18 Murraygate, Prime Retail Investment Opportunity 18 Murraygate, Dundee Prime Retail Investment Opportunity

INVESTMENT CONSIDERATIONS

g Dundee is ’s 4th largest city with a resident population of over 200,000

g Highly prominent retail investment positioned on the prime pedestrianised retailing pitch of Murraygate

g Let to Thorntons PLC on FRI LOCATION SITUATION terms expiring 27 March 2017 at a Dundee is Scotland’s fourth largest city with a resident The subjects are situated on the western side of Murraygate, passing rent of £72,500 per annum population of over 200,000 and is situated on the north side of Dundee’s prime pedestrianised retailing pitch. Murraygate the River Tay estuary, 60 miles north of , 25 miles links the at the western end of the street, to (£84 per sq.ft. Zone A) east of Perth and 67 miles south of . The city is the the located at its eastern end. Surrounding principal centre in the Tayside region, providing the major occupiers include HSBC, JD Sports, Marks & Spencer, Tesco g focus for retail, administration, financial, leisure, education Metro, Phones 4U. New 5 year lease extension at and health services as well as boasting one of the UK’s re-based rent leading Universities. DESCRIPTION The city benefits from excellent motorway links to , g Creditsafe Rating of 97 out of Perth, Edinburgh and Aberdeen enabling over 90% of the The property comprises a well configured retail unit 100 indicating ‘very good credit Scottish population to be in Dundee within a 90 minute drive arranged over ground and first floors within a traditional time. Dundee is also situated on the main East Coast rail line, tenement building. The principal retailing area is located worthiness’ providing regular rail services to Aberdeen in the north and on the ground floor with ancillary storage accommodation Edinburgh and eventually to London in the south. Dundee located at the first floor. The upper floor residential flats are also has a domestic airport with regular flights to and from in separate ownership. g Offers in excess of £685,000 London, Birmingham, Belfast, and Jersey. reflecting a net initial yield of 10% Dundee is regarded as one of Scotland’s most attractive after purchasers costs of 5.8% in retailing terms supporting over one million sq ft of dedicated retailing floor space. Dundee’s total catchment retail expenditure is in excess of £1.4bn and the city has over 640,000 persons within a 60 minute drive. 18 Murraygate, Dundee Prime Retail Investment Opportunity

TENURE ACCOMMODATION COVENANT STATUS Heritable Interest. The property has been measured in accordance with the RICS With a trading history of over 100 years, Thorntons PLC is Code of Measuring Practice (6th Edition) and extends to the the largest independent confectionary company in the UK. following: The company is listed on the London Stock Exchange and TENANCY has a current Dun & Bradstreet rating of 3A1, classified as a minimum risk of business failure, based on their latest Following a strategy review last year, Thorntons announced SQ. M SQ. FT accounts filed in July 2012. they would re-shape their own store portfolio concluding Ground floor 82.78 891 they could trade profitably from an estate of 180 – 200 stores. For the year ending 30/06/2012 the company recorded a sales These stores are to be located in vibrant high streets and First floor 113.81 1,225 turnover of £217.14m, a trading loss of £2.21m and a tangible malls with sustainable footfall and rents that support their net worth of £10.02m. business model. ITZA 80.55 867 Thorntons has also recently announced its half year results Thorntons have successfully traded from the subject The ITZA of 867 sq. ft was agreed at previous rent reviews. for the 28 weeks ended 12th January 2013. Key points include: property for over 15 years and in March 2012 extended their lease for a further 5 year period at a re-based rent. • Revenues up 2.9% to £133.7 million (2012: £130.0 million).

The property is therefore let to Thorntons PLC on FRI lease • Profit before tax and exceptional items rose by £2.2 million terms expiring on 27 March 2017 at a passing rent of £72,500 to £5.3 million (2012: £3.1 million). per annum (£84 per sq.ft. Zone A). • Profit after tax rose by 49.3% to £4.0 million (2012: £2.7 million)

Further information can be obtained at investors. thorntons.co.uk Dundee

R E C C A S S R D N A N A C M R H H L N E L U I S N A R E E N I T L A R N 0 N N E C S N S A W S 1 R O D D E R T T T T E D A E E P G D & E 0 S 9 R A 1 R U E I A N N I R T S 2 G 5 C E V O R R N A N N - A A C Ryden LLP 14/3/2012H E I L O C 7 N A I A C D 7 L I & 8 E N - F C 2 M T E E 8 C T LA C U I D E G IE C 6A S W A S EA E T R E I H F N 6 E O 6 R T T T 6 S S U 5 1 C H 4 E 2 S MV R 7 B U 1 A E 2 P M A R 2 N M W ECOR 5 T H DING A 1 R S P A A E C O ` H L S R S 9 A L 3 A N 1 6 U C S T I B O R E R I A H T E - NGE O C A SERVICEAREA 11 D A O K R P O R R I 5 9 N S R TE A LEP E H 6 ON K E E H S V G 7 N S C A W A M S T D S A N C S A U H I S S N K O 9 K A A 2 3 R O A G G T 0 6 E E N L E EPHO N E P N E E A S 7 - V A T O N BA G X N NK O IC W F SCO E TL P A R 5 N E AN T D I A W IC R T 6 P Y O E S

