PRIME HIGH STREET RETAIL INVESTMENT

PRIME HIGH STREET RETAIL INVESTMENT

2 INVESTMENT SUMMARY York is an internationally renowned tourist destination and an attractive and historic cathedral city The city is one of the most visited nationally, attracting.9 million tourist per annum who spend in excess of 55 million per year Prime aspirational retailing location on the pedestrianised Stonegate Large retail unit with prominent double frontage Secured to the national covenant of Jack Wills Limited Unexpired term of 8 years Freehold PROPOSAL Net Income: 115,000 per annum Offers in excess of: 2,400,000 (subject to contract) Net Initial Yield: 4.50%

Todmorden4 Brighouse Castleford Dewsbury M2 Bury M Bolton Wakefield Huddersfield 1 Chorley 3 Batley A58 Selby Garforth 2 3 45 Pontefract M18 Thorne 38 8 A5 mersdale 3 Goole M2 Hemsworth M181 Immingham Scunthorpe M180 A58 Hull M2 5 Darwen M1 M21 0 4 BRADFORD 5 03 79 LEEDS Halifax 9 A5 eyland Bingley Tadcaster 41 0 7 M5 Blackburn Burnley LEEDS & BRADFORD Prime aspirational retailing location on the pedestrianised Stonegate Beverley 5 Padiham 55 Preston Colne Nelson 50 A59 5 Keighley 4 1 3) ( 4 (M) 1 YORK A5 9 14 Ilkley 8 0 Clitheroe A59 Harrogate 9 A A59 Skipton A58 8 2 33 Grimsby M180 Cleethorpes Barnsley Wigan Doncaster 28 Stocksbridge (M) M0 31 Rotherham Glossop 5 M2 A4 59 MANCHESTER 1 y 3 5 Knaresborough 5 Standish ( 14 Lancaster M Bridlington ) 1 83 34 31 Gainsborough Louth SHEFFIELD M5 MANCHESTER Retford M1 A4 5 Macclesfield M Buxton Chesterfield 5 A5 7 8 Lincoln ter 58 Mansfield Newarkon-Trent A4 0 Stamford 11 2 M(T) M42 LEICESTER 0 003 M54 11 22 7 0 King's 7 Leeds Bradford International Airport is located 22 miles south-west Lynn of York and provides daily flights to an array of UK and mainland A47 European destinations. 0 12 5 Spalding 51 101 Cannock minutes, Manchester in 1 hour 20 minutes and London in 1 hour 50 minutes. 7 7 7 A5 York s mainline Grantham A52 station provides a direct service to Leeds in 25 0 23 M1 M A52 A52 5 A42 7 13 0 Newport 7 The city benefits from fantastic road communications with the ring road (via 4) providinga7 quick dual carriageway link to the (M) 121 Boston at Junction 44, approximately14 miles to the south-west. Nantwich STOKE-ON-TRENT York is an attractive and historic cathedral city and the regional commercial and business hub in the north Newcastleof England. The historical Ashbourne architecture, including the gothic York Minster, contribute tounder-lyme the city being one of the most visitednottingham nationally, attracting.9 million tourist per annum who spend in excess of 55 million per year (Source: Visit Uttoxeter York). York is also home to a major university as well as being the UK s first UNESCO City DERBY of Media & Arts and the UK s founding Science City and first Gigabit City. York is situated in the heart of Yorkshire, 22 miles east of Harrogate, 24 miles north-east of Leeds, and EAST MIDLANDS 210 miles north of London. Sta d A5 2 Matlock Leek 5 Crewe L O C AT ION 13 9 A4 Wisbech Downham Market 12 2 8 4

4 RETAILING IN YORK York s centre has approximately 1.5 million sq ft of retail accommodation and is considered the dominant centre in the region. The city offers an attractive mix of national multiples, high end aspirational and boutique retailers due to the city s historic nature and Grade II listed buildings. The prime retail provision is centred on the city s pedestrianised thoroughfares of Coney Street, Daveygate, Spurriergate, Stonegate and Low Petergate. The streets interlink together to create an extensive, vibrant and aesthetic retail environment. The traditional prime retail pitch is Coney Street, where retailers represented include Next, River Island, TK Maxx and Monsoon. Spurriergate is home to a number of larger floorplate units with tenants including Zara, H&M and Boots. Specialist locations such as Stonegate, Low Petergate, Swinegate and Blake Street provide a more diverse retail mix. These retail locations have attracted a host of aspirational operators including:

5 DEMOGRAPHICS York has a primary catchment population of 488,000, of which 294,000 regard York as their main shopping destination. The city has a significantly above average proportion of adults of working age categorised within the most affluent A B & C social grouping. York is forecast to see considerably above average percentage growth in the available pool of comparison spending over the period 201 to 2021. This spending is supported by circa 24,000 students studying at either the University of York or York St John University. York is well known for being amongst the most resilient and fasted growing economies in the north of England. The city contributes 5 billion towards the national economy and supports in excess of 115,000 jobs. Key employers in the city include Aviva, Hiscox Insurance DWP, MOD and CPP Group. The city is one of the most visited nationally, attracting.9 million tourist per annum who spend in excess of 55 million per year

