Wellington Retail Park Photo Gallery

Waterlooville's catchment encompasses 619,719 residents across Hampshire and West Sussex, characterized by post-war suburban housing and emerging family-oriented communities in Berewood (3,000 new dwellings planned). Median household income averages £42,000, supporting mid-market retail with strengths in convenience and bulky goods. Shopper profile skews towards families (35% under 18) and middle-income professionals commuting via A3(M) to Portsmouth. Retention stands at 6.2% for comparison goods (£132.5m total expenditure in 2014), but 20.9% leaks to Portsmouth due to limited rail access (nearest at Havant, 3 miles away). Growth from Berewood could add £10-15m annual spend, favoring pet, home, and discount sectors, though aging population (18% over 65) may shift demand towards food and health.

The park maintains 100% occupancy across 159,924 sq ft, with WAULT of 5.73 years to break and 5.88 years to expiry, reflecting robust demand from national operators. Footfall at adjacent Sainsbury's rose 60% to 13,621 weekly in 2016, driven by car access (600+ spaces), while A3 pedestrian links saw 15,280 weekly (25% YoY increase). Trading performance is solid, with gross rents at £4.6m annually (£21 psf average), over-rented by 25% versus market (£3.38m ERV), bolstered by recent regears like Dreams at £25 psf (10-year term). Service charges are low at £0.76 psf, and rateable value totals £2.73m (£1.4m payable). Drawbacks include nil-rent holdovers (e.g., Bensons) and vulnerability to category weakness in furniture (e.g., Carpetright administration risks). Overall, it outperforms local high street (30-41% vacancies) but faces e-commerce erosion in fashion/bulky goods.

Primary competition stems from Portsmouth Gunwharf Quays and Central (20.9% expenditure leakage), Fareham (9%), and Chichester (8.8%), plus local rivals like Ocean Retail Park, Portsmouth, drawing format-specific trade. Within Waterlooville, it competes with high street cores (e.g., London Road, 86% A1 multiples) but benefits from free parking versus pay-and-display elsewhere, capturing car-borne convenience shoppers. Lease terms favor lessees with 5-15 year durations, breaks at 3-5 years, and rent-free periods (6-12 months for new lets), at £18-£32 psf by size (lower for anchors £18-19 psf, higher for pods £28-32 psf). Risks include market saturation in bulky goods (36% mix) amid online shifts, potential 5-10% rent compression on renewals, and infrastructure challenges like A3 severance limiting pedestrian flow (29% footfall drop since 2009). Advantages lie in town centre status enabling A1 expansions under NPPF, with low vacancy supporting stable income.