FOR SALE PRIME FREEHOLD CONVENIENCE STORE INVESTMENT Enter > 126-136 Telegraph Road, Heswall CH60 0AH Investment Summary • Located in Heswall an affluent town on the western side of the Wirral peninsula • Prime purpose-built convenience store with dedicated car park let to Marks & Spencer Plc until June 2032 • Rent: £206,000 pa • Offers in excess of£3,700,000 subject to contract & exclusive of VAT • Net initial yield 5.23% after allowing for purchaser’s costs at 6.52% PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH LOCATION Sat Nav: CH60 0AH Heswall is an affluent town on the western side of the Wirral peninsula looking over TO BIRKENHEAD SAINSBURYS & LIVERPOOL the River Dee Estuary. It lies approximately six miles south of Birkenhead, eight miles HARVEST MOUSE south west of Liverpool and thirteen miles North West of Chester. QUARRY RD The town is accessed via Chester High Road (A540) or from junctions 3 and 4 of the WHITFIELD RD M53 via A551 and A5137 respectively. Heswall Train Station is on the Wrexham to POLL HILL RD Bidston line which links to the Merseyrail network to give access to Liverpool city HESWALL STATION centre and main line services from Liverpool Lime Street. LIDLE DOWNHAM RD RD TESCO Heswall has a catchment population of 66,934 within a 10 minute drive-time and MILNER RD HESWALL HESWALL HALL 239,606 within a 15 minute drive-time. A540 TELEGRAPH ROAD THE JUG & BOTTLE BARNSTON RD 8 SOUTHPORT The attractive setting of Heswall in the Wirral Countryside and close proximity to the CHORLEY ROCKY RD M6 M61 A59 larger surrounding commercial centres makes it a popular choice for professional A5137 BRIMSTAGE RD A570 commuters resulting in high residential values. 27 LOWER A565 A580 HESWALL 6 M61 Heswall is in close proximity to Royal Liverpool Golf Club which will host the 2022 PREMIER INN SKELMERSDALE WIRRAL (HESWALL) 5 4 Open Championship for the second time in 8 years. 3 4 5 GAYTON 26 DAWSTONE RD 1 M58 25 7 M6 A580 24 6 A580 DEMOGRAPHICS M57 23 Bootle 4 ST HELENS M62 Wallasey Port of Liverpool 3 102 22 11 10 Heswall UK A5058 21A 1 M62 9 5 8 Birchwood LIVERPOOL 6 7 2 1 21 AB – Higher management/admin/prof 38.96% 22.24% WARRINGTON Birkenhead A5300 A557 3 A562 Heswall 20 C1 – Supervisory, cleric junior manage/admin/prof 32.89% 30.88% A41 Widnes A56 Prestatyn 9 4 Speke Runcorn 10 C2 – Skilled manual workers 15.04% 20.87% River Mersey Liverpool A533 11 John Lennon M53 Airport A557 12 19 5 6 DE – Semi and unskilled manual workers/on benefits, 7 8 Ellesmere Port 13.11% 26.01% 9 A533 A556 unemployed and lowest grade workers A548 M56 10 14 11 A49 Average House Price £353,000 £223,000 Flint 15 A41 A5117 A556 A54 NORTHWICH Household Incomes of £50,000+ pa 37.37% 23.57% 12 A533 PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH SITUATION The property is prominently situated fronting Telegraph Road which is the main arterial route through Heswall and is the principal retail pitch. The subject provides the only M&S food store serving the affluent demographic catchment on the western side of the Wirral. Other food stores within Heswall include Tesco, Sainbury’s Local, Iceland and Aldi. The adjacent former Police Station site is currently being marketed for redevelopment and is likely to be a residential focused scheme. The Property PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH DESCRIPTION TelegraphConstructed Road Dental in 2007 Practice, and 131a comprises Telegraph Road, a two-storey Heswall, Wirral, purpose built supermarket of steel frame construction with brick and glazed elevations under pitched roofs. The ground floor is fitted out as a supermarket in the tenant’s corporate style, with goods lift and two staircases providing access to the first floor which is used for storage, together with staff accommodation. There is a dedicated car park providing 38 spaces. The property has the following Gross Internal