Madford Retail Park, Charlotte Street

Carlisle CA2 5BT

Overview

  • The scheme is located on the edge of Carlisle city centre, prominently fronting Charlotte Street
  • Madford Retail Park provides for a total gross internal floor area of 4,038 sq m (43,460 sq ft), excluding the LIDL Store, 60,960 sq ft (5,663 sq m) inclusive
  • 3 retail units - Dunelm, Carpetright and Eden Valley Hospice (plus Lidl, which is sold off Long Leasehold)
  • A1 Restricted
  • Freehold, with a long leasehold interest to Lidl
  • 143 car parking spaces
  • Low passing rent of £381,485 per annum (£8.78 psf)
  • Recently signed reversionary leases and excellent covenants with AWULT of c.11 years
  • Recognised retail warehouse location
  • Opportunity to drive rents forward at review
  • Carlisle benefits from a wide catchment area and very limited retail leakage
  • Opportunity to improve tenant mix of Unit C
  • Development potential c. 5,000 sq ft adjacent to Dunelm
We are instructed to seek offers in excess of £4,500,000 (Four Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.96% after allowing for purchaser's costs of 6.57%

Location

Carlisle is a cathedral city and the main administrative centre of Cumbria which lies approximately 95 miles to the south of Glasgow, 60 miles to the west of Newcastle upon Tyne and 120 miles to the north of Manchester.

The city benefits from excellent road communications, being situated at the convergence of the A7, A69, A74 and the M6 motorway. The M74 leads north to Glasgow, the A69 east to Newcastle upon Tyne and the M6 south to Manchester.

Junctions 42, 43 and 44 of the M6 motorway provide easy access to the city centre, approximately 3.5 miles to the east.

Carlisle benefits from a regular rail service to London Euston and Glasgow with a journey time of approximately 4 hours 30 minutes and 1 hour 30 minutes respectively.

The nearest competing towns are Penrith (20 miles to the south). Workington (13 miles to the south west) and Dumfries (34 miles to the north west). Traditionally the city has benefitted from a strong tourist trade associated with the Lake District, with approximately 2 million visitors each year.

Situation

Carlisle is the dominant regional shopping centre for Cumbria and the wider Lake District area. Hence, it suffers little deflection in trade to competing centres.

Carlisle has a resident population of approximately 107,000 (2011 Census). The wider borough of Cumbria has a population of approximately 500,000. Carlisle has a substantial and affuent catchment market in excess of 1.3 million, which places it within the top 10% of UK trading locations. (NSLSP)

The city is also a popular tourist destination, with Cumbria attracting in excess of 17 million visitors per year (STEAM 2015-Cumbria Tourism) with a visitor spend of approximately £1.2billion.

Madford Retail Park is situated approximately 0.5 kilometres (a third of a mile) south west of the city centre. It has prominent frontage to Charlotte Street, close to its junction with both Victoria Viaduct and Milbourne Crescent, within 0.5 kilometres (a third of mile) of Carlisle Railway Station. Victoria Viaduct provides access into the city centre.

The Retail Park is highly visible to Charlotte Street from both directions, while the surrounding area is a mixture of residential, industrial and commercial uses, including a car show room and Kwik Fit MOT test centre.

Further information can be found in the marketing brochure.

Description

The property comprises a modern retail warehousing scheme arranged as four units in three detached buildings, fronting Charlotte Street.

The units are of steel portal framed construction clad in a mixture of micro rib steel sheet cladding, stone blockwork and facing brickwork. Roofs to Units A, B and C are shallow pitched with double skin coated cladding, with the Lidl unit having an artificial slate covered roof. Shop fronts and windows are of powder coated aluminium with rear servicing doors to all the units.

All buildings are single storey, however the tenant of Unit B (Dunelm) has installed a first floor steel mezzanine structure to the rear and right hand side of the premises, providing additional retail and storage areas. Elsewhere, small ancillary office accommodation and welfare facilities are housed within stud partitioning at ground floor level within the main framed envelope.

All floors are of concrete construction. The tenants have fitted out the units to their individual specification with carpet and lino covered flooring, suspended strip lighting and ceiling mounted warm air blowers.

The property sits adjacent to the River Caldew. Flood alleviation measures in Carlisle have been undertaken by the Environment Agency, Cumbria County Council and Carlisle City Council at a cost of £38m. Since these defences opened in 2010, which involve a flood gate operated by the Environment Agency if and when required, there has never been an issue of flooding at the site.

Customer car parking is provided to the front of the units with 143 spaces to the front of Units A, B and C and further spaces to the front of the Lidl Unit. Servicing yards are located to the rear and sides.

The units have been measured on a Gross Internal Area (GIA) basis in accordance with the RICS Code of Measuring Practice (Sixth Edition) and the approximate areas are set out in the link below.


Tenure

Freehold.


Covenant Information

Dunelm (Soft Furnishings) Ltd have a D&B rating of 4A1
Dunelm (Soft Furnishings) Limited is a wholly-owned subsidiary of Dunelm Group plc, a constituent of the FTSE250.
It began operations in 1987 and has grown to become one of the leading specialist out-of-town homeware retailers in the UK, providing a comprehensive range of curtains, soft furnishings, kitchen equipment and homeware.
Dunelm is now the UK's largest home furnishings retailer, employing in excess of 4,500 people with over 140 stores across the UK.

Carpetright Plc have a D&B rating of 4A1
Carpetright is the UK's biggest flooring retailer. Since its foundation in 1988 they have grown, both organically and through acquisition, into an international retailer, operating in four European countries. The Group listed on the London Stock Exchange in 1993.
In Q2 2017, Carpetright reported that it has now refurbished 47% of its shop estate and would be on track to complete the rest of its 426 UK stores by the end of 2018.
Total sales lifted by 0.2% to £457.6m during the year to April 29, helped by strong international sales, and the extraction of 27 loss making stores.

Eden Valley Hospice have a D&B rating of O2
Eden Valley Hospice provides care for adults with life limiting illnesses from North Cumbria.

Further information can be found in the marketing brochure.


VAT

The property has been elected for VAT.

PLANNING

A1 - Restricted.

ASSET MANAGEMENT OPPORTUNITIES

  • Opportunity to pursue higher value uses for Unit C, at a significantly higher rent.
  • Landlord permitted to seek planning/develop "Potential Development Land" on plan, without objection from Dunelm or Carpetright, potentially suitable for coffee/food operator, subject to planning of circa 5,000 sq ft.

SERVICE CHARGE

Information available on request.

EPC

Full EPC reports can be provided on request.

Proposal

We are instructed to seek offers in excess of £4,500,000 (Four Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.96% after allowing for purchaser's costs of 6.57%.

Download Brochure



Google Maps

NET INITIAL YIELD:
7.96%
PRICE:
£4,500,000
REGISTER INTEREST
OR CONTACT US

Please select a contact *

 
 
 

(* Required Field)