ALDI, TARVIN ROAD BOUGHTON, CHESTER, CHESHIRE - PRIME FOOD STORE INVESTMENT OPPORTUNITY gva.co.uk/8983 - NovaLoca
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PRIME FOOD STORE INVESTMENT OPPORTUNITY ALDI, TARVIN ROAD BOUGHTON, CHESTER, CHESHIRE CH3 5ND gva.co.uk/8983
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
EXECUTIVE SUMMARY
- Opportunity to purchase a supermarket investment within the affluent and historic
cathedral City of Chester
- Limited supply for additional retail schemes within the city which was reflected by
ALDI being prepared to take overriding lease to secure the property and then sublet
to Home Bargains and Carpet Factory
- The site obtained substantial other interest from food operators and residential
developers when last marketed
- Let to ALDI (5A1) for 20 years from 2 September 2013 at a current rent of
£485,000 pa
- Current rent equates to only £12.70 /sq ft
- Fixed five yearly rent reviews based upon 2.5% pa uplifts with the next uplift
September 2018
- Offers in excess of £9,650,000 (nine million, six hundred and fifty thousand
pounds) which reflects a net initial yield of 4.75%, rising to 5.37% in September
2018 and 6.881% by September 2028, net of costs at 5.8%
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
LOCATION
Chester is an attractive and affluent historical cathedral city, an important tourist
destination and the administrative centre for the county of Cheshire. Chester is
located approximately 45 miles (72km) south west of Manchester and 13 miles
(21 km) south of Liverpool.
SCOTLAND
It is one of the major retailing centres in the North West ranked 27th in the UK
having an estimated catchment of 326,000 which increases with the influx of
Glasgow
tourists which are estimated at over 8 million each year. Edinburgh
M66 The city’s major attractions include shopping, Chester Cathedral, NORTHERN
Newcastle
Roman archaeology, Chester Zoo (currently having a £300m IRELAND
BURY
27
Horwich
BOLTON 2
A58 extension), the racecourse, the castle and the historic Rows and Belfast
20
A58 3 19
Amphitheatre.
Ormskirk 6
Leeds
M58 5 M61 Radcliffe
3 4
4 19
The District of Chester has a very affluent population, well Dublin
Liverpool
Manchester
5 26 3 17 20
Walkden 1
15
16 above the national average in terms of wealth. Over 80% of CHESTER
1
14 Wardley the City’s working population are involved in the service IRELAND
25
7 M6 A580 SALFORD sector with major employers being Lloyds Bank, HSBC,
24 12
2 A6010 Birmingham
M57
1
3
6 A580
23
11 Eccles Marks and Spencers and MBNA Europe Bank. ENGLAND
4 10
Bootle ST HELENS M62 MANCHESTER
WALES
3 Chester benefits from excellent road communication links,
2
10
22
11 A6 Cardiff
6 A34 with the M53 Motorway accessed via junction 12, situated Bristol London
M62
10
A5058 21A
1 9 A56 5
5
7
approximately 3 miles (5 km) to the east. In turn the M53
3 2
6
2 1 21 3 2 4
1
provides direct access to the Wirral to the north west, to the
Birkenhead
LIVERPOOL A5300 4
M60
3
M56 5 M56 Motorway and the national Motorway network via the
A562
Widnes A56 20
A41
Speke 9
8
7 6
M6. In addition, the A55 (coast road) provides access to
10
Manchester
Airport North Wales.
M53
Liverpool
River Mersey John Lennon 11
A540
Airport
A557 A34
5 6
7
12
M6 19
Manchester International Airport is situated approximately 30 miles (48 km) to the east and Liverpool’s John Lennon Airport situated 24
8 Ellesmere Port
A537 miles (39 km) to the north, both service the City. Rail access is via Crewe to London Euston (2 hours 20 minutes), Liverpool Lime Street
M56
A533
9
A556
10 14 A537
(45 minutes) and Manchester Oxford Road (1 hour 10 minutes).
A49
11
15 NORTHWICH
A41
A5117 A556
A54 A34
12 A533
18
A494 A51 A54
CHESTER
A49
A55
Congleton
THE PROPERTY A41
17
A50
A51 A34
A530 A534
M6
A534
16
Nantwich A500
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
SITUATION
The property is situated in the densely populated residential suburb of Boughton, approximately 1.5 M56 15
miles east of the City centre. The property is accessed directly off the A51 which is the main arterial route
A550
To Manchester
out of the city connecting to the A41 and A55. In turn the A55 then connects with the M53 and M56 To Ellesmere Port
11
motorways.
