Post on 10-Mar-2020
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NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF
OPEN A1 RETAIL PARK INVESTMENT
NRNR
INVESTMENT CONSIDERATIONS
Darlington is a large market town in County Durham
Well located purpose built Retail Park a short walk from the town centre
Adjacent to Darlington Train Station Over 180000 people live within a 20 minute
drive time catchment of the town Freehold Total floor area of 67444 sq ft
Predominantly Open A1 (including food) retail planning consent
92 let to the national covenants of Matalan Farmfoods Ladbrokes and Asda (long leasehold)
Total rent of pound755280 per annum averaging pound1319 psf
WAULT of 765 years Asset management opportunities include
re-letting the vacant unit lease restructuring and further development
Planning consent for two additional retail units totalling 2300 sq ft (split 5050) with A1 A2 A3 and A5 consent
Offers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
NR
For indicative purposes only
PLANNING CONSENT FOR 2 UNITS TOTALLING 2300 SQ FT
THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING
3600 SQ FT
PERSIMMON HOMES DEVELOPMENT
DARLINGTON TRAIN STATION
DARLINGTON TOWN CENTRE
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR
LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne
Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south
The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west
Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively
Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre
DurhamTees Valley International Airport
M11
M25M25M40
M50
M48
M27
M27
M3
M4M4
M23M20
M2
M40
M42
M6 TollM54
M42
M1
M6M5
M5
M5
M74M77
M8
M9
M80
M73
A1
A23
A428
A14
A43
A47
A11
A11A1(M)
A1(M)
A1(M)
A1(M)
A1(M)
M62
M18
M6
M6
M1
M1
M62
M62M53
M65M55
M58M60
A1
A1
A1
A66
A68
A69
A59
A629
A64
A63
A61 A170
A166
A164
A165A65
A6
A66
A19
A19
A171
southampton
Carlisle
Northampton
Buxton
Scunthorpe
ReadingSwindon
Newark-on-trent
Lincoln
Blackpool
Durham
MANCHESTER
BRISTOL
PLYMOUTH
LONDON
BIRMINGHAM
CAMBRIDGE
LIVERPOOL
EDINBURGH
YORK
GLASGOW
SWANSEA
CARDIFF
LEEDSHULL
PORTSMOUTH BRIGHTON
EXETER
DOVER
OXFORD
MILTONKEYNES
LUTON
BEDFORD
BATH
GLOUCESTERCHELTENHAM
WORCESTER STRATFORDUPON-AVON
SHEFFIELD
NORWICH
IPSWICH
PERTHDUNDEE
ABERDEEN
DARLINGTON
NEWCASTLEUPON TYNE
MIDDLESBROUGH
SUNDERLAND
VICTORIA ROAD
PAR
K LA
NE
PAR
K P
LAC
E
B6280
BO
RO
UG
H R
D
BRUNSWICK ST
TU BWELL ROW
EAST ST
FEEL
HA
MS
E R
OW
CONSCLIFFE RD
HOUNDGATE
GR
ANG
E R
D
RUSSELL ST
F R EEM
ANS
PLACE
LAR
CH
FIELD S
T
FOU
R R
I GG
S
SKIN
NER
GAT
E
DUKE ST
STAN
HO
PE R
OA
D N
OR
THSTA
NH
OP
E RO
AD
SOU
TH
HARG
REA
VE T
ER
RAC
E
WH
ESSO
E RO
AD
CLEVELAND STREE T
ALBERT ROAD
BONOMI WAY
WHESSOE ROAD
HOPETOWN
LANE
OTLEY TERR
ACE
BRINKBURN ROADANNS TERRACE
ALLIA
NCE ST
MEY
NEL
L RD
CRO
SS S
TREE
T
DENMARK STREET
WILLIAM STREET
NORTHCOTE TERRACE
SURTEES STREETFAIR
FIEL
D S
TREE
T
WIL
SON
STR
EET
STATION
RO
AD
MCNAY STREET
VALL
EY S
TREE
T N
OR
TH
B6279
GR
EENB
AN
K R
OA
D
EASO
N R
OA
D
WIDDOWFIELD ST
E MOUNT ROAD
CHESNUT ST
GLADSTONE STREET
CORPORATION ROAD
HENRY ST
EDM
UND
ST
YARM ROAD B6280
YARM ROAD
MC
MU
LLEN R
OAD
B6279 B6279
YARN ROAD
HU
ND
ENS LAN
E
NEA
SHAM
RO
AD
EASTBOURNE ROAD
ABBEY ROAD
PA RKSIDE
PARKSIDE
A67 Conisc
liffe R
oad
CLI
FTO
N R
OAD
SMITHFIELD ROAD
A68A68
A167
A16
7
A167
A167
A66
A66
A66
A66
A68
A16
7 A
167
Nor
th R
oad
DARLINGTON
Sainsburyrsquos Superstore
TOWN CENTRE
River Skerne
NORTH ROAD
HAUGHTONLE SKERNE
EASTBOURNE
DARLINGTON
DARLINGTONRETAIL PARK
SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south
Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear
Internally all units are fitted out to the individual tenantrsquos specification
