East Grinstead Poundland & Poundstretcher 22-26 London Road, Rh19 1Ag

EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG

HIGH STREET RETAIL INVESTMENT OPPORTUNITY EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG

INVESTMENT CONSIDERATIONS • East Grinstead is a popular affluent south east commuter town • Freehold • Excellent communications being situated on the A22 and regular direct trains • Poundland have recently extended their lease to London Victoria • Passing rent of £185,000 per annum • Substantial town centre retail units totalling 1,677.3 sq m (18,057 sq ft) • Potential future redevelopment of the upper floors (subject to planning) • o Let t the strong covenants of Poundland Limited and Poundstretcher Limited • Offers are sought in excess of £2,700,000 (Two Million Seven Hundred Thousand Pounds) subjecto t contract and exclusive of VAT. A purchase at this level would reflect • AWULT of 6.84 years to expiry an attractive net initial yield of 6.44% after allowing for purchaser’s costs of 6.41%. EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY

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2 1 2 1 A23 8 13 Wokingham Ascot Upon Thames Bromley 9 J12 Swanley 1 M3 A309 A3 Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale1 - 1:970 A322 Croydon J3 Rochester Gillingham Walton-on-Thames Bagshot A232 A21 M2 Sutton M25 M20 LOCATION RETAILING IN EAST GRINSTEAD Sandhurst M25 Epsom Sittingbourne Shoreham SnodlandEast Grinstead is an affluent and attractive market town East Grinstead benefits from a large provision of multiple The main A3 offering in the town is situated along the J10 A217 Woking Biggin Hill located in West Sussex approximately 27 miles (43 km) retailers which are attracted to the town by the excellent High Street with occupiers including; Prezzo, Caffé A339 A22 J9 J5 M26 southM20 of London, 21 miles (34 km) north of Brighton and transport communications, affluent demographic and the Nero, Pizza Express and numerous local occupiers. M3 Famborough Sevenoaks Fleet 14.6 miles (23.5 km) west of Royal Tunbridge Wells. attractive surroundings of the town centre. Queens Walk is a covered pedestrianised mall located A331 A3 M25 Maidstone BASINGSTOKE J8 J7 J6 A34 Oxted The town benefits from strong transport communications The town currently has a total retail floor space of adjacent to the subject property, which connects Aldershot GUILDFORD Reigate A26 being situated on the A22 which provides direct access to approximately 380,000 sq ft with a significant proportion London Road to the town’s main car park opposite Dorking Redhill Waitrose. There are currently plans to re-develop this A21 London to the north and Brighton to the south. The M23 of this situated along London Road. London Road forms Famham area to provide a large mixed residential and retail A24 Tonbridge can be accessed via Junction 10, 9.7 miles (15.6 km) to the the prime A1 retailing location in the town benefiting M23 scheme with landscaped public space. A303 Godalming Paddockwest which provides direct access to the M25 (Junction 7). from direct access to the town centres main car parking Horley A22 Royal Wood Staplehurst facility and a strong supply of attractive glass fronted retail Gatwick East Grinstead station provides direct trains to London Alton Witley Tunbridge accommodation. This has led to a number of national Cranleigh A264 Wells Victoria with a quickest journey time of 55 minutes. A229 retailers taking occupation on London Road including; Toni Gatwick airport is the UK’s second busiest airport and A31 Crawley Three Bridges & Guy, Holland and Barratt, WH Smiths, Fat Face, Costa and is located approximately 7 miles to the west. North A264 EAST GRINSTEAD Boots, amongst others. Horsham A24 Horsham

