republic - 3 cornmarket street, oxford

100% Prime, Well Secured, Retai l Investment

100% Prime, Well Secured, Retail Investment

REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX

Demographic ProfileOxford has an expanding resident

population of circa 154,000 persons

(2010 ONS) but draws on a significantly

larger primary catchment area comprising

circa 515,000 persons (PROMIS) which

stretches beyond Aylesbury, Banbury,

Abingdon and Witney.

This catchment is particularly affluent

evidenced by the sizeable over-

representation of the AB social grouping (33%) and the C1 (Junior Managerial)

grouping (31%) and the under-representation of the least affluent D and E

social grouping. This demonstrates a wealthy, mobile and economically active

population with employment levels, house and car ownership well above or at

the national average.

The tourist industry further enhances the city’s retail spend. Oxford is the sixth

most visited destination in the UK by international visitors and is the tourism

gateway to the rest of Oxfordshire. The city attracts approximately 9.5 million

visitors per year, generating circa £603 million of income for local businesses.

INVESTMENT SUMMARY■ Oxford is one of the most popular retail, tourist and

student destinations in the UK serving a substantial

and affluent catchment.

■ The city is the most sought after PMA retail centre in the UK in terms of tenant demand.

■ Occupying a prominent, 100% prime, pedestrianised

position on Cornmarket Street, Oxford’s main retailing

thoroughfare and opposite the Clarendon Centre.

Neighbouring retailers include Prêt a Manger, Boots, McDonalds, Lloyds TSB, Moss, Phones 4U and Gap.

■ Well secured to the popular and long established covenant

of Republic (Retail) Limited (5A1 D&B Rating).

■ Unexpired lease term of circa 7 years with a further rent

review in October 2014.

■ Offers in excess of £5,900,000 (Subject to Contract

& Exclusive of VAT) reflecting a net initial yield of 5%

allowing for purchaser’s costs of 5.8%.

LocationOxford is a historic, internationally renowned university city and the premier

retail, tourist and administrative centre in Oxfordshire. The city is located

circa 90 km (56 miles) north-west of central London, 42km (26 miles) north

of Reading and 74km (46 miles) south-west of Milton Keynes.

Road and public transport communications are excellent. The town is

situated close to the A40 (Dual Carriageway) which affords direct access to

the M40 (J8) some 8 km (5 miles) to the east and the A34 (Dual Carriageway)

connects with J13 of the M4 at Chieveley some 39 km (24.5miles) to the

south. The city also benefits from regular rail services to London (Paddington)

with a fastest journey time of approximately 55 minutes and by coach the

popular ‘Oxford Tube’ provides a 24 hour bus service to London (Victoria

coach station) with a journey time of circa100 minutes.

OXFORD

100% Prime, Well Secured, Retail Investment

Retailing in OxfordOxford is one of the premier retailing locations within the UK and has an estimated

shopping population of 252,000 persons. The city’s retail dominates its affluent

catchment and it is significant that this shopping population continues to grow

with a 11% increase forecast between 2008 and 2018. In 2011 total in-store

comparison retail expenditure was £1,276m which was materially higher than

the Retail PROMIS 200 Centre average, ranking the city 28th out of 200.

The prime retail offer is focused on the vibrant and historic pedestrianised

Cornmarket Street where there is a high concentration of major UK multiples

including Next, Boots, WH Smith, Gap, HMV, River Island and

Waterstones.

Cornmarket Street’s prime retailing is further complimented by the semi-

pedestrianised Queen Street and High Street where retailers include Bhs, M&S, Top Shop, Jack Wills, LK Bennett, Crew, Karen Millen, White Stuff and Reiss. Oxford also benefits from two managed shopping centres;

the Westgate Centre which is anchored by Primark and Sports Direct and the smaller Clarendon Centre anchored by Zara and H&M . The former

is subject to a proposed extension and re-development by JV partners, The

Crown Estate and Land Securities where a new John Lewis store is the

potential preferred anchor.

REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX

Retailer DemandOxford is a highly sought after shopping destination and is ranked first in terms

of retailer demand out of all of the PMA centres due to its excellent comparison

goods offer and the limited supply of available prime retail units. In recent years

there has been very little retailer movement and vacancies in the prime pitch of

Cornmarket Street. Consequently there are a significant number of of current

requirements with the likes of Hollister, Apple, White Company, Joules, Anthropologie, Urban Outfitters, Warren James and Card Factory actively seeking floor space in the city as well as number of existing tenants

looking to up-size. If the subject unit became available we are confident that

there would be strong retailer demand for the premises.

