Marble Portfolio Six Trade Counter Units Let to Marble Portfolio Six Trade Counter Units Let To
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MARBLE PORTFOLIO SIX TRADE COUNTER UNITS LET TO MARBLE PORTFOLIO SIX TRADE COUNTER UNITS LET TO Investment Summary ◆ Opportunity to acquire a south east focused portfolio ◆ All units let to the secure covenant of Multi Tile Limited of well-let trade counter units. (t/a Topps Tiles) ◆ 6 prominent trade counter units totalling ◆ AWULT of c.4.5 years unexpired (certain) 50,517 sq ft (4,693.1 sq m) ◆ Total passing rent of £638,680 per annum ◆ Situated in strong towns/cities within established ◆ All leases subject to annual RPI lined review with a minimum trade locations uplift of 2.5% with the exception of Glasgow which has ◆ Topps Tiles have continued to pay their rent a minimum of 2% uplift throughout the lockdown period ◆ All properties held on Freehold/ Heritable interests Proposal ◆ We are instructed to seek offers in excess of £8,515,000 (Eight Million, Five Hundred and Fifteen Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level provides a Net Initial Yield of 7.00%, which will rise every year in accordance with the fixed rental increases. YIELD PROFILE: Yield profile assumes 2.5% uplifts and continued occupancy on the same lease terms. 2021 7. 2 0 % 2023 7. 5 0 % 2025 7.9 0 % 2027 8.30% 2029 8.70% 2022 7. 4 0 % 2024 7. 70 % 2026 8.10% 2028 8.50% 2030 9.00% MARBLE PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES PORTFOLIO GLASGOW Covenant Multi Tile Limited is a wholly owned subsidiary of Topps Tiles PLC and for the year ending 29/09/2019 Multi-Tile Limited reported a pre-tax profit of £9.08M and Shareholders funds of £197.213M. Multi Tile Limited (Company no. 00808214) Year Ending Pre-Tax Profit Shareholders’ Funds 29/09/2019 £9,080,000 £197,213,000 LIVERPOOL 29/09/2018 £9,139,000 £188,200,000 30/09/2017 £9,141,000 £179,124,000 D&B Rating: 5A2 Experian Score: 99 (very Low Risk) Topps Tiles Plc is the UK’s largest specialist supplier of tiles and associated products, targeting the UK domestic refurbishment and commercial market and serving a retail and trade customer base. Since opening its first store in 1963, Topps Tiles now has 361 nationwide retail stores and four commercial showrooms. For the year ending 30/09/2019 Topps Tiles Plc reported a turnover of £219M and pre-tax profits of £12.4M. For the same period the company reported shareholder funds of £30.2M. KIDDERMINSTER THETFORD Topps Tiles Plc (Company no. 03213782) Year Ending Turnover Pre-Tax Profit Shareholders’ Funds CHESHAM 30/09/2019 £219,197,000 £12,475,000 £30,234,000 BOREHAMWOOD 29/09/2018 £216,887,000 £12,688,000 £26,663,000 30/09/2017 £211,848,000 £16,999,000 £23,553,000 D&B Rating: 4A2 Experian Score: 100 (Very low risk) 3 MARBLE PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES PORTFOLIO BOREHAMWOOD KIDDERMINSTER THETFORD LIVERPOOL MARBLE PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES PORTFOLIO GLASGOW CHESHAM ACCOMMODATION & TENANCY SCHEDULE Property Area (sq ft) Start Expiry Next Review AWULT Rent (£pa) Rent (£psf) Comments Units 1-3, Borehamwood Business Park, Borehamwood 6,413 05/08/2008 04/08/2023 04/08/2021 2.75 £109,429 £17.0 6 Annual RPI reviews with a collar and cap of 2.5% - 5% Topps Tiles, Whitehouse Road, Kidderminster 8,728 25/07/2 0 0 8 24/07/2025 24/07/2021 4.72 £100,944 £11. 57 Annual RPI reviews with a collar and cap of 2.5% - 5% Corner of Stephenson’s Way, Thetford 10,038 25/07/2 0 0 8 24/07/2025 24/07/2021 4.72 £117,037 £11.66 Annual RPI reviews with a collar and cap of 2.5% - 5% 279-281 West Derby Road, Liverpool 9,000 19/02/2002 18/02/2022 18/02/2021 1.29 £114 ,192 £12.69 Annual RPI reviews with a collar and cap of 2.5% - 7% 110 Glasgow Road, Rutherglen, Glasgow 7, 529 24/06/2010 23/06/2030 23/06/2021 9.64 £92,916 £12.34 Annual RPI reviews with a collar and cap of 2.5% - 4% Unit 1, Chesham Business Park, Chesham 8,809 25/07/2 0 0 8 24/07/2025 24/07/2021 4.72 £104,163 £11.82 Annual RPI reviews with a collar and cap of 2.5% - 5% 50,517 4.49 £638,680 BOREHAMWOOD PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES 6 MARBLE PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES PORTFOLIO Unit 1-3, Hamilton Business