sainsbury’s & pets at home€¦ · comprises 6 parks, has a vacancy rate of 0%. glasgow...

PRIME LONG INCOME SUPERMARKET AND RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

GREAT WESTERN RETAIL PARK 10 ALLERDYCE ROAD GLASGOW

SAINSBURY’S & PETS AT HOME

PRIME SUPERMARKETT AND RETAIL INVESTMENT

02

INVESTMENT SUMMARY

PRIME SUPERMARKET AND RETAIL INVESTMENT OPPORTUNITY LOCATED IN GLASGOW, SCOTLAND’S LARGEST CITY

Strategically situated in Great Western

Retail Park, located just off the A82 and

therefore highly accessible

Total current income of £1,540,000 per

annum which equates to £20.28 per sq ft and £23.99 per

sq ft relative to the Sainsbury’s and Pets at Home respectively

Heritable Interest (Scottish equivalent of

English Freehold)

Let to Sainsbury’s Supermarkets Limited

(D&B 5A1 Rating) until 29/09/2031 and Pets at Home (D&B

5A1 Rating) until 27/10/2026

Supermarket premises extending to 64,110

sq ft with associated Petrol Filling Station

extending to 1,295 sq ft and retail warehouse premises extending to

10,004 sq ft

We are seeking offers in excess of £23,500,000 (Twenty Three Million Five Hundred Thousand Pounds Sterling) for our client’s heritable interest subject to contract and exclusive of VAT. A purchase at this level would provide a net initial yield of 6.17%, after purchaser’s costs of 6.26%.

0103

Glasgow is the cultural, sporting and academic heart of Scotland and is fast becoming one of Europe’s most vibrant and cosmopolitan cities. It has a population of 606,340 people (2016), making it Scotland’s largest city and the third largest in the UK. The entire region surrounding the conurbation has a population of approximately 2.3 million people, which is 40% of Scotland’s population, making it the fifth largest urban area in the UK.

Glasgow is a world-renowned centre for education, with 5 universities and 3 super colleges. Glasgow maintains a robust skills pipeline and a talented, multilingual workforce with over 130,000 students from 135 different countries. The city has a graduate level workforce above almost all major UK cities, with 46.3% of the workforce educated to degree level.

Glasgow’s conference facilities are world class being home to the Scottish Event Campus, the UK’s largest integrated conference and convention centre. The Scottish Event Campus has generated in excess of £1 billion through business tourism. In addition, the Scottish Hydro Arena was completed in 2013 and hosts around 140 events every year and is currently in the top three worldwide arena venues.

Glasgow secured Scotland’s first City Deal, this programme will transform the Glasgow region over the next 20 years. The Glasgow City Region City Deal will fund major infrastructure projects, create new jobs and assist unemployed people back to work, improve public transport and connectivity, drive business innovation and growth and generate private sector investment.

GLASGOW

EDINBURGH

GLASGOW

KILMARNOCK

HAMILTON

STIRLING

MOTHERWELL

IRVINE

CUMBERNAULD

FALKIRK

LIVINGSTON

DUNFERMLINE

PE RT H

A811A82

A78

A737

A8

A82

M80

M876

A725

A71

A76

A77

A702

A72

A72

A702

A703

A701

A71

A73

A70

A721

A720

A83 A84A9

A92

A90

A7

A1

M80

M8

M77

M73

M74

M74

M8M8

M8

M9

M9

M9

M80

M90

£1.13 BILLION

£1.13 BILLION - SCOTLAND’S LARGEST CITY

DEAL

3RD LARGEST

3RD LARGEST CITY IN THE UK

2.3 MILLION PEOPLEEXTENDED

CATCHMENT OF 2.3 MILLION

PEOPLE

04

Glasgow is a major retail location, second only to London in the UK, with over half a million square metres of retail space and a primary catchment population of 1.841 million. Glasgow is also featured in the top 20 super league of major European shopping destinations by commercial expenditure. It is one of Europe’s most dynamic cities with over £4.85bn of comparison goods spend available in the catchment area. Footfall and spending capacity is increased further by the 2.3 million tourists drawn to Glasgow each year from across the nation and throughout the world.

