Description
The site was handed over to Tesco and Wenea at the beginning of April in accordance with the planning consent granted by Chorley Council under reference 24/01108/FUL, dated 02 May 2025.
The subject site extends to approximately 0.572 acres (0.232 hectares) and comprises a modern retail unit with associated car parking provision. The development has been delivered in line with approved plans, resulting in a purpose-built 3,755 sq. ft (349 sq. m) convenience store, complete with landscaping, access, and 21 on-site parking spaces (17 to Tesco and 4 to Wenea).
Location
The property is located in Chorley, a well-established market town in Lancashire, positioned approximately 8 miles north of Wigan and 10 miles south of Preston. Chorley benefits from strong connectivity and serves a wide residential catchment within the North West.
The subject property is situated on Eaves Lane, a prominent local thoroughfare within a densely populated residential area to the south-west of Chorley town centre. The surrounding area comprises predominantly suburban housing with a range of local amenities, schools, and community facilities nearby.
Chorley benefits from excellent transport links, with access to the M61 motorway providing direct routes to Manchester and Preston. Chorley railway station offers regular services to Manchester, Bolton, and Preston, enhancing accessibility to wider regional centres.
Tenure
The freehold interest is being sold with the benefit of the new institutional leases detailed below.
Tenancy
The property is to be let to Tesco Stores Limited on a full repairing and insuring lease for a term of 15 years from the Term Commencement Date (date to be confirmed) at an initial rent of £130,000 per annum. The rent is subject to upward-only, RPI-linked rent reviews every five years, with a collar of 1% and a cap of 3%.
The EV chargers are let to Wenea Services UK Limited, comprising 2 chargers serving 4 bays, on a 30-year lease with a tenant break option at year 20. The rent is £16,000 per annum, subject to five-yearly CPI-linked rent reviews, with a cap of 4% and a collar of 2%.
Covenant
Tesco Stores Limited has been given a ‘5A2’ D&B Rating and is owned by its parent company Tesco Plc and we summarise their performance for year ending February 2025.
Wenea Services UK Limited with parent guarantee from Diggia Solutions SL (Spanish Main Co) is an international EV charging operator backed by infrastructure investment, operating a network of over 1,000 charging points across Europe.
The tenant can therefore be considered to provide a stable long-term covenant, supported by the growth of the EV charging sector and strong long-term demand fundamentals.
Accordingly both tenants can be regarded as strong undoubted covenants.
EPC
The commercial unit has an EPC rating of A8.
Pricing
Unconditional offers are invited in the order of £2,600,000 (Two Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.28% after allowing for the usual purchaser’s costs.
VAT
The investment will be sold as a TOGC and will therefore be exempt from paying VAT.
Anti-Money Laundering Regulations
In accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.
Viewing
For a formal viewing, strictly by appointment with Savills.
