Southway Drive, Plymouth Devon, Pl6

ON BEHALF OF JOINT FIXED CHARGE RECEIVERS

SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR FREEHOLD SHOPPING CENTRE INVESTMENT OPPORTUNITY SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR

INVESTMENT CONSIDERATIONS • A busy neighbourhood scheme comprising • Successful scheme with an AWULT of 4.89 years We are instructed to seek offers in excess of 15 shops, a supermarket and a public library to expiry and 2.95 years to break on the retail £2,250,000 (Two Million Two Hundred and together with 14 maisonettes above. accommodation. Fifty Thousand Pounds) subject to contract • Situated within a popular residential • Large car park comprising 100 spaces. and exclusive of VAT. A purchase at this suburb of Plymouth. level would reflect a net initial yield of • Total site area of 1.85 acres (0.75 ha). 11.8% with a potential reversion of 14.3% • Freehold. • Asset management opportunities with after costs of 6.33%. • The centre is anchored by Co-op and other 10 maisonettes included in the commercial tenants include Lloyds Bank, Coral Racing, leases, potential to let the vacant units and Martin Newsagents and Well Pharmacy. further site development opportunities. • Current passing rent £281,725 pa. SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR

Chedder ■ Lynton Burnham-0n-Sea ■ ■ Ilfracombe Minehead Wells ■ ■ ■ La L n an gle g y le Cr y E esce xm nt C o re or sc Na A39 e tio BRIDGWATER n n t al ■ d Pa oa rk Kinnaird Cr R escent rd LOCATION fo Barnstable A37 tta M5 li ■ C C lit ta fo Plymouth is one of the largest commercial centres in the South West rd Bideford R TAUNTON A303 o ■ ■ a of England and is located within the county of Devon, 80 km (50 A361 d Great A358 Torrington Road taford miles) south west of Exeter, 193 km (120 miles) south west of Bristol ■ YEOVIL Clit ■ Ilminster F

l ■ a d m Tiverton d Clittaford Roa oa b and 345 km (215 miles) from Central London. ■ A303 ford R Clitta o r o A377 A37 u g A386 h

The town has excellent communication links with the A38 Devon R o

Bude Road Skerries a ■ d rive S Expressway providing direct and easy access to Exeter and the M5 y D outhway Driv M5 Honiton d wa Alderney Road a uth e ■ Axminster o o ■ R S ith hke motorway. Driving time from London is approximately four and a A30 Inc A35 Bridport nt half hours. EXETER ■ e A39 ■ ad Seaton hkeith Ro esc c r ■ In rive C Sidmouth nue e n A30 ■ Av outhway D ne e o e Plymouth is served by First Great Western, providing direct rail access S gst on d L n A395 Launceston ■ Pe

A380 Exmouth to London Paddington (3 hours 15 minutes), Bristol Temple Meads ■

e nu r ve oo A artm in D w (2 hours) and other South West regional centres. e d u oo ven G rk e A Tavistock nal Pa Newton e on A388 ■ Natio riv st ■ D ong Abbot Teignmouth ay L The city is also classed as a major port offering both passenger ■ w uth P o endeen Cresc Yelverton S and vehicle ferry services currently operated by Brittany Ferries. ■ Torquay field Avenue Bodmin A38 ■ Rock ■ A386 ue en t v en e A sc A390 A385 n in re A38 t w C Saltash d en ■ oo e Brixham G nd Ivybridge ■ e Pe ■ riv PLYMOUTH D ay

Dartmouth ■ Southw GOODWIN

PARK

Kingsbridge ■ SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR

SITUATION The property occupies a prominent corner within the residential suburb of Southway, 8km (5 miles) north of Plymouth city centre. The property can be accessed both from Southway Drive and Flamborough Road and lies approximately 0.5km west from the A386 Tavistock Road, which in turn links with the A38 Devon Expressway. Aldi is preparing plans for a new supermarket across from the subject property on the other side of Flamborough Road. The proposal is for the construction of a new Aldi food store with 103 customer parking spaces. Aldi’s investment in the area will improve Southway’s retail offering and the subject property will benefit from increasing numbers of shoppers being attracted by Aldi’s presence.

