RIBBAR PORTFOLIO PRIME RETAIL INVESTMENT PORTFOLIO

Transcription

1 RIBBAR PORTFOLIO PRIME RETAIL INVESTMENT PORTFOLIO

2 Portfolio Summary Unbroken institutional portfolio 9 prime retail assets 82% of the income secured against 5A1 covenants. Ability to sell individual assets to take advantage of private market 38% of total income derived from Greater London and South East WAULT to expiry is 7.7 years and 6.04 years to break* Numerous asset management angles No upper parts sold off Tenants include: Bank of Scotland Plc, Norwich & Peterborough Building Society, WH Smith, Nationwide Building Society, Boots UK Ltd, TSB Bank Plc, Caffé Nero, Card Factory and Carluccio s A total of 79,951 sq ft of accommodation We are instructed to seek offers in excess of 18,000,000 (Eighteen Million Pounds) subject to contract and exclusive of VAT HEREFORD HUNTINGDON ST NEOTS A purchase at this level reflects a net initial yield of 6.1% after deducting purchasers costs of 6.74% GLOUCESTER SURBITON GODALMING NEW MALDEN MAIDSTONE Our client may consider offers for individual or groups of properties TRURO * WAULT assumes asset managment initiatives agreed and/or complete. 2

3 Tenancy Schedule PROPERTY TENANT START DATE EXPIRY DATE REVIEW CYCLE (YEARS) REVIEW DATE BREAK DATE BREAK TYPE RENT ( ) PER ANNUM Gloucester, 7 Southgate Street Nero Holdings Ltd 21/11/05 20/11/ /11/15 67,500 Godalming, 61/63 High Street J H Lorimer Ltd 30/04/10 29/04/ /04/15 80,000 Godalming, 65 High Street Bank of Scotland Plc t/a Halifax 13/05/82 23/06/17 5 N/A 64,950 Hereford, 1-2 St Peters Street TUI UK Retail Ltd 29/09/06 28/09/16 5 N/A 40,000 Hereford, 59/60 Commercial Street Lloyds TSB Scottland t/a TSB 10/10/03 09/10/ /10/18 09/10/18 Tenant 100,800 Hereford, 61 Commercial Street Treds Ltd 25/03/14 24/03/19 N/A Tenant 47,500 Huntingdon, 119 High St Yorkshire Building Society t/a Norwich & Peterborough Building Society 01/10/92 28/09/17 5 N/A 45,120 Huntingdon, Unit A 121/122 High St WH Smith Retail Holdings Ltd 15/05/94 14/05/19 5 N/A 76,500 Huntingdon, Unit B 121/122 High St Argos Ltd 15/05/94 14/05/19 5 N/A 86,000 Maidstone, 29 Week Street Sportswift Ltd t/a Card Factory 17/07/12 16/07/25 17/07/22 120,000 New Malden, 112 High Street WH Smith Retail Holdings Ltd 25/03/10 24/03/ ,350 New Malden, 114 High Street Nationwide Building Society 25/03/09 24/03/ ,500 New Malden, High St Boots Properties Ltd 25/03/37 24/03/36 25/03/22 Tenant 700 New Malden, 2 Blagdon Road St Neots, 29 High Street The Personal Representatives of Christopher Petit Deceased Boots Opticians Professional Services Ltd 24/06/36 23/06/ /07/16 02/06/ ,800 St Neots, 31 High Street Boots UK Ltd 03/07/16 02/06/ ,700 Surbiton, 73 Victoria Road Poundland Limited 06/11/09 18/01/ /11/19 100,000 Truro, 28 & 29 Boscawen Street Carluccio's Limited To be granted 25 years 5 120,000 TOTAL RENT 1,171,545 pa 3

4 Gloucester 7 SOUTHGATE STREET, GLOUCESTER GL1 1TG Investment Considerations Gloucester is a historic cathedral city and is the County town of Gloucestershire. Attractive Freehold property, occupying a prominent position on the pedestrianised Southgate Street near to an entrance to the Marks & Spencer anchored Eastgate Shopping centre. Let to strong covenant of Nero Holdings Limited 4

5 GLOUCESTER GODALMING A49 A491 Kidderminster Gloucester A441 A34 A41 HUNTINGDON M5 HEREFORD A456 A46 A4122 A417 Worcester A45 A509 Huntingdo A46 A429 Northampton A45 0 A6 A45 A428 A5 A422 A509 A43 A423 A421 A1 Bedford A46 A49 TRURO A6116 A1 A44 A4103 A45 A426 A425 A449 A44 A508 A43 A435 M5 A44 SURBITON 5 A SOUTHGATE STREET, GLOUCESTER GL1 1TG 44 A423 0 A449 ST NEOTS A5 2 A456 M6 NEW MALDENA426 Coventry A435 A448 A45 MAIDSTONE A4103 A5 A508 A438 Hereford A421 A429 A449 0 A46 A43 A422 A6 A1 Milton Keynes M50 A465 A449 A49 A424 M50 A421 A43 A44 A416 M5 A465 Cheltenham A4137 A505 A421 A417 Gloucester A48 A417 A41 A429 A436 0 A5 Aylesbury A48 A417 A418 A429 M5 A1(M) Luton A A505 A44 A5 A420 Oxford St Albans A413 A4142 A414 A41 A A48 Location A433 A420 A429 A419 The historic cathedral city of Gloucester is a dominant retail and commercial destination within the South A433 A419 West. The city is located 36 miles north of Bristol, 56 miles south-west of Birmingham and 13 miles Swindon west of Cheltenham. Gloucester benefits from good transport communications being adjacent to the M5 A429 between junctions 11 and 12, with the and A 417 providing access to Cheltenham and Cirencester respectively. Gloucester has a primary catchment population of 363,000 people and an estimated shopping population of 193,000 (PROMIS). Description 0 The building comprises a ground floor shop unit with ancillary accommodation at first floor and basement level. The first floor is selfcontained and has separate access. It has been sublet in the past to a hairdresser. Reading A34 The subject property occupies a prominent position on the pedestrianised Southgate Street, close to its junction with prime Eastgate Street. The property benefits from strong footfall due to its close proximity to the intersection of the four main retail streets as well as the Eastgate shopping centre. Tenants in the immediate vicinity include Marks & Spencer, B&M, Poundland and Vodafone. Accommodation High A33 Wycombe The property provides the following approximate areas, 0 measured 4on a net internal area basis: Floor Maidenhead 4(M) Ground Floor (sales) PRIME RETAIL INVESTMENT PORTFOLIO Area (sq m) ITZA 1, Basingstoke A4 A First Floor (Storage) Total LOND A205 Basement (Storage) 2,602 A A240 A24 Cro A3 A243 Area (sq ft) A3 A34 A1 6 A339 RIBBAR PORTFOLIO Watford A355 A329(M) Newbury M A413 A A217 A23 A331 Aldershot Farnham M Guildford A3 5 A24

