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HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB

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HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB Open A1 Retail Park Investment HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB ENTER Open A1 Retail Park Investment HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB Investment Considerations > Liverpool is one of the largest > The scheme has an open A1 non- cities in the UK and is a major food planning consent. retail destination. > The total rent is £701,144 per > The subject property is situated annum equating to low rents in a highly accessible location, off averaging £10 per sq ft. the A562, the main arterial route connectingSpeketothecitycentre. > We are instructed to seek offers for the long leasehold interest in > The scheme sits adjacent to the above property based on an Hunts Cross Shopping Centre, attractive net initial yield of 8% anchored by a dominant ASDA. (assuming purchaser’s costs of 5.80%). This equates to a > The scheme totals 70,973 sq ft purchase price of £8,284,000 with demised car parking for 222 (Eight Million,Two Hundred and vehicles. Eighty FourThousand Pounds), > The property is held on a subject to contract and exclusive headlease with 946 years of VAT. unexpired at a peppercorn. > The property benefits from a long average income weighted unexpired lease term of 9.6 years, let to Matalan, Poundstretcher, Xercise4Less and Next. Investment Location Catchment Population Situation & Description Tenancies, Tenure and Asset Management & VAT, Proposal & Considerations & Retail Warehousing Title & Planning Tenants’ Covenants Contacts < > in Liverpool B Oldham M58 M61 M6 Open A1 Retail Park Investment MANCHESTER HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB A580 A580 St. Helens M60 M57 M62 Bootle M60 Sale M62 A57 LIVERPOOL HUNTS CROSS Warrington Stockport RETAIL PARK A557 Location Widnes M56 M53 Liverpool is the 6th largest city in the UK, a major regional centre and the Speke Runcorn principal retail focus for the metropolitan county of Merseyside. A523 The city is located approximately 36 miles west of Manchester, 22 miles north of M56 A34 Chester and 36 miles south of Preston. It benefits from excellent transport links, A537 Ellesmere Port A533 being served primarily by the M62 motorway, connecting it to Manchester, Leeds and Hull. The city is also served by the M57, M58 and M53 motorways. M6 Macclesfield M53 A556 Liverpool’s main ra ilway station is Lime Street Station, providing direct services A536 to London Euston with a fastest journey time of approximately 2 hours and 8 Chester minutes. Other direct routes include to Birmingham, Manchester, Sheffield and A49 A54 A51 Nottingham. A55 Hunts Cross train station is situated 1.1 miles east of the subject property and A41 A530 provides regular services to Liverpool city centre. A49 A51 A34 Liverpool John Lennon International Airport is situated approximately 2.5 miles Crewe Leek south of the subject property via Speke Hall Road. The airport has flights to A534 national and international destinations and served over 4.46 million passengers A500 Nantwich in 2012. M6 Wrexham A49 S Investment Location Catchment Population Situation & Description Tenancies, Tenure and Asset Management & VAT, Proposal & Considerations & Retail Warehousing Title & Planning Tenants’ Covenants Contacts < > in Liverpool Open A1 Retail Park Investment HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB E A N 5 A 6 L 2 D S A H T E O I L R K L N C F O A T O S P L EK M O E R O OAD T O R W O A Catchment Population D AD RO Liverpool has a primary catchment population of 1,130,000 people and a HUNTS CROSS D OO W shopping population of 636,000 people, ranking the city 7th and 5th HIG respectively out of the top 200 PMA Centres. Experian calculate there are HUNTS CROSS HER ROA V D RETAIL PARK T A 138,098 people living within a 10 minute drive time of the subject property, OO ILLF increasing to 700,865 people within a 20 minute drive time. SOUTH PARKWAY H In addition, Liverpool is likely to draw shoppers and retail spend from beyond its primary catchment area due to the strength of its retail offer. W O O Liverpool is a major destination for tourists; in 2013 it was the 5th most popular D D A L destination in the UK for international visitors and was 6th for business tourism. O A R N L D In 2012, there were over 57 million visitors to the Liverpool City Region, adding L A A V in excess of £3.4 billion to the local economy and supporting over 45,900 jobs. H NEW MERSEY E K S E £812 million