SITUATION The property is situated in a prominent position in the centre of the pedestrainised Stonegate, which forms the prime aspirational retailing pitch for the city. The property is adjacent to Rohan, opposite Sweaty Betty and Hotel Chocolat. The property is in close proximity to Little Stonegate, one of York s prominent leisure destinations, with occupiers including The Botanist, Turtle Bay, Banyan Bar, Slug and Lettuce and Las Iguanas. DESCRIPTION The property comprises a Grade II listed retail premises arranged over ground to third floors. The tenant trades from ground, first and part second floor with the remainder of the second and the third floor used as ancillary accommodation.

7 ACCOMMODATION We have measured the property in accordance with the RICS Code of Measuring Practice th Edition and provide the following Net Internal Areas: Floor Uses Area (sq m) Area (sq ft) Ground Sales 128.8 1,387 ITZA 710 units First Sales 103.7 1,11 First Ancillary.1 Second Ancillary 70 753 Third Ancillary 52.8 58 Total 31.4 3,890

8 TENURE The property is held freehold. TENANCY COVENANT Jack Wills Limited (Company No. 03504842) is a British multi-national fashion retailer selling luxury clothing and grooming products. The company was founded in 1999 in Salcombe, Cornwall. The company now operates from 70 stores across the UK with further stores in Hong Kong, Macau, Dubai, Kuwait and Singapore. In the last financial year, Jack Wills had a sales turnover in excess of 130,800,000. The property is let in its entirety to Jack Wills Limited on a lease expiring on the 27 th January 202, providing 8 years unexpired. The property has an upward only rent review on 28 th January 2021. The current rent passing is 115,000 per annum, reflecting 135 Zone A.

9 S LE U JO 50 metres Experian Goad Plan C Created By: Jon

10 RENTAL COMMENTARY We have analysed the passing rent of 115,000 per annum to reflect 135 Zone A. This is in line with the rental tone for Stonegate, we set out the most recent comparable evidence below: Property Date Tenant Transaction Net Rent 51 Stonegate Mar 2017 Jo Malone RR 135.00 33 Stonegate Mar 2017 Abraham Moon OML 135.00 34 Stonegate Oct 2015 White Stuff RR 135.00 28 Stonegate May 2015 The White Company RR 135.00 5 Stonegate Mar 2015 Bradleys of York LR 135.00 Stonegate is the prime aspirational retailing pitch for York TRANSACTIONAL EVIDENCE The investment market has historically performed strongly on Stonegate. This is demonstrated by the evidence set out below: Property Date Tenant WAULT (years) Price Net Initial Yield Net Rent Zone A 32 & 34 Stonegate Jan 2018 Cath Kidston & White Stuff 3.8,000,000 3.91% 135.00 2-30 Stonegate Nov 2017 The White Company 7. 4,28,777 3.85% 135.00

11 EPC An EPC for the property can be provided upon request. VAT The property has been elected for VAT purposes. It is anticipated that the investment sale will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers for our client s freehold interest in excess of 2,400,000 (Two Million, Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 4.50%, after allowing for purchasers costs of.3%.

FURTHER INFORMATION For further information or to arrange an inspection of the property, please contact: CHRISTOPHER ROBINSON T: +44 (0)207 087 524 M: +44 (0)781 340730 Chris.Robinson@eu.jll.com ALEX COUSINS T: +44 (0)207 147 1375 M: +44 (0)7525 8240 Alex.Cousins@eu.jll.com JONATHAN HEPTONSTALL T: +44 (0)207 318 7843 M: +44 (0)7920 020039 Jonathan.Heptonstall@eu.jll.com MISREPRESENTATION ACT JLL, for themselves and for the vendors of this property, whose agents they are, give notice that (i) the particulars and any further information communicated by any means to potential purchasers of the property described in the particulars, or their advisers, in connection with the possible sale of the property are provided solely for the purpose of assisting potential purchasers in deciding whether they wish to proceed with further investigation of the property and do not constitute either the whole or any part of an invitation, offer or contract for sale of the property; (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 as at the date of the particulars (or the date of the relevant information if earlier). However, potential purchasers are not entitled to rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise with regard to the accuracy of such details. No responsibility or liability is or will be accepted by JLL, the vendor(s) of the property or any of their respective subsidiaries, affiliates, directors, officers, representatives, employees, advisors, or agents for any loss or damage suffered by any party, resulting from reliance on the particulars or any other information communicated by any means to that party, or its advisers, in connection with the possible sale of the property. No person in the employment of Jones Lang LaSalle or the vendor(s) has authority to make or give any representation or warranty, express or implied, in relation to the property. References to JLL include any joint agents acting with Jones Lang LaSalle. Designed by Graphic Outlines Ltd. February 2018