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Property Review

Principal Investment Portfolios

Retail

Out of Town Retail Warehouses Portfolio >
Meadowhall Shopping Centre, Sheffield >
Superstores Portfolio >
In-Town Retail Portfolio >

Out of town retail warehouses portfolio


Total value £1,986m
British Land’s share £1,678m
69 retail warehouse properties, of which:
40 retail parks with total 355 units; and
29 solus units
Total floor area 541,800 sq m (5.8m sq ft)
59% with open A1 use
Total site area 212 hectares (524 acres)
Predominantly freehold
Total rent passing £94.3m pa, British Land’s share £77.5m pa
Average rent £16.17 per sq ft
Weighted average lease term including breaks 16 years, to expiry 16.5 years
 
Tenants include:
Argos
Asda
B&Q
Boots
Borders
Carpetright
Comet
DFS
Dixons Group
Focus Group
Halfords
Homebase
Homestyle Group
JJB Sports
Marks & Spencer
Matalan
Mothercare
Next
Pets At Home
Poundstretcher
PRG Powerhouse
Sainsbury’s
Sports World
Tesco
TK Maxx
Toys R Us

British Land’s retail warehouse investments represent 13% of the total portfolio.

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Included in these investments are:

Teesside Retail Park, Stockton-on-Tees

This freehold property is located at the intersection of the A66 and A19 trunk roads between Stockton-on-Tees and Middlesbrough and comprises:

Phase 1: 31,500 sq m (340,000 sq ft) of open A1 retail space arranged in 29 units, on a site of 19 hectares (47 acres).

Phase 2: a 3.3 hectare (8.1 acre) site located on the Park’s principal access, comprises two retail units totalling 3,900 sq m (42,000 sq ft) occupied by Comet and Office World and three restaurant units totalling 1,090 sq m (11,700 sq ft).

Phase 3: an 11 hectare (27 acre) site, surrounding an existing leisure development (not in the Company’s ownership), which may be considered for future development for commercial uses.

A standalone Pets at Home unit comprising 740 sq m (8,000 sq ft) and the reversionary interest in the adjoining Toys R Us unit also form part of the investment.

Total passing rent from Teesside is £7.3 million per annum.

Greyhound Retail Park, Chester

This freehold investment extends to 19,100 sq m (205,000 sq ft) of mainly retail floor space, located to the west of the town centre, close to other areas of retail warehousing. Included on the park are two leisure units (cinema and bowling alley) where the rents are based on retail values. Almost all the retail units have a valuable open A1 non food planning consent. Tenants include Carpetright, Rosebys, DFS, Pets at Home and Dunelm.

The total passing rent is £3.9 million per annum.

Homebase DIY Stores

The portfolio of standalone Homebase stores has been expanded to 22 properties following the acquisition in March 2005 of a further portfolio from J Sainsbury. Located mainly in the South East of England, annual rents total £12.5 million, averaging £153.60 per sq m (£14.27 per sq ft). The majority are let on 20 year leases from December 2000. Total floor area is 81,430 sq m (876,500 sq ft).

The Kingston Centre, Kingston, Milton Keynes

(50% owned in joint venture)

The Kingston Centre occupies a freehold 14 hectare (35 acre) site, close to junctions 13 and 14 of the M1 motorway and provides a total of 22,500 sq m (242,000 sq ft) of open A1 retail space.

The Centre includes a 12,670 sq m (136,400 sq ft) Tesco Extra superstore with a petrol filling station and five retail warehouses totalling 7,100 sq m (76,500 sq ft). Tenants of these are Boots, Mothercare, Benson’s Bed Centre, Marks & Spencer and Holiday Hypermarket.

A further unit is in the course of construction for Next. There is a covered shopping mall with 12 units totalling a further 850 sq m (9,200 sq ft), a drive-thru McDonald's, a pub and a car showroom. Tesco has an overriding lease covering the superstore and mall units. A former car wash unit has been redeveloped and let to Domino's Pizza and Carphone Warehouse. Planning consent exists for a further retail warehouse unit which is under offer.

The total current rent is £5.0 million per annum.

Orbital Shopping Park, Swindon

This retail park adjoins a 13,935 sq m (150,000 sq ft) Asda superstore and comprises: 18,650 sq m (200,700 sq ft) in 6 retail warehouse units let to Homebase, Comet, Next, Borders, JJB Sports and Boots; and seven shop units, let to a variety of retailers including Blockbuster, Lunn Poly and Carphone Warehouse, together with a health club.

Rental income is £3.6 million per annum.

The Beehive Centre, Coldhams Lane, Cambridge

The site extends to 7 hectares (17 acres) in an area where major retailers are represented. Accommodation includes 14 non-food retail units totalling 14,600 sq m (156,900 sq ft) and a supermarket of 6,500 sq m (70,000 sq ft) let to Asda. Other tenants include Carpetright, JJB sports, Pets at Home, Maplin Electronics, TK Maxx and Toys R Us.

Rental income is £4.3 million per annum.

Castle Vale Retail Park, Birmingham

This scheme, close to junction 5 of the M6 motorway, is anchored by a 7,430 sq m (80,000 sq ft) Sainsbury store, with five non-food units occupied by Comet, TK Maxx, Thomas Cook, Argos and Choices Video, together 17,000 sq m (183,000 sq ft) with open A1 planning consent.

Rental income is £2.8 million per annum.


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