Tools of the trade
Published: 17 June, 2010
Building product and tool retailer Toolstation is growing fast with 24 deals in the pipeline.
Fast-growing building product and tool supplier Toolstation has completed agreements on three new sites totalling over 15,000 sq ft of trading floorspace in Chester, Lincoln and Leicester. It has also announced a further 21 sites across the country are now currently under offer which will add more than 110,000 sq ft of additional trading floorspace for the company.
Toolstation is undertaking this major expansion programme following years of steady success supplying a wide range of power and hand tools and light building items to both trade and public customers.
The company offers one of the largest ranges of products for building and related trades, with over 10,000 key items on immediate availability.
The new Chester acquisition is for 5,071 sq ft at Chester Trade Park in Bumpers Lane and the new Lincoln acquisition is for 5,700 sq ft just off Tritton Road. The third new site is 4,791 sq ft of trading floorspace on the Freemen’s Common trading estate in Leicester. All three sites are now completed and open.
“All three sites were taken on 10-year leases which highlights our confidence in the market,” says Philip MacLauchlan of Toolstation. “The Chester site is in a well established employment, trade and retail area. The Lincoln site is a standalone unit in a well established retail and motor trade area and required a refurbishment which was completed by the landlords. The Leicester unit, located in an established trade and employment area, was also fully refurbished by the landlord.
Toolstation’s expansion programme is ambitious. The 21 sites currently under offer range from the North of Scotland down to the South West, with just under half – nine - located in the South East of the country. However, the company is still seeking numerous other sites across the country to ensure its planned total of 40 new trade counters is achieved as quickly as possible.
“Our requirements are quite specific,” explains MacLauchlan. “We require premises of between 4,000 and 8,000 sq ft with car parking and loading facilities. New or modern warehouses or trade counters would be ideal and we are happy to consider existing or part-complete buildings or developments.”
Location is key in Toolstation’s search. The company is stipulating areas with catchment populations of 80,000 or more, ideally with some prominence to passing traffic. Also important are complementary traders in building, home improvement and related industries adjacent to the property.
“We are realistic about the rents we will have to pay and are willing to consider good length leases where appropriate incentives are provided,” says MacLauchlan.
