AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman

 
AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

AINTREE, LIVERPOOL, L9 5AL
PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY
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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

                                                                AINTREE
                                                               SHOPPING
                                                                 PARK

                                                                                   AINTREE
                                                                                 RACECOURSE
                                                                                 RETAIL PARK

                                                                          OR
                                                                            MS
                                                                               KIR
                                                                                   KR
                                                                                     OA
                                                                                        D      (A5
                                                                                                  9)

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

INVESTMENT SUMMARY
  Prime retail warehouse investment located in Aintree, Liverpool; the 5th largest city   Freehold.
  in the UK with a population of some 2.24 million.
                                                                                          Let to Wren Living Limited for a further 7.5 years until 1 February 2025 date, at a
  Situated in an extremely prominent position on the A59 Ormskirk Road, opposite          passing rent of £365,000 pa (£21.24 psf).
  Aintree Racecourse Retail Park (153,500 sq ft) and Aintree Shopping Park (295,054
  sq ft).                                                                                 Our client is seeking offers in excess of £5,063,000 (Five Million and Sixty Three
                                                                                          Thousand Pounds) subject to contact and exclusive of VAT for their freehold
  The property is a very attractive double-height building of 17,187 sq ft, with a        interest in the property. A purchase at this level would show an initial yield of 6.75%
  mezzanine of 16,085 sq ft. The car parking ratio is 1:291 sq ft.                        after allowing for purchaser’s costs of 6.8%.

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

                                                                                                                                                                                                                                  WIGAN

                                                                                   LIVERPOOL                                                                                                M58
                                                                                  CITY CENTRE

                                                                                                                                                                                                                       M6
                                                                                                                                                                                M
                                                                                                                                                                          A59

                                                                                                                                                                                57
                                                                                                                                                IRELAND AND
                                                                                                                                                ISLE OF MAN
                                                                                                                                                                         AINTREE

                                                                                                                                                                                                                  ST. HELENS
                                                                                                                                                                                                                                          M62

                                                                                                                                                                                                                                                M6
                                                                                                                                                                  LIVERPOOL                M6 2
                                                                                                                                                                       CITY CENTRE
          AINTREE                                                                                                                                 BIRKENHEAD                                                                WARRINGTON
        RACECOURSE

                                                                                                                                                                                                                    WIDNES

                                                                                                                                               INTERNATIONAL FESTIVAL GA
                                                                                                                                                              M                                                   RUNCORN
                                                                                                                                                                  53
                                                                                                                                                                                      LIVERPOOL JOHN
                                                                                                                                                                                      LENNON AIRPORT

                                                                                                                                                                                                             AL
                                                                                                                                                                                                          CAN
                                                                                                                                                                                                     SHIP
                                                                                                                                                                                               ESTER
                       AINTREE                                                                                                                                                               CH
                                                                                                                                                                                          MAN
                     RACECOURSE
                     RETAIL PARK                                                                                                                                                                      6
                                                                                                                                                                                                   M5

                                                                                                                                                                            CHESTER

LOCATION
Liverpool is the 5th largest metropolitan area in the UK with a          Liverpool has excellent communications, being at the heart of
population of some 2.24 million (2011 Census). Located on the            the UK’s motorway network. The M6 runs to the east of the city
Mersey Estuary, Liverpool’s growth as a major port was paralleled        and leads to London, Birmingham and Bristol to the south, and
by the expansion of the city throughout the industrial revolution.       Glasgow/Scotland to the north. The M62 connects the city centre
                                                                         with Manchester and Leeds to the east.
Liverpool is famed worldwide for its Premier League football
clubs, the Beatles and the Grand National Steeplechase. As a             Liverpool John Lennon Airport is one of the UK’s oldest operational
result of its rich heritage, Liverpool is the 6th most visited city in   airports and has enjoyed significant recent expansion, with
the UK with some 54 million visitors annually, bringing some £3.8        passenger numbers having increased 10 fold since the 1990’s.
billion in revenue each year.                                            The airport currently handles some 4.8 million passengers per
                                                                         year, with flights to over 60 international destinations. Liverpool
                                                                         also benefits from strong rail connections with journeys to
                                                                         London from just 2 hours 4 minutes.

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       SITUATION

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                                                                                                                                                                                                                                                                                                                                                                             20.7m
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The subject property is situated in Aintree, in an extremely

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       prominent position on the A59 Ormskirk Road, which is the

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       principal arterial route leading north from the city centre to the
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                                                                                                                                                                                                                                                                                                                                                            Way

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  13.7m

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                                                                                                                                                                                                                                                                                                                                                               MSK
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       junction of the M57 and M58 motorways.