Glasgow is ranked no.1 in the PROMIS shopping population rankings and is consistently ranked by CACI as the second most important retail destination after London.

Great Western Retail Park is the principal bulky goods retail park within Glasgow, dominating the affluent north-west catchment of the city. The top tier of Glasgow retail warehousing which comprises 6 parks, has a vacancy rate of 0%.

GLASGOW RETAIL

NO.1NO. 1 PROMIS

RETAIL RANKING

NO.2NO. 2 CACI

RETAIL RANKING IN THE UK

TOP TIER

TOP TIER RETAIL WAREHOUSING

VACANCY OF 0%

05

DEMOGRAPHICS

Glasgow is the second largest retail market after London’s West End and is ahead of Manchester, Birmingham, Leeds and Liverpool in the top 10 CACI UK Retail rankings 2016/2017. Furthermore, PMA PROMIS ranks Glasgow retail at number 1 in the UK on the following bases:

1.84MPRIMARY

CATCHMENT POPULATION -

1.84M

£4.85BNVOLUME OF

COMPARISON RETAIL SPEND AVAILABLE

IN THE CATCHMENT AREA - £4.85BN

842,000ESTIMATED SHOPPING

POPULATION - 842,000

06

The property is situated within Great Western Retail park which is located 6 miles north west of Glasgow City Centre in a highly prominent location with direct frontage on to Great Western Road (A82), which forms the main arterial road within the north-west corridor of Glasgow.

The retail park is the principal bulky goods retail warehouse park within Glasgow, serving the affluent north-west catchment of the city and is the first retail park on the main road to/from Glasgow and the Highlands.

The property benefits from being located in close proximity to Glasgow’s dense and highly affluent West End, as well as the affluent suburbs of Bearsden and Milngavie.

SITUATION

2 M I L E S

1 M I L E3 M I L E S4 M I L E S5 M I L E S

GREAT WESTERN RETAIL PARK

Milngavie 3.2 Miles

West End Retail Park 4.3 Miles

Partick 4.9 Miles

West End 4.3 Miles

Milngavie 5.4 Miles

Milngavie 5.4 Miles

Anniesland 3 Miles

Clydebank 2 Miles

DIRECT FRONTAGE ON TO GREAT WESTERN ROAD (A82)

SUPERMARKET PROVISION

1623-PGG-15

Great Western Retail ParkMarketing Plan - As Existing

ONLY

STOP

NO

PARKING

STOP

THRUDRIVE

ONEW

AY

NO ENTRY

NO ENTRY

STOP

LYF

ON

RO

P O

FD

BUSSTOP

BUS STOP

ONEWAY

SERVICE

SE

RV

ICE

YA

RD

ON

LY

O/H Cable

O/H

Cab

le

O/H C

able

NO

ENT

RY

NO

ENT

RY

STOP

EXIT

EXITEXIT

EXIT

EXIT

EXIT

DRIVETHRU

ORDE

R

HERE

ORDE

R

HERE

DRIVETHRU

NOENTRY

DRIVETHRU

STOP

1 2

CB

108

2

120

495114

0

130

24

18

19

160

150

36

2

2430

20 to 22

2332

Playing Field

11

2

16

1

52

97

54

El

51

57

111a

104

105

111

107109

106

87

108

42

56

10341

85

9088

43

73

79

110

30

68

62

39

12

64

112

87

74

44

69

63

42

67

9

66

10

28

11

70

68

General NotesThis drawing shall not be scaled. All dimensions are in mm unless otherwisestated.

All dimensions shall be checked on site prior to commencing the works anderrors and omissions to be reported to the architects.

All works shall conform to the current edition of the building regulations andother statutory requirements.

All materials and workmanship shall conform with the relavent British Standardspecifications and codes of practice.

If this drawing forms part of an application for planning application on behalfof the applicant named below, it shall not be used for any other purposewithout the express permission of Mountford Pigott LLP.

