10-14 Queensway & 59-61 Market Street, Crewe, CW1 2EW

Lot Image

Auction sale - Monday 11th December 2017

Result:

Withdrawn Prior to Auction

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

Addendum

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.

Details

Location

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

Description

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.

Tenure

Freehold

Planning

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.

Bidder Registration

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

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
TOTAL £350,000
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)
(1) For the year ending 28/01/2017 the tenant reported a turnover of £2.38 billion, a pre tax profit of £244.79 million & shareholders' funds of £578.84 million (source: Graydon)
(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)

Contact

Seller's solicitor

Addleshaw Goddard LLP

Vicky Niescier

0161 934 6731

vicky.niescier@addleshawgoddard.com

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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