Attractive Leisure / Retail Investment
London Road, Stockton Heath
Warrington, Cheshire, WA4 2AG
gva.co.uk/7484
Executive Summary
•Successful leisure / retail block in affluent Cheshire suburb of
Stockton Heath
•11 retail / leisure units totalling 33,039 sq ft (3,046.02 sq m)
currently producing a gross income of £718,000 per annum
•Tenants include Pizza Express, Toni & Guy, Countrywide Estate
Agents, Restaurant Bar & Grill and Stonegate Pub Company
•Asset management opportunities to continue to improve
the investment tenant line up
•Offers in excess of £8,300,000 (Eight Million Three Hundred
Thousand Pounds) which represents a net initial yield of
8.17%
14
13
A587
A583
A59
M55
3
1
4
Blackpool
32
M6
A6
A583
Preston
A584
A59
29
1
11
10
9
8
7
6
Blackburn
30
A582
M65
A666
31
A59
12
A671
A646
5
29
A56
4
3
M65
28
A565
8
Southport
1
M6
Location
M66
A666
Bolton
27
Stockton Heath is a prosperous Cheshire
village situated 2 miles south of Warrington
town centre, 20 miles west of Manchester,
19 miles east of Liverpool, 80 miles north
west of Birmingham and 190 miles north
west of London.
Warrington has a population of approximately 158,195 and a
district population of 191,080 (census 2001). Warrington was
developed as a New Town in 1969 and since has become a
major area for employment having over 8,000 businesses and
LLANDUDNO
17 head offices of the NW top
200 companies. Major employers
including United Utilities, Vodafone, AAH Pharmaceutical, Rhyl
Rolls
COLWYN BAY
Royce and AMEC.
A55
A473
Oldham
25
16
6
A580
Rail - Warrington has two railway stations at Bank Quay and
Warrington Central providing both local and national coverage
3
with London having a direct connection within two hours.
4
A5058
22
2
10
Air - Manchester and Liverpool International
airports are within
2
a 20 minute drive both providing flights to domestic and Liverpool
3
international locations.
7
6
1
A5300
7
St. Asaph
Ellesmere
Port
10
A5026
Flint
11
15
8
9
10
A557
11
6
7
4
1
25
27 26
3 2
4
Manchester
Airport
A34
A523
19
A537
A533
M56
3
M6
12
14
3 2
5
M56
8
9
Hollywell
5
Victoria Buildings
A56
Liverpool
John Lennon
Airport
6
A56
20
A561
4
Stockton Heath is an affluent local area which
also attracts
customers from nearby villages of Appleton, Grappenhall, Hatton,
M53
River Mersey
Lymm and Walton.
5 6
A6
11
A50
Widnes
Speke
23
3
10
21
Warrington
A557
A627
22
24
10
21A
9
M62
21
M62
M6
1
A576
M602
11
23
St Helens
5
12
1
A580
20
Manchester
M60
24
19
17
3
Road - M62 (junction 9), M6 (junction 20) and M56 (junction
10)
7
M57
are all within 5 miles of the town.
A55
A548
Wigan
26
1
Rhuddlan
A55
5
4
5
19
M61
M6
4
20
3
6
Recognised as a strong commuter area for nearby conurbations,
the town has excellent transport infrastructure enabling access 3
M58
around the region and the UK.
