil
8
39
58
3 A30
08
A357
A3
A3
Ilminster
A303
A34
25 03
6
57
Wincanton
A3
A3
8
Amesbury
A30
Street
24
N
61
A3
A371
dgwater
Warminster
A361
Shepton Mallet
6
Whitchurch7
Andover
4
Windsor
Camberley
Kingsclere
A345
Glastonbury
23
60
A39
A3
Wells
4
12
Basingstoke
Westbury
Frome
22
7 6
A4
07
M4Reading
A3
2
71
22
2
8 A33
A36
A3
m-on-Sea
A34
Trowbridge
A4
9
11
38
A3
Devizes A36
Cheddar
Hungerford A4 Newbury
A4
Melksham
Bath
BRISTOL
A418
7
32
13
14
Marlborough
61
A37
8 A3
21
8
A3
A4 8
A4 49
6
Westonuper-Mare
A4
Calne
A350
Corsham
Tring
1
LYNEHAM
A420
BRISTOL
16
We 6Ga C
9
A4
3
2
18
M4
17
7
10LUTON
A413
18
19 1
17
CHIPPENHAM
16
11
8
A1(M) S
Luton
20 Amersham 24 19 5 Watford Abingdon High 6 B Faringdon 18 Wycombe 5 4 17 Didcot M40 4 Beaconsfield M12 3 2 A41 Marlow Wallingford 30 Wantage A40 Harrow6 1 A4 1 Swindon Uxbridge A40 HenleyMaidenhead Slough on-Thames 15 A A4
M5
17
A4
20
19
Malmesbury
21
22
0
A346
Avonmouth
19
M4
4
A4
23
3
A4
1
A4
Carterton
M1
5 Hemel St 4 Hempstead H Wendover 8 M10Albans 3 Berkhamsted 7 2 1 Thame
Oxford
A420
Cricklade
Tetbury 3
14
2
26 25 27 aerphilly28 Newport 30 29
CARDIFF
Nailsworth
M5 Chepstow
Risca
Cirencester
A419
Kidlington
Witney A40
Stroud
13
Aylesbury
Hitchin
12
Leighton A Buzzard 5 Dunstable
1
B
9
A4010
A472
Lydney
A40
A4
12
A40
2 A404
7
A46
Pontypool
17 A4
Monmouth
r Brynmawr bbw ale
10
Letchworth
A4
9
A42 0
A4 38
ergavenny
Bicester
13
A413
40
10
A4
Stow-on- the-Wold Chipping
GLOUCESTERSHIRE Ross-on-Wye A40 Gloucester 11
Crickhowell A
Buckingham A421
A4
M5
10
3
14
Milton Keynes
22
A4
A3 2
4
Moreton-in-Marsh
A4260
M50 A49
Tewkesbury
Brackley
2
3
9
2
5
6 A4
A4 6
6
A4
A43
A42
A44
Biggle
Newport Pagnell
A1
8
1
11
A5
Bedford
A6
Ledbury
A422
ShipstonBanbury on-Stour
Evesham
A44
8
A438
Hereford
Pershore
Great Malvern
M1
Towcester
0 A5
8
0 40 A3
A43
Hay-on-Wye
Stratford upon Avon
7
03
A41
A36 1
Bromyard
2
11 A4
YA R
D
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 5
A49
0 A4
4
16
5.9
Quaternary
135,305
Weston1.5 super-Mare
254,504
8.3
Corsham
A4
A37
A3 8
BRISTOL
6 A4
BATH
21
A4 36 1
Calne
14
Marlborough
Hungerford
A4
Melksham
New 38
A3
Devizes A34
2
Trowbridge
A380
A3 82
A3
8 A35
Dawlish
Newton Abbot Torquay 5
Paignton
Totnes
A3
81
Brixham Chippenham including out of town
alcombe
79
A3
Kingsbridge
Dartmouth
Bath Swindon - McArthurGlen Outlet Centre Bristol Swindon Cribbs Causeway Caine Devizes
43 A3
A345
A35 9
A3 38
90
9 A3
A35 0
8 A352
58.6%
fastleigh A38
A37
76
Sidmouth
Lyme Regis
Teignmouth
8
4
5 A3
Wimborne Minster
A3
50
8
A31
Poole
Dorchester
A353
A352
Weymouth Fortuneswell
1
A3
1
A3
A35
Bridport
Exmouth
18.0% A3
Blandford Forum 56
6 A35
Seaton
A3052 A3
31
Ashburton
EXETER
29 30
EXETER
Ringwood
Axminster
A30
8.1%
06
Honiton
57
A3
A3
M5
Crediton
0
28
3
4
1 A3
Crewkerne
Chard
2
Bournemouth
Wareham A3
51
Swanage
SOUTHAM Lyndhurst Hythe Faw Brockenhurst
A337
2.3% 1.7% 2.4%
Ilminster A30
0 A 3 (A
5
3
Sherborne
8
A34
77
2.6%
08
Romsey
Shaftesbury
Yeovil
A3
A30
Tiverton
6
A3
27
2 07 A3 3.4%
A3
58
26
03
A3
54
A3
A30
Winc
A33
A3
Wellington
A
25
CORE CATCHMENT LEAKAGE
Salisbury 30
A338
8
A3
61
Wincanton
A357
A3
A30
Wilton 03
TAUNTON
South Molton
A3072
Street
A3
e
8
6 A39
A35
The loyalty of the local catchment is highlighted by the leakage graph which illustrates that 58.6% of 24 the catchment is retained by either Chippenham town centre or out of town retail.
A303
6
7
A3 9 A372
Andove
Warminster A3
61
A3
A371
Bridgwater
Glastonbury
A3
23
A361
57 A30
A39
A345
Wells
A39 population from the east Watchet and south, which is a result of a lack of competing towns in those directions.
