Alliance Retail Park WATER STREET, CHORLEY, LANCASHIRE, PR7 1EX - RETAIL WAREHOUSE INVESTMENT OPPORTUNITY - LoopNet
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Alliance Retail Park WATER STREET, CHORLEY, LANCASHIRE, PR7 1EX RETAIL WAREHOUSE INVESTMENT OPPORTUNITY ENTER
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
Investment • Chorley is a well located Lancashire market town, strategically situated between the M6 and M61.
Highlights • The subject property is located in a prominent and highly visible position overlooking both the A6 and the B6229.
• The property is located in the main retail warehouse location for the town, with overall provision being limited
in Chorley.
• The subject property provides an attractive and modern 2 unit scheme totalling 18,865 sq ft with 85 car parking spaces.
• Let to national retailers Currys PC World and Carpetright, with an annual rent of £321,905 per annum (£17.06 per sq ft).
• Open A1 (non-food) planning consent for retail warehousing.
• There is significant asset management potential, including re-gearing the leases, or alternatively re-letting to one of the
many retailers not represented within the town.
• We are quoting offers in excess of £3,556,000, equating to a low capital value of just £188 per sq ft. This reflects an
attractive net initial yield of 8.50% based on purchaser’s costs of 6.50%.
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
M6 Location
Clitheroe Keighley
Chorley is a market town in Lancashire, situated Junction 27 of the M6 is situated 7.6 miles to the
Blackpool approximately 28 miles north west of Manchester, south west, linking the town to Wigan, Liverpool,
M55
Burnley BRADFORD
PRESTON
M65 12 miles south of Preston, 10 miles south west of Warrington and North Wales.
Blackburn Blackburn and 9 miles north of Wigan.
Halifax
Leyland Chorley Railway Station offers an indirect link to
Chorley The town benefits from excellent transport London, via Preston, with a fastest journey time of
Southport Rochdale M62 communications being strategically situated approximately 2 hours and 37 minutes. Services to
Huddersfield
A6 M66 between 2 of the North West’s main motorways, Preston take 12 minutes. There are direct trains to
Bury
Ormskirk M61 Bolton
the M6 and M61. Junction 8 of the M61 is located Manchester (31 minutes). This line has been recently
Wigan
Oldham
only 1 mile to the north east and offers a quick electrified providing quicker and more frequent
M58 M60
link to Preston and the north, as well as Bolton, services.
Crosby Manchester and the M62 to the south.
St Helens MANCHESTER
Salford 74
Wallasey LIVERPOOL M62
A6
Sale EUX
TON
Warrington Stockport LAN
8
Birkenhead E
A6
Widnes Cheadle
M56 74
M53 Liverpool A6
BURN B R O W
Manchester
Runcorn
Ellesmere M56
B 5252 EU
XTON LAN
E
Port Macclesfield
B L AC K
Northwich
M61
A6 PRESTON R O
CHORLEY &
SOUTH RIBBLE
HOSPITAL
CHESTER
W AY
EST
2W
28
AD
25
B62
B5
LANE
B6 2 2 9 H A R P E R S
B252
B A L SHAW
EUXTON LA
NE Alliance
E AV E S L A N E
EUXTON Retail Park
AD
CRICKET
T
CLUB
RO
STREE
ASTLEY PARK
BE N GA L S T R E ET
K
WATER
R
PA
81
ANE
A5
STUMP L
B5
25 A581 S O
1 U T HP O
FO RT R
X OA
D STREET N ST REET
LANCASHIRE
HO
AD UNION BROW
’S R O
COLLEGE M6
N
QU EE
LE S
R OA D
ST THOMAS’S
R OA D
SHE
CHORLEY
OAD
PHE
E
WINDSOR R
N
N S LA
RDS
LYO
28
WALG
B62
S T R OA D
ART
W
H DRIV
E
Y
COLLINGW CAR
OO
GE O R G E S T
RIN
D GT
L ANE
RO ON
AD
RO
AD
HUR
LL
BROOK STREET
BO
A
AC K
S
LT
LM
ON
ON
ST
LY
AL
B52 5 1
1P
CO
LL
25
IN
GW
B5
OOD
ROAD
BO
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
Demographics
Chorley has an extensive catchment population, totalling 82,268 people within a
10 minute drive time of the subject property, increasing substantially to 611,893 people
within 20 minutes.
