SECURE CONVENIENCE STORE INVESTMENT OPPORTUNITY TESCO, 83-85 WILTON ROAD, , SP2 7HW SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

INVESTMENT SUMMARY • Secure convenience store investment • 20 year FRI lease from 11 November • Offers in excess of £800,000 (STC) opportunity 2014 with TOB on 11 November 2024 • Representing a Net Initial Yield of 6.02% • Well-presented, recently converted and • 15 years to expiry, 5 years to break following imminent rent review refurbished unit • Low initial rent, expected to be £50,800 • Further increases to 6.98% on • Provides a total of 5,171 sq ft per annum, (£9.82 psf) 11 November 2024 and 8.09% on • Freehold site of c 0.23 acres • 5 yearly upward only RPI reviews 11 November 2029. • Let to Tesco Stores Limited (0% & 4% collar and cap) LLANDRINDOD WELLS NORTHAMPTON Stratford- CAMBRIDGE Upon-Avon M40 WORCESTER Bedford

BANBURY HEREFORD Chipping Campden

M50 M1 Chipping Norton SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD,LUTON GLOUCESTER INVESTMENT OPPORTUNITY Brecon Beacons SALISBURY, WILTSHIRE SP2 7HW

M5 OXFORD Hoddesdon HEMEL HEMPSTEAD Cirencester M40 M25 Faringdon M1 LOCATION Watford M11 Rickmansworth Didcot Salisbury is a cathedral city and the sole city within the county of NEWPORT M4 Royal SLOUGH Wiltshire. It is located approximately 37 km (23 miles) north west of M4 Wootton LONDON Bassett M4 CARDIFF M4 Southampton, 63 km (39 miles) south east of Bath, 77 km (48 miles) south BRISTOL M4 READING Marlborough Hungerford east of Bristol and 134 km (83 miles) south west of central London. BATH M3 Weston-Super-Mare BRISTOL CHANNEL M25 Salisbury has a resident population of 41,682 (2011 census) but draws M25 from a much wider catchment due to the lack of nearby competing retail Dorking REDHILL Oxted GUILDFORD centres. Experian estimate the retail catchment population is 244,000 Minehead WELLS M3 M23 Exmoor ROYAL Glastonbury TUNBRIDGE persons. The resident population is boosted significantly by tourism, WELLS Crawley particularly visiting the medieval cathedral and nearby Stonehenge, WINCHESTER Horsham SALISBURY which is approximately 8 miles to the north west. TAUNTON Haywards Heath

M5 Yeovil SOUTHAMPTON South Downs Lewes

CHICHESTER SITUATION New Forest BRIGHTON PORTSMOUTH The property is situated fronting Wilton road, the primary A36 trunk road Newhaven EXETER DORCHESTER Poole which runs west of Salisbury City Centre connecting directly with the BOURNEMOUTH train station. The road has a daily traffic flow of over 16,400 vehicles Exmouth according to the DfT. Weymouth

D e The neighbourhood is a densely populated residential area, with Academy d Hill Torquay vizes d a ENGLISH CHANNELo significant employment provided by the large Churchfields Industrialue Roa n Roa n o h R e d c K v d n ing ur Str Lo h Estate just to the south of the subject property. he A C eet T St R A36 ra sbu tf iv Sali ry Road o e r r W d y R R Wilton lye i o St Edmund's Wilt ver a on Ro d Girls' School ad De A v v ize o Quidhampton s Roa n Wilt o d N n R a oad d Boys Meadow A360 de Withybed Chur r A345 ad chil A30 o R l W ay N e A36 W ilton o id rth s Ro r ad e C v L i o er Ro a w R ad s t l

Wilto e

A3094 n R S

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e t Low er Road Chu rchf ields Road Laverstock Salisbury Churchfields Salisbury Br Industrial n anal C o o New Estate v w A n

