198–200 Ashley Road Hale WA15 9SW Executive Summary

Prime South Manchester Retail Investment 198–200 Ashley Road Hale WA15 9SW Executive Summary

An opportunity to purchase within the affluent South Manchester village of Hale.

• Prime retail unit fronting Ashley Road, the principal retail thoroughfare.

• A double fronted ground floor retail unit with upper floor ancillary accommodation.

• Let to Barclays Bank Plc on full repairing and insuring terms by way of a 20 year lease expiring on 10th May 2027. The lease is subject to five yearly upwards only reviews and incorporates a tenant’s option to determine at the expiration of the 15th year of the term.

• Rent passing £66,500 per annum.

• Potential future alternative use potential.

• Offers are sought in excess of £1,200,000 (One Million Two Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect aNet Initial Yield of 5.25%, after allowing usual purchasers costs of 5.8%. A68 Hartlepool Bishop Auckland A689

A167

A1(M) A19

A688 A68 Middlesborough Stockton-on-TA167 ees

A66

Darlington A67

A66 A66 A66(M)

A172 A19

Richmond A1

Northallerton

A19

A1(M) A6Th1 irsk

A168

Ripon

A61

A1(M) Bridlington

A64

A59 Driffield Harrogate A166

A61 York

A658 A614 A65 A1079

A64

A660 A1035 A61 A1079 Leeds A19 14 A650 A58 A658 Bradford 44 13 Shipley Airport A587 Beverley A64 45 A59 12 Aldbrough Leeds A614 A583 M55 32 A671 3 47 1 11 4 A59 10 Bradford 46 A165 A6 M6 9 A610 M62 Blackpool A583 A666 M65 8 Burnley Selby Cottingham 45 A63 A1(M) A63 38 31 7 A164 Preston A603 M621 44 A63 A584 6 A63 A646 M606 Hull Blackburn 37 Heddon 30 26 28 A58 29 A19 5 A646 30 Brough A59 29 Halifax 29 3 4 32a 1 M62 31 36 M1 32 Leyland A681 33 Goole Location 28 M65 25 34 M62 35 A56 Wakefield A644 8 24 23 Southport Chorley Huddersfield A628 A1 M6 A58 A666 1 A642 6 M66 Hale is an affluent south Manchester A56 M62 A629 Rochdale 38 21 A58 5 commuter village situated 10 miles south 27 Bury 2 1 Scunthorpe 5 20 M181 M180 Bolton 3 M1 38 of Manchester City Centre andOrmskirk 1 mile from 6 A58 19 A1(M) 2 Grimsby 3 5 Barnsley Altrincham town centre. M58 37 M180 4 4 M61 37 3 4 Wigan 19 A635 5 26 3 17 20 Oldham 16 Atherton 1 21 15 A56 22 Doncaster 1 A695 14 A627 25 36 A616 36 A633 7 M6 M602 12 Salford 24 1 2 A6010 A628 3 23 A6018 6 M57 A580 A580 A580 11 A630 The population of the village, as at the 2011 Census, Hale Railway Station provides a regular rail service 23 4 10 A635 35 M18 is 15,315 persons. direct to Manchester Piccadilly. Altrincham isSt within Helens M62 24 3 A629 easyBootle walking distance where a transport interchange Along with Bowdon and Hale Barns, Hale is regarded 3 Manchester M67 Glossop offers an additional direct link into Manchester City 22 2 11 A34 A6 M1 as the wealthiest area in Greater Manchester, A57 25 Rotherham 10 6 34 Centre via theA5058 Metrolink tram service, which runs M62 21A 26 27 A631 containing some of the most expensive properties1 9 5 Didsbury every 6 to 12 minutes throughout5 the day. A56 in England, outside London. It was named by the 6 7 A553 1 Altrincham 4 2 Stockport 33 32 Daily Telegraph as the twelfth most expensive place2 The village benefits from many local amenities 21 3 2 1 3 Liverpool M60 in Britain, with house prices 194%Birkenhead higher than the including a variety of shops, bars and restaurants Warrington Sheffield 32 A60 A5300 A557 4 3 Hale A57 surrounding areas, having increased by 78% as well as a library. In addition, there are numerous M56 5 A6 Liverpool 31 A56 20 8 6 since 2003. OfstedA41 outstanding schoolsJohn and Lenno then renownedW idnes 7 Prestatyn Altrincham GrammarRiver School.Airpor Ast a consequence, 9 Peak District A57A57 M53 4 Llandudno The village has excellent road communications with Mersey Manchester A6102 Hale is an highly sought after location within which 10 Airport Junction 6 of the M56 being located within 2.5 miles A557 Rhyl A540 to reside. A533 11 A61 and subsequently linking to both the M60 and M6 A523 M6 A34 12 19 motorways, whilst Manchester Airport is less than 5 6 10 minutes’ drive. 7 Rhuddlan 8 A533 A623 30 9 A619 Holywell A556 A537 Ellesmere Port A537 10 14 Northwich Buxton St. Asaph 11 A49 Macclesfield A61 15 A537 Flint A6 M1 A60 A41 Chesterfield A5117 A556 A54 A34 A617 12 A533

