ROBIN RETAIL PARK - Completely Retailcushwake.completelyretail.co.uk/media/.../Wigan---Robin-Retail-Park... · Q Robin Retail Park is situated only a short distance to the west of

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CONTENTS

04 INVESTMENT SUMMARY

05 LOCATION

06 SOCIO-ECONOMIC PROFILE

07 OUT OF TOWN RETAIL PROVISION

08 SITUATION

09 DESCRIPTION

13 TENANCIES TENURE SERVICE CHARGE

16 PLANNING

17 COVENANT INFORMATION

20 ASSET MANAGEMENT OPPORTUNITIES ENVIRONMENTAL EPCS

21 VAT PROPOSAL

01

Contents | Robin Retail Park, Wigan, WN5 0UU

WE ANTICIPATED STRONG TRADING FROM ROBIN RETAIL PARK BY VIRTUE OF THE STORE’S POSITIONING AND CRITICAL MASS OF RETAIL AND LEISURE IN THE IMMEDIATE AREA.

WE HAVE NOT BEEN DISAPPOINTEDCOSTA COFFEE, APRIL 2014

02

Contents | Robin Retail Park, Wigan, WN5 0UU

03

INVESTMENT SUMMARY �Q Wigan is located in the north west of the UK, strategically

positioned in close proximity to Manchester and Liverpool and at the heart of the surrounding motorway network. The town’s resident population stands in the order of 97,000 and the 15 minute drivetime catchment includes approximately 239,000 people (CACI Ltd).

�Q Robin Retail Park is situated only a short distance to the west of Wigan town centre, adjacent to the DW Stadium and Asda Wal-Mart store, and represents the dominant out of town retail scheme in the town.

�Q The scheme comprises a south facing L-shaped terrace and two stand alone A3 pods totalling around 18,405 sq m (198,110 sq ft) together with forecourt parking for approximately 1,000 cars.

�Q Let to 18 occupational tenants, the scheme boasts a strong retail mix including Next, Boots, Matalan, Sportsdirect.com, JD Sports, Burger King, Carphone Warehouse and Wickes.

�Q The annual income will stand at £4,211,951 reflecting non food rents between £15.13 and £29.80 psf, whilst the average weighted unexpired term is around 8.2 years.

�Q 90% of the income rated as ‘very good’ or ‘good’ by Creditsafe.

�Q The park benefits from an Open A1 non food planning consent. The sale of clothing and/or footwear is restricted to 6,503 sq m (70,000 sq ft) of the scheme’s total sales area and that of jewellery, fashion accessories, glass, china or books must be ancillary to the primary use of the unit. Additionally food sales of up to 1,858 sq m (20,000 sq ft) are permitted across the park.

�Q The strength of retailer trading on the park is underlined by Next, Boots, JD Sports, Argos, Poundworld and Sportsdirect.com, all trading multiple stores in Wigan. Furthermore, it should be noted that Next have just upsized to c. 15,000 sq ft on a new 10 year lease and Boots did not operate their 2013 break option.

�Q A proven trading history and recent key anchor lettings, combined with latent tenant demand and flexible planning consent offer deliverable asset management initiatives to drive performance.

Offers are sought in the region of £64,500,000 subject to contract and exclusive of VAT, for the Freehold interest in this property. A purchase at this level, allowing for the vendor’s rental guarantee and the fixed increases in the Smyths Toys lease, would reflect the following yield profile:

6.17% initial yield

6.22% reversionary yield 2015


6.20% nominal equivalent yieldbased on purchaser’s costs of 5.80%.

