Friern Bridge. Retail Park. Pegasus way / Friern Barnet London N11 3PW PRIME RETAIL PARK INVESTMENT OPPORTUNITY. click to enter

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1 Pegasus way / London N 3PW click to enter PRIME RETAIL PARK INVESTMENT OPPORTUNITY

2 FRIERN BARNET / London N 3PW Friern Barnet is located 8 miles north of Central London, in an easily accessible location, by road, on the A40 North Circular Road, and by tube and train, with direct links into Central London and Heathrow Airport. The catchment population is of above average affluence, particularly within a 5-0 minute drive time of Friern Bridge. The scheme is situated in a highly accessible location, overlooking the A40 North Circular Road. The scheme is dominant being the only out of town retail scheme in the area. The scheme totals 9,2 sq ft and predominantly benefits from open A planning consent, including food. All income is secured to A rated D&B covenants with a long average income weighted unexpired lease term of just under 0 years. Rents are between 8.25 per sq ft and per sq ft, with the rent roll totalling 3,800,949 per annum (including the rental guarantee). The scheme has improved significantly recently, with new lettings to B&Q and Pets at Home, and footfall has increased by over 2% in the past year alone. Planning consent has been granted for a pod development, with a letting agreed to Costa Coffee and advanced discussions ongoing with Carphone Warehouse. Asset management initiatives include potential lettings to B&M, Home Bargains, Paul Simon and Maplin. We are instructed to seek offers for the above property based on an attractive net initial yield of 5.50% (assuming purchaser s costs at 5.80%), which equates to a purchase price of,020,000 (Sixty Six Million and Twenty Thousand Pounds), subject to contract and exclusive of VAT. This price includes an effective site value for the prospective pod development of 00,000. A40 north circular road Prime Opportunity page 2

3 ney M40 Friern Bridge Bicester 9 FRIERN BARNET / London N 3PW A34 3is located within the London Borough of Barnet, approximately 8.2 miles north of Central London, 5. miles 2 north Reading east of Brent Cross and 0 Newbury A34 A34 0 Kidlington Oxford A40 Abingdon Didcot 5.8 miles south west of Enfield. A339 8 M4 8 A48 A4 Henleyon-Thames A33 Aylesbury Thame 5 5 A400 High Wycombe M40 Marlow 4 Maidenhead Farnham Bracknell benefits from excellent road links, being served by the A40 North Circular Road, which connects to Junction of the M, 5. miles to the south west. Junction 24 of the M25 is situated miles north. Basingstoke Camberley New Southgate is the main station serving the area, with regular trains into King s Cross Station, and a fastest journey time of 0 minutes. Arnos Grove Underground Station (Piccadilly Line) is also located nearby, which connects to Central London (22 minutes) as well as Heathrow Airport ( hour 0 minutes) to the south west and Cockfosters (9 minutes) to the north. Aldershot Leighton Buzzard 4 A A5 A4 2 M3 M Berkhamsted Beaconsfield Windsor Woking Slough M25 Guildford A40 Luton 0 Heathrow 0 8 M4 Watford Uxbridge Staines Hitchin Luton M A4 Leatherhead St Albans Dorking M25 Harrow 9 A24 A(M) A40 A A4 8 A02 Richmond Sutton Epsom Reigate Stevenage Barnet A23 Hoddesdon Redhill M23 A0 25 A40 A22 A205 Kingston upon Thames A232 A22 A0 Enfield FRIERN BARNET LONDON Croydon Bishop's Stortford 4 City Oxted M M Harlow M Chigwell A20 A3 Woolwich A2 A2 M25 2 Stansted A20 29 M25 M20 M2 Sevenoaks A2 A44 Dartford A2 A2 A30 Brentwood 3 Tonbridge A2 A3 A228 Braintree A3 W A30 Ro Ma 3 A303 Alton Gatwick 9 A34 M3 Prime Opportunity A3 A3 Haslemere Crawley 2 Tunbridge Wells page 3

