Multi-Let Retail / Office Opportunity

A Bilfinger Real Estate company

Multi-let Retail / Office Opportunity

49 – 53B Manchester Road

Denton Manchester M34 2AF 49 – 53B Manchester Road Denton, Manchester, M34 2AF

SCOTLAND

Glasgow Edinburgh

Newcastle NORTHERN IRELAND Belfast

Leeds

Dublin Manchester

IRELAND Executive Summary Birmingham

WALES ENGLAND • Well positioned Town Centre retail / office • We are instructed to seek offers in the

Cardiff London investment region of £1,247,000 (One Million Two Bristol Hundred and Forty-Seven Thousand • Tenants include the Co-op Healthcare, Pounds) the Co-op Funeralcare, Tameside & Glossop PCT, Comfort Call, Brides at • This would reflect an attractive net initial Best Man and Tameside Energy Services yield of 9.00%. This assumes the usual acquisition costs of 5.8% • Gross rental income of £118,750 pa • AWULT of 4.57 years 49 – 53B Manchester Road Denton, Manchester, M34 2AF

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Location

Manchester is one of the UK’s major metropolitan conurbations and is the regional and commercial administrative centre of the North West having a resident population in the order of 515,000 people and a catchment population estimated to be in the order of 2.55 million. The City enjoys an excellent motorway infrastructure and is comprehensively served by a range of motorways including the M60, M56, M61, M62/M66 and M67. 49 – 53B Manchester Road Denton, Manchester, M34 2AF 49 – 53B Manchester Road Denton, Manchester, M34 2AF

Situation Description Denton is a town which forms part of the district of The property comprises three ground floor retail units with Tameside and is situated 6 miles east of Manchester three high specification offices, two above the retail units city centre. The town lies 5 miles east of Manchester city and one to the rear of the property. All three retail units centre, and has a population of 34,286 (Census, 2011). have traditional glazed retail frontage and are accessed The town has excellent road communications being situated just off the M67 motorway, which off Manchester Road. Two of the offices units share an connects with the M60 Manchester Orbital Motorway. The property fronts Manchester Road entrance from Manchester Road whilst the third unit is (A57) which is the main arterial linking the M67 with Denton and Hyde and occupies a prime trading position on the corner of Manchester Road and Acre Street. Nearby occupiers include, accessed via Irwin Street to the rear of the property. Lidal, Domino’s Pizza, Boots Optician and the Post Office. Internally the retail units have been finished to their occupiers’ requirement which in most cases includes full display racking, suspended ceilings, ducted and cassette style heating and cooling systems as well CAT II lights and spot lighting. 49 – 53B Manchester Road Denton, Manchester, M34 2AF

Site Plan Denton GVA 7/7/2014

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45 metres 49 – 53B Manchester Road Denton, Manchester, M34 2AF

Accommodation & Tenancy The property has been measured in accordance with the RICS Code of Measuring Practice on a net internal area basis (NIA) and in total provides 1,030.78 sq m (11,095 sq ft). The property is currently let in line with the tenancy schedule to six tenants on varying lease terms on effectively FRI terms and currently produces £118,750 per annum.

Tenant Property Type Area ITZA (sqft) Term Expiry (Break) Rent £pa Comments Sq M Sq Ft (£ ITZA) / £ psf

Co-Op Healthcare Ltd Retail 144.82 1,559 1,009 15 years wef 10/04/2021 25,000 Guarantor - United Co-Op Ltd. 11/04/06 (24.78) FRI lease. Co-Op Funeral Services Ltd Retail 65.77 708 409 15 years wef 29/04/2022 12,500 Guarantor - United Co-Op Ltd. 30/04/07 (30.87) FRI lease. Brides at Best Man Ltd Retail 141.98 1,528 799 5 years wef 06/06/2015 15,000 Guarantoor - Sarah Jane Dunning. 07/06/10 (18.78) Basement of 456 sq ft. FRI lease. Tameside & Glossop PCT Offices 186.67 2,009 10 years wef 04/06/2018 16,000 FRI lease. 05/06/08 7.96 Tameside Energy Services Ltd Offices 356.84 3,841 5 years wef 10/04/2019 35,250 Been in occupation for 5 years 11/04/14 9.18 prior to current lease. FRI lease. Comfort Call Ltd Offices 134.70 1,450 3 years wef 17/06/2017 15,000 Been in occupation for 3 years 18/06/14 10.35 prior to current lease. FRI lease. Total 1,030.78 11,095 £118,750 49 – 53B Manchester Road Denton, Manchester, M34 2AF

TENURE The property is held under two freehold titles, GM33084 and GM497826.

