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MATALAN & FARMFOODS SOUTHTOWN ROAD, GREAT YARMOUTH, NR31 0JB

Open A1 Retail Warehouse Investment Opportunity Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

MATALAN & FARMFOODS SOUTHTOWN ROAD, GREAT YARMOUTH

INVESTMENT SUMMARY

• Great Yarmouth is a popular Norfolk seaside town, 20 miles east of Norwich. • Over 5 million people stay overnight in the town each year, with tourism generating over £530 million annually. • Great Yarmouth benefits from having a captive catchment population due to its distance from competing retail centres. • The subject property is situated in a prominent and accessible location at the junction of Southtown Road and the A1243 Bridge Road. • The property is let to Matalan for a further 8.75 years at a rent of £389,468 per annum, equating to a low rate of £10.05 per sq ft. • Farmfoods have sub-let circa 10,000 sq ft from Matalan and there is the opportunity to agree a direct lease with them. • The property benefits from having a fully open A1 planning consent, including the sale of food. • The property occupies a large site of 2.9 acres, giving the potential for further development in the future. • We are instructed to seek offers for the property based on an attractive net initial yield of 8.00% (assuming purchaser’s costs at 6.57%), giving a purchase price of £4,569,000 (Four Million and Five Hundred and Sixty Nine Thousand Pounds), subject to contract and exclusive of VAT. Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

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T S U A LOCATION L NDOW

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R R R D Great Yarmouth is a popular seaside resort on the Norfolk coast situated at O E A O T O A A D N N O

the mouth of the River Yare. The town is located approximately 20 miles east G R

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of Norwich, 54 miles north of Ipswich and 133 miles north-east of London. O R 2 L R

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A GREAT YARMOUTH N E F N U L

O L L LE S E The town benefits from good road communications with the A12 linking Great L R E W E H V I I L N Yarmouth to Lowestoft and Ipswich to the south and the A47 providing access L R

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There is a regular rail link to Norwich where services are available to London T O T A

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Liverpool Street, with a journey time to London of approximately 2½ hours. A E P RD

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G P Y R S L R M E A O Norwich Airport is located 22 miles to the west of Great Yarmouth via the A47. I T E L A T L R T C REE D T E E S R MATALAN & ENT O E EG T R A A FARMFOODS D P ALBION ROAD S D L R E E Y

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D I Boston Cromer R A E S R G H S S T O RAFALG D S O W S AR ROAD U T A R U A

Y A T R R T L H E D Fakenham A M H E A P E T Q T N R

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Y T S E D N R O I GREAT YARMOUTH D

King’s Lynn A C

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Wisbech U O SwaŒham A Norwich I S Stamford T T D

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Peterborough N R E S O L

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T Lowestoft N Corby Oundle Beccles Thetford Diss

Huntingdon Southwold Newmarket 14 Bury 13 Stowmarket 12 Cambridge St Edmunds

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Biggleswade 10 9 Ipswich 14 Royston SaŒron Walden 13 10 M11 9 12 Hitchin 8 M1 Stevenage Braintree 7 11 8 Colchester Luton Bishop's STANSTED 10 A1(M) Stortford 9 6 St 5 Harlow 4 Welwyn 8 Albans 3 Garden 7 Chelmsford 7 1 2 22 City 20 24 M25 25 26 19 5 18 5 17 4 Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

CATCHMENT & DEMOGRAPHICS

Great Yarmouth has a catchment population of approximately 115,000 Great Yarmouth remains a working port and an important supply base people, making it the second largest town in Norfolk, after Norwich. for the North Sea oil and gas exploration industry. It is home to a 400-company-strong marine energy supply chain with almost 50 years of There is a catchment population of 68,022 people living within a 10 minute offshore experience as the principal base for Southern North Sea (SNS) gas Great Yarmouth is drive time of the subject property, extending to 115,741 people within a operations. Many multinational businesses have established operations 20 minute drive time. in Great Yarmouth, including Aker Solutions, AMEC, Petrofac, Halliburton a popular seaside and Schlumberger. More recently, it has developed into a centre for the resort on the Tourism is an important employment sector, generating around £530 million installation and maintenance of off-shore wind power generation, due to annually for the local economy from an estimated 5 million overnight the port’s proximity to Scroby Sands Wind Farm. Wind power is a sector Norfolk coast visitors and 4 million day visitors. The town benefits from its extensive where significant future growth is projected and Great Yarmouth is already beachfront known as the ‘Golden Mile’ and its associated holiday England’s leading location for offshore energy. attractions. It is also a tourist base for the nearby Norfolk Broads. Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

T A Y S

C A S RETAIL WAREHOUSING IN GREAT YARMOUTH U AN L E DOWN R

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E H G W T H T Retail warehouse supply in Great Yarmouth is limited totalling just 320,000 sq ft. R R D TH O R O A A R O

D N O O The lack of retail warehousing means there is good demand for Great Yarmouth N R

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D with many national retailers not represented here including Dunelm, Poundstretcher E

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A E GREAT YARMOUTH R and The Range. F V L U I

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L E As the town is located 11 miles north of Lowestoft and 20 miles east of Norwich, the L T R N

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N distance between these competing centres result in Great Yarmouth retaining the T RO AD ON E ST EU

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The main retail warehousing in Great Yarmouth includes: ET

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S R L M E A O T E I L A R T C ET L E - This scheme totals 129,166 sq ft with occupiers R Great Yarmouth Shopping Park D T E E T S R EN O E G E

MATALAN & R A T A including Sports Direct, Outfit, M&S Simply Food, Carpetright, TK Maxx, Poundland, P D

