TOWN CENTRE RETAIL WAREHOUSE SALE AND LEASEBACK INVESTMENT

POUNDSTRETCHER LTD, EAST HILL, , PL25 4TR TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

INVESTMENT SUMMARY

• Town centre retail warehouse sale and • Sale and leaseback arrangement demonstrates • Fixed uplift to £104,500 per annum (£10.85 psf) leaseback investment tenant’s confidence in continued trade at the fifth anniversary • Prominently situated on East Hill, a busy • Poundstretcher Limited are to take a new • Freehold arterial route serving the town centre 10-year unbroken FRI lease • Offers in excess of£1,000,000 • The property provides a total gross internal area • Poundstretcher Limited provides an (Subject to Contract) of 9,627 sq ft on a prominent site of 0.99 acres excellent covenant with £387m turnover in • Net Initial Yield of 8.98% and a reversionary yield with car parking for 88 vehicles 2018 (D&B 4A1) of 9.88% in 2024 • Large site providing scope for residential • Low initial rent of £95,000 per annum (£9.88 psf) • Low Capital Value of £104 psf or £1m per acre development in the future, subject to planning Stratford Upon-Avon M40 WORCESTER B

ST GEORGE’S CHANNEL CARDIGAN BANBURY HEREFORD Chipping Campden

M50 TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD M Chipping Norton SALE AND LEASEBACK INVESTMENT ST DAVIDS EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

GLOUCESTER Brecon Beacons

M5 OXFORD H Cirencester M40 M4 LOCATION Faringdon Ric SWANSEA Didcot Malmesbury NEWPORT SWINDON St Austell is one of the largest towns within M4 Royal SLOU Wootton the County of Cornwall, located 15 miles to M4 Bassett CARDIFF M4 the north east of , 38 miles to the west of BRISTOL M4 READING Marlborough Hungerford Plymouth and 155 miles to the south west of BATH M3 Devizes Bristol. Weston-Super-Mare BRISTOL CHANNEL Trowbridge Road communications are excellent and G the town benefits from direct access to the Warminster Minehead WELLS M3 Exmoor A390, the principal arterial route from Truro Glastonbury to and the A391 leading to the A30 Barnstaple WINCHESTER ( Bypass), 7 miles to the north. SALISBURY UK motorway access is provided via Junction Bideford TAUNTON

31 of the M5 Motorway, located to the south M5 Yeovil of Exeter, approximately 75 miles to the north SOUTHAMPTON South Downs CHICHESTER east. New Forest PORTSMOUTH Great Western Railway services operate EXETER DORCHESTER Poole from St Austell Station, providing access BOURNEMOUTH to destinations including Birmingham New Exmouth Street, Wolverhampton, Manchester Piccadilly, Weymouth Leeds, York, Edinburgh and Glasgow Central. Dartmoor Great Western Railway provides direct services Cornwall Airport Bodmin Torquay to Exeter St David’s (113 minutes), Bristol NEWQUAY Temple Meads (185 minutes) and London ST AUSTELL PLYMOUTH Paddington (243 minutes) on an hourly basis. TRURO In addition, St Austell Rail Station provides a St Ives dedicated rail link to and the Eden Falmouth Project, a popular visitor attraction with a journey time of 28 minutes. TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

Place e edge Close Bod Grah n Road m Menacuddle Lane hia St Austell Poltair Roa in Road revart College r T B Road re y wery Driv d a rs W Ti nne y Lane

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c e Road wington Place e T arnsmerry Cr C oad SITUATIONC lar ence Road Prior R The Vicarage y R oad ve Road The property occupieso a prominent and Gr Trelake Ro ad large site on East Hill, just to the east of

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P e nte a d Pondhu w a P i TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

ST AUSTELL - ECONOMY

St Austell is a large town and hosts the third largest population within the County of Cornwall. St Austell ranks joint 3rd with Penzance in regard to Cornwall’s retail hierarchy based on national representation with major national occupiers within the Town Centre including Argos, Boots, T K Maxx, WH Smiths, Wilko, Burton, Dorothy Perkins, New Look, Clarks, Superdrug, O2 and Carphone Warehouse. White River Place benefits from very limited competition within the immediate and surrounding area, providing the main retail provision within the Town. The closest competing town, Truro, is situated over 17 miles to the south west. Major employers within the St Austell area include West Pharmaceutical Services Cornwall, Hawkins Holdings, Imerys Minerals and St Austell Brewery.

ST AUSTELL IS WELL POSITIONED AMONGST MANY POPULAR TOURIST ATTRACTIONS, ATTRACTING OVER 2 MILLION TOURISTS TO CORNWALL EACH YEAR WHITE RIVER PLACE SHOPPING CENTRE

TO A390 TRURO FORE ST

SOUTH ST TO ST AUSTELL STATION

EAST HILL TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

DESCRIPTION & ACCOMMODATION TENANCY

The property comprises a single storey retail warehouse, previously occupied Poundstretcher Limited will take a new 10-year FRI lease without break by Lidl. The property is of traditional brick and blockwork construction beneath upon completion of the sale. The initial rent of £95,000 per annum a pitched slate roof. (£9.88 psf) will be subject to a fixed increase in the 5th anniversary to 110% of the commencing rate, amounting to £104,500 per annum (£10.85 psf). The property extends to a total of 9,627 sq ft and benefits from a dedicated A copy of the draft lease is available upon request. service/loading bay to the corner of the car park. The property occupies a large site of 0.99 acres providing ample car parking for 88 vehicles (1: 109 sq ft). ALTERNATIVE USE PROPOSALS TENURE We feel the nature of the site would be well suited to a residential scheme, The property is held freehold under title number CL158522. subject to obtaining vacant possession and the necessary planning consents. TOWN CENTRE RETAIL WAREHOUSE POUNDSTRETCHER LTD SALE AND LEASEBACK INVESTMENT EAST HILL, ST AUSTELL, CORNWALL PL25 4TR

COVENANT STATUS

Poundstretcher Limited (Company Number: 00553014) are a leading chain of discount stores in the UK. Founded in 1981, the brand has since grown to include over 400 locations and employs more than 6,000 people nationwide. The stores are a one stop shop for food, household goods and general convenience items, stocking over 5,000 separate products at competitive prices. The company has a rating of 4A1 with Dun & Bradstreet, and below is a summary of their latest financial accounts:

Poundstretcher Limited 31st March 2018 31st March 2017 31st March 2016

Turnover £387,442,689 £397,380,415 £429,538,926

Pre-Tax Profit £2,423,134 £2,730,262 £2,405,347

Shareholder’s Funds £22,334,679 £19,911,546 £17,836,284 PROPOSAL FURTHER INFORMATION

We are instructed to quote offers in excess For further information or to arrange an inspection, please contact: of £1,000,000 (One Million Pounds) James Kinsler exclusive of VAT and subject to contract. Tel: 07825 870 209 Email: [email protected]

A purchase at this level reflects the following Mark Powell yield profile, after deducting the appropriate Tel: 07825 077 724 Email: [email protected] purchase costs: Christopher Dee: 40 Peter Street, Manchester M2 5GP 8.98% Net Initial Yield 9.88% Reversionary Yield £103 psf Capital Value £1,000,000 per acre

ENERGY PERFORMANCE CERTIFICATE A copy of the property’s EPC can be provided upon request.

VAT MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other The property is elected for VAT and therefore VAT will be payable on the purchase price. details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the ANTI-MONEY LAUNDERING REGULATIONS property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is In accordance with Anti-Money Laundering Regulations, two forms of identification and capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment confirmation of the source of funding will be required from the successful purchaser. for their requirements. October 2019.