Park, Stirling Way, Borehamwood, WD6 2FR Units 1-3, Borehamwood Business Park, Stirling Way, Borehamwood, Hertfordshire WD6 2FR W a t l in g Elstree & ss S Borehamwood t Fu r Pa ze h il l e R By- n o m La a Allu d et n ar B E l s t r e 1 e A H i l B l arne t Ln 1 d 41 a A rnet Ro Ba B a r n A411 e t G a B t 5 e 5 2 Ln Elstree Open Space M1 y a W Edgware t e n r a B W a 1 y Edgwarebury A B A 9 55 5 Park 0 2 1 5 A y E Wa oad dgware on R Lond Wa S n 9 L t t o 0 f s or r n 1 d e e Wa g n m r L A5 y m o le a v a H e H ale H Ln 09 1 5 EDGWARE A MILL HILL BROADWAY created on Plotted Scale - 1:1,250 LOCATION & SITUATION DESCRIPTION SCHEDULE OF ACCOMMODATION TENANCY Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, gives notice that: (a) these particulars do not Borehamwood is located in Hertfordshire, approximately 7 miles east con ◆stitute Tin radewhole or in counter part an offer or candontract for showroom sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as The property is let to Multi Tile Ltd (t/a Topps Tiles) for a term of statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employmentArea GIA Sq M Sq Ft has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and of Watford, 14 miles south east of Hemel Hempstead and 14 miles contractual◆ Concr obligations toete be given frame or undertaken construction by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for 15 years from 5th August 2008. The current passing rent is lease between the instructing party 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 Unit 1 - GF 135. 0 1,453 north west of Central London. The town holds a strategic location 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 £109,429 per annum, reflecting £17.06 psf. the trading Unit name of Allsop1 comprises LLP. office / ancillary accommodation arranged north west London, located off the A1 which in turn provides direct over 2 storeys under a flat roof Unit 1 - 1F 135. 0 1,453 The lease is subject to annual rent review liked to RPI with a collar access to Central London, with the M1 3 miles south and Junction 23 ◆ Units 2-3 comprise single storey industrial space under a Unit 2/3 325.8 3,507 and cap of 2.5% and 5%. The next review is on 04/08/2021. of the M25 motorway approximately 3.5 miles north. pitched roof Total 595.8 6,413 The property occupies a prominent position on the eastern side of ◆ Constructed in the 1970s and refurbished in 2007 TENURE Stirling Way fronting directly onto the A1 which runs parallel. Stirling ◆ Eaves height of approximately 3.5m (11ft) Freehold. Corner roundabout lies 200 metres south of the property providing SITE ◆ 2 roller shutter loading doors access to the A411 (Barnet Lane). Stirling Way is characterised by a The site area extends to 0.16 acres. mix of office and industrial buildings. ◆ External yard to the front with customer parking ◆ Access to a shared parking area at the front, providing Elstree and Borehamwood railway station lies circa 1.5 miles north a further 19 parking spaces west, providing regular direct services into London St Pancras in a fastest journey time of approximately 24 minutes. Heathrow International Airport is approximately 19 miles south west and Luton Airport lies approximately 20 miles north. Local occupiers include Currys, BMW, Safestore and QuickCo. Passing Rent: £109,429 p.a. Next Review: 04/08/2021 Annual RPI linked reviews (2.5% - 5.0%) 7 KIDDERMINSTER PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES 8 MARBLE PORTFOLIO OF SIX TRADE COUNTER UNITS LET TO TOPPS TILES PORTFOLIO Topps Tiles, Whitehouse Road, Kidderminster, DY10 1HT Whitehouse Road, Off Worcester Road, Kidderminster, DY10 1HT ad Ro m ha ing ay irm w A B g 4 in 5 R 6 A ’s 4 y 4 r 456 2 a A M k t S o 6 o 45 r A b e k a l B ad Ro ley Bewd d a o A4 R 48 Comb Wood field C re w erton s e Ro t ad N C e S astle Ro is ad Kidderminster nch Fra A y a 4 w 5 g 3 n 5 i R e h h T t Brinton Park u 1 o 5 S 4 Rd A d rt a o d p o r a R u to o r S R e 1 t 5 s 4 o e o A A h H 4 C ne 4 a L 2 ts 9 t e 4 W rn 4 a o B A r c d e s R e k t ar c e P r a n r o R utt r 9 S o B454 e T a t d d n a u o o l R B o o H created on Plotted Scale - 1:1,250 LOCATION & SITUATION DESCRIPTION SCHEDULE OF ACCOMMODATION TENANCY Misrepresentation Act: 1.