Witham • Essex

PRIME SHOPPING CENTRE INVESTMENT OPPORTUNITY INVESTMENT CONSIDERATIONS

• The scheme is a dominant modern • Current gross income of £624,554 shopping centre containing the per annum with current passing net majority of the retail pitch in Witham. income of £576,812 per annum after deduction of occupational shortfalls. • Adjoins Tesco supermarket and principal shoppers car park for the • Favourable estimated rental values town. (ERVs) average c. £40 sq ft Zone A with the total ERV estimated to be £708,694 • Freehold. per annum.

• Total accommodation of 53,243 sq ft • WAULT of 4.1 years to lease expiry (4,946 sq m) comprising 25 retail units. (2.74 years to tenant break).

• The centre boasts a wide variety of • A number of asset management local and national retailers, including: opportunities to enhance value. Costa, Boots Opticians, Specsavers, Superdrug, Clarks Shoes, Poundland, • Offers in excess of £6,546,000 are Shoe Zone, Holland and Barrett, M&Co invited for the freehold interest. and Select. • An attractive net initial yield of 8.25% • Customer access to 369 free parking a reversionary yield of 10.14% an spaces. equivalent yield of 9.95% and a true equivalent yield of 10.6% assuming • Good retailer demand evidenced by a purchaser’s costs of 6.80%. number of recent lettings and high level of occupancy.

• Strong income profile with 81% of gross income secured to national multiple retailers.

The scheme is a dominant modern shopping centre containing the majority of the retail pitch in Witham

2 3 11

F Bedford M11 LO M1 R 10 A Haverhill R WITHAM Biggleswade O Newport Pagnell IPSWICH A 9 Sudbury D 14 Royston Sa�ron Walden LL END 8 13 S HA 1 10 ER 0 Located in the South East of England and lying within POW C 1 Felixstowe HIP B D PIN the county of Essex, the market town of Witham has a L EN G 9 AL HI 12 Harwich RS H LL resident population of 25,353 (2011 Census) and is part POWE 8 S

P of the district of Braintree (ONS). The town stands 8 Braintree A Witham 2

7 R 11 Luton STANSTED 1 miles (13km) from the city of Chelmsford to theDunstable south 8 COLCHESTER O Station A A D Bishops A 10 A1(M) D LUTON Stortford O west and 13 miles (21km) from Colchester to the north R 6 R Aylesbury 9 Welwyn E Ware WTAM T east; London is approximately 45 miles (72km) to the 5 Garden S Tring M11 Clacton-on-Sea E M1 City T H Hemel 4 H C south west. E L Hempstead 8 Maldon C A 3 Hat�eld Harlow O 7 CHELMSFORD O V C Berkhamsted 7 E 1 2 L N H U 22 L I E I G N 20 D H 24 25 26 G A Amersham 19 M25 5 F W I O E R Watford 5 O 6 18 L M1 Barnet En�eld S 5 Brentwood D O T High Wycombe 17 4 S H E R D 9 E 28 N M40 M11 Rayleigh O R 8 G 4 Beacons�eldRickmansworth 2 A O 3 R R Witham is located3 1 O 4 D U 2 29 A B V

O 1 Basildon Southend-on-Sea D E B Harrow Marlow 1 E A40 CITY M25 E Maidenhead Uxbridge R in the South EastSlough of Canvey Island F

