ROBIN RETAIL PARK WN5 0UU PRIME RETAIL WAREHOUSE PARK INVESTMENT OPPORTUNITY

Transcription

1 ROBIN RETAIL PARK WN5 0UU PRIME RETAIL WAREHOUSE PARK INVESTMENT OPPORTUNITY

2 Contents Robin Retail Park, Wigan, WN5 0UU CONTENTS 04 INVESTMENT SUMMARY 13 TENANCIES TENURE SERVICE CHARGE 05 LOCATION 16 PLANNING 06 SOCIO-ECONOMIC PROFILE 17 COVENANT INFORMATION OUT OF TOWN RETAIL PROVISION 08 SITUATION 20 ASSET MANAGEMENT OPPORTUNITIES ENVIRONMENTAL EPCS 09 DESCRIPTION 21 VAT PROPOSAL

3 Contents Robin Retail Park, Wigan, WN5 0UU 02 WE ANTICIPATED STRONG TRADING FROM ROBIN RETAIL PARK BY VIRTUE OF THE STORE S POSITIONING AND CRITICAL MASS OF RETAIL AND LEISURE IN THE IMMEDIATE AREA. WE HAVE NOT BEEN DISAPPOINTED COSTA COFFEE, APRIL 2014

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5 Investment Summary Robin Retail Park, Wigan, WN5 0UU INVESTMENT SUMMARY Wigan is located in the north west of the UK, strategically positioned in close proximity to Manchester and Liverpool and at the heart of the surrounding motorway network. The town s resident population stands in the order of 97,000 and the 15 minute drivetime catchment includes approximately 239,000 people (CACI Ltd). Robin Retail Park is situated only a short distance to the west of Wigan town centre, adjacent to the DW Stadium and Asda Wal-Mart store, and represents the dominant out of town retail scheme in the town. The scheme comprises a south facing L-shaped terrace and two stand alone A3 pods totalling around 18,405 sq m (198,110 sq ft) together with forecourt parking for approximately 1,000 cars. Let to 18 occupational tenants, the scheme boasts a strong retail mix including Next, Boots, Matalan, Sportsdirect.com, JD Sports, Burger King, Carphone Warehouse and Wickes. The annual income will stand at 4,211,951 reflecting non food rents between and psf, whilst the average weighted unexpired term is around 8.2 years. 90% of the income rated as very good or good by Creditsafe. The park benefits from an Open A1 non food planning consent. The sale of clothing and/or footwear is restricted to 6,503 sq m (70,000 sq ft) of the scheme s total sales area and that of jewellery, fashion accessories, glass, china or books must be ancillary to the primary use of the unit. Additionally food sales of up to 1,858 sq m (20,000 sq ft) are permitted across the park. The strength of retailer trading on the park is underlined by Next, Boots, JD Sports, Argos, Poundworld and Sportsdirect.com, all trading multiple stores in Wigan. Furthermore, it should be noted that Next have just upsized to c. 15,000 sq ft on a new 10 year lease and Boots did not operate their 2013 break option. A proven trading history and recent key anchor lettings, combined with latent tenant demand and flexible planning consent offer deliverable asset management initiatives to drive performance. Offers are sought in the region of 64,500,000 subject to contract and exclusive of VAT, for the Freehold interest in this property. A purchase at this level, allowing for the vendor s rental guarantee and the fixed increases in the Smyths Toys lease, would reflect the following yield profile: 6.17% initial yield 6.22% reversionary yield % reversionary yield % nominal equivalent yield based on purchaser s costs of 5.80%. 04 ROBIN RETAIL PARK, WIGAN, WN5 0UU

