christchurch retail park, christchurch // b&q warehouse ... · the portfolio is let to a...

A portfolio of institutional retail warehousing located in the southern half of the UK

CHRISTCHURCH Retail Park, Christchurch // B&Q Warehouse, St Margaret’s Way, Leicester // Dunstable Road Retail Park, Luton //Cairngorm Retail Park, Winterhill, Milton Keynes // Mountbatten Retail Park, Southampton // B&Q/Halfords, Tonbridge

THE SATURN PORTFOLIO

M6

M6

M6

M5

M5

M4M4

M3

M2

M1

M1

A1 (M)

M6

M8

A66 (M)

A1 (M)

A1 (M)

M90

M77

M74

M25

M50

M20

M11

M40

M62M62

M65

M56

M23

MIDDLESBROUGH

SHEFFIELD

NOTTINGHAMSTOKE-ON-TRENT

BIRMINGHAM

DERBY

LIVERPOOL

COVENTRY

BRADFORD HULL

HARTLEPOOLDURHAM

SOUTH SHEILDS

BLACKPOOL

YORK

LEEDS

GRIMSBY

EXETER

BRIGHTON

BOURNEMOUTH

SWINDON

MANCHESTER

NEWCASTLE UPON TYNE

CARLISLE

EDINBURGHGLASGOW

BRISTOLCARDIFF

GUILDFORD

LONDON

LEICESTER

LUTON

MILTONKEYNES

CHRISTCHURCHSOUTHAMPTON

TONBRIDGE

PAGE 2PORTFOLIO OVERVIEW THE SATURN PORTFOLIO

CHRISTCHURCH RETAIL PARK, BARRACK ROAD, CHRISTCHURCH BH23 2BN

B&Q WAREHOUSE, ST MARGARET’S WAY, LEICESTER LE4 0BG

DUNSTABLE ROAD RETAIL PARK, LUTON LU4 8EZ

CAIRNGORM RETAIL PARK, WINTERHILL, MILTON KEYNES MK6 1AZ

MOUNTBATTEN RETAIL PARK, WESTERN ESPLANADE, SOUTHAMPTON SO15 1BA

B&Q/HALFORDS, CANNON LANE, TONBRIDGE, KENT TN9 1BQ

CHRISTCHURCH LEICESTER LUTON

MILTON KEYNES SOUTHAMPTON TONBRIDGE

CHRISTCHURCH LEICESTER LUTON

MILTON KEYNES SOUTHAMPTON TONBRIDGE

INVESTMENT HIGHLIGHTSTHE SATURN PORTFOLIO PROVIDES A UNIQUE OPPORTUNITY TO ACQUIRE A SIZEABLE PORTFOLIO OF INSTITUTIONAL QUALITY RETAIL WAREHOUSING LOCATED IN THE SOUTHERN HALF OF THE UK. THE MAJORITY OF THE SCHEMES COMPRISE MODERN PURPOSE BUILT RETAIL PARK ACCOMMODATION PROVIDING A SUCCESSFUL TRADING ENVIRONMENT.

PRIME LOCATIONS

All the subject properties are

situated within approximately

100 miles of Central London,

with the majority being in

the South of England. All

the schemes are situated in

substantial and/or wealthy

conurbations benefiting

from significant catchment

populations.

WIDE RETAILER BASE

The portfolio is let to a

diversified blend of national out

of town retailers with only one

void across the portfolio. 68% of

the portfolio income is made up

from the following tenants:

B&Q 25%

DSG Retail 15%

Carpetright 8%

Homebase 8%

DFS 6%

Halfords 6%

The remaining 32% of the

portfolio income is made up of

14 tenants with no one tenant

generating more than 5% of the

total income.

POTENTIAL FOR CAPITAL AND RENTAL GROWTH

48% of the current total income

provides for fixed or RPI related

income within the next 5 years,

while other asset management

opportunities exist across the

portfolio to increase capital and

grow rents.

Assuming the sole vacant unit

is let, and with the benefit of the

fixed and RPI linked (assuming

RPI at 3%) increases, the annual

income will rise from £7,532,182

to £8,291,946 by the end of 2017.

STRONG CASHFLOW

The portfolio is well let with a

current occupancy rate of 98%

and an average unexpired term

of 9.4 years, assuming break

clauses and 10.5 years ignoring

break clauses. 87% of the leases

have over 8 years to run.

PAGE 4INVESTMENT HIGHLIGHTS THE SATURN portfolio

a3

a2

3a1

4a1

5a18–11

>15

11–15

<5

5–8

Unexpired Term (years)Income by Covenant Strength

PORTFOLIO OVERVIEW

PAGE 5PORTFOLIO OVERVIEW THE SATURN PORTFOLIO

GIA (Sq ft)

Unexpired term* (Years)

Current rent (per annum)

Current rent (per sq ft)

% of total portfolio income Comments

Christchurch CHRISTCHURCH Retail Park

101,107 8.5 £1,943,377 £19.22 26% Wickes fixed uplift in March 2014 and Carpetright fixed uplift in September 2016.

Leicester B&Q Warehouse

77,300 15.0 £1,325,490 £17.15 18%5 yearly compounded rent review linked to RPI capped and collared at 0% and 3% per annum respectively.

Luton Dunstable Road Retail Park

46,850 9.8 £1,015,000 £21.66 13% DSG fixed uplift in September 2017. Vacant unit to let.

Milton Keynes Cairngorm Retail Park

57,432 10.0 £1,407,213 £24.50 19%Carpetright fixed uplift in December 2014 and DFS fixed uplifts in June 2016 & 2021.

Southampton Mountbatten Retail Park

52,159 9.4 £987,102 £18.92 13% Wren fixed uplift in April 2013 and DSG fixed uplift in October 2016.

Tonbridge B&Q / Halfords

57,397 10.7 £854,000 £14.88 11% –

392,245 sq ft 10.5 years £7,532,182 £19.20 100% Institutional quality portfolio of retail warehousing in Southern England

TOTAL NUMBER OF ASSETS

6TOTAL GIA

392,245sq ft

TOTAL CURRENT INCOME

£7,532,182per annum

AVERAGE UNEXPIRED LEASE TERM

10.5 years(ignoring break options)

*Excluding break options

CHRISTCHURCH RETAIL PARK BARRACK ROAD CHRISTCHURCH BH23 2BN

PAGE 6CHRISTCHURCH Retail Park Christchurch THE SATURN PORTFOLIO

CHRISTCHURCH Retail Park Christchurch THE SATURN PORTFOLIO

INVESTMENT SUMMARY

Situated in the affluent south coast town of Christchurch, benefiting from a

catchment population of over 300,000 people within a 20 minute drive time.

Located in a highly prominent and accessible position just west of Christchurch

railway station, Christchurch Retail Park fronts Barrack Road (A35), the main

road linking Christchurch to Southampton and Bournemouth.

Purpose built modern retail warehouse park extending to approximately

101,107 sq ft (9,393 sq m).

Restricted A1 (non-food) planning consent.

Freehold.

The property is let to Homebase, Pets at Home, Comet, Harveys, Carpetright,

Halfords, Maplin Electronics, Wickes Kitchens & Bathrooms and Pizza Hut.

Average weighted unexpired term of 8.5 years.

The current rent is £1,943,377 per annum (overall rent of £19.22 per sq ft)

with fixed uplifts in 2014 and 2016.

Christchurch lies on the south coast

of England in the county of Dorset,

approximately 5 miles east of Bournemouth,

25 miles south west of Southampton

and 105 miles south west of London.

Christchurch has excellent road

communications linking directly to the

Bournemouth/Poole conurbations via the

A35, which also connects north east to

Southampton and the M3 via the M27.

Christchurch is served by a mainline railway

station with rail services between London

Waterloo, Southampton and Bournemouth

stopping at Christchurch, with the fastest

journey time to London (Waterloo) of

approximately 1 hour 50 minutes.

Bournemouth International Airport is

located only 5 miles to the north of

Christchurch providing air travel to and from

the UK and major European cities.

The town lies at the confluence of the Rivers

Stour and Avon, creating a natural harbour

and providing the town a thriving focal point

for local business that attracts thousands of

tourists every year.

Christchurch Retail Park is situated on the

convergence of Barrack Road (A35) and the

B3073, to the west of Christchurch Railway

Station. The A35 is the main road linking

Christchurch to Southampton to the east

and Bournemouth to the west. The B3073

connects the town north to Bournemouth

Airport and to the A338, which travels north

to Salisbury.

The property is located in a mixed use

area with light industrial, small retail units

and residential dwellings all located within

the vicinity of the retail park. The scheme

adjoins a Landrover car dealership.

There is a limited amount of competing

accommodation in the town, which extends

to the following:

Meteor Retail Park70,658 sq ft (6,564 sq m)

Tenants include PC World and Bathstore

with top rents at £14.50 per sq ft. The park

has a bulky goods consent.

Stony Lane Retail Parkc.55,000 sq ft (5,110 sq m)

Tenants include Magnet, Tiles R Us and

B&Q. Rents range from £7.00 per sq ft to

£10.00 per sq ft. The park has a bulky goods

consent with certain exceptions.

Currys/Carpetright25,052 sq ft (2,327 sq m)

Located east of the town centre on Stony

Lane. Top rents here are £16.50 per sq ft.

Situation Retail Warehouse Provision in Christchurch

Location

A31

A33

A35

A31

A27

A35

A354

A358 A354

A350

A346

A348

A338

A338

A303

A339

A303

A303

A361

A37

A37

A39

A36

A38

A36

M27

A3

A4

M3

M4

M5

NEWBURYNEWBURY

SOUTHAMPTONSOUTHAMPTON

WEYMOUTH

BOURNEMOUTH

PORTSMOUTH

BRISTOL

DORCHESTER

BATH

READING

SALISBURY

SHAFTTESBURY

CLEVEDON

LYME REGIS

TAUNTON

BRIDGEWATER

WESTON-SUPER-MARE

CHIPPENHAM

ANDOVER

WINCHESTER

EASTLEIGH

WATERLOOVILLE

NEWPORT

BASINGSTOKE

YEOVIL

BOURNEMOUTH

CHRISTCHURCHCHRISTCHURCHPORTSMOUTH

BRISTOL

DORCHESTER

BATH

READING

SALISBURY

SHAFTTESBURY

CLEVEDON

LYME REGIS

TAUNTON

BRIDGEWATER

WESTON-SUPER-MARE

CHIPPENHAM

ANDOVER

WINCHESTER

EASTLEIGH

WATERLOOVILLE

NEWPORT

BASINGSTOKE

YEOVIL

WEYMOUTH

POKESDOWN

CHRISTCHURCH

FAIRMILE ROAD

BARRACK ROAD

CHRISTCHURCH BY PASS

STO

UR

ROA

D

BELLE VUE ROAD

CASTLE LANE EAST

HO

LDE

NH

UR

ST A

VE

NU

E

THE

GRO

VE

RIV

ER

WAY

THE

GRO

VE

ILFORD

LANE

CARBERY AVENUE

CRANLEIGH ROAD

CLI

NG

AN R

OAD

BEAUFORT R

OAD

SOU

THB

OU

RNE ROAD

SOUTHBOURNE OVERCLIFF DRIVECHURCH ROAD W

ILDOW

N ROAD

HIGH S TREET

DALMENY R

O AD

BROADWAY

TUCKTON ROAD

Parkwood roa d

CHRIS

TCHURCH ROAD

BARRACK ROAD

B3073

A338

A35

A35

A35A338

A3060

A3060

B3059

B3059

A35

B3059


CHRISTCHURCH RETAIL PARK

Christchurch has a 10 minute drive time

catchment population of 84,917 people and

a 20 minute drivetime of 307,678 people

and is an affluent town highlighted by the

high proportion of the catchment with

an AB social grouping, 32%, and the low

representation of those classed as D or E

social grade, 17%.

Christchurch benefits from its own harbour,

and its economy has, therefore, historically

been associated with harbour and maritime

based trade. In the modern era, the harbour

has helped the town diversify its economy

to become a thriving tourist destination.

Within the wider vicinity, Bournemouth

Airport, and its associated businesses,

provides significant employment in and

around the Bournemouth area, specifically

Christchurch. This sector is earmarked to

expand over the next few years.

