B&M, OLD TIFFIELD ROAD | NN12 6PF

FREEHOLD RETAIL WAREHOUSE INVESTMENT B&M, TOWCESTER 2

INVESTMENT SUMMARY • Towcester is an affluent market town in • Highly accessible location at the intersection of the A5 & A43 providing convenient access to the M1 motorway located 7 miles (11.5 km) to the north east

• Prominent site situated within the only out-of-town retail cluster in the vicinity, with Tesco, Aldi and Countrywide all trading in close proximity

• Modern solus retail warehouse unit comprising 20,959 sq ft (1,947 sq m) with 93 car parking spaces, equating to a ratio of 1:225 per sq ft

• Let to the strong covenant of B&M Retail Limited (5A1 with Net Worth in excess of £281m) via an assignment from Homebase until 28 September 2028 (an unexpired term in excess of 13.3 years)

• Passing rent of £272,000 per annum, equating to £12.98 per sq ft • Wide bulky goods planning consent • Freehold

We are instructed to seek offers in excess of £3,800,000 (Three Million, Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect aNet Initial Yield of 6.75% after allowing for normal purchaser’s costs of 5.80%. B&M, TOWCESTER 3

M1 BIRMINGHAM A5 CORBY M6 A6116 A1(M) A141 SOLIHULL M42 A14 COVENTRY A45 RUGBY LOCATION M42 A46 A45 A14 REDDITCH ROYAL A14 LEAMINGTON A1 Towcester is an affluent market town in Northamptonshire located SPA A435 NORTHAMPTON approximately 10 miles (16 km) south west of Northampton, 16 miles A45 A6 A46 A423 (25.75 km) south east of Daventry and 15 miles (24 km) north of Milton Keynes. TOWCESTER A421 M40 A10 A1 The town benefits from good transport links being situated at the intersection BEDFORD A43 of the A5 and A43 in close proximity to Junction 15A of the M1 motorway A422 MILTON KEYNES which lies 7 miles (11.5 km) to the north east. The A43 dual carriageway A44 A6 A10 A429 provides a direct link to the M1 and Northampton to the north east, and A5 A1(M) M1 STEVENAGE Banbury and the M40 motorway to the west, via the A422. CHELTENHAM LUTON The A5 further provides convenient links to Daventry & Rugby via the A45 to A44 A41 the north and Milton Keynes to the south. A40 A41 A417 A40 OXFORD A10 Rail services are available from Northampton and Milton Keynes overground M25 M25 A1 stations offering frequent services into Central with a fastest journey M40 A419 HIGH WATFORD time of approximately 56 minutes and 34 minutes respectively. A34 WYCOMBE M11 MAPS FOR APPROVAL M1

SWINDON M25 WEMBLEY LONDON READING M4

SITUATION

D R The property is situated in a highly prominent position on Old Tiffield Road N O T A43 P M in close proximity to the busy roundabout junction of the A5 and A43, the A5 A H T R main arterial road between the M1 and M40 motorways. O N TO W C E S T The site lies within the only out-of-town retail cluster in Towcester, with E R R the critical mass of the area significantly enhanced by the presence of D the adjacent Tesco foodstore comprising approximately 24,420 sq ft (2,269 sq m). Aldi and Countrywide both trade from a modern two unit scheme situated on Greens Road on the opposite side of the A5. In addition there is a Porsche dealership located on Old Tiffield Road close to the A5 subject property. A43 TOWCESTER B&M, TOWCESTER 4

DEMOGRAPHICS Towcester benefits from a particularly affluent district There are major development plans for Towcester which population with an estimated 418,888 people living will significantly increase the local population over the within 12.4 miles (20 km), and 17.89% of the urban next few years. population representing Symbols of Success within the Having recently secured outline planning permission, the Mosaic Consumer Classifications compared with the proposed Towcester Southern Extension will comprise GB average of 9.70% (Focus). 2,750 new homes, together with new schools, hotel and The area is characterised by an over-representation leisure facilities, employment uses and a new bypass to OLD TIFFIELD ROAD of working adults categorised in the highest AB class the south of the town. The Section 106 agreement was groupings (29.6% of the district population), comprising signed in March of this year and, if the detailed plans those employed within higher and intermediate are approved, work is envisaged to begin at the end managerial, administrative and professional roles. of 2015. Further demographic and economic indicators which demonstrate the strength of the catchment population ACCOMMODATION include levels of car ownership and dwelling owner The property provides a gross internal area (GIA) of occupation significantly above the national average. approximately 20,959 sq ft (1,947 sq m).

