HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG - SECURE RETAIL WAREHOUSE INVESTMENT
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HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG SECURE RETAIL WAREHOUSE INVESTMENT On behalf of Nectar
Investment Summary
•• Prime retail warehouse investment opportunity in an affluent town •• Flexible ‘wide bulky goods’ planning permission
•• Affluent catchment population •• Let to HHGL Limited (formerly Homebase Limited) for a further 8.5 years
•• Prominent site fronting an arterial road out of the town and at the front of •• Current passing rent of £364,725 per annum (£12.50 psf)
the town’s largest industrial estate
•• Short and medium term asset management/development opportunities
•• Purpose built retail warehouse with separate external garden centre. The
•• Freehold
property extends to 29,178 sq ft gross internal area
•• Offers sought in excess of £4,900,000 (Subject to Contract)
•• Dominant DIY store for its catchment area
•• Attractive 7% Net Initial Yield
•• Excellent car parking ratio of 1:233 sq ft
•• A large site of 2.15 acres providing a low site cover of approximately 32%
HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 2
A565
SOUTHPORT
A59 A666 Formby
M6
Formby is an affluent commuter town located on
M61
an attractive coast line within the Metropolitan
A570
Borough of Sefton to the north west of the
A5209 A58 County of Merseyside. The town is located
A49 BOLTON 7 miles south of Southport, 11 miles north of
ORMSKIRK
FORMBY A666 Liverpool and 7 miles west of Ormskirk. The
SKELMERSDALE
A59 WIGAN A58
M61
town has a population of approximately 25,000
M60
people and can boast an above average socio-
A565 M58 economic profile and home-ownership.
A570 M6 A579
Formby is a popular tourist destination during
CROSBY A580 the summer months and is home to the
championship golf course at Formby Hall,
A59
A580 23 which is situated 2.5 miles from the subject
MANCHESTER
ST HELENS property. Formby benefits from excellent road
M57 M62
A5058 A58 communications lying adjacent to the A565
M60
A570
(Formby By-pass) which links to Southport in
A57 10/21A
1 the north and via the A5758 links to the M58
2 M62 A57 9
A56 and M57 motorways 6 miles to the south east.
1/6 WARRINGTON 21
BIRKENHEAD A557 A57 The town’s railway station provides a regular
HOYLAKE
LIVERPOOL WIDNES
service to Liverpool and Southport. The nearest
A50
airport is Liverpool John Lennon Airport which is
M56 6
A41 A561 9/20
approximately 25 miles away.
Ri Liverpool A34
ve
rM Airport
HESWALL M53 RUNCORN
er 11
se
y 12 WILMSLOW
Ri 5 A49 M6
ve
rD
ee NESTON A54
ELLESMERE A533
Southport – 7 miles
A548
PORT
NORTHWICH
FLINT
Ormskirk – 7 miles
11/15
A5117
A5119 A556
CONNAH’S A34
QUAY
A54
WINSFORD 18
Liverpool – 11 miles
CHESTER A54
A49
HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 3
Ln
Massam’s
Argarmeols Rd
Formby Golf Club
po
rt R
d
Situation
G re
th
S ou
en
D e a nsg
Freshfield The property is situated on the west side of Stephenson
Formby Bypass
L an
Go
Way, prominently fronting onto the busy A565 Formby
e
Victoria Road
re s
ate L an
College Ave
Bypass, in a predominantly commercial area and is
Harington Rd
L an
Rd
efield
Larkhill Lane
e
Pierc approximately 1 mile (1.6 km) south east of Formby
e
Town Centre.
Downholla
nd Moss Ln
Cable St Stephenson Way links into Altcar Road via a
ve roundabout, which also services an established Tesco
ell A
Freshfi
d
Blun eld Ln Superstore, lying a short distance to the south of the
Bark fi
e
subject property.
ld Rd
e
Hal
rd L an
s all
A565
Churc
L an
a
Formby
Watchy
h Roa
e
HOMEBASE
d
L ane
Wicks
Rd
Woodlands Rd
Altcar
t
Formby Station D u ke S
ne B5195
a
p’s L
Philli
B5424
Bushbys Lane Raven Meols Lane
Little Altcar
By pas s
Formby
HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 4
Description The property comprises a detached purpose built retail warehouse unit constructed in 1987. Internally the property is fitted out to the corporate trading style of the tenant with large sales area, trade and bulky goods area and a two-storey ancillary block providing customer WC’s, stores and staff facilities and meeting rooms. The customer car parking is situated to the front and left hand side of the store and there is also an external garden centre situated towards the rear of the property. Servicing is also segregated at the rear of the unit. HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 5
Site
The property occupies a site of 2.15 acres (0.87 ha) with a low site
coverage of approximately 32%.
Accommodation
The property has a gross internal floor area of approximately 29,178
sq ft (2,710.68 sq m). The garden centre extends to approximately
4,630 sq ft (430 sq m).
Externally there are 125 customer car parking spaces providing a
car parking ratio of 1:233 sq ft (1:22 per sq m).
Tenure
The property is held Freehold (Title Number: MS206267).
Tenancy
The subject property is let in its entirety to HHGL Limited (formerly
Homebase Limited), for a term of 20 years from the 20th April 2006,
expiring 19th April 2026 (8.5 years unexpired). The lease is drawn
on full repairing and insuring terms with 5 yearly upward only rent
reviews. The current passing rent of £364,725 per annum (£12.50
psf) is subject to one further review on 20th October 2021 (Note out
of sync review).
EPC
EPC certificate available on request.
HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 6
Covenant Status
Homebase is a British home improvement retailer and garden centre,
with stores across the United Kingdom and Republic of Ireland.
Founded by Sainsbury’s and GB-Inno-BM in 1979, the company was
owned by Home Retail Group from October 2006 until it was sold
to Wesfarmers in February 2016. Wesfarmers began to rebrand the
business under its existing Bunnings Warehouse operation, beginning
with the first store in February 2017. It intends to complete the process
within five years of the acquisition.
HHGL Limited (Company Number: 533033 – formerly Homebase
Limited) is regarded as a “Very Low Risk” in terms of business failure,
with a 5A1 Dun & Bradstreet rating. Their latest set of accounts is
summarised below:
HHGL Limited 27 February 2016 28 February 2015
Turnover £1,360,112,000 £1,408,807,000
Pre-Tax Profit £43,299,000 £16,769,000
Net Assets £50,142,000 £420,012,000
VAT
The property is elected for VAT and therefore VAT will be payable on
the purchase price. It is anticipated that the sale will be dealt with as a
TOGC.
HOMEBASE, STEPHENSON WAY, FORMBY, LIVERPOOL L37 8EG 7
Proposal
Our client is seeking offers in excess
of £4,900,000 (Four million nine
hundred thousand pounds) for their
freehold interest. A purchase at this level
reflects a 7% net initial yield, after
deducting purchase costs.
On behalf of Nectar
For further information or to arrange an inspection, please contact:
Christopher Dee LLP Christopher Dee LLP
James Kinsler Mark Powell Rob Steward 40 Peter Street 315 Linen Hall
Tel: 07825 870209 Tel: 07825 077724 Tel: 07768 108022 Manchester 162-168 Regent Street
Email: jk@christopherdee.co.uk Email: mp@christopherdee.co.uk Email: rs@christopherdee.co.uk M2 5GP London W1B 5TD
MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants
must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee LLP nor any of its employees or representatives has any authority to make or give any representation or warranty or enter
into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless
otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Design by Ask Design Ltd. 0161 976 1836.
November 2017.You can also read