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Aintree has the largest cluster of retail warehousing in Liverpool,

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       totalling approximately 547,000 sq ft. Indeed opposite the subject
                                                                                                                                                                                                                                                                                                                           16.5m

                                                                                           Tank

       ElGov
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       premises are the 153,500 sq ft Aintree Racecourse Retail Park

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       70
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       (Next Home, TK Maxx, Currys/PC World, Homesense, JD Sports,
                              Factory
                                                                                                                                                                   FF

                                                                                          Tanks

                                                                                                                                             Chy

                                                            Weighbridges

                                                                                                                                                                                                                 MP.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The Range, Bensons, Maplin, Laura Ashley) and the 295,054 sq ft
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Aintree Shopping Park (B&Q Warehouse, Marks & Spencer, Boots,

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     84
                      7

                                                                                                                                                                                                                                                                                                                                                                                                                        1

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       dfs, Furniture Village, Halfords, Harveys, Hobbycraft, Mothercare,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ScS, Pets at Home).
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                                                                                          Conveyor

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             AINTREE
                                                                                                                                                                                                                                                                M as

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Tks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            SHOPPING                   As a result of its strategic and highly accessible location, the
                                                                           Hopper
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              PARK
                                                                                                                                                                                                                                                   16.8m
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                                                                                                                                                                                                          El Sub Sta
                                                                                                                                                                                                                                                                             Shelter

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       subject property is the only Wren Kitchens showroom in Liverpool.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             AINTREE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           RACECOURSE

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Weighbridge                                                                                                                                                                                                                                                                                         El Sub Sta
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       DESCRIPTION
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           AINTREE

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                                                                                                                                                                                 Posts
                                                                                                                                                                                                                                                                                                                                                                                             AINTREE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         RACE COURSE
                                                                                                                                                                                                                                                                                                                                                                                                  Aintree
                                                                                                                                                                                                                                                                                                                                                                                            SHOPPING
                                                                                                                                                                                                                                                                                                                                                                                                 Shopping
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                                                                                                                                                                                                  17.7m
                                                                                                                                                                                                                                                                               El

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The property comprises a retail warehouse of some 17,187 sq
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                                                                                                                                                                                                                                                                                                                                                                              Post                                                                                                                                                                                                                                                                                                                                                     ft, with a mezzanine floor of 16,085 sq ft, that was subject to a
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       comprehensive internal and external refurbishment in 2015 prior
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Aintree Building

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       to Wren’s occupation. As may be seen from the accompanying
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       photographs, the double-height frontage/glazing has resulted in
                                                        Conveyor                                                                                                                                                                                                                                                El
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                                                                                                                                                                             18.0m                                                                                                                            Sub Sta
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       a flagship building.
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                                                                                                                                                            Factory
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                     El Sub Sta
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The building is rectangular with its length running parallel to
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                                                                                                                                                                                                                                                                                                                                                                                                                                               Aintree Racecourse
                                                                                                                                                                                                                                                                                                                                                                                                                                               Retail and Business

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       the A59, giving excellent prominence and ensuring that the
                                                                                                                                                                                                                                                                                                                                                                                                                                                          Park
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       showroom is highly visible to traffic travelling in either direction.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       The building is well laid out on the site with an attractively
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                                                                                                                                                           18.9m
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       landscaped car park to the front and sides of the store.
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       There are a total of 59 car parking spaces, giving a car parking
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ratio of 1:291 sq ft.
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                                                                                                                                                   19.8m
                                                                                    El Sub Sta
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       TENURE
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Freehold.
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0m                                      50m                                          100m                                                            150m
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                                                             Ordnance Survey © Crown Copyright 2017. All rights reserved.
                                                             Licence number 100022432. Plotted Scale - 1:2507

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

PLANNING
The property has a benefit of a bulky goods planning permission.

TENANCY
The property is let in its entirety to Wren Living Ltd, for a term of
10 years from 2 February 2015, on full repairing and insuring terms.
There are thus 7.5 years remaining unexpired.

The passing rent of £365,000 pa equates to £21.24 psf on the
ground floor area and is subject to 5 yearly upwards only rent
reviews to open market value (capped at 2.5% pac), with the next
review being effective 2 February 2020.

