INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 1
5 Rise Shopping CentreBINGLEY BD16 1AW
PRIME FOOD ANCHORED RETAIL INVESTMENT FOR SALE
INVESTMENT SUMMARY
�� Bingley�is�an�affluent�and�attractive�West�Yorkshire�market�town,�with�a�resident�population�of�approximately�20,000.��
�� 5�Rise�is�a�refurbished,�modern,�open�shopping�centre,�comprising�approximately�59,500�sq�ft�and�providing�the�only�pedestrianised�retail�within�the�town.
�� 5�Rise�benefits�from�a�convenience-led�offer�with�main�tenants�including�Co-Op,�Home�Bargains,�Poundland�and�Greggs.
�� Low�rental�tone�of�£25-35�Zone�A.
�� Strong�WAULT�of�8.62�years�to�expiry�(7.96�to�break).
�� 87.6%�of�the�current�income�is�secured�against�national�multiple�covenants.
�� Strong�occupational�feedback�received�from�key�occupiers.
�� Average�weekly�footfall�of�circa�34,600.
�� Freehold.
�� We�are�instructed�to�seek�offers�in�excess�of�£8.42m (Eight Million, Four Hundred and Twenty Thousand Pounds),�subject�to�contract�and�exclusive�of�VAT.��A�purchase�at�this�level�would�reflect�a�net�initial yield of 7.5%,�an�equivalent�yield�of�8.1%�and�a�reversionary�yield�of�8.2%.�
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 2
M62
M621M621
A6110
A6036
A6068
A6033
A6120
A658
A658
A660
A650
A629
A629
A629
A646
A646
A644A638
A650
A58
A56
A65
A61
A64
A58
A58
M62
M62
M1
M1
BradfordLeeds
Bingley
Keighley
BrighouseDewsbury
Wakefield
Headingley
Morley
Halifax
Shipley
Colne
Hebden Bridge
EastburnOtley
BradfordLeeds
Bingley
Keighley
BrighouseDewsbury
Wakefield
Headingley
Morley
Halifax
Shipley
Colne
Hebden Bridge
EastburnOtley
5 Rise Shopping CentreLOCATIONBingley�is�an�attractive�market�town�in�West�Yorkshire,�located�approximately�16.8�miles�west�of�Leeds,�4.2�miles�east�of�Keighley�and�3.2�miles�west�of�Shipley.
The�town�is�served�principally�by�the�A650�and�A657�providing�the�route�west�to�Leeds�and�access�to�the�M62,��M1�and�A1M�motorways.
Bingley�Railway�Station�provides�half�hourly�services�from�Bingley�to�both�Leeds�and�Bradford,�Forster�Square.��Additionally�there�are�4�trains�an�hour�towards�Skipton.���The�trains�to�Leeds�have�a�journey�time�of�approximately��20�minutes.
Bingley�is�located�10�miles�drive�from�Leeds�Bradford�Airport�and�54�miles�drive�from�Manchester�airport.
SITUATION5�Rise�is�centrally�situated�within�Bingley�fronting�the�Main�Street�with�rear�access�from�Chapel�Lane�and�Midland�Hill�providing�direct�access�to�Bingley�Railway�Station�(approximately�5�minutes�walking�distance).��In�addition�to�the�bus�stops�located�immediately�to�the�front�of�the�shopping�centre,�5�Rise�offers�shoppers�excellent�access�to�public�transport�links.
5�Rise�provides�the�dominant�retail�offer�in�the�town,�with�other�notable�occupiers�in�close�proximity�including�JD�Wetherspoon�and�Sainsbury’s�Local.
The�former�Bradford�&�Bingley�HQ�opposite�the�Centre�has�now�been�demolished.�
A�new�Aldi�store�will�shortly�open�to�the�rear�of�the�Centre�at�the�top�of�Midland�Hill.
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 3
DEMOGRAPHICSBingley�offers�a�resident�population�of�just�under�20,000�and�a�population�within�6.2�miles�of�the�subject�property�of�406,750.
Bingley�has�a�similar�market�size�and�consumer�profile�of�other�affluent�Yorkshire�towns�including�Selby,�Guisborough�and�Ripon.
Bingley’s�ACORN�profile�is�dominated�by�secure�families�(18.8%)�and�blue�collar�roots�(13.7%).��
The�town�has�more�wealthy�executives�and�flourishing�families�than�the�Yorkshire�and�Humber�average.
