Blackwood Retail Park - Wilkinson Williams

Blackwood Retail Park
Blackwood NP12 ONT
OPEN A1 Freehold
retail Park
INVESTMENT

Investment Summary
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Blackwood is located in South Wales, approximately 14 miles north west of
Newport and 15 miles north of Cardiff.
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The town benefits from a large catchment population, with 167,744
people living within a 20 minute drive time.
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Blackwood Retail Park is situated in a prominent and accessible location
adjacent to the town centre overlooking the B4254 High Street which joins
the A4048, the main arterial route running through the town.
The town’s dominant foodstore, let to Asda, is located in the centre of the
scheme, providing a large footfall generating anchor.
The park benefits from an unrestricted open A1 food consent,
including food.
The property totals 46,114 sq ft gross internal area and is let to tenants
including Brantano, Carpetright, Pets at Home, B&M Bargains and
Farmfoods, at low rents between £14.00 per sq ft and £17.00 per sq ft.
We are instructed to seek offers
in excess of £8,850,000, subject
to contract, exclusive of VAT.
This reflects an attractive net
initial yield of 8.00% based on
purchaser’s costs of 5.80%.
Blackwood Retail Park | Blackwood 2

Location
Blackwood is located in South Wales, 15 miles north of Cardiff,
14 miles north west of Newport and 46 miles east of Swansea.
The town benefits from excellent road communications, being
situated 9 miles north of Junction 28 of the M4 motorway, which
provides direct access to the wider motorway network and
London, 154 miles east.
A465
M50
SWANSEA
BLACKWOOD
A470
A465
A4042
GLOUCESTER
M5
M4
CARDIFF
NEWPORT
BRISTOL
M4
WESTON-SUPER-MARE
M5
Blackwood Retail Park | Blackwood 3

CATCHMENT &
DEMOGRAPHICS
The town’s good transport links, combined with its close
proximity to the M4, has resulted in Blackwood becoming a
popular town with commuters working in Newport and Cardiff,
giving the town increased prosperity. 14% of the catchment are
classified under the AB social category and 55% are classified
under the C1/C2 social group.
Blackwood benefits from a large catchment population; within
a 10 minute drive time of the subject property the population is
estimated at 57,541 people, increasing to 167,744 people within a
20 minute drive time.
A465
EBBW VALE
A4048
A467
MERTHYR TYDFIL
A469
ABERTILLERY
SITUATION
The subject property is located in a prominent position
off the B4254 High Street, adjacent to the town centre and
overlooking the A4048, the main arterial route running
through the town.
The property benefits from being the main retail warehouse
park in the town and is anchored by an Asda foodstore of circa
76,000 sq ft. This dominant supermarket generates a high volume
of footfall to the scheme.
Given its location, the scheme effectively forms part of
Blackwoods’ town centre. There is a natural pedestrian
progression between the town centre and the park.
BLACKWOOD
PONTYPOOL
A4042
A449
A4061
CWMBRAN
PONTYPRIDD
A469
CAERPHILLY
A470
M4
NEWPORT
CARDIFF
Drive Times
10 Minutes
20 Minutes
Blackwood Retail Park | Blackwood 4

“BLACKWOOD RETAIL
PARK IS the only open A1
scheme in the town”
RETAIL WAREHOUSING
IN BLACKWOOD
Retail warehouse supply in Blackwood is very limited,
with the subject property being the only open
A1 retail park in the town.
A4048
In 2006, Blackwood Gate Retail Park was developed as
a bulky goods scheme anchored by a 36,300 sq ft Focus
unit. However, since Focus’ demise, the park has been
fully vacant.
BLACKWOOD RETAIL PARK
Retail in the town centre is also limited. There is a small
shopping centre, The Market Place, situated on the High
Street, 0.3 miles south of the subject property, anchored by
Iceland and Peacocks.
Adjacent to the subject property is a 76,000 sq ft Asda
foodstore, which is owned by the occupier and is the
main foodstore in the town. The only other foodstore in
Blackwood is a Sainsbury’s foodstore of circa. 35,000 sq ft,
2 miles south east of the subject property
PENGAM ROAD A4049
BLOOMFIELD ROAD
B 424
THE MARKET PLACE
SHOPPING CENTRE
A4048
BLACKWOOD GATE RETAIL PARK
HIGH STREET B4254
A4048
A4048
B4251
A472
Blackwood Retail Park | Blackwood 5

DESCRIPTION &
ACCOMMODATION
“ The scheme is arranged
in 2 terrraces separated
by the town’s dominant
foodstore.
Blackwood Retail Park was constructed in 2002 and comprises
8 units and an A3 restaurant, totalling 46,114 sq ft gross
internal area, with units varying in size from 1,754 sq ft to over
12,000 sq ft. The scheme is arranged in 2 terraces, separated by
a 76,000 sq ft owner occupied Asda foodstore. The first phase
of the scheme, situated to the west of the Asda, is the main
terrace and comprises 6 units anchored by B&M Bargains, with
further retailers including Farmfoods, Carpetright, Brantano,
Nefertiti Fashions and Tilley Beddoe Furniture Company.
The second phase on the opposite side of the Asda store
comprises 2 adjoining units occupied by Pets at Home and
Blockbuster along with a standalone McDonald’s restaurant.
The main terrace of 6 units is of steel portal frame construction,
with external PVC coated cladding. There is a covered walkway
incoporating tenants’ signage at the entrances to each individual
unit. The 2 separate units on the opposite side of the Asda are
of a similar construction, housing an attractive curved roof, with
a combination of masonry brickwork frontage, with PVC coated
cladding and glass elevations.
The tarmacadam customer car park is located to the front of
the main terrace and there is a separate car park serving the
McDonald’s, Pets at Home and Blockbuster units. Car parking
totals 200 spaces providing a car parking ratio of 1:231 sq ft.
Asda also benefits from its own 400 space car park, to the front
of the store.
Blackwood Retail Park | Blackwood 6

