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THE ARCADE
UNIQUE HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT
THE ARCADE BEDFORD, MK40 1NS
ON THE INSTRUCTIONS OF THE WESLEYAN ASSURANCE SOCIETY
Bus Station Church
Square
Police Station
Car Park
Greyfriars Road
LIDL
Bedford Library
TESCO
JD Wetherspoon
Silver Street
A4280 Bromham Road
Harpur Shopping
Centre
Outline for indicative purposes only.
Debenhams
High Street
Beales
Superdrug
St Loyes Road
M&S
BHS
THE ARCADE
THE ARCADE BEDFORD, MK40 1NS
INVESTMENT CONSIDERATIONS Busy covered shopping arcade in the heart
of Bedford
Located in the popular London commuter town of Bedford
First time on the market since 1968
Multi-let property with 32 retail units producing a total passing rent of £365,658 pa
Popular “cut through” from Harpur Street to High Street
Freehold
Asset Management Opportunities
Offers sought in excess of £3,300,000 (Three Million, Three Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 10.47% allowing for usual purchasers costs of 5.8% with a reversion to 11.17% when fully let.
LONDONHeathrow
London City
LutonOxford
Birmingham
Stansted
Cambridge
A425A426
A452
A444
A423
A429
A424
A436
A417
A419
A346
A420
A429
A433
A436
A422
A449
A120
A134
A134
A134
A47A10
A130
A141
A428
A142
A1065
A45
A46
A38A515 A511
A51
A46
A46
A44
A44
A4421
A4010
A4146
A34
A34
A418A41
A413
A404
A40
A47A47
A15
A16 A1101
A1122
A606A607
A46
A1
A11
A12
A14
A14
A427
A14
A11
A10
A10
A10
A6
A6
A6
A6003
A6116
A605
A509
A508 A43 A45
A43
A421
A5
A421
A5
A1
M5
M5
M6
M4
M4M4
M1
M1
M1
M1
M45
M42
M42
M69
M54
M11
M40
M40
M25 M25
M6 Toll
A1(M)
A1(M)
M6
BurySt Edmunds
King’s Lynn
Wisbech
MarketDeeping
DownhamMarket
Stamford
Munford
Swaffham
Ely
PETERBOROUGH
LEICESTER
COVENTRY
NORTHAMPTON
BIRMINGHAM
Wigston
CAMBRIDGENewmarket
Huntington
ThetfordKettering
Rugby
DaventryRoyalLeamington
SpaStratford-upon-AvonWorcester
Evesham
GloucesterCheltenham
Cirencester
Chippenham
Witney
Didcot
ChippingNorton
Stroud
Wolverhampton
Kidderminster
Banbury MiltonKeynes
Towcester
Buckingham
Stevenage
HarlowSt. Albans
Watford Enfield
Maidenhead
Reading
HighWycombe
Luton
Aylesbury
OXFORDHemel
Hempstead
Bishop’sStortford
Colchester
Chelmsford
BasildonSouthend-on-Sea
BEDFORD
Bedford
The Church ofSaint Paul
Silver Street
Midland Road
Midland Road
Har
pur
Str
eet
Lime Street
St. Loyes Street
Dane
Stre
et
Allh
allow
s
Has
sett
Str
eet
Brace Street
Beckett Street
The
Cre
scen
t
Commercial Road
Woburn Road
Alexandra R
oad
Western Street
Alexandra Place
Conduit R
oad
Ford End Road
Grove PlaceLurke Street
Mill Street
St. C
uthbert’s Street
The Embankment
New
nham
Road
Ram YardCastle Road
Alb
any Ro
ad
Castle
Lane
Cardington Road
River Street
A5141 A
shburnham R
oad
A5141
A5141 Prebend Street
Goldington Road
A4280 St. Peter’s Stree t
A4280 Dame Alice Street
A4280 Bromham Road
A6
St. M
ary’s Street
A6
Hig
h Street
A6 The Broadway
A6
Greyfriars
Unio
n St
A6
Greyfriars
Square
St. Paul’s
Horne Lane
A6 Cauldwell Street
A4280
THE ARCADE
LOCATIONBedford is the county town of Bedfordshire and is a strong commercial and retail centre, located 80 km (50 miles) north of London, 29 km (18 miles) north east of Milton Keynes and 34 km (21 miles) south east of Northampton. The town has a population of 82,000 and a wider borough area of 159,000 (2011 census).
