Prominent Convenience Retail Roadside Investment – Secure Income

18-28 Stockport Road |  Denton | Tameside | M34 6DB


subject to contract

Click To Purchase


  • Prominent roadside investment

  • Refurbished retail unit with substantial car parking

  • Let to secure covenants of Papa Johns (Net Assets £28m) and Indigo Sun (Net Assets £8m)

  • Papa John’s, being a takeaway & delivery food hot food retailer, is reported to have performed strongly during the Covid pandemic

  • Lease expiries January 2034 (Indigo) and September 2033 (Papa John’s)

  • Excellent payment histories throughout Covid. No rent arrears

  • Offers in the region of £880,000 subject to contract

  • 6.0% net initial yield



Denton is a busy suburban area located within the Greater Manchester conurbation and has a reported resident population of 36,000 people. It is located 10 km (6 miles) to the west of Manchester City Centre, 4 km (2.5 miles) south of Ashton-under-Lyne, 6 km (4 miles) north east of Stockport and 24 km (15 miles) north of Macclesfield.

Denton benefits from good road communications, being located at Junction 1A of the M67 Motorway, which provides access to Junction 24 of the M60 Motorway 1.6 km (1 mile) to the west. The M60 is an orbital motorway surrounding Manchester, linking it to four further motorways; the M56 providing access south east towards Chester, the M62 linking Liverpool in the east and Leeds in the northwest, and the M61 and M66 which provide links north to Preston, Blackburn and Burnley.

Denton also provides convenient public transport links via direct buses into Manchester City Centre, with an approximate journey time of 35 minutes.  Manchester benefits from four railway stations; Piccadilly, Oxford Road, Victoria and Deansgate. The closest is Manchester’s principal and largest station, Manchester Piccadilly. Located 10 km (6 miles) from Denton in the eastern part of the city centre, the station provides services across the UK with approximate journey times of 2 hours to London Euston, 1 hour 30 minutes to Birmingham New Street and 1 hour to Liverpool Lime Street.

Manchester International Airport is located 19 km (12 miles) to the south-west.  In 2017 it reportedly handled approximately 27 million passengers using more than 65 different airlines to and from multiple destinations across the globe.


The subject property is situated in a highly prominent roadside position fronting the busy Stockport Road (A6017), which is the main thoroughfare leading north into Denton town centre and south to Haughton Green.  A bus stop is located less than 0.1 miles from the property, providing convenient links into Manchester City Centre.

 The site benefits from vehicular access from both Stockport Road and Market Street.

 The property is situated directly opposite a Morrisons Superstore with other nearby retailers including Vets4Pets, Pizza Hut and Subway.



The property comprises a relatively recently refurbished retail unit which has been divided into three units which is currently let to two tenants: one occupying Unit 1 and the other occupying Units 2 & 3.  Each unit has been fitted out by the tenant to their usual corporate style.

The site benefits from two frontage. The entrance is from Stockport Road and the exit on to Market Street. Access to the site is provided via a large external surface car park with 25 car parking spaces two of which are for disabled use. This provides a generous car parking ratio of 1:12.7 sq m / 136 sq ft.

The recent refurbishment works included:

  • Modification to shop fronts

  • Cleaning of all external cladding

  • Installation of two separate water supplies

  • Installation of two new electricity supplies (one of which is 200 amp)

  • New car park demarcations

  • Installation of 6 cycle parking spaces

  • Installation of bin store

  • Installation of plant area

  • Repainting of fences and gates


Planning permission was granted on 10th October 2018 for “Subdivision and change of use of existing retail unit to create 1 x unit to be occupied by a Tanning Salon (Sui Generis) and 1 x Class A5 (Hot food takeaway) use with associated alterations to elevations to create new shop fonts”. Under the new planning regulations (2020), Class A5 has been revoked and both units should fall within the Class E category. 

Planning documents are available to download.



The property provides the following Net Internal Areas (please see the floor plans provided):

  Sq m Sq ft
Unit 1 108.98 1,173
Unit 2 & 3 207.92 2,238
TOTAL 316.90 3,411


The site occupies an area of 0.1093 hectares (0.27 acres) providing a low site cover in the order of 29%.

A Phase 1 Environmental Liability Review was undertaken by RPS in October 2017 which concluded that “the risk of an environmental liability relating to ground contamination is considered to be low to moderate in its current retail use and form.”

