45-57 BOUGHTON, CHESTER CH3 5AF HIGH YIELDING FREEHOLD MIXED-USE INVESTMENT

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1 45-57 BOUGHTON, CHESTER CH3 5AF HIGH YIELDING FREEHOLD MIXED-USE INVESTMENT

2 CHESTER STATION INVESTMENT SUMMARY Multi-let retail, offi ce and residential investment opportunity. Prominent position fronting major arterial route with asset management and break-up potential. Potential major new foodstore and retail development nearby totalling 110,000 sqft. TO CITY CENTRE PROPOSED WAITROSE TO M53 Fully let to tenants including Blockbuster and the NHS; producing 139,440 per annum. Offers in excess of 1,320,000 (one million three hundred and twenty thousand pounds) reflecting an attractive 10% net initial yield.

3 LOCATION Chester is an attractive and affluent historical cathedral city, an important tourist destination and the administrative centre for the county of Cheshire. The City is located approximately 72km (45 miles) south west of Manchester and 21km (13 miles) south of Liverpool. Chester benefits from excellent road communication links, with the M53 motorway accessed via junction 12, situated approximately 5km (3 miles) to the east. In turn the M53 provides direct access to the Wirral in the North West, the M56 motorway and the national motorway network via the M6. In addition, the A55 (coast road) provide access to North Wales. Manchester International Airport is situated approximately 48 km (30 miles) to the east and Liverpool s John Lennon Airport situated 39 km (24 miles) to the north, both service the City. Rail access is via Crewe to London Euston (2 hours, 20 minutes), Liverpool Lime Street (45 minutes) and Manchester Oxford Road (1 hour, 10 minutes).

4 A5480 A548 M53 North Wales The North LIVERPOOL A55 A540 M6 M62 A5116 M61 CHESTER M56 MANCHESTER M6 The South M Boughton A56 M53 J1 A41 A51 A55 SITUATION The property occupies a prominent position along the northern side of the busy mixed-use A51 (Boughton Road) which provides direct access to the city centre to the west (approximately 5 minutes walk) and the A41 (Ring Road) & A55 to the east, which in turn connect to the regional motorway networks. Immediately to the east of the site is the Boughton Retail Centre, which has been acquired by Waitrose which is proposing to redevelop the site for a new 40,000 sqft foodstore and 70,000 sqft of bulky goods units. This development, should it proceed, will further underpin the property s location. CITY CENTRE Chester Racecourse A5115

5 DESCRIPTION The property comprises three ground floor retail units arranged in two distinct blocks with a separate self contained office and residential unit situated above. The retail units are of a brick construction providing in general open-plan accommodation with ancillary storage space. The offices are accessed via a separate dedicated entrance fronting Boughton and provide open-plan accommodation at first floor level, subdivided by the tenant to provide a secure customer-facing contact centre. The upper floors can also be accessed via a rear entrance by either an eight-person passenger lift (providing disabled access) or another stairwell. The residential unit is situated above 55 Boughton and provides a two-bedroom selfcontained flat with independent access.

6 ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a net internal area basis (NIA). The property provides in total 11,830 sqft (1, sqm) and a full breakdown can be found on the tenancy schedule overleaf.

7 TENANCY SCHEDULE Unit Floor Floor Area Tenant Lease Rent pa ( per sqft) sqft sqm Ground 5, Blockbuster Entertainment Limited First 5, Cheshire & Wirral Partnership NHS Trust 15 yrs from 15/01/02 (R/R 01/2012) 10 yrs & 3 days from 21/10/03 50,000 (9.35) 62,000 (11.70) Expiry 14/01/17 Comments 23/10/2013 Public facing contact operation for the drug and alcohol services. Includes 7 car spaces. 53 Ground & First Mr & Mrs G Jacks 10 yrs from 21/09/01 8,000 (17.81) 20/09/2011 T/A Tax Assist Accountants. Terms for a new 5 year lease at 8,000 pa rising to 9,000 pa after 18 months has been agreed. 55/57 Ground (Retail) KJ Williams & LJ Williams 6 yrs from 13/04/10 (R/R 04/2013) 13,500 (18.40) 12/04/2016 T/A as Beautique. 55/57 First (Flat) - - RJ Claydon & GS Hoole 6 months AST from 13/08/10 5,940 (495 pcm) N/A 2 bed flat (not measured or inspected). Total 11,830 1, ,440

