LOT 37 -Chester...guide price (or range of prices) is published. The guide price will normally be at or above any reserve price. 2. The guide price may be subject to change up to and

LOT 37 - ChesterCommercial Auction - 9th December 2020

Attractive Grade II Listed Freehold Parade of Shops, Leisure & Residential Investment withDevelopment Potential18-28 Northgate Street, & 1/3 Music Hall Passage, Chester, Cheshire, CH1 1HA

LOT 37 - ChesterAttractive Grade II Listed Freehold Parade of Shops, Leisure & Residential Investment withDevelopment Potential

18-28 Northgate Street, & 1/3 Music Hall Passage, Chester, Cheshire, CH1 1HA

GUIDE PRICE *

£4M - £4.5MGross Initial Yield 11.53%

Commercial - 9th December 2020

Online (Bidding will open at 11.00hrs am for ALL lots)

Key Features

• Comprises three shops, a public house & seven flats

• Excellent pedestrianised city centre location close to Chester Cathedral

• Nearby occupiers include: L'Occitane en Provence, Hotel Chocolat, Zara and The WhiteCompany

• Residential Development Potential to Upper Floors (1)

• VAT is applicable

• Six Week Completion Available Total Current Rent Reserved

£461,360 p.a. (4) (4) By Order ofA Major UK Fund Manager

Tenure

Freehold

Location

The historic cathedral city of Chester is the administrative centre for the county ofCheshire and a popular tourist destination. It is located some 21 miles south of Liverpooland 41 miles south-west of Manchester.Excellent road communications with both the M56 and M53 within 4 miles to the northproviding access to Manchester and Liverpool respectively, whilst the A55 is just to thesouth and provides access to North Wales to the west.The Forum Shopping Centre is some 50m to the north on Northgate StreetChester Cathedral is approximately 130m to the North of the propertyThe property is situated on the east side of Northgate Street, close to its junction withEastgate Street, one of Chester's main shopping streets, and also fornts onto StWerbergh Street where the Cathedral is locatedOccupiers close by include: Zara & The White Company, Pret a Manger, Hotel Chocolat,L'Occitane en Provence, Superdrug, Pandora & Skipton Building Society amongst manyothers

Accomodation

• The flats are accessed via Leen Lane, as well as a passgeway adjacent to 18-20Northgate St (Starbucks).

• Mountain Warehouse (22 - 24 Northgate St) trade from ground and first floors withancillary accommodation to the second & third floors.

• 26-28 Northgate comprises ground floor sales space with ancillary accommodation onthe upper floors.

• Music Hall Tap fronts Music Hall Passage and onto St Werbergh St where the Cathedralis located.

Lot 37, Commercial Auction - 9th December 2020 Date Printed: 26/11/2020 | Page 2 of 19

Planning

• (1) The upper floors of 22 - 28 Northgate Street may lend themselves to a variety ofalternative uses and redevelopment, including residential & student accommodation,subject to existing leases and obtaining all the necessary consents. All enquiries shouldbe made with the local authority:Chester West & Chester CouncilWebsite: www.cheshirewestandchester.gov.uk

VAT - VAT is applicable to this lot.

Allsop

Jonathan Wright.Tel: 07764 755610Email: [email protected]

Sellers Solicitor

Jules Needleman.CMS Cameron McKenna Nabarro OlswangLLPTel: 02073672997Email: [email protected]


ScheduleAddress Present Lessee Accommodation Lease Details Current Rent

(PA)Next Review / Reversion

18/20NorthgateStreet

Soul Coffee House (West) Ltd(t/a Starbucks) (2)

Ground Floor 314.7 sq m 3,387 sq ft 10 years from 24.06.2019Rent review every 5th yearTenant break option 2024 (4)

FR& I#

£146,000 p.a. Rent Review 2024

Basement 39.9 sq m 429 sq ft

Subtotal 354.6 sq m 3,817 sq ft


Mountain Warehouse Ltd (3) Ground Floor 334.7 sq m 3,603 sq ft 10 years from 21.03.2016Rent review every 5th year(4) Tenant break option in March 2021 -

Exercised by TenantFR& I

£200,000 (4) p.a. Tenant has exercised theiroption to break in March2021Basement (Hatch access) 92.7 sq m 998 sq ft

First Floor 201.4 sq m 2,168 sq ft

Second Floor 93 sq m 1,001 sq ft

Third Floor 64.8 sq m 698 sq ft



Vacant (former Molton Brown) Ground Floor 163.04 sq m 1,755 sq ft Vacant

First Floor 63.45 sq m 683 sq ft

Second Floor 46.63 sq m 502 sq ft

Third Floor 61.87 sq m 666 sq ft


1/3 Music HallPassage

Stonegate Pub Company Ltd(t/a Missoula) (5)

Ground Floor 263.93 sq m 2,841 sq ft 35 years from 11.04.1997Rent review every 5th yearFR& I

