green oaks shopping centre
TRANSCRIPT
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
GREEN OAKS WAY
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
INVESTMENT CONSIDERATIONS Widnes is a well-established town located on the north bank
of the River Mersey, 12 miles east of Liverpool and 25 miles south of Manchester
Green Oaks Shopping Centre comprises the dominant retail offering in Widnes extending to 95,545 sq ft (8,876 sq m) and comprises 18 retail units, 9 kiosks, a crèche and part ownership of Widnes town centre’s principal car park
The catchment area encompasses an estimated 521,227 people within a 20 minute drive with a total retail spend estimated at c £2.5bn
Passing rent of £758,400 per annum and a net operating income of £738,921 per annum
Morrisons pay approximately 1/3 of the service charge
WAULT of 3.62 years to expiry and 2.81 years to break
The Centre boasts a strong and diverse tenant line up to include Halifax Bank, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett accounting for 39% of the passing rent
Approximately 70% of the passing rent was paid since March 2020
Neighbouring occupiers include Morrison’s, Aldi, Halfords and Iceland
The property is held long leasehold expiring on 20 December 2133 thus having some 112 years unexpired, at a peppercorn rent
Total site area of 9.23 acres (3.74 hectares)
The site offers extensive asset management potential including acquiring the freehold, selling off the Albert Road property separately, extending or renewing the leases to major tenants and potential to build a drive through on the southern tip of our car park subject to planning consent
PROPOSAL We are seeking offers in excess of £4,000,000 (Four Million
Pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 17.34% on the net operating income after allowing for purchaser’s costs.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
LOCATION Widnes is a well-established industrial town located on the north bank of the River Mersey, approximately 12 miles east of Liverpool, 25 miles south west of Manchester, 13.5 miles North West of Northwich and 31.5 miles south of Preston.
In 1897, the Chemist & Industrialist John Hutchinson established a chemical factory. The town grew in population and rapidly became a centre for the chemical industry. The town continues to be a major chemicals manufacturer.
The town boasts excellent connectivity to the regional motorway network. The A561/2 (Higher Road) dual carriageway is located to the west of Widnes which offers a direct route into Liverpool. The A533 connects south towards the Mersey Gateway Bridge, Runcorn and Junction 12 of the M56, 6 miles south. The A557 (Watkinson Way) links north and connects to Junction 7 of the M62, 4 miles north.
Widnes Station is located a mile north of the town centre on Victoria Avenue. Direct rail services run from Widnes Station which offers direct routes to Liverpool with a journey times of 24 minutes and Manchester Piccadilly with a journey time of 31 minutes. Runcorn Railway Station is located 3 miles to the south of Widnes offers direct services to London Euston with a journey time of 113 minutes. Runcorn is set to benefit from HS2 which will reduce the travel time to Euston to 74 minutes.
Liverpool John Lennon Airport is located 6 miles to the west and Manchester Airport, 25 miles to the east respectively.
Blackpool International Airport
Peak District National Park
Manchester Airport 25 miles
Warrington Central 8 mins
Manchester Piccadilly 31 mins
Manchester Airport 68 mins
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
© Crown Copyright, ES 100004106. For identification purposes only.
PHONE SHOP
AM O
R E
FL O
W ER
UNIT 5B
SITUATION Green Oaks is a dominant shopping centre situated in the heart of Widnes town centre bounded by Green Oaks Way to the East, Winfield Way to the South, Albert Road to the West and Bradley Way to the north. The scheme forms a busy pedestrian thoroughfare linking the principal town centre car park to the east through to Albert Road High Street to the West. The car park is accessed through Green Oaks Way close to its junction with Bradley Way which links north to Watkinson Way (A557).
Widnes Station is located a mile north via Kingsway Road. Green Oaks Bus interchange is situated within the principal car park, just off Green Oaks Way, which provides regular bus services to Widnes Station.
Green Oaks is anchored by a dominant 81,000 sq ft (7,525 sq m) Morrison’s foodstore scheme (outside our ownership) and TJ Hughes, being predominantly occupied by national multiples to include Halifax, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett.
Albert Square Shopping Centre positioned to the west of Green Oak comprises an open air 84,841 sq ft (7,882 sq m) 1970’s scheme across some 35 units. Key tenants include WH Smith, Lloyds Bank and several independent retailers and restaurants.