Westbury
Frome
0
captures a larger amount of the Minehead Lynmouth Chippenham
2
6 A3
22
Burnham-on-Sea
A36
71 A3
ynton
A3
61
A3 6
8
A36
Total
CHIPPENHAM
A420
A3 4
43,169
20
13.8
15
A3
Tertiary
2 3
16
17
18
1
SWINDON
61
19
W
M4
8 A33
35,437
Malmesbury
A350
Secondary
A4 2
9
8 A4 9 A4 4
22
19
29.3
Barry
A
18
CARDIFF
40,593
3 43
21 17
Market Share
Cricklade
17 A4
M4
A420
Faringdon
Tetbury
14 1
M4 30 29
Primary Cowbridge
Nailsworth
A346
Porthcawl
32
M5
19
0
34 33 Population
Carterton Cirencester
A419
2
Witney A40
Stroud
13
Chepstow
23
A40
FOOTPRINT CATCHMENT
Lydney
of 40,593 rising to a total population of 254,504. Chippenham town centre captures 29.3% Risca of the 40Maesteg 26 25 24 primary population which highlights the loyalty 27of Pontypridd 39 Caerphilly 28 38 the local catchment to the town. Newport 36 37 35 Catchment Bridgend
CHIPPENHAM -
A40
7 A4
Port Talbot
12 RETAIL
4
A4
41
6
A43
A4 29
A4 06 7
43 42
36
A41
A4
Chipping Norton
Cheltenham
11
17 A4
7
44
Gloucester
Monmouth
2 A404
Demographics and Population
Stow-on- the-Wold
A 44
0
A4
5
A46
sea
0
Abergavenny
70 A4
6 45
A40
Crickhowell
A46 Brynmawr Merthyr Tredegar Tydfil Ebbw Vale Rhymney 65 A4 Aberdare Pontypool A472 Glyncorrwg Bargoed Mountain Chippenham benefits Ash from a primary retail footprint Neath
mmanford
M5
10
3
Ross-on-Wye GLOUCESTERSHIRE
andeilo A4
9
Tewkesbury
M50
9
A47
A4
A36 1
2
65
Brecon
0
A46
A4
Lymington
New Milton Christchurch
Freshwa
A46
A4 29
A34
A4 36 1 61 A3
A3
3
61
A3 4
43 A3
A3 38
A345
Leatherhea
Dorkin
Godalming
9
A3 5
Swanage
Quaternary
GB
4 5
2
A3
A2
Arundel
A27
Littlehampton
Gosport
Lymington
Portsmouth Cowes
Ryde
Selsey
Bognor Regis
Newport
Freshwater A3
05
5
Sandown Shanklin Ventnor
South West
CHIPPENHAM - DRIVE TIME CATCHMENT 35% 30%
% Households
25% 20% 15% 10% 5% 0%
AB
C1 10min dt
C2 20min dt
A25
Guildford
Haslemere
A3
The affluence of7 the catchment is further highlighted by 1 A334 8 A3(M) the numbers of ABC1 workers which are higher than the UK SOUTHAMPTON 3 Havant A2 Lyndhurst 9 average 10 11 number averages with aM27 below of D and E workers. 7 Chichester Hythe 5 1212than The population also has a higher average percentage of Fareham Fawley Brockenhurst home and car ownership.
New Milton Christchurch Difficult Circumstances
Struggling Estates
Young Hardship
Wareham
51
Poorer Pensioners
Striving Families
Modest Means
Student Life
Starting Out
Comfortable Seniors
Steady Neighbourhoods
Tertiary
Fortuneswell
10
A2
8 A33
A338
A34 8
Secondary
1
A3
90
A3
Successful Suburbs
Countryside Communities
Career Climbers
City Sophisticates
Mature Money
Primary
M25
A286
8 A3 6
9 7 A3
Weymouth
A3
Bournemouth
4
0 02
Executive Wealth
A353
A352
11
A3 3
A37
A3 8
03
A35 0
1
A35
Poole
A
3
A3
Lavish Lifestyles
Dorchester
38
8 A4 9
A4 4
A3
A35 9
50
31
A3
Wimborne Minster
A3
A31
Bridport 0%
A31
A29
A352
A37
6
06
A3
54
A3
New Alresford
A337
Ringwood
Blandford Forum
56
HEATHRO Staines 1
83
57
10%
Farnham
3
14 13
A2
A3
A3
A35
2
1
Crewkerne
4
A331
Sherborne
8
7
A287
08
minster
6
Urban Adversity
Yeovil
A3
9 A33
Shaftesbury
A3
54
A3
Financially Stretched
39
A357
03 20%
A3
A3
Comfortable Communities
A30
7 6
A4
4
9 Chippenham benefits from a very affluent catchment across the Liphook Winchester A2 72 affluent achievers is significantly 4 entire area. The10 percentage of A26 Billingshurst 11 1) both the South West and UK averages. The higherAthan 3 0(A3 A272 Romsey 12 struggling demographic proportion of groups is also notably Petersfield Midhurst 13 Eastleigh Pulborough below the 14 UK and south west averages.
