105-121 Kirkgate, , WF1 1JG

Well let retail investment Majority let to Wilko Retail Ltd with over 17 years unexpired Investment Summary 65% of the income secured against the strong covenant of Wilko Retail Ltd to July 2033 Well let to six tenants producing £239,600 per annum and one vacant unit without break providing 17.3 years unexpired Attractive WAULT of 13.2 years to expiries and 12.1 years to soonest breaks Low passing rent of £4.64 psf on the Wilko store providing excellent potential for Asset management opportunities including letting of the vacant unit; implementing reversion at review rent reviews; and exploring long term redevelopment angles to higher value uses such Freehold as a food store Prominent site in Wakefield city centre fronting a busy roundabout at the junction We are seeking offers in excess of £2,950,000 (Two Million Nine Hundred and of Kirkgate (A61) and Doncaster Road (A636) Fifty Pounds) for our client’s freehold interest. A purchase at this level reflects a net initial yield of 7.63% after the deduction of standard purchaser’s costs of 6.44% 47,466 sq ft of retail and ancillary accommodation comprised within seven units and a low capital price of £62 psf over ground and first floors 105-121 Kirkgate, Wakefield, WF1 1JG

Location A59 Harrogate A59 A166 The is a major commercial centre in , located some Skipton York A629 A65 A1079 15 miles south of and 27 miles north of Sheffield. The city’s retail offer includes two Wetherby A59 A64 in-town shopping centres; The Ridings anchored by Marks & Spencers, Primark and BHS, A6068 A1(M) Keighley A19 and Trinity Walk home to Debenhams, Topshop and Sainsbury’s. The total population within Nelson A614 M65 LEEDS M1 the Wakefield primary retail catchment area is 314,000 based on current PROMIS data. Bradford Selby M621 A63 Other key landmarks include the award winning Hepworth Wakefield art gallery, adjacent A646 M62 A646 Halifax to the Wakefield Waterfront scheme, and Wakefield Cathedral situated on Kirkgate. M62 Goole The Property Pontefract M62 Wakefield A1 M62 Huddersfield M1 M66 A628 M180 Communications A629 M18 Road M60 Doncaster A628 MANCHESTER A159 M1 Wakefield lies 2.5 miles east of the M1 motorway and is accessed from Junctions 39-41. M18 A1(M) The M1 links directly with Leeds and the A1(M) to the north and Sheffield, Nottingham and M60 Rotherham Stockport A631 London to the south. The intersection with the M62 Trans-Pennine motorway is four miles SHEFFIELD M56 A6 to the north of the city providing access to Manchester in the west and Hull in the east. A1 A156 Wilmslow M1 Rail

A642 The City of Wakefield is serviced by two railway stations; Wakefield Westgate and A61 Wakefield Kirkgate. Fastest journey times to London Kings Cross from Westgate are just under 2 hours. Wakefield Kirkgate provides regular direct services to Leeds, Sheffield, NORTHGATE ST GREE Bradford, Huddersfield, Doncaster and Nottingham. EARL NW OO TRINITY WALK D RD

Air SHOPPING STANLEY ST WOOD ST CENTRE

A Leeds Bradford International Airport is located 24 miles north west of the city and offers KING S 6 1 Wakefield PAR T K L scheduled flights to seven destinations throughout the UK and to all of the major European Cathedral OD Wakefield CART GE Westgate LN destinations. ER ST RIDINGS The Property SHOPPING D MARKET ST R CENTRE

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TH W Situation ET S R E N E S T U S G R T R T O G E H B A642 OR

The Property is situated within Wakefield city centre fronting a busy roundabout at the N H

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junction of Kirkgate (A61) and Doncaster Road (A636). The property is located within S T

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WESTGATE E approximately 200 metres of the Ridings Shopping Centre and 500 metres from Trinity Walk T RETAIL & Shopping Centre. Kirkgate train station is some 500m to the south and Westgate Retail and LEISURE PARK INGS RO AD Wakefield A6 Leisure Park is less than 0.6 miles to the west. 38 Kirkgate Ings Beck

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The Hepworth Wakefield Photograph taken outside of operation hours at tenant’s request

Description The property provides a large format purpose built retail store, occupied and trading as ‘Wilko’, together with a parade of six small format retail units with accommodation arranged over ground and first floor levels. Buildings are of steel frame construction with brick elevations. The property also includes a designated car park for approximately 80 vehicles. A covered walkway provides a pedestrian link between Kirkgate and the car park. The Wilko’s unit provides a large open sales area to the ground floor which is subject to the tenant’s usual fit-out having been recently refurbished and rebranded under the ‘Wilko’ format. The store provides a floor to ceiling height of 3.5 metres and benefits from two entrances; one from Kirkgate high street and one from the designated car park to the rear. There is dock level loading to the side and 2 x 2,000 kg goods lifts. The first floor provides storage and ancillary accommodation. The smaller units are of regular layout, each with glazed frontages at ground level and a stair case providing access to first floor. Units are subject to various tenant fit-out. Site area is approximately 1.52 acres. 105-121 Kirkgate, Wakefield, WF1 1JG Accommodation The property provides 47,466 sq ft of retail and ancillary accommodation over ground and first floors, a summary of the areas is set out below: Address Floor Sq m Sq ft 105 Kirkgate GF 101.00 1,087 1F 190.89 2,055 Sub-total 291.89 3,142 107/109 Kirkgate GF 213.95 2,303 1F 208.65 2,246 Sub-total 422.60 4,549 111 Kirkgate GF 89.10 959 1F 47.63 513 Sub-total 136.73 1,472 113/115 Kirkgate GF 143.15 1,541 1F 91.03 980 Sub-total 234.18 2,521 117 Kirkgate GF 71.63 771 1F 42.84 461 Sub-total 114.47 1,232 119 Kirkgate GF 71.25 767 1F 41.49 447 Sub-total 112.74 1,214 121 Kirkgate GF 2,070.98 22,292 1F 1,026.01 11,044 Sub-total 3,096.99 33,336 TOTAL 4,409.60 47,466