This drawing may incorporate information from other professionals. MountfordPigott LLP cannot accept responsibility for the integrity and accuracy of suchinformation. Any clarification and/or additions that are required appertaining tosuch information should be sought from the relevant profession or theirappointment representative as listed below.

LIST OF INFORMANTS :

REVISIONS DATE DRN CKD REV

ISSUE STATUS

CLIENT

TITLE

DRAWN CHECKED SCALE DATE

DRAWING NO

PROJECT

REV

T: +44 (0)20 8942 8942F: +44 (0)20 8942 [email protected]

© Mountford Pigott LLP 2012Reproduction in whole or in part by any means is prohibited without the priorpermission of Mountford Pigott LLP.

E:\1623\1623-Temp\1623-002 Proposed Site Plan-TOBE DELETED.dwgLAST PLOTTED: 28/04/2017 15:03:58

GREAT WESTERN UNIT TRUSTQUADRANT ESTATES

GREAT WESTERN RETAIL PARK

PROPOSED SITE PLAN

AK DT 1:1000 @ A1; 1:2000 @ A3 18.12.15

1623-002 M

FINAL CONSTRUCTION ISSUE

ORDNANCE SURVEY. LICENSE NUMBER 100019980TOPOGRAPHICAL SURVEY - SURVEY SOLUTIONS - 16520UG-01...

MPLLP TENDER STATEMENT- The designs and specifications prepared for tender form part of the Employer'sRequirements Documents describing the Scope of Works required. MountfordPigott LLP has prepared this information without the Contractor's input. TheContractor should therefore note that these are not final designs suitable forconstruction purposes. The final design will be carried out post-novation by theDesign Team for the Contractor. As such the Contractor is required to makefinancial and programme provisions within his tender to reflect the risks identifiedand those that would be anticipated by a Contractor experienced in constructingprojects of a similar nature. The Contractor is to allow for all necessary designdevelopment to meet the Employer's Requirements.- If there are any discrepancies between drawings, specifications and otherdocuments issued by Mountford Pigott LLP or any other parties for tenderpurposes the Contractor is to bring them to the attention of Employer's Agent forclarification. Should this not happen prior to tender return, the contractor isdeemed to have allowed for the requirements of the higher specification.- Should the contractor wish to vary the specification of products and orcomponents etc., from those stated in the Mountford Pigott LLP design, specificapproval from Mountford Pigott LLP must be obtained.

DRAWING, SPECIFICATION AND SCHEDULE CO-ORDINATION NOTES:-Drawings, specifications and schedules are to be read in conjunction with thefollowing where applicable: -a) Employer's Requirements documents;b) Agreements to Lease;c) Structural Engineer's drawings & spec;d) Civil Engineer's drawings & spec;e) Survey drawings;f) Party Wall / Boundary Awards;g) Other specialist design consultant's requirements as appointed by the

contractor;h) Other specialist design sub-contractor's requirements as appointed by the

contractor;i) Steel sub-contractor is to check with cladding sub-contractor to ensure all

necessary steelwork has been provided and located as required for the fullcompletion of both sub-contracts;

j) The Contractor will have the final responsibility for ensuring the interfacerequirements of the design sub-contractors is fully accounted for in histender.

ALL PRODUCTS SPECIFIED ON THIS DRAWING MUST BEINSTALLED IN ACCORDANCE WITH THE MANUFACTURERS'INSTRUCTIONS, RELEVANT BRITISH AND EUROPEAN STANDARDSCODES OF PRACTICE AND RELEVANT BBA CERTIFICATES

COMPATIBILITY OF DPC MATERIALS MUST BE CHECKED WITHTHE ARCHITECT PRIOR TO PROCUREMENT AND/OR SITE USAGE

CONTINUITY OF INSULATION AND SEALED BUILDINGThe design and installation of all elements and components mustensure that there are no thermal bridges caused by gaps within andbetween elements, and that the completed building will achieve an airleakage rate not exceeding 10m³ of air per m² of envelope per hour at50 Pascals by the use of robust construction details. The maincontractor and specialist subcontractors will be responsible forensuring all installations meet these requirements within the elementsof construction for which they are responsible and at junctions withadjoining elements of construction

