24-38 High Street New Malden Kt3 4He

24-38 HIGH STREET NEW MALDEN KT3 4HE

PRIME SOUTH WEST LONDON RETAIL INVESTMENT LET TO WAITROSE 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

Investment Summary

• Prime freehold retail investment within the affluent catchment of the Royal Borough of Kingston-upon-Thames. • Highly prominent position on New Malden High Street in close proximity to the railway station and main retail pitch. • Let in its entirety to Waitrose. The investment comprises of a supermarket and six retail units totalling 4,417 sq m (47,539 sq ft) and a large 140 space car park to rear of the property providing an excellent car parking provision of 1:339 sq ft. • Site area of 1.79 acres. • Let to the very strong covenant of Waitrose Limited with 25.75 years unexpired and a tenant’s option to extend for a further 20 years upon expiry. • Total current passing rent of £1,000,000 per annum, representing £21.04 per sq ft overall. • Five yearly upward only compounded RPI rent reviews (collared at 2% and capped at 4%) with the next review on 17th April 2019. An additional benefit of a review to the greater of OMV or RPI (collared at 2% and capped at 4%) at the third review on 17th April 2029. • Future possibility of site reconfiguration (in conjunction with the tenant) comprising an extension of the existing Waitrose supermarket into the remaining retail accommodation. Furthermore, value could be unlocked on the upper floors through conversion and/or extension to provide office, residential or hotel accommodation, subject to planning. • We are seeking offers in excess of£22,240,000 (twenty two million, two hundred and forty thousand), subject to contract and exclusive of VAT. This reflects anattractive net initial yield of 4.25% after the deduction of usual purchaser’s costs of 5.80%. • Based on the HM Treasury Medium Term RPI forecast, the projected uplifts at rent review will generate the following running yields:

Year Running Yield at 3.30% p.a. growth April 2019 5.00% April 2024 5.88% April 2029 6.92% April 2034 8.14% PRIME SOUTH WEST LONDON RETAIL INVESTMENT LET TO WAITROSE

Location Stratford 7 A487 upon Avon New Malden is located to the south west of central London close Bedfoto the A3rd (Kingston Bypass) midway between central London (10 miles A4112 A4103 M1 M11

A509

A470 to the north east) and Junction 10 of theA508 M25 (12 miles to the south west). Wimbledon town centre lies 3.5 miles to the north east and A46 A5 A483 Great Kingston-upon-Thames town centre is 2 miles to the west. A10 Haverhill A438 Newport Biggleswade A438 A6 Ipswich Malvern A44 Banbury Evesham Pagnell A505 9 A438 11 Sudbury Gatwick and Heathrow airports are easily accessible via14 the M25 and are situated approximately 22 miles to the south and 12 miles to the A43 Milton Royston A14 Hereford 8 west respectively.A422 In addition, New Malden railway station provides frequentA421 direct access to London Waterloo station with a journey time 1 A44 Keynes 13 of approximately 24 minutes. Trains from New Malden also connect directly to Clapham Junction, Wimbledon,10 Surbiton, Richmond and A46 Kingston-upon-Thames. A131 Felixstowe A470 2 9 Letchworth A40 Tewkesbury A479 A465 9 Harwich M50 New Malden HighA43 Street has representation fromLeighton a large number of national retailersHitchin including Costa Coffee, Poundland, Boots, WH Smith, M5 10 A5 A120 St David's A44 Lidl, Ladbrokes, Holland & Barrett, Peacocks, Co-opBuzza Supermarket,rd Subway and Superdrug. Furthermore, New Malden is an established A120 A49 4 3 10 Stow-on- the-Wold M1

