DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...

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DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS
AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                                                                     DARLINGTON
                                                                                       DL1 2EE
                                                 A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

INVESTMENT SUMMARY
» Darlington is a major conurbation in County Durham.             » Significant WAULT of 11.7 years (10.1 years            » We are instructed to seek offers in excess of
» Over 180,000 people live within the 20 minute drive               including breaks).                                       £9,830,000 (Nine Million, Eight Hundred and Thirty
  time catchment area of the town.                                                                                           Thousand Pounds), subject to contract and exclusive
                                                                  » Current rent of £655,527 per annum, averaging            of VAT. This reflects a net initial yield of 6.25%,
» Recently constructed, successful ‘convenience’ retail             £15.61 per sq ft.                                        assuming purchaser’s costs of 6.69%.
  scheme totalling 41,993 sq ft.                                  » 86% of the existing rental income is secured against   » An acquisition at the quoting price would see the yield
» Fully let to Aldi, Iceland, Poundland, Jollyes, Card Factory,     ‘A’ rated covenants.                                     increase to 6.59% in May 2021 following Aldi’s RPI
  Barnardos, Greggs, Subway and KFC.                              » Unrestricted A1 planning consent.                        linked rent review, based on forecasts from the Office
» The Aldi lease benefits from 5 yearly RPI linked rent                                                                      for Budget Responsibility.
                                                                  » Freehold.
  reviews with a collar and cap of 1.0% and 3.0% per
  annum compounded.
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
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                                                                                                                                                                                                                                                                                                                                            DARLINGTON NORTH RETAIL PARK

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                                                                                                                                                                                                                                                   A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

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                                                                                                   S TE                                                                   NO                                                                                                                                                                                           Newcastle
                                                                                                       RRA                                                                                                                                                                                                                                                                                              A19
                                                                                                                                                                            MI

                                                                                                                                           RRACE
                                                                                                          CE                                                                            W                                                                                                                                                   A68                               A696                                  Tynemouth
                                                                                                                                                                                         AY
                                                                                                                                                                                                                                                                                                                                                                             NEWCASTLE        South
                                              STREET

                                                                            TREET

                                                                                                                                                                                                                                                                                                                                                          A69                                 Shields
                                                                                                                                                                                                                            ALBERT RO
                                                                                                                                                                                                                                     AD
                                                                                                                                                                                                                                                                                                                            A69
                                                                                                                                                                                                                                                                                                                                                                             UPON TYNE Jarrow
                                                                                                                                                            NORTH ROAD
                                                                        WILSON S
                                        FAIRFIELD

                                                                                                                                                                                                                                                                                                                                                                                                A184            A19
                                                                                                                                                                                                                                                                                                                                                                                      Gateshead

                                                                                                                                                                         ST
                                                                                                                                                                           ATION ROAD
                                                                                                                                                   HO                                                                                                                                   CL
                                                                                                            REET                                      PE                                                                                                                                                                                                                                   A1
                                                                                                 SURTEES ST                                              TO
                                                                                                                                                                                                                                                                                           E   VE
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                                                                                                                                                                                                                                                                                                                                                                                                                       A1231
                                                                                                                                                           W                                                                                                                                          ND
                                                                                                                                                                                                                                                                                                            S TR
                                                                                                                                                                                                                                                                                                                                                                A694
                                                                                                                                                                                                                                                                                                                                                                          A692                                        SUNDERLAND                                                          AD
                                                                                                                                                                                                                                                                                                                                                                                                       Washington                                                                    ON RO
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                                H    COTE                                                                                                                                                     EET                                                                                                                                                                                  A693                                           A1018                                          UG
                                                      TERRACE
                                                                                                                                                                                                                            DARLINGTON NORTH                                                                                                                                                                                                                                   HA
                                                                                                                                                             NE

                                                                                                                                                                                                                               RETAIL PARK                                                                                                                                                      A167            A690

                                                                                                                                                                                                                                                                                                                                                                             A691
                                                                                                      WIDDOWFIELD ST                                                                                                                                                                                                                                      A68
                                                                                                                                                                                                                                                                                                                                                                                           Durham
                                                                                                                                                                                                                                                                                                                                                                                                                                   A19

                                                                                                                                                                                                                                                                                                                                                                                                                                             A179
                                                                                                                                                                                                                                                                                                                                                                                                                                                Hartlepool
                                                                                                                                                                                                                                                                                                                                                                                                            A1(M)
                                     GREENBANK ROAD

