Lady Bay Retail Park Nottingham NG2 3GZ

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Moris Dorsey
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1 Nottingham NG2 3GZ

2 City Centre City Train Station Jurys Inn Capital FM Arena A60 A612 A6011

Investment Summary A primary catchment of 1,042,000 persons and a significant 20 minute drive time catchment of approximately 275,000 persons. Weighted average unexpired lease term of 10.3 years.

The subject property is fully let and extends to approximately 105,081 sq ft, with tenants including The Range, ScS, Hobbycraft, Dreams, B&M Retail, Staples, Poundworld, In & Out Car Services and

3 Investment Summary A primary catchment of 1,042,000 persons and a significant 20 minute drive time catchment of approximately 275,000 persons. Weighted average unexpired lease term of 10.3 years. Predicted population growth of 0.8% per annum through to 2016, which is in excess of the national average. The subject property is fully let and extends to approximately 105,081 sq ft, with tenants including The Range, ScS, Hobbycraft, Dreams, B&M Retail, Staples, Poundworld, In & Out Car Services and Burger King. New pod development fully let to Carphone Warehouse, Greggs and Subway. There is a fixed uplift to ScS in March 2013 and annual fixed uplifts to In & Out Car Services until 2015, after which the reviews are 5 yearly and linked to RPI cap and collar at 2% and 4%. The park benefits from an A1 (non-fashion and non-food) planning consent. The current income totals 1,498,550 per annum, which averages per sq ft. Freehold. Offers are sought at a price of 18,890,000 which provides a net initial yield of 7.50% rising to 7.68% by December 2015, with a reversionary yield of 7.73 % by These yields assume full purchaser s costs of 5.80%.

Location Aberdeen Glasgow East Coast Main Line Rail Motorway The City of Nottingham is located approximately 16 miles east of Derby, 25 miles

London (Kings Cross) Hull Peterborough Nottingham is strategically situated 5 miles due east of the M1 motorway, with access provided from

The runs in an east/ west direction and also provides access to the A1(M), whilst the, A6154 and A60 form the Circular Nottingham relief road.

4 Location Aberdeen Glasgow East Coast Main Line Rail Motorway The City of Nottingham is located approximately 16 miles east of Derby, 25 miles north of Leicester and 40 miles south of Sheffield, and is generally considered the dominant retail and commercial centre for the East Midlands region. Edinburgh A1 Newcastle Belfast A1 Leeds M62 M62 M60Manchester Sheffield M1 Liverpool Nottingham Derby A1 Cardiff Birmingham Leicester M1 London (Kings Cross) Hull Peterborough Nottingham is strategically situated 5 miles due east of the M1 motorway, with access provided from junctions 25 26, via a major A road network, including the A610 and the, which connects directly to the city centre. The runs in an east/ west direction and also provides access to the A1(M), whilst the, A6154 and A60 form the Circular Nottingham relief road. Nottingham is well served by the national rail network, with the fastest direct rail service to London St Pancras of approximately 1 hour 45 minutes. It also benefits from being close to East Midlands Airport, which is located 15 miles south west of Nottingham and serves destinations all over the UK and Europe.

5 Demographics M1 Hucknall Below we highlight key population and catchment demographic statistics for Nottingham: Nottingham PROMIS Top Catchment 200 Centre Average Projected Population Growth 0.8% pa 0.6% pa A610 A60 Lambley Total Catchment Population ,042, ,000 Projected Total Catchment Population ,083, ,000 Total Catchment Households , ,000 Ilkeston M1 Long Eaton A453 Nottingham Carlton A46 Nottingham possesses a primary catchment of over 1 million persons of which the demographic profile provides an affluent catchment with the AB and C1 social groups representing over 50% of the total adult population and 27% of the population owning 2 cars or more. Economically, Nottingham is an important centre, with the service sector accounting for 82% of total employment and the manufacturing sector around 7%. Significant employers in the city include; Boots the Chemist, the credit reference agency Experian, the energy company E.ON UK, Imperial Tobacco, Siemens and sportswear manufacturer Speedo. A606 Nottingham is also an important educational centre, being home to the University of Nottingham and Nottingham Trent University. Together they are attended by over 40,000 full-time students, providing Nottingham one of the largest student populations in the country. Drive times 10 minutes 102,818 persons 20 minutes 275,456 persons