ROBIN RETAIL PARK, WIGAN, WN5 0UU

04

Investment Summary | Robin Retail Park, Wigan, WN5 0UU

A561

A5058

A5207

A5036

A565

A565

A570

A582

A677

A666

A645

A56

A56A58

A62

A57

A56

A49

A56

A60

A57

A557

A59

A5209

A6119

A580

A572

A556

A538

A580

A570

A570

M6

M6

M6

M6

M56

M56

M58

M58

M57

M62

M62

M60

M56

M60

M61

M61

M65

M65

ST. HELENS

RAINFORD

ORREL

CROSTON

COPPULL

CHORLEY

BAXTON

HORWICH

HALSALL

AINSDALE

FORMBY

KIRKBYCROSBY

HUYTON

SPEKEHALTON

BIRCHWOOD

HINDLEY

LYMM

LEIGH

TOTTINGTON

RADCLIFFE

RAMSBOTTOM

FERNWORTH

DARWEN

ACCRINGTON

LEYLANDBACUP

AUGHTON

TARLETON

BURSCOUGH

HALEWOOD

WILMSLOW

SWINTON

WITHINGTON

HASLINGDEN

BURY

SOUTHPORT

BOOTLE

BIRKENHEAD

LIVERPOOL

WARRINGTON

BLACKBURNPRESTON

BOLTON

MANCHESTER

WARTON

LONGTON

BANKS

ST. HELENS

RAINFORD

ORREL

CROSTON

COPPULL

CHORLEY

BAXTON

HORWICH

HALSALL

AINSDALE

FORMBY

KIRKBYCROSBY

HUYTON

SPEKEHALTON

BIRCHWOOD

HINDLEY

LYMM

LEIGH

TOTTINGTON

RADCLIFFE

RAMSBOTTOM

FERNWORTH

DARWEN

ACCRINGTON

LEYLANDBACUP

AUGHTON

TARLETON

BURSCOUGH

HALEWOOD

WILMSLOW

SWINTON

WITHINGTON

HASLINGDEN

BURY

SOUTHPORT

BOOTLE

BIRKENHEAD

LIVERPOOL

WARRINGTON

BLACKBURNPRESTON

BOLTON

MANCHESTER

WARTON

LONGTON

BANKS

WIGANWIGAN

LOCATIONWigan is situated on the River Douglas within Greater Manchester, approximately 31 km (19 miles) west of Manchester, 36.5 km (23 miles) north-east of Liverpool, 21 km (13 miles) north of Warrington and 327 km (203 miles) north west of London.

The town boasts strong communication links, situated within close proximity to the M6, M61 and M57 motorways, via the two primary A-roads of the A49 and A577.

Two train stations service the town: Wigan North Western offers links to Birmingham, Edinburgh, Glasgow and Liverpool amongst others, and provides a direct service to London Euston of just over 2 hours. Wigan Wallgate offers frequent local services to towns including Manchester, Stockton, Southport and Kirby.

WIGAN IS STRATEGICALLY POSITIONED IN THE HEART OF THE NORTH-WEST’S MOTORWAY NETWORK

WIGAN

LONDONBRISTOL

LIVERPOOL SHEFFIELD

GLASGOW

DUBLIN

BELFAST

BIRMINGHAM

MANCHESTER

05

DALTON

SCARTH HILL

ORMSKIRK

SIMONSWOOD HALL

KIRKBY

KNOWSLEY

RAINFORD

ST HELENSNEWTON-LE-WILLOWS

HAYDOCK

ASHTON-IN-MAKERFIELDLANDSIDE

ASTLEY GREEN

LEIGH

TYLDESLEY

ATHERTON

WESTHOUGHTON

HINDLEY

RED ROCKSTANDISH

GATHURST

WIGANNEWTOWNUP HOLLAND

HIGHER ENDCRAWFORD

WESTHEAD

KINGS MOSS

PEMBERTON

GOOSE GREEN

WINSTANLEY

PLATT BRIDGE

BICKERSHAW

HINDLEY GREEN

PENNINGTON GREENSWINLEY

STANDISHLOWER GROUND

MARYLEBONE

ASPULL

BLACKROD

LOSTOCK

A45

A58A57

A58

A49

A6

M6

M58 A577

A577

A570

A573

A578

A572

A580

A578

A5106

A6027

M61

M6SOCIO-ECONOMIC PROFILEWigan boasts a residential population of around 97,000 people (2001 Census) and a wider borough population in excess of 300,000 people.

Drivetime catchment figures provided by CACI Ltd show a population of approximately 115,000 people within a 10 minute contour of the subject property and this rises to around 239,000 people with 15 minutes.

MINUTE DRIVETIME FROM WIGAN

5 minutes from Wigan



239,000 PEOPLE LIVE WITHIN A 15 MINUTE DRIVETIME OF THE SUBJECT PROPERTY

06

Socio-Economic Profile | Robin Retail Park, Wigan, WN5 0UU

OUT OF TOWN RETAIL PROVISIONWigan’s retail warehouse provision (non food) extends to approximately 44,593 sq m (480,000 sq ft) including the subject property, three smaller retail parks/clusters and three standalone units.

The food offer within the town consists of four main stores including the Asda Walmart immediately adjacent to the subject property which has consistently been acknowledged as an ‘outstanding trader’.

We have provided information on the key elements of both the non food and food offers in the provision in the tables below.

NON-FOOD

Key Asset Postcode Total GIA (sq ft) Tenants (incl.)

