6-20 LONGMARKET & 48-51 BURGATE , CT1 2JS

SOUTH EAST CITY CENTRE FULLY LET CLASS E INVESTMENT 6-20 LONGMARKET & 48-51 BURGATE, SOUTH EAST CITY CENTRE FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

Canterbury is a major tourist and retail destination in with an estimated 7.22 million tourists per year

Tenant is in the process of fitting out, image for illustrative purposes only.

INVESTMENT SUMMARY PROPOSAL ✦ Located in the attractive and affluent Cathedral City ✦ Unexpired lease term of 4.3 years to expiry Offers sought in excess of £3,000,000 of Canterbury (2.5 years to breaks) (Three Million Pounds) subject ✦ Prominent corner position with large frontages to ✦ Three retail units totalling approximately 26,839 sq ft to contract and exclusive of VAT. A purchase at this level reflects an Burgate and Longmarket ✦ Total passing rent of £392,000 per annum. There attractive net initial yield of 10.92% ✦ Fully let to the following national occupiers: The is an 11% ground rent payable of rents received. assuming purchaser’s costs of 6.45%. Secretary of State for Housing Communities and ✦ Total net rent of £348,880 per annum Local Government t/a Jobcentre Plus, Lakeland ✦ Long leasehold from Canterbury City Council Limited and Slater Menswear ✦ The tenants have a good payment history both ✦ The Secretary of State for Housing Communities and pre- and during the pandemic and there are no Local Government have recently signed a new lease and rental arrears account for 43% of the income

2 6-20 LONGMARKET STREET,& 48-51 BURGATE, CANTERBURY, CT1 2JS TOWNSOUTH CENTRE EAST MIXEDCITY CENTRE USE INVESTMENT FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

LOCATION Canterbury is an affluent and historic Cathedral City in the south east of . The City is located approximately 60 miles (96.5km) south east of , 28.5 miles (46km) east of and 18 miles (29km) north west of . The City benefits from excellent road communications positioned adjacent to the A2 dual carriageway. The A2 provides direct access to the M2, one of the principal routes into London and the Channel Rail Terminal, 30 minutes’ drive to the south east. Canterbury is very accessible having two railway stations; Canterbury East and Canterbury West. High Speed rail services operate from Canterbury West to London (St Pancras) with a fastest journey time of 56 minutes as well as a regular stopping service to London (Charing Cross) and trains to and Margate. Canterbury East provides M1 M11 direct services to London Victoria, Ashford and . A1(M) Gatwick Airport is located 55 miles (89km) to the west. M10 M11 M25 A1(M) M1

M25 LONDON GATWICK LONDON ST PANCRAS M1 M11 1 HOUR 20 MINS 56 MINS DRIVE TIME FASTEST JOURNEY TIME M40

M40 CENTRAL LONDON 60 MILES M25

M4 M4 M4 Heathrow LONDON M25 DEMOGRAPHICS The total population within the Canterbury Primary Retail Market J12 M3 Area is estimated at 230,000, ranking the City 65 out of the PROMIS J2 Gillingham M3 Rochester Margate Centres. M25 M20 Whitstabe M25 J3 The City is home to three universities, with a total student population M3 J5 J10 of approximately 38,000 spread over the University of Kent, J4 J2a J3 J9 M26 J6 M2 Canterbury Christ Church University and University for the Creative J5 J7 Arts. As a result, there are a high proportion of young adults aged J7 J6 J8 CANTERBURY 15-24 in the City.

M20 Deal Canterbury is a major tourist destination, ‘Visit Kent’ estimate that up to 7.22 million tourists visit the City every year, contributing circa M23 £454 million per annum to the local economy and supporting 9,400 Gatwick Royal J9a J9 Tunbridge tourism related jobs. Tourist attractions in Canterbury include the J10 Wells Dover Cathedral, a UNESCO World Heritage Site, medieval streets, museums, ■ Folkestone festivals and cultural amenities.