SituationThe property occupies a prominent 100% prime trading position on the eastern

side of the pedestrianised Cornmarket Street close to its junction with Carfax

and Queen Street. Neighbouring retailers include Prêt a Manger, David Clulow, Boots, McDonalds, Lloyds TSb, Moss, Phones 4U and Gap.

DescriptionThe attractive premises comprise a substantial Grade II* listed period

building arranged over ground, basement (un-used with limited access)

and three upper floors. The ground, part 1st and 2nd floors are utilised

by Republic predominantly for retail with ancillary storage The remaining

and front section of the first floor is used as a bookmaker (Betfred) and

the second and third floors are fitted out as office accommodation.

These areas have a separate ground floor entrance from Cornmarket

Street.

The property was originally constructed in the 16th century with the current

facade an 18th century addition. The property was substantially reconstructed

and extended in the early 1930’s and is located within the City Centre

Conservation Area.

AccommodationThe property provides an approximate total net floor area of 638.4m2 (6,872 sqft) sub-divided as follows:

Floor Use M/M2 Ft/Sq Ft

Frontage Gross (Retail) 6.76 22’2”

Ground Retail 245.90 2,647

ITZA 960 units

First Ancillary/Stores 155.70 1,676

Second Ancillary/Stores 109.30 1,177

First (sub-let) Betting Office 40.10 432

Second (sub-let) Office 42.60 459

Third (sub-let) Office 44.70 481

100% Prime, Well Secured, Retail Investment

REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX

ProposalOffers in excess of £5,900,000 (Subject to Contract and exclusive of VAT)

reflecting an attractive net initial yield of 5% allowing for purchaser’s costs

of 5.8%.

TenureLong Leasehold – 150 years (FR&I) from 23rd December 1993 expiring

on 22nd December 2143 at a peppercorn rental (circa 131 years unexpired).

There are no rent review provisions. The freeholder is Oxford City Council.

Tenancy Republic (Retail) Ltd (t/a Republic)15 years FR&I from 11th October 2004 (circa 7 years remaining) expiring on

10th October 2019 at a current passing rental of £312,000 pax with an

upward only rent review on 11th October 2014.

Republic has sub-let the upper part of the front portion of the property to

Oxford City Council with the lease expiring on 22nd December 2013 at a

passing rental of £14,000 pax. Oxford City Council has recently underlet part

of the first floor to Done Brothers (Cash Betting) Ltd for a term expiring on 16th

December 2013 at a passing rental of £11,000 pax.

Tenant Covenant Republic is a popular ‘youth focused’ multi-branded fashion retailer whose

offer consists of aspirational and edgy labels alongside an extensive range

of their own brands. Launched in 1986 in Leeds, the company has steadily

expanded with solid sales growth and currently trades from over 120 stores.

The chain was acquired by TPG (a US based Private Equity Group) in 2010

for circa £300m and they aim to expand the business further targeting 200+

stores. They have recently debuted internationally with four concessions in

German department store Karstadt and are focussing on increasing their

London exposure.

Tenant Republic (Retail) Ltd

D&B Rating 5A1

Date of Accounts 30/01/2011

Turnover £181,187,000

Pre-tax Profit/ Loss £27,302,000

Net Worth £42,543,000

Rental Analysis & ERVWe devalue the current rent of £312,000 per annum to reflect a Zone A rate

of circa £285 psf . This rate was agreed between the parties at the last review

in October 2009 where there was a rental uplift. We have applied A/20 to the

first floor ancillary accommodation and £5 psf to the second floor ancillary

and have accounted for the sub-let income as well. Further information is

available on request.

With strong tenant demand, a restricted supply of sizeable units in Cornmarket

Street and moreover increasing rents in Queen Street and High Street we

believe that the property has excellent prospects for rental growth in the short

to medium term off the well established ZA rate passing of £285 psf

VATThe property has been elected for VAT and therefore VAT will be payable on

the purchase price.

100% Prime, Well Secured, Retail Investment

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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

REPUBLIC - 3 CORNMARKET STREET, OXFORD OX1 3EX

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. October 2012.

Adrian Gates Photography & Design 07710 316991

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