Poundland, Orpington the WALNUTS SHOPPING CENTRE KENT BR6 0TW INVESTMENT CONSIDERATIONS

Poundland, Orpington THE WALNUTS SHOPPING CENTRE KENT BR6 0TW INVESTMENT CONSIDERATIONS

• Orpington is an affluent south east town with a ‘Greater London’ address

• 7.5 years remaining to the 5A1 covenant of Sainsbury’s Supermarkets Ltd guaranteed by J Sainsbury’s PLC

• Part sub-let to Poundland Limited which A505 Stevenage Dunstable Stansted provides a future asset management angle Luton Luton Bishop’s A120 A41 A418 Knebworth A5 A10 Stortford A44 A602 • OxfordLong leasehold 1(M) M1 A131 A130 A34 Aylesbury Welwyn Garden • Passing rent • of £351,130 per annum City A40 Hertford Witney which equates to £11.84A418 psf A414 M11 A41 Hemel Harlow A12 Oxford Hempstead St Albans Hatfield A4142 Thame • Substantial town centre retail unit M10 A414 Chelmsford A138 A420 totalling 29,666 sq ft 21 A414 A404 Potters Bar Chipping A4010 20 Epping 23 Ongar 19 25 M25 27 Abingdon• A new Leisure scheme has opened opposite Borehamwood the unit helping to drive footfall in the vicinity Watford A1 Enfield Dorchester High Rickmansworth M1 M11 A130 A355 Billericay Wycombe A413 South Brentwood • Situated adjacent to the town’s main Oxney 2 Wickford DIDCOT Wallingford M0 M25 Wantage Harefield Harrow Brent A10 Location shopping centre A12 A127 Ruislip Cross 29 Basildon A404 16 Romford Orpington is an affluent market town in the London Borough of Bromley Wembley • Affluent catchment population with over 61% approximately Benfleet15 miles south east of Central London, 5 miles (8km) south Henley-on-Thames Uxbridge A40 Southend-on-Sea Maidenhead Canvey of the population categorised in the AB Slough A13 east of Bromley and 10 miles (16km) east of Croydon. Orpington is located in M25 Stanford-le-Hope Island 0(M) LONDONLondon the heart of the south east commuter belt with a ‘Greater London tag’ and is A34 and C1 group. 15 M City Fulham one of the principal suburbs of the London Borough of Bromley. Windsor Hounslow A2 Reading Clapham • Offers are sought in excess of £3,660,000M Heathrow Richmond Dartford The town is served by excellent communications, with regular rail services Bradfield Staines A316 Gravesend 329(M) Kingston from Orpington to central LondonSheerness with a fastest journey time of 18 minutes to (Three Million Six Hundred and Sixty Egham Ashford 2 Bracknall Upon Thames A20 Wokingham Ascot London Bridge. The town benefits from a good road network being conveniently Thousand Pounds) subject to contract and 12 Bromley Swanley Newbury M3 A309 A23 exclusive of VAT. A purchase at this levelA322 would A3 3 situatedRochester 4 milesGillingham (6km) north west of Junction 4 of the M25. The A21 is situated Walton-on-Thames Croydon approximately 2 miles (3km) to the west which provides access to Bromley 4.5 reflect an attractive net initial yield of9.00% Bagshot A232 A21 M2 A33 Sutton M20 miles (7km) to the north and Central London 15 miles (24km) to the north west. Sandhurst M25 Epsom PT Sittingbourne after allowing for purchaser’s costs of 6.51%. Shoreham Snodland Woking 10 A217 Orpington is served by 17 different bus routes providing daily services A339 Biggin Hill A22 aroundM20 the town and Greater London. Famborough 9 5 M26 Basingstoke M3 Sevenoaks Fleet A331 M25 GatwickMaidstone airport is a 27 minute drive to the south, located approximately A3 7 A34 6 Oxted 34 miles (55 km) from Orpington. Aldershot Reigate A26 Guildford Dorking Redhill Andover Famham A21 A24 Tonbridge A303 Godalming M23 Horley Paddock Royal Wood Staplehurst Alton Witley Gatwick Tunbridge Cranleigh A264 Wells A229 Stockbridge A31 Crawley Three Bridges North A264 East Grinstead Horsham Winchester Horsham