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S R 3 E E 6 G 6 IFT CITY R N VAC - ANT 6 I A

1 HOUSEHOL W 18 Murraygate, Dundee 6 D GOOD EV S SD D ANS ` A R E 4 P LAD T Y I R E E A S W 6 E N AR N F H A E O T P A E A W H T T N SE E C R D T R C VIC E CL E E A SC ARKS S I H R O 5 T R EA MET R 1 O E M R 5 4 M O E A I Prime Retail Investment Opportunity T N E SH 14 Z T C S OES H EN D A UPE O E R RM V C E AR 2 A O KET FA R H BR 0 O IC 8 3 G T S & 6 AME EX 6 5 T

5 3 VACA JJB COMP 3 NT SPOR UTER TS GAME S S S 1 P PORT ECSA S 5 V GOO E ERS DS ENTRA OPT L Y NCE 0 ICIA AD VO A N T IE OV 6 S NN 1 VA ER A E RE CAN C S 3 C T ES A S 4 OR 6 VO IES - UA DA FON 2 VAT E G TE 6 6 Q LEP HONES 4 MA E Y R S 5 KS & 4 SPEN T T A CE The property is elected for VAT. We assume that the purchase can be enacted V R 5 ACA A 9 R NT 4 V 7 AR 4 IE R 2 TY E S by way of a Transfer of a Going Concern (TOGC). - TO G COUN GAM ( RE B C 3 3 IL ES R OFFI TATI R ET 2 CES CO ON A A L MP IL F U 0 TER G LOO A 4 R A M ES U S) E HO S 1 D R EIC M SE 2 H ADE MANN WY - CCO ND

PROPOSAL 9 SHO 1 E E MPLOY (2 RET S ME AI 9 NT AG L FLO ) EN O 3 LA CY RS) Y DBRO - KE A S

G We are instructed to seek offers in excess of £685,000 exclusive of VAT for our D 5 N 3 PHON I N B S E D E S U T I 4U TING OF T A R E S FIC clients heritable interest subject to and with the benefit of the existing lease. LEP 0 E R E HO G N O E 3 A R S Y L N 1 H I ENT O A R Y 5 & & D A purchase at this level reflects a net initial yield of 10% after allowing for E T CAR D S D F A N S ACT 1 A O L C N RY D B O H 3 E O L N R I 8 T CAR E RAN T T D DS CE L U A & 2 L G L purchasers costs of 5.8%. B A O IFTS T A B S E O Y 9 MO A 7 H F UNTAI A 9 N S C W 2 U AR I D R 1 E H EHOUS RYS.D T E - IG 8 H L Y D R ITAL T P 6 U 5 A R T C ET 2 T E AIL 2 9 H P 5 H P A H E OME E Q & S NTE D S C RTA T - INME D P E X N FURTHER INFORMATION/VIEWING R T C 9 P I E Y 3 F T A VA H Y F ORN CA 0 TO D N N L O S T 4

