191-195 LOWER PARLIAMENT STREET , NG1 3DA

HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

MOTORPOINT ARENA

INTU VICTORIA CENTRE

NOTTINGHAM TRENT THE UNIVERSITY CORNERHOUSE CLUMBER STREET

OLD MARKET SQUARE

INTU

For identification purposes only. 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

INVESTMENT CONSIDERATIONS

▼ Nottingham is a historic city and the regional capital of the ▼ Situated in the heart of opposite the entrance to Intu Victoria Centre with the city’s retail, leisure and entertainment offerings within short walking distance ▼ The city is home to two globally renowned universities which boast in excess of 60,000 students with Nottingham Trent University named University of the Year 2019 by the Guardian ▼ The property comprises a City Centre Retail Investment arranged over basement, ground and first floors ▼ The deep floor plates are attractive to retailers enabling more affordable ground floor space ▼ Let to the two strong covenants of Poundland Limited and Peacocks Stores Limited with an AWULT of 8 years ▼ Total Current Rent: £445,000 per annum rising to £465,000 per annum in 2022 ▼ Comprehensive site redevelopment opportunities in the future to alternative uses, notably student, subject to vacant accommodation and necessary consents ▼ Located short walking distance from Nottingham Trent University ▼ Nottingham student rental market experienced 3.65% headline growth in 2018/2019 ▼ We are seeking offers in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.44% and reversionary yield of 11% assuming purchasers costs at 6.55%. 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

STOKE-ON-TRENT Newcastle-under-Lyme NOTTINGHAM M1 M6

Burton upon Trent Midlands Airport

Shrewsbury Cannock

Telford M54 M6 TOLL M42 Walsall Peterborough West Bromwich M69

BIRMINGHAM M6 A1(M) M5 Birmingham International Kidderminster Airport COVENTRY M42 Coventry M45 M40 Airport Warwick NORTHAMPTON Worcester Stratford-upon-Avon Bedford

Hereford Milton Keynes M50 M40 M1 LOCATIONM5 RAIL STATION TIME A1(M) The historic City of Nottingham lies at the heart of London St Pancras with a fastest journey time of Nottingham is Luton East Midlands Parkway 10 mins theGLOUCESTER UK and forms the commercial and administrative approximately 1 hourLuton 39 minutes. Regular train located approximately 15 miles to the south. Airport hub for the East Midlands. It is situated services run to Birmingham New Street, Derby and Birmingham International Airport, the UK’s Derby 21 mins approximately 130 miles north of Central London Sheffield. 5th largest airport is located approximately Leicester 28 mins and 50 miles north east of Birmingham. Nottingham The city’s modern tram system (NET) carries an 45 minutes’ drive to the south west. benefits from excellent communications with the estimated 16.5 million passengers every year and Furthermore, the city is set to benefit from Sheffield 50 mins M1 (J25) located approximately 7 miles to the west, is centred at Nottingham Train Station. This links to the HS2 network, with the East Midlands Hub providing access to both the M69 and the M18. key Nottingham amenities and locations including base planned for Toton, to the west of the city. Birmingham New Street 1 hr 14 mins Nottingham train station is located within the and Nottingham Trent St Pancras International 1 hr 39 mins city centre providing direct rail services into University campuses and the Market Square. 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

NOTTINGHAM – THE CITY Nottingham is home to two globally renowned universities with a student body of 64,000, world class sporting venues, a business district home to almost 11,000 employers and strong cultural infrastructure. Nottingham has been voted Number 1 for graduate employers. With an economy Key developments in Nottingham include the new Skills Hub, which is part of the worth an estimated £12.8 billion, it is served by a substantial diversified workforce, Broadmarsh Regeneration Project (via a £250m co-ordinated programme – Phase 1 2016- with approximately 15 million people living within a 50 mile radius of the centre. 20) . Nottingham Trent University City campus has undergone significant redevelopment It has world-class research hubs and attracts a number of international corporations including a new students union and investment in key teaching and research facilities. with over 50 Regional and National headquarters based in the city. Nottingham is The Station Hub has recently undergone modernisation of the train station to include the the home to Walgreens Boots Alliance, Experian, E.ON UK, Gala Group, Siemens, installation of the NET Tram interchange. The proposed Guildhall Place project that will reet l St ARBORETUM Pee Speedo, Vision Express, Games Workshop, Capital One and Paul Smith. include a four-star hotel and Grade A offices is expected to commence shortly.

