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Porsche Stockport RARE FORWARD COMMITMENT PORSCHE OPPORTUNITY TO ACQUIRE A PORSCHE CAR SHOWROOM WITH LONG LET, STOCKPORT RPI LINKED REVIEWS MARSLAND STREET STOCKPORT SK1 2BT INVESTMENT SUMMARY ACCOMMODATION TENURE AUTOMOTIVE PROPERTY INVESTMENT CAPITAL ALLOWANCES PORSCHE STOCKPORT LOCATION PARKING TENANCY DEVELOPMENT TIMELINE DATA ROOM & VAT MARSLAND STREET < > SITUATION SITE AREA PORSCHE BRAND PROFESSIONAL TEAM ANTI MONEY LAUNDERING DESCRIPTION PLANNING PENDRAGON COVENANT ENIRONMENTAL CONTACTS STOCKPORT 1 SK1 2BT INVESTMENT SUMMARY • A rare forward commitment opportunity for a new Porsche dealership in a key territory • Prominently located, visible from the M60 Motorway, 0.5 miles north east of Stockport town centre • A new c. 43,800 sq ft prime car dealership for one of the UK’s most prestigious franchises • Situated adjacent to a Tesco superstore, in close proximity to numerous car dealerships with excellent connectivity • The Porsche dealership will be let for a term of 15 years to Pendragon Sabre Ltd, with a guarantee from Pendragon plc (D&B rated 5A1), the UK’s third largest dealer group by turnover • The property will be let for a term of 15 years from practical completion with a tenant’s option to extend for a further 10 years • 5 yearly RPI linked annually compounded rent reviews (1% collar & 3% cap) • An initial rent of £742,500 per annum (£16.95psf) • Freehold • Construction has recently commenced and has an anticipated completion date in February 2020 We are instructed to seek a forward commitment to purchase based on a £6,000,000 site acquisition with a balancing payment upon practical completion based on a total purchase price of £11,500,000 (Eleven Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 6.00%, assuming full purchaser’s costs of 7.71%. INVESTMENT SUMMARY ACCOMMODATION TENURE AUTOMOTIVE PROPERTY INVESTMENT CAPITAL ALLOWANCES PORSCHE STOCKPORT LOCATION PARKING TENANCY DEVELOPMENT TIMELINE DATA ROOM & VAT MARSLAND STREET < > SITUATION SITE AREA PORSCHE BRAND PROFESSIONAL TEAM ANTI MONEY LAUNDERING DESCRIPTION PLANNING PENDRAGON COVENANT ENIRONMENTAL CONTACTS STOCKPORT SK1 2BT Oldham 2 Newton LOCATION Heath Mossley A580 A62 A576 Salford Ashton-under-Lyne 12 2 Stockport is a major satellite town within the Greater Manchester The town benefits from excellent road connections being adjacent M602 1 Manchester 23 M62 A57 A635 conurbation with an extensive total population of 283,300. The town to the M60 (Junction 27) which forms the Manchester Outer Ring A635 is situated 7 miles (11 km) south east of Manchester city centre, Road and links with the M56, M62, M61, M67 and the wider national M60 Castlefield A57 9 47 miles (76 km) south west of Leeds, 85 miles (136 km) north of motorway network. The A6 runs north-west to south-east from A56 24 Urmston Manchester to Derby and beyond. Hyde Birmingham and 200 miles (321 km) north west of London. A6010 7 Stockport railway station is located approximately 1.5 miles (2.4 km) A6 The town, together with its suburbs such as Bramhall and Heaton A5103 A560 A34 to the south west of the property and serves as a main interchange 25 Moor, is one of Greater Manchester’s strongest and most affluent Didsbury Bredbury areas with a robust economy, a strong quality of life and bolstered for both regional and national services. Stockport provides direct 5 1 by fast access to areas of Cheshire and Derbyshire. Stockport has services into Manchester within 7 minutes, Birmingham in 1 hour A56 M60 Stockport developed centres of high-value employment and attracts significant 20 minutes and London Euston in 2 hours. 3 Marple commuting flows in from the rest of Greater Manchester and its Manchester Airport, located 8 miles (12.6 km) to the north east Altrincham A6 surrounding districts, leading to mutually beneficial economic of the property, is the UK’s third busiest airport with 28.2 million Hazel Grove relationships and a high proportion of urban wealthy executives. passengers recorded in 2018. A34 Manchester Airport A523 A6 B6167 Tiviot Way 26 A560 A626 M60 Water Street B6167 Stockport Road West B6104 Marsland Street 27 Mersey Street A560 M60 Great Portwood Street St Mary’s Way B5465 Stockport A6 A626 SAT NAV: SK1 2BT INVESTMENT SUMMARY ACCOMMODATION TENURE AUTOMOTIVE PROPERTY INVESTMENT CAPITAL ALLOWANCES PORSCHE STOCKPORT LOCATION PARKING TENANCY DEVELOPMENT TIMELINE DATA ROOM & VAT MARSLAND STREET < > SITUATION SITE AREA PORSCHE BRAND PROFESSIONAL TEAM ANTI MONEY LAUNDERING DESCRIPTION PLANNING PENDRAGON COVENANT ENIRONMENTAL CONTACTS STOCKPORT SK1 2BT INVESTMENT SUMMARY ACCOMMODATION TENURE AUTOMOTIVE PROPERTY INVESTMENT CAPITAL ALLOWANCES PORSCHE STOCKPORT LOCATION PARKING TENANCY DEVELOPMENT TIMELINE DATA ROOM & VAT MARSLAND STREET < > SITUATION SITE AREA PORSCHE BRAND PROFESSIONAL TEAM ANTI MONEY LAUNDERING DESCRIPTION PLANNING PENDRAGON COVENANT ENIRONMENTAL CONTACTS STOCKPORT 4 SK1 2BT SITUATION DESCRIPTION The site is strategically split over two adjacent sites with the main Porsche focus on providing a high level of customer experience, dealership prominently situated fronting