Widnes Shopping Park to the south west boasts 230,000 sq ft (21,368 sq m) of retail warehouse accommodation. Key tenants include Marks & Spencer’s, Next, Boots and Costa Coffee. Other occupiers within the immediate vicinity include Asda, Aldi, Travelodge and the Hive Leisure Park, which includes a Planet Ice, Superbowl UK and Reel Cinema.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
DESCRIPTION Green Oaks Shopping Centre was built during the mid-1990s and comprises a covered two storey shopping centre anchored by TJ Hughes and a neighbouring Morrison’s foodstore (not included within our ownership). The scheme is arranged as 27 retail units and kiosks with a crèche at first floor level. The accommodation extends to 95,545 sq ft (8,876 sq m) over two floors with tenant trading space to the ground floor and ancillary accommodation above.
Further to the Morrison’s and TJ Hughes, the scheme benefits from a complementary convenience led tenant line-up with other notable retailers including Argos, EE, Three, Vision Express, Carphone Warehouse, and Holland & Barrett. The majority of the accommodation (23 of the retail units and kiosks) are situated within the covered mall, which acts as a thoroughfare running east to west, linking the main car park to the Albert Road. In addition, to the north of our scheme on Albert Road and its junction with Bradley Passage our title includes a Halifax Bank (36 Albert Road), three small retail kiosks (1, 2, 3 Brook Street) and offices occupied by Halton Borough Council (7 Brook Street). This could be sold separately if required. The Centre benefits from part ownership of the 1,100 free car parking spaces which services our scheme, the Morrison’s and Widnes Market.
There is a large loading bay / service yard accessible from Winfield Road which services Units 8-18.
The property is not listed and does not fall within a conservation area.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
TENANCY SCHEDULE The property is let to 29 tenants with a WAULT of 3.62 years to expiry and 2.81 years to break. The total passing rent is £758,400 per annum and the net operating income after deducting all non-recoverable costs is £738,921 per annum. Total annual shortfalls amount to £19,479 per annum, including a
landlord’s contribution to marketing of £11,850 per annum.
The majority of tenants are secured on effective FRI leases with fully recoverable business rates, service charge and insurance provisions. A full breakdown of tenancies and areas is available in the tenancy schedule.
The tenant mix is split between established local businesses, a council and a myriad of national tenants to include Halifax Bank, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett. These tenants account for £248,100 p.a. approximately 39% of the rent roll.
General Information Area Tenancy Information Management Information
Demise Tenant Ground Floor
Lease Expiry
WAULT (Expiry)
WAULT (Break)
end)
Department Store LHR Holdings Limited t/a TJ Hughes
15,103 14,822 29,925 16-Aug-18 16-Aug-23 15-Aug-28 6.98 6.98 £125,000 £125,000 £51,720 £5,467.56 N/A £0.00 10% turnover rent, net of rates. The base rent is calculated as 80% of previous years actual rent paid. TJ’s rent of £125k is based upon actual and forecast turnover figures for 2021. The rent was £95k in 2020 which reflects 5 months of lockdown.
16 Albert Road AFL completed to Phone Zone
1,019 580 1,599 10 10 £22,500 £22,500 £903 £291.44 N/A £0 AFL completed with Phone Zone, £22,500 pa, 10 yr Lease, no break. 6 mrf, 3 month rent deposit. Landlord works are now instructed.
14 Albert Road Holland and Barrett Retail Limited
1,107 537 1,644 27-Nov-12 26-Nov-22 1.26 1.26 £25,850 £25,493 £949 £300.17 N/A £357 £596pa service charge cap, balance to LL.
Unit 1 Duncan Sexton Limited
916 892 1,808 29-Oct-18 28-Oct-23 28-Oct-23 28-Oct-28 7.19 2.18 £23,500 £23,500 £7,133 £329.83 N/A £0.00
Units 2 & 3 Partners The Stationers Limited
2,193 2,244 4,437 1-Dec-18 Rolling from 11/09/2019
30-Nov-21 0.27 0.00 £20,000 £19,638 £17,362 £809.75 N/A £362 Rolling from 11/09/2019. SC Shortfall of £362.
Unit 4 Widnes V E Limited 1,071 977 2,048 15-Jan-18 14-Jan-23 1.39 1.39 £26,500 £26,500 £8,170 £373.46 N/A £0.00
Unit 5 Gleden Ltd (ta Mangobean)
893 1,424 2,317 12-Dec-16 Rolling Landlord break on 3 months
notice
Stepped 11-Dec-26 5.30 0.00 £29,500 £29,500 £8,406 £424.07 N/A £0.00 Rolling Landlord break on 3 months notice.