6 Situation Lady Bay Retail Park is situated approximately 1 mile south east of Nottingham city centre in a highly prominent location at the roundabout junction of Manvers Street (A612), Daleside Road (A612) and Meadow Lane (A6011). All 3 roads provide an effective connection to both the city centre and east and south east Nottingham, including direct connections to both the and A60. The Range Staples The property benefits from excellent visibility to both the A612 and A6011, with much of the vehicular traffic entering the city centre from the, A60 and A612, directly passing the scheme. Surrounding occupiers include principally industrial and commercial uses in addition to Notts County Football Club and Nottingham Forest Football Club being located on either side of the River Trent just south of the scheme. Nottingham s mainline railway station is situated approximately 1 mile west of Lady Bay Retail Park. Dreams ScS Arnold A60 Lambley A610 Bulwell Daybrook Burton Joyce Nuthall Sherwood Mapperley Park She NOTTINGHAM Tenure The site outlined in red is held freehold Wollaton Beeston Lenton Wilford Adbolton West Bridford Edwarton Cotgrave

Description The car MOT and servicing unit is clad entirely in flat sheet panelling, save for the glass panelled reception area, and possesses 4 roller shutter doors on both the north and south

7 Description The car MOT and servicing unit is clad entirely in flat sheet panelling, save for the glass panelled reception area, and possesses 4 roller shutter doors on both the north and south elevations. Internally, the unit has several work pits and jacks and a customer reception area. The pod units are built of steel portal frame construction under a curved roof, with mixed height brickwork and profile metal cladding above. Lady Bay Retail Park is a modern, purpose built retail park developed in 1998, extending to a total of approximately 105,081 sq ft GIA. The park comprises: Linear terrace of 6 units alongside an adjacent single unit, forming an L shaped development Standalone fast food unit at the entrance to the park Standalone car MOT and servicing centre adjacent to The Range Parade of three pod units at the eastern edge of the scheme Customer access and egress to the scheme is provided via a traffic light controlled junction leading directly from a roundabout junction off Meadow Lane (A6011) and Manvers Street (A612). Service vehicles may use a separate access and egress road via Meadow Lane (A6011), leading to a large concrete rear service yard. The car park provides approximately 400 spaces, equating to a ratio of 1:263 sq ft. At present, SCS, Hobbycraft, Dreams and The Range all contain additional non rentalised mezzanine accommodation. The main retail warehousing element is constructed of traditional steel portal frame under pitched roofs, with half height brickwork and profile metal cladding elevations. The units benefit from clear height to eaves of approximately 6 metres. The Range unit also benefits from a covered garden centre.

Pod Development The Vendor is building a 3 pod terrace on the eastern edge of the scheme. Agreement to Leases have been signed with Carphone Warehouse, Subway and Greggs.

8 Pod Development The Vendor is building a 3 pod terrace on the eastern edge of the scheme. Agreement to Leases have been signed with Carphone Warehouse, Subway and Greggs. Practical Completion is due in November 2012 with occupation due prior to Christmas. These tenants will be of benefit to the park, increasing footfall and dwell time significantly. The incumbent tenants trading figures have improved markedly since B&M Retail and Poundworld took space at the park and a similar affect is expected with the introduction of this terrace of retailers. The tenants are due to take occupation prior to Christmas and the Vendor will cover the respective rent free periods until the units become income producing. Full tenancy details are available on request.

9 Covenants Asset Management D&B rating Income Percentage of total income The park is fully let, with over 65% of the income rated A1 strength by Dun & Bradstreet. Full covenant information is available upon request. A1 A2 A3 Other 1,010, ,000 25, ,986 67% 16% 2% 15% The park is currently fully let and the new parade of 3 units will increase trade and dwell time on the park, providing impetus to re-gear and extend certain existing leases. B&M Retail This lease expires in November 2015 providing an unexpired lease term of 3.3 years. There is an opportunity to re gear their lease to secure a longer unexpired lease term and / or a higher rental rate. This initiative would improve the scheme s unexpired term considerably. Poundworld Poundworld have a tenant only break option in June 2016 providing an unexpired guaranteed term of just under 4 years. If removed, the unexpired term would be just under 10 years, improving the scheme s average unexpired lease term. Staples Staples are seeking a downsize of their unit to provide them 8,000 sq ft GIA, leaving approximately 9,000 sq ft of surplus space. The recent lettings to B&M and Poundworld have increased trade at the park and with the imminent opening of the new pod development, there will be a further increase in the scheme s trading levels. This will benefit the search for a tenant(s) to occupy the 9,000 sq ft currently occupied by Staples, which will in turn benefit the scheme with an improved tenant line up.

