AINTREE, LIVERPOOL, L9 5AL

Transcription

1 WREN KITCHENS,, LIVERPOOL, L9 5AL, LIVERPOOL, L9 5AL PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY 1

2 WREN KITCHENS,, LIVERPOOL, L9 5AL SHOPPING PARK RETAIL PARK ORMSKIRK ROAD (A59) 2

3 WREN KITCHENS,, LIVERPOOL, L9 5AL INVESTMENT SUMMARY Prime retail warehouse investment located in Aintree, Liverpool; the 5th largest city in the UK with a population of some 2.24 million. Situated in an extremely prominent position on the A59 Ormskirk Road, opposite Aintree Racecourse Retail Park (153,500 sq ft) and Aintree Shopping Park (295,054 sq ft). The property is a very attractive double-height building of 1,18 sq ft, with a mezzanine of 16,085 sq ft. The car parking ratio is 1:291 sq ft. Freehold. Let to Wren Living Limited for a further.5 years until 1 February 2025 date, at a passing rent of 365,000 pa ( psf). Our client is seeking offers in excess of 5,063,000 (Five Million and Sixty Three Thousand Pounds) subject to contact and exclusive of VAT for their freehold interest in the property. A purchase at this level would show an initial yield of 6.5% after allowing for purchaser s costs of 6.8%. 3

4 WREN KITCHENS,, LIVERPOOL, L9 5AL M58 M 6 WIGAN LIVERPOOL CITY CENTRE IRELAND AND ISLE OF MAN M5 A59 BIRKENHEAD LIVERPOOL CITY CENTRE M62 ST. HELENS WARRINGTON M6 INTERNATIONAL FESTIVAL M53 LIVERPOOL JOHN LENNON AIRPORT WIDNES RUNCORN RETAIL PARK MANCHESTER SHIP CANAL M56 LOCATION Liverpool is the 5th largest metropolitan area in the UK with a population of some 2.24 million (2011 Census). Located on the Mersey Estuary, Liverpool s growth as a major port was paralleled by the expansion of the city throughout the industrial revolution. Liverpool is famed worldwide for its Premier League football clubs, the Beatles and the Grand National Steeplechase. As a result of its rich heritage, Liverpool is the 6th most visited city in the UK with some 54 million visitors annually, bringing some 3.8 billion in revenue each year. Liverpool has excellent communications, being at the heart of the UK s motorway network. The M6 runs to the east of the city and leads to London, Birmingham and Bristol to the south, and Glasgow/Scotland to the north. The M62 connects the city centre with Manchester and Leeds to the east. Liverpool John Lennon Airport is one of the UK s oldest operational airports and has enjoyed significant recent expansion, with passenger numbers having increased 10 fold since the 1990 s. The airport currently handles some 4.8 million passengers per year, with flights to over 60 international destinations. Liverpool also benefits from strong rail connections with journeys to London from just 2 hours 4 minutes. 4

5 WREN KITCHENS, A I N T R E E, L I V E R P O O L, L 9 5 A L SITUATION 12 5 Way FF FW Way Old Roan Baptist Church AIN TR EE 12 1 th Old Roan Bridge 11 LA NE El ElSu Sub Stas b Sta Su rg er y Def Tow Pa 14 De f FW 20.m UE AV EN RO AD 13.m a 36 3 Aintree has the largest cluster of retail warehousing in Liverpool, totalling approximately 54,000 sq ft. Indeed opposite the subject premises are the 153,500 sq ft Aintree Racecourse Retail Park (Next Home, TK Maxx, Currys/PC World, Homesense, JD Sports, The Range, Bensons, Maplin, Laura Ashley) and the 295,054 sq ft Aintree Shopping Park (B&Q Warehouse, Marks & Spencer, Boots, dfs, Furniture Village, Halfords, Harveys, Hobbycraft, Mothercare, ScS, Pets at Home) LE CK WITH RO AD Way ST YN OR MSK IRK O 34 a FF The subject property is situated in Aintree, in an extremely prominent position on the A59 Ormskirk Road, which is the principal arterial route leading north from the city centre to the junction of the M5 and M58 motorways. 15 M m Tank Factory FF 0 Gas ElGov Sub Sta Tanks Chy Weighbridges 84 MP.5 M as t (T ele com mun ica tio n) 1 TCB Conveyor SHOPPING PARK Tks Hopper m As a result of its strategic and highly accessible location, the subject property is the only Wren Kitchens showroom in Liverpool. Shelter 9 RETAIL PARK Weighbridge 8 13 Post RACE COURSE Tra ck AD Bdy K RO ORMS KIR Ward Con st & Co Co nst Bdy Boro DESCRIPTION 6b Works 6a Aintree Shopping SHOPPING PARKPark Posts Shelter 1.m 3 El Sub Sta The property comprises a retail warehouse of some 1,18 sq ft, with a mezzanine floor of 16,085 sq ft, that was subject to a comprehensive internal and external refurbishment in 2015 prior to Wren s occupation. As may be seen from the accompanying photographs, the double-height frontage/glazing has resulted in a flagship building. 5b Post 5a Def 10 a Conveyer 10 Aintree Building Hopper 8 to m AY El Conveyor AIN TR EE W Sub Sta SP 2 1f to 1k Factory 69 SL The building is rectangular with its length running parallel to the A59, giving excellent prominence and ensuring that the showroom is highly visible to traffic travelling in either direction. 1c to 1e Aintree Racecourse Retail and Business Park 6 1b IVE 1l TO PH AM LB 1n 1m 1a 2b 1p Tra ck m 5 IV E M HA TO P 2a BE CH ER S Weighbridge IV a VA LE 4 9a b d 9c W AY h There are a total of 59 car parking spaces, giving a car parking ratio of 1:291 sq ft. g 1d f 3b 19.8m NT IN ES 2c D j 3a HEYSHA M ROA 4a RETAIL PARK The building is well laid out on the site with an attractively landscaped car park to the front and sides of the store. E e TENURE 49 1a TO PH AM IVE 1b 2 5a 1c to 100m 6 150m 50m Freehold m 0m 4 TO PH AM 45 1 IV E Valentines Building Ordnance Survey Crown Copyright 201. All rights reserved. Licence number Plotted Scale - 1:250 5

