RIBBAR...Portfolio Summary • Unbroken institutional portfolio • 9 prime retail assets • 82% of the income secured against 5A1 covenants. • Ability to sell individual assets

RIBBARP O R T F O L I O

P R I M E R E TA I L I N V EST M EN T P O R T FO LI O

GLOUCESTER GODALMING HEREFORD HUNTINGDON MAIDSTONE NEW MALDEN ST NEOTS SURBITON TRURO

Portfolio Summary

• Unbroken institutional portfolio

• 9 prime retail assets

• 82% of the income secured against 5A1 covenants.

• Ability to sell individual assets to take advantage of private market

• 38% of total income derived from Greater London and South East

• WAULT to expiry is 7.7 years and 6.04 years to break*

• Numerous asset management angles

• No upper parts sold off

• Tenants include: Bank of Scotland Plc, Norwich & Peterborough Building Society, WH Smith, Nationwide Building Society, Boots UK Ltd, TSB Bank Plc, Caffé Nero, Card Factory and Carluccio’s

• A total of 79,951 sq ft of accommodation

• We are instructed to seek offers in excess of £18,000,000 (Eighteen Million Pounds) subject to contract and exclusive of VAT

• A purchase at this level reflects a net initial yield of 6.1% after deducting purchasers costs of 6.74%

• Our client may consider offers for individual or groups of properties

* WAULT assumes asset managment initiatives agreed and/or complete.

2RIBBAR PORTFOLIO | PRIME RETAIL INVESTMENT PORTFOLIO

GLOUCESTER

GODALMING

TRURO

SURBITON

HUNTINGDON

MAIDSTONE

ST NEOTS

NEW MALDEN

HEREFORD


PROPERTY TENANT START DATE EXPIRY DATE REVIEW CYCLE(YEARS)

REVIEW DATE BREAK DATE BREAK TYPE RENT (£) PER ANNUM

Gloucester, 7 Southgate Street Nero Holdings Ltd 21/11/05 20/11/20 5 21/11/15 67,500

Godalming, 61/63 High Street J H Lorimer Ltd 30/04/10 29/04/20 5 30/04/15 80,000

Godalming, 65 High Street Bank of Scotland Plc t/a Halifax 13/05/82 23/06/17 5 N/A 64,950

Hereford, 1-2 St Peters Street TUI UK Retail Ltd 29/09/06 28/09/16 5 N/A 40,000

Hereford, 59/60 Commercial Street Lloyds TSB Scottland t/a TSB 10/10/03 09/10/28 5 09/10/18 09/10/18 Tenant 100,800

Hereford, 61 Commercial Street Treds Ltd 25/03/14 24/03/19 N/A Tenant 47,500

Huntingdon, 119 High St Yorkshire Building Society t/a Norwich & Peterborough Building Society

01/10/92 28/09/17 5 N/A 45,120

Huntingdon, Unit A 121/122 High St WH Smith Retail Holdings Ltd 15/05/94 14/05/19 5 N/A 76,500

Huntingdon, Unit B 121/122 High St Argos Ltd 15/05/94 14/05/19 5 N/A 86,000

Maidstone, 29 Week Street Sportswift Ltd t/a Card Factory 17/07/12 16/07/25 17/07/22 120,000

New Malden, 112 High Street WH Smith Retail Holdings Ltd 25/03/10 24/03/20 5 34,350

New Malden, 114 High Street Nationwide Building Society 25/03/09 24/03/19 5 40,500

New Malden, 116-118 High St Boots Properties Ltd 25/03/37 24/03/36 25/03/22 Tenant 700

New Malden, 2 Blagdon RoadThe Personal Representatives of Christopher Petit Deceased

24/06/36 23/06/35 125

St Neots, 29 High StreetBoots Opticians Professional Services Ltd

03/07/16 02/06/16 5 57,800

St Neots, 31 High Street Boots UK Ltd 03/07/16 02/06/16 5 89,700

Surbiton, 73 Victoria Road Poundland Limited 06/11/09 18/01/26 5 06/11/19 100,000

Truro, 28 & 29 Boscawen Street Carluccio's LimitedTo be granted 25

years5 120,000

TOTAL RENT £1,171,545 pa

Tenancy Schedule



Investment Considerations

• Gloucester is a historic cathedral city and is the County town of Gloucestershire.

• Attractive Freehold property, occupying a prominent position on the pedestrianised Southgate Street near to an entrance to the Marks & Spencer anchored Eastgate Shopping centre.

• Let to strong covenant of Nero Holdings Limited

Gloucester7 SOUTHGATE STREET, GLOUCESTER GL1 1TG



Gloucester

LocationThe historic cathedral city of Gloucester is a dominant retail and commercial destination within the South West. The city is located 36 miles north of Bristol, 56 miles south-west of Birmingham and 13 miles west of Cheltenham. Gloucester benefits from good transport communications being adjacent to the M5 between junctions 11 and 12, with the A40 and A 417 providing access to Cheltenham and Cirencester respectively.

Gloucester has a primary catchment population of 363,000 people and an estimated shopping population of 193,000 (PROMIS).

The subject property occupies a prominent position on the pedestrianised Southgate Street, close to its junction with prime Eastgate Street. The property benefits from strong footfall due to its close proximity to the intersection of the four main retail streets as well as the Eastgate shopping centre. Tenants in the immediate vicinity include Marks & Spencer, B&M, Poundland and Vodafone.

DescriptionThe building comprises a ground floor shop unit with ancillary accommodation at first floor and basement level. The first floor is self-contained and has separate access. It has been sublet in the past to a hairdresser.

