271 winchester road southampton so16 6tp - Wilkinson Williams

271 WINCHESTER ROAD
SOUTHAMPTON SO16 6TP

2
WICKES 271 WINCHESTER ROAD, SOUTHAMPTON
Investment Considerations
• Southampton is a major commercial centre with an affluent primary
catchment population of 681,000 people.
• Southampton is a wealthy city which ranks 19 out of the top 200
PROMIS centres in terms of the volume of comparison retail spend
available in the catchment area.
• The property is situated in a prominent position off the A35 in an
established ‘out of town’ location close to occupiers including Halfords,
Currys, Pets at Home and The Range.
• The building is an attractive, modern purpose built retail warehouse
unit providing 47,587 sq ft (G.I.A) of accommodation, a garden centre and
car park.
• The property has a ‘bulky goods’ planning consent.
• The property is let to Wickes Building Supplies Limited (D&B Rating:
5A1) with an unexpired term of over 17 years.
• The property rent equates to £14.00 per sq ft with a fixed uplift in
2012 to £16.22 per sq ft.
• We are instructed to seek offers based on an attractive net initial
yield of 6.5% (based on purchaser’s costs of 5.7625%). This equates to
a purchase price of £11,240,000 based on the vendor topping up the
rent to the fixed level due in July 2012 of £772,329.55 pa.

A33
M5
BRISTOL
A354
A338
A36
A303
M4
SOUTHAMPTON
BOURNEMOUTH
WINCHESTER
A34
M3
M27
M40
READING
BASINGSTOKE
A31
A3
A272
PORTSMOUTH
A27
M1
M25
M25
CRAWLEY
A24
A1(M)
LONDON
M23
BRIGHTON
M11
M25
M271 M20
ROMSEY ROAD
MILLBROOK
RETAIL PARK
THE RANGE
SHIRLEY
RETAIL PARK
WINCHESTER ROAD
SHIRLEY ROAD
THE AVENUE
HALFORDS
M3
M27
ONELOW ROAD
WICKES 271 WINCHESTER ROAD, SOUTHAMPTON 3
Location
Southampton is a major commercial centre strategically located on the
south coast approximately 76 miles south west of London, 30 miles
east of Bournemouth and 20 miles west of Portsmouth.
The city benefits from excellent road communications, with both the
M27 and M3 serving the conurbation. The M3 connects to the M25,
giving convenient access to London.
London can also be reached quickly by train from Southampton, with
journey times to London Paddington of approximately 1 hour 25
minutes. Southampton airport is conveniently located just 5 miles
from the city centre and provides flights to over 40 UK and European
destinations.
Situation
The subject property is well located off the A35 Winchester Road,
approximately 2.2 miles north of the city centre. Winchester Road links
to the A33, one of the main arterial routes through the city.
The property is located adjacent to a Halfords unit of 11,373 sq ft
which lies between the property and Shirley Retail Park, a 30,300 sq
ft scheme occupied by LA Fitness, Currys and Pets at Home. On the
opposite side of Winchester Road close to the subject property is a
solus retail warehouse unit with garden centre, totalling 44,097 sq ft
let to The Range.
Approximately 0.75 miles south west of the property is the Millbrook
Retail Park occupied by Homebase and Comet in units of 32,900 sq ft
and 14,480 sq ft respectively.
The general location is therefore an established ‘out of town’ retail
destination serving the central Southampton population.

4
WICKES 271 WINCHESTER ROAD, SOUTHAMPTON
10 MINS DRIVETIME
20 MINS DRIVETIME
A36
ROMSEY
TOTTON
A31
HYTHE
THE NEW FOREST
A31
M3
EASTLEIGH
M27
Demographics
Southampton has a substantial primary catchment population
of 681,000 people and a shopping population of 432,000 people,
ranking the town 18 and 15 respectively out of the top 200 PROMIS
Centres. Living within a 10 minute drive time of the subject property
there is a population of 159,467 people, extending to 433,108 people
within a 20 minute drive time.
Southampton benefits from a prosperous catchment population
with 29% of the catchment being classified within the most affluent
AB social group (includes those in managerial and professional
occupations), compared with the PROMIS average of 25%. The level
of car ownership in the area is also high; 37% of households own 2 or
more cars, compared with the UK average of 30% of households.
Southampton has a strong retail offer due to a lack of competition
from nearby locations and therefore the town retains the majority
of its catchment spend. Southampton ranks 19 out of the top 200
PROMIS centres in terms of the volume of comparison retail spend
available in the catchment area, with £2,023 million estimated to
have been spent in 2009 compared to the retail PROMIS average
of £945 million.