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D E Halfords and Next. Rents on the scheme are circa £25.00 per sq ft for a 6,000 sq ft R

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I G E unit. The park benefits from an open A1 planning consent and is the dominant R RE O

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D B&M HOMESTORES I scheme in the town. This scheme was recently sold for a 6% net initial yield. A R

R G A S TRAF S ALGAR P W ROAD

A T E Y R BENSON FOR BEDS

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E LIDL E Pasteur Retail Park - This is a bulky goods consented, 122,000 sq ft scheme R

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M A anchored by B&Q. Other tenants include Home Bargains, Argos, Pets at Home and

S T S D O I O D A D L Tapi. This park is the only bulky goods scheme in the town. The most recent letting S O U E

A L R Y O S T H A R R O H O E was to Tapi in a 5,000 sq ft unit at £16 per sq ft. TESCO N U W Q U U O I T T U S S T AD H CASTER RO S A E LAN E A T T A S Y N P O S

T O W R There is a standalone B&M Homestore of 35,597 sq ft, a Lidl and a 98,000 sq ft J LICHFIELD ROAD N E

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R STAFFORD ROAD T Tesco Extra located in close proximity to the subject property. Staples and Bensons O

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D for Beds also have standalone units in Great Yarmouth. D

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SITUATION

The subject property occupies a prominent location fronting the A1243 Bridge Road at its junction with Southtown Road, approximately 1 mile to the south west of the town centre. The property is accessed via Southtown Road off Bridge Road which links to the A12, 0.7 miles south west. Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

DESCRIPTION

The subject property comprises a standalone unit let to Matalan, with part sub-let to Farmfoods. The building totals 38,771 sq ft of which 2,062 sq ft is on the first floor and is rentalised. The property has been subdivided into a unit of circa 28,700 sq ft which is occupied by Matalan, and a 10,000 sq ft unit sub-let to Farmfoods. The property comprises a Both units are fitted out to the individual tenants’ specification, with the Matalan unit benefiting from a mezzanine floor of circa 3,922 sq ft, which is not included within the measured area. circa 37,000 sq ft standalone

There are 171 car parking spaces on site, located at the front of the units, reflecting a ratio of 1 : 227 sq ft. Servicing is retail warehouse located to the eastern elevation of the unit closest to Farmfoods.

The property occupies a site of approximately 2.86 acres, giving a low site coverage of approximately 30%. Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

4 PLANNING RIVERSIDE

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The property benefits from an attractive planning consent, having a fully open A1 consent to El PH Sub include both non-food and food uses. Sta PH 5 1.5m Queen's Place

8 TENURE 8a 9 The property is held freehold, as delineated on the plan opposite. MLW

12 12a 12b BRIDGE ROAD TENANCY 13 PH 13a The property is let to Matalan Retail Limited for a term of 15 years from 25 December 2010, 14 expiring on 24 December 2025. The current passing rent is £389,468 per annum, which 1.2m equates to £10.05 per sq ft overall. The lease is subject to 5 yearly rent reviews. The rent review on 25 December 2020 is capped to a maximum of the proceeding rent compounded by 3% per annum increments.

Approximately 10,000 sq ft has been sub-let to Farmfoods Limited until 23 December 2025 at a rent of £100,000 per annum (outside the Landlord & Tenant Act 1954).

El Sub Sta Hoppers There is the opportunity at lease expiry for the landlord to agree a direct lease with Farmfoods or alternatively another occupier for the sub-divided 10,000 sq ft unit. PASTEUR ROAD eney Mill Wav TENANT COVENANT

Matalan is a British fashion and homeware retailer. The business was founded in 1985, and now has 221 stores throughout the UK. Timber Yard Plevna

Farmfoods is a privately owned frozen food supermarket chain, 286 1 Terrace Shelter founded in Aberdeen in 1955. The company has now grown to over Silos 300 stores across Great Britain.

The individual tenant accounts are as follows:

Sales Turnover Pre-Tax Profit Net Worth D&B Tenant Year Ending SOUTHTOWN ROAD (000s) (000s) (000s) Rating 27/02/2016 £1,060,500 -£20,300 £317,800 Matalan Retail Ltd 5A1 28/02/2015 £1,094,000 £20,300 £300,100 Garage Warehouse 02/01/2016 £694,385 £20,038 £87,191 Farmfoods 5A1 0m 10m 20m 30m

03/01/2015 £811,765 £20,810 £80,748 WB Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1299 Catchment & Retail Warehousing in Planning, Tenure, Investment Summary Location Description Further Information Demographics Great Yarmouth & Situation Tenancy & Covenant Back | Next

EPC

The property has a D (97) EPC rating. A copy of the certificate is available on request.

VAT

The property is registered for VAT and it is proposed that the sale will be treated as a ‘Transfer of Going Concern’.

PROPOSAL

We are instructed to seek offers for the property based on anattractive net initial yield of 8.00% (assuming purchaser’s costs at 6.57%), giving a purchase price of £4,569,000 (Four Million and Five Hundred and Sixty Nine Thousand Pounds), subject to contract and exclusive of VAT.

FURTHER INFORMATION

Ellie Kirkby Paul Wilkinson T: 020 7317 3790 T: 020 7317 3799 M: 07764 241898 M: 07770 585313 E: [email protected] E: [email protected]

Wilkinson WIlliams Heathcoat House 20 Savile Row London W1S 3PR

www.wilkinsonwilliams.co.uk

MISREPRESENTATION NOTICE. Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. March 2017. Designed and produced by Creativeworld Tel: 01282 858200