There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft
PLANNINGUnits 1 and 2 Open A1
Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2
copy Crown Copyright ES 100004106 For identification purposes only
472m
469m
469m
TCB
LB
BANK TOP MEWS
LEONARD STREET
WALTON STREET
BANK TOP
1
19
30
El Sub Sta
4
32
45
12
30
31
77
75
13
El Sub Sta
32
29
20
2
14
108
55
54
120
2
22
33
106
15
16
44
81
21
102
41 to 5
5
Shelter
472m
APPLEBYCLOSE
71
69
65
63
Surgery
67
55
2
11
11
27
2
18
29 to 39
57 to 6
7
0m 10m 20m 30m
Darlington DL1 4PF
Ordnance Survey copy Crown Copyright 2018 All rights reserved
Licence number 100022432 Plotted Scale - 11424
IN NEGOTIATIONS
SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32
TENUREFreehold
ASDA unit sold off on Long Leasehold
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564 DampB Rating 5A1
Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores
24022018 25022017 27022016
Turnover pound1062500000 pound1036100000 pound1060500000
Pre Tax Profit pound29800000 pound10300000 -pound20300000
Total Net Worth pound252600000 pound317900000 pound317800000
Farmfoods Limited Company number SC030186 DampB Rating 5A1
Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people
31122016 02012016 03012015
Turnover pound669201000 pound694385000 pound811765000
Pre Tax Profit pound9238000 pound20038000 pound20810000
Total Net Worth pound91650000 pound87191000 pound80748000
Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1
Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral
31122016 31122015 31122014
Turnover pound843978000 pound830679000 pound824322000
Pre Tax Profit -pound499547000 pound49866000 pound57141000
Total Net Worth pound722200000 pound1191903000 pound1096567000
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301
2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee
3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275
4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0
5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400
ATM Cardtronics UK Limited 01012017 31122020 pound14000
Total 67444 6266 pound755280 pound1319
Not inclusive of unit 4
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
INVESTMENT CONSIDERATIONS
Darlington is a large market town in County Durham
Well located purpose built Retail Park a short walk from the town centre
Adjacent to Darlington Train Station Over 180000 people live within a 20 minute
drive time catchment of the town Freehold Total floor area of 67444 sq ft
Predominantly Open A1 (including food) retail planning consent
92 let to the national covenants of Matalan Farmfoods Ladbrokes and Asda (long leasehold)
Total rent of pound755280 per annum averaging pound1319 psf
WAULT of 765 years Asset management opportunities include
re-letting the vacant unit lease restructuring and further development
Planning consent for two additional retail units totalling 2300 sq ft (split 5050) with A1 A2 A3 and A5 consent
Offers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
NR
For indicative purposes only
PLANNING CONSENT FOR 2 UNITS TOTALLING 2300 SQ FT
THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING
3600 SQ FT
PERSIMMON HOMES DEVELOPMENT
DARLINGTON TRAIN STATION
DARLINGTON TOWN CENTRE
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR
LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne
Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south
The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west
Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively
Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre
DurhamTees Valley International Airport
M11
M25M25M40
M50
M48