1 123-125 Wallgate WN3 9AD 27,900 Go Outdoors

2 Gower Street WN5 9AD 28,000 Halfords, McDonald’s

3 Frith Street WN5 0XN 114,000 B&Q Warehouse

4 Chapel Lane Retail Centre WN3 4HG 37,532 The Range

5 Saddle Retail Park WN5 9AD 31,000 Home Bargains & Currys

Marus Bridge Retail Park WN3 6XE 45,000 B&M, Homebase

Marus Bridge Retail Park is located approximately 4 km (2.5 miles) south of the subject property.

FOOD

Key Asset Postcode Total GIA (sq ft) Tenant

6 Soho Street WN5 0XA 155,000 Asda Wal-Mart

7 Central Park Way WN1 1XS 82,000 Tesco

8 Woodhouse Lane WN6 7NR 48,000 Morrisons

Marus Bridge WN3 6XE 75,000 J Sainsbury

Cross Street WN2 3AT 59,000 Tesco

Tesco, Cross Street is located approximately 6.5 km (4 miles) east of the subject property. Sainsbury’s, Marus Bridge, is located approximately 3.2 km (2 miles) south of the subject property.

07

Out of Town Retail Provision | Robin Retail Park, Wigan, WN5 0UU

SITUATION Robin Retail Park is situated a short distance to the west of Wigan town centre, just to the north of the key roundabout junction where the A49, A577, A571 and Robin Park Road converge. The A577 runs directly west, linking with J26 of the M6 and the M58, whilst the A49 runs south west to Ashton in Makerfield and north via Wigan town centre. Robin Park Road links with Scot Lane and runs to Marsh Green in the north west, past the subject property together with the adjacent DW Stadium, Robin Park Arena, Wigan Life Centre, Robin Leisure Park and 11 screen Empire Cinema, Asda Wal-Mart Supercentre and B&Q Warehouse.

THE CRITICAL MASS OF RETAIL AND LEISURE PROVIDED IN AND

AROUND ROBIN PARK REPRESENTS UNQUESTIONABLY THE LARGEST AND STRONGEST

IN THE CATCHMENT AREA

A577A577

A49

A49

A571 A49

VICTORIA

ST

BILLIN

GE RD

ROBIN PARK RD

VICTORIA

ST

BILLIN

GE RD

SPENCER RD

BEECH HILL AVE

WO

ODHO

USE DR

PARSON’S W

ALK

FROG LNKILL GREEN RD

SCO

T LN

CITY RD

FLEET ST

GATH

URST RD

GID

LOW

LN

MESN

ES RD

B5375

B5238

B5206

B5375

B5376

B5238

ROBIN PARK RD

VICTORIA

ST

BILLIN

GE RD

MESN

ES RD

SPENCER RD

BEECH HILL AVE

WO

ODHO

USE DR

PARSON’S W

ALK

FROG LNKILL GREEN RD

SCO

T LN

CITY RD

FLEET ST

GATH

URST RD

GID

LOW

LN

M6

M6

26

M6

KITTGREEN

PEMBERTON

NEWTON

FIFTEENSOF SWINLEY

WIGAN

WORSLEYMESNES

SCOTMAN’SFLASH

MESNESPARK

PORTER’SWOOD

DUKE’SWOODS

NEW COVERT

WIGAN NORTHWESTERN

WIGAN WALLGATE

PEMBERTON

GATHURST

KITTGREEN

PEMBERTON

NEWTON

FIFTEENSOF SWINLEY

WIGAN

WORSLEYMESNES

SCOTMAN’SFLASH

MESNESPARK

PORTER’SWOOD

DUKE’SWOODS

NEW COVERT

WIGAN NORTHWESTERN

WIGAN WALLGATE

PEMBERTON

GATHURST

ROBIN RETAIL PARK

ROBIN RETAIL PARK

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6

52

3

4

7

1

The critical mass of retail and leisure provided in and around Robin Park represents unquestionably the largest and strongest out of town retail location in the provision, totalling around 52,779 sq m (568,110 sq ft). We have provided more comment in this regard within later sections.

08

Situation | Robin Retail Park, Wigan, WN5 0UU

DESCRIPTIONThe subject property comprises a purpose built retail warehouse park totalling approximately 18,405 sq m (198,110 sq ft), arranged around forecourt parking for c. 1,000 vehicles, giving a ratio of 1:18.4 sq m (1:198 sq ft) within a uniform 8.3 hectare (20 acre) site. Configured in what is a south facing L-shaped terrace, together with two stand alone pods to the southern corner of the site, the scheme incorporates 18 occupational tenants and one vacant unit, previously occupied by Next who upsized into a new 1,387 sq m (14,930 sq ft) unit in December 2013.

