Convenience Store Investment Opportunity 79 West Street, Bedminster, Bristol BS3 3NN

79 West Street, Bedminster, Bristol BS3 3NN 02

Investment Considerations

• Retail Investment opportunity in residential suburb of Bristol • Let to Tesco Stores Ltd on a 15 year lease expiring July 2021 • Rental income £55,728pa • Offers in the region of £810,000 reflecting a net initial yield of 6.5%

Location Bristol is the largest city in the South West of England with an urban population of around 550,000 persons. The city is located approximately 120 miles west of London, 80 miles south of Birmingham, 78 miles north east of Exeter and 40 miles east of Cardiff.

The city benefits from excellent communications being situated adjacent to the M4/M5 Motorways, providing easy access to London, South Wales, the South West and the Midlands. Bristol also benefits from two mainline rail stations, with frequent services to London Paddington.

Situation The property is situated on West Street in Bedminster, approximately 1.5 miles South East of the city centre and 1.7 miles west of Bristol Temple Meads rail station.

The area has a high residential population and local occupiers include a range of independent retailers.

79 West Street, Bedminster, Bristol BS3 3NN 03

Description

The property comprises a ground floor retail unit which is part of a mixed use block, forming the frontage to the Airpoint Scheme, a 255 unit residential development in Bedminster. The upper floors comprise residential apartments, which have been sold off long leasehold and are excluded from the sale. There is on-street parking in front of the store and a Tesco ATM.

The redline boundary on the plan opposite is for indicative purposes only.

Accommodation

The property provides an approximate net internal floor area of 3,671sq ft.

Tenure

Long leasehold 125 years from 1st January 2006 at a peppercorn rent.

VAT

The property is elected for VAT however we anticipate the sale will be treated at a TOGC.

Tenancy

Let to Tesco Stores Ltd for a term of 15 years from 3 July 2006 at a current rent of £55,728pa*. The lease therefore has approximately 9 years unexpired. The rent is subject to 5 yearly reviews, next due on 3 July 2016 and is linked to the Consumer Price Index (uncapped).

* 2011 review in the process of being documented.

79 West Street, Bedminster, Bristol BS3 3NN 04

Covenant Information

Tesco Stores Ltd (company number 519500) are the UK’s leading supermarket operator and feature on the FTSE 100 index. The company has reported the following financial results:

26/02/2011 27/02/2010 28/02/2009 Y/E £000’s £000’s £000’s Turnover £40,149,000 £38,742,000 £38,027,000

Pre tax Profit £2,243,000 £2,491,000 £1,748,000 Shareholder £6,954,000 £6,693,000 £5,664,000 Funds

Proposal Offers in the region of £810,000 are invited for the long leasehold interest. A purchase at this level would reflect a net initial yield of 6.5% assuming purchaser’s costs of 5.8%.

79 West Street, Bedminster, Bristol BS3 3NN 05

For further information or to arrange an inspection please contact the sole agents. Oli Stretton: 0117 317 1121 [email protected]

Gemma-Jane Ogden: 0117 317 1108 [email protected]

Alder King Pembroke House 15 Pembroke Road Bristol BS8 3BA SUBJECT TO CONTRACT & EXCLUSIVE OF VAT OJS/63698 May 2012

Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues. 79 West Street, Bedminster, Bristol BS3 3NN 06