6 Gloucester 7 SOUTHGATE STREET, GLOUCESTER GL1 1TG Tenancy The property is let to Nero Holdings Limited trading as Caffè Nero for a term of 15 years from 21st November 2005 on full repairing and insuring terms at a passing rent of 67,500 per annum. Rental Analysis We devalue the current rent passing of 67,500 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/20 Zone A to the first floor and basement. Covenant Caffè Nero was founded in 1997 and now trades from over 600 stores globally, selling high quality Italian coffee. Nero Holdings Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover 233, , ,539 Profit/(Loss) Before Taxes 23,797 22,538 20,011 Tangible Net Worth 168, , ,364 Net Current Assets (Liabilities) 104,275 80,290 61,087 Asset Management Look to re-gear the lease with Caffé Nero. Look at alternative uses at first floor level, including an upper floor extension, given the height of the adjacent buildings. EPC The property has an energy performance asset rating of E115. 6

7 Godalming HIGH STREET, GODALMING GU7 1AW Investment Considerations Affluent Surrey commuter town Rarely available larger retail units providing 12,659 sq ft Prime position in pedestrianised high street Unbroken lot parade that can be split into two separate assets Low reversionary base rents with outstanding rent review. Asset management angles Ability to create substantial residential elements above and on land at the rear 7

8 A34 Godalming Newbury A339 A34 A A329(M) A33 A31 A3 A31 A24 A34 A31 Winchester Reading Basingstoke High Wycombe HIGH STREET, GODALMING GU7 1AW Maidenhead 4(M) A331 Aldershot Farnham Guildford A3 Godalming Watford A4 A205 A30 A214 A240 A24 A3 A3 A243 A22 A217 A23 LONDON A24 A22 Crawley Croydon Dartford Royal Tunbridge Wells Southend-on-Sea Location Godalming is an affluent Surrey commuter town located 5 miles south-west of Guildford and 40 miles south-west of Central London. It is located on the A3, which links the town to the ten miles away and the south coast. The building is located in the centre of Godalming High Street with nearby occupiers including WH Smith, Superdrug, Fat Face, Jo Jo Maman Bébé and Costa Coffee. Description The property comprises two separate buildings High Street comprises a shop arranged on ground and two upper floors. 65 High Street comprises a shop unit on ground and two upper floors. The ground floor demise has been split into two separate shop units. There is a large rear yard to the rear of High Street with seven demised car spaces. Accommodation The property provides the following approximate areas, measured on a net internal area basis: The floor areas for 65 High Street are derived from those used by the tenant at the 2007 rent review. Floor High Street (Lorimers) Sq ft (sq m) 65 High Street (Halifax) Sq ft (sq m) Ground Floor (Sales) 2,998 (278.52) Ground floor (Sales) 2,070 (192.30) ITZA 1,428 (132.66) ITZA 1,024 (95.13) Ground Rear (Upper Sales) 565 (52.49) Ground (Rear store) 670 (62.25) Ground (Staff/Storage) 188 (17.47) First Floor (Sales) 1,620 (150.50) First Floor (Office) 554 (51.47) First Floor (Storage) 573 (53.23) First Floor (Store) 1,858 (172.61) First Floor (Rear Storage) 162 (15.05) Second Floor (Office) 108 (10.03) Second Floor (Ancillary) 1,293 (120.12) Total 7,399 (687.88) 5,260 (488.66) 8

9 Godalming HIGH STREET, GODALMING GU7 1AW Tenancy High Street is let to J. H. Lorimer Limited for a term of 10 years from 30 April 2010 on effective full repairing and insuring terms at a passing rent of 80,000 per annum subject to an outstanding upwards only rent review on 30 April Rental Analysis We devalue the current rent passing of 80,000 per annum payable by J.H. Lorimer to approximately per sq ft Zone A applying a rate of 1/14 Zone A per sq ft to first floor sales, 1/20 Zone A per sq ft to the ancillary accommodation and 500 per annum per car space. 65 High Street is let to Bank of Scotland Plc trading as Halifax for a term of over 35 years on full repairing and insuring terms from 13 May 1982 to expire on 23 June 2017 at a passing rent of 64,950 per annum. There is an outstanding upwards only rent review on 24 June Discussions are ongoing with the Bank to renew. The total income is therefore 144,950 per annum. We devalue the current rent passing of 64,950 per annum payable by Bank of Scotland Plc to approximately per sq ft Zone A applying 1/20 Zone A per sq ft on the office and ancillary accommodation at ground and first floors, and 1/40 Zone A per sq ft on the ancillary accommodation at second floor. Covenant J. H. Lorimer Limited trades as Lorimers, which is a family owned retail business with 16 shops in Kent, Surrey and Sussex. It was established in the 1920's and offers an extensive range of stationery, art & craft, toys, greeting cards and gifts. J.H. Lorimer Limited has a D&B rating of 3A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover 6,836 7,381 7,366 Profit/(Loss) Before Taxes 1,003 1, Tangible Net Worth 11,020 10,659 9,808 Net Current Assets (Liabilities) ,433 Bank of Scotland Plc is a commercial and clearing bank which was acquired by Lloyds Banking Group in January It trades as Halifax Bank from the subject unit. Other subsidiaries include Birmingham Midshires and Sainsbury's Bank. Halifax is the largest provider of residential mortgages and savings account in UK. Bank of Scotland Plc has a D&B rating of 5A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover 11,305,000 13,192,000 15,227,000 Profit/(Loss) Before Taxes 2,653,000 3,180,000 1,450,000 Tangible Net Worth 14,684,000 20,420,000 17,925,000 Net Current Assets (Liabilities) 20,737,000 25,852,000 24,781,000 9

