Runcorn Investment Brochure.q:Layout 1

RUNCORN - HALTON LINK ROAD/EDWARDS ROAD
Prominent Halfords Autocentre and Burger King Investment Opportunity
On site now - completion due December 2014
Satnav Reference WA7 2XP
Halfords Autocentre and Burger King
Investment Opportunity
Runcorn – Halton Link Road / Edwards Road WA7 2XP
• Forward commitment opportunity to acquire two new
roadside outlets pre-let to Halfords Autocentre and Burger King
• Prominent location adjacent to a new Lidl and Ford Car
showroom and opposite Runcorn Shopping Centre, Asda
and the Trident Retail and Leisure Park
• On site now and due for practical completion (PC) by
22nd December 2014
• Minimum 15 year FR&I leases
• Halfords Autocentre income (c 40%) subject to RPI increases
• Total rent £106,600pa
• Price £1,610,000
• Yield 6.26%
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP
M57
M62
Runcorn
MERSEY GATEWAY
OPENING 2017
A557
LIVERPOOL
RY
BU
ES
DAR
BRIDGE
A533
WESTON
POINT
RUNCORN
11
WESTON
A533
RIVER MERSEY
CLIFTON
RI
VE
RW
BEECHWOOD
PRESTON BROOK
12
EAVER
A56
M56
THE SITE
AY
E
AV
RUNCORN
SHOPPING
CENTRE
O
AD
TRIDENT
RETAIL &
LEISURE PARK
HAL
TON
LIN
K
R
C
O
ND
Liverpool airport is approximately 12 miles (19km)
to the west and Manchester airport 25 miles (40km)
to the east.
Situation
MANCHESTER
M56
S W
AY
W
NO
THE
SITE
Y
WA
ESS
PR
X
E
A56
A557
CHESTER
There are two railway stations. Runcorn Railway
Station, situated approximately 2.4 miles (4 km)
north west provides direct services to London,
Birmingham and Liverpool and Runcorn East
Railway Station, situated approximately 2 miles
(3 km) east of the property, provides direct services
to Warrington, Manchester and Chester.
Runcorn has a resident population of approximately
60,000, with the district of Halton having a population
of circa 127,500.
WARRINGTON
SE
The Mersey Gateway, a new six lane bridge linking
Runcorn and Widnes, is now under construction and
due to open in autumn 2017. This toll bridge will
alleviate congestion, linking the Central Expressway
in Runcorn with the main routes to the M62.
H
The town benefits from excellent road
communications. The M62 (Junction 7 - 6 miles
(9.6km) to the north) provides direct access to
Liverpool and Manchester and the M56 (Junction 12
- 1.5 miles (2.5km) to the south) provides access to
Chester in the south west and Stockport in the east.
Immediately to the south of the subject property
Asda have a 69,000 sq ft (6,410 sq m) supermarket
alongside a McDonalds drive thru. Adjacent to this
is the Runcorn Shopping Centre (previously Halton
Lea) which provides some 500,000 sq ft (46,450 sq m)
of retail, developed as the town centre for Runcorn.
The Trident Retail and Leisure Park, situated to the
south of the Shopping centre comprises the bulk
of Runcorn’s retail warehousing provision totalling
approximately 178,000 sq ft (16,500 sq m) of
retail and leisure accommodation. Tenants include
TK Maxx, Aldi, Carpetright, Home Bargains, Jollyes
as well as Cineworld, Pizza Hut, TruGym and Club
2000 Bingo.
RT
Runcorn, designated a New Town in 1964, is located
on the south bank of the River Mersey approximately
15 miles (24 km) south east of Liverpool, 30 miles
(48 km) south west of Manchester and 16 miles
(26 km) north east of Chester.
The site totalling 0.70 acres, occupies a prominent
position situated off the A533 and the Halton Link
Road with frontage to West Lane. The larger site
has been comprehensively redeveloped to
incorporate both a new Lidl foodstore and a
Ford Car Showroom.
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP
h
t
r
No
HALTON LINK ROAD
THE
SITE
EDWARDS ROAD
WEST LANE
G
KO
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IC
For indicative purposes only.