The units are of steel portal frame construction with front elevations of brickwork and glazing below a canopy covering the pedestrian walkway along the front of the terrace and profiled metal cladding above. Internally the eaves heights comfortably accommodate mezzanine floors as demonstrated by those within units including Sportsdirect.com, Argos, Next, Instore and Boots.

The stand alone units to the southern corner of the site are of single storey construction with elevations of brickwork and glazing and offer independently identified parking areas.

Primary customer access from Robin Park Road, in both directions, is available from the traffic light controlled junction with Loire Drive, via a roundabout which also provides access to the adjacent Asda Wal-Mart. More secondary access is also available further north on Robin Park Road via a slip road directly into the scheme.

Loire Drive runs round to the rear of the eastern terrace, where access to the segregated rear servicing facilities is provided. Separate segregated servicing access is available to the rear of the western terrace from a dedicated turn-off and mini roundabout further north along Robin Park Road.

The plan is published for identification purposes only. Any site boundaries are indicative only and should be checked against the Title Deeds.

THE SUBJECT PROPERTY REPRESENTS THE DOMINANT RETAIL PARK IN THE PROVISION EXTENDING TO 198,110 SQ FT AND OFFERING FORECOURT PARKING FOR 1,000 VEHICLES

09

Description | Robin Retail Park, Wigan, WN5 0UU

Vacant

WIGANLIFE CENTRE

POLICESTATION

ROBIN PARK ROADROBIN PARK ROAD

SCOTT LANE

LOIRE DRIVEA

NJO

U B

LVD

The plan is published for identification purposes only. Any site boundaries are indicative only and should be checked against the Title Deeds.

10

THE CONFIGURATION OF THE SCHEME ALLOWS FOR A VERY GENEROUS PARKING PROVISION WHICH OFFERS THE OPPORTUNITY FOR FUTURE DEVELOPMENT

11

Robin Retail Park | Robin Retail Park, Wigan, WN5 0UU

NEXT, BOOTS, JD SPORTS, ARGOS, POUNDWORLD AND SPORTSDIRECT.COM ALL TRADE MULTIPLE

STORES IN WIGAN, DEMONSTRATING THE TRADING PROFILE OF ROBIN RETAIL PARK. ADDITIONALLY NEXT HAVE JUST UPSIZED

TO C. 15,000 SQ FT AND BOOTS DID NOT OPERATE THEIR 2013 BREAK CLAUSE

12

Robin Retail Park | Robin Retail Park, Wigan, WN5 0UU

TENUREThe property is held Freehold.

SERVICE CHARGEThe Service Charge is allocated in two budgets to reflect the two phases on the park. The Service Charge figures for 2013/14 reflect an average of £1.44 psf. This shows a c. 17% increase on the 2012/13 figure of £1.20 psf as it incorporates provisions for significant improvement works to the site including maintenance of the car parks, drains, gutters, bollards, gates, barriers and signage.

Full Service Charge information is available on request but we have set out below the historic cost psf figures.

2013/2014 2012/2013 2011/2012

£1.44 psf £1.20 psf £1.12 psf

TENANCIESThe scheme is let in accordance with the tenancy schedule adjacent and we have set out a brief summary of recent occupier activity below.

�Q Next currently have three trading stores in the town though based on strong trading figures chose to upsize their representation on Robin Retail Park in 2013 and sign a new 10 year lease. The former JJB Sports unit extends to c. 14,930 sq ft and offers a nearly full cover mezzanine floor, together with a Costa Coffee concession at ground level.

�Q Boots had a tenant break option on their c. 14,510 sq ft store during 2013 but, despite trading two other units in Wigan, did not option the break.

�Q Most recently Sportsdirect.com have taken assignment of unit 1, formerly Comet, as part of a group deal.