Accommodation The property provides the following approximate areas, measured on a net internal area basis:

Floor Area (sq ft) Area (sq m)

Ground Floor (sales) 1,124 104.42

ITZA 619 57.51

Basement (Storage) 583 54.16

First Floor (Storage) 895 83.15

Total 2,602 241.73

A49

A49

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A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

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A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

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A420 A4142

A433

A433

A435

A448

A491

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A41 A45

A449

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A48A449

A40 A40

A40

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A40

A44

A46

A46 A423

A423

A426

A5

A50A46 A6

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A47

A6003

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A509

A508

A47 A47

A47

A5

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A45

A45A45

A45

A425

A422

A421 A421

A416

A505

A418

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A413

A413

A40

A4

A3

A243

A240

A3

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A3

A3

A3

A31

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A34

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A31

A331

A33

A339

A303A303A303

A30

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A355

A4010

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A426

A14A14

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A605

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A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover

GuildfordBasingstoke

Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford

7 SOUTHGATE STREET, GLOUCESTER GL1 1TG



CovenantCaffè Nero was founded in 1997 and now trades from over 600 stores globally, selling high quality Italian coffee.

Nero Holdings Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)

Turnover 233,747 215,496 197,539

Profit/(Loss) Before Taxes 23,797 22,538 20,011

Tangible Net Worth 168,194 144,677 122,364

Net Current Assets (Liabilities) 104,275 80,290 61,087

Asset Management• Look to re-gear the lease with Caffé Nero.

• Look at alternative uses at first floor level, including an upper floor extension, given the height of the adjacent buildings.

EPCThe property has an energy performance asset rating of E115.

TenancyThe property is let to Nero Holdings Limited trading as Caffè Nero for a term of 15 years from 21st November 2005 on full repairing and insuring terms at a passing rent of £67,500 per annum.

Rental AnalysisWe devalue the current rent passing of £67,500 per annum to a Zone A rate of approximately £97.42 per sq ft, applying a rate of 1/20 Zone A to the first floor and basement.

Gloucester7 SOUTHGATE STREET, GLOUCESTER GL1 1TG




• Affluent Surrey commuter town

• Rarely available larger retail units providing 12,659 sq ft

• Prime position in pedestrianised high street

• Unbroken lot parade that can be split into two separate assets

• Low reversionary base rents with outstanding rent review.

• Asset management angles

• Ability to create substantial residential elements above and on land at the rear

Godalming61-65 HIGH STREET, GODALMING GU7 1AW



LocationGodalming is an affluent Surrey commuter town located 5 miles south-west of Guildford and 40 miles south-west of Central London. It is located on the A3, which links the town to the M25 ten miles away and the south coast.

The building is located in the centre of Godalming High Street with nearby occupiers including WH Smith, Superdrug, Fat Face, Jo Jo Maman Bébé and Costa Coffee.

DescriptionThe property comprises two separate buildings.

61-63 High Street comprises a shop arranged on ground and two upper floors.

65 High Street comprises a shop unit on ground and two upper floors. The ground floor demise has been split into two separate shop units.

There is a large rear yard to the rear of 61-63 High Street with seven demised car spaces.

Accommodation The property provides the following approximate areas, measured on a net internal area basis:The floor areas for 65 High Street are derived from those used by the tenant at the 2007 rent review.

Floor 61-63 High Street (Lorimers) Sq ft (sq m)

65 High Street (Halifax) Sq ft (sq m)

Ground Floor (Sales) 2,998 (278.52) Ground floor (Sales) 2,070 (192.30)

ITZA 1,428 (132.66) ITZA 1,024 (95.13)

Ground Rear (Upper Sales) 565 (52.49) Ground (Rear store) 670 (62.25)

Ground (Staff/Storage) 188 (17.47)

First Floor (Sales) 1,620 (150.50) First Floor (Office) 554 (51.47)

First Floor (Storage) 573 (53.23) First Floor (Store) 1,858 (172.61)

First Floor (Rear Storage) 162 (15.05) Second Floor (Office) 108 (10.03)

Second Floor (Ancillary) 1,293 (120.12)

Total 7,399 (687.88) 5,260 (488.66)

A49

A49

A49

A49

A44A44

A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

A38

A34

A34

A41 A45

A449

A44

A40

A48

A48

A48A449

A40 A40

A40

A40A40

A40

A40

A44

A46

A46 A423

A423

A426

A5

A50A46 A6

A47

A47

A6003

A509

A509

A508

A47 A47

A47

A5

A5

A5

A5

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A45

A45A45

A45

A425

A422

A421 A421

A416

A505

A418

A418

A413

A413

A40

A4

A3

A243

A240

A3

A3

A3

A3

A3

A31

A31

A34

A34

A34

A31

A331

A33

A339

A303A303A303

A30

A40

A355

A4010

A404

A41

A41

A43

A43

A43

A43

A43

A43

A426

A14A14

A14

A14

A14 A14

A14A14

A14A14

A14

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A14

A605

A605

A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford




Tenancy 61-63 High Street is let to J. H. Lorimer Limited for a term of 10 years from 30 April 2010 on effective full repairing and insuring terms at a passing rent of £80,000 per annum subject to an outstanding upwards only rent review on 30 April 2015.

65 High Street is let to Bank of Scotland Plc trading as Halifax for a term of over 35 years on full repairing and insuring terms from 13 May 1982 to expire on 23 June 2017 at a passing rent of £64,950 per annum. There is an outstanding upwards only rent review on 24 June 2012. Discussions are ongoing with the Bank to renew. The total income is therefore £144,950 per annum.

Rental AnalysisWe devalue the current rent passing of £80,000 per annum payable by J.H. Lorimer to approximately £46.01 per sq ft Zone A applying a rate of 1/14 Zone A per sq ft to first floor sales, 1/20 Zone A per sq ft to the ancillary accommodation and £500 per annum per car space.

We devalue the current rent passing of £64,950 per annum payable by Bank of Scotland Plc to approximately £55.00 per sq ft Zone A applying 1/20 Zone A per sq ft on the office and ancillary accommodation at ground and first floors, and 1/40 Zone A per sq ft on the ancillary accommodation at second floor.


CovenantJ. H. Lorimer Limited trades as Lorimers, which is a family owned retail business with 16 shops in Kent, Surrey and Sussex. It was established in the 1920's and offers an extensive range of stationery, art & craft, toys, greeting cards and gifts.