4 FRIERN BARNET / London N 3PW The subject property benefits from an extensive catchment population; 4,40 people reside within a 5 minute drive time of the subject property, increasing to 34,44 people within 0 minutes and 423,89 people within 5 minutes. The 5 minute drive time population is anticipated to rise.22% by 20 (CACI). A A4 A509 BARNET BARNET A000 A0 COCKFOSTERS EAST BARNET A A05 A0 A0 A00 is a prosperous suburb within easy reach of Central London. There are several prestigious housing developments in the area including Friern Village and Princess Park Manor. The immediate catchment area benefits from significantly above average affluence, as demonstrated below: AFFLUENCE INDICATOR 5 MINUTE DRIVE TIME 0 MINUTE DRIVE TIME PMA / UK AVERAGE A4 EDGWARE M 2 A A598 A000 NORTH FINCHLEY A003 A09 FRIERN BARNET A40 A09 A05 A PALMERS GREEN NOEL PARK A40 A00 UPPER EDMONTON AB most affluent - % age of population 32.8% 3.3% 25% Car ownership + cars 49% 4.2% 30.2% COLINDALE A5 A4 A598 A MUSWELL HILL HORNSEY HARRINGAY Annual household income of 50, % 3.34% % Most represented Mosaic Group Liberal Opinions (Young, well-educated city dwellers enjoying the vibrancy and diversity of urban life) 40. % 38.2% 9.3% A440 A40 A5 A502 A4 A598 KENWOOD HIGHGATE A03 ARCHWAY A STROUD GREEN A0 A0 CAZENOVE A04 Per capita comparison goods spend 202 2,0 2,449 2,28 WILLESDEN A40 CRICKLEWOOD A502 5 minute drive time 0 minute drive time 5 minute drive time Prime Opportunity page 4

5 FRIERN BARNET / London N 3PW Retail in and the Surrounding Areas A4 ELSTREE A000 A A0 A0 Friern Bridge benefits from being the only scheme within the immediate catchment area. There are no other retail warehouse parks within five miles of the subject property. The closest retail warehouse competition is as follows: Pentavia (NW 2ET) Pentavia fronts the A4 and is situated between Junction 2 of the M and Apex Corner, (the junction of the A4 and A). The scheme totals 95,000 sq ft and is occupied by Argos and Homebase. There is a vacant unit of 3,8 sq ft and a standalone restaurant let to TGI Friday s. The leases expire in 205. The property has recently been sold and the new landlord s plans for the scheme are unknown. A5 A A4 EDGWARE M COLINDALE A5 2 A A4 A509 Pentavia A598 A000 NORTH FINCHLEY A003 A598 N O R T H C I R C U L A R R D EAST BARNET A05 A09 A PALMERS GREEN FRIERN BARNET MUSWELL HILL A N O R T H C A09 A40 A05 Friern Bridge I R C U L A R R D NOEL PARK HORNSEY Arena Shopping Park HARRINGAY A00 Ravenside A40 A00 UPPER EDMONTON CHINGFORD A2 Cork Tree SOUTH CHINGFORD A40 A2 UPPER WALTHAMSTOW Brent South Shopping Park (NW2 LS) This 94,000 sq ft scheme is located opposite the intersection of the A40 North Circular Road and Junction of the M. The scheme has a predominantly open A non-food consent and is let to a range of occupiers, both bulky and open, including Outfit, Next, TK Maxx, Sports Direct, CSL, DFS, Lakeland and Mamas & Papas. Rents are upwards of 45 per sq ft. Arena Shopping Park, Haringey (N4 ED) This scheme is located just off the A05 and provides 28,000 sq ft of ground floor space and a further 40,000 sq ft of mezzanine space. The park lies adjacent to an 82,000 sq ft Sainsbury s and is anchored by a 48,480 sq ft Homebase. Other occupiers include Sports Direct, TK Maxx, Next, Argos, Superdrug, Costa, Carphone Warehouse and Poundland. Rents on 5,000 to 0,000 sq ft units are between 3-38 per sq ft. A404 A440 A40 WILLESDEN A40 A502 Ravenside, Edmonton (N8 3HA) This bulky goods consented scheme is located on the North Circular Road, adjacent to Tesco and IKEA. It totals 28,500 sq ft arranged as 2 solus units let to Mothercare and Wickes and a separate terrace of five units occupied by Maplin, Paul Simon, Carpetright, Argos and Next Home. Rents are around per sq ft. A5 Brent South Shopping Park A4 A598 KENWOOD A502 HIGHGATE A03 ARCHWAY Cork Tree, Chingford (E4 8JA) Located off the A40 North Circular Road, this retail park has recently been refurbished. Following refurbishment, units have let to Hobbycraft, Halfords and Sports Direct alongside Pets at Home, DSG and Harveys. The property totals 9,49 sq ft arranged in a single terrace, and has a bulky goods consent, with certain relaxations. Rents are around 25 per sq ft. A STROUD GREEN A0 A0 CAZENOVE A04 A2 Prime Opportunity page 5

