Upload
squeeze-design
View
217
Download
0
Tags:
Embed Size (px)
DESCRIPTION
Prime London retaiL Park Edmonton 12 Tenancies 06 Location 14 Asset Management Opportunities 15 Proposal 14 Outstanding Rent Review 13 Covenant Information 10 Description 11 Tenant Trading 12 Service Charge 14 Environmental Considerations 08 Situation 06 Socio Economic Profile 03 Edmonton RavEnsidE REtail PaRk
Citation preview
Prime London retaiL Park
Ravenside Retail ParkEdmonton
Contents
05 Executive Summary
06 Location
06 Socio Economic Profile
08 Situation
10 Description
11 Tenure
11 Tenant Trading
12 Tenancies
12 Service Charge
13 Planning
13 Covenant Information
14 Asset Management Opportunities
14 Outstanding Rent Review
14 Environmental Considerations
15 Proposal
Ravenside Retail Park
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
03
Based on the excellent performance of the two anchor tenants we would anticipate very successful trading when these stores open. The adjacency of a regional anchor in ikEa and a large tesco Extra clearly underpins the location and trading.
edmonton is a strategically positioned commercial ■■
centre on the A406, London’s north Circular dual
carriageway, towards the southern boundary of
the London Borough of enfield benefiting from
exposure to a significant and extensive catchment.
the Ravenside Retail Park forms part of a significant ■■
retail offer including a tesco extra, IKeA superstore,
Costco and further retail clusters, providing in the
order of 82,125 sq m (884,000 sq ft) of floorspace.
Furthermore there is also a J sainsbury foodstore of
around 8,918 sq m (96,000 sq ft) approximately 4 km
(2.5 miles) to the east of the subject property.
the park benefits from a wide Bulky Goods planning consent ■■
with further relaxations, offering modern, well configured
retail space extending to approximately 11,943 sq m
(128,551 sq ft) together with 381 car parking spaces.
the scheme is currently let to two tenants with a further ■■
five retailers having signed Agreements for Lease and
taken occupation to commence fitting out of their
respective units. the average unexpired term for those
tenants in the main terrace stands in the order of 14 years.
the Maplin electronics lease incorporates a fixed uplift in 2011 ■■
whilst the Wickes and Argos leases incorporate fixed uplifts in 2012.
Whilst Wickes and Mothercare are the only tenants ■■
currently trading from the scheme we understand
that these are amongst the top stores in their
respective portfolios from a trading perspective.
the approaching lease expiry on the Mothercare unit (June ■■
2013) offers an excellent opportunity to regear given the
store’s trading figures and the fact that this is Mothercare’s only
unit in the immediate area. subject to planning a downsize
and subdivision of the unit could also be implemented.
offers are sought in the region of £35,700,000, subject to
contract and exclusive of VAt, for the Freehold interest in this
property. Based on an annual income of £3,303,126, assuming
settlement of the outstanding Mothercare review and the vendor
topping up the Maplin electronics income to the level of the
fixed uplift in 2011, this will show the following yield profile:
exeCutIVe suMMARy
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
05
Whilst Wickes and Mothercare are the only tenants currently trading from the scheme we understand that these are amongst the top stores in their respective portfolios from a trading perspective.
initial Yield 8.75%
Reversionary Yield Feb 2012 (Wickes guaranteed uplift) 9.40%
Reversionary Yield mar 2012 (Argos guaranteed uplift) 9.45%
GRId ReFeRenCeTQ356920
PostCodeN18 3HA
edmonton is situated in the London Borough of enfield,
approximately 14.5 km (9 miles) north of the Capital’s
centre. surrounding centres include Wood Green
around 7 km (4 miles) to the south west, Walthamstow
around 6.9 km (4.2 miles) to the south east and enfield
itself around 5.8 km (3.6 miles) to the north.