DEMOGRAPHICS Plymouth has a primary catchment area of 471,000 and an estimated shopping population of 359,000, which ranks the city 21st in the UK on this measure. The city is extremely dominant within its catchment, due to the distance to competing retail centres and it is ranked 1st in the PMA Competition 109.1m Index (i.e. it has the least competition of any retail centre in the UK). Consumer spending in Plymouth is aided by tourism and its student population. In 2013 “Destination Plymouth” estimated that 5.5 million The Church of the

7 9 0 people visit Plymouth annually, spending £314 million. In addition 6 Holy Spirit Plymouth has a student population of approximately 26,000 which adds to the city’s retail economy annually. 5

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2 F DESCRIPTION 0 LA

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The property was constructed in the late 1960s and comprises a 5 H

U neighbourhood shopping centre with a substantial car park which I T G

R R is strategically located to serve the densely populated surrounding O O

A Car Park

D residential areas. D The centre comprises a supermarket and 15 shops arranged on ground floor with 14 maisonettes arranged on the first and second floors.

Surgery 347 There is a public library above 3 of the shop units which has been sold 345 3 385 87 34 83 3 341 3 PO 49 9 381 33 9 off on a long lease. 37 37 3 77 335 3 375 349 Shelter 351 389 33 3 373

Posts 331 TOTAL SITE AREA 371 329 369 The property has a total site area of 1.85 acres (0.75 ha). Library 367 59 65 353 3 TCB 325 3 55 327 3 DEVELOPMENT POTENTIAL 321

361

TENURE 8 Clinic ESS 4 LB Owing to the large site area and the current low site coverage, there is the potential to increase the density of buildings on the site. Alternatively, a

Freehold. PCs 116.4m

8 0 cleared site may suit a much larger development including alternative uses. IVE DR WAY UTH All the above is subject to the necessary planning consents (Plymouth City SO

Shelters Council – www.plymouth.gov.uk)

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2 6 8

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31 3 0m 10m 20m 30m 4

TENANCY SCHEDULE

Unit Tenant Use Area Area Lease Start Next Review/ Lease End Current ERV Comments (sqm) (sqft) Reversion (Lease Break) Rent pa

321 Vacant Retail 55.6 599 £12,200

323 M Johnson Retail 55.4 597 20/06/2011 19/06/2016 19/06/2021 £12,700 £12,700 Tenants option to determine not exercised. Internal Repairing with contribution clause. 325 and 327, Martin the Newsagent Ltd Retail/Residential 120.3 1,294 24/06/2013 23/06/2018 23/06/2023 £28,400 £28,400 Tenants option to determine. 365 and 367 (23/06/2018) Repairing plus service charge. 329 Kishor GC Retail 56.7 610(1) 08/10/2012 08/10/2017 07/10/2027 £12,850 £12,850 Rent review every 5 years. Tenants option to determine. Internal Repairing (08/10/2017) plus service charge. (08/10/2022) 331 and 371 Bestway National Chemists Ltd Retail/Residential 58.9 634 29/09/2014 29/09/2019 29/09/2024 £14,600 £14,600 Tenants option to determine. FR&I (29/09/2019)

333 and 335 Vacant Retail £3,000 Units not inspected by Allsop.

337 and 375 Ivor Dewdney's Pasties Ltd Retail/Residential 58.6 630 13/12/2012 12/12/2017 12/12/2017 £14,000 £14,000 Internal repairing plus service charge.

339 and 377 Lloyds Bank Plc Retail/Residential 58.3 627 24/06/2013 23/06/2018 23/06/2018 £14,600 £14,600 Internal repairing plus service charge.

341 and 379 Coral Racing Ltd Retail/Residential 63.6 685 24/06/2013 23/06/2018 23/06/2023 £14,500 £14,500 FR&I (23/06/2018) 343 and 381 Friary Mill Bakery Ltd Retail/Residential 57.2 615 06/04/2011 05/04/2021 05/04/2026 £16,600 £16,600 Tenants option to determine. Internal Repairing, Schedule of condition, (06/04/2021) plus service charge. 345 and 383 P Chan Retail/Residential 56.0 603 01/09/2012 31/08/2017 31/08/2022 £14,550 £14,550 Tenants option to determine. FR&I (31/08/2017)

347 and 385 M Law Retail/Residential 60.5 652 15/02/2011 14/02/2021 14/02/2031 £16,000 £16,000 Rent review every 5 years. FR&I

349, 351, 387, 389 Co-Operative Stores Ltd Ground Floor Shop 782.0 8,418 25/12/2004 24/12/2019 24/12/2019 £106,825 £106,825 FR&I Upper parts Ancillary/ 68.5 737 Lease includes maisonette (No. 387) Residential Guarantee from Co-operative Group Food Ltd.

