Topps Tiles

Trade Counter
Investment
Opportunity
On behalf of
E K Dry & G B Judd
Joint Fixed Charge
Receivers
Topps
Tiles
34 Parr Street
St Helens
WA9 1JZ
34 Parr Street, St Helens, WA9 1JZ
Executive Summary
Location
Situation
Description
Accommodation
Site Area
Tenure
Tenancy Schedule
Covenant Information
Further Information
Executive Summary
Location
Situation
34 Parr Street, St Helens, WA9 1JZ
Executive
Summary
• O
pportunity to purchase a trade counter
investment within St Helens
•
E xcellent prominence and visibility from Parr
Street, the main arterial route connecting the
town centre and the M6.
• 8,963 sq ft trade counter which is let to Multi-Tile Ltd (trading as Topps Tiles).
• 16 year lease from 25 March 2003. There are
over 3 years unexpired term.
•
M
ulti-Tile Ltd has a D&B rating of 5A1 and are
a wholly owned subsidiary of Topps Tiles Plc,
who have a current market capitalisation of
£303 million.
• Current passing rent of £87,000 per annum
(£9.71 psf). There is an upward only rent
review in 2017.
•
T here is an opportunity to re-gear the lease to
Multi-Tile Ltd and secure longer term income.
• Offers in excess of £950,000 are invited for
our client’s freehold interest.
•
A
sale at this level will reflect a NIY of 8.66%
assuming usual acquisition costs of 5.80%.
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
A583
Executive Summary
Location
Situation
Description
Accommodation
Site Area
M55
3
4
Tenancy
A584
A671
M6
A6
A583
Blackpool
Tenure
32
1
A59
M65
A666
31
Covenant
Information
6
Preston
BURNLEY
Further Information
7
BLACKBURN
11
10
9
8
A646
30
A59
34 Parr Street, St Helens, WA9 1JZ
29
1
A582
29
5
4
3
A646
A56
M65
28
8
M6
Location
27
BOLTON
M58
1
St Helens is located in Merseyside and is approximately 11 miles north west of Warrington, 12 miles
east of Liverpool and 26 miles west of Manchester.
5
The town has excellent road communications with Junction 23 of the M6 motorway five miles to the
east, accessed via the A580 East Lancashire Road, whilst Junction 7 of the M62 lies four miles to the
south, accessed via the A570 St Helens Linkway.
By rail there are frequent, regular services from St Helens to Liverpool and Manchester. To London
Euston there is a fastest journey time of approximately 2 hours 25 minutes. Liverpool John Lennon
Airport and Manchester Airport are easily accessible being only 13 miles and 29 miles respectively
30 minutes respectively.
M57
Moreton
A553
2
6
A5058
A41
Speke
4
M53
River Mersey
7
A55
8
9
A557
Ellesmere Port
A54
12
A494
6
5
3 2
8
9
OLDHAM
20
21
A627
A6010
M56
7
6
5
A6
A34
4
1
3 2
4
24
3
25
27 26
M6
M60
A6
A533
A523
A34
19
A537
A556
A537
MACCLESFIELD
NORTHWICH
A580
A556
A34
A533
18
A54
M60
ank
Cowle
y Hill Ln
nB
rto
Me
A58
Rd
1
A57
Rd
Sta
ndis
hS
t
Boardmans Ln
A570
ST HELENS
C orporation
St
ST HELENS
CENTRAL STATION
A58
A58
The Property
A572
A570
A570
nh
sk
M62
rto
Ga
Bu
ell
St
n
ss L
t
Cro
S
son
sley
k
Jac
Pea
LONGTREE PARK
STADIUM
ea
dR
d
rdly
She
Rd
M67
Manchester
Airport
A51
A570
A short distance further south along the A570 is
Ravenhead Retail Park, which opened in 2001
and totals approximately 27,509 sq m (296,101
sq ft) of accommodation and tenants include,
Next, KFC, PC World, Boots, Pets at Home and
B&Q,
23
North
The property has excellent prominence being situated at the junction of the main A58 (Parr Street)
and Corporation street. The property is on the eastern fringe of St Helens town centre directly opposite
Atlas House (which is the new offices of St Helens Council) and is just south of St Helens Retail Park,
which comprises approximately 11,149 sq m (120,000 sq ft) of retail warehouse accommodation
where occupiers include Aldi, TK Maxx, Dunelm, Maplin and Halfords.
22
MANCHESTER
10
A49
A41
A5117
A5119
10
21
12
M56
14
Eccles
11
20
11
19
3
A56
A56
11
15
Flint
M57 &
LIVERPOOL
A557
A533
Liverpool
John Lennon
Airport
10
A548
A541
Widnes
10
21A
9
20
SALFORD
2
21
19
17
11
WARRINGTON
6
1
5 6
St. Asaph
The
Property
5
7
A562
22
3
Wardley
14
12
1
M62
M62
2
10
Birkenhead
Prestatyn
A540
23
ST HELENS
LIVERPOOL
A580
24
A580
4
3
3
Heswall
25
2
16
1
15
M62
ROCHDALE
A58
Radcliffe
3
Walkden
M6
Wallasey
1
4
A58
M66
A58
M61
5
26
7
Bootle
6
WIGAN
SKELMERSDALE
4
1
BURY
Ormskirk
3
Situation
A666
Sutt
on
Rd
A
Executive Summary
Location
Situation
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
34 Parr Street, St Helens, WA9 1JZ
Description
The property comprises a detached single-storey trade counter unit. It is of metal
portal frame construction on a solid concrete floor with a combination of block/
brickwork and profile sheet-clad elevations. The roof is pitched with corrugated
sheet cladding and incorporates translucent roof panels.