the M60 motorway, and this demands specific requirements from their retail facilities. to the west of Junction 27 where the M60 meets the A560 and The 43,831 sq ft building has been designed in strict accordance the A626. The property lies half a mile (0.8 km) north east of with Porsche Corporate Identity requirements and the building shape Stockport town centre and is accessed from Marsland Street and closely mimics Porsche’s preferred curved design along with the Water Street. feature ‘cut-out’ entrance. The proposed main dealership site is located off Marsland Street The design has been orientated in order to take advantage of the as is the southern most out of the two sites. This site is bound to prominent views onto the site from the M60 Motorway, as well as the south by the elevated M60 motorway. To the north and east maintaining a primary viewpoint from the main customer entrance of the site is a large Tesco Extra with a petrol filling station and off Marsland Street. associated parking. To supplement the dealership facility, the adjacent site to the On the main dealership site, the subject development will consist north west will be used to accommodate a vehicle preparation of a two storey, purpose built Porsche branded car dealership facility and car compound. This site is bound to the east by together with associated workshop and parking. The property Water Street. showroom will be clad using metallic grey cladding panels, glazing Access to the both sites can be made from either Junction 27 will be provided to the showroom along the main curvature of the of the M60 via Tiviot Way and Water Street or alternatively from building and the back of house areas will be clad in full height dark Marsland Street direct from the A560 and Stockport Town Centre. grey trapezoidal cladding. Customers will have the benefit of two handover bays located on the primary elevation facing east along The surrounding area predominantly comprises a well with a dedicated service parking canopy which will greatly enhance established out of town retail, leisure and dealership destination the customer experience. with Land Rover, Infiniti, Volvo and Kia all situated within close proximity to the subject property. Located off J1 of the M60 is Internally, the ground floor will comprise a luxury, part double height Europe’s largest Mercedes-Benz dealership which opened in showroom with 17 display spaces, featuring a Specification Lounge, July 2019 and comprises c. 300,000 sqft of showroom, workshop two handover bays, two Direct Dialogue bays, offices, 17 state-of- and ancillary. Opposite the junction to Marsland Street to the the-art double height workshop and MOT bays, parts storage, vehicle south of the property is the successful Peel Centre Shopping Park lift and ancillary accommodation. Externally there is a dedicated with tenants including DFS, Currys/PC World, Next, New Look, service parking canopy. The first floor will comprise a luxury Hobbycraft, Home Bargains, Matalan, Gap Outlet, H&M, Argos, showroom with a further 17 display spaces, featuring a Specification Boots and Dunelm. Lounge and hospitality area, offices, parts mezzanine, staff areas, The location benefits from excellent public transport links, with vehicle lift and ancillary accommodation. a regular bus service to Stockport City Centre and the wider The adjacent site to the north west will be used to house a vehicle region. The nearest bus stop to the site is within a two minute preparation facility and secure car compound for over 200 vehicles. walk on Marsland Street providing services to Stockport at frequent intervals and Ashton-Under-Lyne at half hourly intervals. INVESTMENT SUMMARY ACCOMMODATION TENURE AUTOMOTIVE PROPERTY INVESTMENT CAPITAL ALLOWANCES PORSCHE STOCKPORT LOCATION PARKING TENANCY DEVELOPMENT TIMELINE DATA ROOM & VAT MARSLAND STREET < > SITUATION SITE AREA PORSCHE BRAND PROFESSIONAL TEAM ANTI MONEY LAUNDERING DESCRIPTION PLANNING PENDRAGON COVENANT ENIRONMENTAL CONTACTS STOCKPORT 5 SK1 2BT ACCOMMODATION SITE AREA TENURE AME RIVER T The property will provide the following The site is presented on two adjacent The property is predominantly freehold approximate Gross Internal Areas. sites, separated by the intersection of with part of the northern site held on a Water Street and Marsland Street. The 999 year lease from 30th March 1994 at AREA SQM SQ FT total site area extends to approximately nil rent. Ground Floor 5.2 acres (2.1 hectares). Showroom 1,077 11,593 TENANCY Valet/Parts/Handover 580 6,243 PLANNING Northern Site Offices 104 1,119 2.96 acres (1.2ha) The property will be let in its entirety Workshop 775 8,342 Planning was granted on the 2 April on full repairing and insuring terms WATER STREET Ancillary 100 1,076 2019 by Stockport Metropolitan Borough to Pendragon Sabre Limited with a Workshop & Wash Bays 72 775 Council (ref: DC/070913) for a ‘motor guarantee from Pendragon Plc, for a term (rear site) vehicle dealership for the sale, service of 15 years from completion of the lease Sub Total Ground Floor 2,708 29,149 and MOT of new and used vehicles’.
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