6 WARTON LONGTON PRESTON A582 M6 A6119 A677 BLACKBURN M65 ACCRINGTON A56 A645 LEYLAND M65 DARWEN HASLINGDEN BACUP SOUTHPORT A565 BANKS TARLETON CROSTON BAXTON CHORLEY A666 RAMSBOTTOM GLASGOW AINSDALE A570 HALSALL A59 BURSCOUGH A5209 M6 COPPULL M61 HORWICH BOLTON TOTTINGTON BURY A58 A56 BELFAST FORMBY A565 CROSBY A5207 A5036 AUGHTON M58 KIRKBY A570 A570 M58 RAINFORD ORREL WIGAN M6 HINDLEY LEIGH A580 RADCLIFFE FERNWORTH M60 M61 SWINTON A62 MANCHESTER DUBLIN WIGAN MANCHESTER LIVERPOOL SHEFFIELD A580 ST. HELENS A572 M60 BIRMINGHAM BOOTLE M62 05 LIVERPOOL BIRKENHEAD A5058 HUYTON M57 HALEWOOD A557 A57 M62 WARRINGTON BIRCHWOOD A60 M6 LYMM A57 A56 WITHINGTON M56 BRISTOL LONDON A561 A56 M56 SPEKE HALTON M56 A556 A538 WILMSLOW A49 LOCATION WIGAN IS STRATEGICALLY POSITIONED IN THE HEART OF THE NORTH-WEST S MOTORWAY NETWORK Wigan is situated on the River Douglas within Greater Manchester, approximately 31 km (19 miles) west of Manchester, 36.5 km (23 miles) north-east of Liverpool, 21 km (13 miles) north of Warrington and 327 km (203 miles) north west of London. The town boasts strong communication links, situated within close proximity to the M6, M61 and M57 motorways, via the two primary A-roads of the A49 and A577. Two train stations service the town: Wigan North Western offers links to Birmingham, Edinburgh, Glasgow and Liverpool amongst others, and provides a direct service to London Euston of just over 2 hours. Wigan Wallgate offers frequent local services to towns including Manchester, Stockton, Southport and Kirby.

7 Socio-Economic Profile Robin Retail Park, Wigan, WN5 0UU SOCIO- ECONOMIC PROFILE ORMSKIRK Wigan boasts a residential population of around 97,000 people (2001 Census) and a wider borough population in excess SCARTH of HILL 300,000 people. Drivetime catchment figures provided by CACI Ltd show a population of approximately 115,000 people within a 10 minute contour of the subject property and this rises to around 239,000 people with 15 minutes. WESTHEAD M58 DALTON A577 UP HOLLAND M6 GATHURST STANDISH STANDISH LOWER GROUND PEMBERTON NEWTOWN A5106 A49 RED ROCK MARYLEBONE SWINLEY WIGAN A45 BLACKROD LOSTOCK A6027 ASPULL M61 PENNINGTON GREEN A58 WESTHOUGHTON A577 HINDLEY A6 06 MINUTE DRIVETIME FROM WIGAN 5 minutes from Wigan 10 minutes from Wigan CRAWFORD HIGHER END GOOSE GREEN WINSTANLEY PLATT BRIDGE BICKERSHAW HINDLEY GREEN A578 ATHERTON TYLDESLEY 15 minutes from Wigan MONSWOOD HALL RAINFORD KINGS MOSS A57 A58 A573 A578 LEIGH KIRKBY 239,000 PEOPLE LIVE WITHIN A 15 MINUTE DRIVETIME OF THE SUBJECT PROPERTY KNOWSLEY A570 ST HELENS M6 ASHTON-IN-MAKERFIELD HAYDOCK NEWTON-LE-WILLOWS A572 LANDSIDE A580 ASTLEY GREEN