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 4
DESCRIPTION5�Rise�is�arranged�as�an�open-plan�shopping�centre,�originally�constructed�in�1970�and�comprehensively�refurbished�and�officially�re-opened�in�December�2009,�offering�59,500�square�feet�of�single�level�retail�accommodation�arranged�across�18�individual�shop�units.��The�centre�is�anchored�by�a�Coop�food�store,�with�other�notable�tenants�including�Home�Bargains,�Poundland,�Card�Factory,�Greggs,�Santander�and�Boots.��The�Bingley�Library�is�located�upon�Chapel�Lane�directly�underneath�Home�Bargains,�and�offers�approximately�6,000�square�feet�community�facility�
which�is�let�on�a�125�year�lease�at�a�peppercorn�to�Bradford�Metropolitan�District�Council.
5�Rise�is�adjacent�to�the�rail�station,�several�bus�stops,�as�well�as�the�main�town�car�parks.
The�retail�units�including�the�food�store�are�arranged�along�two�terraces�with�a�central�open�mall.��Servicing�is�accessed�via�Burrage�Street�and�Ferncliffe�Road.
The�retail�units�are�all�arranged�with�ground�floor�sales�and�approximately�50%�of�the�units�have�additional�first�floor�ancillary�accommodation.
The�retail�units�are�of�two-storey,�part�concrete�frame�and�part�steel�frame�construction.��The�elevations�are�a�mix�of�rendered�blockwork�and�glazing�with�powder-coated�aluminium�frames.��The�roofs�are�a�mix�of�bitumen�and�felted�flat�roofs�together�with�steeled�decking.
All�units�provide�good�quality,�modern,�unrestricted�retail�space.
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 5
TENANCY SCHEDULE5�Rise�is�multi-let�in�accordance�with�the�tenancy�schedule�and�produces�a�current�gross�rental�receipt�of�£680,500�pa.��The�current�net�rental�after�shortfalls�on�vacancy�is�£668,132�pa.
Unit Address Tenant Ground Flr (Sq ft)
ITZA 1st Flr/Basement
(Sq ft)
Term Lease Start Date
Lease Expiry Date
Break Rent Review
Zone A Passing Rent ERV (ZA/sq
ft)
ERV pa Rates Payable
Annual S/C
Annual Insurance
(April)
Landlord Shortfall
pa
Comments
1�A&B 153-155�Main�Street� Santander� 2,360 1,354 10.7 14/02/14 04-Nov-24 05-Nov-19 05/11/19 £37.0 £50,000 £35.0 £47,390 £17,906 £4,803 £708 £0 No�return�frontage.�5%�ITZA�adjustment.�Break�05/11/2019
1C 157�Main�Street� Yorkshire�Building�Society 1,100 888 10 22/04/12 21-Apr-22 22/04/17 £33.8 £30,000 £35.0 £31,080 £10,040 £2,238 £360 £0 Less�5%�no�anc.
2�to�4 Poundland�Ltd�T/A�Poundland
3,935 2,087 1,531 5 14/09/15 13-Sep-20 14-Sep-18 £23.0 £50,000 £35.0 £73,045 tbc £11,123 £1,787.83 £0 Less�15%�F-D/Anc�@�£1.50.����Break�end�of�the�3rd�year�subject�to�6�months�notice.�5%�ITZA�adjustment���������������
5 Sportswift�Ltd�T/A�Card�Factory�
1,550 1,055 832 5 20/07/15 19-Jul-20 £22.5 £25,000 £35.0 £36,925 £11,902 £4,847 £736 £0
6 T�J�Morris�Ltd�T/A�Home�Bargains�
7,240 15 29/10/09 28-Oct-24 31/10/14 £9.46 £68,500 £9.46 £68,500 £30,843 £13,394 £2,174 £0 Overall�rate�.Rent�to�£75,000�if�alcohol�sold
7 YMCA 1,400 655 1,150 5 14/09/15 13-Sep-20 £26,000 £35.0 £22,925 £5,189 £1,352 £0 Under�offer�to�YMCA.�£26k�pa�by�way�of�new�lease�full�details�tbc.�To�be�assesed�for�RV
7A Vacant 1,100 655 1,300 £0 £35.0 £22,925 £4,884 £601 £5,485 To�be�assesed�for�RV
8A Greggs�PLC�T/A�Greggs 895 524 10 09/10/09 08-Oct-19 09/10/14 £52.0 £27,500 £35.0 £18,340 £5,796 £1,656 £268 £0 Less�5%�no�anc.
