WELL SECURED LEISURE INVESTmENT LOCaTED ON THE HIGH STREET

91-92HIGH STREETWINCHESTER

SO23 9aPWELL SECURED LEISURE INVESTmENT LOCaTED ON THE HIGH STREET

WELL SECURED LEISURE INVESTmENT LOCaTED ON THE HIGH STREETLOCaTED ON THE HIGH STREET

> Rare Freehold investment

> Located on the High Street

> Attractive period building

> Single let to Mitchells and Butler Retail Ltd

(trading as O’Neill’s)

> 5A1 rated covenant strength

> New lease until 24th December 2032 leaving just under 14

years unexpired lease term

> Next rent review at 24/12/2022 and 5 yearly thereafter to OMV

> Current rent is £105,000p.a.

> Strong South East City

> Located just to 50m to the north of the prime retail pitch

> 5,049 sq ft total accommodation (469 sq m)

> No VAT is payable on the purchase

Investment Summary

PriceWe are seeking offers of £2,185,000 which reflects a net initial yield of 4.5% after standard purchasers costs of 6.78%.

91-92HIGH STREETWINCHESTER

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Ham

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91-92HIGH STREETWINCHESTER

The property is located in the centre of the historic Cathedral City of Winchester. The city is the county town of Hampshire and an important retail and commercial centre, situated approximately 12 miles (19 kilometres) north of Southampton, 19 miles (30 kilometres) south west of Basingstoke and 61 miles (98 kilometres) south west of Central London.

Winchester is popular with commuters due its excellent transport connections and picturesque environment.

The city is located close to Junctions 9 and 10 of the M3, providing access to the M25 and London to the north east, and the M27 (Junction 12) and Southampton to the south.

Winchester is served by a main line station which provides fast and frequent direct trains to a variety of destinations including Basingstoke (19 minutes), Southampton Central (20 minutes) and London Waterloo (57 minutes).

The Location

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91-92HIGH STREETWINCHESTER

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Winchester receives an estimated 4 million tourist day trips per year, generating approximately £154 million in trip expenditure. In addition, estimated annual tourism expenditure in the city is over £230 million. (Tourism South East 2012).

These tourist volumes provide a signifi cant boost to the total population within Winchester’s primary catchment of 104,000, as well as the estimated shopping population of 71,000.

Winchester’s catchment population is the most affl uent of PROMIS centres, ranking 1st on the PMA Affl uence Indicator. Refl ecting the demographic profi le and spending habits of the catchment population, per capita retail spending levels are signifi cantly above average.(Source: CACI).

Demographics

Winchester’s city centre retail fl oor space is estimated at 0.57 million sq ft, and is focused on the pedestrianised High Street, with the 100% prime section running between Parchment Street and Middle Brook Street. Major national retailers represented in the city include Marks & Spencer, Boots, Next, Debenhams, River Island and Primark. The city also boasts a strong representation of aspirational retailers, including LK Bennett, Hobbs, Jigsaw and Cath Kidston, which have added to the city’s vibrant central retailing core. Tenant demand within the city is strong with a number of occupational requirements currently unfulfi lled. In addition to the high street offer, retailing in Winchester benefi ts from the 100,000 sq ft Brooks Shopping Centre, the city’s only covered scheme, which is anchored by Primark.

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The property comprises a good location on the North side of the High Street and opposite the junction of Southgate Street and close to the corner of Jewry Street.

Nearby retail/occupiers include, Boots chemist, The Ivy Cafe, HSBC, Harvey Jones Kitchens, Pet Pantry, Jack Wills, City Insurance, Offord and Sons Jewellers and Savills estate agents. Also nearby are Barclays Bank, Zizzi Pizza and Waterstones.

Situation

91-92HIGH STREETWINCHESTER

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The property comprises a mid-terrace, period building arranged over basement, ground and 2 upper floors. The pub unit comprises ground floor sales areas, with the remaining floors used as ancillary accommodation.

Total floor area is 5,049 sq ft (469 sq m).

The tenant has completed an internal refurbishment of the premises and rebranding in May this year.

Description & accommodation

FLOOR USE FLOOR aREaS (approx)

SQ m SQ FTBasement Ancillary 91.57 1,018

Ground Public House 179.02 1,927

First Ancillary 97.73 1,052

Second Ancillary 97.73 1,052

Totals 469.05 5,049

Freehold

Tenure

The property comprises 91/92 High Street and is fully let to a single tenant, Mitchells and Butler Retail Ltd on a lease starting on 25th December 2017 and expiring on 24th December 2032 at a current rent of £105,000p.a.

The tenant trades as O’Neil’s Pub.

Tenancy

Mitchells and Butler Retail Ltd for the year ending 29th September 2018 have a net worth of £3.1bn (up by 2.5% from 2017) and £1.7bn of current assets. We can provide a full set of the latest accounts if requested.

Covenant

Transaction Net Zone aaddress Tenant Date Type Rent (£pax) (£psf)

29 High Street Burrells Mar-16 OML £200,000 £200

29 High Street Accesorize Dec-15 LR £72,000 £195

118/121 High Street The Body Shop Dec-15 LR £124,800 £190

106a High Street Mint Velvet May-15 OML £127,500 £190

47 High Street White Stuff May-15 OML £140,00 £204

We are aware of the following comparable evidence:

RENTaL COmmENTaRY

91-92HIGH STREETWINCHESTER

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ContactFor further information or to arrange an inspection, please contact:

Gregor Wallacet: 020 7408 1114m: 07525 595 526e: gregor@coh.eu

Misrepresentation Act 1967: Crossland Otter Hunt for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Crossland Otter Hunt nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: Unless otherwise stated all prices and rents are quote exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. October 2019

EPCRating upon request.

VaTNo VAT is applicable on the sale.

ProposalWe are seeking offers in the region of £2,185,000 (two million, one hundred and eighty five thousand pounds).

> Attractive Freehold building

> Long secure income to undoubted strong covenant

> Liquid lot size

> Beautiful historic Cathedral town

> Passing rent increased 13% at the lease renewal

> Tenant just invested capital expenditure to upgrade the premises

> Future development potential (subject to planning permission)

> Wealthy demographics and resilient high street retail

> No VAT payable on the purchase price

Investment Rational

Town Street Price £m Yield % Date Purchaser Comment

READING Rose Kiln Lane £46.20 4 Mar-19 BlackRock UK Property Supermarket investment RPI R/R

NEWBURY Chieveley Services £6.964 4.25 Feb-19 OLIM IM Moto Hospitality Hotel 16 year lease

WINCHESTER High Street, 141-142 £2.60 4.67 Dec-18 Private investor TSB Bank with 8 year lease

OXFORD High Street, 1-5 £13.00 4.4 Dec-18 Oxford College Lloyds Bank with 7 year lease

WINDSOR Peascod Street, 12a £2.05 4.6 Sep-18 Private investor Hotter Shoes with 4 years lease, 100% prime

MILTON Lidl Supermarket with KEYNES Wolverton Works £7.75 4.85 Aug-18 Private investor tenant break at year 15

CHICHESTER East Street, 19-20 £4.45 4 Jun-18 Amsprop Ltd Tenant Joules with 8 year lease

Designed by

91-92HIGH STREETWINCHESTER

SO23 9aP