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP
Description
Development
The property, currently under construction, will
comprise two newly built standalone units with
associated car parking and landscaping totalling
5,950 sq ft (552.7 sq m) on a site of 0.70 acres.
The development is being undertaken by Opus
Land (North) Ltd, an established and well respected
company with an excellent track record. See
www.opusnorth.co.uk
Planning
Each unit will be built to the latest brand standard
design and specification for the respective tenant,
further detail can be provided on request.
The contractor, Weiser, is on site and construction
works have commenced on the 18 week
programme which is due to reach PC on
22nd December 2014.
Planning Consent was granted on
13th November 2013 for the development
of an A3/A5 Drive Thru Restaurant and a B2
Autocentre. Reference 13/00248/FUL
Unit 1 will total 3,200 sq ft (297.3 sq m)*
Unit 2 will total 2,750 sq ft (255.5 sq m)*
*subject to final measurement
Title
Freehold.
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP
Tenancy
Tenant Financials
Agreement for Leases have been signed and the
property is fully pre-let as detailed below:
Halfords Autocentres Ltd are part of Halfords
Group plc and have over 300 UK outlets providing
Car MOTs and specialist repair and servicing to a
wide range of models. Their latest accounts for the
year ending 29/03/2013 they had a turnover of
£125.78 million, a pre-tax profit of £3.52 million and
a net worth of £30.94 million. They have a ‘very low
risk’ Experian credit risk score .
Unit 1 will be let from PC to Halfords Autocentres
Limited for a 15 year term, without break, on a
Full Repairing and Insuring basis at an initial rent
of £41,600pa (£13psf). The rent will be reviewed
5 yearly on an upward only basis linked to RPI with
a cap at 3% pa.
Unit 2 will be let from PC to Karali Limited, trading as
Burger King, on a 20 year Full Repairing and Insuring
lease and incorporating a tenant only break at the
15th year subject to 6 months’ notice. The rent will
be £65,000pa (£23.64psf) and will be reviewed 5
yearly upward only to open market value.
The total rent roll will therefore be £106,600 pa.
Karali Ltd is part of the Karali Group, one of the
largest franchisees in the Burger King system
trading from 59 sites and employing over 1,500
staff. Included with these 59 sites is a portfolio of
31 restaurants acquired two years ago by Karali Ltd
direct from Burger King who selected Karali as their
preferred operator. Due to this acquisition, their
latest accounts are for a 17 month period ending
31/12/2012 where they had a consolidated turnover
of £52.75 million, a pre-tax profit of £1.58 million
and shareholders funds of £2.86 million.
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP
EPC
Not available until built and assessed.
VAT
The purchase will be subject to VAT. It is assumed the sale will be treated as a TOGC.
Capital Allowances
Any relevant Capital Allowances will be made available to the purchaser.
Warranties
Further Information
A full warranties pack will be made available to the purchaser.
For further information please contact the
sole agent:
Proposal
Richard J Fisk
T. 0113 3444 444
M. 07767 796788
E. [email protected]
We are seeking a Forward Commitment to acquire the completed development at a price of
£1,610,000 (one million six hundred and ten thousand pounds) subject to contract and with
the benefit of the tenancies as outlined above. A purchase at this level would reflect a net
initial yield of 6.26% net of standard costs.
Misrep act
Disclaimer Important notice relating to the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991: Pudney Shuttleworth for themselves and for
the Vendors of the property who’s Agents they are, give notice that:
• the particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract;
• all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are
believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact and must satisfy themselves by inspection
or otherwise as to the correctness of each of them;
• no person in the employment of Pudney Shuttleworth has any authority to make or give any representations or warranty whatever in relation to this property or
the particulars, nor enter into any contract relating to the property on behalf of Wilkinson Williams nor any contract on behalf of the vendors; and
• no responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn.
Designed and produced by www.thedesignexchange.co.uk Tel: 01943 604500. October 2014.
RUNCORN - HALTON LINK ROAD / EDWARDS ROAD WA7 2XP