Tenure
The site, delineated below, is held freehold.
The sites shaded in yellow are within separate ownership. This is an
indicative plan. A copy of the title plan is available on request.
HIGH STREET
B4254
A4048
TILLEY
BEDDOE
FURNITURE
Blackwood Retail Park | Blackwood 7

“Unrestricted open
A1 food consent”
Tenancy schedule
The property is let on full repairing and insuring terms and provides an income weighted average unexpired lease term of 8.58 years.
Unit Tenant Total Area lease Term lease next Rent Current Rent Current Rent
(sq ft) Start (years) Expiry Review (per annum) (per sq ft)
1A Brantano 6,011 24/06/2002 15 23/06/2017 24/06/2017 £97,679 £16.25
1B Tilley Beddoe Furniture Co 1,945 11/10/2011 10 10/10/2021 11/10/2016 £30,000 £15.42
2A Farmfoods 3,225 24/06/2002 15 23/06/2017 24/06/2012 £53,200 £16.50
2B Nefertiti Fashions 1,754 29/04/2003 10 28/04/2013 – £28,941 £16.50
3 Carpetright 10,033 28/04/2006 15 27/04/2021 28/04/2011 £171,275 £17.07
4 B&M Bargains 12,022 29/09/2002 15 28/09/2017 29//09/2012 £182,500 £15.18
5 Pets at Home 5,022 25/06/2003 15 24/06/2018 25/06/2013 £73,900 £14.72
6 Blockbuster 3,032 29/09/2002 15 28/09/2017 29/09/2012 £43,650 £14.40
9 McDonald’s 3,100 24/06/2002 35 23/06/2037 24/06/2037 £67,650 £21.82
TOTAL 46,144 £748,795
TILLEY
BEDDOE
FURNITURE
Blackwood Retail Park | Blackwood 8

“88% of the secured
income is to national
retailers”
Planning
Tenants’
Covenants
Blackwood Retail Park benefits from
an unrestricted open A1 retail consent,
including food. The McDonald’s unit has
an A3 planning consent.
A copy of the planning consents, are
available on request.
The scheme benefits from being let to a wide range of retailers, with 88% of the current income being
from A rated tenants (D&B). We set out below the most recent company accounts for each tenant:
Tenant year Sales Turnover Pre-Tax Net Worth D&B
Ending (000s) Profit/Loss (000s) (000s) Rating
Brantano (UK) Ltd 31/12/2010 £105,355 £920 £14,781 3A1
31/12/2009 £107,470 £4,639 £14,072
Tilley Beddoe Furniture Co N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
Farmfoods Ltd 31/10/2010 £557,957 £13,089 £50,032 5A1
31/10/2009 £468,926 £17,029 £45,077
Nefertiti Fashions Ltd 31/12/2010 – – £264,591 B4
31/12/2009 – – £271,730
Carpetright Plc 30/04/2011 £486,800 £6,600 £49,000 1A2
01/05/2010 £516,600 £22,300 £54,000
B&M Retail Ltd 31/12/2010 £538,321 £35,183 £53,142 5A1
31/12/2009 £426,657 £33,849 £27,199
Pets at Home Ltd 25/03/2010 £462,646 £68,853 £102,405 5A1
26/03/2009 £399,899 £58,377 £47,531
Blockbuster Entertainment Ltd 03/01/2010 £262,820 £4,559 £26,821 5A4
04/01/2009 £293,376 £3,008 £22,777
McDonald’s Restaurants Ltd 31/12/2010 £1,184,462 £157,211 £288,050 5A1
31/12/2009 £1,129,957 £114,048 £365,466
Blackwood Retail Park | Blackwood 9

Proposal
Contacts
We are instructed to seek offers
in excess of £8,850,000, subject
to contract and exclusive of VAT.
This reflects an attractive net
initial yield of 8.00%, based on
purchaser’s costs of 5.80%.
Wilkinson Williams
Heathcoat House
20 Savile Row
London W1S 3PR
www.wilkinsonwilliams.co.uk
Miles Marten
Tel: 020 7317 3777
Mob: 07770 748 290
m.marten@wilkinsonwilliams co.uk
Ellie Kirkby
Tel: 020 7317 3790
Mob: 07764 241 898
e.kirkby@wilkinsonwilliams.co.uk
Drew Moore
Tel: 020 7317 3789
Mob: 07880 797 488
d.moore@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, artist impressions, photographs or digitally enhanced imagery) 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 plans, artist impressions, photographs or digitally enhanced imagery appearing in this brochure show only certain parts of the property and certain aspects may have changed since they were produced and it should
not be assumed that the property remains precisely as displayed within these particulars. Furthermore, no assumptions should be made in respect of parts of the property which are not shown.
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 are proposed, 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.
8. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract.
Blackwood Road Retail Park | Blackwood | November 2011 | Ref: 107154
Blackwood Retail Park | Blackwood 10