The 10 minute drive time population is considered to have above average affluence as
demonstrated below:
CACI Affluence indicator Area UK Base Index
% % Av = 100
Number of cars per household
1 car 42.60% 42.10% 101
2 cars 30.90% 24.40% 126
3 cars 5.70% 5.40% 106
4 cars + 2.00% 1.90% 104
Housing tenure
Houses owned 73.30% 64.10% 114
Situation Houses owned outright 32.60% 30.60% 106
Alliance Retail Park is situated in a prominent position at the intersection of the Houses with mortgage / loan 40.10% 32.80% 122
A6 and the B6229. The A6 is the main route through the town and also provides
Economic activity
access to the M61 to the north. Access and egress to the property is via the A6
for cars travelling south. The roundabout connecting the A6 and the B6229 is Economically active 72.20% 69.60% 104
a very short distance away, allowing those cars travelling north to turnaround
Employee full time 43.60% 38.60% 113
so as to access the subject property. The adjacent All Seasons Leisure Centre
shares the access. Occupation - managers / senior officials 10.80% 10.60% 103
The town centre is located 0.6 miles south of the subject property, where Elementary occupations 9.80% 11.20% 87
Market Walk is the main shopping centre.
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
EUX
TON
LAN
E 8
BURN B R O W
B 5252 EU
XTON LAN
E
B L AC K
CHORLEY & M61
SOUTH RIBBLE
HOSPITAL
AYW
EST
2W
28
25
B62
B5
LANE
B6 2 2 9 H A R P E R S
EUXTON Alliance
ALL SEASONS Retail Park
LEISURE CENTRE
E AV E S L A N E
T
STREE
ASTLEY PARK
WATER
Retail Warehousing in Chorley
ANE
STUMP L
B 5 in the town, with B&Q,
The property forms part of the dominant retail warehouse offer25
Asda, Halfords, Farmfoods and Aldi all having representation in1 close
FO proximity to the
X
subject property. With the exception of these occupiers, the surrounding land uses are STREE
T
N STR
EET
LANCASHIRE UNION
HO
D BROW
R OA
predominantly residential. COLLEGE QU EE
N ’S
LE S
R OA D
MARKET WALK
The only other retail warehousing in the town outside this pitch is a Wickes, situated SHOPPING CENTRE
CHORLEY
approximately 0.9 miles south of the subject property on George Street which forms Chorley
OAD E
WINDSOR R
Retail Park, where there are a number of smaller units let to the likes of Subway, KFC & S LA
N
N
Domino’s. LYO
WALG
B6 228
S T R OA D
ART
H DRIV
E
COLLINGW
Market Walk Shopping Centre, in the town centre, is being extended with M&S Foodhall R OO
D
CAR
RIN
GT GE O R G E S T
OA ON
reportedly signing up to take a store here, showing their confidence in the development and D RO
AD
HUR
the town. Reel Cinemas will also be anchoring the development along with restaurant and
LL
BROOK STREET
BO
MA
AC K
LT
bar operators including Lounges.
ON
ST
LL
B52 5 1
PA
CO
51
LL
IN
GW
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
Description
Alliance Retail Park provides an attractive well
presented scheme totalling 18,865 sq ft, arranged
across 2 units. Currys PC World occupy 13,865 sq ft
and Carpetright the adjoining unit of 5,000 sq ft.
Both units benefit from excellent visibility from the
A6 and the B6229.
The units are of a modern style, having been
completed in 2006, and are of standard retail
warehouse construction, with a steel portal frame
with brickwork facade and metal profile sheet
cladding above. The tenants’ signage is displayed
clearly above the entrance features.
Internally, both units are fitted out to the tenants’
standard specification. The Currys PC World unit
incorporates a storage mezzanine floor, and there
is sufficient eaves height to install one within the
Carpetright unit.
Car parking is located to the front of the units and
to the side of the Currys PC World unit and totals
85 spaces. This equates to a ratio of 1:222 sq ft.
Servicing is to the side and rear of the units within
a dedicated service yard.
The site area totals 1.504 acres (0.609 ha), giving
a low site cover of 28.8%.
