NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002...

7
NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF OPEN A1 RETAIL PARK INVESTMENT NR NR

Transcript of NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002...

Page 1: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF

OPEN A1 RETAIL PARK INVESTMENT

NRNR

INVESTMENT CONSIDERATIONS

Darlington is a large market town in County Durham

Well located purpose built Retail Park a short walk from the town centre

Adjacent to Darlington Train Station Over 180000 people live within a 20 minute

drive time catchment of the town Freehold Total floor area of 67444 sq ft

Predominantly Open A1 (including food) retail planning consent

92 let to the national covenants of Matalan Farmfoods Ladbrokes and Asda (long leasehold)

Total rent of pound755280 per annum averaging pound1319 psf

WAULT of 765 years Asset management opportunities include

re-letting the vacant unit lease restructuring and further development

Planning consent for two additional retail units totalling 2300 sq ft (split 5050) with A1 A2 A3 and A5 consent

Offers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

NR

For indicative purposes only

PLANNING CONSENT FOR 2 UNITS TOTALLING 2300 SQ FT

THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING

3600 SQ FT

PERSIMMON HOMES DEVELOPMENT

DARLINGTON TRAIN STATION

DARLINGTON TOWN CENTRE

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR

LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne

Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south

The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west

Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively

Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre

DurhamTees Valley International Airport

M11

M25M25M40

M50

M48

M27

M27

M3

M4M4

M23M20

M2

M40

M42

M6 TollM54

M42

M1

M6M5

M5

M5

M74M77

M8

M9

M80

M73

A1

A23

A428

A14

A43

A47

A11

A11A1(M)

A1(M)

A1(M)

A1(M)

A1(M)

