CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA - FORMER SUPERMARKET SECURE INCOME INVESTMENT GUARANTEED BY CO OP (12 YEARS UNEXPIRED) WITH SIGNIFICANT ...
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On behalf of N J Pask and R J Goode, Joint Fixed Charge Receivers
FORMER SUPERMARKET
CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA
SECURE INCOME INVESTMENT GUARANTEED BY CO OP (12 YEARS UNEXPIRED)
WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
FORMER SUPERMARKET
CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
INVESTMENT CONSIDERATIONS
■■ Attractive town centre former supermarket ■■ Fixed rental uplifts in June 2021 and June 2026, ■■ We are instructed to seek offers in excess of
investment based on 2.25% per annum compounded 5 yearly £3,500,000 (Three Million Five Hundred Thousand
■■ Situated in the affluent town of Northwich Pounds) subject to contract and exclusive of VAT.
■■ Car Parking for 129 cars
This equates to an attractive net initial yield of
■■ The unit comprises a total of 1,300.3 sq m (13,996 sq ft) 7.31% after allowing for purchaser’s costs of 6.50%.
■■ Freehold
of well configured floor space With the following guaranteed reversions:
■■ Let for a further 12 years (no breaks) to the excellent ■■ Site area of 1.70 acres (0.69 hectares)
Date Running Yield
covenant of Co-operative Foodstores Limited, with ■■ The site provides significant asset management
Co-operative Group Limited as guarantor opportunities, including redeveloping the site
June 2021 8.18%
June 2026 9.14%
■■ Current rent of £272,689 per annum into office, leisure, retail and residential (STP)
FORMER SUPERMARKET
CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
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MANCHESTER A628 A616 C he
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A41 Liverpool
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NORTHWICH
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B537
A41 St C h e st e r W
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CHESTER M6
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A55 Hawarden A34
MIDDLEWICH A54 Rd
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NANTWICH A500 A520
A534
WREXHAM
LOCATION
A483 NEWCASTLE-UNDER-LYME A523
Northwich is an affluent, thriving town located in A525
the county of Cheshire at the confluenceA51of the A520
A50
Rivers Weaver A495
and Dane. It is located 33 km
ELLESMERE UTTOXETER
(22 miles) south west of Manchester, 45 km
(28 miles) east of Liverpool and 38 km (24 miles)
north west of Stoke-on-Trent.
Northwich benefits from excellent road
communications with the A533 running directly
through the town linking the M56 and the M6. This
enables easy access from Northwich to the wider
motorway network and in turn other major cities.
Northwich is well connected via public transport
services, with regular direct trains to Chester (33
minutes), Manchester Piccadilly (57 minutes) and
Warrington (52 minutes). The local bus services
also provide access to Altrincham, Knutsford,
Appleton and Warrington.
Manchester Airport and Liverpool Airport
are conveniently located 26.5 km (16.5 miles)
north west and 30.5 km (19 miles) north east
of Northwich.
FORMER SUPERMARKET
CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
Chester CW9 5JA
SITUATION DESCRIPTION FS
1 to 6
Brockhurst House
2 30
The property is prominently situated within Built in the 1980s, the property comprises a Dane House
4
16 24
Northwich Town Centre on the south side of Chester single storey purpose built food store. The 8
20
Way. Chester Way (A533) is the main ring road property has brick and profile metal clad
6
10 12
of the town and joins the A599 to the north east, elevations and a pitched tiled roof. To the
which links to the M6 Motorway at Junction 19. front of the property is an entrance lobby
which is covered by a canopy.
The property benefits from being less than a Daneside Court
41
mile away from Northwich Railway Station The internal specification of the unit
37
which provides direct access to Chester Railway comprises tiled floors and suspended Daneside Mews
39
Station (33 minutes), Manchester Piccadilly (57 ceilings incorporating fluorescent strip
minutes) and Stockport (21 minutes). Furthermore, lighting. To the front of the property is the
Manchester Airport is located 25km (15.7 main sales area, with a stock room to the
miles) north east of the subject property, with rear.
Liverpool Airport 31.4km (19.5 miles) north west
There is a roller shutter loading door on TCB
of the subject property offering a wide range of
the eastern side of the property which
domestic, international and freight flights.
provides loading access from the car 2.2m
The surrounding area can be classified as park. 47
residential and commercial in nature. The 35
41
The property also benefits from on-site
Danesbridge Medical Centre and Pharmacy are
surfaced car parking with approximately
located to the west of the property, Daneside War 19 23
129 spaces. Memorial
Care Home is located to the east, Waitrose is
39
located in very close proximity to the property Vehicular access to the property is off 7 37
DR
with a large modern residential scheme to the Chester Way, with additional pedestrian Danebridge I LL
FIE
L DR
rear. This creates a lot of footfall in the immediate access provided from Drillfield Road to Medical Centre El Sub Sta
OA
D
81 to 113
5
vicinity. the rear.