Tenure The property is held freehold under title number WYK74097 and as delineated in red on the plan opposite.

For illustrative purposes only. Tenancy The property is well let to five tenants with one unit under offer (at time of writing) and one vacant unit. The landlord is to provide a rent guarantee on the vacant unit and so the property provides a total income of £239,600 per annum which equates to a low £5.00 psf across the total floor area. The property provides an attractive WAULT of 13.2 years to expiries and 12.1 years to soonest breaks. The lease terms are summarised within the tenancy schedule below:

Address Sq ft Tenant Rent £ pa £ psf Lease start Next Rent Lease Expiry Comments Review (break date) 105 Kirkgate 3,142 Mr O.H.M. Amin £16,000 £14.72 30 June 2011 30 June 2017 29 June 2021 Lease subject to schedule of 05 August 2021 condition. Break is personal to 107/109 Kirkgate 4,549 Bhallatex Ltd £18,000 £3.96 06 August 2015 - (06 August 2018) Bhallatex and is subject to a break premium of £2,000. Interest from Bhallatex to 111 Kirkgate 1,472 Vacant / Rent £10,000 £6.79 - - expand into the vacant unit. Guarantee Vendor to provide 12 month rent guarantee. Passing rent £14,000 pa subject 23 July 2028 to annual increases as follows: 113/115 Kirkgate 2,521 Mr W. Chen £17,000 £6.74 24 July 2013 24 July 2018 (23 July 2018 Year 4: £16,000 pa & 23 July 2023) Year 5: £17,000 pa. Vendor to top up. Terms agreed for new 6 year lease, break option 3rd year, 6 years 117 Kirkgate 1,232 Under offer to £10,000 £8.12 tbc - stepped rent; year 1 - £7,000 Jan Semko (3 years) pa, year 2 - £8,000 pa, year 3 - £10,000 pa, 6 months rent free. Vendor to top up. 119 Kirkgate 1,214 Robert Kilner £14,000 £11.53 16 August 2012 - 15 August 2017 Original lease to Tesco Stores Ltd and assigned in 1992. 121 Kirkgate 33,336 Wilko Retail Ltd £154,600 £4.64 20 July 1970 20 July 2012 20 July 2033 14 yearly rent reviews to open + car park (outstanding) market rent. Car park sublet to Wakefield City Council. 47,446 £239,600 Photograph taken outside of operation hours at tenant’s request 105-121 Kirkgate, Wakefield, WF1 1JG

Covenant 65% of the income secured against the strong covenant of Wilko Retail Ltd which provide a Dun & Bradstreet rating of 5A1, a summary of their recent financial performance is set out below: 31 Jan 15 01 Feb 14 02 Feb 13 (£000’s) (£000’s) (£000’s) Turnover 1,444,563 1,462,843 1,529,668 Pre-tax profit 5,496 27,612 27,512 Net Worth 160,898 248,295 230,431

The remaining units are let to a number of local covenants. Further information is available upon request.

Service Charge The service charge budget for the property for the year ending 31 August 2016 is £2,135, equating to circa £0.04 per sq ft. Further information is available upon request. 105-121 Kirkgate, Wakefield, WF1 1JG

Asset Management EPC Further Information Let the vacant unit to improve income and Units have been assessed individually and provide ratings extend WAULT ranging from C to G. Richard Brooke Implement the 2012 review in the lease to Wilko Retail Further information is available on request. [email protected] Ltd. The passing rent of £4.64 psf is exceptionally low, the rent review assumes an unexpired term equal to 0113 233 8879 the residue of the term meaning prospects for an VAT uplift improve as the lease term diminishes The property is not elected for VAT. Implement lease events on the smaller units Greg Davison following the recent letting of no.117 at £8.12 psf Proposal [email protected] Explore long term redevelopment of the site. The We are seeking offers in excess of £2,950,000 (Two 0113 233 8836 site benefits from being proximate to city centre Million Nine Hundred and Fifty Thousand Pounds) amenities and infrastructure, and offers prominent for our client’s freehold interest. A purchase at this level road side frontage with private car parking which reflects a net initial yield of 7.63% after the deduction of would appear to lend itself to a number of alternative standard purchaser’s costs of 6.44% and a low capital price uses including food store of £62 psf.

Important Notice: Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. Designed and produced by www.thedesignexchange.co.uk Tel: 01943 604500. April 2016