648 Prescot Road Old Swan Liverpool Merseyside L13 5XE

648 Prescot Road
Old Swan
Liverpool
Merseyside
L13 5XE

Freehold Retail Parade and Dance Studio Investment

  • Unbroken retail parade comprising three retail units
  • Tenants include Nationwide Building Society and Subway (see footnote 2)
  • Upper floors currently operating as a dance studio and gym
  • Located in a popular Liverpool suburb
  • Nearby occupiers include Boots, Greggs, Poundland, Halifax and Home Bargains Flagship Store
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    81
  • Auction
    13th October 2016
  • Rent
    £117,500 per Annum Exclusive
  • Status
    Sold Post
  • Price
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
Important Update
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* More information on the term "guide" can be found here

Freehold Retail Parade and Dance Studio Investment

  • Unbroken retail parade comprising three retail units
  • Tenants include Nationwide Building Society and Subway (see footnote 2)
  • Upper floors currently operating as a dance studio and gym
  • Located in a popular Liverpool suburb
  • Nearby occupiers include Boots, Greggs, Poundland, Halifax and Home Bargains Flagship Store
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 81
  • Auction 13th October 2016
  • Rent
  • Status Sold Post
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG

Property Information

Location
Miles
4 miles east of Liverpool City Centre
Roads
A5058, A57, M62 (Junction 2 & 4)
Rail
Broad Green Rail
Air
Liverpool John Lennon Airport
Situation

Old Swan is a popular suburb located just 4 miles east of the City Centre. The property occupies a prominent position on Prescott Road (A57), Old Swan's main retailing thoroughfare and a key arterial route linking the City Centre and the M62 (Junction 2 & 4). Nearby occupiers include Boots the Chemist, Greggs, Poundland and Halifax.

Tenure

Freehold.

Location
Miles
4 miles east of Liverpool City Centre
Roads
A5058, A57, M62 (Junction 2 & 4)
Rail
Broad Green Rail
Air
Liverpool John Lennon Airport
Situation

Old Swan is a popular suburb located just 4 miles east of the City Centre. The property occupies a prominent position on Prescott Road (A57), Old Swan's main retailing thoroughfare and a key arterial route linking the City Centre and the M62 (Junction 2 & 4). Nearby occupiers include Boots the Chemist, Greggs, Poundland and Halifax.

Tenure

Freehold.

Description

The property comprises an unbroken parade of three ground floor retail units with a self contained dance studio/gym on the first and second floors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises an unbroken parade of three ground floor retail units with a self contained dance studio/gym on the first and second floors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Floor Areas (Approx) Tenant Term Rent p.a.x Review/(Reversion)
A Ground 104.24 sq m (1,122 sq ft) SUBWAY REALTY
LIMITED (1)
15 years from completion (2) £17,500 Five yearly
(2031)
B1 & B2 Ground 154.31 sq m (1,661 sq ft) NATIONWIDE
BUILDING SOCIETY (3)
10 year lease from 26/07/2016 (4) £38,000 (4) 26/07/2021
(25 /07/2026)
C Ground 82.87 sq m (892 sq ft) INDIVIDUALS
t/a Go Local
15 years from 29/04/2002 £24,000 (28/04/2017)
648 First
Second
771.10 sq m (8,300 sq ft) INDIVIDUAL
t/a Dance Dynamix
5 years from 20/10/2011 £18,000 (19/10/2016)
Telephone Mast Roof - (-) VODAFONE LIMITED 15 years from 06/01/2004 (5) £10,000 (05/01/2019)
Telephone Mast Roof - (-) O2 (UK) LIMITED 10 years from 2004 (5) £10,000 Holding Over (5)
Totals   1,112.52 sq m (11,912 sq ft)     £117,500  

(1) Subway is a submarine sandwich store franchise with 44,589 outlets in 111 countries (Source: www.subway.co.uk 14/09/2016).
(2) The lease is due to complete shortly subject to landlord's works. The lease provides a tenant’s option to determine on the fifth and tenth anniversaries of the term with a tenant 3 month rent penalty if the break at Year 5 is exercised.
(3) For the year ending April 2016, Nationwide Building Society reported a turnover of £428,000,000, pre-tax profits of £1,279,000,000 and a total net worth of £9,739,000,000. (Source: Experian Group 12/09/2016)
(4) The tenant is currently benefitting from a six month rent free period. The seller has agreed to adjust completion monies so that the unit will effectively be producing £38,000 pa from completion. The lease provides an option to determine on the fifth anniversary of the term. If this is not exercised the tenant will benefit from a 6 month rent free period.
(5) The Seller has agreed Heads of Terms with Cornerstone Telecommunications Infrastructure Limited regarding a 15 year lease of the two telephone masts at £15,000 p.a., providing a mutual option to determine at any point after the fifth anniversary subject to 12 months notice. Please refer to the legal pack for further information.

Property Documents

  • Site Plan
    Updated Date
    21.09.16
    File Size
    77 KB
    View PDF
  • Catalogue Page
    Updated Date
    21.09.16
    File Size
    685 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Eversheds LLP 1 Callaghan Square
Cardiff
CF10 5BT
029 2046 4347
David Farmer 029 2047 7887davidfarmer@eversheds.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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