MOSS BROS 31 EASTGATE STREET & 25 EASTGATE ROW NORTH CHESTER, CH1 1LG - PRIME FREEHOLD RETAIL INVESTMENT
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PRIME FREEHOLD RETAIL INVESTMENT MOSS BROS 31 EASTGATE STREET & 25 EASTGATE ROW NORTH CHESTER, CH1 1LG
INVESTMENT SUMMARY
• Chester is an affluent and historic Cathedral City with over 8 million visitors
a year.
• Situated on the 100% prime pedestrianised thoroughfare of Eastgate Street.
• Let to Moss Bros Group Plc. until September 2021.
• Passing rent of £157,000 pa, reflecting £200 ZA.
• Historic Zone A rental levels reached £255 ZA.
• Freehold.
• Seeking offers in excess of £2,950,000, subject to contact and exclusive of
VAT, reflecting a net initial yield of 5%, allowing for purchasers’ costs of
6.44%.
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG
Morecambe
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG Heysham Lancaster
Fleetwood
M6
Clitheroe Keighley
LOCATION Blackpool
M55
The property is located within the historic Cathedral City of Chester, approximately Preston Burnley BRADFORD
20 miles south of Liverpool and 35 miles southwest of Manchester. Lytham St Anne's
Blackburn
Halifax
Leyland M65
Chester benefits from excellent road communication, the city ring road provides access Darwen Rawtenstall
to junction 12 of the M53, connecting you to the M56 and the rest of the national
motorway network. To the south of Chester, the A483 offers direct access to Wrexham. Southport Chorley Rochdale
M66 M62
M6
M61 Bury
Bolton
Chester mainline station offers an excellent rail service to London Euston (2 hours), Ormskirk
Liverpool Lime Street (45 minutes) and Manchester Oxford Road (1 hour and 10 Formby
minutes). The city also benefits from both John Lennon Airport (24 miles) and M58 Wigan M60 Oldham
Manchester International Airport (37 miles). Crosby Kirkby
Bootle St Helens
M62 Salford
MANCHESTER
LIVERPOOL M62 Warrington Sale Stockport
Birkenhead Widnes
Holyhead M56 Manchester
Liverpool
Prestatyn M53
Llandudno Rhyl Wilmslow
Runcorn Knutsford
Conwy
Ellesmere M56
Port Northwich M6 Buxton
Flint Macclesfield
Bangor
CHESTER
Sandbach
Crewe Leek
Kidsgrove
Nantwich
Wrexham
Newcastle- STOKE-ON-TRENT
under-Lyme
Stone
Uttoxeter
Oswestry
M6
Stafford
Newport Rugeley
Shrewsbury Cannock
Telford
M54
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG
RETAILING IN CHESTER
Chester is the county town and administrative centre for Cheshire. It has a resident for its “Row Level” trading within these main streets, providing distinctive two level units
population of more than 132,000 and a primary catchment of 800,000. Chester’s historic known as The Rows.
and cultural significance attracts over 8 million visitors a year with annual tourist spend of
in excess of £800 million. The city has two shopping centres, Grosvenor Shopping Centre and the Forum Shopping
Centre which is due to be redeveloped as part of Chester Northgate. This will be a
Chester’s retail core is concentrated on Eastgate Street, Foregate Street and Northgate retail and leisure led development comprising a House of Fraser department store,
Street with the prime pitch being the pedestrianised thoroughfare of Eastgate Street multiplex cinema, shops, cafes, restaurants, hotel, new market hall and car park. Planning
where a large number of national multiple retailers are located. Chester is well known permission was a granted in July 2017 with work proposed to start in 2018.
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG
For illustration purposes only
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG SITUATION The subject property is situated on the prime pedestrian thoroughfare of Eastgate Street, adjoining both NatWest Bank and Bella Italia. It sits in a prominent position opposite Browns of Chester department store (Debenhams), with nearby national retailers including Next, Hobbs, Jo Malone, Jack Wills, Cath Kidston, Fat Face and White Stuff.
