RETAIL WAREHOUSE / TRADE COUNTER INVESTMENT SALE VICTORIA RETAIL PARK ENTER SHROGGS ROAD, HALIFAX, HX3 5HA

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1 RETAIL WAREHOUSE / TRADE COUNTER SALE BACK SHROGGS ROAD, HALIFAX, HX3 5HA ENTER

2 Investment Highlights Halifax is located in West Yorkshire between Leeds and Manchester. Excellent road links allow easy access to the town from the M606 and M62 motorways via the. The subject property benefits from being directly adjacent to a 63,669 sq ft B&Q Warehouse. The park totals 25,070 sq ft arranged in right sized units of 4,885 sq ft to 8,625 sq ft. Let off low rents totalling 280,192 per annum, averaging just per sq ft. Occupied by internet resistant retailers Topps Tiles, Floors 4 You, Jollyes and Dreams. Bulky goods planning consent. Long leasehold. Value enhancement potential. We are quoting a price of 3,510,000, reflecting an attractive net initial yield of 7.50%, based on purchaser s costs of 6.65%.

3 A15 BACK A55 0 Blackpool Southport 5 A565 A570 0 M58 M6 LIVERPOOL A41 Ellesmere Port M56 A683 A65 LANCASTER Preston Blackburn Wigan Bury Bolton A537 A34 A682 A65 Burnley M60 A6068 M62 A537 Keighley HALIFAX Rochdale A646 A6 A650 A62 A628 A623 A65 Huddersfield Harrogate Leeds Bradford Airport A6 A616 MANCHESTER A61 M1 A61 A61 A619 A1(M) LEEDS SHEFFIELD A61 Chesterfield A168 A1 Wakefield A19 A638 Rotherham A619 A64 A57 A63 A19 A645 A170 A1041 A631 A1 A63 A64 YORK M62 A614 A156 A159 A166 A614 (A163) A1079 M180 A57 A170 A164 Location Halifax is a historic industrial town and is the largest in the Metropolitan Borough of Calderdale, located in West Yorkshire. Halifax lies 16 miles south-west of Leeds and 33 miles north-east of Manchester. The nearby towns of Bradford and Huddersfield are located 8 miles north-east and south-east respectively. The town benefits from excellent road links, with the and arterial routes passing through the centre of Halifax, and the connecting to the M606 and M62 motorways 7 miles to the east of the town. The town also benefits from direct rail services to Leeds and Manchester, with journey times of 35 minutes and 45 minutes respectively, which connect to mainline London services with journey times of just over 2 hours. Leeds Bradford Airport is located 16 miles north of the town. A494 CHESTER A55 Crewe M6 A523 A53 A515 A515 M1 A17 A STOKE-ON-TRENT A38

4 Situation The property is located to the north of the town centre and occupies a prominent position on Shroggs Road off Ovenden Road (), one of the main arterial roads of Halifax. Adjacent to the property is a 63,699 sq ft B&Q Warehouse which is owned by B&Q. Situated in the vicinity of the subject property is Crossley Retail Park and Greenmount Retail Park is located just to the south. WHEATLEY ROAD OVENDEN ROAD Demographics There is a total catchment population of 106,240 people within a 10 minute drive time of the subject property, rising to 350,792 people within a 20 minute drive time (source: CACI), and is located between Manchester and Leeds, the 3rd and 4th most populous cities in the UK. The shopping population totals 154,000 people, which is above average for a town of its size. Total retail expenditure in the town was 876 million in 2017, significantly ahead of the average of comparable towns of 614 million. Forecast growth in retail expenditure from in Halifax is predicted to be 2.6% per annum, above the PMA top 200 retail town average of 2.4% per annum. The percentage of online expenditure within the Halifax population is below the average of 16.7%, at 16.3%, showing less leakage to the internet. BURDOCK WAY BURDOCK WAY CLAREMOUNT ROAD CLAREMOUNT ROAD Shroggs Park BOOTHTOWN ROAD HALEY HILL Akroyd Park SHROGGS ROAD GIBBET STREET VICTORIA RETAIL PARK QUEEN S ROAD QUEEN S ROAD PELLON LANE GIBBET STREET People s Park N ORTHGATE HALIFAX NEW BANK CHARLESTOWN ROAD WINDING ROAD SOUTH PARADE

