ON BEHALF OF LPA RECEIVERS A Secure, High-Yielding, Mixed-Use Investment Opportunity POUNDLAND AND ASHTON, LEIGH & PRIMARY CARE TRUST 35/37 MARKET STREET, , WIGAN WN1 1AR gva.co.uk/3115 INVESTMENT A49 SUMMARY

HIGH-YIELDING, A49 The SECURE, INVESTMENT Shopping Centre OPPORTUNITY PROMINENT MIXED-USE BUILDING LOCATED WITHIN THE GALLERIES SHOPPING CENTRE IN WIGAN’S RETAIL CORE Marketgate LET TO THE ASHTON, LEIGH Shopping Centre & WIGAN PRIMARY CARE B5376 TRUST (UNDOUBTED COVENANT) AND POUNDLAND LIMITED The Galleries (D&B RATING 5A1) Shopping Centre WEIGHTED AVERAGE UNEXPIRED LEASE TERM OF 15½ YEARS ATTRACTIVE NET INITIAL YIELD OF 9.25% Wigan Market Hall WE ARE INSTRUCTED TO Bus Station Morrisons SEEK OFFERS IN THE REGION OF £2,600,000

B5375 gva.co.uk/3115 LOCATION

A58

A58

WIGAN

A57

Wigan is located in Greater and around 11 miles west from junction 6 of the Wigan North Western Rail Station provides has a population of 166,840 (2001 census) M61 motorway. In addition, the A577 runs regular services to London with a journey time and a wider district population of 301,415. immediately to the south of the town centre of approximately 2 hours. The nearest air travel The town is the headquarters of the Greater and links with Skelmersdale to the west and to the town is provided by Manchester combined authority, the top Tier the M61 and Bolton to the east. which is approximately 28 miles to the south administrative body for . east and provides regular international and Wigan is situated approximately 19 miles north domestic flights. The city has good road communications west of Manchester, 22 miles north east of being situated approximately 3½ miles east and 13 miles north of Warrington. of junction 26 of the M6/M58 motorways and

gva.co.uk/3115 SITUATION

MICRO DOT

PAST TIMES

THE PROPERTY

JD SPORTS

KINGS SHOE ZONE

The property is prominently situated within the Superdrug. It has a unique combination of is situated approximately Galleries Shopping Centre and benefits from covered malls and external walkways which 100 metres to the west of the property and frontage to Wigan Square/Leigh Arcade, within sets it apart from other shopping centres can be accessed via Queens Hall Pass or Lever the scheme at the front and Market Street to within the town. Street. In addition, both of Wigan’s rail stations the rear. are situated less than 500 metres to the south Wigan has a strong retailing town centre of the property. The busy scheme is located in the heart of with representation from national multiples Wigan Town Centre, and boasts around 90 including Primark, Marks & Spencer, high street and independent stores including Wilkinsons, BHS, Next, H&M, Waterstones, Morrisons, Argos, New Look, Peacocks and Boots and Debenhams.

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45 metres DESCRIPTION & ACCOMMODATION

The property comprises a two-storey retail and office unit with additional basement forming part of the Galleries Shopping Centre, constructed in 1990 with a steel and concrete frame with brick elevations and a pitched slate roof. The property has been split to provide two self contained units with the main access into the properties via double doors from Wigan Square and a further rear access from Market Street. The Poundland store also benefits from a double glazed return frontage that runs along Orrell arcade. The Primary Care Trust unit benefits from frontage into the Gallery Shopping Centre with entrances at both ground and first floor level via full length, glazed automated doors. The accommodation has been finished with carpet tiles, perimeter trunking, suspended ceilings and vinyl flooring and air conditioning in parts. Poundland trade from the ground floor, with their internal fit out including wooden flooring, painted walls, suspended ceilings, fluorescent lighting and air conditioning.

FLOOR USE SQ FT SQ M Ashton, Leigh & Wigan PCT Consultancy Rooms and 1,163 108 Basement Ancillary Ashton, Leigh & Wigan PCT Reception and 2,594 241 Ground Floor Consultancy Rooms Ashton, Leigh & Wigan PCT Reception, Consultancy 9,472 880 First Floor Rooms and Ancillary Sub total 13,229 1,229 Poundland Basement Loading, Storage and 2,002 186 Ancillary Office Poundland Ground Floor Retail Sales 5,699 529.5 Sub-total 7,701 715.5 TOTALS 20,930 1,944.5

THE ABOVE UNITS PROVIDE THE FOLLOWING ITZA FLOOR AREAS: Poundland unit – 1,770 ITZA Ashton, Leigh & Wigan PCT – 4,137 ITZA

gva.co.uk/3115 FURTHER INFORMATION

TENURE COVENANT STATUS The property is held on a long leasehold basis Ashton, Leigh & Wigan Primary Care Trust is for a term of 150 years less 3 days from the responsible for ensuring the best possible health 31 May 1990 expiring on the 28 May 2140 (128 service available to the people of Wigan Borough years unexpired). The rent payable is £35,610 per and for improving the health of the local population. annum. The rent is reviewed upwards only and They have a D&B rating of 01, which represents to 15% of ‘rack rental value’ with the next rent undisclosed financial status and a minimal risk of review falling on the 12 August 2015. The last business failure. The covenant is undoubted. rent review dated the 12 August 2010 is currently outstanding. A copy of the head lease can be Poundland Ltd (Company No 02495645) was provided upon request. established in 1990 and offers a range of modern items for sale at only £1.00 each. The tenant’s latest financial figures are set out below: TENANCIES YEAR TURNOVER PRE-TAX SHAREHOLDERS Store 2, unit 79 is let to Poundland Limited for (£000s) PROFITS FUNDS a term of 10 years from the 11 April 2008 at a TOTAL (£000s) passing rent of £130,000 per annum. There is an (£000s) upwards only rent review to open market value on the 5th anniversary of the term. 27/03/2011 641,522 21.401 66,871

8 Leigh Arcade, 6 Wigan Gallery and 35 Market 28/03/2010 509,791 23.396 66,871 Street is let to Ashton, Leigh & Wigan Primary Care Trust for a term of 25 years from the 20 29/03/2009 396,188 13.826 36,444 November 2009 at a rent passing of £160,000 per annum. The rent will be reviewed on the 5th Poundland Limited have a D&B rating of 5A1 and a anniversary of the term to open market rental minimal risk of business failure. value on an upwardly only basis. (The Review Clause states the “Review Permitted Use” is Class A1) VAT There is a tenant’s option to determine on the 15th We understand the property is elected for VAT. anniversary of this lease (20 November 2024). The total current rent passing is therefore £290,000, with the net receivable rent equating to £254,390 per annum. The Average Weighted Unexpired Lease Term is around 15.5 years with the Average Weighted Lease Term Certain being around 7.5 years. gva.co.uk/3115 PROPOSAL We are instructed to invite offers in the region of £2,600,000 which reflects a net initial yield of 9.25% allowing for usual purchasers costs of 5.8%.

CONTACT BEN HALL – T. 0113 280 8064 GURMINDER MANAK – T. 0161 956 4105 E. [email protected] E. [email protected]

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