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
SPRINGS ROAD
Superstore
SM
SM
89.0m
9
Tenancy Schedule
85.0m
TRAFALGAR
STREET
233
28
The property is let as follows:
Unit Tenant Area Lease Lease Rent Rent per 7
Start Date End Date (p.a) sq ft
223
223
a
89.3m
WATERLOO
STREET
1 DSG Retail Ltd t/a 13,865 27-Oct-2006 26-Oct-2021 £241,905 £17.45 14
32
Shelter MP 0.75
Currys PC World
2 Carpetright Plc 5,000 27-Oct-2006 26-Oct-2021 £80,000 £16.00
9 13
29
Total 18,865 £321,905 £17.06
ET
STRE
10
R
WATE
El
Tenure Planning Consent
Sub Sta
84.7m
SPORTS
The property is held freehold with the title The property benefits from having an open CENTRE
delinated in red on the plan opposite. A1 non-food planning consent for retail 16
20
26
warehousing. 5 8
83
0m 10m 20m 30m
ET
81
RE
ST
R
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
Value Enhancement Tenants’ Covenants
Both Carpetright and Currys PC World have lease expiries DSG Retail Ltd
in October 2021 giving an incoming purchaser the DSG Retail Ltd operates the Currys and PC World brands, and the combined fascia Currys PC World. The parent company,
opportunity to re-gear the leases with the respective Dixons Carphone, is one of the largest consumer electronics companies in Europe. In their most recent trading update, the
tenants. We understand Currys PC World are happy with company reported a like for like sales increase of 2%.
this store at present. However, their general strategy
currently with regard to lease re-gears is to wait until
close to lease expiry before entering into dialogue with
landlords. Carpetright plc
Carpetright is the leading floor coverings retailer in the UK, founded in 1988. Whilst the company has recently undertaken a
The subject property was defined as a Category A store CVA, closing 92 stores and reducing rents on 113 others, out of its portfolio of over 418 stores, this has left the company in a
within Carpetright’s CVA and therefore the rent remained good position, making its future more tenable, due to being released from legacy lease obligations. The company receives
unchanged. These are generally stores where sales relatively little pressure from the rise of online retailing, and has received a cash injection of £60 million, which is being used
average £22,500 a week and they make in excess of to invest in the business. The money will be spent on refurbishing and rebranding existing stores, improving their digital
£150,000 profit a year. Therefore, this store is clearly a offer and improving customer service through further training of staff and improving the product offer.
good trader for the retailer and as such they are likely to
want to re-gear closer to lease expiry.
Unit Tenant Year Sales Pre Tax Net D&B
In addition, the scheme lends itself to being amalgamated Ending Turnover Profit / Loss Worth Rating
to create a larger unit of circa 18,850 sq ft, which could (000’s) (£000’s) (£000’s)
suit a discount retailer such as B&M, Home Bargains or A DSG Retail Ltd 29/04/2017 £4,345,700 £247,600 £477,700 5A1
Lidl, none of whom have out of town representation within
Chorley. These retailers can offer attractive lease lengths 30/04/2016 £4,237,900 £63,000 £406,900
and strong covenants. B Carpetright Plc 4A4
29/04/2017 £457,600 £900 £20,700
30/04/2016 £456,800 £12,800 £16,900
Alliance Investment
Highlights
Location Situation &
Demographics
Retail
Warehousing
Description Tenancy Schedule
Tenure
Value Enhancement
Tenants’ Covenants
EPC, VAT
& Proposal
Contacts
Retail Park
in Chorley Planning Consent
WATER STREET, CHORLEY, PR7 1EX
Contacts
Ellie Kirkby
T: 020 7317 3790
M: 07764 241 898
E: ellie.kirkby@avisonyoung.com
Paul Wilkinson
T: 020 7317 3799
M: 07770 585 313
E: paul.wilkinson@avisonyoung.com
EPC VAT
Unit A (Currys PC World) has an EPC rating of C68. The property is elected for VAT and we would expect the
transaction to be treated as a Transfer of a Going Concern.
Avison Young
Unit B (Carpetright) has an EPC rating of B41.
Heathcoat House
Proposal 20 Savile Row
Environmental London
We are quoting offers in excess of £3,556,000, equating W1S 3PR
An Environmental Report has been undertaken by CBRE, to a low capital value of just £188 per sq ft. This reflects an
giving the site a low risk of flooding and contamination. attractive net initial yield of 8.50% based on purchaser’s www.avisonyoungretail.co.uk
Further details are available on request. costs of 6.50%.
MISREPRESENTATION NOTICE. Avison Young give notice to anyone who may read these particulars as follows:
1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the
text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services
or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be
assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein
are approximate only. 6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations
or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement
of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. October 2018. Designed and produced by Creativeworld Tel: 01282 858200.
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