Hunters Row Shopping Centre
Stafford
Staffordshire
ST16 2AD

High Yielding Freehold Shopping Centre Investment

  • 13 retail units comprising 72,865 sq ft of retail and leisure accommodation
  • Retailers include Iceland, Argos, BrightHouse, Oxfam, Home Bargains and Peacocks
  • Unit M let to Iceland Foods Limited until 2029 (no breaks)
  • High occupancy rate of 77%, with 61% of total income secured against national multiples
  • Future residential potential with 13,661 sq ft of first floor accommodation offered with vacant possession (subject to consents)
  • Northern part of town earmarked for mixed use schemes and housing
  • Adjacent to Wilko and Sainsbury’s Superstore
  • Lot
    30
  • Auction
    24/May/2018
  • Rent
    £453,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    Shopping Centre
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • Hunters Row Shopping Centre<br>Stafford<br>Staffordshire<br>ST16 2AD
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Property Information

Location
Miles
16 miles north of Wolverhampton
30 miles north of Birmingham
Roads
A449, M6
Rail
Stafford Rail
Air
Birmingham International Airport
Situation

Stafford is a popular town and Staffordshire’s principal administrative centre. Hunters Row Shopping Centre occupies a substantial pitch at the northern end of the pedestrianised Gaolgate Street. The entrances to the centre are from Gaolgate Street and Princes Street, with additional access via the adjoining public car park (55 spaces) on Mount Street and the covered walkway leading from Chell Road. The property occupies a prominent position adjacent to the A449 ring road where Sainsbury’s Superstore and Wilko are located. Gaol Square Bus Station is situated opposite, with Stafford Rail Station located approximately 0.4 miles to the north-east. Other nearby occupiers include Caffè Nero, Sports Direct, The Edinburgh Woollen Mill and Trespass. Stafford town centre has seen substantial regeneration over recent years, with the council actively engaging and seeking developments. The 2015 Stafford Town Centre Development Guide outlines the council’s vision for the northern part of the town centre, earmarking the area for residential and mixed use schemes.

Tenure

Freehold.

Description

The property is an open air shopping centre comprising 13 units arranged in two blocks. Units A-F are situated on the southern side of Gaolgate Street and comprise 6 ground floor retail units with first floor ancillary accommodation. Units G-N are located on the northern side and comprise 5 ground floor retail units with first floor ancillary accommodation. In addition, there are two self-contained first floor units with ground floor entrances on Gaolgate Place, which currently have planning for D1 and D2 use classes.
The northern block was substantially redeveloped in 2003 to provide modern accommodation. Units G, M & N benefit from loading to the rear via Chell Road.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
Unit A Ground
First
Retail
Ancillary
100.2 sq m
91.3 sq m
(1,078 sq ft)
(982 sq ft)
ERONBROOK
LIMITED sublet to
William Hill (1)
125 years from
06/09/1973
Peppercorn(27/08/2098)
Unit B Ground
First
Retail
Ancillary
94.35 sq m
71.81 sq m
(1,016 sq ft)
(773 sq ft)
SPECSAVERS
OPTICAL
SUPERSTORES
LIMITED
10 years from
01/11/2008
£33,000(31/10/2018)
Unit C Ground
First
Retail
Ancillary
308.36 sq m
105.95 sq m
(3,319 sq ft)
(1,140 sq ft)
PEACOCKS
STORES LIMITED
5 years from
28/04/2014
£40,000(27/04/2019)
Unit D Ground
First
Retail
Ancillary
86.86 sq m
26.36 sq m
(935 sq ft)
(284 sq ft)
DANSHELL
HEALTHCARE
LIMITED
10 years from
24/11/2017 (2)
£9,00024/11/2022
(23/11/2027)
Unit E Ground
First
Retail
Ancillary
82.45 sq m
29.89 sq m
(887 sq ft)
(322 sq ft)
OXFAM5 years from
01/11/2012
£12,000(31/10/2017)
Unit F Ground
First
Retail
Ancillary
98.85 sq m
37.21 sq m
(1,064 sq ft)
(401 sq ft)
SALVATION
ARMY TRADING
COMPANY
LIMITED
10 years from
05/12/2013 (3)
£23,50005/12/2018
(04/12/2023)
Unit G GroundRetail
684.98 sq m
(7,373 sq ft)
TJ MORRIS
LIMITED
t/a Home Bargains
15 years from
24/06/2003 (4)
£90,000(23/06/2018)
Unit H Ground
First
Retail
Ancillary
331.99 sq m
192.74 sq m
(3,574 sq ft)
(2,075 sq ft)
CAVERSHAM
TRADING
LIMITED
t/a BrightHouse
10 years from
29/01/2010
£65,000(28/01/2020 )
Unit J Ground
First
Retail
Ancillary
759.89 sq m
275.56 sq m
(8,179 sq ft)
(2,966 sq ft)
VACANT
POSSESSION (5)
Unit K Ground
First
Entrance
D1/D2
77.06 sq m
888.26 sq m
(829 sq ft)
(9,561 sq ft)
VACANT
POSSESSION
Unit L Ground
First
Entrance
D1/D2
10.90 sq m
292.86 sq m
(117 sq ft)
(3,152 sq ft)
VACANT
POSSESSION
Unit M Ground
First
Retail
Ancillary
880.63 sq m
466.28 sq m
(9,479 sq ft)
(5,019 sq ft)
ICELAND FOODS
LIMITED (6)
15 years from
09/05/2014
until
08/05/2029
£95,00009/05/2019
and 5 yearly
Unit N Ground
First
Retail
Ancillary
527.57 sq m
247.21 sq m
(5,679 sq ft)
(2,661 sq ft)
ARGOS LIMITED10 years from
25/03/2009
£85,500(24/03/2019 )
Total
6,769.52 sq m
(72,865 sq ft)
£453,000

