OPEN NON FOOD RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
PAGES CORNER RETAIL PARK MFI & CARPETRIGHT, WORTHING, BN11 2QL
Pages Corner Retail Park
Worthing
As at 2001, Worthing had an urban area population of approximately 97,000, with a catchment population in excess of 185,000 within 6 km of the town centre.
1.0 LOCATION Worthing is a substantial coastal town approximately 58 miles south of London and 11 miles west of Brighton. The town benefits from excellent communications, being situated immediately adjacent to the A27 South Coast trunk road. As at 2001, Worthing had an urban area population of approximately 97,000, with a catchment population in excess of 185,000 within 6 km of the town centre. The general prosperity of the location is highlighted by the fact that as at October 2007 the unemployment rate stood at 1.2%, as opposed to a national average of 2.2%.
Worthing
Pages Corner Retail Park
Worthing
4
Ham Road/Dominion Road is one of the principal routes linking Worthing town centre with Brighton via the A259 coast road.
3
2.0 SITUATION The subject property is situated in a prominent position on the east side of Ham Road (B223), which is 他 mile to the east of the town centre. Ham Road/Dominion Road is one of the principal routes linking Worthing town centre with Brighton via the A259 coast road.
B223
2
Pages Corner Retail Park
1 The Subject Property (Ham Road) 2 Wickes 3 Lyons Farm Retail Park (Currys, Brantano & Boots)
1
4 Downloads Retail Park (B&Q and Halfords)
B223
A259
Pages Corner Retail Park
Worthing
Customer car parking is situated at the front and the side of the units, there is a dedicated service yard to the rear.
3.0 Description The subject property comprises a purpose built retail warehouse of steel construction which we understand was refurbished and subdivided in 1997. The building provides a clear eaves height to the underside of the haunch in excess of 6 metres. The development extends to a total of approximately 38,119 sq ft. It has been divided to provide units occupied by Carpetright of 9,137 sq ft and MFI of 28,982 which includes a first floor mezzanine of approximately 1,700 sq ft. Customer car parking is situated at the front and the side of the units, there is a dedicated service yard to the rear. There are a total of 161 designated car parking spaces equating to a ratio of 1:235 sq ft.
4.0 ACCOMMODATION SL GE A P
The property provides the following gross internal floor areas: Unit
Tenant Area sq ft Area sq m
1
MFI
28,982
2,692
2
Carpetright
9,137
849
Total
38,119
3541
5.0 TENURE Freehold.
There are approximately 162 car parking spaces providing a ratio of 1:235 sq ft.
PAGES CORNER
E
AN
Worthing
Pages Corner Retail Park
Our client is seeking a price in the region of £10.35 million, which would reflect a net initial yield of 6.25%, assuming purchaser’s costs of 5.675%.
6.0 TENANCIES
7.0 TENANTS’ COVENANTS
The property is let in accordance with the following schedule:
We summarise below the most recent accounts for the tenants:
Tenant
Areas sq ft
Rent p.a.
Rent Expiry p.s.f.
Next Rent Reviews
Tenant Date
Turnover (£’000’s)
Pre Tax Profit (Loss £’000s)
Net Worth (Loss £’000s)
MFI Properties Ltd
28,982
£519,543
£17.82
03/10/20
17/06/11
MFI Properties Ltd
24/12/05
£9.22m
£19.54m
£117.255m
Carpetright Plc
9,137
£164,466
£17.99
01/10/20
23/06/11
Carpetright Plc
28/01/07
£475.90m
£67.00m
£29.10m
Total
38,119
£684,000
Both tenancies have fixed rent reviews in the fifth and tenth years, as set out below: Tenant
Rent June 2011
Rent June 2016
MFI Properties
£620,351
£719,157
Carpetright
£196,381
£227,659
Total
£816,732
£946,816
8.0 PLANNING The property benefits from an open non food planning consent.
9.0 PROPOSAL Our client is seeking a price of £10.35 million, subject to contract and exclusive of VAT which would reflect a net initial yield of 6.25%, assuming purchaser’s costs of 5.675%. June 2011
7.17%
June 2016
8.65%
10.0 CONTACTS FOR FURTHER INFORMATION Miles Marten Wilkinson Williams Mellier House 26a Albemarle Street London, W1S 4HY
Tel: 020 7317 3777 Fax: 020 7495 5432 E-mail: m.marten@wilkinsonwilliams.co.uk
Tel: 020 7495 4321
www.wilkinsonwilliams.co.uk
MISREPRESENTATION NOTICE Wilkinson Williams LLP give notice to anyone who may read these particulars as follows:1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is no guaranteed and they do not form part of any contract.
Ref: 105027