BRISLINGTON RETAIL PARK

1 BATH ROAD, BRISLINGTON BS4 5NG

OPEN A1 (NON-FOOD) RETAIL PARK INVESTMENT

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG "ANNUAL DAILY TRAFFIC FLOW OF 37,000" (Source: Department for Transport)

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(CGI used for indicative purposes only) BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG INVESTMENT SUMMARY

Bristol is one of the UK’s largest commercial Total passing rent of £2,499,500 pa, reflecting centres, located in the South West of . an affordable average rent of £16.61 per sq ft. PROPOSAL

Large catchment population of 400,363 11.44 acre freehold site with Open A1 Our client is seeking offers in excess of people within a 15 minute drive-time. (non-food) planning consent.

Bristol has seen significant growth over the last An established retail park in an affluent, £26,450,000 decade which is partly attributed to the growing growing catchment with various asset (Twenty Six Million, Four Hundred and student population. The population is set for management initiatives. Fifty Thousand Pounds) subject to contract continued growth with forecasts significantly and exclusive of VAT. A purchase at this above the national average. Low capital value of £176 psf. level would provide an attractive 8.75% Net Initial Yield, based on purchaser’s costs of Prominently positioned fronting Bath Road 6.76% and the net income of £2,469,901. (A4), an arterial road providing direct access to 3 both and Bath.

The scheme comprises a modern cluster of 11 retail warehouse units plus one restaurant pod totalling 150,472 sq ft.

There are a total of 593 car parking spaces providing a ratio of 1:254 sq ft.

B&M have recently signed a new 10 year lease to occupy the 30,536 sq ft anchor unit which will significantly enhance footfall to the scheme and the presentation of the asset.

The park benefits from a strong retailer line- up including B&M, Home Bargains, TK Maxx, Harveys, Dreams, Halfords, Matalan and PureGym with a long WAULT of 6.5 years to expiry (5.45 years to breaks). LOCATION Stroud

A449 A48 Bristol, with an estimated population of 459,300 is A4042 M5 one of the UK’s largest commercial centres. The city Cwmbran is located in the South West of England approximately A470 120 miles west of London, 80 miles south of M48

Birmingham, 78 miles north east of Exeter and A433 A429 50 miles east of Cardiff. Newport M4 A403 TOLL Bristol benefits from excellent transport links being in M4 M49 close proximity to the intersection of the M4 and M5 motorways, whilst the M32 provides direct access to M4 M32 Bristol City Centre from the M4. A4232 Cardiff A350 A4 Bristol Temple Meads railway station is located BRISLINGTON Chippenham 2.5 miles to the north-west of the property. The station, BRISTOL RETAIL PARK serviced by Great Western Railways, provides direct A4 M5 access to London Paddington and Plymouth in A4 fastest journey times of 1 hour 45 minutes and A38 Bath 4 1 hour 58 minutes respectively. Weston- A371 A36 Bristol Airport is located circa 9 miles to the south-west super-Mare A368 A37 of the property. In 2018, the airport handled nearly 8.7 million passengers, a 5% increase on 2017’s figures, A361 ranking the airport as the UK’s 9th busiest airport. The airport provides routes to domestic and international destinations including Continental Europe and North America.

(CGI used for indicative purposes only)

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG WHAT! STORES

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(CGI used for indicative purposes only) BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG Stroud