                                                                                                                                                                                                                                                                                                                                                                                                  A167                                                A689
                                                                                                                                                                                                                                                                                                EM
                                                                                                                                                                                                                                                                                                     OU                                                                                    A689                            A177
                                                                                                                                                                                                                                                                                                           NT                                                                                                                                                                                                                                                     B6279
                                                                                                                                                                                                                                                                                                                 RO                                                                                                                                                                    B6279

                                                                                                                                                                                                                                                           VALLEY STREET NORTH
                                                                                                                                                                                                                                                                                                                   A
                                                                                                            CORPORATION ROAD
                                                                                                                                                                                                                                                                                                                                                                                                                                         Billingham                   Redcar

                                                                                                                                                                                                                                                                                                                        D
                                                                                                                                                                                                                                                                                                                                                                                      A6072
                                                                                                                                                                                                                                                                                                                                                                      A688          A68

                                                                                                                                                                                                                                                                                                                                                                                                                   MIDDLESBROUGH A1053                                           Brotton
                                                                                                                      EASON ROAD

                                                                                                                                                                                                                                                                                                                                                                                                          A1150                     A66                        A174
                                                                                                                                                                                                                                                                                                                                                    A67                                                  DARLINGTON                                                             A171

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            MCM
                                                                                                                                                                                                                                                                                                                            A66                                                                        A66 Durham
                                                                                                                                                                                                                                                                                                                                                                A66                                         Tees Valley                                      A172

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               ULLE
                                                                                                                                                                                                                                                                                                                                                                                                       International Airport
                                                                                                                                                                                                                                   CHESNUT ST
                                                                                                                                                                                                                                                                                                                                                                                                                                      A19

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 ROAN
                                                                                                                                                                                                                                                                                                                                        9
                                                                                                                                                                                                                                                                                                                                     27
                                                                                                                                                                                                                                                                                                                                  B6

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                                                                                                                                                                                                                                                                                                                                                                                    A1
                                                                                                                                                                                                         A1 6 7

                                                                                                                                                            GLADSTONE STREET
                                                                                                                                                                                                                                                                                                                                             LOCATION & CATCHMENT
                                                                                                                                                                                                                                                                                                                                             Darlington is a large town with a significant conurbation in                                                                                      The retail spending levels are above average for towns of a similar
                                                                                                                                                                    8
                                                                                                                                                                  A6                                                                                                                                                                         County Durham, located approximately 16 miles west of                                                                                             size in the UK. The level of car ownership in Darlington is around
                                                                                                        G GS

                                                                                                                                                                                                                                                              T                                       E
                                                                                                                                                                                                                                                     RUSSELL S
                                                                                                                                                                                                                                                                                                 C
                                                                                                       R RI

                                                                                                                                                                                                         M&S                A1
                                                                                                                                                                                                                                                                                                                                             Middlesbrough and 37 miles south of Newcastle-upon-Tyne.                                                                                          the UK average with 74% of households owning at least one car.
                                                                                                                                                                                                                                                                                               LA

                                                                                                                                                                                                                              67
                                                                                                                                                                                                                                                                                           SP
                                                                                                      FOU

                                                                                                                                                                                                                                                                                         AN
STANHO PE ROAD NORTH

                                                                                              A6                                                                                                                                                    Halfords
                                                                                                                                                                                                                                                                                      EM

                                                                                                8
                                                                                                                                                                 Queen                                                                                                                                                                       The town benefits from good road communications, being                                                                                            The information detailed in the table below shows a high
                                                                                                                                                                                                                                                                                   FRE

                                                                                                                                                                 Street                                                                                                                                                                      situated 3 miles east of the A1(M), connecting the town to York                                                                                   proportion of people in the ‘Affluent Achievers’, ‘Comfortable
                                                                                                                                                                Shopping                                             E AST S T
                                                                                                                                                                 Centre                                     Sportsdirect                                                                                                                     and Leeds to the south and Sunderland and Newcastle to the                                                                                        Communities’ and Financially Stretched’ acorn group categories.
                                                                                                                                                                                                                                                                                                     ST
                                                                                                                                                                                                                                                                                      WICK                                                   north. The town is served by 3 junctions on the A1(M), providing                                                                                  The retailers at Darlington North Retail Park provide