GENERAL NOTE

THESE DRAWINGS ARE TO BE READ IN CONJUNCTION WITH THEEMPLOYERS REQUIREMENTS & DESIGN SPECIFICATION ANDALL OTHER RELEVANT CONSULTANTS' DRAWINGS

North

A15.01.16 AKISSUED FOR TENDER

B26.01.16 AKSERVICE YARD - ROAD & CARPARKING ARRANGEMENT REVISED

C06.05.16 AKWHITE LINING & PROPOSEDCALMING MEASURES ADDED

D16.05.16 RAISSUED FOR CONSTRUCTION

E13.07.16 AKIDENTIFICATION OF TOTEM(S)TO BE RETAINED OR REMOVED,TRAFFIC CALMING MEASURESSPECIFIED, RESTAURANT AREAWORKS OMITTED

F05.08.16 AKINCORPORATION OF STANDARDKERBS, CAR PARKING LAYOUTAT DT1 & DT2 AMENDED

LAYOUT REVISED (MC DONALD'S INSTEADOF RESTAURANT - SUBJECT TO PLANNING& TO E.A. INSTRUCTION),TRAFFIC ISLANDSREVISED, KERBS ADJUSTED ACCORDINGLY,JUNCTION & ROUNDABOUT REVISED(SUBJECT TO PLANNING & TO E.A.INSTRUCTION)

G08.09.16 AK

ADDITIONAL CAR PARKING SPACES ADDED,WHITE LINING ADJUSTED, PEDESTRIAN LINKPATH IN THE SOUTH EAST CORNER OF THESITE MOVED NORTH, MCDONALD'S AREACOORDINATED WITH DRAWINGS RECEIVEDFROM DESIGN CONSULTANTS

H23.09.16 AKRAMP UPDATED I25.10.16 SL

MCD RETAINING WALL REVISED, STAIRLEADING TO DT1&DT2 REVISED, ADDITIONALDISABLED CPK SPACES ADDED IN FRONTOF SAINSBURY'S

J24.11.16 AKDRAFT FINAL CONSTRUCTION ISSUE K03.02.17 SLDRAFT FINAL CONSTRUCTION ISSUE L20.02.17 SLFINAL CONSTRUCTION ISSUE M15.03.17 SL

KKR Ownership

Aberdeen Ownership

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

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17

18

Key

pfs

Pets

at h

ome

ATLAS SITE

ALLERDYCE ROAD

GREAT WESTERN ROAD

GREAT WESTERN ROAD

ALL

ERD

YCE

DR

IVE

ALLERDYCE ROAD

DUNT

REAT

H AV

ENUE

Sainsbury’s Filling Station

The property further benefits from the larger park entity with occupiers including; B&Q, Currys PC World, KFC, Carpetright, Starbucks, Wren and Mitchells and Butler, all of which are under separate ownership. There is a development site (outwith ownership) known as the ‘Atlas Site’ to the south of the property extending to 4.7 acres. The site benefits from planning consent for 50,000 sq ft Class 1 non-food retail which we understand has been pre-let to the Range. We are also aware that there are ongoing discussions with other operators for the site, including a gym operator and national food operators for additional pod units. The surrounding retail has a positive effect on the property by adding to the critical mass, shopper pull, dwell time and overall trading performance.