10 Retail Parks The subject property is located in the southern conurbation of Nottingham and lies between Victoria Retail Park to the east and Riverside and Castle Meadow Retail Parks to the west. These 4 parks dominate the retail warehouse provision in Nottingham. We summarise these parks below:- Castle Meadow Retail Park Located approximately 1.5 miles west of Lady Bay Retail Park 187,000 sq ft GIA Tenants including Currys, Homesense, DFS and most recently, Kiddicare Open A1 non-food consent (with certain exceptions) Historically, peak rents at the park reached per sq ft, but in recent years headline rents have dropped below per sq ft M1 A610 A60 Castle Meadow Retail Park Victoria Retail Park Victoria Retail Park Located 3 miles east of Nottingham city centre 167,000 sq ft GIA Tenants including B&Q, Argos, Next, Tesco Homeplus and Boots Predominantly bulky consent with certain exceptions Headline rents range from to per sq ft Castle Retail Park Located in a secondary position on the A6130, 1 mile north west of Nottingham city centre 112,000 sq ft of food, non-food and leisure accommodation Occupiers are discount based and include Dunelm, Aldi, Topps Tiles and Gala Bingo Mixed use scheme Rents range from per sq ft Castle Retail Park Riverside Retail Park Lady Bay Retail Park Riverside Retail Park Located 3 miles to the west of the subject property 220,000 sq ft GIA Tenants including Toys R Us, Outfit, Argos, Boots and Next Open A1 consent with some restrictions Headline rents range from per sq ft A453 A606 A46

Planning Planning consent was originally granted in January 1998 for the erection of 95,000 sq ft retail park and associated car parking and service areas, subject to the goods being sold from the

In 2002 a CLOPUD was granted to allow the sale of footwear from units 8 and 9.

Ancillary items, as mentioned in the original conditions, are at the discretion of the City Council.

11 Planning Planning consent was originally granted in January 1998 for the erection of 95,000 sq ft retail park and associated car parking and service areas, subject to the goods being sold from the retail warehouse floor space not including food or fashion clothing (other than ancillary items) without the prior consent of the City Council. In 2002 a CLOPUD was granted to allow the sale of footwear from units 8 and 9. The original planning consent allows the current tenants, including the discount retailers, to trade their full product range from the subject property. Ancillary items, as mentioned in the original conditions, are at the discretion of the City Council. We conclude from the planning permission that the subject property has an A1 (non-fashion and non-food) planning consent, with certain variations regarding the sale of footwear from Unit 8 and 9. Subsequent applications have permitted the following additions to the retail park: February 1999: The standalone Burger King unit was approved under outline application (ref 98/03749/POUT) for the erection of a standalone A3 unit. November 2008: Planning (ref: 08/03889/PFUL3) was granted for the erection of a drive through car servicing and MOT centre. November 2011: Planning (ref:11/02868/pful3) was granted for the erection of a freestanding terrace of three units for retail and / or café/restaurant uses within Use Classes A1 and / or A3. Ground Conditions The site currently has no significant risk of third party or regulatory action in relation to ground conditions. More environmental information is available upon request.