7 30 6 LONDON 2 4 2 1 31 3 Woolwich 1 Richmond T Tilbury E A England andM4 Windsolyingr 14 HEATHROW Dartford Sheerness E R M 13 2 Gravesend Margate T A 10 Herne S L 1 Rochester D Staines 1 Bay D 1 Bracknell Kingston Swanley N O upon Thames 2 Gillingham A N within the county L R 11 Whitstable W D PA E 4 M20 Chatham Sittingbourne E S 3 4 Ramsgate N V TU 3 5 NTS H O RE M25 BLU AL OAD R RD Camberley 2 4 L R G 10 3 M2 6 7 E 4 Woking 9 5 6 TH of Essex 5 7 9 7 M3 Leatherhead M25 8 Canterbury 5 6 Sevenoaks S 8 Maidstone P Deal IN Aldershot Guildford Dorking K S L Farnham Tonbridge A M23 N M 9 T E E A E WITHAM Ashford Dover R L T D S O E G N D I R H R O O B 2 W A COMMUNICATIONS B D 1 R A ID G E R D Witham is aided by high quality communications; by AD O road, train and air both inward to London and outward R D RENC L LAU E AV IE E to the rest of East Anglia, as well as having many F T A national links. Situated on the A12 midway between H Chelmsford and Colchester, Witham has swift access routes off the M25 as the A12 services Central London directly. Additionally, just 6 miles north of Witham lies the A120, providing a link between the town, Stansted Airport and much of the M11 corridor. By rail, the Grove Centre is serviced by Witham Train Station, providing DEMOGRAPHICS AND frequent commuter services to London Liverpool LOCAL ECONOMY Street. Moreover, Witham station is the point at which the Braintree branch meets the Ipswich main line, allowing passengers to travel to destinations such Witham, in 2011, had a resident population of 25,353 as: Ipswich, London, Braintree, Norwich, Cambridge, within the radius of the town, and this was predicted to Stansted airport, Lowestoft and Felixstowe. All of these rise to 26,035 by 2015 (City Populations). Essex, due to services are operated by Abellio Greater Anglia, with an its close proximity to London, allows the county to be a average journey time to London standing at 45 minutes. centre for business and commerce. Much of the eastern With its excellent transport links, Witham has a large side of Witham has a large concentration of industrial number of residents who commute to London; this was estates, for example: Crittall Windows, a national highlighted by the Witham Railway Station appearing in manufacturer, relocated to occupy a new factory on the the 150 busiest railway stations in Great Britain (Office Freebournes Industrial Estate. Despite the dominance of Rail Regulation). The bus station is located outside of industry, tourism is also a key contributor to the Essex the railway station, from where Plusbus operate local economy. Approximately 8% of all residents in Essex trips around the town and to many major settlements are considered to be employed by the tourism industry in south east Essex. The nearest passenger airport (ONS). Witham’s primary and secondary catchment is London Stansted, which is 23 miles (37km) to the has a high percentage of residents who own their northwest; the airport is the fourth largest in the UK, households at 73.2%, in contrast to the national average servicing 24,320,000 passengers in 2016 (Civil Aviation of 63.6%. Additionally, around 72% of residents in this Authority). Stansted provides both domestic and catchment are economically active, compared to the international flights. national average of 69.7%.

4 5 Demise line for indicative purposes only

MAYLAND HOUSE 66,000 SQ FT (6,132 SQ M) COFUNDS

MAYLAND ROAD TESCO MAIN TOWN CAR PARK SUPERMARKET (369 SPACES) RETAILING IN WITHAM SITUATION

Witham has a mainly linear town centre focused The Grove Centre is situated upon the south- around the high street and two shopping eastern side of Witham’s busiest retailing precincts, which forms a cross that bisects the thoroughfare, Newland Street. The town’s high street – the Newlands Shopping Centre main retail space is primarily organised within with a 1970s design to the north, and the the Grove Centre and the smaller Newlands more modern Grove Centre to the south. The Shopping Centre, lying directly opposite the town centre consists of around 270,000 sq ft scheme. The centre is also bordered by Maldon (25,080 sq m) retail floor space, yet much of Road to the south-west, Mayland Road to the this is comprised of period buildings. The Grove north and The Grove to the south-east. The Centre is one of the few locations in Witham Grove Centre is configured with pedestrian where retailers have access to modern retail access from both Newland Street and the 369 accommodation. There are also a range of small space shoppers surface car park to the rear of MALDON ROAD NEWLAND STREET shops, restaurants, pubs, major high-street Tesco. banks and national commercial chains, which draw consumers into the centre of Witham.

TRAVIS PERKINS

INVESTMENT IN WITHAM AND BRAINTREE

1. In December 2014, one of the UK’s addition to the development, Redrow leading financial firms, Cofunds, homes have promised to invest c. £6 decided to relocate from Chelmsford million into the surrounding area; a to Mayland House in Witham, a large spokesperson for the company said 66,000 sq ft (6,132 sq m) office block ‘education will receive £4.8 million, virtually adjacent to the Grove Centre. with almost £480,000 allocated for This move allowed the relocation of 600 transport, £350,000 for a community permanent jobs in the largest single hall, £246,000 for health, £225,000 for office letting in Essex for 10 years. sports and finally £20,000 set aside for Mayland House town centre improvements’. 2. Redrow homes have begun construction of 525 private sale homes 3. Bellway homes have also begun on a 36 hectare panel of land on the construction of more than 300 outskirts of Witham. The development, homes at Rivenhall Park. This is a known as ‘The Mulberries’, will include a contemporary development of 2, 3, 4 mix of properties ranging from two- and 5 bedroom homes in Witham within bedroom apartments to substantial walking distance of the town centre and five-bedroom detached homes. In train station.