10 Godalming HIGH STREET, GODALMING GU7 1AW Asset Management Settle the outstanding rent review at 61/63 High Street, which is reversionary Regear the Halifax lease and take back the vacant unit negotiations ongoing with tenant Re-let the vacant unit to parties currently expressing interest Convert upper parts to create 7 flats with 5 one bedroom flats and 2 two bedroom flats (plans approved and available on request) Develop rear building to create two bedroom mews houses (plans prepared and available on request) EPC High Street has an energy performance asset rating of C62 and 65 High Street a rating of C75. 10

11 Hereford & 61 COMMERCIAL STREET, HEREFORD HR1 2DJ 1-2 ST PETERS STREET, HEREFORD HR1 2LE Investment Considerations Multi-let retail block in the Cathedral city of Hereford, ranked in the Top 100 UK retail centres Attractive Freehold property, occupying a prime position on the pedestrianised Commercial street Let to the undoubted covenants, Lloyds TSB, Treds Limited and TUI UK Retail Limited Development potential to upper floors above 1-2 St Peter s Street subject to the necessary consents Ability to split asset into smaller lots. 11

12 Hereford & 61 COMMERCIAL STREET, HEREFORD HR1 2DJ 1-2 ST PETERS STREET, HEREFORD HR1 2LE 49 A465 A49 A49 Hereford A49 Location The attractive Cathedral city of Hereford is located 27 miles south-west of Worcester and 33 miles north-west of Gloucester. The city benefits from excellent transport links being served by the A49 (running north to south), the A438 (running east to west), and the A4103 to Worcester. Junction 4 of the M50 motorway is approximately 15 miles to the south and Junction 11 of the M5 motorway is approximately 35 miles to the south east. Hereford has a District Population of 175,000 people and a primary retail catchment population A417 A4137 A44 A438 A48 A458 A456 A4103 A449 M50 A48 A442 A44 A442 A449 A4103 A417 A458 A456 Kidderminster A48 M5 A449 A449 A449 A448 M5 Worcester M50 Gloucester A44 M5 A491 A417 M5 A422 A436 A46 Cheltenham A417 A34 A38 A441 A429 A435 2 A435 A46 A34 M6 Birmingham A41 A429 A38 0 of 263,000 people and faces little competition from other retail centres within its catchment area. Units & 61 are situated on the prime pedestrianised Commercial Street at its junction with High Street and St Peters Street and opposite the main entrance to the only covered shopping centre in the city, the Maylord Shopping Centre. Unit 1-2 is situated on the pedestrianised section of St Peter s Street. Retailers in the immediate vicinity include; Boots opticians, Dorothy Perkins, the A46 istore A6 Hereford A50 A424 and Starbucks coffee. 2 A46 M6 A4177 A429 A45 A429 A44 Coventry A46 0 A420 A423 A44 A423 M69 M6 A5 A426 A420 0 A45 A426 A425 A422 A5 5 A43 Oxford Leicester 0 A4142 A45 A43 A421 A5 A41 A47 A6 A43 A5 A508 A421 A418 A45 A508 A6 10 A606 A47 A427 A43 Northampton A418 A6003 A509 A416 A413 A43 A509 Milton Keynes Aylesbury A413 Description The property comprises two shop units fronting Commercial Street and one fronting St Peters Street. The buildings are arranged over ground, first and second floors, providing retail sales accommodation at ground floor with ancillary accommodation over first and second floors. There is a basement within 59/60 A1175 Commercial Street accessible via a A606 A1175 floor hatch. A16 A5 A505 A43 A6116 A45 A6 A421 A47 A605 A5 A41 A1 Bedford A6 Luton A605 A421 A1 A47 A1139 A1 St Albans A414 A1(M) A15 Peterborough Huntingdon A1 A1(M) A428 A505 1 A10 A10 A10 A47 1 A A10 Cambridge 1 A11 1 A10 Accommodation The property provides the following approximate areas, measured on a net internal area basis: Floor Area (sq ft) Area (sq m) Commercial Street (TSB) Ground Floor (sales) 1, ITZA First floor (Storage) Second Floor (Storage) A A47 A1122 A10 A10 Total 2, Norwich A1122 A Commercial Street (Treds) A10 Ground Floor (sales) A A11 0 ITZA Total Bury St 1, Edmunds A11 A131 A134 A120 Colchester A120 A120 A120 A120 Total 2,322 A A414 A1065 A12 A12 A1066 A11 First floor (Storage) A134 Second Floor (Storage) Chelmsford St. Peter s Street (Thompson) Ground Floor (sales) A12 A11 A12 A47 A11 Ipswich ITZA First floor (Storage) Second Floor (Storage) A

