162 / 200 walton road walton liverpooldocs.novaloca.com/26_10583_636223233142730000.pdf ·...

Well Secured Food Store Investment with Fixed Increases

162 / 200 Walton Road, Walton, Liverpool, L4 4AZ

162 / 200 Walton RoadWaltonLiverpoolL4 4AZ

ExecutiveSummary• The property is located in an established commercial area on

the A59, Walton Road approximately two miles north of Liverpool city centre. There are over 700,000 people located within a 3 mile radius of the subject property.

• The property comprises a two storey detached unit of 16,738 sq ft with 60 car parking spaces to the front.

• The property is let to Iceland Foods Ltd, a covenant with a D&B rating of 5A1 indicating a very low risk, until February 2030 resulting in an unexpired term of 13 years (8 years to break). Part of the property has been sub-let to Barnardo’s (who have separate access).

• The current passing rent is £285,027 per annum. The rent is reviewed on a five yearly basis to the greater of open market rental value or the rent with compounded annual increases of 2.5%. The next review is in February 2020.

• Offers in excess of £4,280,000, are invited for our clients freehold interest, subject to contract and exclusive of VAT. This represents a net initial yield of 6.25%, rising to 7.07% in 2020 and 8.00% in February 2025, assuming the tenant’s break is not exercised. We have assumed purchasers costs at 6.55%.


Location Liverpool is the principal commercial centre for the Merseyside conurbation and the second largest city in the North West, the country’s largest economic region outside of London and the South East. The city serves an urban area population of approximately 470,000, extending to over 1.75 million within 13 miles.

Liverpool benefits from an excellent transport infrastructure, being served by the M62, M58 and M57 motorways which provide easy access to the M6, approximately 12 miles to the east. Liverpool Lime Street station is located on the Virgin West Coast Mainline and provides a frequent service to London Euston, with a fastest journey time of 2 hours. In addition, Liverpool John Lennon Airport is located approximately 9 miles to the south east of the property and is one of the fastest growing European regional airports. A6068

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BOLTONBURY

WalkdenWardley

SALFORDEccles

Horwich

ROCHDALE

BLACKBURNPRESTON

Ormskirk

Southport

BLACKPOOL

MANCHESTER

OLDHAM

Widnes

Ellesmere Port

Birkenhead

Wallasey

Moreton

Bootle

Heswall

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ST HELENS

MACCLESFIELD

Congleton

LIVERPOOL

Flint

River Mersey

CHESTER

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BuckshawVillage

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Peak DistrictNational Park

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Anfield Road

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Ba

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Carisbrooke Road

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GoodisonPark

Stanley Park

Anfield Cemetery

KirkdaleStation

The Property

The Property


Situation The property is situated approximately 2 miles from Liverpool city centre and fronts the A59, Walton Road the main road connecting the Walton suburb to Liverpool. The property is located in a well-established commercial area, opposite a Wetherspoon public house with an Aldi Foodstore to the rear and Local Authority public housing to the right and rear. The Property is close to Goodison Park, home of Everton Football Club.

DescriptionConstructed in the late 1980’s, the property comprises a detached two-storey purpose built building. The building structure is a steel portal frame with perimeter external columns encased in brickwork. The external elevations are cavity masonry with a brick outer face and block inner skin.

The building has been sub-divided into two units with retail accommodation on the ground floor and staff / storage accommodation to the first. Each retail space is fitted out to the tenants corporate styles.

There is a car park to the front of the property providing parking for approximately 60 vehicles. The loading bays are located to the rear with separate loading doors provided for both Iceland and Barnardo’s.


Hertford Way, York Road Business Park, Malton, Yorkshire, YO17 6YG

AccommodationThe property has been measured in accordance with the RICS code of measuring practice (sixth edition) and provides for a total gross internal floor area of 1,555.04 sq m (16,738 sq ft).A breakdown of the accommodation by floor area is as follows:

AccommodationThe property has been measured in accordance with the RICS code of measuring practice (sixth edition) and provides for a total gross internal floor area of 1,555.04 sq m (16,738 sq ft).A breakdown of the accommodation by floor area is as follows:


TenureFreehold

SiteThe property extends to 0.91 acres (0.37 hectares) and is shown outlined red on the plan for identification purposes only.

Space FloorArea

Sq M Sq Ft

Iceland Ground 520.7 5,604

First 520.4 5,601

Barnardo’sGround 257.1 2,768

First 256.9 2,765

Total: 1,555.1 16,738


Tenancy The property is let to Iceland Food Ltd (trading as Iceland), on assignment from Bejam Group Ltd, for a term of 25 years from 28 February 2005 and expiring on 27 February 2030. There is a tenant only break option at the 20th anniversary (28 February 2025). The lease is drawn on standard FRI terms and is not subject to any unusual restrictions or provisions.

The current passing rent is £285,027 pa and the rent is reviewed on a five yearly basis to the greater of open market rental value or the basic rent with compounded annual increases of 2.5% as set out below:

Iceland have sub-let part of the property to Barnardo’s.

Tenant Covenant Iceland Foods Ltd is a highly successful supermarket chain that places an emphasis on the sale of frozen foods. The company was founded in 1969 and operates from over 850 stores across the UK and employs around 25,000 people. Iceland was officially recognised by the Sunday times in 2014 as the best “big company” to work for in the UK.

Iceland Foods Ltd is rated 5A1 by Dun and Bradstreet. Iceland Foods Ltd reported the following results across the last three years:

25/03/2016000’s

27/03/2015000’s

28/03/2014000’s

Turnover £2,658,32 £2,682,021 £2,699,261

Pre-tax Profit £58,172 £58,997 £161,459

Net Worth £740,354 £709,354 £565,381

Feb 2020 £322,481 per annum

Feb 2025 £364,858 per annum


gva.co.uk/10583

Or for any other investment sales please visit:

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Subject to Contract

February 2017

Further Information VATWe are advised that the property is elected for VAT purposes and therefore the sale of the property will attract VAT (it is assumed that the sale will be by way of a TOGC).

ProposalOffers in excess of £4,280,000 (Four Million Two Hundred and Eighty Thousand Pounds), are invited for our client’s freehold interest, subject to contract and exclusive of VAT.

An acquisition at this level would reflect an attractive net initial yield of 6.25%, rising to 7.07% in February 2020 and 8.00% in February 2025 assuming the tenant does not break. We have assumed purchaser’s costs at 6.55%.

Mark Frampton 0207 911 [email protected]

Adam Wildig 0161 956 [email protected]

GVA Norfolk House7 Norfolk StreetManchester, M2 1DW

David Winterbottom 0161 956 [email protected]

Lawrence Fisher020 7911 [email protected]

London West EndLondon CityBelfastBirminghamBristolCardiffDublinEdinburghGlasgowLeedsLiverpoolManchesterNewcastle

GVA is the trading name of 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: i.) 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. ii.) 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. iii.) 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. iv.) All rentals and prices are quoted exclusive of VAT.

Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. 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.

Published by GVA 65 Gresham Street, London, EC2V 7NQ©2016 Copyright GVA

GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advisers operating globally gvaworldwide.com

08449 02 03 04gva.co.uk/10583


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