Salisbury
0
Rising Prosperity
Whitchurch
A34
CHIPPENHAM - RETAIL FOOTPRINT Wilton Wincanton CATCHMENTS PROFILE
Affluent Achievers
07
Maidenhead Slough
57 A30
A371
Street
29
A40 H Uxbridge
1
7.4%
According to the 2011 census, the prediction is that 8 Chippenham’s population will grow to circa 50,000 persons by A303 Alton to build a further 5,500 2026. This is largely as a result of plans new houses in the town before 2026. A30 M3
A303
6
A4
323,434
11
Andover
30 min drive time
Warminster A3
61
A345
A361
A3
20 min drive time
0
Glastonbury
10 min drive time
Westbury
Henleyon-Thames
A3
A3
2
Frome
3.9%
0 A34
A34
6 A3
Wells
312,777
In 2001, the town’s population was 28,000 persons and the 38 3 Camberley population growth over the past 11 years has been more than Woking 4 60%. This isKingsclere largely due to the development of new private housing around the town, particularly at Cepen Park to the west of the town centre Basingstoke and Pewsham6 toM3 the5east.Aldershot A323
A3
8 A33
A36
71 A3
2
301,035
Newbury
Trowbridge
1 A4
A4
Devizes
A36
0
Wantage
Chippenham has a population of 301,035 living within aWindsor 30 Reading A329(M) 13 which isM4 minute set to grow by 3.1% in five years and 14 drive time 12 10 Hungerford Bracknell 6.2% overA4ten years.
Marlborough
Calne
Melksham
BATH
A413
A4
8 M10 Berkhamsted 7 1 Thame 8 A418 7 Population Population % Increase Population % Increase 20 Amersham 19 2013 2018 to 2018 2023 to 2023 5 Watford Abingdon High 6 18 Wycombe 42,192 43,509 3.1% 5 44,812 6.2% 17 Didcot M40 4 Beaconsfield 3 116,666 120,393 123,951 6.2% 2 A43.2% Marlow Wallingford 13 0
15
A350
6 A4
Corsham
Hemel Hempstead
A4010
3
9 Tring
Wendover
A4
16
CHIPPENHAM
A420
BRISTOL
30 mins
A346
2
20 mins
SWINDON
17
18
1
17 A4
M4
19
Malmesbury
16 19
10 mins
A4
33
21
18
20
Faringdon Cricklade
A4
19
A420
Tetbury
1
17
Drive Time
Nailsworth
14
22
Cirencester
A419
M5
M4
Oxford
Carterton
Lydney
2
A40
Stroud
13
Luton
11
10LUTON
Aylesbury
A32
A4 2
17 A4
12
1
Kidlington
Witney
CHIPPENHAM - DRIVE TIME CATCHMENT
A40
23
A40
9
Monmouth
Hitc
M1
Dunstable
A4
9
A3 4
6
A43
A41
Bicester
12
A5
A413
36
A4
M40
A3 3
11
Leighton Buzzard
A3
Cheltenham
4
A 44
0
Gloucester
A4
Chipping Norton
A4260
10
3
Ross-on-Wye GLOUCESTERSHIRE A40
Stow-on- the-Wold
A421
10
A3 4
4
M5
A3
A49
Buckingham
A4 3
Tewkesbury
M50
A36 1
65
A4
30min dt
D GB
E South West
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 7
SH
Retailing within Chippenham Chippenham has a primary retail catchment of 103,000 persons (Source: PMA), which is significantly above the PMA Small Town average of 83,000 persons. The catchment area extends towards Tetbury and Malmesbury to the north, Royal Wootton Basset to the east, Devizes to the south and Bath to the east. This is an affluent, rural hinterland which comprises many small towns and villages, many of which accommodate commuters for the bigger centres such as London, Bristol and Bath. Chippenham benefits from a lack of immediate competition with Swindon, Bath and Bristol all being at least a half hour drive away. Chippenham’s central shopping area comprises approximately 500,000 sq ft of retail floor space, which is comparable with the PMA ‘Small Town’ average. Retailing in the town is focused on High Street and two shopping centres, Emery Gate and Borough Parade. Retailers represented on High Street include: Boots, Poundland, WH Smith and Wilkinson. A significant majority of the buildings on High Street are historic Listed properties and do not provide the type of accommodation suitable for retailers today. Emery Gate is a covered shopping centre, which was constructed in the 1980’s. It is enclosed and is anchored by a Tesco Metro store. Other tenants include: Peacocks, Dorothy Perkins, Sports Direct and Clintons. Borough Parade opened in 1996 and provides the most modern retail facilities and the largest critical mass of national multiple retailers within Chippenham.
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 9
Borough Parade Shopping Centre is located in the heart of the town centre
Description Borough Parade Shopping Centre is located in the heart of the town centre with entrances on High Street and from the town’s main surface level shopper’s car park. The centre was developed by Crest Nicholson Plc and opened in October 1996. It is an open air scheme and provides 26 retail units, a food store and a public house. It is of steel frame construction with attractive stone and rendered elevations, and pitched slate roof. The centre provides a variety of unit sizes and most have sales accommodation on the ground floor with ancillary and/or sales accommodation at first floor level. The majority of the units benefit from rear servicing.