8 Out of Town Retail Provision Robin Retail Park, Wigan, WN5 0UU 07 OUT OF TOWN RETAIL PROVISION Wigan s retail warehouse provision (non food) extends to approximately 44,593 sq m (480,000 sq ft) including the subject property, three smaller retail parks/clusters and three standalone units. The food offer within the town consists of four main stores including the Asda Walmart immediately adjacent to the subject property which has consistently been acknowledged as an outstanding trader. We have provided information on the key elements of both the non food and food offers in the provision in the tables below. NON-FOOD Key Asset Postcode Total GIA (sq ft) Tenants (incl.) Wallgate WN3 9AD 27,900 Go Outdoors 2 Gower Street WN5 9AD 28,000 Halfords, McDonald s 3 Frith Street WN5 0XN 114,000 B&Q Warehouse 4 Chapel Lane Retail Centre WN3 4HG 37,532 The Range 5 Saddle Retail Park WN5 9AD 31,000 Home Bargains & Currys Marus Bridge Retail Park WN3 6XE 45,000 B&M, Homebase Marus Bridge Retail Park is located approximately 4 km (2.5 miles) south of the subject property. FOOD Key Asset Postcode Total GIA (sq ft) Tenant 6 Soho Street WN5 0XA 155,000 Asda Wal-Mart 7 Central Park Way WN1 1XS 82,000 Tesco 8 Woodhouse Lane WN6 7NR 48,000 Morrisons Marus Bridge WN3 6XE 75,000 J Sainsbury Cross Street WN2 3AT 59,000 Tesco Tesco, Cross Street is located approximately 6.5 km (4 miles) east of the subject property. Sainsbury s, Marus Bridge, is located approximately 3.2 km (2 miles) south of the subject property.

9 Situation Robin Retail Park, Wigan, WN5 0UU GATHURST B5375 BEECH HILL AVE SPENCER RD A49 M6 B5206 WOODHOUSE DR MESNES RD PORTER S WOOD B5375 PARSON S WALK SCOT LN GATHURST RD CITY RD KILL GREEN RD ROBIN PARK RD GIDLOW LN B5376 MESNES PARK 7 FIFTEENS OF SWINLEY 8 M6 KITT GREEN PEMBERTON NEWTON ROBIN RETAIL PARK 6 3 FROG LN WIGAN WIGAN NORTH WESTERN A49 WIGAN WALLGATE M6 A577 FLEET ST A577 VICTORIA ST ST 5 2 B BILLINGE RD RD WORSLEY MESNES 26 DUKE S WOODS A571 PEMBERTON A49 1 B5238 NEW COVERT SCOTMAN S FLASH SITUATION Robin Retail Park is situated a short distance to the west of Wigan town centre, just to the north of the key roundabout junction where the A49, A577, A571 and Robin Park Road converge. The A577 runs directly west, linking with J26 of the M6 and the M58, whilst the A49 runs south west to Ashton in Makerfield and north via Wigan town centre. Robin Park Road links with Scot Lane and runs to Marsh Green in the north west, past the subject property together with the adjacent DW Stadium, Robin Park Arena, Wigan Life Centre, Robin Leisure Park and 11 screen Empire Cinema, Asda Wal-Mart Supercentre and B&Q Warehouse. The critical mass of retail and leisure provided in and around Robin Park represents unquestionably the largest and strongest out of town retail location in the provision, totalling around 52,779 sq m (568,110 sq ft). We have provided more comment in this regard within later sections. THE CRITICAL MASS OF RETAIL AND LEISURE PROVIDED IN AND AROUND ROBIN PARK REPRESENTS UNQUESTIONABLY THE LARGEST AND STRONGEST IN THE CATCHMENT AREA

