Investment.

Cumbernauld.

Antonine Shopping Centre , G67 1JW

Map View

Status.

Sold on 25/07/2022

Price.

£9,145,000 (Subject to Contract and Exclusive VAT)

Service Charge.

£1,210,080 per annum

Location.

Cumbernauld dominates its catchment with the nearest competing centres being Glasgow (20-minute drive), Falkirk (20-minute drive), and Stirling (22-minute drive). The local population relies heavily on Cumbernauld town centre to meet their convenience and comparison goods retail needs.

Cumbernauld’s retail provision is concentrated within the town centre which almost entirely comprises a series of three covered, interconnected schemes built in phases from the 1960s with the Antonine Centre the most recently completed in 2007.

Cumbernauld has a total retail floor space of circa 560,000sqft (46,321 sqm²) of which the Antonine Centre is the dominant scheme comprising circa 200,872sqft (18,661m²). Given the more dated nature and age of the Centre Cumbernauld, the Antonine acts not only as a retail destination but also as a community hub in the absence of a traditional high street.

The Centre Cumbernauld is an amalgam of Cumbernauld Town Centre, the original 1960s scheme and the newer Phase IV built circa 1980. The original town centre scheme comprises approximately 155,000sqft of retail accommodation with additional office space. It is anchored by Iceland with other notable occupiers including TSB Bank, Royal Bank of Scotland, and JD Gyms. Phase IV comprises 142,550sqft (13,243 sqm²) of retail accommodation. Phase IV is anchored by Home Bargains, Argos and New Look with other key national multiple retailers including Poundland, JD Wetherspoon, Santander, Vodafone, and Savers.

Foodstore provision in Cumbernauld is dominated by two large supermarkets, both of which are located within the town centre, the largest of which is a 182,026sqft (16,910 sqm²) Tesco Extra, located adjacent to the Antonine Centre on the southern side of Central Way. At the eastern end of Central Way there is a 121,782sqft (11,314 sqm²) Asda.

There is a small retail park within the town centre. St Mungo’s Road Retail Park comprising 49,796sqft (4,626m²) is home to B&M. There are two out of town retail parks. Westway Retail Park, comprising 133,955sqft (12,445m²), is located 2.5miles to the north-east of the town centre on the M80 and has occupiers including Currys, Halfords, B&Q, Pets at Home and Carpetright. The recently developed Cumbernauld Retail Park, in Westfield Road, comprises circa 90,000sqft (8,361m²) and has tenants including M&S Foods, Aldi, Food Warehouse, Matalan and Home Bargains.

Description.

The Antonine Centre, built in June 2007, is a modern, enclosed town centre retail mall. The scheme provides the principal retail offer in Cumbernauld and comprises approximately 200,872sqft (18,661m²). Trading is predominantly at ground floor with a large open mall café at its north-eastern end. The primary ground floor mall benefits from anchor tenants, Next, TK Maxx and TJ Hughes.

There are three external car parks serving the centre providing in total 1,073 free car spaces.

Servicing to the centre is provided via three service yards; one located to the rear of TJ Hughes, the second to the rear of Units 8-12 and the third to the rear of Units 1-4. The latter is partially enclosed. These service yards are all to the west of the scheme and are accessed via Tryst Road.

Rent.

£1,170,883.00 per annum exclusive

Tenure.

Lease

Yield.

A net initial yield of 12%.

Share.

All viewings are strictly by prior appointment.

David Freeman.

Partner | Investment

Ed Smith.

Partner | Investment

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