Co-Op & Oxford Wine Café, Jericho, Oxford, Ox1

PRIME RETAIL & LEISURE INVESTMENT OPPORTUNITY

CO-OP & OXFORD WINE CAFÉ, JERICHO, OXFORD, OX1 2HU 123-127 WALTON ST. & 32 LITTLE CLARENDON ST. INVESTMENT SUMMARY n Oxford is one of the UK’s top retailing and academic cities n Attractive building with prominent road n Passing Rent is £212,194 pa including a rental top n Prominent convenience store and wine bar located frontages totalling 6,902 sq ft let to Co-operative up on the Co-operative unit until December 2017 in the very affluent Jericho area of Oxford and Oxford Wine Café n Offers are sought in excess of £3,620,000 n AWULT of 17 years n Situated adjacent to the Radcliffe Observatory (Three Million Six Hundred and Twenty Thousand Quarter, one of the city's major recent n 62% of the income secured to Pounds) subject to contract and exclusive of VAT. redevelopments, and in close proximity Co-operative group for another 16 years This reflects a net initial yield of 5.50% after allowing for purchaser's costs of 6.51%. to Oxford University Press and Sommerville, n The Co-operative Group lease benefits from rent Worcester and Exeter Colleges reviews to the higher of Open Market Rent or RPI RADCLIFFE OBSERVATORY QUARTER OXFORD UNIVERSITY PRESS KEBEL COLLEGE BLAVATNIK SCHOOL OF GOVERNMENT

WOODSTOCK ROAD ASHMOLEAN MUSEUM

SUBJECT PROPERTY

WORCESTER COLLEGE CORNMARKET STREET

GEORGE STREET WALTON STREET

NUFFIELD COLLEGE

OXFORD CASTLE

SAïD BUSINESS SCHOOL

OXFORD TRAIN STATION

FRIDESWIDE SQUARE

A505 Stevenage Luton Stansted A41 Luton A120 A5 A10 LOCATION A44 A602 Oxford M1 A1(M) A34 Aylesbury A130 Welwyn Garden M11 OXFORD A40 City UNIVERSITY The historic city of Oxford is known as the City of dreaming The city is well connected by railway, with regular direct A418 A414 PARKS OXFORD A41 Hemel Harlow A12 P a rk St Albans s Hempstead R Thame o a A4142 d spires, it is an affluent city in the South East region of services to London Paddington in a journey time of 56 M10 Chelmsford RADCLIFFE J21 A420 A414 Epping Potters Bar OBSERVATORY

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J20 M40 A4010 England, home to the world-renowned University of Oxford. minutes, and direct to Birmingham New Street in a journey

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A23 Haywards Heath PRIME RETAIL & LEISURE INVESTMENT OPPORTUNITY

SITUATION

The subject property is situated in a prominent position on the eastern edge of the Jericho district of Central Oxford. Jericho is a thriving and bustling suburb in Oxford and a hub for students making it one of the city's most sought-after areas. The property is conveniently situated on the corner of Walton Street and Little Clarendon Street. Little Clarendon Street is a retail street that links Walton Street to St Giles which provides access to the city centre approximately 0.5 miles (0.8 km) to the south. The subject property lies adjacent to the Radcliffe Observatory Quarter which is one of the most significant developments that has been undertaken by the University of Oxford. The designated area is a 10 acre site that encompasses the land immediately to the north of the subject property and work began on the development in October 2008. The first buildings to be completed in the designated area were new student accommodation blocks and since then a new health centre, maths institute, humanities division and school of government have been built and the area has transformed significantly, resembling a small campus. Nearby occupiers include; Loch Fyne restaurant, Brasserie Blanc, The Phoenix Picturehouse, Branca and The Oxford University Press. Oxford railway station is located approximately 0.5 miles (0.8 km) to the south west.

DEMOGRAPHICS

Oxford is a thriving city that benefits from tourism, a large student population and being commutable distance from London. There are 43,500 full time students and the city attracts an estimated 7 million visitors every year, generating approximately £780 million of spend. The town has an estimated shopping population of 258,000 and a total population within the Oxford primary catchment area of 553,000. Oxford has one of the most affluent catchment populations in the UK, ranked 26th of the PROMIS centres. The 2011 census showed that the Oxford area contained a significantly above average proportion of adults of working age categorised within the most affluent AB social group. 1 1 9 a 60.7m

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DESCRIPTION

The property comprises three units, a convenience store, a wine café and student accommodation above, which has been sold off. The cooperative unit has frontage on to Walton Street and is arranged to provide a ground floor food store with storage in the basement. The wine café occupies a prominent position with attractive frontages to both Walton Street and Little Clarendon Street and is arranged to provide a bar and seating area at ground floor. The unit also benefits from a kitchen, wine cellar, customer toilets and storage at basement level. The student accommodation is managed by Lincoln College. COVENANT INFORMATION

The Midcounties Co-operative Limited Formed in 2005, it is the largest independent co-operative in the UK, with 547 sites and almost 9,000 colleagues. It is part of the Co- operative Group which is the UK’s largest mutual business owned by more than eight million members, operating 3,500 outlets. The business produced the following headline accounts over the last 3 years:

26/01/2013 24/01/2014 24/01/2015

Turnover £731,883,000 £863,163,000 £910,000,000

Pre Tax Profit £4,741,000 £4,137,000 £9,181,000

Total Net Worth £108,544,000 £117,232,000 £100,083,000

The Oxford Wine Café (Jericho) Limited Owned by The Oxford Wine Company, it is a multi-award winning local Independent Wine Merchant with a national profile. There are currently two wine cafés in Oxford; one in Summertown and one in Jericho.

TENANCY SCHEDULE

Unit Tenant Area (sq ft) Rent (£psf) Lease Start Lease Expiry Rent Review Comments

123-125 Walton Street The Midcounties £132,193* 21/12/2012 20/12/2032 21/12/2017 The rent is to be reviewed Co-operative Limited Ground 2,692 (£29.43) annually in line with RPI. At the 5 yearly reviews the rent shall be the grester of the open Lower Ground 1,621 market rent and the indexed rent. *Rent to be topped up to the December 2017 rent Total 4,313 review in line with the Oxford economics RPI forecasts.

Ground 1,531 126/127 Walton Street and The Oxford Wine Café £80,000 Service charge cap of Lower Ground 1,058 20/07/2015 19/07/2035 20/07/2020 32 Little Clarendon Street (Jericho) Limited (£30.90) £2,000p.a. for the first 5 years Total 2,589

Part G, 1st 2nd, 3rd floors Lincoln College £1 28/03/2013 21/03/2157 123-125 Walton Street Oxford

Total 6,902 £212,194

TENURE VAT EPC

Long Leasehold for a term of years from The property has been registered for VAT and therefore The property has a rating completion to 22/03/2157 at a peppercorn rent. it is anticipated that the sale will be treated as a of C(59). Transfer of Going Concern. PROPOSAL Offers are sought in excess of £3,620,000 (Three Million Six Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 5.50% after allowing for purchaser's costs of 6.51%

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

Dale Johnstone Richard Lea Craig Middleton Mike Watson 020 7543 6796 020 7543 6832 01865 812 750 01865 812 740 [email protected] [email protected] [email protected] [email protected] www.allsop.co.uk www.cluttons.com

Misrepresentation Act: 1. Allsop LLP and Cluttons on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop and Cluttons 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 or Cluttons nor any of their 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 12.16