J.H. Lorimer Limited has a D&B rating of 3A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)

Turnover 6,836 7,381 7,366

Profit/(Loss) Before Taxes 1,003 1,001 937


Net Current Assets (Liabilities) 253 736 1,433

Bank of Scotland Plc is a commercial and clearing bank which was acquired by Lloyds Banking Group in January 2009. It trades as Halifax Bank from the subject unit. Other subsidiaries include Birmingham Midshires and Sainsbury's Bank. Halifax is the largest provider of residential mortgages and savings account in UK.

Bank of Scotland Plc has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)

Turnover 11,305,000 13,192,000 15,227,000

Profit/(Loss) Before Taxes 2,653,000 3,180,000 1,450,000

Tangible Net Worth 14,684,000 20,420,000 17,925,000

Net Current Assets (Liabilities) 20,737,000 25,852,000 24,781,000



EPC61-63 High Street has an energy performance asset rating of C62 and 65 High Street a rating of C75.

Asset Management• Settle the outstanding rent review at 61/63 High Street,

which is reversionary

• Regear the Halifax lease and take back the vacant unit – negotiations ongoing with tenant

• Re-let the vacant unit to parties currently expressing interest

• Convert upper parts to create 7 flats with 5 one bedroom flats and 2 two bedroom flats (plans approved and available on request)

• Develop rear building to create two bedroom mews houses (plans prepared and available on request)





• Multi-let retail block in the Cathedral city of Hereford, ranked in the Top 100 UK retail centres

• Attractive Freehold property, occupying a prime position on the pedestrianised Commercial street

• Let to the undoubted covenants, Lloyds TSB, Treds Limited and TUI UK Retail Limited

• Development potential to upper floors above 1-2 St Peter’s Street subject to the necessary consents

• Ability to split asset into smaller lots.

Hereford59-60 & 61 COMMERCIAL STREET, HEREFORD HR1 2DJ | 1-2 ST PETERS STREET, HEREFORD HR1 2LE


A49

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A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

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A41 A45

A449

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A40

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A48A449

A40 A40

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A46 A423

A423

A426

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A50A46 A6

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A509

A508

A47 A47

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A5

A5

A5

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A45

A45A45

A45

A425

A422

A421 A421

A416

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A418

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A413

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A40

A4

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A243

A240

A3

A3

A3

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A3

A31

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A34

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A34

A31

A331

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A339

A303A303A303

A30

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A355

A4010

A404

A41

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A426

A14A14

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A14 A14

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A14

A605

A605

A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford


LocationThe attractive Cathedral city of Hereford is located 27 miles south-west of Worcester and 33 miles north-west of Gloucester.

The city benefits from excellent transport links being served by the A49 (running north to south), the A438 (running east to west), and the A4103 to Worcester. Junction 4 of the M50 motorway is approximately 15 miles to the south and Junction 11 of the M5 motorway is approximately 35 miles to the south east.

Hereford has a District Population of 175,000 people and a primary retail catchment population

of 263,000 people and faces little competition from other retail centres within its catchment area.

Units 59-60 & 61 are situated on the prime pedestrianised Commercial Street at its junction with High Street and St Peters Street and opposite the main entrance to the only covered shopping centre in the city, the Maylord Shopping Centre. Unit 1-2 is situated on the pedestrianised section of St Peter’s Street. Retailers in the immediate vicinity include; Boots opticians, Dorothy Perkins, the istore Hereford and Starbucks coffee.

DescriptionThe property comprises two shop units fronting Commercial Street and one fronting St Peters Street.

The buildings are arranged over ground, first and second floors, providing retail sales accommodation at ground floor with ancillary accommodation over first and second floors.

There is a basement within 59/60 Commercial Street accessible via a floor hatch.



56-60 Commercial Street (TSB)


ITZA 846 78.59

First floor (Storage) 582 54.06

Second Floor (Storage) 394 36.60

Total 2,735 254.07

61 Commercial Street (Treds)

Ground Floor (sales) 1109 103.03

ITZA 653 60.66



Total 1,739 161.56

1-2 St. Peter’s Street (Thompson)


ITZA 677 62.89



Total 2,322 215.71




CovenantTSB Bank plc is a retail and commercial bank in the United Kingdom, which is a subsidiary of the Sabadell Group. TSB Bank operates a nationwide network of 631 branches across England, Scotland and Wales. TSB Bank plc has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)Turnover 1,175,700 1,191,000 856,200Profit/(Loss) Before Taxes 80,700 169,400 74,500Tangible Net Worth 1,762,000 1,642,900 1,295,200Net Current Assets (Liabilities) 1,600,900 989,200 1,172,600

Treds Limited is a footwear store that focuses on fashion branded footwear which originated in 1996. It trades from 29 stores and prides itself in being innovative and unusual. Treds Limited has a D&B rating of 2A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)Turnover - - -Profit/(Loss) Before Taxes - - -Tangible Net Worth 4,900 3,083 3,003Net Current Assets (Liabilities) -612 -72 -132

TUI UK Retail Ltd is one of the world’s leading leisure travel companies operating in over 180 countries offering 250 brands to more than 30 million customers. TUI has a D&B rating of 3A1 and has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)Turnover 199,000 203,488 206,661Profit/(Loss) Before Taxes 8,000 1,007 -5,330Tangible Net Worth 8,000 -108,878 -111,185Net Current Assets (Liabilities) 17,000 -119,480 -124,752

Tenancy 59/60 Commercial Street is let to Lloyds TSB Scotland Plc for a term of 25 years from 10th October 2003 on effectively full repairing and insuring terms, at a passing rent of £100,800 per annum subject to 5 yearly upwards only rent reviews. There is a tenants break option on 9th October 2018

61 Commercial Street is let to Treds Limited for a term of 5 years from 25th March 2014 on effectively full repairing and insuring terms, at a passing rent of £47,500 per annum.

1-2 St Peters Street is let to TUI UK Retail Limited trading as Thompson, for a term of 10 years from 29th September 2006 on effectively full repairing and insuring terms, at a passing rent of £40,000 per annum. The lease has expired and negotiations for a new lease are ongoing.

