Development Funding Opportunity

Transkript

1 Development Funding Opportunity B&M Retail Limited B&M Retail Limited Stenhousemuir Scotland Falkirk Scotland FK5 FK5 4HA 4HA Development Funding Opportunity ENTER

2 2 Investment Considerations Stenhousemuir is located in Central Scotland within the district of Falkirk, 2 miles north west of the town. the town benefits from excellent road links, being situated between the M876 and the. Stenhousemuir benefits from above average retail spend per person from within the catchment population. new unit totalling 22,000 sq ft prelet to the 5A1 D&B rated covenant of B&M Retail Limited. Nnew 15 year lease term from practical completion, giving a long attractive lease term. 297,000 per annum, reflecting a low rent of per sq ft, with potential for rental growth in the future. We are seeking offers in excess of 4,243,000 on a forward commitment basis. This reflects a NIY of 7.00%, after purchaser s costs of 2.59% (LBBT on site and 1.76% other purchaser s costs).

3 3 catchment and DEMOGRAPHICS Stenhousemuir is situated in Central Scotland within the district of Falkirk, 2 miles north west of the town, adjacent to Larbert. Edinburgh is 32 miles south east, Glasgow is 23 miles south west and Dunfermline is 16.5 miles north east from the town. Stenhousemuir benefits from excellent road links, being strategically positioned equidistant between the M876 and the, located 2 miles west and east respectively. The provides access to both Edinburgh and Stirling. The M876 links to the M80 to the south, which provides access to Glasgow. Train services are via Larbert Station, which provides connections to a number of destinations, including Glasgow (47 minutes), Edinburgh (47 minutes) and Stirling (8 minutes). CROMLIX 2 A84 1 DUNBLANE 15 A KIPPEN STIRLING ALLOA A811 STENHOUSEMUIR BALFRON DUNFERMILINE 85 FINTRY M876 FALKIRK LENNOXTOWN EDINBURGH M80 LINLITHGOW AIRPORT CUMBERNAULD BEARSDEN M8 GLASGOW AIRPORT M80 BLACKRIDGE M73 M8 A71 M8 WEST CALDER A8 M74 GLASGOW A725 A73 A71 LIVINGSTON EDINBURGH A720 A720 A701 A702 LEADBURN Stenhousemuir is within the Falkirk catchment area, which has a primary catchment population of 189,000 people and a shopping population of 113,000 people. There are 44,393 people living within a 10 minute drive time of the subject property, extending to 208,920 people within a 20 minute drive time. The catchment population is predicted to increase by 1.2% by 2020 (CACI). Stenhousemuir has benefited from a regeneration and redevelopment programme over recent years. In 2008, a 15 million town centre development scheme was completed, which included a new civic square, a library and large retailing outlets for Stenhousemuir. In addition, there was a requirement for over 2,000 new homes in Stenhousemuir/ Larbert in the period to 2015, most of which are built and occupied and more on line for completion in the period through to Take up of the new homes has been mainly by affluent young and mobile executive style couples. In the July 2015, the Falkirk Local Development Plan identified Stenhousemuir and Larbert as a growth area, with the need to provide extensive new housing, new schools and further housing allocations. A number of sites have been identified for further growth of the area. Retail expenditure is above average in the area; per capita in-store comparison expenditure in 2016 was 2,730 in the Falkirk area, above the PMA average of 2,655 per capita. In addition, comparison weekly expenditure within the 10 minute drive time catchment population of the subject property was per person compared with the CACI base average of 553 per person. Convenience spend per person was 58 compared to the CACI base of per person. A726 EAST KILBRIDE M74 WEST LINTON M77 A703 LANARK A721 A702 A72

4 4 situation 8 7 A88 The site is located in a prominent position on the town s principal thoroughfare Main Street (B905), and benefits from extensive frontage M876 A88 BENSFIELD 05 to the road. It forms part of the town centre and forms the main retail destination for the town, which also includes a 40,000 sq ft ASDA superstore. 2 NORTH BROOMAGE THE SITE ANTONSHILL STENHOUSEMUIR ROUGHLANDS KIRKTON CARRONSHORE The site is situated at the junction of Tryst Road, which links through to the expanding housing developments at Larbert and M876 LARBERT B905 TOWN CENTRE ASDA CARRON Kinnaird Village, and is opposite Kirk Avenue, which connects directly to Falkirk. All 3 are extremely busy thoroughfares generating substantial daily traffic along the Main Street and Tryst Road frontages of the site. B905 SOUTH BROOMAGE MATALAN BAINSFORD BANKSIDE Part of the 2 acre (0.81 hectares) site A883 B&Q being acquired by the developer for the subject property will accommodate a family pub/restaurant, and detailed negotiations are currently taking place with a national A803 A803 FALKIRK WEST RETAIL PARK GRAHAMSTON CENTRAL RETAIL PARK 04 operator who will build the facility for their LAURIESTON owner occupation. B816 FALKIRK B803

