GRIFFIN ISLAND NEWPORT HIGH STREET / SKINNER STREET NP20 1GH

HIGH YIELDING RETAIL INVESTMENT OPPORTUNITY INVESTMENT SUMMARY Multi-let city centre retail investment located in central Newport. Attractive WAULT of 4.57 years to expiry, 3.9 years to break. Key tenants include Greggs, William Hill, BetFred and Principality Building Society. Situated on a busy retail pitch at the Northern end of Commercial Street in close proximity to Friars Walk Shopping Centre and Newport railway Currently 52% let by area producing a rental income of £321,765 per annum. and bus station. Re-letting the vacant areas at re-based rents could provide a further £106,943 of annual income. Newport is undergoing one of the largest regeneration programmes in the UK, with £2bn of public and private investment in the last 20 years. Numerous outstanding asset management opportunities including letting vacant accommodation and further residential conversion of the upper floors. Comprises a unique town centre investment totalling 36,744 sq ft, comprising 19 retail units with ancillary accommodation and Highbury Freehold. Chambers providing 3,529 sq ft of offices. Seeking offers in excess of £2,520,000 (Two Million Five Hundred and Excellent diversity and security of income, no tenant represents more Twenty Thousand Pounds), subject to contract and exclusive of VAT, than 15.5% of the total income. reflecting a net initial yield of 12.00%, a triple net yield of 11.19% and a reversionary yield of 15.00% on letting the remaining vacant units allowing for standard purchaser’s costs.

Multi-let city centre retail investment located in central Newport. Campus Living University of Newport Kingsway Friars Walk GRIFFIN Admiral Newport Villages Student Leisure Shopping Shopping ISLAND House Railway NEWPORT Accommodation Campus Centre Centre Centre Station

Newport Market

Newport Bus Station Taylor Wimpey “City Vizion” Residential Development Riverfront Theatre

REASONS TO INVEST IN NEWPORT Newport is the third largest city in Wales and part of the // Newport powerhouse. £2 billion of public and private regeneration/investment over the last 20 years has transformed the city. £100m Friars Walk Shopping Centre has made the city a retail and leisure destination. Catchment expected to grow from 211,000 to 367,000 with an estimated footfall of 10-12 million per annum (Source: Javelin/DTZ). Retail sales expected to double in the city to £100 million per annum. Quick access to Bristol and Cardiff, 20 minutes and 15 minutes by direct train. Close proximity to the , Severn Crossing and M5 interchange make Newport very accessible. Home to numerous blue-chip companies including Admiral, Wates, Lloyds Bank and Virgin Media. Trains to London Paddington every 30 minutes. Electrification of the mainline in 2018 will reduce train times to London Paddington to only 1.5 hours. 40

A BRECON BEACON S 465 466 A NAT I O NAL PAR K 40 A A 470 A465 A A4059 4221 A LOCATION Merthyr Tyd‹l 40 Glynneath A 467 Raglan A 465 4046 A Newport is located in South East Wales approximately A 466 449 48 Hirwaun A A 12 miles north east of Cardiff, 29 miles west of 4042 A A 465 4061 A Bristol and 40 miles east of . The city A 470 A4059 A

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469 Pontypool 5 has a population of 145,736 (2011 Census) and M Neath N an urban population of 306,844. The city forms Usk R E V 14 part of the Cardiff-Newport metropolitan area 42 A4058 22 E SWANSEA NEWPORT A48 S M4 M Pontypridd M4 48 which has a population of 1,097,000. 41 26 24 21 41 A468 48 23 A 27 A The city centre can be accessed via junctions Port 40 4119 A470 M 28 4 Talbot 39 20 24 to 28 inclusive of the M4 Motorway. Providing 38 29 15 30 16 Llantrisant 49 M swift access to London, South West, Midlands 36 32 Avonmouth 17 19 37 35 A A48 and South Wales. 34 33 4232 M4 BRI S TOL 18 C HANNEL Newport benefits from frequent train services Bridgend 19 32 A48 M to London Paddington, Birmingham, Cardiff 5 CARDIFF M BRISTOL A and Bristol. The fastest journey time to London Cardiff 4050 20 37 A A Penarth 4 Paddington is 1 hour 45 minutes, which is due International A38 Airport 370 to reduce to 1 hour 30 minutes following the Barry A electrification of the mainline railway line in 2017. Bristol Weston-Super-Mare 21 International Airport Maps not to scale. For indicative purposes only.