DESCRIPTION The property comprises a modern purpose built solus of 1:225 per sq ft. Customer access and egress to the retail warehouse of steel portal frame construction with site is via Old Tiffield Road. Servicing is to the rear of block / brickwork and metal profile clad elevations, below the subject property and separately accessed from Old a pitched roof incorporating translucent panels. Tiffield Road. TENANCY The property is rectangular in shape and provides ground The total site area is approximately 1.97 acres (0.8 ha) with The property is let in its entirety via an assignment floor sales area, ancillary storage and customer WC’s, with a low site coverage of approximately 24%. from Homebase Limited to B&M Retail Ltd (company office accommodation, kitchen and staff facilities located number 1357507) on a lease expiring on 28 September at first floor level. Internally, the store is fitted outto 2028. The current passing rent is £272,000 per annum, B&M’s corporate specification. TENURE equating to £12.98 per sq ft. Freehold. Externally there is a garden centre situated to the left of The lease is drawn on Full Repairing and Insuring terms the unit comprising approximately 6,852 sq ft (637 sq m) and is subject to five yearly upward only rent reviews together with 93 surface car parking spaces situated to to Open Market Value, with the next review due in the front of the property, equating to an attractive ratio September 2018. B&M, TOWCESTER 5

COVENANT B&M was originally founded in 1978 and has going growth plans both in the UK and Europe. become one of the UK’s fastest growing The listing followed B&M’s acquisition of a majority discount retailers, opening its 300th store in stake in German discount retailers JA Woll. 2012, specialising in the sale of discount goods B&M Retail Limited (company number 1357507) including homeware, clothing, food, toiletries, has a current Dun & Bradstreet rating of 5A1, pet products. reflecting a minimum risk of business failure. The company was acquired in 2004 by Simon and The most recent financial results for B&M are Bobby Arora with Clayton, Dubilier and Rice, a US summarised below: Private equity firm, acquiring a significant stake in the business in 2013. B&M listed on the London stock exchange in 2014, in part, to support its on-

March 2014 December 2012 December 2011 (000’s) (000’s) (000’s) Sales Turnover £1,509,132 £935,229 £712,572 Pre-Tax Profit / (Loss) £123,398 £88,323 £51,702 Tangible Net Worth £281,228 £171,867 £105,539

PLANNING VAT Planning permission for the original development VAT will be payable on the sale, however, we was granted in December 2002 (reference anticipate that the sale will be treated as a Transfer S/2002/1069/P) for the construction of a non- of a Going Concern (TOGC). food retail unit and garden centre together with vehicle access, service yard, parking and associated landscaping. EPC The Energy Performance Certificate rating for The property benefits from a wide bulky goods the unit is B46. A copy of the EPC is available consent. A copy of the planning consent is upon request. available upon request. B&M, TOWCESTER 6

PROPOSAL We are instructed to seek offers in excess of £3,800,000 (Three Million, Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect aNet Initial Yield of 6.75% after allowing for normal purchaser’s costs of 5.80%.

CONTACTS For further information or to arrange an inspection please contact:

RICK MCINTOSH-WHYTE MARTIN CAREY REBECCA JAMES 020 7255 8064 020 7255 8085 020 7255 8040 [email protected] [email protected] [email protected]

Rapleys LLP is registered as a Limited Liability Partnership in and Wales. Registration No: OC308311. Registered Office at Falcon Road, Hinchingbrooke Business Park, HUNTINGDON PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS. Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey - © Crown Copyright 2001. Licence No. 100017302 and © Crown Copyright, All rights reserved. Licence No. ES 100004619. Misrepresentation Act: These particulars are produced in good faith and believed to be correct. Neither Rapleys, their joint agents (where applicable) or their client guarantees their accuracy and they are not intended to form any part of a contract. No person in the employment of Rapleys or their joint agents has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. June 2015

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