10 Description Robin Retail Park, Wigan, WN5 0UU THE SUBJECT PROPERTY REPRESENTS THE DOMINANT RETAIL PARK IN THE PROVISION EXTENDING TO 198,110 SQ FT AND OFFERING FORECOURT PARKING FOR 1,000 VEHICLES 09 DESCRIPTION The subject property comprises a purpose built retail warehouse park totalling approximately 18,405 sq m (198,110 sq ft), arranged around forecourt parking for c. 1,000 vehicles, giving a ratio of 1:18.4 sq m (1:198 sq ft) within a uniform 8.3 hectare (20 acre) site. Configured in what is a south facing L-shaped terrace, together with two stand alone pods to the southern corner of the site, the scheme incorporates 18 occupational tenants and one vacant unit, previously occupied by Next who upsized into a new 1,387 sq m (14,930 sq ft) unit in December The units are of steel portal frame construction with front elevations of brickwork and glazing below a canopy covering the pedestrian walkway along the front of the terrace and profiled metal cladding above. Internally the eaves heights comfortably accommodate mezzanine floors as demonstrated by those within units including Sportsdirect.com, Argos, Next, Instore and Boots. The stand alone units to the southern corner of the site are of single storey construction with elevations of brickwork and glazing and offer independently identified parking areas. Primary customer access from Robin Park Road, in both directions, is available from the traffic light controlled junction with Loire Drive, via a roundabout which also provides access to the adjacent Asda Wal-Mart. More secondary access is also available further north on Robin Park Road via a slip road directly into the scheme. Loire Drive runs round to the rear of the eastern terrace, where access to the segregated rear servicing facilities is provided. Separate segregated servicing access is available to the rear of the western terrace from a dedicated turn-off and mini roundabout further north along Robin Park Road. The plan is published for identification purposes only. Any site boundaries are indicative only and should be checked against the Title Deeds.

11 LOIRE DRIVE ANJOU BLVD WIGAN LIFE CENTRE Vacant 10 ROBIN PARK ROAD ROBIN PARK ROAD POLICE STATION The plan is published for identification purposes only. Any site boundaries are indicative only and should be checked against the Title Deeds.

12 Robin Retail Park Robin Retail Park, Wigan, WN5 0UU THE CONFIGURATION OF THE SCHEME ALLOWS FOR A VERY GENEROUS PARKING PROVISION WHICH OFFERS THE OPPORTUNITY FOR FUTURE DEVELOPMENT 11

13 Robin Retail Park Robin Retail Park, Wigan, WN5 0UU NEXT, BOOTS, JD SPORTS, ARGOS, POUNDWORLD AND SPORTSDIRECT.COM ALL TRADE MULTIPLE STORES IN WIGAN, DEMONSTRATING THE TRADING PROFILE OF ROBIN RETAIL PARK. ADDITIONALLY NEXT HAVE JUST UPSIZED TO C. 15,000 SQ FT AND BOOTS DID NOT OPERATE THEIR 2013 BREAK CLAUSE 12

14 Tenancies Tenure Service Charge Robin Retail Park, Wigan, WN5 0UU TENANCIES The scheme is let in accordance with the tenancy schedule adjacent and we have set out a brief summary of recent occupier activity below. Next currently have three trading stores in the town though based on strong trading figures chose to upsize their representation on Robin Retail Park in 2013 and sign a new 10 year lease. The former JJB Sports unit extends to c. 14,930 sq ft and offers a nearly full cover mezzanine floor, together with a Costa Coffee concession at ground level. Boots had a tenant break option on their c. 14,510 sq ft store during 2013 but, despite trading two other units in Wigan, did not option the break. Most recently Sportsdirect.com have taken assignment of unit 1, formerly Comet, as part of a group deal. UNIT 5 RENTAL GUARANTEE The Vendor will provide a three year rent, rates and service charge guarantee around unit 5, reflecting psf. We have set out below the breakdown of this guarantee: Annual 3 years Rent 213, ,994 Rates 105, , Service Charge 14,239 42,717 Total 999,714 TENURE The property is held Freehold. SERVICE CHARGE The Service Charge is allocated in two budgets to reflect the two phases on the park. The Service Charge figures for 2013/14 reflect an average of 1.44 psf. This shows a c. 17% increase on the 2012/13 figure of 1.20 psf as it incorporates provisions for significant improvement works to the site including maintenance of the car parks, drains, gutters, bollards, gates, barriers and signage. Full Service Charge information is available on request but we have set out below the historic cost psf figures. 2013/ / / psf 1.20 psf 1.12 psf

