WELL SECURED, FREEHOLD, RETAIL INVESTMENT STANDISHGATE, WIGAN

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1 Investment Summary WELL SECURED, FREEHOLD, RETAIL INVESTMENT STANDISHGATE, WIGAN Well secured, freehold, retail, investment occupying a prime pedestrianised position in Standishgate opposite Wilkinsons, Game, and Caffé Nero and adjacent to Vision Express. Secured for a further years to Bhs Ltd subject to review in April Rent 356,000 pax Sublet to B&M Retail Ltd (5A1 covenant) A substantial, double fronted department store comprising circa 2,887m² (31,075 sq ft) with entrances onto Standishgate, Atherton Square (The Galleries) and Hope Street. Offers in the region of 4,590,000 (Four Million, Five Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT which would show a purchaser an attractive net initial yield of 7.33% assuming purchasers costs of 5.8%. Location Wigan is an, established commercial centre and popular commuter town located at the western edge of the Greater Manchester conurbation. This busy town is located approximately 16.5 miles (26.6km) west of Manchester City Centre, 15 miles (21.1km) south of Preston and 17.4 miles (28 km) north east of Liverpool. The town benefits from excellent road communications with Junction 6 of the M61 being 6 miles (9.65km) to the east and Junctions 25 and 26 of the M6 some 4 miles (6.44km) to the west. Frequent rail services to London (Euston) operate with a journey time of approximately 2 hours 25 minutes. Local Economy Wigan has a primary catchment population of 257,000 persons and a shopping population of 162,000, ranking the town 83rd amongst the 200 PROMIS centres, above average for Major Towns. The age profile of Wigan predominantly reflects the GB average, however in terms of socio economics 14.78% are classed as Happy Families compared to the GB average of 11.64% and 25.66% are classed as Ties of The Community compared to the GB average of 16.36%. The majority of the towns workforce is employed in the service sector accounting for 63% of total employment. Major Wigan employers include The Tote (Bookmakers) who has its headquarters within the town and H.J Heinz who operate a 55 acre site in Wigan, one of the largest food manufacturing plants in Europe. Both JJB Sports and Girobank are also located within the area. Retailing in Wigan Wigan Town Centre offers a comprehensive choice of shops in a high quality retailing environment, providing a strong offer in both covered shopping malls and specialist clusters located close to the towns' pedestrianised centre. Traditionally the prime pitch has centred on Standishgate primarily between its junctions with Crompton Street and Market Place but this has been extended in recent times with the arrival of the 39,483 m², Grand Arcade Shopping Centre. Retailers within the town include Marks & Spencer, Boots, Debenhams, Argos, Primark, WHSmith, H&M and Next

2 Situation The property occupies a prime position on Standishgate and is situated between the entrances to the Galleries Shopping Centre and Royal Arcade and directly opposite the retail block containing Game, Wilkinson, Caffé Nero and Marks & Spencer. Other retailers within the immediate vicinity include Primark, Beaverbrooks, Miss Selfridge, Ernest Jones and Dorothy Perkins. Description The property comprises a substantial double fronted, department store with an extensive frontage onto Standishgate as well as secondary frontages onto Atherton Square (The Galleries), Hope and Marsden Streets. The property is of traditional brick construction with an ornate rendered façade under a pitched roof to the front incorporating dormer windows and a variety of flat roofs to the rear. Accommodation The property is arranged over ground, mezzanine, first and second floor and provides a combined floor area of circa 2,887m² (31,075 sq ft). A breakdown of the individual lease areas is available on request. Tenure Freehold Current Rent 356,000 per annum exclusive (agreed at review 14/04/2008) Tenancy The property is let to Bhs Ltd on three co-terminous FRI leases with approximately years unexpired. The tenant is not in occupation and the premises have been sublet to B&M Retail Ltd. (Further details are available upon request). 22/26 Standishgate Land & Buildings at Standishgate Premises at Hope Street & 6-16 Marsden Street Covenant Strength Occupier Financial Y/E Turnover Pre-tax Profit (Loss) Net Worth Bhs Ltd 28/08/ ,883,000 ( 7,238,000) 2,519,000 B&M Retail Ltd 31/12/ ,321,000 35,183,000 67,540,000 VAT The property has been elected for VAT and thus VAT will be payable on the purchase price. Proposal We are instructed to seek offers in the region of 4,590,000 (Four Million, Five Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT which would show a purchaser an attractive net initial yield of 7.33% assuming purchasers costs of 5.8%.

3 22/26 STANDISHGATE, WIGAN STANDISHGATE

4 Hope Street (The Galleries) Internal Fit-out

5 Contact David Freeman Ed Smith James Baillie