DANIEL OWEN SHOPPING CENTRE MOLD, FLINTSHIRE CH7 1AP

A COMMUNITY FOCUSED TOWN CENTRE INVESTMENT OPPORTUNITY INVESTMENT SUMMARY l Mold is an attractive market town and major cultural l Open air shopping centre comprising 56,765 sq ft l Low, fully recoverable service charge. centre for north Wales. (5,274 sq m) of retail accommodation incorporating 27 shop units and a market hall together with l Substantial refurbishment and asset l Affluent population with above UK Average 5 apartments and 2 office suites. management options Demographic. l The tenants include Argos, McColls, l Over £90,000 of capital allowances l The Daniel Owen Centre is the only shopping centre Vision Express, Domino’s Pizza and Oxfam. potentially available. for the town, anchored by the busy indoor market and the town civic facilities. l Triple net income £311,695. Net Estimated Rental Value £474,750 pa. We are instructed to seek offers in excess of £3,000,000 (Three Million Pounds) Subject to contract and l Majority long leasehold with 132 years unexpired exclusive of VAT subject to a minimum ground rent of £32,397 pa or 8% of net income received. 18 High Street, Mold Net Initial Yield: 9.76% held freehold. Reversionary Yield: 14.87% Low Capital Value: £52.85 psf LOCATION Mold is a busy, affluent market town and historically a major cultural centre for North Wales. It is located approximately 10 miles west of Chester, 20 miles south west of Liverpool and 50 miles west of Manchester.

The town has excellent road communications being located on the main A494 trunk road which provides direct access within 3 miles to the A55 North Wales Expressway offering direct links to the North Wales coast and the north west of England. Rail links are provided approximately 4 miles away at Buckley whilst Liverpool John Lennon airport is approximately 17 miles to the north east. The town is at the centre of the local bus network providing good access for the population of the surrounding North Wales hinterland.

NANNERCH Rhosesmor A55 A540 CONNAH’S QUAY A548 NORTHOP Llangwyfan Rhydymwyn A541 CHESTER

Cilcain A5104 Llangynhafal MOLD A549 BUCKLEY A55 Llanynys A494 A5118 Gellifor Cadole Maeshafn Llanferres Leeswood A541 Pontybodkin A550 Eryrys A483 Treuddyn CAERGWRLE A525 A5104

Llanfair Dyffryn A541 Bwlchgwyn GRESFORD

A494 Pentre-celyn BRYMBO A525 A5156 A534

LLANELIDAN WREXHAM DEMOGRAPHICS The town has an immediate population of approximately 10,000 people (2011 Census) with 149,000 persons living within a 5 mile radius. There is an above average representation of the most affluent (A/B) socio-economic groups comprising, 24.2% of the population compared to a UK average of 21.7% (2011 Census). The town also has a low unemployment rate of 2.1% (UK average 5.3%, (2011 Census) and an above average number of cars per household. l Above average representation of the most affluent (A&B) socio-economic groups l Low unemployment rate l Above average car ownership

DESCRIPTION

The Daniel Owen shopping centre is located at the heart of Mold town centre and forms part of the retailing circuit through the town. The scheme is predominantly 2 storey retail units fronting an L-shaped mall, the mall being adopted by the local authority as a public footpath. The main entrances to the scheme are on High Street and New Street with further access via the Civic Offices and Library area adjacent to the Market Hall that anchors the centre.

The scheme comprises 27 retail units together with the indoor Market Hall, 5 residential units and 2 office suites. The majority of the scheme was constructed in the late 1970’s with a further extension completed in 2002 comprising the larger retail units and 2 first floor office suites. No.18 High Street is older and of traditional construction providing a ground floor retail unit with self-contained residential above.

The main anchors for the scheme are the indoor Market Hall, Peacocks and Argos, all located towards the junction of the two malls.

All the units have the benefit of rear servicing the majority of which are from the centre’s own service yards. TENURE

18 High Street is held freehold.

The remainder of the shopping centre is held by way of a 150 year long leasehold interest from 25th December 2002, with a ground rent payable geared to 8% of net income received, subject to a minimum rent payable of £32,397 pa. A copy of the ground lease is available in the data room. INCOME ANALYSIS

The Daniel Owen Centre is currently let to 23 commercial tenants and 3 residential tenants. There are 2 recently vacated shop units, 2 vacant flats suitable for refurbishment, 1 vacant office suite and a small storage unit at first floor also available to let (10.62% vacancy by ERV).

The asset has a current total contracted gross income of £389,571 pa, and a triple net income after deduction of occupational shortfalls and head rent of £311,695 pa including vendor guarantees.

The Daniel Owen Centre has a current gross Estimated Rental Value of £514,317 pa, giving a Estimated Net Rent of £474,750 following deduction of Head Rent. The full income, ERV and shortfall analysis is shown on the attached Tenancy Schedule.