6 7 DESCRIPTION

Opened in 1988, The Grove Centre is a purpose built establishment located within the centre of Witham. Set on the eastern side of Newland Street, the centre provides approximately 53,243 sq ft (4,946 sq m) retail accommodation, typically over two floors, as well as site management facilities and community areas. Typically, each retail unit comprises a sales/retail level on the ground floor and storage/ancillary space on the first floor. The mall, with easy access from Newland Street, at the front of the centre, provides the main pedestrian through route to the Tesco superstore and car park. The accommodation is arranged around this appealing central mall, with the units located within a staggered terrace structure.

As the centre is the main retail destination within Witham, the Grove Centre boasts a wide variety of local and national retailers, including: Costa, Boots Opticians, Specsavers, Superdrug, Clarks Shoes, Poundland Shoe Zone, Holland and Barrett, M&Co and Select. These retailers are serviced via 3 service yards which can be can accessed from Maldon Road and Mayland Road.

The Grove Centre is a purpose built establishment located within the centre of Witham

8 9 Witham

TENANCIES AND INCOME

Prime rents in Witham were greatest in 2008 at approximately The Grove Centre has a current gross income of £624,554 per £45 per sq ft in Zone A. The centre is now the premier pitch within annum. After deduction of occupational shortfalls, The Grove Witham; current rental levels enable the centre to experience Centre produces a net operating income of £576,812 per annum. rental growth in the future. In our opinion the centre has an estimated rental value of The centre is let in accordance with the Tenancies and £708,704 per annum based upon an average Zone A rate of Accommodation schedule attached. The leases are drawn c. £40 psf. on effectively full repairing and insuring terms by means of a comprehensive service charge.

Current gross income of £624,554 per annum with current passing net income of £576,812 per annum (369)

Experian Goad Plan Created: 02/08/2017 38 metres Created By: Coady Supple LTD Copyright and confidentiality Experian, 2017. © Crown copyright and database For more information on our products and services: rightsTENURE 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011

The property is held freehold.