Unit 5b Joseph Mather- Burns
721 0 721 22-Apr-21 22-Apr-26 4.64 4.64 £15,500 £15,500 £3,765 £132.63 N/A £0.00
Unit 6 Vodafone 890 1,425 2,315 12-Sep-19 12-Sep-22 11-Sep-24 3.05 1.05 £23,000 £23,000 £8,395 £422.33 N/A £0.00
Unit 7 Roman Originals 1,568 1,641 3,209 15-Jan-21 1-Jan-22 1-Apr-23 1.61 0.36 £15,700 £15,700 £12,512 £586.37 N/A £0.00 Rolling Mutual Break after Jan 2022. Turnover rent (10% on t/o above £125,000).
Unit 8 Neil & Barker (Widnes) Ltd t/a Pandora
1,850 1,888 3,738 26-Aug-16 26-Aug-21 25-Aug-25 4.01 4.01 £52,500 £52,500 £14,633 £682.35 N/A £0.00
Unit 9 Everything Everywhere Ltd
1,062 1,068 2,130 21-Jul-06 20-Jul-21 0.00 0.00 £50,000 £50,000 £8,359 £389.17 N/A £0.00 HoTs agreed for renewal Lease at £31,500 pa, 5 yr term, 3 yr break. 2 MRF. Awaiting EE board approval to instruct.
Units 10-12 Peacocks Stores Ltd 4,116 4,165 8,281 7-Dec-16 6-Dec-21 0.29 0.29 £42,000 £42,000 £32,466 £1,513.05 N/A £0.00 Engrossments out on new post-CVA deal with newco (Peacocks Stores Properties Ltd). Rent £42,000 pa, 5 yr Lease 3 yr tenant only break. 3 year rent review, 6 months rent free. Service charge capped at existing level plus annual RPI uplifts.
Units 13-14 Genus UK 2,480 2,844 5,324 12-Jun-20 11-Jun-23 1.80 1.80 £12,500 £12,500 £20,436 £972.05 N/A £0.00 8% turnover rent, full s/chg payable.
Unit 15 Hutchison 3G UK Ltd
995 40 1,035 15-Oct-12 14-Oct-22 1.14 1.14 £30,000 £30,000 £5,316 £188.48 N/A £0.00
Unit 16 Telfonica (UK) Limited
992 40 1,032 4-May-18 3-May-23 1.69 0.36 £23,500 £23,500 £5,300 £188.48 N/A £0.00
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
General Information Area Tenancy Information Management Information
Demise Tenant Ground Floor
Lease Expiry
WAULT (Expiry)
WAULT (Break)
end)
Comments
Units 17-18 Under Offer 3,148 6,249 9,397 5.00 2.00 £50,000 £50,000 £32,854 £1,717.23 £34,048 £0.00 HoTs out to from local café/restaurant operator - 5 yr Lease, rent £25k yr 1, £50k yr 2, £75k thereafter. 2 yr brk, no rent free. The 25k difference in the first year’s rent will be topped up by the vendor.
Kiosk A TFS Stores Ltd, t/a The Fragrance Shop
318 0 318 1-Mar-17 1-Mar-22 1-Mar-22 28-Feb-27 5.52 0.52 £18,750 £18,750 £1,665 £57.59 N/A £0.00
Kiosk B Drayport Ltd t/a Mobile Booth
581 0 581 14-Nov-17 13-Nov-22 1.22 1.22 £22,500 £22,500 £1,906 £106.45 N/A £0.00
Kiosk C DMS Promotions Ltd, t/a ViP E-Cigs
289 0 289 9-Sep-19 8-Sep-24 3.05 3.05 £15,000 £15,000 £1,513 £52.35 N/A £0.00
Kiosk D Vacant 208 185 393 0.00 0.00 £0 -£4,910 £1,089 £71.55 £3,750 £4,910
Creche Dunkys Day Nurseries Ltd
0 2,109 2,109 1-Dec-15 1-Dec-20 30-Nov-25 4.27 4.27 £11,500 £11,500 £5,525 £385.68 N/A £0.00
Cabinet A P Hart 0 1-Dec-11 1-Dec-14 0.00 0.00 £1,500 £1,500 £0 £0.00 N/A £0.00
Cabinet B Halton Borough Council
0 19-May-98 20-May-03 0.00 0.00 £0 £0 £0 £0.00 N/A £0.00
Public Toilets The Council Borough of Halton
0 7-Aug-97 85465 £0 £0 £0 £0.00 N/A £0.00
36 Albert Road Bank of Scotland plc 2,498 2,499 4,997 21-Jun-16 20-Jun-26 4.83 4.83 £48,000 £48,000 £4,484 £912.71 N/A £0.00
7 Brook Street Halton Borough Council
2,392 2,807 5,199 29-Jul-02 27-Dec-33 112.42 112.42 £0 £0 £4,541 £949.36 N/A £0.00
Kiosk E, Brook Street
S L Mutch 229 0 229 22-Jun-16 21-Jun-21 0.00 0.00 £9,000 £9,000 £274 £41.89 N/A £0.00 Lease renewal completed 5 yr Lease, 3yr break, £9k pa, 9 mrf
Kiosk F, Brook Street
Colleen Mullally 228 0 228 1-Apr-21 31-Mar-26 4.61 4.61 £7,000 £7,000 £273 £41.89 N/A £0.00
Kiosk G, Brook Street
Jane Green 242 0 242 14-May-21 28-Feb-27 5.52 5.52 £7,000 £7,000 £289 £43.63 N/A £0.00
