WELL SECURED, FREEHOLD, RETAIL INVESTMENT
22-26 STANDISHGATE, WIGAN
Investment Summary
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Well secured, freehold, retail, investment occupying a prime pedestrianised position in
Standishgate opposite Wilkinsons, Game, and Caffé Nero and adjacent to Vision Express.
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Secured for a further 11.12 years to Bhs Ltd subject to review in April 2013.
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Rent
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Sublet to B&M Retail Ltd (5A1 covenant)
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A substantial, double fronted department store comprising circa 2,887m² (31,075 sq ft) with
entrances onto Standishgate, Atherton Square (The Galleries) and Hope Street.
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Offers in the region of £4,590,000 (Four Million, Five Hundred and Ninety Thousand
Pounds) subject to contract and exclusive of VAT which would show a purchaser an attractive
net initial yield of 7.33% assuming purchaser’s costs of 5.8%.
£356,000 pax
Location
Wigan is an, established commercial centre and popular commuter town located at the western edge of
the Greater Manchester conurbation. This busy town is located approximately 16.5 miles (26.6km) west
of Manchester City Centre, 15 miles (21.1km) south of Preston and 17.4 miles (28 km) north east of
Liverpool. The town benefits from excellent road communications with Junction 6 of the M61 being 6
miles (9.65km) to the east and Junctions 25 and 26 of the M6 some 4 miles (6.44km) to the west.
Frequent rail services to London (Euston) operate with a journey time of approximately 2 hours 25
minutes.
Local Economy
Wigan has a primary catchment population of 257,000 persons and a shopping population of 162,000,
ranking the town 83rd amongst the 200 PROMIS centres, above average for Major Towns. The age
profile of Wigan predominantly reflects the GB average, however in terms of socio economics 14.78%
are classed as ‘Happy Families’ compared to the GB average of 11.64% and 25.66% are classed as
‘Ties of The Community’ compared to the GB average of 16.36%. The majority of the town’s workforce
is employed in the service sector accounting for 63% of total employment. Major Wigan employers
include The Tote (Bookmakers) who has its headquarters within the town and H.J Heinz who operate a
55 acre site in Wigan, one of the largest food manufacturing plants in Europe. Both JJB Sports and
Girobank are also located within the area.
Retailing in Wigan
Wigan Town Centre offers a comprehensive choice of shops in a high quality retailing environment,
providing a strong offer in both covered shopping malls and specialist clusters located close to the
towns' pedestrianised centre. Traditionally the prime pitch has centred on Standishgate primarily
between its junctions with Crompton Street and Market Place but this has been extended in recent
times with the arrival of the 39,483 m², Grand Arcade Shopping Centre. Retailers within the town
include Marks & Spencer, Boots, Debenhams, Argos, Primark, WHSmith, H&M and Next
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable
care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the
correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars.
These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2011.
Situation
The property occupies a prime position on Standishgate and is situated between the entrances to the
Galleries Shopping Centre and Royal Arcade and directly opposite the retail block containing Game,
Wilkinson, Caffé Nero and Marks & Spencer. Other retailers within the immediate vicinity include
Primark, Beaverbrooks, Miss Selfridge, Ernest Jones and Dorothy Perkins.
Description
The property comprises a substantial double fronted, department store with an extensive frontage onto
Standishgate as well as secondary frontages onto Atherton Square (The Galleries), Hope and Marsden
Streets. The property is of traditional brick construction with an ornate rendered façade under a pitched
roof to the front incorporating dormer windows and a variety of flat roofs to the rear.
Accommodation
The property is arranged over ground, mezzanine, first and second floor and provides a combined floor
area of circa 2,887m² (31,075 sq ft). A breakdown of the individual lease areas is available on request.
Tenure
Freehold
Current Rent
£356,000 per annum exclusive (agreed at review 14/04/2008)
Tenancy
The property is let to Bhs Ltd on three co-terminous FRI leases with approximately 11.12 years
unexpired. The tenant is not in occupation and the premises have been sublet to B&M Retail Ltd.
(Further details are available upon request).
•
22/26 Standishgate
35 years from 25/12/1987 with 5 yearly upward only rent reviews the next being 14/04/2013.
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Land & Buildings at Standishgate
35 years from 25/12/1987 with 5 yearly upward only rent reviews the next being 14/04/2013.
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Premises at 10-11 Hope Street & 6-16 Marsden Street
35 years from 25/12/1987 with 5 yearly upward only rent reviews the next being 14/04/2013.
Covenant Strength
Occupier
Bhs Ltd
B&M Retail Ltd
Financial Y/E
28/08/2010
31/12/2010
Turnover
£794,883,000
£538,321,000
Pre-tax Profit (Loss)
(£7,238,000)
£35,183,000
Net Worth
£2,519,000
£67,540,000
VAT
The property has been elected for VAT and thus VAT will be payable on the purchase price.
Proposal
We are instructed to seek offers in the region of £4,590,000 (Four Million, Five Hundred and Ninety
Thousand Pounds) subject to contract and exclusive of VAT which would show a purchaser an
attractive net initial yield of 7.33% assuming purchaser’s costs of 5.8%.
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable
care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the
correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars.
These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2011.
22/26 STANDISHGATE, WIGAN
STANDISHGATE
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable
care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the
correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars.
These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2011.
Hope Street (The Galleries)
Internal Fit-out
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable
care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the
correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars.
These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2011.
Contact
David Freeman
020-7659-4830
david.freeman@greenpartners.co.uk
Ed Smith
020-7659-4831
ed.smith@greenpartners.co.uk
James Baillie
020-7659-4839
james.baillie@greenpartners.co.uk
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable
care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the
correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars.
These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2011.