M27
M27
M3
M4M4
M23M20
M2
M40
M42
M6 TollM54
M42
M1
M6M5
M5
M5
M74M77
M8
M9
M80
M73
A1
A23
A428
A14
A43
A47
A11
A11A1(M)
A1(M)
A1(M)
A1(M)
A1(M)
M62
M18
M6
M6
M1
M1
M62
M62M53
M65M55
M58M60
A1
A1
A1
A66
A68
A69
A59
A629
A64
A63
A61 A170
A166
A164
A165A65
A6
A66
A19
A19
A171
southampton
Carlisle
Northampton
Buxton
Scunthorpe
ReadingSwindon
Newark-on-trent
Lincoln
Blackpool
Durham
MANCHESTER
BRISTOL
PLYMOUTH
LONDON
BIRMINGHAM
CAMBRIDGE
LIVERPOOL
EDINBURGH
YORK
GLASGOW
SWANSEA
CARDIFF
LEEDSHULL
PORTSMOUTH BRIGHTON
EXETER
DOVER
OXFORD
MILTONKEYNES
LUTON
BEDFORD
BATH
GLOUCESTERCHELTENHAM
WORCESTER STRATFORDUPON-AVON
SHEFFIELD
NORWICH
IPSWICH
PERTHDUNDEE
ABERDEEN
DARLINGTON
NEWCASTLEUPON TYNE
MIDDLESBROUGH
SUNDERLAND
VICTORIA ROAD
PAR
K LA
NE
PAR
K P
LAC
E
B6280
BO
RO
UG
H R
D
BRUNSWICK ST
TU BWELL ROW
EAST ST
FEEL
HA
MS
E R
OW
CONSCLIFFE RD
HOUNDGATE
GR
ANG
E R
D
RUSSELL ST
F R EEM
ANS
PLACE
LAR
CH
FIELD S
T
FOU
R R
I GG
S
SKIN
NER
GAT
E
DUKE ST
STAN
HO
PE R
OA
D N
OR
THSTA
NH
OP
E RO
AD
SOU
TH
HARG
REA
VE T
ER
RAC
E
WH
ESSO
E RO
AD
CLEVELAND STREE T
ALBERT ROAD
BONOMI WAY
WHESSOE ROAD
HOPETOWN
LANE
OTLEY TERR
ACE
BRINKBURN ROADANNS TERRACE
ALLIA
NCE ST
MEY
NEL
L RD
CRO
SS S
TREE
T
DENMARK STREET
WILLIAM STREET
NORTHCOTE TERRACE
SURTEES STREETFAIR
FIEL
D S
TREE
T
WIL
SON
STR
EET
STATION
RO
AD
MCNAY STREET
VALL
EY S
TREE
T N
OR
TH
B6279
GR
EENB
AN
K R
OA
D
EASO
N R
OA
D
WIDDOWFIELD ST
E MOUNT ROAD
CHESNUT ST
GLADSTONE STREET
CORPORATION ROAD
HENRY ST
EDM
UND
ST
YARM ROAD B6280
YARM ROAD
MC
MU
LLEN R
OAD
B6279 B6279
YARN ROAD
HU
ND
ENS LAN
E
NEA
SHAM
RO
AD
EASTBOURNE ROAD
ABBEY ROAD
PA RKSIDE
PARKSIDE
A67 Conisc
liffe R
oad
CLI
FTO
N R
OAD
SMITHFIELD ROAD
A68A68
A167
A16
7
A167
A167
A66
A66
A66
A66
A68
A16
7 A
167
Nor
th R
oad
DARLINGTON
Sainsburyrsquos Superstore
TOWN CENTRE
River Skerne
NORTH ROAD
HAUGHTONLE SKERNE
EASTBOURNE
DARLINGTON
DARLINGTONRETAIL PARK
SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south
Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear
Internally all units are fitted out to the individual tenantrsquos specification
There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft
PLANNINGUnits 1 and 2 Open A1
Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2
copy Crown Copyright ES 100004106 For identification purposes only
472m
469m
469m
TCB
LB
BANK TOP MEWS
LEONARD STREET
WALTON STREET
BANK TOP
1
19
30
El Sub Sta
4
32
45
12
30
31
77
75
13
El Sub Sta
32
29
20
2
14
108
55
54
120
2
22
33
106
15
16
44
81
21
102
41 to 5
5
Shelter
472m
APPLEBYCLOSE
71
69
65
63
Surgery
67
55
2
11
11
27
2
18
29 to 39
57 to 6
7
0m 10m 20m 30m
Darlington DL1 4PF
Ordnance Survey copy Crown Copyright 2018 All rights reserved
Licence number 100022432 Plotted Scale - 11424
IN NEGOTIATIONS
SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32
TENUREFreehold
ASDA unit sold off on Long Leasehold
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564 DampB Rating 5A1
Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores
24022018 25022017 27022016
Turnover pound1062500000 pound1036100000 pound1060500000
Pre Tax Profit pound29800000 pound10300000 -pound20300000
Total Net Worth pound252600000 pound317900000 pound317800000
Farmfoods Limited Company number SC030186 DampB Rating 5A1
Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people
31122016 02012016 03012015
Turnover pound669201000 pound694385000 pound811765000
Pre Tax Profit pound9238000 pound20038000 pound20810000
Total Net Worth pound91650000 pound87191000 pound80748000
Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1
Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral
31122016 31122015 31122014
Turnover pound843978000 pound830679000 pound824322000
