2-22 The Martlets, 8-24 Haslett Avenue

& 31-35 BroadwayCRAWLEY

Substantial, Well Secured, Freehold Town Centre Retail Investment Opportunity

Freehold Retail Investment Opportunity

COUNTY MALL

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VIRGIN HOLIDAYS HQ

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POUNDLAND

CRAWLEY

INVESTMENT SUMMARY

■ Crawley is a strategically located, affluent, south-east retailing destination with a catchment of 481,000, an estimated shopping population of 213,000 and per capita spending levels well above the national average.

■ A rare opportunity to acquire a substantial 1.8 acre freehold site within Crawley’s main retailing core with future redevelopment prospects.

■ An extensive unbroken retail parade including the entire western side of the Martlets, which is the strategic, prime pedestrianised link between County Mall and Queens Square.

■ A strong and varied blend of established tenants including Waterstone’s, McDonalds, Specsavers, Warren James, Vodafone, Card Factory, Mothercare and TUI.

■ Freehold.

■ A weighted unexpired lease term (WULT) of approximately 6.59 years

■ 8,685m² (93,486 sq ft) of retail and commercial floor space including a 141 space surface and underground town centre car park.

■ An expanding and popular business destination. Crawley benefits from its close proximity to Gatwick Airport and is home to the headquarters of Virgin Atlantic, TUI Travel and Nestlé.

■ £14,000,000 Subject to Contract & Exclusive of VAT reflecting an attractive initial yield of 7.56% and equivalent of 8.11%.

Freehold Retail Investment Opportunity

CRAWLEYCrawley is an important retailing and business destination in West Sussex,

located 50km (31 miles) south of Central London, 34km (21 miles) north of

Brighton and 43.5km (27 miles) south-west of Guildford.

The town has first class transportation links adjoining the M23 (J10-11),

which in turn links with the M25 (J7) and Central London to the north and

Brighton to the south. There is also an excellent rail service from Crawley

to London Victoria (with a fastest journey time of 45 minutes). The Gatwick

Express operates nearby from Gatwick Airport (3 miles north of the town

centre) to London Victoria with departures every 15 minutes and a non-stop

journey time of 30 minutes.

DEMOGRAPHICS & ECONOMYA popular expanding commuter town, Crawley has a resident population

of circa 102,700 (2011 estimate) and an extensive primary catchment

population of 481,000,which ranks above the Sub Regional Centre average.

The town is projected to see further above average population growth in the

next few years.

The Crawley area has a particularly affluent demographic profile with a

significantly above average proportion of adults of working age categorised

within the most affluent AB social grouping. In contrast, the least affluent D

and E social groups are under-represented.

The local economy is strong. Gatwick Airport is a major employer with

around 25,000 employed directly or indirectly through airport related services.

Other major employers locally include Virgin Atlantic, Nestlé, TUI Travel, CAA, Servisair, Thales, APV UK Ltd and KPMG.

Crawley

THEPROPERTY

CRAWLEY

RETAILING IN CRAWLEYCrawley has a town centre retail floor space of circa 960,000 sq ft, which

is disproportionally low considering the town’s extensive catchment and

affluence. The estimated shopping population of Crawley is 213,000 with per

capita retail spending levels above the PROMIS average.

The prime retailing pitch outside of County Mall is regarded as the

pedestrianised Martlets, which links the shopping centre to Queens Square.

National multiples represented on the Martlets include, H&M Hennes, Republic, Carphone Warehouse, Lush, JJB Sports, Schuh,Topman, Sports Direct, HMV, Vodafone, Waterstone’s and Specsavers.

County Mall extends to approximately 480,000 sq ft over two levels and

is anchored by Debenhams, Bhs and Boots. Other retailers include

Superdry, River Island and Miss Selfridge. The main mall entrance is

adjacent to the subject property.

Beneficial to the town’s future growth is the proposed regeneration of the

Northern Quarter. Planning permission has been granted to Land Securities/St

James Investments for Phase 1 centred on the re-development of the ‘former

Sussex House site’ in the High Street, comprising a Morrison’s food store, a

110-bed Travelodge and 4 restaurants.

SITUATIONThe property has a triple aspect with prominent frontages onto both The

Martlets and Haslett Avenue with a small return frontage onto The Broadway.

The main entrance to County Mall is in close proximity as are the town centre’s

principal bus stops and rail station. Retailers located opposite and adjacent

include H&M, Top Man, Carphone Warehouse, Schuh, Republic, Primark, Sports Direct, HMV, O2, Halifax, Shoe Zone, JJB Sports, Lush, Greggs and Deichmann.

