Leisure West

An investment sale on behalf of
Leisure West
Air Park Way, Feltham, TW13 7LX
PRIME FREEHOLD LEISURE INVESTMENT

Leisure West
Air Park Way, Feltham, TW13 7LX
Investment Summary
• Freehold leisure investment of 12,650 sq m (136,164 sq ft).
• Located in an affluent family catchment with good public and vehicle access.
• Well secured income let to a variety of covenants with the main leases all having in excess of 10 years
unexpired terms.
• Realistic base rents for future growth together with an element of fixed income.
• Ongoing asset management potential.
• Current income £2,208,081 pa.
• Seeking offers in excess of £30,000,000 to reflect a net initial yield of 6.96% rising to 7.41%, with the
minimum fixed increase in 2017.
Prime Freehold Leisure Investment

Bedford
Woodbridge
Milton
Keynes
Newport
Pagnell
Leisure West
Air Park Way, Feltham,
Letchworth
TW13 7LX
Hitchin
Royston
Saffron
Walden
Halstead
Sudbury
Ipswich
Manningtree
Felixstowe
Harwich
Aldeburgh
Wendover
11
M10
7 1
3
2
22
7
11
Ware
Hertford
M11
Harlow
Hoddesdon
7
8
S STANSTED
Amersham
20
24
25 26
19 5
High
Watford
18
Enfield 5
Wycombe
17
4 S
Chigwell
M40
28
Beaconsfield
M11
4
Brentwood
3
M1 2
4
Marlow
2
29
1
1
Harrow
Basildon
M25
Maidenhead
Uxbridge
LONDON
Slough
7
30
6
4 3 S 2 1
CITY
Woolwich
31 Tilbury
Windsor
14 HEATHROW
Richmond
A329(M)
Dartford
13
2
10
Bracknell
Staines 1
Kingston
Swanley
1
upon Thames
2
M3 11
Sutton
Chatham
THE PROPERTY
Camberley
Croydon
3
4
M20
3
M25
Epsom
M25
2
10
3 4
4
Woking
9
5 6
M26
9
5
S
Leatherhead
7
M25 Sevenoaks
S
Aldershot
8
6
Maidstone
Dorking
Redhill
Oxted
Guildford
Reigate
Tonbridge
M23
Farnham Godalming
GATWICK
9 East
Grinstead
Tunbridge Wells
Crawley
10
nt
A4010
A3
Midhurst
A413
A31
Dunstable
10 LUTON A1(M)
9
6
Tring
5
Hemel
4
Hempstead
St
8 Albans
Berkhamsted
A41
A272
A3
Haslemere
A40
A30
A316
Pulborough
A4
A24
A406
A24
A264
A41
A602
A406
A23
Horsham
A22
A10
A22
A10
A205
A232
A264
Haywards
Heath
Hurstpierpoint
Lewes
Arundel
Chichester Prime Freehold Leisure Investment Brighton
Littlehampton
Hove
Worthing
Bognor
Regis
Luton
Bishop's
Stortford
A22
A20
Seaford
A13
A12
A2
A21
A26
Newhaven
A2
A26
A414
A12
A130
Chelmsford
A127
A13
A21
Crowborough
rough
Hailsham
A228
Eastbourne
A131
A130
A
7
Battle
Bexhillon-Sea
Maldon
Rayleigh
Canvey Island
D
SOUTHERN PERIMETER RD
Rye
Hastings
Colchester
HEATHROW AIRPORT
West
Mersea
Burnham-on-Crouch
Southend-on-Sea
B378 STANWELL RD
BEDFONT RD
Sheerness
A30 LONDON RD
SittingbourneWhitstable
Faversham
B377
ASHFORD MANOR
GOLF CLUB
Ashford
CLOCKHOUSE LN
B378
CHANNEL
TUNNEL
TERMINAL
New Romney
Clacton-on-Sea
BEDFONT RD
Canterbury
B377 ASHFORD RD
A30 GREAT S W RD
A244 CADBURY RD
Folkestone
Hythe
M3
B3377 BEDFONT LN
J1
Sandwich
VICARAGE RD
Dover
Ramsgate
FELTHAM HILL RD
Deal
A4
GREAT W RD
A3006
A312
FAGG’S RD
A312 UXBRIDGE RD
A315 STAINES RD
A315 STAINES RD
FELTHAM
HIGH STREET A244
A308 KINGSTON RDA308 STAINES RD
QUEEN MARY
RESERVOIR
VICTORA
ROAD
THE PROPERTY
AIR PARK WAY
HANWORTH
PARK
SUTTON LN
A316 COUNTRY WY
A316 TWICKENHAM RD
KEMPTON PARK
RACECOURSE
E
HOUNSLOW
HEATH
B358
A314 HOUNSLOW RD