M62

M18

M6

M6

M1

M1

M62

M62M53

M65M55

M58M60

A1

A1

A1

A66

A68

A69

A59

A629

A64

A63

A61 A170

A166

A164

A165A65

A6

A66

A19

A19

A171

southampton

Carlisle

Northampton

Buxton

Scunthorpe

ReadingSwindon

Newark-on-trent

Lincoln

Blackpool

Durham

MANCHESTER

BRISTOL

PLYMOUTH

LONDON

BIRMINGHAM

CAMBRIDGE

LIVERPOOL

EDINBURGH

YORK

GLASGOW

SWANSEA

CARDIFF

LEEDSHULL

PORTSMOUTH BRIGHTON

EXETER

DOVER

OXFORD

MILTONKEYNES

LUTON

BEDFORD

BATH

GLOUCESTERCHELTENHAM

WORCESTER STRATFORDUPON-AVON

SHEFFIELD

NORWICH

IPSWICH

PERTHDUNDEE

ABERDEEN

DARLINGTON

NEWCASTLEUPON TYNE

MIDDLESBROUGH

SUNDERLAND

VICTORIA ROAD

PAR

K LA

NE

PAR

K P

LAC

E

B6280

BO

RO

UG

H R

D

BRUNSWICK ST

TU BWELL ROW

EAST ST

FEEL

HA

MS

E R

OW

CONSCLIFFE RD

HOUNDGATE

GR

ANG

E R

D

RUSSELL ST

F R EEM

ANS

PLACE

LAR

CH

FIELD S

T

FOU

R R

I GG

S

SKIN

NER

GAT

E

DUKE ST

STAN

HO

PE R

OA

D N

OR

THSTA

NH

OP

E RO

AD

SOU

TH

HARG

REA

VE T

ER

RAC

E

WH

ESSO

E RO

AD

CLEVELAND STREE T

ALBERT ROAD

BONOMI WAY

WHESSOE ROAD

HOPETOWN

LANE

OTLEY TERR

ACE

BRINKBURN ROADANNS TERRACE

ALLIA

NCE ST

MEY

NEL

L RD

CRO

SS S

TREE

T

DENMARK STREET

WILLIAM STREET

NORTHCOTE TERRACE

SURTEES STREETFAIR

FIEL

D S

TREE

T

WIL

SON

STR

EET

STATION

RO

AD

MCNAY STREET

VALL

EY S

TREE

T N

OR

TH

B6279

GR

EENB

AN

K R

OA

D

EASO

N R

OA

D

WIDDOWFIELD ST

E MOUNT ROAD

CHESNUT ST

GLADSTONE STREET

CORPORATION ROAD

HENRY ST

EDM

UND

ST

YARM ROAD B6280

YARM ROAD

MC

MU

LLEN R

OAD

B6279 B6279

YARN ROAD

HU

ND

ENS LAN

E

NEA

SHAM

RO

AD

EASTBOURNE ROAD

ABBEY ROAD

PA RKSIDE

PARKSIDE

A67 Conisc

liffe R

oad

CLI

FTO

N R

OAD

SMITHFIELD ROAD

A68A68

A167

A16

7

A167

A167

A66

A66

A66

A66

A68

A16

7 A

167

Nor

th R

oad

DARLINGTON

Sainsburyrsquos Superstore

TOWN CENTRE

River Skerne

NORTH ROAD

HAUGHTONLE SKERNE

EASTBOURNE

DARLINGTON

DARLINGTONRETAIL PARK

SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south

Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear

Internally all units are fitted out to the individual tenantrsquos specification

There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft

PLANNINGUnits 1 and 2 Open A1

Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2

copy Crown Copyright ES 100004106 For identification purposes only

472m

469m

469m

TCB

LB

BANK TOP MEWS

LEONARD STREET

WALTON STREET

BANK TOP

1

19

30

El Sub Sta

4

32

45

12

30

31

77

75

13

El Sub Sta

32

29

20

2

14

108

55

54

120

2

22

33

106

15

16

44

81

21

102

41 to 5

5

Shelter

472m

APPLEBYCLOSE

71

69

65

63

Surgery

67

55

2

11

11

27

2

18

29 to 39

57 to 6

7

0m 10m 20m 30m

Darlington DL1 4PF

Ordnance Survey copy Crown Copyright 2018 All rights reserved

Licence number 100022432 Plotted Scale - 11424

IN NEGOTIATIONS

SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32

TENUREFreehold

ASDA unit sold off on Long Leasehold

TENANCY SCHEDULE

COVENANT INFORMATION

Matalan Retail Limited Company number 2103564 DampB Rating 5A1

Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores

24022018 25022017 27022016

Turnover pound1062500000 pound1036100000 pound1060500000

Pre Tax Profit pound29800000 pound10300000 -pound20300000

Total Net Worth pound252600000 pound317900000 pound317800000

Farmfoods Limited Company number SC030186 DampB Rating 5A1

Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people

31122016 02012016 03012015

Turnover pound669201000 pound694385000 pound811765000

Pre Tax Profit pound9238000 pound20038000 pound20810000

Total Net Worth pound91650000 pound87191000 pound80748000

Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1

Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral

31122016 31122015 31122014

Turnover pound843978000 pound830679000 pound824322000

Pre Tax Profit -pound499547000 pound49866000 pound57141000

Total Net Worth pound722200000 pound1191903000 pound1096567000

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301

2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee

3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275

4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0

5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400

ATM Cardtronics UK Limited 01012017 31122020 pound14000

Total 67444 6266 pound755280 pound1319

Not inclusive of unit 4

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 2: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

INVESTMENT CONSIDERATIONS

Darlington is a large market town in County Durham

Well located purpose built Retail Park a short walk from the town centre

Adjacent to Darlington Train Station Over 180000 people live within a 20 minute

drive time catchment of the town Freehold Total floor area of 67444 sq ft

Predominantly Open A1 (including food) retail planning consent

92 let to the national covenants of Matalan Farmfoods Ladbrokes and Asda (long leasehold)

Total rent of pound755280 per annum averaging pound1319 psf

WAULT of 765 years Asset management opportunities include

re-letting the vacant unit lease restructuring and further development

Planning consent for two additional retail units totalling 2300 sq ft (split 5050) with A1 A2 A3 and A5 consent

Offers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

NR

For indicative purposes only

PLANNING CONSENT FOR 2 UNITS TOTALLING 2300 SQ FT

THE PREVIOUS PLANNING APPLICATION HAS NOW LAPSED FOR A RETAIL TERRACE OF 5 UNITS TOTALLING

3600 SQ FT

PERSIMMON HOMES DEVELOPMENT

DARLINGTON TRAIN STATION

DARLINGTON TOWN CENTRE

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR

LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne

Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south

The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west

Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively

Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre

DurhamTees Valley International Airport

M11

M25M25M40

M50

M48

M27

M27

M3

M4M4

M23M20

M2

M40

M42

M6 TollM54

M42

M1

M6M5

M5

M5

M74M77

M8

M9

M80

M73

A1

A23

A428

A14

A43

A47

A11

A11A1(M)

