Property Auctions 28/Mar/2018 | Abbeygate Shopping Centre, Nuneaton, Warwickshire, CV11 4EL

High Yielding Freehold Shopping Centre Investment

Comprises 8,348.42 sq m (89,864 sq ft) of retail and office accommodation
Retailers include Argos, Brighthouse, Ryman, Card Factory, Tui, Savers, Scope, Subway, Greggs and Peacocks
Offices let to NHS Property Services Limited and Nuneaton & Bedworth Leisure Trust
62% of total income secured against national multiples
High occupancy rate of 89%
Prominent town centre location
Asset management opportunities and future redevelopment potential (subject to consents)

Lot 15
Auction 28th March 2018
Rent £768,030 per Annum
Status Sold
Price £4,285,000
Sector
Shopping Centre
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Royal London

Property Information

Location

Miles: 9 miles north of Coventry, 17 miles south-west of Leicester, 20 miles east of Birmingham
Roads: A444, A47, A5, M6, M69, M1, M42
Rail: Nuneaton Railway Station (Approx 21 mins direct to Birmingham New Street)
Air: Birmingham International Airport

Situation

Nuneaton is strategically located within the highly accessible ‘Golden Logistics Triangle’ (M1,M6,M42) and further benefits from being a short distance from the cities of Birmingham, Leicester and Coventry. Nuneaton is the largest town in Warwickshire and serves as a major retailing centre within the West Midlands conurbation, with a catchment population of 171,000. The Abbeygate Shopping Centre is situated on the north side of Abbey Street in the heart of the town centre, within the town’s pedestrianised retailing offer. The town holds a popular and successful market on Wednesdays and Saturdays. Nuneaton bus station is located opposite the Harefield Road entrance to the shopping centre and the railway station is also just 0.3 miles away, generating strong footfall throughout the day.

Tenure

Freehold.

Location

Miles: 9 miles north of Coventry, 17 miles south-west of Leicester, 20 miles east of Birmingham
Roads: A444, A47, A5, M6, M69, M1, M42
Rail: Nuneaton Railway Station (Approx 21 mins direct to Birmingham New Street)
Air: Birmingham International Airport

Situation

Nuneaton is strategically located within the highly accessible ‘Golden Logistics Triangle’ (M1,M6,M42) and further benefits from being a short distance from the cities of Birmingham, Leicester and Coventry. Nuneaton is the largest town in Warwickshire and serves as a major retailing centre within the West Midlands conurbation, with a catchment population of 171,000. The Abbeygate Shopping Centre is situated on the north side of Abbey Street in the heart of the town centre, within the town’s pedestrianised retailing offer. The town holds a popular and successful market on Wednesdays and Saturdays. Nuneaton bus station is located opposite the Harefield Road entrance to the shopping centre and the railway station is also just 0.3 miles away, generating strong footfall throughout the day.

Tenure

Freehold.

Description

The Abbeygate Shopping Centre was originally constructed as an open scheme and was refurbished in 1991 when a glass atrium roof was fitted. The property comprises 40 retail units, a tenant only 62 space car park at first floor level and rear service yard. In addition, there is a two storey office building known as Heron House (separately accessed from Abbey Street), with a secure ground floor lobby and lift area. The retail units trade at ground floor level, with some units benefiting from first floor ancillary space. The retail/ancillary accommodation totals 7,116.74 sq m (76,606 sq ft), with the office accommodation totalling 1,231.68 sq m (13,258 sq ft). Therefore, the total approximate floor area of the property is 8,348.42 sq m (89,864 sq ft). Additionally, the property benefits from an approximate site area of 0.77 hectares (1.90 acres).

Tenancy Information
A full tenancy schedule is available online on our website http://www.acuitus.co.uk and within the solicitor’s legal pack.
Retailers include Argos, Brighthouse, Ryman, Card Factory, TUI, Savers, Scope, Subway, Greggs and Peacocks.
Office occupiers include NHS Property Services Limited and Nuneaton & Bedworth Leisure Trust.
62% of total income secured against national multiples
89% occupied by floor area.

Income
(Net income allows for service charge shortfall, insurance and void business rates.)

Retail (including mall entertainment, car parking, roof antenna etc):
Current gross income £704,430 per annum
Current net income £498,390 per annum

Office: Current gross income £63,600 per annum
Current net income £50,031 per annum

Total: Current gross income £768,030 per annum
Current net income £543,421 per annum (allowing for landlord’s shortfall of £219,609 per annum and a £5,000 landlord’s contribution to marketing.

Service Charge
The property is managed and operated under a service charge schedule with the tenants having apportioned percentage contributions based on gross lettable floor area demised. The current service charge budget runs from 1st April 2017 until 31st March 2018 and the present service charge budget amounts to £469,164.03.

VAT

VAT is applicable to this lot.

Note

N.B. Plowman Craven has undertaken a full measured survey of the property. A copy of the survey is available within the legal pack, which is warranted and assignable to a purchaser.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The Abbeygate Shopping Centre was originally constructed as an open scheme and was refurbished in 1991 when a glass atrium roof was fitted. The property comprises 40 retail units, a tenant only 62 space car park at first floor level and rear service yard. In addition, there is a two storey office building known as Heron House (separately accessed from Abbey Street), with a secure ground floor lobby and lift area. The retail units trade at ground floor level, with some units benefiting from first floor ancillary space. The retail/ancillary accommodation totals 7,116.74 sq m (76,606 sq ft), with the office accommodation totalling 1,231.68 sq m (13,258 sq ft). Therefore, the total approximate floor area of the property is 8,348.42 sq m (89,864 sq ft). Additionally, the property benefits from an approximate site area of 0.77 hectares (1.90 acres).

Tenancy Information
A full tenancy schedule is available online on our website http://www.acuitus.co.uk and within the solicitor’s legal pack.
Retailers include Argos, Brighthouse, Ryman, Card Factory, TUI, Savers, Scope, Subway, Greggs and Peacocks.
Office occupiers include NHS Property Services Limited and Nuneaton & Bedworth Leisure Trust.
62% of total income secured against national multiples
89% occupied by floor area.

Income
(Net income allows for service charge shortfall, insurance and void business rates.)

Retail (including mall entertainment, car parking, roof antenna etc):
Current gross income £704,430 per annum
Current net income £498,390 per annum

Office: Current gross income £63,600 per annum
Current net income £50,031 per annum

Total: Current gross income £768,030 per annum
Current net income £543,421 per annum (allowing for landlord’s shortfall of £219,609 per annum and a £5,000 landlord’s contribution to marketing.

Service Charge
The property is managed and operated under a service charge schedule with the tenants having apportioned percentage contributions based on gross lettable floor area demised. The current service charge budget runs from 1st April 2017 until 31st March 2018 and the present service charge budget amounts to £469,164.03.

VAT

VAT is applicable to this lot.

Note

N.B. Plowman Craven has undertaken a full measured survey of the property. A copy of the survey is available within the legal pack, which is warranted and assignable to a purchaser.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.