10-14 Queensway & 59-61 Market Street, Crewe, CW1 2EW
Upon the instructions of
- Prime freehold dual fronted retail investment
- Tenants include Topshop, JD Sports, Poundland & CEX
- Average unexpired lease term of 3.75 years
- Asset management opportunities
- High Street location
- Producing £350,000 pa
The tenant of Unit 2 should read Top Shop/Top Man Properties Limited. The tenant’s accounts for Unit 2 under the tenancy schedule (2) should therefore be disregarded.
The sale includes a small area of leasehold land which adjoins the freehold site, please refer to the legal pack.
Summary: The property occupies a prominent trading position in the pedestrianised retail core of the town centre with dual frontages on to Queensway and Market Street
Miles: Manchester 37 miles, Chester 28 miles
Roads: M6 (junction 16) 5 miles
Rail: Crewe railway station 0.8 miles
Air: Manchester Airport 19 miles
A terraced two storey building of traditional construction arranged as four ground floor retail units with ancillary/additional sales accommodation at first floor level. Three of the units have prominent frontages onto Queensway with the larger fourth unit having a prominent double frontage onto Market Street. In total the accommodation extends to about 22,938 sq ft (2,130.94 sq m). Both streets link to Victoria Street and the Market and Victoria Shopping Centres.
Crewe has a primary catchment population of about 173,000 and an estimated shopping population of about 93,000 making it the largest town and South Cheshire's primary retailing centre. As well as the Royal Arcade development, the town will be further boosted by it being a 'Superhub' for the new HS2 high speed rail line due for completion in 2027, reducing the journey time from Crewe to London to just 55 minutes.
Crewe is set to benefit from significant regeneration centred around HS2 and the Council led £25m town centre redevelopment of the Royal Arcade, which is immediately opposite the property.
Any party wishing to bid on this lot must complete & return the Bidder’s Registration Form contained within the legal pack by 5:30pm on Wednesday 6 December 2017. A copy of the form can also be downloaded by visiting www.lshauctions.co.uk and referring to Lot 14
Refer to the legal documentation
Energy Performance Certificate
|Address||Tenant||Floor||Use||Sq M||Sq F||Lease Terms||Rent £ pa||Rent Review|
|Unit 1 - 14 Queensway||JD Sports Fashion plc (1)||Ground First||Retail Ancillary||353.86||3,808||A term expiring 24/04/2020||£60,000||N/A|
|Unit 2- 12 Queensway||Top Shop/Top Man Ltd (2)||Ground First||Retail Retail||477.88||5,144||10 years from 25/12/2010||£82,500||25/12/2015 (not implemented)|
|Unit 3 - 10 Queensway||CEX (Franchising) Ltd (3)||Ground First||Retail Ancillary||254.55||2,740||10 years from 07/02/2014||£32,500||07/02/2019|
|Unit 4 - 63/67 Market Street||Poundland Ltd (4)||Ground First||Retail Ancillary||1,044.75||11,246||10 years from 07/11/2011||£175,000||07/11/2016 (not implemented)|
(2) For the year ending 27/08/2016 the tenant reported a turnover of £990.81 million, a pre tax profit of £84.57 million & shareholders' funds of £653.91 million (source: Graydon)
(3) For the year ending 30/06/2016 the tenant reported a turnover of £24.26 million, a pre tax profit of £1.85 million & shareholders' funds of £7.75 million (source: Graydon)
(4) For the year ending 27/03/2016 the tenant reported a turnover of £1.21 billion, a pre tax profit of £34.65 million & shareholders' funds of £95.69 million (source: Graydon)
Addleshaw Goddard LLP
0161 934 6731
* Guide price
An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
* Reserve price
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
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