the area benefits from excellent communication links
with the A406 north Circular providing access both east
and west across northern London. to the east the north
Circular links with Woodford, Walthamstow, the M11 (and
M25) and A12. to the west is the A10 (M25 and the north),
Haringey, Friern Barnet, Brent Cross and the M1 Motorway.
the closest train station is Angel Road, situated just
to the north of the north Circular and this provides
a direct link with London’s Liverpool street offering
a fastest journey time of around 27 minutes.
edmonton boasts a resident population of around 96,492
people (2001 Census). According to CACI approximately
159,409 people within a 10 minute drive time of the subject
property and this figure increases to around 435,216 people
within a 15 minute drivetime. the presence of the IKeA
ensures that the immediate locality draws upon a much
wider catchment, covering much of north east London.
soCIo-eConoMIC PRoFILeLoCAtIon
5 minutes
Drive time contours
10 minutes
15 minutes
A12
A12
A1400
A41 A1
A10
A40
A4
A13
A3
A23
A24
A21
A20
A102 A117
A406
A406
A100
A202
A205
A232
A210
A13
A2
A2
A282
A302A406
A2211A3216
A3205
A4201
A1211
A2203
M25
M25
M20
M11
M25M25
M1
M1
M25
M25
M40
M25
M4M4
M25
M25
A41
A41
A41
A1
A10
A10
A10A1
A4A4
A40
A40
A316A307
A414
A414
A414
A406
A410
A503
A414
A406 North Circular
Stratford
Plaistow
Hackney
Stepney
CamdenTown
Finchley
Hampstead
Holborn
LondonKensington
Chelsea
Wandsworth
Streatham
Beckenham
Hayes
Farnborough
Orpington
Swanley
Purley
Croydon
Forest Hill
PeckhamLambeth
Dagenham
Beckton
Ilford
Finsbury
UpperEdmonton
WalthamstowMuswell Hill
Crouch End
Southgate
Cockfosters En�eldLoughton
Woodford
Chigwell
Forty Hill
WalthamAbbey
WalthamCross
Cheshunt
Wildhill
Cu�ey
Nazeing
Sewardstone
StaplefordAbbotts
Essendon
Radlett
Aldeham
Borehamwood
EdgwareStanmore
SouthOxney
Watford
Rickmansworth
Chorleywood
Hare�eld
Denham
Uxbridge
Cowley
SouthallHanwell
Perivale
Brent CrossHarrow
Ruislip
AbbotsLangley
HemelHempstead
LondonColney
Ridge
St Albans
WestThurrock
Dartford
Crayford
Bexleyheath
Woolwich
Rainham
New Eltham
North Cray
Blackheath
Chislehurst
EdmontonEdmonton
Stratford
Plaistow
Hackney
Stepney
CamdenTown
Finchley
Hampstead
Holborn
LondonKensington
Chelsea
Wandsworth
Streatham
Beckenham
Hayes
Farnborough
Orpington
Swanley
Purley
Croydon
Forest Hill
PeckhamLambeth
Dagenham
Beckton
Ilford
Finsbury
UpperEdmonton
WalthamstowMuswell Hill
Crouch End
Southgate
Cockfosters En�eldLoughton
Woodford
Chigwell
Forty Hill
WalthamAbbey
WalthamCross
Cheshunt
Wildhill
Cu�ey
Nazeing
Sewardstone
StaplefordAbbotts
Essendon
Radlett
Aldeham
Borehamwood
EdgwareStanmore
SouthOxney
Watford
Rickmansworth
Chorleywood
Hare�eld
Denham
Uxbridge
Cowley
SouthallHanwell
Perivale
Brent CrossHarrow
Ruislip
AbbotsLangley
HemelHempstead
LondonColney
Ridge
St Albans
WestThurrock
Dartford
Crayford
Bexleyheath
Woolwich
Rainham
New Eltham
North Cray
Blackheath
Chislehurst
Wood Green
drive time contours
5 minutes
10 minutes
15 minutes