Location
Feltham is located in the London Borough of Hounslow approximately
21 km (13 miles) to the south west of Central London and 3.2 km
(2 miles) from Heathrow Airport. It is well positioned for the national
motorway network being approximately 8.1 km (5 miles) from both
junctions 13 and 14 of the M25, 3.2 km (2 miles) from Junction 1 of the
M3 and 4.8 km (3 miles) from junction 3 of the M4. In addition there are
direct train services from Feltham to London Waterloo, with a fastest
journey time of 29 minutes.
The resident catchment population of Feltham is 59,508 and situated in
a 20 km (12 miles) radius of the borough is a potential catchment
population of 3.95 million people. The resident population have a higher
disposable income than the national average and a considerably higher
proportion in the upper Mosaic Lifestyle Groups of “Happy Families” and
“Suburban Comfort”. An ideal socio demographic mix for a leisure park
catchment population.
Situation
Leisure West fronts Victoria Road and Browells Lane with the main frontage being along Air Park
Way. It is situated just off Feltham High Street and a short walk from Feltham railway station.
Air Park Way provides a direct link to the main arterial roads of the A312, A316 and the A244,
giving direct access for car bound passengers from the north, south and the Heathrow Airport
hub. The proximity to the airport and the additional 76,000 employed there, many on shift
work, helps boost the catchment.
The resident catchment population of Feltham is 59,508
and situated in a 20 km radius a potential catchment
population of 3.95 million people

Leisure West
Air Park Way, Feltham, TW13 7LX
Description
Leisure West comprises a total of 12,650 sq m
(136,164 sq ft) of leisure and restaurant accommodation
on a 4.50 hectares (11.11 acres) site, arranged as a
terrace of three large detached units opposite four
smaller restaurant units with 764 car parking spaces.
[1:16.5 sq m (1:178 sq ft)].
The scheme was built in 1997 and is anchored by a
14 screen cinema operated by Cine UK. This is the only
cinema within a 4 mile radius and as such is the main
cinema provision for a large part of the west London
conurbation. We understand that the cinema is ranked
in the top 5 in Cine UK’s portfolio.
The other two large units are occupied by Tenpin and Gala.
The Gala unit operates as a Gala Bingo Club with
associated bar and restaurant facilities. The Tenpin unit
provides a 24 lane bowling alley with associated bar,
restaurant and amusements.
The four standalone restaurant units are brick built under
pitched roofs and are operated as a Drive-thru Burger King
restaurant, a Pizza Hut, a Chiquito’s and a Frankie &
Benny’s.
South west London’s premier
leisure scheme
The Park also includes an amenity block which incorporates
a small kiosk unit and two ATM machines, one operated by
Natwest and the other which is under offer. There is also
an advertising hoarding operated by JC Decaux.
The scheme is landscaped and has 24 hour on site security.
Prime Freehold Leisure Investment

Leisure West
Air Park Way, Feltham, TW13 7LX
BROWELLS LANE
VICTORIA ROAD
AIR PARK WAY
A
Prime Freehold Leisure Investment

Accommodation
Unit Tenant Area
sq m
sq ft
A Gala Bingo 3,310 35,629
B Tenpin 3,716 40,000
C Cineworld 4,096 44,084
E Chiquito’s *554 *5,961
F Frankie & Benny’s 372 4,000
G Burger King 261 2,810
H Pizza Hut 335 3,605
ATM1 Natwest Bank - -
ATM2 Vacant (U/O) - -
Kiosk Vacant 7 75
Hoarding JC Decaux - -
12,650 136,164
* Unit E comprises a ground floor restaurant area of 398 sq m
(4,336 sq ft) and a mezzanine level of 155 sq m (1,625 sq ft).
There is also an external seating area demised to the tenant.
The ATM’s and the kiosk are located in a small amenity block which
also accommodates the security facilities. The kiosk was used as a taxi
booth.