21
A58
2
A58
A58
A556
A537
A59
Northwich
Macclesf
KIN
ST
ELL ST
EY
RR
RS
WARRINGTON
FA
R IV
ER M
E R S EY
SW
A
A4
9
RD
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A 5 06 1
AD
Stockton Heath
NT
CA
VA
AR
G
4C
EST ORDS
AG
TH
BOX E LIT TL
CHIN OF TREAE
ESE
TS
BRID
REST
GF
2-4
KL
EST AN DS
AG
BR OO
FOR
S
SOLI HAWS
CITO
R
16
20
18
22
TH
&
RY
E
ALLE
D G CENTR
TWOO ING
DRY
BREN FRAM
LAUNIQUE
BOUT L/WR
110
G
DW
112
RETT
Y
111
8
108
106
-2
24
ENTRANCE
74
19
21
23
25
WA
LTO
NR
OAD
6-8
ET
27
29
31
33
26
28
LDS
FIE EN
ITH
SM KITCH RE
U
NIT
FUR
E
104
30
1 01
E
ENU
T AV
EAS
R
102
T
ASH ST AG
E
101
ANT
AT
AUR
TOM REST
&
BAR
DO`S SE
NAN TUGUE T
N
POR TAURA
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100
98
34
99
ICE
HOSP
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H
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ST. RITY S
CHA
96
32
-
97
IN
GG
BRA
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MELLAG
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92
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G
2
SIN
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95
R&
C/W
93
SUP
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RM
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ALD
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PIZZ
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BAB
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38
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91
TH
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DW
EL
LIN
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E
TRE R
ON
LEM R&M/W
L/W
R
CLA
DEL AGENT
COW
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ESTA
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6
10 - 12
DWELLINGS
RRE NT
PIE
RO
URA
IST
STA
LE B CH RE
N
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86
DW
EL
LIN
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BEA
84
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A
CA THS
FE
2
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BE IOU S
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MIL R CO
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WIL
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ILIP CE O
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35
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LIVIN
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FLO UR
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ANT
VAC
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LOC
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SAFF
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BAR
DU DE
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C/W S
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SHOE HIRE
RE P
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82
1
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RO
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7
76 -
DENT
SURGY
DWELLINGS
ASHA
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EST VER
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SPR
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BEA
GASC
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ESTA HALMAN
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INDIAN
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A
PIZ TAUR
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RE
VIC
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AR
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C
VID KBUST
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REN ER
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P
IA
OR
CT
VI
GRAPPENH
BAR
CLA
YS
BAN
K
(90) (ESTIMATED)
5
G
LIN
EL
BANK
LS
DW
EE
ST ORS
IT
LIC
SO
S
VICE
SER
NATWEST
2
NCY
RGE
EME
VAC
IA
TO R
VIC UARE
SQ
-7
0
CE
R
GA
A
PL
CAPE
BAR & RESTAURA
NT
BRAMWELL PUB CO
C&G
MULLEN
OPT
69 - 71 73
EST
0 C
H
D
67
60
N
ON IN
RED LI HOUSE
PUBLIC
E
STOR
IA
VICTOR
GARAGEES
SERVIC
PAIRS
CAR RE
CLAY
EE AU
COFF CRAFT
ART &
E
ANG
XCH
EE
ON
EPH
TEL
UE
EN
AV
D
AL
ON
ND
H
HEAT
KTON
STOC
NTRE
ET CE
CARP
AGE
GAR
GS
LIN
EL
DW
16
12
66
EEN
TLE GR
ENTWIS ATE AGENT
EST
IDEAL
RANT
RESTAU
CHINESE
2
IA
OR
CT
VI
N
E IN
TRE
RRY
LBE
USE
MU
HO
IC
L
PUB
64
1
3
HSBC
BANK
MADDOCKS
ORS
FUNERAL DIRECT
54 - 56
CH
E
65
LLOYDS TSB
BANK
WEST AVENUE
NGS
CARE
CO-OPERATIVE FUNERAL
CORAL
BETTING OFFICE
WOK2GO
T/A
D
BETFRE
BET OFF
EN
BOWLING GRE
The property is situated at the junction
of London Road (A49) and Grappenhall
Road (A56) in the heart of Stockton Heath,
occupying a highly prominent position.
Other nearby occupiers include Nandos,
Ego Mediterranean restaurant, Costa
Coffee, Sainsburys, HSBC and Lloyds banks
together with a number of high quality
boutiques. Opposite is the Forge Shopping
centre which is anchored by a Co-Op
supermarket and which provides 250 car
parking spaces.
COSTA
COFF
SH
63
E
TR
EN
CLARKS
SHOES
G
OR THE HAIR
TY
ER IES
LIB LLER
GA
EWATER CAN A L
10
48 - 52
AD
C
ING
PP
HO
E S SHOP
1
4
44 - 46
RO
EF
TH
7
5
6
1A
TS
EN
DB
R
OA
EA
BR
SW
DIE
LA
P
HA
RO A D A 5 9
LL
WATERFIELDS
BAKER
59 - 61
Z
JAZ
AT
RE
TH
STO
ALL
TY
RIE
VA
DON
ROAD A56 WA
LTO N R O A
ER
ST
GRA
N
PE
S
IRE E
QU
ES OFFE E
C
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HO
LO N
D
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EF
TIV
T
RA
KE
PE
AR
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CO
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SU
Situation
I DG
Y
AC
RM
HA
SP
YD
LLO
9
Victoria Buildings
STOCKTON
HEATH
POST OFFICE
&
HALLMARK
CARDS & GIFTS
57
GVA 22/1/2014
34 - 36
STIMATED)
26
RO
12 14
10
AD
RO
ER
RD
A4
A506
SFO
50
KNUT
SA
WARRINGTON
BANK QUAY
BR
KIN G
LIVERPOOL
G S W AY N
RD
ER
MAN C H E
A57
ALL LN M
I D L A N D WAY
GH
ME
A5
1
FR O
9
ST
A4
WARRINGTON
CENTRAL
E
FRY
ON
S
CKT
STO & CHIP
FISH
Description
Victoria Square is a former Victorian property which was
comprehensively redeveloped in 2002 creating 11 retail
and leisure units over ground, first and second floors (part
only). The property has brick elevations incorporating stone
detailing under a pitched tiled roof. External terracing has
been provided at first floor level to some of the units.