NHS hospitals. The Co-operative pharmacies provide a range of Care Trusts were renamed to Clinical Commissioning Groups services, including flu vaccinations, weight management, sexual (CCG). TENANT COVENANT health and Muslim health. Tameside and Glossop CCG have a contract with Tameside United Co-operative Limited (now known as The Further information can be found on their website at Council and work along in conjunction with them to improve the Co-operative Group Limited – Guarantor on Unit 53 and 53a) www.co-operativehealthcare.co.uk health care of the local population. The main focus is to use the - The Co-operative Group is the UK’s largest mutual business local knowledge of GPs and their Practice teams to advance which is owned by over eight million members, The Co-operative The Co-operative Funeral Services Ltd (t/a The Co-op the way that health services are currently delivered, and help operates a total of 4,500 outlets, with around 87,000 employees Funeralcare) - The Funeralcare subsidiary has over 100 years of patients make full use of the services that are available. and has an annual turnover of £11 billion. experience and are the UK’s leading funeral director running 88 funeral homes across the country 24 hours a day, seven days a Further information can be found on their website at The Group operates across two core divisions of Retail and week. The Funeralcare team employ over 4,000 staff across the www.tamesideandglossopccg.org Consumer Services. UK. Tameside Energy Services Limited provide Energy services With a food store in every UK postal area, The Co-operative Further information can be found on their website at including Solar PV Panels, glazing, Cavity Wall & Loft Insulation, Food is a leading convenience retailer at the heart of the www.co-operativefuneralcare.co.uk construction and heating services throughout the north west communities in which it trades. The Retail division also includes and midlands. Tameside Energy Service work on deals such as the country’s third largest pharmacy chain, The Group’s online Brides at Best Man Limited is an independent retailer who the Green Deal which is a Government initiative. They provide electrical business and its farms and estates operations. specialise in the hiring and supply of wedding attire. Unlike most customers the chance to make significant improvements to the hire shops, they cater for both female and males. They have The Consumer Services Division includes Funeralcare, the UK’s energy efficiency of their homes at no upfront cost. Tameside recently opened a second store in Stockport, Brides of Freedman number one funeral services provider, Co-operative Insurance, Energy Services has been in occupation at the property for 5 which allows them to link between the two units depending upon a major UK general insurer and CLS, The Group’s legal services years prior to agreeing a new lease in April 2014. client needs. Brides at Best Man were incorporated in 2002 and operation. have been trading at the property since. Further information can be found on their website at Further information can be found on their website at www.tamesideenergyservices.co.uk Further information can be found on their website at www.co-operative.coop www.bridesatbestman.co.uk Comfort Call Limited - have a contract with Tameside Council The Co-operative Healthcare Limited (t/a The Co-operative and work in conjunction with them to provide a full range of care Tameside and Glossop Primary Care Trust (t/a Tameside Pharmacy) has 750 outlets and over 6,500 employees. They are support ranging from a 15 minute visit to 24 hour care per day. and Glossop Clinical Commissioning Group) - A primary one of the top three pharmacy businesses in the UK. The priorities Their services can be provided as a long term solution, or over care trust (PCT) was a part of the National Health Service in for the business centre on improving and growing the store a short period of time to help patients recover from illness or an England. PCTs were largely administrative bodies, responsible portfolio, improving the customer proposition and the capability operation. The staff can support patients with Personal Care and for commissioning primary, community and secondary health of employees in order to drive further sales and efficiencies Support, Nutritional Care and Finance Care and Correspondence. services from providers. Until 31 May 2011 they also provided throughout the business. Comfort Call has been in occupation at the property for 3 years community health services directly. Collectively PCTs were prior to agreeing their new lease in June 2014. The Co-operative Pharmacy has also moved into providing responsible for spending around 80 per cent of the total NHS hospital outpatient dispensing, operating five pharmacies for budget. As part of the Health and Social Care Act 2012, Primary Further information can be found on their website at www.comfortcall.co.uk 49 – 53B Manchester Road Denton, Manchester, M34 2AF

VAT We are advised that the property is elected for VAT purposes and therefore the sale of Further information the property will attract VAT (it is assumed that the sale will be by way of a TOGC). Should you wish to inspect the property or require additional information, please contact: EPC Copy of EPCs for the property can be provided to interested parties or downloaded Email Adam Wildig Adam Wildig from our website www.gva.co.uk/7951. Direct Dial: 0161 956 4029 [email protected]

PROPOSAL Email Gurminder Manak Gurminder Manak We are instructed to seek offers in the region of £1,247,000 (One Million Two Hundred Direct Dial: 0161 956 4105 and Forty-Seven Thousand Pounds) exclusive of VAT. [email protected] This would reflect an attractive net initial yield of 9.00%. This assumes the usual acquisition costs of 5.8% GVA, Norfolk House Print 7 Norfolk Street Manchester M2 1DW

Save For any other investment sales please visit: gva.co.uk/investment

SUBJECT TO CONTRACT

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Edinburgh Quayside House 127 Fountainbridge Edinburgh EH3 9QG

GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com

GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) 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 or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. July 2014