TK Maxx & HomeSense - Avison Young Retail
Prime Retail Warehouse Investment Opportunity
TK Maxx & HomeSense
Tollbar Way, Botley Road, Hedge End, Southampton, SO14 7NY
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TK Maxx & HomeSense Tollbar Way, Botley Road, Hedge End, Southampton, SO14 7NY
Investment Considerations Location
Catchment & Demographics
Situation
Retail Warehousing
Description
Tenure, Planning & Tenancy
Rental Value & Tenant Covenant
EPC, VAT & Proposal
investment considerations
Prime location
in one of the top retail warehouse destinations
in the country;
Hedge End
Southampton
New
15 year
lease from
July 2015
with a break at
year 10
Easily
accessible via
Junction 7
of the
M27
Flexible
planning
consent
permitting clothing sales
Newly refurbished
unit of
45,028 sq ft
G.I.A.
Benefits from the strong critical mass the location provides, with retailers in the vicinity including
Marks & Spencer, Sainsbury's, Currys PC
World Megastore and Next Home & Garden
?742,846.50
per annum, reflecting
a relatively low
?16.50
per sq ft
Let to
the 5A1
covenant of
TJX UK
One of TK Maxx's
new concept
stores to include
TK Maxx and HomeSense
Offers are sought in excess of
5.5% net initial yield,
assuming purchaser's
costs of 5.8%. This reflects ?12,766,000
subject to contract and exclusive of VAT.
prime retail warehouse investment opportunity
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TK Maxx & HomeSense Tollbar Way, Botley Road, Hedge End, Southampton, SO14 7NY
Investment Considerations Location
Catchment & Demographics
Situation
Retail Warehousing
Description
Tenure, Planning & Tenancy
Rental Value & Tenant Covenant
EPC, VAT & Proposal
Location
Southampton is a major retail, leisure and commercial city in the south east of the UK, 76 miles south west of London, 20 miles west of Portsmouth and 30 miles north east of Bournemouth.
Hedge End is a dominant regional out of town retail pitch, located 4.8 miles to the east of Southampton city centre. It is one of the most established retail warehouse locations in the South of England.
The retail pitch is immediately located on the M27 motorway at Junction 7, which links to Portsmouth, Southampton and the M3 motorway, 5.5 miles north west. As a result, it is an extremely accessible location, which is one of the reasons for its success as a retailing destination.
Southampton International Airport and Parkway rail station are located 5 miles to the north west, at Junction 5 of the M27. The airport serves almost 50 UK and European destinations, with the passenger numbers approaching 2 million. The station provides a direct service into London Waterloo with the fastest journey time of 1 hour and 11 minutes.
SWINDON
M40
M25
M4
M4
M25
LONDON
A338
M3
A34
BASINGSTOKE
M3
A303
A303
A36
A338
SALISBURY
A36
A354
A338
A31
A303 A34
WINCHESTER M3
M27
SOUTHAMPTON
M3
A31
M27
A31
A3
A3 (M)
A31
A338
BOURNEMOUTH
PORTSMOUTH ISLE OF WIGHT
A3 A3
A272
A27 CHICHESTER
A272
M25
A272 BRIGHTON
prime retail warehouse investment opportunity
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TK Maxx & HomeSense Tollbar Way, Botley Road, Hedge End, Southampton, SO14 7NY
Investment Considerations Location
Catchment & Demographics
Situation
Retail Warehousing
Description
Tenure, Planning & Tenancy
Rental Value & Tenant Covenant
EPC, VAT & Proposal
catchment and DEMOGRAPHICS
Southampton has a primary catchment population of 731,000 people and a shopping population of 433,000 people, ranking the city 18th and 17th respectively out of the top 200 PMA Retail Centres. There are 136,186 people living within a 10 minute drivetime of the subject property, extending to 672,224 people within a 20 minute drivetime. Within the 10 minute drivetime, social groups AB, C1 and C2 are represented at an index figure of 99,102 and 112 of the population (with 100 being the average), with the lowest social group; DE, relatively under-represented at 89. As a result of its retail dominance, the catchment population for Hedge End extends much further than a 20 minute drivetime and draws upon areas such as Winchester, Eastleigh, Fareham, parts of Portsmouth and even as far as Salisbury to the north east.
Southampton ranks 17th for total in-store comparison retail expenditure available within the catchment area, being ?2,008 million in 2015, far exceeding the PMA average of ?924 million. Per capita in-store comparison expenditure is also above average at ?2,749 compared to the PMA average of ?2,600.
prime retail warehouse investment opportunity
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TK Maxx & HomeSense Tollbar Way, Botley Road, Hedge End, Southampton, SO14 7NY
Investment Considerations Location
Catchment & Demographics
Situation
Retail Warehousing
Description
Tenure, Planning & Tenancy
Rental Value & Tenant Covenant
EPC, VAT & Proposal
Situation
The subject property is located in a prominent position on Tollbar Way, which links to the A3051 Botley Road, one of the main routes leading to Southampton city centre to the west. Tollbar Way links to the other retail warehousing in the area to the south and to Junction 7 of the M2 via the A314 Charles Watts Way. Opposite the subject property is Bradbeers Retail Park totalling 70,000 sq ft. Within Hedge End is a total of 750,000 sq ft of retail accommodation, as detailed further below.
M27 ROWNHAMS
A27
4
M3 14
EASTLEIGH
A335
4
5
SOUTHAMPTON
AIRPORT
HORTON HEATH
A3057
A35
A35
A33
CITY OF SOUTHAMPTON
A35
A3057
A33
M27
A27
TK Maxx/ HomeSense
A3024
7
HEDGE END
A3024
A27
M27
8
A3025
prime retail warehouse investment opportunity
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