N
18 19
D S
O
IN SO
G O
7
MO GO BI LE
TIM P SH SON RE OE P
FR
6
PO UN DI SC DL AN O UN D T ST O RE CA R G RE D B ET AR C IN TE AR G LE PH CA PH O PA RD O NE BA RS S NE W KE ON RY S S AR 3 TE STO EH L RE O US CH E
NE AG LLS EN T
AT E
64
IC BL PU
A BE HO
G 11 AFFIN NCY E T T S T AG EP N NC ME CO LOY P EM
M HA EN
12
10
P (36) (ACTUAL)
TL
CO BE RA T L G OF O
BA
9-
M USEU AM M ENTRE PENH CHIP RITAGE C & HE
C AS
66
SH 6 AM 5 BL ES
CE PLA
OAD NE R STO D A GL
L OTE EL H ANG
IN T FO
) LY ON
8
KET MAR
NS RIA ST DE (PE
7
EL NG EA TH L TE HO
THE
LEWIS JEARY &ORS SOLICIT
SON E WOOTTEN & UNDERTAKERS
EN RICHUL T HA BER
TH E
6
SE R AR VICE EA
59
RC BA LA NK YS
0
67
T RTIN EN MA TE AG TA ES
58
EN T
-7
IA NN ITA TY BR CIE SO ING D IL S BU ON S SEA USE UR HO S FO BLIC ULLER PU F O &C
68
57
RD T TO & ES SON TA TA LL G E SE TTIN RV G IC E EN ES CO T T N
UR TO R DE M/W
(160) (ESTIMATED)
56
B BE ETF OF TTI RED FIC NG E
69
WA ITR
55
44
46
47
48
71
MI FE CAF AFE C
P
49
54
NK BA
1
CASH BROKERS
50
1
TON BUR EAR W NS ME BC HS
HALIFAX BANK
KE R
51 - 52
&
& W R
TH E
O U T
53
18
BIS BA ES RB QU ER IR SH E`S OP
C AM MIL L
SA NT AN DE R BA NK
M CA UNR FE OS BA R
19
6
LO OL TH AR IN S G
32
20 -1
TH M E FLO RA S ON LC FI HO EY N UL SE P TU B RV FL RE RE RITIS OR CH D CR H HU A R S CO MBU SH OSS NF GS C CH
2B
B BU UTL TC ER HE S RS
OS E
ST
15
OFFICE
5
(50) (ESTIMATED)
-
S 14 AL R IN G EA RI W O S N E A DI M LA RO
21
A4 ST AT IO NE JUL R IAN H CH ARIT OUSE YS HO P NATIONWIDE BUILDING SOCIETY
13
21 A
AP E
O T B TR HO PTI OO CI TS AV MA EL S C ANS AG OO TH E NT K E W OR KS
22
12
BL L LA CH UE NE AR CR IT OS Y GR SH S EG OP GS BA
1
PH 4 ON E TE S 4 U L
F JE HIN WE DS LL ER
EN T
BO OT CH S EM IS T
CO UN C
23
11
(40) (ES
G S
4
P
AG S H RAN OP C E HE B E AL T AU H & TY
CE X EM ER 5 Y 2 GA VACANT TE 3 6
TS B LL OY DS
BA NK
DA FO NE TE L
FI TR RST AV EL O AG ICE EN T VO
12
7 13
5
NU M LU BER NC O H NE BO CH CAFE X
9
WE ST CO R PA NW ST AL YC L O T/A
-1 1
2
10
AP
PL W AC OR E SH OF IP
NT
CH D RIS AVID J TO
AD E
9
NE W
PA R
MO BO BIL OT E H
CL A L A IRE `S CC ES S
4
17
3
A
8-
CA
WL PH PA PR R ER IKA CA FE
19
31
VA
25
7
W EL LI N
3
OR ET
RO UG H
18 -
BO
31
LO OK
BO RO OK VA S B RIE ERT TY DY AS ST O RE WE NT YO CL NE OT HIN G
NE `S
30
15
18
TS BA B NK
1
ST O
WA TE R
OG U TA L
-2
6
D
2
CA
20
29
SH OE ZO SP NE EC S OP AVE TIC RS IAN CA FF EN ER O
2
N TIO ELA REV BOOKS
ES HO
EN
T
AR GO S WR OO M
28
14
GL O TR BAL AV WE E
LA S TH GE T O NT CO RNT ON NF S &B IS
HO EE NE S CL AR KS
ST RE ET UN IT
CH
S EW
ICELAND
27 -
22
TH SH E B HE OP ODY BE ALT AU H TY &
6
TE LE P
FU MO NKY NK EY
1
29
T
M EL
FROZEN FOOD
23
V /O EX ISIO PR N ES S
MA D L/W ISO N R
HIG H
UN IT
8
PIN KP LA G NE E CO XCH AME T M P AN S GA GE ME U
SERVICE AREA
NU ON MB CO E ER SH FFE O E CA P FE
EN T
17
TH E HO BRID PU U S GE BL E IC HO US E
L EL -7 DW 1
NA TW ES T BA NK
4
10
GS IN
30
PE EM TER M/WMS MIL R L/W ANO &M R /W R EN
PG E H T E G S DI AR DS SA IN G &E B G C Q DS O U IP
IL K
LD
W
H O
U SE H O 3
EN T
TH
PE N CO NY L NF AN E &
.30 PM )
BIS NE WS WH AG SM EN ITH T& BO OK S G BA HAL RB TO ER S CH AR ITY B H O2 SH F OP
-7
IL OF FIC ES
SU PE HE RD AL RU TH G &B EA UT Y
EN T
S RK O W
2
37
9.3 0A M
RD YA
1A
33 -
E
(C LO SE D
1
RS VE ES PA O SH
TS G CU N R SI PE ES SU DR IR HA
AD RO
IC RV SE
O ST
TH BA
NG DI AN XL JA R BA
T ET
8
H IT SM N
IA
S FT
TC ES IC RV
T KE AR M
R
Chippenham
The centre is anchored by Waitrose and New Look. Other key retailers include: Argos, Waterstones, PE AC OC CL KS Robert Dyas, Body Shop, Specsavers and Clarks. Catering is provided by Caffè Nero and a OT HIN G freestanding JD Wetherspoon public house which overlooks the River Avon.
AY BR LI
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 45 metres
11
31
12 14 15
Bank 1
2
TCB
Bank
e
e
NE LA EL
50
46
Posts 2
49.7m 69 70
27
to
28
31
4
71
The Chippenham Buttercross
68
Bank
a
31 32
67
Car Park Salmon Leap
ET RK MA
Th
33
ir We
PH Car Park
e
FB
s
The Angel Hotel
Pond
ROA
Coun
fices TCBs
El Sub Sta
37
Avonside
Pond
ea Of
cil Ar
D
site of King Arthur's Palace
Car Park
G 19
7
75m
11
ONE
9 to
DST
1
GLA
50m
ble
8
y Bd El Sub Sta MP
25m
am
Posts
ED
SM
Sh
E AC PL
SM
7
FB
SM
0m
LA
DS
TO
NE
RO
Library
AD
9
The public house (shown blue on the plan) is held on a headlease for 150 years from 8 January 1998 at a peppercorn rent.
