WICKES STAFFORD ROAD, WOLVERHAMPTON WV10 6HT LONG LET RETAIL WAREHOUSE INVESTMENT

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1 WICKES STAFFORD ROAD, WOLVERHAMPTON WV10 6HT LONG LET RETAIL WAREHOUSE INVESTMENT

Investment summary Located on the outskirts of Wolverhampton City Centre Prominent site fronting Dunstall Road and Stafford Road (49) Detached retail warehouse extending to approx. 3,591.

2 Investment summary Located on the outskirts of Wolverhampton City Centre Prominent site fronting Dunstall Road and Stafford Road (49) Detached retail warehouse extending to approx. 3, sq m (41,015 sq ft) Freehold site of approx. 2.5 acres FR&I lease until 25 October 2029 (13 years unexpired) 482,640 per annum We are seeking offers in the region of 6,460,000 (Six Million Four Hundred and Sixty Thousand Pounds) for the freehold interest, subject to contract, reflecting a Net Initial Yield of 7.00% allowing for purchaser s costs of 6.64% Let to Wickes Building Supplies Limited 2

Location A614 Wolverhampton is one of the principal centres within the West Midlands conurbation, being located approximately 15 miles northwest of

It affords excellent communication links being adjacent to junctions 9 & 10 of the motorway and junctions 1 & 2 of the M54 motorway.

56 49 M5 23 48 M54 0 d Staffor The property holds a prominent position on the 49 (Stafford Road), adjacent to the intersection with Dunstall Road,

Stafford Road is the main arterial route into the city from J2 M54 motorway and as such is characterised by both commercial and residential uses.

Goldthorn R d e ay ry Rt e am yr Coalwa d 1 er M o gh Birmin rid ale nr Compto d nn 5 4 rth gno B r id Pe Ln nn nt n Tree L Yew Mi ll rst Ln nhu Bar Ho

3 Location A614 Wolverhampton is one of the principal centres within the West Midlands conurbation, being located approximately 15 miles northwest of Birmingham, 75 miles south of Manchester and 130 miles north of London. It affords excellent communication links being adjacent to junctions 9 & 10 of the motorway and junctions 1 & 2 of the M54 motorway. This infrastructure is further enhanced by a main line railway station providing direct routes to London with a fastest journey time of approximately 1hr 45 mins. A Burton-on-Trent 15 1 A A38 44 A A606 M Walsall 58 M A M5 M42 35 A14 A14 Situation M1 Kidderminster M M M54 0 d Staffor The property holds a prominent position on the 49 (Stafford Road), adjacent to the intersection with Dunstall Road, approximately 1km north of the city centre. Stafford Road is the main arterial route into the city from J2 M54 motorway and as such is characterised by both commercial and residential uses. Within the immediate area there has been a concentration of commercial and trade counter development including a Honda/Mazda car dealership, Halfords, Selco, and Screwfix. M54 ill Ln rd M Pendefo Worbaston 0 Stafford 1 Lichfie ld ck 1 Ca all nh tte Te d dnesfiel We 5 4 Willen hall 54 Th e Ke y y Rt u nt r k Co Blac w Goldthorn R d e ay ry Rt e am yr Coalwa d 1 er M o gh Birmin rid ale nr Compto d nn 5 4 rth gno B r id Pe Ln nn nt n Tree L Yew Mi ll rst Ln nhu Bar Ho lyh ea d Ln Ca nn oc k 0 p ton Br oa d 6 am rd Wo lve rh M1 TOLL M54 Staffo With a population of around 250,000 persons, Wolverhampton has seen considerable inward investment in recent years. Jaguar Land Rover opened their 1 million sq ft advanced engineering facility at i54 in 2014 and have announced additional investment of over 400m into the site. In the city centre, the 120m Wolverhampton Interchange has seen considerable investment around the transport hubs, while The University of Wolverhampton continues to expand and now enrols around 23,000 students having invested 100m over the last decade with a pledge to commit a further 250m over the next 5 years. Parkfield B la ck u Co 3

Description Crown Copyright 2016. All rights reserved. Not to scale. The property comprises a purpose built detached retail warehouse.