8 TENANCY The property is let in accordance to the tenancy schedule below providing a gross income of 139,440 pa. All leases apart from the flat are drawn upon full repairing and insuring terms. We would highlight terms have been agreed with the tenant of No 53 for a new five year lease with the rent rising to 9,000 after 18 months. COVENANT INFORMATION CHESHIRE AND WIRRAL PARTNERSHIP NHS TRUST part of the National Health Service, provides mental health, learning disability and drug/alcohol services. BLOCKBUSTER ENTERTAINMENT LIMITED one of the UK s largest and most recognised DVD/game retailers. For the year end 03/01/2010 the company reported a turnover of 262m, a pre-tax profit of 4.5m and a net worth of 53.9m. MR & MRS JACKS T/A TAX ASSIST ACCOUNTANTS own and operate a single franchise. Tax Assist Accountants trade out of over 200 locations nationally providing tax related advice to private individuals and companies of all sizes. KJ WILLIAMS & LJ WILLIAMS T/A BEAUTIQUE a local beauticians providing a wide range of treatments for both women and men. TENURE The property is held freehold. VAT The property is elected for VAT and therefore VAT will be payable on the purchase price. Providing certain criteria are met, the transaction may be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We have been instructed by our client to seek offers in excess of 1,320,000 (one million, three hundred and twenty thousand pounds) subject to contract and exclusive of VAT for the freehold interest. An acquisition at this level would show an attractive 10% net initial yield allowing for purchaser s costs at 5.8%. FURTHER INFORMATION For further information please contact the joint agents: DAVID WINTERBOTTOM T: E: david.winterbottom@gva.co.uk GURMINDER MANAK T: E: gurminder.manak@gva.co.uk JAMIE MOFFATT T: E: jamie.moffatt@masonowen.com ANDREW SCOTT T: E: andrew.scott@masonowen.com GVA is the trading name of GVA Grimley Limited. 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 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. SEPTEMBER DESIGNED AND PRODUCED BY ALEXANDER MACGREGOR LTD. WWW. ALEXANDERMACGREGOR.CO.UK

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13 Energy Performance Certificate Flat Dwelling type: Top-floor flat 55-57, Boughton Date of assessment: 17 October 2011 CHESTER Date of certificate: 17 October 2011 CH3 5AF Reference number: Type of assessment: RdSAP, existing dwelling Total floor area: 84 m² This home s performance is rated in terms of the energy use per square metre of floor area, energy efficiency based on fuel costs and environmental impact based on carbon dioxide (CO ) emissions. 2 Energy Efficiency Rating Environmental Impact (CO ) Rating 2 The energy efficiency rating is a measure of the overall efficiency of a home. The higher the rating the more energy efficient the home is and the lower the fuel bills are likely to be. The environmental impact rating is a measure of a home s impact on the environment in terms of carbon dioxide (CO2) emissions. The higher the rating the less impact it has on the environment. Estimated energy use, carbon dioxide (CO ) emissions and fuel costs of this home 2 Current Potential Energy use 278 kwh/m² per year 177 kwh/m² per year Carbon dioxide emissions 4.5 tonnes per year 2.8 tonnes per year Lighting 83 per year 54 per year Heating 675 per year 465 per year Hot water 154 per year 103 per year You could save up to 291 per year The figures in the table above have been provided to enable prospective buyers and tenants to compare the fuel costs and carbon emissions of one home with another. To enable this comparison the figures have been calculated using standardised running conditions (heating periods, room temperatures, etc.) that are the same for all homes, consequently they are unlikely to match an occupier's actual fuel bills and carbon emissions in practice. The figures do not include the impacts of the fuels used for cooking or running appliances, such as TV, fridge etc.; nor do they reflect the costs associated with service, maintenance or safety inspections. Always check the certificate date because fuel prices can change over time and energy saving recommendations will evolve. Remember to look for the Energy Saving Trust Recommended logo when buying energy-efficient products. It s a quick and easy way to identify the most energy-efficient products on the market. This EPC and recommendations report may be given to the Energy Saving Trust to provide you with information on improving your dwelling s energy performance. Page 1 of 5