Areas (GIA) Ground Floor - Sales 8,601 sq ft 799.06 sq m First Floor – Ancillary 8,098 sq ft 752.03 sq m TOTAL 16,699 sq ft 1551.4 sq m FOR IDENTIFICATION ONLY PRIME FREEHOLD CONVENIENCE STORE INVESTMENT Plotted Scale - 1:1,250 created126-136 on Telegraph Road, Heswall CH60 0AH TENANCY The entire property is let on full repairing and insuring terms to Marks and Spencer Plc for a term expiring 14th June 2032 at a current rent of £206,000 pa subject to upwards only rent reviews to open market value on 16th June 2022 and 15th June 2027. In 2017 the tenant agreed to extend the lease for a further 10 years which we believe confirms that they trade extremely well from this store. COVENANT INFORMATION Marks and Spencer Plc are a major British multinational retailer established in 1884 currently trading from in excess of 950 stores across the UK including in excess of 600 supermarkets selling food only. They have in excess of 80,000 employees. 30th March 2019 31th March 2018 1st April 2017 (£000’s) (£000’s) (£000’s) Turnover £10,377,300 £10,698,200 £10,622,000 Pre Tax Profit £108,700 £112,600 £130,600 Net Assets £1,834,600 £2,042,500 £1,907,500 In 2019, Marks and Spencer’s Simply Food stores were named top of a new convenience store satisfaction survey published by consumer watchdog Which? PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH INVESTMENT COMPARABLES Date Address Price Yield Comments Forward Commitment M&S Food Hall 11,800 sq ft over 2 storeys Dec 2018 Walton on the £4,335,000 5% 15 years Term Certain Naze 5 yearly reviews to lower of 2.5% pa compounded or OMRV M&S Food Hall 11,000 sq ft with 5,000 sq ft mezzanine Smithy Road 15 year lease Nov 2018 £4,070,000 4.75% Ashby-de-la- 5 yearly reviews to lower of 2.5% pa Zouch compounded or OMV M&S 2035 lease expiry July 2018 King Street £6,720,000 4.37% Annual RPI increases Penrith M&S 2035 lease expiry June 2018 Terminus Road £3,940,000 4.5% Annual RPI increases Cowes M&S & 3 other 12,900 sq ft over 2 storeys units 15 years term certain Jan 2018 Trinity Retail £7,600,000 5.05% 5 yearly reviews to lower of 2.5% pa Park compounded or OMRV Chipping Norton PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH FURTHER INFORMATION PROPOSAL Jamie Moffatt We are instructed by our clients to seek offers in excess of£3,700,000 for 0151 242 3042 our client’s freehold interest, subject to contract and exclusive of VAT. [email protected] An acquisition as this level would show a net initial yield of 5.23% after Andrew Scott allowing for purchaser’s costs at 6.52%. 0151 242 3043 [email protected] TENURE EPC The property is freehold. C-62. VAT ANTI-MONEY LAUNDERING REGULATIONS The property is elected for VAT. Providing certain criteria is met the In accordance with Anti-Money Laundering transaction may be treated as a Regulations, two forms of identification and Transfer of a Going Concern (TOGC). confirmation of the source of funding will be required from the successful purchaser. Misrepresentation Act 1967 Messrs. Mason Owen & Partners for themselves and for vendors or lessors of this property whose agents they are give notice that:- (i)The particulars are set out as a general outline for the guidance of intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract. (ii)All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details, are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of Messrs. Mason Owen & Partners has any authority to make or give any representation or warranty whatever in relation to this property. Estate Agents Act 1979 We declare that a Director of this Practice has an interest in the vendor Company. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of completion but may be subject to subsequent amendment. Designed and produced by Richard Barber & Co. www.richardbarber.co.uk. PRIME FREEHOLD CONVENIENCE STORE INVESTMENT 126-136 Telegraph Road, Heswall CH60 0AH.