Leisure West
Air Park Way, Feltham, TW13 7LX
Tenure
Freehold.
Tenancies
All leases are on effective full repairing and insuring terms by way of a service charge. Reviews are upward only and are assumed to be fit for immediate occupation, with the exception of units A & B
where a shell unit is assumed. A guarantee of up to 12 months will be provided on the vacant elements to include rent and rates and the rent will be topped up on Unit C to the 3% fixed increase of
£911,928 pa due in July 2012. The property therefore produces a total income of £2,208,081.47 as set out in the table.
Unit Tenant Trading As Area Lease Dates Review Rent Comments
sq m sq ft Term Start End [Break] Unexpired Cycle Next £pa £psm £psf
A Gala Leisure Gala Bingo 3,310 35,629 25 25/03/1997 24/03/2022 10.54 5 25/03/2012 £471,652.80 £142.49 £13.24 Reviewed to OMV. Includes additional
(2000) Ltd coterminus lease for external smoking area
at £3,000 pa.
B Tenpin Ltd Tenpin 3,716 40,000 25 25/03/1997 24/03/2022 10.54 5 25/03/2012 £420,000.00 £113.02 £10.50 Reviewed to OMV. Areas agreed at 2007
review. In Company Voluntary Arrangement.
30/06/2032 20.82 Reviews to higher of OMV or 3% pa. TOB
C Cine-UK Ltd Cineworld 4,096 44,084 35 01/07/1997 [01/07/2022] 10.82 5 01/07/2012 £911,928.00 £222.66 £20.69 on 13 months notice. Current rent £786,637
to be topped up to the fixed increase in July
2012 of £911,928.
E Chiquito Ltd Chiquito 554 5,961 25 25/03/1997 24/03/2022 10.54 5 25/03/2012 £123,564.00 £248.65 £23.10 Reviewed to OMV. Includes additional
coterminus lease for external storage area
at £5,000 pa. Areas agreed at review.
F City Centre Frankie & Benny's 372 4,000 25 25/03/1997 24/03/2022 10.54 5 25/03/2012 £96,000.00 £258.33 £24.00 Reviewed to OMV.
Restaurants (UK) Ltd
Assumed area for review is 4,000 sf.
24/03/2032 20.55 Reviewed to OMV.
G Karali Ltd Burger King 261 2,810 35 25/03/1997 [25/03/2022] 10.55 5 25/03/2012 £79,520.00 £304.61 £28.30 TOB on 13 months notice.
Rent deposit held of £19,880.
H Pizza Hut (UK) Ltd Pizza Hut 335 3,605 25 06/10/2000 05/10/2025 14.08 5 06/10/2015 £83,000.00 £247.82 £23.02 Reviewed to OMV. 2010 review outstanding,
areas agreed, uplift anticipated.
ATM1 Nat West Bank Plc Natwest Bank - - 5 26/07/2007 25/07/2012 0.87 - - £10,000.00 - -
ATM2 Vacant (Under Offer) - - - - - - - - - £4,166.67 - - Under offer, 5 year lease outside the the 1954
Act, at £5,000 pa inclusive of VAT, with
provision for an additional turnover rent.
Review in 3 years to higher of OMV or RPI.
Kiosk Vacant - 7 75 - - - - - - £7,500.00 - - 12 Months guarantee to be provided.
Hoarding JC Decaux UK Ltd - - - 3 01/04/2010 31/03/2013 1.56 - - £750.00 - - Outside the 1954 Act.
12,650 136,164 £2,208,081.47
Prime Freehold Leisure Investment

Rental Analysis
The rental income is well secured both in terms of lease length
and strength of covenant. 57% of the income is let for between 10
and 15 years and 42% let for in excess of 20 years, excluding the
breaks. Including the breaks, all the main leases have in excess of
10 years unexpired.
With the fixed increase on reviews in the Cineworld lease to the
higher of open market value or 3% per annum compounded, the
projected minimum uplift in total income until the expiry of their
lease is expected to be as follows:-
Current Income £2,208,081
July 2017 £2,353,357
July 2022 £2,521,707
July 2027 £2,716,906