                                                                                                                                                                                                                                                                                                                                                                                                                    HUN
                                                                                                                                                                                                                                                                                 BRUNS
                                                                                                                                                                                         Cornhill

                                                                                                                                                                                                                                                                                                                                                                                                                        DEN
                                                                                                                                                                                        Shopping                                                                                                                                             access to the town centre via the A66(M) at Junction 57, the                                                                                      this demographic population with a relevant, suitable and
                                                                                                                                                                                                                                                                                                               UGH RD
                                                                                                                                     GATE

                                                                                                                                                                                                                  TK Maxx

                                                                                                                                                                                                                                                                                                                                                                                                                  S LAN
                                                                                                                                                                                         Centre
                                                                                            DUKE ST
                                                                                                                                                                                                                                                                                                                                             A68(M) at Junction 58 and A167 at Junction 59.                                                                                                    complementary retail offer.
                                                                                                                                   SKINNER

                                                                                                                                                                                                                                                                                                                                                                                                                       E
                                                                                                                                                                                                                                                                                                          B ORO

                                                                                                                                                                                                                                                                                                                                             Darlington is an important railway interchange on the East Coast
                                                                LARCHFIELD ST
               STANHOPE

                                                                                                                                                                                 TU BWELL ROW

                                                                                DARLINGTON                                                                                                                                                                                                                                                   Main Line. There are regular services to London King’s Cross
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Acorn Group           Acorn Sub Group                   % Versus CACI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Base (GB)
                                                                                                                                                                             E ROW

                                                                                                                                                                                                                                    River Skerne

                                                                                                                                               House                                                                                                                                                      B 62
                                                                                                                                                                                                                                                                                                                                             (2hrs 21 mins), Manchester (1 hr 49 mins), Leeds (53 mins),                                                                                                                                                      Average
                        ROAD SOUT

                                                                                                                                                                                                                                                                                                              80
                                                                                                                                                                                                                                                   A167

                                                                                                                                              of Fraser
                                                                                                                                                                          Dolphin                                                                                                                                                            Edinburgh Waverley (1 hr 55 mins), Newcastle (28 mins) and
                                                                                                                                             HOUND
                                                                                                                                                   GATE                   Centre                                                                                                                                                                                                                                                                                                                Affluent Achievers    Mature Money                               +40
                                                                                                                                                                                              FEELHAMS

                                                                                                                                                                                                         Borough
                                                                                                                                                                                                                                                                                                                                             Middlesbrough (27 mins).
                                 H

                                                                                                                                                                                                          Council                                                                                                                                                                                  B6280
                                                                                                                                                                                                                                                                                                                                                                                                                Comfortable                                                                                           Comfortable Seniors                        +27
                                                                                                                      RD

                                                                                       RD
                                                                                                                                                                                                                                                                                      E

                                                                                                                                                                                                                                                                                                                                             Darlington benefits from a large catchment population with CACI
                                                                                                                                                                                                                                                                                                                 AC E

                                                                                                                                                                                                                                                                                                                                                                                                                    YAR
                                                                                                                                                                                                                                                                                  PLAC

                                                                                IFFE                                                                                                                                                                                                                                                                                                                                    NR
                                                                                                                NG E

                                                                   CL                                                                                                                                                                                                                                                                                                                                                     OAD
                                                                NS
                                                                                                                                                                                                                                                                                                                                                                                                                Communities
                                                                                                                                                                                                                                                                                                               ERR

                                                          CO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Steady Neighbourhoods                     +20
                                                                                                           G RA

                                                                                                                                                                                                                                                                                 PARK

                                                                                                                                                                                                                                                                                                                                             estimating that 180,259 people live within a 20 minute drive time                                                                                                                                          DARLINGTON
                                                                                                                                                                                                                                                                                                              ET
                                                                                                                                                                                                                                                                                                           AV

                                                                                                                                                                                                                                                                                                                                                                                                           EASTBOURNE
                                                                                                                                                                                                                                                                                                                                             of Darlington North Retail Park. This extends to 586,400 people
                                                                                                                                                                                                                                                                                                          RE

                                                                                                                                                                                                                                                                                                                                                                                                                Financially                                                                                           Striving Families                  RETAIL +18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                PARK
                                                                                                                                                                                                                                                                                                     RG

