b&m march trading park, martin avenue well-let … · march | cambridgeshire | pe15 0df <...

WELL-LET RETAILWAREHOUSE INVESTMENT

B&M MARCH TRADING PARK, MARTIN AVENUE

M A R C H | C A M B R I D G E S H I R E | P E 1 5 0 D F

B&M, MARCH TRADING PARK, MARTIN AVENUEM A RC H | C A M B R I D G E S H I R E | P E 1 5 0 D F

< >

Investment Summary

Location

Situation

Retail Warehouse Provision

Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact

Investment Summary

• March is a market town in Cambridgeshire, located approximately 20 miles east of Peterborough and 32 miles north of Cambridge

• The property is prominently located within an established retail cluster, 1.5 miles north west of the town centre

• Solus retail warehouse unit comprising a total of approximately 25,375 sq ft with 106 car parking spaces, providing a ratio of 1:239 sq ft

• The property is let to B&M Retail Limited with approximately 12 years unexpired

• Low passing rental level of £155,000 per annum, equating to £6.11 per sq ft

• The next OMV rent review is due on 23 June 2020, capped at £200,000 per annum and 5 yearly thereafter (uncapped)

• Freehold

Our client is seeking offers in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive Net Initial Yield of 6.94%, assuming purchaser’s costs of 6.3%.


< >

March Station

Location

March is a market town in Cambridgeshire within Fenland District Council, located approximately 20 miles (32 km) east of Peterborough and 32 miles (51 km) north of Cambridge.

The town is situated on the A141 which links with the A1 (M) situated to the west, providing convenient access to surrounding centres and the wider national motorway network.

March railway station is located to the north of the town centre providing direct services to Peterborough and Cambridge, with a fastest journey time of 16 minutes and 33 minutes respectively.

The town lies within Fenland and is the District’s administrative hub. The total catchment in March is approximately 168,563 (Source CACI).

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact

A141

A141

A141

B1101

B1099

A605

A141

A14

A15A16

A14

A142 A134

A1(M)

A134

A1122

A1175

Thetford

King's Lynn

Cambridge

Wisbech

Peterborough

Stamford

MARCH

MARCH

A1065

A47

A1

A47

A17

A10

HOSTMOOR AVE

THORBY AVE

HUNDRED RD

MARTIN AVE

WISBECH RD


< >

Situation

The property occupies a prominent location on the edge of the town centre at the junction of Martin Avenue and Hostmoor Avenue to the east of the A141 (Wisbech Road). The A141 is the main arterial route serving March and provides convenient links to Peterborough via the A47 to the west and Cambridge via the A14 to the south.

The site lies within an established out of town cluster, with the critical mass of the location significantly enhanced by the presence of the adjacent Tesco foodstore comprising approximately 66,000 sq ft. There is further a large Ridgeons Timber and Builders Merchants, immediately to the north of the subject property.

Meadowlands Retail Park is located to the south and comprises a total of 31,000 sq ft. Occupiers include Argos, Halfords, Carpetright, Mattressman and the Original Factory Shop.

In addition, there is currently a live planning application for 95,600 sq ft of new retail warehousing on the A141, in close proximity to the subject property, to be known as Westry Retail Park.

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact


< >

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact


Tesco – 66,000 sq ft with petrol filling station

Meadowlands Retail Park – 31,000 sq ft let to Argos, Halfords, Carpetright and The Original Factory Shop.

Westry Retail Park – Planning application submitted in April 2018 for a 95,600 sq ft retail park ref: F/YR18/0566/F.

MEADOWLANDSRETAIL PARK

WESTRYRETAIL PARK

®

A141

HOSTMOOR AVE


< >

Description

The property comprises a solus retail warehouse unit of steel portal frame construction with block / brickwork, metal profile clad and glazed elevations, below a pitched roof incorporating translucent panels.

The property is rectangular in shape and provides ground floors sales area, ancillary storage, cash office and customer WC’s, with office accommodation, kitchen and staff facilities located at first floor level. Internally, the store is fitted out to B&M’s corporate specification.

Externally there is a garden centre situated to the side of the unit together with approximately 106 car parking spaces situated to the front of the property, equating to a ratio of 1:239 sq ft. Customer access and egress to the site is via Martin Avenue. Servicing is to the rear of the unit via Thorby Avenue.

The total site area is approximately 1.8 acres (0.729 ha) with a low site coverage of approximately 32%.

Accommodation

The property provides the following approximate Gross Internal Area (GIA):-

Floor sq ft sq m

Ground Floor 23,405 2,174

First Floor 1,971 183

Total 25,375 2,357

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact

THO

RBY AVENU

E

MA

RTIN AVEN

UE

HOSTMOOR AVENUE


< >

Tenure

Freehold.

Tenancy

The property is let in its entirety to B&M Retail Limited (company number 1357507) on a lease expiring 22 June 2030, providing an unexpired term of approximately 12 years. The current passing rent is £155,000 per annum, equating to £6.11 per sq ft.

The next rent review is due on 23 June 2020 to Open Market Value, capped at £200,000 per annum. Rent reviews are 5 yearly thereafter to Open Market Value (uncapped).

B&M have occupied the property since 2012 initially via an underlease; however, in 2017, B&M agreed a new direct occupational lease underlining their commitment to the location. As part of the transaction the rent was rebased. The new lease is further subject to a schedule of condition agreed as part of the original underlease.

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact

Covenant

B&M was formed in 1978 and has become one of the leading variety retailers in the UK. Since opening its first store in Blackpool the company has grown its network of stores to 576, employing over 24,500 employees.

B&M Retail Limited has a Dun & Bradstreet rating of 5A1, reflecting a minimum risk of business failure. The most recent financial results are summarised below:

March 2017 March 2016 March 2015

Sales Turnover £2,252,265,000 £1,902,557,000 £1,526,181,000

Pre-Tax Profit / (Loss) £198,006,000 £168,121,000 £151,063,000

Tangible Net Worth £498,412,000 £440,372,000 £333,599,000


< >

Proposal

Our client is seeking offers in excess of £2,100,000 (Two Million, One Hundred Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive Net Initial Yield of 6.94%, assuming purchaser’s costs of 6.3%.

Rick McIntosh-WhyteT: 0207 255 8064 E: [email protected]

Rebecca JamesT: 0207 255 8040 E: [email protected]

Contact

For further information, or to arrange an inspection of the property please contact the sole agents:

Planning

Planning permission for the original development was granted in January 1989 (reference F/1610/88/F)…….

Further information is available upon request.

VAT

We anticipate that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPC

An EPC is available upon request.

Rapleys LLP is registered as a Limited Liability Partnership in England and Wales. Registration No: OC308311. Registered Office at Falcon Road, Hinchingbrooke Business Park, HUNTINGDON PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS. Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey – © Crown Copyright 2001. Licence No. 100017302 and © Crown Copyright. All rights reserved. Licence No. ES 100004619. Misrepresentation Act: These particulars are produced in good faith and believed to be correct. Neither Rapleys, their joint agents (where applicable) or their client guarantees their accuracy and they are not intended to form any part of a contract. No person in the employment of Rapleys or their joint agents has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. July 2018 carve-design.co.uk 13594

Investment Summary

Location

Situation


Description

Accommodation

Tenure

Tenancy

Covenant

Planning

VAT

EPC

Proposal

Contact

b&m march trading park, martin avenue well-let … · march | cambridgeshire | pe15 0df <...

Documents