Mall RMU 1 Vacant 0 0 0 0.00 0.00 £0 -£2,000 £0 £0.00 N/A £2,000 Nail bar using space via Shoppertainment. Approached to agree a direct deal at £15k pa rent
Mall RMU 2 Steven Davies 0 0 0 26-Nov-19 25-Nov-20 0.00 0.00 £15,600 £15,600 £0 £0.00 N/A £0.00 Tenant requested new Lease on same terms
Mall RMU 3 Top Gift Ltd 0 0 0 4-Sep-19 4-Sep-26 5.04 5.04 £15,000 £15,000 £0 £0.00 N/A £0.00
Commercialisation Shoppertainment 0 0 0 31-Oct-16 Rolling 3 months
0.00 0.00 £0 £0 £0 £0.00 N/A £0.00 Rolling 3 months break. The pre lockdown income circa £25k pa nett. Was circa £12k pa in between lockdowns
Foodstore not within ownership
Morrisons 0 £0 £129,941 £0.00 N/A £0.00
TOTALS 47,109 48,436 95,545 3.62 2.81 £758,400 £738,921 £390,179 £17,452 £19,479 There is also a landlord contribution to the marketing budget of £11,850 p.a.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
ASSET MANAGEMENT The scheme offers significant value add potential to include:
• Purchasing the freehold from Halton Borough Council.
• Individual sales / carve outs of the individual buildings such as the Halifax Bank, three kiosks and the Council offices to the rear.
• Re-letting the vacant accommodation to include Units 17-18 (former Argos) and Kiosk D thus increasing the income, reducing the service charge and insurance liabilities.
• Renewing leases with tenants with imminent lease expiries to include Partners The Stationers Limited, Widnes V E Limited, Joseph Mather-Burns, Everything Everywhere.
• Removing break options from tenants with upcoming breaks such as Duncan Sexton Limited, Vodafone and the Fragrance Shop.
• Building a drive through on the existing car park to increase the passing rent and letting the space to Starbucks, Costa, Mc Donald’s or Burger King subject to obtaining the necessary consents.
SERVICE CHARGE There is a service charge to pay for maintenance and general upkeep of the wider estate which is paid for by the various tenants. Morrison’s (sold off) pay approximately a third of the budget by themselves equating to £129,941 p.a. Excluding Morrison’s contribution, the current annual service charge budget for the year to 31 March 2022 for Green Oaks is £260,238 p.a. which equates to £2.72 psf. Further information is available on the dataroom.
TENURE The property is held long leasehold from Wm Morrison Gpl Limited on a term expiring 20 December 2133 (112 years unexpired) at a peppercorn rent. The total site area is approximately 9.23 acres / 3.74 hectares. Halton Borough Council hold the freehold title of the subject property, which is registered under the title number CH388495.
Next Retail Ltd, Unit 6, Widnes Shopping Park, Widnes, WA8 7TN
created on Plotted Scale - 1:1,250
Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
© Crown Copyright, ES 100004106. For identification purposes only.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 09.21
Alex Butler 07801 219 888
[email protected]
For further information or to make arrangements for viewing please contact:
Andrew Wise 07535 045 149 [email protected]
allsop.co.uk
PROPOSAL We are seeking offers in excess of £4,000,000 (Four Million Pounds)
subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 17.34% on the net operating income after allowing for purchaser’s costs.
VAT The property is elected for VAT. It is, anticipated that the transaction will be concluded by way of a ‘TOGC’ (transfer of going concern).
CAPITAL ALLOWANCES Capital Allowances have been claimed by the vendor.
EPC RATING Please see the dataroom link below for access to the EPC certificates.
ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.