13 Hereford & 61 COMMERCIAL STREET, HEREFORD HR1 2DJ 1-2 ST PETERS STREET, HEREFORD HR1 2LE Tenancy 59/60 Commercial Street is let to Lloyds TSB Scotland Plc for a term of 25 years from 10th October 2003 on effectively full repairing and insuring terms, at a passing rent of 100,800 per annum subject to 5 yearly upwards only rent reviews. There is a tenants break option on 9th October Commercial Street is let to Treds Limited for a term of 5 years from 25th March 2014 on effectively full repairing and insuring terms, at a passing rent of 47,500 per annum. 1-2 St Peters Street is let to TUI UK Retail Limited trading as Thompson, for a term of 10 years from 29th September 2006 on effectively full repairing and insuring terms, at a passing rent of 40,000 per annum. The lease has expired and negotiations for a new lease are ongoing. The total income is therefore 188,300 per annum. Rental Analysis We devalue TSB s current rent passing of 100,800 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor. We devalue Tred s current rent passing of 47,500 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor. We devalue TUI s current rent passing of 40,000 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/20 to the first floor and 1/40 to the second floor. Covenant TSB Bank plc is a retail and commercial bank in the United Kingdom, which is a subsidiary of the Sabadell Group. TSB Bank operates a nationwide network of 631 branches across England, Scotland and Wales. TSB Bank plc has a D&B rating of 5A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover 1,175,700 1,191, ,200 Profit/(Loss) Before Taxes 80, ,400 74,500 Tangible Net Worth 1,762,000 1,642,900 1,295,200 Net Current Assets (Liabilities) 1,600, ,200 1,172,600 Treds Limited is a footwear store that focuses on fashion branded footwear which originated in It trades from 29 stores and prides itself in being innovative and unusual. Treds Limited has a D&B rating of 2A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover Profit/(Loss) Before Taxes Tangible Net Worth 4,900 3,083 3,003 Net Current Assets (Liabilities) TUI UK Retail Ltd is one of the world s leading leisure travel companies operating in over 180 countries offering 250 brands to more than 30 million customers. TUI has a D&B rating of 3A1 and has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover 199, , ,661 Profit/(Loss) Before Taxes 8,000 1,007-5,330 Tangible Net Worth 8, , ,185 Net Current Assets (Liabilities) 17, , ,752 Asset Management Renew lease to TUI UK Retail Ltd negotiations ongoing with tenant. Remove tenants break clause at 59/60 Commercial Street (TSB). Sell as individual holdings to take advantage of the strong private market. EPC 59 Commercial Street has an energy performance asset rating of D90, 61 Commercial Street a rating of G167 and 1-2 St Peter s Street a rating of F

14 Huntingdon HIGH STREET, HUNTINGDON PE29 3LG Investment Considerations Multi-let 100% prime retail block in an affluent improving town Lease regear opportunities 100% of income is let to the undoubted covenants of Yorkshire Building Society, WH Smith Retail Holdings Ltd and Argos Ltd Opportunity to split the asset into smaller lots. 14

15 Huntingdon HIGH STREET, HUNTINGDON PE29 3LG A47 A15 Peterborough A47 A1139 A605 1 Accommodation The property provides the following approximate areas, measured on a net internal area basis: A1(M) Floor Area (sq ft) Area (sq m) A421 A1 Huntingdon A1 A A10 Cambridge 1 A High Street (Norwich & Peterborough) Ground Floor (sales) Ground Floor ITZA Basement (Ancillary) First Floor (sub-let office) First Floor (sub-let office) Total 1, Unit A High Street (WH Smith) A11 Ground Floor (sales) 4, Ground Floor ITZA 1, Location Huntingdon is an affluent market town in West Cambridgeshire, strategically located 15 miles north-west of Cambridge, 17 miles south of Peterborough and 67 miles north of London. The town has good transport links with the A1 and providing access to the and 1 respectively. Stanstead airport is located 46 miles to the south east and Luton airport 47 miles to the south-west. Huntingdon rail station provides a direct service to London Kings Cross with a journey time of approximately 58 minutes. The property is situated on the prime pedestrianised High Street close to the entrance to Chequers Court development. Nearby retailers include: Greggs, Carphone Warehouse, Burton and Clinton Cards. The Chequers court development has secured tenants including a 15,000 sq ft Next store and a 9,500 sq ft Marks and Spencer Simply food store which will provide a significant boost to the town centres retailing. The second phase will open in Spring Description The property comprises three shop units. The modern units provide retail sales accommodation at ground floor level with additional ancillary and storage accommodation on Ground, basement, first and second floors. There is a small return frontage to 119 High Street as well as a separate side entrance to the upper floors, which are currently sub-let as office space. Ground Floor (Loading/ storage) Basement (Storage) First floor(storage) Second Floor (Storage) Total 5, Unit B High Street (Argos) Ground Floor (Sales) 4, Ground Floor ITZA 1, Ground Floor (Storage) First Floor (Storage) 3, Total 7,

16 Huntingdon HIGH STREET, HUNTINGDON PE29 3LG Tenancy 119 High Street is let to Yorkshire Building Society, trading as Norwich & Peterborough Building society for a term of 25 years less two days from 1st October 1992, on full repairing and insuring terms at a passing rent of 45,120 per annum. Unit A High Street is let to WH Smith Retail Holdings Ltd for a term of 25 years from 15th May 1994, on full repairing and insuring terms at a passing rent of 76,500 per annum. Part of the ground floor has a concession to The Post Office. Unit B, High Street is let to Argos Limited for a term of 25 years from 15th May 1994, on full repairing and insuring terms at a passing rent of 86,000 per annum. The total income is therefore 207,620 per annum. Rental Analysis We devalue the current rent passing of 119 High Street (Yorkshire Building Society) to approximately per sq ft Zone A, applying a rate of 1/20 to the basement and an overall rate of 5/ sq ft to first and second floors and adding 5% for return frontage. We devalue the current rent passing of Unit A High Street (WH Smith) to approximately per sq ft Zone A, applying a rate of 1/20 to the ground floor storage, basement and first floor and a rate of 1/40 to the second floor and allowing a 10% discount for quantum. We devalue the current rent passing of Unit B High Street (Argos) to approximately per sq ft Zone, applying a rate of 1/20 to the ground floor storage and first floor and allowing a 10% discount for quantum. 16