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The city forms part of the Cardiff-Newport metropolitan area which has a population of 1,097,000. M4 NEWPORT REGENERATION KEY CITY CENTRE DEVELOPMENT J25 AND LANDMARKS M4

Brynglas To London SITUATION To Tunnels A4051 M4 Griffin Island is situated in the to improve the internal units and centre of Newport at the Northern provide external restaurants and J26 end of Commercial Street, at cafés, together with enhancing the the intersection with High Street surrounding public realm) and the To Cardi A4051 A4042 and Skinner Street. Within the prime retail pitch of Friars Walk

1 GRIFFIN ISLAND D immediate area is an extensive shopping centre and Commercial A O 2 Admiral House R

N retail and leisure provision Street. O 3 E L

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MALPAS RD E including The Victorian Newport 4 Railway Station A is within C Indoor Market (recently the 5 Fear Group Student a 5 minute walk. Accommodationand Mixed subject of a £5m refurbishment Use Development 6 Taylor Wimpey “CityVizion” Residential Development 7 Bus Stations 8 Friars Walk Shopping Centre

University of South Wales L 9 L I GRIFFIN Campus H

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Campus Living Villages N ISLAND 10 HEIDENHIEM DR E NEWPORT Student Accommodation E U AD Q O Rugby H R 11 RC H U and Football Stadium 5 TC RIS CH 12 Residential Development 13 Riverside Theatre B4591 14 Newport Leisure Centre T CE EE PLA To STR Kingsway Shopping M ILL CHE M4 J24 15 CLARENCE PSTO W R Centre O AD 4 A48 C A4042 OR

G TRAIN STATION HIGH St. P O CAMBRIAN D DOCK OR FR AY MARKET E St. A Y 3 T R 2 St. St. R I O I V O A GRIFFIN N Rd. 7 D CAMBRIAN 11 R QUEENSW 1 E R O CENTRE St. 13 A RE-DEVELOPMENT 6 D SKINNER KINGSWAY St. U S CL B4591 YTHA CORN 7 K N

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T U S K 9 UNIVERSITY St. W OF NEWPORT RF 14 A CHARLES T COMMERCIAL Y A ALBOT H 15 W

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S GEORGE W STREET Sq. STREET PARK A L BRIDGE RO AD Y O N W O PARK To FT Sq . E LI R M4 J27 C D AV. O 10 M REET STOW A C ST HILL H K D E E S G S W N R T SL Y EO R A E G E N K RO K S D R A E T A D T

O P T EE W CL R YTHA ST B A P SQU E RR A L E L ARE P R E RU K V U A E V L E A N N U E E COMMERCIAL 12

BELLE VUE USK D PARK A W O RO A R Y S RO AD AD R IA CARDIFF R 8 To Cardi F A4 Maps not to scale. For indicative purposes only. M4 J28

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AY W NEWPORT TRANSPORTER BRIDGE ST EPHENS O DOCKS N STREE to Cardi T AY M4 Jct.28 U S K W Coronation Park Newport (Wales)

DESCRIPTION Griffin Island is highly prominent island site in central Newport, providing 19 retail units with ancillary accommodation on parts of the upper floors. Included within the ownership is Highbury Chambers which totals 3,529 sq ft of offices. Highbury Chambers is self-contained with direct access to Skinner Street and along with additional ancillary accommodation above the existing retail units would offer excellent potential for residential uses (subject to the necessary consents).

62% of the floor area of Griffin Island is Grade 2 Listed, resulting in no empty rates being payable. The property provides a strong diversity of unit sizes, appealing to a wide range

of retailers. Current tenants include a mix of both local and national occupiers such as Greggs plc, Principality Building Society, Betfred, Supernews and William Hill. Various upper parts of Griffin Island have been sold off on long leases and are currently being redeveloped as modern apartments by Seren Group as part of the regeneration. Seren Group has been granted permission for a total of 27 modern apartments in the upper parts, with the first phase of 11 apartments to be completed 2016/2017 following which the second phase of 16 apartments will be started.