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
07
A406 North CircularA406 North Circular
A406 North Circular
A406 North Circular
A12
A12
A1400
A41 A1
A10
A40
A4
A13
A3
A23
A24
A21
A20
A102 A117
A406
A100
A202
A205
A232
A210
A13
A2
A2
A282
A302
A2211A3216
A4201
A1211
A2203
M25
M25
M20
M11
M25M25
M1
M1
M25
M25
M40
M25
M4M4
M25
M25
A41
A41
A41
A1
A10
A10
A10A1
A4A4
A40
A316A307
A414
A414
A414
A410
A503
A414
Leyton
Stratford
Plaistow
Hackney
Stepney
CamdenTown
Finchley
Hampstead
Holborn
LondonKensington
Chelsea
Wandsworth
Streatham
Beckenham
Hayes
Farnborough
Orpington
Swanley
Purley
Croydon
Forest Hill
PeckhamLambeth
Dagenham
Beckton
Ilford
Finsbury
UpperEdmonton
WalthamstowMuswell Hill
Crouch End
Southgate
Cockfosters En�eldLoughton
Woodford
Chigwell
Forty Hill
WalthamCross
Cheshunt
Potters Bar
Wildhill
Cu�ey
Nazeing
Sewardstone
ChigwellRow
Essendon
Radlett
Aldeham
BorehamwoodBarnet
EdgwareStanmore
SouthOxney
WatfordChorleywood
Hare�eld
Denham
Cowley
SouthallHanwell
Perivale
Brent CrossHarrow
Ruislip
AbbotsLangley
HemelHempstead
LondonColney
Ridge
St Albans
WestThurrock
Dartford
Crayford
Bexleyheath
Woolwich
Rainham
New Eltham
North Cray
Blackheath
Chislehurst
Edmonton
WalthamAbbey
Edmonton
Leyton
Stratford
Plaistow
Hackney
Stepney
CamdenTown
Finchley
Hampstead
Holborn
LondonKensington
Chelsea
Wandsworth
Streatham
Beckenham
Hayes
Farnborough
Orpington
Swanley
Purley
Croydon
Forest Hill
PeckhamLambeth
Dagenham
Beckton
Ilford
Finsbury
UpperEdmonton
WalthamstowMuswell Hill
Crouch End
Southgate
Cockfosters En�eldLoughton
Woodford
Chigwell
Forty Hill
WalthamAbbey
WalthamCross
Cheshunt
Potters Bar
Wildhill
Cu�ey
Nazeing
Sewardstone
ChigwellRow
Essendon
Radlett
Aldeham
BorehamwoodBarnet
EdgwareStanmore
SouthOxney
WatfordChorleywood
Hare�eld
Denham
Cowley
SouthallHanwell
Perivale
Brent CrossHarrow
Ruislip
AbbotsLangley
HemelHempstead
LondonColney
Ridge
St Albans
WestThurrock
Dartford
Crayford
Bexleyheath
Woolwich
Rainham
New Eltham
North Cray
Blackheath
Chislehurst
The presence of the ikEa ensures that the immediate locality draws upon a much wider catchment, covering much of north east London.
sItuAtIon
the Ravenside Retail Park is situated on the southern side
of the A406 north Circular, just to the west of the Cooks
Ferry roundabout. the site which offers excellent frontage
and visibility to and from the dual carriageway is bordered
to the east by the River Lea, to the south by the orbital
Business Park and by IKeA (300,000 sq ft) and tesco (100,000
sq ft) superstores to west. We estimate that the combined
retail offer in the immediate vicinity provides a critical mass
of space in the order of 91,044 sq m (980,000 sq ft). the
majority of customers visiting IKeA and tesco have to pass
by the subject property, ensuring significant traffic flow.
the aerial photo adjacent shows the positioning
of the subject property in the context of the A406
north Circular and the surrounding retail provision.
We have provided further information in regard to
these schemes and stores on the next page.
