Prime high street investment opportunity ORTY NORTHGATE

Transcription

1 Prime high street investment opportunity ORTY STREET, CHESTER

2 STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation INVESTM SUMMARY Chester is an affluent and historic Cathedral City and a main tourist destination, which attracts over 8 million visitors per annum. Prime ground floor retail unit fronting Northgate Street, with upper floor ancillary storage Freehold Single-Let to Specsavers Optical Superstore Ltd for a term expiring 28 September 2022 Rent Review 29th September 20 Excellent growth potential with nearby redevelopment plans Chester is ranked in the Top 5 UK Retail Centres Rent Passing is 95,000 per annum Offers in Excess of,89,000 (One Million Seven Hundred and Eighty Nine Thousand Pounds). Net Initial yield of 5.00%.

3 A56 ORTY STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation Saughall Road Parkgate Road LOCATION Chester is an affluent and historic Cathedral City, located 20 miles south of Liverpool, 40 miles south west of Manchester and 2 miles northwest of Birmingham. The city is a tourist destination, attracting over 8 million visitors per annum and is one of the premier retailing destinations in the north of England. A548 Wallasey Moreton 2 A553 Birkenhead 3 Heswall Flint A540 Chester benefits from a substantial Primary Catchment of 80,000, ranking the city 5th in the PROMIS Centre rankings. Chester has a mainline railway station with frequent services to London Euston (2 hours), Liverpool Lime Street (45 minutes) and Manchester Oxford Road ( hour 0 minutes). The city benefits from excellent road communications, with the M56 and M53 located 4 miles to the North. In addition, the A55 North Wales Expressway provides direct dual carriageway access into North Wales. 4 M53 A4 A550 A LIVERPOOL River Mersey A562 Ellesmere Port 6 Liverpool John Lennon Airport Speke A5300 Widnes A55 M56 2 M62 A55 A A WARRINGTON A56 A533 A M6 A556 NORTHWICH A548 NEW C R Roodee Chester Racecourse S T R E ET RAYMO N D City Walls Road Nuns Road ST MARTIN S WAY N A NE STREET A483 Grosvenor Bridge ICHOLAS ST Grey Friars Black Friars Castle Drive ST BRIDGE ST Cathedral CHESTER WATERGATE ST EASTGATE ST County Hall GROSVENOR RD GROSVENOR RD PEPPER ST R I V E R LOWER CASTLE ST P City Wall BRIDGE ST D E E City Walls LIT. ST JOHN ST Amphitheater Old Dee Bridge HOOLE WAY ST OSWALD S WAY A5 Grosve A59 A5 A556 2 A4 A54 A533 A55 A494 CHESTER A55 A5 A49 A55

4 STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation Grosvenor Shopping Centre PEPPER ST GROSVENOR ST FOREGATE ST BRIDGE ST EASTGATE ST CHESTER CITY CRE RETAIL CORE Chester Cathedral ORTY ST Forum Shopping Centre Chester Northgate Development Phase due for completion 209 WATERGATE ST

5 STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation RETAIL IN CHESTER Chester s central shopping area is concentrated along the streets leading from The Cross. These are Eastgate Street (leading to Foregate Street), Northgate Street, Bridge Street and Watergate Street. The Forum Centre Located directly opposite the subject property and adjacent to the Town Hall and bus station. The scheme has recently been the subject of a 200m redevelopment project, aiming to create a new city centre shopping area known as Chester Northgate. The central shopping area has a historic cultural and architectural heritage, with Chester s unique feature of Row-level trading creating an attractive shopping environment. Chester ranks 22nd on the PMA Non-Food Retail Score and 20th on the PMA Fashion Score. The city has two covered shopping centres: The Grosvenor Centre A 245,000 sq ft Shopping Centre with entrances off Pepper Street, Bridge Street and Eastgate Street and home to the city s department store Debenhams. Other tenants include H&M, River Island, Top Shop, Hugo Boss, Jo Malone & LK Bennett. Proposals include an additional 440,000 sq ft of new retail space of which c.60,000 sq ft has been pre-let to House of Fraser; a new four-star Crowne Plaza hotel, a new market hall, a multiscreen cinema, up to 20 homes and the city s largest car park. Once completed the development will further enhance Northgate Street as a prime retailing location within the city and significantly enrich footfall to this area.