The town benefits from excellent transport links and is strategically located between the major arterial routes of the A1 and M1, both being 10 miles to the east and west respectively. The A421 southern bypass is a primary link between the A1 and M1, with the section between Bedford and junction 13 of the M1 having recently been upgraded to dual carriageway. The A421 additionally links with the A6, which provides direct access to Luton to the south.
The town is well served by rail connections with frequent services to London St Pancras with a fastest journey time of 35 minutes. International air travel is provided by Luton Airport approximately 20 miles to the south.
DEMOGRAPHICSBedford Borough’s population rose from 148,000 in 2001 to 159,000 in 2012 (increase of 12%). Much of the Borough is situated in the growth areas of the former Milton Keynes and South Midlands (MKSM) Strategy and approximately 9,000 new homes are planned for 2012-2021. As a result the Borough’s population is expected to grow significantly to more than 170,000 by 2021. The town can however draw from a much larger primary catchment of 309,000 (Promis) due to lack of competition and strong retailing provision within the town. Therefore Bedford attracts a large volume of the available spend within the surrounding area.
BEDFORD TRAVEL TIMES
BY TRAIN
Luton Airport Parkway 14 minutes
Luton 23 minutes
London St Pancras (Intl) 39 minutes
Leicester 40 minutes
Gatwick Airport 120 minutes
BY CAR
Milton Keynes 31 minutes
Luton 39 minutes
Northampton 45 minutes
Cambridge 52 minutes
London 92 minutes
AIRPORT DRIVE TIMES
London Luton 39 minutes
London Heathrow 65 minutes
London Stansted 69 minutes
Birmingham 87 minutes
London City Airport 93 minutes
THE ARCADE BEDFORD, MK40 1NS
SITUATIONThe property is situated within the heart of Bedford town centre and provides a pedestrian only thoroughfare between Harpur Street and the High Street within close proximity to the bus station.
The property provides a popular “cut through” and nearby occupiers include Marks & Spencer, Poundland and Clarks Shoes at the western entrance and Natwest, Laura Ashley and Debenhams at the eastern entrance.
DESCRIPTIONThe property comprises a covered retail arcade situated over ground and first floors to provide 32 retail units of differing sizes currently let to 22 tenants.
The arcade comprises two interlinking sections; the Market Hall is accessed via Harpur Street and this interlinks with The Arcade which has an entrance onto the High Street.
Two retail units have frontages onto Harpur Street and the Coffee Republic unit has a frontage onto High Street. The remainder of the units face the covered arcade.
The majority of The Arcade benefits from first floor accommodation and in addition there are 4 residential units above 68 High Street with access from Hawes Court.
TENUREFreehold
© Crown Copyright, ES 100004106. For identification purposes only.
50 metres
Bedford
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Experian Goad Plan Created: 07/09/2015Created By: Allsop
Copyright and confidentiality Experian, 2015. © Crown copyright anddatabase rights 2015. Ordnance Survey 100017316
COFFEE REPUBLIC
GALLONES
7TH HEAVEN
BEDFORD – A TRANSFORMATIONBEDFORD RIVERSIDE
A major regeneration scheme is currently under construction at the Bedford Riverside site. TIAA Henderson is forward funding the development which will comprise a 70,000 sq ft leisure scheme anchored by a VUE cinema and a Premier Inn hotel. The development will transform the town’s restaurant supply with pre-lets already in place to Zizzi’s, Chimichanga (Prezzo Group), Wagamamas and Mitchells & Butler. The development will also include a residential element.
BUS STATION REDEVELOPMENT
The bus station development is close to completion with the local council investing £4m into the scheme. This includes the demolition and replacement of the existing bus station building, the installation of new public toilets, a major refurbishment of Allhallows multi-storey car park, the construction of a new surface car park at Greyfriars and new shop fronts creating disabled access. The council has also committed to spend £9 million on the improvements.