Ordnance Survey © Crown Copyright 2020. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:1250. Paper Size - A4 TENANCY & AREA SCHEDULE

The areas in this schedule are taken from a valuation of the centre carried out in August 2019 and have not been independently verified by the agents. Full CADs for the scheme are available in the data room on request.

Ground Ground ERV Floor Floor First Floor Lease Next Break Lease Passing Zone A Zone A Total Unit Tenant Sq ft (Sq m) ITZA Sq ft Sq ft (Sq m) Start Term Review Date Expiry Rent £pa psf ERV £pa £psf Shortfall Comments

18 High Street Martin McColl Ltd 1111 (103.2) 534.30 23/02/17 10 yr 23/02/22 22/02/22 22/02/29 £21,500 £40.24 £20,036 £37.50

Flat 2a I Millward 2 bed flat 20/05/15 6 months 19/11/15 £5,700 £6,300 Holding Over

Flat3a E M Davies 2 bed flat 09/03/18 6 months 08/09/18 £6,300 £6,300 Holding Over

Flat 12a D R Saunders 2 bed flat 09/03/17 6 months 08/09/17 £5,220 £6,300 Holding Over

Flat 13a Vacant 2 bed flat £- £6,300 £1,440 Vacant

Flat 18a High Street Vacant 2 bed flat £- £6,300 £1,440 Awaiting Intructions Re referbishment

Kiosk Mr Young 113 (10.50) 113 01/11/18 5 yr 31/10/23 £4,500 £39.82 £4,520 £40.00

New Unit 1 Argos Ltd 5246 (487.39) 5246 5226 24/03/19 10 yr 24/03/24 24/03/22 23/03/29 £50,000 £6.36 £49,983 £6.36 TO break option 24/03/22 & 24/03/24

Rent free under current Corporate Administration. 12 month New Unit 2 Peacocks Stores Ltd 4617 (428.92) 4617 1598 14/10/17 5 yr 13/10/22 £60,000 £11.08 £54,160 £10.00 vendor rent guarantee.

Rolling break on 6 weeks written Notice. Nil rent payable since New Unit 3 & Grd 4 Poundstretcher Ltd 4359 (404.99) 4359 1522 01/07/16 5 yr 30/06/21 £30,000 £6.73 £33,454 £7.50 CVA in July 2020. 12 month vendor guarantee at £30,000.

New Unit 4 FF Vacant 1809 £- - £3,618 £2.00 £4,033 Vacant.

The Trustees of North Clwyd New Unit 4A 1781 (149.48) 1006 1480 22/02/19 5 yr 22/02/22 22/02/24 £20,000 £18.11 £27,617 £25.00 Animal Rescue

New Unit 6 Mrs Pamela Stevenson 284 (26.38) 284 01/05/21 3 yr 30/04/24 £6,200 £21.83 £6,820 £23.00 Under offer lease completion due 01/05/2021

Office 1 Just One Recruitment & Training Ltd 1232 15/09/14 3 yr 14/09/17 £6,000 £4.87 £6,160 £5.00 Holding Over

Office 2 Vacant 2807 £- £14,035 £5.00 £16,506 Vacant

Unit 1 My Hair Lady 417 (38.78) 363 334 27/04/18 3 yr 26/04/21 £12,000 £31.15 £11,558 £30.00

Unit 2 & 3 D P Realty Ltd & DP Newcastle Ltd (Domino's Pizza) 1994 (183.26) 1144.5 27/11/17 20 yr 27/11/22 27/11/27 26/11/37 £23,000 £20.10 £34,335 £30.00

Unit 4 Vacant 766 (71.10) 535.4 625 £- £0.00 £14,427 £25.00 £9,852

U/O new 5 year lease to Anne Marie & Ian Revell Unit 5 Robert Williams 820 (76.16) 535.5 624 29/04/21 2 yr 23/08/21 £9,500 £16.46 £14,428 £25.00 5 yr lease, 3 yr T. Break

Unit 6 Oxfam 594 (55.18) 453 681 10/04/18 5 yr 10/04/20 09/04/23 £9,750 £19.56 £12,460 £25.00 Annual break option tenant only

Unit 7 Baibua Thai Massage limited 771 (71.60) 533.8 628 04/04/19 5 yr 05/04/21 03/04/24 £14,000 £24.32 £14,392 £25.00

Unit 8 Rainbowbiz Ltd 659 (61.00) 493 635 06/07/17 5mths 27 days 01/01/18 £2,600 £4.86 £13,383 £25.00 £5,034 Holding Over All Inc Rent

Unit 9 Megane Retail Ltd 641 (59.51) 484.1 592 07/06/17 1 yr 6 mths 06/12/18 £7,800 £14.90 £13,089 £25.00 Holding Over