(1) Covenant information for all the tenants can be found on our website - www.acuitus.co.uk.
(2) The lease to Danshell Healthcare Limited provides an option to determine on 23/11/2021, 23/11,2023 and 23/11/2025.
(3) Salvation Army Trading Company Limited have exercised their break option to terminate the lease on 05/12/2018.
(4) TJ Morris Limited have served notice proposing terms for a new lease. Further information can be found in the legal pack.
(5) Unit J is let to New Look Retailers Limited for a term of 15 years from 24/06/2003 until 23/06/2018 at a rent of £115,000 p.a.x. They have served notice to terminate their lease at the end of term and are no longer in occupation of unit.
(6) For the year ending 24th March 2017, Iceland Foods Limited reported a turnover of £2,770,500,000, pre-tax profits of £67,300,000 and a total net worth of £784,100,000 (Source: Experian Group 11/04/2018). Iceland Foods is a unique British food retailer with over 880 stores throughout the UK (Source: www.iceland.co.uk 11/04/2018).

NB. The areas provided above are from a measured survey. The areas for Unit A are sourced from the VOA.

Covenant Information

Iceland Foods Limited:
For the year ending 24th March 2017, Iceland Foods Limited reported a turnover of £2,770,500,000, pre-tax profits of £67,300,000 and a total net worth of £784,100,000 (Source: Experian Group 11/04/2018). Iceland Foods is a unique British food retailer with over 880 stores throughout the UK (Source: www.iceland.co.uk 11/04/2018).

Specsavers Optical Superstores Limited:
For the year ending 28th Feb 2017, Specsavers Optical Superstores Limited reported a turnover of £716,509,000, pre-tax profits of £32,772,000 and a total net worth of £54,000,000 (Experian Group 01/05/2018).

Peacocks Stores Limited:
For the year ending 25th February 2017, Peacocks Stores Limited reported a turnover of £382,318,000, pre-tax profits of £65,019,000 and a total net worth of £192,792,000 (Experian Group 01/05/2018).

TJ Morris Limited:
For the year ending 30 June 2017, T. J. Morris Limited reported a turnover of £1,869,198,000, pre-tax profits of £168,226,000 and a total net worth of £747,815,000 (Experian Group 01/05/2018).

Property Documents

  • Catalogue Page
    Updated Date
    02.05.18
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    02.05.18
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Simkins LLP Lynton House, 7 - 12 Tavistock Square, Kings Cross
London
WC1H 9LT
Brian Hearne 0207 874 5649brian.hearne@simkins.com

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