51
18
EET STR ER RIV
1
29
alk
1
PC
Bank
The Town Hall annex (shown green on the plan) is also held for a term of 150 years from 19 September 1996 at a peppercorn rent. Two parts of this are demised back to the Council, one part on a co-terminous underlease (less 10 days) at a peppercorn and the other part, which comprises a ground floor office, located to the rear of Unit 9, is let for 25 years from 19 September 1996 (expires 18/9/21) at a peppercorn rent and is outside the 1954 act.
52
17
gh rou
to
2
rs W
Love
Bo
19
Pa
17
rad
15
18
53
1
to
AP
13 14
11 21
13
20
14
23
12
19
54
7
22
20
48.2m
16
to
Avon
CH
11
rad
10 to
Pa gh
rou
1
12
6
10
21
5
River
Chapel
22
Neeld Hall
4
Bo
5 Old Baptist
23
4
PH
7
24
6
25
ST RE ET
2
4
HIG H
Town Hall
6
The shopping centre and car park (shown red on the plan) is held on a 150 year lease, which commenced on 19 September 1996 (expires September 2146) and the rent payable is 7.5% of the net passing rent (a side by side basis).
ws Me pel Cha
24
3
Vie
to
1
1
4
w
er
Riv
16
26
10
1 a
2
29
El Sub Sta
9
The property is held on three headleases, all from Wiltshire Council.
Ho
8 to
e
us
ge
rid
nb
o Av
30
5
Tenure
3
Borough Parade, Chippenham Bank House
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
This plan is published for the convenience of
1 to 47
TI
M
BE
R
ST
RE
ET
Income Profile and Rental Analysis The total contracted gross income including vendor guarantees and top ups is £1,315,805 per annum. After the deduction of the head rent and vendor contribution towards marketing, the net current income is £1,205,952 per annum.
RENT BY COVENANT TYPE 14.3% 2.8%
Borough Parade Shopping Centre has a current gross estimated rental value of £1,299,756 per annum based on ERV tones from £40 - £60 Zone A. This is a modest base level which provides excellent prospects for rental growth, especially when considering the lack of vacancy at the centre.
Local Trader Vendor Guarantee National Multiple
82.9%
Income Analysis Borough Parade offers an extremely robust income stream anchored by a number of strong national multiple covenants. The average money weighted unexpired term is strong at 8.5 years (to expiry) with 77.37% of the income expiring beyond 5 years. 82.9% of the income is secured against National Multiple covenants. A number of lease renewals were completed in 2011/2012 re-basing rental levels and extending the unexpired term.
Borough Parade offers an extremely robust income stream anchored by a number of strong national multiple covenants
LEAST CONTRACTED INCOME SCENARIO £1,400,000 £1,200,000 £1,000,000 £800,000 £600,000 £400,000 £200,000 £0
Yr 0 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr 21 Yr 22 Yr 23 Yr 24 Yr 25
National Multiple
Vendor Guarantee
Local Trader
UNEXPIRED TERM AND COVENANT 60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
5-10 yrs
10-15 yrs
15-20 yrs
National Multiple
Under 5 yrs 10.49%
43.55%
23.51%
0.00%
Over 20 yrs 5.31%
Vendor Guarantee
2.81%
0.00%
0.00%
0.00%
0.00%
Local Trader
9.33%
5.00%
0.00%
0.00%
0.00%
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 13
Accommodation and Tenancies Address & Occupier Unit
Tenant
1B
Lease Dates
Rent
Lease Length (Yrs/Days)
Lease Start Date
Lease Expiry
Next Review Date
Rent Review Pattern
Break Date
Current Gross Rent (£pax)
Current Gross Rent (£psf ITZA)
* ERV (£pax)
Pork Pride & Poultry Ltd (t/a Butlers Butchers)
10 years
16-Sep-2013
15-Sep-2023
16-Sep-2018
5 yearly
16-Sep-2018 (T)
£19,500
£23.80
£37,000
2A
Anne Helen Anderson (t/a Paprika)
5 years
25-Mar-2013
24-Mar-2018
-
25-Mar-2016 (T)
£25,000
£56.92
£24,000
2B
David Christopher Ltd (t/a David Christopher)
10 years
25-Mar-2009
24-Mar-2019
25-Mar-2014
£26,000
£52.50
£27,000
3
Vacant
£37,000
£55.00
£37,000
4
Claire’s Accessories UK Ltd (t/a Claire’s Accessories)
10 years
25-Dec-2010
24-Dec-2020
25-Dec-2015
£25,000
£63.75
£22,000
5
Draypoint Ltd (t/a Mobile Booth)
3 years
29-Apr-2013
28-Apr-2016
-
29-Apr-2015 (T& L/L)
£15,000
£38.25
£22,000
6
The Body Shop International Plc (t/a Body Shop)
10 years
25-Oct-2004
24-Oct-2014
-
-
£27,000
£70.00
£22,000
7