Unit 10 Carer Ventures Ltd 746 (69.35) 501 638 05/10/18 10 yr 05/10/23 05/01/21 04/10/28 £11,000 £20.24 £13,588 £25.00 TO break option 5/10/21, 5/10/23, 5/10/25

Unit 11 B&D Healthcare 729 (67.71) 496.7 639 30/09/19 10 yr 30/09/24 30/09/24 29/09/29 £15,000 £27.81 £14,831 £27.50

Unit 12-13 Flintshire County Council 3720 (345.59) 28/03/03 125 yr 27/03/38 £1 £1 Peppercorn rent Indoor Market

Three month mutual rolling break. Unit 21/22 TUI UK Retail Ltd 561 (52.12) 545 482 21/06/19 3 yr 20/06/22 £- £0.00 £17,314 £30.00 Tenant paying rates and s/charge only.

Unit 23 Polka Dot 274 (25.41) 267 239 14/06/19 5 yr 14/06/23 13/06/24 £9,500 £33.58 £8,488 £30.00

Unit 24 & New Unit 5 Vacant 516 (47.98) 486.3 336 £- £0.00 £15,261 £30.00 £7,174

Unit 25 LadyBird Vapours Ltd 377 (35.03) 332 336 17/01/20 5 yr 16/01/24 £10,500 £29.63 £10,632 £30.00

Unit 26 Carlos John Grech T/A CJS Butchers 377 (35.00) 332 370 07/06/18 5 yr 07/06/19 06/06/23 £10,000 £28.04 £10,700 £30.00

Unit 27 Vision Express (UK) Ltd 429 (39.88) 359 388 28/09/16 5 yr 6 mths 28/09/19 27/03/22 £12,000 £31.18 £11,546 £30.00

Unit 28 Tasters Delicatessen 437 (40.59) 364 384 06/08/12 5 yr 05/08/17 £15,000 £38.50 £11,688 £30.00 Holding Over

Mutual rolling break Unit 29 Tech 51 Mold Ltd 665 (61.86) 553.00 292 19/07/18 5 yr 19/07/19 18/07/23 £12,500 £21.84 £17,174 £30.00 option on 3 months' notice

Rent Totals for Daniel Owen Shopping Centre £383,371 £514,317 £45,479

LL Expenditure Totals Head Lease £32,397

LL S/C Liability PA £16,974

Void Rates PA 33,213

LL Insurance PA 1,915

Total Landlord Shortfalls £77,876

Triple Net Rent £311,695 Mold N

Experian Goad Plan Created: 10/02/2020 50 metres Created By: Hartnell Taylor Cook LLP

Copyright and confidentiality Experian, 2020. © Crown For more information on our products and services: copyright and database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 SERVICE CHARGE

The service charge budget for the current year totals £76,290 reflecting an extremely low cost of £1.34 psf pa. Service charge information is available in the data room. ASSET MANAGEMENT INITIATIVES

The property offers significant asset management opportunities to a purchaser to drive value, including: l Let the 2 vacant units and office suite to reduce shortfalls and increase income. l Agree lease renewals with occupiers currently holding over, and trading satisfactorily, to obtain reversionary income levels. l Refurbish flats 13A and 18A and re-let, reducing shortfalls and increasing income. l Lease car parking spaces to the rear of New Street mall to provide either a capital receipt or long term income, subject to landlord’s consent. l Potential full refurbishment or redevelopment of the southern side of New Street mall (subject to vacant possession of various units and landlord’s consent). Our clients have undertaken and architectural study, providing a number of options for the mall ranging from a basic refurbishment with the addition of some residential units at first floor, through to a complete redevelopment of the south west side of the mall to provide new retail units, residential premises at first floor, improved landscaping, access and car parking. A copy of this study is available in the data room or upon request from the agents. CAPITAL ALLOWANCES

We understand from our clients that capital allowances with a current written down value of £92,607 could be made available to the purchaser of their interest in the Daniel Owen Centre. EPC

EPC ratings and related documentation are available upon request. VAT

We understand the property is elected for VAT purposes and it is anticipated that the sale will be treated as a Transfer Of a Going Concern. PROPOSAL

We are instructed to seek offers in excess of £3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. Net Initial Yield: 9.76% Reversionary Yield: 14.87% Low Capital Value: £52.85 psf

FURTHER INFORMATION

A data room is available with further information in respect of the head lease, tenant leases, refurbishment/redevelopment study options CADs and service charge. For access to the data room or to arrange inspection of the property please contact the sole agent Hartnell Taylor Cook:

Rob Amey T: +44 (0)20 7788 3813 M: +44 (0)7801 415 642 [email protected]

Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, 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 intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence 7-10 Chandos Street of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or Cavendish Square, London W1G 9DQ lessees in inspecting properties that have been sold or withdrawn. Produced by Barbican Studio December 2020.