100 ABOVE BAR STREET SOUTHAMPTON SO14 7DT. freehold, reversionary, high street retail investment

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1 freehold, reversionary, high street retail investment

2 Investment Summary Southampton is the premier retailing destination on the south coast with a primary catchment population of 731,000. A strong retail pitch opposite the entrance to the Marlands Shopping Centre. Nearby national retailers include Starbucks, Boots Opticians, Moss Bros, Lloyds Bank, The Works, Waterstones and EE. Well secured to Shuropody Limited for an unexpired term of 4.58 years. Reversionary. Freehold. Offers in excess of 535,000 (Subject to Contract & exclusive of VAT) reflecting an attractive net initial yield of 7.5% and a reversionary yield of 9.25%, assuming purchasers costs of 5.8%. Location Southampton is one of the principal commercial and retail centres of the south-east, and is categorised by PMA as a regional centre. The city is one of the UK s main passenger and freight ports, located approximately 122km (76 miles) south-west of Central London, 48km (30 miles) east of Bournemouth and 32km (20 miles) west of Portsmouth. Ringwood SOUTHAMPTON Eastleigh Portsmouth Road communications are excellent. Southampton is located just to the south of the M3 motorway, which connects with both the M25 and the M27, the latter providing east/west links to Portsmouth and the New Forest. By rail, there are fast and frequent services to London Waterloo with journey times of approximately 75 minutes. There are additional direct services to Bristol, Winchester and Bournemouth. Southampton Airport is located five miles to the north-east of the city centre (Eastleigh) and provides a range of domestic and international flights. Demographics & Economy Southampton has a total population within its primary catchment of 731,000 and an estimated shopping population of 433,000. Spending in Southampton is boosted by tourism, Visit England estimated that around 6.96 million day trips were made in 2011/2012, generating some 252 million in expenditure. Tourism expenditure is further boosted by Southampton s status as a major cruise port. The Southampton catchment population is moderately affluent containing a significantly above average proportion of adults of working age categorised within the most affluent AB social group. In contrast, the least affluent D and E social groups are moderately under-represented. Bournemouth Isle of Wight The city has a high proportion of young adults due to the city s large student population. The University of Southampton and Southampton Solent University together have a student population of over 40,000.

3 Retailing in Southampton Southampton is the principal retailing destination on the south coast with an estimated retail floorspace at 2.18 million, ranking the city 12 th of PROMIS centres of this measure. The West Quay shopping centre (800,000 sq ft), anchored by John Lewis and Marks & Spencer, has significantly enhanced this retail provision since its opening in Above Bar Street is the main retailing pitch outside of the scheme and still provides a strong retail offer with the likes of Primark, TK Maxx, WH Smith, Boots and Top Shop/Top Man all represented. The city is ranked by Venuescore (2011) as a top 15 retail destination within the UK. Hammerson have recently started construction on WestQuay Watermark, a mixed use scheme comprising a 10 screen cinema, up to 20 restaurants and a new high quality public plaza for the city supported by the Government s Regional Growth Fund. WestQuay Watermark will be delivered in two phases. Building has commenced for Phase One and is likely to be complete by the end of The second phase has the potential to include a hotel, residential tower with flexibility for retail and office space. This will further enhance Southampton as the regional retail destination and help to boost visitor numbers.

4 Shoe Zone AMPLIFON 100 ABOVE BAR STREET SOUTHAMPTON SO14 7DT SO MOBILEUNI LIFE EBB + FLOW THE ROYAL BRITISH LEGION TREATZ TEMP UNDER OFFER TEMP SALLY SALON MADAME BUTTERFLY FOOTLOCKER

5 Situation The property occupies a prominent position on Above Bar Street, directly opposite the entrance to the Marlands Shopping Centre and a short distance from the West Quay Shopping Centre. Nearby occupiers include Starbucks, Boots Opticians, Moss Bros, Lloyds Bank, The Works, Waterstones and EE. Description The property is arranged over ground, first, second and third floor. The whole property is occupied by Shuropody Limited. The retail is serviced by a loading bay to the rear, accessed via Sussex Road. Accommodation Floor Area (sq.m.) Area (sq.ft.) Ground Floor ,051 ITZA units First Floor Sales First Floor Ancillary Second Floor Ancillary Third Floor Ancillary

6 Tenure Freehold. Tenancy The entire property is let to Shuropody Limited on a 10 year full repairing and insuring lease from 29th September 2010, expiring 28th September The lease is subject to an outstanding upward only rent review on 29th September Tenant Covenants Shuropody is one of the UK s largest provider of Chiropody and Podiatry offering 150 clinics nationwide serving more than 250,000 patients each year. Founded in 2007 the company, headquartered in Coventry, grew rapidly following its purchase of 43 stores from Boots in Company Name D&B Rating Financial Year Sales Turnover Loss Before Tax Tangible Net Worth Shuropody Limited N4 31/01/ ,529,855 1,669,138-1,279,537 Net current income pax 42,500 per annum exclusive. Rental Analysis We calculate that the current passing rent equates to Zone A headline. 80 Above Bar Street has recently been let to Sally Salon in August 2015 reflecting 87 Zone A. 90 Above Bar Street is currently under offer reflecting a Zone A rate of 90 psf. We believe the property is reversionary with an estimated rental value of 52,275 pa reflecting 75 Zone A. EPC A copy of the EPC is available upon request. VAT The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 535,000 (Five Hundred and Thirty Five Thousand Pounds), Subject to Contract and exclusive of VAT. A purchase at this level will reflect an attractive net initial yield of 7.5% and a reversionary yield of 9.25%, based on our ERV of 75 Zone A, allowing for usual purchasers costs of 5.8%.

7 Further Information Further information or to arrange an inspection please contact: Ed Smith Patrick Over Simona Malinova MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. March Adrian Gates Photography & Design