A40 commercial centre which has attracted a number of major office occupiers including BAE Systems, Daltons Weekly and Hays Recruitment. Braintree A40 Gloucestershire M40 A1(M) Stevenage Luton Stansted Carmarthen Llandeilo Cheltenham 11 A602 Colchester A133 A40 11 Bicester 8 Gloucester A41 Luton Bishop's A120 A40 9 A483 A48 10 A10 A34 Stortford A130 A40 A40 A470 A40 A436 A131 St Clears Abergavenny Aylesbury M11 Witham A12 Clacton-on-Sea A417 A40 Kidlington A465 Witney Merthyr A429 A4076 Ammanford 12 Milford A40 4 A477 Tydﬁl A40 Harlow A4042 Oxford 8 Maldon Haven A413 49 13 Stroud A40 3 7 A478 A48 7 Chelmsford A465 Aberdare 8 A418 Thame St Albans A414 Pembroke 48 M5 A419 Cirencester 7 A4010 A449 A10 Dock A477 Pontypool M4 M25 25 A12 47 46 45 Pembroke Llanelli A420 A130 44 Neath Abingdon High Swansea 43 Cwmbran 6 Watford Enﬁeld 5 Wycombe 42 Chepstow M1 Barnet Chigwell 14 A419 M11 28 Rayleigh 41 2 Didcot M40 A12 4 2 40 25 M48 A433 3 A406 4 A470 26 24 1 2 29 Port 39 27 23 Marlow A127 Pontypridd Harrow 1 Basildon Caerphilly Newport 21 A40 A41 Talbot 38 28 M4 22 1 A13 Port 29 Swindon Uxbridge A406 M25 M4 30 M49 16 Henley- Maidenhead City A13 Einon 36 16 A429 Canvey Island 32 17 37 35 M4 15 on-Thames Slough LONDON 34 33 19 17 30 18 A346 1 Woolwich Porthcawl Bridgend 1 M4 18 A34 M4 CARDIFF 19 Richmond 2 M32 Chippenham Windsor A4 M5 3 Reading Heathrow A205 Dartford Gravesend Clevedon 14 13 A2 2 Margate 20 BRISTOL A46 A350 12 Bracknell10 Staines Kingston Wimbledon Rochester 1 Barry 11 upon Thames NEW MALDEN A20 A28 A4 Newbury Gillingham A38 Melksham A299 Weston- A37 Bath Sutton Croydon Sittingbourne A253 super-Mare 21 3 M25 4 A28 Bristol Devizes Camberley M20 3 5 A36 A34 Epsom M25 10 A22 3 A249 7 A338 A33 4 9 6 M2 Canterbury A339 A23 A2 Trowbridge A24 5 M26 7 Leatherhead M25 A228 A2 A361 Sevenoaks Maidstone Basingstoke 5 8 6 A21 Lynton 6 M3 Aldershot Oxted 22 Dorking Ilfracombe Burnham-on-Sea Reigate M20 A28 A256 Lynmouth Minehead Frome Andover 7 Farnham Tonbridge M23 A229 A361 Warminster A31 8 A2 Dover A36 9 Ashford 10 A303 A303 Alton Gatwick A20 23 A361 Tunbridge Wells

A39 A34 A338 Crawley Bridgwater M3 Folkestone Barnstaple A37 A31 24 Haslemere 11 A3 A26 9 Horsham A22 Salisbury Winchester Crowborough A259 M5 A303 A350 10 Taunton Langport 11 Haywards Bideford A36 25 Heath A361 A354 A272 A358 Romsey 12 Petersﬁeld A23 Uckﬁeld A39 13 26 A303 Yeovil 14 Eastleigh A21 A3088 4 A338 2 3 4 5 A386 A24 A22 A377 27 A26 A259 1 7 1 A303 A283 Tiverton SOUTHAMPTON 8 A3(M) A27 Lewes Hastings A31 9 3 Hailsham A259 M27 10 HavantA27 Shoreham Ringwood 11 Chichester A27 Brighton A27 28 Hythe 5 Bexhill- A30 12 A31 Fawley Fareham 12 Littlehampton on-Sea A37 Hove Holsworthy A22 A350 Worthing Newhaven A354 Gosport M5 A338 A30 Seaford Eastbourne A348 New Milton Lymington Portsmouth Bognor A31 Bridport A35 Regis Exeter 29 A35 Cowes Ryde Christchurch 30 Dorchester Poole Bournemouth Newport Tintagel A395 A30 Sidmouth 31 A376 Sandown A39 A380 Exmouth Shanklin A388 Dawlish Weymouth A30 Teignmouth A38 Newton Abbot

Bodmin A38 Newquay A386 Torquay A392 A385 Paignton A30 Saltash PLYMOUTH A391 Plympton Brixham St Austell Torpoint Fowey Truro A390 A30 St Ives Redruth Camborne A39

Penzance A394 Helston Falmouth Sennen

Lizard 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

TWICKENHAM Drivetime A218 5 minutes Catchment & Demographics A307 10 minutes 15 minutes The Royal Borough of Kingston-upon-Thames has a resident population of 147,000, which is predicted to rise to 187,500 A310 by 2016, significantly above the national average. New Malden is an affluent town within the borough with a population of A308 A219 A3 approximately 40,000. TEDDINGTON Relative to south east averages, New Malden’s current catchment area displays a very affluent population. It also has the largest WIMBLEDON A219 expatriate community of South Koreans in Europe (totalling 20,000 in the Royal Borough of Kingston-upon-Thames). A310