The total income is therefore £188,300 per annum.

Rental AnalysisWe devalue TSB’s current rent passing of £100,800 per annum to a Zone A rate of approximately £113.90 per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor.

We devalue Tred’s current rent passing of £47,500 per annum to a Zone A rate of approximately £69.92 per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor.

We devalue TUI’s current rent passing of £40,000 per annum to a Zone A rate of approximately £54.34 per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor.

Asset Management• Renew lease to TUI UK Retail Ltd – negotiations

ongoing with tenant.

• Remove tenants break clause at 59/60 Commercial Street (TSB).

• Sell as individual holdings to take advantage of the strong private market.

EPC59 Commercial Street has an energy performance asset rating of D90, 61 Commercial Street a rating of G167 and 1-2 St Peter’s Street a rating of F130.





• Multi-let 100% prime retail block in an affluent improving town

• Lease regear opportunities

• 100% of income is let to the undoubted covenants of Yorkshire Building Society, WH Smith Retail Holdings Ltd and Argos Ltd

• Opportunity to split the asset into smaller lots.

Huntingdon119-122 HIGH STREET, HUNTINGDON PE29 3LG



LocationHuntingdon is an affluent market town in West Cambridgeshire, strategically located 15 miles north-west of Cambridge, 17 miles south of Peterborough and 67 miles north of London. The town has good transport links with the A1 and A14 providing access to the M1 and M11 respectively.

Stanstead airport is located 46 miles to the south east and Luton airport 47 miles to the south-west. Huntingdon rail station provides a direct service to London Kings Cross with a journey time of approximately 58 minutes.

The property is situated on the prime pedestrianised High Street close to the entrance to Chequers Court development. Nearby retailers include: Greggs, Carphone Warehouse, Burton and Clinton Cards.

The Chequers court development has secured tenants including a 15,000 sq ft Next store and a 9,500 sq ft Marks and Spencer Simply food store which will provide a significant boost to the town centres retailing. The second phase will open in Spring 2017.

DescriptionThe property comprises three shop units.

The modern units provide retail sales accommodation at ground floor level with additional ancillary and storage accommodation on Ground, basement, first and second floors. There is a small return frontage to 119 High Street as well as a separate side entrance to the upper floors, which are currently sub-let as office space.



119 High Street (Norwich & Peterborough)


Ground Floor ITZA 391 36.32

Basement (Ancillary) 106 9.85

First Floor (sub-let office)

540 50.17

First Floor (sub-let office)

531 49.33

Total 1,802 167.31

Unit A 121-122 High Street (WH Smith)


Ground Floor ITZA 1,214 112.78

Ground Floor (Loading/storage)

435 40.41

Basement (Storage) 28 2.60

First floor(Storage) 395 36.70


Total 5,787 537.61

Unit B 121-122 High Street (Argos)

Ground Floor (Sales) 4,188 389.07

Ground Floor ITZA 1,193 110.83

Ground Floor (Storage) 565 52.49

First Floor (Storage) 3,167 294.21

Total 7,920 735.77

A49

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A134

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A120 A120 A120

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A127

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A13A13

A282

A232

A21

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A22

A22

A22

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A24

A24

A24

A217

A26

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A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

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A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford




Tenancy 119 High Street is let to Yorkshire Building Society, trading as Norwich & Peterborough Building society for a term of 25 years less two days from 1st October 1992, on full repairing and insuring terms at a passing rent of £45,120 per annum.

Unit A 121-122 High Street is let to WH Smith Retail Holdings Ltd for a term of 25 years from 15th May 1994, on full repairing and insuring terms at a passing rent of £76,500 per annum. Part of the ground floor has a concession to The Post Office.

Unit B, 121-122 High Street is let to Argos Limited for a term of 25 years from 15th May 1994, on full repairing and insuring terms at a passing rent of £86,000 per annum.

The total income is therefore £207,620 per annum.

Rental AnalysisWe devalue the current rent passing of 119 High Street (Yorkshire Building Society) to approximately £95.62 per sq ft Zone A, applying a rate of 1/20 to the basement and an overall rate of £5/ sq ft to first and second floors and adding 5% for return frontage.

We devalue the current rent passing of Unit A 121-122 High Street (WH Smith) to approximately £67.37 per sq ft Zone A, applying a rate of 1/20 to the ground floor storage, basement and first floor and a rate of 1/40 to the second floor and allowing a 10% discount for quantum.

We devalue the current rent passing of Unit B 121-122 High Street (Argos) to approximately £69.25 per sq ft Zone, applying a rate of 1/20 to the ground floor storage and first floor and allowing a 10% discount for quantum.




CovenantThe Yorkshire Building Society is a financial services company and merged with Norwich & Peterborough Building society in 1992 to become the second largest building society in the UK, with its headquarters in Bradford.

The Yorkshire Building Society has a D&B rating of 01 and has shown the following recent financial performances:

WH Smith dates from 1972 and currently operates from 1,300 stores with over 600 High Street stores serving over 320 million customers annually. WH Smith Plc is listed on the FTSE (250) Index.

WH Smith Retail Holdings Ltd has a D&B rating of 5A1 and has shown the following recent financial performances:

Argos Limited is a catalogue merchant trading through both physical stores and online, with over 750 stores and 800 million website visits a year, making it one of the largest high street retailers online in the United Kingdom

Argos Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/12/2010

(£000’s)

Year to 31/12/2009

(£000’s)

Year to 31/12/2007

(£000’s)Turnover - - -Profit/(Loss) Before Taxes 115,400 (12,500) 54,600Tangible Net Worth 1,317,100 1,048,500 1,091,600Net Current Assets (Liabilities) 5,782,600 6,324,600 1,133,900

Year to 31/08/2015

(£000’s)

Year to 31/08/2014

(£000’s)

Year to 31/08/2013

(£000’s)Turnover 169,626 164,447 169,180Profit/(Loss) Before Taxes 62,392 105,938 140,968Tangible Net Worth 472,209 466,645 466,409Net Current Assets (Liabilities) -159,701 -163,401 -179,914

Year to 28/02/2015

(£000’s)

Year to 01/03/2014

(£000’s)

Year to 02/03/2013

(£000’s)Turnover 3,919,176 3,872,446 3,752,634Profit/(Loss) Before Taxes 97,146 43,992 84,662Tangible Net Worth 1,202,554 1,172,054 1,249,775Net Current Assets (Liabilities) 621,399 529,624 604,900

Asset Management• Regear/renew current leases and look at potential

to take back and re-let office space above 119 High Street.

