Freehold Retail Investment. 23 Middle Street Yeovil Somerset BA20 1LF. For and on behalf of. September 2012

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Freehold Retail Investment 23 Middle Street Yeovil Somerset BA20 1LF Somerset House 18 Canynge Road Clifton Bristol BS8 3JX 0117 923 9234 F 0117 923 9237 www.htc.uk.

1 Freehold Retail Investment 23 Middle Street Yeovil Somerset BA20 1LF Somerset House 18 Canynge Road Clifton Bristol BS8 3JX F Hartnell Taylor Cook LLP is a Limited Liability Partnership registered in England and Wales OC Offices in London, Bristol, Plymouth Hartnell Taylor Cook LLP is Regulated by RICS For and on behalf of September 2012

INVESTMENT SUMMARY LOCATION Freehold retail investment. Yeovil benefits from an affluent population. Prime pedestrianised pitch. Let to Trespass Europe Limited, a strong national retailer.

2 INVESTMENT SUMMARY LOCATION Freehold retail investment. Yeovil benefits from an affluent population. Prime pedestrianised pitch. Let to Trespass Europe Limited, a strong national retailer. New 10 year lease incorporating a 5 year break. Additional income derived from turnover rent. Rebased rent. We are instructed to seek offers of 590,750 (Five Hundred and Ninety Thousand Seven Hundred and Fifty Pounds), representing a net initial yield of 8%, with a potential net initial yield of 11.19% based on maximum additional turnover rent. Yeovil is a busy and prosperous market town and a major commercial centre within South Somerset situated to the west of the River Yeo, the county s border with Dorset. The town is located approximately 50 miles (80km) north east of Exeter, 28 miles (45km) south east of Taunton and 27 miles (43 km) south east of Bridgwater. Yeovil has strong road connections being at the junction of the A30 and the A37, with the A303 situated only 5 miles to the south of the town. Yeovil is the 3 rd largest town in Somerset after Bath and Taunton, with a resident population of 42,000 persons, and a population of 75,600 persons within 10 km of the centre. Yeovil is projected to see above average population growth over the period There are also rail connections of approximately 2 hours 30 minutes with London, and Bristol international airport is some 42 miles to the north. The Co-operative Group

situated in the prime pitch for the town on the pedestrianised section of Middle Street, between Shoe Zone and Clinton Cards, and in close proximity to Primark, Mountain Warehouse, WH Smith, and

3 SITUATION Yeovil is a strong retail destination which is supported by a wealth of major retailers including Primark, Boots and Thorntons. The property is within close proximity to the 45 unit Quedam Centre which contains a variety of retailers including Marks and Spencer, New Look, BhS, Monsoon, River Island and Topshop The property is situated in the prime pitch for the town on the pedestrianised section of Middle Street, between Shoe Zone and Clinton Cards, and in close proximity to Primark, Mountain Warehouse, WH Smith, and Ernest Jones Jewellers. The prime shopping zone is complemented by High Street, located at the northwest of Middle Street, where occupiers such as Superdrug, Argos and Denners Department Store can be found. There are a number of car parks located within walking distance, including the nearby Quedam Centre with 650 car park spaces. DESCRIPTION The property comprises a three storey, mid-terrace retail unit, including a two storey, flat roofed extension at the rear. The property is of solid masonry construction with timber intermediate floors, facing brick facades and painted timber single glazed windows. The premises provide sales at ground and part first floor level with ancillary accommodation at first and second floor. The Co-operative Group

TENANCY Address Tenant Area sq ft ITZA Term Review Expiry Tenant Break Rent per annum 23 Middle Street Trespass Europe Limited+ Ground Floor Sales First Floor Sales First Floor Ancillary Second Floor

4 TENANCY Address Tenant Area sq ft ITZA Term Review Expiry Tenant Break Rent per annum 23 Middle Street Trespass Europe Limited+ Ground Floor Sales First Floor Sales First Floor Ancillary Second Floor Ancillary 1, yrs from 30 Jan yrs 29 Jan Jan ,000* Property Total 3,037 50,000 + Jacobs and Turner Limited act as guarantor. * The tenant pays an additional turnover rent equating to 12% on all sales above 300,000 per annum (The maximum turnover rent is 20,000 plus VAT per annum). TENURE Freehold. COVENANT Trespass Europe Limited Trespass Europe Limited is a leading retailer in workwear and outdoorwear, and a prize winning privately owned sportswear leisure brand. The Trespass brand has its own network of over 50 stores in the UK, over 20 concessions and franchises, as well as a number of stores overseas. The company exports its products to independent retailers in over 62 countries world-wide, and aspires of becoming a global brand. More information can be found on their website The lease is guaranteed by Jacobs and Turner Limited for the first 2 years of the term. The Co-operative Group

Profit 3,046 2,401 2,328 Net Worth 39,935 37,111 36,906 Trespass Europe Limited 30/06/11 30/06/10

5 Experian credit check gives both tenant and guarantor a rating of A - very low risk (confidence). Jacobs and Turner Ltd 26/06/11 30/06/10 30/06/ Turnover 61,830 53,267 47,025 Pre-tax Profit 3,046 2,401 2,328 Net Worth 39,935 37,111 36,906 Trespass Europe Limited 30/06/11 30/06/10 30/06/ Turnover n/a n/a n/a Pre-tax Profit n/a n/a n/a Net Worth The Co-operative Group

RENTAL VALUE Trespass Europe Ltd has signed a new lease with effect from January 2012 equating to 50.12 ITZA.

6 RENTAL VALUE Trespass Europe Ltd has signed a new lease with effect from January 2012 equating to ITZA. Historically, rents in Yeovil have reached in excess of 90 psf, and accordingly we are of the opinion that the passing rent offers a more than realistic opportunity for rental growth. PROPOSAL We are instructed to secure offers of 590,750 (Five Hundred and Ninety Thousand Seven Hundred and Fifty Pounds Only) representing a net initial yield of 8%, after purchasers costs and potentially increasing to 11.19% if full additional turnover rent is achieved. VAT The property is registered for VAT and VAT is payable on the purchase price. VIEWINGS AND ENQUIRIES For further information or to arrange an inspection of this property, please contact. Ian Lambert BSc MRICS Partner Tel: ian.lambert@htc.uk.com Hartnell Taylor Cook LLP Somerset House 18 Canynge Road Clifton Bristol BS8 3JX Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn; Hartnell Taylor Cook LLP is a Limited Liability Partnership registered in England and Wales OC The Co-operative Group Page 5

7 The Co-operative Group Page 6

8 The Co-operative Group Page 7

Freehold Retail and Residential Investment. 2/4 East Street and Vine Flats Ditton Street Ilminster Somerset TA19 0AJ.

Freehold Retail and Residential Investment. 2/4 East Street and Vine Flats Ditton Street Ilminster Somerset TA19 0AJ. 2/4 East Street and Ditton Street Ilminster Somerset TA19 0AJ Somerset House 18 Canynge Road Clifton Bristol BS8 3JX 0117 923 9234 F 0117 923 9237 www.htc.uk.com Hartnell Taylor Cook LLP is a Limited Liability