5 MOOR END Retail Warehousing in Halifax Retail warehouse supply in Halifax totals 519,000 sq ft, which is not around the national average per capita. The majority of the retail warehousing is focused around Pellon Lane, just to the south, with the main schemes shown on the plan opposite: Pellon Lane Retail Park Toolstation, Farmfoods, Sue Ryder, James Hargeaves Bathrooms Avg rent 9.81 psf WARLEY TOWN Greenmount Retail Park TK Maxx, Sportsdirect, Argos A646 Avg rent psf Crossley Retail Park Aldi, Home Bargains, Halfords, Pets at Home, Iceland Avg rent psf Topps Tiles, Floors 4 You, Jollyes, Dreams Avg rent psf A6026 Halifax Retail Park Carpetright, BHF, Poundstretcher SAVILE PARK Avg rent psf A646 BOOTHTOWN The Range 8.99 psf Dunelm psf HALIFAX CALDERDALE Charlestown Retail Park DW Sports Fitness, Next, Currys, Pizza Hut Avg rent psf B&M Wickes & Halfords Avg rent 7.24 psf The Pennine Centre B&M, Argos Avg rent 6.50 psf Matalan 8.75 psf STUMP CROSS A6036

6 Pellon Lane CROSSLEY RETAIL PARK Shroggs Rd Ovenden Rd Dean Clough Mills

7 Description The subject property provides a modern and attractive retail warehouse scheme, having been constructed in 2007 by B&Q, who previously owned the park. Consequently, the park adjoins a 63,699 sq ft B&Q, which they still own. The tenant mix of trade counter retailers and more traditional retail warehouse tenants all benefit from the footfall that the B&Q generates. The park provides 25,070 sq ft of accommodation arranged across 4 units ranging in size from 4,885 sq ft to 8,625 sq ft. All of the units are fitted out to the individual tenant s specifications. Servicing is located to the rear and the subject property benefits from 110 exclusive car parking spaces, giving an attractive ratio of 1 : 228 sq ft. Including the whole of the B&Q car park, there are 359 car parking spaces, giving a ratio of 1 : 247 sq ft across the whole scheme.

8 BACK Tenancy The scheme is let on full repairing and insuring leases with low rents averaging just per sq ft across the scheme. UNIT TENANT NAME GIA (FT²) LEASE START TENANT BREAK LEASE EXPIRY RR CURRENT RENT (PER ANNUM) RENT (PER SQ FT) COMMENTS SHROGGS ROAD 2a Topps Tiles 5,298 08/05/ /11/ /05/ /05/ /05/ , b Floors 4 You 4,885 01/08/ /08/ /07/ /08/ , Leonard F Jollye (Brookman Park) Ltd 6,262 14/11/ /11/ /11/ , Breaks 08/11/2019 and 08/05/ months written notice on breaks, with a penalty of 3 months rent. RRs capped to a max increase of 15% m Break 01/08/22. 6 months notice on break, with penalty of 3 months rent. 4 Dreams Ltd 8,625 22/04/ /04/ /04/ , Break in early 2018 was not exercised m TOTAL 25, , Path (um) ST G EORG Path (um) SHROGGS ROAD LEE BANK O venden Brook D ismantled R ailway WOODSIDE MOUNT 2 ESS 150.3m Wind Turbines D ef Ward Bdy S M H ebble B rook El Sub Sta S M Lee Bridge Industrial Estate LEE BRIDGE Tenure Victoria Shed Hotel The property is held long leasehold for a term of 999 years (at a peppercorn rent) from 29th January 2016, as Club shown delineated red on the plan. B&Q is the freeholder. The leasehold title benefits from full rights of access over the area shaded yellow (access road) and brown (service road), which are retained by B&Q. The area shaded green is a no build Lee Bridge zone in favour of the leasehold title, totalling approximately El Sub Sta110 car parking spaces m Chy 145.4m El Sub Sta Ward Bdy LEE BRIDGE Ward Bdy Tank Tks Path (um) D ef Birks Hall Lane The property is held long leasehold for a term of 999 years (at a peppercorn rent) O VENDE N RO AD Snake Hill FB l Mews Care Hom e 32 P ath L S T R E E T 1 9 LL TE RRACE 1 6 E E T Path (um) P ath ANG E L R O AD L Twr L Twr L Twr Playing Field L Twr