KEY: Sold off on long leasehold

Experian Goad Plan Created: 19/02/2016 50 metres Created By: Cooke Arkwright

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 52% let by area producing TENANCY HIGHLIGHTS £321,765 per annum Let to 14 retail tenants. Substantial additional income upside of circa £106,943 per annum 52% let by area producing £321,765 by letting the 6 vacant units and per annum. No vacant rates payable Highbury Chambers at re-based on 14 out of 19 retail units Attractive WAULT of 4.57 years to rentals. expiry, 3.90 years to break. 62% of the floor area (14 out of 19 units) are Grade 2 listed buildings – no vacant rates payable. TENANCY SCHEDULE

Area Rent Rent Analysis Lease Lease Lease Next Uppers Unit Tenant Use Accommodation EPC Comments (sq ft) (£ pa) (£ psf) Start Break Expiry Review Sold Off LH

Ground Floor 826 Hoss Beauty Ltd Basement 765 Schedule of condition on 27 High Street £24,750 £46.68 25-Aug-2011 24-Aug-2021 25-Aug-2016 F130 Yes t/a Celly's Hairdressing Retail Total Area 1591 basement. Area ITZA 530

Ground Floor 875 First Floor 674 The Optic Shop Ltd Second Floor 549 27a High Street (Guarantee Russel Evan Jones £36,400 £60.66 6-Mar-2002 3-May-2017 G186 No Outside 1954 act. Retail Third Floor 419 & Helen Mary Jones) Total Area 2517 Area ITZA 600

Ground Floor 2145 Bibi Bags Ltd First Floor 392 28 High Street (Guarantee Duffryn Express £25,000 £23.85 14-Aug-2015 13-Aug-2030 14-Aug-2020 E104 Yes Retail Total Area 2537 Convenience Store Ltd) Area ITZA 1048

Ground Floor 1531 Done Brothers First Floor 1150 29 High Street (Cash Betting) Ltd £47,750 £61.02 11-Sep-2008 10-Sep-2023 C75 Yes Retail Total Area 2681 t/a Betfred Area ITZA 783

Ground Floor 1572 Schedule of condition. 30 High Street Ty Hafan Total Area 1572 £20,000 £29.14 28-Nov-2012 27-Nov-2017 27-Nov-2022 28-Nov-2017 D89 Yes Retail Break linked to review. Area ITZA 686

Ground Floor 1081 31 High Street Greggs Plc Retail Total Area 1081 £38,500 £54.83 8-Sep-2003 7-Sep-2015 C70 Yes Area ITZA 702

Ground Floor 523 32 High Street Supernews Stores Ltd. Retail Total Area 523 £12,500 £32.83 17-May-2014 16-May-2019 D85 Yes Area ITZA 381

Ground Floor 962 Basement 1019 33 High Street Principality Building Society £49,900 £70.44 12-Nov-2003 24-Mar-2018 E118 Yes Retail Total Area 1981 Area ITZA 708

Ground Floor 974 11 Griffin Street Vacant Retail Total Area 974 £- £- F132 Yes Area ITZA 637

Ground Floor 79 Tudor John Dodd 2a Skinner Street Total Area 79 £4,925 £62.34 1-Dec-2008 30-Nov-2018 G195 Yes Outside 1954 act. t/a Hello Hello Mobile Phones Retail Area ITZA 79

Ground Floor 1084 First Floor 820 2-4 Skinner Street Vacant £- £- D95 Yes Retail Total Area 1904 Area ITZA 965

Ground Floor 1460 First Floor 490 William Hill (Western) 5/6 Skinner Street Second Floor 485 £33,290 £31.97 25-Feb-2004 24-Feb-2024 25-Feb-2019 D86 No Ltd t/a William Hill Retail Total Area 2435 Area ITZA 1041 TENANCY SCHEDULE CONTINUED

Area Rent Rent Analysis Lease Lease Lease Next Uppers Unit Tenant Use Accommodation EPC Comments (sq ft) (£ pa) (£ psf) Start Break Expiry Review Sold Off LH

