RIVERBANK INDUSTRIAL ESTATE Newport, Isle of Wight PO30 5UU HIGH YIELDING WELL LOCATED MULTI LET INDUSTRIAL/TRADE COUNTER ESTATE FREEHOLD INVESTMENT

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1 RIVERBANK INDUSTRIAL ESTATE Newport, Isle of Wight PO30 5UU HIGH YIELDING WELL LOCATED MULTI LET INDUSTRIAL/TRADE COUNTER ESTATE FREEHOLD INVESTMENT

Investment Summary Multi let industrial/trade counter estate investment adjacent to an established and very busy trading estate Located in Newport the administrative centre for the Isle of Wight The

2 Investment Summary Multi let industrial/trade counter estate investment adjacent to an established and very busy trading estate Located in Newport the administrative centre for the Isle of Wight The buildings provide a total of 54,323 sq ft (5,047 sq m) of accommodation on a gross internal basis Sale includes two small parcels of land on the Quayside Freehold Site area equates to approximately acres,(1.28 ha) which reflects a low site coverage of 39% Potential for future redevelopment (STP) The estate is fully let at a total headline rent of 355,487 pa Asset management opportunities to drive value Retail and trade planning consent already established on the estate We have instructions to seek offers in excess of 3,650,000 plus VAT for our client s freehold interest. An offer at this level would reflect a net initial yield of 9.17% after deducting purchaser s costs at 5.8%. A purchase at this level would equate to a capital value of per sq ft Petrol

3 Location The subject estate is situated in Newport on the Isle of Wight. Newport is the County Town and administrative centre for the Island, ongoing commercial and residential developments within its boundaries now firmly cement the town as the commercial hub for the Island. Newport is central to the Island and provides ease of communication to all parts and the mainland. It is 5 miles south of Cowes and 6 miles south west of Ryde. Cowes and East Cowes provide fast passenger service and vehicle ferry service to Southampton respectively, Ryde provides regular and quick passenger services to Portsmouth and Southsea from Ryde Pier Head and Ryde Esplanade respectively. Vehicle ferries to Lymington & Portsmouth exist from Yarmouth (10 miles) and Fishbourne (3 miles). Situation Riverbank Industrial Estate forms an integral part of Riverway Trading Estate, which is situated just north of the main Town Centre of Newport and is a long established industrial/distribution location with both regional and national occupiers. Banbury Cheltenham M40 Aylesbury Luton Stroud Oxford A34 Lyneham Chippenham Newbury Trowbridge A338 Westbury A36 Salisbury A354 B'mouth Reading Basingstoke Winchester Crawley Petersfield A23 Southampton A3 M27 Southampton Brighton A27 Poole Bournemouth Newport Isle of Wight Maidenhead London M4 Heathrow Guildford M25 M3 A34 Gatwick The estate is constantly busy and features a number of trade counter retail and other occupiers including Dunelm, Currys, PC World, Pets at Home, Central Garage (Citroen main dealers), Premier Ford, Magnet, Wolseley, and Halfords amongst others. Description The estate comprises three terraced blocks either side of Hurstake Road, originally constructed in the 1970 s coupled with two small parcels of land on the Quayside, one held on a leasehold basis and one held on a freehold basis. The units are of steel frame construction with part brick/block and part profile clad elevations. Each unit within the estate is selfcontained and all benefit from loading doors, on-site parking and service road access arrangements. Improvement works to the roof of units 9-16 were completed a couple of years ago to include over roofing with the inclusion of additional insulation. H ST MARY S HOSPITAL MEDINA WAY CROCKER STREET RIVERWAY MANNERS VIEW MEDINA WAY LITTLE LONDON NEWPORT M RIVER MEDINA MUSEUM NEWPORT CEMETRY SEACLOSE PARK FAIRLEE ROAD A number of units also benefit from planning consent for an element of retail and trade sales. The whole site amounts to approximately acres (1.28 ha), which reflects a low site coverage of 39%. B3323 HIGH STREET B3323 ST GEORGE S WAY S SATNAV PO30 5UU