07

COMMUNICATIONS

Journey Time - Affluent Areas:

Journey Time Table to Key Towns and Cities:

AREA DISTANCE (MILES) TIME

Bearsden 2.6 miles 12 minutes

West End 4.0 miles 12 minutes

Milngavie 5.0 miles 10 minutes

City Centre 6.3 miles 10 minutes

CITY DISTANCE (MILES) TIME

Falkirk 24 miles 35 mins

Stirling 26 miles 35 mins

Livingston 33 miles 40 mins

Edinburgh 47 miles 1 hr 10 mins

Perth 59 miles 1 hr 8 mins

Dundee 82 miles 1 hr 35 mins

Carlisle 99 miles 1 hr 50 mins

London 412 miles 7 hrs 10 mins

TRAINGlasgow benefits from having two main railway stations; Glasgow Central Station and Glasgow Queen Street as well as a number of local stations located throughout the city. In addition to providing local services throughout Central Scotland, these stations provide regular intercity transport to all major cities throughout the UK. Glasgow Central Station operates regular services to most major cities in England, whilst Glasgow Queen Street Station provides services to major Scottish cities such as Edinburgh, Aberdeen, Dundee and Inverness.

AREA TIME

Edinburgh 52 mins

Aberdeen 2 hrs 50 mins

Manchester 3 hrs 17 mins

Newcastle 3 hrs 21 mins

Birmingham 4 hrs 12 mins

London 4 hrs 32 mins

Drumry Railway Station is located 10 minutes’ walk away from Great Western Retail Park and links into the wider railway network. The journey time from Drumry Railway Station to Queen Street Station is 19 minutes.

AIRGlasgow benefits from having three international airports within 45 minutes of the city centre (Glasgow International, Prestwick and Edinburgh) linking Glasgow to all major UK, European and International destinations. Glasgow International offers regular domestic, European, Far East and Trans-Atlantic flights with over 200 flights per day. Glasgow is the eighth busiest airport in the UK, with over 9 million passengers and 104,000 aircraft movements recorded each year.

ROADFour main motorways give Glasgow high speed road access to cities throughout the UK. The M8 motorway provides direct access into the city via six junctions located on the periphery of the city centre and lies at the heart of Scotland’s integrated motorway network, connecting directly to Edinburgh. It links with the M74 and the M73 motorways at Junction 4, offering access to Carlisle and the north of England. It also provides access to Stirling and Northern Scotland through its connection to the M80 / A80 at Junction 13.

The property is located just off the A82 (Great Western Road) which accessed directly from the M8 at Junction 17 (west) and 18 (east).

08

petsat home

SAINSBURY’S FILLING STATION

CACI DRIVE TIME CATCHMENT PROFILE

CITY CENTRE

TOTAL CONVENIENCE EXPENDITURE WITHIN 30

MINS DRIVE IS 12% HIGHER THAN THE

UK AVERAGE.

10 mins drive 3,000 Households 170,961 people Total Retail Spend £1.3bn

20 mins drive 306,000 Households 629,782 people Total Retail Spend £4.5bn

30 mins drive 607,000 Households 1,299,687 people Total Retail Spend £8.1bn

DUNTREATH AVE

EDRINGTON GROUP

ATLAS SITE

A82

A82

GREAT WESTERN ROAD

The property comprises a purpose built supermarket premises and attached retail warehouse.

The supermarket has the main sales area to the front of the property and a storage/ loading area to the rear. There is a secure yard to the rear of the property with separate access via Allerdyce Drive for services. The tenant has fitted out the property in their own branding and includes a café, kitchen, deli, butchery, bakery and toilet facilities as well as an Argos concession.

The supermarket has an associated petrol station with a car wash facility. It has a central forecourt with 12 pumps and a convenience kiosk.

The retail warehouse has the main retail sales area to the front of the property, a veterinary surgery and grooming facility and a loading and storage facility to the rear. Loading is via the same secure yard as the supermarket, accessed via Allerdyce Drive.

PLANNINGThe Pets at Home unit benefits from Class 1 Retail Warehouse Use and the Sainsbury’s supermarket benefits from Foodstore consent.

DESCRIPTION

11

The property has been measured on a Gross Internal Basis (GIA) and in accordance with the RICS Code of Measuring Practice 6th Edition.