18 A494 A51 A54 Chester A49 A513 A523 A53 Congleton A55 17

Ruthin A50 A41 A51 A34 A530 A534 M6 Crewe A527

A534 A534 A53 Nantwich 16 A500 A500 Wrexham A41 A49 A520

A51 A34 Stoke-on-trent A525

15 A50 A51

A34 A520 A53

A519 Stone

A5013 A518 A51

A34 A41 A519 Staffor14 d A518 B5405 Situation

The subject property occupies a prominent corner position within a prime retail parade adjacent to the

Victoria Rd village bowling green and fronting Ashley Road, the A538 principal retail thoroughfare in Hale village. To Altrincham

Westgate The street is occupied by a mix of national and quality Hale Rd independent retailers, with nearby occupiers including Ashley Rd Co-Operative, Sainsbury’s, Costa Coffee, HSBC, To M56 Piccolinos and Tesco. The villages’ main 141 space shoppers’ car park is immediately to the rear.

Delehays Rd

To A56 Harrop Rd

Park Rd B5162

Ashley Rd Description

The property comprises a double fronted ground floor retail unit.

It is currently fitted out as a bank and offering retail accommodation, back of counter office space together with meeting rooms for private personal banking purposes.

The first and second floors provide additional self-contained offices, staff facilities and storage accommodation.

There is on street car parking in front of the building and a local authority public car park is situated immediately to the rear, from which pedestrian access is provided to Ashley Road alongside the subject property.

There are two on site car spaces within the ownership also situated at the rear as well as an external ATM situated within the Ashley Road frontage. Accommodation

We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) and can confirm that the property has the following approximate Net Internal Areas:

Floor Area Sq ft Sq m

Ground Sales 1,705 158.40

(ITZA) 1,124 104.42

Ancillary 583 54.16

First 1,704 158.31

Second 769 71.44

Total 4,761 442.31 Tenancy

The property is let in its entirety to Barclays Bank Plc on full repairing and insuring terms by way of a 20 year lease expiring on 10th May 2027.

The lease is subject to a schedule of condition and incorporates a tenant’s option to determine at the expiration of the 15th year of the term, subject to 6 months prior written notice.

The passing rent is £66,500 per annum and is subject to upward only rent reviews on 25th December 2018 and 25th December 2023. Covenant

For the last three accounting periods Barclays Bank Plc have filled the following:

Year ending 31/12/14 31/12/13 31/12/12 £(millions) £(millions) £(millions) £(millions)

Turnover 25,768 28,444 25,609

Pre-Tax Profits 2,256 2,868 797

Shareholders Funds 59,567 55,385 50,615 Tenure, VAT and EPC N

Tenure Freehold.

VAT The property has not been elected for VAT and therefore VAT is not payable on the purchase price.

EPC A copy of the EPC report is available upon request. Retail in Hale

Hale village has experienced continuous and sustained rental growth, not least at the subject property where the rent increased from £40,000 pa to £66,500 pa with effect from the review date of 25 December 2013.

The current rent equates to a Zone A rate of £52.50 psf. Generally there is a lack of supply of larger well-proportioned shops in the village and in our Occupier demand remains strong, evidenced by the view the subject property would experience strong lack of available properties to let. This, combined occupier demand due to its size and prominent with the rental growth seen at the subject property, corner location. together with the letting opposite to Willow at over £70 Zone A, demonstrates prospects for further rental growth.

Investor demand is also strong, as demonstrated by the recent marketing of the former Lloyds Bank located in the same parade, the freehold of which we understand is under offer well above asking terms. Asset Management Potential

Due to the property’s internal configuration we believe Alternatively the ground floor unit could easily be 1 View from Ashley Road Bowling Club it will potentially split to provide a ground floor retail/ sub-divided to provide two retail units at ground floor. 2 Car park behind 198–200 Ashely Road leisure unit, with separately accessed upper floors for 3 View from Ashley Road Bowling Club office or residential use, subject of course to planning Interested parties should make their own 4 Ashely Road and viability. investigations in this respect. 5 View from Ashley Road

1 2 4

3 5 Proposal

Offers are sought in excess of £1,200,000 Further Information (One Million Two Hundred Thousand Pounds), For further information please contact: subject to contract and inclusive of VAT. Martin Hamer Rick Gordon A purchase at this level would reflect a 0161 833 9991 0161 935 8245 07792 00 44 67 07764 364 999 Net Initial Yield of 5.25%, after allowing [email protected] [email protected] usual purchasers costs of 5.8%. Alun Jones 0161 833 9991 07710 08 17 96 [email protected]

MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Neither Edwards & Co, nor Stewart Montrose, nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents ad prices quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements.