Hobbycrafl & Matalan Weedon Road Northampton NN5 5AF Retail ...

Hobbycraft & Matalan
Weedon Road
Northampton
NN5 5AF
Retail Warehouse Investment Sale

Hobbycraft & Matalan
Weedon Road
•Investment Summary
Investment Summary
• Northamptonshire is one of the fastest growing counties in the UK with over 128,000 new homes
planned by 2026.
• Northampton is strategically located with excellent road communication links, particularly to the M1.
• 77% of Northampton’s primary catchment, as well as 57% of its secondary catchment, utilises the
town for their shopping needs (CACI).
• The property is situated in a highly visible location, in one of the main retail warehouse pitches
in the town.
• Well let to D&B ‘5A1’ rated covenants, Matalan and Hobbycraft at rents reflecting £15.50 per sq ft
and £18.74 per sq ft respectively.
• The scheme totals 41,029 sq ft GIA and benefits from an open A1 non-food consent.
• Good trading location; both tenants have extended their leases for a further 10 years giving
attractive unexpired lease terms of over 13.6 years.
• We are instructed to seek offers for the above property based on an attractive net initial yield of
7.00%, assuming purchaser’s costs of 5.80%. This equates to a purchase price of £9,100,000
(Nine Million, One Hundred Thousand Pounds), subject to contract and exclusive of VAT.

Hobbycraft & Matalan
Weedon Road
•Location

Hobbycraft & Matalan
Weedon Road
•Catchment &
Demographics
Catchment & Demographics
Northampton has a defined primary catchment of 473,000 people, with
an estimated shopping population of 240,000 people.
The area is forecast to see significantly above average population growth.
The East Midlands Regional Development plan allocates some 128,000
new homes for Northamptonshire as a whole by 2026, with just over
40,000 of these to be located within the Northampton Borough, parts of
south Northamptonshire and Daventry.
Northampton has a moderately affluent catchment population and
ranks 47 th out of the top 200 PMA retail centres in terms of volume of
comparison retail expenditure available in the catchment area. The town
is forecast to experience significantly above average percentage growth
in comparison retail expenditure from 2011 – 2016.
Situation
The property is located in the traditional main retail warehouse pitch
in Northampton, which lies on the A4055 Weedon Road, 2 miles east
of the town centre. The A4055 acts as an arterial west-east route into
Northampton from Junction 16 of the M1 motorway (4.3 miles) and also
provides the fastest access to the town centre from the A45 off Junction
15a of the M1, 3.5 miles to the south. This pitch is also home to both Sixfields
Retail and Sixfields Leisure Park along with a number of solus occupiers,
including Halfords, Wickes, Argos and Homebase, together with a large
Sainsbury’s foodstore.

Hobbycraft & Matalan
Weedon Road
•Catchment &
Demographics
Catchment & Demographics
Northampton has a defined primary catchment of 473,000 people, with
an estimated shopping population of 240,000 people.
The area is forecast to see significantly above average population growth.
The East Midlands Regional Development plan allocates some 128,000
new homes for Northamptonshire as a whole by 2026, with just over
40,000 of these to be located within the Northampton Borough, parts of
south Northamptonshire and Daventry.
TOLLGATE WAY
DUSTON ROAD
Situation
The property is located in the traditional main retail warehouse pitch
in Northampton, which lies on the A4055 Weedon Road, 2 miles east
of the town centre. The A4055 acts as an arterial west-east route into
Northampton from Junction 16 of the M1 motorway (4.3 miles) and also
provides the fastest access to the town centre from the A45 off Junction
15a of the M1, 3.5 miles to the south. This pitch is also home to Sixfields
Retail Leisure Park and a number of solus occupiers, including Halfords,
Wickes, Argos and Homebase, along with a large Sainsbury’s foodstore.
DUSTON ROAD
WEEDON ROAD
Northampton has a moderately affluent catchment population and
ranks 47 th out of the top 200 PMA retail centres in terms of volume of
comparison retail expenditure available in the catchment area. The town
is forecast to experience significantly above average percentage growth
in comparison spend from 2011 – 2016.
TWEED ROAD
ROSS ROAD
TOLLGATE WAY
SIXFIELDS
LEISURE PARK
WEEDON ROAD
TWEED ROAD
EDGAR MOBBS ROAD
ROSS ROAD
UPTON ROAD

Hobbycraft & Matalan
Weedon Road
Retail Warehousing in Northampton
A508
Roll-over numbers to view occupiers
Barrack Road A508
•Retail Warehousing
in Northampton
A5095
Kettering Road
Rushmere Road
A4500
Tollgate Way
Weedon Rd
A4500
A4500
A428
Northampton
York Rd
A4500
Nene Valley Way A45
Upton Way A5076
Bedford Rd
Bedford Road A425
Danes Camp Way
Towcester Road A5123
London Road A508
Nene Valley Way A45
Mere Way A5076