The subject property provides a purpose built “L” shaped terrace

of 8 units, let to Homebase, Pets at Home, Comet, Harveys, Maplin

Electronics, Carpetright, Halfords and Wickes Kitchens & Bathrooms.

Homebase, Comet, Halfords and Harveys benefit from substantial

mezzanine floors used for retail sales. There is also a standalone

A3 unit, which is occupied by Pizza Hut.

The units are of steel portal frame construction with brick elevations,

glazed frontages and a pitched roof. Access and egress to the park

is via Bailey Drive, which itself is accessed off Barrack Road to the

north. There is separate servicing to the rear of the terraces, which is

accessed off the southern end of Bailey Drive.

The property provides approximately 520 dedicated car parking

spaces, reflecting an attractive car parking ratio of 1 : 194 sq ft

(1 : 18.02 sq m).

The total site area extends to approximately 7.98 acres

(3.23 hectares).

Catchment & Demographics DescriptionKey demographics indicators for Christchurch include:

Christchurch UK Average

% Catchment in AB Social Group 32% 26%

% Catchment in D or E Social Group 17% 25%

% Catchment Owner Occupy 76% 70%

POOLE

BOURNEMOUTH

FERNDOWN

NEW MILTON

RINGWOODWITCHAMPTON

VERWOOD

WIMBORNEMINSTER

WEST MOORS

LINWOOD

BURLEY

BROCKENHURST

LYNDHURST

MILFORD ON SEA

WIMBOURNE ST. GILES

CORFEMULLEN

UPTON CHRISTCHURCH

A338

A3060

A35

A341

A348

A31

A31

A338

A31

A35

A35

A337


20 MINUTE DRIVETIME CATCHMENT

An updated Environmental Report is available upon request.

The property is let in its entirety in

accordance with the above tenancy

schedule and produces a current rental

income of £1,943,377 per annum, equating

to an overall rent of £19.22 per sq ft.

The property benefits from an average

unexpired lease term of 8.5 years.

The leases to Wickes and Carpetright

benefit from fixed rental uplifts in 2014 and

2016 respectively.

Ground Conditions

The property benefits from a restricted A1 (non-food) planning

consent, with specific restrictions. These restrictions include the

sale of food for human consumption (except confectionery),

alcohol, tobacco, clothing, footwear and sports goods, chemist

goods, jewellery, books and newspapers and magazines (except

where ancillary to the types of goods sold from that unit), toys,

crockery and glassware (except where this is ancillary to the types

of goods sold).

A planning summary can be provided upon request.

Planning Tenancies


Tenancy ScheduleUnit Tenant GIA

(sq ft)Lease Start Term

(years)Expiry Date

Unexpired term

(years)

Next rent review

Current rent

(Per Annum)

Current rent

(sq ft)

Comments

1 Homebase Ltd 34,840 29/09/1996 25 28/09/2021 8.95 29/09/2016 £590,000 £16.93

2Pets City Ltd

t/a Pets at Home10,098 29/09/1996 25 28/09/2021 8.95 29/09/2016 £201,960 £20.00 Being assigned to Pets at Home Ltd.

3 Comet Group Ltd 10,095 29/09/1996 25 28/09/2021 8.95 29/09/2016 £201,900 £20.00

4 Harveys Furnishing Ltd 10,000 29/09/1996 25 28/09/2021 8.95 29/09/2016 £200,000 £20.00

5 Maplin Electronics Ltd 5,070 18/09/2007 15 17/09/2022 9.92 18/09/2012 £126,750 £25.00 Outstanding rent review.

6 Carpetright plc 10,102 29/09/1996 25 28/09/2021 8.95 29/09/2016 £242,897 £24.04 Fixed uplift on 20/09/2016 to £268,178 per annum.

7 Halfords Ltd 7,579 29/09/1996 25 28/09/2021 8.95 29/09/2016 £155,370 £20.50

8 Pizza Hut (UK) Ltd 3,194 23/05/1998 23 28/09/2021 8.95 23/05/2013 £72,000 £22.54

9 Wickes Building Supplies Ltd 10,129 01/03/2010 5 28/02/2015 2.37 01/03/2014 £145,000 £14.32 Fixed uplift on 01/03/2014 to £180,000 per annum.

Sub station SSE Services plc 0 09/01/1998 60 08/01/2058 45.23 – £0 –

WayleaveSouthern Electric Power

Distribution Ltd0 24/12/2001 999 01/01/3001 988.19 – £0 – There is no term on the Wayleave. It is terminable on 6 months’ notice by either party.

ATM Bank Machine Ltd 0 13/04/2007 6 12/04/2013 0.49 – £7,500 –

Advertising Redbus Retail Advertising Ltd 0 21/12/2009 5 20/12/2014 2.13 – £0 – Initial 5 year term. Agreement rolls over thereafter. Rent payable to equal 20% of advertising revenue.

TOTALS 101,107 8.5 £1,943,377 £19.22

The scheme is fully let to substantial retailers with

significant exposure to the UK out of town market.

A brief summary of these is set out below:

HomebaseHomebase is owned by the Home Retail Group

and is one of the 3 largest DIY retailers in the UK

with more than 300 stores. Homebase serves over

65 million customers per year through its stores and

online services.

Pets at HomePets at Home was acquired by private equity house,

KKR in 2010 in a deal worth £955 million and has

more than 300 pet stores across the UK.

CometComet is one of the UK’s leading electrical goods

retailers with 240 stores throughout the UK and

has benefitted from the recent demise of Best

Buys UK operations. As of February 2012, Comet

is now owned by private investment partnership

OpCapita LLP.

HarveysHarveys is one of the largest furniture specialists in

the UK with over 150 stores and are wholly owned

by Steinhoff International, who are now one of the

top 5 furniture groups in Europe and Australasia,

and the largest in Africa providing the backing and

infrastructure of a huge global furniture leader.

CarpetrightCarpetright is the UK’s leading retailer of floor

coverings currently trading from approximately

703 stores. The company has a London Stock

Exchange listing with a current market capitalisation

of approximately £460 million.

HalfordsHalfords Ltd are the UK’s leading retailer of

automotive, bicycles and associated products and

currently trade from in excess of 467 stores in the

UK and Ireland.

Maplin ElectronicsMaplin is one of the leading retailers of electronic

goods in the UK with nearly 200 stores across

the country and over 2,000 employees. In 2004

Montagu Private Equity purchased 67% of the

company from Graphite Capital.

Wickes Wickes is one of the UK’s leading DIY, home

improvements and building supplies retailers,

trading from around 200 stores nationwide.

Wickes Building Supplies Ltd is a wholly owned

subsidiary of Travis Perkins plc, a significant

FTSE 250 company.

Pizza Hut

Pizza Hut is one of the largest restaurant chains in

the UK and is an international franchise that offers

different styles of pizza and side dishes. Pizza Hut is

a subsidiary of Yum! Brands Inc, the world’s biggest

restaurant company.

Tenants’ Profile


Trading Profile / Asset ManagementThis is the prime retail park in Christchurch

and we understand that the tenants

trade well.

The scheme is well configured and provides

a variety of unit sizes across the park.

The scheme benefits from a generous car

parking ratio and subject to the appropriate

planning consents, could accommodate a

further pod unit, which would bring further

footfall to the scheme.

The former QinetiQ site to the rear of

Christchurch Retail Park is currently being

considered for a mixed use development,

which has recently received foodstore

consent, subject to a section 106. Such a

scheme would benefit the subject property

significantly, making the area a destination

location extending beyond the current

catchment. More information regarding this

proposed scheme is available upon request.

Tenants’ CovenantsUNIT Tenant Year

EndingSales Turnover

(000s)Profit/Loss Pre

Taxes (000s)Net Worth

(000s)D&B

Rating

1 Homebase Ltd26/02/2011 £1,457,093 £62,094 £396,948

5A127/02/2010 £1,477,990 £41,322 £364,856

2 Pets at Home Ltd31/03/2011 £511,576 £75,174 £229,976

5A125/03/2010 £462,646 £65,853 £162,401

3 Comet Group Ltd30/04/2011 £1,478,201 -£39,555 £43,384

5A130/04/2010 £1,586,368 -£2,951 £58,837

4 Harveys Furnishing Ltd 5A2

5 Maplin Electronics Ltd31/12/2011 £205,025 £24,784 £143,711

5A101/01/2011 £213,123 £35,709 £126,437

6 Carpetright plc30/04/2011 £486,800 £6,600 £1,200

1A201/05/2010 £516,600 £22,300 £4,000

7 Halfords Ltd01/04/2011 £771,400 £122,000 £350,900

5A102/04/2010 £817,600 £109,200 £261,500

8 Pizza Hut (UK) Ltd28/11/2010 £346,174 -£22,185 £11,642

3A129/11/2009 £362,549 -£12,122 £31,470

9 Wickes Building Supplies Ltd31/12/2011 £981,450 £40,375 £230,250

5A101/01/2011 £969,052 £48,573 £208,590

The tenants’ most recent reported accounts and Dun & Bradstreet ratings are set out below:

EPCs

PAGE 12Barrack Retail Park Christchurch THE SATURN PORTFOLIO

1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150

This is how energy efficientthe building is.60

Net zero CO emissions2

More energy efficient

Less energy efficient

4464

Buildings similar to this one could have ratings as follows:

If newly built

If typical of theexisting stock

Energy Performance CertificateNon-Domestic Building

Energy Performance Asset Rating

Technical information Benchmarks

Certificate Reference Number:0050-5064-0361-9660-0050

Homebase Ltd1 Bailey DriveCHRISTCHURCHBH23 2BN

Main heating fuel: Natural GasBuilding environment: Heating and Natural VentilationTotal useful floor area (m ): 2 4558Building complexity (NOS level): 3

This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government’s website www.communities.gov.uk/epbd.

00

0 21

0

S K - 2 5 0 4 2 1 - 3 5 9 6 6 3

6 0 - 0 0 5 0 - 5 0 6 4 - 0 3 6 1 - 9 6 6 0 - 0 0 5 0 - S K 2 5 0 4 2 1 3 5 9 6 6 3 - D C L G x E P C g e n 2 0 0 8

This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





60100


If newly built






Comet Plc3 Bailey DriveCHRISTCHURCHBH23 2BN

Main heating fuel: Grid Supplied ElectricityBuilding environment: Air ConditioningTotal useful floor area (m ): 2 907Building complexity (NOS level): 3


36

7 16

4

S K - 0 0 6 2 3 2 - 6 6 7 6 2 0

7 9 - 0 0 5 0 - 3 0 4 5 - 0 3 0 1 - 4 6 4 0 - 2 0 2 4 - S K 0 0 6 2 3 2 6 6 7 6 2 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3750


If newly built






Pets at Home2 Bailey DriveCHRISTCHURCHBH23 2BN



68

7 26

5

S K - 6 3 2 0 1 0 - 6 9 8 6 4 3

7 1 - 0 0 5 0 - 4 0 4 1 - 0 3 4 1 - 6 3 4 0 - 5 0 9 0 - S K 6 3 2 0 1 0 6 9 8 6 4 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





5892


If newly built






Rosebys4 Bailey DriveCHRISTCHURCHBH23 2BN



68

7 26

5

S K - 2 0 0 1 1 1 - 6 5 9 2 1 0

6 9 - 0 3 6 1 - 3 0 7 5 - 0 7 1 7 - 0 2 0 0 - 6 9 0 1 - S K 2 0 0 1 1 1 6 5 9 2 1 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3750


If newly built






Carpetright Plc6 Bailey DriveCHRISTCHURCHBH23 2BN



12

0 72

5

S K - 2 1 1 4 6 2 - 3 4 8 1 4 3

6 7 - 0 0 5 0 - 5 0 5 1 - 0 3 7 1 - 1 6 0 0 - 9 0 3 4 - S K 2 1 1 4 6 2 3 4 8 1 4 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





55104


If newly built






Pizza Hut (UK) Ltd26 Bailey DriveCHRISTCHURCHBH23 2BN

Main heating fuel: Natural GasBuilding environment: Air ConditioningTotal useful floor area (m ): 2 457Building complexity (NOS level): 4

This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website www.communities.gov.uk/epbd.

