Primark

Nottingham

Unit 7 and 8 Long Row Prime Freehold Retail Opportunity

Burton Jones Freedom to move

PRIMARK

Long Row

Nottingham

Unit 7 and 8

Executive Summary n Let

to Primark LLC, a 6A7 covenant and the UK’s largest clothing retailer. n The property is let for in excess of 10 years

expiring May 1, 2020 with a break in 2015. n The

property is located on the prime pedestrianised pitch of Long Row, thoroughfare linking Primark Shopping Center to the rest of the City Center. n Nottingham

boasts the UK’s 6th largest retail center by shopping population. n Freehold. n Total passing rent of £566,000 per annum,

which reflects a Zone B of c. £190 psf.

Nottingham Recognised as the Capital of the East Midlans, Nottingham is a major commercial center and University City.

The City is situated approximately 25 km (16 miles) east of Derby, 45 km (25 miles) north of Leicester, 85 km (50 miles) north of Birmingham and 220 km (120 miles) north-west of London. Nottingham benefits from access to an excellent communications infrastructure, situated at the intersection of the A60 and A52, which link derictly to the M1 motorway and the national motoerway network via Junctions 25 and 26.

Rail services to London St.Pancras are frequent and direct with a fastest journey time of approximately 1 hour 45 minutes. In addition, services are available to a veriety of destinations including Derby and Lincoln.

Demographics

Retailing

The catchment of Nottingham contains a population of 7.7 million, ranking the City 10th nationally (Source: NSLSP), and attracts a regular shopping population from its catchment of 617,000 ranking it 6th nationally (Source: Promis). The City’s shopping population is forecast to grow by 7.9% over the 2009-2019 period, a total increase in shopping population of over 46,000 people (Source: NSLSP).

Nottingham City Center is one of the UK’s foremost shopping destinations with an extensive retail provision estimated at 2.9 million sq ft. Retailimg is concentrated along a north-south axis, running along Long Row towards Lower Parliament Street to the north. Nottingham presents an attractive retail destination and dominates its catchment as a result.

Prime pitch within the town is focused along the pedestrianised Greyhound, Smithy and Clumber Streets.

The retail pitch extens south into the Broadmarsh Shopping Centre which accomodates Bhs, TK Maxx, Dorothy Perkins and Boots.

Westfield and Hermes have plans to redevelop the scheme but their CPO has expired, therefore the scheme is currently under review. Should this development proceed in the long term, it would reinforce the prime pitch.

Nottingham

n

Description

Nottingham

The subject property is a well-configured retail unit with a large floorplate, having originaly consisted of three smaller retail units, and trades over ground abd first floors. The property is wholly let to Primark LLC. Additional Storage abd staff facilities are located on the second floor, The property is serviced via a shared service yard to the rear.

n

Situation The subject property occupies a central and prominent position on the City’s prime pedestrianed pitch, Long Row, and close to the entrance to Victoria Shopping Centre. Long Row also provides the main thoroughfare from the Victoria Scheme and the City’s bus and railway stations into the City Centre.

Ground Floor Overall ITZA

First Floor Sales Stock

Second Floor Stock

Overall NIA

Unit No

Tenant Name

Unit 7

Primark

2,182

1,196.5

1,619

1,000

587

5,388

Unit 8

Primark

2,743

1,057.5

1,774

1,000

297

5,814

Tenancy

We have analysed the passing rent to show £190 psf Zone B having applied a rate A/14 ground floor ancillary, A/12 to first floor sales, A/20 to first floor ancillary and A/40 to second floor ancillary.

Fiscal Consolidated GBP 28 March 2010 (000’s)

Fiscal Consolidated GBP 28 March 2009 (000’s)

Fiscal Consolidated GBP 28 March 2008 (000’s)

Sales Turnover

9,062,100

9,022,000

8,588,100

Profit/(Loss) before Taxes

706,200

1,129,000

936,900

Tangible Net Worth

1,681,400

4,296,600

3,542,400

(Source: Dun & Bradstreet)

Tenant’s Covenant The property is let to Primark LLC a British institution with over 320 stores acress the UK, and an additional 150 stores worldwide operating in 30 countries, who have been operating for over 100 years.

Primark has the top Experian Delphi Score of 100 out of 100 and a Dun & Bradstreet covenant strength of 5A1, which represents the minimum risk of business failure.

(Source: Fashion Trak; TNS worldpanel)

Tenure The property is held freehold.

VAT The purchase of the property will be subject to VAT.

Proposition Offes are sought in excess of £10,500,000, exclusive of VAT and subject to contact.

A purchase at this level would reflect an initial yield of 6.00% assuming full costs.

PRIMARK

The property is let to Primark LLC expiring March 26, 2020 off a current passing rent of £556,000 per annum.

For the purposes of review, it is assumed that the principal rent will be the aggregate at which eachof Unit 7 and Unit 8 might reasonably be expected to be let as separate units in the open market, the review being March 26, 2015. In addition, the Tenant may end this lease between January 31, 2015 and January 31, 2016 by giving at least six month’s written notice to expire between January 31, 2015 and January 31, 2016.

Contacts For further information or to arrange an inspection, please contact: Alex Zuckerberg Tel: 020 7645 2794 alex.zuckerberg@burjones.co.uk Diana Hertz Tel: 020 7645 2988 diana.hertz@burjones.co.uk Karl Edinburg Tel: 020 7645 2235 karl.edinburg@burjones.co.uk

Burton Jones 374 Queenstown Road London SW8 4NU T: 020 7645 5000 F: 020 7645 5001

Disclamer: Burton Lones 2010 Burton Jones on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of a offer or contract.

2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them.

3. No person in the employment of Burton Jones has any authority to make any representation or warranty whatsoever in relation to this property.

4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. Nottingham

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Units 7 and 8 Long Row

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November 2010

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Ref: 116734