                                                                        TENANT’S COVENANT
                                                                        Wren Living Ltd is a privately owned British designer, manufacturer
                                                                        and retailer of kitchens. The management team behind Wren have
                                                                        unrivalled experience in kitchen retailing, having built up and sold the
                                                                        Hygena Kitchens business in the UK, and subsequently in America.

                                                                        Wren was founded in 2009 and the company now has 63 showrooms
                                                                        across the UK, together with three manufacturing plants.

                                                                        In the year to 31 December 2016, Wren increased turnover by 31.3%,
                                                                        gross profit by 30.5% and EBITDA by 51.3%.

                                                                        Looking forward, as Wren manufacture all of their own products
                                                                        from their three UK factories, the company is confident that it will
                                                                        remain very competitive as it will be less impacted by exchange rate
                                                                        fluctuations than many of its competitors.

                                                                        We set out below a summary of the last three years accounts for Wren
                                                                        Living Limited.

                                                                                         Latest          Sales        Profit/Loss
                                                                           Tenant                                                    Net Worth
                                                                                        Accounts       Turnover      Before Taxes

                                                                                        31 Dec 16    338,093,520        11,007,372    6,153,002
                                                                         Wren Living
                                                                                        31 Dec 15      257,512,151      7,432,059    (2,169,316)
                                                                         Limited
                                                                                        31 Dec 14      197,102,740     (2,785,489)   (13,137,148)

                                                                        A copy of Wren’s trading statement dated 9th June 2017 is available
                                                                        upon request.

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

RETAIL WAREHOUSING IN AINTREE
Due to its strategic and highly accessible location, Aintree has the    Adjoining Aintree Racecourse Retail Park to the north is The Crown
largest cluster of retail warehousing in Liverpool, totalling some      Estate’s 295,054 sq ft Aintree Shopping Park which is let to B&Q
547,000 sq ft.                                                          Warehouse, Next, Marks & Spencer, Boots, DFS, Furniture Village,
                                                                        Halfords, Hobbycraft, Mothercare, ScS, Pets at Home, Topps Tiles,
Directly opposite the subject premises is the Orbit Developments’       Frankie & Benny’s and McDonald’s. This park is expected to improve
Aintree Racecourse Retail Park which is let to Next, TK Maxx, Currys/   dramatically following Next’s acquisition of a 58,000 sq ft unit in
PC World, Homesense, JD Sports, The Range, Bensons, Maplin, Laura       February 2017. The top rents achieved on Aintree Shopping Park are
Ashley, American Golf, Costa Coffee, Carphone Warehouse, Pizza Hut      £30 psf.
and Subway.
                                                                        To the north of the subject premises are a 26,132 sq ft Wickes and
The park has a mixed bulky goods and open A1 planning permission        a newly developed 20,000 sq ft Sports Direct store with a first floor
and achieved a rent of £30 psf when Carpetright aquired the 16,500      gym.
sq ft former Next unit, with a 12 month incentive package.

                                                                                                                                                EPC
                                                                                                                                                A copy of the Energy Performance Certificate is available upon request.

                                                                                                                                                                                                                        7
AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
WREN KITCHENS, A I N T R E E , L I V E R P O O L , L 9 5 A L

                                                                                                         PURCHASE PRICE
                                                                           Our client is seeking offers in excess of £5,063,000 (Five Million and Sixty Three
                                                                         Thousand Pounds) subject to contact and exclusive of VAT for their freehold interest in
                                                                       the property. A purchase at this level would show an initial yield of 6.75% after allowing for
                                                                                                         purchaser’s costs of 6.8%.

                                                                                     Nick Staunton                                                  Hamish Whiteman
                                                                                     020 7287 2228                                                   020 7287 2228
                                                                              nick@stauntonwhiteman.co.uk                                     hamish@stauntonwhiteman.co.uk

                                                                                                                    Staunton Whiteman LLP
                                                                                                                        9-10 Savile Row
                                                                                                                        London W1S 3PF
                                                                                                                         020 7287 2228

MISREPRESENTATION ACT 1967 AND DECLARATION
Messrs Staunton Whiteman LLP for themselves and for the vendors of this property whose agents they are, give notice that:
i)   the particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract:
ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of
     fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them:
iii) no person in the employment of Staunton Whiteman LLP has any authority to make or give any representation or warranty in relation to this property.

Brochure by: Adrian Gates Design & Photography 07710 316 991

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AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman AINTREE, LIVERPOOL, L9 5AL - PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - Staunton Whiteman
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