BOOKER CASH & CARRY, MURRAYFIELD ROAD, LEICESTER LE3 1UW

BOOKER CASH & CARRY, MURRAYFIELD ROAD, LEICESTER LE3 1UW

INVESTMENT CONSIDERATIONS Cash & Carry warehouse investment located in an established industrial estate just outside of Leicester s City Centre Situated 1 mile from (J21A) and 2 miles from J21 /M69 interchange The property is let on a full repairing and insuring lease to Giant Booker Limited (D&B 5A1) with 11.5 years unexpired (6.5 years to break) Rent reviews subject to a minimum 2.5% pa compound rental growth with the next rent review in February 2020 Tesco completed a 3.7 billion takeover of Booker Group PLC in 2018 Total Current Income of 247,436 per annum ( 4.45 psf) with a minimum rental uplift to 279,952 ( 5 psf) in 2020 The property measures approximately 55,619 sq ft Freehold The vendor will consider topping the rent up to the minimal 2020 uplift to result in a more attractive yield for the purchaser Offers sought in excess of 3,625,000 (Three Million Six Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 6.4% with a minimum Reversionary Yield of 7.25% in 2020, after allowing for purchaser s costs of 6.51%.

LEDP DISTRIBUTION PARK (IN DEVELOPMENT) DISTRIBUTION

2 A53 elford A456 A4103 A41 M50 M54 A454 A4025 M6 Kidderminster Worcester A422 A50 A518 A51 CANNOCK A44 A46 Birmingham International Airport A435 A46 A515 Walsall M6 TOLL BIRMINGHAM M5 M42 A38 M42 Coventry M40 Airport Warwick A429 DERBY Burton upon Trent M6 A5 A42 COVENTRY Stratford-upon-Avon Midlands Airport A423 NOTTINGHAM M69 M45 A422 A6006 LEICESTER A14 A5 A47 NORTHAMPTON A428 Milton Keynes A E T BY FIELDS STATION ROAD LEICESTER WESTERN BYPASS A46 RATBY LANE A46 RATBY LANE 21A KIRBY ROAD B5380 RATBY LANE Sunningdale Centre GLENFIELD SCUDMORE ROAD A47 STATION ROAD BRAUN DOMINION ROAD NEW PARKS WAY A563 NEW PARKS LOCATION Leicestershire is one of the major commercial and manufacturing centres in the Midlands and has an estimated population of approximately 350,000 people. Leicester is the largest city in terms of populous in the East Midlands and the 11th largest in the country. It has excellent road links being situated east of the motorway between Junctions 21 and 21a which in turn provides access to the M69, M6 and M42. Leicester s ring road the A563 offers connections to the nearby towns of Peterborough and Grantham whilst the A6 runs directly thought the city centre to Loughborough to the north and Market Harborough to the south. By rail, London (Kings Cross St Pancras) can be reached in a fastest journey time of 1 hour 8 minutes and East Midlands airport lies approximately 20 miles to the north-west of the City.

SITUATION The property is situated on the north side of Murrayfield Road on the established Brownstone industrial area located 4 miles west of the city centre. The property is very well located with the motorway accessed less than a mile away via the A46 dual carriageway to Junction 21a. The property is situated immediately adjacent to the Midlands Co-operative s regional distribution warehouse and other occupiers on the estate include Big Bear Confectionery, MTE Leicester, Crown Packaging and Fox s Glacier Mints. A proposed warehouse development scheme - LE3 DP - is situated in close proximity to the property. The developer is offering build to suit distribution opportunities from 50,000 sq ft. DESCRIPTION The property comprises a self-contained Cash and Carry industrial warehouse arranged over ground and first floors measuring approximately 55,619 sq ft. The unit is of steel frame construction with brick elevations located beneath a pitched roof with concrete flooring at a ground floor level. To the front and west side of the property the warehouse benefits from a large car park of approximately 90 car parking spaces and to the rear there is a well configured and extensive service yard for deliveries. The property has been fitted out to suit a Cash and Carry operator with a large open plan sales space, staff accommodation and storage/loading areas to ground floor with further office and ancillary space to first floor. The offices to the first floor are not currently used by the tenant.

El Sub Sta SITE AREA The site provides an area of approximately 2.447 acres (1 Hectares) which represents a site cover of approximately 48%. TENURE Freehold. TENANCY The property is let on a full repairing and insuring lease to Giant Booker Limited, t/a Booker Wholesale, for a term of 25 years from 28th February 2005, expiring on 28th February 2030, with a further guarantee to Giant Bidco Limited. The parent company of Booker Group plc is Tesco PLC. The current rent passing is 247,436 per annum ( 4.45 psf) and the lease is subject to a tenant s break clause on the 20th anniversary of the term subject to six months prior written notice. The lease benefits from five yearly upward only rent reviews which are reviewed to the higher of either Open Market Value or 2.5% per annum compounded uplifts. Assuming the tenant does not exercise their break option in 2025 this ensures a minimum rental uplift profile of: 28th February 2020 Higher of 279,952 per annum or OMV 28th February 2025 Higher of 316,740 per annum or OMV The vendor will consider topping the rent up to the minimal 2020 uplift if required to result in a more attractive yield for the purchaser. Crown Copyright, ES 100004106. For identification purposes only. Tank MURRAY COVENANT INFORMATION Founded in 1835, Booker Group is the UK s leading food wholesale with over 13,000 employees serving a total of 1.2 million customers across the UK and India. In January 2017, it was announced that the supermarket retailer Tesco had agreed to purchase the company for 3.7 billion resulting in Britain s biggest retailer combining with the country s largest wholesaler. The sale is expected to result in a further growth of market share by the Booker brand and to add new capabilities to Tesco s current offering. The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct, Premier, Family Shopper, Budgens, Londis and Booker India. In the last few years The Booker Group has increased its delivery capabilities. In the last few years The Brooker Group has notably enhanced their delivery division by highlighting this as an area of growth and gaining several significant contracts left vacant by the collapse of the incumbent wholesaler, Palmer & Harvey, in November 2017. The company also founded, and was previously a sponsor of, the Booker Prize (originally the Booker McConnell Prize) for literary fiction, which was established in 1968. Giant Booker Limited has reported the following financial information for the last three years: 27 Mar 2015 25 Mar 2016 24 Mar 2017 Turnover 9,200,000 10,300,000 10,500,000 Pre-Tax Profit 5,600,000 6,700,000 5,700,000 Total Net Worth 233,000,000 227,400,000 228,300,000

PROPOSAL VAT The property is registered for VAT and we would expect the property to be treated as a Transfer of a Going Concern (TOGC). EPC Energy Performance Certificate for the property is available upon request. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/bookerleicester Offers sought in excess of 3,625,000 (Three Million Six Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects an attractive Net Initial Yield of 6.4% with a minimum Reversionary Yield of 7.25% in 2020, after allowing for purchaser s costs of 6.51%. For further information or to make arrangements for viewing please contact: PRIVATE CLIENT TEAM Liam Stray 020 7543 6769 liam.stray@allsop.co.uk Alex Butler 020 7543 6722 alex.butler@allsop.co.uk www.allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandhq.co.uk 10.18