DATAROOM For access to the Allsop data room please use the following link:
https://datarooms.allsop.co.uk/register/greenoaks
GREEN OAKS WAY
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
INVESTMENT CONSIDERATIONS Widnes is a well-established town located on the north bank
of the River Mersey, 12 miles east of Liverpool and 25 miles south of Manchester
Green Oaks Shopping Centre comprises the dominant retail offering in Widnes extending to 95,545 sq ft (8,876 sq m) and comprises 18 retail units, 9 kiosks, a crèche and part ownership of Widnes town centre’s principal car park
The catchment area encompasses an estimated 521,227 people within a 20 minute drive with a total retail spend estimated at c £2.5bn
Passing rent of £758,400 per annum and a net operating income of £738,921 per annum
Morrisons pay approximately 1/3 of the service charge
WAULT of 3.62 years to expiry and 2.81 years to break
The Centre boasts a strong and diverse tenant line up to include Halifax Bank, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett accounting for 39% of the passing rent
Approximately 70% of the passing rent was paid since March 2020
Neighbouring occupiers include Morrison’s, Aldi, Halfords and Iceland
The property is held long leasehold expiring on 20 December 2133 thus having some 112 years unexpired, at a peppercorn rent
Total site area of 9.23 acres (3.74 hectares)
The site offers extensive asset management potential including acquiring the freehold, selling off the Albert Road property separately, extending or renewing the leases to major tenants and potential to build a drive through on the southern tip of our car park subject to planning consent
PROPOSAL We are seeking offers in excess of £4,000,000 (Four Million
Pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 17.34% on the net operating income after allowing for purchaser’s costs.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
LOCATION Widnes is a well-established industrial town located on the north bank of the River Mersey, approximately 12 miles east of Liverpool, 25 miles south west of Manchester, 13.5 miles North West of Northwich and 31.5 miles south of Preston.
In 1897, the Chemist & Industrialist John Hutchinson established a chemical factory. The town grew in population and rapidly became a centre for the chemical industry. The town continues to be a major chemicals manufacturer.
The town boasts excellent connectivity to the regional motorway network. The A561/2 (Higher Road) dual carriageway is located to the west of Widnes which offers a direct route into Liverpool. The A533 connects south towards the Mersey Gateway Bridge, Runcorn and Junction 12 of the M56, 6 miles south. The A557 (Watkinson Way) links north and connects to Junction 7 of the M62, 4 miles north.
Widnes Station is located a mile north of the town centre on Victoria Avenue. Direct rail services run from Widnes Station which offers direct routes to Liverpool with a journey times of 24 minutes and Manchester Piccadilly with a journey time of 31 minutes. Runcorn Railway Station is located 3 miles to the south of Widnes offers direct services to London Euston with a journey time of 113 minutes. Runcorn is set to benefit from HS2 which will reduce the travel time to Euston to 74 minutes.
Liverpool John Lennon Airport is located 6 miles to the west and Manchester Airport, 25 miles to the east respectively.
Blackpool International Airport
Peak District National Park
Manchester Airport 25 miles
Warrington Central 8 mins
Manchester Piccadilly 31 mins
Manchester Airport 68 mins
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
© Crown Copyright, ES 100004106. For identification purposes only.
PHONE SHOP
AM O
R E
FL O
W ER
UNIT 5B
SITUATION Green Oaks is a dominant shopping centre situated in the heart of Widnes town centre bounded by Green Oaks Way to the East, Winfield Way to the South, Albert Road to the West and Bradley Way to the north. The scheme forms a busy pedestrian thoroughfare linking the principal town centre car park to the east through to Albert Road High Street to the West. The car park is accessed through Green Oaks Way close to its junction with Bradley Way which links north to Watkinson Way (A557).
Widnes Station is located a mile north via Kingsway Road. Green Oaks Bus interchange is situated within the principal car park, just off Green Oaks Way, which provides regular bus services to Widnes Station.
Green Oaks is anchored by a dominant 81,000 sq ft (7,525 sq m) Morrison’s foodstore scheme (outside our ownership) and TJ Hughes, being predominantly occupied by national multiples to include Halifax, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett.
Albert Square Shopping Centre positioned to the west of Green Oak comprises an open air 84,841 sq ft (7,882 sq m) 1970’s scheme across some 35 units. Key tenants include WH Smith, Lloyds Bank and several independent retailers and restaurants.