A238 New Malden General Demographics

KINGSTON UPON THAMES A238 A308 5 mins 10 mins 15 mins UK Benchmark Population 13,251 44,975 118,794 NEW MALDEN Age 20-64 % 64.15% 62.58% 63.86% 59.41% A307 A24 A240 Owner-occupation of homes % 73% 77% 74% 69% Social Group AB % 34% 35% 34% 23% SURBITON A3 A2043 Social Group ABC1% 30% 29% 30% 25% THAMES DITTON Population Projection 2012-2032 18.12% 17.28% 17.17% 11.51%

A24 A2043 A309 New Malden Household Income Profile A3 WORCESTER PARK New Malden has a far higher than average number of high income households, particularly over £70,000 per annum, with the A240 A217 majority of low income households being under represented compared to the rest of the UK. A3 CHESSINGTON STONELEIGH 23% 20% 18% New Malden UK 15% 13% 10% 8% 5% 3% 0% £14,999 £15,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000 £100,000 £150,000 or to to to to to to to to or Less £19,999 £29,999 £39,999 £49,999 £59,999 £69,999 £99,999 £149,999 Over

Source: Experian 2014 Situation 4

New Malden Population Classification The property occupies a prominent position on the High Street (B283) with nearby retailersA

1 C

9 H

U including Barclays Bank, Natwest, HSBC and McDonald’s. P

A R C R

K H

D L

The largest proportions of the New Malden population are classed as Liberal Opinions (young, well U L R K I I

D E D S H E A N VE O educated professionals), Alpha-Territory (successful and substantially wealthy households) and Suburban New Malden railwayQ station is 100m to theST north and direct access to the A3 is approximately U G TU N D E KI A3 O E 8 D Mindsets (maturing families living in suburban semis). 0.5 milesR D to the south.N The K1 (New Malden0 to Kingston) and 213 (Kingston to Sutton) bus routes R ’ 3 R R S A U R H D T stop outside the property and run approximately every 15 minutes. W R IMBL A EDON

H ILL R 45% D A

0 WIMBLEDON

7 P 8

A R

R I 40% C 1 K 8 H 2 R B New Malden M 6 D

O 35% UK N D

R D 5 3 2 30% B T ES W Kingston N 25% BE L A238 COOM IDGE RD CAMBR 14 Wimbledon 9 08 TH 2 15 20% A3 1 OR Chase FA ELD N 5 A2 RD IRFI A3 38 N RD N 10 B STO TO E AVE 2 ING S

7 NC 8 K G C LARE IN 15% H AM C 3 K

U B C

S R Raynes O LD I FAIRFIE D RD G O Y Park BUSHE D

R R

D SUBJECT PROPERTY 8

A B 10% T 2

A 2 E

KINGSTON

E R

B D

UPON L

9 South

A 7 H New Malden

THAMES A 2 Merton 5% G 2

B 0 43 H MA RTIN WAY

0 11 3 4 0% K A IN GS TO N BUSHEY D RD R Berrylands MEAD S

E I

L I NEW MALDEN Eldery Needs V E Rural Solitude V Alpha Territory A Liberal Opinions S Careers and Kids Active Retirement Claimant CulturesUpper Floor Living Motspur Park S Suburban Mindsets New Homemakers Industrial Heritage SURBITON O Small Town Diversity E R Professional Rewards Terraced Melting Pot AV LC Ex-Council Community S IL IER H ILL V E U W P 17 M P E E A R L L L

B D

R R

IG E D

H N

O R N B2 R D 79

A32 Malden 10 A3 Manor 13 RD TOLWORTH H RC CHU OLD MALDEN D M R A L WORCESTER N D E

O 12 N Worcester N I PARK L L R Park D D N E E R D L 3 A M L D 16 A309 Tolworth A240 O

Major Food Stores Convenience Stores

1 Waitrose Kingston 8 Little Waitrose Wimbledon 14 Sainsbury’s Local Norbiton 2 Waitrose Raynes Park 9 Tesco Express Wimbledon Chase 15 Sainsbury’s Local Raynes Park 3 Waitrose Worcester Park 10 Tesco Express Norbiton 16 Sainsbury’s Local Worcester Park 4 Tesco Extra New Malden 11 Tesco Express New Malden 17 Sainsbury’s Local Tolworth 5 Asda Kingston 12 Tesco Express Tolworth 6 Morrisons Wimbledon 13 Tesco Express Worcester Park 7 Sainsbury’s Kingston 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

Description

The property was built in 1989 and comprises approximately 4,417 sq m (47,539 sq ft) of retail and ancillary accommodation over two floors. Part of the property comprises the original façade of New Malden Town Hall (which we understand is not Listed) in front of which is the town’s War Memorial monument.