WICKES 271 WINCHESTER ROAD, SOUTHAMPTON 5
Retail Warehousing
in Southampton
Excluding the retail warehousing situated along Winchester Road, the
principal concentration of out of town retail accommodation serving
the city’s catchment is described below:
West Quay Retail Park (Aviva) - 195,000 sq ft
This prime scheme is located to the south of the city and benefits
from open A1 consent. Tenants include Tesco Homeplus, Furniture
Village, Argos, Staples, Boots and Mothercare. Top rents are in the
region of £34 per sq ft. Nearby are stores occupied by Toys ‘R’ Us
and IKEA.
Mountbatten Retail Park (Aviva) - 53,500 sq ft
This scheme is situated adjacent to West Quay Retail Park. Occupiers
here include PC World, Carpetright, Dreams and Majestic Wine and
rents are up to £24 per sq ft.
Hedge End Retail Park (PRUPIM) - 85,000 sq ft
This scheme is located adjacent to Junction 7 of the M7. Tenants here
include DFS, SCS, Easy Living and soon to be Best Buy. Highest rents
are circa £37 per sq ft.
Centre 27 Retail Park (AXA) - 70,000 sq ft
Situated close to Hedge End Retail Park, this bulky goods scheme
is let to tenants including Harveys, Carpetright, Bensons for Beds
and Burger King. Rents are circa £17 per sq ft. Opposite this is a
standalone Wickes unit.
Southampton Retail Park (B&Q plc) - 90,000 sq ft
This scheme is located adjacent to the M271 at Nursling and
comprises of a B&Q Warehouse and a single unit of circa 8,000 sq ft
let to Carpetright at £17.50 per sq ft.
Solus Units
There are a number of solus developments around the city, these
include a secondary B&Q on Mayfield Road approximately 1 mile to
the north east of the city centre and a B&Q Warehouse and Halfords
at Hedge End.
Hedge End Park (ING) - 86,000 sq ft
This 3 unit scheme is occupied by PC World, Currys and Homebase
and is close to a large Marks & Spencer and Sainsbury’s. Rents here
are up to circa £24 per sq ft.

6
WICKES 271 WINCHESTER ROAD, SOUTHAMPTON
Description
The subject property comprises a modern purpose built retail
warehouse unit with garden centre extending to a gross internal area
of 47,587 sq ft. The unit has an attractive modern appearance, having
been extensively refurbished in 2007.
Access to the properly is by way of an ‘allways’ traffic light controlled
junction directly off Winchester Road.
The building is of steel frame construction with the main elevations
being clad with attractive masonry below ‘microrib’ cladding panels.
Internally the property is fitted to the tenants specification with the
main floor area being dedicated to retail sales and providing access to
an external display compound. The unit benefits from having a clear
eaves height of approximately 6 meters allowing for the instillation of
a mezzanine floor, subject to the necessary planning consents. There
is currently a first floor amenity area totalling 2,652 sq ft providing
offices and ancillary accomodation, which was constructed by the
tenant.
Accommodation
The property has the following approximate gross internal areas:
Ground floor
First floor
Total
* Minimum area assumed in lease at rent review.
** Tenant’s improvement.
Planning
47,587 sq ft
2,652 sq ft
49,828 49,828 sq sq ft ft
The unit is subject to a wide bulky goods planning permission which
allows the sale of DIY and building supplies, garden centres, boat
warehouses selling bulky leisure goods, car parts centres, carpet,
ready assembled and self-assembly furniture centres and domestic
appliances.
*
**
The unit is served by a demised open tarmacadam surfaced car park
which provides 140 spaces, giving a car parking ratio of 1:337 sq ft.
A dedicated service yard is situated at the side of the unit. There are
pedestrian stairs linking from the car park to the adjacent Halfords
unit.
We calculate the site area extends to approximately 3.03 acres (1.23
hectares) giving a low site cover of 36%.

WICKES 271 WINCHESTER ROAD, SOUTHAMPTON 7
Tenure
The site delineated below is held freehold.
VAT
The property has been elected for VAT purposes.
BLADON ROAD
WINCHESTER ROAD
FUCHSIA GARDENS
Tenancy
The property is let to Wickes Building Supplies Ltd on a full repairing
and insuring lease from 30th July 2007 which expires on 28th
September 2027. The current rent is £666,218 (£14.00 per sq ft) and
there is a fixed uplift on 30th July 2012 to £772,329.55 per annum
(£16.22 per sq ft) with 5 yearly open market rent reviews thereafter.
Tenants Covenants
Wickes was set up in 1972 and has grown into one of the UK’s leading
DIY retailers and was voted Britain’s favourite place to shop for DIY
in both 2008 and 2009 (Verdict Survey). The company was purchased
by Travis Perkins Plc in February 2005 and now has a portfolio of over
190 stores in the UK selling a wide selection of home improvement
products.
Wickes Building Supplies Ltd has a current Dunn & Bradstreet rating
of 5A1 and we set out below a summary of the most recent accounts
for the tenant company:
Proposal
We are instructed to seek offers for the above property based on
an attractive net initial yield of 6.5% (assuming purchaser’s costs of
5.7625%). Our client will ‘top up’ the current rent to the rent payble
from the fixed uplift due in July 2012 of £772,329.55 per annum,
giving a purchase price of £11,240,000 (Eleven Million, Two
Hundred and Forty Thousand Pounds), subject to contract
and exclusive of VAT.
Year to Year to Year to
27/12/2008 29/12/2007 30/12/2006
(000’s) (000’s) (000’s)
Turnover £912,735 £929,171 £847,466
Pre Tax Profit £6,535 £59,503 £40,163
Tangible Net Worth £123,297 £119,457 £82,822

Further
Information
MILES MARTEN
t 020 7317 3777
m 07770 748290
m.marten@wilkinsonwilliams.co.uk
ELLIE KIRKBY
t 020 7317 3790
m 07764 241898
e.kirkby@wilkinsonwilliams.co.uk
WILKINSON WILLIAMS
Heathcoat House
20 Savile Row
London W1S 3PR
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 verifi
ed 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 not guaranteed and they do not
form part of any contract.
February 2010. Brochure by Barbican 020 7796 2123