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32-36 Deansgate, Bolton, BL1 1BGHigh yelding retail investment
32-36 Deansgate, Bolton, BL1 1BG
Executive Summary
• High yelding retail investment opportunity
• A prominent and busy location on the corner of Deansgate and Bridge Street
• Located in the heart of Bolton town centre between Market Place and Crompton Place Shopping Centres
• Arranged over basement, ground and three upper floors providing a total of 1,769.46 sq m (19,046 sq ft)
• Let to Waterstones Booksellers Ltd on a 25 year lease expiring on 8 September 2022
• Total rent of £352,000 per annum equating to £1,539 per sq m ZA (£143 per sq ft ZA)
• Freehold
• Numerous Asset Management angles
• Offers in excess of £2,500,000 (Two Million, Five Hundred Thousand Pounds), Subject to Contract & exclusive of VAT
• A purchase at this level reflects a net initial yield of 13.31%, allowing for purchaser’s costs of 5.8%
Location
Bolton is a busy market town located in the metropolitan county of Greater Manchester. It is situated 16.1 km (10 miles) northwest of Manchester and is surrounded by several smaller towns and villages that together form the Metropolitan Borough of Bolton, of which Bolton is the administrative centre.
The town benefits from excellent road links, located 6.1 km (3.8 miles) from Junction 5 of the M61 motorway which further provides access to the M60 and Manchester to the south-east.
Bolton is served by regular rail services to Manchester with a fastest journey time of approximately 21 minutes. The station also offers direct services to a number of local and regional towns including Preston and Blackpool.
Manchester Airport lies approximately 32.2 km (20 miles) to the south-east and is easily accessible within a drive time of less than 30 minutes. It offers flights to a range of international and domestic locations and in 2014 was the third busiest airport in the United Kingdom in terms of passenger numbers.
Situation
The Property is situated on Bolton’s main pedestrian thoroughfare and occupies a prime trading position on the corner of Deansgate and Bridge Street, immediately opposite the main entrance to the town’s Marks & Spencer store and adjacent to Superdrug. Other nearby occupiers include Wilko and NatWest.
The Property benefits from footfall between Bolton’s two shopping centres Market Place and Crompton Place.
The Property is easily accessible from Bolton Train Station and the main bus station which are located within a 10 minute walk, approximately 0.8 km (0.5 miles) to the south.
There are multiple bus routes into Bolton town centre and there is an added benefit of a free Metro shuttle bus service within the town, one stop of which is approximately 100 meters from the property on Bridge Street.
There is ample parking available within close proximity of the property with Market Place and Crompton Place offering paid parking for the town centre.
32 -36 Deansgate, Bolton, BL1 1BG
www.geraldeve.com
MANCHESTER
BOLTON
BURY
ROCHDALE
OLDHAM
M60
M60M60
M62M66
A627(M)
M61
M62
M602
A666A579
BOLTON
WATERSTONES
Crompton Place
Market Place
MARKET PLACE
CROMPTON PLACE
UN
DE
RR
EFU
RB
ISH
ME
NT
KNO
WSLEY STR
EET
Copyright and confidentiality Experian, 2015. © Crown copyright and databaserights 2015 Ordnance Survey 100017316
Retailing in Bolton
Bolton is a large sub-regional retailing centre, with a primary catchment of 559,000 people, which is significantly above average for such a centre; and a shopping population estimated by PROMIS at 234,000. This ranks the town just outside the Top 50 retail centres in the UK at No.51.
Town centre retail floorspace in Bolton is currently estimated to be 126,350 sq m (1.36 million sq ft).
The Market Place shopping centre is anchored by Debenhams, with other key tenants including Zara, H&M, River Island, Next and New Look and is currently undergoing significant re-development.
Crompton Place shopping centre is situated between Victoria Square and Bradshawgate. The scheme is anchored by Primark, along with Boots and BHS; other occupiers include Clarks, Beaverbrooks and Blue Inc.
Outside of the shopping centres, shopping in Bolton is located in and around the main north-south / east-west axes formed by Knowsley Street / Oxford Street / Newport Street and Churchgate / Deansgate. A large part of this area is fully pedestrianised and undergoing re-development.