Widnes Shopping Park to the south west boasts 230,000 sq ft (21,368 sq m) of retail warehouse accommodation. Key tenants include Marks & Spencer’s, Next, Boots and Costa Coffee. Other occupiers within the immediate vicinity include Asda, Aldi, Travelodge and the Hive Leisure Park, which includes a Planet Ice, Superbowl UK and Reel Cinema.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
DESCRIPTION Green Oaks Shopping Centre was built during the mid-1990s and comprises a covered two storey shopping centre anchored by TJ Hughes and a neighbouring Morrison’s foodstore (not included within our ownership). The scheme is arranged as 27 retail units and kiosks with a crèche at first floor level. The accommodation extends to 95,545 sq ft (8,876 sq m) over two floors with tenant trading space to the ground floor and ancillary accommodation above.
Further to the Morrison’s and TJ Hughes, the scheme benefits from a complementary convenience led tenant line-up with other notable retailers including Argos, EE, Three, Vision Express, Carphone Warehouse, and Holland & Barrett. The majority of the accommodation (23 of the retail units and kiosks) are situated within the covered mall, which acts as a thoroughfare running east to west, linking the main car park to the Albert Road. In addition, to the north of our scheme on Albert Road and its junction with Bradley Passage our title includes a Halifax Bank (36 Albert Road), three small retail kiosks (1, 2, 3 Brook Street) and offices occupied by Halton Borough Council (7 Brook Street). This could be sold separately if required. The Centre benefits from part ownership of the 1,100 free car parking spaces which services our scheme, the Morrison’s and Widnes Market.
There is a large loading bay / service yard accessible from Winfield Road which services Units 8-18.
The property is not listed and does not fall within a conservation area.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
TENANCY SCHEDULE The property is let to 29 tenants with a WAULT of 3.62 years to expiry and 2.81 years to break. The total passing rent is £758,400 per annum and the net operating income after deducting all non-recoverable costs is £738,921 per annum. Total annual shortfalls amount to £19,479 per annum, including a
landlord’s contribution to marketing of £11,850 per annum.
The majority of tenants are secured on effective FRI leases with fully recoverable business rates, service charge and insurance provisions. A full breakdown of tenancies and areas is available in the tenancy schedule.
The tenant mix is split between established local businesses, a council and a myriad of national tenants to include Halifax Bank, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett. These tenants account for £248,100 p.a. approximately 39% of the rent roll.
General Information Area Tenancy Information Management Information
Demise Tenant Ground Floor
Lease Expiry
WAULT (Expiry)
WAULT (Break)
end)
Department Store LHR Holdings Limited t/a TJ Hughes
15,103 14,822 29,925 16-Aug-18 16-Aug-23 15-Aug-28 6.98 6.98 £125,000 £125,000 £51,720 £5,467.56 N/A £0.00 10% turnover rent, net of rates. The base rent is calculated as 80% of previous years actual rent paid. TJ’s rent of £125k is based upon actual and forecast turnover figures for 2021. The rent was £95k in 2020 which reflects 5 months of lockdown.
16 Albert Road AFL completed to Phone Zone
1,019 580 1,599 10 10 £22,500 £22,500 £903 £291.44 N/A £0 AFL completed with Phone Zone, £22,500 pa, 10 yr Lease, no break. 6 mrf, 3 month rent deposit. Landlord works are now instructed.
14 Albert Road Holland and Barrett Retail Limited
1,107 537 1,644 27-Nov-12 26-Nov-22 1.26 1.26 £25,850 £25,493 £949 £300.17 N/A £357 £596pa service charge cap, balance to LL.
Unit 1 Duncan Sexton Limited
916 892 1,808 29-Oct-18 28-Oct-23 28-Oct-23 28-Oct-28 7.19 2.18 £23,500 £23,500 £7,133 £329.83 N/A £0.00
Units 2 & 3 Partners The Stationers Limited
2,193 2,244 4,437 1-Dec-18 Rolling from 11/09/2019
30-Nov-21 0.27 0.00 £20,000 £19,638 £17,362 £809.75 N/A £362 Rolling from 11/09/2019. SC Shortfall of £362.
Unit 4 Widnes V E Limited 1,071 977 2,048 15-Jan-18 14-Jan-23 1.39 1.39 £26,500 £26,500 £8,170 £373.46 N/A £0.00
Unit 5 Gleden Ltd (ta Mangobean)
893 1,424 2,317 12-Dec-16 Rolling Landlord break on 3 months
notice
Stepped 11-Dec-26 5.30 0.00 £29,500 £29,500 £8,406 £424.07 N/A £0.00 Rolling Landlord break on 3 months notice.