The property comprises a large purpose built food store, one large retail unit and five small shop units. The property is split into two blocks and separated by a pedestrian walkway. Currently the large retail unit is sublet to Iceland Foods Ltd and the smaller shop units are all sublet to local retailers.

The main Waitrose store offers a modern, well lit sales area with extensive branded fit out. The store also benefits from a delicatessen, fresh fishmonger and butcher counter. There are eight normal full service checkouts and three self-service checkouts.

There is extensive car parking to the rear for 140 vehicles which equates to a car park ratio of 1:339 sq ft. Customers of Waitrose park free for the first two hours. Also, to the rear accessed via Dukes Avenue is a well-proportioned service yard.

The total site area is 1.794 acres. PRIME SOUTH WEST LONDON RETAIL INVESTMENT LET TO WAITROSE

Planning

The site was granted planning consent on 13th April 1988 for the erection of a supermarket (with retention of the existing Town Hall fascia) and six unit shops, all of which have the benefit of Open A1 planning consent.

Tenure

The property is held freehold. Part of the title surrounds a War Memorial and there is an obligation to preserve public access. 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

Floor Areas

The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition). Furthermore, for rent review Service purposes on 17th April 2029, there are floor areas stated within the lease. These areas are: Yard

Unit Occupier Ground Floor Sq Ft Use 1st Floor Sq Ft Use Unit Total (GIA unless stated) (GIA unless stated) HIGH STREET Supermarket Waitrose 15,328 Sales/Ancillary 13,392 Ancillary 291 Bin Store 443 Ancillary Restricted Height Sub Total 15,619 13,835 29,454 Unit 1 Hanatour 895 (NIA) Sales 974 (NIA) Ancillary 1,869 5 Unit 2 Seoul Plaza 1,150 (NIA) Sales 1,271 (NIA) Ancillary 2,421 Car Unit 3 Seoul Plaza 894 (NIA) Sales 1,079 (NIA) Beauty Salon 1,973 WALKWAY Park Unit 4 Café 32 471 (NIA) Sales - Ancillary 471 4 Unit 5 Du Cane 575 (NIA) Sales 570 (NIA) Ancillary 1,145 2 & 3 Unit 6 Iceland 5,151 Sales 5,055 Ancillary 10,206 6 Sub Total 9,136 8,949 18,085 1 Total 24,755 22,784 47,539

A copy of the Plowman Craven report and the occupational lease is obtainable from the data room on the Lewis Ellis website. Tenancy The rent review mechanism in the lease provides for rental uplifts in the following range:

The property is let entirely to Waitrose Limited on a full repairing and insuring lease for a term of 26 years Year Rent (Best case at Current RPI forecast at Rent (Worst case at from 20th November 2013 to 19th November 2039, providing 25.75 years unexpired. 4.00% per annum) 3.30% per annum * 2.00% per annum) 17-Apr-2019 £1,216,653 £1,176,255 £1,104,081 The passing rent is currently £860,815 per annum, which equates to approximately £18.11 per sq ft overall. There is a fixed rental increase on 17th April 2014 when the rent will increase to £1,000,000 per 17-Apr-2024 £1,480,244 £1,383,577 £1,218,994 annum, which equates to approximately £21.04 per sq ft overall. It is the vendors intention to top up the 17-Apr-2029 £1,800,944 £1,627,439 £1,345,868 rent to this level should the sale complete in advance of this date. 17-Apr-2034 £2,191,123 £1,914,284 £1,485,947

The lease is subject to five yearly compounded upward only rent reviews in line with RPI, subject to a *HM Treasury Medium Term Forecasts (2014-2018), February 2014 collar and cap of 2% and 4% per annum respectively. The first rent review is on 17th April 2019. The third review, dated 17th April 2029, is to the higher of OMRV or the indexed rent. A copy of the lease is available As part of the re-gear undertaken by the vendor in 2013, Waitrose took an overriding lease of the whole from the data room on the Lewis Ellis website. site and as such have a number of sub leases, the details of which are in the table below. The overriding lease provides Waitrose the flexibility to explore the future re-configuration of the site for a larger supermarket. Based on the current sublettings in place, the rent devalues to £26.25 per sq ft for the Waitrose store (based on an annual rent of £1,000,000 per annum). Tenancy Schedule