A449 A48 A4042 M5 Cwmbran

A470 M48

A429 CATCHMENT AND M4 A403 A433 DEMOGRAPHICS TOLL M4 Bristol benefits from a Primary Retail Market population M49 of 841,000, ranking the city 9th out of the PROMIS Centres. The City benefited from significant population M4 growth throughout the 2000s which is partly attributed A4232 M32 to the growth of the student Cardiffpopulation. A4 Within a 10 minute drive-time of the subject property, the catchment population is 163,459 people, which BRISLINGTON increases to 400,363 within a 15 minute drive-time. BRISTOL RETAIL PARK Between 2018 and 2023 Bristol’s population is predicted A4 to increase significantly at an average rate of 0.85% pa, M5 which is comfortably in excess of the average growth A4 rate for other regional centres. A38 Bath Bristol is home to two universities; The University of 6 Bristol and the University of West England. DuringWeston- A36 the academic year 2017/2018, the universities super-Mare A37 recorded a significant student population of 25,000 and 29,000 respectively. 20 mins 15 mins 10 mins A350 Bristol Local Plan Review (2019) includes a requirement A361 for the delivery of 33,500 new and affordable homes between 2019 & 2036, whilst also seeking to improve Large catchment the transport and infrastructure around the city. population of SITUATION 400,363 within Drive-time 15 minutes 163,459 Brislington Retail Park is located approximately The subject site forms part of an 10 min population 3 miles south east of Bristol city centre. The extensive commercial estate, including property occupies a prominent position fronting a Lidl foodstore, McDonald’s, Pets at Home Bath Road (A4), benefitting from substantial daily and Wilverly Industrial Estate. Other surrounding Drive-time traffic fl ows. This arterial route provides access uses are predominantly residential homes. 400,363 into the centre of Bristol to the north-west and population 15 min into Bath to the south-east. Drive-time 646,747 20 min population BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG A432 RETAIL WAREHOUSE St Paul’s Clifton St George Park PROVISION A420 A420 Bristol’s retail warehousing provision totals some 2,927,000 A431 sq ft, however within the surrounding area of south-east BRISTOL A4320 Bristol, the principal competition is provided by Imperial Retail Park, Avonmeads Shopping Park and . A369 Redcliffe 1 A370 Saint Phillips Gallagher Shopping Park & Longwell Green 1 Southville 3 (Various owners) A4 A4174 Size – 436,500 sq ft. Brislington Longwell Tenants – Asda (126,00 sq ft) Next, Boots, M&S, A38 Green River Island, Clintons, Carphone Warehouse, A3029 Clarks, Café Nero, Outfit, DFS, Carpetright, B&Q, BRISLINGTON Currys/PC World, Wickes, Jollyes. A4174 RETAIL PARK

Planning – Various. A4 7 Rental Tone – £15.00 - £50.00 per sq ft.

Imperial Retail Park A4174 A37 2 (Capreon) 2 Size – 337,548 sq ft. Tenants – B&Q (105,192 sq ft), Pets At Home, DW Fitness, Next, Peacocks, Hobbycraft, Argos Extra, Pets at Home, M&S Foodhall, B&M, The Range, ScS. Planning – Open A1 (with restrictions). Rental Tone – £17.50 - £30.00 per sq ft.

Avonmeads Retail Park 3 (British Airways Pension Fund / DTZ Investment Management) Size – 229,000 sq ft. Tenants – 14 screen Showcase, Tenpin, Boots, JD Sports, M&S Food Hall, Currys/ PC World, Outfit, The Food Warehouse, The Range. Planning – Open A1 (including food). Rental Tone – £22.50 - £30.00 per sq ft.

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG DESCRIPTION AND SITE

A4 The subject property comprises a purpose built BATH ROAD retail warehouse park arranged to provide a cluster of 11 retail warehouse units and a restaurant pod totalling 150,472 sq ft at ground floor. The retail park is to be anchored by a new 30,536 sq ft B&M store, where comprehensive landlord works have been undertaken prior to their occupation.

593 The scheme offers 593 car parking spaces F CAR PARKING L which provides good ratio of 1:254 sq ft. SPACES WHAT! O SERVICE STORES W The total site area extends to approximately E YARD R 11.44 acres with a coverage of 30%.

S

H

AREA SERVICE I

COVERED 8 Potential 1,800 sq ft L

pod development L

SERVICE YARD TENURE

The park is held freehold.

