PAGES CORNER RETAIL PARK - Wilkinson Williams

OPEN NON FOOD RETAIL WAREHOUSE INVESTMENT WITH FIXED UPLIFTS
PAGES CORNER RETAIL PARK
MFI & CARPETRIGHT, WORTHING, BN11 2QL

Pages Corner Retail Park Worthing
As at 2001, Worthing had an urban area population of
approximately 97,000, with a catchment population in
excess of 185,000 within 6 km of the town centre.
Worthing
1.0 LOCATION
Worthing is a substantial coastal town approximately
58 miles south of London and 11 miles west of Brighton.
The town benefits from excellent communications, being
situated immediately adjacent to the A27 South Coast
trunk road.
As at 2001, Worthing had an urban area population of
approximately 97,000, with a catchment population in
excess of 185,000 within 6 km of the town centre. The
general prosperity of the location is highlighted by the
fact that as at October 2007 the unemployment rate stood
at 1.2%, as opposed to a national average of 2.2%.

Pages Corner Retail Park Worthing
Ham Road/Dominion Road is one of the principal
routes linking Worthing town centre with
Brighton via the A259 coast road.
2.0 SITUATION
The subject property is situated in a prominent position
on the east side of Ham Road (B223), which is ¾ mile to
the east of the town centre. Ham Road/Dominion Road is
one of the principal routes linking Worthing town centre
with Brighton via the A259 coast road.
1
2
3
4
The Subject Property (Ham Road)
Wickes
Lyons Farm Retail Park (Currys, Brantano & Boots)
Downloads Retail Park (B&Q and Halfords)
3
4
B223
2
A259
Pages Corner
Retail Park
1
B223

Pages Corner Retail Park Worthing
Customer car parking is situated at the
front and the side of the units, there is
a dedicated service yard to the rear.
3.0 DESCRIPTION
The subject property comprises a purpose built retail warehouse of steel construction
which we understand was refurbished and subdivided in 1997. The building provides
a clear eaves height to the underside of the haunch in excess of 6 metres.
The development extends to a total of approximately 38,119 sq ft. It has been
divided to provide units occupied by Carpetright of 9,137 sq ft and MFI of 28,982
which includes a first floor mezzanine of approximately 1,700 sq ft.
Customer car parking is situated at the front and the side of the units, there is a
dedicated service yard to the rear. There are a total of 161 designated car parking
spaces equating to a ratio of 1:235 sq ft.
4.0 ACCOMMODATION
The property provides the following gross internal floor areas:
Unit Tenant Area sq ft Area sq m
1 MFI 28,982 2,692
2 Carpetright 9,137 849
Total 38,119 3541
5.0 TENURE
Freehold.
There are approximately
162 car parking spaces
providing a ratio
of 1:235 sq ft.
PAGES CORNER
PAGES LANE

Pages Corner Retail Park Worthing
Our client is seeking a price in the region of £10.35 million,
which would reflect a net initial yield of 6.25%, assuming
purchaser’s costs of 5.675%.
6.0 TENANCIES
The property is let in accordance with the following schedule:
Tenant Areas Rent Rent Expiry Next Rent
sq ft p.a. p.s.f. Reviews
MFI Properties Ltd 28,982 £519,543 £17.82 03/10/20 17/06/11
Carpetright Plc 9,137 £164,466 £17.99 01/10/20 23/06/11
Total 38,119 £684,000
Both tenancies have fixed rent reviews in the fifth and tenth years, as set out below:
Tenant Rent June 2011 Rent June 2016
MFI Properties £620,351 £719,157
Carpetright £196,381 £227,659
Total £816,732 £946,816
7.0 TENANTS’ COVENANTS
We summarise below the most recent accounts for the tenants:
Tenant Date Turnover Pre Tax Profit Net Worth
(£’000’s) (Loss £’000s) (Loss £’000s)
MFI Properties Ltd 24/12/05 £9.22m £19.54m £117.255m
Carpetright Plc 28/01/07 £475.90m £67.00m £29.10m
8.0 PLANNING
The property benefits from an open non food planning consent.
9.0 PROPOSAL
Our client is seeking a price of £10.35 million, subject to contract and exclusive of VAT
which would reflect a net initial yield of 6.25%, assuming purchaser’s costs of 5.675%.
June 2011 7.17%
June 2016 8.65%

10.0 CONTACTS FOR FURTHER INFORMATION
Miles Marten
Wilkinson Williams
Mellier House
26a Albemarle Street
London, W1S 4HY
Tel: 020 7495 4321
MISREPRESENTATION NOTICE
Tel: 020 7317 3777
Fax: 020 7495 5432
E-mail: m.marten@wilkinsonwilliams.co.uk
www.wilkinsonwilliams.co.uk
Wilkinson 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 to constitute 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 since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs.
Furthermore, no assumptions should be made 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 be a 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. 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.
Ref: 105027