9 Planning The property benefits from a bulky goods consent with the following items restricted: Clothing and footwear, fashion accessories including jewellery Books and pre-recorded visual material Watches, cosmetics, toiletries and pharmaceutical products Electrical goods excluding major household appliances and audio visual equipment and excluding small electrical household appliances There is a minimum unit size of 5,995 sq ft for Unit 3 (Jollyes) and a minimum unit size of 4,876 sq ft on Units 2a and 2b (Topps Tiles and Floors 4 You). Unit 4 (Dreams) is to be a minimum of 6,458 sq ft. There are to be a total of 4 units within the terrace. Value Enhancement The scheme benefits from being fully let. However, there are a number of asset management initiatives which could be undertaken. Topps Tiles and Floors 4 You have breaks in November 2019 and August 2022 respectively, both subject to a penalty equivalent to 3 months rent if exercised (we understand both retailers are trading well here and it could be advisable to seek to remove both breaks in order to extend the WAULT). Tenants Covenants Topps Tiles are the UK s leading tile retailer with a market share of circa 30% and over 375 stores nationwide. The company is listed on the FTSE250 and has a market capitalisation of around million. Floors 4 You was established in 2011 and sell flooring including solid wood, engineered wood, laminate, carpet or vinyl. The company currently has 28 stores, mainly based in the north of England and Wales, with another 11 in the pipeline by the end of Jollyes has been in existence for over 40 years and has grown to 68 stores across the UK. Dreams are now the top bed specialist in the UK, having been established in They have 195 stores across the UK and sell over 10,000 mattresses, bases and headboards each week. Their sales have grown continuously over the last 4 years under the leadership of CEO Mike Logue. Most recently the company was number 1 out of the top profit track by the Sunday Times, with profits up 167%. The respective tenant accounts are as follows: UNIT TENANT YEAR ENDING 2a 2b 3 Topps Tiles Plc Floors 4 You Ltd Leonard F Jollye (Brookmans Park) Ltd 4 Dreams Ltd SALES TURNOVER (000 S) PRE-TAX PROFIT (000 S) NET WORTH (000 S) 30/09/ ,848 16,999 22,028 01/10/ ,994 19,982 17,300 30/08/2016 3, /08/2015 1, /05/ ,355 4,549 4,396 31/05/ ,366 5,815 3,660 24/12/ ,544 31,430 8,587 24/12/ ,865 13,493-16,225 D&B RATING 4A1 B2 2A1 3A2

10 EPC EPC s for the units are available on request. VAT The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern. Proposal We are quoting a price of 3,510,000 (Three Million, Five Hundred and Ten Thousand Pounds), reflecting an attractive net initial yield of 7.50%, based on purchaser s costs of 6.65%. Contact Ellie Kirkby T: M: E: e.kirkby@avisonyoung.com Avison Young Heathcoat House 20 Savile Row London W1S 3PR Paul Wilkinson T: M: E: p.wilkinson@avisonyoung.com MISREPRESENTATION NOTICE. Avison Young give notice to anyone who may read these particulars as follows: 1. 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. 2. 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. 3. 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. 4. 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 and 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. 5. Any areas, measurements or distances referred to herein are approximate only. 6. 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, this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. 7. Descriptions 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. Avison Young give notice that some of the partnership members have a financial interest in this property. 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. August Designed and produced by Creativeworld Tel: