M61/J4 BOLTON COSTA COFFEE BL5 1BU 14 years unexpired to a 5A1 covenant with guaranteed rental uplifts INVESTMENT SUMMARY . Excellent opportunity to acquire a newly developed, purpose built Costa drive thru unit located at the North West’s premier logistics park, Logistics North. Let for an unexpired term certain of approximately 14 years to the undoubted covenant of Costa Limited (Dun & Bradstreet 5A1) at a passing rent of £60,000 per annum. 5 yearly rent reviews to open market rent, subject to cap and collar of 3% and 1% per annum compounded, providing guaranteed rental uplifts. Prominent situation at the entrance of Logistics North, adjacent to a brand new Aldi Foodstore and Greene King pub, providing immediate access to Junction 4 of the M61. We are instructed to seek offers in excess of £987,000 (Nine Hundred and Eighty Seven Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 5.75% assuming purchaser’s costs of 5.74%. Minimum Reversionary Yield of 6.04% in 2022 and 6.35% in 2027. Transforming Regenerating Revitalising www.logisticsnorth.com Perth M8 Edinburgh Glasgow M74 COSTA COFFEE Dumfries A74(M) M6 Blackburn Preston A6 Newcastle Carlisle Upon Tyne M65 A56 A565 Whitehaven M6 Middlesbrough Southport A666 A6033 Scarborough A59 Rochdale York A664 M6 M6 A5209 Bolton A58 M66 Leeds M62 A565 M61 A666 A627(M) M62 Immingham A59 M62 Wigan A577 J4 Oldham M61 M18 M180 M58 J1 Liverpool Grimsby J15 A56 M57 A1(M) M60 A6 M60 M56 Manchester Holyhead M56 Sheffield A579 M602 Manchester A635 A580 Stoke-on-Trent St. Helens A49 M67 M1 M62 M60 Nottingham A6 M6 Derby A5103 Liverpool M62 A57 A5080 A56 A57 A50 M54 M6 Toll Leicester Norwich Warrington M69 Liverpool Manchester Birmingham M6 A1(M) John Lennon M56 Airport Airport A56 M42 Coventry A34 Cambridge M6 M5 M1 M50 M40 Milton Keynes A1(M) M11 Gloucester Swansea M40 M25 M4 LOCATION M4 Cardiff London Bristol M2 M25 M26 M3 Dover Bolton is a major regional centre in the North West of England The Town benefits from excellent road communications, positioned Bolton has the second highest employment base in Greater Manchester M23 M20 Folkestone situated within Greater Manchester and just 10 miles north west between the M61 and M66 motorways both connecting directly to with 1 million people living withinM5 45 minutes Southamptonof Logistics North and circa of Manchester City Centre. The town of Bolton has a population the M60 Manchester Orbital approximately 3 miles to the south. 443,000 within a 5 mile radius. Total Weekly Consumer M27Spending was of approximately 139,000, whilst the Metropolitan Borough, for approximately £81Exeter million within a 5 mile radius Poolein 2016, with circa £6.5 The Town is highly accessible by rail with direct trains to Central which Bolton is the administrative centre, has a population of million spent on Restaurants & Hotels. Manchester in a journey time of under 20 minutes. Furthermore, circa 262,000. Plymouth Manchester Airport is located only 20 miles to the south east. Transforming Regenerating Revitalising www.logisticsnorth.com COSTA COFFEE LOGISTICS NORTH PHASE 1 Logistics North is a 250 acre prime logistics PHASE 2 park providing 4 million sq ft of masterplan FUTURE PHASE LOGISTICS 175 employment space, with over 2.5 million sq ft completed or under construction. The park benefits from unrivalled connectivity to junction 4 of the M61 motorway, resulting in access to 21 million consumers within a two hour drive time. Costa Coffee is situated in an extremely prominent M61 position at the entrance to Logistics North immediately adjacent to a brand new standalone J4 Aldi Food Store and Greene King Pub. Manchester 12 miles Other blue chip occupiers on the estate include Amazon, Lidl, Joy Global, Aldi, MBDA and Whistl. The property is ideally situated, not only to benefit from the footfall generated form the adjacent amenities, but also to serve the large labour pool within the wider estate. It also serves as a valuable service stop for commuters on the M61 motorway. Transforming Regenerating Revitalising www.logisticsnorth.com COSTA COFFEE DESCRIPTION The property comprises a newly constructed, purpose built Costa Coffee ‘drive-thru’ unit, benefitting from 31 dedicated parking spaces. The unit has been constructed to a typical Costa specification for their drive-thru format and comprises attractive part-rendered, part glazed elevations beneath a mono-pitched roof. Internally, Costa have fitted the unit out in accordance with their corporate branding, providing a well laid out sales counter and seating area with additional ancillary accommodation along with staff and customer toilet facilities. The unit is situated in a low density, well laid out environment, providing an additional outdoor seating area with 360-degree circulation facilitating Costa’s ‘drive-thru’ offering. USE The lease permits use within Classes A1, A3, and A5. Transforming Regenerating Revitalising www.logisticsnorth.com COSTA COFFEE M61/J4 ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and benefits from the following areas: - Site entrance GIA (sq ft) GIA (sq m) Ground floor 1,787 166.02 The property sits on a site of 0.51 acres (0.2 ha), providing a site cover of 8%. Stock internal photo of a typical Costa Unit TENANCY The property is let entirely to Costa Limited on a new lease for a term of 15 years from 10 July 2017, providing an unexpired term certain of approximately 14 years. The passing rent is £60,000 per annum which reflects £33.58 per sq ft. The lease is subject to 5 yearly rent reviews to open market rent, subject to collar and cap of 1% - 3% per annum compounded. UNIT C3 UNIT The lease therefore provides for guaranteed minimum rental uplifts: . 10 July 2022 £63,060 pa . 10 July 2027 £66,277 pa The lease has been drafted on FRI terms. Transforming Regenerating Revitalising www.logisticsnorth.com COSTA COFFEE Stock internal photo of a typical Costa Unit COVENANTS INFORMATION Costa Limited (company no: 01270695) is 02/03/2017 03/03/2016 26/02/2015 a British multi-national coffee company, (000’s) (000’s) (000’s) founded in 1971 and has grown to 3,401 stores across 31 countries. It is now the Turnover £866,366 £835,037 £735,974 second largest coffee chain in the world and the largest in the UK. Pre-tax profit £103,387 £117,498 £127,221 The company has been Graded 5A1 by Dun Tangible Net £616,894 £542,180 £444,814 & Bradstreet and is a wholly owned subsidiary Worth of Whitbread, a FTSE 100 company listed on Net current £4,944,570 £2,194,127 £1,279,893 the London Stock Exchange. assets Transforming Regenerating Revitalising www.logisticsnorth.com TENURE ESTATE CHARGE PROPOSAL FURTHER INFORMATION The property is held freehold. A service charge is administered We are instructed to seek offers in excess of £987,000 (Nine Hundred and For further information and to arrange a viewing, please contact throughout Logistics North. Eighty-Seven Thousand Pounds) subject to contact and exclusive of VAT. one of the joint selling agents on the numbers below. VAT For the year ending 31 Dec 2018, A purchase at this level reflects the following yield profile, assuming the amount apportioned to this purchaser’s costs of 5.74% property is £248.92 (£0.14 psf). The property has been elected for . Net Initial Yield: 5.75% VAT and it is the intention to treat Further information can be provided the transaction as a Transfer of a upon request. Minimum reversionary yield at July 2022: 6.04% 0161 828 6440 jll.co.uk/property Going Concern (TOGC). Minimum reversionary yield at July 2027: 6.35% Simon Wood Edward Blood EPC 01925 320 520 0161 238 6212 [email protected] [email protected] An Energy Performance Certificate John Burrows Andrew Whitehead 01925 320 520 0161 238 6242 is available upon request. [email protected] [email protected] reachmarketing.co.uk 32229 05/18 Misrepresentation Act: B8RE and JLL for themselves and for the vendors or lessors of this property, whose agents they are give notice that: a) all particulars are set out as general outline only for the guidance of intending purchasers or lessees, and do not comprise part of an offer or contract: b) 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, c) no person in the employment of B8RE and JLL has any authority to make any representation or warranty whatsoever in relation to this property. Images are indicative only. May 2018. Transforming Regenerating Revitalising www.logisticsnorth.com.