                                                                                                                                                                                                                                                                                                                                             NEA
                                                                                                                                                                                                                                                                                                    HA

                                                                                                                                                       A167
                                                                                                                                                                                                                                                                                                                                             within a 30 minute drive time.
                                                                                                                                                                                                                                                                                                                                                S
                                                                                                                                                                                                                                                                                                                                              H AM

                                                                                                                                                                                                                                                                                                                                                                                                                Stretched                                                                                             Poorer Pensioners                          +32
                                                                                                                                                                                                                                                                                                                                                  ROA
                                                                                                                                                                                                                                                                                                                                                     D

                                                                                                                                                                                                                                                   VICTOR
                                                                                                                                                                                                                                                          I           A ROA
                                                                                       67

                                                                                                                                                                                                                                                                           D
                                                                                                                                                                                                                                                                                                                                             NEASHAM ROAD
                                                                                    A1

                                                                                                                      Sainsbury’s                                                                                                                                                                                                                                                                             ROAD
                                                                                                                      Superstore                                                                                                                                                                                                                                                          EASTBOURNE
                                                                                                                                                                                                                                                                                                                                             RETAIL CENTRE
                                                                                                                                                                                                                                                          DARLINGTON
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                                                                                                                           DARLINGTON
                                                                                                                                             DL1 2EE
                                                                    A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

         SITUATION
         The property is situated 1 mile north of
         Darlington town centre and is prominently
         positioned at the junction of Albert Road and the
         A167 (North Road) which links the town centre
         with the A1(M) to the north and the A66 to the
         south. The scheme is also within 100 metres of
         North Road railway station.
         The site is accessed via a ‘T’ junction on Albert
         Road which can be accessed from both eastwards
         and westwards carriageways. There is a further
         pedestrian entrance to the park via steps to the

                                                                                                                                                                                                                                                               SS
                                                                                                                                                                                                                                                            CRO
                                                                                                                                                                                              WILLIAM

         north west corner of the site.

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         RETAIL WAREHOUSING                                                                                                                                                                                                                                                                                                                                                                                                                                                          HAUGHTON

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                                                                                                                                                                                                   AD
                                                                                                                                                                                                                                                                                                                                               HE

                                                                                                                                                                                                                                                                                      Roa
                                                                                                                                                                                                                                                                                                                                                 NR
                                                                                                                                                                                                                                                                                                                                                   YS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      LE SKERNE
                                                                                                                                                                                                                                                                                                                                                         T

         IN DARLINGTON

                                                                                                                                                                                                                                                                           A167 North

                                                                                                                                                                                                                                                                                                                   ST
                                                                8
                                                             A6

                                                                                                                                                                                                                                                                                                                ND
                                                                                                                                                                                                                                               WHES
         PROMIS state that retail warehouse provision                                                                                                                                                                                               SO     E ROAD

                                                                                                                                                                                                                                                                                                              MU
                                                                                                                                                                                                            OT

                                                                                                                                                                                                                                                                                                      ED
                                                                                                                                         BRINKBUR

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                                                                                                                                                 N ROAD
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                                                                                                                                                                                                                 Y TE
                                                                                                                                                                                 ANN
         in Darlington stands at approximately 537,000                                                                                                                              S TE
                                                                                                                                                                                               RRA
                                                                                                                                                                                                                                                  N   OM

                                                                                                                                                                                                                     RRACE
                                                                                                                                                                                                  C                 E                                   IW
                                                                                                                                                                                                                                                          AY

                                                                                                                                         STREET

                                                                                                                                                                TREET
         sq ft, which is significantly below the average of
                                 COCKERTON
                                                                                                                                                                                                                                                                                      ALBERT RO
                                                                                                                                                                                                                                                                                               AD

                                                                                                                                                           WILSON S
                                                                                                                                                                                                                                      NORTH ROAD

                                                                                                                                   FAIRFIELD
         876,000 sq ft for towns of a similar size in the UK.

