THE PORT ARCADES, ELLESMERE PORT, CH65 0AP
- A partially covered 326,217 sq ft mixed use town centre ownership
- Port Arcades offers a landlord significant control of the town centre
- Strong value and convenience led retail offer
- Links into Ellesmere Ports main bus station
- Close proximity to the town centres principle car park offering 1,200 spaces and a large Asda supermarket
- Strong convenience retail focus with key tenants including Wilko, Home Bargains, Iceland, Boots and Costa
- Long leasehold interest with 92 years unexpired –negotiations with the council for an extension are in progress
- Annual footfall of approximately 5 million per annum
- Well diversified and robust cash flow
- Weighted Unexpired Lease term of 4.46 years to expiry and 2.79 years to break
- Affordable rents of £25-30 Zone A
- 82% of the income secured to national multiple tenants
- Significant asset management and development opportunities to add value and drive income
Port Arcades comprises a partially covered shopping centre providing 326,217 sq ft of retail and leisure accommodation across 73 retail units trading at ground floor. The scheme dominates the retail offer in Ellesmere Port providing a landlord complete control over the town centre and integrates into the main bus station for the town.
The scheme provides 73 retail units including 6 large stores over 10,000 sq ft. The centre has a strong convenience focus and is anchored by 28,184 sq ft Wilko and a 9,386 sq ft Iceland. Further national multiple retailers include Home Bargains, Peacocks, Boots, Holland & Barratt, Argos, Card Factory and Savers. The shopping centre sits adjacent to a 24 hour Asda foodstore and also links into a large covered market providing space for over 150 traders which both act as a strong footfall driver for shoppers to the town centre. A 13,700 sq ft Bingo hall is situated on the first floor of the scheme.
The shopping centre’s value and convenience led shopping offer suits the local and loyal catchment base and remains the main destination for retailers in the town.
The scheme also benefits from close proximity to the town centre’s principle car park, with approximately 1,200 spaces.
Ellesmere Port is a port town located on the River Mersey in Cheshire, 6.6 miles (11 km) north of Chester and 11.8 miles (19 km) south east of Liverpool city centre. Trains connect from Ellesmere Port to Liverpool Central and Chester.
A Town Centre Masterplan has identified a number of strategic sites for regeneration and development and seeks to draw private sector investment through a Regional Growth Fund. Cheshire West and Chester Borough Council are carrying out significant investment in Ellesmere Port town centre with initiatives including a relocation of the council offices from Chester to a new HQ hub adjacent to the Port Arcades and the relocation of the existing bus station.
A number of key local employers are based in the town including Vauxhall, Prowell GmbH, and Unrenco. As a central hub between Cheshire and Merseyside with excellent transport links to the North-West the town is an increasingly popular suburb of Chester with families and young professionals. It is anticipated that the area will continue to experience strong growth driven by the employment base and demand for residential homes with a number of major planning consents secured. Some key regeneration schemes in the area include Newport Business Park, Oaklands Office Park, Rossfield Park and The Waterfront.
The property is held on 5 long leasehold interests from Cheshire West and Chester Borough Council (title numbers CH351963, CH605335, CH438058, CH3374 and CH356974). The leases have 92 years unexpired and a combined head rent of £88,000 per annum. The head rent is subject to a fixed increase in October 2025 to £200,000 per annum.
Negotiations with the council to consolidate and extend the current long leasehold interests into one title are currently in progress.
- 82% of the income is secured against national multiple tenants and 39% is secured on leases with more than 5 years to expiry.
- Average weighted unexpired lease term of 4.46 years to expiry and 2.79 years to breaks.
- Re-based rents range between £25 - £30 Zone A.
- The top 5 tenants by income account for 40.46% of the net rent.
The income breakdown is as follows:
|Net Operating Income||£1,046,990|
|Gross Rental Value||£1,521,247|
- Headlease Re-gear: Negotiations with Cheshire West and Chester Council are currently in progress for a re-gear of the existing headleases. It is proposed that the existing interests will be consolidated into one long leasehold for 250 years at a fixed ground rent. Further information can be supplied upon request.
- Rivington Road Redevelopment: The large former B&M unit and 6-8 Rivington Road are currently vacant. The configuration of these units, with frontage onto both Rivington Road and Marina Walk, offers the opportunity for demolition and repurposing of the area as a central town square, linking the two sides of the town centre. Cheshire West and Chester Council are supportive of this proposal including the possibility of construction of a selection of smaller A3 units to promote the town’s night-time economy and encourage further footfall into the town centre from the growing surrounding population of young families. This would also contribute to a significant decrease in landlord shortfalls.
- New Council Hub: Cheshire West and Chester Council are currently advancing plans for redevelopment of the Civic Way bus station into a new Shared Services Hub. The hub will bring together community and council facilities with a wide range of council, health and housing facilities, driving further footfall into the town centre.
- Bus Station Relocation: On construction of the new council hub, the bus station will be downsized and relocated to Civic Way.
- New Letting to the NHS: Discussions are underway with the local NHS trust for repurposing of the 29,000 sq. ft. vacant unit at 2-4 Mercer Way into a new NHS Hub. The hub would combine facilities from all local GP practices and health clinics into one central location, providing increased footfall and a decrease in landlord shortfalls.
- York Road Doctors Surgery: Terms have been agreed with the current tenant for a new 5 year lease at £58,250 per annum. Should plans for the new NHS Hub on Mercer Walk go ahead, the council have expressed an interest in purchasing the unit.