Lot 04 The Port Arcades Shopping Centre, 54 Mercer Walk, Ellesmere Port, CH65 0AP

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Martin Bogie

martin.bogie@addleshawgoddard.com
0131 222 9559
Description
Map
Viewings

Property Summary
  • On the instruction of the Administrators
  • Dominant community Shopping Centre anchored on an ASDA superstore (outside ownership)
  • Key national tenants include Wilko, Iceland Food Warehouse, EE, Peacocks, Specsavers and Boots.
  • Provides 326,217 sq ft (30,307 sq m) of retail accommodation with a total of 76 retail units.
  • Development potential of 5-7 Marina Walk and 6-8 Rivington Road to repurpose the centre of the scheme for alternative use, increasing  footfall.
  • Potential to refurbish and let 6 residential units at Marina Drive. Subject to planning there is the possibility of further developing and  extending the   current under used upper floors.
  • The gross contractual rent is £1,566,965 per annum and the net operating income is £498,735 per annum.
  • Strong asset management opportunities including ongoing lettings to new retail tenants (refer to legal pack).
  • The guide price reflects a Capital Value of £8.76 per sq ft.
Tenure

The property is held on 6 long leasehold interests from Cheshire West and Chester Borough Council (title numbers CH351963, CH314089, CH605335, CH438058, CH3374 and CH356974). The leases currently have 92 years unexpired and a combined head rent of £88,000 per annum. 

An agreement in principle was reached to regear the headleases in to one headllease for a term of 250 years at a fixed ground rent of £100,000 per annum. This agreement was subject to the demolition of the former B&M unit. Further details are available on request.

Location

Ellesmere Port is a prominent town situated between Chester and the affluent Wirral Peninsula. The Port Arcades shopping centre comprises the heart of the town centre and is an important strategic site. It benefits from excellent transport links to key local and regional destinations. The Port Arcades Shopping Centre is located 6.6 miles (11km) north of Chester and 11.8 miles (19 km) south east of Liverpool City Centre.

Description

The Port Arcades is a part covered part open air shopping centre located in the heart of Ellesmere Port. The centre benefits from 3 car parks all accessed via Civic Way. The Port Arcades is a community shopping centre which was originally constructed in c. 1985. The scheme constitutes the main retail provision in Ellesmere Port’s town centre. It comprises 326,217 sq ft of retail and leisure accommodation across 76 units as well as a large Iceland Food Warehouse. The centre provides neighbourhood convenience retailing anchored by an ASDA superstore. The total floor area is approximately 30,307 sq m (326,217 sq ft).
Key retailers within the scheme include Wilko, Peacocks, Home Bargains, Iceland, EE and
Boots. The shopping centre’s value and convenience led shopping offer suits the local and
loyal catchment base.
The shopping centre is located adjacent to an Asda megastore and an ALDI
Foodstore , both
of which share a car park with the Port Arcades. Additionally, there is a bustling covered
market with access directly to the shopping centre. These all act as strong footfall drivers for
consumers to the town centre.

Tenancy

Please refer to the tenancy schedule within the legal pack for a full schedule of tenancies and areas.

  • There is a total of 76 retail units within the scheme, as well as the Centre Management Suite, office space and 7 residential apartments
  • The scheme’s current gross income is £1,686,439 per annum
  • After accounting for the annual shortfalls including service charge, insurance, empty rates and the head rent the current net income is £498,735 per annum
  • The centre is presently 64% let by floor area
Planning

Cheshire West & Chester Council (0300 123 7027) www.cheshirewestandchester.gov.uk

VAT
Please refer to Legal Documents
EPC

Please refer to the Legal Documents..


*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


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