Prime Leisure Investment Opportunity Let to Côte for a further 18.75 years

73 High Street, Winchester, SO23 7DA

Cote

Investment Considerations

■ Located in the affluent Cathedral City of Winchester ■ Situated on the main High Street, close to the Cathedral ■ Comprising ground and first floor restaurant accommodation with basement and second floor kitchenette / preparation area and ancillary accommodation

■ Totalling approximately 5,326 sq ft ■ Freehold

■ Let on a 20 year lease to Cote Restaurants Limited expiring on 10th November 2034

■ Rent of £85,000 pa reflecting a low £65 psf Zone A (£15.95 psf overall)

■ Current ERV £97,875 (£75 psf Zone A) ■ Offers sought in the region of £1,900,000 (One Million Nine Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 4.23%, equivalent yield of 4.77% and reversionary yield of 4.88%.

LONDON

A350

A350

A354

A338

A338

A346

A419

A303

A303

A361

A39

A272A23

A22

A4

A358

A339

A27

A24A264

A331

A36

A36A34

A33

A34

A31

A31

A3

A37

A37

A35A35

M27

M48 M40M25

M25

M23

M40

M11

M3

M3

M5

M5

M4

M4

M1

A3(M)

A1(M)

M271M27

M49 M32

Southampton

Gatwick

Heathrow

LondonCity

LutonOxford

Bournemouth

Bristol

SouthamptonSouthampton

PortsmouthPortsmouth

SalisburySalisbury

NewburyNewbury

BasingstokeBasingstokeGuildfordGuildford

WokingWoking

ChichesterChichesterWorthingWorthing

BrightonBrighton

SwindonSwindonNEWPORTNEWPORT

GloucesterGloucesterCheltenhamCheltenham

BATH

OXFORD

READINGBRISTOL

DorchesterDorchester

YeovilYeovil

WeymouthWeymouth

BournemouthBournemouth

WINCHESTER

Location

The historic Cathedral City of Winchester is the county town of Hampshire and is located at the western end of the South Downs National Park. The City is situated 98 km (61 miles) south west of London, 20 km (12.5 miles) north east of Southampton and 43 km (27 miles) south of Newbury.

The town benefits from good road communications providing direct access to the M3 at Junctions 9 and 10 providing access to Southampton to the south and Basingstoke and the M25 to the north.

Rail links are excellent with regular services from Winchester railway station to London Waterloo with a fastest journey time of 62 minutes. Direct services also operate to Southampton Central (20 minutes) and Basingstoke (19 minutes).

Southampton International Airport is located approximately 14 km (9 miles) to the south providing a range of national and international flight destinations.

London’s Heathrow International Airport is located approximately 50 miles to the north east providing both long and short haul flights.

Demographics

The total population within the Winchester primary catchment area is approximately 104,000, with an estimated shopping population of approximately 71,000. The Winchester population is one of the most affluent of the PROMIS catchments with per capita retail spending levels being significantly above the PROMIS average.

According to Tourism South East, annual tourism expenditure in Winchester is over £230 million with the number of visits made to Winchester now over 4.9m. The town provides a good restaurant offering attracting both the local population and tourist trade.

50 metres

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Winchester

Experian Goad Plan Created: 20/01/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crown copyright and databaserights 2016. OS 100019885

Description

The subject property comprises an attractive Grade II listed building arranged over basement, ground and two upper floors. The ground floor and part first comprises restaurant accommodation. Part first and second floor comprises ancillary accommodation including a kitchen, staff room, office space, male and female WC facilities. The basement provides ancillary accommodation. Both the interior and exterior of the property has recently been extensively refurbished and redecorated.

Situation

The property is located at the western end of the High Street approximately 50m from the pedestrianised area. The immediate vicinity is made up of restaurants, retailers and tourist focussed operators including: RBS Bank, Your Move Estate Agent, Barista Coffee House and Eat Drink and Be.

The main retail provision in Winchester is situated on the pedestrianised High Street with occupiers including HSBC, Barclays Bank, Lloyds Bank, Jack wills, L.K.Bennett, Cath Kidson and Russell & Bromley.

© Crown Copyright, ES 100004106. For identification purposes only.

Accommodation

Floor NIA (sq m) NIA (sq ft)

Basement 55.60 599

Ground 180.09 1,938

ITZA 104.7 1,127

First 154.95 1,668

Second 104.25 1,122

Total 494.89 5,327

Covenant

Cote Restaurants Limited is a licenced restaurant group, the first brasserie opened in August 2007 and the company now operate from 67 sites. Restaurants are focused in the south east but have moved further afield with restaurants in Manchester and York.

Cote Restaurants Limited has a D&B rating of 5A1. The business produced the following headline accounts over the last 3 years:

29 July 2012 28 July 2013 27 July 2014

Turnover 49,344,196 64,728,917 84,847,258

Pre-Tax Profit 6,916,508 8,917,872 11,566,629

Total Net Worth 8,320,431 14,727,581 25,230,414

TenancyThe entire property is let to Cote Restaurants Limited on a full repairing and insuring lease for a term of 20 years from 11th November 2014 expiring 10 November 2034. The rent is subject to

open market 5 yearly upwards only rent reviews. The passing rent is £85,000 pa reflecting a low £65 psf Zone A (£15.95 psf overall).

Rental CommentPrime rents in Winchester are currently in the region of £180 psf Zone A which are now in advance of the pre-recession peak demonstrating depth of demand in the City. This is evidenced by the letting to Mint Velvet at 106b High Street reflecting £185 psf Zone A. The subject

location offers a generous discount to the prime pitch and the current low passing rent reflects the 20 year lease agreed with the tenant. 65b High Street is located within the same block and is being marketed in the region of £85 psf Zone A.

VAT

The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).

Tenure

Freehold

73 High Street, Winchester, SO23 7DA

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 01.16

For further information or to make arrangements for viewing please contact:

Andy Pointon020 7543 6720

andy.pointon@allsop.co.uk

Scott Tyler020 7543 6719

scott.tyler@allsop.co.uk

Lottie Hayward020 7543 6750

lottie.hayward@allsop.co.uk

www.allsop.co.uk

Proposal We are instructed to seek offers in excess of

£1,900,000 (One Million Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 4.23%, equivalent yield of 4.77% and reversionary yield of 4.88%.