Prime Retail Investment Opportunity
NEXT GROUP PLCCHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
THE FIRST PURPOSE BUILTNEXT FASHION, HOME & GARDEN STORE
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Investment Summary
• A “Trophy” Retail Superstore opportunity located in Hedge End, Southampton.
• An affluent catchment with 745,237 persons livingwithina20minutedrivetime.
• Prominent position at the entrance/exit to Junction 7,M27,immediatelyadjacenttoHedgeEndRetailParkandopposite to the large M&S and Sainsbury’s superstores.
• Benefits from excellent critical mass being located attheheartofoneoftheSouth’slargestRetailWarehouseShoppingdestinations(735,000sqft).
• Freehold.
• Anew86,523sqft(GIA)qualityretaildevelopmentbuiltandwarrantedbyNexttoanextremelyhighspecification.
• OpenA1non-foodplanningconsent.
• The UK’s first purpose built Next “Fashion, Home andGarden”formatstore.
• ANew21year3monthlease,(20yearsunexpired)totheundoubtedcovenantofNextGroupPlc.
• Acommencingrentof£1,454,313paxwithafixedupliftat Year 5, measured by CPI with 1.5% and 3% collar and cap.
• Offersareinvitedinexcessof£28,940,000 (Twenty-Eight Million, Nine Hundred and Forty Thousand Pounds), which reflects a Net Initial Yield of 4.75%, assuming purchaserscostsof5.8%.AssuminganaverageCPIrateof2.5%,thereisaguaranteedReversionaryYield(2019)of5.37%andanEquivalent(Nominal)Yieldof5.23%.
A334 Charles Watts Way
M27
Junction 7
Prime Retail Investment Opportunity
NEXT GROUP PLC
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LUTON
STANSTED
HEATHROW
GATWICK
SOUTHAMPTON
CITY
LYNEHAM
8
76
12
43
3 54
7
6
3130
4
5
2
8
9
10
11
2 134
14
13
4
3
1
11
10
99
14 1312
67
10
65
7
12
1110
9
8
7
8
5
1314
44
12
1
2 3
91110
12
17
1615
78
9
10
2019
1
32
4
56
1718
5
4
2
1
2524
22
8
7 1
4
5
29
28
8
72
3
6
5
4
8
7
12
11
10
9
11
2
26
5
3
1
M23
M1
M27
M26
M25
A3(M)
M40
M4
M3
A329(M)
M25
M25
M25
M25
M20
M1
M10
A1(M)
M11
M4
M40
M3
M5
M11
A36
A36
A338
A346
A303
A354
A338
A350
A338
A419
A31
A31
A436
A417
A40
A429
A40
A44
A348 A3
38
A303
A31
A26
A23
A232
A4
A40
A406
A41
A406
A10
A12
A13
A2A20
A205
A3
A24
A34
A27
A3
A34
A13
A127A127
A40A418
A41
A4010
A413
A41
A5
A602
A10
A414
A12
A120
A130 A131
A12
A130A420
A34
A419
A21
A229
A249
A21
A228
A21
A26
A22
A22
A22
A259
A26
A27
A23
A264
A283
A24
A272
A24
A264
A22
A22
A2
A31
A33
A339
A34
A27
A429
Stow-on- the-WoldStevenage
BrentwoodBasildon
Gravesend
Tunbridge Wells
Maidstone
Hastings
Eastbourne
RochesterGillingham
Chatham
Crawley
BrightonHove
WorthingBognorRegis
Havant
Eastleigh
Basingstoke
Guildford
WokingCamberley
Staines
Reading
PooleBournemouth
Swindon
Cheltenham
Harlow
Slough
Watford
Luton
Amersham
HighWycombe
Oxford
Fareham
Gosport
SOUTHAMPTON
Portsmouth
LONDON
Location
Hedge End, 4.8 miles to the east of Southampton City Centre, is amajor regional trading locationon theSouthCoastandoneof themostestablishedretailwarehousinglocationsintheSouthofEngland.