6 SYDNEY RD ALEXANDRA RD 9 Friern Bridge FRIERN BARNET / London N 3PW Situation Friern Bridge is located in a strategic position on Pegasus Way off the A40 North Circular Road, close to its junction with Colney Hatch Lane (B550). The North Circular Road is one of London s busiest roads, which together with the South Circular Road provides a ring road around the capital. The scheme is therefore easily accessible from a wide catchment area. The park is accessed via the North Circular Road to traffic travelling in both an east and westerly direction via Atlas Road and Orion Road. These roads link with Pegasus Way, which bridges the North Circular Road and provides entry directly into the scheme. There is clear signage displaying routes into the retail park from the North Circular Road. GOLDSMITH RD B 550 CO L N EY HATCH LANE A003 FRIERN BARNET ROAD ROYAL DRIVE ROYAL DRIVE ROYAL DRIVE RIBBLESDALE AVE BALMORAL AVE REGAL DRIVE 3-5 NEW SOUTHGATE 2 8 8b WOODLAND RD A 09 STAT ION RD TO LET,430 sq ft 0 HIGH RD INVERFORTH RD THE LIMES AVE SPRINGFIELD RD UPPER PARK RD A09 STATION RD The property is situated within close proximity of New Southgate railway station and there is a short pedestrian footpath from the station to the retail park. RIBBLESDALE AVE Pegasus Way A40 NORTH CIRCULAR ROAD There is a dominant Tesco Extra foodstore approximately 400m west of Friern Bridge Retail Park, which is also accessed via Pinkham Way off the A40. B550 COLNEY HATCH LA NE POPLAR GROVE ATLAS ROAD POPLAR GROVE ORION ROAD A40 NORTH CIRCULAR ROAD PINKHAM WAY BOBBY MOORE WAY TROTT RD CROMWELL RD HAMPDEN RD Access from the North Access from the East Access from the West Exit from scheme Prime Opportunity page

7 FRIERN BARNET / London N 3PW Description The property comprises an attractive and modern purpose built retail park totalling 9,2 sq ft. It is arranged in an L shaped terrace around a central car park, with B&Q anchoring the scheme in a 5,40 sq ft unit. At the entrance to the park is a standalone drive-thru McDonald s, with associated car parking. All units are fitted to the individual tenants specifications. Several units benefit from storage mezzanine floors, and there is the ability to install mezzanines within those which do not, subject to planning. B&Q has a first floor amenity block of c.,540 sq ft. TO LET,430 sq ft 8 8b TO LET,43 sq ft Customer car parking is located to the front of the terrace and adjacent to the drive-thru restaurant. There are also staff spaces located within the service yard. Car parking currently totals 98 spaces equating to a parking ratio of :25 sq ft. There are plans to erect two pod units in the car park, which will reduce the number of spaces to 4, equating to a ratio of :25 sq ft, based on the increased floor area of 82,2 sq ft. This is still considered ample, giving further scope for future development in the car park. The site extends to approximately 5.4 hectares (3.45 acres), with a low site cover of 3%. 8 8b North Circular (A40) 3-5 Pegasus Way 2 North Circular (A40) 3-5 To be Atlas Road Pegasus Way 2 Prime Opportunity page

8 FRIERN BARNET / London N 3PW The property comprises an attractive and modern purpose built retail park, totalling 9,2 sq ft Prime Opportunity page 8

9 BARON CLOSE 5 5 Aqueduct PEGASUS WAY Friern Bridge FRIERN BARNET / London N 3PW ROYAL DRIVE CLOSE 2 STATION ROAD 9 WHITMORE C Tenure BALMORAL AVENUE DUCHESS CLOSE 4 5 Path to El Sub Sta 2 COLEBROOK WAY 30 The interest being offered for sale, delineated below, is held freehold. The landscaping surrounding the scheme is also held freehold but is let to the Council on a 999 year lease at a peppercorn EARL CLOSE Station Wharf 4.9m El Sub Sta El Sub Sta SL 9 VISCOUNT CLOSE Builders Yard Boundary Stone VACANT Boro Const, GL As Friern Bridge To be 3.m FB Pond FF Sinks PINKHAM WAY (NORTH CIRCULAR ROAD) Bounds Green Brook ATLAS ROAD Boro Const, GL Asly Const & LB Bdy FB Def 0m 25m 50m 5m Prime Opportunity page 9