A1(M)

A1(M)

A1(M)

A1(M)

M62

M18

M6

M6

M1

M1

M62

M62M53

M65M55

M58M60

A1

A1

A1

A66

A68

A69

A59

A629

A64

A63

A61 A170

A166

A164

A165A65

A6

A66

A19

A19

A171

southampton

Carlisle

Northampton

Buxton

Scunthorpe

ReadingSwindon

Newark-on-trent

Lincoln

Blackpool

Durham

MANCHESTER

BRISTOL

PLYMOUTH

LONDON

BIRMINGHAM

CAMBRIDGE

LIVERPOOL

EDINBURGH

YORK

GLASGOW

SWANSEA

CARDIFF

LEEDSHULL

PORTSMOUTH BRIGHTON

EXETER

DOVER

OXFORD

MILTONKEYNES

LUTON

BEDFORD

BATH

GLOUCESTERCHELTENHAM

WORCESTER STRATFORDUPON-AVON

SHEFFIELD

NORWICH

IPSWICH

PERTHDUNDEE

ABERDEEN

DARLINGTON

NEWCASTLEUPON TYNE

MIDDLESBROUGH

SUNDERLAND

VICTORIA ROAD

PAR

K LA

NE

PAR

K P

LAC

E

B6280

BO

RO

UG

H R

D

BRUNSWICK ST

TU BWELL ROW

EAST ST

FEEL

HA

MS

E R

OW

CONSCLIFFE RD

HOUNDGATE

GR

ANG

E R

D

RUSSELL ST

F R EEM

ANS

PLACE

LAR

CH

FIELD S

T

FOU

R R

I GG

S

SKIN

NER

GAT

E

DUKE ST

STAN

HO

PE R

OA

D N

OR

THSTA

NH

OP

E RO

AD

SOU

TH

HARG

REA

VE T

ER

RAC

E

WH

ESSO

E RO

AD

CLEVELAND STREE T

ALBERT ROAD

BONOMI WAY

WHESSOE ROAD

HOPETOWN

LANE

OTLEY TERR

ACE

BRINKBURN ROADANNS TERRACE

ALLIA

NCE ST

MEY

NEL

L RD

CRO

SS S

TREE

T

DENMARK STREET

WILLIAM STREET

NORTHCOTE TERRACE

SURTEES STREETFAIR

FIEL

D S

TREE

T

WIL

SON

STR

EET

STATION

RO

AD

MCNAY STREET

VALL

EY S

TREE

T N

OR

TH

B6279

GR

EENB

AN

K R

OA

D

EASO

N R

OA

D

WIDDOWFIELD ST

E MOUNT ROAD

CHESNUT ST

GLADSTONE STREET

CORPORATION ROAD

HENRY ST

EDM

UND

ST

YARM ROAD B6280

YARM ROAD

MC

MU

LLEN R

OAD

B6279 B6279

YARN ROAD

HU

ND

ENS LAN

E

NEA

SHAM

RO

AD

EASTBOURNE ROAD

ABBEY ROAD

PA RKSIDE

PARKSIDE

A67 Conisc

liffe R

oad

CLI

FTO

N R

OAD

SMITHFIELD ROAD

A68A68

A167

A16

7

A167

A167

A66

A66

A66

A66

A68

A16

7 A

167

Nor

th R

oad

DARLINGTON

Sainsburyrsquos Superstore

TOWN CENTRE

River Skerne

NORTH ROAD

HAUGHTONLE SKERNE

EASTBOURNE

DARLINGTON

DARLINGTONRETAIL PARK

SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south

Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear

Internally all units are fitted out to the individual tenantrsquos specification

There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft

PLANNINGUnits 1 and 2 Open A1

Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2

copy Crown Copyright ES 100004106 For identification purposes only

472m

469m

469m

TCB

LB

BANK TOP MEWS

LEONARD STREET

WALTON STREET

BANK TOP

1

19

30

El Sub Sta

4

32

45

12

30

31

77

75

13

El Sub Sta

32

29

20

2

14

108

55

54

120

2

22

33

106

15

16

44

81

21

102

41 to 5

5

Shelter

472m

APPLEBYCLOSE

71

69

65

63

Surgery

67

55

2

11

11

27

2

18

29 to 39

57 to 6

7

0m 10m 20m 30m

Darlington DL1 4PF

Ordnance Survey copy Crown Copyright 2018 All rights reserved

Licence number 100022432 Plotted Scale - 11424

IN NEGOTIATIONS

SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32

TENUREFreehold

ASDA unit sold off on Long Leasehold

TENANCY SCHEDULE

COVENANT INFORMATION

Matalan Retail Limited Company number 2103564 DampB Rating 5A1

Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores

24022018 25022017 27022016

Turnover pound1062500000 pound1036100000 pound1060500000

Pre Tax Profit pound29800000 pound10300000 -pound20300000

Total Net Worth pound252600000 pound317900000 pound317800000

Farmfoods Limited Company number SC030186 DampB Rating 5A1

Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people

31122016 02012016 03012015

Turnover pound669201000 pound694385000 pound811765000

Pre Tax Profit pound9238000 pound20038000 pound20810000

Total Net Worth pound91650000 pound87191000 pound80748000

Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1

Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral

31122016 31122015 31122014

Turnover pound843978000 pound830679000 pound824322000

Pre Tax Profit -pound499547000 pound49866000 pound57141000

Total Net Worth pound722200000 pound1191903000 pound1096567000

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301

2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee

3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275

4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0

5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400

ATM Cardtronics UK Limited 01012017 31122020 pound14000

Total 67444 6266 pound755280 pound1319

Not inclusive of unit 4

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 3: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF RETAIL WAREHOUSE INVESTMENT OPPORTUNITYNR

LOCATIONDarlington is located within the County of Durham in the north-east of England The town is situated approximately 16 miles to the west of Middlesbrough and 37 miles south of Newcastle-upon-Tyne

Darlington benefits from excellent road and rail connections being located approximately 2 miles from J57 and J58 of the A1(M) providing access to Newcastle Upon Tyne to the north Doncaster and London to the south

The A66 1 mile to the south of Darlington provides access to Middlesbrough to the east and Cumbria and the M6 to the west

Darlington Railway Station provides direct services to Middlesbrough Newcastle and London Kings Cross with approximate journey times of 26 minutes 28 minutes and 2 hours 20 minutes respectively

Durham Tees Valley International airport lies approximately 8 miles to the east of the town centre

DurhamTees Valley International Airport

M11

M25M25M40

M50

M48

M27

M27

M3

M4M4

M23M20

M2

M40

M42

M6 TollM54

M42

M1

M6M5

M5

M5

M74M77

M8

M9

M80

M73

A1

A23

A428

A14

A43

A47

A11

A11A1(M)

A1(M)

A1(M)

A1(M)

A1(M)