A 54
8
M53
A4
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ALDI, TARVIN ROAD BOUGHTON, CHESTER, CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY ACCOMMODATION The property extends to approximately 38,178 sq ft (3,547 sq m). Out of this total area approximately 8,081 sq ft is sublet to Baycrown Ltd, trading as The Carpet Factory and 12,000 to TJ Morris trading as Home Bargains.
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
DESCRIPTION
The property comprises a detached retail warehouse unit
constructed in the mid 1990’s on an island site of 3.6
acres (1.46 hectares).
The property which was formally occupied by Focus was
refurbished in 2013. The property now creates effectively
three units, the supermarket occupied by ALDI and 2
other retail warehouse units occupied by Home Bargains
and the Carpet Factory.
The property is of a steel portal frame construction
under a pitched roof with external part brick and part
metal clad elevations. The unit benefits from
approximately 196 car spaces providing an excellent
ratio 1:195 sq ft.
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
PLANNING TENURE
Planning consent was granted on 5th July 2013. The permission grants an with a maximum 30% of floor area for convenience goods and 25% for Freehold.
open A1 discount retail food store use on the area to be occupied by Aldi food and drink products. The area occupied by The Carpet Factory has a
with a maximum 15% of net sales floorspace for comparison goods. The restriction to electrical goods, home furnishings and motor accessories.
area occupied by Home Bargains has the benefit of non food class A1 use
TENANCY
The property has been let on an overriding lease to
Aldi Stores Limited for a term of 20 years on FRI
term from 2 September 2013 subject to five-yearly,
upwards-only rent reviews based upon 2.5% per
annum compounded.
The current rent passing is £485,000 per annum equating to a low
base of £12.70 per sq ft.
The fixed rental uplifts are as follows:
Date Rent Rent Per Sq Ft
Current £485,000 £12.70
Sept 2018 £548,729 £14.37
Sept 2023 £620,832 £16.26
Sept 2028 £702,409 £18.40
T J Morris Limited trading as Home Bargains have sublet
approximately 12,000 sq ft of the total floor space from Aldi Stores
Limited on a 20 year sublease at an initial rent of £156,000 pa
subject to obtaining a satisfactory planning consent. Rent reviews
are five yearly to 2% pa compound.
A further part of the property (approximately 8,081 sq ft) has been
sub let to Baycrown Ltd, trading as The Carpet Factory on FRI
terms for 15 years from 25 March 2010 at £72,000 pa subject to five
yearly rent reviews.
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
COVENANT INFORMATION
Aldi is a leading global discount supermarket chain
established in Germany in 1913 with over 9000 stores in 18
countries with an estimated combined turnover in excess
of €50 billion. Further information on the company can be
found at www.aldi.com.
Aldi Stores Ltd is a private limited
company incorporated in 1988.
Following the opening of its first
supermarket in 1990 in the UK the
company now trades from over 500
stores and has ambitious growth
programme in the UK looking to
have over 1000 stores by 2021.
A summary overview of their latest filed accounts is
as follows:
31/12/13 £ 31/12/12 £ 31/12/11 £
(000’s) (000’s) (000’s)
Sales Turnover 5,271,852,605 3,885,277,530 2,762,561,383
Profit/(Loss) 260,893,847 157,900,416 70,518,793
Before Taxes
Tangible Net 1,817,950,230 1,607,814,660 1,510,238,658
Worth
The company currently have a D&B rating of 5A1 which
represents a minimum risk of business failure.
ALDI, TARVIN ROAD
BOUGHTON, CHESTER,
CH3 5ND PRIME FOOD STORE INVESTMENT OPPORTUNITY
EPC PROPOSAL
The property has an EPC rating of B. A full copy can be downloaded at gva.co.uk/8983 We are instructed to seek offers in excess of £9,650,000 (nine million,
six hundred and fifty thousand pound) subject to contract and exclusive of
VAT for the freehold interest. A purchase at this level would show the following
VAT yield profile:
The property is elected for VAT.
Initial 4.75%
September 2018 5.37%
September 2023 6.08%
September 2028 6.88%
This shows an equivalent yield of 6.07% and a true equivalent of 6.29%. Net of
costs at 5.8%.
FURTHER INFORMATION
Should you wish to inspect the property or require additional information, please
contact:
David Winterbottom Gurminder Manak
0161 956 4103 0161 956 4105
david.winterbottom@gva.co.uk gurminder.manak@gva.co.uk
Bilfinger GVA
Norfolk House
/8983
7 Norfolk Street
Manchester
M2 1DW
Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These
particulars are issued without any responsibility on the part of the agent and are not to be construed as containing
any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their
employ has any authority to make or give any representation or warranty whatsoever in relation to the property.
July 2015.
RB&Co 0161 833 0555. www.richardbarber.co.uk
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