8 N C IL CO N NF 1 1 & B O C IS O 0 3 To arrange a viewing or for further information please contact the joint selling O JD 5 0 N M 2 - U S 7 T - 1 M N S - H 0 O BEA M POR E G C V A A 8 8 ER A 7 T 3 agents: M 9 BRO I ( S G UG T O 0 KS 1 2 R O 7 ER R E O - N 0 T DS . A 4 E 9 JE T IL F P 1 W 1 U EL 1 L RA LER S OO BL R N U 1 R IC 9 E S) H - O A 6 C W A AR U T D KI SE Rod Leslie N - O DO VE WA Nick Armstrong T H 9 S CAR E M R S 8 I T E PHON OT R R P A A WA E P 3 HY E R REH ( LA O V 0 P C 9 OUS 1 D E T R L H TE E 0 IE R S 4 & LE 0 S K PH - I . W N Savills A T O 1 Ryden LLP E R NE E S 0 S BU A 5 E R S S R 4 R R C U O L 4 E 9 1 T O R N 2 8 A T ON & TH 6 OP N I LO E T 5 B HE D 1 M ING CA A S E F F E T ISNE EN FE NA 46 Castle Street Wemyss House, 8 Wemyss Place G D N 9 R Y ST S W CK IL N E 0 ORE E BA U G (2 AR R A D A E R T T 8 TO ET OV 3 L L 8 YS & 8 AI ER S E N E E E GA L F 6 EA Edinburgh Edinburgh R V V E MES LO G E A A 8 O AT (2 R R R S 6 T RS CO E T T T E ) N OZ N H 8 V S O ZY IC S 4 T R S EH2 3BN EH3 6DN E I A A 9 B O IG C V / CC ON T IN K T ESS - M C A R 8 OR A N L L E E C 0 IZE RC O S H E T U E 6 5 E H S P Y - WI ING 0131 473 3223 0131 247 3812 Q L L 8 L - L LL E G 2 ACC AD IA 6 IA R ESS IES B M 3 U H N E 2 E H C A I WE TT I F C E N R S A IN LL N T T R G 59 R E 7 R [email protected] [email protected] A N O - 6 N A M 8 FF 4 1 N E IC M I E E A O E 3 F L C G T 7 M P & S 4 ON IZ 5 R 3 S ZA 7 S E OO D EN F A - N E T Y I E TA R W O N LA KE OM 1 DI A T A W ES AW A W A 2 L R M S S EA BUS Y LO E S R H 3 9 YD H N S (2 M B S O E A RET C AR P BA T P D AI EW U R U M G L F A 0 BL S N S LO Y NS IC E (P O 3 H E E G 4 E RS T L O R . E ) E L U P 00 X D TH E O S T P C E E I S YD E M M & E S B R S P O E C T N A D T T H D H U O - I R L R O N 1 C 1 S B I TH Y I G S 1 A U A S S I E & .0 B N & H H R L R S S B O E 0 L E P S G L M R A A E S O E U I L A L M D A E L A N 6 K IN B M W & 3 T 2 H N D M N L R N S O T O L Y Y D I N 2 G A O L O U 7 `S K Y N O T I D H U D A IM Y E G L EA I S A D U E L N M D N O U I E 6 I E S N Y N B L A G 1 E H C E D - - O S PU SUBJECT TO CONTRACT A S 6 H T N ` BL S ZA Y A T O A O IC RA ) T 3 O E H L U 5 W L R O S O C ADI R B US ES & D 7 C T U E O ME A - N Y O Misrepresentation Act NS 5 T (3 WE Y 9 E H U RETA AR E IL F K IC T Messrs Savills Commercial Ltd for themselves and for the vendors or lessors of this property whose agents they are, give notice that: R LO 5 C L 5 H ORS 3 I E L T ) T B OW U DO P P W 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute, nor 5 UB N 1 LIC 4 H constitute part of, an offer or contract. BA OU 9 R S R EN E T H T TR E 2. All descriptions, references to condition and necessary permission for use and occupation and other details are given in good faith and A AD V T H& EL R are believed to be correct but any intending purchasers should not rely on them as either statements or representation of fact but must M E A AV G E E L 5 S satisfy themselves by inspection or otherwise as to the correctness of each of them. All dimensions are approximate. C ) N S LOT E T 2 & D H Y F K ING R R G L AM C N 3. No persons in the employment of Messrs Savills Commercial Ltd has any authority to make or give any representation or warranty O A W N P E G O R P L T O W T P S O 4 IC P O B & whatsoever in relation to this property. A IC R U M R R 9 K ) S L F S A E S T O R O E ` S P E M C D L 4. All correspondence regarding this offer is subject to contract. N T X 4 L E R I P 5 N A C R E N VA S I IA E E O CA S H W O Designed and Produced by Savills Marketing: +44 (0) 20 7499 8644 NT R N O S E T L T J P S F S

Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2013. Not to Scale - For Identification Purposes Only. Identification - For Scale 2013. Not to Survey no. 100018190. Based on Ordnance Copyright - licence Crown O March 2013 3 R L H E 9 E S I H D T K A S R T EP E A O UBL E A E I G P C W O T E L/W I ( R R&M B S F /W 2 F T R ( O T SL O R ATER H 3 C N E ME 5 C B NSWEA 4 A S R 2 C H R - T E EN 4 A U T T 4 N N O M E V /W C C T A R M T I I 4 L R L 0 O I C T A I H A E 3 E N 1 P T N I W M E I N O A R 3 P A S L A 8 & H L L ME O 50 metres 18 Murraygate, Dundee Prime Retail Investment Opportunity

EPC The property has an Energy Performance Certificate rating of D.