Hobbycraft & Matalan
Weedon Road
Description
The subject property comprises 2 adjoining units of 29,288 sq ft and 11,741 sq ft, let to
Matalan and Hobbycraft respectively.
Both units provide modern retail warehouse accommodation fitted out to each tenant’s
individual specification. The Hobbycraft unit benefits from a mezzanine extending to
some 6,845 sq ft, which also contains staff offices.
•Description
Car parking is located to the front of the units, with 145 spaces provided. There are a
further 31 spaces located on a former grassed area between the Matalan unit and the
access road. Overall, there are a total of 176 spaces, equating to a car parking ratio
of 1 : 233 sq ft.
Servicing is located to the rear of the units via a shared service yard, which benefits from
separate access to the main customer car park.
We calculate the site area extends to approximately 2.28 acres, giving a site cover
of 41%.

Hobbycraft & Matalan
Weedon Road
Tenure
The property is held freehold and the site area is delineated below in red.
•Tenure

Hobbycraft & Matalan
Weedon Road
Planning
The scheme was originally granted planning permission in 1984 for non-food retail units for the sale of carpets and furniture. This was subsequently
amended in 1991 to the current permission, which allows Class A1 non-food retail. Permission was granted in May 2006 to further extend the car
park, providing an additional 31 spaces on an area of former landscaping. Copies of the planning permissions are available on request.
Environmental
WSP have carried out both Phase I and Phase II Environmental Reports on the subject property. This has resulted in the site being given a ‘low risk’
rating from land contamination issues. Both reports are available on request and are assignable to the purchaser.
•Planning
Tenancies
The property is let on full repairing and insuring leases with an attractive average unexpired lease term of 13.64 years.
Unit
Tenant
GIA
(sq ft)
Lease
Start
Lease
Term
Lease
Expiry
Next
Rent Review
Rent
(per annum)
Rent
(per sq ft)
Comments
Unit 1
Matalan Retail
Limited
29,288 16/07/2012 14.20 28/09/2026 24/09/2016 £453,964 £15.50
New lease agreed commencing 16/07/2012 until 28/09/2026 at
£453,964 per annum. £226,973 capital contribution was received.
Unit 2
Hobbycraft
Trading Limited
11,741 05/08/1996 30.15 29/09/2026 01/10/2016 £220,000 £18.74
New lease agreed commencing 30/09/2016 until 29/09/2026 at
£220,000 per annum. £110,000 capital contribution was received.
Total 41,029 £673,964

Hobbycraft & Matalan
Weedon Road
Tenants’ Covenants
Matalan Retail Limited was founded in 1985 in the UK and now trades from over 200
stores across the country. The company remains privately owned and has experienced
annual growth since its inception.
Hobbycraft Trading Limited is the largest chain of craft superstores across the UK, with
over 60 stores, and was the first retailer of its kind in Europe. It was founded by the Haskins
family in 1995, but was sold to private investment group Bridgepoint in 2010. Bridgepoint
are looking to expand the business, with 50 new stores required within the next 4 years.
We set out below a summary of the most recent tenant accounts:
•Tenants’ Covenants
Unit Tenant Year Ending
1
Matalan Retail
Limited
25/02/2012
26/02/2011
Sales
Turnover
(000’s)
£1,117,500
£1,096,500
Pre-Tax
Profit
(000’s)
£9,900
£72,800
Net Worth
(000’s)
£243,400
£216,200
D&B Rating
5A1
2
Hobbycraft
Trading Limited
19/02/2012
20/02/2011
£106,522
£95,188
£11,519
£4,750
£42,447
£31,895
5A1

Hobbycraft & Matalan
Weedon Road
VAT
The property has not been elected for VAT purposes.
Proposal
We are instructed to seek offers for the above property based on an attractive net initial
yield of 7.00% assuming purchaser’s costs of 5.80%. This equates to a purchase price
of £9,100,000 (Nine Million, One Hundred Thousand Pounds), subject to contract
and exclusive of VAT.
Contacts
•Proposal & Contacts
Drew Moore
Tel: 07317 3799
Ellie Kirkby
Tel: 07317 3790
Heathcoat House
20 Savile Row
London
W1S 3PR
Wilkinson Williams LLP and their clients give notice that:1. They are not authorised to make or give any representations or warranties in relation to the
property either here or elsewhere,either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that
may bemade in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statementsor representations
of fact.2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily
comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Wilkinson Williams LLP
have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. February 2013.

Hobbycraft & Matalan
Weedon Road
EPC
Matalan
Hobbycraft
•EPC