Middleway Retail & Leisure Park, Burton-upon-Trent - Investment Sale_Property for Sale

Horninglow Street, Burton on Trent, DE14 1NG, UK

Middleway Retail & Leisure Park, Burton-upon-Trent - Investment Sale

Asset Description

Middleway Retail & Leisure Park extends to 162,344 sq ft and is arranged across 11 units. The units comprise of a standalone cinema, 3 retail warehouse units, a bingo hall, two restaurants, two standalone drive thru’s and one drive to unit. The Park is arranged across a 14.0-acre site, which provides a very low site coverage ratio of 26%.

The property is anchored by a 9-screen cinema of 31,000 sq ft let to Cineworld, which occupies the southern section of the site.

Middleway currently benefits from four hours free parking making it a highly popular in-town scheme. Vehicular access to the property is via Guild Street. Middleway has a parking provision of 829 spaces, providing a low car parking ratio of 1:196 sq ft.

Aldi, which is situated to the north of the site, is sold of on a Long Leasehold for a period of 999 years (expiring September 3001). Both Aldi and B&M, which adjoins the Aldi store, benefit from there own parking provision accessed via independent entrances off Horninglow Street. An open walkway currently links the wider Middleway Retail & Leisure Park with these properties.

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Attributes

Asking price

CN¥104,353,000

Building area gross

15,082 m²

Occupancy

100%

Year built

1990

Land area gross

5.67 ha

Number of units

Cap rate

11.5%

NOI

CN¥12,815,000

WAULT

9.4 years

Media

Investment Highlights

Dominant regional retail and leisure park serving a considerable catchment of 264,000 people within a 20-minute drive time
Mixed-use 162,344 sq ft GIA comprising a standalone cinema, 3 retail warehouse units, a bingo hall, two restaurants, two standalone drive thru's, and one drive to unit. In addition, the freehold includes an Aldi supermarket sold off on a long leasehold (peppercorn rent)
Total passing rent of £1,328,100 per annum, which reflects a low and affordable £9.51 per sq ft (excluding Aldi LLH)
The weighted average unexpired term to expiry is 9.4 years and 8.2 years to break
Let to leading national covenants including Sports Direct, The Gym Group, Cineworld, Nando's and Mecca Bingo
Freehold site extending to 14.0 acres, reflecting a very low in-town site cover of 26%
Anchored by a nine screen Cineworld who re-geared their lease in 2024, adding 10 years to their term and rebasing the rent to an affordable £100,000 per annum
The park provides the dominant retail and leisure offering for Burton-upon-Trent and benefits from very limited competition
Recent regears completed with the anchor tenants Matalan and Sports Direct, sustainably positioning the park for future use
Multiple accretive asset management opportunities for an incoming purchaser to initiate