M62

M18

M6

M6

M1

M1

M62

M62M53

M65M55

M58M60

A1

A1

A1

A66

A68

A69

A59

A629

A64

A63

A61 A170

A166

A164

A165A65

A6

A66

A19

A19

A171

southampton

Carlisle

Northampton

Buxton

Scunthorpe

ReadingSwindon

Newark-on-trent

Lincoln

Blackpool

Durham

MANCHESTER

BRISTOL

PLYMOUTH

LONDON

BIRMINGHAM

CAMBRIDGE

LIVERPOOL

EDINBURGH

YORK

GLASGOW

SWANSEA

CARDIFF

LEEDSHULL

PORTSMOUTH BRIGHTON

EXETER

DOVER

OXFORD

MILTONKEYNES

LUTON

BEDFORD

BATH

GLOUCESTERCHELTENHAM

WORCESTER STRATFORDUPON-AVON

SHEFFIELD

NORWICH

IPSWICH

PERTHDUNDEE

ABERDEEN

DARLINGTON

NEWCASTLEUPON TYNE

MIDDLESBROUGH

SUNDERLAND

VICTORIA ROAD

PAR

K LA

NE

PAR

K P

LAC

E

B6280

BO

RO

UG

H R

D

BRUNSWICK ST

TU BWELL ROW

EAST ST

FEEL

HA

MS

E R

OW

CONSCLIFFE RD

HOUNDGATE

GR

ANG

E R

D

RUSSELL ST

F R EEM

ANS

PLACE

LAR

CH

FIELD S

T

FOU

R R

I GG

S

SKIN

NER

GAT

E

DUKE ST

STAN

HO

PE R

OA

D N

OR

THSTA

NH

OP

E RO

AD

SOU

TH

HARG

REA

VE T

ER

RAC

E

WH

ESSO

E RO

AD

CLEVELAND STREE T

ALBERT ROAD

BONOMI WAY

WHESSOE ROAD

HOPETOWN

LANE

OTLEY TERR

ACE

BRINKBURN ROADANNS TERRACE

ALLIA

NCE ST

MEY

NEL

L RD

CRO

SS S

TREE

T

DENMARK STREET

WILLIAM STREET

NORTHCOTE TERRACE

SURTEES STREETFAIR

FIEL

D S

TREE

T

WIL

SON

STR

EET

STATION

RO

AD

MCNAY STREET

VALL

EY S

TREE

T N

OR

TH

B6279

GR

EENB

AN

K R

OA

D

EASO

N R

OA

D

WIDDOWFIELD ST

E MOUNT ROAD

CHESNUT ST

GLADSTONE STREET

CORPORATION ROAD

HENRY ST

EDM

UND

ST

YARM ROAD B6280

YARM ROAD

MC

MU

LLEN R

OAD

B6279 B6279

YARN ROAD

HU

ND

ENS LAN

E

NEA

SHAM

RO

AD

EASTBOURNE ROAD

ABBEY ROAD

PA RKSIDE

PARKSIDE

A67 Conisc

liffe R

oad

CLI

FTO

N R

OAD

SMITHFIELD ROAD

A68A68

A167

A16

7

A167

A167

A66

A66

A66

A66

A68

A16

7 A

167

Nor

th R

oad

DARLINGTON

Sainsburyrsquos Superstore

TOWN CENTRE

River Skerne

NORTH ROAD

HAUGHTONLE SKERNE

EASTBOURNE

DARLINGTON

DARLINGTONRETAIL PARK

SITUATIONThe property is prominently positioned on Neasham Road in a predominantly residential area Neasham road is a main arterial road connecting the B6280 Yarm road to the north to the A66 to the south

Neasham Road Retail Centre is situated a 5 minute walk from Darlington train station and a 10 minute walk from Darlington town centre

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear

Internally all units are fitted out to the individual tenantrsquos specification

There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft

PLANNINGUnits 1 and 2 Open A1

Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2

copy Crown Copyright ES 100004106 For identification purposes only

472m

469m

469m

TCB

LB

BANK TOP MEWS

LEONARD STREET

WALTON STREET

BANK TOP

1

19

30

El Sub Sta

4

32

45

12

30

31

77

75

13

El Sub Sta

32

29

20

2

14

108

55

54

120

2

22

33

106

15

16

44

81

21

102

41 to 5

5

Shelter

472m

APPLEBYCLOSE

71

69

65

63

Surgery

67

55

2

11

11

27

2

18

29 to 39

57 to 6

7

0m 10m 20m 30m

Darlington DL1 4PF

Ordnance Survey copy Crown Copyright 2018 All rights reserved

Licence number 100022432 Plotted Scale - 11424

IN NEGOTIATIONS

SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32

TENUREFreehold

ASDA unit sold off on Long Leasehold

TENANCY SCHEDULE

COVENANT INFORMATION

Matalan Retail Limited Company number 2103564 DampB Rating 5A1

Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores

24022018 25022017 27022016

Turnover pound1062500000 pound1036100000 pound1060500000

Pre Tax Profit pound29800000 pound10300000 -pound20300000

Total Net Worth pound252600000 pound317900000 pound317800000

Farmfoods Limited Company number SC030186 DampB Rating 5A1

Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people

31122016 02012016 03012015

Turnover pound669201000 pound694385000 pound811765000

Pre Tax Profit pound9238000 pound20038000 pound20810000

Total Net Worth pound91650000 pound87191000 pound80748000

Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1

Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral

31122016 31122015 31122014

Turnover pound843978000 pound830679000 pound824322000

Pre Tax Profit -pound499547000 pound49866000 pound57141000

Total Net Worth pound722200000 pound1191903000 pound1096567000

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301

2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee

3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275

4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0

5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400

ATM Cardtronics UK Limited 01012017 31122020 pound14000

Total 67444 6266 pound755280 pound1319

Not inclusive of unit 4

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 4: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