Each unit has been fitted out to a high standard by the tenants in line with their trading
formats.
To the rear is a shared service yard proving loading areas plus disabled parking accessed
off Grappenhall Road.
Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice on
a net internal area (NIA). These areas have been supplied to us by the current vendor and they
are subject to a purchaser carrying out their own survey.
A full breakdown of the individual units is provided on the tenancy schedule below. In summary
the property has an approximate net internal area of 33,039 sq ft (3,046.02 sq m).
Tenancy Details & Schedule
The property is let in accordance with the tenancy schedule below. All leases are drawn upon effectively full repairing and insuring terms via service charge contribution.
It is our client’s intention to provide a two year rental guarantee on Unit 7 which is currently vacant. The current gross income is £718,000 per annum.
Unit
Tenant
T/A
Floor
Area (sq ft)
1&2
Stonegate Pub
Company Ltd
Slug &
Lettuce
Ground
4,175
1a &
3a
Mytoncorp Ltd
Aries Bar
Ground
First
Terrace
3
Pizza Express
(Restaurants) Ltd
Pizza Express
Ground
Area (M2 )
Lease Start
Term
Lease Expiry
Rent Review
350.80
21/07/2003
25
20/07/2028
21/07/2013 (5 yearly)
103,000
138
3,566
510
12.82
331.29
47.38
27/02/2013
15
26/02/2028
27/02/2015 (5 yearly)
75,000
Fixed rental increases:
Feb 2015 - £85,000
Feb 2016 - £95,000
Feb 2017 - £105,000
and then OMRV 2018 and 5 yearly.
2,023
201.60
12/05/2003
25
11/05/2028
12/05/2013 (5 yearly)
75,000
Rent review outstanding
11/05/2028
12/05/2013 (5 yearly)
2,500
Outside Seating area
23/03/2011
Rent £ p.a
Comments
Lease recently assigned from Bramwell Pub
Co (in administration). We understand the unit
will be re-branded as a Slug & Lettuce venue.
4a &
4b
Mytoncorp Ltd
BaaMoo
Restaurant
Ground
First
Second
Terrace
293
2,198
2,991
985
27.22
204.20
277.87
91.51
13/11/2009
20
12/11/2029
12/11/2014 (5 yearly)
75,000
Fixed rent increase 12/07/2014 to £80,000.
4c
Toni & Guy North
Ltd
Toni & Guy
Ground
ITZA
993
731
92.25
26/04/2004
15
25/04/2019
26/04/2014 (5 yearly)
30,000
Guaranteed by Mascolo Ltd.
4d
Countrywide
Estate Agents
Countrywide
Ground
ITZA
830
550
77.11
13/11/2007
15
12/11/2022
13/11/2012 (5 yearly)
32,500
5
Alaturka
Restaurants Ltd
Istanbul
Ground
First
Terrace
1,094
1,170
340
101.64
108.70
31.59
11/02/2011
20
10/02/2031
11/02/2016 (5 yearly)
70,000
6
Restaurant Bar &
Grill Ltd
Piccolinos
Ground
First
1,683
1,664
156.36
154.59
23/11/2004
co-terminus
25
22/11/2029
23/11/2014 (5 yearly)
91,000
29/10/2029
23/11/2014 (5 yearly)
1,500
Outside Seating
7
2 year vendor
rental guarantee
8
Le Bistrot Pierre
Ltd
93
London
Road
D P Reality Ltd
Ground
First
665
2,390
61.78
222.04
Le Bistrot
Ground
First
2,500
750
232.26
69.68
09/01/2006
25
09/01/2031
Domino Pizza
Ground
First
Ancillary
ITZA
803
507
771
340
74.60
47.10
71.63
01/07/1999
20
01/07/2019
33,039
3,046.02
2 separate leases. Later lease relates to
outside seating area.
