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Princes Street & Rose Street PRINCES STREET & ROSE STREET EDINBURGH EDINBURGH A PRIME VAT-FREE FLAGSHIP RETAIL STORE 109/112 Princes Street & 144/152 Rose Street EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Investment considerations • Edinburgh is the capital of Scotland and a major International City. • Princes Street is one of the UK’s most exclusive shopping destinations. • A flagship property with scope to extend above & behind 109/110 Princes St. • Let for a further 40 years to Debenhams Properties Limited with a guarantee from Debenhams Retail Plc. • Substantial reversions from current peppercorn rents • Offers in excess of £27,250,000 subject to Formal Missives • An initial yield of 4.5% with a reversion yield of 6.52% and equivalent yield of 5%. EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Location Economy Edinburgh is Scotland’s capital City, located 400 miles north of London Edinburgh has consistently been one of the most prosperous cities in the UK and 45 miles east of Glasgow. The city benefits from excellent road and has the strongest economy of a city outside London. communications, with efficient motorway links to the north via the M90, to the west via M8 and M9, and south via the A1M. The city is the second largest financial centre in the UK and the fourth in Europe, based on assets under management. Edinburgh has been There are regular rail services from Edinburgh throughout the UK, with Scotland’s centre of banking and finance for over three hundred years and the fastest journey time to London’s King Cross of approximately 4 hours. is still the headquarters for the Royal Bank of Scotland and Lloyds Banking Edinburgh International airport provides regular daily flights throughout the Group. Standard Life and Scottish Widows form a large part of the European UK, to the United States and many European destinations. insurance and equity markets and are major employers in the city. Edinburgh has a population of approximately 470,000, with a catchment population of approximately of 874,000. The city is ranked fourth within the UK based on the provision of retailers and eighth as a percentage of floor based in the catchment population. It also benefits from a strong tourist industry, with over 4 million tourists per annum providing an annual visitor spend of approximately £1 billion. Edinburgh 4 hours London EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Retailing in Edinburgh Situation Edinburgh provides approximately 2.1 million sq ft of retail floor space, The property sits in a prime location within Princes Street overlooking the which ranks the city thirteenth of the Promis centres, and includes Princes Castle and between the junctions of Castle Street and Frederick Street. The Street, George Street, Hanover Street, Frederick Street, Rose Street and property adjoins River Island and is in close proximity to Next, Zara, Boots the St. James centre. and Russell & Bromley. Princes Street has traditionally been the prime retailing thoroughfare and There are many buildings on Princes Street of architectural and heritage historic location for stores such as Jenners, House of Fraser, Debenhams interest and the provision of restaurants, cafes, coffee bars and hotels has and Marks and Spencer. In recent years Princes Street has also provided helped create a unique shopping experience that continues to appeal to the flagship stores for Next, Zara, Top Shop and New Look, with most recently consumer catchment and visitors to the city. Primark’s largest regional store of approximately 70,000 sq ft. The city centre will benefit from the new 14 Kilometre tram service which In the last five years George Street has emerged as the high end fashion connects Edinburgh Airport to York Place in the City Centre. Along the location for many national and international fashion retailers. It is anchored route are 15 tram stops connecting passengers with bus and rail services at the Eastern end by St. Andrew’s Square, Harvey Nichols and Mull Trees and popular shopping and commuter destinations. Passengers are Walk, attracting retailers such as Armani, Louis Vuitton and Mulberry. At expected on Edinburgh’s trams in May 2014 with the full journey taking the Western End is Charlotte Square, a prestigious location renowned for approximately 35 minutes. its restaurants, hotels and bars. Today, Edinburgh is much sought after by major UK and European retailers as they expand from London and the South East. EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Description The property