16
THE MALTINGS SHOPPING CENTRE INVESTMENT OPPORTUNITY SALISBURY
THE MALTINGS
Shopping Centre inveStment opportunity
SaliSbury
Outlines for indicative purposes only.
THE MALTINGS
PRIORY SQUARE
n Area edged orange held Freehold.
n Area edged red held Long Leasehold for a term of 125 years from 25 March 1986. The Freeholder is Salisbury District Council.
FiSherto
n St
reet
THE MALTINGS
Investment summary• Attractive shopping centre located in the
affluent cathedral city of Salisbury
• The scheme is anchored by a Sainsbury’s supermarket which accounts for approximately 61% of the current rental income. Other tenants include Superdrug, Greggs, Robert Dyas, The Works and numerous local and tourist focused traders
• City attracts approximately 700,000 tourists per year including circa 50,000 from overseas
• The city is well connected via road and rail with direct services into London, Bristol, Bath, Southampton, Exeter and Cardiff
• Situated in the city centre connecting with the other prime retail pitches, main car/coach parks and public transport hubs
• Strong demographics with a primary catchment population of approximately 250,000 people
• Comprising a range of well-proportioned retail properties, benefitting from numerous pitches and layouts
• Totalling approximately 8,497.7 sq m (91,294 sq ft)
• Mix of strong underlying income and asset management opportunities
• The scheme is fully let with a total current rent of £1,752,776 p.a.
• Additional income from various market stall licences
• Held part Freehold and part Long Leasehold from Salisbury District Council expiring 24 March 2111 at a peppercorn
• Offers sought in excess of £20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 8.28% after usual purchaser’s costs of 5.8%
the maltIngs, salIsbury
SaliSbury
The cathedral city of Salisbury is located in the heart of Wiltshire situated approximately 22 miles north-west of Southampton, 24 miles north of Bournemouth and 25 miles west of Winchester. The city benefits from numerous road and rail links connecting throughout the south west of England.
The city’s economy benefits from both a wide affluent catchment and numerous tourist attractions resulting in approximately 700,000 tourist visits to the city per year. Of these visits circa 50,000 come from overseas.
Popular cultural visitor attractions include the cathedral, theatres, museums and galleries. There is also a regular bus service transporting tourists to Stonehenge which is located approximately 9 miles to the north of Salisbury.
Salisbury is home to businesses including Friends Provident, Smiths & Williamson, Audatex, Trethowans LLP and approximately 10,000 students at Wiltshire College.
the maltIngs, salIsbury
A350
A350
A354
A345
A343
A360 A338
A338
A346
A419
A303
A303
A361
A39
A272
A4
A303
A358
A339
A27
A36
A36A34
A33
A34
A31
A31
A3
A37
A37
A35A35A30
A30
M27
M48 M40
M25
M40
M3
M3
M5
M5
M5
M4 M4
M4
A3(M)
M271M27
M49 M32
Southampton
Oxford
Bournemouth
BristolCardiff
SOUTHAMPTON
PORTSMOUTH
WINCHESTER
NEWBURY
BASINGSTOKEGUILDFORD
CHICHESTER
SWINDON
TAUNTON
NEWPORT
GLOUCESTERCHELTENHAM
EXETER
BATH
OXFORD
READINGCARDIFF BRISTOL
DORCHESTER
YEOVIL
WEYMOUTH
SALISBURY
BOURNEMOUTH
CommuniCationS
Road
Salisbury is well connected via road being situated at the intersection of the A338, A30 and A36, which in turn connects to the M27 and the M3 motorways. The town also benefits from being located at the start of the A343, A345, A354 & A360.
Rail
The town benefits from excellent rail connections being situated on the West of England mainline. The line is operated by First Great Western and offers services to London Waterloo every half hour with a fastest journey time of 1hr 22mins. There are also half hourly services to Bristol, Bath and Southampton and hourly services to Exeter, Cardiff and Portsmouth.
aiR
Southampton Airport is located approximately 24 miles to the south east and offers passenger flights to over 40 destinations. In 2013 the airport handled over 1.72m passengers and is used by 15 airlines and tour operators.
the maltIngs, salIsbury
SituationThe Maltings is situated to the north east of the city centre, connected to the other main retailing locations of the city via St Thomas Square, Bridge Street and Silver Street. Fisherton Street, which borders the scheme to the south, provides easy access to Salisbury Railway Station, a 5 minute walk to the east.
The scheme is characterised by the presence of Mill Stream and the River Avon, providing an ideal setting for a city centre retail scheme, attracting both local customers and significant tourist spend.
Walkways and bridges within the scheme allow strong footfall between the Sainsbury’s supermarket to the north, Malthouse Lane to the south and Market Walk to the west.
Market Walk provides access to Market Square which holds the locally renowned Charter Market twice weekly. The market accommodates over 90 stalls including a farmers market, hot food outlets and a range of retailers.