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                                                                                                                                                                                                                                   OW
                                                                                                                                                                                                                                                                                                                                                                                                                                                            ON ROAD
 B6279                                                                                                                                                                                                                                                MCNAY STR
                                                                                                                                                                                                                                                                                                                                                                      S TR
                                                                                                                                                                                                                                                                                                                                                                             E ET                                                                         HT
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         • DARLINGTON RETAIL PARK

                                                                                                                                                                                                                                      LA
OWDEN

                                                                                                                                                                                                                                        NE
                                                                                                                                                                                                                                                                                 DARLINGTON NORTH
            This 154,056 sq ft scheme, owned by LaSalle                                                                                                                                                                                                                             RETAIL PARK
            IM, is located approximately 2 miles to the east
            of the town centre on Yarm Road. Occupiers
                                                                                                                                   GREENBANK ROAD

                                                                                                                                                                                                                                                                                                                                                       EM
                                                                                                                                                                                                                                                                                                                                                         OU
                                                                                                                                                                                                                                                                                                                                                                  NT

            include DFS, Currys PC World, TK Maxx, The

                                                                                                                                                                                                                                                                                                                       VALLEY STREET NORTH
                                                                                                                                                                                                                                                                                                                                                                     RO                                                                                   B6279                                               B6279
                                                                                                                                                                                      CORPORATION ROAD                                                                                                                                                                 A

                                                                                                                                                                                                                                                                                                                                                                                D
                                                                                    DARLINGTON
            Range, Wren, Harveys, Pets at Home, Furniture                            MEMORIAL

                                                                                                                                                                                                   EASON ROAD
                                                                                     HOSPITAL

            Village, ScS, Carpetright, Home Bargains, Costa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              MCM
                                                                          A 68
            and KFC. The park has open A1 (non-food)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  U
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  LLEN
                                                                                                                                                                                                                                                                                             CHESNUT ST

                                                                                                                                                                                                                                                                                                                                                                                            79

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       ROA
                                                                                                                                                                                                                                                                                                                                                                                        2
            consent and also benefits from being within                                                                                                                                                                                                                                                                                                                              B6

                                                                                                                                                                                                                                                                    A1 6 7

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          D
            close proximity to an 85,000 sq ft Morrisons                                                                                                                                                                             GLADSTONE STREET

            foodstore and an 80,000 sq ft B&Q, both at                                                                                                                                                                                         8
                                                                                                                                                                                                                                             A6
                                                                                                                                                                                       GGS

                                                                                                                                                                                                                                                                                                                         T                                    CE
                                                                                                                                                                                                                                                                                                                RUSSELL S
            Morton Park. Rents on the retail units range                                                                                                                                                                                                                             A1
                                                                                                                                                                                       R RI

                                                                                                                                                                                                                                                                                                                                                          A
                                                                                                                                                                                                                                                                    M&S                67

                                                                                                                                                                                                                                                                                                                                                       PL
                                                                                                 STANHO PE ROAD NORTH

                                                                                                                                                                                    FOU

                                                                                                                                                                                                                                                                                                                                                       S
                                                                                                                                                                             A6

                                                                                                                                                                                                                                                                                                                                                    AN
                                                                                                                                                                                                                                                                                                               Halfords
            between £11.25 per sq ft and £18.70 per sq ft.                                                                                                                     8

                                                                                                                                                                                                                                                                                                                                                 EEM
                                                                                                                                                                                                                                           Queen

                                                                                                                                                                                                                                                                                                                                               FR
                                                                                                                                                                                                                                           Street
                                                                                                                                                                                                                                          Shopping                               EAST ST
                                                                                                                                                                                                                                           Centre
         • NEASHAM ROAD RETAIL CENTRE                                                                                                                                                                                                                                      Sportsdirect
                                                                                                                                                                                                                                                                                                                                               ICK ST

                                                                                                                                                                                                                                                                                                                                                                                                                              HUN
                                                                                                                                                                                                                                                                                                                                         BRUNSW
                                                                                                                                                                                                                                                         Cornhill

                                                                                                                                                                                                                                                                                                                                                                   G H RD

                                                                                                                                                                                                                                                                                                                                                                                                                                  DENS
                                                                                                                                                                                                                       GATE

                                                                                                                                                                                                                                                        Shopping
            This retail scheme is situated half a mile east of
                                                                                                                                                                                                                                                                               TK Maxx
                                                  B 6 2 80

                                                                                                                                                                            DUKE ST                                                                      Centre
                                                                                                                                                                                                                SKINNER

                                                                                                                                                                                                                                                                                                                                                                                                                                       L
                                                                                                                                                                                                                                                                                                                                                                   U