UNIT 5 RENTAL GUARANTEEThe Vendor will provide a three year rent, rates and service charge guarantee around unit 5, reflecting £22.50 psf. We have set out below the breakdown of this guarantee:

Annual 3 years

Rent £213,998 £641,994

Rates £105,001 £315,003

Service Charge £14,239 £42,717

Total £999,71413

Tenancies | Tenure | Service Charge | Robin Retail Park, Wigan, WN5 0UU

Phase 2

11A Maplin Electronics Limited Maplin 5,034 – 15 yrs 13/08/07 12/08/22 29/09/17 £137,500 £27.31 Quarterly Outstanding RR 2012 - being documented at nil increase

11B Poundworld Retail Limited Poundworld 5,034 2,222 10 yrs 14/02/11 13/02/21 14/02/16 £150,000 £29.80 Quarterly

12 JD Sports Fashion Plc JD Sports 9,839 – 25 yrs 25/12/97 24/12/22 25/12/17 £227,800 £23.15 Monthly

13 Matalan Retail Limited Matalan 19,960 970 25 yrs 25/12/97 24/12/22 25/12/17 £402,000 £20.14 Monthly

14 Boots UK Limited Boots 14,510 3,129 25 yrs 29/06/98 28/06/23 29/06/18 £310,000 £21.36 Monthly TENANT DID NOT OPTION 2013 BREAK

15 Wickes Building Supplies Limited Wickes 27,131 1,500 25 yrs 24/06/98 23/06/23 24/06/18 £446,890 £15.61 QuarterlyAssumed floor area is 28,631 sq ft (incl. 1,500 sq ft of 1st floor). Measured floor area is 28,664 sq ft (incl. 1,528 sq ft at 1st floor)

ATM Machine Cardpoint Services Limited Natwest N/A – 5 yrs 02/12/12 01/12/17 N/A £3,000 N/A Quarterly

6 Parking Spaces Boots UK Limited N/A N/A – 5 yrs 01/05/12 30/04/17 N/A £2,142 N/A Monthly Lease is excluded from sections 24-28 of 1954 Act

Stor. Container Boots UK Limited N/A N/A – 1 yr 14/04/11 17/04/12 N/A £0.00 N/A – Tenant is currently holding over

Display Advert Redbus Retail Advertising Limited N/A N/A – 3 yrs 01/04/13 31/03/16 N/A £0.00 N/A –

Marketing Spaceandpeople Plc N/A N/A – 3 yrs 01/04/13 31/03/16 N/A £0.00 N/A –

Phase 2 total 81,508 7,821 £1,679,332

Scheme total 198,121 54,226 £4,211,951

Unit Tenant Fascia GIA (sq ft) Mezz (sq ft) Term Lease start Lease Expiry

Next Review

Passing Rent £ pa

Passing Rent £ psf

Rent Payment(in advance) Comments

Phase 1

1 Sportsdirect.com Ltd Sportsdirect.com 10,029 8,976 8 yrs 29/09/13 01/10/21 29/09/16 £227,453 £22.68 Quarterly Lease recently assigned to Sportsdirect.com Retail Ltd having formerly traded as Comet

1A & 2 Smyths Toys UK Limited Smyths Toys 16,056 4,711 15 yrs 01/09/10 31/08/25 01/09/15 £243,000 £15.13 QuarterlyGuarantor: Smyths Toys. Fixed increases at yr 5 to £275k pa and yr 10 to £325k pa. Tenant pays higher of base rent and 5% of T/O

3 Argos Limited Argos 12,502 7,724 18 yrs 28/04/03 28/09/21 24/06/13 £262,700 £21.01 Monthly 2013 RR outstanding

4 Carpetright Plc Carpetright 10,000 – 25 yrs 29/09/96 28/09/21 29/09/16 £225,000 £22.50 Monthly Lease states assumed floor area of 10,000 sq ft

5 Vacant Vacant 9,511 9,281 £213,998 £22.50 – Three year rental guarantee with rates and S/C

6 Pets At Home Limited Pets At Home 10,074 – 25 yrs 29/09/96 28/09/21 29/09/16 £227,160 £22.55 Monthly Guarantor: R&B Pet Supplies Ltd

7 Next Group Plc Next & Costa Coffee 14,930 12,817 10 05/12/13 04/12/23 05/12/18 £352,500 £23.61 Monthly Costa Coffee operates a concession within the ground floor demise of the Next store

8A First Choice Holidays Limited Thomson Holiday Superstore 5,000 – 19 yrs 07/10/03 24/03/22 29/09/13 £122,500 £24.50 Quarterly 2013 RR outstanding

8B AG Retail Cards Ltd Clintons 5,000 – 5 yrs 25/03/13 24/03/18 N/A £100,000 £20.00 MonthlyThe current passing rent reflects a base rent of a side letter agreement with the Vendor obliging the tenant to pay a base rent of £100,000 pa or 10% of Gross T/O whichever is higher. Tenant Break Option 25 March 2016 with 6 months notice