17 Huntingdon HIGH STREET, HUNTINGDON PE29 3LG Covenant The Yorkshire Building Society is a financial services company and merged with Norwich & Peterborough Building society in 1992 to become the second largest building society in the UK, with its headquarters in Bradford. The Yorkshire Building Society has a D&B rating of 01 and has shown the following recent financial performances: WH Smith dates from 1972 and currently operates from 1,300 stores with over 600 High Street stores serving over 320 million customers annually. WH Smith Plc is listed on the FTSE (250) Index. WH Smith Retail Holdings Ltd has a D&B rating of 5A1 and has shown the following recent financial performances: 31/12/ /12/ /12/2007 Turnover Profit/(Loss) Before Taxes 115,400 (12,500) 54,600 Tangible Net Worth 1,317,100 1,048,500 1,091,600 Net Current Assets (Liabilities) 5,782,600 6,324,600 1,133,900 31/08/ /08/ /08/2013 Turnover 169, , ,180 Profit/(Loss) Before Taxes 62, , ,968 Tangible Net Worth 472, , ,409 Net Current Assets (Liabilities) -159, , ,914 Asset Management Regear/renew current leases and look at potential to take back and re-let office space above 119 High Street. Opportunity to split the asset into smaller lots. EPC 119 High Street has an energy performance asset rating of C High Street has an energy performance asset rating of C51. Argos Limited is a catalogue merchant trading through both physical stores and online, with over 750 stores and 800 million website visits a year, making it one of the largest high street retailers online in the United Kingdom Argos Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 28/02/ /03/ /03/2013 Turnover 3,919,176 3,872,446 3,752,634 Profit/(Loss) Before Taxes 97,146 43,992 84,662 Tangible Net Worth 1,202,554 1,172,054 1,249,775 Net Current Assets (Liabilities) 621, , ,900 17

18 Maidstone 29 WEEK STREET, MAIDSTONE ME14 1QS Investment Considerations Affluent commuter town and the county town of Kent The ONS has forecasted a 10.20% population growth in Maidstone between % prime position opposite Marks & Spencer and between the entrance to Fremlin Walk and The Chequer Centre Let to the 5A1 covenant of Sportswift Limited Well configured shop unit Tenant trades well and has agreed to regear the lease. 18

19 GLOUCESTER ans A414 GODALMING HEREFORD HUNTINGDON MAIDSTONE NEW MALDEN ST NEOTS SURBITON TRURO Chelmsford Maidstone A12 A414 A130 A12 29 WEEK A10STREET, MAIDSTONE ME14 1QS A12 A1 6 6 A127 A12 Southend-on-Sea A13 LONDON A13 A102 A282 A205 Dartford A2 A214 A2 Croydon A240 A A232 A22 A217 M2 A299 M20 M26 A23 A299 A249 M20 M2 A2 Maidstone A21 RS AVE S N ECS E SP OPTICIA TO B A228 A2 A229 A22 M20 A21 Crawley A256 A2 Royal Tunbridge Wells A22 A20 A21 A22 A26 Location A272 A259 A259 A26 centre and county town of Kent as A21 Maidstone is the administrative well as one of the most important A259 retailing centres in South East England. It lies 32 miles south-east of London, 20 miles north-west of Ashford A23 and 28 miles west of Canterbury. Maidstone is adjacent to junctions 6 and 7 of the M20, which links directly to the. London City Airport and London Gatwick Airport are located approximately 40 A27 miles (64 kilometres) north west and 45 miles (72 kilometres) west of the town respectively. A26 Dover A2070 A23 Brighton A28 A27 The property occupies a 100% prime position on the pedestrianised Week Street, opposite Marks & Spencer, whilst in close proximity to WH Smith, Carphone Warehouse, Clarks Shoes and Fremlin Shopping Centre. Description Accommodation The building comprises a retail unit arranged on ground and first floors, with the first floor accommodation being internally and separately accessible. The property provides the following approximate areas, measured on a net internal area basis: Floor Area (sq ft) Area (sq m) 2, ITZA First Floor Ancillary , Ground Floor Sales Total RIBBAR PORTFOLIO PRIME RETAIL INVESTMENT PORTFOLIO 19

20 Maidstone 29 WEEK STREET, MAIDSTONE ME14 1QS Tenancy The unit is let to Sportswift Limited trading as Card Factory for a term of years to expire on 16th July 2025 (once extended) on full repairing and insuring terms, at a passing rent of 120,000 per annum subject to a rent review on the 17th July The seller has agreed terms with Sportswift to enter into a reversionary lease to extend the term by a further 3 years until 16 July 2025 (with an upwards only rent review on 17 July 2022) Sportswift have been granted a 12 month rent free period under their current lease from the date of completion of the reversionary lease. Rental Analysis We devalue the current rent passing of 120,000 per annum to approximately per sq ft Zone A, applying a rate of 1/20 Zone A to the first floor. Covenant Sportswift Limited was incorporated in 1998 and sells greeting cards and stationery products from over 630 shops across the UK. Sportswift Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 31/01/ /01/ /01/2013 Turnover 336, , ,957 Profit/(Loss) Before Taxes 62,320 69,243 66,111 Tangible Net Worth 58, , ,674 Net Current Assets (Liabilities) 24, , ,215 EPC The property has an energy performance asset rating of D94. 20