                                                                                                                                                                                                                                                                                                                                                                                                                              ANE
                                                                                                                                                                                                                                                                                                                                                              BO RO
            Darlington town centre adjacent to Darlington
                                                                                                                                                      LARCHFIELD ST

                                                                                                                                                                                                                                                   TUB WEL L ROW
                                                                                                             STANHOPE

                                                                                                                                                                      DARLINGTON
                                                                                                                                                                                                                                                       W

            railway station. It has a predominantly Open
                                                                                                                                                                                                                                                   E RO

                                                                                                                                                                                                                                                                                               River Skerne

                                                                                                                                                                                                                               House                                                                                                                              B62
                                                                                                                                                                                                                                                                                                              A 16 7

                                                                                                                                                                                                                                                                                                                                                                        80
                                                                                                                      ROAD SOUT

                                                                                                                                                                                                                              of Fraser
                                                                                                                                                                                                                                                   Dolphin
            A1 (including Food) planning consent and is                                                                                                                                                                 HOUND G
                                                                                                                                                                                                                                ATE                Centre
                                                                                                                                                                                                                                                                    Borough
                                                                                                                                                                                                                                                                                                                                                                                                                                           B6280
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                                                                                                                                                                                                                                                                     Council
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                                                                                                                                                                                                                                                                                                                                               ACE

            let to Matalan, Poundworld, Farmfoods, and
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            Ladbrokes with the 10,000 sq ft Asda having                                                                                                                                                                                                                                                                                                                                                                                       EASTBOURNE                                               RETAIL PARK
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                                                                                                                                                                                                                                A167
            been sold off long leasehold. Rents range                                                                                                                                                                                                                                                                                                                                             SHA
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            between £10.00 per sq ft and £13.00 per sq ft
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                                                                                                                                                                                                                                                                                                                                                                                                       NEASHAM ROAD
                                                                                                                                                                      A1

                                                                                                                                                                                                   Sainsbury’s                                                                                                                                                                                                               ROAD                                                                                     YARN
                                                                                                                                                                                                                                                                                                                                                                                                                  EASTBOURNE                                                                                                 RO
            on the retail units.                                                                                                                                                                   Superstore
                                                                                                                                                                                                                                                                                                                                                                      DARLINGTON                       RETAIL CENTRE
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                                                                                        DARLINGTON
                                                                                                          DL1 2EE
                                                             A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

DESCRIPTION
The property comprises a recently developed retail           The majority of units are of steel portal frame             Internally, all the units are fitted out to the individual   located to the front of the units. Approximately
warehouse park extending to 41,993 sq ft GIA,                construction with a mixture of brick and profile steel      tenants’ specification.                                      157 parking spaces are provided, giving a good parking
arranged across 9 units. The scheme was completed            sheeting elevations. Two of the units have full brick       The park is accessed via a ‘T’ junction off Albert Road,     ratio of 1: 267 sq ft GIA.
and opened in July 2016 and is fully let to Aldi, Iceland,   elevations. All units benefit from substantial glazing at   which runs along the northern boundary of the site.          The site area for the property is approximately
Poundland, Jollyes, Card Factory, Barnardo’s and A3          the store entrances and all benefit from predominant        There is also a separate pedestrian access via steps         1.40 hectares (3.45 acres), giving a low site cover
operators Greggs, Subway and KFC. The units at the           and highly visible retailer signage.                        at the north west corner of the site. The car park is        of 28%.
property range between 1,011 sq ft and 16,718 sq ft.                                                                     tarmacadam surfaced with all of the parking being
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                 DARLINGTON
                                   DL1 2EE
A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

                                 TENURE                                                           PLANNING
                                 The site delineated in red above is held freehold. Please note   The retail units benefit from an unrestricted A1 planning consent
                                 that this red line is provided for indicative purposes only.     and the drive-thru restaurant has A3/A5 planning consent.
                                                                                                  Further information can be provided upon request.
                                 ENVIRONMENTAL REPORTS
                                                                                                  EPC’S
                                 All environmental reports produced prior to the property’s
                                 construction will be fully assignable to the purchaser.          EPCs are available upon request.
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                                                                               DARLINGTON
                                                                                                 DL1 2EE
                                                      A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

TENANCY SCHEDULE
The property benefits from a very attractive WAULT of 11.7 years to lease expiries (10.1 years including tenant break options).