8B Vacant 350 300 £0 £35.0 £10,500 £6,003 £611 £270 £6,884
9 151�Main�Street� Adele�Hepworth�T/A�Myrtle�Perks
810 624 871 0.75 19/01/15 18-Oct-15 £30.0 £20,000 £35.0 £21,840 £7,245 £1,560 £505 £0
9A Timpson�Ltd�T/A�Timpsons
220 220 15 16/01/08 15-Jan-23 16/02/13 £52.0 £11,500 £35.0 £7,700 £2,525 £466 £76 £0
10 Co-operative�Group�Ltd�T/A�Co-op
11,915 5,145 20 23/09/09 22-Sep-29 23/09/14 £12.9 £220,000 £13.0 £221,780 £72,450 £31,211 £5,121 £0 Overall�rate.
11A 10�Chapel�Lane Proctor�Night�Clubs�Ltd�T/A�Bijou
1,347 702 6 17/06/15 16-Jun-21 17-Jun-18 £23.0 £16,000 £25.0 £17,550 £5,692 £2,741 £375 £0 Less�5%�no�anc.�6�months�rent�free.�Tenants�break�end�of�3rd�year
11B 12�Chapel�Lane Done�Brothers�(Cash�Betting)�Ltd�T/A�Bet�
Fred
1,128 574 10 09/10/09 08-Oct-19 09/10/14 £50.0 £28,500 £25.0 £14,350 £4,554 £2,035 £373 £0 Less�5%�no�anc.
12 1�Burrage�Street� �Andrew�Boggett�T/A�Off�the�Tap�
875 598 3 07/03/15 06-Mar-18 £25.0 £15,000 £25.1 £15,004 £4,968 £1,781 £263 £0 Less�5%�no�anc.�Expired�08/03/15�assumed�holding�over
14�Chapel�Lane Harvester(Bingley)Ltd�T/A�Harvester
2,625 3,000 10 23/12/14 22-Dec-24 23/12/19 £25,000 £25,000 £6,624 £6,706 £1,089 £0 Overall�rate.�
18�Chapel�Lane Bradford�MDC�T/A�Bingley�Library�
6,000 125 03/12/09 02-Dec-34 £0 £0 £20,493 £12,210 £1,801 £0 Sold�off.
143�Main�Street� National�Westminster�Bank�PLC�T/A�Nat�West�
1,172 878 759 5 24/09/14 23-Sep-19 24-Sep-17 £28.0 £26,000 £35.0 £30,730 £10,764 £3,483 £604 £0 Break�end�of�3rd�year�subject�to�6�months�notice
145�Main�Street Photographic�Retail�(2008)�Ltd�T/A�Max�
Spielman�
413 270 10 20/08/12 19-Aug-22 £31.0 £8,500 £35.0 £9,450 £3,271 £1,000 £125 £0 Less�5%�no�anc.
147/9�Main�Street� Boots(UK)�Ltd�T/A�Boots
1,514 1,009 1,066 5 01/09/15 31-Aug-20 £32.0 £33,000 £32.0 £33,000 £13,041 £2,725 £570 £0 New�lease�agreed�5�yrs�from�1st�Sep�2015�£33,000pax
Total Annual Rent £680,500 £728,034 £234,117 £114,664 £19,159 £12,368
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 6
opening October
TIMPSON
N
For illustration purposes only.
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 7
COVENANTSTenant Company
No.Year Turnover Net Profits Net
WorthUnited�Co-operatives�Retail�Ltd 525R 2014 £9,433,000,000 £216,000,000 -TJ�Morris�Ltd�(Home�Bargains) 1505036 2014 £1,277,324,000 £124,760,000 £439,875,000Santander�UK�plc 2294747 2014 n/a £1,399,000,000 £12,006,000,000Sportswift�Ltd�(Card�Factory) 3495972 2014 £336,676,000 £62,320,000 £58,862,000Poundland�Ltd 2495645 2014 £997,803,000 £41,017,000 £96,235,000Done�Brothers�(Cash�Betting)�Ltd��(Bet�Fred) 1277703 2014 £417,111,000 £13,967,000 £108,429,000National�Westminster�Bank�plc�(NatWest) 929027 2014 n/a £2,643,000,000 £16,009,000,000Boots�(UK)�Ltd 928555 2013 £6,340,000,000 £507,000,000 £456,000,000Greggs�plc 502851 2014 £803,691,000 £49,743,000 £241,982,000
ERVWe�consider�the�rental�tone�for�the�property�to�be�in�the�order�£25-35�Zone�A,�producing�a�total�ERV�of�£728,034�per�annum,�and�providing�an�excellent�platform�for�medium-term�rental�growth.