56

7 43

4

S K - 1 6 1 0 0 2 - 1 4 9 3 4 3

1 5 0 - 0 0 5 0 - 5 0 8 4 - 0 3 8 1 - 2 6 3 0 - 6 0 5 0 - S K 1 6 1 0 0 2 1 4 9 3 4 3 - D C L G x E P C g e n 2 0 0


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3553


If newly built






Halfords Ltd7 Bailey DriveCHRISTCHURCHBH23 2BN



00

0 21

0

S K - 6 6 3 6 5 2 - 3 2 0 3 4 3

6 9 - 0 9 6 6 - 3 0 6 5 - 0 9 1 1 - 0 7 0 0 - 6 2 0 5 - S K 6 6 3 6 5 2 3 2 0 3 4 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3043


If newly built






Unit 5Bailey DriveCHRISTCHURCHBH23 2BN



00

0 21

0

S K - 2 3 4 4 0 1 - 3 5 8 3 0 0

6 0 - 0 0 5 0 - 9 0 6 5 - 0 3 3 1 - 8 6 7 0 - 5 0 5 0 - S K 2 3 4 4 0 1 3 5 8 3 0 0 - D C L G x E P C g e n 2 0 0 8


EPCs

1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





5790


If newly built






M F I Furniture Centre Ltd5 Bailey DriveCHRISTCHURCHBH23 2BN



36

7 16

4

S K - 3 1 1 3 3 2 - 6 9 9 4 2 0

1 1 6 - 0 6 7 0 - 0 0 3 1 - 0 7 4 0 - 0 2 0 4 - 0 0 0 6 - S K 3 1 1 3 3 2 6 9 9 4 2 0 - D C L G x E P C g e n 2 0 0



B&Q WAREHOUSE ST MARGARET’S WAY LEICESTER LE4 0BG

PAGE 14B&Q Warehouse, st margaret’s way Leicester THE SATURN PORTFOLIO

INVESTMENT SUMMARY Situated in the major commercial centre of Leicester, benefiting from a

catchment population of 580,298 within a 20 minute drive time.

Located in a highly prominent and accessible position approximately

one mile to the north of Leicester city centre, fronting the A6

dual carriageway.

Purpose built modern retail warehouse extending to approximately

77,300 sq ft (7,181 sq m) with associated garden centre.

Restricted planning consent.

Freehold.

The property is let to B&Q plc on a lease expiring in October 2027, with

a tenant’s rolling break option from October 2022.

The current rent is £1,325,490 per annum (£17.15 per sq ft), with the

lease providing for 5 yearly rent reviews in line with the increase in RPI,

subject to a ‘cap’ and ‘collar’ of 3% and 0% per annum respectively.

PAGE 15THE SATURN PORTFOLIOB&Q Warehouse, st margaret’s way Leicester

COVENTRY

BIRMINGHAM

NORTHAMPTON

ROYAL LEAMINGTON SPA

KIDDERMINSTER

WOLVERHAMPTON

REDDITCH

SOLIHULL

NUNEATON

LOUGHBOROUGH

PETERBOROUGH

HUNTINGDON

UPPINGHAM

EVESHAM

NEWPORT

ASHBOURNE

NOTTINGHAM

STOKE-ON-TRENT

DERBY

CHESTERFIELD

CAMBRIDGE

STEVENAGECHELTENHAM

CORBY

CONGLETON

KETTERING

BEDFORD

AYLESBURY

GREAT MALVERN

GRANTHAM DONNINGTON

KING’S LYNN

WELLINGBOROUGH

UTTOXETER

WHITCHURCH

TOWCESTER

LINCOLN

MANSFIELD

GLOUCESTER

BURTON UPON TRENT

STRATFORD UPON AVON

MILTON KEYNESBANBURYHEREFORD

SHREWSBURY

CREWE

WREXHAM

MARKETHARBOROUGH

TAMWORTH

CANNOCK

STAFFORD

RUGBY

WORCESTER

M5

M5

M1

M1

M1

M1

M1

M6

M6

M6

A1 (M)

A1 (M)

M6 TOLL

M6 TOLL

M42

M54M42

M69

M40

M11

M40

A5

A5

A5

A5

A5

A5

A6

A1

A1

A1

A6

A6

A6

A6

A46

A46

A46

A17A60

A15

A47

A57

A44

A44

A40

A49

A49

A49

A49

A46

A46

A46

A45

A43

A47A47

A50A41

A41

A442

A417A449

A458

A460

A605

A423

A424

A617

A518

A1121

A515

A156

A515

LEICESTER

A50

A47

A47

A47

A47

A607

A563

A563A563

A563

A594

A594

A594

A426

A5199

A5460

A5460

A6030

A6030

A594

A607

A6

A6

A6

A6

A50

LONDON

ROAD

NARBO

ROU

GH

RO

AD

KING RICHARDS ROAD

GROBY RD

ANSTEY LANE

ST MA

RG

AR

ET

’S W

AY

BELG

RAV

E RO

AD

ST GEOR

GE

S WAY

AB

BEY

LA

NE

A

BBE

Y L

AN

E

WO

OD

GATE

AYLE

STO

NE

RO

AD

HUMBERSTONE ROAD

GLE

NFR

ITH

WAY

WATERMEAD WAYREDH ILL WAY

CREFELD WAY

F

OSS

E R

OA

D N

ORT

H

BLAC

KB

IR

D ROAD ABBEY PARK ROAD

VAUGHN W

AY

WE

LFORD

RO

AD

OXFO

RD STREET

BEAU

MONT LEYS LANE

HA

LIFA

X D

RIVE

HEACHAM D RIVE

PAR

KE

R D

RIV

E

AB

BEY

LA

NE

A

BBE

Y L

AN

E

STRASBOURG DRIVE

SANVEY GATE

TUD

OR RO

AD

The city of Leicester is the second largest

conurbation in the East Midlands and the

major commercial centre for Leicestershire.

Leicester is situated approximately 100 miles

(160 km) north of London, 40 miles (64 km)

north east of Birmingham and 30 miles

(48 km) south of Nottingham.

The city benefits from very good road

communications with the M1 motorway

being situated immediately to the west

of the conurbation with direct access

via Junctions 21 and 21a. Junction 21 and

21a also provide direct access to the M6

and the West Midland’s conurbation. The

city benefits from a direct rail service to

London St Pancras, with a journey time of

approximately 1 hour and 15 minutes.

The subject property is situated in a highly

prominent and accessible position at the

junction of St Margaret’s Way (A6) and

Blackbird Road (A5237) approximately

1 mile north of Leicester city centre.

St Margaret’s Way (A6) forms the principal

dual carriageway route leading from the

city centre to the north, which makes the

location highly accessible to a substantial

catchment population. The A6 links to

the A563 (outer ring road) approximately

0.75 miles to the north of the subject

property, then onwards onto the intersection

with the A46 to the north, which then

provides direct access to the M1 motorway.

The immediate vicinity comprises a

mixture of commercial and residential

accommodation. In 2007, Leicester City

Council adopted the Abbey Meadows

supplementary planning document, which

provides for comprehensive redevelopment

of the Abbey Meadows area situated on

the eastern side of the A6 approximately

0.25 miles from the subject property. This

is a large scale redevelopment to provide

various commercial uses, including a science

park, together with substantial residential

development.

The subject property provides the dominant

DIY store serving central Leicester. The

nearest competing stores are occupied by

Wickes (circa 25,000 sq ft) on St George’s

Retail Park situated approximately 1 mile to

the south, whilst Homebase occupy a store

of circa 35,000 sq ft 1 mile south of the city

centre on Welford Road.

B&Q also have a small store extending to

32,500 sq ft at Wigston on the southern

side of the conurbation.

Directly to the south of the subject property

is the Abbey Road Retail Park (32,700 sq ft)

which is occupied by The Range,

Carpetright and Halfords.

Other than Abbey Road Retail Park

mentioned below the nearest retail

warehousing is St Georges Retail Park

(135,000 sq ft) situated 1 mile to the south

of the subject property. This has an open

non-food consent with occupiers including

Wickes, Currys/PC World and Toys ‘R’ Us.

Planning consent has been obtained for a

Tesco of approximately 70,000 sq ft on part

of the site occupied by Wickes and

PC World.

The other major provision of retail

warehousing comprises approximately

320,000 sq ft of accommodation is at

Fosse Park and Fosse Park South adjacent

to Junction 21 of the M1 to the south west.

There are no competing DIY stores in

this location.

Situation

Location


Retail Warehouse Provision in Central Leicester

LEICESTER

St Georges Retail Park

PROMIS estimate that Leicester’s primary

catchment population is approximately

920,000 people, ranking it the 10th largest

out of the PROMIS 200 centres. This is

above the regional average and compares

closely with the likes of Edinburgh and

Bristol. Within a 20 minute drive time of

the subject property there is an estimated

catchment population of 580,298 people.

24% of the catchment population are

classified as being within AB social group

(more affluent) as compared to the national

average of 25%. Car ownership is close to

the national average, with 32% owning 2

or more cars, as compared to the national

average of 30%.

The catchment population is predicted to

benefit from above average population

growth, estimated to be 0.8%, as compared

to the 200 PROMIS centres of 0.61%.

In 2010 the service sector accounted for 73%

of total employment, with manufacturing

standing at 14%, both being close to the

national average. Major employers in the

town include Santander, Next, Walkers

Snack Food and Babcock.

The subject property provides a prominent

purpose built retail warehouse extending to

approximately 77,300 sq ft (7,181 sq m) GIA.

The property was constructed in 1993

and is of steel portal frame construction

under a pitched roof. Elevations are clad

with flat cladding above masonry. The unit

benefits from a dominant entrance feature,

with similar high profile extended signage

zones situated on the 2 front corners of the

building fronting St Margaret’s Way. On the

western side of the building is an enclosed

garden centre, to the rear of which is a

dedicated service yard.

At the front of the building is a

tarmacadamed customer car park providing

approximately 415 spaces, equating to a

ratio of 1 : 186 sq ft (1 : 17.3 sq m).

The main customer access/exit point is

via a traffic light controlled junction on

St Margaret’s Way and there is a secondary

access point, which is shared by service

vehicles off Blackbird Road.

The site extends to a total area of

approximately 7.26 acres (2.94 hectares).

Catchment & Demographics DescriptionKey demographic data is included in the table below:

Leicester PROMIS Catchment Av/GB Av

Household owner occupiers 2001 74% 70%

Per capita RW expenditure 2001 £427 £476

Estimated population growth 2011-2016 0.8% 0.6% (% per annum)

AB social classification 2001 24% 25%

MARKFIELDTWYFORD

WIGSTON

LOUGHBOROUGH

HINCKLEY

MELTONMOWBRAY

CORBY

UPPINGHAM

KETTERING

MARKETHARBOROUGH

WALTHAM ONTHE WOLDS

COTTESMORE

COLSTERWORTH

WYSALLCASTLE DONINGTON

TAMWORTH

NUNEATON

COVENTRY

COALVILLE

TWYCROSS

FLECKNEY

BURTONUPON TRENT

LEICESTER

A606

A47

A6

A6

A607

A46

M1

M1

M1

M69

M69M 6

M 6

M42

A46

A607A511



The property has planning consent for a

non-food retail warehouse, garden centre

and ancillary parking. There is a restriction

that no part of the building should be

used as a foodstore. The sale of goods is

restricted to building and DIY supplies,

furniture, self-assembly furniture, floor

coverings, fabrics and ancillary items,

electrical appliances, goods and materials

and fittings, motor vehicles, cycles and spare

parts, garden furniture, tools and equipment,

caravans, tents and camping equipment

and associated items, boats, dinghies and

associated items. A planning summary can

be provided upon request.

The site, as approximately outlined in red, is

held freehold.

The property is let to B&Q plc on a lease

expiring on 18 October 2027 with a tenant’s

rolling option to determine from 19 October

2022 subject to 12 months notice. The lease

provides 5 yearly upward only rent reviews

in line with the increase in the Retail Price

Index, subject to a minimum of 0% per

annum and a maximum of 3% per annum.

The current rent is £1,325,490 per annum,

which equates to £17.15 per sq ft.

Planning Tenure

Tenancy


An updated Environmental Report is

available upon request.

Ground Conditions

Tenant GIA (sq ft)

LEase start

Term (years)

Expiry Date

Unexpired term

(years)

Next rent review

Current rent

(Per annum)

Current rent

(per sq ft)

Comments

B&Q Plc 77,300 19/10/2007 20 18/10/2027 15.00 29/09/2017 £1,325,490 £17.16

Rent is payable monthly. 5 yearly compounded rent reviews

linked to RPI capped and collared at 0% and 3% p.a.

respectively. Tenant rolling break option from 19/10/2022.