DESCRIPTIONThe property comprises five retail units extending to 67444 sqft GIA The units are of steel portal frame construction with brick elevations Servicing is to the rear

Internally all units are fitted out to the individual tenantrsquos specification

There are approximately 323 car parking spaces providing an attractive ratio of 1208 sqft

PLANNINGUnits 1 and 2 Open A1

Unit 3 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 4 Open A1 - restricted to the sale of food and drink for consumption off the premises

Unit 5 Open A1 - restricted to video sales and rentals or to a betting shop within Class A2

copy Crown Copyright ES 100004106 For identification purposes only

472m

469m

469m

TCB

LB

BANK TOP MEWS

LEONARD STREET

WALTON STREET

BANK TOP

1

19

30

El Sub Sta

4

32

45

12

30

31

77

75

13

El Sub Sta

32

29

20

2

14

108

55

54

120

2

22

33

106

15

16

44

81

21

102

41 to 5

5

Shelter

472m

APPLEBYCLOSE

71

69

65

63

Surgery

67

55

2

11

11

27

2

18

29 to 39

57 to 6

7

0m 10m 20m 30m

Darlington DL1 4PF

Ordnance Survey copy Crown Copyright 2018 All rights reserved

Licence number 100022432 Plotted Scale - 11424

IN NEGOTIATIONS

SITE AREAThe property has a site area of 488 acres (1976 ha) providing a low site cover of 32

TENUREFreehold

ASDA unit sold off on Long Leasehold

TENANCY SCHEDULE

COVENANT INFORMATION

Matalan Retail Limited Company number 2103564 DampB Rating 5A1

Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores

24022018 25022017 27022016

Turnover pound1062500000 pound1036100000 pound1060500000

Pre Tax Profit pound29800000 pound10300000 -pound20300000

Total Net Worth pound252600000 pound317900000 pound317800000

Farmfoods Limited Company number SC030186 DampB Rating 5A1

Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people

31122016 02012016 03012015

Turnover pound669201000 pound694385000 pound811765000

Pre Tax Profit pound9238000 pound20038000 pound20810000

Total Net Worth pound91650000 pound87191000 pound80748000

Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1

Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral

31122016 31122015 31122014

Turnover pound843978000 pound830679000 pound824322000

Pre Tax Profit -pound499547000 pound49866000 pound57141000

Total Net Worth pound722200000 pound1191903000 pound1096567000

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301

2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee

3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275

4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0

5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400

ATM Cardtronics UK Limited 01012017 31122020 pound14000

Total 67444 6266 pound755280 pound1319

Not inclusive of unit 4

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 5: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

TENANCY SCHEDULE

COVENANT INFORMATION

Matalan Retail Limited Company number 2103564 DampB Rating 5A1

Matalan is a British fashion and homewear retailer established in 1985 The company operate from 227 UK stores and 25 international stores

24022018 25022017 27022016

Turnover pound1062500000 pound1036100000 pound1060500000

Pre Tax Profit pound29800000 pound10300000 -pound20300000

Total Net Worth pound252600000 pound317900000 pound317800000

Farmfoods Limited Company number SC030186 DampB Rating 5A1

Farmfoods is a family business established in 1954 operating a chain of frozen food stores The company occupy over 300 stores and 4 distribution centres nationwide employing around 4000 people

31122016 02012016 03012015

Turnover pound669201000 pound694385000 pound811765000

Pre Tax Profit pound9238000 pound20038000 pound20810000

Total Net Worth pound91650000 pound87191000 pound80748000

Ladbrokes Betting amp Gaming Limited Company number 775667 DampB Rating 5A1

Ladbrokes Coral Group plc is a British-based betting and gambling company In 2016 Ladbrokes acquired its rival Gala Coral Group and changed its name to Ladbrokes Coral

31122016 31122015 31122014

Turnover pound843978000 pound830679000 pound824322000

Pre Tax Profit -pound499547000 pound49866000 pound57141000

Total Net Worth pound722200000 pound1191903000 pound1096567000

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

Unit Tenant Area (sq ft) Area (sq m) Lease Start Lease Expiry Next Review Rent (pa) Rent (psf) Comment