Sh el t to n ee S

r

t tr

t ee e

S

e t r

d

t

o

S

o

n w

o

er s

i

h

d d

S

d t a

A o e N e n R R o o tr ni l S U a l d e

on W

d n s e ’ n lar n A C A6 t M S 0 a

t n S

s G

f

et d aucer Stre i Ch e la

l

o o s d s R

w h

r o oa

e u s VICTORIA PARK oad

d e R h S S n t r Ba o Talb e t t ot Stre h S l et e tre r t et a C

Talbot S treet

B ro ok S tr ee t

M 8 0

0 a A6 G r eo

k CITY CENTRE A A e r 6 6

t g 0 0

S 0 e 0 8

t 8

S r

e t

r A e n e

ge t d l Ro e a w t o R A n 6 lto 0 Nottingham ar 0 Old Market Sq C A Th 8 eet G UNIVERSITIES r 6 e St a 6 R s ria r 8 1 op M Victo rse t 6 ew e’ Wa e B 2 a a A l m A k id a Lace Market M

6 J 6 0 M a . 0 t W n a S h 0 0 v

r e e te 8 e i n e 8 a Ga r

a l ’s e r s s n L r te e s L r G . P B W a t o a t S o r UNIVERSITY OF NOTTINGHAM i NOTTINGHAM TRENT UNIVERSITY (NTU) e e a r w C l y F l

S a e y p r r a a

d C n te P i a k e G a a l s e d t r University of Nottingham is ranked 16th by the Times Good Nottingham Trent University was named university of R n e u e l o i o W w H a A m 6 one

0 st e 612 University Guide 2019 and is a member of the prestigious the year 2019 by The Guardian University Awards 2019. n A 0 low

8 te ol ate t

aS H G

G t H er S

e a ig sh

M tl h Fi t

s n Pav r e e Russell Group that comprises the leading 24 universities in the

a Ca f ment

i o e In 2018 NTU was also named The Times and Sunday d rd t

S t M a UK. University of Nottingham is home to approximately 34,500 r Times Modern University of the Year. NTU has i a n

A6005 W students (2018/19) and has a gold rating in the Government’s a invested £450m in their four campuses over the y Teaching Excellence Framework for its outstanding teaching A6008 past 15 years. NTU is home to approximately 24,000 and learning. Last year Nottingham received approximately 7 students (2018/19) and received approximately 5 et Stre anal applications per place offered. University of Nottingham has

A6008 C applications per place offered. NTU has a gold rating A

vard 6 been running the Capital Programme Strategy 2014-2020 which

e 0 Boul in the Government’s Teaching Excellence Framework le 0 st C Ca 8 a 05 0 has included a £40m investment into a sports complex, £20m 6 rr Nottingham A L for its outstanding teaching and learning. NTU’s i Station Street n o g treet n n S d t tatio investment into a new library and £16m investment in Medical o S o n n latest project is the development of a new Enterprise d S a R t r o and Chemistry buildings.

Ro ee a Innovation Centre due to complete in 2020.

d d Nottingham t r o f l Both Universities support approximately 19,000 jobs and Wi

y A Queen’s Road contribute circa £1bn to the local economy. Growing student a r W k w s f r f i i numbers have resulted in a shortage of student accommodation. g r h e t h S S t Nottingham Central 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

RETAILING IN NOTTINGHAM Nottingham has an estimated floorspace of approximately 2.88 million sq ft and an estimated retail spend of approximately £1.88 billion per annum. The city is one of ten centres categorised as a ‘Major City’, on the basis of the volume and quality of its retail offer and benefits from a population within its primary retail market area of circa 911,000 (Source: Promis). Nottingham City Centre is one of the UK’s foremost retail centres and ranked 6th on the PMA Retail Score. Retailing in the city is concentrated on a north / south axis with Intu Victoria in the north and Intu Broadmarsh in the south, connected via the main retail thoroughfares of Clumber Street, High Street and Bridlesmith Gate. Clumber Street benefits from footfall in excess of 19.8m people per annum, one of the highest in the UK. Intu Victoria Shopping Centre is anchored by John Lewis and Tesco and is home to brands including Superdry, Next and JD Sports. The shopping centre has recently undergone an extensive £42 million refurbishment, including the recent introduction of contactless parking in its car park (2,700 spaces). The covered scheme comprises approximately 956,000 sq ft of retail accommodation and have recently welcomed new tenants including Morphe, O2, Boux Avenue amongst others. Intu Broadmarsh provides approximately 487,000 sq ft of retail accommodation and is the subject of a £150 million redevelopment and refurbishment, which will incorporate a new cinema, ten A3 restaurants and a large leisure unit. The development is due to complete in 2020. The Intu Broadmarsh redevelopment forms part of a wider £250 million regeneration of the Broadmarsh area. Nottingham City Council have estimated the regeneration project will boost the local economy by over £1.1 billion per decade and will attract an extra three million people to the city a year. Prime Rents in Nottingham currently stand at £210 psf Zone A on Clumber Street and £275 psf Zone A in the Intu Victoria Centre.

