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Widnes – High Yielding Dominant Shopping Centre with Asset Management Potential

Green Oaks Shopping Centre, Widnes, WA8 6UD

Offers in excess of £4,000,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
17.34%

Description

  • Widnes is a well-established town located on the north bank of the River Mersey, 12 miles east of Liverpool and 25 miles south of Manchester
  • Green Oaks Shopping Centre comprises the dominant retail offering in Widnes extending to 95,545 sq ft (8,876 sq m) and comprises 18 retail units, 9 kiosks, a crèche and part ownership of Widnes town centre’s principal car park
  • The catchment area encompasses an estimated 521,227 people within a 20 minute drive with a total retail spend estimated at c £2.5bn
  • Passing rent of £758,400 per annum and a net operating income of £738,921 per annum
  • Morrisons pay approximately 1/3 of the service charge
  • WAULT of 3.62 years to expiry and 2.81 years to break
  • The Centre boasts a strong and diverse tenant line up to include Halifax Bank, EE, O2, Vodafone, Vision Express, Pandora and Holland & Barrett accounting for 39% of the passing rent
  • Approximately 70% of the passing rent was paid since March 2020
  • Neighbouring occupiers include Morrison’s, Aldi, Halfords and Iceland
  • The property is held long leasehold expiring on 20 December 2133 thus having some 112 years unexpired, at a peppercorn rent
  • Total site area of 9.23 acres (3.74 hectares)
  • The site offers extensive asset management potential including acquiring the freehold, selling off the Albert Road property separately, extending or renewing the leases to major tenants and potential to build a drive through on the southern tip of our car park subject to planning consent.