PROPERTY AREA (SQ FT) AREA (SQ M)

Sainsbury’s 64,110 5,956.00

Pets at Home 10,004 929.39

Petrol Filling Station 1,295 120.32

Total 75,409 7,005.71

ACCOMMODATION

SITEThe total site area extends to approximately 6.08 acres, as stated in the title documentation as 2.1322 hectares and 0.3276 hectares. There is also a ‘one half pro indiviso share’ of three areas of car parking, indicated in the blue indicative map below.

TENUREHeritable (Scottish equivalent of English Freehold).

Filling Station

Tanks

Line of Posts

ALL

ER

DY

CE

DR

IVE

AL LE R DYC E R OAD

ALLE R DY C E R O AD

2

Shelter

Shelter

ALLE R DY C E DR IVE

ALLE R DY C E DR IVE

El Sub Sta

36

3024

20 to 22

El Sub Sta

0m 25m 50m 75m12

WAULTThe property has a WAULT of 12.25 years.

TENANT EPC RATING

SIZE (SQ.FT)

RENT (£/PA)

RENT (£/SQ.FT)

LEASE START

LEASE EXPIRY

NEXT REVIEW COMMENTS

Sainsbury’s Supermarkets Ltd E 64,110 £1,300,000.00 £20.28 30/09/1996 29/09/2031 30/09/2021

6 months rent free from 28/08/2018, to be topped up by the vendor, following a recent extension. The lease is guaranteed by J Sainsbury PLC until 29 September 2021.

Pets at Home E 10,004 £240,000.00 £23.99 28/10/1996 27/10/2026 28/10/2016

2016 rent review to the lower of open market rent or passing x 1.0899. Rent review outstanding. Tenant has Calderbanked.2021 rent review to the lower of open market rent or passing x 1.2167.

Total 74,114 £1,540,000

*In addition there is a petrol filling station extending to 1,295 sq ft

TENANCY

13

SAINSBURY’S SUPERMARKETS LIMITED - DUN AND BRADSTREET RATING 5A1

Sainsbury’s was established in 1869 is now one of the UK’s largest food retailers. They currently have 605 supermarkets, 807 convenience stores and have a successful online presence with over 250,000 online orders every week. Sainsbury’s also has a number of other brands within the company including Sainsbury’s Home, Sainsbury’s Bank, Habitat, Tu and Argos.

PETS AT HOME - DUN AND BRADSTREET RATING 5A1

Pets at Home are the UK’s leading pet specialist with a UK wide store network and website. They also operate the UK’s largest ‘Small Animal’ Veterinary business. The business was established in 1991 and in 1999, Petsmart was acquired, adding 140 stores. Pets at Home now have over 440 stores in the UK and over 7,000 employees.

GUARANTOR (GUARANTEE EXPIRES 29/09/2021) - J SAINSBURY PLC - DUN AND BRADSTREET RATING 5A1

INDIVIDUAL11/03/2017IN THOUSANDS



Sales Turnover 23,234,000 23,168,000 23,443,000

Profit / (Loss) Before Taxes 342,000 406,000 (206,000)

Tangible Net Worth 4,353,000 4,458,000 4,224,000

Net Current Assets (Liabilities)

(1,982,000) (2,238,000) (2,298,000)

CONSOLIDATED10/03/2018IN THOUSANDS



Sales Turnover 28,456,000 26,224,000 23,506,000

Profit / (Loss) Before Taxes 409,000 503,000 548,000

Tangible Net Worth 5,843,000 6,130,000 6,036,000


(2,436,000) (2,251,000) (2,280,000)




Sales Turnover 752,374 739,726 689,697

Profit /(Loss) Before Taxes 67,557 81,843 79,920

Tangible Net Worth 650,186 598,310 517,138


670,585 620,797 521,070

COVENANT INFORMATION

KEY FINANCIALS: KEY FINANCIALS: KEY FINANCIALS:

14

VATVAT will be applicable to the sale of the properties, which we anticipate will be undertaken by way of a Transfer of a Going Concern (TOGC).

CAPITAL ALLOWANCESAll available capital allowances will be passed on to the purchaser.