J11

7.22 million tourists visit Rye the City every year 3

Hastings

Brighton

Eastbourne

6-20 LONGMARKET & 48-51 BURGATE, SOUTH EAST CITY CENTRE FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

HOUSE OF SECRET GIFTS

VACANT

VACANT UNDER ALTERATION NASONS

ROLYS’ FUDGE

SAMURAIHAPPY VACANT WALRUS & OYSTER

VACANT

HAPPY SAMURAI

VINTAGE LAZIX STORE CAFÉ

VACANT

TO BE MIXED-USE REDEVELOPMENT OFFERING SHOP, RESTAURANTS, A MARKET HALL, OFFICES, WRAP CHIC 28 SERVICES APARTMENTS, 38 RESIDENTIAL UNITS, OPEN SPACE AND PUBLIC REALM

ANGELS MENSWEARLADIES &

VACANT

WARDS ESTATE AGENT

MIABELLA LADIES FASHION METRO MOBILE TELEPHONE

CANTERBURY MAKERS STAG CAFÉ

LOVE BROWNIES CANTERBURY CAFÉ VACANT

VACANT

COPPERFIELD MEN’S WEAR

RETAILING IN CANTERBURY Canterbury provides approximately 1 million sq ft of retail floor space Prime retailing in Canterbury is centred on the Parade, St Georges including two main shopping centres; the Whitefriars Shopping Centre Street, Longmarket and High Street as well as the shopping centres. and Marlowe Arcade. The principal tourist streets include Burgate, Mercy Lane and Butchery Whitefriars Shopping Centre is an open air scheme totalling Lane due to their proximity to Canterbury Cathedral and the prime 600,000 sq ft, anchored by Fenwick Department Store. Occupiers retailing pitch. include Costa Coffee, Bills, Clarks, EE, Halifax, Marks and Spencer’s and The property is situated opposite Longmarket Shopping Centre which Zara. The Marlow Arcade located adjacent to the Whitefriars Shopping provides a mix of high end retailers and a number of restaurants Centre provides a covered arcade for the City. Occupiers include, including Wagamama and Cote Brasserie. Primark, Phase Eight, Seasalt, Kuoni and Hobbs.

4 © Crown Copyright, ES 100004106. For identification purposes only. 6-20 LONGMARKET & 48-51 BURGATE, SOUTH EAST CITY CENTRE FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

Tenant is in the process of fitting out, photo for illustrative purposes only.

SITUATION Prominently positioned within the City centre, fronting Burgate and Longmarket. The property is situated in close proximity to Christchurch Gate, the main entrance to Canterbury Cathedral, and benefits from the strong footfall of the popular tourist destination. National occupiers within close proximity include Starbucks, Jack Wills and The Edinburgh Woollen Mill Clothing.

DESCRIPTION The property comprises three retail units arranged over ground and first floor: Unit 5, part ground and first floor 6/20 Longmarket and 48-51 Burgate is arranged over ground and first floors and is accessed from the junction of Longmarket and Burgate benefitting from a prominent dual frontage. The property is currently being fitted out by the tenant. Units 1,2,4 6/20 Longmarket and 48/51 Burgate - known as 2-4 Longmarket is arranged over ground and first floors with a large frontage to Longmarket and is fitted out in the tenant’s corporate style. The ground floor comprises sales accommodation with ancillary accommodation to the rear. There is a goods lift to the first floor which comprises staff areas and a store room. Unit 3, 6/20 Longmarket - known as 10 Longmarket is arranged over first floor and is accessed from Longmarket. Internally the property is fitted out to the tenant’s corporate style and benefits from a lift at ground floor level to first floor. The second floor comprises 10 residential flats that have been sold off on long leases; access to the residential accommodation is from Iron Bar Lane. 5 6-20 LONGMARKET & 48-51 BURGATE, SOUTH EAST CITY CENTRE FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

Tenant is in the process of fitting out, photo for illustrative purposes only.