12 month’s notice required. No penalty if exercised.

TOTALS 77,300 £1,325,490 £17.16

Tenancy Schedule

B&Q plc is a wholly owned subsidiary of

Kingfisher Group plc and is the UK’s market

leading DIY retailer. In recent years, they have

expanded to international markets and now

currently trade in excess of 950 stores in

8 countries throughout Europe and Asia.

Tenant ProfileTrading Profile / Asset ManagementThis is the dominant DIY store serving the

central Leicester conurbation and due to its

accessible location and limited competition,

understand that it trades well. In addition,

we believe the size of the store, being circa

70,000 sq ft, is likely to provide a highly

efficient trading format for B&Q.

However, we believe the property could

potentially, subject to obtaining the

necessary consents, be subdivided to create

a small retail park, with the additional

benefit of the potential to develop additional

accommodation on the garden centre and

‘pod’ units in the car park, should B&Q wish

to relocate. Alternatively, we consider it

would make an ideal foodstore site, subject

to tenant demand and the necessary

planning consents.

Due to the nature of the rent review clause

and expectation for the increase in the

Retail Price Index, this investment provides

a secure income stream with the benefit

of inflation linked uplifts secured against a

successful trading destination.


UNIT Tenant Year Ending

Sales Turnover

(000s)

Profit/Loss Pre Taxes

(000s)

Net Worth (000s)

D&B Rating

1 B&Q plc29/01/2011 £3,711,700 £144,700 £3,656,700

5A130/01/2010 £3,792,400 £400,400 £3,476,400

Tenant’s CovenantWe summarise below the most recent accounts for B&Q plc, together with the latest

Dun & Bradstreet rating.

D&B rating – 5A1 (minimum risk of business failure).

EPC


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3850


If newly built






Commercial Union Life Assurance LtdB & Q PlcSt Margarets WayLEICESTERLE4 0BT



44

7 61

6

S K - 5 2 1 5 2 0 - 0 1 0 2 4 3

4 6 - 0 7 4 4 - 3 0 4 5 - 0 1 1 9 - 0 8 0 0 - 9 0 9 1 - S K 5 2 1 5 2 0 0 1 0 2 4 3 - D C L G x E P C g e n 2 0 0 8


DUNSTABLE ROAD RETAIL PARK LUTON LU4 8EZ

PAGE 22dunstable road retail park luton THE SATURN PORTFOLIO

INVESTMENT SUMMARY Situated in the major commercial centre of Luton, benefiting from

a catchment population of over 410,000 people within a 20 minute

drive time.

Located in a highly prominent and accessible position to the north

of Luton town centre, fronting Chaul End Lane, less than a mile from

Junction 11 of the M1 motorway, being in close proximity to Hatters

Way Retail Park and units occupied by PC World and B&Q.

Modern retail warehouse parade extending to approximately

46,850 sq ft (4,353 sq m).

Part restricted / part open A1, planning consent.

Freehold.

Asset management opportunities available to let newly refurbished

vacant unit.

The property is let to DSG Retail Ltd and Next Group plc providing a

weighted average unexpired term of just less than 10 years.

The current rent is £1,015,000 per annum (overall rent of

£25.38 per sq ft) with a fixed uplift on the Currys unit in 2017.

PAGE 23THE SATURN PORTFOLIODunstable road retail park Luton

Luton is located 35 miles north of London,

12 miles north of Hemel Hempstead, 13 miles

north of St Albans and 15 miles west of

Stevenage.

The town benefits from good road

communications and is strategically located

adjacent to Junctions 10 and 11 of the M1

motorway and is well served by a number of

primary roads including the A6 trunk road

and the A505 dual carriageway, which links

the A1 and the A5.

Luton benefits from a regular train service

with a quickest journey time to London

(St Pancras) of approximately 35 minutes.

Luton possesses one of the fastest growing

airports in the UK in Luton International

Airport, which offers flights to European and

worldwide destinations.

A major town centre regeneration

programme is currently underway in

Luton, which will include upgrades to the

town’s bus and railway stations, as well

as improvements to the town’s urban

environment.

Investment within Luton is evident on the

edge of the town at Putteridge Bury where

a high-technology office park, Butterfield

Green, is under construction as well as the

former Vauxhall site, which is to be

re-developed as a mixed use scheme called

Napier Park.

Dunstable Road Retail Park is situated on

Chaul End Lane close to its junction with

Dunstable Road, approximately 2.5 miles

north west of Luton town centre. Junction 11

of the M1 motorway is conveniently located

approximately 1 mile directly to the west

of the scheme providing easy access to

customers from the M1 corridor.

The subject property is located in a cluster

of retail warehousing with PC World situated

to the immediate north of the scheme

while approximately 500 yards to the

south, is Hatters Way Retail Park, which is

occupied by Dreams, Harveys, Paul Simon,

Carpetright, DFS and ScS.

Situation

Location

HemelHempstead

Tring

Abbots Langley

Letchworth

Stevenage

Leighton Buzzard

HemelHempstead

Tring

Dunstable

Abbots Langley

Letchworth

Stevenage

London

Barnett

Enfield

Cheshunt

Welwyn Garden City

Brentwood

Slough

Watford

Harlow

Uxbridge

Beaconsfield

St Albans

Leighton Buzzard

Luton

HemelHempstead

Tring

Dunstable

Abbots Langley

Letchworth

Stevenage

Luton Airport

London

Barnett

Enfield

Cheshunt

Welwyn Garden City

Brentwood

Slough

Watford

Harlow

Uxbridge

Beaconsfield

St Albans

Leighton Buzzard

LutonM1

M1

M1

M1

M4

M1

M10

M11

M11

M25

M25

M25

M25

A1(M)

A1(M)

A1(M)

A414

A406

A414

A10

A10

A13

A40

A1

A5

A5

A6

A5

A4146

A1081A505

A505

A41

A414

DUNSTABLE ROAD

FARL

EY HILL

CA

STLE

STR

EET

CRAWLEY GRE

EN R

OAD

ASHCROFT RO

AD

HIT

CH

IN R

OAD

LEAGRAVE

ROA

D

oa

kle

y ro

ad

CHA

UL

EN

D L

AN

E

HATTERS WAY

D

UN

STABLE ROAD

ne

w b

ed

for

d r

oa

d

D UNSTA BLE ROAD

W

ALLER AVENUE

MONTROSE AVENUE

ST

O

CKINGSTO NE ROAD

NIT

CHI N R

OA

D

VAUXHALL WAY

airport way

par k via d

uct

kimpton r o ad

LUTON

A505

A6

A505

M1

M1

11

A505

A505

The subject property is one of 3 main concentrations of retail

warehousing in Luton. We summarise the remaining 2 below:

Gipsy Lane Retail Park161,955 sq ft (15,044 sq m)

Located south east of the town centre, tenants include B&Q, Comet,

Toys ‘R’ Us, Halfords and Argos. The scheme has an open A1 (non-

food), with certain exceptions, planning consent and rents range from

£16.75 – £30.00 per sq ft.

Hatters Way Retail Park90,635 sq ft (8,425 sq m)

Tenants include DFS, Carpetright, Paul Simon, Harveys and Dreams.

The park has bulky goods consent and is located immediately south

of the subject property. Rents range from £25.00 – £30.00 per sq ft.

Retail Warehouse Provision in Luton

PAGE 24Dunstable road retail park Luton THE SATURN PORTFOLIO

DUNSTABLE ROAD RETAIL PARK

HATTERS WAY RETAIL PARK

Luton has a catchment population of

323,000 people and a significant 20 minute

drive time catchment of approximately

414,339 people. Luton’s population is

forecasted to rise at a higher rate than

the national average over the period 2011

to 2016.

Luton’s catchment, in terms of affluence,

is broadly similar to that of the national

average, whilst per capita retail warehouse

expenditure for 2011 was significantly higher

than the national average and, furthermore,

the forecast growth of comparison spend

for 2011 to 2016 is forecast at a higher rate

than the national average.

In 2010, the service sector accounted for

80% of total employment and within this

sector, financial and business services

accounted for 27% of total employment,

both figures slightly above the retail PROMIS

average. The manufacturing sector at Luton

accounts for 8% of total employment slightly

below the retail PROMIS average.

Dunstable Road Retail Park comprises a

terrace of 3 modern retail units located

within a large surface car park.

The units are of steel portal frame

construction with brick and profile metal

cladding under a pitched roof. The 2

southernmost units have recently been

refurbished, providing attractive full height

glass frontages. One of these units has

been let to Next, which benefits from a

full mezzanine floor while the second is

vacant and available to let. Currys occupy

the final unit. The scheme extends to

a total of approximately 46,850 sq ft

(4,353 sq m) GIA.

The park is accessed off Chaul End Lane

with rear servicing provided to all of

the units.

The property provides approximately 204

dedicated car parking spaces, reflecting an

attractive car parking ratio of 1 : 231 sq ft

(1: 21.5 sq m).

The total site area extends to approximately

3.03 acres (1.23 hectares).

Catchment & Demographics DescriptionWe summarise the key demographic data in the table below:

PROMIS PROMIS Ranking LUTON Average Out of 200. 1 = best

Average Household Size 2.5 2.3 n/a

Per Capita in store Comparison £2,463 £2,392 70 Expenditure 2011

Per Capita Retail Warehouse £513 £476 38 Expenditure 2011

Forecast growth in comparison 1.2% 1.0% 73 retail expenditure 2011-16 (% Per Annum)

Practical Population 0.9 0.7 33 Growth 2011-2016

ST. ALBANS

DUNSTABLE

LEIGHTONBUZZARD

TODDINGTON

FLITWICK

HARPENDEN

MILTONKEYNES

HEMELHEMPSTEAD

AMERSHAM

TRING

WATFORDENFIELD

STEVENAGE

WELWYNGARDEN CITY

HITCHIN

POTTERS BAR

HIGH WYCOMBE

LUTON

A6

M1

M25

M25

M25

M1

A1(M)

A1(M)

A505

A5

A5

A4146

A421

A1

M1

A507

A41



The Currys unit benefits from a restricted

A1 (non-food) consent while the Next and

vacant unit benefit from an open A1 (food

and non-food) consent.

A planning summary can be provided

upon request.

The site, as outlined in red on the plan, is

held freehold.

The property is part let with one vacant

unit in accordance with the above tenancy

schedule and produces a current rental

income of £1,015,000 per annum, equating

to an overall rent of £25.38 per sq ft.


unexpired lease term (ignoring breaks) of

9.8 years.

The lease to DSG Retail Ltd includes a fixed

rental uplift in 2017.



Planning

Tenure

Tenancies

Ground Conditions

PAGE 26Dunstable road retail park Luton THE SATURN PORTFOLIO

TO

LE

T6

,850

SQ

FT

VAUXHALLDEALERSHIP



(years)Expiry Date

Unexpired term

(years)

Next rent review

Current rent

(Per Annum)

Current rent

(sq ft)

Comments

1A Next Group plc 13,000 19/03/2012 10 18/03/2022 9.42 19/03/2017 £250,000 £19.23 Rent review is capped at £282,852 per annum.

1B To Let 6,850 – – – – – – –

2 DSG Retail Ltd 27,000 29/09/2002 20 28/09/2022 9.95 29/09/2017 £765,000 £28.33Fixed uplift at 2017 rent review at 3% per annum

compounded. 2017 rent: £887,000 per annum.

Advertising Redbus Retail Advertising Ltd 0 21/12/2009 5 20/12/2014 2.13 – £0 –Initial 5 year term. Agreement rolls over thereafter. Rent

payable to equal 20% of advertising revenue.

TOTALS 46,850 9.8 £1,015,000 £25.38

The scheme is let to Currys and Next with one

unit vacant and available to let. Currys and

Next are substantial retailers with significant

exposure to the UK out of town market. A brief

summary of these is set out below:

CurrysCurrys is the UK’s leading retailer of electrical

goods, being the sister company of PC

World, both of which are subsidiaries of

Dixons Retail plc which is listed on the

London Stock Exchange, with a market

capitalisation of approximately £759 million.