© Crown Copyright, ES 100004106.Experian For identificationGoad Plan Created: purposes 10/03/202 only. 0 50 metres Created By: Allsop

Copyright and confidentiality Experian, 2020. © Crown For more information on our products and services: copyright and database rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

SITUATION DESCRIPTION The property is situated on the prominent island site to the south side of The property was built as part of the Victoria Shopping Centre, Lower Parliament Street and is bounded by Clinton Street East and Clinton the bulk of which lies on the north side of Lower Parliament Street West on the flanks and Lincoln Street to the south. Lincoln Street Street and is connected at first floor by a bridge link (not included affords access to a recessed loading bay at the rear of the building. in demise). The Victoria Centre was constructed in the early 1970s Both Clinton Street East and Clinton Street West are pedestrianised. The and the subject property was purpose built originally as a single property is across from the main entrance to the Intu Victoria Shopping retail unit. Centre, approximately 5 minutes’ walk to the main Nottingham Trent The property now comprises two deep retail units arranged over University Campus and within easy reach of the transport nodes of the city basement, ground and first floors. centre. The new Skills Hub is within 5 minutes’ walking distance. The ground floor is used as sales space with the first floor used Nearby occupiers include Lloyds Bank, Urban Outfitters, Nationwide, for storage. The basement is currently not demised and is vacant. Santander, HSBC, JD Sports, Sports Direct, McDonalds and Halifax. There is a goods lift providing access between the ground and TENURE first floors of the Poundland unit. Both units can be serviced from the rear. Long Leasehold-125 years from 10/07/2007 to 09/07/2132 at a peppercorn rent - therefore 112 years to run. 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

TENANCY

Unit Tenant Floor Area Area Lease Lease Expiry Current Rent Rent Review Comments (Sq M) (Sq Ft) Start GF 589.0 6,340 Tenant has been trading throughout ‘Lockdown’ Unit 1 Poundland Ltd Retail - ITZA 183.4 1,974 27/01/14 26/01/29 £350,000 27/01/24 and pays rent monthly in arrears IRI Lease 1F 795.3 8,561

GF 353.5 3,794 Bonmarché was recently acquired by Peacock Peacocks Stores - shop due to reopen 15th June 2020 Unit 2 Stores Ltd 06/03/20 05/03/25 £95,000 IRI Lease Retail - ITZA 122.3 1,316 Rent rises to £115,000 pa in 2022 Basement Vacant Basement 847.2 9,116 2,585.0 27,811 £445,000

COVENANT Poundland is a British variety store chain that has established itself as one of the UK’s leading High Street names. The chain was founded in 1990 and has grown to operate from close to 875 stores employing 10,000 members of staff. The company have recently announced further expansion plans for their value focused fashion brand Pep&Co. Poundland Ltd reported the following figures:

30/09/2018 01/10/2017 27/03/2016 Sales Turnover £1,522,633,000 £2,245,804,000 £1,214,818,000 Profit Before Taxes £15,290,000 (£127,838,000) £34,653,000 Tangible Net Worth £17,807,000 (£115,990,000) £20,520,000

Peacocks is a fashion retail chain that has become part of the Edinburgh Woollen Mill group and employs over 6,000 people. Peacocks Stores Ltd reported the following figures:

02/03/2019 25/08/2018 25/02/2017 Sales Turnover £192,421,000 £564,266,000 £382,318,000 Profit Before Taxes £21,185,000 £66,506,000 £65,019,000 Tangible Net Worth £163,519,000 £146,493,000 £192,792,000

Accounts for: 6 months 18 months 12 months 191-195 VICTORIA CENTRE LOWER PARLIAMENT STREET NOTTINGHAM, NG1 3DA HIGH YIELDING CITY CENTRE RETAIL INVESTMENT WITH FUTURE REDEVELOPMENT POTENTIAL - LET TO THE STRONG COVENANTS OF POUNDLAND & PEACOCKS

DEVELOPMENT The property has the potential to be a prime • To improve the aesthetic of the site and the development site within the heart of Nottingham relationship with the street by removing City Centre subject to all necessary consents. existing concrete panelling and introducing Given the property’s location in relation to the new cladding City’s retail provisions and Nottingham Trent • To improve access to the building by University’s main campus, a mixed use scheme connecting street level to the lower ground seems viable. floor, making use of significant space below The vendor has undertaken some pre-planning ground advice outlining the potential for the building in • To intensify the site by delivering new the future. The proposal seeks to address the site residential/student provision above the in a variety of ways:- existing structure (providing in excess of 81 student studios). Full plans can be found in the dataroom.

By connecting through to both Thurland Street, and further along to Clinton Street, the lower ground floor can be activated, and used as a year-round covered market, in connection with the local context.

Artist impression of re-cladding of ground and first floor and potential new lightweight structure above (student accommodation). EPC EPCs are available within the dataroom.

VAT We understand the property is elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

AML A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/poundlandnottingham

PROPOSAL Offers sought in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 10.44% and reversionary yield of 11% assuming purchasers costs at 6.55%.

For further information or to make arrangements for viewing please contact:

Liam Stray Alex Butler 07956 981 575 07801 219 888 [email protected] [email protected]

allsop.co.uk

THE PROPERTY IS DUE TO BE OFFERED AT OUR 21ST JULY 2020 COMMERCIAL AUCTION UNLESS SOLD PRIOR OR WITHDRAWN

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.20