wilko, crackenedge lane, dewsbury, wf13 1qd

WILKO, CRACKENEDGE LANE, DEWSBURY, WF13 1QD
WILKO, CRACKENEDGE LANE, DEWSBURY, WF13 1QD
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
Prominent trading location opposite Market

Large Store

Let to Wilko Retail Ltd

Rebranded in latest Wilko corporate style

Lease expires in 2022 without break

Low rent per sq ft

Income £160,000 per annum

Guide Price £1,780,000

Net initial yield 8.5%
DEWSBURY
LOCATION
Dewsbury is a West Yorkshire market town situated some 9 miles south-west of Leeds, 6
miles west of Wakefield and 5 miles north-east of Huddersfield.
The subject property occupies a prominent location at the junction of Crackenedge Lane and
Corporation Street directly opposite the covered section of the extensive and popular
market. Crackenedge Lane leads into the Long Causeway section of the Princess of Wales
Shopping Centre and represents an important link between it and the market.
The resident population of Dewsbury is approximately 53,527 with over 380,000 living within
the wider Kirklees local authority area.
Communications are good, with junctions 25, 27 and 28 onto the M62 and junction 40 of the
M1 all within about 6 miles. Direct rail services are available to Leeds and Manchester and
London can be reached by rail in less than 3 hours. Nearest major international airport is at
Manchester.
The location is indicated on the Goad plan extract.
DESCRIPTION
The shopping centre defined by the modern Princes of Wales Shopping Centre at the south
and traditional market area to the north. The two are linked by a series of streets including
Crackenedge Lane.
The property represents one of a very limited number of large stores in Dewsbury and was
occupied form new by Wilkos.
The accommodation is arranged over ground and two upper floors within a modern framed
building dating from 2002 with brick elevations under a flat roof. The property was
rebranded in Wilko’s latest corporate style in 2014.
The extensive market comprises around 350 stalls within a striking market hall and
surrounding outside area and has a very strong following. It draws busloads of shoppers
from a wide area and won the award of Britain’s Best Market in 2007.
The ground floor comprises a large open trading area with some ancillary including a loading
area. The first floor provides staff, ancillary and storage whilst the second floor provides
further storage. The floors are linked by two goods lifts.
There is a large service yard to the rear.
WILKO, CRACKENEDGE LANE, DEWSBURY, WF13 1QD
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DIMENSIONS
RENTAL COMMENT
The property has the following approximate dimensions and net floor areas:
Gross Frontage
Net Frontage
Shop Depth
Ground Floor Sales
First Floor Sales
Second Floor Ancillary
Total
52' 00"
50' 10"
122' 09 "
15.85
15.49
37.41
15,140 sq.ft.
4,158 sq.ft
399 sq.ft
19,697 sq.ft
1,406.50
386.28
37.07
1,829.85
m
m
m
m²
m²
m²
m²
TENURE
The property is freehold.
LETTING
The entire property is let to Wilko Retail Ltd on a full repairing and insuring basis for a
term of 20 years from 4th March 2002 and expiring on 3rd March 2022. The lease contains
provision for an upwards only rent reviews every fifth year and no breaks.
The rent is £160,000 per annum.
TENANT COVENANT
Wilko Retail Ltd (00365335) was formally known as Wilkinson Hardware Stores Ltd and is a
variety chain store with an emphasis on homewares trading from some 375 braches
throughout the UK. The company started in 1930 and is still controlled by the Wilkinson
family.
For the year ended 1st February 2014 the company had a turnover of £1.46 billion, pre-tax
profit of £27.6 million and net worth of £248.2 million. It is rated by Experian as ‘Very Low
Risk’
The passing rent of £160,000 per annum reflects an overall rate of £8.12 per sq ft. This
compares well with similar stores and is considered to provide good prospects for future
growth.
EPC
EPC rating is E 120. Certificate and report are available on request.
WILKO, CRACKENEDGE LANE, DEWSBURY, WF13 1QD
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PROPOSAL
For the freehold interest, subject to the benefit of the letting, we seek
offers in the order £ £1,780,000 subject to contract to show a net initial
yield of 8.5% having taken purchase costs at 5.8%.
This investment provides an opportunity to purchase a substantial
store let to a strong retailer with an unbroken term until 2022.
The comparatively low rent per sq ft should provide opportunity
for longer term growth.
We understand the property is registered for VAT and a sale is expected to
be undertaken by TOGC.
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MISREPRESENTATION ACT
FURTHER INFORMATION
For further information please contact:Stephen Powell 020 7318 5751 [email protected]
or
John Loveday
020 7318 5753 [email protected]
SUBJECT TO CONTRACT
These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further
inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any
purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way
guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come,
under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or
employee of Smith Price LLP have any authority to make or give any representation or warranty whatsoever as regards the
property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should
satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event
of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in
writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These
particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only
subject to contract.
Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC318959. Registered
office: 5/7 John Princes Street, London W1G 0JN
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Dewsbury
Experian Goad Plan Created: 09/10/2015
Created By: Smith Price
50 metres
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rights 2015 Ordnance Survey 100017316
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