comprises a substantial department store developed in 1978, combining the original property, built in 1869, with adjoining properties. Arranged over basement, ground and four upper floors, the property extends to approximately 108,200 sqft, with the following areas and dimensions. Some of these are demised under the Leases. Accommodation 109 PRINCES STREET 112/112A PRINCES STREET FLOOR SQ FT SQ M FLOOR SQ FT SQ M Basement 290 27 Basement 9,279 862 Ground 965 90 Ground 8,271 768 First 3,721 346 First 7,051 655 Mezzanine (Upper First) 3,660 336 Mezzanine (Upper First) 2,036 189 Second 3,580 332 Second 8,304 771 Third 3,530 379 Third 7,814 725 Fourth 2,913 270 Fourth 7,372 685 Fifth 6,477 601 Total 18,656 1733 Total 56,604 5,256 111 PRINCES ST, 99 ROSE, ST SOUTH LANE 144/152 ROSE ST , 112/114 ROSE ST SOUTH Basement 3,010 280 Basement 4,883 454 Ground 2,991 278 Ground 3,436 319 First 2,779 258 First 3,491 324 Mezzanine (Upper First) 844 78 Total 11,810 1,097 Second 2,925 272 LINK BRIDGE Third 2,861 269 Second 817 76 Fourth 2,657 277 Mezzanine 942 87 Fifth 1,321 122 Total 10,054 108,200 Roof 650 60 Total 20,038 1,864 EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Tenancies The properties are fully let on four separate leases all expiring 18 November 2054 at a total current rent of £1,292,555 per annum. The leases are all on effective FRI terms let to Debenhams Properties Limited with a guarantee from Debenhams Retail Plc. A summary of the leases is as follows. Area for rent Utilised Property Lease Terms Rent P.a. ERV p.a. Comments Review (Zone A) 109 Princes Term: 76 Years Zone A 600 £88,200 £88,200 Hypothetical standard unit for review purposes. Street Commencement: 5th Dec 1978 Zone B 600 (£200za) (£200za) Rent Reviews: 11th November 2008 and 5 Yearly Provision Zone C 368 Full Rack Rental Market Value shall mean the full annual rent at for the review pattern to change after 11th November 2003 to which a standard retail shop with a frontage of twenty feet to that market practice part of Princes Street. Edinburgh at or near the leased subjects and Basis of Review: Greater of a)annual rent payable in the a depth of eighty feet could be let with VP by a willing landlord to a period immediately before the review date and b) such sum willing tenant on the Open Market at the review date. as shall equal 42% of the full rack rental market value at the review date in question 111 Princes Term: 99 Years N/A £4,350 £406,750 Street and Commencement: 18th November 1955 (£20psf) 99 Rose St Rent Review: N/A South Lane 112/112a Term: 74 Years 2 months Basement Sales 8,360 sq ft £1.2m pa £1.2m pa Valued as a unit on 3 floors (used as sales) and enhanced by a Princes St Commencement: 18th September 1980 (£200za) stated 31.16% to reflect additional floors. Areas shown were used Rent Review: 5 yearly Ground Sales 6,700 sq ft at the last rent review. First Sales 6,316 sq ft Total Sales 21,376 sq ft 144/152 Term: 74 Years N/A £5 £185, 000 Comprises a traditional building arranged over basement, ground Rose St Commencement: 19th August 1983 (if demanded) (14.85psf) and first floors. and 112/114 Rose St South Lane EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY Tenure Feuhold Estimated Rental Value In our opinion the leases to 109 and 112/112a Princes Street are rack rented based off approximately £200za. The two leases let on nominal ground rents are substantially reversionary and in our opinion have an estimated rental value in the order of some £591,750 per annum. With vacant possession, we consider that the open market rental value equates to £1,600,000 pa. This equates to £14.85 psf and is comparable to the review settlements of similar stores in Cardiff, Leeds, and Liverpool. The estimated rental value based on the current lease structures is in our opinion £1,880,000 pa. There are further opportunities to extend above and behind 109/110 Princes St,where the upper parts extend only a small proportion of the site. Covenant Information Debenhams Plc is one of the UK’s leading fashion department stores trading from over 150 stores throughout the UK. For the year ended 31st August 2013, the company reported pretax profits of £154 million on a turnover of £2.282 billion. For a similar period, Debenhams Properties Limited reported a turnover of £94.137 million and a net worth of £202.445 million. EDINBURGH : 109/112 PRINCES STREET & 144/152 ROSE STREET A UNIQUE RETAIL INVESTMENT OPPORTUNITY VAT The property is presently VAT-Free and a purchaser can elect to have the property registered for VAT if preferred.
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