We consider that the subject property offers significantly
superior specification and quality retail warehouse
floorspace than the surrounding provision and this has
been demonstrated by a number of tenants relocating
from this ‘older’ space (Allied Carpets and Paul simon).
Subject Property
2
31
4
5
6
7
8
this plan is published for the convenience of identification only. Any site boundaries are indicative only and should be checked against title deeds.
Subject Property
Ravenside Retail Park.
tesco extra
c. 9,290 sq m (100,000 sq ft).
ikea Superstore
27,870 sq m (300,000 sq ft).
eley retail Park
c. 8,351 sq m (89,900 sq ft). developed
around 1984 current tenants include
Magnet, Bensons Beds and Joysleep.
Cork tree retail Park
c. 8,639 sq m (93,000 sq ft).
developed around 1989, current
tenants include Currys, Pets at
Home, Harveys and Halfords.
Cabinet Way development
c. 8,527 sq m (91,790 sq ft).
developed around 1983, current
tenants include Carpets 4 Less,
Kwik Fit, topps tiles and B&Q.
Costco Superstore
c. 9,290 sq m (100,000 sq ft).
J Sainsbury
8,918 sq m (96,000 sq ft). Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
09
7
8
5
6
1
2
3
4
the subject property is effectively split into two physical
elements by the access roundabout from Argon Road
and Ravenside Close acting as a ‘spine road’ running into
the scheme. the western ‘half’ of the site comprises an
east facing stand alone retail warehouse unit occupied by
Mothercare extending to around 2,797 sq m (30,107 sq ft)
with a main forecourt car parking provision (101 spaces) and
further smaller parking provision (32 spaces) to the south
east corner, effectively adjacent to the servicing area.
to the east of Ravenside Close is a north facing stand alone dIy
store occupied by Wickes extending to approximately 5,625
sq m (60,550 sq ft) and a further north west facing terrace of
5 units which has recently been completed and extends to
approximately 3,520 sq m (37,894 sq ft). these units benefit
from a forecourt parking provision of around 248 spaces.
the combined car parking areas offer an overall
provision for the scheme of circa 381 spaces
and a ratio of 1: 31.3 sq m (337 sq ft).
Practical Completion of the new terrace was achieved
in March and the tenants have taken occupation and
are currently fitting out their respective units. the units
are of steel portal frame construction incorporating a
modern and attractive combination of brickwork and
cladding around glazed entrance features. Internally
the units offer a minimum eaves heights of 5.5 m (18
ft), and comfortably accommodate mezzanine floors as
demonstrated by those set out in the tenancy section,
together with required ancillary and staff facilities.
segregated servicing facilities for all the units are
available via Ravenside Close whilst primary customer
access to the scheme from the A406 north Circular is
available from the Cooks Ferry roundabout via Harbet
Road and Argon Road. this is also the main customer
access route to the adjacent tesco and IKeA stores.
desCRIPtIon
A406 North Circular
A406 North Circular
ARGON ROAD
A10
A1010
A1055
A1009
A1037
A112
A1055
A1010
A10
A406 North Circular
A406 North Circular
ARGON ROAD
A10
A1010
A1055
A1009
A1037
A112
A1055
A1010
A10
the arrows depict the access route from the A406 north Circular in both directions.
Ravenside Retail Park
the property is held Freehold.
ARGON ROAD
RA
VEN
SID
E C
LOSE
RIVER
LEE
CANAL
NORTH CIRCULAR ROAD
West Bound
East Bound
SERVICEYARD
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
11
tenuRe
this
pla
n is
pub
lishe
d fo
r the
con
veni
ence
of i
dent
ifica
tion
only
. Any
site
bou
ndar
ies
are
indi
cativ
e on
ly a
nd s
houl
d be
che
cked
aga
inst
titl
e d
eeds
.
the Mothercare store is their only representation in the
immediate area, Wood Green and enfield being the nearest
other stores (4.8 km and 5.3 km respectively) and we understand
that this is one of the top trading stores in their uK Portfolio.
the Wickes store is also one of the top performing
stores in the uK portfolio, clearly benefiting from the
excellent strategic position on the A406 north Circular
and a lack of decent competition in the area.