10 FRIERN BARNET / London N 3PW TenancIES The property benefits from an average income weighted unexpired lease term (inclusive of breaks) of over 9.5 years and is let in accordance with the tenancy schedule below: UNIT TENANT NAME GIA (SQ FT) LEASE START TERM (YEARS) LEASE EXPIRY NEXT RENT REVIEW CURRENT RENT (PER ANNUM) RENT (PER SQ FT) COMMENTS Unit McDonald s Restaurants Limited 2,50 25/2/ /2/ /2/202 8, Unit 2 Sportsdirect.com Retail Limited 4,998 5/0/ /2/2022 5/0/20 345, Tenant break option 5/0/20. Unit 3/4/5 B&Q plc 5,40 0/08/ /08/202 0/08/20 953, Reviews are at RPI capped at 3% pa. At first review the base rent for the RPI calculation is assumed to be 992,085 pa. Unit Furniture Village Limited 25,09 25/2/ /2/ /2/202 55, Heads of terms have been agreed for a 5 year lease extension taking expiry to 24/2/202. Unit Halfords Limited 0,0 25/2/ /2/ /2/202 23, Unit 8A Carpetright plc,45 8/05/202 5 /05/202 8/05/20 85, Unit 8B Rental Guarantee,43 8, year rent, rates and service charge guarantee. Unit 9 Smyths Toys UK Limited 5,000 25/2/ /2/ /2/20 345, Unit 0 Pets at Home Ltd 20,40 25/2/ /2/ /2/202 45, Unit DSG Retail Limited 25,000 23/08/ /03/ /03/ , Rent review capped at 2.5% pa compounded. Total 9,2 3,800, you re in safe hands Prime Opportunity Page 0

11 FRIERN BARNET / London N 3PW Planning Planning permission was originally granted for the scheme in September 993 for up to 88,39 sq ft of effectively bulky goods consented retail, with sales of food and drink granted from a unit of no more than 5,382 sq ft (McDonald s). There was a maximum unit size restriction of 4,583 sq ft and a minimum unit size of 8,03 sq ft. Over the scheme s history, several amendments have been made to the original planning consent. These changes have resulted in all of the retail warehouse units with the exception of Units 3/4/5 (B&Q) and Unit 9 (Smyths Toys) benefiting from an unrestricted Class A consent to allow the sale of all goods and food. This has been verified via a Certificate of Lawful Use. The mezzanines within these units are to be used for storage only, with the exception of Unit (Furniture Village) where the mezzanine has a bulky goods consent. Unit 3/4/5, B&Q, has a wide bulky goods consent. Unit 9, Smyths Toys, has a wide bulky goods consent which also allows the sale of toys. Planning permission has recently been granted for the development of two pod units within the car park. The permission allows the unit shown as Costa Coffee on the plan on page to have A3 use, to be used as a cafe or a coffee shop. The second unit, labelled Carphone Warehouse, is to be used for the sale/hire and/or display of mobile phone and fixed line telephones and equipment, broadband equipment and services, general electrical, photographic, and battery operated goods, games and services, accessories, utility services and repair services, and goods ancillary there to. A summary document detailing the planning history and consents in full is available on request. Prime Opportunity page

12 FRIERN BARNET / London N 3PW Asset Management Friern Bridge has undergone significant improvement over recent years. B&Q now anchor the scheme, having taken a lease in August 202 over a 5,40 sq ft unit, which was formerly three separate units occupied by Carpetright, DSG and Allied Carpets. DSG relocated to the former MFI unit and Carpetright relocated to part of the former JJB unit, with the remaining part currently vacant (,43 sq ft). Pets at Home occupy the former Comet unit and operate a large store concept which sells a wide range of goods and animals and also contains the successful vet centre. All these enhancements have delivered a marked improvement to the scheme, with footfall up by 2% this year alone, as demonstrated below. Weekly Vehicles Weekly Vehicles 20,000 8,000,000 4,000 2,000 0,000 8,000,000 4,000 2,000 0 Daily Vehicles 4,000 3,500 3,000 2,500 2,000,500, ,30 8,445 This Week* 203 This Week 203 Last Week 203 This Week 202 Last Week 203 Mon Tue Wed Thu Fri Sat Sun Week Commencing 30th September 203 4,32 This Week ,000 20,000 5,000 0,000 5,000 *Week Commencing 30th September Year to Date 00,000 00, , , , ,000 00, ,34 Calendar Week ,3 The tenants are generally trading well across the scheme, as evidenced by Furniture Village recently agreeing to extend its lease by a further five years until December 202, a McDonald s having recently upgraded its restaurant. The improved tenant line up has also attracted interest from retailers not represented in the area, including B&M and Home Bargains, who have both made attractive offers for 0,000 sq ft 5,000 sq ft. In order to accommodate either tenant, a relocation of Halfords from their existing unit into the vacant unit could be negotiated. This would leave the Halfords unit of 0,0 sq ft available for either B&M or Home Bargains. Maplin and Paul Simon have also expressed interest for units of 5,000 sq ft. With the continued improvement of the retail park there is the opportunity to fully utilise the open A consent which covers most of the scheme, bringing in softer footfall generating retailers. Potential target tenants could include Hobbycraft, Next, TK Maxx, M&S Simply Food and Boots. A pod development has recently secured planning consent. Costa is under offer for,800 sq ft and advanced discussions are underway with Carphone Warehouse for,200 sq ft, both at rents of 30 per sq ft, with incentives equating to 5 months rent free. We believe this will enhance the offer on the scheme and will help to further increase customer dwell times. Further details on the asset management opportunities, and a development appraisal justifying the site value sought for the pod unit development, are available on request. Prime Opportunity page 2