Netherhampton r New S e Street t iv r e T R e oll t gat e R o a t Ne R r d therh i adde e ver N e a mpt tr A36 o S n Road ter S e ou tha Bourne Ex m Churchill p to Retail Park N Gardens n et mpt R herha on Ro Water Meadow o ad a So d u A3094 H ar nha m Ro Ri ad v er Av on A338

D o wn ton Ro ad

O w d o s r t r o ba c Row A354 k R Coombe Road Britford o

ad o ld n a v H ig ig h Ro a ti O o Blake Farm n SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

SALISBURY CATHEDRAL SALISBURY CHURCHFIELDS INDUSTRIAL ESTATE

SALISBURY STATION

SALISBURY

TO SALISBURY

WILTON ROAD

SALISBURY LAW COURTS / MANOR FIELDS SCHOOL SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

Revision Date © 2015 Inspire Design Ltd. Information based on Technics survey Report any errors to the designer. Ref: SP13436 B: EXTERNAL STAIRCASE ADDED. 24.09.13 Date: Aug 2013 C: AREA NOTE OMITTED. 13.11.13 tree planting D: SETTING-OUT DIMS ADDED. 22.11.13 COPYRIGHT C E: EXTERNAL STAIRS + PLANT OMITTED. 05.02.14 Details of this drawing are the copyright of Inspire Design Ltd and must DESCRIPTION & ACCOMMODATION not be reproduced or copied without prior written consent. ATM REPOSITIONED. Any errors or omissions are to be reported to the Architect immediately All proposed road and junction alterations subject to highways engineers F: CAR PARK ALTERED. 06.02.14 detailed design.

Removal of any existing tree and landscaped areas subject negotiations G: CAR PARK ALTERED. 19.03.14 with Local Authority Planning dept. and other statutory controls All drawings to be read in conjunction with structural engineers drawings The property comprises a large convenience store converted from a former H: ATM REMOVED. 14.07.14 and all related Architects and consultant drawings and other relevant information J: PARKING ALTERED. 19.08.14 Any changes to the drawn design during construction work should be OUTLINE OF CANOPY ROOF K: AREA NOTE ADDED. 31.03.15 recorded and reported to the Architect immediately Inspire Design Ltd will not take responsibility for any variation made by a public house, which was extensively refurbished and extended in 2018, with design and build contractor to the design and construction detail contained within this drawing render elevations under a pitched tiled roof.

CHILLER 50 sq ft 100 sq ft The property extends to a total of 5,171 sq ft and provides ground floor Fit Mark 1 5 scissors sales space with delivery, ambient and refrigerated stock areas, and staff lift FFL 99.90 FFL 100.75

room/WC to the rear. The basement and first floors are unused. EX DRAIN

GIA = 890 sq ft

EXTENSION

EX FFL=100.31

The property sits on a site of 0.23 acres (0.087 hectares) which includes a FLOOR RAISED 250mm

EX FFL=100.51 delivery yard a part of the car park to the side and rear that provides spaces FLOOR RAISED 450mm EX CL=102.66 EX FFL=100.46

EX DRAIN Blocked Window Blocked for 13 vehicles. EX FFL=100.47 EX FFL=100.47 EX FFL=100.46 EX CL=102.72 SCHEME TYPE D.03.04 EXTEND/CONVERT EX CL=102.67 EX FFL=100.72 Demolish GROSS BUILDING AREA INFILL 29 sq ft EX FFL=100.80 NET SALES AREA EX FFL=100.80 EX CL=102.81 STAIRS PARKING SPACES REQUIRED

PARKING SPACES ACHIEVED SITE AREA APPROX EX FFL=100.71 EX CL=103.30 UBL=103.06 VISIBILITY RAG Basement

Level=101.78

Hatch UBoxL=102.99 PR RAG

17 EX FFL=100.82 EX CL=103.32 SERVICING RAG RATING EX FFL=100.73 SALES EX CL=103.26 EXISTING SITE USE MALMESBURY ARMS PH CROSS OVERS INFILL EX FFL=100.74 EX CL=103.28