• Opportunity to split the asset into smaller lots.

EPC119 High Street has an energy performance asset rating of C75.

121-122 High Street has an energy performance asset rating of C51.





• Affluent commuter town and the county town of Kent

• The ONS has forecasted a 10.20% population growth in Maidstone between 2015-2025

• 100% prime position opposite Marks & Spencer and between the entrance to Fremlin Walk and The Chequer Centre

• Let to the 5A1 covenant of Sportswift Limited

• Well configured shop unit

• Tenant trades well and has agreed to regear the lease.

Maidstone29 WEEK STREET, MAIDSTONE ME14 1QS



LocationMaidstone is the administrative centre and county town of Kent as well as one of the most important retailing centres in South East England. It lies 32 miles south-east of London, 20 miles north-west of Ashford and 28 miles west of Canterbury. Maidstone is adjacent to junctions 6 and 7 of the M20, which links directly to the M25. London City Airport and London Gatwick Airport are located approximately 40 miles (64 kilometres) north west and 45 miles (72 kilometres) west of the town respectively.

The property occupies a 100% prime position on the pedestrianised Week Street, opposite Marks & Spencer, whilst in close proximity to WH Smith, Carphone Warehouse, Clarks Shoes and Fremlin Shopping Centre.

DescriptionThe building comprises a retail unit arranged on ground and first floors, with the first floor accommodation being internally and separately accessible.



Ground Floor Sales 2,573 239.04

ITZA 864 80.27

First Floor Ancillary 865 80.36

Total 3,438 319.40

A49

A49

A49

A49

A44A44

A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

A38

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A34

A41 A45

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A40

A48

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A48A449

A40 A40

A40

A40A40

A40

A40

A44

A46

A46 A423

A423

A426

A5

A50A46 A6

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A47

A6003

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A508

A47 A47

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A5

A5

A5

A5

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A45

A45A45

A45

A425

A422

A421 A421

A416

A505

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A413

A413

A40

A4

A3

A243

A240

A3

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A3

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A3

A31

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A34

A34

A34

A31

A331

A33

A339

A303A303A303

A30

A40

A355

A4010

A404

A41

A41

A43

A43

A43

A43

A43

A43

A426

A14A14

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A14 A14

A14A14

A14A14

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A14

A14

A605

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A606 A1175

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A1

A16

A15

A141

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A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford

TO BE SPECSAVERS

OPTICIANS




CovenantSportswift Limited was incorporated in 1998 and sells greeting cards and stationery products from over 630 shops across the UK.

Sportswift Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/01/2015

(£000’s)

Year to 31/01/2014

(£000’s)

Year to 31/01/2013

(£000’s)

Turnover 336,676 313,182 285,957




EPCThe property has an energy performance asset rating of D94.

Tenancy The unit is let to Sportswift Limited trading as Card Factory for a term of years to expire on 16th July 2025 (once extended) on full repairing and insuring terms, at a passing rent of £120,000 per annum subject to a rent review on the 17th July 2022.

The seller has agreed terms with Sportswift to enter into a reversionary lease to extend the term by a further 3 years until 16 July 2025 (with an upwards only rent review on 17 July 2022) Sportswift have been granted a 12 month rent free period under their current lease from the date of completion of the reversionary lease.

Rental AnalysisWe devalue the current rent passing of £120,000 per annum to approximately £132.30 per sq ft Zone A, applying a rate of 1/20 Zone A to the first floor.





• Affluent London suburb

• 100% prime trading position

• Well let to the 5A1 covenants of W H Smith, Nationwide and Boots

• Large site area

• Asset management angles

• Rare opportunity to purchase two medium dated reversions

• Low passing rents of sub £50 Zone A

• Opportunity to split asset into smaller lots

New Malden112-118 HIGH STREET & 2 BLAGDON ROAD, NEW MALDEN KT3 4EU


UN

DE

R O

FF

ER


LocationNew Malden is an affluent London suburb within the Royal Borough of Kingston upon Thames, located 9.5 miles to the south west of Central London. It is approximately 1 mile from the A3, which provides direct access to Central London and the M25. Rail services linking the town to London Waterloo have a fastest journey time of 24 minutes.

8 trains run every hour from New Malden to London Waterloo with a journey time of 24 minutes. A large proportion of residents in the area commute to Central London.

Heathrow Airport is situated approximately 10 miles (16 kilometres) to the north west of the town, with Gatwick Airport 25 miles (40 kilometres) to the south. London City Airport is also just over an hour away by train.

Nearby occupiers include Poundland, Costa, Santander, Shoe Zone and Mcdonalds.

DescriptionThe property comprises 3 retail units fronting the High Street and a physiotherapy centre and café fronting Blagdon Road.

The retail units are arranged on ground and first floors, to provide ground floor retail/banking units with ancillary accommodation above. There is a 2 bedroom flat at first floor above 114 High Street, which is separately accessible from the rear (the tenant benefits from 2 car parking spaces).

The physiotherapy centre is a two storey self-contained building with part of the ground floor sub-let to a café. The area hatched on the Goad is for circulation, servicing and parking.