13 FRIERN BARNET / London N 3PW Tenants Covenants The scheme benefits from being fully let to D&B A rated covenants. The most recent company accounts for each tenant are set out below: UNIT TENANT YEAR ENDING SALES TURNOVER (000 S) PROFIT / LOSS PRE TAX (000 S) NET WORTH (000 S) McDonald s Restaurants Limited 3/2/2,3, ,24 43,048 5A 3/2/,248,549,53 4,298 2 Sportsdirect.com Retail Limited 28/04/3,,38 8,3 489,55 5A 29/04/2,42,0 4,099 35,503 3/4/5 B&Q plc 02/02/3 3,3,900-44,00 4,305,500 5A 28/0/2 3,0, ,300 4,38,500 Furniture Village Limited 0/04/2 0,533 -,359 4,2 3A 2 03/04/ 80,0 3,00,045 Halfords Limited 30/03/2 52,300 0, ,800 5A 0/04/,400 22, ,900 8A Carpetright plc 2/04/3 45,00-5,00 4,500 2A 2 28/04/2 4,500 3,500 9,300 9 Smyths Toys UK Limited 3/2/2 52,542 2,288,39 2A 2 3/2/ 9,35 2,434 4,5 0 Pets at Home Ltd 29/03/2 53,40 2,84 308,38 5A 3/03/ 5,5 5,4 229,9 DSG Retail Limited 28/04/2 3,43,00 53,00 354,00 5A 30/04/ 3,858,000 8,400 32,00 Pod Unit Costa Limited 0/03/2 458,59 2,24 3,052 5A 03/03/ 3,284 49,48 2,25 Pod Unit 2 The Carphone Warehouse Limited 3/03/2,53,02-08,239 8,204 5A 02/04/,23,34 88, ,94 D&B RATING EPCs EPCs for all the units are available on request. Environmental A Phase Environmental Report has been undertaken which is assignable to the purchaser. Further details are available on request. VAT The property has been elected for VAT and therefore VAT is payable. However, we anticipate the transaction will be dealt with as a TOGC. Prime Opportunity page 3

14 FRIERN BARNET / London N 3PW London location, well situated just off the North Circular Road, with an affluent catchment population and limited competing retail supply. Predominantly an unrestricted retail consent to include food. A weighted average unexpired lease term of around 0 years, with all income well secured to A rated D&B covenants. Let at affordable rents with good rental growth prospects. The chance to purchase an improving scheme following the arrival of B&Q, with increasing footfall (2% up this year). Outstanding demand from Maplin, Paul Simon, B&M and Home Bargains. Asset management potential to further enhance tenant mix and add value, to include the pod development. Proposal We are instructed to seek offers based on an attractive net initial yield of 5.50% (assuming purchaser s costs at 5.80%). This equates to a purchase price of,020,000 (Sixty Six Million and Twenty Thousand Pounds), subject to contract and exclusive of VAT. This price includes an effective site value for the prospective pod development of 00,000. Paul Wilkinson ellie Kirkby T: t: M: M: E: p.wilkinson@wilkinsonwilliams.co.uk E: e.kirkby@wilkinsonwilliams.co.uk Wilkinson Williams Heathcoat House 20 Savile Row London WS 3PR MISREPRESENTATION NOTICE. Wilkinson Williams LLP give notice to anyone who may read these particulars as follows:. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only.. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser.. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. November 203. Designed and produced by Creativeworld Tel: Prime Opportunity page 4