GIA = 2,335 sq ft TENURE EXISTING GROUND FLOOR CELLAR LEVELS SALES ESTIMATE

HATCH UBL=102.95 EX CL=103.32 UBL=103.04 UBL=103.04 DELIVERY HOURS

OPENING HOURS

UBL=102.86 UBL=103.02 1000 EX FFL=100.78 EX CL=103.31 EX FFL=100.75

The property is held Freehold as outlined in red below (Title number: UBL=102.98 EX FFL=100.75 EX CL=103.27 EX CL=103.29

EX FFL=100.81 1 EX CL=103.32 insp re d e s i g n PROPOSED GROUND FLOOR Morganstown, WT179185). Cardiff, CF15 8LW. 3,196 sq ft G.I.A. PROJECT WILTON ROAD SALISBURY SP2 7HW

DRAWING TITLE

GROUND TO FIRST FLOOR = 2.81m PROPOSED GROUND FLOOR PLAN Fit Mark 0 1 2 3 4 5 6 7 8 9 10m DRAWN BY CHECKED BY DRAWING No. REV JH CY Scale 1:100 SCALE DATE 131998 / AL12 K TENANCY 1:100 @ A3 31:3:2015 The property is let to Tesco Stores Limited on a full repairing and insuring lease for a term of 20 years from 11 November 2014, expiring 10 November 2034 subject to a tenant’s option to determine on 11 November 2024 on 6 months’ notice.

The initial rent of £45,000 per annum is to be reviewed every 5 years in line with the retail price index (collared and capped at 0% & 4%), the next occurring on 11 November 2019 where it is expected the rent will rise to c£50,800 per annum (£9.82 psf). SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

COVENANT STATUS

Tesco Stores Limited (Company Number: 519500) is a wholly owned subsidiary of Tesco PLC which was founded in 1919.

It has become the UK’s largest retailer and the third largest grocery retailer in the world operating 7,000 outlets nationwide with almost 275,000 employees and an annual turnover of £42 billion.

Tesco Stores Limited’s parent company, Tesco PLC, is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalization of approximately £18.1 billion as of 22 April 2015, the 28th-largest of any company with a primary listing on the London Stock Exchange.

A summary of Tesco Stores Limited recent accounts is set out below.

TESCO STORES LIMITED 23 FEB 2019 24 FEB 2018 25 FEB 2017

TURNOVER £42,219,000,000 £41,367,000,000 £40,134,000,000

PRE-TAX PROFIT £737,000,000 £417,000,000 £266,000,000

SHAREHOLDER FUNDS £5,623,000,000 £4,568,000,000 £1,265,000,000 SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

ANTI-MONEY LAUNDERING REGULATIONS VAT EPC In accordance with Anti-Money Laundering Regulations, The property is elected for VAT and therefore VAT will The property has an energy performance two forms of identification and confirmation of the source be payable on the purchase price. It is anticipated rating of D-88. A copy of the certificate of funding will be required from the successful purchaser. the transaction will be dealt with as a transfer of a can be provided upon request. going concern. SECURE CONVENIENCE STORE TESCO, 83-85 WILTON ROAD, INVESTMENT OPPORTUNITY SALISBURY, WILTSHIRE SP2 7HW

PROPOSAL FURTHER INFORMATION

We are instructed to quote offers in excess For further information or to arrange an inspection, please contact: of £800,000 exclusive of VAT and subject to Daniel Campbell Mark Powell contract. A purchase at this level reflects a Tel: 07741 593 968 Tel: 07825 077 724 6.02% net initial yield after deducting standard Email: [email protected] Email: [email protected] purchase costs. Christopher Dee 40 Peter Street Manchester YEAR RENT PER ANNUM RUNNING YIELD M2 5GP

IMMINENT REVIEW £50,800 6.02%

NOVEMBER 2024 £58,891 6.98% MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its NOVEMBER 2029 £68,270 8.09% employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or We have applied an average CPI rate of 3% as an estimate of future rental growth and yield performance: condition or that it is capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment for their requirements. November 2019.