BOOKER CASH & CARRY, GLOVER ST, PERTH, PH2 0JD

BOOKER CASH & CARRY, GLOVER ST, PERTH, PH2 0JD

INVESTMENT CONSIDERATIONS Modern built Cash & Carry warehouse investment located in Perth City Centre The property is let on a full repairing and insuring lease to Giant Booker Limited (D&B 5A1) providing an unexpired term of circa 11.5 years (6.5 years to break) Rent reviews subject to a minimum 2.5% pa compound rental growth with the next rent review in February 2020. Tesco completed a 3.7 billion takeover of Booker Group PLC in 2018. Total Current Income of 162,251 per annum ( 5.19 psf) with a minimum rental uplift to 183,572 in 2020 The property comprises a single storey industrial warehouse totalling a GIA of approximately 31,248 sq ft (2,903 sq m). The property is held Long Leasehold (88 years unexpired) at a ground rent of 36,500 pa Low site cover of 33% The vendor will consider topping the rent up to the minimal 2020 uplift to result in a more attractive yield for the purchaser Offers sought in excess of 1,325,000 (One Million Three Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 8.95% with a minimum Reversionary Yield of 10.47% in 2020, after allowing for purchaser s costs of 6.01%.

BOOKER CASH & CARRY, GLOVER ST, PERTH, PH2 0JD PERTH DUNDEE M73 GLASGOW M77 KILMARNOCK M80 M9 M90 EDINBURGH M8 A7 A68 A71 M74 A1 A77 A76 A7 A68 A75 A69 NEWC A595 A66 A66 LOCATION A9 Seven Acres Park W MAINES AVENUE A912 North Inch Golf Course A93 A94 GANNOCHY The affluent city of Perth was once the ancient capital of Scotland and is still one of its most influential cities in the country, being the administrative centre for Perth & Kinross Council. The city is located on the banks of the River Tay and is regarded as the Gateway to the Highlands situated 43 miles north of Edinburgh, 24 miles west of Dundee and 63 miles north east of Glasgow. The city sits in the heart of Scotland with over 90% of Scotland s population living within a 90 minute drive time. The city has a resident population in excess of 47,000 persons and a catchment population in the region of 120,000 persons. The city enjoys excellent road communications situated at the hub of Scotland s motorway network having direct access to Junction 10 and 11 of the M90 motorway. There is a regular rail service to Edinburgh City centre of circa one hour twenty together with a wide range of services across Scotland. Perth also benefits from a direct train service to London Kings Cross with a journey time of less than six hours. A9 A9 ETTRIC DRIVE 12 HILL END RD NEWHOUSE RD LETHAM B URGHMUIR ROAD JEANFIELD ROAD A93 GLASGOW ROAD B9112 Perth Royal Infirmary M90 MONCREIFFE A93 GLASGOW ROAD LONG CAUSEWAY DUNKELD ROAD Perth Station CALADONIAN RD CRAIGE YORK PLACE KING ST A989 MARSHALL PLACE A912 Perth City Centre South Inch River Tay BRIDGEND

BOOKER CASH & CARRY, GLOVER ST, PERTH, PH2 0JD SITUATION The property is situated on a large site in the middle of Perth City Centre. The property is approximately a ten minute walk from Perth Train Station on the eastern side of Glover Street opposite its junction with Blair Street. There is a local bus stop one minute from the property which offers services across the local community and Craigie. The immediate area is predominately residential with Perth Leisure Swimming Pool located to the north and a number of national and local occupiers also in close proximity including Lloyds Pharmacy, Europcar and the Dewars Centre. DESCRIPTION The property comprises a modern self-contained Cash and Carry industrial warehouse arranged over ground and first floors measuring approximately 31,248 sq ft. The property is of steel portal frame construction with brick elevations surmounted by profile steel cladding beneath a corrugated roof. The property has been fitted out to suit a Cash and Carry operator with a large open plan sales space, staff accommodation and storage/loading areas to ground floor with further staff and office accommodation to the first floor. The tenant does not use the first floor office space. The unit benefits from a large customer car park to the west of the property which is accessed via Glover Street and a separate self-contained service yard to the south of the property which is also accessed via Glover Street. There are two up-and-over roller shutter doors which provide access to the service area. TENURE The property is held Long Leasehold for a term of 125 years from 10th June 1981 (88 years unexpired). The Freeholder is Brinkburn Properties and the current ground rent equates to 36,500 pa. The next rent review for the ground rent is due on the 10/06/2021 and the rent is to be reviewed at the open market value of the land only, excluding any buildings or leases in place.

