Outline for indicative purposes only.
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
DARLINGTON TRAIN STATION
For illustrative purposes only.
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
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 180,000 people live within a 20 minute drive time catchment of the town
■ Freehold
■ Total floor area of 67,444 sq ft
■ Class E Retail Park with Unit 5 Sui Generis planning consent
■ Fully let to the national covenants of Matalan, Farmfoods, Ladbrokes and Asda (long leasehold)
■ Total rent of £715,000 per annum averaging £10.60 psf
■ WAULT of 6.7 years
■ Within the last 3 months Farmfoods has extended their occupation into unit 2 and Ladbrokes has regeared their lease
■ Asset management opportunities include restructuring Matalan’s lease and development of additional units on the site. Planning permissions have now lapsed for an additional two units totalling 2,300 sq ft and an additional five units totalling 3,600 sq ft
■ Offers sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects £89 psf and an attractive net initial yield of 11.18% assuming standard purchaser’s costs
For illustrative purposes only.
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
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF
For indicative purposes only.
VICTORIA ROAD
PARK
LAN
E
PARK
PLA
CE
B6280
BO
ROU
GH
RD
BRUNSWICK ST
TUBWELL ROW
EAST ST
FEEL
HAM
S
E RO
W
CONSCLIFFE RD
HOUNDGATE
GRA
NG
E R
D
RUSSELL ST
FR
EEM
ANS
PLAC
E
LARCH
FIELD S
T
FOUR
RIG
GS
SKI
NN
ERG
ATE
DUKE ST
STAN
HO
PE R
OAD
NO
RTH
STAN
HO
PE RO
AD S
OU
T
H
HARG
REAV
E TE
RR
ACE
WH
ESS
OE RO
AD
CLEVELAND STREET
ALBERT ROAD
BONOMI WAY
WHESSOE ROAD
HOPETOWN LANE
OTLEY TERRACE
BRINKBURN ROADANNS TERRACE
ALLIA
NCE S
T
MEY
NELL
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
B627
9
GR
EENB
ANK R
OAD
EASO
N R
OAD
WIDDOWFIELD ST
E MOUNT ROAD
CHESNUT ST
GLADSTONE STREET
CORPORATION ROAD
HENRY ST
EDM
UND
ST
YARM ROAD B6280
YARM ROAD
MCM
ULLEN
ROAD
B6279 B6279
YARN ROAD
HU
ND
ENS LAN
E
NEASH
AM RO
AD
EASTBOURNE ROAD
ABBEY ROAD
PA RKSIDE
PARKSIDE
A67
Conis
cliffe
Roa
d
CLIF
TON
RO
AD
SMITHFIELD ROAD
A68A68
A167
A16
7
A167
A167
A66
A66
A66
A66
A68
A167
A1
67
Nor
th R
oad
DARLINGTON
Sainsbury’s Superstore
TOWN CENTRE
River Skerne
NORTH ROAD
HAUGHTONLE SKERNE
EASTBOURNE
DARLINGTON
DARLINGTONRETAIL PARK
LOCATION
Darlington 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.
ROAD
Newcastle Upon Tyne 44.5 miles
Leeds 64 miles
Doncaster 80 miles
AIR
Durham Tees Valley International airport 8 miles
RAIL
Middlesbrough 26 mins
Newcastle-upon-Tyne 28 mins
London Kings Cross 2h 20 mins
CLASS E RETAIL PARK INVESTMENT
For illustrative purposes only.
For illustrative purposes only.
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 and 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 4PF CLASS E RETAIL PARK INVESTMENT
PLANNING CONSENT HAS NOW LAPSED FOR 2 UNITS
TOTALLING 2,300 SQ FT
THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING
3,600 SQ FT
PERSIMMON HOMES DEVELOPMENT
DARLINGTON TRAIN STATION
DARLINGTON TOWN CENTRE
Outline for indicative purposes only.For illustrative purposes only.
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF
© Crown Copyright, ES 100004106. For identification purposes only.
47.2m
46.9m
46.9m
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
4481
21
102
41 to 5
5
Shelter
47.2m
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 © Crown Copyright 2018. All rights reserved.
Licence number 100022432. Plotted Scale - 1:1424
DESCRIPTION
The property comprises five retail units extending to 67,444 sq ft 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 tenant’s specification.
There are approximately 323 car parking spaces providing an attractive ratio of 1:208 sq ft.
PLANNING
Unit 1 Class E
Units 2 & 3 Class E
Unit 4 Class E
Unit 5 Sui Generis
SITE AREA
The property has a site area of 4.88 acres (1.976 ha) providing a low site cover of 32%.
TENURE
Freehold.
CLASS E RETAIL PARK INVESTMENT
ASDA unit sold off on Long Leasehold.
For illustrative purposes only.
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
TENANCY SCHEDULE
COVENANT INFORMATION
Matalan Retail Limited Company number 2103564. Experian Low Risk
Matalan is a British fashion and homewear retail established in 1985. The company operate from 231 UK stores and 40 international franchise stores.
The ultimate parent company of Matalan is Missouri Topco Limited, with the group being ultimately controlled by the Hargreaves family.
Matalan grew its online offering by 84% in the five-week Christmas period, representing the retailer’s push to become omnichannel through investment in supply chain capacity and order fulfilment from stores.
29/02/2020 23/02/2019 24/02/2018
Turnover £1,129,400,000 £1,103,900,000 £1,062,500,000
Pre Tax Profit £-22,000,000 £28,300,000 £29,800,000
Total Net Worth £280,700,000 £305,300,000 £252,600,000
Farmfoods Limited Company number SC030186. Experian Very Low Risk
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 4,000 people.