9 Property Portfolio (No. 8) Ltd Bensons 7,621 1,544 25 yrs 02/01/97 01/01/22 02/01/17 £170,910 £22.43 Quarterly

10 Poundstretcher Limited Poundstretcher Extra 10,100 1,352 25 yrs 29/09/96 28/09/21 29/09/16 £227,250 £22.50 Quarterly Guarantor: Brown & Jackson plcLease states assumed floor area of 10,100 sq ft

R1 The Carphone Warehouse Limited The Carphone Warehouse 3,063 – 20 yrs 31/08/01 30/08/21 24/06/11 £82,798 £27.03 Quarterly 2011 RR outstanding

R2 Burgerking Limited Burgerking 2,727 – 25 yrs 24/06/99 23/06/24 24/06/14 £77,350 £28.36 Quarterly Sub-let to Karauir Ltd 25/01/2013 - 20/06/2024

Substation Electricity North West Limited – N/A – 25 yrs 20/11/96 19/11/21 N/A N/A N/A –

Marketing Spaceandpeople Plc – N/A – 3 yrs 04/01/13 01/03/16 N/A N/A N/A –

Phase 1 total 116,613 46,405 £2,532,619

NB: Where appropriate the unit area reflect those assured at review under the term of the respective lease

14

Tenancies | Robin Retail Park, Wigan, WN5 0UU

15

Planning | Robin Retail Park, Wigan, WN5 0UU

PLANNINGOriginal planning consent was granted for the park by Wigan Metropolitan Borough Council in August 1995 to “… develop 66.16 hectares of land for commercial leisure and class A1 retail (including food retail) with associated car parking and servicing.” Since the original permission a number of subsequent consents, relaxations and changes have been made and today we would summarise the position as follows:

OPEN A1 RETAIL CONSENT WITH THE FOLLOWING CONDITIONS:�Q There is no overall floorspace cap on the park.

�Q Maximum sales area allowed for food retailing is 1,858 sq m (20,000 sq ft).

�Q Maximum sales area which can be used for the retailing of clothing and/or footwear is 6,503 sq m (70,000 sq ft).

�Q Sales of jewellery, fashion accessories, glass, china, or books are permitted where these are ancillary to the primary retail function of the unit.

�Q Sub-division of units on the scheme to create GIA floorplates of less than 464 sq m (5,000 sq ft) requires the consent of the Local Planning Authority.

�Q There are no restrictions on the operation or change of use of pod units from A1 to A3 or A3 to A1.

The scheme was measured in early April 2014 and we have identified in the table adjacent the current floorspace usage for clothing and/or clothing sales across the park.

On this basis there remains approximately 1,571 sq m (16,907 sq ft) of floorspace available for clothing and/or footwear, which is more than sufficient to implement the fashion letting of unit 5.

Counsel opinion was recently sought specifically in relation to removing the cap on the clothing and/or footwear sales and the formal response provided suggested very positive prospects for achieving this. A copy of the Opinion is available on request.

Unit Tenant

GIA (sq ft)

Ground Floor Mezzanine Total Clothing & Footwear sales

1 Sportsdirect.com 10,029 8,976 19,005 11,3961

1A & 2 Smyths Toys 16,056 4,711 20,767 0

3 Argos 12,502 7,724 20,226 0

4 Carpetright 10,064 0 10,064 0

5 Vacant 9,511 9,281 18,792 0

6 Pets at Home 10,074 0 10,074 0

7 Next & Costa 14,930 12,817 27,748 16,000

8a Holiday Superstore 5,000 0 5,000 0

8b Clintons 5,000 0 5,000 0

9 Bensons 7,621 1,544 9,166 0

10 Poundstretcher 10,020 1,352 11,372 0

11a Maplin Electronics 5,034 0 5,034 0

11b Poundworld 5,034 2,222 7,256 0

12 JD Sports 9,839 0 9,839 7,852

13 Matalan 19,960 970 20,930 17,435

14 Boots 14,510 3,129 17,639 410

R2 Wickes 27,136 1,528 28,664 0

16 Burgerking 2,727 0 2,727 0

R1 Carphone Warehouse 3,063 0 3,063 0

Total 198,110 54,254 252,364 53,093

NB: Next lease states cap an Fashion and Sports sales at 16,000 sq ft. 1Area based on scaled plans provided by tenant.