was spent on shopping, representing 24% of the total 2012 visitor PEK SHOPPING PARK P E S RO spend. AD SPEKE ROAD The city’s tourism board’s aim is to increase tourist spend to £4.2 billion by 2020, A56 1 SPEKE B creating an additional 13,000 new jobs in the area. OULIVARD SPEKE Retail Warehousing in Speke and South Liverpool RETAIL PARK The prime scheme in the area is New Mersey Shopping Park in Speke, located V approximately 1.5 miles south west of the subject property. The scheme totals SPE A KE H N AL R 500,000 sq ft of space arranged across 37 units. B&Q, DSG, Next and M&S anchor L AV E T S the scheme, with other retailers including Boots, DFS, Pets at Home, Bank, River E W Island and New Look. Rents are around £45 per sq ft for 10,000 sq ft units. SPEKE Located 2 miles south east of the subject property is Speke Retail Park, which is a District Centre development but anchored by an 82,500 sq ft Morrisons foodstore. Further occupiers include TK Maxx, Poundworld, and Iceland. There are also smaller shop units here let to occupiers including William Hill, Barnados, HALE DRIVE Ladbrokes and Card Factory. JOHN LENNON AIRPORT Investment Location Catchment Population Situation & Description Tenancies, Tenure and Asset Management & VAT, Proposal & Considerations & Retail Warehousing Title & Planning Tenants’ Covenants Contacts < > in Liverpool Open A1 Retail Park Investment HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB Situation The property is situated in a highly accessible and prominent location, in the suburb of Speke, approximately 5 miles south east of Liverpool city centre. The scheme is located at the junction of Speke Hall Road and the A562 Hillfoot Avenue, which is a major route connecting the area to the city centre. Access to the property is served by an entrance on Speke Hall Road, which also provides access to the surrounding retailers. Adjacent to the scheme is Hunts Cross Shopping Centre, anchored by a 130,000 sq ft ASDA foodstore. Further retailers here include Boots Opticians, Subway, Timpson and Card Factory as well as a McDonald’s restaurant unit, and a petrol filling station operated by ASDA. B&M occupy a standalone 29,631 sq ft unit, which they trade under their‘Home Store’format. SL Description Hunts Cross Retail Park provides 70,973 sq ft of ground floor retail accommodation arranged across 5 units, well configured in an‘L’shape terrace. New signage has recently been erected close to the subject property, which can be seen from the entrance to the wider scheme. Internally, the units are fitted out to the individual tenant’s specification, with Units C and D-F benefiting from trading mezzanine floors. The recent addition of the gym; Xercise4Less, adds a leisure element to the park T and helps to further increase footfall. Despite having been open for only a short O period of time, they are targeting over 10,000 members. LE T The demised car park for the subject property is located to the front of the units and provides 222 car spaces, equating to a ratio of 1 : 320 sq ft. M The units are serviced by a covered and enclosed service road to the rear of the A Y retail terrace. F R L E O N W O The total site area is 3.45 acres, providing a site cover of 47%. E W R N A W V A E Y N U E Investment Location Catchment Population Situation & Description Tenancies, Tenure and Asset Management & VAT, Proposal & Considerations & Retail Warehousing Title & Planning Tenants’ Covenants Contacts Tanks< > in Liverpool Open A1 Retail Park Investment HUNTS CROSS RETAIL PARK | Speke, Liverpool L24 9GB Tenancies The property is let to the tenants as follows, providing a long average income weighted lease term of 9.6 years. Unit Tenant GIA Lease Lease Lease Next Rent Rent Rent EPC Comments (sq ft) Start Term Expiry Review (per annum) (per sq ft) Rating (years) A Poundstretcher 9,634 22/09/07 10 21/09/17 - £82,200 £8.53 D (98) B Vacant 2,300 -- - - £0 £0 C (71) Unit currently vacant. A service charge shortfall exists. C Next Clearance 9,909 08/01/07 15 07/01/22 08/01/17 £158,544 £16.00 C (70) There is a mezzanine of circa 9,182 sq ft, which is considered to be a landlord’s improvement, but it is not rentalised at review. D, E & F Xercise4Less 18,582 31/10/14 20 30/10/34 - £155,000 £8.34 C (61) Stepped rent: October 2017-2019 £155,000 pa , 2019-2024 £179,687 pa , 2024 - 2029 £208,307 pa, 2029-2034 £241,486 pa. Rent is topped up to 2017 level. G & H Matalan 30,548 23/08/10 11.5 04/02/22 23/08/15 £305,400 £10.00 C (55) Total 70,973 £701,144 £9.88 All the leases are on effective full repairing and insuring terms.
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