A copy of this report is available to download and a reliance letter will be provided from the consultants for a purchaser at a cost of £500 + VAT



The property is comprised of part freehold with a section held on a long leasehold basis. (The long leasehold elements are for a term of 999 years from 31st October 1838 (819 years unexpired) and 2000 years (less ten days) from 9th July 1929 (1908 years remaining).


Unit 1

Let to Papa John’s (GB) Ltd for a term of 15 years from 21st September 2018, expiring 20th September 2033 at an annual rent of £20,000 per annum.  The tenant has a break option on 20th September 2028, subject to 6 months’ prior written notice. The lease provided for a six months’ rent-free period.

The tenant may underlet the premises on identical terms on a ‘franchise underlease’ basis, without consent, if underlet to a Papa John’s franchisee.

The lease benefits from 5 yearly upwards only rent reviews.  The tenant has an option to renew the lease on identical terms for a further 15 years, subject to serving 3 months’ written notice prior to the expiry of the term, save that there will be a rent review on day one of the term.

The unit is let on effectively full repairing and insuring terms, save the tenant is not liable for inherent defects.

Units 2 & 3

Let to Indigo Sun Retail Limited for a term of 15 years from 25th January 2019, expiring 24th January 2034 at an annual rent of £36,000 per annum.  The tenant had a break option on 24th January 2029 which was removed in September 2020 for which the tenant benefitted from a 50% rent payment at 29th September 2020.

The lease benefits from 5 yearly upwards only rent reviews.  The unit is let on effectively full repairing and insuring terms.


Rent Payments

The tenants have maintained excellent payment histories during the Covid pandemic. 

There are not rent arrears as can be seen on the attached rent payment histories.

Service Charge

There is a service charge to cover reasonable costs for repair, maintenance and insurance of the exterior of the building and car park. These costs are fully recoverable from the tenants. The service charge budget for 2021/2022 is £7,100, only £2.08 per sq ft / £22.40 per sq m.



Papa Johns (GB) Limited (Co. No. 02569801) has reported the following figures:

  29th December 2019 29th December 2018
Turnover:   £73,165,000 £68,369,000
Pre Tax Profit: £2,820,000 £2,989,000
Net Assets: £28,537,000 £25,398,000

Papa John’s (GB) Ltd is a subsidiary of Papa Johns International Inc. Started in the USA by John Schnatter in 1984, Papa John’s reportedly operates in over 5,000 locations in 45 countries. Papa John’s International Inc. provides managerial and financial support to Papa John’s (GB) Limited, which is the UK arm of the business. In their accounts, it is reported that they operate a network of 447 Papa John’s outlets in the UK, all operated by franchisees. For further information please visit

It is reported that Papa John’s, being a hot food takeaway and delivery business, has performed strongly during the Covid pandemic.

Indigo Sun Retail Limited (Co. No. SC124986) has reported the following figures:

  30th September 2019 30th September 2018
Turnover:   £17,351,000  £14,273,000
Pre Tax Profit: £2,318,000  £1,604,000
Net Assets: £8,148,000  £7,390,000

According to their website, Indigo Sun Retail Limited has been operating since 1993 when the first salon was opened in Stirling, Scotland.  The company now has salons throughout the UK. For further information please visit


The property has been registered for VAT.  It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).



We are instructed to seek offers in the region of £880,000 (Eight Hundred and Eighty Thousand Pounds), subject to contract, reflecting a net initial yield of 6.0%, assuming purchaser’s costs of 5.61%.

Please note a purchaser will be charged a transaction fee of 1.0% of the Purchase Price plus VAT.

Please also note that a purchaser will be re-charged the costs of searches and assignment of the environmental survey which are provided in the data room

Investment Considerations

  • An opportunity to acquire a highly prominent convenience retail roadside investment;

  • The property has been relatively recently refurbished to provide two new retail units along with a new surface car park;

  • The investment provides secure income let to strong covenants;

  • The tenants maintained an excellent payment history throughout the Covid pandemic;

  • Attractive lot size to an investor;

  • A purchase at the asking price reflects an attractive net initial yield.


Data Room and clicktopurchase®

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We have established relationships with a number of leading finance companies who are in a position to quote terms for suitable situations. To learn more, please visit our “Finance” section.

Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Neil Singer +44 (0) 203 478 9120

Vendors Solicitor

Trowers & Hamlins LLP   +44 (0) 1392 612 600  
Anthony Clarke +44 (0) 1392 612 300
Emily Dyas +44 (0) 1392 612 520