5 NOTES: 1. THIS DRAWING NOT TO BE SCALED, FIGU 2. SHOULD ANY DISCREPANCIES BE FOUND 3. COPYRIGHT OF THIS DRAWING IS OWNED STRUCTURAL INFORMATION INDICATIVE ON REFER TO STRUCTURAL ENGINEER'S DRAW 0m REV. PROJECT TITLE CLIENT JOB No DESCRIPTION SCALE A0 STATUS DRAWING No. PL(0)002 DRAWN BY IC 5 The subject property will comprise a single storey standalone building on a freehold site. The unit will total 22,000 sq ft GIA, with a 5,000 sq ft garden centre adjacent. The development will be built in accordance with B&M s specification, in order to provide a shell unit to be fitted out by the retailer. Car parking will be located to front and side of the property and will provide 110 spaces, giving a generous ratio of 1 : 200 sq ft SOUTH ELEVATION NORTH ELEVATION MATERIAL KEY 1. Kingspan Microrib Insulated p 2. Kingspan Benchmark Thermo 3. Dark Grey Splitface Concrete Kingspan Flashings and Rainw 5. Heras Zenith Fencing with Ga 6. Kingspan Trapezoidal Insulate 7. Curtain Walling System with 8. Timber Cladding over Heras 9. Signage. 10. Roller Shutter (Spec TBC). Dark Grey Concrete Block Customer access will be directly off Main Street, with access for servicing via Gladstone Road to the rear off Tryst Road, which forms the other frontage to the site NORTH WEST ELEVATION NORTH EAST ELEVATION CANTEEN CLEANER'S CUPBOARD All materials used during construction will be compliant with British and European standards, relevant codes of practice and current building regulations. SERVICE AREA WAREHOUSE MANAGER'S OFFICE CASH OFFICE DISABLED UNISEX UNISEX DISABLED DISABLED RETAIL UNIT EXTERNAL RETAIL UNIT A Alterations in response to P Environment comments and 15/04/16; Additional timber splitface block to South Faci Tryst Road, Stenhousemuir Proposed Elevations and Floor Pl EXIT ENTRANCE Ramoyle Group PLAN

6 Trolleys Trolleys 6 The site will be held feuhold, as delineated in red on the plan opposite. The property will be let to B&M Retail Limited on a 15 year full repairing and insuring lease. The initial rent is 297,000 per annum, reflecting per sq ft. Rent reviews are 5 yearly and upwards only to open market value, capped at 11% over 5 years (2% per annum compounded). A planning application was submitted in March 2016 for the demolition of the existing buildings and the erection of a 22,000 sq ft retail unit, with associated landscaping, car parking, servicing and formation of the access. The planning application is going to planning committee on 26 October, with the planning officer s recommendation to approve. DO NOT SCALE, ONLY USE FIGURED DIMENSIONS. SHOULD ANY DISCREPANCIES BE FOUND WITH THIS DRAWING, PLEASE INFORM THIS OFFICE. COPYRIGHT OF THIS DRAWING IS OWNED BY JMARCHITECTS. Tryst Road Further details are available on request. RETAIL UNIT BOUNDARY AREA UNDER SEPARATE APPLICATION Gladstone Road 40ft Container 26.8m Jamieson Avenue King Street hts reserved. Licence No Build Zone Service Zone Ext. Retail Zone Sub Station Trolley Bay Kirk Avenue PROJECT TRYST ROAD STENHOUSEMUIR JOB No. DRAWING No (00)003 REVISION D 64 Queen Street Edinburgh EH2 4NA D RETAIL UNIT BOUNDARY SHOWN IC RD TITLE SCALE A3 DRAWN BY IC CHECKED BY RD T:

7 7 B&M Retail Limited was founded in 1978 and is now one of the leading variety retailers in the UK. B&M now trade from over 500 stores, with a pipeline of 50 new stores, and employ some 20,000 people. The company successfully listed on the stock market in 201 In 2016, group revenues increased 23.6% to 2,035.3 million, like for like sales increased 0.3% and adjusted EBITDA increased by 16.4% to million, up from million in B&M Retail Limited has a 5A1 D&B rating. The most recent tenant accounts are as follows: Year Turnover Pre-tax Profit Net Worth End (000 s) (000 s) (000 s) 28 March ,526, , , March ,509, , ,835

8 8 FURTHER INFORMATION The developer is intending to start on site in December 2016, with a build period of 26 weeks and a target completion date of summer Raymoyle Developments have a proven track record of delivering large mixed-use projects across the UK and, in particular, Scotland. Examples include: Morrisons, King Street, Aberdeen Fife Retail Park, Kirkcaldy Sainsbury's, Stirling Asda, Aberdeen Further details of the development/professional team are available upon request. Offers sought to give an effective net total purchase price of 4,243,000 (Four Million, Two Hundred and Forty Three Thousand Pounds), which equates to an initial yield of 7.00%, exclusive of VAT, with purchaser's costs at 2.59% (LBBT on site and 1.75% other purchaser s costs). It is proposed the transaction will be structured by way of 2 stage payments, with the initial sum reflecting the site acquisition cost, followed by a balancing payment at practical completion, with the developer under an obligation to the buyer to complete the development, funding all construction costs. Ellie Kirkby T: M: E: e.kirkby@wilkinsonwilliams.co.uk Paul Wilkinson T: M: E: p.wilkinson@wilkinsonwilliams.co.uk Wilkinson Williams Heathcoat House 20 Savile Row London W1S 3PR MISREPRESENTATION NOTICE Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: 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. 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. 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. 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 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. Any areas, measurements or distances referred to herein are approximate only. 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. 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. October 2016