21 New Malden HIGH STREET & 2 BLAGDON ROAD, NEW MALDEN KT3 4EU Investment Considerations Affluent London suburb 100% prime trading position Well let to the 5A1 covenants of W H Smith, Nationwide and Boots Large site area Asset management angles Rare opportunity to purchase two medium dated reversions Low passing rents of sub 50 Zone A Opportunity to split asset into smaller lots 21

22 M27 A505 A44 A1(M) GLOUCESTER GODALMING A41 HEREFORD HUNTINGDON Luton MAIDSTONE NEW MALDEN ST NEOTS SURBITON TRURO A418 A120 A120 A120 0 A5 A12 New Malden 1 Aylesbury A10 A418 A HIGH Oxford A420 STREET & 2 BLAGDON ROAD, NEW A413 MALDEN KT3 4EU St Albans A4142 A414 Chelmsford A41 A A420 A413 A130 Location 0 A12 Watford Description High A10 A355 New Malden is an affluent London suburb within the Royal Borough Wycombe of Kingston upon Thames, located 9.5 miles to the south west of Central London. It is approximately 1 mile from the A3, which provides direct access to Central London 0 4 and the. Rail services linking the town to London Waterloo have a fastest journey time of 24 minutes. Maidenhead 8 trains run every hour from New Malden to London Waterloo with a 4(M) journey time of 24 minutes. A large proportion of residents in the area commute to Central London. Reading Heathrow Airport A34 is situated approximately 10 miles (16 kilometres) A329(M) to the north west of the town, Newbury with Gatwick Airport 25 miles (40 kilometres) to the south. London City Airport is also just over an hour away A33 by train. Nearby occupiers include Poundland, Costa, Santander, Shoe Zone and Mcdonalds. A303 A34 A34 A303 A339 Winchester Southampton M27 A31 Basingstoke A31 A3 A3(M) M27 M275 Portsmouth A31 A3 A272 A27 A331 Aldershot Farnham A3 A3 UNDER OFFER A272 Guildford Godalming A30 A280 A3 A4 A3 A243 A24 A24 A272 6 A240 A24 A217 A1 A205 A214 New Malden LONDON Croydon A23 A22 A12 A102 A232 6 A2 A21 The property comprises 3 retail units fronting the High Street and a physiotherapy centre and café fronting Blagdon Road. A127 The retail units are arranged Southend-on-Sea on ground and first floors, A13 to provide ground floor retail/banking units with ancillary accommodation above. There is a 2 bedroom flat at first floor above 114 High Street, which is separately accessible from the rear (the tenant benefits from 2 car parking spaces). A2 The physiotherapy centre is a two storey selfcontained building with part of the ground floor sub-let to a café. The area hatched A249 on the Goad is for circulation, M2 servicing and parking. A22 Accommodation A229 A21 M20 A28 The property provides the following approximate Royal areas, measured on a net internal area basis: Tunbridge Crawley A22 Wells Floor A High Street (WH Smith) sq ft (sq m) 114 High Street (Nationwide) A21 sq ft (sq m) High Street (Boots) sq ft (sq m) 2 Blagdon Road (Surgery) A2070 sq ft (sq m) Ground Floor Sales - 1,372 A22 A26 (127.46) A12 A13 M26 A282 Dartford M20 Sales - 1,431 (132.94) Sales - 2,669 (247.96) Physiotherapy Centre - 1,056 (98.1) Café (28.61) A259 A272 ITZA 629 (58.43) 679 (63.08) 1,150 (106.54) N/A A26 A21 Office 63 (5.85) A259 First A23 Floor 1,399 (129.97) Residential 1,712 (159.05) Physiotherapy Centre (2 bedroom flat) - 1,529 (142.05) A27 Total 2,834 (263.29) A27 1,431 (132.94) 4,381 (407.01) 2,893 (268.77) Brighton A26 M20 A228 Maidstone M2 Colchester A2 A120 A299 A259 22

23 New Malden HIGH STREET & 2 BLAGDON ROAD, NEW MALDEN KT3 4EU Tenancy 112 High Street is let to WH Smith Retail Holding Limited for a term of 10 years from 25 March 2010, on effective full repairing and insuring terms at a passing rent of 34,350 per annum. A new 5 year reversionary lease expiring on 24 March 2025 has been agreed with an upward only rent review on 25 March High Street is let to Nationwide Building Society for a term of 10 years on effective full repairing and insuring terms from 25 March 2009 at a passing rent of 40,500 per annum. The tenant removed a break clause operable in March High Street is let to Boots Properties Limited for 99 years from 25 March 1937 at a passing rent of 700 per annum without further review. The tenant has a break option on 25 March 2022 and 25 March Blagdon Road is let to the Personal Representatives of Christopher Petit Deceased for a term of 99 years from 24 June 1936 at a passing rent of 125 per annum without further review. We understand the physiotherapy centre is sub-let at a current rental of 45,000 per annum rising to 50,000 per annum. The total current income is therefore 75,675 per annum. Rental Analysis We devalue WH Smiths current rent passing of 34,350 per annum to approximately per sq ft Zone A, applying a rate of 1/20 Zone A per sq ft to the first floor and ground floor office. We devalue Nationwide s current rent passing of 40,500 per annum to approximately per sq ft Zone A, allocating a rent for the flat of 13,020 per annum (the passing sublet rent) with a 35% discount for the cost of management, voids and re-letting. Covenant WH Smith dates from 1792 and currently operates from 1,200 stores with 618 on the High Street. It serves over 320 million customers annually and is the UK's most popular bookseller, stationer and newsagent. WH Smith employs 16,000 staff and WH Smith Plc is in the FTSE (250) Index. WH Smith Retail Holdings Ltd has a D&B rating of 5A1 and has shown the following recent financial performances: 31/08/ /08/ /08/2013 Turnover 169, , ,180 Profit/(Loss) Before Taxes 62, , ,968 Tangible Net Worth 472, , ,409 Net Current Assets (Liabilities) (159,701) (163,401) (179,914) Nationwide Building Society is a British mutual financial institution and the largest building society in the world. They currently have around 700 branches within the UK. Nationwide Building Society has shown the following recent financial performances: 31/05/ /05/ /05/2013 Turnover Profit/(Loss) Before Taxes 1, Tangible Net Worth 8,701 7,950 5,686 Net Current Assets (Liabilities) Boots Properties Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 31/08/ /03/ /03/2013 Turnover 27,100 16,600 16,600 Profit/(Loss) Before Taxes 40,200 13,600 52,900 Tangible Net Worth 1,244,400 1,244,100 1,241,100 Net Current Assets (Liabilities) (206,900) 6,400 29,000 Asset Management Settle the outstanding rent review on 112 High Street (WH Smiths) Extend the leases on 112 and 114 High Street Take back control of the flat above 114 High Street Regear medium dated reversion with Boots Regear medium dated reversion with the Personal Representatives of Christopher Petit Deceased Opportunity for comprehensive redevelopment of rear properties EPC 112 High Street has an energy performance asset rating of D High Street has an energy performance asset rating of D High Street has an energy performance asset rating of C73. 2 Blagdon Road has an energy performance asset rating of G