These developments are set to transform Bedford into a prominent retailing and leisure centre.
TENANCY SCHEDULE
Accommodation Tenant Floor Floor area Sq M
Floor area Sq Ft
Lease Start Next Review Lease Expiry (Break)
Rent £pa Rent ITZA Comments
MARKET HALL1/2 Market Hall Martin Keys (t/a Gallones ice cream) GF 80.6 868 27/05/15 27/05/19 26/05/25
(26/05/20)£12,000 £13.21 Tenant Break Option
Stepped rental increases: Yr 1 - £12,000, Yr 2 - £15,000, Yr 3 onwards - £18,000 pa
(ITZA) 69.8 7511F 64.4 693Total 145.0* 1561
3 Market Hall Leonardo Pompa Esq (t/a Barber) GF 37.7 406 30/04/07 30/04/12 30/04/22 (30/04/17)
£12,750 £36.07 Tenant Break OptionTenant has been in occupation for 20 plus years(ITZA) 30.9 332
1F 24.0 258Total 61.7 664
4 Market Hall Rashmi Patel (t/a Upper Crust) GF 38.7 417 29/09/08 29/09/13 28/09/23 (29/09/18)
£13,250 £36.57 Tenant Break Option(ITZA) 31.3 3371F 28.6 308Total 67.4 725
5 Market Hall Ms Denise M Coffey (t/a Vapers) GF 35.2 379 28/10/13 27/10/18 (27/10/16)
£9,000 £23.66 Tenant Break Option(ITZA) 31.9 3431F 27.3 294Total 62.5 673
5A Market Hall The Great British Balloon Company (Horley Ltd) (ITZA) 35.3 380 20/11/15 19/11/18 (19/11/16)
£8,400 £22.11
1F
Total 35.3 380
6 The Market Hall Blossom Lingerie Ltd GF 38.4 413 17/08/10 17/08/15 16/08/20 (17/08/16)
£10,750 £26.02 Tenant Break Option(ITZA) 34.2 3681F 36.3 391Total 74.7 804
7 The Market Hall Isabel Ayub (t/a Pumperknickel Health Foods) GF 41.6 448 10/07/00 10/07/05 09/07/10 £10,500 £31.81 Tenant Holding Over. New 10 year lease with 5 year break in solicitor’s hands - £10,500 p.a.
(ITZA) 30.2 3251F 36.0 387Total 77.6 835
8/8a/9 & Part 10, The Market Hall Anview Ltd (t/a Maysons) GF 144.9 1560 01/01/09 01/01/19 31/12/23 £32,000 £32.26(ITZA) 84.5 9101F 81.7 879Total 226.6 2439
17 Harpur Street Vacant GF 60.2 648 Was let to Greggs at £25,000 p.a. They vacated in January 2016.(ITZA) 41.2 443
1F 43.7 470Total 103.9 1118
19 Harpur Street Tui UK Ltd (t/a Thomson Travel) GF 65.3 703 27/09/06 27/09/11 25/09/16 £32,750 £62.40(ITZA) 46.7 5031F 42.2 454Total 107.5 1157
THE ARCADE2, The Arcade & 1st & 2nd Floors, 68 High Street
Rashed Ahmed GF 55.2 594 17/03/15 17/03/20 16/03/40 (16/03/27)
£15,000 £34.48 Tenant Break Option.(ITZA) 40.4 4351F 4 x residential units2FTotal 55.2 594
3 & 4 Arcade S. Donne (Bedford) Ltd (t/a Simon Donne Opticians) GF 63.4 682 29/09/07 29/09/12 27/09/22 (29/09/17)
£24,000 £36.32 Mutual Break Option(ITZA) 57.5 6191F 46.8 504Total 110.2 1186
THE ARCADE BEDFORD, MK40 1NS
5/6 The Arcade Macmillan Hairdressing Ltd GF 62.9 677 09/03/10 19/03/16 18/03/20 £18,000 £28.31(ITZA) 54.9 5911F 39.2 422Total 102.1* 1099
7/8/9 The Arcade Kitchenalia Ltd GF 162.5 1749 30/10/09 30/10/14 29/10/19 (05/02/16)
£30,000 £20.89 Tenant vacating 05/02/16(ITZA) 121.6 13091F 81.9 882Total 244.4 2631