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG TENANCY

Unit Name Lease (Tenant) GIA (sq ft) Mezz (sq ft) Lease Start Lease Expiry Tenant Break Rent review Rent (pa) Rent (psf) Comments EPC

Unit 1a TJX UK 15,461 14,249 24/06/2007 14/02/2026 - 15/02/2021 £351,328 £22.72 Re-gear agreed in 2015 to remove the 2017 break with lease C-56 (TK Maxx) extension to provide 10 years unexpired at passing rent. 4.5 months' rent free plus £420k cap-con. Rent review to OMV at year 5 capped at 115% of passing rent. Mezzanine disregarded at review. Surety from TK Maxx Group Ltd. No-build zone. Unit 1b What! Stores Ltd 10,514 2,213 05/10/2018 31/01/2020 - - £24,000 £2.28 Formerly Poundstretcher. Temporary let to What! Stores Ltd, C-67 (What!) contracted outside the Act. Contracted rent of nil until 31/01/19 then £2,000 pcm/ £24,000 pa thereafter. Mutual rolling break options on 2 months’ notice from 30/11/2018. Unit 1c Sportsdirect.com 7,636 7,581 10/08/2012 09/08/2022 - - £205,632 £26.93 September 2017 break option removed for 9 months' rent free. C-54 Retail Ltd (Sports Direct) Unit 2a Halfords Ltd 10,256 6,988 11/10/2004 10/10/2024 - 11/10/2019 £225,390 £21.98 B-46 (Halfords) Unit 2b United Carpets 9,248 - 16/11/2018 30/06/2020 - - £30,000 £3.24 Formerly Maplin. Temporary letting to United Carpets, contracted C-75 (Property) Ltd outside the Act. Contracted rent of nil until 01/05/19 then £2,500 pcm/ £30,000 pa. Mutual rolling break options on 2 months’ notice (United Carpets) from 30/04/2019. Schedule of condition. The tenant has vacated, but has not served their break notice. Potential S/C shortfall of £11,593. 9 Unit 2c Pure Gym Ltd 7,635 7,402 30/10/2017 29/10/2032 30/10/2027 30/10/2022 £191,250 £25.05 5 yearly RPI with a cap and collar of 1%-4% pa compounded. B-50 (Pure Gym) Unit 3 Dreams Ltd 8,229 4,274 25/12/2001 24/12/2021 - - £190,000 £22.97 Assumed area of 8,270 sq ft at review. D-83 (Dreams) Unit 4a T.J. Morris Ltd 10,605 1,224 17/01/2012 16/01/2027 - 17/01/2022 £225,000 £21.22 Rent Review cap to lower of OMV and £274,273 pa. C-70 (Home Bargains) Unit 4b Property Portfolio 10,761 7,343 29/09/2001 28/09/2021 - - £236,900 £22.01 D-87 (No 15) Ltd (Harveys/Bensons) Unit 4c Matalan Retail Ltd 28,291 25,228 22/01/2014 24/12/2026 - 25/12/2021 £485,000 £17.14 Mezzanine disregarded at review. E-105 (Matalan) Unit 5 B&M Retail Ltd 30,536 - 15/07/2019 14/07/2029 14/07/2024 15/07/2024 £300,000 £9.82 B&M have signed new 10 year lease subject to 12 months' rent D-87 (B&M) free to be topped up by vendor. 5th year OMV review capped at 112%. Service charge cap of £30k pa in first 5 years and £45k pa thereafter. Shortfall of £29,599. Landlord reserves right to build new inline unit at the southern end of 1,800 sq ft with external seating. No build zone. Any mezzanine to be disregarded at review. Minimum 480 car spaces. Pod Subway Realty Ltd 1,300 - 28/03/2011 27/03/2026 28/03/2022 28/03/2021 £35,000 £26.92 Tenant break option. Supplement lease of external seating area at D-93 (Subway) nil rent.

Total / Average 150,472 76,502 £2,499,500 £16.61

The gross passing rent is £2,499,500 pa with a net operating income of £2,469,901 pa after the deduction of landlord shortfalls deriving from B&M’s service charge cap. The property benefits from along WAULT of 6.5 years to expiry and 5.45 years to tenant break options.

