THE GEORGE CENTRE HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH HIGH YIELDING TOWN CENTRE RETAIL INVESTMENT

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1 THE GEORGE CENTRE HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH

GTHE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH INVESTMENT CONSIDERATIONS Grantham is an attractive and historic market town with a journey time to London of 1 hour Busy covered

2 GTHE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH INVESTMENT CONSIDERATIONS Grantham is an attractive and historic market town with a journey time to London of 1 hour Busy covered shopping centre in the heart of Grantham Grantham is a fast growing town with plans in place to construct 3,700 new homes Multi-let Shopping Centre with additional office accommodation producing a total passing rent of 367,001 p.a. and a potential reversion to 488,385 p.a. fully let Freehold Various asset management opportunities including the potential to increase income through letting vacant units Our client is seeking offers in excess of 2,850,000 (Two Million Eight Hundred and Fifty Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 12.1% and a triple net yield of 11.0% and a potential reversionary yield of 16.1% after allowing for purchasers costs of 6.3%. ST WULFRAM S CHURCH LIDL ASDA THE GEORGE CENTRE WESTGATE HIGH STREET ST AUGUSTIN RETAIL PARK SIR ISAAC NEWTON SHOPPING CENTRE MORRISONS BUS STATION RAIL STATION

THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH Warrington M56 MANCHESTER M60 A6 Manchester Crewe Telford M54 Macclesfield Stoke-on-Trent M6 Wolverhampton M5 Kidderminster Peak

A46 LEICESTER M1 A606 A47 A1 Ketting A15 Lincoln GRANTHAM A1 A15 A52 PETERBOROUGH A1 (M) Boston A52 Dysart Road A52 Sankt Augustin Way Greyfriars B1174 Union Street Dysart Rd A607 North St Conduit Ln

Cambridge St St Stonebridge Road Dudley Road St Catherine s Road Harrowby Road LOCATION The historic market town of Grantham is situated in the south Kesteven district of Lincolnshire approximately

The town benefits from excellent transport links being situated on the A52 which provides direct access to Nottingham and the M1 motorway.

3 THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH Warrington M56 MANCHESTER M60 A6 Manchester Crewe Telford M54 Macclesfield Stoke-on-Trent M6 Wolverhampton M5 Kidderminster Peak District National Park BIRMINGHAM Birmingham Doncaster Rotherham A1 (M) SHEFFIELD M42 Chesterfield M1 A614 Ransfield A61 DERBY East Midlands M6 Nottingham City Leicester A42 M69 A60 NOTTINGHAM A453 A46 LEICESTER M1 A606 A47 A1 Ketting A15 Lincoln GRANTHAM A1 A15 A52 PETERBOROUGH A1 (M) Boston A52 Dysart Road A52 Sankt Augustin Way Greyfriars B1174 Union Street Dysart Rd A607 North St Conduit Ln Westgate A607 Swine Gate Watergate B1174 G Guildhall St A52 Brook St Church Street Elmer St North Bluegate Finkin St Bath St Castlegate East Street George St Welham Street St Catherine s Road Cambridge St St Stonebridge Road Dudley Road St Catherine s Road Harrowby Road LOCATION The historic market town of Grantham is situated in the south Kesteven district of Lincolnshire approximately 25 miles (40km) east of Nottingham, 35 miles (56 km) north of Peterborough and 41 (66 km) miles north east of Leicester. The town benefits from excellent transport links being situated on the A52 which provides direct access to Nottingham and the M1 motorway. Approximately 1 mile to the west of the town is the major north-south dual-carriageway the A1 which links Edinburgh to the north and London to the south. Grantham railway station provides regular high speed services across England and Scotland along the East Coast mainline with a fastest journey time to Kings Cross London of 1 hour. East Midlands is located approximately 36 miles (58 km) to the west and provides flights across the UK and Europe. G

G THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH DEMOGRAPHICS Grantham has a primary catchment area of 95,000 with an

Grantham s primary catchment population is adults aged over 45 with a high proportion of the population aged 65 and above.

2016. GRANTHAM A CHANGING LANDSCAPE Grantham is benefiting from significant investment spearheaded by the government backed 23 million new A1

This is set to consist of up to 3,700 homes and bringing with it new jobs and facilities.

beverage offerings set to enhance the town centre.

