FOR SALE LONG LET CONVENIENCE STORE INVESTMENT. Let to: Ladybrook Lane, Mansfield NG18 5JJ

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Virgil Armstrong
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1 FOR SALE LONG LET CONVENIENCE STORE INVESTMENT Let to: Ladybrook Lane,

Investment Summary A newly developed, purpose built Convenience Store let to Heron Food Ltd.

approximately 0.5 miles west of Mansfield town centre.

providing c. 11.25 years to expiry. No break options.

Low base rent equating to only 11.63 per sq ft.

2 Investment Summary A newly developed, purpose built Convenience Store let to Heron Food Ltd. Prominently situated fronting Ladybrook Lane in a predominantly residential neighbourhood approximately 0.5 miles west of Mansfield town centre. The property is secured on a 12 year lease with a lease commencement date of 13th October 2017 providing c years to expiry. No break options. Passing rent of 50,000 per sq ft with 4 yearly, compounded annually, rent reviews to RPI (1 4%). Low base rent equating to only per sq ft. Strong yield compression opportunity due to the recent purchase of Heron Foods by B&M Bargains in The business has plans to expand rapidly. Seeking offers in excess of 730,000 reflecting a NIY of 6.5% assuming purchasers costs of 5.36%. Ideal SIPP purchase.

Location Mansfield is an established market town located in the county of Nottinghamshire, located approximately 15 miles

Road communications in Mansfield are excellent with the A617 and A38 truck roads running directly through the town, linking

The A617 also connects with the A1 to the east.

3 Location Mansfield is an established market town located in the county of Nottinghamshire, located approximately 15 miles north of Nottingham, 24 miles south of Sheffield and 60 miles east of Manchester. Road communications in Mansfield are excellent with the A617 and A38 truck roads running directly through the town, linking directly to junctions 28 and 29 of the M1 and the national motorway network to the west. The A617 also connects with the A1 to the east. Rail links are also strong with Mansfield Station providing regular direct services to Nottingham station in an approximate journey time of 29 minutes, linking the town to London St Pancras International in 1 hour 49 minutes, Birmingham in 1 hour 14 minutes and Manchester in 1 hour 44 minutes.

Situation The property is situated approximately 0.

Mansfield Community Hospital and Mansfield Train Station are located 0.

The property is located next door to a Public House and fronts onto Ladybrook Lane

The area is characterised by terraced and semi-detached dwellings and various

4 Situation The property is situated approximately 0.5 miles to the west of Mansfield town centre. Mansfield Community Hospital and Mansfield Train Station are located 0.25 miles and 0.5 miles respectively to the east. The property is located next door to a Public House and fronts onto Ladybrook Lane in a predominantly residential neighbourhood. The area is characterised by terraced and semi-detached dwellings and various other community uses, including Intake Farm Primary School and Nursery, Parish Church, Ladybrook Community Centre, Post Office, Library and Pharmacy which are situated within the immediate vicinity. There is a bus stop outside the property.

E REFUSE AREA g SERVICE YARD DELIVERIES ENTRANCE W BT POST LARD LARD LARD LARD LARD LARD CAN LARD LARD LARD LARD LARD LARD GU CELLAR HATCH POST PUB POST BOX Description The building is a newly

5 E REFUSE AREA g SERVICE YARD DELIVERIES ENTRANCE W BT POST LARD LARD LARD LARD LARD LARD CAN LARD LARD LARD LARD LARD LARD GU CELLAR HATCH POST PUB POST BOX Description The building is a newly constructed, standalone, single storey retail unit. The construction is part brick and steel elevations under a shed composite steel roof. There is car park which provides parking for 31 vehicles, this is shared with the next door Public House. Accommodation Arranged over ground floor, we understand the property provides a gross internal area (GIA) of 4,300 sq ft. Please note measurements are taken from architects CAD plans. Tenancy Let in its entirety to Heron Foods Limited Ltd on 12 year lease with a lease commencement date of 13th October 2017, providing approximately years to lease expiry. Rental of 50,000 per annum ( per sq ft) with 4 yearly rent reviews to RPI (compounded annually), collared and capped at 1 and 4% respectively. The lease is drawn on a fully repairing and insuring basis. Tenure The footprint of the building will be sold long leasehold with cross rights across the car park which is shared with the next door Public House. The leasehold interest is for a term of 999 years at a peppercorn rent. Covenant Information Heron Foods Ltd ( ) Heron Foods is an English retail chain founded in 1979 and is based in Melton with 251 stores, primarily in the north of England and Midlands. The company employs c. 3,800 people. Heron Foods primarily sell frozen food, but have a wide range of dry and chilled stock with named brands. In Q2 2017, due to their aligned customer profiles, value giant B&M bought Heron Foods for 152m to develop a discount convenience grocery brand. The intention is to expand and develop the Heron Foods business, initially through the opening of between 10 and 20 new stores per year. H 1.8m H 0.8m 100MM UPVC DUCT TO TOTEM POST & RAIL H 0.7m H 1.8m New post and single rail fence, 750mm high H 2.4m METAL SECURITY RACK 2NO. CYCLE H 1.5m ATM LOCATION 1:20 H 1.5m CUSTOMER ENTRANCE H 1.5m DISABLED PARKING H 1.9m : :15 CONCRETE BASE FOR TOTEM WITH 100MM DIA DUCT FROM BUILDING, TO BE SUPPLIED AND INSTALLED BY TENANT H 1.0m H 1.6m H 1.7m H 1.0m BRICK WALL CAR PARK - 31 SPACES EXIT DISABLED PARKING DISABLED PARKING 25 CUSTOMER / HGV EGRESS 19 ENTRANCE CUSTOMER / HGV ACCESS Based off the GIA, this equates to a rent of per sq ft which is low for a newly constructed, purpose built Convenience Store. Heron Foods Ltd has reported for the year end 2016 figures of 274.4m (turnover), 8.727m (pre-tax profit) and 36.9m (net assets).

6 Terms VAT The property is elected for VAT although it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 730,000. Based on purchaser s costs of 5.36%, this reflects a net initial yield of 6.5%. Contact Matthew Cox MRICS Darren Moorhouse MRICS Ted Murray MRICS Subject to Contract - July 2018 IMPORTANT NOTICE. MISREPRESENTATION ACT KING STREET COMMERCIAL, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: These particulars do not constitute, nor constitute any part of, an offer or contract. King Street Commercial Ltd and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. Neither King Street Commercial nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents are quoted exclusive of Value Added Tax (VAT), any intending purchasers or lessees must satisfy themselves independently as to the incidence of vat in respect of any transaction. Published July matt@kingstreetcommercial.com King Street Commercial darren@kingstreetcommercial.com ted@kingstreetcommercial.com

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