Floor 112 High Street (WH Smith) sq ft (sq m)

114 High Street (Nationwide)

sq ft (sq m)

116-118 High Street (Boots)

sq ft (sq m)

2 Blagdon Road (Surgery)

sq ft (sq m)

Ground Floor Sales - 1,372 (127.46)

Sales - 1,431 (132.94)

Sales - 2,669 (247.96)

Physiotherapy Centre - 1,056 (98.1)

Café - 308 (28.61)

ITZA 629 (58.43) 679 (63.08) 1,150 (106.54) N/A

Office 63 (5.85)

First Floor 1,399 (129.97) Residential (2 bedroom flat)

1,712 (159.05) Physiotherapy Centre - 1,529 (142.05)

Total 2,834 (263.29) 1,431 (132.94) 4,381 (407.01) 2,893 (268.77)

A49

A49

A49

A49

A44A44

A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

A38

A34

A34

A41 A45

A449

A44

A40

A48

A48

A48A449

A40 A40

A40

A40A40

A40

A40

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A46 A423

A423

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A50A46 A6

A47

A47

A6003

A509

A509

A508

A47 A47

A47

A5

A5

A5

A5

A5

A45

A45A45

A45

A425

A422

A421 A421

A416

A505

A418

A418

A413

A413

A40

A4

A3

A243

A240

A3

A3

A3

A3

A3

A31

A31

A34

A34

A34

A31

A331

A33

A339

A303A303A303

A30

A40

A355

A4010

A404

A41

A41

A43

A43

A43

A43

A43

A43

A426

A14A14

A14

A14

A14 A14

A14A14

A14A14

A14

A14

A14

A605

A605

A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford

New Malden




CovenantWH Smith dates from 1792 and currently operates from 1,200 stores with 618 on the High Street. It serves over 320 million customers annually and is the UK's most popular bookseller, stationer and newsagent. WH Smith employs 16,000 staff and WH Smith Plc is in the FTSE (250) Index.

WH Smith Retail Holdings Ltd has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/08/2015

(£000’s)

Year to 31/08/2014

(£000’s)

Year to 31/08/2013

(£000’s)

Turnover 169,626 164,447 169,180



Net Current Assets (Liabilities) (159,701) (163,401) (179,914)

Nationwide Building Society is a British mutual financial institution and the largest building society in the world. They currently have around 700 branches within the UK. Nationwide Building Society has shown the following recent financial performances:

Year to 31/05/2015

(£000’s)

Year to 31/05/2014

(£000’s)

Year to 31/05/2013

(£000’s)

Turnover 447 493 571

Profit/(Loss) Before Taxes 1,044 677 210


Net Current Assets (Liabilities)

Boots Properties Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/08/2015

(£000’s)

Year to 31/03/2014

(£000’s)

Year to 31/03/2013

(£000’s)

Turnover 27,100 16,600 16,600


Tangible Net Worth 1,244,400 1,244,100 1,241,100

Net Current Assets (Liabilities) (206,900) 6,400 29,000

Asset Management• Settle the outstanding rent review on

112 High Street (WH Smiths)

• Extend the leases on 112 and 114 High Street

• Take back control of the flat above 114 High Street

• Regear medium dated reversion with Boots

• Regear medium dated reversion with the Personal Representatives of Christopher Petit Deceased

• Opportunity for comprehensive redevelopment of rear properties

EPC• 112 High Street has an energy performance

asset rating of D87.

• 114 High Street has an energy performance asset rating of D82.

• 116-118 High Street has an energy performance asset rating of C73.

• 2 Blagdon Road has an energy performance asset rating of G155.

Tenancy 112 High Street is let to WH Smith Retail Holding Limited for a term of 10 years from 25 March 2010, on effective full repairing and insuring terms at a passing rent of £34,350 per annum. A new 5 year reversionary lease expiring on 24 March 2025 has been agreed with an upward only rent review on 25 March 2020.

114 High Street is let to Nationwide Building Society for a term of 10 years on effective full repairing and insuring terms from 25 March 2009 at a passing rent of £40,500 per annum. The tenant removed a break clause operable in March 2014.

116-118 High Street is let to Boots Properties Limited for 99 years from 25 March 1937 at a passing rent of £700 per annum without further review. The tenant has a break option on 25 March 2022 and 25 March 2032.

2 Blagdon Road is let to the Personal Representatives of Christopher Petit Deceased for a term of 99 years from 24 June 1936 at a passing rent of £125 per annum without further review.

We understand the physiotherapy centre is sub-let at a current rental of £45,000 per annum rising to £50,000 per annum.

The total current income is therefore £75,675 per annum.

Rental AnalysisWe devalue WH Smiths current rent passing of £34,350 per annum to approximately £48.92 per sq ft Zone A, applying a rate of 1/20 Zone A per sq ft to the first floor and ground floor office.

We devalue Nationwide’s current rent passing of £40,500 per annum to approximately £47.18 per sq ft Zone A, allocating a rent for the flat of £13,020 per annum (the passing sublet rent) with a 35% discount for the cost of management, voids and re-letting.





• St Neots is an affluent and thriving market town

• 100% prime units let to the undoubted covenants of Boots UK Limited and Boots Opticians Professional Services Limited

• Potential to convert the first floor of 29-31 to residential use subject to the necessary consents

• Opportunity to split asset into two separate lots.

St Neots29-33 HIGH STREET, ST NEOTS PE19 1BW



LocationSt Neots is the largest town and the third largest conurbation in Cambridgeshire. It is an affluent and thriving market town and a popular destination for tourists, with excellent hotel and restaurant provision. The town is located 16 miles west of Cambridge, 24 miles south of Peterborough, 27 miles east of Northampton and 50 miles north of London. St Neots benefits from excellent road communications with the A1 and A428 in the immediate vicinity, providing links to the M11 and M1 motorways and therefore the wider national road network.

The property occupies a 100% prime position on the northern side of the High Street east of the Market Square. Nearby retailers include Marks & Spencers, Superdrug and Specsavers.

DescriptionThe property comprises two modern retail units providing retail sales accommodation at ground floor level with additional ancillary accommodation above. There are 5 demised parking spaces (3 for unit 29 and 2 for unit 33) and a shared service yard to the rear.