Darren & Kerry-Ann Oliver (t/a Krafty Monkey)
5 years
29-Apr-2013
28-Apr-2018
-
-
£16,000
£35.52
£23,000
8
Madison (Corsham) Ltd (t/a Madison)
5 years
30-Jun-2012
29-Jun-2017
-
29-Jun-2015 (T)
£16,250
£47.20
£19,000
9
S&V Ebborn (t/a Café No 1)
10 years
05-Aug-2009
24-Mar-2019
25-Mar-2014
5 yearly
-
£15,750
£58.18
£18,000
10 /11 Talk Talk Mobile Phones Ltd (t/a O2)
10 years
11-May-2012
10-May-2022
11-May-2017
5 yearly
11-May-2017 (T)
£45,000
£73.75
£37,000
12
Pink Planet (Games Exchange) Ltd (t/a Pink Planet)
10 years
24-Jun-2013
23-Jun-2013
24-Jun-2018
5 yearly
23-Jun-2019 (T)
£30,500
£52.50
£32,000
13
U/O to Vision Express
£35,000
£51.71
£37,000
14
EE Ltd (t/a EE)
8 years
21-Nov-2013
27-Apr-2021
28-Apr-2016
3 yearly
£53,000
£60.80
£48,000
15
C&J Clark International Ltd (t/a Clarks)
10 years
05-Oct-2011
04-Oct-2021
05-Oct-2016
5 yearly
£54,000
£59.15
£51,000
16
Shoe Zone Ltd (t/a Shoe Zone)
10 years 2 months 26 days
24-Jun-2011
18-Sep-2021
19-Sep-2016
5 yearly
£59,750
£59.70
£55,000
17
Specsavers Optical Superstores Ltd (t/a Specsavers)
15 years
31-Jan-2012
30-Jan-2027
31-Feb-2017
5 yearly
£60,500
£59.45
£56,000
18/19
Nero Holdings Ltd (t/a Caffè Nero)
10 years
08-Jun-2012
07-Jun-2022
07-Jun-2017
5 yearly
£40,000
£39.50
£54,000
20/21
Lloyds TSB Scotland Plc (t/a TSB)
10 years
08-Nov-2011
07-Nov-2021
08-Nov-2016
£60,000
£53.18
£51,000
22
Jason Anthony Messenger (t/a Toy Master/Thornton's)
15 years
29-Sep-1999
28-Sep-2014
£27,000
£40.00
£27,000
23
Atlas West Ltd (t/a Atlas West)
15 years
31-Mar-2003
30-Mar-2018
-
£24,500
£34.80
£28,000
27/28
Argos Ltd (t/a Argos)
25 years
19-Sep-1996
18-Sep-2021
19-Sep-2016
£87,500
£47.00
£76,000
29
Waterstones Booksellers Ltd (t/a Waterstones)
5 years
12-Jul-2013
11-Jul-2018
£49,000
£46.16
£48,000
30
Robert Dyas Holdings Ltd (t/a Robert Dyas)
10 years
23-Sep-2011
22-Sep-2021
23-Sep-2016
5 yearly
£67,500
£57.54
£54,000
31
Grabal Alok (UK) Ltd (t/a Store 21)
10 years 2 months 18 days
01-Jul-2011
19-Sep-2021
18-Sep-2016
5 yearly
18-Sep-2016 (T)
£81,317
£58.50
£64,000
32
New Look Retailers Ltd (t/a New Look)
15 years, 7 months, 13 days
16-Feb-2011
28-Sep-2026
28-Sep-2016
5 yearly
28-Sep-2021 (T)
£167,881
£10.71 psf
£167,881
33
Waitrose Ltd (t/a Waitrose)
15 years
21-Mar-2011
20-Mar-2026
21-Mar-2016
5 yearly
£80,982
£45.50
£93,000
34
JD Wetherspoon Plc (t/a The Bridge)
30 years
09-Sep-2009
08-Sep-2039
09-Sep-2014
5 yearly
£69,875
£16.30 psf
£69,875
5 yearly
-
TOTAL
5 yearly
05-Oct-2018 (T)
08-Nov-2016 (T)
09-Sep-2024 (T)
£1,315,805 Current Gross Rent Shortfalls Landlords Contribution to Marketing Head Rent Payment
£1,315,805 £0 £17,590 £92,264
Net Rent
£1,205,952
*Estimated Rental Value
£1,299,756
£1,299,756
Area (sq ft) ITZA
Ground Floor Sales
£45.00
1,024
1,240
1,240
Stepped rent; increases to £20,500 per annum from 16/09/2015, £21,500 per annum from 16/09/2016 and £22,500 per annum from 16/09/2017. Additional turnover top-up of 12% of gross turnover between £280,000 and £400,000 per annum.
£55.00
488
572
572
Stepped rent is £12,500 per annum until 24/03/2015, £25,000 per annum until 24/03/2016, £20,000 per annum until 24/03/2017 and £25,000 per annum until expiry. Vendor will top up the rent to £25,000 per annum until 24/03/2015.
£55.00
494
494
494
£55.00
788
985
985
£55.00
435
435
435
£55.00
435
435
435
Outside the 1954 Act. Rent deposit of £4,500 held.
£55.00
410
430
451
908
Solicitors instructed a new 3 year lease from expiry at £21,000 per annum.
£55.00
439
485
484
969
Outside the 1954 Act. Stepped rent increases by £1,000 every year to £19,000 in year 5.
£55.00
345
390
283
673
Outside the 1954 Act.
£60.00
298
298
365
The ancillary space for this unit refers to a remote basement area.
£60.00
544
960
959
1,919
£55.00
556
701
435
1,136
£55.00
755
984
606
1,590
£55.00
808
1,504
1,284
2,788
£55.00
837
1,821
1,225
3,206
£55.00
932
1,906
1,372
3,278
£55.00
890
1,486
1,276
2,762
£55.00
884
1,610
1,110
2,720
Tenant also pays a turnover rent which is 12% of Gross Turnover, less the "base rent". The base rent of £40,000 is subject to an U/O review to 80% of OMV.
£45.00
1,174
1,538
1,271
2,809
£30,000 penalty on break.
