LLOYDS BANK 6-8 HIGH TOWN , HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY INVESTMENT CONSIDERATIONS • Located in the Cathedral City of Hereford • The passing rent of £190,000 pa reflects • Attractive Grade II listed building • Situated in the prime retail pitch on High Town a low Zone A rent of £92.60 Zone A • Offers are sought in excess of£3,000,000 • Freehold • The June 2016 rent review has not been (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level • Let entirely to the strong covenant of Lloyds triggered presenting immediate potential reflects a net initial yield of6% assuming the TSB Bank Plc on a lease expiring in June 2026 for rental uplift usual purchaser’s costs of 6.47% LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

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LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

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DEMOGRAPHICS RETAILING IN HEREFORD DESCRIPTION

The population within the Hereford primary catchment Town centre retail floorspace in Hereford is estimated at Hereford Retail Market takes place every Wednesday The property comprises a Grade II Listed mid terrace area is 267,000 with an estimated shopping population 1.29 million sq ft. and Saturday on the High Town and Commercial Street property with a ground floor banking hall, basement of 141,000. area trading from 9am to 4pm. Hereford Produce and storage accommodation, first floor offices/meeting Hereford’s main shopping centre, The Maylord Shopping Craft Market takes place every Thursday and the first rooms and ancillaryExperian and second andGoad third floorPlan ancillary. Created: 13/07/2016 The level of car ownership in Hereford is significantly Centre opened in 1987 and comprises 150,000 sq ft, 50 metres Saturday in the month along the High Town from 9am to There is also a two storey rear annex providing ancillary above average with a particularly high proportion of 2 occupiers include Boots Opticians, Laura Ashley, Created By: Allsop 3pm. This results in significant footfall to High Town and storage. The banking hall features a large atrium light well. cars per household. The Body Shop and Sports Direct. Copyright and confidentiality Experian, 2016. © Crown copyright and database the property on market days. For more information on our products and services: The property is situated within the Central Area rightsThere 2016. are approximately OS 10001988 5.1 5million visitors to The £90 million Old Market retail and leisure development www.experian.co.uk/goad | [email protected] | 0845 601 6011 conservation area and within the Central Shopping Herefordshire per year with Hereford Cathedral in Hereford City centre opened in 2014 and that year was and Commercial Area and forms part of the Primary attracting more than 50,000 visitors per year. crowned “New Centre of the Year” at the British Council Shopping Frontage. of Shopping Centres annual dinner. The scheme comprises 357,000 sq ft and is anchored by Debenhams, Next and H&M as well as a 6 screen Odeon Cinema. LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

COVENANT

Lloyds TSB Bank Plc (00002065) Lloyds Bank Plc was founded in June 1765 and is the leading British retail and commercial bank with nearly 1,300 branches across and . The Bank is the principal subsidiary of Lloyds Banking Group with over 11 million customers. Lloyds Bank merged with TSB in 1995 to form Lloyds TSB. The new group continued to expand with subsequent acquisitions of Scottish Widows in 2000 and HBOS in 2009 when the business reformed as Lloyds Banking Group. In September 2013 Lloyds TSB once again became two separate banks – Lloyds Bank and TSB Bank.

For further information please visit www.lloydsbank.com.

Lloyds Bank Plc has a D&B rating of 5A1.

The business produced the following headline accounts over the last 3 years:

31 Dec 2013 31 Dec 2014 31 Dec 2015 (£000) (£000) (£000)

Turnover £53,977,000 £40,761,000 £31,031,000

Pre-Tax Profit £894,000 £2,289,000 £1,372,000

Tangible Net Worth £39,444,000 £44,691,000 £43,108,000

TENANCY

The property is let entirely to Lloyds Bank TSB plc on a full repairing and insuring lease for a term of 15 years from 24th June 2011 expiring 23rd June 2026.

ACCOMMODATION The current rent is £190,000 per annum which equates to £92.60 psf Zone A after allowing 10% discount for hard frontage. Description Sq m Sq ft The 24th June 2016 rent review has not been triggered. Ground Floor sales 282.6 3,042 ITZA 156.3 1,682 TENURE

Ground rear office 49.9 537 Freehold. Basement ancillary 205.0 2,207 First floor offices 259.2 2,790 EPC First floor ancillary 28.7 309 Available upon request. Second floor ancillary 200.8 2,162 VAT Annex – Ground Floor 57.9 623 The property has not been elected for VAT and therefore no VAT Annex – First Floor 68.7 740 will be payable. Total Area 1,152.8 12,410

*Areas supplied by the vendor. PROPOSAL Offers are sought in excess of£3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of6% assuming purchaser’s costs of 6.47%.

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

Dale Johnstone Lottie Hayward 020 7543 6796 020 7543 6750 [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 07.16