6 WREN KITCHENS,, LIVERPOOL, L9 5AL PLANNING The property has a benefit of a bulky goods planning permission. TENANCY The property is let in its entirety to Wren Living Ltd, for a term of 10 years from 2 February 2015, on full repairing and insuring terms. There are thus.5 years remaining unexpired. The passing rent of 365,000 pa equates to psf on the ground floor area and is subject to 5 yearly upwards only rent reviews to open market value (capped at 2.5% pac), with the next review being effective 2 February TENANT S COVENANT Wren Living Ltd is a privately owned British designer, manufacturer and retailer of kitchens. The management team behind Wren have unrivalled experience in kitchen retailing, having built up and sold the Hygena Kitchens business in the UK, and subsequently in America. Wren was founded in 2009 and the company now has 63 showrooms across the UK, together with three manufacturing plants. In the year to 31 December 2016, Wren increased turnover by 31.3%, gross profit by 30.5% and EBITDA by 51.3%. Looking forward, as Wren manufacture all of their own products from their three UK factories, the company is confident that it will remain very competitive as it will be less impacted by exchange rate fluctuations than many of its competitors. We set out below a summary of the last three years accounts for Wren Living Limited. Tenant Latest Accounts Sales Turnover Profit/Loss Before Taxes Net Worth Wren Living Limited 31 Dec ,093,520 11,00,32 6,153, Dec 15 25,512,151,432,059 (2,169,316) 31 Dec 14 19,102,40 (2,85,489) (13,13,148) A copy of Wren s trading statement dated 9th June 201 is available upon request. 6

7 WREN KITCHENS,, LIVERPOOL, L9 5AL RETAIL WAREHOUSING IN Due to its strategic and highly accessible location, Aintree has the largest cluster of retail warehousing in Liverpool, totalling some 54,000 sq ft. Directly opposite the subject premises is the Orbit Developments Aintree Racecourse Retail Park which is let to Next, TK Maxx, Currys/ PC World, Homesense, JD Sports, The Range, Bensons, Maplin, Laura Ashley, American Golf, Costa Coffee, Carphone Warehouse, Pizza Hut and Subway. The park has a mixed bulky goods and open A1 planning permission and achieved a rent of 30 psf when Carpetright aquired the 16,500 sq ft former Next unit, with a 12 month incentive package. Adjoining Aintree Racecourse Retail Park to the north is The Crown Estate s 295,054 sq ft Aintree Shopping Park which is let to B&Q Warehouse, Next, Marks & Spencer, Boots, DFS, Furniture Village, Halfords, Hobbycraft, Mothercare, ScS, Pets at Home, Topps Tiles, Frankie & Benny s and McDonald s. This park is expected to improve dramatically following Next s acquisition of a 58,000 sq ft unit in February 201. The top rents achieved on Aintree Shopping Park are 30 psf. To the north of the subject premises are a 26,132 sq ft Wickes and a newly developed 20,000 sq ft Sports Direct store with a first floor gym. EPC A copy of the Energy Performance Certificate is available upon request.

8 WREN KITCHENS,, LIVERPOOL, L9 5AL PURCHASE PRICE Our client is seeking offers in excess of 5,063,000 (Five Million and Sixty Three Thousand Pounds) subject to contact and exclusive of VAT for their freehold interest in the property. A purchase at this level would show an initial yield of 6.5% after allowing for purchaser s costs of 6.8%. Nick Staunton nick@stauntonwhiteman.co.uk Hamish Whiteman hamish@stauntonwhiteman.co.uk Staunton Whiteman LLP 9-10 Savile Row London W1S 3PF MISREPRESENTATION ACT 196 AND DECLARATION Messrs Staunton Whiteman LLP for themselves and for the vendors of this property whose agents they are, give notice that: i) the particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract: ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them: iii) no person in the employment of Staunton Whiteman LLP has any authority to make or give any representation or warranty in relation to this property. Brochure by: Adrian Gates Design & Photography