It is immediately located on the M27 Motorway at Junction 7, linkingthe area to Southampton, Portsmouth and theM3motorway (5.5milesnorthwest).HedgeEnd servicesboth theSouthamptonandPortsmouthcatchments,aswellasextendingintoHampshire.
Southampton International Airport and Parkway railway station are located 5 miles to the north west of the property at Junction 5 oftheM27.
The Airport serves 48 European destinations with annual passengernumbersapproaching2millionand the stationprovidesadirect service toLondonWaterloowithafastestjourneytimeof1hour11minutes.
CHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
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udevelopment, epc & vat
CHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
u investment summary
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Demographics
TheretailcatchmentforHedgeEndisextensivewith186,391peoplelivingwithina10minutedrivetime.Allowingforadrivetimeof20minutes,thiscatchmentincreasesto745,237anddrawsfrommostof Southampton and key centres such as Winchester, Eastleigh,RomseyandFareham,aswellaspartsofPortsmouth.
TheHedgeEndcatchmentpopulationisaffluent,withthetwomostrepresented social groups of AB andC1 accounting for circa 48%of adultsofworkingage.The cityof Southampton is theprincipalcatchmentforthescheme.Southamptonranks19intheUKintermsofthevolumeofcomparisonretailspendavailableinthecatchmentarea and is forecast to see above average percentage growth intheavailablepoolofcomparisonspendingovertheforecastperiod2013–18.
ThebelowtablecomparesthedemographicsofotherNext“Fashion,Home and Garden” stores in the South East and illustrates thedominanceofHedgeEnd.
20 minutes Drive Time Social Groups AB/C1
Hedge End 745,237 285,443
Camberley 610,902 279,173
Maidstone 524,194 200,482
Shoreham 504,191 210,660
HighWycombe 369,112 213,749
12
11
10
9
7
8
5
13
14
44
12
1
2 3
9
1110
125
3
1
M3
M3
M3
A3 (M)
A36
A338
A338
A31
A31
A338
A303
A31
A34
A27
A3
Chichester
Ryde
Newport
Fawley
Hythe
LymingtonNew Milton Cowes
Alton
Ringwood
Salisbury
Christchurch
Eastleigh
Bournemouth
Fareham
Gosport
Portsmouth
Chichester
Ryde
Newport
Fawley
Hythe
LymingtonNew Milton Cowes
Alton
Ringwood
Salisbury
Christchurch
Eastleigh
Bournemouth
Fareham
Gosport
Portsmouth
WinchesterWinchester
RomseyRomsey
SouthamptonSouthampton
20 minute drive timeThe Property
NEXT PLCCHARLES WATTS WAY
HEDGE END
Situation
The subject property is situated in a prominent position onCharles Watts Way (A334), which directly links the Hedge Endretailareaonto Junction7oftheM27motorway,approximately250mtothewestoftheegresstothesite.AccesstotheschemeissharedwiththeentranceandexitsofHedgeEndRetailParkontothewestbounddualcarriagewayofCharlesWattsWay.
Hedge End Retail Park is directly adjacent to the development.Occupiers on the park include DFS, Oak Furnitureland, ScS,Carphone Warehouse, Starbucks and Kiddicare. The M&S andSainsbury’s stores are located directly opposite on the north side ofCharlesWattsWay.
