The co-operativeThe Former Lounge, White Horse Hill, Chislehurst, Kent, BR7 6DG

Foodstore Investment let to The Southern Co-operative Ltd on a new 15 year lease

THE CO-OP THE FORMER LOUNGE, WHITE HORSE HILL, CHISLEHURST, KENT, BR7 6DG

INVESTMENT CONSIDERATIONS

n Located in the affluent London suburb of Chislehurst

n New 15 year lease to strong covenant of The Southern Co-operative Ltd

n Let at £94,000 pa which equates to £25.76 psf

n 5 yearly RPI reviews with a collar of 1% and a cap of 4%

n 13 dedicated car parking spaces

n We are instructed to seek offers in excess of £1,600,000 (One Million Six Hundred Thousand) reflecting a net initial yield of 5.5% assuming purchasers costs of 6.14%.

LOCATIONChislehurst is located within the London Borough of Bromley, approximately 16.9 km (10.5 miles) south east of Central London, 5.2 km (3.2 miles) east of Bromley and 15.7 km (9.5 miles) east of Croydon. The London Borough of Bromley has a resident population of 309,392 and Chislehurst is an affluent commuter suburb for Central London.

Elmstead Woods station is approximately 1.6 km (1 mile) to the west of the property providing regular direct train links into London’s Cannon Street, London Bridge and London Charing Cross within 30 minutes.

SITUATIONThe property is situated in a densely populated residential area on the corner of White Horse Hill (A208) at its prominent junction with Victoria Road. The A208 runs parallel with the A20 and links Orpington to Mottingham. Two primary schools are situated very close to the subject property and all the retailing offer of Chislehurst is a short distance to the south.

DESCRIPTIONThe property comprises the ground floor of a 3 storey building. The upper floors will provide 8 new residential units and these will be sold off on long leases. The ground floor unit will provide a new convenience store with loading facilities to the rear.

There is a 13 space car park which forms part of the demise on the other side of Victoria Road directly opposite the property.

ACCOMMODATIONThe property will comprise a gross internal area of 339 sq m (3,649 sq ft) on the ground floor only.

TENANCYThe property will be let to The Southern Co-operative Ltd from the date of completion for a term of 15 years on full repairing and insuring terms.

The passing rent will be £94,000 per annum and the lease is subject to five yearly upward only rent reviews which are reviewed to compounded RPI growth with an annual 1% collar and a 4% cap. The current rent equates to £25.76 psf.

TIMINGPractical completion is proposed for April/May 2017.

TENURELong Leasehold – 999 year lease from date of completion.

COVENANTThe Southern Co-operative Ltd (t/a The Co-operative)

The Southern Co-operative runs over 250 community food stores and funeral homes across eleven counties in southern England.

The Southern Co-operative Ltd reported the following results across the last three years:

24 Jan 2015 25 Jan 2014 26 Jan 2013

Turnover £350,505,000 £326,716,000 £303,106,000

Pre-Tax Profit £2,366,000 £11,814,000 £7,748,000

Total Net Worth £89,291,000 £86,555,000 £85,704,000

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© UKMap Copyright The GeoInformation Group 2017 Licence No. LANDMLON100003121118. Plotted Scale - 1:745

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DIDCOT

CHISLEHURSTCHISLEHURST

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Degema Road

Townshend Road

Belmont Road

Victoria Road

Green Lane B263

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Walden Avenue

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Walden Road

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Adelaide Road

Westhurst Drive

Barham RoadInvicta Close

Mainridge Road

Walkden Road

Lydstep Rd

Hillview Road

Greenway

Hill Close

Farmland W

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Ingleby Way

Empress Drive

Park Road

Beechwood Rise

White Horse Hill A

208

White Horse Hill A208

© Crown Copyright, ES 100004106. For identification purposes only.

THE CO-OP THE FORMER LOUNGE, WHITE HORSE HILL, CHISLEHURST, KENT, BR7 6DG

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D www.commandHQ.co.uk 02.17

For further information or to make arrangements for viewing please contact:

Liam Stray020 7543 6769liam.stray@allsop.co.uk

Jonathan Butcher020 7543 6755jonathan.butcher@allsop.co.uk www.allsop.co.uk

PROPOSALOffers are sought in excess of £1,600,000 (One Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 5.5% assuming purchaser’s costs of 6.14%.

DATAROOMFor access to the Allsop dataroom please use the following link:

https://datarooms.allsop.co.uk/index.php/register/chilslehurst

Existing users can log into the dataroom site and register usiung the following access code: chilslehurst

THE CO-OP THE FORMER LOUNGE, WHITE HORSE HILL, CHISLEHURST, KENT, BR7 6DG

VATThe property is subject to VAT.