12 Tenancy The property is let on full repairing and insuring terms and a provides a WAULT (excluding break options) in excess of 10.3 years Unit Tenant GIA (sq ft) Lease Start Term (yrs) Expiry Date Unexpired Term (yrs) Break Option Next Rent Review Current Rent (per annum) Current Rent (per sq ft) COMMENTS Unit 1 A Share & Sons Ltd 7,480 25/3/ /3/ /3/ , Fixed increase at 25/03/2013 to 149,600 per annum. Unit 2 Hobbycraft Group Ltd 9,730 27/2/ /2/ /2/ , Unit 3 Dreams Plc 6,260 25/12/ /12/ /12/ , Unit 1A B&M Retail Limited 11,015 8/11/ /11/ , There is no exclusivity granted. Unit 4 Staples (Europe) Ltd & Staples Int 17,310 29/9/ /9/ /9/ , Unit 5 Poundworld Retail Limited 7,818 19/9/ /9/ /9/ /9/ , Tenant B/O anytime between 19 Sep 2016 and 18 Sep mths notice required. Penalty of 59,243. Units 6, 7, 8 & 9 CDS (Superstores Int l) Ltd 35,000 25/3/ /3/ /3/ , Restaurant Burger King 2,745 25/3/ /3/ /3/ , Pod 1* Subway 1,013 TBC 15 TBC 15 TBC TBC 25, Tenant B/O at 10 year lease anniversary. Agreed area. Rent TBC. Pod 2* Greggs 1,005 TBC 10 TBC 10 TBC 22, Agreed area and rent. Pod 3* Carphone Warehouse 1,528 TBC 10 TBC 10 TBC 39, Agreed area and rent. MOT / Car Valet Unit Advertsing In and Out Centres Limited 4,177 7/12/ /12/ /12/ /12/ , Redbus Retail Advertising Ltd 0 01/05/ /04/ Tenant B/O as at 24 Dec 2015 & 24 Dec Initial rent until 24/12/2012: 53,000 pa. Fixed uplift from 25/12/2012 to 24/12/2014: 58,000 pa. Fixed uplift from 25/12/2014 to 24/12/2015: 63,000 pa & 2020 RR review to RPI cap and collared at 2% & 4% compounded annually RR worked off 2010 base rent of 63,000 pa. Rent equals 30% of net advertising income. Initial term of 5 years but agreement to continue after expiry unless mutual B/O exercised at year months notice required. Sub Station East Midlands Electricity 0 20/10/ /10/ , yrs Contracted Rent 1,498,550 *Agreements to lease have been signed. Exact lease dates will be confirmed.

13 VAT The subject property has been opted for VAT purposes. It is anticipated that the investment sale will be able to be treated as a TOGC. Proposal Offers are sought at a price of 18,890,000 which provides a net initial yield of 7.50% rising to 7.68% by December 2015 with a reversionary yield of 7.73 % by These yields assume full purchaser s costs of 5.80%. Contact Drew Moore d.moore@wilkinsonwilliams.co.uk Graham Lind g.lind@wilkinsonwilliams.co.uk MISREPRESENTATION ACT: Wilkinson Williams LLP for themselves and for the vendors or lessors of this property, whose agents they are give notice that: a) all particulars are set out as general outline only for the guidance of intending purchasers or lessees, and do not comprise part of an offer or contract: b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believe to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. c) no person in the employment of Wilkinson Williams LLP has any authority to make any representation of warranty whatsoever in relation to this property. October 2012.

14 EPC Unit 1 Unit 2 Unit 3 Unit 1a Unit 4 Energy Performance Certificate Non-Domestic Building Unit 1a Lady Bay Retail Park Meadow Lane NOTTINGHAM NG2 3GZ Certificate Reference Number: This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website Energy Performance Asset Rating More energy efficient A+ A 0-25 B C D E F G Over 150 Less energy efficient Net zero CO emissions 2 73 This is how energy efficient the building is. Technical information Main heating fuel: Building environment: 2 Total useful floor area (m ): Grid Supplied Electricity Air Conditioning Building complexity (NOS level): 4 2 Building emission rate (kgco 2/m ): Benchmarks Buildings similar to this one could have ratings as follows: If newly built If typical of the existing stock Unit 5 Unit 6-9 Unit 10 Unit 11 Energy Performance Certificate Non-Domestic Building Magnet Ltd Unit 5, Meadow Lane Lady Bay Retail Park NOTTINGHAM NG2 3GZ Certificate Reference Number: This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website Energy Performance Asset Rating More energy efficient A+ A 0-25 B C D E F G Over 150 Less energy efficient Technical information Main heating fuel: Building environment: 2 Total useful floor area (m ): Grid Supplied Electricity Air Conditioning Building complexity (NOS level): 3 2 Building emission rate (kgco 2/m ): Net zero CO emissions 2 83 This is how energy efficient the building is. Benchmarks Buildings similar to this one could have ratings as follows: If newly built If typical of the existing stock 22 58

BELGRAVE RETAIL PARK Wisbech PE14 0SL

BELGRAVE RETAIL PARK Wisbech PE14 0SL PRIME RETAIL WAREHOUSE ENTER Prime retail warehouse park located in a strong and growing market town. Situated within an established retail destination, including