1 Matalan Retail Ltd 46124 4285 01072002 30062027 01062017 pound600000 pound1301

2 Vacant 4340 403 pound52080 pound1200 Former Poundworld unit which they vacated in August 2018 Interest from 2 occupiers with further details upon request Vendor to provide 18 months rent rates and service charge guarantee

3 Farmfoods Limited 4800 446 27082004 26082024 01062019 pound61200 pound1275

4 Asda Stores Limited 10180 946 08092004 07092129 pound0 pound0

5 Ladbrokes Betting and Gaming Limited 2000 186 10092004 09092019 pound28000 pound1400

ATM Cardtronics UK Limited 01012017 31122020 pound14000

Total 67444 6266 pound755280 pound1319

Not inclusive of unit 4

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 6: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PFNR

DEVELOPMENT ASSET MANAGEMENT OPPORTUNITIESThe property offers a number of both short and long term asset management and redevelopment opportunities (subject to gaining all the necessary consents)

bull Let the vacant unit at rent Poundworld have recently vacated Unit 2 comprising 4340 sqft presenting an immediate opportunity to attract another occupier at a rent in excess of the guarantee

bull Develop additional units Planning permission has been granted (Ref1500977 FUL) to build a retail terrace totalling 2300 sqft across two units with A1 A2 A3 A4 amp A5 consent Terms have been agreed with a national multiple for a new 10 year lease break option in year 5 at a rent reflecting pound1750 psf

bull Regear existing leases Ladbrokes have expressed an interest in extending their lease term

bull Downsize and re-let additional space The Matalan unit is in excess of their optimum size (c 15000 ndash 17000 sqft) presenting the opportunity to negotiate sub dividing the unit and re-letting the additional space

bull Planning permission was been granted and has since lapsed for a new retail terrace totalling 3600 sq ft The permission consisted of five units ranging between 500 ndash 1000 sq ft for uses within class A1 A2 and A5 subject to agreement on re-allocation of car parking with existing tenants

RETAIL WAREHOUSING IN DARLINGTONThe retail warehouse provision in Darlington is predominantly based between three retail parks- Darlington Retail Park Darlington North Retail Park and Neasham Road Retail Centre

Darlington Retail Park comprises a 154056 sq ft Open A1 (non food) scheme approximately 2 miles to the east of the town centre Tenants include Carpetright CurrysPC World DFS Costa Coffee Wren Living Furniture Village Harveys Home Bargains The Range KFC Pets at Home ScS and TKMaxx Rents range between pound1125 per sq ft to pound1870 per sq ft

Darlington North Retail Park comprises a 41993 sq ft Open A1 scheme approximately 2 miles north of the town centre close to Darlington North train station Tenants include Aldi Iceland Poundland Subway Greggs Barnardorsquos Card Factory and KFC Rents range between pound1374 per sq ft to pound2361 per sq ft

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington

Page 7: NR NEASHAM ROAD RETAIL CENTRE DARLINGTON DL1 4PF...1 Matalan Retail Ltd 46,124 4,285 01/07/2002 30/06/2027 01/06/2017 £600,000 £13.01 2 Vacant 4,340 403 £52,080 £12.00 Former Poundworld

Outline for indicative purposes only

Misrepresentation Act 1 Allsop LLP on its own behalf and on behalf of the vendorlessor 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 vendorlessor 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 vendorlessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendorlessor 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 wwwcommandHQcouk 0918

Dale Johnstone020 7543 6796dalejohnstoneallsopcouk

For further information or to make arrangements for viewing please contact

Lottie Hayward020 7543 6750lottiehaywardallsopcouk wwwallsopcouk

PROPOSALOffers sought in excess of pound8480000 (Eight Million Four Hundred and Eighty Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level reflects an attractive net initial yield of 835 assuming usual purchaserrsquos costs

SERVICE CHARGEThe service charge budget for the year ending 31st March 2018 is pound48350 per annum (071 per sq ft)

VATThe property has been elected for VAT it is assumed that the transaction will be treated as a Transfer of a Going Concern (TOGC)

NR

EPCAvailable upon request

DATAROOMFurther information is provided in the dataroom For access please register on the following website

httpdataroomsallsopcoukregisterNeashamRoadDarlington