DESCRIPTIONThe property built in the 1970’s comprises two substantial blocks; the first

is situated on the western side of The Martlets and runs virtually the entire

length from 2-26, adjoining Deichmann, which fronts onto Queens Square to

the North, and Carphone Warehouse to the south. The second block can be

found at the County Mall end of The Martlets directly opposite the Bus Station

and includes 8-24 Haslett Avenue and 31-35 Broadway. In addition there is

a surface and underground car park (141 spaces) to the rear of the property

with vehicular access from The Broadway. 24-26 The Martlets has effectively

been sold off on a long lease (999 years at a peppercorn).

ACCOMMODATIONThe property provides a total approximate net internal floor area of 8,685m² (93,486 sq ft) as set out in the schedule of tenancies and accommodation.

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This Goad Plan is for identification only and not to be scaled as working drawing. No part of this plan may be entered into an electronic retrieval system without prior consent of the publisher. © Crown copyright 2011. Licence number PU100017316. For full terms and of copyright conditions visit www.goadplans.co.uk/copyright

area subject to 999 year lease at peppercorn rental

CRAWLEY

Address Tenant Name Lease Start Expiry DateUnexp term Breaks

Current Rent pa

Rental Value pa

Area Analysis (sq ft)Service Charge Ins.

Rates Payable

(2012/13) L/L Shortfall

Covenant

CommentsGFS ITZA 1st Other Anc Y/E T/O Profit/Loss Net Worth

2 The Martlets Vodafone Ltd (t/a Vodafone)

11/02/1999 10/02/2014 1.91 £52,500 £40,000 470 403 240 n/a FRI £19,923.00 31/03/2011 £5,162,800,000 -£168,600,000 -£3,283,600,000 Guaranteed by Vodafone Multimedia Ltd. For the year ending 31/03/2011 the guarantor reported a net worth of £300,271,000. 2009 RR documented as a nil increase.

4 & 6 The Martlets

Waterstone’s Booksellers Limited (t/a Waterstone’s)

28/10/1999 27/10/2024 12.63 £148,000 £133,000 2313 1184 1797 Sales 427 Anc

34 GF FRI £62,746.00 30/04/2011 £477,424,000 -£20,597,000 £51,676,000 The RR wef 28/10/09 remains outstanding. Prohibition within the alienation clause of lease which does not allow underlettings at less than passing rent.

8 The Martlets Specsavers Optical Superstores Ltd (t/a Specsavers)

29/09/1994 28/09/2019 7.55 £71,100 £62,000 1173 603 1137 n/a FRI £29,083.00 28/02/2011 £390,791,000 £21,261,000 £80,512,000 Upper parts used as consultancy rooms but valued as ancillary as T's improvement. 2009 RR documented as nil increase.

10 &12 The Martlets

Game (Stores) Limited (in administration)

29/09/1994 28/09/2019 7.55 (£139,000) £124,000 2445 1250 890 n/a FRI £61,372.00 29/01/2011 - n/a n/a In administration. Tenant vacated but administrator responsible for empty rates

14 The Martlets

Warren James (Jewellers) Ltd (t/a Warren James)

22/06/2011 21/06/2021 9.28 22/06/2016 (T)

£60,000 £60,000 1209 601 440 n/a FRI £29,083.00 31/03/2010 £43,613,327 £11,922,679 £66,751,544 Tenant received 6 moths rent free and TBO is subject to a 3 mth penalty if exercised. £5 applied to 1st floor anc.

16-18 The Martlets

Sportswift Ltd (t/a Card Factory)

19/06/2006 18/06/2016 4.27 £156,000 £125,000 2460 1261 1014 n/a FRI £61,372.00 31/01/2010 £209,453,000 £35,641,000 £47,896,000 2011 rent review is subject to a nil increase. Tenant trades well and potentially interested in a re-gear with negotiations to start post RR documentation.

20 The Martlets

Twinmar Limited (t/a Sole Trader)

29/09/1998 28/09/2013 1.54 £64,000 £57,000 1088 573 387 n/a FRI £29,083.00 26/06/2010 £32,021,032 £1,280,312 £21,568,977

22 The Martlets

TUI UK Ltd 29/05/2011 28/05/2021 9.21 29/05/2016 (T)

£56,000 £56,000 949 558 345 141 (GF) FRI £28,167.00 30/09/2011 £3,546,000,000 £26,000,000 -£49,000,000 Recent lease renewal. Rent devalues to £95.50 allowing £7.50psf for GF Anc and £5 psf for 1st floor. TBO in year 5 subject to 3mth rent penalty if exercised. Initial rent of £56,000 pa and 3 month rent free.

24-26 The Martlets

Redevco Properties (UK) Limited

25/03/2012 24/03/3011 999 £0 £0 14650 10828 650 (2nd) £26,976.70 £7,685.09 £395,254.00 Redevco have a long lease on the former C&A store at a peppercorn but do contribute towards the service charge

TENANCIESThe block is leased to a variety of national, regional and local retailers in accordance with the Schedule of Tenancies.