29-31 High Street (Boots Opticians)Ground Floor (sales) 2,143 199.08ITZA 977 90.76First floor (Offices/Storage) 1,105 102.65Total 3,248 301.73

33 High Street (Boots Chemist)Ground Floor (sales) 4,478 416.00ITZA 1,496 138.98First floor (office/storage) 3,927 364.82Total 8,405 780.82

A49

A49

A49

A49

A44A44

A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

A38

A34

A34

A41 A45

A449

A44

A40

A48

A48

A48A449

A40 A40

A40

A40A40

A40

A40

A44

A46

A46 A423

A423

A426

A5

A50A46 A6

A47

A47

A6003

A509

A509

A508

A47 A47

A47

A5

A5

A5

A5

A5

A45

A45A45

A45

A425

A422

A421 A421

A416

A505

A418

A418

A413

A413

A40

A4

A3

A243

A240

A3

A3

A3

A3

A3

A31

A31

A34

A34

A34

A31

A331

A33

A339

A303A303A303

A30

A40

A355

A4010

A404

A41

A41

A43

A43

A43

A43

A43

A43

A426

A14A14

A14

A14

A14 A14

A14A14

A14A14

A14

A14

A14

A605

A605

A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford

New Malden

St Neots




CovenantBoots Opticians Professional Services Limited operates a chain of ophthalmic and dispensing optician stores in the United Kingdom. With over 640 practices it is one of the leading opticians in the UK.

Boots Opticians Professional Services Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/08/2015

(£000’s)

Year to 31/03/2014

(£000’s)

Year to 31/03/2013

(£000’s)

Turnover 391,067 252,820 240,627




Boots UK Limited trading as Boots is a pharmacy chain in the United Kingdom and Ireland, with outlets in most high streets, shopping centres and airport terminals. With over 2500 stores in the UK it is the UK’s leading pharmacy-led health and beauty retailer.

Boots UK Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 31/08/2015

(£000’s)

Year to 31/03/2014

(£000’s)

Year to 31/03/2013

(£000’s)

Turnover 9,198,000 6,340,000 6,204,000




Tenancy 29 High Street is let to Boots Opticians Professional Services Limited for a term of 10 years from 3rd July 2006 on full repairing and insuring terms at a passing rent of £57,800 per annum subject to 5 yearly upward only reviews.

31 High Street is let to Boots UK Limited and for a term of 10 years from 3rd July 2006 on full repairing and insuring terms at a passing rent of £89,700 per annum subject to 5 yearly upward only rent reviews.

The combined rental is therefore £147,500 per annum.

The tenants are holding over on both properties and renewal discussions are ongoing.

Asset Management• Complete lease renewals

• Convert the first floor of 29-31 to residential use subject to the necessary consents.

EPC29 High Street has an energy performance asset rating of C69.

31 High Street has an energy performance asset rating of C55.

Rental AnalysisWe devalue the rent of Boots Opticians Professional Services Limited of £57,800 per annum to a Zone A rate of approximately £52.32 per sq ft, applying a rate of 1/10 to the first floor and £300 per car space.

We devalue the rent of Boots UK Limited of £89,700 per annum to a Zone A rate of approximately £52.65 per sq ft, applying a rate of 1/20 to the first floor and £300 per car space.





• Affluent London suburb located in the Royal Borough of Kingston upon Thames

• 100% prime trading location, close to the train station

• Well let to the 5A1 covenant of Poundland Ltd who agreed a 10 year reversionary lease in January this year

• Low base rent

• Potential to convert to residential on upper parts.

Surbiton73 VICTORIA ROAD, SURBITON KT6 4NS



LocationSurbiton is an affluent and popular rail commuter town in the Royal Borough of Kingston upon Thames. It is located approximately 10 miles south west of London an 1.5 miles south of Kingston.

It has excellent communication links into Central London, with Surbiton Railway Station offering a fast and regular rail service to London Waterloo in 16 minutes. There are excellent road links with the A3, one of the main arterial roads in south west London approximately 1.5 miles south of the subject property and A242 linking to the M25 (Junction 9).

The property occupies a prime trading location in the main shopping street close to Marks & Spencer Simply Food, Boots, M & Co and Clarks. There is a Waitrose supermarket nearby.

DescriptionThe 1920's building is arranged on ground, basement and first floors, to provide sales accommodation at ground floor with ancillary accommodation at basement and first floor.



Ground Floor 4,244 394.28

ITZA 1,641 152.45

First Floor 4,400 408.77

Basement 208 19.32

Total 8,852 822.37

A49

A49

A49

A49

A44A44

A4122

A438

A438

A4103

A4103

A465

A465

A417

A417

A417

A417

A449

A4137

A449

A449

A422

A435

A4177

A429

A429

A429A436

A424

A429

A429

A429

A419

A419

A420

A420 A4142

A433

A433

A435

A448

A491

A449

A456

A456

A442

A442A458

A458

A441

A38

A38

A34

A34

A41 A45

A449

A44

A40

A48

A48

A48A449

A40 A40

A40

A40A40

A40

A40

A44

A46

A46 A423

A423

A426

A5

A50A46 A6

A47

A47

A6003

A509

A509

A508

A47 A47

A47

A5

A5

A5

A5

A5

A45

A45A45

A45

A425

A422

A421 A421

A416

A505

A418

A418

A413

A413

A40

A4

A3

A243

A240

A3

A3

A3

A3

A3

A31

A31

A34

A34

A34

A31

A331

A33

A339

A303A303A303

A30

A40

A355

A4010

A404

A41

A41

A43

A43

A43

A43

A43

A43

A426

A14A14

A14

A14

A14 A14

A14A14

A14A14

A14

A14

A14

A605

A605

A606

A606 A1175

A1175

A1

A16

A15

A141

A141

A1122

A1122

A134

A47A47

A47

A11

A140

A140

A140

A12

A12

A120A120

A416

A142

A10

A10

A10

A10

A10

A1

A1

A1

A1

A505

A505

A428

A134

A134

A131

A120 A120 A120

A12

A12

A12

A414

A414

A127

A130

A13A13

A282

A232

A21

A21

A21

A22

A22

A22

A22

A23

A24

A24

A24

A217

A26

A26

A26A27

A27A280 A27

A23

A23

A272A272

A272A272

A229

A228

A21

A259

A259

A259

A2070

A28

A20

A12

A2

A2

A2

A2

A2

A256

A299

A299

A249

A12

A102

A205A214

A133

A134

A11

A1066

A143

A143

A143

A11

A11

A10

A10

A10

A10

A406A406

A11

A11

A1065

A421

A421

A508

A1139

A6

A6

A427

A6116

A6

A6

A46

A46

A44

A44

M5

M5

M42

M42

M40

M6

M69

M45

M6

M6

M40

M40

M40

M40

M40

M4A404(M)