24 St Neots HIGH STREET, ST NEOTS PE19 1BW Investment Considerations St Neots is an affluent and thriving market town 100% prime units let to the undoubted covenants of Boots UK Limited and Boots Opticians Professional Services Limited Potential to convert the first floor of to residential use subject to the necessary consents Opportunity to split asset into two separate lots. 24

25 St Neots HIGH STREET, ST NEOTS PE19 1BW A6 A43 A605 A1(M) A508 A6116 A A10 A43 A509 Huntingdon A5 Northampton A45 A43 A509 A6 Bedford A421 A1 A1 St Neots A428 A10 Cambridge 1 A5 A508 A11 A421 Milton Keynes A421 A6 A1 A505 A10 A505 Location St Neots is the largest town and the third largest conurbation in Cambridgeshire. It is an affluent and thriving market town and a popular destination for tourists, with excellent hotel and restaurant provision. The town is located 16 miles west of Cambridge, 24 miles south of Peterborough, 27 miles east of Northampton and 50 miles north of London. St Neots benefits from excellent road communications with the A1 and A428 in the immediate vicinity, providing links to the 1 and motorways and therefore the wider national road network. The property occupies a 100% prime position on the northern side of the High Street east of the Market Square. Nearby retailers include Marks & Spencers, Superdrug and Specsavers. Watford Description The property comprises two modern retail units providing retail sales accommodation at ground floor level with additional ancillary accommodation above. There are 5 demised parking spaces (3 for unit 29 and 2 for unit 33) and a shared service yard to the rear. Accommodation The property provides the following approximate areas, measured on a net internal area basis: Floor Area (sq ft) Area (sq m) High Street (Boots Opticians) Ground Floor (sales) 2, ITZA First floor (Offices/Storage) 1, Total 3, High Street (Boots Chemist) Ground Floor (sales) 4, ITZA 1, First floor (office/storage) 3, Total 8, Dartford 25

26 St Neots HIGH STREET, ST NEOTS PE19 1BW Tenancy 29 High Street is let to Boots Opticians Professional Services Limited for a term of 10 years from 3rd July 2006 on full repairing and insuring terms at a passing rent of 57,800 per annum subject to 5 yearly upward only reviews. 31 High Street is let to Boots UK Limited and for a term of 10 years from 3rd July 2006 on full repairing and insuring terms at a passing rent of 89,700 per annum subject to 5 yearly upward only rent reviews. The combined rental is therefore 147,500 per annum. The tenants are holding over on both properties and renewal discussions are ongoing. Rental Analysis We devalue the rent of Boots Opticians Professional Services Limited of 57,800 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/10 to the first floor and 300 per car space. We devalue the rent of Boots UK Limited of 89,700 per annum to a Zone A rate of approximately per sq ft, applying a rate of 1/20 to the first floor and 300 per car space. Covenant Boots Opticians Professional Services Limited operates a chain of ophthalmic and dispensing optician stores in the United Kingdom. With over 640 practices it is one of the leading opticians in the UK. Boots Opticians Professional Services Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 31/08/ /03/ /03/2013 Turnover 391, , ,627 Profit/(Loss) Before Taxes 39,176 24,727 18,731 Tangible Net Worth 82,691 63,803 54,711 Net Current Assets (Liabilities) 17,827 23,268 17,535 Boots UK Limited trading as Boots is a pharmacy chain in the United Kingdom and Ireland, with outlets in most high streets, shopping centres and airport terminals. With over 2500 stores in the UK it is the UK s leading pharmacy-led health and beauty retailer. Boots UK Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 31/08/ /03/ /03/2013 Turnover 9,198,000 6,340,000 6,204,000 Profit/(Loss) Before Taxes 542, , ,000 Tangible Net Worth 367, , ,000 Net Current Assets (Liabilities) 165, , ,000 Asset Management Complete lease renewals Convert the first floor of to residential use subject to the necessary consents. EPC 29 High Street has an energy performance asset rating of C High Street has an energy performance asset rating of C55. 26

27 Surbiton 73 VICTORIA ROAD, SURBITON KT6 4NS Investment Considerations Affluent London suburb located in the Royal Borough of Kingston upon Thames 100% prime trading location, close to the train station Well let to the 5A1 covenant of Poundland Ltd who agreed a 10 year reversionary lease in January this year Low base rent Potential to convert to residential on upper parts. 27