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG
DESCRIPTION
The property is Grade II Listed comprising a retail unit on ground and first floors
with a self-contained shop and ancillary accommodation on the attractive historic
Row Level and above, laid out as follows:
31 Eastgate Street - A retail unit comprising ground and part first floor sales with
ancillary storage and staff accommodation. The basement which was originally a
sales area is currently closed with a hatched access.
25 Eastgate Row North - The entrance is off the covered walkway on Eastgate Row
North, accessed from a set of stairs to the right of 31 Eastgate Street. There is a
retail unit at Row level with three self contained upper floors comprising a workshop,
a clinic and ancillary storage.
ACCOMMODATION
The property provides the following measured areas:
Floor Use Area
Metric Imperial
31 Eastgate Street
Ground Shop 163.97 1,765
ITZA 57.52 619
Basement Unused 73.02 786
First Sales 68.19 734
Ancillary 43.76 471
25 Eastgate Row North
Row Shop 17.47 188
Second Workshop 58.34 628
Third Clinic 55.00 592
Fourth Store 55.74 600
Total 535.49 5,764
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG TENURE Freehold. TENANCY The property is let in its entirety to Moss Bros Group Plc (Company No. 00134995) on full repairing and insuring terms expiring 28th September 2021. The current rent passing is £157,000 pa and the next rent review is on 30th June 2018. The tenant has sublet some of the upper parts. RENTAL VALUE The passing rent of £157,000 pa equates to £200 Zone A offering good prospects for future rental growth especially when compared to the historic levels of £255 Zone A achieved previously.
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER CH1 1LG
COVENANT EPC
Moss Bros Group Plc (Company Number – 00134995) opened their first store in 1851 in The property has an EPC rating of
the West End of London and now have over 80 stores across the UK. Moss Bros is a leading C 74. Further details are available
men’s fashion retailer, offering retail, tailoring and hire services. on request.
DueDil Rating – Very Low Risk 78/100
VAT
Summary 28 Jan 2017 30 Jan 2016 31 Jan 2015
(£,000) (£,000) (£,000) The property is elected for VAT and
Turnover 127,930 121,072 114,728 it is proposed that the sale will be
treated as a TOGC.
EBITDA 13,580 11,775 9,704
Post-tax Profit 5,523 4,605 3,485
Total Assets 63,013 56,485 58,487
Net Assets 37,499 37,337 37,454
RETAIL INVESTMENT MARKET
There have been a number of recent retail investment sales in Chester which have generated
strong investor competition. Set out below are details of those transactions nearby.
Address Date Tenant Price Yield
10 Eastgate Street Mar 2017 Ernest Jones / £2,750,000 4.75%
Lakeland
26 Eastgate Street Aug 2016 Jo Malone / £3,600,000 4.10%
Mappin & Webb
29 Eastgate Street Jul 2015 Bella Italia £2,115,000 4.72%
31 EASTGATE STREET & 25 EASTGATE ROW NORTH | CHESTER, CH1 1LG
PRICE
We are to seek offers in excess of
£2,950,000 subject to contract and exclusive
of VAT, which reflects a net initial yield of 5%
(assuming purchase costs of 6.44%).
FURTHER INFORMATION
For further information or to make
arrangements for a viewing, please contact:
Brook Stotesbury
bs@hsmuk.com
DDI: 020 7318 1938
Tim Morgan
tjm@hsmuk.com
DDI: 020 7318 1933
SUBJECT TO CONTRACT
& EXCLUSIVE OF VAT
DISCLAIMER - Messrs Hoddell Stotesbury Morgan Limited (9050701) trading as HSM, 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 conditions and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser should not rely upon them a statement or representations of fact but should satisfy
themselves by inspection or otherwise as to the correctness of each of them;
(iii) no person in the employment of HSM has any authority to make or give any representation or warranty whatever in relation to this property.
(iv) unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition.
(v) HSM has not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers must undertake their own enquiries and satisfy themselves in this regard.
Date: November 2017. Designed and produced by Creativeworld. T: 01282 858200.You can also read
