31, 33, 35, 37 HIGH STREET, AYLESBURY, HP20 1SHMARKS&SPENCER

PRIME RETAIL INVESTMENT WITH FIXED UPLIFTS

M A R K S & S P E N C E R , 3 1 , 3 3 , 3 5 , 3 7 H I G H S T, AY L E S B U R Y H P 2 0 1 S H

M A R K S & S P E N C E R , 3 1 , 3 3 , 3 5 , 3 7 H I G H S T, AY L E S B U R Y H P 2 0 1 S H

t Prime attractive retail unit located in the heart of Aylesbury town centre.

t Situated in 100% prime position on a prominent corner of the High Street, directly opposite to the Hale Leys Shopping Centre.

t Entirely let to Marks & Spencer Plc until March 2027.

t Current rent of £437,414.78 per annum with fixed uplifts of 1.95% per annum from the 29th of September 2019 onwards.

t Freehold.

t Offers in excess of £7.12M subject to contract and exclusive of VAT.

t Net initial yield of 5.75% after allowance for unadjusted purchaser’s costs of 6.8%.

t The SPV holding company is also available by negotiation.

INVESTMENT SUMMARY

M A R K S & S P E N C E R , 3 1 , 3 3 , 3 5 , 3 7 H I G H S T, AY L E S B U R Y H P 2 0 1 S H

LOCATIONThe attractive market town of Aylesbury has a population in excess of 58,000 and is located on the northern side of the Chiltern Hills, 36 miles north-west of Central London. The town is served by the A41, which provides direct access to the M25 and M40 motorways as well as the A413 and A418. Aylesbury railway station benefits from regular direct services into London Marylebone with an approximate journey time of 56 minutes.

Aylesbury

SITUATIONThe property is situated in a prominent position, on a substantial site on the north side of the High Street within the pedestrianised pitch, at the junction with Britannia Street. Occupiers in the vicinity include Boots, WH Smith, Santander, McDonald’s and Coral. The entrance to the Hale Leys Shopping Centre is some 40 metres from the property, where occupiers include Poundworld, Thomas Cook, BrightHouse, Clarks and Accessorize, amongst others.

More sites urgently requiredfor redevelopment

Please contact Glenmore Residential

020 7935 0100

A4 1

FRIARAGE ROAD A 41

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E

VALE P

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DRIVE

MI LL WAY CAS TL E ST RE E T

CHURCH S TREET

BUCKINGHAM STREET

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GEO

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T REET

WALTON STREET

ANCHOR LANE

HIGH STREET

HALE STREET

O X F O R D ST R E E T RIPON STREET

AYLESBURY

Friars SquareShopping Centre Odeon

AylesburyLibrary

Morrisons WatersideTheatre

St Mary’sChurch

CountyMuseum

Cambridge CloseRetail Park

Vale Park

MarketSquare

White Hill Park

B e a r Br o o k

G

R E EN E ND

Hale Leys Shopping Centre

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n Ca n a l

Waitrose

Subject Property

M A R K S & S P E N C E R , 3 1 , 3 3 , 3 5 , 3 7 H I G H S T, AY L E S B U R Y H P 2 0 1 S H

DESCRIPTIONThe subject property comprises a substantial corner retail block. The retail element is split between the ground and first floors. The second floor is used as ancillary space and the plant is contained in the basement.Access to the unit can be achieved through the main entrance fronting the pedestrianised element of the high street. There are also two rear exits onto Britannia Street and Anchor Lane and a service area fronting onto Cambridge Street.

TENUREFreehold.

TENANCYThe property is let in its entirety to Marks & Spencer Plc, producing £437,414.78 pa with the benefit of annual fixed uplifts of 1.95% on each September quarter day to lease expiry, as set out in the tenancy and accommodation schedule below.

Tenant Accommodation Area (Sq m) Area (Sq ft) Lease Terms Rent (£pa) Comments

Marks & Spencer Plc Second Floor - Ancillary 276.9 2,981 Expiry: 31/03/2027 £437,414.78 Annual fixed uplifts of 1.95% payable everySeptember (rent passing as at September 2018).The vendor will top up the rent to the 2018 review.

First Floor - Retail 2,094.7 22,547

Ground Floor - Retail 2,445.5 26,323

Basement - Plant 72.6 781

Total 4,889 52,632 £437,414.78

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BUCKINGHAM

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BUCKINGHAM

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MARKETSQUAR

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NEW STREET

KINGS

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SILVER

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BUCKINGHAMHOUSE

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ON

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DWELLINGS

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(305) (ACTUAL)

THE

NATIO

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(100) (ESTIMATED)

AYLESBURY

M A R K S & S P E N C E R , 3 1 , 3 3 , 3 5 , 3 7 H I G H S T, AY L E S B U R Y H P 2 0 1 S H

EPCThe building has and EPC rating of D.

VAT VAT will be applicable on the sale of the property.

PROPOSAL We are seeking offers in excess of £7,120,000 (Seven Million One Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 5.75% after allowance for unadjusted purchaser’s costs of 6.8%.

The SPV holding company is also available by negotiation.

A purchase at this price reflects the following yield growth:

Year Income Yield

Sep-18 £437,414.78 5.75%

Sep-19 £445,944.37 5.86%

Sep-20 £454,640.28 5.98%

Sep-21 £463,505.77 6.10%

Sep-22 £472,544.13 6.21%

Sep-23 £481,758.74 6.34%

Sep-24 £491,153.04 6.46%

Sep-25 £500,730.52 6.58%

Sep-26 £510,494.77 6.71%

COVENANT INFORMATIONMarks & Spencer is a major British retailer listed on the London Stock Exchange. Founded in 1884, M&S forms a significant element of the UK’s retail fabric operating across 1,025 stores and employing circa 85,000 people.

The company specialises in the selling of clothes, home products and luxury food under its Foodhall and M&S Simply Food brands.

For the year ending 31/03/2017, Marks & Spencer Plc reported a turnover of £7.942Bn and pre-tax profits of £745.3M. For the same period, the company reported a net worth of £399M.

1. These particulars do not constitute any part of the offer for sale or contract for sale.2. All statements contained in these particulars as to this property are made without responsibility on the part of Lewis & Partners LLP or the vendors or lessors.3. None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars.5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the property. The plans are photographically reproduced and therefore not to scale except where expressly stated. The plans, photographs or drawings are for identification purposes only.6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale.

7. Any properties or drawings of the relevant property or part thereof or the neighbouring areas may not depict the property or the neighbouring areas at the date a prospective purchaser or tenant inspects the property. Prospective purchasers are strongly advised to inspect the property and neighbouring areas.8. Lewis & Partners LLP have not measured the property and have relied upon clients information. Therefore Lewis & Partners LLP give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.9. All terms quoted are exclusive of value added tax unless otherwise stated.10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment give any warranty whatsoever in relation to this property.11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.12. These details were prepared as of JUNE 2018 Adrian Gates Photography & Design 07710 316 991

FURTHER INFORMATION

Matthew Clarkematthewclarke@lewisandpartners.com

Ben Lewisbenlewis@lewisandpartners.com

Connal Harperconnalharper@lewisandpartners.com

Lewis and Partners 15/19 Cavendish Place, London W1G 0QE

Tel: 0207 580 4333

SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT

LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-