PATRIOT DRIVE, MILTON KEYNES, MK13 8PU Prime Retail ...

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PATRIOT DRIVE, MILTON KEYNES Prime Retail Warehouse Investment Opportunity Investment Considerations Location Catchment & Demographics Situation Retail Warehousing in Milton Keynes Description Tenure Tenancies Planning Asset Management Potential Tenants’ Covenants, VAT, Proposal, Further Information Catchment & Demographics Milton Keynes was designated a New Town in 1967 and is one of the fastest growing towns in the UK. The town has a primary catchment population of 709,000 people (PMA). CACI predict there are 201,000 and 310,663 people living within a 10 and 20 minute drive time of the subject property respectively. Milton Keynes has been identified by the Government as one of the 3 potential growth centres in the south east (the others being Ashford and the Thames Gateway). The population is anticipated to double in size by 2026 and by 2031 Milton Keynes is estimated to be the 16th largest city in the country. PMA estimate that the shopping population totals 465,000 people, ranking the town 11 out of the top 200 PMA centres. Due to its location and lack of proximity to towns with a comparable and competitive retail offer, it is considered Milton Keynes benefits from a captive catchment which extends far beyond the defined primary catchment area, extending as far as Kettering to the north, Luton and Aylesbury to the south, Bedford and Sandy to the east and Daventry to the west. Milton Keynes also benefits from an affluent catchment population as demonstrated below: Affluence Indicators Milton PMA Regional PMA Retail Top 200 Keynes Centre Average Centre Average AB (most affluent) Social Structure 2001 % adult population 31 28 25 Car ownership of 2+ cars % of households 41 33 30 Owner occupiers % of households 75 72 70 Total in-store comparison retail expenditure 2011 (£m) £1,807 £1,632 £821 Per capita in-store comparison expenditure £2011 £2,548 £2,472 £2,392 Per capita retail warehouse expenditure £2011 £523 £494 £476 Milton Keynes has attracted a significant amount of investment and employment to the area. Several national and global firms are located in the city; both Volkswagen and Mercedes-Benz have their UK HQs here, Santander is one of the largest employers in Milton Keynes and Network Rail is relocating its work force here in July, to establish a “national hub” accommodating over 3,000 staff in new offices close to Milton Keynes station. Other employers in the area of note include The Open University, The Foreign & Commonwealth Office and Unisys. Amazon.co.uk, Coca Cola Enterprises, NYK Logistics and DHL Exel also all have large distribution centres on the outskirts of Milton Keynes, close to both Junctions 13 and 14 of the M1. Growth in employment from 2010 – 2016 is estimated to be 0.3% per annum in Milton Keynes, above the PMA average of 0.1% per annum. The quality of employers and large number of managerial and routine based office jobs resulted in total average earnings in Milton Keynes being £437 per week, above the GB average of £400 per week. A43 TOWCESTER A413 A5 M1 A508 BUCKINGHAM B&Q 10 minute drive time A413 20 minute drive time OLNEY A509 NEWPORT PAGNELL A422 A500 M1 MILTON KEYNES A421 A4146 A5 A428 LEIGHTON BUZZARD A4146 A6 A507 M1
PATRIOT DRIVE, MILTON KEYNES Prime Retail Warehouse Investment Opportunity Investment Considerations Location Catchment & Demographics Situation Retail Warehousing in Milton Keynes Description Tenure Tenancies Planning Asset Management Potential Tenants’ Covenants, VAT, Proposal, Further Information B526 A509 Situation A422 A509 The subject property is situated in a highly accessible location in one of the main retail warehousing pitches within Central Milton Keynes. Access to the property is via Patriot Drive which leads to Grafton Street, a dual carriageway linking to the A5, close to the roundabout junction connecting to the A509. The A509, which bounds the property to the south, runs east/west across the town and joins the A5 and the M1. A422 A422 B4034 Central Retail Park & Rooksley Retail Park A509 14 M1 Patriot Drive also provides access to Central Retail Park which has recently been refurbished. Occupiers here include Next Home, Halfords, Dwell, Comet, Hobbycraft and Pets at Home. Opposite this is Rooksley Retail Park. On the opposite side of the A509 to the south, is The Place Retail Park occupied by retailers including Currys, Brantano, Carphone Warehouse, American Golf and McDonald’s. The Place Retail Park Homebase A5(T) Winterhill Retail Park & Cairngorm Retail Park A509 Routeco Retail Park A421 A5(T) A421 B4034 Milton Keynes Shopping Centre CENTRAL MILTON KEYNES B&Q A421 A421 B4034 B4034 B4034 B4034 A5(T) A421 BLETCHLEY A4146 A4146 A4146 A4146 A5130 A421 Stadium Retail Park IKEA, Asda & DW Sports Beacon Retail Park Rushmere Retail Park Kingston Centre A5130 WOBURN SANDS Milton Keynes Station and Milton Keynes Shopping Centre are also in close proximity, being 0.8 miles south and 1.2 miles east respectively. There is also a substantial amount of housing nearby. Retail Warehousing in Milton Keynes The majority of retail warehouse supply in Milton Keynes is located outside the main town centre itself in suburbs including Bletchley and Kingston. Within the town centre there are 2 main retail warehouse locations, of which the subject property is situated in one, which also contains Central Retail Park, Rooksley Retail Park and The Place Retail Park. The other principal pitch is within the Winterhill District, 1.4 miles south east of the subject property, where Winterhill Retail Park, Cairngorm Retail Park and Routeco Retail Park are located. Bletchley lies 4.5 miles south east of the subject property. Here there is Beacon Retail Park, Rushmere Retail Park, an IKEA store, a DW Sports unit, an Asda foodstore and Stadium Retail Park, which is currently under construction. In terms of DIY competition in Milton Keynes, there is a 36,500 sq ft Wickes unit on Routeco Retail Park and a standalone Homebase unit of 81,675 sq ft located nearby. In Bletchley, opposite Beacon Retail Park there is a standalone 39,400 sq ft unit let to B&Q. The subject property is considered the dominant DIY unit in the town, by nature of it’s size, location and the operator.
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