4 Tenancy Schedule We can report the property has the following floor areas is fully let subject to the following tenancies. Unit Tenant Area (Sq ft) Lease Start Term (years) Break Option Review Rent ( pa) Comments 4c Indoor Community Skate Park 3, (T) ,000 Outside the Act. Break 6 months notice 4a Dorset Auto Spares 2, (T) ,000 Outside the Act. Year 1 9,000, Yr 2 14,000. Break 6 months notice 4b Dall & Brown 2, ,300 Outside the Act. Nil to then 8,730 to Best Autocentres 4, (T) ,000 Break 6 months notice. 7 Central Garage 2, ,250 8 Central Garage 4, ,500 9 H S Europe Ltd 3, (T/L) , , , Mr & Mrs Lambert 3, , S.E.S. Autoparts 4, (T) , Dall & Brown 4, (T) ,000 13/14 Leonard F. Jollye (Brookmans Park) Limited 8, (T/L) ,500 We believe Central Garage own the adjoining dealership with units 7 and 8 being key to its operation. Outside the Act. Break 6 months notice. Start rent review 6 months in advance. Retail sales of bulky goods e.g. furniture, floor and wall coverings, household textiles and larger electrical appliances. Outside the Act. Maintenance forecourt capped at 500 pa Retail sales restricted to bulky goods only e.g. furniture, floor and wall coverings, household textiles and larger electrical appliances. Outside the Act. Rent 33,800 for period to Break 6 months notice. Storage purposes in association with the retail business of unit 12. Outside the Act. Rent to ,000, ,000. Repairs 750 pa. Retail sale of carpets other floor coverings, furniture and furnishings. Rent 60,500 to , then 64,500. Break 6 months notice. Storage, wholesale and retail sale of pet food and accessories. 15 Hospitality Training Partnership (IOW) Ltd 5, (T) & ,350 Outside the Act. Break 6 months notice. Rent to ,400, from , Hospitality Training Partnership (IOW) Ltd 3, (T) & ,587 Outside the Act. Break 6 months notice. Rent to ,815, from ,360 Total 54, ,487 The tenancy information provided above generates an AWULT of 4.71 years to expiry and 1.99 years to break. This is based on headline rents above and assumes the vendor will top up any stepped rent or rent frees.

Occupational Market The industrial market on the Isle of Wight, around Newport and its adjoining industrial/trading estates is constantly busy and has shown considerable improvement in recent years

Investments in and around Newport rarely come to the market, the nature of the demographics of the town also mean that business is concentrated into certain areas gathering trade from the whole

5 and 3 million tourists visiting each year for different lengths of stay. The Island is also well known for its quality of life and is very popular with both locals and visitors alike.

5 Occupational Market The industrial market on the Isle of Wight, around Newport and its adjoining industrial/trading estates is constantly busy and has shown considerable improvement in recent years to the point where there is very little if any vacant property available to let. The Town Centre continues to grow and most major retail names are now represented within Newport. Investments in and around Newport rarely come to the market, the nature of the demographics of the town also mean that business is concentrated into certain areas gathering trade from the whole Island. Newport itself has some 25,000 resident population, the Island has about 130,000 resident population however it benefits from between 2.5 and 3 million tourists visiting each year for different lengths of stay. The Island is also well known for its quality of life and is very popular with both locals and visitors alike. The many national and local businesses that are firmly established not only in Newport but also elsewhere on the Island, enjoy good trading conditions generally, with many businesses being quite unopposed. Planning Historically the estate has predominantly had a B1, B2 and B8 planning consent. In recent years the planning consent on individual units has widened to retail and trade counter to suit particular occupiers uses. Units 9 and 10 have a restricted bulky goods retail consent for furniture, floor and wall coverings, household textiles and electrical appliances. Leonard F Jollye have a consent for the storage, wholesale and retail sale of pet food and accessories and S.E.S Autoparts in unit 11 have consent for storage distribution and trade counter sales for vehicle parts. Covenants The income is secured against local covenants including the strong covenants of Hospitality Training Partnership (IOW) Limited and Leonard F. Jollye (Brookmans Park) Limited. Hospitality Training Partnership (IOW) Limited Hospitality Training Partnership was established in 2000 HTP has fast become one of the leading training providers in the South of England and is recognised by Ofsted as one of the 12 best training companies in the UK. The company has a Graydon Report Rating 5A excellent with low risk. Leonard F. Jollye (Brookmans Park) Limited Jollyes is one of the largest chains of pet food superstores across the UK and Northern Ireland, providing a wide variety of branded pet foods, and accessories throughout all its stores. The company has a Graydon Report Rating 3A excellent with low risk. Tenure The majority of the estate is held freehold except for one parcel of land on the Quayside which is held leasehold from the I.O.W Council.

6 EPC All certificates are available upon request. VAT All prices, premiums and rents etc. are quoted exclusive of VAT at the prevailing rate. Proposal We have instructions to seek offers in excess of 3,650,000 plus VAT for our client s freehold interest. An offer at this level would reflect a net initial yield of 9.17% after deducting purchaser s costs at 5.8%. A purchase at this level would equate to a capital value of per sq ft. Viewing & Further Information For further information, please contact: Jerry Vigus T: +44 (0) jvigus@lsh.co.uk Tony Scotcher T: +44 (0) scotcherandco@btconnect.com Sarah Capon T: +44 (0) scapon@lsh.co.uk Lambert Smith Hampton 5 Town Quay Southampton SO14 2AQ Scotcher & Co 26 The Mall, Carisbrooke Road Newport PO30 1BW Misrepresentation Act 1967: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or ena must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. Design & Print: Barbican Studio I September 2014 I

UNIT 10 SLOUGH INTERCHANGE

UNIT 10 SLOUGH INTERCHANGE WHITTENHAM CLOSE, SLOUGH, SL2 5EP FREEHOLD INVESTMENT SALE ON THE INSTRUCTIONS OF STEPHEN SKINNER AND CHRISTOPHER WAKEMAN ACTING AS LPA RECEIVERS Investment summary Fully let,