Prime Retail Investment Opportunity
NEXT GROUP PLC
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M27
M27
7
TURNPIKE W
AY
WILD
EN LANE
A334 CHARLES WATTS WAY
B3035 BOTLEY ROAD
TOLLBA
RW
AY
A334 CHARLES WATTS W
AY
CHARLES WATTS WAY
GRANGE ROAD
A334 GRANGE ROAD
LOWER NORTHAM ROAD
LOWER NORTHAM ROAD
UPPER NO
RTHAM
ROAD
B3035 BOTLEY ROAD
B3342
B334
2 TO
LLBA
R W
AYBRADBEERS RETAIL PARK
ALLIED CARPETS, PONDEN HOMESBENSONS/HARVEYS, CARPETRIGHT
BRADBEERS, BURGER KING
HEDGE END RETAIL PARKDFS, OAK FURNITURELAND, SCS
KIDDICARE, CARPHONE WAREHOUSESTARBUCKS
HEDGE END PARKCURRYS, PC WORLD
MARKS & SPENCER / SAINSBURY’S
B&M (UNDER OFFER)
B&Q WAREHOUSE
SUBJECT PROPERTY
HEDGE END
WICKES
Retail Warehousing in Hedge End
Hedge End is an established and substantial retailwarehouse destination area comprising approximately 735,000 sq ft ofretailspace.ItisanchoredbytheMarksandSpencer(137,000sqft)andSainsbury’s(105,000sqft)superstores,oppositethesubjectproperty.
HedgeEndRetailPark,ownedbyM&GRealEstate,comprises86,000sqftandbenefitsfromabulkygoodsplanningconsent,with the exception of the Kiddicare and CarphoneWarehouse units which have Open A1 non-food consent. Kiddicaretook the formerBestBuyunit aspartof apackageofother formerBestBuy stores. Theother tenants includeDFS,OakFurnitureland,ScS,CarphoneWarehouseandStarbucks.Thetoneoftheparkiscirca£35psf,themostrecentlettingbeingtoOakFurniturelandataheadlinerentof£32.50psfin2012.TheDFS2013reviewiscurrentlyatarbitration.
OtherretailwarehousingincludesaHomebase(39,500sqft)andaPCWorld/Curry’sMegastore(45,336sqft)adjacenttotheM&S.Theschemehasabulkygoodsconsentandisletatcirca£22psf.ThereisalsothemoresecondaryBradbeersRetailPark,where tenants includeHarveys,Carpetright,BradbeersandBurgerKing.Thepark is70,000sq ftandbenefits from abulkygoodsplanningconsent.Theparkhastwoavailableunitsandthetoneiscirca£20psf.
ThereisalargeB&Q(105,000sqft),alsoonCharlesWattsWayandaformerWickes(45,000sqft)oppositeCentre27RetailPark,whichisrumouredtobeunderoffertoB&MBargains.Wickesrecentlyrelocatedtoa15,000sqftunitonHamiltonTradeParkatarentof£16psf.
Description
Thepropertyisofastrikingdesign,comprisingamodernqualitypurposebuilt three-storey retailstorewithexternalgardencentre,entrancelobbyandacafé,whichisoccupiedbyCostaCoffee.Theprincipal elevations are of full height framelessglazing, a design sought after by retailers. Thebuilding is cladwith limestone and high qualitydecorative features. The high specification oftheconstructionandtenant’sfitoutsetsitapartfromotherNextFashion,HomeandGardenstoresand is substantially superior to the traditional out of town retail warehousing formats. Next haveinvested large sums into the specification anddesignofHedgeEndandviewitastheirflagshipFashion,HomeandGardenstoreacrosstheUK.
TheprincipalcustomeraccessisfromthecarparkintoalargeentrancelobbyattheLowerGroundFloor. There are two glass customer lifts to oneside of the prominently positioned up/downescalators to the ground floor. There is also anentranceonthewestelevationforthebenefitofcustomers entering fromHedgeEndRetail Parkwithaccessviastairs,escalatorsand lifts to theFirst Floor.
The shell has a BREEAM rating of “Very Good”with a score of 68%, (“Excellent” rating higherthan70%).
Thereare211designatedcarspacesallatgroundlevel, providing a ratio of 1:174 sq ft, (over the36,743sqftarea).Thereareafurther330spacesonHedgeEndRetailPark.Servicingisattherearof the southern elevation with an additionalservicetunnel,which isservedbya lift,andwasinstalled by the tenant.
The site area is approximately 3.2 acres (1.29hectares).