Unit 5b Joseph Mather- Burns
721 0 721 22-Apr-21 22-Apr-26 4.64 4.64 £15,500 £15,500 £3,765 £132.63 N/A £0.00
Unit 6 Vodafone 890 1,425 2,315 12-Sep-19 12-Sep-22 11-Sep-24 3.05 1.05 £23,000 £23,000 £8,395 £422.33 N/A £0.00
Unit 7 Roman Originals 1,568 1,641 3,209 15-Jan-21 1-Jan-22 1-Apr-23 1.61 0.36 £15,700 £15,700 £12,512 £586.37 N/A £0.00 Rolling Mutual Break after Jan 2022. Turnover rent (10% on t/o above £125,000).
Unit 8 Neil & Barker (Widnes) Ltd t/a Pandora
1,850 1,888 3,738 26-Aug-16 26-Aug-21 25-Aug-25 4.01 4.01 £52,500 £52,500 £14,633 £682.35 N/A £0.00
Unit 9 Everything Everywhere Ltd
1,062 1,068 2,130 21-Jul-06 20-Jul-21 0.00 0.00 £50,000 £50,000 £8,359 £389.17 N/A £0.00 HoTs agreed for renewal Lease at £31,500 pa, 5 yr term, 3 yr break. 2 MRF. Awaiting EE board approval to instruct.
Units 10-12 Peacocks Stores Ltd 4,116 4,165 8,281 7-Dec-16 6-Dec-21 0.29 0.29 £42,000 £42,000 £32,466 £1,513.05 N/A £0.00 Engrossments out on new post-CVA deal with newco (Peacocks Stores Properties Ltd). Rent £42,000 pa, 5 yr Lease 3 yr tenant only break. 3 year rent review, 6 months rent free. Service charge capped at existing level plus annual RPI uplifts.
Units 13-14 Genus UK 2,480 2,844 5,324 12-Jun-20 11-Jun-23 1.80 1.80 £12,500 £12,500 £20,436 £972.05 N/A £0.00 8% turnover rent, full s/chg payable.
Unit 15 Hutchison 3G UK Ltd
995 40 1,035 15-Oct-12 14-Oct-22 1.14 1.14 £30,000 £30,000 £5,316 £188.48 N/A £0.00
Unit 16 Telfonica (UK) Limited
992 40 1,032 4-May-18 3-May-23 1.69 0.36 £23,500 £23,500 £5,300 £188.48 N/A £0.00
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
General Information Area Tenancy Information Management Information
Demise Tenant Ground Floor
Lease Expiry
WAULT (Expiry)
WAULT (Break)
end)
Comments
Units 17-18 Under Offer 3,148 6,249 9,397 5.00 2.00 £50,000 £50,000 £32,854 £1,717.23 £34,048 £0.00 HoTs out to from local café/restaurant operator - 5 yr Lease, rent £25k yr 1, £50k yr 2, £75k thereafter. 2 yr brk, no rent free. The 25k difference in the first year’s rent will be topped up by the vendor.
Kiosk A TFS Stores Ltd, t/a The Fragrance Shop
318 0 318 1-Mar-17 1-Mar-22 1-Mar-22 28-Feb-27 5.52 0.52 £18,750 £18,750 £1,665 £57.59 N/A £0.00
Kiosk B Drayport Ltd t/a Mobile Booth
581 0 581 14-Nov-17 13-Nov-22 1.22 1.22 £22,500 £22,500 £1,906 £106.45 N/A £0.00
Kiosk C DMS Promotions Ltd, t/a ViP E-Cigs
289 0 289 9-Sep-19 8-Sep-24 3.05 3.05 £15,000 £15,000 £1,513 £52.35 N/A £0.00
Kiosk D Vacant 208 185 393 0.00 0.00 £0 -£4,910 £1,089 £71.55 £3,750 £4,910
Creche Dunkys Day Nurseries Ltd
0 2,109 2,109 1-Dec-15 1-Dec-20 30-Nov-25 4.27 4.27 £11,500 £11,500 £5,525 £385.68 N/A £0.00
Cabinet A P Hart 0 1-Dec-11 1-Dec-14 0.00 0.00 £1,500 £1,500 £0 £0.00 N/A £0.00
Cabinet B Halton Borough Council
0 19-May-98 20-May-03 0.00 0.00 £0 £0 £0 £0.00 N/A £0.00
Public Toilets The Council Borough of Halton
0 7-Aug-97 85465 £0 £0 £0 £0.00 N/A £0.00
36 Albert Road Bank of Scotland plc 2,498 2,499 4,997 21-Jun-16 20-Jun-26 4.83 4.83 £48,000 £48,000 £4,484 £912.71 N/A £0.00
7 Brook Street Halton Borough Council
2,392 2,807 5,199 29-Jul-02 27-Dec-33 112.42 112.42 £0 £0 £4,541 £949.36 N/A £0.00
Kiosk E, Brook Street
S L Mutch 229 0 229 22-Jun-16 21-Jun-21 0.00 0.00 £9,000 £9,000 £274 £41.89 N/A £0.00 Lease renewal completed 5 yr Lease, 3yr break, £9k pa, 9 mrf
Kiosk F, Brook Street
Colleen Mullally 228 0 228 1-Apr-21 31-Mar-26 4.61 4.61 £7,000 £7,000 £273 £41.89 N/A £0.00
Kiosk G, Brook Street
Jane Green 242 0 242 14-May-21 28-Feb-27 5.52 5.52 £7,000 £7,000 £289 £43.63 N/A £0.00
Mall RMU 1 Vacant 0 0 0 0.00 0.00 £0 -£2,000 £0 £0.00 N/A £2,000 Nail bar using space via Shoppertainment. Approached to agree a direct deal at £15k pa rent
