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Chester Way, Northwich, Cheshire, Cw9 5Ja

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Chester Way, Northwich, Cheshire, Cw9 5Ja On behalf of N J Pask and R J Goode, Joint Fixed Charge Receivers FORMER SUPERMARKET CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT GUARANTEED BY CO OP (12 YEARS UNEXPIRED) WITH SIGNIFICANT REDEVELOPMENT POTENTIAL FORMER SUPERMARKET CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL INVESTMENT CONSIDERATIONS ■ Attractive town centre former supermarket ■ Fixed rental uplifts in June 2021 and June 2026, ■ We are instructed to seek offers in excess of investment based on 2.25% per annum compounded 5 yearly £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. ■ Situated in the affluent town of Northwich ■ Car Parking for 129 cars This equates to an attractive net initial yield of ■ The unit comprises a total of 1,300.3 sq m (13,996 sq ft) ■ Freehold 7.31% after allowing for purchaser’s costs of 6.50%. of well configured floor space With the following guaranteed reversions: ■ Site area of 1.70 acres (0.69 hectares) ■ Let for a further 12 years (no breaks) to the excellent Date Running Yield covenant of Co-operative Foodstores Limited, with ■ The site provides significant asset management June 2021 8.18% Co-operative Group Limited as guarantor opportunities, including redeveloping the site ■ Current rent of £272,689 per annum into office, leisure, retail and residential (STP) June 2026 9.14% FORMER SUPERMARKET CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL M6 d a o R M66 n to g in FORMBY rr A59 a d WIGAN M61 OLDHAM W R Le r A565 y Rd ice w e ua st e t M58 M62 d e s ns Q r S N e M60 ro R t Ba h s c n e a l y M b a r W 59 a te A5 s n e A580 MANCHESTER A616 Ch A628 e A5 V 33 W y A580 inn a M57 in W gt n St on r Witto M67Lan e e v St ST.HELENS W ea w C S o h ta in W u t Northwich M60 d i n rc on a i h Rd n e R LIVERPOOL g d M62 to M n A5 STOCKPORT S 59 t C h Verdin St es k t y WARRINGTON ling er W a A r t Park t 559 a S W M56 A6 a Liverpool le A41 t Manchester s P B 5 A556 a D 0 l a 8 A523 C 2 n M 9 a e id 5 S d 5 n t le M53 w A i A533 o ch M56 A623 i R t d A550 B A y 5 550 a a 3 t 9 A41 MACCLESFIELD S C r W 7 h ste NORTHWICH e e 4 l st N a t M A54 C A556 o c i s M6 s r t CHESTER R s d i A55 Hawarden A34 A MIDDLEWICH A54 d D 5 r R 3 A49 ste 3 e k h L A55 C A523 A53 a 9 o 55 A e n P d o n A51 R o a CREWE d NANTWICH A500 A534 A520 WREXHAM LOCATIONA483 NEWCASTLE-UNDER-LYME A523 Northwich is an affluent, thriving townA525 located in the county of Cheshire at the confluenceA51 of the A50 A520 Rivers Weaver A495and Dane. It is located 33 km ELLESMERE (22 miles) south west of Manchester, 45 km UTTOXETER (28 miles) east of Liverpool and 38 km (24 miles) north west of Stoke-on-Trent. Northwich benefits from excellent road communications with the A533 running directly through the town linking the M56 and the M6. This enables easy access from Northwich to the wider motorway network and in turn other major cities. Northwich is well connected via public transport services, with regular direct trains to Chester (33 minutes), Manchester Piccadilly (57 minutes) and Warrington (52 minutes). The local bus services also provide access to Altrincham, Knutsford, Appleton and Warrington. Manchester Airport and Liverpool Airport are conveniently located 26.5 km (16.5 miles) north west and 30.5 km (19 miles) north east of Northwich. FORMER SUPERMARKET CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL Chester CW9 5JA 1 to 6 SITUATION DESCRIPTION FS Brockhurst House 2 3 0 4 2 4 1 The property is prominently situated within Built in the 1980s, the property comprises a Dane House 6 2 Northwich Town Centre on the south side of Chester single storey purpose built food store. The 0 8 6 0 1 2 Way. Chester Way (A533) is the main ring road property has brick and profile metal clad 1 of the town and joins the A599 to the north east, elevations and a pitched tiled roof. To the which links to the M6 Motorway at Junction 19. front of the property is an entrance lobby which is covered by a canopy. The property benefits from being less than a Daneside Court 1 mile away from Northwich Railway Station The internal specification of the unit 4 7 which provides