Prime Retail Investment Opportunity
NEXT GROUP PLC
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Accommodation
The leasewithNextstipulatesthatthehypotheticalareaforthestoreforthepurposesofreviewandcalculationofrentatyears10and15is36,743sqft.
ThepropertyhowevercomprisesthefollowingGrossInternalAreas,inaccordancewiththeRICSCodeofMeasuringPractice(6thEdition):
GIA(sqft) GIA(sqm)
GroundFloor 33,605 3,122
FirstFloor(includingCafé) 25,909 2,407
LowerGroundFloor(includingServiceTunnel) 19,733 1,837
SUB-TOTAL 79,247 7,366
Conservatory 3,358 312
GardenCentre 3,918 364
TOTAL 86,523 8,042
CHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
Tenure
Freehold.
Planning
ThepropertybenefitsfromanOpenA1non-foodconsent,whichwasreceivedon21stMarch2013.Itstates:
“Theretailstoreherebyapprovedshallbenogreaterthan8,310sq m gross external area and shall incorporate the followingfloorspacerestrictions:a.Nomorethan5,609sqmofpermittedfloorspace shall beused for salespurposes (net salesarea); andb.Nomorethan2,724sqmofthepermittednetsalesfloorspaceshall be used for fashion items including, clothing, shoes, bags andjewellery.”
Furtherplanninginformationisprovidedinthesaledataroom.
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CHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
Tenancy
NEXT GROUP PLC
AnAgreementforLeasewascompletedwithNexton23rdFebruary2013,annexedtowhichisa lease fora termof21yearsand3monthswhichcommencedon28th June2013,whenthe vendor completed the enabling works. The lease is an institutional FR&I Lease with acommencingrentof£1,454,313pax,paidquarterlyinadvance.
The leasebenefits fromfiveyearlyupwardsonly rent reviews throughout the term.Thefirstreview(7thAugust2019)issubjecttoafixedupliftbasedontheConsumersPricesIndex,(CPI),withacollarandcapof1.5%and3%.
Thereviewsinyears10and15areOpenMarketandaretobebasedonanotionalbuilding. Thehypotheticalpremisesassume:
• Same location on a level site,• AgroundfloorGIAof36,743sqftwiththebenefitofan8,000sqftgardencentre,• 206 car parking spaces,• Same planning consent, • Ahighqualityshellconstructedbythelandlord,• The tenant is permitted to install a mezzanine up to 85%
ofthegroundfloorGIA,and• Ahypotheticalleasetermof10years.
Furtherinformationisprovidedinthesaledataroom.
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Current income pax
£1,454,313perannumexclusive.
Therentequatestoarateof£39.58psf,assuming the area of 36,743 sq ft asstatedintherentreviewclause.
The letting reflects a clean transactionwith the total incentive provided to thetenanttotalling4monthsrentfree
Furtherinformationisprovidedinthesaledataroom.
Consumer Prices Index (CPI)
The first rent review in year 5 will beincreased in accordance with the CPI,butsubjecttoacollarof£1,566,707pax(1.5%)andcapof£1,685,947pax(3%).
TheannualratesforCPIsince2008havebeen:
Year AnnualCPIRate
2008 3.6%
2009 2.2%
2010 3.3%
2011 4.5%
2012 2.8%
2013 2.6%
(ONS)Theaveragesince2008is3.17%.
Prime Retail Investment Opportunity
NEXT GROUP PLC
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Tenant Covenant
NextPlc isoneoftheUK’s largestspecialistclothingretailers,with541UKoutletstotallingapproximately 7,008,000 sq ft. Recent domestic expansion has primarily focused on thestand-alone“Fashion,HomeandGarden”format.NextPlchasconsistentlyachievedstrongprofitabilitydespite the recenteconomicchallenges. In January2014 it reported that salesrose5.4%toover£3.7bn,thisconsolidatedontheincreasereportedinJanuary2013of3.1%to£3.5bn.Inaddition,underlyingpre-taxprofitswereup11.8%to£695m,againimprovingonJanuary2013,whichreportedanincreaseof9%to£622m.NextPlcislistedontheLondonStockExchangeandisamemberoftheFTSE100index,theonlyotheroutrightretailersbeing J SainsburyPlc, TescoPlc, KingfisherPlc (ownerofB&Q),Marks andSpencerGroup, SportsDirect International,WmMorrisonSupermarketsPlcandBurberryGroupPlc.NextPlc isthemostexpensiveshare in theentireFTSE100at7,175.00p (September2014).Experian rateNextPlc.as“VeryLowRisk”withaDelphiScoreof100outof100.DunandBradstreetgivearatingof5A1.