£40.00
637
910
590
1,500
Terms agreed for a new 5 year lease from expiry at £27,000 per annum, subject to six months' rent free.
£40.00
636
901
793
1,694
Personal rent concession which reverts back to £26,250 if Atlas West is no longer the tenant.
£40.00
1,670
4,887
4,550
9,437
£45.00
1,061
3,410
£45.00
1,097
4,058
1,460
5,518
£45.00
1,312
4,058
1,541
5,599
8,421
7,429
15,850
£10.71 psf £55.00
£17.43psf
1,780
Ground Floor Ancillary
Comments
* ERV (£psf ITZA)
27
First Floor Ancillary
67
160
Vendor will provide an 18m rent, rates and service charge guarantee.
6 month's rent penalty if break exercised.
New 5 year lease in solicitors hands at £35,000 per annum in Years 1-3 and £37,500 in Years 4 & 5. 9 months' rent free. Vendor will provide an 18m rent, rates and service charge guarantee until the letting is complete.
3 months' rent penalty if break exercised.
3,410
4,982
2,941
TOTAL NIA (Sq ft)
2,092
6 months' rent penalty on break
4,982
Rent reviews are fixed to £93,858 per annum in 03/2016 and £108,781 per annum in 03/2021. On expiry Waitrose Ltd has a personal option to renew for 15 years.
5,033
The rent increases by 7.5% at each 5 yearly review. Vendor will top up the rent to £69,875 in line with the September 2014 rent review. Analysis based on applying 50% to first floor.
82,307 We have relied on areas supplied by the vendor. It is the prospective purchasers responsibility to satisfy themselves that these are correct.
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 15
-7
.30 PM )
NE WS WH AG SM EN ITH T& BO OK S GH BA AL RB TO ER S CH AR ITY B H O2 SH F OP
2
9.3 0A M
3
H
2B
CA FE
AD E
9
CO UN C
NT
RIK A
PA R
8
7
12
MO BO BIL OT E H
14
5
4
CL A L A IRE `S CC ES S
18
3
A
TH SH E B HE OP ODY BE ALT AU H TY &
CA
CH D RI AVI S D JW TOP PA LR HE R P
19
31
VA
2
RO UG H
18 -
BO
LO OK
30
17
1
31
32
B BU UTL TC ER HE S RS
M CA UNR FE OS BA R
1
ITR
OS
E
RO
ZO SP NE EC SA OP VE TIC RS IAN CA FF EN ER O
TS BA B NK
-2
15
SH OE
WA
P
(50) (ESTIMATED)
SE R AR VICE EA
Explore potential for residential development along the riverside.
OAD R E TON S D GLA Obtain vacant possession of this area upon expiry of lease in 2021 and convert into a retail unit.
Target unit for additional catering which is under provided for in the centre.
UN IT
FU MO NKY NK EY
NE W
WA TE R
ES HO OG U TA L
29
ST O
T
CA
20
10
-1 1
HO EE NE S CL AR KS
NU ON MB CO E ER SH FFE O E CA P FE
MA D L/W ISO N R
6
TE LE P
NE `S BO OK VA S B RIE ERT ST TY DY OR A ST ET OR S WE E NT YO CL NE OT HIN G
28
AR GO S WR OO M
27 -
22
V /O EX ISIO PR N ES S
13
SERVICE AREA
30
4
PIN KP LA EX GA NET CO CH ME M P AN S GA GE ME U
GL O TR BAL AV EL WES TH T AG OR EN CO NT T O NF NS &B IS
23
EN
TH E HO BRID PU U S GE BL E IC HO US E
S NG LI L E -7 DW 1
NA TW ES
PE N CO NY L NF AN &B E IS
1A
37
IL OF FIC ES
SU PE HE RD AL RU TH G &B EA UT Y
1
3-
WE ST CO R PA NW ST AL YC L O T/A
(C LO SE D
TH
TH A B
Purchase unit to complete ownership.
P (36) (ACTUAL)
1
B
6
TIM P SH SON RE OE P
G S
50
& LEWIS JEARY ICITORS SOL
51 - 5 2
SON E WOOTTEN & S UNDERTAKER
53
44
46
47
49 48 18 Asset Management Opportunities
• Obtain vacant possession on the area located between units 8 and 9 at the 54 55 expiry of the1lease in 2021 and convert into a retail unit. 56
TON 57 BUR EAR W 3 for additional catering offer which is under provided for5in the • Target Sunit N 8 E M Centre. BC 59 HS K AN B • Carry out re-gear discussions with the Council regarding the head lease. NE AG LLS EN T
RD T TO & ES SON TA TA LL G E SE TTIN RV G IC E EN ES CO T T N
2
7
MI
EN RICHUL T HA BER
&
BIS BA ES RB QU ER IR SH E`S OP
TH M E FLO RA S ON LC FI HO EY N UL SE P TU BR RV FL RE RE ITI OR CH D SH C HU SC AR S ROS CO MBU H S NF GS C H
C AM MIL L
TH E
& W R
17
N TIO ELA REV BOOKS
O U T
19
6
HALIFAX BANK
KE R
-1
SA NT AN DE R BA NK
15
ICELAND
-
S 14 AL R N I G EA RI W O S AN DIE M A O L R
OFFICE
CASH BROKERS
21 A
Borough Parade has become established as the prime retail pitch in Chippenham and is the 21 first choice for retailers looking at the town 20
FROZEN FOOD
13
(40) (ES
A4 ST AT IO NE JUL R IAN HOU CH ARI S E TY SHO P NATIONWIDE BUILDING SOCIETY
22
12
L
AP
23
11
O T B TR HO PTI OO CI TS AV MA EL S C ANS AG OO TH EN K E T W OR KS
-7
0
6
AT E
NS RIA ST DE (PE
7
SH 6 AM 5 or advertisement. BL ES
& Carphone Clinton Cards, WH Smith, Superdrug, Warehouse and 3 Store. T TIN EN
• No income is currently Look into options to increase this income source. 8
CE PLA
TEL L HO E G N HE A
64
) LY ON
KET MAR
R MA TE AG TA S E from commercialisation derived
EN T
5
TH E
BA RC BA LA NK YS
IA 67 BR E I T OC S • Explore the potential for residential development along the riverside. ING ILD NS BU ASO SE Etargets S • There are major relocation from within Chippenham town centre U UR 66 HO RS FO LICBon E L B including: Dorothy Perkins, Marché, Holland and Barratt, Card Factory, L U PU F CO N • Purchase Munros Café Ito complete the ownership. TAN Y
(160) (ESTIMATED)
IN T FO
CO BE RA T L G OF O
69
4
P
B BE ETF OF TTI RED FIC NG E
3