McDonalds, Card Factory, Waterstone’s, Specsavers, Mothercare, Vodafone, Sole Trader and TUI are

all represented. The leases are predominantly drawn on institutional terms. Outgoings relating to the units on Haslett

Avenue and The Broadway are recoverable through a comprehensive service charge. Those on the Martlets are let on

FRI terms.

TENUREFreehold. NB: 24-26 The Martlets is subject to a 999 year lease at a peppercorn rental.

Freehold Retail Investment Opportunity

Address Tenant Name Lease Start Expiry DateUnexp term Breaks

Current Rent pa

Rental Value pa

Area Analysis (sq ft)Service Charge Ins.

Rates Payable

(2012/13) L/L Shortfall

Covenant

CommentsGFS ITZA 1st Other Anc Y/E T/O Profit/Loss Net Worth

Car Park The Broadway

RCP Car Parking Limited (104 spaces)

04/12/2009 24/12/2014 2.78 £70,000 £70,000 n/a n/a n/a n/a £6,600.00 £623.12 £22,213.00 £5,067.49 31/03/2011 £5,226,724 £1,072,419 £249,788 Plus 50% of T/O over £140k. 104 spaces (55 surface / 49 basement). A further 37 basement spaces (out of RCP's control) are allocated to other tenants. The lease is not drawn on full repairing terms and thus there is a small Landlord's shortfall (£5067.49 pax currently).

Offices @ 14 Haslett Ave

Dr H Thomas & Dr I Anderson (Saxonbrook Medical)

15/01/2010 14/01/2025 12.83 15/01/2015 £82,864 £74,000 8056 2663 (2nd) £17,380.49 £3,115.58 £64,922.00 Tenant has right to park in 30 basement car spaces. Part 1st floor is sublet to Crawley Chemists Ltd until 31/12/2024 @£10k pax. Tenant has agreed to remove the TBO in Jan 2015 in return for 3 months rent free now and 6 months rent free in Jan 2015. Solicitors instructed.

16 Haslett Ave Vacant £0 £39,500 1648 809 897 658 (GF) £3,378.83 £830.82 £20,954.00 £25,163.65 Smith Price Quoting £50,000pax

18 Haslett Ave Vacant £0 £40,750 1759 855 848 116 (GF) 778 (2nd)

£3,962.53 £415.41 £21,297.00 £25,674.94 Smith Price Quoting £50,000pax

20 Haslett Ave Mothercare UK Limited (t/a Mothercare)

09/05/1997 08/05/2017 5.15 £141,500 £112,000 4151 1713 4000 (sales) 120 (1st) 3,904 (2nd)

£11,473.53 £3,115.58 £52,212.00 27/03/2010 £562,317,000 £23,405,000 £67,100,000

22 Haslett Ave The Outdoor Group Trading Limited (t/a Blacks)

02/12/2004 01/12/2009 -2.28 £70,500 £55,000 1943 876 1912 901 (2nd) £4,276.62 £1,246.23 £22,786.00 Holding over. Lease renewal discussions ongoing with JD Sports. Prior to administration offered 10 years @ £60,000 pax with 5 yr TBO and 3 months rent free. 2 mth penanlt if TBO exercised. Rent devalues to £57 psf ZA assuming £4 on GF (anc), £3 on 1st (anc) and £1.50 on 2nd (anc).

24 Haslett Ave McDonalds Real Estate LLP

24/06/1981 23/06/2021 9.28 £75,500 £62,000 2188 886 2038 755 (2nd) £5,555.80 £1,453.94 £22,671.00 31/12/2010 £1,184,462,000 £157,211,000 £355,953,000 5 year reversionary lease agreed with a Day 1 upwards only review on 24/06/2016.

31 The Broadway

St Catherines Hospice Trading (Sussex) Ltd

06/11/2002 05/11/2012 0.65 05/11/2007 £30,900 £18,750 1076 734 541 £1,528.82 £415.41 £10,992.00 31/03/2011 £1,643,641 _ £50,000

33 The Broadway

The National Council of Young Men's Christian Associations (YMCA)

27/04/2006 26/04/2021 9.12 26/04/2016 £29,000 £19,250 1048 714 544 £984.72 £415.41 £10,420.00 31/03/2011 £23,067,000 £936,000 £10,713,000

35 The Broadway

Manpower UK Limited

10/12/2004 09/12/2014 2.74 09/12/2009 £28,000 £19,250 1074 724 545 £982.94 £415.41 £10,649.00 31/12/2010 £571,779,000 £2,004,000 £25,416,000