The unit is subdivided internally by stud-partitioning to half-height with
approximately 37% of the floor space occupied by United Carpets on
a concessionary basis. Both spaces have been fitted out to the tenants’
respective corporate specification and each has their own customer entrance.
The unit also includes ancillary offices, staff room, toilet facilities and kitchen
area which are shared by both tenants.
There is a single full-height electric roller shutter loading access to the rear of
the unit which leads into a dedicated service area and customer parking for
approximately 52 vehicles.
Occupiers in the immediate vicinity include St Helens Council (both council
offices and the Hardshaw Brook depot), Kwik Fit, Motor House Service Centre
and Equipe.
Executive Summary
Location
Situation
Description
Accommodation
34 Parr Street, St Helens, WA9 1JZ
Accommodation
The property has been measured in accordance with the RICS Code of Measuring Practice
on a gross internal area basis and provides 832.70 sq m (8,963 sq ft).
Site Area
Tenure
Tenancy
Covenant Information
Further Information
Executive Summary
Location
Situation
34 Parr Street, St Helens, WA9 1JZ
Site Area
The site extends to approximately 0.37 hectares (0.91 acres).
Tenure
The property, edged red on the plan is held Freehold.
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
Executive Summary
Location
Situation
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
Swan
34 Parr
Meadow
Street, StRoad,
Helens,
Wigan,
WA9 WN3
1JZ 5BB
M58 Junction 2
A580 East Lancs Road
St Helens Town Centre
St Helens Central Station
The Premises
St Helens Retail Park
Longtree Park
Ravenhead Retail Park
St Helens Linkway
M62 Junction 7
Executive Summary
Location
34 Parr Street, St Helens, WA9 1JZ
Tenancy
The property is let to Carpetworld
Manchester Limited for a period of 16
years from 25 March 2003. There are
over 3 years unexpired.
The lease was assigned to Multi-Tile Ltd
(trading as Topps Tiles) in May 2013.
Topps Tiles share circa 37% of the
floor plate with United Carpets on a
concessionary basis. The vendor does not
have any relationship with United Carpets.
Topps Tiles share a number of their units
throughout the UK on a Concessinary
basis as this works well.
The current passing rent is £87,000 per
annum (£9.71 psf) with an upward only
rent review in March 2017. The lease is
drawn upon full repairing and insuring
terms and is subject to five yearly upward
only rent reviews based on open market
rent.
Situation
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
Executive Summary
Location
Situation
Description
Accommodation
34 Parr Street, St Helens, WA9 1JZ
Covenant
Information
Carpetworld Manchester Limited is a wholly owned subsidiary of Carpetright
Plc. Carpetright trade from 438 stores across the UK as well as 138 stores across
Holland, Belgium and the Republic of Ireland. It is listed on the London Stock
Exchange and has a current market cap of £328 million.
Multi-Tile Limited is a wholly owned subsidiary of Topps Tile Kingdom Limited
and its ultimate parent company is Topps Tiles Plc, the UK’s largest tile and
wood-flooring specialist retailer. The principal activity of the company is the retail
wholesale and distribution of ceramic tiles, wood flooring and related products.
Topps Tiles is the UK’s leading tile and wood flooring specialist and the group has
grown to incorporate 1,500 specialist experts and over 330 stores nationwide, with
more openings in the pipeline. Topps Tiles is listed on the London Stock Exchange
and as at the beginning of 2016 has a market cap of £303 million.
Multi-tile Ltd reported the following financial accounts:
27 Sep 2014
Sales Turnover
28 Sep 2013
29 Sep 2012
2,640,299
7,531,617
Profit Before Taxes
8,792,538
8,585,042
8,498,755
Tangible Net Worth
153,985,203
144,591,277
135,826,250
Net Current Assets
(Liabilities)
154,450,637
144,990,475
135,455,838
Historically, Multi-Tile Ltd traded as Tile Clearing House (“TCH”) within the UK. During
2013, TCH stores within the Multi-Tile brand were either closed or rebranded as
Tiles Clearance Centres that began trading under Topps Tiles (UK) Ltd, hence the
turnover of Multi-Tile reduced significantly during 2013 and is nil in 2014.
We have undertaken a Dun & Bradstreet covenant search and can confirm that
Multi-Tile Ltd has a D&B rating of 5A1.
Site Area
Tenure
Tenancy
CovenantInformation
Information
Covenant
Further Information
Executive Summary
Location
Situation
Description
Accommodation
Site Area
Tenure
Tenancy
Covenant Information
Further Information
34 Parr Street, St Helens, WA9 1JZ
Further Information
EPC
Proposal
An Energy Performance Certificate (EPC) is available upon request
or downloaded from our website www.gva.co.uk/9448
Offers are sought in excess of £950,000 (Nine Hundred and Fifty
Thousand Pounds), subject to contract and exclusive of VAT.
0161 956 4029
[email protected]
This would reflect an attractive net initial yield of 8.66%
assuming usual acquisition costs of 5.80%.
Gurminder Manak
A sale at the quoting price woudl represent a capital value of
£105.99 per sq ft.
0161 956 4105
[email protected]
VAT
The prices quoted are exclusive but may be subjective to VAT.
Adam Wildig
gva.co.uk/9448
GVA
Norfolk House, 7 Norfolk Street
Manchester, M2 1DW
Subject to Contract
JANUARY 2016
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©2015 Copyright GVA
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GVA is the trading name of 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: i.) 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. 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
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34 Parr Street, St Helens, WA9 1JZ
08449 02 03 04
gva.co.uk/9448