NUNEATON – 5/6 MARKET PLACE LET TO POUNDLAND LTD UNTIL AUGUST 2022 Sat Nav Ref: CV11 4EA

Retail property expertise2 | Fawcett Mead Nuneaton – 5/6 Market Place

INVESTMENT SUMMARY

• Nuneaton is the largest municipality within Warwickshire county with a catchment population of approximately 165,000

• The property occupies a 100% prime trading position on the pedestrianised section of Market Place, adjacent to Boots and opposite Debenhams

• The property comprises 29,051 sq ft (2,699.0 sq m) of well configured and flexible retail accommodation

• Let to Poundland Ltd until August 2022

• Freehold

• Total current income: £190,000 per annum

• Price: £2,233,000

• Attractive Net Initial Yield: 8.00%

Retail property expertise3 | Fawcett Mead Nuneaton – 5/6 Market Place

RETAILING IN NUNEATON

Nuneaton is a distinguished regional centre with over 980,000 sq ft (91,000 sq m) of retail floor space, above the small town average (Source: PROMIS). Nuneaton displays a strong retail provision within an attractive centre, characterised by low vacancy rates which highlight the vitality of the town. The total in-store comparison retail expenditure in 2016 was £423,000,000, well above the small town average (Source: PROMIS).

Prime retailing in Nuneaton is focused on the pedestrianised Market Place and Bridge Street, which accommodate a number of popular national multiple retailers including Debenhams, Boots The Chemist, Holland & Barrett and Superdrug. The strength of this retail location is supported by the close proximity to the two managed shopping centres: Abbeygate Shopping Centre and Ropewalk Shopping Centre.

LOCATION

Nuneaton is an historic market town and the largest municipality within Warwickshire. With a large primary catchment population of approximately 165,000 it is an important retailing centre in The Midlands. The town is located approximately 9 miles north of Coventry and 20 miles east of Birmingham.

Nuneaton is well connected to the national motorway network, with the town centre situated just 4 miles north of Junction 3 of the M6, connecting the town to Birmingham to the west and London to the south, via the M1.

Nuneaton railway station provides frequent services into London Euston with a fastest journey time of approximately 1 hour, and Birmingham in only 30 minutes.

The nearest international airport is Birmingham Airport, situated some 13 miles south west of the town centre.

NuneatonBirmingham

Northampton

NottinghamA41

A41

A49

A51A50

A42

A50

A52

A515

A515

A518

A42

A43A454

A442

A456

A34 A45

A38

A458

A46

A5

A34

A43

A422

A417A46

A426

A423

A429

A508

A508

A44

A4103

A4123

A46

A15

A52

A15

A607

A606A1

A17

A1175

A47

A605

A605A43

A6116

A1

A14

A421

A6

A17

A49

A49

A449A438

Retail property expertise4 | Fawcett Mead Nuneaton – 5/6 Market Place

SITUATION

The property occupies a 100% prime trading position on the pedestrianised Market Place, at the junction with Bridge Street. Retailers in the immediate vicinity include:

Immediately to the south of the property is a 45 space car park located on Mill Walk which serves the store.

The property is serviced from the rear of the property.

DESCRIPTION

The property provides one of the best large retail floorplates within Nuneaton and enjoys frontage onto Market Place. Built of concrete framed construction with a semi-glazed frontage, the property offers well configured and flexible retail accommodation.

The property is arranged to provide well configured retail sales accommodation at ground floor, with ancillary accommodation over first and second floors.

ACCOMMODATION

Based upon a measured survey undertaken by Plowman Craven in 2016, the subject property provides the following approximate Gross Internal Areas:

Floor Use sq ft sq m

Ground Sales 14,421 1,339.80

First Storage 13,880 1,289.50

Second Plant 750 69.7

29,051 2,699.00

The property comprises one of the best large retail floorplates within Nuneaton

Retail property expertise5 | Fawcett Mead Nuneaton – 5/6 Market Place

INVESTMENT COMPARABLES

We consider that the subject property offers an attractive opportunity to purchase a highly secure, five and a half year income stream in a dominant retailing centre at a price which compares favourably with similar recent market transactions. These include:

Town Tenant Expiry Price NIY Date

East GrinsteadPoundland 2024 £2,700,000 6.44% Available

Poundstretcher 2020

DerbyPoundland 2027 £3,300,000 7.69% Dec 2016

Kieran Mullin 2018

Clacton-on-Sea Poundland 2026 £2,460,000 6.50% Oct 2016

Newcastle-under-Lyme Poundland 2026 £1,800,000 7.30% Sep 2016

Gillingham Poundland 2024 £1,400,000 6.75% Aug 2016

TENURE

Freehold

TENANCY

The property is let in its entirety to Poundland Ltd on a full repairing and insuring lease for a term of 10 years, commencing on 3rd August 2012 and expiring on 2nd August 2022. The lease is subject to an upward only rent review on 3rd August 2017.

The current rent is £190,000 per annum.

Retail property expertise6 | Fawcett Mead Nuneaton – 5/6 Market Place

COVENANT INFORMATION

Poundland Limited is a British variety store chain founded in 1990. Today the company operates from over 800 stores and employs approximately 10,000 members of staff. Poundland Limited has reported the following figures in their annual accounts:

27/03/2016 29/03/2015 30/03/2014

Turnover £1,214,818,000 £1,111,526,000 £997,803,000

Pre-Tax Profit £34,653,000 £45,922,000 £41,017,000

Net Worth £20,520,000 £93,866,000 £96,235,000

RENTAL COMMENTARY

We have analysed the passing rent in respect of 5/6 Market Place to reflect a low overall rate of £6.54 per sq ft.

It is our opinion that this compares favourably with other large stores both within Nuneaton and within competing retail centres. A full schedule of comparable evidence is available upon request.

50 metres

For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011

Nuneaton

Copyright and confidentiality Experian, 2015. © Crown copyright and database rights2015. Ordnance Survey 100017316

Experian Goad Plan Created: 31/01/2017Created By: Fawcettmead

Misrepresentation Act: The particulars in this brochure are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Designed by Graphic Outlines Ltd 2017 | SUBJECT TO CONTRACT

www.fawcettmead.co.uk

Joe Baio+44 (0)20 7182 7489+44 (0)7515 889 649joe@fawcettmead.co.uk

EPCA full copy of the EPC is available upon request.

VAT

The property has been elected for VAT purposes. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

PROPOSAL

We are instructed to seek offers in excess of £2,233,000 (Two Million Two Hundred and Thirty Three Thousand Pounds) subject to contract and exclusive of VAT, for our clients freehold interest in the subject property. A purchase at this level would reflect an attractive net initial yield of 8.00%, assuming purchasers costs of 6.33%.

FURTHER INFORMATIONFor further information or to arrange an inspection, please contact the sole agent:

Jonathan Mills+44 (0)20 7182 7483+44 (0)7795 333 195jonathan@fawcettmead.co.uk