10 11 SCHEDULE OF TENANCIES AND ACCOMMODATION

Address & Occupier Lease Dates Passing ERV Areas Current Landlord Shortfalls Comments Unit Tenant Trading As From Term to Break type & Next Break Next Rent Passing Passing ERV ERV ITZA Total Total Total Total Rates Service Insurance Total Years Notice Period Date Review Rent £ Rent £ Zone A Sq ft Sales Ancillary Area Area Shortfalls Charge Shortfalls Current Zone A £ £ Sq ft Sq ft Sq ft Sq m £ Shortfalls £ Shortfalls £ £ Unit 1 Sevenoaks Sound Sevenoaks Sound 25 Mar 1988 25 24 Mar 2013 38,500 39.90 36,000 37.30 910 1,728 1,097 2,825 262 0 0 0 0 Holding over & Vision Limited & Vision Unit 1A Shoe Zone Limited Shoe Zone 30 Jun 2017 2 29 Jun 2019 02 Jan 2018 10,800 10.60 37,750 37.00 963 1,622 1,153 2,775 258 0 10,573 416 10,989 Mutual rolling option to break after 02.01.2018 with 3 months notice. Rent inclusive of service charge & insurance. Unit 2 (part) & 3 Costa Limited Costa 15 Feb 2008 10 14 Feb 2018 48,500 40.50 44,300 37.00 1,164 1,698 647 2,345 218 0 0 0 0 No memorandum held for rent review dated 15.02.2013. Section 26 notice served by tenant. Lease renewal discussions underway. Unit 4 Specsavers Optical Specsavers 29 Sep 2013 10 28 Sep 2023 TBO on 6 28 Sep 2018 29 Sep 2018 25,000 37.70 25,000 37.70 626 998 737 1,735 161 0 0 0 0 Tenant option to break 28.09.2018 on 6 months Superstores Ltd months notice notice. Unit 5 Havens Christian Havens Hospice 17 Mar 2015 10 16 Mar 2025 TBO on 6 17 Mar 2020 17 Mar 2020 25,000 34.20 25,000 34.20 698 1,375 650 2,025 188 0 0 0 0 Tenant option to break 17.03.2020 on 6 months Hospice months notice notice. Unit 6 Holland & Barrett Holland & Barrett 09 Jul 2008 15 08 Jul 2023 TBO on 6 09 Jul 2018 09 Jul 2018 36,000 50.30 26,500 37.00 680 1,295 718 2,013 187 0 0 0 0 Tenant option to break 09.07.2018 on 6 months Retail Limited months notice notice. Unit 7 Age Concern Age UK 25 Feb 2008 10 24 Feb 2018 25 Feb 2013 20,000 45.60 16,250 37.10 417 485 424 909 84 0 0 0 0 England Unit 8 Under offer to 0 0.00 36,250 37.00 932 1,497 952 2,449 228 0 0 0 0 Under offer to Baldwins Department Stores, Baldwins initially for a 6 month licence covering occupational Department costs, with the intention of converting into a long Stores term lease. Unit 8a The Works Stores The Works 13 Apr 2010 10 12 Apr 2020 35,000 34.30 37,800 37.00 970 1,599 1,012 2,611 243 0 0 0 0 Tenant break in 2015 was not actioned. Limited Unit 9 Superdrug Stores Superdrug 24 Jun 2017 5 23 Jun 2022 60,000 37.90 60,000 37.90 1,562 2,976 928 3,904 363 0 868 0 868 3 months rent free period to be topped up by the PLC vendor. Tenant excluded from marketing costs. Unit 9a I Candy Cards & I Candy 29 Oct 2016 10 19 Oct 2026 TBO on 6 18 Nov 2020 20 Oct 2021 32,500 36.90 32,500 36.90 837 1,555 872 2,427 225 0 0 0 0 The tenant has a service charge cap of £7,200 in Gifts Ltd months notice the first year of the term. Tenant in administration, lease being assigned to Cardzone, completion imminent. Unit 10 TUI UK Retail Ltd Thomsons 19 Jan 2015 5 18 Jan 2020 25,650 26.10 36,250 36.90 958 958 476 1,434 133 0 0 0 0 Tenant option to break 19.01.2018 on 6 months notice has not been exercised. Unit 11 Genus UK Ltd Select 23 Feb 2008 10 22 Feb 2018 56,000 37.80 54,750 37.00 1,474 1,898 114 2,012 187 0 0 0 0 From 23 February 2008 - 26 June 2008 = £29,250; from 24 June 2008 - 23 June 2009 = £40,000; from 24 June 2009 - 22 February 2013 = £56,000 and for the remainder of the term, annual rent is as calculated in accordance with Clause 6 (Rent Review) Unit 11a FF Vacant 0 0.00 5,000 60.20 0 0 1,660 1,660 154 1,629 6,325 248 8,202 Not separately assessed for rates (covered under unit 11). Potential for residential conversion. Unit 12 Boots Opticians Boots Opticians 21 Apr 2016 4 14 Dec 2019 23,500 24.50 23,500 24.50 919 928 810 1,738 161 0 0 0 0 Side letter allows monthly rental payments. Professional Services Ltd & S & Eyecare Ltd Unit 13 JSD Essex Ltd Clarks Shoes 14 Apr 2014 10 13 Apr 2024 TBO on 6 14 Apr 2019 14 Apr 2019 22,000 38.10 22,000 38.10 539 690 755 1,445 134 0 0 0 0 Tenant option to break 14.04.2019 on 6 months months notice notice. Unit 14 Barnado’s Barnado’s 19 Jun 2015 10 18 Jun 2025 TBO on 6 19 Jun 2020 19 Jun 2020 20,000 28.40 20,000 28.40 672 1,199 665 1,864 173 0 0 0 0 Tenant option to break 19.06.2020 on 6 months months notice notice. Unit 15 Mackays Stores Ltd M & Co 25 Mar 2013 5 24 Mar 2018 13,846 10.00 13,846 10.00 1,304 2,136 1,505 3,641 338 0 13,873 0 13,873 Mutual rolling break clause on 2 months notice. Rent inclusive of service charge. Unit 16 1st Glimpse Ltd Window to the 25 Jul 2017 10 24 Jul 2027 25 Jul 2022 16,000 25.30 23,250 36.70 633 1,011 0 1,011 94 0 0 0 0 HOTs agreed for a relocation from U37 Newlands Womb Street. Assumed lease dates. 3 months rent free then stepped rents, year 1 £14,000, year 2 £15,000 & year 3 £16,000 (topped up by vendor). Unit 16a FF John Masala Former office used 09 Feb 2017 1 08 Feb 2018 3,300 3,300 0 0 0 0 0 0 0 12 12 Tenant pays £275 / month (inc VAT) whilst John as residential Masala is employed as cleaner / handyman at the Grove Shopping Centre. Unit 17a FF Sharon Davitt The Witham 01 Aug 2017 0.5 30 Jan 2018 1,500 1,500 0 0 0 0 0 0 0 5 5 6 month licence with Sharon Davitt (t/a Witham Therapy Rooms Therapy Rooms - unit 13) at £750 (equating to £1,500 per annum).

