ALDI, TARVIN ROAD CHESHIRE gva.co.uk/898
EXECUTIVE SUMMARY - Opportunity to purchase a supermarket investment within the affluent and historic cathedral City of Chester - Limited supply for additional retail schemes within the city which was reflected by ALDI being prepared to take overriding lease to secure the property and then sublet to Home Bargains and Carpet Factory - The site obtained substantial other interest from food operators and residential developers when last marketed - Let to ALDI (A) for 20 years from 2 September 20 at a current rent of 8,000 pa - Current rent equates to only 2.70 /sq ft - Fixed five yearly rent reviews based upon 2.% pa uplifts with the next uplift September 208 - Offers in excess of 9,0,000 (nine million, six hundred and fifty thousand pounds) which reflects a net initial yield of.7%, rising to.7% in September 208 and.88% by September 2028, net of costs at.8%
LOCATION Chester is an attractive and affluent historical cathedral city, an important tourist destination and the administrative centre for the county of Cheshire. Chester is located approximately miles (72km) south west of Manchester and miles (2 km) south of Liverpool. It is one of the major retailing centres in the North West ranked 27th in the UK having an estimated catchment of 2,000 which increases with the influx of tourists which are estimated at over 8 million each year. SCOTLAND Glasgow Edinburgh A0 M Bootle 2 Birkenhead 7 M7 A7 Ormskirk A08 7 0 M8 0 2 LIVERPOOL River Mersey 8 Ellesmere Port 9 2 M M2 A00 A2 Widnes Speke Liverpool John Lennon Airport 7 M 2 27 2 A80 ST HELENS A7 A 2 2 A 2 A A A9 9 22 0 Horwich 0 2A 2 20 9 M2 A80 M A NORTHWICH A BOLTON M Walkden 9 8 2 7 BURY A8 Radcliffe Wardley 7 9 SALFORD 2 Eccles 0 M A 2 9 20 MAN A7 2 2 Manchester Airport A8 A A00 A M0 A A A7 2 The city s major attractions include shopping, Chester Cathedral, Roman archaeology, Chester Zoo (currently having a 00m extension), the racecourse, the castle and the historic Rows and Amphitheatre. The District of Chester has a very affluent population, well above the national average in terms of wealth. Over 80% of the City s working population are involved in the service sector with major employers being Lloyds Bank, HSBC, Marks and Spencers and MBNA Europe Bank. Chester benefits from excellent road communication links, with the M Motorway accessed via junction 2, situated approximately miles ( km) to the east. In turn the M provides direct access to the Wirral to the north west, to the M Motorway and the national Motorway network via the M. In addition, the A (coast road) provides access to North Wales. NORTHERN IRELAND Belfast IRELAND Manchester International Airport is situated approximately 0 miles (8 km) to the east and Liverpool s John Lennon Airport situated 2 miles (9 km) to the north, both service the City. Rail access is via Crewe to London Euston (2 hours 20 minutes), Liverpool Lime Street ( minutes) and Manchester Oxford Road ( hour 0 minutes). Dublin Liverpool WALES Newcastle Birmingham Cardiff Leeds Manchester Bristol ENGLAND London A9 A A A9 THE PROPERTY A A0 A 8 A 7 A0 A M Congleton A Nantwich A00
A8 ALDI, TARVIN ROAD SITUATION The property is situated in the densely populated residential suburb of Boughton, approximately. miles east of the City centre. The property is accessed directly off the A which is the main arterial route out of the city connecting to the and A. In turn the A then connects with the M and M motorways. A0 M To Ellesmere Port To Manchester M RING ROA D Hawarden Bridge A8 S EALAND ROAD THE PROPERTY Shotton A0 PARKGATE ROAD 2 A8 NEW CRANE ST REET A Birkenhead mls ST MARTIN S WAY NI CHOLAS ST NORTHGATE ST City Walls P Cathedral City Wall WATERGATE ST EASTGATE ST BLACK DIAMOND ST. HOOLE WAY ST OSWALD S WAY CITY ROAD A BOUGHTON Grosvenor Park GENERAL STATION THE PROPERTY BOUGHTON TARVIN ROAD A CHRISTLETON ROAD Connah s Quay Hawarden Hawarden Buckley A8 A 0 B2 Queensferry ROAD B29 Broughton MANOR LN B 2 B29 A8 SEALAND ROAD N WALES EXPRESSWAY A A0 Chester C HESTER ROAD To North Wales A WREXHAM ROAD A8 Bache N WALES EXPRESSWAY A A HOOLE WAY Chester A WHITCHURCH ROAD A RING ROAD TARVIN ROAD A N WAL E S EXPRESSWAY City Walls Road Nuns Road Roodee Chester Racecourse A8 Grosvenor Bridge Grey Friars Black Friars Castle Drive County Hall BRIDGE ST GROSVENOR RD GROSVENOR RD R I V E R PEPPER ST LOWER CASTLE ST BRIDGE ST D E E Amphitheater LIT. ST JOHN ST Old Dee Bridge B0 SANDY LANE
ACCOMMODATION The property extends to approximately 8,78 sq ft (,7 sq m). Out of this total area approximately 8,08 sq ft is sublet to Baycrown Ltd, trading as The Carpet Factory and 2,000 to TJ Morris trading as Home Bargains.