Pre Tax Profit -pound499547000 pound49866000 pound57141000
Total Net Worth pound722200000 pound1191903000 pound1096567000
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301
2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee
3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275
4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0
5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400
ATM Cardtronics UK Limited 01012017 31122020 pound14000
Total 67444 6266 pound755280 pound1319
Not inclusive of unit 4
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR
LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne
Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south
The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west
Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively
Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre
DurhamTees Valley International Airport
M11
M25M25M40
M50
M48
M27
M27
M3
M4M4
M23M20
M2
M40
M42
M6 TollM54
M42
M1
M6M5
M5
M5
M74M77
M8
M9
M80
M73
A1
A23
A428
A14
A43
A47
A11
A11A1(M)
A1(M)
A1(M)
A1(M)
A1(M)
M62
M18
M6
M6
M1
M1
M62
M62M53
M65M55
M58M60
A1
A1
A1
A66
A68
A69
A59
A629
A64
A63
A61 A170
A166
A164
A165A65
A6
A66
A19
A19
A171
southampton
Carlisle
Northampton
Buxton
Scunthorpe
ReadingSwindon
Newark-on-trent
Lincoln
Blackpool
Durham
MANCHESTER
BRISTOL
PLYMOUTH
LONDON
BIRMINGHAM
CAMBRIDGE
LIVERPOOL
EDINBURGH
YORK
GLASGOW
SWANSEA
CARDIFF
LEEDSHULL
PORTSMOUTH BRIGHTON
EXETER
DOVER
OXFORD
MILTONKEYNES
LUTON
BEDFORD
BATH
GLOUCESTERCHELTENHAM
WORCESTER STRATFORDUPON-AVON
SHEFFIELD
NORWICH
IPSWICH
PERTHDUNDEE
ABERDEEN
DARLINGTON
NEWCASTLEUPON TYNE
MIDDLESBROUGH
SUNDERLAND
VICTORIA ROAD
PAR
K LA
NE
PAR
K P
LAC
E
B6280
BO
RO
UG
H R
D
BRUNSWICK ST
TU BWELL ROW
EAST ST
FEEL
HA
MS
E R
OW
CONSCLIFFE RD
HOUNDGATE
GR
ANG
E R
D
RUSSELL ST
F R EEM
ANS
PLACE
LAR
CH
FIELD S
T
FOU
R R
I GG
S
SKIN
NER
GAT
E
DUKE ST
STAN
HO
PE R
OA
D N
OR
THSTA
NH
OP
E RO
AD
SOU
TH
HARG
REA
VE T
ER
RAC
E
WH
ESSO
E RO
AD
CLEVELAND STREE T
ALBERT ROAD
BONOMI WAY
WHESSOE ROAD
HOPETOWN
LANE
OTLEY TERR
ACE
BRINKBURN ROADANNS TERRACE
ALLIA
NCE ST
MEY
NEL
L RD
CRO
SS S
TREE
T
DENMARK STREET
WILLIAM STREET
NORTHCOTE TERRACE
SURTEES STREETFAIR
FIEL
D S
TREE
T
WIL
SON
STR
EET
STATION
RO
AD
MCNAY STREET
VALL
EY S
TREE
T N
OR
TH
B6279
GR
EENB
AN
K R
OA
D
EASO
N R
OA
D
WIDDOWFIELD ST
E MOUNT ROAD
CHESNUT ST
GLADSTONE STREET
CORPORATION ROAD
HENRY ST
EDM
UND
ST
YARM ROAD B6280
YARM ROAD
MC
MU
LLEN R
OAD
B6279 B6279
YARN ROAD
HU
ND
ENS LAN
E
NEA
SHAM
RO
AD
EASTBOURNE ROAD
ABBEY ROAD
PA RKSIDE
PARKSIDE
A67 Conisc
liffe R
oad
CLI
FTO
N R
OAD
SMITHFIELD ROAD
A68A68
A167
A16
7
A167
A167
A66
A66
A66
A66
A68
A16
7 A
167
Nor
th R
oad
DARLINGTON
Sainsburyrsquos Superstore
TOWN CENTRE
River Skerne
NORTH ROAD
HAUGHTONLE SKERNE
EASTBOURNE
DARLINGTON
DARLINGTONRETAIL PARK
SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south
Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear
Internally all units are fitted out to the individual tenantrsquos specification
There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft
PLANNINGUnits 1 and 2 Open A1
Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2
copy Crown Copyright ES 100004106 For identification purposes only
472m
469m
469m
TCB
LB
BANK TOP MEWS
LEONARD STREET
WALTON STREET
BANK TOP
1
19
30
El Sub Sta
4
32
45
12
30
31
77
75
13
El Sub Sta
32
29
20
2
14
108
55
54
120
2
22
33
106
15
16
44
81
21
102
41 to 5
5
Shelter
472m
APPLEBYCLOSE
71
69
65
63
Surgery
67
55
2
11
11
27
2
18
29 to 39
57 to 6
7
0m 10m 20m 30m
Darlington DL1 4PF
Ordnance Survey copy Crown Copyright 2018 All rights reserved
Licence number 100022432 Plotted Scale - 11424