TheleaseissignedwithNextGroupPlc.,awhollyownedsubsidiaryofNextPlc.NextGroupPlc.hasaDelphiScoreof100outof100andaDunandBradstreetratingof5A1.Fortheyearending25thJanuary2014,theyreportedaturnoverof£197,700,000;pre-taxprofitsof£53,000,000;aTangibleNetWorthof£1,296,600,000andNetCurrentAssetsof£1,267,600,000.
NEXT PLC
25/01/2014 26/01/2013
Turnover £3,740,000,000 £3,562,800,000
Pre-taxProfits £695,200,000 £666,500,000
TangibleNetWorth £241,800,000 £240,900,000
NetCurrentAssets £633,600,000 £391,800,000
NEXT GROUP PLC
2014 26/01/2013
Turnover £197,700,000 £212,300,000
Pre-taxProfits £53,000,000 £322,500,000
TangibleNetWorth £1,296,600,000 £1,747,900,000
NetCurrentAssets £1,267,600,000 £1,885,400,000
In2014Nextare forecasted toproducehigherprofits thanMarksandSpencer for thefirsttime. Most recently Next has increased its full-year pre-tax profit growth forecasts by £25millionto£815millionaftersalesincreased10.7%inthesecondquarter.
The Dun & Bradstreet Reports for Next Plc and Next Group Plc can be found in the saledataroom.
Prime Retail Investment Opportunity
NEXT GROUP PLC
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Next “Fashion, Home and Garden”
NexthavestatedthattheirprincipalfocusforexpansionwillbetheFashion,HomeandGardenformat,whichwasoriginallytrialledinShorehamand“comfortablybeattheirtargets”(NextHalfYearReportJuly2012). Ithasidentified19sitestobringtheconcepttointhenextfiveyears.HedgeEndwillbetheirfirstpurposebuiltunit,withShoreham,Camberley,Warrington,SolihullandIpswichbeingconversionsofexistingretailwarehouses.Othernewstoresduetoopenwithinthenext12monthsareMaidstone,Sheffield,WilmslowandHighWycombe.
Next’spreferredrouteisnewbespokeunitssotheycantailortheirspecificneeds.Duetothelengthyanduncertainnatureoftheplanningprocedures,Nexthavehadtolookatconversionsof existing retailwarehouseswhicharemoredeliverable. ThismakesHedgeEndextremelyunique,beingNext’sfirstpurposebuilt“Fashion,HomeandGarden”store.
AlistoftheNextFashion,HomeandGardenstoresinclude:
Town Year Open Approx. Size(GIA–sqft) Landlord
Shoreham 2011 60,000 HampshireCCPensionFund
Ipswich 2012 60,500 StandardLife
Camberley 2013 78,000 British Land
Warrington 2013 60,000 M&GRealEstate
Solihull 2014 61,000 F&CREIT
Hedge End* 2014 (open) 87,000 Town Quay Developments
Maidstone* 2014(Q4) 62,000 Underoffer
Sheffield* 2015(Q2) 60,000 British Land
HighWycombe* 2015(Q2) 72,000 Underoffer
HandforthGreen* 2015(Q4) 80,000 CheshireEastCouncil
*Purpose Built Stores
CHARLES WATTS WAY HEDGE END SOUTHAMPTON SO30 4RT
The Development
ThesiteformerlycomprisedaHalfords,latterlyInteriosunit,andtheoldWildernMill.Planningfor thedevelopmentcomprisedamixuse schemewitha separate residentialdevelopmentcomprising 41 homes. The commercial element is self-contained and completely divorcedfromtheresidential.