Clearly it is not possible to obtain trading feedback for
those tenants fitting out however based on the excellent
performance of the two anchor tenants we would
anticipate very successful trading when these stores open.
the adjacency of a regional anchor in IKeA and a large
tesco extra clearly underpins the location and trading.
tenAnt tRAdInG
tenAnCIes
Property tenant trading as term lease lease next Gia mezz Current Current Comments address start Expiry Review (sq ft) (sq ft) Rent Rent (Unit) (£ pa) (£ psf)
1a next Group Plc next Home 10 yrs 25/03/09 11/08/19 12/08/14 9,000 8,400 £256,500 £28.50 Reviewed to lower of open market value or gearing to
Consumer Price index.
1B argos ltd argos 15 yrs 09/03/09 08/03/24 09/03/14 10,000 10,000 £280,000 £28.00 stepped rent (march 2012) to £30.00 psf. om reviews are capped at 2.5%
pa compound growth on passing rent. mezzanine space is storage only.
1C allied Carpets Properties ltd allied Carpets 15 yrs 25/12/08 24/12/23 25/12/13 7,500 6,000 £225,000 £30.00
1d Paul simon (london) ltd Paul simon 15 yrs 25/12/08 24/12/23 25/12/13 5,500 2,000 £166,950 £30.35
1E maplin Electronics ltd maplin 15 yrs 16/03/09 15/03/24 16/03/14 5,500 – £151,250 £27.50 stepped rent (march 2011) to £30.00 psf (£165,000 pa).
2 Wickes Building supplies ltd Wickes 20 yrs 07/02/07 06/02/27 07/12/12 60,550 3,157 £1,541,751 £24.80 the first floor space is valued at 50% of the omv psf of the ground
floor. Fixed uplift on 07/02/12 to £1,787,311 pa.
3 Childrens World ltd mothercare 25 yrs 24/06/88 23/06/13 24/06/08 30,107 10,000 £647,300 £21.50 the 2008 Rent Review is now outstanding. the rent stated is
the anticipated settlement level. the current rent payable is
£565,000 pa (£18.77 psf).
advert. Excited limited n/a 3 yrs 01/06/08 31/05/11 – – – £26,250 – 50% of this income is offset against service Charge
Burger van andrea lafave n/a 3 yrs 01/04/09 31/03/12 – – – £15,000 – licence relating to 2 car park spaces. 50% of this income is offset
against service Charge.
128,157 39,557 £3,289,376
the property is currently let to two occupational
tenants with a further five Agreements for
Lease in place, in accordance with the tenancy
schedule set out below. We have also set out the
relevant incentives for the more recent lettings.
1. the vendor will make-up any shortfall in the initial annual income stream as a result of any rent free periods.2. 50% of the income derived from the Advertising Board and Burger Van (non permanent trading units) is to be credited towards the service charge
account under the terms of the Allied Carpets Properties lease. Consequently we have deducted this from the total Annual Income figure.
3. next, Argos and Paul simon have consent to pay their rents monthly under agreed side letters. 4. the floor areas set out for units 1A, 1B, 1C, 1d and 2 are ‘capped’ areas and are to be assumed at future reviews. slightly larger areas for some of the units
were recorded at Practical Completion and details of these are available on request – actual scheme total area – 128,551 sq ft.
Whilst there is a service charge regime in place on the scheme
given the significant changes that have taken place on the
park in recent years, arguably the most relevant information
is the Budget Forecast for the 2009-2010 financial year and
we have set summary information for this period out below
together with the previous two years:
seRVICe CHARGe
Budget 2009/2010 Budget 2008/2009 actual 2007/2008
total £63,681 (£0.49 psf ) £79,901 £50,797
this forecast for the forthcoming financial year shows a 20.1%
decrease over the budget for the year ending 31st March 2009.