54
The main town centre, which boasts a number 52
of national multiples is situated on the other side
SITE AREA
50
of Chester Way, around the semi-pedestrianised
4
High Street/Witton Street. There are several large Site area of 1.70 acres (0.69 hectares).
15
14
115 to 145
supermarkets within the town centre, including 12.8m
DRIL
20
0m 10m 20m 30m
Sainsbury’s, Marks & Spencer, Aldi, Lidl and Asda.
L
2
1
FIEL
64
D
4
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
© Crown Copyright, ES 100004106. For identification purposes only.
FORMER SUPERMARKET
CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL
ASSET MANAGEMENT OPPORTUNITIES
Due to its location and site area, the property lends itself
to a number of different uses, including, retail, office,
leisure and residential.
The current site coverage is very low at 18.8%,
demonstrating the potential to increase massing.
COVENANT
The Co-operative Group Limited
The Co-Operative Group is the fifth largest food retailer
in the UK, operating from over 2,800 local, convenience
and medium sized stores. The group is also the largest UK
funeral services provider, a major general insurer and a
growing legal services business.
The Group employs over 70,000 people across the various
business lines with over 4.65 million active members,
accounting for 33.5% of total food turnover. In H1 2018,
sales increased to £5bn, an increase of 10% compared
to 2017 sales of £4.5bn. This reflects a strong performance
within the Food business as well as accounting for the
acquisition of Nisa’s wholesaling operations.
In the first half of 2018, The Co-Operative Group opened
45 new food stores and 10 new funeral homes creating
over 600 new jobs. They also acquired Simplify Probate
to expand the probate business and increase existing
support for bereaved families, making Co-Op the largest
provider of probate services in the UK.
In the second half of 2018, the group has significantly
increased the rate of expansion, opening 60 new food
TENANCY ACCOMMODATION stores and 15 new funeral homes in addition to introducing
a revised product base within the Insurance business.
The property is let in its entirety to The property had originally been let to Floor Use Sq m Sq Ft The Group is undergoing rapid expansion in the
Co-operative Foodstores Limited for a term Somerfield Stores Limited but was assigned
Ground Sales/store 1,300.3 13,996 wholesale market following the recent acquisition of
of 25 years from 29th June 2006 expiring on in July 2016 to Co-operative Foodstores
Nisa and five-year commercial deal to supply Costcutter
28th June 2031 (12 years unexpired) at a Limited with Co-operative Group Limited Supermarkets Group. When combined with independent
current passing rent of £272,689 per annum. as guarantor. co-operative societies, The Co-Operative Group now
The lease provides for 5 yearly upward only The property has been underlet to Charity supply over 7,700 stores nationwide.
rent reviews, calculated to a fixed uplift, and Recycling Enterprise UK (t/a Care UK) A summary of Co-operative Group Limited’s accounts
based upon 2.25% per annum compounded on a license expiring on 21st December are below:
5 yearly. The next rent reviews are due in 2020. Either party may end this license
June 2021 and June 2026 where the fixed with 1 month’s prior notice. 06/01/2018 31/12/2016 02/01/2016
uplifts are calculated to be as follows: Turnover £9,470,000,000 £9,472,000,000 £9,301,000,000
Pre Tax Profits £72,000,000 -£132,000,000 £23,000,000
Date Rent TENURE
Total Net Worth £2,191,000,000 £2,298,000,000 £2,006,000,000
June 2021 £304,778 Freehold.
June 2026 £340,644
VAT EPC DATAROOM
We understand the property has been elected An EPC is available in the For access to the Allsop dataroom please use the following link:
for VAT. It is anticipated that the sale will be dataroom. https://datarooms.allsop.co.uk/register/coopnorthwich
treated as a Transfer of Going Concern (TOGC).
PROPOSAL
We are instructed to seek offers in excess of £3,500,000 Date Running Yield
(Three Million Five Hundred Thousand Pounds) subject June 2021 8.18%
For further information or to make arrangements for
to contract and exclusive of VAT. This equates to June 2026 9.14% viewing please contact:
an attractive net initial yield of 7.31% after allowing Ronnie Morgan Alex Butler
for purchaser’s costs of 6.50%. With the following 020 7543 6808 020 7543 6722
ronnie.morgan@allsop.co.uk alex.butler@allsop.co.uk
guaranteed reversions:
allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.19
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