353 Vacant Retail 79.9 860(1) £13,000

355 and 357 The British Red Cross Society Retail 75.0 808 25/03/2015 25/03/2020 24/03/2025 £12,200 £12,200 Tenants option to determine. FR&I (25/03/2020)

First Floor Library 25/12/1969 24/12/1994 24/12/1994 Peppercorn 359 Plymouth City Council Extension to Library 10/03/2005 24/12/2094 24/12/2094 Peppercorn

359a Vacant Retail 117.2 1,262(1) £20,000

373 Vacant Residential £3,900

361 Vacant Residential £3,900

AST from 363 Individual Residential £3,900 £3,900 No copy of the tenancy held. 28/01/2015

369 Vacant Residential £3,900

Total 973.2 10,476 £281,725 £341,625

*Areas are of commercial accommodation only. (1) Areas taken from building survey. SOUTHWAY SHOPPING CENTRE SOUTHWAY DRIVE, PLYMOUTH DEVON, PL6 6QR

COVENANT McColl’s was founded in 1973 and acquired the Martin’s Ivor Dewdney was founded in 1935 and has established itself as Friary Mill was established in 1988 and has grown to trade from chain of newsagents in 1998. McColl’s operate in the a leading pasty retailer in the Plymouth area. It currently trades ten shops and bakeries across Plymouth. Friary Mill Bakery Ltd in newsagent sector under the Martin brand name and have from 9 locations. Ivor Dewdney’s Pasties Ltd in March 2015 January 2015 reported a total net worth of £452,614. over 500 UK stores. The ultimate holding company of Martins reported a total net worth of £1,703,784. The Co-operative Group acquired Somerfields in 2009 helping the Newsagent Ltd is McColl’s Retail Group plc which in Lloyds Bank was founded in June 1765 and is the leading British it to become the fifth largest food retailer in the UK trading from November 2015 reported a turnover of £932,227,000, a pre-tax retail and commercial bank with nearly 1,300 branches across over 2,800 stores. The Co-operative Group Food Ltd in January profit of £21,111,000 and a total net worth of -£19,951,000. England and Wales. The bank is the principal subsidiary of Lloyds 2016 reported a turnover of £6,475,500,000, a pre-tax loss of The Bestway Group acquired The Co-operative Group’s Banking Group with over 11 million customers. Lloyds Bank Plc in £429 and a total net worth of £1,940,000,000. pharmacy business in 2014 for £620 million rebranding all December 2015 reported a turnover of £31,031,000,000, a pre- their sites as Well. It is currently the third largest pharmacy tax profit of £1,372,000,000 and a total net worth of £43,108,000. business in the UK with over 770 branches across the UK. Coral is part of the Gala Coral Group with over 1,700 betting Bestway National Chemists Ltd in July 2015 reported a turnover shops across the UK. Coral Racing Ltd in September 2015 of £346,074,000, a pre-tax profit of £14,107,000 and a total reported a turnover of £667,786,000, a pre-tax profit of net worth of -£29,854,000. £81,106,000 and a total net worth of £264,149,000. AWULT EPC 4.89 years to expiry and 2.95 years to break. Available upon request.

SERVICE CHARGE VAT For the year ended 31/03/2016 the service The property is elected for VAT. charge for the centre totalled £40,330. Further information is available in the legal pack.

PROPOSAL We are instructed to seek offers in excess of £2,250,000 (Two Million Two Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 11.8% with a potential reversion of 14.3% after costs of 6.33%.

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

Alex Butler Jonathan Butcher Liam Stray 020 7543 6722 020 7543 6755 020 7543 6769 [email protected] [email protected] [email protected] www.allsop.co.uk

On behalf of Joint Fixed Charge Receivers This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability.

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. 08.16