IN NEGOTIATIONS
SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32
TENUREFreehold
ASDA unit sold off on Long Leasehold
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564 DampB Rating 5A1
Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores
24022018 25022017 27022016
Turnover pound1062500000 pound1036100000 pound1060500000
Pre Tax Profit pound29800000 pound10300000 -pound20300000
Total Net Worth pound252600000 pound317900000 pound317800000
Farmfoods Limited Company number SC030186 DampB Rating 5A1
Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people
31122016 02012016 03012015
Turnover pound669201000 pound694385000 pound811765000
Pre Tax Profit pound9238000 pound20038000 pound20810000
Total Net Worth pound91650000 pound87191000 pound80748000
Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1
Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral
31122016 31122015 31122014
Turnover pound843978000 pound830679000 pound824322000
Pre Tax Profit -pound499547000 pound49866000 pound57141000
Total Net Worth pound722200000 pound1191903000 pound1096567000
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301
2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee
3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275
4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0
5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400
ATM Cardtronics UK Limited 01012017 31122020 pound14000
Total 67444 6266 pound755280 pound1319
Not inclusive of unit 4
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear
Internally all units are fitted out to the individual tenantrsquos specification
There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft
PLANNINGUnits 1 and 2 Open A1
Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises
Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2
copy Crown Copyright ES 100004106 For identification purposes only
472m
469m
469m
TCB
LB
BANK TOP MEWS
LEONARD STREET
WALTON STREET
BANK TOP
1
19
30
El Sub Sta
4
32
45
12
30
31
77
75
13
El Sub Sta
32
29
20
2
14
108
55
54
120
2
22
33
106
15
16
44
81
21
102
41 to 5
5
Shelter
472m
APPLEBYCLOSE
71
69
65
63
Surgery
67
55
2
11
11
27
2
18
29 to 39
57 to 6
7
0m 10m 20m 30m
Darlington DL1 4PF
Ordnance Survey copy Crown Copyright 2018 All rights reserved
Licence number 100022432 Plotted Scale - 11424
IN NEGOTIATIONS
SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32
TENUREFreehold
ASDA unit sold off on Long Leasehold
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564 DampB Rating 5A1
Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores
24022018 25022017 27022016
Turnover pound1062500000 pound1036100000 pound1060500000
Pre Tax Profit pound29800000 pound10300000 -pound20300000
Total Net Worth pound252600000 pound317900000 pound317800000
Farmfoods Limited Company number SC030186 DampB Rating 5A1
Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people
31122016 02012016 03012015
Turnover pound669201000 pound694385000 pound811765000
Pre Tax Profit pound9238000 pound20038000 pound20810000
Total Net Worth pound91650000 pound87191000 pound80748000
Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1
Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral
31122016 31122015 31122014
Turnover pound843978000 pound830679000 pound824322000
Pre Tax Profit -pound499547000 pound49866000 pound57141000
Total Net Worth pound722200000 pound1191903000 pound1096567000
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301
2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee
3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275
4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0