Burgess Hill EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY

East Grinstead

GOOD & GREEN

POUNDLAND DISCOUNT STORE

NAIL SALON

SITUATION DESCRIPTION The Poundland unit, fronting London Road, is located on the prime The property is of brick construction and provides two retail pitch in East Grinstead adjacent to Queens Walk and benefits from units arranged over ground and first floors. a prominent street frontage. The Poundstretcher unit is situated to 22-26 London Road is occupied by Poundland and provides a the rear of the Poundland store in the covered walkway, Queens Walk, ground floor retail unit with a prominent frontage to London Road. which provides access to the town’s main car park. The property benefits from substantial storage and ancillary There are numerous national retailers in the immediate proximity accommodation at first floor level as well as a loading bay which is including WHSmith, Holland & Barrett, Boots, Costa, HSBC, accessed through the yard to the rear of the property which can be Natwest and Clarks shoes, amongst others. accessed off West Street. There are currently plans to redevelop the site immediately 1 Queens Walk is occupied by Poundstretcher and provides a adjacent on Queens Walk. The scheme will deliver approximately ground floor retail unit with two entrances on to the covered walkway, 17,500 sq ft of new retail accommodation and approximately Queens Walk, which provides access from the towns main car park 130 residential apartments. to London Road. The unit also benefits from storage and ancillary accommodation at the first floor level as well as a loading bay which is accessed from the yard to the rear of the unit. © Crown Copyright, ES 100004106. For identification purposes only. Shaded area shows the planned redevelopment of Queens Walk and Martells Department Store.

Experian Goad Plan Created: 22/09/2016 50 metres Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crown For more information on our products and services: copyright and database rights 2016. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG HIGH STREET RETAIL INVESTMENT OPPORTUNITY

TENURE Freehold

COVENANT INFORMATION

Poundland Limited The £55m acquisition of 99p Stores Ltd by Poundland added an additional 251 stores to the Poundland portfolio bringing the total to around 800 stores in the UK and a company with a market capitalisation of almost £600m. TENANCY 29/03/2015 30/03/2014 31/03/2013 Unit Tenant Area Area Start Expiry Review Passing Rent Comments Turnover £1,111,526,000 £997,803,000 £880,491,000 sq m sq ft Date Date Date Rent ITZA Pre-Tax Profit £45,922,000 £41,017,000 £34,313,000 22-26 London Poundland GF Retail 388.7 4,184 27/11/2009 26/11/2024 28/11/2019 £125,000 £44.16 Poundland recently Road Limited regeared their lease taking Total Net Worth £93,866,000 £96,235,000 £119,042,000 ITZA 217.5 2,342 a reversionary lease for a further 5 years FF Storage 667.9 7,190 until 26/11/2024. Poundstretcher Limited Total 1,056.6 11,376 Poundland will benefit Established in 1981 Poundstretcher is one of the UK’s leading variety discount retailer from 3 months rent free with over 400 stores nationwide and employing over 6,000 people nationwide. 27/11/19 - 27/02/2020. 1 Queens Walk Poundstretcher GF Retail 405.4 4,364 28/10/2010 27/10/2020 £60,000 £27.02 31/03/2015 31/03/2014 31/03/2013 Limited ITZA 182.4 1,963 Turnover £438,325,000 £395,360,000 £367,984,000 FF Storage 215.3 2,317 Pre-Tax Profit £2,835,000 £1,347,000 (£3,685,000) Total 620.7 6,681 Total Net Worth £16,829,000 (£3,361,000) (£4,708,000) 1,677.3 18,057 £185,000 EAST GRINSTEAD POUNDLAND & POUNDSTRETCHER 22-26 LONDON ROAD, RH19 1AG

PROPOSAL EPC VAT Offers are sought in excess of £2,700,000 (Two Million Seven Hundred Thousand The property has an The property has been elected for EPC rating of D(82). VAT and therefore it is anticipated Pounds) osubject t contract and exclusive of VAT. A purchase at this level would reflect that the sale will be treated as a an attractive net initial yield of 6.44% after allowing for purchaser’s costs of 6.41%. Transfer of a Going Concern (TOGC).

For further information or to make arrangements for viewing please contact: Andy Pointon Richard Lea Jonathan Butcher 020 7543 6720 020 7543 6832 020 7543 6755 [email protected] [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. 09.16