The Millstream Coach Park is located to the north of the site and as a result the Maltings benefits from further tourist footfall through the scheme.
The area around the Maltings is made up of a mix of commercial uses, including retail, office and leisure. The Salisbury Playhouse and City Hall Entertainment Centre are located immediately adjacent to the east, the city Library to the west and numerous restaurants including Côte and Wagamama at the entrance on St Thomas Square.
SaliSbury viSionThe Salisbury Vision provides a framework for coordinating and achieving the sustainable regeneration of five priority areas in the city; The Central Car Park and Maltings, Churchfields Industrial Estate, Salisbury Guildhall, the Market Place, and the Southampton Road. This will make a significant contribution to the life and economy of the city by providing much needed additional office, retail, leisure and other employment space. The Vision is a combined strategy between Salisbury District Council and Wiltshire Council.
In February 2012 Stanhope were selected as preferred developer for the Central Car Park to the rear of the Maltings. Plans are yet to be submitted, however a new retail led scheme would further add to the area as a retail destination and increase the footfall through the Maltings.
the maltIngs, salIsbury
indicator SaliSbury ProMiS average
Social STrucTure
AB (Most Affluent) 27% 22%
C1 32% 31%
C2 22% 21%
DE (Least Affluent) 19% 26%
SPending PoTenTial
Per Capita in-store comparison expenditure (2013) £2,424 £2,314
Forecast growth in comparison retail expenditure, 2013-18 (pa real) 2.1% 1.7%
uneMPloyMenT
Claimants as % population aged 16-64 (June 2014) 1.1 2.4
M27
M27
M3
M3
A3(M)
M271
Southampton
Bournemouth
ISLE OF WIGHT
NEW FOREST
NEW FOREST
NATIONAL PARK
NATIONAL PARK
SALISBURYPLAIN
SALISBURY
SOUTHAMPTON
BOURNEMOUTH
PORTSMOUTH
DONCASTER
WINCHESTER
BATH
Shaftesbury
Fordingbridge
Andover
Ringwood
Swanage
Poole
Burton Lymington
Eastleigh
HavantFareham
Yarmouth
Ferndown
BlandfordForum
Yeovil
Warminster Larkhill Durrington
Stockbridge
Newbury
TrowbridgeChirton
Frome
Midsomer Norton
SheptonMallet
Wilton
Basingstoke
Wareham
Christchurch Milfordon Sea
New Milton
Brockenhurst
Lyndhurst
Cowes
Gosport
DemographiCSSalisbury benefits from a substantial primary catchment population of approximately 250,000 people and is made up of one of the most affluent populations in the UK ranking 23 on the PROMIS PMA Affluence Indicator in 2011.
In 2011 the Salisbury area contained a significantly above average proportion of adults of working age categorised within the most affluent AB social group, C2 (skilled employment) and C1 (junior non-manual employees). In June 2014 the city had a low unemployment claimant count of 1.1% compared to 2.4% nationally.
The city’s economy is further enhanced by approximately 700,000 tourist visits each year (wiltshire.gov.uk)
SaliSbury primary CatChment area
retailing in SaliSburySalisbury has a total of approximately 920,000 sq ft of retail accommodation which is below the PROMIS Sub Regional Centre average. The city benefits from 2 other shopping schemes; Old George Mall and Cross Keys Shopping Centre.
All three centres comprise different retail offerings, thus allowing the schemes to complement one another. The main High Street supply is situated on New Canal, Silver Street and the High Street.
the maltIngs, salIsbury
n the maltingS
The Maltings comprises a mix of 18 well-proportioned ground floor retail units, with some benefitting from first floor storage accommodation. The shops benefit from either a frontage on to Mill Stream or the River Avon. Some units also benefit from an attractive park setting opposite and have outdoor seating areas which add to the appeal. There are a number of residential flats above some of the retail units that have been sold off on long leases. The Mill House Pub has also been sold off on a long leasehold. The Maltings area is shaded green on the site plan.
n Supermarket
The supermarket is located to the rear of the site and comprises a large format food store let to Sainsbury’s. The store is an integral part of The Maltings and adds significant footfall through the scheme. The under-croft and decked car park provides approximately 614 spaces, this area has been sub-let to Salisbury District Council expiring on 22nd March 2111 at a peppercorn rent. The supermarket is shaded blue on the site plan
n FiSherton Street
30/32 Fisherton Street comprises large High Street retail accommodation with first floor space used as a beautician. The ground floor retail unit benefits from its main pitch onto Fisherton Street and a significant return frontage onto Malthouse Lane.
Unit 30/32 (rear), which is currently under offer to The Factory Shop, benefits from large open plan ground floor retail accommodation with significant first floor space which can be used for a showroom or storage. The Fisherton Street properties are shaded yellow on the site plan.
n priory Square
Priory Square comprises a mix of 6 well-proportioned, predominantly ground floor retail units around an attractive square. Units 8&9 have been combined to provide larger accommodation occupied by Sue Ryder Care. The square benefits from seating and street furniture and has also been used for pop up events in association with the neighbouring Playhouse Theatre. The Priory Square properties are shaded maroon on the site plan.
