Retail Park - Wilkinson Williams

OrpingtonSevenoaks WayOrpington BR5 3SRRetail ParkPrime Open A1 Non Food Consent Retail Warehouse Investment

Page 2Orpington Retail Parkinvestment summaryOrpingtonProminently situated fronting SevenoaksWay (A224), in the prime out of townpitch in close proximity to the SpringvaleRetail Park, the Nugent Shopping Parkwith in excess of 300,000 sq ft of retailaccommodation in the vicinity.The property comprises a modernretail warehouse development providingtwo units totalling approximately20,463 sq ft GIA.The entire development benefits from anopen A1 non food planning consent.The property is let to Dreamsand SportsDirect.com on leasesexpiring in 2020 and 2022 at currentrents of £37.00 per sq ft.Proven evidence underpinning thecurrent rental levels and the generalstrength of the location will provide goodprospects for rental growth in the future.We are intructed to seek offers in excessof £11.77 million reflecting a net initialyield of 6.00%, assuming purchaser’scosts of 5.7625%.

Orpington Retail Park Page 52.0 situation 3.0 surrounding retail warehousingOver 300,000 sq ftof retailwarehousing withinone mile of thesubject propertyThe property is situated in a highly prominent position onthe eastern side of Sevenoaks Way (A224), approximatelyone mile north east of Orpington town centre.The A224 forms the principal route from the town to the A20dual carriageway, which lies approximately one mile to the northof the subject property. The A20 forms a major arterial route fromCentral London to the South East and the Channel Ports via theM20. It also connects Central London to Junction 3 of the M25motorway, which is situated 5 miles east of Orpington.The subject property forms part of the prime out of town retailprovision situated on Sevenoaks Way/Cray Avenue,which is summarised below:To the north of the junction of the A224 and the A20 atCrittalls Corner are two modern units occupied by B&Q(34,000 sq ft) and DFS (24,518 sq ft).Approximately a quarter of a mile to the north of thesubject property is a solus Homebase unit (35,400 sq ft).The subject property is bounded to the north by Station Road,with access to the rear via Mill Brook Road.Sevenoaks Way / Cray Avenue form one of the largestconcentrations of retail warehousing in the southern GreaterLondon area serving a large catchment where there are limitedcompeting out of town retail destinations.The Springvale Retail Park (100,000 sq ft) is situatedapproximately 500 metres to the north of the subjectproperty, and is occupied by Currys, PC World, Argos,Furniture Village, Harveys, Halfords and Paul Simon.The most recent and substantial developmentin the general location is the Nugent Shopping Park(115,000 sq ft) situated approximately a quarter of a milesouth of the subject property. This scheme was developedby Pillar Properties and is now owned by British Land. Itis occupied by retailers including Marks & Spencer, HMV,Mothercare and Desire at Debenhams. Opposite this areunits occupied by Comet and Magnet.

Page 6Orpington Retail Park1.0 location 4.0 description5.0 accommodationThe property comprises two adjoining retailwarehouse units constructed in 1997 extendingto 20,463 sq ft (1901.1 sq m) situated in a prominentposition fronting Sevenoaks Way.The building is constructed by way of a steel portal frameunder a pitched roof. External elevations are clad withattractive masonry up to a height of approximately 2 metres,with coated metal cladding above, and each unit benefitingfrom attractive “gable end” entrance features below which areglazed entrance screens.Internally, each unit is fitted out with a tenant’s standardtrading format including ground floor amenity blocks.SportsDirect.com have erected a mezzanine floor extendingto approximately 2,176 sq ft (202.15 sq m).The property provides the following approximate gross internal floor areas:Unit Tenant GIA (sq ft) GIA (sq m)1 SportsDirect.com 10,250 952.32 Dreams 10,213 948.8Total 20,463 1,901.197 customer car park spaces equating to a ratio of 1:211 sq ft (1:19.60 sq m)The property provides a highly attractive, modernpurpose built retail warehouse development.At the front of the property is a customer car park, which isaccessed directly off Sevenoaks Way. This provides parkingfor approximately 97 vehicles, providing an overall ratio of1:211 sq ft (1:19.60 sq m).To the rear of the unit is a concrete service yard, which isaccessed from Mill Brook Road via an estate road servinga small industrial estate.In summary, the property provides a highly attractive, modernpurpose built retail warehouse development. In particular,we would highlight that the configuration of the units wouldfacilitate further subdivision.

Orpington Retail Park Page 7Sevenoaks Way (A224)Station Road6.0 planningThe property benefits from a highly flexible consent, whichstates that it shall only be used for non food sales. There are nospecific restrictions regarding minimum unit size or the erection ofmezzanine accommodation.7.0 tenureThe site as outlined in green is held freehold. Rights are reservedover the access road to the service yard to the rear from MillBrook Road.Mill Brook Road

Page 8Orpington Retail Park8.0 schedule of tenanciesThe property is let in accordance with the following:Unit Tenant Area Rent Rent Lease Lease Nextsq ft per annum per sq ft Start Expiry Rent Review2 SportsDirect.com Retail Ltd 10,250 £379,250 £37.00 22/12/1997 21/12/2022 22/12/20121 Dreams Plc 10,213 £367,668 £36.00 08/03/2010 07/03/2020 08/03/2015Total 20,463 £746,918

Orpington Retail Park Page 99.0 tenants’ covenantWe summarise the most recent accounts in respect of each of the occupying tenant guarantors below:Tenant Date Turnover Pre Tax Profit/Loss Net Worth D&B Rating(£’000s) (£’000s) (£’000s)SportsDirect.com Retail Ltd 26/04/2009 1,029,207 37,674 107,483 5A127/04/2008 957,863 101,030 121,159Dreams Plc 24/12/2009 243,570 17,900 42,077 5A124/12/2008 194,384 (3,013) 27,178Proven evidence underpinning the currentrental levels and the general strength of thelocation will provide good prospects forrental growth in the future.

9.0 rental value / asset managementlocation for more information please contactWilkinson WilliamsHeathcoat House20 Savile RowLondon W1S 3PR020 7495 4321Miles Marten020 7317 3777m.marten@wilkinsonwilliams.co.ukEllie Kirkby020 7317 3790e.kirkby@wilkinsonwilliams.co.ukwww.wilkinsonwilliams.co.ukMISREPRESENTATION NOTICEWilkinson Williams LLP give notice to anyone who may read these particulars as follows:-1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended toconstitute part of an offer or contract.2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact.3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.4. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed sincethe photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should bemade in respect of parts of the property which are not shown in the photographs.5. Any areas, measurements or distances referred to herein are approximate only.6. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property, this is not intended to bea statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser.7. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact.8. Plans are published for convenience of identification only and although believed to be correct, their accuracy is no guaranteed and they do not form part of any contract.Printed on 55% recycled paperOrpington Retail Park | Sevenoaks | October 2010 | Ref: 104974.003