More detailed information is available on request.
the scheme has seen significant change and redevelopment
in the last few years with the site previously comprising a stand
alone Wickes, Courts and Mothercare units between 1988 and
2005. the original Wickes unit was positioned where the recently
completed terrace currently stands, with Courts occupying the
unit that Wickes now occupy (having relocated there in 2006).
Full copies of the relevant planning consents are available on
request though we have summarised the main conditions below:
Units 1a-1E:
non food wide bulky goods planning consent allowing ■■
sale of dIy/hardware, furniture, furnishings, carpets,
floor coverings, household textiles, motor vehicles and/
or cycle goods, electrical goods including computers.
Minimum unit size of 510 sq m (5,489 sq ft)■■
total Gross Mezz. floor area of 2,575 sq m (27,717 sq ft), ■■
of which 1,599 sq m (17,211 sq ft) can be used for
retail and 975 sq m (10,494 sq ft) for storage
the Argos unit can be used as a Catalogue showroom, ■■
no larger than 1,858 sq m (19,999 sq ft) of non bulky
electrical items from the unit occupied by Maplin.
the consent also allows 511 sq m (5,500 sq ft) ■■
of floor space for sales of non bulky electrical
items from the unit occupied by Maplin
Unit 2:
non food retail warehouse with the following further ■■
exclusions: alcoholic drinks, tobacco, books, magazines,
newspapers, clothing & footwear, chemists goods,
We have set out below some recent account information together with dun & Bradstreet ratings for the primary tenants:
PLAnnInG CoVenAnt InFoRMAtIon
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
13
tenant date for sales tangible total d&B % of current accounts turnover net worth current assets rating income
next Group Plc 26/01/2008 £158,600,000 £227,400,000 £1,812,600,000 5a2 8.1% 27/01/2007 £150,900,000 £188,200,000 £1,553,200,000 28/06/2006 £130,800,000 £291,800,000 £1,336,900,000
argos ltd 01/03/2008 £4,099,777,000 £1,381,659,000 £1,698,625,000 5a1 8.8% 03/03/2007 £3,726,054,000 £969,435,000 £1,673,478,000 31/03/2006 £3,654,835,000 £903,168,000 £1,568,936,000
allied Carpets Properties ltd 29/12/2007 £55,114,000 £23,089,000 £16,343,000 4a3 7.0% 30/12/2006 £53,015,000 £20,746,000 £13,443,000 31/12/2005 £51,119,000 £18,581,000 £11,104,000
Paul simon (london) ltd 31/05/2008 £35,062,883 £6,264,941 £5,109,842 2a2 5.2% 31/05/2007 £33,607,714 £5,889,795 £5,602,990 31/05/2006 £20,047,043 £5,242,768 £4,502,213
maplin Electronics ltd 29/12/2007 £179,778,000 £52,275,000 £78,312,000 5a1 4.7% 30/12/2006 £149,466,000 £36,855,000 £53,477,000 31/12/2005 £128,285,000 £22,320,000 £35,094,000
Wickes Building supplies ltd 29/12/2007 £929,171,000 £119,457,000 £364,264,000 5a1 48.5% 30/12/2006 £847,466,000 £82,822,000 £345,539,000 31/12/2005 £964,414,000 £24,131,000 £353,949,000
Childrens World ltd 29/03/2008 - £63,700 £63,700 5a3 17.7% 31/03/2007 - £63,700 £63,700 01/04/2006 - £63,700 £63,700
tenant date for Revenue total net d&B % of current accounts (£’000s) assets (£’000s) rating income
mothercare plc 29/03/2008 £676,800,000 £198,000,000 5a1 n/a (Global Parent Company) 31/03/2007 £498,500,000 £151,000,000
nB: the ‘% of current income figures’ are based on a total income figure of £3,184,501 pa so do not include advertising or burger van income.
jewellery, watches, clocks, toys or sports goods,
stationary, leather goods and general fancy goods.