Unit Tenant Ground First Total Lease Start Term Lease Expiry Review Rent Per Overall Rent Comments Subtenant Area sq ft Area sq ft Area sq ft Annum Per Sq Ft Supermarket Waitrose Ltd 15,619 13,835 29,454 20-Nov-2013 26 19-Nov-2039 17-Apr-2019 £1,000,000 £21.04 Rent is £860,815 p.a. until 16-Apr-2014. 17-Apr-2024 Rent is £1,000,000 p.a. from 17-Apr-2014 17-Apr-2029 to 16-Apr-2019. Tenant option to extend for 17-Apr-2034 additional 20 yrs. RPI rent reviews (2 - 4%) 17-Apr-2039 5 yearly compounded with additional OMRV option at 3rd review.

Sub Tenancy Schedule

Unit 1 Suk Jin Chung & Ik Hyun Park 895 974 1,869 17-Apr-1989 25 16-Apr-2014 £32,000 £17.12 Rent deposit held. Trading as Hanatour (travel agent) Unit 2 Korea Foods Company Ltd 1,150 1,271 2,421 24-Jun-1989 25 26-Jun-2014 £30,000 £12.39 Trading as Seoul Plaza (supermarket) Unit 3 Korea Foods Company Ltd 894 1,079 1,973 7-Feb-2013 1.35 24-Jun-2014 £25,000 £12.67 1st Floor sublet to Mrs Yeong Lan Choo from Trading as Seoul Plaza (supermarket) 7-Feb-2013 to 14-Jun-2014 at £10,500 p.a. Unit 4 Food Need Ltd 471 0 471 21-Jul-2011 2.9 23-Jun-2014 £12,815 £27.21 Rent deposit held. Trading as Café 32 (café) Unit 5 DuCane UK Ltd 575 570 1,145 24-Jun-1989 25 23-Jun-2014 £17,000 £14.85 Trading as Du Cane (dry cleaners). Trading as Du Cane (dry cleaners) Unit 6 Iceland Foods Ltd 5,151 5,055 10,206 24-Jun-1989 25 23-Jun-2014 £110,000 £10.78 Trading as Iceland (supermarket) Sub Lease Total 9,136 8,949 18,085 £226,815 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

Tenant Covenant

Waitrose Limited (Company Number: 00099405) is a chain of British supermarkets, forming the food division of Britain’s largest employee owned retailer, the John Lewis Partnership. As of October 2013, Waitrose has 300 branches across the UK, employing 60,000 people nationwide and a 4.9% share of the market, making it the sixth largest grocery retailer in the UK.

The company has a Commercial Delphi score of 100 out of 100 and is described as having a ‘Very Low Risk of business failure’ with odds of failure of 176:1.

Waitrose Limited has a Dun & Bradstreet rating of 5A1 equating to a minimum risk of business failure and their last 3 years trading figures are:

26 Jan 2013 (000’s) 28 Jan 2012 (000’s) 29 Jan 2011 (000’s) Sales Turnover £5,416,100 £5,072,300 £4,699,900 Profit Before Tax £262,300 £148,100 £151,100 Tangible Net Worth £1,202,500 £1,150,000 £1,059,000 VAT

The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC).

Energy Performance Certificate

The property has varying EPC ratings which are stated below. Energy Performance Certificates are available on the Lewis Ellis website.

Address Energy Performance Asset Rating Waitrose Supermarket B (43) Unit 1 (38 High Street) C (60) Unit 2 (36 High Street) C (61) Unit 3 (34 High Street) D (90) Unit 4 (32 High Street) D (91) Unit 5 (28 High Street) C (64) Iceland / Unit 6 (30 High Street) C (56)

Data Room

There is a data room for the property with key tenancy information, title documents and EPCs. Access to it can be obtained via the current sales page on the Lewis Ellis website: www.lewisellis.co.uk PRIME SOUTH WEST LONDON RETAIL INVESTMENT LET TO WAITROSE

Supermarket Occupational Market Commentary Supermarket Investment Market Commentary

The UK grocery market accounts for 59.4p in every £1 of UK retail spend and is dominated by Investor demand for Greater London foodstores was very strong in 2013 and this trend has continued into 2014, Asda, Morrisons, Sainsbury’s, Tesco and Waitrose, all of whom remain acquisitive, particularly with yields achieved being the strongest in the retail sector. In 2013 alone, the food store investment market in the south east region. reached £1.8bn by capital value and outperformed the IPD UK quarterly index.