16

Planning | Robin Retail Park, Wigan, WN5 0UU

ARGOS LTD

Year to Date Turnover (000’s) Pre Tax Profit (000’s) Net Worth (000’s) Creditsafe Rating

02/03/2013 £3,752,634 £84,662 £1,389,389

Very Good03/03/2012 £3,749,910 £17,035 £1,325,094

26/02/2011 £4,012,064 £157,867 £1,413,500

COVENANT INFORMATIONWe have set out recent account information together with Creditsafe ratings for the main tenants.

84% OF THE INCOME IS SECURED AGAINST COVENANTS RANKED WITH A “VERY GOOD” RATING AND A FURTHER 6% OF THE INCOME IS RATED “GOOD”.

CARPETRIGHT PLC


27/04/2013 £457,600 -£5,100 £65,300

Very Low Risk28/04/2012 £471,500 £13,500 £70,700

30/04/2011 £486,800 £6,600 £67,000

FIRST CHOICE HOLIDAYS LIMITED


30/09/2012 – £447,652 £877,061

Good30/09/2011 – £60,363 £627,621

30/09/2010 £2,112 -£97,494 £580,116

BURGERKING LTD


31/12/2012 £19,369 -£3,917 -£21,202

Credit Worthy31/12/2011 £81,829 -£9,624 -£17,057

30/06/2010 £59,048 -£6,253 -£9,510

BOOTS UK LTD


31/03/2013 £6,204,000 £452,000 £1,178,000

Very Good31/03/2012 £6,354,000 £240,000 £982,000

31/03/2011 £6,372,000 £220,000 £965,000

THE CARPHONE WAREHOUSE LTD


30/03/2013 £1,672,115 £98,895 £874,654

Very Good31/03/2012 £1,513,072 -£108,239 £792,200

02/04/2011 £1,623,364 £188,529 £897,28784%VERY GOOD

6%GOOD

10%OTHER

17

Covenant Information | Robin Retail Park, Wigan, WN5 0UU

SPORTS DIRECT INTERNATIONAL PLC


30/04/2013 £2,185,580 £207,226 £644,931

Very Good29/04/2012 £1,835,756 £151,498 £472,390

24/04/2011 £1,599,237 £118,789 £330,746

NEXT GROUP PLC


26/01/2013 £212,300 £322,500 £1,747,900

Very Low Risk28/01/2012 £195,000 £530,600 £1,951,000

29/01/2011 £188,400 £590,300 £1,667,000

POUNDSTRETCHER LTD


31/03/2013 £367,984 -£3,685 -£4,708

Very Good31/03/2012 £348,446 £1,585 -£1,023

02/04/2011 £308,173 £1,443 -£2,608

PETS AT HOME LTD


28/03/2013 £586,350 £77,707 £392,311

Very Low Risk29/03/2012 £536,410 £72,864 £319,609

31/03/2011 £511,576 £75,174 £242,648

MAPLIN ELECTRONICS LTD


29/12/2012 £213,518 £16,193 £156,136

Very Good31/12/2011 £205,025 £24,784 £143,711

31/01/2011 £213,123 £35,709 £126,437

POUNDWORLD RETAIL LTD


31/03/2013 £293,787 £1,892 £8,527

Credit Worthy31/03/2012 £206,482 £2,849 £7,693

31/03/2011 £132,944 £3,933 £6,017

JD SPORTS FASHION PLC


02/02/2013 £1,258,892 £55,117 £237,823

Very Good28/01/2012 £1,059,523 £67,442 £215,256

29/01/2011 £883,669 £78,629 £184,090

MATALAN RETAIL LTD


23/02/2013 £1,125,400 £17,600 £291,000

Very Good25/02/2012 £1,117,500 £9,900 £263,400

26/02/2011 £1,096,500 £72,800 £238,600

STEINHOFF UK HOLDINGS LTD


30/06/2012 £469,703 £28,816 £420,591

Very Low Risk30/06/2011 £459,349 £15,554 £402,275

30/06/2010 £566,958 £23,606 £360,350

SMYTHS TOYS UK LTD


31/12/2012 £152,542 £2,288 £6,369

Very Good31/12/2011 £98,357 £2,434 £4,714

31/03/2011 £84,415 £2,110 £5,931

WICKES BUILDING SUPPLIES LTD


29/12/2012 £976,136 £55,550 £284,311

Very Good31/12/2011 £980,450 £40,375 £241,710

01/01/2011 £969,052 £48,573 £211,990

18

Covenant Information | Robin Retail Park, Wigan, WN5 0UU

Vacant

WIGANLIFE CENTRE

ROBIN PARK ROADROBIN PARK ROAD

SCOTT LANE

LOIRE DRIVE

AN

JOU

BLV

D

RECENT COUNSEL OPINION SUPPORTS PROSPECTS FOR REMOVING THE EXISTING FLOORSPACE CAP ON CLOTHING AND/OR FOOTWEAR SALES

19

Asset Management Opportunities | Robin Retail Park, Wigan, WN5 0UU

UNIT 163,200 sq ft297 sq m

UNIT 171,500 sq ft139.4 sq m

EXISTING UNIT EXTENSION

EPCSEPCs have been produced for all units, with values ranging between B (42) and D (56).