Minimum unit size of 1,400 sq m (15,068 sq ft).■■
Unit 3:
non food retail warehouse with the following further ■■
exclusions: alcoholic drinks, tobacco, books, magazines,
newspapers, clothing & footwear, chemists goods,
jewellery, watches, clocks, toys or sports goods,
stationary, leather goods and general fancy goods.
Further allowance for Childrens World (Mothercare) to ■■
sell books, maternity wear, children’s clothes, shoes, baby
goods, toys, educational crafts and party equipment.
All the leases/Agreements for Lease in place offer minimum
unexpired terms in excess of 15 years, with the exception
of the Mothercare which is due to expire in June 2013. the
rent review from 2008 remains outstanding and given the
performance of the store and its positioning within their
portfolio there is little doubt that Mothercare will seek to retain
representation here beyond the approaching lease expiry.
Initial discussions have taken place in regard to regearing the
existing lease together with the possibility of a downsize of
the unit to create separate accommodation in the order of
5,000 – 10,000 sq ft for use by another retailer. Indeed there is a
historic consent allowing sub-division which has now expired.
It is anticipated that given the age of the unit and
trading levels to date, Mothercare will look to refurbish
their store both internally and externally in the next
few years and this will certainly be the case should
a downsize take place in some form or other.
the Childrens World rent review is outstanding from June
2008. the current passing rent of £565,000 pa equates to
£18.77 psf and a settlement in the order of £647,300 pa
(£21.50 psf ) is anticipated. Following this we consider
the property to be rack-rented as set out in the tenancy
schedule on page 13. this would equate to a net total
Annual Income from the park of circa £3,289,376.
Asset MAnAGeMent oPPoRtunItIes outstAndInG Rent ReVIeW
enVIRonMentAL ConsIdeRAtIonsWaterman undertook a Phase 1 Property due diligence
Assessment of the Ravenside Retail Park in April 2009
and confirmed that ‘the site is considered to represent
a low to medium risk with respect to contaminative
liabilities or costs…. Furthermore the site currently used
for commercial purposes, a less sensitive end-use, and is
predominantly covered in hard standing, limiting the risk
for site users to come into contact with any contamination.
Consequently the site is considered suitable for current use.’
the environmental Health officer (eHo) for enfield Council
has confirmed that the site is not recorded as potentially
contaminated land and is consequently not registered as such.
A full copy of this report is available on request.
offers are sought in the region of £35,700,000, subject
to contract and exclusive of VAt, for the Freehold
interest in this property. Based on an annual income of
£3,303,126, assuming settlement of the outstanding
Mothercare review and the vendor topping up the
Maplin electronics income to the level of the fixed uplift
in 2011, this will show the following yield profile:
PRoPosAL
enVIRonMentAL ConsIdeRAtIons
Edm
on
ton
Rav
Ensi
dE
REta
il P
aRk
15
initial Yield 8.75%
Reversionary Yield Feb 2012 (Wickes guaranteed uplift) 9.40%
Reversionary Yield mar 2012 (Argos guaranteed uplift) 9.45%
Patrick knapmant: 020 7152 5019F: 020 7152 5382e: [email protected]
Justin Houlihant: 020 7152 5670F: 020 7152 5382e: [email protected]
ContactsFor further information please contact:
misrepresentation act 1967 and Property misdescriptions act
Cushman & Wakefield LLP for themselves and for vendors or lessors of this property whose agents they are, give notice that :
1 the particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract.
2 no person in the employment of the agent(s) has any authority to make or give any representation or warranty whatever in relation to this property.
3 this property is offered subject to contract and, Floor areas, measurements or distances given are approximate and unless otherwise stated, all rents are quoted exclusive of VAt.
4 nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order.
5 unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required.
www.cushmanwakefield.com
Edmonton | Ravenside Retail Park | May 09 | Ref: 105785