28/12/2019 29/12/2018 30/12/2017
Turnover £661,754,000 £660,304,000 £642,676,000
Pre Tax Profit £22,148,000 £12,101,000 £11,123,000
Total Net Worth £112,514,000 £102,879,000 £96,171,000
Ladbrokes Betting & Gaming Limited Company number 775667. Experian Very Low Risk
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.
Ladbrokes has more than 2,700 retail betting shops in the UK, Ireland, Belgium and Spain with more than 800,000 customers.
31/12/2019 31/12/2018 31/12/2017
Turnover £983,371,000 £732,366,000 £766,519,000
Pre Tax Profit £462,204,000 -£43,794,000 -£166,483,000
Total Net Worth £1,117,459,000 £730,285,000 £761,750,000
Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment
1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01
2 & 3 Farmfoods Limited 9,140 849 01/03/2021 28/02/2036 01/03/2026 £80,000 £8.75Farmfoods have recently extended into Unit 2 and regeared their lease. The vendor will top up the 18 months rent free.
4 Asda Stores Limited 10,180 946 08/09/2004 07/09/2129 £0 £0 Asda unit sold off long leasehold.
5Ladbrokes Betting and Gaming Limited
2,000 186 25/12/2020 24/12/2025 £21,000 £10.50Ladbrokes have been in occupation since 2004 and have recently extended their lease.
ATM Cardtronics UK Limited 01/01/2017 31/12/2021 £14,000 Tenant has expressed an interest to extend their lease.
Total 67,444 6,266 £715,000 £10.60*
*Not inclusive of unit 4.
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF CLASS E RETAIL PARK INVESTMENT
RETAIL WAREHOUSING IN DARLINGTON
The 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 154,056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre. Tenants include Carpetright, Currys/PC World, DFS, Costa Coffee, Wren Living, Furniture Village, Harveys, Home Bargains, The Range, KFC, Pets at Home, ScS and TKMaxx. Rents range between £11.25 per sq ft to £18.70 per sq ft.
Darlington North Retail Park comprises a 41,993 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, Barnardo’s, Card Factory, and KFC. Rents range between £13.74 per sq ft to £23.61 per sq ft.
DEVELOPMENT / ASSET MANAGEMENT OPPORTUNITIES
The property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents):
• Develop additional units. Planning permission was granted (Ref:15/00977/ FUL) to build a retail terrace totalling 2,300 sq ft across two units, however this has now lapsed.
• Regear Matalan leases.
• Planning permission was previously granted and has since lapsed for a new retail terrace totalling 3,600 sq ft. The permission consisted of five units ranging between 500 – 1,000 sq ft for uses within class A1, A2 and A5, subject to agreement on re-allocation of car parking with existing tenants.
VICTORIA ROAD
PARK
LAN
E
PARK
PLA
CE
B6280
BO
ROU
GH
RD
BRUNSWICK ST
TUBWELL ROW
EAST ST
FEEL
HAM
S
E RO
W
CONSCLIFFE RD
HOUNDGATE
GRA
NG
E R
D
RUSSELL ST
FR
EEM
ANS
PL
ACE
LARCH
FIELD S
T
FOUR
RIG
GS
SKI
NN
ERG
ATE
DUKE ST
STAN
HO
PE R
OAD
NO
RTH
STAN
HO
PE RO
AD S
OU
T
H
HARG
REAV
E TE
RR
ACE
WH
ESS
OE RO
AD
CLEVELAND STREET
ALBERT ROAD
BONOMI WAY
WHESSOE ROAD
HOPETOWN LANE
OTLEY TERRACE
BRINKBURN ROADANNS TERRACE
ALLIA
NCE S
T
MEY
NELL
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
B627
9
GR
EENB
ANK R
OAD
EASO
N R
OAD
WIDDOWFIELD ST
E MOUNT ROAD
CHESNUT ST
GLADSTONE STREET
CORPORATION ROAD
HENRY ST
EDM
UND
ST
YARM ROAD B6280
YARM ROAD
MCM
ULLEN
ROAD
B6279 B6279
YARN ROAD
HU
ND
ENS LAN
E
NEASH
AM RO
AD
EASTBOURNE ROAD
ABBEY ROAD
PA RKSIDE
PARKSIDE
A67
Conis
cliffe
Roa
d
CLIF
TON
RO
AD
SMITHFIELD ROAD
A68A68
A167
A16
7
A167
A167
A66
A66
A66
A66
A68
A167
A1
67
Nor
th R
oad
DARLINGTON
Sainsbury’s Superstore
TOWN CENTRE
River Skerne
NORTH ROAD
HAUGHTONLE SKERNE
EASTBOURNE
DARLINGTON
DARLINGTONRETAIL PARKNEASHAM ROAD
RETAIL PARK
DARLINGTON NORTHRETAIL PARK
For illustrative purposes only.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor 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 vendor/lessor 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 vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor 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 www.commandHQ.co.uk 04.21
SERVICE CHARGE
The service charge budget for the year ending 31st March 2022 is £45,620 per annum.
EPCAvailable upon request.
VATThe property has been elected for VAT, it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC).
ANTI-MONEY-LAUNDERINGA successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.
DATAROOMFurther information is provided in the dataroom. For access please register on the following website:
http://datarooms.allsop.co.uk/register/NeashamRoadDarlington
PROPOSALOffers sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects £89 psf and an attractive net initial yield of 11.18% assuming standard purchaser’s costs.
Dale Johnstone07788 [email protected]
For further information or to make arrangements for viewing please contact:
Lottie Hayward07817 [email protected] allsop.co.uk
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