prime retail warehouse investment Opportunity wickes Foster Road, ashford, kent, TN24 0SG

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1 prime retail warehouse Opportunity wickes Foster Road, ashford, kent, TN24 0SG ENTER

2 Previous next 2 Investment Considerations Ashford is one of the most well connected towns in the country with excellent connections to London and Europe, including Paris, Lille and Brussels. Fast growing and affluent catchment population, with above average levels of retail spend per capita. ashford is home to over 6,000 businesses and is the top business location in Kent. the town is subject to a vast amount of regeneration and and is one of the fastest growing towns in the UK. the property is in the main retail warehouse pitch for the town, opposite Ashford Retail Park. The property totals 28,029 sq ft and is let to the 5A1 D&B Covenant of Wickes plc. a new reversionary lease expiring June 2026 has been agreed with Wickes at an increased rent of 434,500 per annum ( per sq ft). We are instructed to seek offers in excess of 6,625,000 (Six Million, Six Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 6.15% (assuming purchaser s costs at 6.64%).

3 Previous next 3 Ashford is a core commuter town for London, located approximately 55 miles south east of Central London, 21 miles south east of Maidstone and 15 miles south west of Canterbury. The town benefits from excellent road communications, being close to both Junctions 9 and 10 of the M20 motorway connecting the town to London and Folkestone. The provides a direct link to Canterbury to the north. The 34 minute journey time between Ashford International Station and London St Pancras International has enhanced the status of Ashford. Direct Eurostar services solidify the town as an international business location, with Lille being accessible within less than an hour, Brussels can be reached in 90 minutes and Paris is less than 2 hours away. catchment and DEMOGRAPHICS Ashford benefits from having a fast growing and affluent catchment population. The town has a primary catchment area of 190,000 people and there are 80,125 people living within a 10 minute drive time of the subject property, extending to 184,826 people within a 20 minute drive time. The 10 minute drive time catchment population is predicted to increase by 4.3% by Ashford is ranked 50th out of the top 200 PMA retail centres in terms of affluence and retail spend within the town in particularly high. Per capita in store comparison expenditure in 2016 is 2,815 per capita in Ashford compared with the PMA average of 2,655 per capita. This is forecast to grow by 1.9% per annum from In addition, per capita retail warehouse expenditure is 583 in 2016 in Ashford; significantly ahead of the PMA average of 549 per capita. LONDON PURLEY A13 DARTFORD A2 A20 ORPINGTON A232 M25 M20 A13 GRAVESEND A2 ROCHESTER CHATHAM M2 A249 WHITSTABLE A299 HERNE BAY A299 MARGATE RAMSGATE Ashford is home to over 6,000 businesses and is considered to be Kent s number one business location. Businesses based here include fresh food supplier Brakes, medical technology manufacturer Integrated Technology Ltd, food manufacturer Premier Foods, and global beauty products manufacturer Coty. A23 M25 A22 M23 GATWICK AIRPORT A272 A23 A27 BRIGHTON M25 A22 A26 LEWES A26 A25 SEVENOAKS A21 A26 TONBRIDGE A229 A228 TUNBRIDGE WELLS A26 A21 A229 HURST GREEN A21 A22 A259 A27 MAIDSTONE A249 A262 A259 HASTINGS M2 M20 A259 RYE A2 CANTERBURY A2 M20 A259 FOLKSTONE A256 DOVER The Council is keen to invest in the area and is supportive of regeneration and growth of the town. Ashford Designer Outlet Village is set increase by 100,000 sq ft adding 40 new stores and 6 restaurants. The town centre is being redeveloped to provide a larger cinema, bars, restaurants and a hotel, Ashford College has been extended with a 26 million new Further and Higher Education Campus. A 80,500 sq ft office led development, the Commercial Quarter opposite Ashford International Station has recently been granted planning permission. There is also the potential for over 3 million sq ft of new office and industrial development in the town and over 35,000 new homes are being built. There is more than 100 million of infrastructure planned within Ashford, including plans to build a new 70 million Junction 10a of the M20 motorway. This would significantly improve vehicle access to the town. NEWHAVEN EASTBOURNE

4 wickes Foster Road, ashford, kent, TN24 0SG Previous 4 next situation The subject property lies about 2 miles to the south east of Ashford town centre close to Junction 10 of the M20, which links to the southern dual carriageway ring road; Bad Munstereifel Road. The property lies close to the dual carriageway, with access and egress via Foster Road, which connects to the via Barrey Road. Part of the proposed road works associated with the development of Junction 10a of the M20, include improved access to Barrey Road. Either a roundabout or traffic light system is likely to be put in place at the junction of the with Barrey Road. RETAIL PARK Opposite the property is Ashford Retail Park, which has recently undergone a major redevelopment and refurbishment programme and now totals 131,000 sq ft and is anchored by TK Maxx, B&M and Dunelm. This, together with the subject property, comprises the strongest retail warehouse pitch in the town. One mile south of the subject property in Finberry is a Crest Nicholson development, which will total over 1,180 new homes once fully completed. There is also substantial housing just to the north of the subject property. TRAIN LINE

5 Previous next 5 Retail Warehousing in Ashford Retail warehouse supply is estimated at JOHN LEWIS AT HOME A20 9 WARREN RETAIL PARK (45,000 sq ft) Sainsbury s, Staples, Poundland, M&S Simply Food 411,000 sq ft by PMA, with overall provision per household being below average. However, per capita spending levels on retail warehouse goods is significantly above average. REPTON PARK SOUTH A292 NEW STREET RETAIL PARK (16,674 sq ft) Farmfoods, Choices UK M20 The subject property is within the dominant pitch for the town, opposite Ashford Retail Park. Retail warehousing in the town is shown on the plan opposite. GREEN CHART MATALAN INTERNATIONAL A292 M20 B&Q WILLESBOROUGH Proposed Junction 10a Redevelopment CHILMINGTON GREEN NORMAN ROAD RETAIL PARK (65,000 sq ft) Pets At Home Currys PC World Harveys Halfords DESIGNER OUTLETT (183,100 sq ft) Adidas, Gap, Ted Baker, Polo Ralph Lauren, Levi s RETAIL PARK (131,000 sq ft) B&M, Dunelm, TK Maxx, Dreams, Boots, Smyths Toys WICKES 10 SEVINGTON A20

6 1 Foster Road 4 5 wickes Foster Road, ashford, kent, TN24 0SG Previous next 6 The subject property comprises an attractive standalone unit let to Wickes, totalling 28,029 sq ft GIA. Bad Munstereifel Road () The property has been fitted out to Wickes specification and benefits from having a first floor amenity block comprising offices and staff accommodation and facilities. Servicing is to the rear of the unit and is accessed via Foster Road, with separate access to customers. Garden Centre 1 The customer car park is located to the side of the unit, providing 121 spaces (inclusive of trolley bays), equating to a ratio of 1 : 232 sq ft. Ashford Retail Park The site totals 1.7 acres, equating to a low site cover of 37.7%. 6 Barrey Road

7 Previous next 7 The property is held freehold with the title delinated in red on the plan below. Wickes have been in occupation of the unit since January Conveying their commitment to this location, they have recently agreed a new 10 year reversionary, full repairing and insuring lease from 24 June 2016 to 23 June 2026 at a rent of 434,500 per annum, equating to per sq ft (based on a GIA of 28,029 sq ft). The previous rent was 378,392 per annum. Wickes have an open market, upwards only rent review at year 5. Rents on Ashford Retail Park, opposite the subject property are circa 26 per sq ft for a 5,000 sq ft unit and 23 per sq ft for a 10,000 sq ft unit. B&M occupy a 22,000 sq ft unit at a rent reflecting per sq ft. Therefore we believe the subject property to be rack rented at the passing rent.

8 Previous next 8 Planning Planning was granted originally in There were no restrictions to the consent except that no retailing of food was permitted on the property. Therefore, we consider the property to have an open A1 non-food planning consent, allowing a wide range of occupiers to trade here. Wickes is one of the top DIY home improvement store and garden centre retailers based in the UK. The company is owned by Travis Perkins plc, who operate over 20 businesses across the UK. Wickes' first store opened in Manchester in 1972 and the retailer now has over 220 stores nationwide. Wickes are currently in the process of refitting stores in its new trading format and over 50 stores have now been refurbished giving significant uplifts in sales. The most recent company accounts for Wickes Building Supplies Limited are as set out below: TENANT YEAR ENDING Sales turnover (000 s) Pre-Tax PROFIT (000 s) Net Worth (000 s) D&B RATING Wickes Building Supplies Limited 26/12/2015 1,104,950 60, ,992 27/12/2014 1,039,986 68, ,080 5A1

9 Previous 9 EPC The property has a B47 EPC rating. VAT The property has been elected for VAT, however, it is anticipated that the transaction will be treated as a Transfer of Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 6,625,000 (Six Million, Six Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 6.15% (assuming purchaser s costs at 6.64%). FURTHER INFORMATION Ellie Kirkby T: M: E: e.kirkby@wilkinsonwilliams.co.uk Paul Wilkinson T: M: E: p.wilkinson@wilkinsonwilliams.co.uk Wilkinson Williams Heathcoat House 20 Savile Row London W1S 3PR MISREPRESENTATION NOTICE Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: 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. 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. 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. 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 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. Any areas, measurements or distances referred to herein are approximate only. 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. s 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. November 2016