10/10a The Arcade Carole Jenkins & Sarah George Lee (t/a Walberry’s Ladieswear) GF 163.3 1758 25/11/09 25/11/13 24/12/17 £22,000 £27.89(ITZA) 66.0 7101F 68.0 732Total 231.3* 2490
11 The Arcade Janet Page & Deborah Jane Page (t/a Arcadia Sweet Shop) GF 34.2 368 29/09/11 29/09/16 28/09/26 (28/09/21)
£10,850 £34.63 Tenant Break Option(ITZA) 26.7 2871F 32.6 351Total 66.8 719
12/13 The Arcade Anview Ltd (t/a Planet Clothing) GF 67.1 722 25/03/11 25/03/16 24/03/21 (24/03/18)
£20,000 £28.04 Tenant Break Option(ITZA) 61.2 6591F 47.0 506Total 114.1 1228
14/16 The Arcade Hanworth Interiors Ltd GF 103.4 1113 22/07/10 21/07/20 (22/07/17)
£28,882 £25.93 Tenant Break Option. Lease linked to RPI. July 2015 increase to be documented.(ITZA) 91.9 989
1F 100.0 1076Total 203.4 2189
17 The Arcade Sarah Viola (t/a Seventh Heaven) GF 36.4 392 18/11/14 18/11/18 17/11/20 (17/11/18)
£8,000 £21.37 Tenant Break Option. Stepped rental increase: 18/11/2015 - £9,500 pa(ITZA) 31.2 336
1F 25.4 273Total 61.8 665
18 The Arcade Planet (Boutique) Clothing 93 Ltd (t/a Planet Clothing) GF 36.0 388 14/07/07 14/07/12 13/07/17 £13,000 £36.07(ITZA) 31.1 3351F 28.3 305Total 64.4 693
19/20 The Arcade Janice Elaine Lawrence (Charisma) GF 32.9 354 13/07/11 23/06/17 £12,000 £31.13(ITZA) 32.9 3541F 30.3 326Total 63.2 680
Ground Floor at 68 High Street Rashed Ahmed (t/a Coffee Republic) GF 103.9 1118 17/03/15 17/03/20 16/03/40 (16/03/27)
£20,000 £25.42 Tenant Break Option(ITZA) 67.5 727Basement 70.5 759Total 174.4 1877
Display Windows 4 & 5 Vacant 25/03/91 23/03/03 ERV £500 pa
Part of North Wall Manjit Josen Singh 24/06/65 22/06/26 £10
Return Frontage Three Display Windows Cambridge Retail Estate Ltd 24/06/05 24/06/20 23/06/35 £1,615.63 Rent review linked to RPI
Showcase 1 (Advertising display window) Mr N Lees 28/08/15 27/08/16 £400
Showcase 2 (Advertising display window) Mr A Mir 29/09/15 28/09/16 £500 1 year licence
Showcases 3 (Advertising display window) Vacant ERV £500 pa
Totals 2,453.2 26,407 £365,658
Accommodation Tenant Floor Floor area Sq M
Floor area Sq Ft
Lease Start Next Review Lease Expiry (Break)
Rent £pa Rent ITZA Comments
*Areas taken from VOA.A number of the units have rent deposits with further information available from the selling agent.
www.allsop.co.uk
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 02.16
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
Alex Butler020 7543 [email protected]
Jonathan Butcher020 7543 [email protected]
Karl Senghore020 7543 [email protected]
SERVICE CHARGEThe service charge budget for the year ending 24/12/15 is £73,215.
EPCsAvailable upon request.
VATThe property has not been elected for VAT.
PROPOSALOffers sought in excess of £3,300,000 (Three Million, Three Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 10.47% allowing for usual purchasers costs of 5.8% with a reversion to 11.17% when fully let.
