TENTERDEN: SAYERS SQUARE TN30 6BW. freehold, mixed use, arcade investment opportunity

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1 freehold, mixed use, arcade investment opportunity

2 Investment Summary Affluent commuter town located in Kent An established retailing pitch opposite Waitrose, within close proximity to Laura Ashley, Waterstones, White Stuff Clothing, Caffe Nero, Fat Face, M&Co and Crew Clothing Co Potential to re-develop the site Freehold Total rent of 96,175 pax Let vacant office space or explore change of use Offers in excess of 1,375,000 (Subject to Contract & exclusive of VAT) which reflects an attractive Net Initial Yield of 6.6% assuming purchasers costs of 6.04%. This reflects a reversionary yield of 9.4% assuming our opinion of ERV. An offer at this level reflects an attractive capital value psf of 219 Sevenoaks Canterbury Maidstone Royal Tunbridge Wells Dover TENTERDEN Hastings Folkestone Location Demographics Tenterden is an attractive historic market town situated within the Ashford district of Kent. The town is located on the A28 between Ashford and Hastings, a drive of 12.5 miles (20km) and 20 miles (30km) north east and south west respectively. Royal Tunbridge Wells is also within close proximity being some 22.4 miles (36km) east from Tenterden. The primary population of Tenterden is circa 8,000 people albeit the catchment reaches far beyond. Tenterden benefits from an extremely affluent demographic with an over representation of the highest social grades, AB and C2. In contrast, the lowest social group DE representing the semi-skilled, unskilled manual workers and the unemployed are significantly under-represented. In addition, households with income between 100,000 to 149,999 and over 150,000 or over are particularly over represented in the town.

3 Retailing in Tenterden Tenterden s retail core is linear in nature based along the nonpedestrianised High Street and down Sayers Lane, where the subject property is located. The town benefits from a strong retail offer with national multiples represented including Waitrose, Laura Ashley, Waterstones, White Stuff Clothing, Caffe Nero, Costa, Phase Eight, Fat Face, M&Co and Crew Clothing Co. In addition, the town attracts a number of local boutique retailers and restaurant operators including Prezzo and Café Rouge. The subject property is situated on Sayers Lane, a thriving and important thoroughfare linking the High Street with Waitrose and the town s largest car park (280 spaces).

4 CANCER RESEARCH UK CASHARA DOTTY DISH DEMELZA HOSPICE SIBLEY WEBBS OF TENTERDEN PILGRIM HOSPICE

5 The Property The subject property is an arcade known as Sayers Square located directly opposite the main entrance to Waitrose Supermarket. The ground floor comprises five retail units, and is fully occupied. The first floor, accessed via an open staircase in the middle of the scheme, comprises four self-contained office suites, three of which are currently vacant. The vacant suites are well presented and ready for occupation while also presenting a prospective purchaser with an interesting development opportunity subject to planning. It is interesting to note that a number of the surrounding buildings are taller than the subject property. WC s are located on the first floor and utilised by all the tenants. Accommodation The property provides an approximate total net floor area of sq.m. (6,269 sq.ft.) arranged over ground and first floors. Tenure Freehold View of the holding from Waitrose car park

6 Asset Management Opportunities Let vacant office suites Explore the possibility of a change of use and redevelopment at first floor level Re-gear leases with existing tenants Look to reconfigure the ground floor retail offer subject to vacant possession and planning EPC An EPC is available upon request. VAT The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC). Service Charge There is a service charge currently in operation for the year 01/10/ /09/2016. The current landlord service charge shortfall, accounting for the office vacancies is 16, The vendor proposes to guarantee this shortfall for one year. Tenancies Unit Unit 7 Unit 9 Unit 11 Unit 13 Unit Tenant Name Blue Bell Coffee Company Ltd t/a Blue Bell Coffee House KJL & Co. Services Limited t/a Kid Ella Amy Peach, Laura Poole, Mark Poole t/a Figis Jennifer Clifton t/a Mia Home Paul Bowen t/a Woodcocks Home & Gifts Rent ( pax) G&P ERV Start Date Expiry Date Outstanding/ Next Rent Review Break Option Area Area (sq. ft.) Rent ( /psqt) WULT Service Charge 2015/16 Comments 23,000 23,000 28/10/15 27/10/ Ground (Sales) , Year 1 20,000 Year 2 21,000 Year 3 22,000 Year 4 23,000 To be topped up by the vendor to 23,000 pax 12,500 15,000 23/09/21 22/09/21 23/09/18 - Ground (Sales) , Tenant rent deposit of 3,125 plus VAT. 9,000 12,500 26/03/15 25/03/ Ground (Sales) , ,750 15,000-24/07/ Ground (Sales) , ,800 35,000 23/05/05 22/05/20 23/05/18 - Ground (Sales) , Unit 19 Vacant - 9, First Floor (Office) , Unit 21 Vitanium Systems Limited 8,125 8,125 08/10/14 07/10/20-08/10/17 First Floor (Office) , Tenant rent deposit of 2,500 plus VAT. t/a Vital Solutions Unit 23 Vacant - 5, First Floor (Office) Being marketed by Bracketts. Business rates shortfall of 1,911 (assuming a UBR of 49p). Vendor to guarantee for 12 months. 10, Unit 25 Vacant - 14, First Floor (Office) 1, Being marketed by Bracketts. Business rates shortfall of 6,370 (assuming a UBR of 49p). Vendor to guarantee for 12 months. Total Rent 96, ,125 Total Area 6,269.95

7 Proposal We have been instructed to seek offers of 1,375,000 (One Million Three Hundred and Seventy Five Thousand Pounds), Subject to Contract & exclusive of VAT, which reflects a net initial yield of 6.6%, allowing for purchaser s costs of 6.04%. Assuming our ERV a purchase at this level reflects a reversionary yield of circa 9.4% and a capital value per sq. ft. of 219. Further Information For further information or to arrange an inspection please contact: Ed Smith ed.smith@greenpartners.co.uk Patrick Over patrick.over@greenpartners.co.uk Simona Malinova simona.malinova@greenpartners.co.uk MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. April Adrian Gates Photography & Design