INVESTMENT COMPARABLESRecent retail park and supermarket transactions are outlined in the tables below:

ADDRESS DATE PRICE YIELD WAULT TENANTS

Caledonian Retail Park, Wishaw Jun 2018 £21,150,000 8.39% 7.44 years Argos, B&M, Matalan, Luxurious Interiors, Pets at Home, Iceland, Carpetright, The Range

Wellington Circle, Aberdeen May 2018 £22,500,000 6.01% 10.7 years Makro, Pure Gym, IKEA, Starbucks

Faraday Retail Park, Coatbridge Jan 2018 £40,750,000 7.10% 7.1 years Matalan, Food Warehouse, M&S, Next, TK Maxx, Poundland, Pets at Home, Pizza Hut, Tesco, Argos, Outfit, Mothercare, JD Sports, DSG

Aviemore Retail Park, Aviemore Apr 2018 £11,865,000 6.25% 12.4 years Tiso, Home Bargains, Aldi, Costa, Superdrug

Livingston Retail Park, Livingston Sep 2017 £7,600,000 6.39% 15 years Dunelm, B&M

Great Western Retail Park, Glasgow Oct 2017 £57,000,000 6.18% 10.4 years B&Q, DSG, SCS, Wren, Bensons, Tapi, Carpetright, B&M, Burger King, Pizza Hut, KFC, Starbucks, McDonalds

Stockbridge Retail Park, Linlithgow Apr 2017 £9,400,000 7.35% 7.13 years B&M, Brantano, Pets at Home, Argos, Peacocks

Gala Water Retail Park, Galashiels Aug 2017 £10,220,000 7.02% 6.11 years Next, M&S, Boots, C&J Clark, Pets at Home, New Look

Almondvale South Retail Park, Livingston Oct 2017 £40,000,000 6.50% 14.52 years Sainsbury’s, Toys R Us, Sports Direct, Home Bargains, KFC, Frankie and Benny’s

RETAIL PARK TRANSACTIONS

SUPERMARKET TRANSACTIONS

ADDRESS DATE PRICE YIELD WAULT TENANT

Tesco, Tryst Road, Cumbernauld Dec-17 £50,000,000 5.50% 22.5 years Tesco

Waitrose, Station Road, Cheadle Hulme Dec-17 £17,375,000 4.85% 14.5 years Waitrose

Tesco, Downshire Road, Newry, Northern Ireland Sep-17 £27,250,000 6.10% 20.5 years Tesco

Sainsbury’s, Trinity Walk, Wakefield Sep-17 £39,500,000 5.90% 18.5 years Sainsbury’s

Sainsbury’s, Simone Weil Avenue, Ashford Aug-17 £80,000,000 4.50% 21 years Sainsbury’s

Tesco, Lime Trees Road, Bristol Aug-17 £28,455,000 4.85% 13.5 years Tesco

Sainsbury’s, Shenley Road, Hemel Hempstead Jun-17 £12,650,000 4.65% 23.75 years Sainsbury’s

Waitrose, Weston Super Mare May-17 £14,000,000 6.15% 13 years Waitrose

15

FURTHER INFORMATIONFor further information please contact:

MISDESCRIPTIONS

Janey Douglas T 0131 301 6718 M 07734 883 046 E [email protected]

Simon Cusiter T 0131 243 2203 M 07815 135 222 E [email protected]

JLL for themselves and for the vendors or lessors of this property whose agents they are give notice that: (I) the particulars are set out as a

general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of an offer or contract; (II)

all descriptions, dimensions, 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 any intending purchaser or tenants should not rely on them as statements or representations of fact

but satisfy themselves by inspection or otherwise as to the correctness of each of them; (III) no person in the employment of JLL have any

authority to make or give any representation or warranty whatsoever in relation to this property. Date of preparation of details: September 2018

PROPOSAL

We are seeking offers in excess of £23,500,000 (Twenty Three Million

Five Hundred Thousand Pounds Sterling) for our client’s heritable interest subject to contract and

exclusive of VAT. A purchase at this level

would provide a net initial yield of 6.17%, after

purchaser’s costs of 6.26%.