George Centre is situated on Grantham High Street with additional frontages on Guildhall Street and Westgate which form part of the primary

4 G THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH DEMOGRAPHICS Grantham has a primary catchment area of 95,000 with an estimated shopping population of 48,000, which is forecasted to see growth over the period Grantham s primary catchment population is adults aged over 45 with a high proportion of the population aged 65 and above. Grantham also has an above average percentage of home owners and has experienced an above average growth in house prices between 2015 and GRANTHAM A CHANGING LANDSCAPE Grantham is benefiting from significant investment spearheaded by the government backed 23 million new A1 junction project which will enable plans for a new 193 hectare Spitalgate Heath Garden Village urban extension to move forward. This is set to consist of up to 3,700 homes and bringing with it new jobs and facilities. The town centre is also undergoing significant redevelopment with a 5 million council backed scheme featuring a cinema alongside food and beverage offerings set to enhance the town centre. REAL BURGER COMPANY SOUTH LINCOLNSHIRE BLIND SOCIETY UNDER OFFER VACANT JAMES OUGHTON UPHOLSTERY UNDER OFFER Ground Floor SITUATION The George Centre is situated on Grantham High Street with additional frontages on Guildhall Street and Westgate which form part of the primary retail thoroughfare in Grantham. The centre benefits from strong pedestrian flow and retailers in close proximity include WHSmith, H Samuel, Clintons, Boots and Argos. Grantham railway station is located a 10 minute walk to the south. TRAVAIL EDUCATION PEARSON PROFESSIONAL CENTRES CREEPERHOST First Floor Crown Copyright, ES For identification purposes only.

THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH DESCRIPTION The property comprises a part grade II listed building dating back to the 1600 s which was converted into a shopping centre

5 THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH DESCRIPTION The property comprises a part grade II listed building dating back to the 1600 s which was converted into a shopping centre in The ground floor provides 23 retail units with further retail and office accommodation to the first floor and additional office suites to the second floor. The shopping centre further benefits from on-site parking for approximately 41 cars. TENURE Freehold G

G TENANCY SCHEDULE Unit Tenant Floor Floor Area Sq M Floor Area Sq Ft Lease Start Next Rent Review Lease Expiry (Next Break) Units 1 & 2 Under Offer - Subject to contract GF 585.

6 G TENANCY SCHEDULE Unit Tenant Floor Floor Area Sq M Floor Area Sq Ft Lease Start Next Rent Review Lease Expiry (Next Break) Units 1 & 2 Under Offer - Subject to contract GF ,306 30,000 30,000 Terms agreed for new 10 year lease at 30,000 pa with 12 months rent free and 1,000 stepped increases up to first review at year 5. Vendor will top up rent until the unit becomes income producing alongside a rates and s/c guarantee until the letting is complete. Unit 3 Unit 4 Anita Palmer (t/a Plants by Anita) James Oughton (t/a James Oughton Upholstery) Annual Rent ERV Comments GF ,227 01/07/ /06/17 24/12/2018 7,000 7,000 Stepped rental increases: 24/06/2017 to 8,250 pa 24/06/2018 to 10,500 pa Rent Deposit - 1,200 GF /08/ /08/17 09/03/2020 5,500 5,500 Annual rent increases linked to RPI or market rent Unit 5 Vacant GF ,952 Units 6 & 7 Vacant GF , ,404 Unit 8 Teaspoon Tea Company Limited GF ,931 21/03/ /03/18 20/03/2019 (21/03/2018) 12,000 12,000 Stepped rental increase: 21/03/2018 to 13,000 pa Rent Deposit - 3,000 Unit 9 Vacant GF , ,748 Units 10 & 11 Vacant GF , ,125 Unit 12 Raj Kaur (t/a R&R Threading) GF /09/ /10/17 14/10/2020 (15/10/2018) 3,000 3,000 Stepped rental increase: 15/10/2017 to 4,000 pa Guarantor in place Rent Deposit - 2, Unit 13 Vacant GF , ,198 Units 14 & 14a PizzaExpress (Restaurants) Limited GF ,260 24/06/ /06/ /06/ ,500 44,500 Guarantor in place (Ask Restaurants Limited) Lease is inside act Unit 15 Lisa Richardson (t/a The Gift Box) GF /08/ /08/2017 4,000 4,000 Unit 16 Deborah Traynor & Kamala Sylvia Rashell Gray (t/a Juice 'e' Vaporium) GF /04/ /02/2019 6,250 6,250 Rent Deposit - 3,000 Unit 17 Steven Charles Thorsen (t/a Oblio's Deli & Bistro) GF /04/ /04/2023 (01/04/2018) 18,950 18,950 Units 18 & 19 The Edinburgh Woollen Mill Limited GF ,626 01/04/ /03/2017 5,000 26,260 AGL in place for a new term from 01/04/2017 until 29/05/2018 at a rent of 5,000 pa and a fixed service charge of 15,000 pa Unit 20 Thi Hieu Vo (t/a Glamour Nail Bar) GF /04/ /04/ /04/2025 8,600 8,600 Rent Deposit - 2,580 Units 21 & 22 Under Offer - Subject to contract GF ,291 8,000 8,000 Terms agreed for new 3 year lease at 8,000 pa with 3 months rent free. Vendor will top up rent until the unit becomes income producing alongside a rates and s/c guarantee until the letting is complete. Unit 23 Unit 24 Stuart Vyse (t/a Tailored Computer Systems) Jeannie Crabtree & Suzanne Mary Hewis (t/a Jenny Wren) GF /07/ /07/ /07/2023 8,000 8,000 GF /10/ /10/ /10/2022 (15/10/2017) 8,000 8,000 Rent Deposit - 2,400

THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH Unit Tenant Floor Floor Area Sq M Floor Area Sq Ft Lease Start Next Rent Review Lease Expiry (Next Break) Unit 25 Lunettes Opticians

7 THE GEORGE CENTRE, HIGH STREET, GRANTHAM, LINCOLNSHIRE NG31 6LH Unit Tenant Floor Floor Area Sq M Floor Area Sq Ft Lease Start Next Rent Review Lease Expiry (Next Break) Unit 25 Lunettes Opticians Limited GF /09/ /09/2020 (28/09/2018) Annual Rent ERV Comments 13,500 13,500 Unit 26 Aymatt Limited (t/a Cappacinos) GF ,888 25/03/ /12/ /12/ ,650 24,650 Unit 27 Paul Stokes (t/a Oscars Wine Bar) GF ,197 09/07/ /07/ /07/2024 (08/07/2019) 14,500 14,500 Guarantor in place Rent Deposit - 3,000 Units 28, 41 & 42 Feel Good Enterprises Limited 1F ,593 10/09/ /09/ /09/2025 (28/09/2020) 31,000 31,000 Unit 29 Vacant 1F ,055 Unit 30 Education Recruitment Limited 1F /07/ /07/2018 5,800 5,800 Units 31 & 32 Creeperhost Limited 1F ,004 28/05/ /02/2026 9,500 9,500 Rent Deposit - 2,850 Units 33, 34 & 35 Grantham College 1F ,393 16/05/ /05/18 15/05/2023 (16/05/2018) Unit 36 Tropicana Tan (Grantham) Limited 1F /08/ /08/ /12/2024 (23/12/2017) Unit 37 Tropicana Tan (Grantham) Limited 1F /12/ /12/19 22/12/2024 (22/12/2017) Unit 38 Next Step Recruitment Limited 1F /12/ /12/ /12/2021 (08/12/2019) 41,087 41,087 2,500 2,500 Annual tenant break options. Guarantor in place Stepped rental increases: 17/08/2017 to 3,500 pa 17/08/2018 to 4,500 pa. 5,850 5,850 Further tenant break option 22/12/2023 Guarantor in place Rent Deposit ,500 7,500 Annual rent increases linked to RPI or market rent Unit 39 Pearson Professional Assessments Limited 1F /10/ /06/17 14/10/2019 8,750 8,750 Unit 40 Grantham College 1F ,004 15/10/ /10/17 14/10/2022 (15/10/2017) Office Suite 1 Vacant 2F , ,537 Office Suite 2 Vacant 2F , ,565 11,615 11,615 Office Suite 3 Yell Tech Limited 2F /09/2014 None 28/09/2017 3,500 3,500 Office Suite 4 M M Shopfitting & Joinery Limited 2F /09/2016 None 13/09/2019 (14/03/2018) 2,424 2,424 Office Suite 5 Howard Rudder & Christopher Buck (t/a RecruitME) 2F /02/2015 None 19/02/2018 2,400 2,400 Rent Deposit Office Suite 6 Vacant 2F ,990 Store Room 109 Creeperhost Limited 2F /11/2013 None 28/02/2026 3,725 3, Car Park Spaces Various 9,900 18,450 Full car park schedule available upon request Totals 5, , , ,385 All leases are IRI with service charge in place for external elements G

8 G LANDLORDS SHORTFALL The service charge budget for the year ending 28/09/17 is 253,750. Once the current lettings are complete the total service charge liability for the Landlord will be 26,511 p.a. In addition, the rates payable by the landlord equates to 43,302 (2017 rates) however the vendor is currently benefitting from a rates mitigation scheme costing them approximately 7,500 p.a. The current triple net rent is 332,991 p.a. VAT The property is elected for VAT. It is anticipated that the transaction will be treated as a transfer of going concern (TOGC). DATAROOM For access to the Allsop dataroom please use the following link: PROPOSAL Our client is seeking offers in excess of 2,850,000 (Two Million Eight Hundred and Fifty Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 12.1% and a triple net yield of 11.0% and a potential reversionary yield of 16.1% after allowing for purchasers costs of 6.3%. For further information or to make arrangements for viewing please contact: Alex Butler alex.butler@allsop.co.uk Jonathan Butcher jonathan.butcher@allsop.co.uk Liam Stray liam.stray@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD

ST NICHOLAS HOUSE, GEORGE STREET, LUTON, LU1 2AF

ST NICHOLAS HOUSE, GEORGE STREET, LUTON, LU1 2AF PRIVATECLIENT ST NICHOLAS HOUSE, 15-17 GEORGE STREET, LUTON, LU1 2AF TOWN CENTRE INVESTMENT OPPORTUNITY WITH DEVELOPMENT POTENTIAL INVESTMENT CONSIDERATIONS Prominent investment opportunity in Luton town