1 FaE leisure/retail development • Look to undertake located on the car park and CAF AFE C explore potential interest from Odeon Cinemas, Waitrose (upsize) and family friendly restaurants. There UR may be potential to provide a decked car park in TO WR 68 the car parking provision. order to facilitate theDEdevelopment whilst not losing M/ LO OL TH AR IN S G
10
W EL LI N
PE A H
S W E M
PL W AC OR E SH OF IP
EL BL LA CH UE NE AR CR IT OS Y GR S SH EG OP GS BA
9
BO OT CH S EM IS T
8-
D
CA R G RE D B AR E C TI TE AR NG LE PH CA PH O PA RD R O NE BA S S N O KE W NS E RY S AR 3S TE TO EH L RE O US CH E
25
7
DA FO NE TE L
FI TR RST AV EL AG ICE EN T VO
NU M LU BER NC O H NE BO CH CAFE X O
6
C
PG E H T E G S DI AR DS SA IN G B &E G C Q DS O U IP
1
EN T
ST RE ET UN IT 2
T
PH 4 ON ES TE L 4U
BA NK
F JE HIN WE DS LL ER
EN T
LL OY DS
29
PE EM TER M/ MS WR MI L L/W ANO &M R /W R EN
PO UN DI SC DL AN O UN D T ST O RE
TS B
BA NK
EN T
HIG H
1
CE X EM ER 5 Y 2 GA T
ST
EN T
EL NG EA TH
Leasing History T
L TE HO
Borough Parade opened in 1996 and 14 of the Centre’s 28 tenants have been in occupation since then, demonstrating their commitment to the scheme. M
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USEUthe Almost all of the original leases expired in 2011 M Mand E vast majority have been ENHA E CENTR P P I G renewed, at rebased rents. CH A T I ER
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Look to undertake a leisure/retail development on the car park. Potential to provide decked car park with interest in the town centre from Odeon Cinema. Waitrose are potentially available for an upsize and family restaurants would be interested if an extension was delivered.
G 11 AFFIN NCY E T T S T AG EP N NC ME CO LOY P EM
In the past few years several national multiple retailers have been attracted to the Centre. These include Waitrose, Caffè Nero and Vision Express (in legals) who are all new to the town and Clarks, O2 and more historically, New Look, who moved across from Emery Gate Shopping Centre. In our opinion, this demonstrates that Borough Parade has become established as the prime retail pitch in Chippenham and it is the first choice for retailers looking at the town. Y C AS
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PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY
45 metres
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Management / Service Charge The operating costs of the shopping centre are covered by a comprehensive service charge. The service charge year is from 1 October to 30 September and the service charge accounts of the past three years are as follows: 2010/2011
£325,933
2011/2012
£293,223
2012/2013
£302,214
2013/2014
£283,988 (budget)
For the current year, the service charge payable by the tenants amounts between £2.91 and £3.34 per sq ft. By way of comparison, we understand the service charge in Emery Gate is currently circa £6.00 per sq ft. There are two service charge caps. Caffè Nero has a cap of £8,500 per annum from the commencement of their lease in June 2012 which rises in line with RPI. In the current budget, their service charge is £7,840. Waitrose had an initial cap of £15,607 from March 2011 which also increases in line with RPI. Their current service charge is £14,289. The landlord currently contributes 50% of the total marketing budget. The current contribution is £17,590 per annum.
Footfall
VAT We understand that the property is elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal We are instructed to seek offers in excess of £15,722,000 (Fifteen Million Seven Hundred and Twenty Two Thousand Pounds), for our clients long leasehold interest in this property, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.25% after purchaser’s costs of 5.80%
Further Information For further information or to arrange an inspection, please contact the sole agent: Richard Bashford JLL Tel: 0117 930 5737 richard.bashford@eu.jll.com
Chris Robinson JLL Tel: 0117 930 5865 chris.robinson@eu.jll.com
Ed Owen JLL Tel: 020 7318 7822 ed.owen@eu.jll.com
www.boroughparade-investment.com
The shopping centre had an annual footfall of 2.35 million people in 2013 which peaked at 230,000 people in December. The footfall has regularly been above 50,000 per week in 2014, showing an increase on the 2013 figures.
EPC A full set of EPC’s are available for the centre and are located in the marketing website data room.
MISREPRESENTATION ACT 1967 | DISCLAIMER COPYRIGHT © JONES LANG LASALLE IP, INC. 2013. All rights reserved. Jones Lang LaSalle Limited for themselves and for the vendor of this property whose agents they are give notice that: a) The particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract. b) 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 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. c) No person in the employment of Jones LangLaSalle Limited has any authority to make or give any representation or warranty whatever in relation to these properties. d) All plans, maps and photographs provided are for indicative purposes only. June 2014. Designed and produced by Creativeworld Tel: 01282 858200
PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY 19