70 PRIVATE CLIENT BOOKERS CASH & CARRY, GLOVER ST, PERTH, PH2 0JD Tank orks Depot P Const & Ward Bdy 111 105 SITE AREA The site provides an area of approximately 2.43 acres (1 Hectares) which represents a site cover of approximately 33%. TENANCY The property is let on a full repairing and insuring lease to Giant Booker Limited, t/a Booker Wholesale, for a term of 25 years from 28th February 2005, expiring on 28th February 2030, with a further guarantee to Giant Bidco Limited. The parent company of Booker Group plc is Tesco PLC. The current rent passing is 162,251 per annum ( 5.19 psf) and the lease is subject to a tenant s break clause on the 20th anniversary of the term subject to six months prior written notice. The lease benefits from five yearly upward only rent reviews which are reviewed to the higher of either Open Market Value or 2.5% per annum compounded uplifts. 21 G Club House West End Bowling Club Assuming the tenant does not exercise their break option in 2025 this ensures a minimum rental uplift profile of: 28th February 2020 Higher of 183,572 per annum or OMV 28th February 2025 Higher of 207,695 per annum or OMV GLOVER STREE The vendor will consider topping the rent up to the minimal 2020 uplift if required to result in a more attractive yield for the purchaser. 4 2 93 95 Crown Copyright, ES 100004106. For identification purposes only. 64 COVENANT INFORMATION Founded in 1835, Booker Group is the UK s leading food wholesale with over 13,000 employees serving a total of 1.2 million customers across the UK and India. In January 2017, it was announced that the supermarket retailer Tesco had agreed to purchase the company for 3.7 billion resulting in Britain s biggest retailer combining with the country s largest wholesaler. The sale is expected to result in a further growth of market share by the Booker brand and to add new capabilities to Tesco s current offering. The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct, Premier, Family Shopper, Budgens, Londis and Booker India. In the last few years The Booker Group has increased its delivery capabilities, In the last few years The Brooker Group has notably enhanced their delivery division by highlighting this as an area of growth and gaining several significant contracts left vacant by the collapse of the incumbent wholesaler, Palmer & Harvey, in November 2017. The company also founded, and was previously a sponsor of, the Booker Prize (originally the Booker McConnell Prize) for literary fiction, which was established in 1968. Giant Booker Limited has reported the following financial information for the last three years: 27 Mar 2015 25 Mar 2016 24 Mar 2017 Turnover 9,200,000 10,300,000 10,500,000 Pre-Tax Profit 5,600,000 6,700,000 5,700,000 Total Net Worth 233,000,000 227,400,000 228,300,000

PROPOSAL VAT The property is registered for VAT and we would expect the property to be treated as a Transfer of a Going Concern (TOGC). EPC Energy Performance Certificate for the property is available upon request. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/bookerperth Offers sought in excess of 1,325,000 (One Million Three Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 8.95% with a minimum Reversionary Yield of 10.47% in 2020, after allowing for purchaser s costs of 6.01%. For further information or to make arrangements for viewing please contact: PRIVATE CLIENT TEAM Liam Stray 020 7543 6769 liam.stray@allsop.co.uk Alex Butler 020 7543 6722 alex.butler@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 10.18