INCOME ANALYSISApproximately�87.6%�of�the�current�rental�income�is�secured�against�national�multiple�retailers.
Net�income�profile�to�lease�expiry Net�Income�by�covenant
47%
21%32%
0-5 years5 - 10 years10+ years
87%
13% NationalLocal
47%
21%32%
0-5 years5 - 10 years10+ years
87%
13% NationalLocal
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 8
TENUREFreehold.�
ASSET MANAGEMENT�� Utilise�the�original�planning�permission�granted�
when�the�shopping�centre�was�refurbished�and�extended�to�convert�existing�office�accommodation�above�Santander,�totalling�approximately�7,500�square�feet�into�residential�apartments.
�� Re-let�remaining�two�vacant�retail�units�completing�the�letting�programme�and�improving�the�income�return.
�� Consider�the�possibility�of�extending�the�unit�located�at�151�Main�Street,�and�currently�let�on�flexible�terms,�in�order�to�secure�a�major�branded�coffee�operator.
MANAGEMENT SERVICE CHARGEThe�operating�costs�of�the�shopping�centre�are�covered�by�a�comprehensive�service�charge.
The�service�charge�year�is�from�1�October�to�30�September.
Last�years’�service�charge�total�was�£94,024.03�pa�and�the�budget�for�this�year�is�£99,609.38�pa.
Based�upon�the�current�budget,�service�charge�payable�by�the�tenants�amounts�to�£1.85�per�sq�ft.
There�are�no�shortfalls�as�a�result�of�service�charge�caps.
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 9
PLANNING Planning�consent�for�the�development�was�granted�by�the�City�of�Bradford�Metropolitan�District�Council�in�July�2008,�under�application�number�07/08080/FUL�for�the�following:-
Alterations�and�extensions�to�the�existing�shopping�centre�in�two�phases�to�provide�refurbished�and�extended�shopping�facilities,�a�relocated�library�and�conversion�of�the�existing�offices�to�10�x�1�bedroom�residential�apartments�in�Phase�1,�and�upper�storey�extensions�to�provide�residential�accommodation�comprising�an�additional�62�x�1�bed�and�14�x�2�bed�apartments�in�Phase�2.
���
WARRANTIES Full�collateral�warranties�are�in�place�for�12�years�from�October�2009�from�the�Architect,�Structural�Engineer,�Services�Engineer�and�Contractor.
EPC EPC�certificates�for�all�units�are�available�on�request.
VAT The�property�is�elected�for�VAT�and�it�is�proposed�that�the�sale�be�structured�as�a�TOGC.
PROPOSAL Offers�are�sought�in�excess�of�£8.42m (Eight Million, Four Hundred and Twenty Thousand Pounds)�for�our�client’s�freehold�interest,�subject�to�contract�and�exclusive�of�VAT.��An�acquisition�at�this�level�would�reflect�the�following�yield�profile,�assuming�purchaser’s�costs�of�5.8%:-�
Net�Initial�Yield� 7.5%Net�Equivalent�Yield� 8.1%Net�Reversionary�Yield� 8.2%
INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 10
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. JC0075. September 2015.
FURTHER INFORMATION
For�further�information�please�contact:-
Jonathan�Milburn�/�Adam�Robinson�Jackson Criss020�7637�[email protected]�/�[email protected]
Paul�Lancaster�4 Urban Consulting Ltd01423�[email protected]�
DES
IGN
ED�B
Y�TC
C� INVESTMENT SUMMARY LOCATION SITUATION DEMOGRAPHICS DESCRIPTION TENANCY SCHEDULE GOAD OCCUPIER COVENANT ERV INCOME ANALYSIS TENURE COVENANTS ASSET MANAGEMENT MANAGEMENT SERVICE CHARGE PLANNING WARRANTIES EPC VAT PROPOSAL FURTHER INFORMATION
5 RISE SHOPPING CENTRE, BINGLEY BD16 1AW PRIME RETAIL INVESTMENT FOR SALE 11
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