28 10 A329(M) Surbiton Aylesbury 73 VICTORIA ROAD, SURBITON St Albans KT6 4NS High Wycombe 4 A331 A413 Maidenhead 4(M) A355 0 A41 A30 A3 Watford A4 A3 A243 A414 Surbiton 6 A205 A214 A240 A24 A217 A1 A23 A22 A10 LONDON Croydon 6 A12 A102 A232 A2 A12 A13 A282 Dartford M20 M26 Location Surbiton is an affluent and popular rail commuter town in the Royal Borough of Kingston upon Thames. It is located approximately 10 miles south west of London an 1.5 miles south of Kingston. It has excellent communication links into Central London, with Surbiton Railway Station offering a fast and regular rail service to London Waterloo in 16 minutes. There are excellent road links with the A3, one of the main arterial roads in south west London approximately 1.5 miles south of the subject property and A242 linking to the (Junction 9). The property occupies a prime trading location in the main shopping street close to Marks & Spencer Simply Food, Boots, M & Co and Clarks. There is a Waitrose supermarket nearby. Description The 1920's building is arranged on ground, basement and first floors, to provide sales accommodation at ground floor with ancillary accommodation at basement and first floor. Accommodation The property provides the following approximate areas, measured on a net internal area basis: Floor Area (sq ft) Area (sq m) Ground Floor 4, ITZA 1, First Floor 4, Basement Total 8,

29 Surbiton 73 VICTORIA ROAD, SURBITON KT6 4NS Tenancy The property is let to Poundland Limited for a term of years expiring on 18th January 2026 on full repairing and insuring terms. The current rent passing is 100,000 pax subject to a rent review on 6th November The repairing covenant is limited by reference to a schedule of condition and further details are available from the vendor s agents. Rental Analysis We devalue the current rent passing of 100,000 per annum to approximately per sq ft Zone A applying a rate of 1/40 Zone A per sq ft to the basement accommodation and 1/20 Zone A per sq ft to the first floor. Covenant Poundland Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 29/03/ /03/ /03/2013 Turnover 1,111, , ,491 Profit/(Loss) Before Taxes 45,922 41,017 34,313 Tangible Net Worth 93,866 96, ,042 Net Current Assets (Liabilities) 42,835 53,792 82,518 Asset Management At expiry explore conversion of upper parts to residential or a comprehensive redevelopment subject to planning. EPC The property has an energy performance asset rating of F

30 Truro 28/29 BOSCAWEN STREET, TRURO TR1 2QU Investment Considerations Well established dominant Cathedral City and administrative and retail centre of Cornwall Excellent position on Boscawen Street Well configured unit Proposed new letting to the 5A1 covenant of Carluccio s Limited on a 25 year term For illustrative purposes only. 30

31 M5 GLOUCESTER GODALMING HEREFORD HUNTINGDON MAIDSTONE NEW MALDEN A30 SURBITON TRURO A35 A30 A39 Truro ST NEOTS A30 A30 Exeter A38 A376 A395 A30 Exmouth A386 28/29 BOSCAWEN STREET, TRURO TR1 2QU A380 A388 A39 Padstow A30 A380 Bodmin A39 Newquay A30 A391 A38 A390 A388 A39 Torquay A385 A38 Plymouth A30 A38 A386 A38 A390 St Austell A390 Truro St Ives A39 A30 Penzance A394 Falmouth A394 Location Description The Cathedral City of Truro is the administrative and retail centre of Cornwall in the south west of England. The City is located 29 miles east of Penzance, 12 miles north of Falmouth and 60 miles south-west of Plymouth. Truro has a mainline train service with regular services to Exeter, St. David s and London Paddington, which take 2 hours 15 minutes and 4 hours 15 minutes respectively. The City is well served by airports with Newquay airport 12 miles to the north and Exeter International, 94 miles north west of Truro. The building is arranged on ground and two upper floors, and will be fitted out to provide a double-fronted ground and first floor restaurant unit with ancillary accommodation on the second floor. The unit is serviced from the rear from St Marys Street. The property is located in the main shopping area of Truro. Nearby occupiers include Caffe Nero, Phase Eight, Lakeland, Waterstones and Pizza Express. RIBBAR PORTFOLIO PRIME RETAIL INVESTMENT PORTFOLIO Accommodation Floor Ground Floor Sales Area (sq ft) Area (sq m) 2, ITZA 1, First Floor Ancillary 2, Second Floor Ancillary 1, Total 6,

32 Truro 28/29 BOSCAWEN STREET, TRURO TR1 2QU Tenancy Heads of terms have been agreed for a new letting to Carluccio s Limited for a term of 25 years on full repairing and insuring terms subject to 5 yearly upward only rent reviews. The initial rental will be 120,000 per annum. Rental Analysis We devalue the current rent passing to per sq ft assuming 50% on the first floor and 25% on the second floor. On a zoned basis it reflects per sq ft Zone A applying a rate of 1/20 Zone A to the first floor and 1/40 Zone A to the second floor. Covenant Carluccio s Limited has a D&B rating of 5A1 and has shown the following recent financial performances: 27/09/ /09/ /09/2013 Turnover 137, , ,963 Profit/(Loss) Before Taxes 5,209 7,712 8,125 Tangible Net Worth 46,401 42,242 35,396 Net Current Assets (Liabilities) (6,618) (7,198) (6,900) EPC The property has an energy performance asset rating of C63. 32

33 Contact VAT The properties have been elected for VAT and it is anticipated that the sale of the portfolio will be treated as a TOGC. Further information Additional information and access to a data room is available on request. Philip Hay T: E: phay@jacksoncriss.co.uk Mark Morgan T: E: mark@morganwilliams.co.uk DESIGNED BY TCC Messrs. Jackson Criss and Morgan Williams for themselves and for the vendors or lessors of this property whose agents they are to 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 purchasers 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 Messrs. Jackson Criss and Morgan Williams have any authority to make or give any representation or warranty whatever in relation to this property. JC0095. September