CWD551 WW Taunton iBrochure - Wilkinson Williams

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PRIORY FIELDS RETAIL PARK • TAUNTON • TA1 1QSPRIME RETAIL PARK INVESTMENT SALEASSET MANAGEMENT POTENTIAL / TENANTS’ COVENANTSASSET MANAGEMENT POTENTIALA downsize has been negotiated with Wickes for a reduced unit of 23,295 sq ft at a revised rent of £16.75 per sq ft. There areproposals to create 3 further units in the ‘downsized’ space of 9,100 sq ft, 7,500 sq ft and 10,000 sq ft. Heads of Terms areagreed subject to planning, with Hobbycraft for the 9,100 sq ft unit and with Dreams for the 7,500 sq ft store, both at rentsequating to £23.50 per sq ft. The addition of Hobbycraft and Dreams would enhance the tenant mix and further increasefootfall to the scheme. Furthermore, lettings at levels of £23.50 per sq ft would also improve the overall rent and increase therental ‘tone’. Retailers including Argos, Smyths Toys, Wren Kitchens, Next Home, Boots and Maplin have potential requirementsfor Taunton and would be possible occupiers for the remaining 10,000 sq ft unit, subject to planning. There is also the potentialto relocate retailers off their existing schemes in Taunton to the subject property, including Bensons Beds on Deane Retail Park.TENANTS’ COVENANTSThe scheme is predominantly well let to Dun & Bradstreet 5A1 rated covenants. We set out below a summary of the mostrecent tenant accounts:Unit Tenant Year Ending Sales Pre Tax Net Worth D&B RatingTurnover Profit / Loss (000s)(000s) (000s)1 Dunelm (Soft Furnishings) Ltd 03/07/2010 £492,839 £77,245 £60,028 5A104/07/2009 £423,783 £52,181 £43,8692 Carpetright plc 30/04/2011 £486,800 £6,600 £1,200 1A201/05/2010 £516,600 £22,300 £4,0003 Homestyle Operations Ltd 26/06/2010 £36,068 £1,026 £7,251 3A2(t/a Harveys) 27/06/2009 £30,700 £2,464 £6,3184 TJX UK (t/a HomeSense) 29/01/2011 £1,264,884 £92,036 £336,872 5A130/01/2010 £1,194,312 £78,293 £250,6045 Pets at Home Ltd 25/03/2010 £462,646 £68,853 £162,401 5A126/03/2009 £399,899 £58,377 £104,4376 Wickes Building Supplies Ltd 01/01/2011 £969,052 £48,573 £208,590 5A102/01/2010 £959,661 £46,938 £174,232INVESTMENTCONSIDERATIONSLOCATION /CATCHMENT &DEMOGRAPHICSSITUATION /RETAIL WAREHOUSINGIN TAUNTONDESCRIPTION TENURE /COMPULSORYPURCHASE ORDERTENANCIES /PLANNINGASSET MANAGEMENTPOTENTIAL /TENANTS’ COVENANTSVAT /PROPOSAL /CONTACTS
PRIORY FIELDS RETAIL PARK • TAUNTON • TA1 1QSPRIME RETAIL PARK INVESTMENT SALEVAT / PROPOSAL / CONTACTSVATThe property has been elected for VAT purposes. It is anticipated any sale will be treated asa Transfer of a Going Concern.PROPOSALWe are instructed to seek offers for the freehold interest in the above property of £28,333,000(Twenty Eight Million, Three Hundred and Thirty Three Thousand Pounds), subject tocontract and exclusive of VAT. This reflects an attractive net initial yield of 6.50%, basedon purchaser’s costs of 5.80%.CONTACTSPaul WilkinsonTel: 020 7317 3799Mob: 07770 585 313Email: p.wilkinson@wilkinsonwilliams.co.ukEllie KirkbyTel: 020 7317 3790Mob: 07764 241 898Email: e.kirkby@wilkinsonwilliams.co.ukWilkinson Williams, Heathcoat House,20 Savile Row, London W1S 3PRwww.wilkinsonwilliams.co.ukMISREPRESENTATION NOTICEWilkinson 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 asdisplayed 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 beenobtained 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.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.Designed and Produced by Creativeworld. Tel 01282 858200. January 2012.INVESTMENTCONSIDERATIONSLOCATION /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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