direct access to Chester Railway comprises tiled floors and suspended 3 Daneside Mews Station (33 minutes), Manchester Piccadilly (57 ceilings incorporating fluorescent strip 39 minutes) and Stockport (21 minutes). Furthermore, lighting. To the front of the property is the Manchester Airport is located 25km (15.7 main sales area, with a stock room to the miles) north east of the subject property, with rear. Liverpool Airport 31.4km (19.5 miles) north west There is a roller shutter loading door on TCB of the subject property offering a wide range of the eastern side of the property which domestic, international and freight flights. provides loading access from the car 2.2m The surrounding area can be classified as park. 7 4 49 to 79 41 (o residential and commercial in nature. The 5 dds) The property also benefits from on-site 3 Danesbridge Medical Centre and Pharmacy are surfaced car parking with approximately located to the west of the property, Daneside 19 23 129 spaces. War Care Home is located to the east, Waitrose is Memorial 39 located in very close proximity to the property Vehicular access to the property is off 7 37 D RI with a large modern residential scheme to the Chester Way, with additional pedestrian Danebridge LLFI EL D R OA 8 rear. This creates a lot of footfall in the immediate access provided from Drillfield Road to Medical Centre D 1 5 El Sub Sta t o 1 vicinity. the rear. 1 3 4 5 2 The main town centre, which boasts a number 5 5 of national multiples is situated on the other side 0 SITE AREA 4 of Chester Way, around the semi-pedestrianised 1 5 4 1 1 High Street/Witton Street. There are several large Site area of 1.70 acres (0.69 hectares). 1 D 5 2 R 0 t 12.8m o I L supermarkets within the town centre, including 1 L 2 1 0m 10m 20m 30m 4 F 5 I E 4 Sainsbury’s, Marks & Spencer, Aldi, Lidl and Asda. 6 L D 4 Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 © Crown Copyright, ES 100004106. For identification purposes only. FORMER SUPERMARKET CHESTER WAY, NORTHWICH, CHESHIRE, CW9 5JA SECURE INCOME INVESTMENT WITH SIGNIFICANT REDEVELOPMENT POTENTIAL ASSET MANAGEMENT OPPORTUNITIES Due to its location and site area, the property lends itself to a number of different uses, including, retail, office, leisure and residential. The current site coverage is very low at 18.8%, demonstrating the potential to increase massing. COVENANT The Co-operative Group Limited The Co-Operative Group is the fifth largest food retailer in the UK, operating from over 2,800 local, convenience and medium sized stores. The group is also the largest UK funeral services provider, a major general insurer and a growing legal services business. The Group employs over 70,000 people across the various business lines with over 4.65 million active members, accounting for 33.5% of total food turnover. In H1 2018, sales increased to £5bn, an increase of 10% compared to 2017 sales of £4.5bn. This reflects a strong performance within the Food business as well as accounting for the acquisition of Nisa’s wholesaling operations. In the first half of 2018, The Co-Operative Group opened 45 new food stores and 10 new funeral homes creating over 600 new jobs. They also acquired Simplify Probate to expand the probate business and increase existing support for bereaved families, making Co-Op the largest provider of probate services in the UK. In the second half of 2018, the group has significantly increased the rate of expansion, opening 60 new food TENANCY ACCOMMODATION stores and 15 new funeral homes in addition to introducing a revised product base within the Insurance business. The property is let in its entirety to The property had originally been let to Floor Use Sq m Sq Ft The Group is undergoing rapid expansion in the Co-operative Foodstores Limited for a term Somerfield Stores Limited but was assigned wholesale market following the recent acquisition of of 25 years from 29th June 2006 expiring on in July 2016 to Co-operative Foodstores Ground Sales/store 1,300.3 13,996 Nisa and five-year commercial deal to supply Costcutter 28th June 2031 (12 years unexpired) at a Limited with Co-operative Group Limited Supermarkets Group. When combined with independent current passing rent of £272,689 per annum.
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