Internally the property is fitted out to the corporate trading style of the tenant with large sales area, trade and bulky goods area and a two storey ancillary block to the front of the the main

4 Description Crown Copyright All rights reserved. Not to scale. The property comprises a purpose built detached retail warehouse. It is of portal frame construction with profiled cladding to the walls and roof and an eaves height of approximately 6.5m. Internally the property is fitted out to the corporate trading style of the tenant with large sales area, trade and bulky goods area and a two storey ancillary block to the front of the the main warehouse providing customer WC s, stores and staff facilities and meeting rooms. The entrance to the site is via West Street, providing access to the tenant s service yard and also customer parking for around 120 vehicles. The site extends to approximately 2.5 acres. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following approximate Gross Internal floor areas: Demise Ground Floor Sales & Ancillary First Floor Ancillary Total Sq M Sq Ft 3, , ,362 3, ,015 Tenancy The property is let in its entirety to Wickes Building Supplies Limited for a term of 25 years from 25 October 2004 until 24 October 2029; thus providing 13 years unexpired. The lease is drafted on a Full Repairing and Insuring basis at a current passing rent of 482,640 per annum ( per sq ft). The lease is subject to 5 yearly upwards only rent reviews. The property is to be used for non-food retail purposes within Class A1. 4

Having opened its first store in 1972, it was acquired by Travis Perkins in 2005 and now has over 200 stores UK wide.

Pre-tax Profit 60,133,000 68,731,000 49,441,000 New Assets 413,972,000 364,680,000 309,079,000 Investment Evidence Town Address Tenant UXT Price Yield

5 Tenure The property is freehold. Covenant Wickes is one of the best known home improvement / DIY brands in the UK, with a particular focus towards commercial trade. Having opened its first store in 1972, it was acquired by Travis Perkins in 2005 and now has over 200 stores UK wide. The business has reported the following financial results: 26 Dec Dec Dec 2013 Turnover 1,104,950,000 1,039,986, ,136,000 Pre-tax Profit 60,133,000 68,731,000 49,441,000 New Assets 413,972, ,680, ,079,000 Investment Evidence Town Address Tenant UXT Price Yield Date Bury Moor Street Wickes Building Supplies Ltd 9.5 yrs 4.485m 7.00% May 2016 Nottingham Mansfield Road Wickes Building Supplies Ltd 15 yrs 5.180m 6.40% Jan 2016 Maldon Wycke Hill Wickes Building Supplies Ltd 15 yrs 7.200m 6.00% Jan 2016 Bracknell Western Road Wickes Building Supplies Ltd 13.4 yrs 14.60m 5.85% Jan

Planning The Property has planning consent for Class A1 retail use, restricted to the sale of the following goods: DIY Goods Home improvement products Furniture, furnishings and household textiles

6 Planning The Property has planning consent for Class A1 retail use, restricted to the sale of the following goods: DIY Goods Home improvement products Furniture, furnishings and household textiles Garden materials and goods Electrical goods associated with gardening and household maintenance Gas and electric fires Carpets and floor coverings Pets and pet products (including pet food) EPC The property has an EPC rating of B and a score of 42. A copy of the EPC and Recommended Report is available upon request. VAT The property is elected for VAT. It is anticipated that the transaction will be treated as a TOGC. Proposal We are seeking offers in the region of 6,460,000 (Six Million, Four Hundred & Sixty Thousand Pounds) for the freehold interest, subject to contract, reflecting a Net Initial Yield of 7.00% allowing for purchaser s costs of 6.64%. Contacts For further information, or to arrange a viewing, please contact: Adam Ramshaw Ankur Chadha Richard Durkin aramshaw@lsh.co.uk achadha@lsh.co.uk rdurkin@lsh.co.uk For confidential debt enquiries, please contact: Eddie Kelly ekelly@lsh.co.uk Lambert Smith Hampton Interchange Place Edmund Street Birmingham B3 2TA Subject to Contract and Exclusive of VAT Lambert Smith Hampton October 2016 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. 6

REVERSIONARY RETAIL WAREHOUSE INVESTMENT

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