45,000
Interest from a number of operators
09/01/2016 (5 yearly)
90,000
Lease guaranteed by Beacham Whitehead
Holdings Ltd.
01/07/2014
27,500
£718,000
Tenant Covenant
Tenant
Brief financial statements are provided below. D&B reports are available at www.gva.co.uk/7484
Summary
Turnover
Stonegate Pub
Company Limited
One of the UK’s largest pubs / bar operators with over 620
venues. Brands include Yates, Slug & Lettuce, The Living Room,
Missoule Bars and Scream. Accounts for the year ending
September 2012.
484,263,000
14,573,000
81,549,000
5A-
www.stonegatepubs.com
Pizza Express
(Restaurants) Limited
One of the UK’s largest chain of pizza restaurants established in
1965 in London and now having over 400 restaurants. Accounts
for year ending July 2012
332,717,000
63,133,000
391,793,000
5A1
www.pizzaexpress.com
Toni and Guy North
Limited
Wholly owned subsidiary of Mascolo Limited. The business was
founded by Toni Mascolo and his brother Guy in 1963 in London
now having over 200 salons in 20 countries. Accounts for year
ending August 2012.
11,323,489
(636,743)
2,177,425
2A2
www.toniandguy.com
www.countrywide.co.uk
Mascolo Limited
(guarantor)
Profits
Net Worth
D&B
Web
Countrywide Estate
Agents
Private limited company established in 1964 operating estate
agency branches throughout the UK, under various brands.
Accounts for year ending December 2012.
300,106,000
24,397,000
63,813,000
5A1
Alaturka Restaurants
Limited
Private limited company established in 2011 who run a
restaurant providing authentic Turkish cuisine. Accounts for the
year ending 31 January 2013.
Not
available
Not
available
(35,200)
N4
Restaurant Bar & Grill
Limited
Private, high quality restaurant group who own and operate 32
restaurants with a national presence in major cities and affluent
towns / suburbs. The company was taken private in 2011.
Accounts for the year ending March 2012.
67,734,336
610,640
2,594,013
2A2
www.individualrestaurants.
com
Le Bistrot Pierre Limited
Private company providing affordable French dining established
in 1998 in Nottingham. Now in 11 locations including Harrogate,
Leamington Spa, Stratford-upon-Avon and Ilkley. Accounts for
the year ending December 2012.
11,061,355
889,013
1,006,875
1A2
www.lebistrotpierre.co.uk
11,061,355
959,614
1,027,999
1A2
DP Realty Limited
The property holding company for Domino’s Pizza established
in 1993 now trading from over 650 stores. The ultimate holding
company is Domino’s Pizza Group plc. Accounts for the year
ending December 2012.
15.530,087
(619,897)
348,039
B2
www.dominos.uk.com
Mytoncorp Limited
Private company who trade under two brands of Aries and
Baamoo Grill
Not
available
Not
available
Not
available
H3
www.ariesvip.co.uk
www.baamooandgrill.co.uk
Beacham Whitehead
Holdings Limited
(guarantor)
www.alaturkarestaurants.co.uk
VAT
PROPOSAL
Election to waive exemption for VAT has been made and therefore VAT will be charged on
the purchase price. It is anticipated the sale will be treated as a transfer of a going concern.
We are seeking offers in excess of £8,300,000 (Eight Million,
Three Hundred Thousand Pounds) which offers a purchaser
an attractive net initial yield of 8.17% net of purchaser’s
costs at 5.8%.
EPC
Copy of EPCs for the property can be provided to interested parties or downloaded from our
website www.gva.co.uk/7485
Further information
Should you wish to inspect the property or require additional information, please contact:
Email
David Winterbottom
David Winterbottom
Direct Dial: 0161 956 4103
[email protected]
Email
Gurminder Manak
Gurminder Manak
Direct Dial: 0161 956 4105
[email protected]
Print
Save
GVA, Norfolk House
7 Norfolk Street
Manchester M2 1DW
For any other investment
sales please visit:
gva.co.uk/investment
SUBJECT TO CONTRACT
February 2014
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Published by GVA - 10 Stratton Street, London W1J 8JR
©2014 Copyright GVA
gva.co.uk/
7484
GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents
they are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer
or contract. 2.) 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 or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness
of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to
this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with
consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. Feb 2014
GVA is the trading name of GVA Grimley Limited and is a principal
shareholder of GVA Worldwide, an independent partnership of property
advisers operating globally gvaworldwide.com
08449 02 03 04
gva.co.uk/investment