FORT WILLIAM RETAIL PARK PRIME LONG INCOME FOOD + RETAIL INVESTMENT FORT WILLIAM RETAIL PARK INVESTMENT SUMMARY Dominant Retail Park occupying a prominent position on A82 North Road – the main arterial route into North West Scotland. Extensive and captive catchment population – second highest population in the Highlands behind Inverness. No competition – the nearest competing retail park is located in Oban, over 45 miles away or Aviemore, 61 miles away. A82 TO TOWN CENTRE, GLASGOW AND OBAN Scheme totals 46,400 sq ft (4310.70 sq m) and offers 239 carparking spaces. Excellent tenant line up let to Aldi, M & S and Home Bargains – all rated 5A1 by Dun and Bradstreet. Current passing rent of £661,400 per annum A82 NORTH TO INVERNESS (Average rent of £14.25 per sq ft). Long WAULT of 15.63 years (14.04 years NEW ROUNDABOUT including break option). ACCESS TO SITE FORT WILLIAM RETAIL PARK Heritable interest (Scottish equivalent to English Freehold). We are seeking offers to purchase in excess of £10,000,000 attracting an attractive NIY of 6.23%. JOHN O' GROATS WICK LOCATION FORT WILLIAM PLAN RETAIL PARK LOCATION FORT WILLIAM Fort William is the principal town of the North West Highlands and is located on the A82, approximately 168 km (105 miles) to the north of Glasgow and 104 km (65 miles) to the south west of Inverness. The town has a railway station on the West Highland Line, with regular services to Glasgow and Mallaig. The Caledonian Sleeper, which starts and terminates at Fort William, arrives early in the morning from London via Edinburgh and leaves early in the evening along the same route. Fort William is the ‘Outdoor Capital of the UK’ and the main town in Lochaber. Fort William is a major tourist centre attracting over 540,000 visitors each year, with Glen Coe just to the south, Aonach Mòr to the east and Glenfinnan to the west, on the Road to the Isles. The town benefits from a huge summer trade and winter climbing in the nearby Nevis range which includes the FORT WILLIAM UK’s highest mountain Ben Nevis. It is also known for its nearby downhill mountain bike track. It is the start/end of both the West Highland Way and the Great Glen Way. FORT WILLIAM RETAIL PARK CATCHMENT Fort William has a population of approximately 10,400 and the Lochaber district has a catchment area of circa 21,000. According to tourist surveys commissioned for the Highland Council in 2012, the tourist spend in Lochaber on shopping was £35 million which added a third onto the resident’s spend on shopping of £105 million. FORT WILLIAM RETAIL PARK THE SITE The site extends to approximately 3.96 acres (1.49 hectares) offering site coverage of approximately 27%. PLANNING The development benefits from Class 1 Retail Consent unrestricted in terms of non-food use with each unit benefitting from a floor space split in respect of convenience and comparison goods. Further details on the floor space split can be provided on request. TENANCY FORT WILLIAM AND EPCs RETAIL PARK TENANCY SCHEDULE RENTAL RATE LEASE START LEASE EXPIRY UNIT TENANT SIZE (SQ FT) RENT LEASE RENT REVIEW (PER SQ FT PAX) DATE DATE 5 yearly Fixed - 2.5% pa Aldi Stores Limited 16,400 £13.50 £221,400 15 years 7/2/2018 6/2/2033 A compounded. TJ Morris Limted 5 yearly Lower of 2% pa 15,000 £11.67 £175,000 15 years 16/10/2017 15/10/2032 B (t/a home Bargains) compound or OMRV. 20 years TBO 5 yearly Lower of 2% pa Marks & Spencer PLC 10,000 £18.50 £185,000 16/10/2017 15/10/2037 C expiry of year 15 (TBO – 16/10/2032) compound or OMRV. D TO LET 5,000 £16.00 £80,000 46,400 £661,400 INCOME SPLIT 12% EPC The units have been given the following EPC* ratings: 28% Aldi Stores Limited UNIT TENANT EPC RATING A Aldi Stores Limited C+ T J Morris Limited (t/a Home Bargains) 33.5% B TJ Morris Limited (t/a Home Bargains) C Marks & Spencer plc C Marks & Spencer PLC B 2 year rental guarantee D TO LET C 26.5% * Please note that the EPC regulations and bandings differ between Scotland and England. Whilst the Energy Act 2011 (England) is expected to introduce regulations in 2018 to prohibit the letting of properties in England and Wales with a banding of ‘’F’’ and ‘’G’’, there are no plans to introduce similar regulations to Scotland and if they did the banding would be different because of the way the CO2 usage is calculated. FORT WILLIAM COVENANT RETAIL PARK Fiscal Non Consolidated GBP - 30 June 2018 TJ Morris Ltd was established in 1976 by Tom Morris, the Turnover 2,143,267,097 company now boasts over 400 stores and 14,000 employees. TJ Morris Ltd primary business is its UK based Home Bargains Pre-Tax Profit 202,700,562 Stores which offers household goods, food, toys and health Net Worth 911,755,756 and beauty products. The company has a D&B rating of 5A1. Fiscal Non Consolidated GBP - 31 March 2018 Marks and Spencer plc was established in 1884 and is one Turnover 10,698,200,000 of the UKs leading retailers with over 1,330 stores across 112,000,000 Pre-Tax Profit Asia, Europe and the Middle East. It offers clothing and home Net Worth 4,913,300,000 products and foods. It has a D&B rating of 5A1. ALDI Stores Limited form part of the German company ALDI Fiscal Non Consolidated GBP - 31 Dec 2017 Einkauf GmbH & Co. oHG founded in 1948, which owns Turnover 10,181,049,000 and operates a chain of discount grocery stores in Europe, the United States, and Australia. Its products include food, Pre-Tax Profit 173,195,000 alcoholic drinks, electrical products, kitchenware, toys, Net Worth 2,515,973,000 clothing and flowers. It has a D&B rating of 5A1. SITE PLAN FORT WILLIAM AND IMAGES RETAIL PARK NORTH TO INVERNESS A A82 ORT ROA ND MALLAIG E SOUTH TO TOWN CENTRE, GLASGOW AND OBAN ROABOT 26M V TR CRCLE UNIT A 16,400 SQ.FT 244 TOTAL CAR PAR SPACES LET T UNIT C UNIT B 10,000 SQ.FT UNIT D 15,000 SQ.FT LET T 5,000 SQ.FT LET T 26M V TR CRCLE FORT WILLIAM RETAIL PARK TENURE FURTHER INFORMATION Heritable (Scottish equivalent to English Freehold). For further information or to arrange a viewing, please contact the vendor’s sole selling agents: VAT The property has been elected for VAT purposes and it is envisaged that the sale will be treated as a TOGC. Patrick Ford E-mail: [email protected] DDI: 0141 226 1004 PROPOSAL Mob: 07811 150378 We are seeking offers to purchase in excess of £10,000,000, exclusive of VAT. A purchase at this level provides an attractive Net Initial Yield of 6.23%. Bob Fisher E-mail: [email protected] DDI: 0131 240 7522 Mob: 07774 212955 Colliers International for themselves and for the vendors or lessors of this property whose agents they are,give notice that the particulars are setout as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or contract. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details 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 but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make or give any representation or warranty whatever in relation to thi sproperty. All prices, rents and premiums etc. are quoted exclusive of VAT. NOV 2018.