TENURE The property is held long leasehold for a term of 125 years from 7th January 2002 providing over 105 years unexpired from Canterbury City Council. The head rent payable is calculated on the basis of 11% of the current rent received.

TENANCY The property has been measured in accordance with the RICS Property Measurement (2nd Edition) January 2018 and the RICS Code of Measuring Practice 2007 and has the following areas: Demise Tenant Description NIA NIA Lease Lease Expiry Review Rent Rent £psf Comments (Sq ft) (Sq m) Start (Break) Date (£p.a) (Zone A)

The Secretary of State Ground 7,749 719.9 Unit 5, part ground and first The vendor will top up the rent free period for Housing, Communities 15/04/2026 expiring 16 October 2021. A Schedule of floor 6/20 Longmarket and First 4,460 414.3 16/04/2021 £167,000 £13.68 and Local Government (16/04/2024) Condition is attached to the lease. The 48-51 Burgate t/a Jobcentre Plus Total 12,209 1,134.2 tenant has a rolling break option from year 3.

Unit 3, 6/20 Longmarket - First 7,392 686.7 27/04/2027 The tenant has been in occupation for Slater Menswear 28/04/2017 28/04/2022 £80,000 £10.82 known as 10 Longmarket Total 7,392 686.7 (28/04/2022) 20 years. Ground 5,446 506.0 Units 1,2,4 6/20 Longmarket ITZA 3,050 283.4 and 48/51 Burgate - known as Lakeland Limited 02/06/2004 01/06/2024 £145,000 (£47.00) 2-4 Longmarket First 1,792 166.5 Total 7,238 672.5 Peppercorn The City Garden, Iron Bar Lane Various 10 residential flats 07/01/2002 04/01/2127 if demanded Electricity Substation Ground 07/01/2002 06/01/2101 Nil

Total 26,839 2,493.4 £392,000 Less Ground Rent £43,120

Net Rent £348,880

6 6-20 LONGMARKET & 48-51 BURGATE, SOUTH EAST CITY CENTRE FULLY LET CANTERBURY, CT1 2JS CLASS E INVESTMENT

COVENANT INFORMATION

Lakeland Limited Very Low Risk Lakeland is a chain of British kitchenware stores founded and based in the . The company was founded in Windermere where their head office remains today. The company has approximately 4,000 products in its range which are sold in the company’s 68 stores. Lakeland Limited reported the following financial results for the last 3 years:

31 December 31 December 31 December 2017 2018 2019

Turnover £152,333,000 £139,121,000 £145,592,000

Pre-Tax Profit £2,321,000 £-2,719,000 £-841,000

Total Net Worth £58,041,000 £56,266,000 £53,769,000

Slater Menswear Slater Menswear is a Scottish retail menswear chain store founded in 1973 in Glasgow. Slater’s has 26 stores across the UK with each store having an alteration and fitting team onsite.

The Secretary of State for Housing, Communities and Local Government The property will operate as a Job Centre Plus which is part of the Department for Work and Pensions delivering working-age support service.

VAT The property has been elected for VAT purposes. It is anticipated that the investment sale will be treated as a Transfer of a Going Concern (TOGC).

EPC Available in the data room.

SERVICE CHARGE The purchaser would be responsible for running and operating the service charge. Further information is available in the data room. Tenant is in the process of fitting out, photo for illustrative purposes only. 7 ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed.

DATAROOM Further information is provided in the dataroom. For access please register on the following website: https://datarooms.allsop.co.uk/register/CanterburyBurgate

PROPOSAL

Offers sought in excess of £3,000,000 (Three Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 10.92% assuming purchaser’s costs of 6.45%.

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

Lottie Hayward Freddie Foley Will Clough 07817 549 237 07765 982 637 07500 949 587 [email protected] [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 06.21