Currys and PC World currently trade from

over 1,200 stores throughout the UK and

have benefited from the recent demise of

Best Buy’s UK operations, together with a

reduction in the number of competing stores

operated by Comet.

NextNext is one of the best known UK fashion

retailers and is listed in the FTSE 100 with a

current market capitalisation of £5.71 billion.

Over recent years, Next have expanded their

Home operation. They currently trade from

over 500 stores across the country with

their last results showing a 3% increase in

turnover to £188.4 million.

Tenants’ Profile Trading Profile / Asset Management


The tenants’ most recent reported accounts and Dun & Bradstreet ratings are set out below:


Sales Turnover

(000s)


(000s)

Net Worth (000s)

D&B Rating

1 DSG Retail Ltd30/04/2011 £3,858,000 £18,400 £327,600

5A101/05/2010 £4,110,495 -£2,136 £285,700

2 Next Group plc29/01/2011 £188,400 £590,300 £1,667,000

5A130/01/2010 £182,800 £677,000 £1,244,000

Tenants’ Covenants

2 of the units on this scheme have recently

been refurbished and reclad, with Unit 1A

now let to Next. There remains a prominent

and refurbished unit available to let. The

unit benefits from an unrestricted consent

and indeed could possibly be extended to

the rear.

With PC World occupying a unit extending

to approximately 25,000 sq ft (2,323 sq m)

adjacent to the subject property, we believe

Dixons are keen to consolidate both the

PC World and Currys fascias into a single store.

We understand their preferred option is to

retain the store on the subject property, and

indeed, there are proposals to redevelop the

PC World site into a food store. The potential

for Currys and PC World to occupy a single

unit may provide the opportunity to regear the

lease on advantageous terms with the tenant.

THE SATURN PORTFOLIODunstable road retail park Luton

EPCs

CAIRNGORM RETAIL PARK SNOWDON DRIVE MILTON KEYNES MK6 1AZ

PAGE 30Cairngorm retail park Milton Keynes THE SATURN PORTFOLIO

INVESTMENT SUMMARY Located in the affluent major commercial and geographically

prominent centre of Milton Keynes, which benefits from a primary

catchment of over 700,000 people, which is forcasted to grow by

1% per annum by 2016.

Situated in an established cluster of retail warehousing, forming part of

the main recognised furniture pitch for Central Milton Keynes.

Modern retail warehouse scheme extending to approximately

57,432 sq ft (5,336 sq m).

The property benefits from an open A1 (non-food) planning consent on

Units 1-4. Unit 5 has a bulky goods consent.

Freehold.

The property is let to DFS, Oak Furniture Land, ScS, Carpetright and

Furniture Village providing a weighted unexpired term of 10.0 years.

The current rent is £1,407,213 per annum (overall rent of

£24.50 per sq ft) with fixed uplifts to Carpetright in 2014 and

DFS in 2016 and 2021.

PAGE 31THE SATURN PORTFOLIOCairngorm retail park Milton Keynes

Milton Keynes is located 54 miles (85 km)

north west of London, 72 miles (115 km)

south east of Birmingham and 2 miles

(3.2 km) west of Junction 14 of the M1

motorway. Designated as a new town

in 1967, Milton Keynes benefits from an

integrated grid system of roads that connect

the surrounding towns of Bletchley, Stony

Stratford and Wolverton.

Milton Keynes is easily accessible via rail

with regular services to major towns across

the country, including London Euston in

a fastest journey time of approximately

35 minutes and Birmingham in a fastest time

of approximately 1 hour.

Milton Keynes is a geographically important

hub in the United Kingdom and due to its

locational attributes and extensive employee

base, major employers such as Santander

and the Open University are located in

the town.

In addition, major retailers such as Coca

Cola, River Island and John Lewis have

based their distribution centres in Milton

Keynes to take advantage of the transport

infrastructure.

Cairngorm Retail Park is situated in

a prominent position just off the A5

trunk road fronting Snowdon Drive and

Cairngorm Gate.

The scheme is situated within a cluster

of other retail warehouse developments

providing in excess of 345,000 sq ft

(32,052 sq m) of retail space.

The area is to benefit from the arrival of

a number of new occupiers including The

Range, Wren Kitchens and Pure Gym.

SituationLocation

MILTON KEYNESCENTRAL

FURZTONLAKE

WOUGHTONPARK

MA

RLB

OR

OU

GH

ST

RE

ET

MARLBOROUGH

ST

GRAFTO

N STREET

GRAFTON STREET

CHAFFRON WAY

SAXON STREET

CHAFFRON WAYSA

XO

N STR

EE

T

GRAFTO

N G

ATE

CHILDS WAY

CHILDS WAY

WITAN

GATE

SECKLOW

GATE

SILBURY BOULEVARD

MIDSUMMER BOULEVARD

AVEBURY BOULEVARD

CH

ILD

S W

AY

CHAFFRON WAY

CHILDS WAY

CHILDS WAY FULM

ER WAY

CHAFFRON W

AY

WATLING STREET

WATLING STREET

WATLING STREET

PORT

WAY

GRA

FTON

ST

CHAFFRON WAY

WATLING STREET

SAXON STREETSA

XO

N STG

ROVEWAYGROVEWAY

MARLBO

ROU

GH

STR

EE

T

GROVEWAY

STA

ND

ING W

AY

A509

B4034

A5

A5

A5

A5

A421

A509

A421

A421B4034

A421

A5

A5

Winterhill325,000 sq ft (30,194 sq m)

The area comprising and surrounding the

subject property, known as Winterhill,

is the main furniture and DIY retailing

destination for Milton Keynes and provides

approximately 270,000 sq ft (25,083 sq m)

of retail accommodation in addition to the

subject property. The area contains the

following:

Winterhill Retail Park

This park extends to 66,958 sq ft

(6,220 sq m) and comprises a solus

unit occupied by Harveys and a terrace

let to Dunelm Mill and Paul Simon. The

scheme benefits from open A1 (non food)

consent and rents range from £14.50 –

£18.50 per sq ft. We understand that a unit

of approximately 13,800 sq ft (1,282 sq m) is

under offer to a national furniture retailer.

Routeco Retail Park

This park extends to 57,217 sq ft (5,315 sq m)

and is currently occupied by PC World,

Multiyork, Dreams and Sharps. Pure Gym

have agreed terms on the vacant unit

and we understand B&M Retail are taking

an assignment of the PC World unit. The

scheme benefits from open A1 (non food)

consent with top rents at £21.00 per sq ft.

Homebase & Wickes

There is a Homebase (81,675 sq ft/

7,588 sq m) and a Wickes (36,500 sq ft/

3,391 sq m) within the Winterhill area

providing the DIY focal point for Milton

Keynes. Both have a bulky goods consent and

are let off £17.00 and £17.75 per sq ft.

The Range & Wren Kitchens

The Range and Wren Kitchens have agreed

terms on units of 40,000 sq ft (3,716 sq m)

and 10,000 sq ft (929 sq m) respectively

to the rear of the Dunelm Mill and Paul

Simon terrace.

The arrival of these new tenants will further

establish Winterhill as a strong retail

destination serving Milton Keynes.

Other retail warehousing in Milton Keynes

includes the following:

Central Retail Park94,050 sq ft (8,737 sq m)

This scheme has open A1 (including

food) consent with tenants including

Pets at Home, Halfords, Hobbycraft and

Dwell Clearance. Tops rents have reached

£23.00 per sq ft.

The Placec.30,000 sq ft (7,432 sq m)

This secondary park has open A1 (non-food)

consent and tenants including American

Golf Discount, Horsatack, Brantano and

Currys/PC World. Rents are in the range of

£16.00 – £17.00 per sq ft.

Kingston Centre and MK1These parks are the prime fashion parks

in Milton Keynes top rents reaching up to

£50.00 per sq ft. The tenants include M&S,

Next, River Island, Arcadia and Primark.

Retail Warehouse Provision in Milton Keynes


CAIRNGORM RETAIL PARK

ROUTECO RETAIL PARK

WICKES

TO BE WREN & THE RANGE

ARGOS & TOYS ‘R’US

THE PLACE

CENTRAL RETAIL PARKA43

A43

A34

A41

A40

A40

A44

A46

A43

A45

A14

A10

A45

A45

A14

A6

A5

A1

A428

A422

A508

A418

A413

A505

A142

A141

A508

A605

A429

A452A445

A6003A452

A419

A422

A435

A441

A420

A5

A6

Northampton

Towcester

Buckingham

Redditch

Coventry

Evesham

Banbury

ChippingNorton

WitneyCarterton

Faringdon

Swindon

DidcotWantage

HighWycombe

HemelHempstead

Watford

Amersham

Wallingford

Maidnehead

Marlow

Biggleswade

Stevenage

Buntingford

Letchworth

Hitchin

ChelmsfordCirencester

Brackley

Bicester

Aylesbury

Luton

Bedford

Huntingdon

Kettering

Corby

Rugby

MarketHarborough

Lutterworth

Nuneaton

SuttonColdfieldWest

Bromwich

Walsall

Solihull

Stratford-Upon-Avon

LeamingtonSpa

DaventryWarwick

Kenilworth

RushdenWellingborough

Cambridge

Peterborough

London

Oxford

Birmingham

MILTONKEYNES

Northampton

Towcester

Buckingham

Redditch

Coventry

Evesham

Banbury

ChippingNorton

WitneyCarterton

Faringdon

Swindon

DidcotWantage

HighWycombe

HemelHempstead

Watford

Amersham

Wallingford

Maidnehead

Marlow

Biggleswade

Stevenage

Buntingford

Letchworth

Hitchin

ChelmsfordCirencester

Brackley

Bicester

Aylesbury

Luton

Bedford

Huntingdon

Kettering

Corby

Rugby

MarketHarborough

Lutterworth

Nuneaton

SuttonColdfieldWest

Bromwich

Walsall

Solihull

Stratford-Upon-Avon

LeamingtonSpa

DaventryWarwick

Kenilworth

RushdenWellingborough

MILTONKEYNES

Cambridge

Peterborough

London

Oxford

Birmingham

M25

A1 (M)

A1 (M)

M25

M40

M40

M40

M69

M42

M1

M6

M10

M11

PURE

GYM

WINTERHILL RETAIL PARK

HOMEBASEUnder

offer

A1

A505

A1

A41

A43

LUTON

LEIGHTONBUZZARD

WOBURN

NEWPORTPAGNELL

HITCHIN

NORTHAMPTON

DUNSTABLE

BICESTER

AYLESBURY

BUCKINGHAMCROUGHTON

BYFIELD

TOWCESTERBEDFORD

CARLTON

BIGGLESWADE

FLITWICK

MILTONKEYNES

A508

A5

M1

M1

M1

A5

A421

M40

M40A1(M)

A1(M)

A428

A421

A507

A5

A421

Milton Keynes has an extensive primary

catchment of 709,000 people and 302,057

within a 20 minute drive time. These

catchments are projected to see above

average population growth for the period

2011 – 2016. The estimated shopping

population of Milton Keynes is 465,000

ranking the city 11 of the PROMIS centres,

above the average for regional centres.

Milton Keynes is relatively affluent, with 31%

of the population categorised at AB social

group and 41% of families having 2 or more

cars, both of which are above the national

average. Retail warehouse expenditure of

£523 compares well to the PROMIS Regional

centre average of £494 and the forecasted

growth in comparison retail expenditure

for 2011-16 of 1.3% per annum, is above the

PROMIS 200 centre average.

The Milton Keynes economy is based

primarily around the service sector (80%

of the total employment), of which 31% is

estimated to be in the financial and business

sub-sector. Key demographic indicators for

Milton Keynes include:

Cairngorm Retail Park comprises a terrace

of 4 units and a separate detached unit.

The terrace is occupied by DFS, Oak

Furniture Land, ScS and Carpetright while

the standalone unit is occupied by Furniture

Village. The development is of steel portal

frame construction with flat steel cladding

under pitched roofs. The property totals

approximately 57,464 sq ft (5,338 sq m) GIA.

Customer access and egress is via Snowdon

Drive and Cairngorm Gate respectively while

servicing is accessed to the rear of all of the

units via Snowdon Drive.

Oak Furniture Land, ScS and Furniture

Village have non-rentalised trading

mezzanine space.

The large surface level car park provides

approximately 216 car spaces, equating to a

ratio of 1 : 265 sq ft (1 : 24.6 sq m).