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG 10

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG TENANT COVENANTS

Latest Turnover Pre-Tax Profits Net Worth D&B Latest D&B Accounts Rating Accounts Turnover Pre-Tax Profits Net Worth Rating

2018 £2,629,145,000 £236,006,000 £600,542,000 5A1 2018 £226,086,000 £44,972,000 £48,561,000 5A1

Latest D&B Latest D&B Accounts Turnover Pre-Tax Profits Net Worth Rating Accounts Turnover Pre-Tax Profits Net Worth Rating

2018 £2,968,600,000 £87,100,000 £645,600,000 5A1 2017 £290,288,000 £30,477,000 £13,765,000 3A2

Latest D&B Latest D&B Accounts Turnover Pre-Tax Profits Net Worth Rating Accounts Turnover Pre-Tax Profits Net Worth Rating

2018 £2,206,501,000 £167,306,000 £1,060,137,000 5A1 2017 – – (£46,746,000) N4

Latest D&B Latest D&B Accounts Turnover Pre-Tax Profits Net Worth Rating Accounts Turnover Pre-Tax Profits Net Worth Rating 11 2018 £930,800,000 £74,500,000 £765,900,000 5A1 2018 £2,965,000 (£82,000) £420,000 A2

Latest D&B Latest D&B Accounts Turnover Pre-Tax Profits Net Worth Rating WHAT! Accounts Turnover Pre-Tax Profits Net Worth Rating STORES 2018 £2,143,267,097 £202,700,562 £911,755,756 5A1 2018 – – £2,912,556 2A2

Latest D&B Latest D&B Accounts Turnover Pre-Tax Profits Net Worth Rating Accounts Turnover Pre-Tax Profits Net Worth Rating

2018 £1,062,500,000 £29,800,000 £252,600,000 5A1 2018 £35,107,808 £1,530,929 £1,574,725 2A3

of the current gross income is secured by covenants rated 5A1 (minimum risk) 79% by Dun & Bradstreet, offering excellent income security.

BRISLINGTON RETAIL PARK – BATH ROAD, BRISLINGTON, BRISTOL BS4 5NG ASSET PLANNING EPCs PROPOSAL

MANAGEMENT The property has an open A1 non-food Available upon request. Our client is seeking offers in excess of planning consent with certain exceptions. The scheme presents a number of asset Further details are available upon request. management opportunities, outlined below: Opportunity to re-let Units 1b and 2b to £26,450,000 national retailers following the opening ENVIRONMENTAL VAT (Twenty Six Million, Four Hundred and Fifty of new anchor B&M store. Thousand Pounds) subject to contract and An environmental and ground conditions The property is exclusive of VAT. A purchase at this level would Re-gearing existing leases to report is available upon request. elected for VAT. provide an attractive 8.75% Net Initial Yield, improve the WAULT. based on purchaser’s costs of 6.76% and the Development of 1,800 sq ft unit net income of £2,469,901. adjacent to B&M, subject to planning.

Potential to redevelop Subway to provide new drive thru unit.

FURTHER INFORMATION

Edward George Mark Girling Nick Richardson Will Collins T: 020 7312 7489 T: 020 7312 7460 T: 020 7312 7420 T: 020 7312 7405 M: 07818 012 489 M: 07770 851 123 M: 07818 012 420 M: 07972 148 262 E: [email protected] E: [email protected] E: [email protected] E: [email protected]

Misrepresentation Act 1967 Montagu Evans LLP for themselves and for the vendors or lessors of this property whose agents they are, give notice that : (i) The particulars are set out as a general guideline only for the guidance of intending purchasers or lessees and do not constitute the whole or any part of an offer or contract.(ii) All descriptions, dimensions, references to condition and necessary permissions of the use and occupation, and other details are given in good faith without responsibility whatsoever and any intending purchasers or tenants should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) Neither Montagu Evans LLP nor their employees has any authority to make or give any representation or warranties whatsoever in relation to the property. (iv) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and intending purchasers or lessees must satisfy themselves independently as to the applicable VAT position. (v) All the plans and maps provided within the particulars are for identification purposes only.August 2019

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