RUNCORN - HALTON LINK ROAD/EDWARDS ROAD

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1 RUNCORN - HALTON LINK ROAD/EDWARDS ROAD Prominent Halfords Autocentre and Burger King Investment Opportunity On site now - completion due December 2014 Satnav Reference WA7 2XP

2 Halfords Autocentre and Burger King Investment Opportunity Runcorn Halton Link Road / Edwards Road WA7 2XP Forward commitment opportunity to acquire two new roadside outlets pre-let to Halfords Autocentre and Burger King Prominent location adjacent to a new Lidl and Ford Car showroom and opposite Runcorn Shopping Centre, Asda and the Trident Retail and Leisure Park On site now and due for practical completion (PC) by 22nd December 2014 Minimum 15 year FR&I leases Halfords Autocentre income (c 40%) subject to RPI increases Total rent 106,600pa Price 1,610,000 Yield 6.26%

3 Runcorn Runcorn, designated a New Town in 1964, is located on the south bank of the River Mersey approximately 15 miles (24 km) south east of Liverpool, 30 miles (48 km) south west of Manchester and 16 miles (26 km) north east of Chester. The town benefits from excellent road communications. The M62 (Junction 7-6 miles (9.6km) to the north) provides direct access to Liverpool and Manchester and the M56 (Junction miles (2.5km) to the south) provides access to Chester in the south west and Stockport in the east. The Mersey Gateway, a new six lane bridge linking Runcorn and Widnes, is now under construction and due to open in autumn This toll bridge will alleviate congestion, linking the Central Expressway in Runcorn with the main routes to the M62. There are two railway stations. Runcorn Railway Station, situated approximately 2.4 miles (4 km) north west provides direct services to London, Birmingham and Liverpool and Runcorn East Railway Station, situated approximately 2 miles (3 km) east of the property, provides direct services to Warrington, Manchester and Chester. Liverpool airport is approximately 12 miles (19km) to the west and Manchester airport 25 miles (40km) to the east. Runcorn has a resident population of approximately 60,000, with the district of Halton having a population of circa 127,500. Situation The site totalling 0.70 acres, occupies a prominent position situated off the A533 and the Halton Link Road with frontage to West Lane. The larger site has been comprehensively redeveloped to incorporate both a new Lidl foodstore and a Ford Car Showroom. Immediately to the south of the subject property Asda have a 69,000 sq ft (6,410 sq m) supermarket alongside a McDonalds drive thru. Adjacent to this is the Runcorn Shopping Centre (previously Halton Lea) which provides some 500,000 sq ft (46,450 sq m) of retail, developed as the town centre for Runcorn. The Trident Retail and Leisure Park, situated to the south of the Shopping centre comprises the bulk of Runcorn s retail warehousing provision totalling approximately 178,000 sq ft (16,500 sq m) of retail and leisure accommodation. Tenants include TK Maxx, Aldi, Carpetright, Home Bargains, Jollyes as well as Cineworld, Pizza Hut, TruGym and Club 2000 Bingo. HALTON LINK ROAD THE SITE NORTHWAY SECOND AVE LIVERPOOL RIVER MERSEY CHESTER RUNCORN SHOPPING CENTRE M57 M62 WESTON POINT WESTON M56 RIVER WEAVER BRIDGE A533 A557 RUNCORN S WAY CLIFTON A557 A56 A533 BEECHWOOD 12 TRIDENT RETAIL & LEISURE PARK MERSEY GATEWAY OPENING 2017 DARESBURY EXPRESSWAY A56 11 PRESTON BROOK M56 WARRINGTON MANCHESTER THE SITE

4 IC G KO G North HALTON LINK ROAD THE SITE EDWARDS ROAD WEST LANE For indicative purposes only.

5 Description The property, currently under construction, will comprise two newly built standalone units with associated car parking and landscaping totalling 5,950 sq ft (552.7 sq m) on a site of 0.70 acres. Each unit will be built to the latest brand standard design and specification for the respective tenant, further detail can be provided on request. Unit 1 will total 3,200 sq ft (297.3 sq m)* Unit 2 will total 2,750 sq ft (255.5 sq m)* *subject to final measurement Development The development is being undertaken by Opus Land (North) Ltd, an established and well respected company with an excellent track record. See The contractor, Weiser, is on site and construction works have commenced on the 18 week programme which is due to reach PC on 22nd December Planning Planning Consent was granted on 13th November 2013 for the development of an A3/A5 Drive Thru Restaurant and a B2 Autocentre. Reference 13/00248/FUL Title Freehold.

6 Tenancy Agreement for Leases have been signed and the property is fully pre-let as detailed below: Unit 1 will be let from PC to Halfords Autocentres Limited for a 15 year term, without break, on a Full Repairing and Insuring basis at an initial rent of 41,600pa ( 13psf). The rent will be reviewed 5 yearly on an upward only basis linked to RPI with a cap at 3% pa. Unit 2 will be let from PC to Karali Limited, trading as Burger King, on a 20 year Full Repairing and Insuring lease and incorporating a tenant only break at the 15th year subject to 6 months notice. The rent will be 65,000pa ( 23.64psf) and will be reviewed 5 yearly upward only to open market value. The total rent roll will therefore be 106,600 pa. Tenant Financials Halfords Autocentres Ltd are part of Halfords Group plc and have over 300 UK outlets providing Car MOTs and specialist repair and servicing to a wide range of models. Their latest accounts for the year ending 29/03/2013 they had a turnover of million, a pre-tax profit of 3.52 million and a net worth of million. They have a very low risk Experian credit risk score. Karali Ltd is part of the Karali Group, one of the largest franchisees in the Burger King system trading from 59 sites and employing over 1,500 staff. Included with these 59 sites is a portfolio of 31 restaurants acquired two years ago by Karali Ltd direct from Burger King who selected Karali as their preferred operator. Due to this acquisition, their latest accounts are for a 17 month period ending 31/12/2012 where they had a consolidated turnover of million, a pre-tax profit of 1.58 million and shareholders funds of 2.86 million.

7 EPC Not available until built and assessed. VAT The purchase will be subject to VAT. It is assumed the sale will be treated as a TOGC. Capital Allowances Any relevant Capital Allowances will be made available to the purchaser. Warranties A full warranties pack will be made available to the purchaser. Proposal We are seeking a Forward Commitment to acquire the completed development at a price of 1,610,000 (one million six hundred and ten thousand pounds) subject to contract and with the benefit of the tenancies as outlined above. A purchase at this level would reflect a net initial yield of 6.26% net of standard costs. Further Information For further information please contact the sole agent: Richard J Fisk T M E. rjf@pudneyshuttleworth.co.uk Misrep act Disclaimer Important notice relating to the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991: Pudney Shuttleworth for themselves and for the Vendors of the property who s 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 condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them; no person in the employment of Pudney Shuttleworth has any authority to make or give any representations or warranty whatever in relation to this property or the particulars, nor enter into any contract relating to the property on behalf of Wilkinson Williams nor any contract on behalf of the vendors; and no responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn. Designed and produced by Tel: October 2014.