LINDIS RETAIL PARK Lincoln

RETAIL WAREHOUSE INVESTMENT LINDIS RETAIL PARK, LN6 7JL Lincoln Retail Warehouse Investment

A46 to Newark

Nottingham

FOODHALL

d oa R on itt Tr 3 00 B1

Lincoln City Centre Lincoln Central

Site outline for identification purposes only. LINDIS RETAIL PARK, LN6 7JL Lincoln Retail Warehouse Investment

Investment Considerations Proposal O Regionally dominant retail park located in Lincoln situated O There is demised car parking to the front of the units O We are instructed to seek offers in excess of adjacent to a 140,500 sq ft Sainsbury’s providing a total of 267 spaces £4,500,000 (Four Million, Five Hundred O The property is fully let and comprises 4 units totalling O The property is held freehold Thousand Pounds), subject to contract and 44,746 sq ft GIA exclusive of VAT. A purchase at this level shows O AWULT of 6.57 years to break 6.88 to expiry a net initial yield of 10.9% assuming purchaser’s O The property benefits fromOpen A1 (including food) O Total rent of £523,230 per annum equating to planning consent costs of 6.58%. £11.69 per sq ft O Strong tenant line up of Matalan, Domino’s, Iceland O Large catchment population of 89,080 within a 10 minute (t/a The Food Warehouse) and Poundstretcher drive time and 164,478 within a 20 minute drive time (t/a Bargain Buys) LINDIS RETAIL PARK, LN6 7JL Lincoln Retail Warehouse Investment

A1(M) HULL A635 M62 A63 A1041 A1033

M62

A628 A19 A15

SCUNTHORPE A180 Location and Situation The city benefits from good road communications:- DONCASTER M180 GRIMSBY • A57 provides access to Sheffield and the A1 to the west. A635 Lincoln is an attractive cathedral city situated in East Doncaster Humberside A 117 3 Shefﬁeld Airport Airport Anglia. The city serves as the principal administrative • A46 provides access to the A1, Nottingham and Leicester ROTHERHAM A18 A46 to the south west. A638 and shopping centre in the county of Lincolnshire and A15 • A15 provides access to Peterborough to the south and A61 M18 is considered the largest urban area within the county. A1103 Scunthorpe to the north. SHEFFIELD A57 A156 MARKET RASEN Lincoln is located approximately 32 miles north east of Nottingham, 46 miles east of Sheffield and 120 miles A46 A16 Lincoln mainline station provides regular services to:- WORKSOP north of London. A1(M) A57 A158 • Nottingham - 25 minutes A61 6 LINCOLN Lindis Retail Park is prominently located on the western 4

A614 • Sheffield - 1 hour 10 minutes A 5

side of Tritton Road arterial road (A1192), 3.5 miles 1 M1 SKEGNESS • London KingsA Cross - 1 hours 54 minutes A15 south west of Lincoln city centre. The scheme sits within A16 A617 a substantial residential area. Nearby Airports:- A17 NEWARKONTRENT A15 A601 • Humberside International – 53 minutes A46 A60 • East Midlands – 1 hour 6 minutes A1(M) SLEAFORD A52 6 D

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NOTTINGHAM BOSTON • Luton – 2 hoursM 10 minutes

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R O A607 D A15 A A A D O 1 R L 5 O M N L A I G H N S E L E L C E R T LL C T I O Y H E H S G R U L N E R K N O O R 8 N U A O 2 B E D B 1 4 6 A A R 1 3 Retail Warehousing & B 4 S 5 A 1 Y A T

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I B Demographics in Lincoln Y L 6 B Common 4 Y P

A A R S O A S D B1308 The total population within the The University of Lincoln has around GR EETWELL ROAD Lincoln Primary Retail Market Area 14,000 students and 1,600 staff A 5 NKS ROA - 229,000 and is estimated to be worth more 7 B1308 MO D than £300m to the local economy.

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Anticipated to see average growth 5 4 Lincoln A 2 T E E in population over 2019-2024 Retail warehouse supply was estimated R T 3 S

4 H TOWN

G I at 999,000 sq ft with around 42% on D B H CENTRE

1 A 3 ROAD O OUGH 7 5 2 BOR 8 R NG 6 HI WAS 2 S N DIXON ST 190 retail parks. There are eight superstores K 1 1 E O B Car ownership in Lincoln is LL TT B IN RI E G T C U 3 within the Lincoln area, the largest of TH 00 A N 1 D N E O B R 5 W significantly above average V R P 1 L A E K A I C I R R D OA N D O K R A N which is a 144,500 sq ft Sainsbury’s TO A P C O H G D Canwick Hill IN I IGH O with a high proportion of 2 car O L HE HAM Golf Course L L W ULT N adjacent to the subject property at H O

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Lindis Retail Park. Common E

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Boultham I 18 B

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L K C E R A O E . 2. St Marks Retail Park, undergoing 4. Valentine Road Retail Park C U D O R 1. LINDIS RETAIL PARK M T Y S R N

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redevelopment for student flats Owned by British Land L V B1 0 A S 1 1 4 S A THE PROPERTY 90 0 N 3 O D 1 E K