A329(M)

M3

M3

M3

M3

M3

M3

M27

M27

M27

A3(M)

M275

M25

M25

M25

M25

M26

M20

M20

M20

M2

M2

M25

M25M25M25

M1

M1

M1

M11

M11

M11

A1(M)

A1(M)

M1

M1

M1

M1

M1

M25

M4

M4

M4

M4M4

M4

M4M4

M5

M5

M50

M50

Birmingham

Leicester

Northampton

Cambridge

Huntingdon

Norwich

LONDON

Oxford

Portsmouth

Maidstone

Dover


Godalming

Reading

Winchester

Southampton

Milton Keynes

Luton

Peterborough

Coventry

Gloucester

Cheltenham

Swindon

Hereford

Worcester

Bury St Edmunds

Crawley

Brighton

Maidenhead

Colchester

Ipswich

CroydonNewbury

Aldershot

Farnham

Southend-on-Sea

Chelmsford

Royal Tunbridge

Wells

High Wycombe

Aylesbury

Kidderminster

St Albans

Bedford

Watford

Dartford

Surbiton




CovenantPoundland Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 29/03/2015

(£000’s)

Year to 30/03/2014

(£000’s)

Year to 31/03/2013

(£000’s)

Turnover 1,111,526 997,803 880,491




Asset ManagementAt expiry explore conversion of upper parts to residential or a comprehensive redevelopment subject to planning.

EPCThe property has an energy performance asset rating of F128.

Tenancy The property is let to Poundland Limited for a term of years expiring on 18th January 2026 on full repairing and insuring terms. The current rent passing is £100,000 pax subject to a rent review on 6th November 2019. The repairing covenant is limited by reference to a schedule of condition and further details are available from the vendor’s agents.

Rental AnalysisWe devalue the current rent passing of £100,000 per annum to approximately £53.59 per sq ft Zone A applying a rate of 1/40 Zone A per sq ft to the basement accommodation and 1/20 Zone A per sq ft to the first floor.





• Well established dominant Cathedral City and administrative and retail centre of Cornwall

• Excellent position on Boscawen Street

• Well configured unit

• Proposed new letting to the 5A1 covenant of Carluccio’s Limited on a 25 year term

Truro28/29 BOSCAWEN STREET, TRURO TR1 2QU

For illustrative purposes only.



LocationThe Cathedral City of Truro is the administrative and retail centre of Cornwall in the south west of England. The City is located 29 miles east of Penzance, 12 miles north of Falmouth and 60 miles south-west of Plymouth. Truro has a mainline train service with regular services to Exeter, St. David’s and London Paddington, which take 2 hours 15 minutes and 4 hours 15 minutes respectively. The City is well served by airports with Newquay airport 12 miles to the north and Exeter International, 94 miles north west of Truro.

The property is located in the main shopping area of Truro. Nearby occupiers include Caffe Nero, Phase Eight, Lakeland, Waterstones and Pizza Express.

DescriptionThe building is arranged on ground and two upper floors, and will be fitted out to provide a double-fronted ground and first floor restaurant unit with ancillary accommodation on the second floor. The unit is serviced from the rear from St Marys Street.

AccommodationFloor Area (sq ft) Area (sq m)

Ground Floor Sales 2,810 261.06

ITZA 1,471 136.66

First Floor Ancillary 2,751 255.57

Second Floor Ancillary 1,342 124.67

Total 6,903 641.30

A358

A303

A303

A30

A30

A30A30

A30

A30

A30

A30

A30

A30

A394

A394

A390

A390A391

A390

A39

A39

A39

A39

A39

A39

A39A386

A386

A377

A377

A361

A361

A35

A35

A376A38

A38

A380

A380

A385

A386

A386

A388

A388

A395

A38

A38

A38

A3088M5

M5

Plymouth

Truro

Exeter

Penzance

Torquay

Newquay

Exmouth

Falmouth

St Ives

St Austell

Padstow

Bodmin




CovenantCarluccio’s Limited has a D&B rating of 5A1 and has shown the following recent financial performances:

Year to 27/09/2015

(£000’s)

Year to 28/09/2014

(£000’s)

Year to 29/09/2013

(£000’s)

Turnover 137,793 128,348 117,963



Net Current Assets (Liabilities) (6,618) (7,198) (6,900)

EPCThe property has an energy performance asset rating of C63.

Tenancy Heads of terms have been agreed for a new letting to Carluccio’s Limited for a term of 25 years on full repairing and insuring terms subject to 5 yearly upward only rent reviews. The initial rental will be £120,000 per annum.

Rental AnalysisWe devalue the current rent passing to £26.54 per sq ft assuming 50% on the first floor and 25% on the second floor. On a zoned basis it reflects £73.00 per sq ft Zone A applying a rate of 1/20 Zone A to the first floor and 1/40 Zone A to the second floor.




Contact

Philip Hay

T: 0207 637 7100E: [email protected]

Mark Morgan

T: 020 7493 4455E: [email protected]

Messrs. Jackson Criss and Morgan Williams for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss and Morgan Williams have any authority to make or give any representation or warranty whatever in relation to this property. JC0095. September 2016.D

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VAT The properties have been elected for VAT and it is anticipated that the sale of the portfolio will be treated as a TOGC.

Further information Additional information and access to a data room is available on request.


Documents

RIBBAR...Portfolio Summary • Unbroken institutional portfolio • 9 prime retail assets • 82% of the income secured against 5A1 covenants. • Ability to sell individual assets