A23 Haywards Heath

Burgess Hill Orpington

UNDER OFFER

VACANT

B&M

KC’S CAFE

VACANT PURE

D.S MOSS JEWELLERS GYM

THE WALNUT COBBLERS UNDER OFFER THE ENTERTAINER MOBILE CITY

DEAN’S DINER Demographics Situation

BELLA ITALIA Orpington has a primary catchment of 105,000 people with an The property is located in a prominent position forming part of the ODEON CINEMA estimated shopping population of 30,000 which is projected to Walnuts Shopping centre, Orpington’s principal centre, providing the see significant growth over the next five years. Orpington has an prime retailing destination. The Walnuts Shopping Centre sits adjacent

PREMIER INN CREAMS affluent catchment with over 61% of the population categorised in to the High Street to the West and the subject property is situated in UNDER OFFER UNDER OFFER the AB and C1 group, it benefits from a low local unemployment the south east of the shopping centre in an outdoor Courtyard. rate of 6.9%. The town has a significant population of students with There are numerous national retailers in immediate proximity 8,000 full and part-time students from the Orpington Campus of including New Look, Lloyds Bank, The Edinburgh Woollen Mill, Bromley College. Starbucks, Argos, Odeon, Wilko amongst others.

Retailing in Orpington Description Orpington town centre has an excellent provision of multiple retailers, The property is of brick construction and occupies an end of which was significantly enhanced in 2015 with the redevelopment terrace retail unit totalling 2,756.1 sq m (29,666 sq ft). The property and extension of the Walnuts Shopping centre to provide 65,000 is arranged to provide a ground floor retail unit of 864.5 sq m sq ft of new accommodation with a B&M, Pure Gym and a seven (9,305 sq ft) with storage to the rear which benefits from two roller screen Odeon Cinema. Originally the High Street was considered to shutter doors providing access to a loading area to the rear. Part of be the prime pitch, this has now changed to The Walnuts Shopping the ground floor and first floor are not occupied by Poundland. Centre. There is an estimated 0.59 million sqft of retail floor space in Orpington (PROMIS). The Walnut Shopping centre attracts a Description Area sq m Area sq ft high footfall aided by the long established market, that runs every

RESIDENTIAL DEVELOPMENT Tuesday, Friday and Saturday which is situated in the heart of the GF retail area 864.5 9,305 shopping centre. Zone A rents in the Walnuts Centre are at £50 psf. GF storage/ancillary 1,523.2 16,396 FF storage/ancillary 368.4 3,965 Total 2,756.1 29,666

Experian Goad Plan Created: 02/08/2016 50 metres Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crown For more information on our products and services: copyright and database rights 2016. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Tenure The property is held long leasehold from the London Borough of Bromley for a term of 99 years from 29th September 1972 (approximately 55 years unexpired) at a peppercorn rent.

Tenancy The property is let to Sainsbury’s Supermarkets Ltd for a term of 35 years from 25th March 1989 thus providing approximately 7.5 years remaining at a passing rent of £351,130 per annum which equates to £11.84psf. The rent is reviewed on a 5 yearly basis with the next review in March 2019. The lease is guaranteed by J Sainsbury’s PLC. Sainsbury’s Supermarkets Ltd have sublet the property to Poundland Limited for 10 years from 29th October 2010 to 28th October 2020. Further details available upon request.

Covenant Information

Sainsbury’s Supermarkets Ltd

16/03/2013 15/03/2014 14/03/2015

Turnover (000’s) £23,290,000 £23,919,000 £23,443,000

Pre-Tax Profit (000’s) £616,000 £810,000 (£206,000)

Total Net Worth (000’s) £4,507,000 £4,706,000 £4,224,000

J Sainsbury’s PLC (Guarantor)

15/03/2014 14/03/2015 12/03/2016

Turnover (000’s) £23,949,000 £23,775,000 £23,506,000

Pre-Tax Profit (000’s) £898,000 (£72,000) £548,000

Total Net Worth (000’s) £5,717,000 £5,214,000 £6,036,000

EPC The property has an EPC rating of E(110).

VAT The property has been elected for VAT and therefore it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). Proposal Offers are sought in excess of £3,660,000 (Three Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 9.00% after allowing for purchaser’s costs of 6.51%.

For further information or to make arrangements for viewing please contact:

Dale Johnstone Richard Lea 020 7543 6796 020 7543 6832 [email protected] [email protected] 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 09.16