Total of 131,000 sq ft O B and ancillary retail. C 4 ’ D C

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TO I W Owned by Standard Life N A F

Total of 185,246 sq ft R N OA F 5. Lincoln West Retail Park D A H

AD C Y RO Total of 69,000 sq ft WHISB I including Sainsbury’s D L A L Owned by Columbia Threadneedle O 1 K R B113 Total of 34,000 sq ft AR 3. Tritton Retail Park EW N Owned by Coal Pension Properties 4 6. The Carlton Centre 43 D 1 A A D Total of 122,000 sq ft A O R D Owned by Lincolnshire Co-operative Hykeham S O T R T R A N M M A Total of 97,000 sq ft T A A I 1 O H R A E B 5 N K H Y T S R H N L O E

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6 D D A A O R M LN O O O C R IN L LINDIS RETAIL PARK, LN6 7JL Lincoln Retail Warehouse Investment

Description The property comprises 4 retail warehouse units of part brick, part steel clad elevations with a steel portal frame extending to 44,746 sq ft (4,157.0 sq m). Unit 2 is a standalone retail warehouse, units 3 and 5 provide a terrace with unit 4 to the rear. The site area is approximately 3.7 acres (1.6 hectares).

Tenure Planning The property is held freehold. The retail park benefits from Open A1 (including food). (LPA Ref: LJ18/0061/92; LJ18/0517/93).

Tenancy Schedule The total passing rent is £523,230 per annum which provides an income stream for a weighted average unexpired lease term of 6.57 years to break, 6.88 years to expiry. The property is let in accordance with the tenancy schedule below:-

Unit Tenant GIA GIA Lease Start Lease Expiry Unexpired Rent Review Rent pa Rent psf Comments (sq ft) (sq m) (Break) Term 1 Matalan Retail Limited 25,705 2,388.1 29/5/15 28/5/30 9.4 29/5/20 £234,500 £ 9.12 (t/a Matalan) 2 Iceland Foods Limited 11,250 1,045.2 1/9/15 31/8/25 4.6 - £210,830 £18.59 RPI linked rent review with a cap of 3% and a collar of 1% . (t/a The Food Warehouse) 3 DP Realty Limited 1 ,117 103.8 31/8/17 23/6/39 18.4 24/06/24 £17,900 £16.03 (t/a Domino’s) 23/6/30 (9.4) 4 Poundstretcher Limited 6,674 620.0 1.5 - £60,000 £8.99 Heads of Terms have been agreed with Poundstretcher to take a 3 year lease (t/a Bargain Buys) with an 18 month break option at £60,000 per annum, outside the L&T 1954 Act. Total 44,746 4 ,157 £523,230 £11.69 LINDIS RETAIL PARK, LN6 7JL Lincoln Retail Warehouse Investment

Covenant Information

Matalan Retail Ltd – Experian Score 98 Very Low Risk Matalan is a British fashion and homeware retailer operating from 230 UK stores and 30 International franchise stores within Europe and the Middle East.

24/02/2018 23/02/2019 29/02/2020

Turnover £1,062,500,000 £1,103,900,000 £1,129,400,000

Pre- tax profit £29,800,000 £28,300,000 (£22,000,000)

Total Net Worth £252,600,000 £305,300,000 £280,700,000

Iceland Foods Limited – Experian Score 94 Very Low Risk Iceland Foods is a British food retailer with over 900 stores throughout the UK, a further 40 owned or franchised stores across Europe, and a global export business.

30/03/2018 29/03/2019 27/02/2020

Turnover £2,972,900,000 33,022,800,000 £3,191,500,000

Pre- tax profit £32,800,000 £31,200,000 £1,400,000

Total Net Worth £774,900,000 £792,900,000 £794,000,000

DP Realty Limited – Experian Score 87 Low Risk Domino’s Pizza Group is the UK’s leading pizza brand. From the UK’s first Domino’s store in 1985, it now has over 1,100 stores across six markets, including, Switzerland, Norway and Iceland.

31/12/2017 30/12/2018 29/12/2019

Turnover £25,569,000 £26,451,000 £27,781,000

Pre- tax profit £531,000 £823,000 £1,093,000

Total Net Worth £3,426,000 £4,002,000 £5,310,000

Poundstretcher Limited Established in 1981, Poundstretcher is a leading variety discount retailer with over 400 stores nationwide employing over 5,500 people in its network. A CVA was approved in July 2020 and is part of a wider turnaround plan to restructure its UK store portfolio.

31/03/2017 30/03/2018 29/03/2019

Turnover £397,380,415 £387,442,689 £434,622,967

Pre- tax profit £2,730,262 £2,070,416 (£227,342)

Total Net Worth £19,911,546 £21,574,962 £18,771,313 ePC

Available in the data room.

Vat The Property is elected for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern.

Anti-money-Laundering A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

dataroom For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/LindisRP

Proposal We are instructed to seek offers in excess of £4,500,000 (Four Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level shows a net initial yield of 10.9% assuming purchaser’s costs of 6.58%.

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

Lottie Hayward Siobhan Badman 07817 549 237 07884 814884 [email protected] [email protected]

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 02.21