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Prime South Manchester Retail Investment 53-55 GEORGE STREET, ALTRINCHAM, GTR MANCHESTER WA14 1RJ PRIME SOUTH MANCHESTER RETAIL INVESTMENT metisrealestate.com INVESTMENT SUMMARY LOCATION TENANCY Altrincham is an extremely affluent commuter town in 5 year FRI lease to Monsoon Accessorize Limited southern Greater Manchester, the economic engine of from 2nd November 2014. Monsoon have been trading the North West and the largest sub-regional economy from the property for over 30 years. outside of London. PASSING RENT SITUATION £65,000 per annum, reflecting a rebased rate of The property occupies a 100% prime trading position £42.50 psf Zone A which has strong growth potential. on pedestrianised George Street, Altrincham’s dominant Prime rents in Altrincham were in excess of £125 psf retail pitch. National multiple retailers on George Street Zone A in the pre-Recession years. include Marks & Spencer (opposite); Next; River Island; VAT H&M; and Debenhams. In addition, the property is also The property has been elected for VAT and it is within 100m of Altrincham’s renowned Market House anticipated that the sale will be structured as a Transfer artisan food hall, which has spearheaded the town’s of a Going Concern (TOGC). renaissance in recent years. PROPOSAL DESCRIPTION Offers in excess of £880,000 (Eight Hundred and 53-55 George Street comprises a purpose built, well- Eighty Thousand Pounds), reflecting an attractive net configured shop unit, extending to 649.57 sq. m. (6,992 initial yield of 7%, after deduction of usual purchaser’s sq. ft.) in total over ground, basement and two upper costs. floor levels. TENURE Freehold. PRIME SOUTH MANCHESTER RETAIL INVESTMENT PAGE 3 MONSOON, 53-55 GEORGE STREET, ALTRINCHAM, GTR MANCHESTER WA14 1RJ ALTRINCHAM upgrade in 2015 in order to improve integration between the town’s rail, tram, bus, taxi and cycle services. The Altrincham is one of the most affluent suburbs within new interchange now produces an annual footfall of 9 Greater Manchester, the economic engine of the North million passengers each year, with Altrincham’s train station West and the largest sub-regional economy outside of and Metrolink stop providing a direct commuter service London. Altrincham is also the main town within Trafford into Manchester City Centre with a fastest journey time of Borough, one of the most successful Metropolitan 25 minutes. boroughs in the UK in terms of its ability to attract growth companies, whilst increasing the standard of living of the Manchester International Airport, one of Europe’s fastest resident population. The town is located 12 km (7.5 miles) growing airports, is located within 4 miles of the town south west of Manchester City Centre and serves a district centre and is the 3rd largest airport in the UK and 19th population in excess of 210,000, while 410,800 people busiest in the world. The airport remains the principal live within 10 km (6 miles) of the town centre, extending to economic driver behind the South Manchester economy 2.3 million people within 20 km (12 miles). and continues to ensure the overall vitality and relative affluence of the area. Altrincham and the adjacent residential areas of Hale, Hale Barns and Bowdon comprise Greater Manchester’s ECONOMY AND “Stockbroker Belt” and are particularly popular with Executive home owners, due to a combination of strong DEMOGRAPHICS schooling facilities, good quality housing stock and The general economic well-being and affluence excellent comparison shopping and leisure facilities; all of Altrincham and the wider Trafford Borough is within a very short commuting distance of Manchester City demonstrated by the following socio-economic statistics:- Centre. By way of background to the exceptional quality ■ of the schooling provision in the area, Altrincham Grammar Wealthy Executives: 15% within the local adult School for Girls and Altrincham Grammar School for population, significantly above the UK average of 9%. boys were rated “Outstanding Schools” with both reports ■ Class AB Socio-economic groupings: 39% achieving top marks in all areas. within the local adult population, significantly above the UK average of 22%. In addition, almost double the national average of “Wealthy ■ Executives” reside within the Altrincham area; with Hale Class DE Socio-economic groupings: 15% and Bowdon comprising two of the five richest villages in within the local adult population, significantly below the country in terms of the number of houses sold for in the UK average of 26%. excess of £1m. ■ Car Ownership: Significantly above average number of households with two cars. COMMUNICATIONS ■ Home Ownership: 73% of homes are owner Altrincham benefits from excellent transport occupied, comfortably above the national average of communications, being situated within 3 miles of 66%. Junctions 6 and 7 of the M60 Orbital motorway and ■ Average Detached House Price: £417,000, within 2.5 miles of Junction 7 of the M56 motorway, both significantly above the national average. of which provide a direct link to the national motorway ■ network beyond. In addition, the A56 dual carriageway Unemployment Rate: Consistently below the UK provides direct access from Altrincham town centre to average over the previous 20 years; with the March Manchester City Centre. 