Leisure West
Air Park Way, Feltham, TW13 7LX
Tenant’s Covenant Information
A summary of the last two years’ accounts and the Dun & Bradstreet ratings are outlined in the table.
Company Company No. Year End Turnover Profit/(Loss) Net Worth D&B Rating
Gala Leisure (2000) 3458312 25/09/10 - - £4,000 H2
Limited 26/09/09 - - £4,000
Tenpin Limited* 4789703 27/12/09 £58,094,000 (£4,601,000) £8,105,000 3A1
28/12/08 £62,814,000 (£29,243,000) £95,309,000
Cine UK Limited 3005901 30/12/10 £162,620,000 £20,066,000 £32,066,000 4A1
31/12/09 £150,669,000 £18,942,000 £43,101,000
Chiquito Limited 1854767 27/12/09 £64,149,000 £5,812,000 £13,027,000 3A1
28/12/08 £59,935,000 £7,956,000 £8,829,000
City Centre Restaurants 894426 27/12/09 £325,170,000 £32,369,000 £55,327,000 5A1
(UK) Limited 28/12/08 £309,654,000 £36,886,000 £31,097,000
Karali Limited 6308340 31/07/10 £17,607,545 £314,855 (£902,006) N3
31/07/09 £18,698,968 £481,735 (£1,361,701)
Pizza Hut (UK) Limited 1072921 29/11/09 £362,549,000 (£12,122,000) £31,470,000 4A1
30/11/08 £358,626,000 (£13,306,000) £4,724,000
National Westminster 929027 31/12/10 - (£2,381,000,000) £14,371,000,000 5A1
Bank Plc 31/12/09 - £1,129,000,000 £13,451,000,000
JC Decaux UK Limited 797437 31/12/10 - £467,000 £24,655,000 4A1
31/12/09 - £1,788,000 £24,188,000
*Tenpin have recently been the subject of a CVA but Feltham will continue to operate under the same name and management team
demonstrating the success of Feltham as a leisure destination and the commitment of the tenant to the location.
Prime Freehold Leisure Investment

VAT
The property is elected for VAT and it is proposed
any sale would be way of a TOGC.
Service Charge & Insurance
The service charge year end is 31st March.
The estimated budget for 2012 is £392,550
which equates to £2.90 per sq ft. The insurance
is assessed separately and demanded on an
individual unit basis. Further information is
available on request.
Asset Management
Potential asset management angles include:
• Creation of an additional unit or pod – the
layout lends itself to the possibility of adding
another unit or providing an extension to the
cinema.
• Creating external seating for the restaurant
operators – negotiations are ongoing with one
of the restaurant operators to grant a lease for
external seating.

Leisure West
Air Park Way, Feltham, TW13 7LX
Proposal
We are instructed to seek offers in excess of £30,000,000 subject to contract and exclusive of
VAT. A purchase at this level, assuming costs of 5.8% and the fixed increases to the end of the
Cineworld lease, would provide the following yields:-
Initial 6.96%
July 2017 7.41%
July 2022 7.94%
July 2027 8.56%
Further Information
For further information or to arrange an inspection of the subject property please contact either of
the joint agents:-
Robert Mortimer
Tim Morgan
T: 020 715 9415 T: 020 7318 1933
E: rmortimer@chapman-petrie.co.uk E: tjm@hsmuk.com
Piers Petrie
Andrew Taylor
T: 0210 7518 9400 T: 020 7318 1934
E: ppetrie@chapman-petrie.co.uk E: art@hsmuk.com
Misrepresentation Act 1967
Messrs Hoddell Stotesbury Morgan and Chapman Petrie for themselves and for the Vendors of this property whose agents they are give notice that :-
The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract.
All descriptions, dimensions, references to conditions and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers should not rely upon them as a statement or representation of fact but should
satisfy themselves by inspection or otherwise as to the correctness of each of them.
No person in the employment of Messrs Hoddell Stotesbury Morgan or Chapman Petrie has any authority to make or give any representation or warranty whatever in relation to this property.
Unless otherwise stated all rents or prices quoted are exclusive of VAT which may be payable in addition.
Messrs Hoddell Stotesbury Morgan and Chapman Petrie have not made any investigations or otherwise of any issues concerning pollution and potential land, building, air or water contamination. Prospective purchasers must undertaken their own enquiries and satisfy themselves in this
regard.
All plans and maps provided within the particulars are for identification purposes only.
Date: September 2011.
Designed and produced by Creativeworld Tel:01282 858200
Prime Freehold Leisure Investment

Leisure West
Air Park Way, Feltham, TW13 7LX
PRIME FREEHOLD LEISURE INVESTMENT