Ground Floor 694 7 Skinner Street Vacant Retail Total Area 694 £- £- D81 No Area ITZA 433 Ground Floor 696 9 Skinner Street Vacant Retail Total Area 696 £- £- E108 No Area ITZA 390 Ground Floor 521 Laximidevi Global Services 10 Skinner Street Total Area 521 £10,000 £27.87 15-Oct-2015 15-Oct-2025 14-Oct-2035 15-Oct-2020 E123 No 6M notice on break. Solutions Ltd t/a Boomers Retail Area ITZA 359 Ground Floor 860 First Floor 537 Second Floor 689 11 Skinner Street Vacant £- £- D90 No Retail Third Floor 843 Total Area 2929 Area ITZA 550 Ground Floor 1959 First Floor 1407 12 Skinner Street Vacant Retail Second Floor 1486 £- £- D90 No Total Area 4852 Area ITZA 680 Ground Floor 784 First Floor 861 Arnold's Electricals Ltd Second Floor 468 13 Skinner Street t/a Arnold's Lighting £11,500 £21.61 9-Dec-2015 9-Dec-2018 9-Dec-2020 G203 No Retail Third Floor 527 (Guarantee Nigel Merret) Total Area 2640 Area ITZA 533

Ground Floor 291 First Floor 248 Tenant to benefit form Second Floor 251 180 Upper Dock Street Alan Harbud £5,000 £17.18 16-Sep-2016 16-Sep-2019 G168 No 6m half rent on completion Retail Third Floor 248 of tenant works? Total Area 1038 Area ITZA 291 Highbury J.G. Payne Office 172 £750 £4.36 6-Jan-1991 24-Dec-2002 G156 No Outside 1954 act. Chambers Room 1 Highbury Chambers Room J.G. Payne Office 247 £1,500 £6.07 25-Mar-1987 24-Dec-2002 G156 No 2 & 3 Pt 1,2 3 Fl, Vacant Office 3110 £- G156 No Highbury Chambers TOTAL £321,765 Void rates -£21,749

Triple Net Income £300,016 MARKET RENTAL VALUE VAT Griffin Island is currently producing an annual The property is elected for VAT, it is envisaged income of £321,765 off rentals between £17-70 the transaction will be treated as a TOGC. ITZA depending on pitch. On letting the 6 vacant retail units (all fronting Skinner Street) and Highbury Chambers the income could be enhanced EPC by £106,943 to £428,708 per annum. We have EPC reports are available on request. adopted an ERV of £25.00 psf ITZA for the vacant retail units fronting Skinner Street and £5.00 psf for Highbury Chambers. PROPOSAL We are seeking offers in excess of £2,520,000 (Two Million Five Hundred and Twenty Thousand TENURE Pounds), subject to contract and exclusive of VAT, The property is held freehold. Copies of the reflecting a net initial yield of 12.00%, a triple net registered titles are available on request. All yield of 11.15% and an attractive revisionary yield buildings except 11 Griffin Street, 11/12/13 Skinner of 15.00% on letting the vacant units, allowing for Street and 180 Upper Dock Street are Grade 2 listed. standard purchasers costs.

ASSET MANAGEMENT We detail below the key asset management opportunities: Re-gear the leases with Greggs and J.G Payne both of which are currently holding over. Let the 6 vacant retail units, enhancing the FURTHER INFORMATION income by a further £106,943 per annum. Peter Flanders [email protected] Seek change of use of Highbury Chambers John Blackwell [email protected] (3,529 sq ft) into residential. Simon Martin [email protected] Consider change of use of remaining upper parts to residential. Telephone: 020 7409 7828 Fax: 020 7491 9121

Disclaimer Notice Messrs Joiner Cummings for themselves and (and their joint agents where applicable) for the vendors or lessors of this property whose agents they are give notice that; (i) the particulars are set out as a general outline for the guidance of the intending purchasers and do not constitute part of an offer or contract; (ii) all descriptions, dimension 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 are given without responsibility and any intending purchasers or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of them; (iii) all plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of preparing these particulars, they have not however been tested and therefore we give absolutely no warranty as to their condition, operation or fitness for the purpose of an intending occupier or purchaser; (iv) no investigations have been undertaken by Joiner Cummings in respect of asbestos, issues concerning pollution and potential land, building, air or water contamination and any intending purchasers or tenant must satisfy themselves by inspection; (v) unless otherwise stated, all prices rents and other charges are quoted exclusive of Value Added Tax (VAT) and any intending purchaser or tenant must satisfy themselves as to the incidence of VAT in respect of any transaction; (vi) no person in the employment of Joiner Cummings has any authority to make or give any representations or warranty whatever in relation to this property; (vii) no responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold, let or withdrawn. The date of this publication is February 2017.

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