8,10 & 12 The Broadway

Taj The Grocer (UK) Ltd

16/02/2011 15/02/2026 13.93 £40,000 £58,220 3303 1860 489 444 (GF) £2,091.53 £1,038.53 £43,510.00 Stepped rental:Yrs 1&2@ £40,000. Yr 3@ £50,000 Yr 4@£60,000 and Yr 5 @£67,500. Average rent £51,500

£1,175,864 £1,225,720 44,947 37,375 11,164 £85,192.51 £13,085.44 £55,906.08

TOTAL (excluding Game) £1,119,958 Total Area 93,486

CRAWLEY

Freehold Retail Investment Opportunity

INCOMEThe current gross income is £1,175,864 pax with a net income of £1,119,958

pax allowing for service charge, insurance and business rates shortfalls which

totals £55,906 pa.

INCOME ANALYSIS

Covenant Analysis81% of current income is secured to nationally renowned tenants.

Local 16%

National 78%

Regional 6%

Lease Expiry Profile76% of the current income is secured for a further 5 years.

6-10 years25%

10-15 years23%

0-3 years27%

3-6 years25%

The weighted unexpired lease term (WULT) is circa 6.59 years (to expiry)

RENTAL VALUEPrime headline rental values within Crawley peaked at £140 psf ZA within the County Mall Shopping Centre (Lower Mall) in 2007 on lettings to Warehouse,

River Island and Millie’s Cookies. Rentals currently reflect circa £110 psf ZA. Recent transactions within The Martlets reflect circa £95 psf ZA evidenced by the

following open market lettings and lease renewals.

Address Tenant Type Lease Zone A psf Date Comments

22 The Martlets TUI UK Ltd L/R 10 yrs from 29/05/11(recently completed)

£95.50 (N/E) 05/11 TBO 5th year with 6 mths notice and 3 mth rental penalty. 3 months rent free. Within subject property.

14 The Martlets Warren James OML 10 yrs from 22/06/11 £96.33 06/11 TBO 5th year with 6 mths notice and 3 mth rental penalty. 6 months rent free. Within subject property.

5 The Martlets CEX OML 10 yrs from 03/10 £95 (N/E) 03/10 12 mths rent free

13/15 The Martlets Sports Direct R/G 10 yrs from 09/11 £95 (N/E) 09/11 12 mths rent free. Re-geared lease.

Rental levels passing within the Haslett Avenue parade reflect between £71 and £28 psf ZA and offer a good discount to prime. McDonalds has recently

completed a 5 year reversionary lease (wef 06/16) at the passing rental of £75,500 pax (£71 psf ZA) in return for 6 months rent free whereas at the Broadway

end of the parade Taj The Grocer (UK) Ltd entered into a 15 year lease in February 2011 on a stepped rental basis, the average equating to circa £28 psf ZA.

Broadway Frontage

CRAWLEY

SERVICE CHARGEThe Martlets units are secured on full repairing and insuring leases. The

remainder of the freehold ownership (including the long leasehold of

24/26 Martlets) is subject to a service charge which is calculated on a

gross floor area basis with individual tenant percentage apportionments.

The total service charge budget for the year ending 31st March 2013 is

£90,260 pa. The current service charge, rates and insurance shortfall is

£55,906 pax as set out in the tenancy schedule.

ASSET MANAGEMENT OPPORTUNITIES

• The property presents a rare opportunity to acquire a substantial

unbroken retail parade on a 1.8 acre freehold site (not including 24-

26 Martlets) in Crawley town centre which has future re-development

prospects subject to planning which could result in the extension and

improvement of the existing holding.

• The asset provides an investor with flexibility allowing sub-division

and sale of part.

• Consider acquiring adjoining ownerships (25-34 Queens Square –

Deichmann/Shoppers Amusements/Primark and 24-26 The Martlets)

to take full control of this strategic island site for future re-development.

• There is the opportunity to enhance the current rental income with the

letting of the vacant units at 16 and 18 Haslett Avenue and potentially

10/12 The Martlets (Game) as well as improving the weighted

unexpired lease term on the property as some of the tenants have

intimated that they would re-gear leases.

VATThe property has been elected for VAT and any disposal will be by way of a

Transfer of a Going Concern (TOGC).

PROPOSALWe have been instructed to seek offers £14,000,000 for the freehold

interest reflecting a net initial yield of 7.56% and an equivalent yield of 8.11% allowing for purchase costs of 5.8%.Haslett Avenue Frontage

FURTHER INFORMATION

For further information please contact:

David Freeman James Baillie Ed Smith

020 7659 4830 020 7659 4839 020 7659 4831

david.freeman@greenpartners.co.uk james.baillie@greenpartners.co.uk ed.smith@greenpartners.co.uk

MISREPRESENTATION These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details. Neither the agents nor the vendors or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. March 2012.

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