15 Tenancies Robin Retail Park, Wigan, WN5 0UU Unit Tenant Fascia GIA (sq ft) Mezz (sq ft) Term Lease start Lease Expiry Next Review Passing Rent pa Passing Rent psf Rent Payment (in advance) Comments Phase 1 1 Sportsdirect.com Ltd Sportsdirect.com 10,029 8,976 8 yrs 29/09/13 01/10/21 29/09/16 227, Quarterly 1A & 2 Smyths Toys UK Limited Smyths Toys 16,056 4, yrs 01/09/10 31/08/25 01/09/15 243, Quarterly Lease recently assigned to Sportsdirect.com Retail Ltd having formerly traded as Comet Guarantor: Smyths Toys. Fixed increases at yr 5 to 275k pa and yr 10 to 325k pa. Tenant pays higher of base rent and 5% of T/O 3 Argos Limited Argos 12,502 7, yrs 28/04/03 28/09/21 24/06/13 262, Monthly 2013 RR outstanding 4 Carpetright Plc Carpetright 10, yrs 29/09/96 28/09/21 29/09/16 225, Monthly Lease states assumed floor area of 10,000 sq ft 5 Vacant Vacant 9,511 9, , Three year rental guarantee with rates and S/C 6 Pets At Home Limited Pets At Home 10, yrs 29/09/96 28/09/21 29/09/16 227, Monthly Guarantor: R&B Pet Supplies Ltd 7 Next Group Plc Next & Costa Coffee 14,930 12, /12/13 04/12/23 05/12/18 352, Monthly Costa Coffee operates a concession within the ground floor demise of the Next store 8A First Choice Holidays Limited Thomson Holiday Superstore 5, yrs 07/10/03 24/03/22 29/09/13 122, Quarterly 2013 RR outstanding 8B AG Retail Cards Ltd Clintons 5,000 5 yrs 25/03/13 24/03/18 N/A 100, Monthly 9 Property Portfolio (No. 8) Ltd Bensons 7,621 1, yrs 02/01/97 01/01/22 02/01/17 170, Quarterly The current passing rent reflects a base rent of a side letter agreement with the Vendor obliging the tenant to pay a base rent of 100,000 pa or 10% of Gross T/O whichever is higher. Tenant Break Option 25 March 2016 with 6 months notice 10 Poundstretcher Limited Poundstretcher Extra 10,100 1, yrs 29/09/96 28/09/21 29/09/16 227, Quarterly Guarantor: Brown & Jackson plc Lease states assumed floor area of 10,100 sq ft R1 The Carphone Warehouse Limited The Carphone Warehouse 3, yrs 31/08/01 30/08/21 24/06/11 82, Quarterly 2011 RR outstanding R2 Burgerking Limited Burgerking 2, yrs 24/06/99 23/06/24 24/06/14 77, Quarterly Sub-let to Karauir Ltd 25/01/ /06/2024 Substation Electricity North West Limited N/A 25 yrs 20/11/96 19/11/21 N/A N/A N/A 14 Marketing Spaceandpeople Plc N/A 3 yrs 04/01/13 01/03/16 N/A N/A N/A Phase 1 total 116,613 46,405 2,532,619 Phase 2 11A Maplin Electronics Limited Maplin 5, yrs 13/08/07 12/08/22 29/09/17 137, Quarterly Outstanding RR being documented at nil increase 11B Poundworld Retail Limited Poundworld 5,034 2, yrs 14/02/11 13/02/21 14/02/16 150, Quarterly 12 JD Sports Fashion Plc JD Sports 9, yrs 25/12/97 24/12/22 25/12/17 227, Monthly 13 Matalan Retail Limited Matalan 19, yrs 25/12/97 24/12/22 25/12/17 402, Monthly 14 Boots UK Limited Boots 14,510 3, yrs 29/06/98 28/06/23 29/06/18 310, Monthly TENANT DID NOT OPTION 2013 BREAK 15 Wickes Building Supplies Limited Wickes 27,131 1, yrs 24/06/98 23/06/23 24/06/18 446, Quarterly ATM Machine Cardpoint Services Limited Natwest N/A 5 yrs 02/12/12 01/12/17 N/A 3,000 N/A Quarterly Assumed floor area is 28,631 sq ft (incl. 1,500 sq ft of 1st floor). Measured floor area is 28,664 sq ft (incl. 1,528 sq ft at 1st floor) 6 Parking Spaces Boots UK Limited N/A N/A 5 yrs 01/05/12 30/04/17 N/A 2,142 N/A Monthly Lease is excluded from sections of 1954 Act Stor. Container Boots UK Limited N/A N/A 1 yr 14/04/11 17/04/12 N/A 0.00 N/A Tenant is currently holding over Display Advert Redbus Retail Advertising Limited N/A N/A 3 yrs 01/04/13 31/03/16 N/A 0.00 N/A Marketing Spaceandpeople Plc N/A N/A 3 yrs 01/04/13 31/03/16 N/A 0.00 N/A Phase 2 total 81,508 7,821 1,679,332 Scheme total 198,121 54,226 4,211,951 NB: Where appropriate the unit area reflect those assured at review under the term of the respective lease

16 15 Planning Robin Retail Park, Wigan, WN5 0UU

17 Planning Robin Retail Park, Wigan, WN5 0UU PLANNING Original planning consent was granted for the park by Wigan Metropolitan Borough Council in August 1995 to develop hectares of land for commercial leisure and class A1 retail (including food retail) with associated car parking and servicing. Since the original permission a number of subsequent consents, relaxations and changes have been made and today we would summarise the position as follows: OPEN A1 RETAIL CONSENT WITH THE FOLLOWING CONDITIONS: There is no overall floorspace cap on the park. Maximum sales area allowed for food retailing is 1,858 sq m (20,000 sq ft). Maximum sales area which can be used for the retailing of clothing and/or footwear is 6,503 sq m (70,000 sq ft). Sales of jewellery, fashion accessories, glass, china, or books are permitted where these are ancillary to the primary retail function of the unit. Sub-division of units on the scheme to create GIA floorplates of less than 464 sq m (5,000 sq ft) requires the consent of the Local Planning Authority. There are no restrictions on the operation or change of use of pod units from A1 to A3 or A3 to A1. The scheme was measured in early April 2014 and we have identified in the table adjacent the current floorspace usage for clothing and/or clothing sales across the park. On this basis there remains approximately 1,571 sq m (16,907 sq ft) of floorspace available for clothing and/or footwear, which is more than sufficient to implement the fashion letting of unit 5. Counsel opinion was recently sought specifically in relation to removing the cap on the clothing and/or footwear sales and the formal response provided suggested very positive prospects for achieving this. A copy of the Opinion is available on request. Unit Tenant GIA (sq ft) Ground Floor Mezzanine Total Clothing & Footwear sales 1 Sportsdirect.com 10,029 8,976 19,005 11, A & 2 Smyths Toys 16,056 4,711 20, Argos 12,502 7,724 20, Carpetright 10, , Vacant 9,511 9,281 18, Pets at Home 10, , Next & Costa 14,930 12,817 27,748 16,000 8a Holiday Superstore 5, , b Clintons 5, , Bensons 7,621 1,544 9, Poundstretcher 10,020 1,352 11, a Maplin Electronics 5, , b Poundworld 5,034 2,222 7, JD Sports 9, ,839 7, Matalan 19, ,930 17, Boots 14,510 3,129 17, R2 Wickes 27,136 1,528 28, Burgerking 2, ,727 0 R1 Carphone Warehouse 3, ,063 0 Total 198,110 54, ,364 53,093 NB: Next lease states cap an Fashion and Sports sales at 16,000 sq ft. 1 Area based on scaled plans provided by tenant. 16

18 Covenant Information Robin Retail Park, Wigan, WN5 0UU COVENANT INFORMATION We have set out recent account information together with Creditsafe ratings for the main tenants. ARGOS LTD 84% OF THE INCOME IS SECURED AGAINST COVENANTS RANKED WITH A VERY GOOD RATING AND A FURTHER 6% OF THE INCOME IS RATED GOOD. 02/03/2013 3,752,634 84,662 1,389,389 03/03/2012 3,749,910 17,035 1,325,094 26/02/2011 4,012, ,867 1,413,500 Very Good BOOTS UK LTD 31/03/2013 6,204, ,000 1,178,000 10% OTHER 31/03/2012 6,354, , ,000 31/03/2011 6,372, , ,000 Very Good 17 6% GOOD BURGERKING LTD 31/12/ ,369-3,917-21,202 31/12/ ,829-9,624-17,057 Credit Worthy 30/06/ ,048-6,253-9,510 CARPETRIGHT PLC 27/04/ ,600-5,100 65,300 28/04/ ,500 13,500 70,700 30/04/ ,800 6,600 67,000 Very Low Risk THE CARPHONE WAREHOUSE LTD 30/03/2013 1,672,115 98, ,654 84% VERY GOOD 31/03/2012 1,513, , ,200 02/04/2011 1,623, , ,287 FIRST CHOICE HOLIDAYS LIMITED Very Good 30/09/ , ,061 30/09/ , ,621 30/09/2010 2,112-97, ,116 Good

19 Covenant Information Robin Retail Park, Wigan, WN5 0UU JD SPORTS FASHION PLC POUNDWORLD RETAIL LTD 02/02/2013 1,258,892 55, ,823 31/03/ ,787 1,892 8,527 28/01/2012 1,059,523 67, ,256 Very Good 31/03/ ,482 2,849 7,693 Credit Worthy 29/01/ ,669 78, ,090 31/03/ ,944 3,933 6,017 MAPLIN ELECTRONICS LTD SMYTHS TOYS UK LTD 29/12/ ,518 16, ,136 31/12/ ,542 2,288 6,369 31/12/ ,025 24, ,711 Very Good 31/12/ ,357 2,434 4,714 Very Good 31/01/ ,123 35, ,437 31/03/ ,415 2,110 5,931 MATALAN RETAIL LTD 23/02/2013 1,125,400 17, ,000 25/02/2012 1,117,500 9, ,400 Very Good 26/02/2011 1,096,500 72, ,600 SPORTS DIRECT INTERNATIONAL PLC 30/04/2013 2,185, , ,931 29/04/2012 1,835, , ,390 Very Good 24/04/2011 1,599, , , NEXT GROUP PLC STEINHOFF UK HOLDINGS LTD 26/01/ , ,500 1,747,900 30/06/ ,703 28, ,591 28/01/ , ,600 1,951,000 Very Low Risk 30/06/ ,349 15, ,275 Very Low Risk 29/01/ , ,300 1,667,000 30/06/ ,958 23, ,350 PETS AT HOME LTD WICKES BUILDING SUPPLIES LTD 28/03/ ,350 77, ,311 29/12/ ,136 55, ,311 29/03/ ,410 72, ,609 Very Low Risk 31/12/ ,450 40, ,710 Very Good 31/03/ ,576 75, ,648 01/01/ ,052 48, ,990 POUNDSTRETCHER LTD 31/03/ ,984-3,685-4,708 31/03/ ,446 1,585-1,023 02/04/ ,173 1,443-2,608 Very Good

20 Vacant Asset Management Opportunities Robin Retail Park, Wigan, WN5 0UU RECENT COUNSEL OPINION SUPPORTS PROSPECTS FOR REMOVING THE EXISTING FLOORSPACE CAP ON CLOTHING AND/OR FOOTWEAR SALES 19 LOIRE DRIVE ANJOU BLVD WIGAN LIFE CENTRE ROBIN PARK ROAD ROBIN PARK ROAD

21 Asset Management Opportunities, Environmental & EPCs Robin Retail Park, Wigan, WN5 0UU ASSET MANAGEMENT OPPORTUNITIES Robin Retail Park is Wigan s dominant out of town retail offer and as such has, and continues to, benefit from strong levels of tenant demand. Accordingly the park offers a number of opportunities to improve tenant mix and drive values forward, some of which we have identified below: FURTHER A3 DEVELOPMENT Currently the park provides only two A3 offers in Costa Coffee (new) and Burger King making up only c. 2.5% of the schemes total floorspace and there is demand to support the development of further space, subject to planning. Indeed the prospect of an extension to the existing Carphone Warehouse unit to allow a downsize and the introduction of a national multiple restaurant operator have been considered with terms discussed. The 2011 rent review remains outstanding and we believe represents a potential uplift opportunity which could be used as part of the negotiation. We have identified the principal physical changes on the plan below and further information is available on request. Additionally we believe that there may be an opportunity for mini-pod development on the walkway between those units occupied by Next/Costa Coffee and Thomson Holiday Superstore to link through to the football stadium, subject to planning. In our opinion the configuration of the retail park results in a very generous parking provision which is underused in part and therefore could support further pod development and this represents an opportunity to explore going forward. UNIT 5 FORMER NEXT Terms have been agreed with a market leading UK fashion operator, in line with the level of rental guarantee offered, and further information is available on request. UNIT 15 WICKES DOWNSIZE This unit offers the potential for sub-division, subject to the downsize or relocation of Wickes and indeed offers have been made historically for this space. LEASE REGEARS Based on tenant feedback we believe there will be a number of opportunities to explore lease extensions/regears on the park in the short term, building on the recent upsize of Next and the implementable fashion letting of unit 5. FURTHER FASHION/OPEN A1 LETTINGS Recent Counsel Opinion identified strong prospects for removing the existing 70,000 sq ft sales floorspace cap on clothing and/or footwear sales. We believe this offers real opportunity, in light of recent and prospective lettings, to further improve the tenant mix and retail offer on the park. 20 ENVIRONMENTAL Environ undertook a Phase 1 Environmental Review in April 2014 and concluded that the site is considered to be of low moderate risk in respect of ground contamination whilst in on-going current use. EXISTING UNIT UNIT 16 3,200 sq ft 297 sq m EXTENSION UNIT 17 1,500 sq ft sq m EPCS EPCs have been produced for all units, with values ranging between B (42) and D (56). Copies are available on request.

22 VAT, Proposal Robin Retail Park, Wigan, WN5 0UU 21 VAT The property has been elected for VAT so will be payable. However it is anticipated that the transaction will be treated as a TOGC. PROPOSAL Offers are sought in the region of 64,500,000 subject to contract and exclusive of VAT, for the Freehold interest in this property. A purchase at this level, allowing for the vendor s rental guarantee and the fixed increase in the Smyths Toys lease, would reflect the following yield profile: 6.17% initial yield 6.22% reversionary yield % reversionary yield % nominal equivalent yield based on purchaser s costs of 5.80%.

23 VAT, Proposal Robin Retail Park, Wigan, WN5 0UU NEXT HAVE 3 TRADING STORES IN WIGAN BUT RECENTLY CHOSE TO UPSIZE THEIR STORE ON ROBIN RETAIL PARK AND SIGN A NEW 10 YEAR LEASE 22

24 CONTACT 43/45 Portman Square London WIA 3BG JUSTIN HOULIHAN EMMA BOTTING Cushman & Wakefield LLP for themselves and for vendors or lessors of this property whose agents they are, give notice that: (1) The particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract. (2) No person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this property. (3) This property is offered subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT/GST. (4) Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order. (5) Unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required May 2014 Designed and produced by THE GROUP