5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400
ATM Cardtronics UK Limited 01012017 31122020 pound14000
Total 67444 6266 pound755280 pound1319
Not inclusive of unit 4
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564 DampB Rating 5A1
Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores
24022018 25022017 27022016
Turnover pound1062500000 pound1036100000 pound1060500000
Pre Tax Profit pound29800000 pound10300000 -pound20300000
Total Net Worth pound252600000 pound317900000 pound317800000
Farmfoods Limited Company number SC030186 DampB Rating 5A1
Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people
31122016 02012016 03012015
Turnover pound669201000 pound694385000 pound811765000
Pre Tax Profit pound9238000 pound20038000 pound20810000
Total Net Worth pound91650000 pound87191000 pound80748000
Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1
Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral
31122016 31122015 31122014
Turnover pound843978000 pound830679000 pound824322000
Pre Tax Profit -pound499547000 pound49866000 pound57141000
Total Net Worth pound722200000 pound1191903000 pound1096567000
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301
2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee
3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275
4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0
5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400
ATM Cardtronics UK Limited 01012017 31122020 pound14000
Total 67444 6266 pound755280 pound1319
Not inclusive of unit 4
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR
DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)
bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee
bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf
bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term
bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space
bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants
RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre
Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft
Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington
Outline for indicative purposes only
Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor of this property whose agent Allsop LLP is gives notice that (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact and (c) the vendorlessor does not make or give and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to the property The only representations warranties undertakings and contractual obligations to be given or undertaken by the vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor and a purchaser or tenant 2 Prospective purchasers or tenants are strongly advised to (a) satisfy themselves as to the correctness of each statement contained in these particulars (b) inspect the property and the neighbouring area (c) ensure that any items expressed to be included are available and in working order (d) arrange a full structural (and where appropriate environmental) survey of the property and (e) carry out all necessary searches and enquiries Allsop is the trading name of Allsop LLP Design CommandD wwwcommandHQcouk 0918
Dale Johnstone020 7543 6796dalejohnstoneallsopcouk
For further information or to make arrangements for viewing please contact
Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk
PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs
SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)
VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)
NR
EPCAvailable upon request
DATAROOMFurther information is provided in the dataroom For access please register on the following website
httpdataroomsallsopcoukregisterNeashamRoadDarlington