Catchment & Demographics Description Milton Keynes PROMIS Regional PROMIS Ranking Centre Average Out of 200. 1 = best

Total Catchment Population 2011 709,000 665,000 18

Population Growth 2011-16 (% Per Annum) 1.0% 0.8% 19

Per Capita RW Expenditure, 2011 £523 £494 21

AB Social Structure (% of catchment) 31% 28% n/a

2+ Cars Owned by Household 41% 33% n/a



Under offer

To be

The property benefits from an open A1

(non-food) planning consent on Units 1-4.

Unit 5 has a bulky goods consent.

A planning summary can be provided upon

request.



The property is let in accordance with the

above tenancy schedule and produces a

current rental income of £1,407,213 per

annum, equating to an overall rent of

£24.50 per sq ft.


unexpired lease term of 10.0 years.

We would highlight the fixed rental

increases to Carpetright in 2014 and to DFS

in 2016 and 2021.Ground Conditions

Planning

The site, as outlined in red on the plan, is

held freehold.

Tenure

Tenancies




(years)Expiry Date

Unexpired term

(years)

Next rent review

Current rent

(Per Annum)

Current rent

(sq ft)

Comments

1 DFS Furniture Co Ltd 20,056 24/06/1996 30 23/06/2026 13.68 24/06/2016 £487,863 £24.33Fixed 5 yearly uplifts to £551,972 per annum in June 2016 and

£624,505 per annum in June 2021.

2JB Global Ltd

t/a Oak Furniture Land10,010 19/06/2009 10 18/06/2019 6.67 19/06/2014 £230,230 £23.00

3A Share & Sons Ltd

t/a SCS10,110 02/07/1999 20 24/12/2019 7.19 02/07/2014 £280,000 £27.70 Tenant guaranteed by ScS Upholstery Plc.

4 Carpetright plc 8,000 25/12/1994 25 24/12/2019 7.19 25/12/2014 £224,000 £28.00 Fixed uplift in 2014 to £259,865

5 Furniture Village Ltd 9,256 01/11/2004 20 31/10/2024 12.04 01/11/2014 £185,120 £20.00

Substation Powergen Energy plc 0 07/11/1994 99 06/11/2093 81.06 – £0 –

Advertising Redbus Retail Advertising Ltd 0 21/12/2009 5 20/12/2014 2.13 – £0 –Initial 5 year term. Agreement rolls over thereafter. Rent

payable to equal 20% of advertising revenue.

TOTALS 57,432 £1,407,213 £24.50

The scheme is fully let to substantial

retailers with significant exposure to the

UK out of town market. A brief summary of

these retailers are set out:

DFSDFS is one of the UK’s leading furniture

retailers, operating from 85 stores

nationwide. In April 2010 DFS was sold to

private equity firm Advent International.

Oak Furniture LandOak Furniture Land is a rapidly expanding

manufacturer and retailer of solid oak

furniture. The company is growing by adding

to its successful online retail presence by

opening physical stores in major out of town

retail destinations.

They will trade from 35 units by the end of

2012 expect to open a further 15 in the

next 24 months.

ScSScS are one of the most established

furniture retailers in the UK with nearly 100

stores nationwide.

CarpetrightCarpetright is the UK’s leading retailer

of floor coverings currently trading from

approximately 703 stores. The company

has a London Stock Exchange listing

with a current market capitalisation of

approximately £460 million.

Furniture VillageFurniture Village, founded in 1989, is the

largest privately owned furniture chain in

the UK and now has over 40 stores across

the country. It reported a 5% increase in

turnover for year end 2011 up by £8.3m

to £180.1m.

Tenants’ ProfileTrading Profile / Asset Management



Sales Turnover

(000s)


(000s)

Net Worth (000s)

D&B Rating

1 DFS Furniture Co Ltd30/07/2011 £3,200 £100 £38,400

5A131/07/2010 £653,000 £51,800 £41,000

2 JB Global Ltd30/09/2011 £34,071 £3,877 £3,036

2A330/09/2010 £25,913 £1,885 £1,760

3 A Share & Sons Ltd30/07/2011 £186,345 -£5,746 £20,109

4A231/07/2010 £194,158 £1,087 £24,904

4 Carpetright plc30/04/2011 £486,800 £6,600 £1,200

1A201/05/2010 £516,600 £22,300 £4,000

5 Furniture Village Ltd03/04/2011 £180,706 £3,600 £16,045

4A104/04/2010 £172,368 £8,332 £13,774

Tenants’ CovenantsThe tenants’ most recent reported accounts and Dun & Bradstreet ratings are set out below:

Cairngorm Retail Park forms the strongest

scheme within the established out of town

furniture ‘pitch’ at Winterhill. It benefits

from the anchor tenant of DFS, who hold a

lease which runs to 2026. Traditionally, other

retailers in the furniture sector have sought

to be situated adjacent to DFS in order

to benefit from their customer base and

advertising.

Whilst this is an established and successful

retail destination, lettings in the recently

refurbished and adjacent Winterhill Park,

together with the arrival of new occupiers

including Pure Gym, The Range and

Wren Kitchens, will only strengthen the

location further.

We also believe there may be potential for

an A3 unit in the car park.

There are fixed uplifts to DFS in 2016 and

2021 and to Carpetright in 2014.

EPCs


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3649


If newly built






Unit 1Cairngorm GateWinterhillMILTON KEYNESMK6 1AZ

Main heating fuel: Natural GasBuilding environment: Heating and Mechanical VentilationTotal useful floor area (m ): 2 1998Building complexity (NOS level): 3


56

7 43

4

S K - 1 5 6 2 2 1 - 1 4 7 4 0 0

9 5 - 0 6 1 4 - 3 0 0 5 - 0 4 1 4 - 0 5 0 0 - 6 8 0 5 - S K 1 5 6 2 2 1 1 4 7 4 0 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3648


If newly built









56

7 43

4

S K - 0 3 5 4 4 1 - 1 3 0 5 6 3

5 7 - 0 6 7 0 - 0 5 3 1 - 9 3 6 0 - 9 3 0 5 - 8 0 0 2 - S K 0 3 5 4 4 1 1 3 0 5 6 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





5889


If newly built









44

7 61

6

S K - 5 0 5 5 5 2 - 0 1 2 6 4 3

4 8 - 0 1 5 0 - 0 4 3 1 - 9 2 9 0 - 5 6 9 7 - 4 0 0 2 - S K 5 0 5 5 5 2 0 1 2 6 4 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3747


If newly built









00

0 21

0

S K - 1 1 1 2 0 2 - 3 4 8 5 3 0

5 6 - 0 6 2 0 - 0 4 3 1 - 8 1 6 0 - 3 8 0 5 - 8 0 0 6 - S K 1 1 1 2 0 2 3 4 8 5 3 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





6095


If newly built









36

7 16

4

S K - 1 4 3 0 3 2 - 6 7 8 3 2 0

6 9 - 0 2 8 6 - 3 0 4 5 - 0 8 1 9 - 0 8 0 0 - 6 4 0 1 - S K 1 4 3 0 3 2 6 7 8 3 2 0 - D C L G x E P C g e n 2 0 0 8


MOUNTBATTEN RETAIL PARK WESTERN ESPLANADE SOUTHAMPTON SO14 1BA

PAGE 38Mountbatten retail park Southampton THE SATURN PORTFOLIO

HISTORICAL PHOTOGRAPH

INVESTMENT SUMMARY Situated in the prosperous city of Southampton benefiting from a

substantial catchment of approximately 670,000 people within a 20

minute drive time.

Located adjacent to Southampton city centre, close to major retail

attractions including West Quay Shopping Centre and West Quay Retail

Park, and an IKEA store which together provide a regional retail offer.

Comprises a purpose built retail warehouse scheme, providing

approximately 52,159 sq ft (4,845.73 sq m) GIA of accommodation.

Freehold.

Let to Wren Kitchens, Carpetright, Dreams, PC World, Majestic Wine and

Oak Furniture Land.

Open A1 (non-food) planning consent

The current rent is £987,102 per annum (£18.92 per sq ft) with a fixed

rental uplift in respect of the letting to PC World due in 2016.

PAGE 39THE SATURN PORTFOLIOMountbatten retail park Southampton

Southampton is a major retail, leisure

and commercial centre situated on the

Hampshire coast approximately 76 miles

south west of London, 30 miles east

of Bournemouth and 20 miles west of

Portsmouth. The city benefits from very

good road communications, being situated

to the south of Junctions 3-7 of the M27

motorways and lies immediately adjacent

to the intersection of the M27 and the M3

motorway, which provides direct access to

the M25 and London conurbation. There are

regular rail services from Southampton city

centre to London Waterloo with a journey

time of approximately 1 hour 25 minutes.

The city centre has undergone significant

regeneration in recent years, centred

around the extended West Quay Shopping

Centre, owned by Hammerson/GIC, which

provides to approximately 800,000 sq ft

of accommodation and forms a regional

attraction with anchor tenants including

John Lewis, Marks & Spencer, Zara, Hollister

and Apple.

The total city centre retail provision is

estimated at 2.18 million sq ft, ranking the city

12th out of the top 200 PMA/PROMIS centres.

The city council are proposing a city centre

‘Gateway’ plan to significantly improve the

city’s image and physical environment.

This is proposed directly opposite the

subject property creating a new integrated

‘Gateway’ to the city in and around

Southampton railway station.

Southampton city centre also provides

an extensive provision of quality retail

warehousing, which includes the subject

property, the adjacent West Quay Retail

Park, together with standalone units

occupied by IKEA and Toys ‘R’ Us.

The subject property is situated immediately

to the east of Western Esplanade (A3024),

which joins the A33 immediately to the west.

The A33 is one of the principal carriageways

serving central Southampton, connecting the

M271 less than 3 miles to the north west.

The subject property is directly opposite

Southampton Central Station and backs

on to West Quay Retail Park and a

Toys ‘R’ Us store.

SituationLocation

LONDON

A31

A33

A34

A31

A27

A354

A350

A350

A346

A348

A338

A338

A303

A339

A272

A259

A36

A36

M27

M25

A3

A3

M3

M3

M4

M4

NEWBURYNEWBURY

M25

M23

A23

A281

A27

LONDON

A20

M3

WEYMOUTH

HORSHAM

BRIGHTON

BOURNEMOUTH

PORTSMOUTH

READING

SALISBURY

SHAFTTESBURY

CHIPPENHAM

ANDOVER

WINCHESTER

EASTLEIGH

GUILDFORD

WOKING

BRACKNELL

BOGNOR REGIS

WATERLOOVILLE

NEWPORT

BASINGSTOKE

SLOUGH

BOURNEMOUTH

PORTSMOUTH

READING

SALISBURY

SHAFTTESBURY

CHIPPENHAM

ANDOVER

WINCHESTER

EASTLEIGH

GUILDFORD

WOKING

BRACKNELL

BOGNOR REGIS

WATERLOOVILLE

NEWPORT

BASINGSTOKE

SLOUGH

WEYMOUTH

BRIGHTON

HORSHAM

hill l

an

epaynes r

oad

ea

st pa

rk

ter r

ac

e

qu

ee

nsw

ay

hig

h s

tr

ee

t

platform road

new road

SHIR

LEY

ROAD

COMMERCIAL ROAD

CUMBERLAND PLACE

MOUNTBATTEN WAY

WEST Q

UAY ROA

D

DO

RSE

T street

NORTHAM ROAD

ST MA

RYS PL

AC

E

M

ARSH

LAN

E

MOUNTBATTEN WAYA33 A33

A33

A3057

A3024A3024

SOUTHAMPTONCENTRAL

RIVER TEST


The subject property forms part of a

concentration of quality retail warehouse

provision in Central Southampton, which we

summarise below.

West Quay Retail Park 194,000 sq ft (18,023 sq m)

A modern scheme with an open consent

situated directly to the rear of the subject

property. The scheme is occupied by Staples,

Halfords, Boots, Brantano, Tesco, Mothercare,

Furniture Village, JD, First Choice, Next, Argos

and SCS. Rents here peaked between £35.00

and £40.00 per sq ft. Decathlon are soon due

to open in the former JJB Sports unit.

Toys ‘R’ Us42,300 sq ft (3,930 sq m)

This is a standalone unit situated directly

to the east of the subject premises and

opposite West Quay Retail Park.