 UNIT       TENANT                                 GIA            LEASE            LEASE           TENANT         NEXT RENT            RENT             RENT       COMMENTS
                                                 (SQ FT)          START            EXPIRY           BREAK          REVIEW               (PA)            (PSF)

 1          Subway Realty Ltd                      1,011        28/06/2016       27/06/2031       28/06/2021        28/06/2021         £20,000          £19.78     Further break option in 2026. £20,000 penalty if the tenant
                                                                                                                                                                   breaks in 2021.
 2          Greggs plc                             1,394        28/06/2016       27/06/2026       28/06/2021        28/06/2021         £28,000          £20.09     £14,000 plus VAT break penalty.
 3          Leonard F Jollye (Brookmans            5,005        12/08/2016       11/08/2026             -           12/08/2021         £75,000          £14.99
            Park) Ltd (t/a Jollyes)
 4          Poundland Ltd                          5,801        01/08/2016       31/07/2026             -           01/08/2021         £92,480          £15.94
 5A         Barnardo’s                             1,306        14/07/2016       13/07/2026             -           14/07/2021         £23,220          £17.78
 5B         Sportswift Ltd                         1,225        21/06/2016       20/06/2026       21/06/2021        21/06/2021         £21,600          £17.63     Service charge capped at £2,600, indexed by RPI.
            (t/a Card Factory)
 6          Iceland Foods Ltd                      6,910        22/06/2016       21/06/2031             -           22/06/2021        £103,605          £14.99
 7          Aldi Stores Ltd                       16,718        23/05/2016       22/05/2031             -           23/05/2021        £229,693          £13.74     Rent review - 5 yearly to RPI (1.0% and 3.0% collar and cap)
                                                                                                                                                                   compounded annually.
 8          Fieldrose Ltd (t/a KFC)                2,623        21/06/2016       20/06/2036       21/06/2026        21/06/2021         £61,929          £23.61
 Total                                            41,993                                                                              £655,527

                                                                                                             RPI INDEXATION
                                                                                                             The Aldi lease benefits from five yearly upwards only rent reviews, linked to RPI, with collars
                                                                                                             and caps of 1.0% and 3.0% per annum compounded.
                                                                                                             We set out below RPI information based on actual and forecasted RPI figures:

                                                                                                               YEAR        RPI FIGURE     ALDI CAP               RENT
                                                                                                               Q2 2017            3.6%           3.0%      £236,584
                                                                                                               Q2 2018            3.8%*          3.0%      £243,681
                                                                                                               Q2 2019            3.0%*          3.0%      £250,991
                                                                                                                                                                          *Forecast by the Office for Budget Responsibility.
                                                                                                               Q2 2020            2.9%*          3.0%      £258,270
                                                                                                                                                                          Based on the above, the Aldi rent will increase to
                                                                                                               Q2 2021            2.9%*          3.0%      £265,760
                                                                                                                                                                          £265,760 per annum at the May 2021 rent review.
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH RETAIL PARK
                                                                                                             DARLINGTON
                                                                                                               DL1 2EE
                                                                 A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT

COVENANT STRENGTH
73% of the rental income is secured against ‘Minimum’ risk covenants, as described by Dun and Bradstreet, whilst 35% is subject to rental uplifts in line with RPI.
ALDI STORES LIMITED                                                                ICELAND FOODS LIMITED                                                              SPORTSWIFT LIMITED (T/A CARD FACTORY)
D&B rating of 5A 1 representing a ‘Minimum’ risk of business failure.              D&B rating of 5A 1 representing a ‘Minimum’ risk of business failure.              D&B rating of 5A 1 representing a ‘Minimum’ risk of business failure.

                                           31/12/2016                 31/12/2015                                              24/03/2017                 25/03/2016                                                31/01/2017                   31/01/2016

 Sales Turnover                        £8,744,385,000             £7,705,140,000    Sales Turnover                        £2,770,500,000             £2,658,332,000    Sales Turnover                            £379,540,000                 £362,226,000

 Pre-Tax Profit                          £214,795,000               £212,621,000    Pre-Tax Profit                           £67,300,000                £58,172,000    Pre-Tax Profit                             £81,718,000                  £92,210,000

 Tangible Net Worth                    £2,321,983,000             £2,073,988,000    Tangible Net Worth                      £784,100,000               £740,354,000    Tangible Net Worth                         £62,010,000                  £80,967,000

