PRIME FREEHOLD RETAIL INVESTMENT 17-18 PRIDE HILL, INVESTMENT CONSIDERATIONS • Prime location in an affluent Market Town • New 5 year lease to a 5A1 covenant • Rebased rent • Tenant been in occupation for over 25 years demonstrating commitment • Potential to convert upper floors subject to gaining possession and obtaining the necessary consents • Freehold • Offers in excess of £1,450,000 reflecting a net initial yield of 6.2%

Location Shrewsbury is an attractive and historic market town and the cultural and retail centre for . The town is located 45 miles north west of , 41 miles south of Chester and 15 miles west of . The town benefits from excellent road communications, with the A5 ring road linking directly to the M54 and subsequently the M6 to the wider national motorway network. The town is also served by has been subdivided by the tenants for sales, the A49 (Manchester/Cardiff trunk road) and the Situation together with ancillary storage to the rear. The A548 (Central Wales). Shrewsbury train station The premises occupies a prime trading location basement floor provides ancillary. The upper provides direct rail access to London Euston via on Pride Hill, the town’s principle shopping floors are self-contained offices. Birmingham New Street with a fastest journey thoroughfare, between the entrances to the two time of 2 hours 35 minutes. shopping centres, Darwin Shopping Centre and The ground floor has a fire escape to the rear and Pride Hill Centre. The property is adjacent to loads from the front off Pride Hill. The building is Shrewsbury has a retail catchment of 260,000 Game and Carphone Warehouse and opposite not Listed but is located in a Conservation Area. people within a 30 minute drive time and the Superdrug and Cotswold. urban population in excess of 100,000. The town Tenure also benefits from a significant number of tourists Description Freehold. attracting over 2.5 million people annually The property comprises a 4 storey mid terrace generating in excess of £130 million. building of brick elevations under a pitched roof. The ground floor provides an open plan area that D e s i Accommodation g n e d

a n d

Accommodation Area sq ft Area sqm p r o d u c e

Ground Floor Sales 1,722 160 d

b y

E v e r y

Poor Basement 643 60 t h i n g

O f f i Basement Ancillary 378 35 c e

• T

0 1

First Floor Ancillary 899 84 5 0 2

5 0 8 0

Second Floor Ancillary 766 71 8 0

• E

s a l ITZA 988 92 e s @ e v e r y t

Total 4,408 h i n g o f f i c e . c

Tenancy o . u k

•

The property is let to H Samuel Limited on a new w w w . e

5 year full repairing and insuring lease dated 27th v e r y t h

November 2014 at a rent of £95,000 per annum. i n g o f f i The upper floors are sub-let at a rent of £7,000 c e . c o

Rental Analysis/Asset Management VAT . per annum. u k The passing rent of £95,000 equates to The property is registered for VAT and therefore Prior to the lease renewal the tenant was paying approximately £88.50 Zone A assuming A/20 on VAT will be payable on the purchase price or £135,000 per annum. part of the basement (378 sq ft) and £7,000 pa dealt with by way of a TOGC. Covenant on the first and second floors with a 15% reduction for management. The previous rent of EPC Date of 28/01/12 02/02/13 01/02/14 £135,000 equated to £128 Zone A therefore There is a valid EPC for the building and is Accounts £ £ £ offering an investor a rebased rent with strong available upon request. Turnover 243,166,000 243,450,000 233,100,000 rental growth potential. Proposal Pre-tax Profit 13,097,000 9,902,000 9,447,000 Due to the configuration we believe that the self- Our client is seeking offers in excess of £1,450,000 contained upper floors would convert to Total Net Worth 90,373,000 90,232,000 97,178,000 (One Million Four Hundred and Fifty Thousand residential subject to gaining the necessary Pounds) subject to contract. A purchase at this Experian gives H Samuel Limited a credit of very consents. level reflects a net initial yield of 6.2% after low risk. deduction of usual purchaser’s costs of 5.8%.

Important Notice 1. No description or information given about the property or its value, whether written or verbal or whether or not in these particulars (“Information”) may be relied upon as a statement of representation or fact. Neither Kitchen La Frenais Morgan nor its Joint Agents have any authority to make any representation and accordingly any Information given is entirely without responsibility on the part of Kitchen La Frenais Morgan or the seller/lessor. 2. Any photographs (and artists impressions) show only certain parts of the property at the time they were taken. Any areas, measurements or distances given are approximate only. 3 Any reference to alterations to, or use of any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending buyer/lessee. 4. Any buyer/lessee must satisfy himself by inspection or otherwise as to the correctness of any Information given. February 2015 Contact

Ed Gambarini [email protected] 020 7317 3713

Rupert Guy [email protected] 020 7317 3710

Simon Harvey [email protected] 020 7317 3719

SUBJECT TO CONTRACT

Retail Property Consultants Langham House 302-308 Regent Street London W1B 3AT