£92,500 p.a. Rent Review 2022

First Floor 194.5 sq m 2,094 sq ft

Second Floor 69.68 sq m 750 sq ft


Flat 1 LeenLane

Individuals Flat - 1 bedroom, kitchen/livingroom & bathroom/WC

Assured Shorthold Tenancy for a termof 12 months from 29.03.2020

£5,580 p.a. Reversion 2021

Flat 2 LeenLane

Individuals Flat - 1 bedroom, kitchen/livingroom & bathroom/WC


£5,400 p.a. Reversion 2021

Flat 5 LeenLane

Individual Flat - 1 bedroom, kitchen/livingroom & bathroom/WC


£5,940 p.a. Holding Over


Schedule (Continued)Address Present

LesseeAccommodation Lease Details Current Rent

(PA)Next Review /Reversion

Flat 7 Leen Lane Individual Flat - 1 bedroom, kitchen/living room & bathroom/WC Assured Shorthold Tenancy for a term of 6months from 23.10.2019 (6)

£5,940 p.a. Reversion2021 (6)

Flats 3, 4 & 6Leen Lane

Vacant Three Flats - each with 1 bedroom, kitchen/livingroom & bathroom/WC

Total 2,004.3 sq m 21,574 sq ft Total £461,360 p.a.

(2) Soul Coffee House (West) Ltd are part of Soul Food Group who operate Starbucks, KFC & Taco Bell franchises, with a total of some 381 outlets through the UK and Canada. (Source:www.soulfoodsgroup.com).(3) Mountain Warehouse Ltd is the retail of clothing and equipment for outdoor pursuits and traded from approximately 285 outlets. (www.mountainwarehouse.co.uk)For the year ended 24 February 2019 Mountain Warehouse Limited reported a turnover of £255,044,000, pre-tax profit of £24,030,000, shareholders funds of £104,339,000 and a net worth of£102,234,000. (Source: Experian 09.11.2020)(5) Stonegate Pub Company Ltd is the largest privately owned managed pub company in the UK, operating over 690 sites. (Source: www.stonegatepubs.com)(6) A new AST is presently being negotiated with the tenant.NB. Areas taken from previous marketing details


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GOAD Map


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Disclaimer- - -Important notice - Pre-registration approval to bid, guide prices, reserves and additional chargesPlease note that charges and fees additional to the sale price might be payable by the successful buyer in respect of the Lot. Please read the information below and check the SpecialConditions of Sale, the Particulars of Sale and any addendum for the Lot before deciding whether or not to bid.Pre-registration approval to bidAllsop now requires all bidders who wish to bid at our Auctions to Register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed aspart of this process before prior approval to bid will be given. Please us the links on our website to pre-register.Guide Prices1. 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 might be prepared to sell on the date on which theguide price (or range of prices) is published. The guide price will normally be at or above any reserve price.2. The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you are advised tocheck the website regularly for updates.3. All guide prices are Quoted "subject to contract".4. Please note the guide price for the Lot does not include:- any Buyers' Fee charged by the auctioneers;- VATon the sale price;- SDLT or any other Government taxes;- additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers.5. If a guide price is listed as "TBA", it means no guide price has been set at present. Please do not call our office about this - the guide price, or range of prices, will be published onlineimmediately it becomes available and you should check the auction website regularly for updates.Reserve Prices6. The reserve price is the minimum price at which the Lot can be sold.7. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. Thisis because the seller may fix the final reserve price just before the Lot is offered for sale.Buyers' fees, Seller's fees and additional charges8. For each Lot, a Buyers' Fee is payable on the fall of the hammer to Allsop LLP as follows:Residential Auctions- Lots sold for £10,000 or more: Buyers' Fee of £1,250 inclusive of VAT- Lots sold for less than £10,000: Buyers' Fee of £250 inclusive of VATCommercial Auctions- All Lots: Buyers Fee £1,000 inclusive of VAT9. Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check forany additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.10. VAT may be chargeable in addition to the sale price for the Lot. The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies.Other Matters11. Please note that lots may be sold or withdrawn at any time prior to auction.12. Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer's Fee may each be varied from the standard amounts quoted. Please refer tothe addendum, the Particulars and/or the conditions of sale.13. Street trader plans are reproduced with the consent of Experian Goad Limited. Experian Goad Digital Plans include mapping data licensed from Ordnance Survey with the permission ofthe Controller of Her Majesty's Stationery Office. © Crown Copyright and Experian Copyright. All rights reserved. Licence number PU 100017316. Location plans are reproduced from theOrdnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty's Stationery Office, © Crown copyright and Database Rights 2018 OS10006002014. The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not necessarily drawn to scale and any arrows on plans orphotographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries.The Auctioneers cannot guarantee that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans orphotographs.


LOT 37 -Chester...guide price (or range of prices) is published. The guide price will normally be at or above any reserve price. 2. The guide price may be subject to change up to and

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