GILLINGHAM120/122 HIGH STREET, KENT, ME7 1AU

HIGH STREET RETAIL INVESTMENT

GILLINGHAM120/122 HIGH STREET, KENT, ME7 1AU

HIGH STREET RETAIL INVESTMENT

INVESTMENT CONSIDERATIONSn Located in the South East commuter

town of Gillingham

n Prime location with significant frontage to the High Street

n Well configured property

n 8 years unexpired to the strong covenant of Poundland Ltd

n Current passing rent of £100,000 pa subject to a rent review in July 2019 with a minimal rental increase to £107,500 pa

n We are instructed to seek offers in excess of £1,220,000 (One Million Two Hundred and Twenty Thousand Pounds) reflecting a net initial yield of 7.75% and a minimum reversionary yield of 8.32% assuming purchaser’s costs of 5.99%

LONDONHeathrowHeathrow

GatwickGatwick

London CityLondon City

A272

A264

A217

A283

A299 A253

A256

A250

A249

A229

A259

A228

A2042

A2070

A31

A22

A21 A28

A26

A21

A20

A22

A24

A24

A27

A27

A23

A22

A3

A2

A2

M4

M2

M3

M10

M40

M25

M25

M25

M25

M25

M23

M26

M20

M20

M11

A1(M)

M1

StaplehurstStaplehurst

ReigateReigate

EpsomEpsom

GuildfordGuildford

WokingWoking

AshfordAshford

BognorRegisBognorRegis

BalcombeBalcombe

NewhavenNewhaven

HaywardsHeath

HaywardsHeath

East GrinsteadEast Grinstead

BromleyBromley ISLE OFSHEPPEY

BEACHYHEAD

RomfordRomfordIlfordIlford

BasildonBasildon

BillericayBillericay

Southend-on-SeaSouthend-on-Sea

CroydonCroydon

Hurst GreenHurst Green

BattleBattle DungenessDungeness

Three BridgesThree BridgesHigh HaldonHigh Haldon

FavershamFaversham

Herne BayHerne BayMargateMargate

RamsgateRamsgate

SandwichSandwich

DealDeal

RochesterRochester

SevenoaksSevenoaks

CanveyIsland

CanveyIsland

DartfordDartford

CamberCamber

BexhillBexhill

DorkingDorking

ClaphamClapham

HorshamHorsham

WorthingWorthing

CANTERBURYCANTERBURY

DOVERDOVERASHFORDASHFORD

FOLKESTONEFOLKESTONE

EASTBOURNEEASTBOURNE

BRIGHTONBRIGHTONHASTINGSHASTINGS

LEWESLEWES

GRAVESENDGRAVESEND

MAIDSTONEMAIDSTONE

ROYAL TUNBRIDGEWELLS

ROYAL TUNBRIDGEWELLS

GILLINGHAMGILLINGHAMGILLINGHAM

A23

1

BROMPTON ROAD (A231)

B

ROMPTON ROAD (A231) JEFFERY ST (A231)

DOC

K RO

AD

MAR

ITIM

E W

AY

WESTERN AVE

SOUTHSIDE THREE ROAD

E E

ND

RD

MA

XWEL

L R

D

OFF

ICER

S TE

RR

ACE

MAI

N GAT

E RO

AD

GARDEN ST

SALLY PORT GARDENS

MA

NO

R S

T

B2004

B2004

CU

MB

ERLA

ND

RO

AD

MIL

L R

OA

D SAUNDERS ST

CA

NTE

RB

UR

Y S

T S

KIN

NE

R S

T

BALMORE RD (A231)

GA

RD

INER

ST

NORTH ROAD

CENTRAL AVE

MA

RLB

OR

OU

GH

RD

CUMBERLAND ROAD

Peir Road (A289)

Peir Road (A289)

Gillingham

Riv

er M

edw

ay

University of Greenwich,Medway Campus

Mid Kent College

HIGH ST

HIGH ST

LOCATIONGillingham is located approximately 36 miles (58 km) to the south east of London on the North Kent coastline and forms part of the Medway conurbation, which includes the towns of Rochester, Strood and Chatham.

The town is well connected with the M2 motorway providing access to and from London. The A280 runs south providing direct access to the A2 which in turn runs north west to London and south east to Dover.

Gillingham rail station is located on the Chatham Main Line between Chatham and Rainham Stations with a fastest journey time of 46 minutes to Central London.

Gillingham is located approximately 44 miles (71 km) from the Port of Dover which provides ferry services to both Calais (1hr 30 mins) and Dunkirk (under 2 hrs).

GILLINGHAM120/122 HIGH STREET, KENT, ME7 1AU

HIGH STREET RETAIL INVESTMENT

SITUATIONThe property is located on the northern side of the pedestrianised section of the High Street occupying a 100% prime pitch. Other retailers in close proximity include Wilkos, Natwest, Boots, WH Smith, Iceland, New Look, EE, Superdrug and Lloyds Bank.

DESCRIPTIONThe property provides a purpose built retail store arranged over basement, ground and first floors. The unit comprises sales accommodation on the ground floor and ancillary and storage accommodation on basement and first floor.

The unit is served by a rear yard, accessed via Sappers Walk which provides delivery/loading facilities.

ACCOMMODATIONThe property provides the following Gross Internal Areas (GIA):

Accommodation Sq M Sq Ft

Ground Floor sales 1,244.05 13,391

Basement Stores 1,062.43 11,436

First Floor ancillary 324.97 3,498

Total 2,631.46 28,325

*Areas provided by vendor

TENUREFreehold

TENANCYThe property is let to Poundland Ltd for a term of 10 years from 21st May 2014 on a full repairing and insuring lease expiring 30th July 2024 at a passing rent of £100,000 pa.

The lease is subject to an upward only rent review in July 2019 with a minimum increase to £107,500 pa and a cap at £115,000 pa.

COVENANTThe £55m acquisition of 99p Stores Ltd by Poundland added an additional 251 stores to the Poundland portfolio bringing the total to around 800 stores in the UK and a company with a market capitalisation of almost £600m.

Poundland Ltd’s annual accounts can be summarised as follows:

29 March 2015 30 March 2014 31 March 2013

Sales Turnover £1,111,526,000 £997,803,000 £880,491,000

Profit / (Loss) Before Taxes £45,922,000 £41,017,000 £34,313,000

Total Net Worth £93,866,000 £96,235,000 £119,042,000

50 metres

Gillingham (Kent)

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

Experian Goad Plan Created: 23/06/2016Created By: Allsop

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

POU

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LAN

D

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

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. 07.16

Alex Butler020 7543 6722alex.butler@allsop.co.uk

Liam Stray020 7543 6769liam.stray@allsop.co.uk

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

Jonathan Butcher020 7543 6755jonathan.butcher@allsop.co.uk www.allsop.co.uk

PROPOSALWe are instructed to seek offers in excess of £1,220,000 (One Million Two Hundred and Twenty Thousand Pounds) reflecting a net initial yield of 7.75% and a minimum reversionary yield of 8.32% assuming purchaser’s costs of 5.99%

EPCThe EPC is available on request.

VATThe property is elected for VAT and it is anticipated that the transaction will be treated as a transfer of a going concern (TOGC).

GILLINGHAM120/122 HIGH STREET, KENT, ME7 1AU HIGH STREET RETAIL INVESTMENT