6 ES S HEALTHSUPPLIMS HEALTHFD CIL OFFICES STEAD & SIMPSON NCIL OFFICES 5 DESIRE CLOTHING LADIES WEAR SUPERMARKET N PLACE USE ORTY STREET, CHESTER & LIFTS RANCE YEOMANS OUTDOORS CAMPG GDS & OUT WR 4 SOMERFIELD L ACCESS 2 BIRTHDAYS CARDS&GIFTS CLAIRES JULIAN GRAVES HEALTH FOOD HO TEXT BIG ERTAINM WARREN JAMES INFO CEN TEXTILES DIRECT FIRST AVENUE GUARDIAN Y THE FORUM SHOPPING CRE GOSS STREET RAMP SITUATION 8 ADVICE CRE & CAFE FAST FOOD RESTAURANT (2 RETAIL FLOORS) 2A MCDONALDS - A The subject property occupies a prominent position fronting the pedestrianised Northgate Street, which boasts a number of high profile national retailers including Zara, Millets, Starbucks, Gap, Molton Brown, Superdrug and Pret. The main entrance to the Northgate Scheme will front Town Hall Square which is a short distance to the north of the subject property. The property therefore sits on the main pedestrian route between the entrance to the proposed scheme and Chester s existing prime high street shopping areas. The majority of the retail provision in the city centre is located within listed buildings and based around Street and Row level shops. Therefore, retail units such as the subject property, with a regular layout and access over one level are highly desirable BOOTS THE CHEMIST MARTINS CTN TOWN HALL SQUARE 3 ZIARNO SNAPPY SNAPS FILM DEV CHATWINS BAKER & CAFE DUBLINPACKETPUBLICHOUSE (PEDESTRIANS ONLY EXCEPT TAXIS 6.00PM AM) PRET A MANGER THE WHITE COMPANY 50 CARPHO WAREHOUSE TEL LAKELAND ZARA LADIES & MENS WEAR VISIONEXPRESS OPTICALLAB OPTICIAN (2 RETAIL FLOORS) OASIS DR MARTENS SHOES (2 RETAILFLOORS) LADIESWEAR (2 RETAIL FLOORS) EL LTD JWLR SUPERDRUG HEALTH & BEAUTY MOLTONBROWN HEALTH & BEAUTY GAP CONCEPT ART STUDIOS ART GAL (RET) Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation DWGS STREET 38 SPECSAVERSOPTICIANS OPTICIAN 9-3 (2 RETAIL FLOORS) 5 36 CARL CHRISTOPHER S YANKEE CANDLE 30 5 HEALTH & BEAUTY STARBUCKSCOFFEE COFFEESHOP VAC HAIR SUPERCUTS CLOTHING (2 RETAILFLOORS) LAMBRETTA MENSWEAR 43-4 L OCCITANE ST WERBERGH ROW HALIFAX BANK BIZARRE JWLR&GIFTS 33 MUSIC HALL PASSAGE LOAF TAXI BAR & RESTAURANT LEEN LANE ST WERBERGH STR 3 FUNKY COW OPTICIAN 29 C & G MULLEN GODSTALL LANE 4-5 DAVIDORMEROD DISABGDS&EQUIP RANCE 2 INS OFF ALLISONS OF CHESTER DUTTONS SWINTON BAR & REST PYRAMID CHINA & GL THELIVING BAR & REST 6 VAC V PIA INT DECOR 2 HEADS & TA SANDWICH BAR ANNABELLA L/WR CARPHONE WARE TELEPHONES PHILPOTTS AR 2 LADIES WE STORE ANNE HARVE THE COMMERCIAL THE J NO ST PETERS CHURCHYARD SKIPTON BUILDING SOCIETY PLACE OF WORSHIP 6 HOTEL CHOCOLAT PANDORA H SAMUEL - 3 BEAVERBROOKS 5 - EE 9 FATFACE 8 O2 LINKS OF LONDON T TELEPHONES (2 5 LA JAC CAFFE NERO SHOE JONES HOBBS COFFEE SHOP 26 9 CAFE 2 EASTGATE CAFE V (PED

7 STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation TENANCY The property is let to Specsavers Optical Superstores Limited by way of a new 0 year lease from 29th September 202, expiring 28th September 2022, at current rent passing of 95,000 pa. This reflects a low Zone A rate of 4.60 per sq ft. The rent is subject to review on 29th September 20. The lease was subject to a 5 year break, however, the tenant has chosen not to exercise this. DESCRIPTION The property is arranged over ground and first floor and comprises a modern unit of brick construction with a mock tudor façade to the first floor front elevation. The ground floor provides retail sales accommodation with some ancillary storage, whilst the first floor is currently used for storage, although previously offered sales space. ACCOMMODATION We understand that the property provides the following approximate net internal floor areas: Unit Use Sq m Sq Ft Ground floor Sales 08.4,6 (ITZA) Store First Floor Sales Store Total ,38

8 STREET, CHESTER Home Investment Summary Location Aerial Retail in Chester Situation Description & Accommodation Further Infomation PROPOSAL We are instructed to seek offers in excess of,89,000 (One Million Seven Hundred and Eighty Nine Thousand Pounds), exclusive of VAT, reflecting a Net Initial Yield of 5.00% after purchaser s costs of 6.2%. CONTACT Simon Marshall DD M E simon.marshall@cushwake.com TENURE RAL VALUE Bruce Poizer DD M E bruce.poizer@cushwake.com Freehold. VAT The property is elected for VAT and as such VAT will be payable on the purchase price. We devalue the passing rent to 4.60 Zone A. The most notable lettings on the street reflect between 80 ZA and 95 ZA, which is underpinned by the open market letting at 9/3 Northgate Street to Zara at a Zone A rate of 95 psf. The Molton Brown rent review at 26/28 Northgate Street was settled at 88 psf Zone A. Giovanni Pilla DD M E giovanni.pilla@cushwake.com cushmanwakefield.co.uk Misrepresentation Act 96. Unfair Contract Terms Act 9 The Property Misdescriptions Act 99. These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. June 20. RB&Co