IKEA337,000 sq ft (31,308 sq m)

Modern IKEA unit trading on 4 levels

opened in 2009.

The subject property is therefore highly

accessible and visible and complements

both the existing retail warehousing and the

substantial city centre retail offer.

Retail Warehouse Provision in Central Southampton

MOUNTBATTEN RETAIL PARKIKEA

WEST QUAY RETAIL PARK

SOUTHAMPTON

The subject property is situated in central

Southampton, with the city benefiting from

an extensive primary catchment population

of approximately 670,000 people. Within

a 20 minute drive time from the subject

property is a catchment population of

approximately 486,015 people.

The Southampton catchment is relatively

affluent with 29% of the urban population

classified in the AB social groups, being

above the PROMIS national average of

25%. In addition, the age profile population

of Southampton’s primary catchment

population includes a particularly high

portion of younger adults in the 15-24

age group.

The city benefits from a diverse and

successful economic base, with the service

sector providing approximately 70% of

employment. In addition, Southampton

docks and port provide significant

employment. Major employers include

Carnival, Ordnance Survey and British

American Tobacco.

The subject property provides a modern

purpose built retail park, constructed in

1995 which extends to a approximately

52,159 sq ft (4,845.73 sq m) GIA of

accommodation.

The property is divided to provide 6 units in

2 terraces, each being of steel portal frame

construction with attractive steel cladding

panels to the elevations. The development

is occupied by Wren Kitchens, Carpetright,

Dreams, PC World, Majestic Wine and Oak

Furniture Land in units with a ground floor

GIA of between 3,000 sq ft (278.71 sq m)

and 15,000 sq ft (1,393.54 sq m). Substantial

trading mezzanine accommodation has

been installed within the units occupied by

Wren Kitchens, Dreams, Oak Furniture Land.

The park is accessed directly from Western

Esplanade (A3024), leading to a customer

car park which is situated at the front of the

unit providing a total of approximately 200

car parking spaces, equating to a ratio of

1 : 200 sq ft (1 : 24.15 sq m). To the side of

units occupied by Oak Furniture Land and

Majestic and to the rear of the other terrace

is a concrete surfaced service yard.

The site area extends to approximately


Catchment & Demographics DescriptionKey demographic data is included in the table below:

Southampton PROMIS Catchment Av/GB Av

AB social classification 2001 29% 25%

Per capita RW expenditure 2001 £495 £476

Claimant count (employed) June 2012 3.2% 3.8%

Household owner occupiers 2001 73% 68%

SOUTHAMPTON

EASTLEIGH

BROCKENHURST

LYNDHURST

ROMSEY

RINGWOOD

WOODGREEN

LYMINGTON

BARTON ON SEA

SALISBURY WINCHESTER

STOCKBRIDGE

WICKHAM

BISHOPSWALTHAM

NEWALRESFORD

WHADDON

MIDDLEWALLOP

LEE-ON-THE-SOLENT

GOSPORT

FAREHAM

THE SOLENT

COWES

M27

A338

M27

M3

M3

A36

A30

A36

A35

A3057

A272

A32



The property benefits from an open A1

(non-food) use. A planning summary can be

provided upon request.

An Environmental Report is available

upon request.

The site, as outlined in red, is held freehold.


accordance with the tenancy schedule

above and produces a current rental income

of £987,102 per annum, equating to an

overall rent of £18.92 per sq ft.

The property benefits from an average unexpired

lease term (ignoring breaks) of 9.4 years. We

would highlight the fixed rental increase in the

lease into DSG Retail Ltd in 2016.

Ground Conditions

Planning Tenure

Tenancies

Tenancy Schedule


Unit Tenant GIA (sq ft)

Lease Start Term (years)

Expiry date

Unexpired term (years)

Next rent review

Current rent

(PER ANNUM)

Current rent

(sq ft)

Comments

A1 Carpetright plc 6,537 13/12/2004 20 12/12/2024 12.15 13/12/2014 £130,740 £20.00

A2 Ebuyer Holdings Ltd 6,912 18/03/2011 10 17/03/2021 8.41 18/03/2016 £70,000 £10.13Fixed increase on 29/04/2013 from to £140,000 per annum. Tenant b/o as at 17/03/2016. 6 months notice required. If

tenant doesn’t break, Landlord to pay tenant £81,666.

B1 DSG Retail Ltd T/A PC World 15,000 16/10/2006 15 15/10/2021 8.99 16/10/2016 £347,700 £23.18 Fixed increase on 16/10/2016 to £403,200 per annum.

B2 Dreams plc 9,812 15/02/2008 14 24/12/2021 9.18 15/02/2013 £235,488 £24.00

C1 JB Global Ltd 10,898 03/04/2012 10 02/04/2022 9.45 03/04/2017 £141,674 £13.00

Rents paid monthly. Tenant break option as at 03/07/2013. 3 months notice required. Rent from 03/04/2012 -

02/07/2013: £141,674 per annum Rent from 03/07/2013 – 02/01/2014: Peppercorn Rent from 03/01/2014 - 02/01/2015:

£89,909 per annum Rent payable from 03/01/2015: £179,817 per annum.

C2 Majestic Wine Warehouses Ltd 3,000 06/03/1995 25 02/03/2020 7.37 06/03/2015 £61,500 £20.50 Lease guaranteed by Majestic Wine plc.

Sub Station SSE Services plc 0 13/11/1996 50 12/11/2046 34.07 - £0 -

TOTALS 52,159 Contracted rent £987,102 £18.92

The scheme is fully let to substantial

national ‘out of town’ retailers. A brief

summary of these is out below.

CarpetrightCarpetright is the UK’s leading retailer

of floor coverings currently trading from

approximately 703 stores. The company

has a London Stock Exchange listing

with a current market capitalisation of

approximately £460 million.

Wren KitchensWren Kitchens are a privately owned retailer

specialising in the manufacture and fully

assembled kitchen units and bedroom

furniture across the UK. The company

was founded in 2009 and backed by an

experienced management team who have

previously developed a highly successful

kitchen manufacturing business in both

the UK and the US and have expanded to

exploit the gap in the market following the

demise of the likes of MFI and Möben. The

brand currently trade from approximately

35 showrooms across the UK and will

continue to expand in the coming years.

PC WorldPC World is the UK’s largest specialist

retailer of PCs and related items, being

the sister company of Currys, both of

which are subsidiaries of the Dixons Retail

plc, which is listed on the London Stock

Exchange, with a market capitalisation of

approximately £759 million. PC World and

the other Dixons brands currently trade

from approximately 587 stores throughout

the UK, have significantly benefited from the

recent demise of Best Buy’s UK operations,

together with a reduction in the number of

competing stores operated by Comet.

Dreams plcDreams are the UK’s leading specialist

retailer of beds, currently trading from in

excess of 200 stores throughout the UK

mainly in out of town retail locations.

Majestic WineMajestic Wine are a highly successful

specialist wine retailer, currently trading

from approximately 175 outlets throughout

the UK and is listed on the London

Stock Exchange with a current market

capitalisation of approximately £283 million.

Oak Furniture LandOak Furniture Land is a rapidly expanding

manufacturer and retailer of solid oak

furniture. The company is expanding

by adding to its successful online retail

presence by opening physical stores in

major out of town retail destinations. They

will trade from 35 units by the end of 2012

expect to open a further 15 in the next

24 months.

Tenants’ Profile

Tenants’ Covenants

Trading Profile / Asset ManagementWe understand the retailers generally trade

well from this location. Oak Furniture Land

have a break in July 2013, and following the

opening of a store at Hedge End, have verbally

indicated that they may exercise this break

option. Home Bargains have indicated they

would be interested in taking the unit if Oak

Furniture Land vacate. We believe interest in

this unit would be at a higher rental rate than

is currently being paid. Indeed, we believe that

given the flexibility of the planning consent this

scheme could attract interest from occupiers in

the active ‘discount’ and food sectors.



Sales Turnover

(000s)


(000s)

Net Worth (000s)

D&B Rating

1 Carpetright plc30/04/2011 £486,800 £6,600 £1,200

1A201/05/2010 £516,600 £22,300 £4,000

2 Ebuyer Holdings Ltd31/12/2010 £259,254 -£3,525 £35,411

5A231/12/2009 £233,274 -£207 £37,597

3 DSG Retail Ltd30/04/2011 £3,858,000 £18,400 £327,600

5A101/05/2010 £4,110,495 -£2,136 £285,700

3 Dreams plc24/12/2010 £256,131 £4,433 £26,048

4A124/12/2009 £243,570 £17,900 £42,077

4 Majestic Wine Warehouses Ltd28/03/2011 £234,217 £18,571 £36,475

5A129/03/2010 £312,540 £15,620 £29,561

5 JB Global Ltd30/09/2011 £34,071 £3,877 £3,036

2A330/09/2010 £25,913 £1,885 £1,760

We would identify the fixed uplift to be

payable by PC World in 2016, which will

enhance the income stream. We understand

that in common with many other locations,

PC World would ideally wish to amalgamate

the PC World and Currys brands in a single

unit and there may be potential to negotiate

a capital payment for the surrender of

their lease.

In addition, given the nature of the retailers

on the scheme, we do not believe the

car park is over utilised and there may

be the option of considering a pod/A3

development here.

We set out below a summary of the tenant’s most recent accounts and Dun & Bradstreet rating.

EPCs


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3546


If newly built






CGNU Life Assurance LtdAllied Carpets, Unit A1Mountbatten Retail Park, Western EsplanadeSOUTHAMPTONSO15 1QJ



44

7 61

6

S K - 6 3 5 3 3 2 - 0 2 1 7 5 3

8 0 - 0 2 8 0 - 0 3 3 1 - 2 5 9 0 - 2 5 9 5 - 8 0 0 6 - S K 6 3 5 3 3 2 0 2 1 7 5 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





5893


If newly built






CGNU Life Assurance LtdPC World, Unit B1Mountbatten Retail Park, Western EsplanadeSOUTHAMPTONSO15 1QJ



44

7 61

6

S K - 0 3 6 5 1 0 - 0 3 1 4 0 0

8 8 - 0 4 5 1 - 3 0 5 5 - 0 8 1 0 - 0 1 0 0 - 2 6 9 1 - S K 0 3 6 5 1 0 0 3 1 4 0 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3850


If newly built






CGNU Life Assurance LtdCarpetright Plc, Unit A2Mountbatten Retail Park, Western EsplanadeSOUTHAMPTONSO15 1QJ



12

0 72

5

S K - 0 2 3 6 3 2 - 3 2 2 5 2 0

5 6 - 0 9 5 0 - 3 0 8 5 - 0 3 6 1 - 6 2 5 0 - 6 0 4 0 - S K 0 2 3 6 3 2 3 2 2 5 2 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3645


If newly built






CGNU Life Assurance LtdDreams, Unit B2Mountbatten Retail Park, Western EsplanadeSOUTHAMPTONSO15 1QJ



44

7 61

6

S K - 3 3 0 4 5 0 - 0 6 8 3 5 3

4 5 - 0 9 5 0 - 5 0 1 1 - 0 3 0 1 - 5 2 8 0 - 1 0 8 0 - S K 3 3 0 4 5 0 0 6 8 3 5 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





5789


If newly built






Unit C1Mountbatten Retail ParkWestern EsplanadeSOUTHAMPTONSO15 1QJ



44

7 61

6

S K - 4 4 2 1 4 0 - 0 0 2 6 2 0

9 2 - 0 5 0 5 - 3 0 7 7 - 0 9 1 5 - 0 0 0 0 - 3 7 9 5 - S K 4 4 2 1 4 0 0 0 2 6 2 0 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3751


If newly built






CGNU Life Assurance LtdMajestic Wine Warehouses Ltd, Unit C2Mountbatten Retail Park, Western EsplanadeSOUTHAMPTONSO15 1QJ



12

0 72

5

S K - 4 0 2 5 3 2 - 3 6 7 5 2 0

5 9 - 0 5 0 3 - 9 5 5 6 - 4 6 3 0 - 2 7 0 0 - 3 1 0 3 - S K 4 0 2 5 3 2 3 6 7 5 2 0 - D C L G x E P C g e n 2 0 0 8


B&Q/HALFORDS CANNON LANE TONBRIDGE KENT, TN9 IBQ

PAGE 46B&Q/Halfords Tonbridge, Kent THE SATURN PORTFOLIO

INVESTMENT SUMMARY Located in the prosperous commuter town of Tonbridge, approximately

9 miles south of the M25 motorway and 28 miles south east of

Central London.