12 13 SCHEDULE OF TENANCIES AND ACCOMMODATION

TOTAL RENTAL INCOME 624,554

OCCUPATIONAL SHORTFALLS (47,742)

TOTAL NET INCOME 576,812

INCOME ANALYSIS Carphone Warehouse £23,500 (3%)

MAJOR TENANTS BY GROSS RENT INCOME EXPIRY PROFILE TO BREAK INCOME BY COVENANT

S S £700,000 £60,000 (10%) £56,000 (9%) Local National Local £117,300 (19%) P C £600,000 £65,000 (10%) £48,500 (5%)

£500,000 S S V £38,500 (6%) £400,000 National B £507,254 (81%) £36,000 (6%) Rent Roll £300,000 R £177,404 (28%) T £35,000 (6%) £200,000

£100,000 I C £32,500 (5%)

T £25,650 (4%) £- £25,000 (4%) S £25,000 (4%) Initial Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

14 15 CAR PARKING ASSET MANAGEMENT OPPORTUNITIES To the south-east of the Grove Centre is a large, 369 space, surface car park. The car park is owned and operated by Tesco, • Proactively negotiate early re-gears for approaching tenant however because the Tesco superstore adjoins the centre, the breaks and lease expiries, in order to increase the WAULT. There are a number of asset freeholder of the Grove Centre can permanently benefit from customer use of the car park with the first 3 hours parking being • Opportunity for realising rental growth from the low average management opportunities free of charge. There is a nominal rent charge of £1 per annum. passing rents of c. £40 Zone A. The car park is also Witham’s main parking provision and is, • Consider methods to introduce mall income into the scheme to enhance value therefore, regularly well occupied. through commercialisation initiatives such as promotional days. • Increase the marketing budget and in-town signage to better MANAGEMENT AND engage with the local community and increase footfall. SERVICE CHARGE • Remove unit number 37, creating a larger and less ‘cluttered’ entrance and investigate a small scale redevelopment of this area (see below). The shopping centre’s costs are covered by a service charge, VAT WEBSITE these costs are apportioned based upon net internal floor areas. The service charge has a 31 December year end. The budget The asset has been elected for VAT and VAT will therefore be All supplementary ‘back up’ information is available on the for the current year to 31 December 2017 is £196,300 which SMALL SCALE chargeable on the purchase price if it is not possible to arrange password protected, marketing website. equates to £3.81 psf. The audited service charge for the year to for this transaction to be treated as a Transfer of a Going 31 December 2016 was £181,516 (£3.52 psf). DEVELOPMENT OPPORTUNITY Concern (TOGC).

The managing agents are Savills. The centre has two on-site Global Mutual, the asset manager, identified the possibility of a FURTHER INFORMATION members of staff (a full time centre manager and a part time small-scale development to enhance the Centre. The plans were assistant). The employment of the on-site staff will transfer on proposed in December 2016 and are shown here. EPCS sale in accordance with TUPE regulations. Address: The Grove Centre, Witham, Essex, CM8 2YT

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