CWD551 WW Taunton iBrochure - Wilkinson Williams

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PRIORY FIELDS RETAIL PARK • TAUNTON • TA1 1QSPRIME RETAIL PARK INVESTMENT SALEINVESTMENT CONSIDERATIONSTaunton is the main administrative and retail centrefor Somerset, and enjoys excellent roadcommunications, being close to the M5 motorway.The town benefits from an affluent and captivecatchment population with higher than averagelevels of retail spend per capita.The property is situated in a highly visible location,which is to be further improved by a new road link.The scheme is well let to the ‘A’ rated (D&B)covenants of Dunelm, Carpetright, Harveys,HomeSense, Pets at Home and Wickes, and benefitsfrom an attractive average income weightedunexpired lease term of marginally under 14 years,inclusive of breaks.Significant asset management potential, includingdownsizing Wickes to create 3 further units.Heads of Terms are agreed with Hobbycraft andDreams, subject to planning, for two of these.Reversionary potential, as demonstrated by Headsof Terms agreed with Hobbycraft and Dreams, at£23.50 per sq ft.We are instructed to seek offers for the freeholdinterest in the above property of £28,333,000(Twenty Eight Million, Three Hundred and ThirtyThree Thousand Pounds), subject to contract andexclusive of VAT. This reflects an attractive netinitial yield of 6.50%, based on purchaser’s costsof 5.80%.INVESTMENTCONSIDERATIONSLOCATION /CATCHMENT &DEMOGRAPHICSSITUATION /RETAIL WAREHOUSINGIN TAUNTONDESCRIPTION TENURE /COMPULSORYPURCHASE ORDERTENANCIES /PLANNINGASSET MANAGEMENTPOTENTIAL /TENANTS’ COVENANTSVAT /PROPOSAL /CONTACTS
PRIORY FIELDS RETAIL PARK • TAUNTON • TA1 1QSPRIME RETAIL PARK INVESTMENT SALELOCATION / CATCHMENT & DEMOGRAPHICSLOCATIONTaunton is the principal retail and administrative centre for the county ofSomerset. The town is located in the South West of England, and enjoysexcellent road communications, including the A38, which links the town withjunction 25 of the M5 motorway. The M5 provides access to both Bristol andExeter, 44 miles north east and 36 miles south west of Taunton respectively.Taunton also benefits from good rail links with the main railway stationproviding regular services to destinations including Exeter (44 minutes), Bristol(31 minutes), and London Paddington (1 hour 50 minutes).CATCHMENT & DEMOGRAPHICSTaunton has a primary catchment population of 331,000 people, with 72,035and 146,841 people living within a 10 and 20 minute drive time of the subjectproperty respectively. Due to the lack of proximity to towns with a comparableor better retail offer, it is considered Taunton benefits from a captive catchment.Taunton has a relatively affluent population as demonstrated below:Affluence Indicators Taunton PMA RetailTop 200 CentreAverageCar ownership of 2+ cars 36% 30%(% of households)Owner occupiers (% of households) 74% 70%Per capita in-store comparison £2,319 £2,301retail expenditure (2010)Per capita retail warehouse £467 £456expenditure (2010)Unemployment claimant count 2.5% 3.9%(September 2011)39ridgeA30A38BudeFoweyA395HolsworthyLauncestonLooeA388A388A390LiskeardA387A39A30A388A3072PortEinonIlfracombeSaltashTorpointA361A418A3123BidefordA386A386A39A379LyntonGreat TorringtonOkehamptonTavistockBarnstapleA377A30724241Maesteg40393837LynmouthAshburtonBuckfastleighPlymptonPortTalbotPLYMOUTHPorthcawlSalcombeA381A361A382A379A39South MoltonA385A38TotnesKingsbridgeA307236A380A3963135CowbridgeTivertonCreditonEXETER2930M5A3762827EXETER34 33A30A3052A4703226Risca226 25 24M4827128Newport 23 Caldicot30 29 22 21M4M49 1617Avonmouth191811923CaerphillyM4A35820CongresburyWestonsuper-Mare21Burnham-on-SeaMineheadWatchetDartmouthPontypriddBridgendWellingtonHonitonA38A30A39SeatonSidmouthExmouthDawlishTeignmouthNewton AbbotTorquayPaigntonTAUNTONBrixhamBarryCARDIFFBridgwater25ClevedonA35824A35823A30322A372A39LangportA30ChardAxminsterLymeRegisChepstowIlminsterA35M5A371A3066A38BRISTOLCheddarGlastonburyStreetWellsA303A3088A356A39A361CrewkerneBridportA368A37A37A37YeovilM32A371A4A35214A359A357M4A353A36118BRISTOLBathA46A362A420FromeSheptonMalletWincantonA30SherborneA36TetburyA303A352A357A433CorshamA361A350ShaftesburyBlandford ForumFortuneswellA354DorchesterWeymouthTrWWA31A3INVESTMENTCONSIDERATIONSLOCATION /CATCHMENT &DEMOGRAPHICSSITUATION /RETAIL WAREHOUSINGIN TAUNTONDESCRIPTION TENURE /COMPULSORYPURCHASE ORDERTENANCIES /PLANNINGASSET MANAGEMENTPOTENTIAL /TENANTS’ COVENANTSVAT /PROPOSAL /CONTACTS
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CWD551 WW Taunton iBrochure - Wilkinson Williams

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