2017 figure of 0.8% nearly half the national average. Altrincham’s transport interchange is located 95m east of the property (via Cross Street) and benefitted from a £19m A58 A666 M62 A664 ROCHDALE M66 Milnrow BURY 21 A58 2 Heywood 20 BOLTON A58 M62 Shaw 19 A56 Radcliffe A627(M) A666 5 4 18 OLDHAM WIGAN M61 Farnsworth Middleton A58 A577 17 19 3 Chadderton A663 20 60 M60M 16 A576 21 15 Prestwich A627 22 A56 14 Swinton A579 Farnsworth M A580 6 0 A6 M60 13 A665 Leigh SALFORD A62 ASHTON-UNDER-LYNE 12 M602 23 Stalybridge 11 Eccles Dukinfield MANCHESTER A635 A6018 10 CITY CENTRE A57 1 9 A57 24 M67 A579 Urmston Stretford A56 A5017 M62 Irlam M 8 6 A560 A5103 0 7 A6 M60 21 10 6 A34 25 26 SALE M 6 27 M600 5 1 M6 A57 2 A6 Marple 21 4 3 WARRINGTON ALTRINCHAMA560 3 2 1 STOCKPORT A56 A34 A50 5 Bramhall A6 M56 8 7 6 A49 20 MANCHESTER 5 AIRPORT A56 A523 A538 Sat Nav Ref: M6 A556 WILMSLOW WA14 1RJ 19 1RJ GTR MANCHESTER WA14 ALTRINCHAM, MONSOON, 53-55 GEORGE STREET, PAGE 5 PAGE PRIME SOUTH MANCHESTER RETAIL INVESTMENT PRIME SOUTH MANCHESTER RETAIL RETAILING IN Altrincham Markets ALTRINCHAM The overall vitality of Altrincham town centre has been significantly enhanced by the regeneration and Altrincham town centre provides approximately 630,000 conversion in 2014 of the listed Altrincham Market sq. ft. of retail floor space and is classed as a Sub House, within 100m of the property (via Shaws Road). Regional Retailing Centre, with a UK ranking on a Market House is now an artisan food hall currently par with towns such as Bury St Edmunds; Epsom; housing nine outlets behind traditional Victorian style shop Barnstaple and Cirencester. fronts facing onto a 180-seat central covered eating area. Retailing in Altrincham is focused around pedestrianised Market House serves a variety of foods from across the George Street and the Stamford Quarter shopping centre, globe to more than 7,000 people each week; with some complemented by the secondary pitches of Stamford New of the busiest kitchens generating £700,000 each year Road; Cross Street; Shaws Road and Grafton Square from space that is typically no more than 215 sq. ft. Shopping Centre. The Stamford Quarter shopping centre The fast expanding food and drink offer has now is an open scheme located on the northern section of spread to the external markets and surrounding streets, George Street, effectively surrounding the property and improving shopper dwell times and overall retail trade/ extending to 400,000 sq. ft. of retail accommodation profitability within the town centre. anchored by House of Fraser; Debenhams; River Island; Next; Boots; H&M and Pure Gym, together with the town’s principal car park (720 spaces). PRIME SOUTH MANCHESTER RETAIL INVESTMENT PAGE 7 MONSOON, 53-55 GEORGE STREET, ALTRINCHAM, GTR MANCHESTER WA14 1RJ SITUATION The property provides the following approximate net internal floor areas:- The property occupies a very strong trading position fronting the prime section of pedestrianised George Street and Sq M Sq Ft immediately adjacent to the Stamford Quarter shopping centre. Ground Floor Sales 263.56 2,837 The majority of the country’s leading national multiples such as ITZA 123.75 1,332 Marks and Spencer (opposite); House of Fraser; Debenhams; First Floor Ancillary 246.38 2,652 River Island; Next; H&M; JD Sports; Waterstones and Boots Second Floor Ancillary 90.95 979 are all represented in the immediate vicinity. Basement Ancillary: 48.68 524 In addition, the property benefits from an excellent strategic Total NIA 649.57 6,992 position, being located on the principal pedestrian link between the Stamford Quarter shopping centre, immediately to the TENANCY north; Altrincham Markets 100m to the west and Altrincham The property is let to Monsoon Accessorize Limited by Transport Interchange 95m to the east. The property therefore way of a 5-year full repairing and insuring lease from 2nd benefits from very strong shopper footfall. November 2014 and expiring 1st November 2019. The passing rent on the property is currently £65,000 per ACCOMMODATION annum, which equates to a rebased rate of approximately 53-55 George Street comprises a purpose built shop unit £42.50 psf Zone A. Monsoon have traded from the providing good quality, well-configured sales space at ground property for over 30 years. floor level, fitted out in Monsoon’s usual corporate trading Prime rents in Altrincham have been as high as £125 psf style; together with ancillary staff/storage accommodation at Zone A and with the town’s retail offer and trade rapidly basement, first and second floor levels.
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