In 2013, the UK grocery market was worth £169.7 billion, an increase of 3.7% on 2012, and is The average length lease for a supermarket is 20 years, compared to 13.1 years for standard retail units, which estimated to increase to £205.9 billion in 2018 (Source – IGD). has added significantly to returns. With the average newly signed retail lease roughly seven years, supermarkets have been at the forefront for investors as the chances to obtain 20+ year leases are increasingly rare. For the five week period ending on 24th December 2013, Waitrose like for like sales (excluding petrol) were 3.1% higher against the same period in 2012. Online sales were up Comparable recent foodstore transactions include: by circa 33% in comparison to 2012. Years Net Initial Date Property Price Purchaser Review Pattern Waitrose plan a further 26 new stores to open in 2014 and have a stated aim to expand to Unexpired Yield 600 stores in the next 10 years. Of the top five supermarkets in the UK, Waitrose have seen February Sainsbury’s, CBRE Global Annual RPI reviews the highest growth in sales in the last 12 months of +5.6%, compared to -2.5% to +2.5% for 21.5 £23.18m 3.70% the other top four chains. 2014 Putney Investors (2%‑4% cap and collar) Annual RPI reviews January Sainsbury’s, The current rental level is supported by the transactions outlined below: 25 £29.5m 4.10% Standard Life (0.75%-3.75% cap and 2014 Hythe collar) December Tesco, BP Pension Annual RPI reviews Date Tenant Area (sq ft) Transaction Rent (£psf) 25 £63.8m 4.30% 2013 Sheffield Fund (0%‑4% cap and collar) Agreement December Tesco, BP Pension Annual RPI reviews May 2013 Waitrose, Coulsdon 50,000 £26.00 25 £54.4m 4.25% for Lease 2013 Wellingborough Fund (0%‑4% cap and collar) December Sainsbury’s, Annual RPI reviews 25 £77.94m 4.05% M&G March 2013 Whole Foods, Richmond 20,149 OML £34.74 2013 Brentwood (1.5%-5% cap and collar) Five yearly RPI reviews November Sainsbury’s, Cordea June 2012 Tesco, Ealing Broadway 36,375 Rent Review £25.50 24 £37.4m 4.30% (2.5%-3.5% cap and 2013 Barnet Savills collar) June 2012 M&S, Fulham Broadway 13,800 Rent Review £28.50

February 2012 Morrisons, Edgware Road 81,336 OML £26.60

March 2012 Sainsbury’s, Croydon 91,000 Rent Review £29.50

December 2011 Asda, Clapham 97,000 Rent Review £29.50

March 2011 Morrisons, Canning Town 76,660 OML £27.50

February 2011 Whole Foods, Fulham Broadway 21,063 OML £30.00 24-38 HIGH STREET, NEW MALDEN, KT3 4HE

Proposal

We are seeking offers in excess of£22,240,000 (twenty two million, two hundred and forty thousand pounds), subject to contract and exclusive of VAT. This reflects anattractive net initial yield of 4.25%, after the deduction of the usual purchaser’s costs of 5.80%.

Based on RPI assumptions of 2.0% (collar), 3.3% (HM Treasury Medium Term RPI forecast) and 4.0% (cap), an acquisition at £22,240,000 (4.25% NIY) produces the following return profile:

Review Date Rent Increase at 2.0% p.a. Rent Increase at 3.3% p.a. Rent Increase at 4.0% p.a. Rent Running Return Rent Running Return Rent Running Return April 2019 £1,104,081 4.69% £1,176,255 5.00% £1,216,653 5.17% April 2024 £1,218,994 5.18% £1,383,577 5.88% £1,480,244 6.29% April 2029 £1,345,868 5.72% £1,627,439 6.92% £1,800,944 7.65% April 2034 £1,485,947 6.32% £1,914,284 8.14% £2,191,123 9.31%

Further Information

Should you require any additional information or wish to view the property please contact either:

Simon Lewis Matthew Brown David Kos Tel: 020 7493 3330 Tel: 020 7493 3330 Tel: 020 7493 3330 Mob: 07831 527 960 Mob: 07836 724 420 Mob: 07709 813 267 Email: [email protected] Email: [email protected] Email: [email protected]

Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not constitute part of an offer or contract; (2) 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, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. March 2014.