Copies are available on request.

ENVIRONMENTALEnviron undertook a Phase 1 Environmental Review in April 2014 and concluded that ‘the site is considered to be of low – moderate risk in respect of ground contamination whilst in on-going current use.’

ASSET MANAGEMENT OPPORTUNITIESRobin Retail Park is Wigan’s dominant out of town retail offer and as such has, and continues to, benefit from strong levels of tenant demand. Accordingly the park offers a number of opportunities to improve tenant mix and drive values forward, some of which we have identified below:

FURTHER A3 DEVELOPMENTCurrently the park provides only two A3 offers in Costa Coffee (new) and Burger King making up only c. 2.5% of the schemes total floorspace and there is demand to support the development of further space, subject to planning. Indeed the prospect of an extension to the existing Carphone Warehouse unit to allow a downsize and the introduction of a national multiple restaurant operator have been considered with terms discussed.

The 2011 rent review remains outstanding and we believe represents a potential uplift opportunity which could be used as part of the negotiation. We have identified the principal physical changes on the plan below and further information is available on request.

Additionally we believe that there may be an opportunity for mini-pod development on the walkway between those units occupied by Next/Costa Coffee and Thomson Holiday Superstore to link through to the football stadium, subject to planning.

In our opinion the configuration of the retail park results in a very generous parking provision which is underused in part and therefore could support further pod development and this represents an opportunity to explore going forward.

UNIT 5 – FORMER NEXTTerms have been agreed with a market leading UK fashion operator, in line with the level of rental guarantee offered, and further information is available on request.

UNIT 15 – WICKES DOWNSIZEThis unit offers the potential for sub-division, subject to the downsize or relocation of Wickes and indeed offers have been made historically for this space.

LEASE REGEARSBased on tenant feedback we believe there will be a number of opportunities to explore lease extensions/regears on the park in the short term, building on the recent upsize of Next and the implementable fashion letting of unit 5.

FURTHER FASHION/OPEN A1 LETTINGSRecent Counsel Opinion identified strong prospects for removing the existing 70,000 sq ft sales floorspace cap on clothing and/or footwear sales. We believe this offers real opportunity, in light of recent and prospective lettings, to further improve the tenant mix and retail offer on the park.

20

Asset Management Opportunities, Environmental & EPCs | Robin Retail Park, Wigan, WN5 0UU

PROPOSAL Offers are sought in the region of £64,500,000 subject to contract and exclusive of VAT, for the Freehold interest in this property. A purchase at this level, allowing for the vendor’s rental guarantee and the fixed increase in the Smyths Toys lease, would reflect the following yield profile:

6.17% initial yield



6.20% nominal equivalent yield

based on purchaser’s costs of 5.80%.

VAT The property has been elected for VAT so will be payable. However it is anticipated that the transaction will be treated as a TOGC.

21

VAT, Proposal| Robin Retail Park, Wigan, WN5 0UU

NEXT HAVE 3 TRADING STORES IN WIGAN BUT RECENTLY CHOSE TO UPSIZE THEIR STORE ON ROBIN

RETAIL PARK AND SIGN A NEW 10 YEAR LEASE

22

VAT, Proposal | Robin Retail Park, Wigan, WN5 0UU

Designed and produced by THE GROUP www.completelygroup.com

JUSTIN HOULIHAN020 7152 [email protected]

EMMA BOTTING020 7152 [email protected]

Cushman & Wakefield LLP for themselves and for vendors or lessors of this property whose agents they are, give notice that: (1) The particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract. (2) No person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this property. (3) This property is offered subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT/GST. (4) Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order. (5) Unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required.

43/45 Portman Square London WIA 3BG

WWW.CUSHMANWAKEFIELD.COM

12264.001 | May 2014

CONTACT

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ROBIN RETAIL PARK - Completely Retailcushwake.completelyretail.co.uk/media/.../Wigan---Robin-Retail-Park... · Q Robin Retail Park is situated only a short distance to the west of