TheDeveloperandNextenteredintoanAgreementForLeasetoconstructtheretailstoreandcarpark.
The Developer provided the cleared site and Next constructed the building and car park,subjecttotheprovisionssetoutinTheAgreementForLease.
EPC
ThepropertyhasanEPCratingof26.AcopyoftheEPCisprovidedinthesaledataroom.
VAT
Thepropertyhasbeenelected forVATwhichwill thereforebechargeableon thesalepriceunlessthetransactioncanbetreatedasaTransferofGoingConcern(TOGC).
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Thepurchaserwillbenefitfrom:
• ArareSouthEastOpenA1(non-food)retailinvestmentopportunity• Alargeaffluentcatchment• Locatedwithinanestablishedretailwarehousedestination• ExcellentaccessibilitylinkingdirectlywiththeM27Motorway(Junction7)• SubstantialcriticalmasswithHedgeEndRetailPark,Sainsbury’s
and M&S superstores within the immediate location• Amodern,qualitybespokeretailstoreof86,523sqft(GIA)builtbyNext• Therentreflectsalowoverallrateof£16.81psf• UK’sfirstpurposebuiltNext“Fashion,HomeandGarden”store• 20yearsunexpiredtoNextGroupPlc(D&Bratingof5A1)• AfixedincreaseatYear5(inaccordancewithCPI,
collar&capof1.5%&3%)
Proposal
Ourclientisseekingoffersinexcessof£28,940,000 (Twenty-Eight Million, Nine Hundred and Forty Thousand Pounds),subjecttocontractandexclusiveofVAT.
Apurchaseat this level reflectsaNet Initial Yield of4.75%, assuming purchasers costs of5.8%.
AssuminganaverageCPIof2.5%overthenext5years,itwillprovideaReversionaryYieldof5.37%andaNominalEquivalentYieldof5.23%.
Theagentsforthemselvesandforthevendorsorlessorsofthepropertywhoseagentstheyaregivenoticethat:(i)theseparticularsaregivenwithoutresponsibilityofTheagentsorthevendorsorlessorsasageneraloutlineonlyfortheguidanceofprospectivepurchasersortenants,anddonotconstitutethewholeoranypartofanofferorcontract;(ii)Theagentscannotguaranteetheaccuracyofanydescriptions,dimensions,referencestocondition,necessarypermissionsforuseandoccupationandotherdetailscontainedhereinandanyprospectivepurchaserortenantshouldnotrelyonthemasstatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastotheaccuracyofeachofthem;(iii)noemployeeofTheagents(andtheirjointagentswhereapplicable)hasanyauthoritytomakeorgiveanyrepresentationorwarrantyorenterintoanycontractwhatsoeverinrelationtotheproperty;(iv)VATmaybepayableonpurchasepriceand/orrent,allfiguresarequotedexclusiveofVAT,intendingpurchasersorlesseesmustsatisfythemselvesastotheapplicableVATposition,ifnecessarybytakingappropriateprofessionaladvice;(v)exceptinrespectofdeathorpersonalinjurycausedbythenegligenceofTheagents,itsemployeesorservants,Theagentswillnotbeliable,whetherinnegligenceorotherwisehowsoever,foranylossarisingfromtheuseoftheseparticularssavetotheextentthatanystatementmadeintheseparticularshasbeenmadefraudulently.September2014.DesignedandproducedbyCreativeworldTel:01282858200.
Prime Retail Investment Opportunity
NEXT GROUP PLC
FurtherInformation
David [email protected] www.greenandpartners.co.uk
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green&partners020 7659 4848
By Town Quay Developments Ltd
Capital Allowances
ThevendoristoretainthebenefitofallCapitalAllowances.
Investment Rationale
Theinvestmentofferspurchasersauniqueopportunitytoacquirealandmarkretailproperty.