Available

Matalan, Stadium Way, Chester, Cheshire

North West

Dba294

Tenure: Freehold
Tenancy: Single let

Investment summary

•Prime freehold Open A1 Retail Warehouse (non-food) in Chester’s destination out of town retail location

•Modern unit with prominent frontage to Stadium Way adjacent to Chester Retail Park

•Total retailing space of 25,748 sq ft. Additional accommodation includes staff ancillary space (875 sq ft), and a loading bay (693 sq ft) which has been demolished by the tenant

•Surrounding national multiple occupiers include Tesco, Tesco Home Plus, Aldi, Toys R Us, Next, T.K.Maxx, Mothercare, Argos, Comet, Curries, PC World, Halfords, B&Q, Wickes, Staples, Furniture Village and DFS

•Let to the excellent covenant of Matalan Retail Limited with 15 years unexpired

•Matalan Retail Limited have a Dun and Bradstreet rating of 5A1, with 2010 accounts reflecting a Turnover of £1.104 Billion and Pre Tax Profit of £103 million

•Current rent passing of £418,000 per annum equating to £15.86 per sq ft

•The investment offers a considerable discount to the prime rents achieved at the adjacent Greyhound and Chester Retail Parks of between £21.00 per sq ft and £24.00 per sq ft

•Offers are invited in excess of £6,325,000 (Six Million, Three Hundred and Twenty Five Thousand Pounds) reflecting a Net Initial Yield of 6.25% assuming standard Purchaser’s costs of 5.7625%, subject to contract and exclusive of VAT.