Bolton Town Centre – Regeneration / Re-Development
Market Place – The existing centre is undergoing a £19million refurbishment by the Moorgarth Group, with completion expected by December 2015. Plans include the building of a nine screen cinema with a capacity for 1,200 seats and the development of 30,000 sq ft of new restaurant space, creating seven to eight restaurants by opening up the vaulted basement of the old market.
Church Wharf – The 14-acre scheme will have more than 340,000 sq ft of offices, more than 230 family town houses and apartments, cafés, bars and restaurants, a hotel, shops and public spaces. The Church Wharf development will cover an area bordered by Folds Road, St Peter’s Way and Manor Street and a new footbridge will be built across the River Croal.
Transport Interchange – A new, £48m, development will co-locate the main bus station with Bolton train station and a pedestrian skyline bridge will connect the two. Complementary to this is a new £6.5 million, 35,000 sq ft Grade A office block fronting Great Moor Street.
Description
The Property comprises a substantial four storey retail unit with basement, which has a principal frontage to Deansgate and a return frontage to Bridge Street. It forms one of the largest shop units in Bolton town centre.
The Property is arranged over basement, ground and three upper floors providing a total of 1,769.46 sq m (19,047 sq ft). The basement, ground and first floors are utilised as sales, with upper floors used as storage and offices. There is a lift access to all floors.
Description Sq m Sq ft
Ground floor sales 342.89 3,691
ITZA 153.00 1,647
Basement sales / storage 392.41 4,224
Mezzanine storage 9.66 104
First floor sales 336.11 3,618
First floor storage 3.25 35
Second floor storage 408.76 4,400
Third floor office / storage 276.38 2,975
TOTAL 1,769.46 19,047
Tenancies
The entire property is let to Waterstones Booksellers Ltd on a 25 year lease expiring on 8 September 2022 at a passing rent of £325,000 per annum equating to £1,539 per sq m ZA (£143 per sq ft ZA), subject to five yearly upward only rent reviews. The next review is due on 9 September 2017.
Costa Coffee is in occupation of part of the first floor on a concession agreement with Waterstones and the basement is currently vacant. Part ground floor is sub-let to Countrywide Estate Agents, trading as Entwistle Green, on a lease expiring on 01 August 2022 with a break option on 28 January 2020.
Tenure
Freehold.
www.geraldeve.com
Gross Frontage 9m 29ft 6in
Net Frontage 7m 22ft 11in
Splay Frontage 5m 16ft 5in
Return Frontage 6m 21ft
Covenant status
Waterstones Booksellers Ltd (Company Number: 00610095) is a British book retailer that operates 275 stores and employs around 3,500 staff in the UK and Europe as of February 2014.
Waterstones Booksellers Ltd has a D&B Rating of N 2 which represents a lower than average risk of business failure.
Asset Management Opportunities
• A proportion of the space is vacant and opportunities exist, subject to negotiation, to re-gear this lease, take control of the sub-lettings and generate additional lettings from the remaining vacant space.
• Create new improved frontage to current unoccupied parts (former shoe shop) along Bridge Street, improving marketability and adding value to the asset.
• Subject to consent longer term residential or office conversion of uppers, with self-contained access off Bridge Street, retaining the ground and basement retail elements.
EPC
EPCs are available on request
VAT
The property has been elected for VAT.
www.geraldeve.com
Proposal
We have been instructed to seek offers in excess of £2,500,000 (Two Million, Five Hundred Thousand Pounds), Subject to Contract & exclusive of VAT, which reflects a net initial yield of 13.31%, allowing for purchaser’s costs of 5.8%.
Contact details
For further information, contact –
London (West End) 72 Welbeck StreetLondon W1G 0AYTel. +44 (0)20 7493 3338
Richard [email protected]. +44(0)20 7333 6274Mobile +44 (0)7801 625680
Neil [email protected]. +44(0)161 830 7087Mobile +44 (0)7824 143 094
Thomas [email protected]. +44(0)20 7333 6261Mobile +44(0)7469 377108
ManchesterNo 1 Marsden StreetManchester M2 1HWTel. +44 (0)161 830 7070
Conditions under which these particulars are issued
All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that:-
1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract.2. All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors.3. None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars.4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property.
This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve’s liability which cannot be excluded or limited by law. Particulars issued September 2015