LEONARD F JOLLYE (BROOKMANS PARK) LIMITED                                          GREGGS PLC                                                                         BARNARDO’S
D&B rating of 2A 1 representing a ‘Minimum’ risk of business failure.              D&B rating of 5A 1 representing a ‘Minimum’ risk of business failure.              D&B rating of 2A 1 representing a ‘Minimum’ risk of business failure.
                                           31/05/2017                 31/05/2016                                              30/12/2017                 31/12/2016                                                31/03/2017                   31/03/2016
 Sales Turnover                           £65,354,857                £64,366,440    Sales Turnover                          £960,005,000               £894,195,000    Sales Turnover                            £218,348,000                 £298,660,000
 Pre-Tax Profit                            £4,548,797                 £5,815,022    Pre-Tax Profit                           £71,945,000                £75,142,000    Pre-Tax Profit                                £348,000                   £4,467,000
 Tangible Net Worth                        £4,396,229                 £3,659,866    Tangible Net Worth                      £289,753,000               £250,406,000    Tangible Net Worth                          £2,153,000                  £14,844,000

SUBWAY REALTY LIMITED                                                              FIELDROSE LIMITED (T/A KFC)                                                        POUNDLAND LIMITED
D&B rating of 2A 2 representing a ‘Lower than Average’ risk of business failure.   D&B rating of 2A 2 representing a ‘Lower than Average’ risk of business failure.   D&B rating of O3 representing a ‘Higher than Average’ risk of business failure.
                                           31/12/2016                 31/12/2015                                              30/09/2017                 30/09/2016                                                27/03/2016                   29/03/2015
 Sales Turnover                           £33,266,345                £31,962,917    Sales Turnover                           £58,482,666                £53,731,342    Sales Turnover                          £1,214,818,000               £1,111,526,000
 Pre-Tax Profit                            £1,385,920                 £1,468,208    Pre-Tax Profit                             -£252,532                 £1,333,630    Pre-Tax Profit                             £34,653,,000                £45,922,,000
 Tangible Net Worth                        £2,933,924                 £1,826,816    Tangible Net Worth                        £5,232,536                 £4,707,230    Tangible Net Worth                         £20,520,000                  £93,866,000
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
DARLINGTON NORTH
                                                                                                                                                          RETAIL PARK

                                                                                                                                                                 SERVICE CHARGE
                                                                                     A low service charge budget of £40,750 (£0.97 per sq ft).There is a service charge cap in the Card Factory
                                                                                            lease but there is no shortfall. The latest service charge accounts are available upon request.

                                                                                                                                                                                VAT
                                                                                                                       The property has been elected for VAT, however, it is anticipated that
                                                                                                                        the transaction will be treated as a “Transfer of a Going Concern”.

                                                                                                                                                                      PROPOSAL
                                                                                          We are instructed to seek offers in excess of £9,830,000 (Nine Million, Eight Hundred
                                                                                                    and Thirty Thousand Pounds) subject to contract and exclusive of VAT.
                                                                                                This reflects a net initial yield of 6.25%, assuming purchaser’s costs of 6.69%.
                                                                                        An acquisition at the quoting price would see the yield increase to 6.59% in May 2021 following
                                                                                             Aldi’s RPI linked rent review, based on the Office for Budget Responsibility’s forecast.

                                                                                                                                                 Wilkinson Williams LLP
                                                                                                                                     Heathcoat House, 20 Savile Row, London, W1S 3PR

                                                                                                                                        Miles Marten                                                   Jack Lloyd
                                                                                                                                      T: 020 7317 3777                                             T: 020 7317 3796
                                                                                                                                         M: 07770 748 290                                             M: 07747 883 231
                                                                                                                            E: m.marten@wilkinsonwilliams.co.uk                             E: j.lloyd@wilkinsonwilliams.co.uk

                                                                                                                                                          www.wilkinsonwilliams.co.uk

MISREPRESENTATION NOTICE. 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 not guaranteed and they do not form part of any contract. Design: CommandD www.commandHQ.co.uk July 2018.
DARLINGTON NORTH RETAIL PARK - A RECENTLY DEVELOPED RETAIL SCHEME WITH RPI LINKED RENTAL UPLIFTS AND SIGNIFICANT WAULT IN EXCESS OF 11 YEARS ...
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