Mall RMU 2 Steven Davies 0 0 0 26-Nov-19 25-Nov-20 0.00 0.00 £15,600 £15,600 £0 £0.00 N/A £0.00 Tenant requested new Lease on same terms
Mall RMU 3 Top Gift Ltd 0 0 0 4-Sep-19 4-Sep-26 5.04 5.04 £15,000 £15,000 £0 £0.00 N/A £0.00
Commercialisation Shoppertainment 0 0 0 31-Oct-16 Rolling 3 months
0.00 0.00 £0 £0 £0 £0.00 N/A £0.00 Rolling 3 months break. The pre lockdown income circa £25k pa nett. Was circa £12k pa in between lockdowns
Foodstore not within ownership
Morrisons 0 £0 £129,941 £0.00 N/A £0.00
TOTALS 47,109 48,436 95,545 3.62 2.81 £758,400 £738,921 £390,179 £17,452 £19,479 There is also a landlord contribution to the marketing budget of £11,850 p.a.
GREEN OAKS SHOPPING CENTRE WIDNES, WA8 6UD
DOMINANT TOWN CENTRE SHOPPING CENTRE WITH ASSET MANAGEMENT POTENTIAL
ASSET MANAGEMENT The scheme offers significant value add potential to include:
• Purchasing the freehold from Halton Borough Council.
• Individual sales / carve outs of the individual buildings such as the Halifax Bank, three kiosks and the Council offices to the rear.
• Re-letting the vacant accommodation to include Units 17-18 (former Argos) and Kiosk D thus increasing the income, reducing the service charge and insurance liabilities.
• Renewing leases with tenants with imminent lease expiries to include Partners The Stationers Limited, Widnes V E Limited, Joseph Mather-Burns, Everything Everywhere.
• Removing break options from tenants with upcoming breaks such as Duncan Sexton Limited, Vodafone and the Fragrance Shop.
• Building a drive through on the existing car park to increase the passing rent and letting the space to Starbucks, Costa, Mc Donald’s or Burger King subject to obtaining the necessary consents.
SERVICE CHARGE There is a service charge to pay for maintenance and general upkeep of the wider estate which is paid for by the various tenants. Morrison’s (sold off) pay approximately a third of the budget by themselves equating to £129,941 p.a. Excluding Morrison’s contribution, the current annual service charge budget for the year to 31 March 2022 for Green Oaks is £260,238 p.a. which equates to £2.72 psf. Further information is available on the dataroom.
TENURE The property is held long leasehold from Wm Morrison Gpl Limited on a term expiring 20 December 2133 (112 years unexpired) at a peppercorn rent. The total site area is approximately 9.23 acres / 3.74 hectares. Halton Borough Council hold the freehold title of the subject property, which is registered under the title number CH388495.
Next Retail Ltd, Unit 6, Widnes Shopping Park, Widnes, WA8 7TN
created on Plotted Scale - 1:1,250
Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
© Crown Copyright, ES 100004106. For identification purposes only.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 09.21
Alex Butler 07801 219 888
[email protected]
For further information or to make arrangements for viewing please contact:
Andrew Wise 07535 045 149 [email protected]
allsop.co.uk
PROPOSAL We are seeking offers in excess of £4,000,000 (Four Million Pounds)
subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 17.34% on the net operating income after allowing for purchaser’s costs.
VAT The property is elected for VAT. It is, anticipated that the transaction will be concluded by way of a ‘TOGC’ (transfer of going concern).
CAPITAL ALLOWANCES Capital Allowances have been claimed by the vendor.
EPC RATING Please see the dataroom link below for access to the EPC certificates.
ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.
DATAROOM For access to the Allsop data room please use the following link:
https://datarooms.allsop.co.uk/register/greenoaks