DESCRIPTION The property comprises a detached retail warehouse unit constructed in the mid 990 s on an island site of. acres (. hectares). The property which was formally occupied by Focus was refurbished in 20. The property now creates effectively three units, the supermarket occupied by ALDI and 2 other retail warehouse units occupied by Home Bargains and the Carpet Factory. The property is of a steel portal frame construction under a pitched roof with external part brick and part metal clad elevations. The unit benefits from approximately 9 car spaces providing an excellent ratio :9 sq ft.
PLANNING TENURE Planning consent was granted on th July 20. The permission grants an open A discount retail food store use on the area to be occupied by Aldi with a maximum % of net sales floorspace for comparison goods. The area occupied by Home Bargains has the benefit of non food class A use with a maximum 0% of floor area for convenience goods and 2% for food and drink products. The area occupied by The Carpet Factory has a restriction to electrical goods, home furnishings and motor accessories. Freehold. TENANCY The property has been let on an overriding lease to Aldi Stores Limited for a term of 20 years on FRI term from 2 September 20 subject to five-yearly, upwards-only rent reviews based upon 2.% per annum compounded. The current rent passing is 8,000 per annum equating to a low base of 2.70 per sq ft. The fixed rental uplifts are as follows: Date Rent Rent Per Sq Ft Current 8,000 2.70 Sept 208 8,729.7 Sept 202 20,82.2 Sept 2028 702,09 8.0 T J Morris Limited trading as Home Bargains have sublet approximately 2,000 sq ft of the total floor space from Aldi Stores Limited on a 20 year sublease at an initial rent of,000 pa subject to obtaining a satisfactory planning consent. Rent reviews are five yearly to 2% pa compound. A further part of the property (approximately 8,08 sq ft) has been sub let to Baycrown Ltd, trading as The Carpet Factory on FRI terms for years from 2 March 200 at 72,000 pa subject to five yearly rent reviews.
COVENANT INFORMATION Aldi is a leading global discount supermarket chain established in Germany in 9 with over 9000 stores in 8 countries with an estimated combined turnover in excess of 0 billion. Further information on the company can be found at www.aldi.com. Aldi Stores Ltd is a private limited company incorporated in 988. Following the opening of its first supermarket in 990 in the UK the company now trades from over 00 stores and has ambitious growth programme in the UK looking to have over 000 stores by 202. A summary overview of their latest filed accounts is as follows: /2/ (000 s) /2/2 (000 s) /2/ (000 s) Sales Turnover,27,82,0,88,277,0 2,72,,8 Profit/(Loss) 20,89,87 7,900, 70,8,79 Before Taxes Tangible Net Worth,87,90,20,07,8,0,0,28,8 The company currently have a D&B rating of A which represents a minimum risk of business failure.
EPC The property has an EPC rating of B. A full copy can be downloaded at gva.co.uk/898 VAT The property is elected for VAT. PROPOSAL We are instructed to seek offers in excess of 9,0,000 (nine million, six hundred and fifty thousand pound) subject to contract and exclusive of VAT for the freehold interest. A purchase at this level would show the following yield profile: Initial.7% September 208.7% September 202.08% September 2028.88% This shows an equivalent yield of.07% and a true equivalent of.29%. Net of costs at.8%. FURTHER INFORMATION Should you wish to inspect the property or require additional information, please contact: David Winterbottom 0 9 0 david.winterbottom@gva.co.uk Gurminder Manak 0 9 0 gurminder.manak@gva.co.uk /898 Bilfinger GVA Norfolk House 7 Norfolk Street Manchester M2 DW Misrepresentation Act 97. Unfair Contract Terms Act 977 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. July 20. RB&Co 0 8 0. www.richardbarber.co.uk