The property is situated in a prominent location fronting the A26,

directly opposite the only other retail warehousing serving the town.

The property comprises 2 units occupied by B&Q and Halfords,

extending to a total of approximately 57,397 sq ft (5,332 sq m).

Restricted planning consent.

Freehold.

The property is let to B&Q plc and Halfords Ltd on leases expiring in

April and November 2023 respectively. The property provides a current

rental income of £854,000 per annum, equating to an average of

£14.88 per sq ft.

Asset management opportunities include downsizing the Halfords unit.

PAGE 47THE SATURN PORTFOLIOB&Q/Halfords Tonbridge, Kent

Tonbridge is an prosperous commuter town

situated approximately 28 miles (45 km)

south east of Central London.

The town benefits from good road

communications, being situated immediately

to the east of the A21 dual-carriageway,

which links directly to the market town of

Sevenoaks and onto Junction 5 of the M25

motorway, situated approximately 9 miles

(14 km) to the north west.

In addition, the A26 provides access

to Tunbridge Wells, which is situated

approximately 4.5 miles (7 km) to the south

west and to Maidstone, approximately

15 miles (23.25 km) north west. The town

benefits from regular rail connections into

London Waterloo and Charing Cross, with a

journey time of 35 to 45 minutes.

Gatwick Airport is situated approximately

35 miles (54 km) to the west of the town,

whilst Heathrow is easily accessible via the

M25, being approximately 37 miles (56 km)

to the north west.

The subject property is situated to the

north of Cannon Lane (A26), approximately

1 mile to the east of Tonbridge town

centre. The subject property forms part of

the centre of retail warehousing serving

Tonbridge, with competition being limited

to the development on the opposite side

of Cannon Lane, which is owned by a client

of PRUPIM and extends to 45,000 sq ft.

This is occupied by Homebase, Carpetright

and Ponden Home. Adjacent to this there

is a proposed development of retail units

extending to 8,000 sq ft and 12,000 sq ft

respectively, for which a planning

application has been submitted.

Ward Homes are currently developing

200 apartments and houses on the

adjacent site to the subject property

which will considerably improve the

immediate location.

SituationLocation

M20

M20

M26

M25

M25

M23

M23

M25

M25M2

M3

A24

A24

A24

A24

A24

A264

A264

A272

A272

A22 A26

A26

A21

A21

A229

A229

A229

A228

A2A20

A25

A21

A22A23

A23

A22

A232

A232

A217

A243

A309

A308

A3

A3

A3

A21

A26

A23

LONDONGATWICK

5

4

31

1

24

5

3

2

6

7

2A

2

6

7

8

8

9

9

1

10

10

10A

Crowborough

London

Royal TunbridgeWells

Uckfield Heathfield

Ticehurst

CranbrookLamberhurst

Haywards Heath

BALCOMBE

MARESFIELD

STAPLEHURSR

East Grinstead

Biggin Hill

Edenbridge

COWDEN

Paddock Wood

EAST PECKHAM

KINGS HILL

East Malling

Southborough

Redhill

Crawley

HorleyLingfield

Forest Row

Horsham

CRANLEIGH

Reigate

Epsom

Kingston Upon Thames

Escher

Sunbury

Staines

Leatherhead

CaterhamKINGSWOOD

Croydon

Bromley

Sevenoaks

ORPINGTON

Swanley

Oxted

Maidstone

Chatham

Gravesend

Crowborough

London

Royal TunbridgeWells

Uckfield Heathfield

Ticehurst

CranbrookLamberhurst

Haywards Heath

BALCOMBE

MARESFIELD

STAPLEHURST

East Grinstead

Biggin Hill

Edenbridge

COWDEN

Paddock Wood

EAST PECKHAM

KINGS HILL

East Malling

Southborough

Redhill

Crawley

HorleyLingfield

Forest Row

Horsham

CRANLEIGH

Reigate

Epsom

Kingston Upon Thames

Escher

Sunbury

Staines

Leatherhead

CaterhamKINGSWOOD

Croydon

Bromley

Sevenoaks

ORPINGTON

Swanley

Oxted

Maidstone

Chatham

Gravesend

the RIDG

EWAY

hig

ha

m l

ane

salisbury road

vale road

LO DG

E O

AK

LAN

E

TUDLEY ROAD

tonbridge by pass

tonbridge by pass

hig

h s

tree

t

ship

bo

ur

ne

ro

ad

pembury road

hadlow

by pa

ss cornwallis a

venue

bo

r d yke

london ro ad

dry hill park rd

CA

NN

ON

LANE

woodgate way

B245

A227

A26

A26

A26

A2014

A21

A21

TONBRIDGE


TONBRIDGE

interiors

Tonbridge benefits from an extensive and

affluent catchment population, estimated

to be approximately 48,000 people

living within a 10 minute drive time of the

property, rising to approximately 184,000

people within a 20 minute drive time.

As may be expected, the town’s catchment

population includes a high proportion

within the A, B and C1 social grades, being

significantly above the national average.

As at January 2011, the claimant count

unemployment rate within the Travel to

Work Area stood at only 1.5%, as compared

to the national average of 5.3%. Some

key demographic data is included in the

table opposite:

The subject property provides a purpose built

retail warehouse development in 2 detached

buildings, both of steel portal frame

construction, which were built in 1988.

At the front of the site is a highly prominent

unit occupied by B&Q, which provides a

total floor area of approximately 38,473 sq ft

(3,574.2 sq m) gross internal area, including

first floor amenity accommodation. To the

rear of the unit is an enclosed garden centre.

To the rear of the site is the unit occupied

by Halfords, which provides a total gross

internal area of approximately 18,668 sq ft

(1,734.3 sq m), including a mezzanine,

part which is rentalised. Part of the unit

was subdivided and formerly occupied

by the AA for their motor service bay

operation. This area is currently not

occupied by Halfords.

Customer and service vehicles access the

site directly off Cannon Lane and there

is a tarmacadamed customer car park

situated at the front of the 2 units providing

a total of approximately 234 car parking

spaces, equating to a ratio of 1 : 247 sq ft

(1 : 22.9 sq m). There are concrete surfaced

service yards situated to the rear of the B&Q

and the side of Halfords.



Occupiers of an adjacent industrial building

share access by an access way through the

front of the site onto Cannon Lane.

Catchment & Demographics Description 20 minute PROMIS/GB catchment population AV

A, B & C1 social grade 2001 68.99% 53.68%

Travel to Work Area % unemployed (Jan 11) 1.50% 5.30%

Owner occupied households 2001 74.74% 69.81%

HARTFIELD

ROYAL TUNBRIDGEWELLS

CRANBROOK

LAMBERHURST

CLAYGATE

EAST GRINSTEAD

BIGGINHILL

EDENBRIDGEHEVER

PADDOCKWOOD

EASTPECKHAM

SHIPBOURNE

WESTMALLING

SOUTHBOROUGHLINGFIELD

FOREST ROW

SOUTHGODSTONE

SEVENOAKS

OXTEDMAIDSTONE

TONBRIDGE

A229

M25

M26M205

24

5 6

7

2A

6

A21

A25

A26

A22

A26

A21

A264A264

B2027

A227

B2026



The development benefits from a restricted

planning consent, which allows the sale

of DIY, home and garden products,

hardware, self and pre-assembled furniture,

household furniture, household furnishings,

floor coverings, electrical goods, motor

accessories and motor vehicles and any

other bulky goods that may be agreed in

writing with the Local Planning Authority

and for no other purpose.

A planning report is available upon request.

*Includes 2,153 sq ft (200 sq m) of 1st floor accommodation.

**Includes 919 sq ft (85.37 sq m) of mezzanine accommodation.

An Environmental Report is available

upon request.

The site, as outlined in red, is held freehold.


accordance with the tenancy schedule

above and currently produces a rental

income of £854,000 per annum, equating

to an overall rent of £14.88 per sq ft. The

occupational leases expire in April and

November 2023.

Ground Conditions

Planning Tenure

Tenancies


interiors



(years)Expiry Date

Unexpired term

(years)

Break Option

Current rent

(per annum)

Current rent

(per sq ft)

Comments

1 B&Q plc 38,505* 25/04/1988 35 24/04/2023 10.52 £569,500 £14.79

2 Halfords Ltd 18,892** 11/11/1988 35 10/11/2023 11.06 £284,500 £15.064,068 sq ft sublet to the Automobile Association Ltd until 7

November 2023 at £60,000 per annum.

TOTALS 57,397 £854,000 £14.88

B&Q B&Q plc is a wholly owned subsidiary of

Kingfisher Group plc and is the UK’s market

leading DIY retailer. In recent years they

have expanded to international markets

and now currently trade from in excess of

950 stores in 8 countries throughout Europe

and Asia.

HalfordsHalfords Ltd are the UK’s leading retailer

of automotive, bicycles and associated

products and currently trade from in excess

of 467 stores in the UK and the Republic

of Ireland.

Tenants’ Profile Covenants

Trading Profile / Asset ManagementWith an extensive, wealthy catchment and

limited competition, we understand both

retailers trade well in this location.

Whilst we believe B&Q are content with

the size of their store, the Halfords unit,

extending to circa 18,668 sq ft, may be

larger than they would ideally like. Part

of the unit (4,068 sq ft/377.92 sq m) is

sublet to the AA who operated the space

as a motor servicing centre. The AA

have withdrawn from this trading format,

however, we understand that they remain

liable for the occupation costs in respect

of this accommodation. We believe a


transaction could be agreed whereby,

subject to satisfactory tenant demand, the

Halfords occupancy could be re-geared on

the basis of the space which they currently

occupy, with remaining accommodation

being let to a third party retailer. Historically,

discussions have taken place with Pets

at Home, who have had an interest in

this location.

In addition, we believe there may be the

possibility of developing a restaurant / pod

on the front of the site subject to obtaining

the necessary consents and agreement from

the tenants.


Sales Turnover

(000s)


(000s)

Net Worth (000s)

D&B Rating

1 B&Q plc29/01/2011 £3,711,700 £144,700 £3,656,700

5A130/01/2010 £3,792,400 £400,400 £3,476,400

2 Halfords Ltd01/04/2011 £771,400 £122,000 £350,900

5A102/04/2010 £817,600 £109,200 £261,500

Tenants’ CovenantsWe summarise below the most recent accounts for the tenants together with the latest Dun & Bradsheet rating.

EPCs


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3649


If newly built






B & Q PlcCannon LaneTONBRIDGETN9 1PN



44

7 61

6

S K - 5 6 4 2 3 2 - 0 1 2 2 6 3

4 7 - 0 7 7 0 - 3 0 0 5 - 0 1 1 4 - 0 4 0 0 - 5 4 9 1 - S K 5 6 4 2 3 2 0 1 2 2 6 3 - D C L G x E P C g e n 2 0 0 8


1

26

52

78

104

130

156

182 208 234

260

286

312

338

364

A+A 0-25

B 26-50

C 51-75

D 76-100

E 101-125

F 126-150

GOver 150





3652


If newly built






Halfords LtdCannon LaneTONBRIDGETN9 1PN



12

0 72

5

S K - 2 2 2 5 3 2 - 3 4 7 5 2 0

5 0 - 0 9 4 9 - 3 0 7 5 - 0 8 1 6 - 0 4 0 0 - 5 1 9 1 - S K 2 2 2 5 3 2 3 4 7 5 2 0 - D C L G x E P C g e n 2 0 0 8


CONTACT INFORMATION

Miles R MartenDirect Line: 020 7317 3777 Mobile: 07770 748 290 Email: [email protected]

Graham A Lind

Direct Line: 020 7317 3796 Mobile: 07917 730 061 Email: [email protected]

Property Misrepresentation ActWilkinson Williams LLP give notice to anyone who may read these particulars as follows:

These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract.

Any information contained herein (whether in the text, plans or photographs) is given in

good faith but should not be relied upon as being a statement of representation or fact.

Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.

The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs.

Any areas, measurements or distances referred to herein are approximate only.

Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact.

Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract.

10487 October 2012

Heathcoat House 20 Savile Row

London W1S 3PR

Main line: 020 7495 4321

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