ServiCing
The Maltings, Priory Square and Fisherton Street properties are serviced via a large service yard to the rear, accessed via Malthouse Lane. The supermarket is serviced from first floor level via a ramp accessed via Summerlock Approach. The supermarket benefits from 3 roller shutter doors and docking stations with a large HGV turning yard.
reSiDential
There are a total of 9 residential flats located above the Maltings retail units, 8 have been sold off on long leases along with the majority of the garages located within the service yard. One flat is let on a lease expiring in 2024.
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SUMMERLOCK APPROACH
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MULTI-STOREY(500) (ESTIMATED)
SAINSBURY’SSUPERMARKET
OFF MARKFITZPATRICK NAOMI HOUSECHARITY SHOPPARTY SEASONS
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JOS
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CRYSTALSJWLR
ORIONGIFTS
CONKER
CUPCAKEHEAVENCAFERIEKER
SHOES
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BARBERSHOP
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DeSCriptionThe Property comprises a significant town centre retail development including a large supermarket and a range of well configured retail units offering a mix of attractive accommodation suitable for a variety of occupiers.
The scheme is set out to provide for a range of retailing pitches which have proved popular with a mix of national, local and tourist focused retailers creating a vibrant sustainable mix of tenants.
Site area of 5.23 acres (2.12 h.a).
aDDitional inComeThe Property benefits from additional income from various licenses including market stalls. The rents are charged on a daily basis and produced a total net income in 2013 of £12,236.
46.6mFB20
18 12-14
8BullThe
ChurchHotel (PH) United Reformed
Salisbury
2 to 3
46
7
John Wood House
PH
Pembrok
e House
30 to 3
30 to 32 rear
2
Site of Priory(Dominican)
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46.3m
FB
Car Park
TCB
TCBs
FB
Posts
Post
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Posts
Posts
Posts
Posts
Posts
Priory Square
THE
MAL
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MAL
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THE MALTINGS
APPROACH
AVON
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OURT
El Sub Sta
Sub StaEl
AreaPlay
Ram
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Ramp
El Sub Sta
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El Sub Sta
El Sub Sta
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1
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Playhouse Theatre
5227
2627
29
Shops (below)
19
Clinic
6 to 7
17
38
28
918
to 1
9
42
Beck
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40
(PH)
21
2
25
11
4
3 31 to30
2
13
5
1
1517
11
Shop
16
2 to
3
PC
98
4
1
54
0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1361
El Sub Sta
RRam
pRR
Shops (below)
Shop
6 to 76 to 755
44
112
to 3
2 to
32
to 3
2 to
3
8
2 to 3
46
7
2627
29
17
28
918
to19
2
25
11
3 31 to 31 to 31 to30
2
116
9988
30 to 32
30 to 32 rear
SUMMERLOCK APPROACH
© Crown Copyright reserved ES 100004106. For identification purposes only. n Areas edged orange held Freehold n Areas edged red held Long Leasehold
traDer plan title plan - identifying site make up
the maltIngs, salIsbury
Unit Tenant (t/a)
Floor Area Sq m
Area Sq ft
Lease Start Lease End (Next Break)
Current Rent (psf ITZA)
Rent Review Comments
the MaltingS
2 & 3 Joanne McHugh (The Cake Mill)
GF Retail (ITZA)
31.1 31.1
335 335 25/03/2011 24/03/2021 £9,600
(£28.66) 25/03/2016Total 31.1 335
4 Randall & Randall (BeKaRa)
GF Retail (ITZA)
50.3 38.7
541 417 02/11/2013 01/11/2014 £11,280
(£20.85) N/A Outside the L&T 54 act.Total 50.3 541
6 Coombes & Coombes (K&C Riverside Repairs)
GF Retail (ITZA)
23.7 23.7
255 255
12/04/2013 11/04/2023 (12/04/2018)
£8,750 (£32.48) 12/04/2018GF Storage 1.5 16
First Storage 23.8 256Total 49.0 527
7 Greene King Brewing and Retailing Ltd (The Bishops Mill) N/A N/A N/A 25/12/2007 20/12/2111 Peppercorn N/A Sold on long leasehold.
8 Brevitt-Rieker Ltd (Rieker Shoes)
GF Retail (ITZA)
57.7 46.4
621 499
01/10/2010 30/09/2015 £14,500 (£28.60) N/AGF Storage 7.4 80
Total 65.1 701
9 Futcher & Futcher (Cup Cake Heaven)
GF Retail (ITZA)
58.1 46.2
625 497
23/11/2010 22/11/2015 £19,000 (£36.89) N/AGF Storage 16.8 181
Total 74.9 806
11 Sarah Elizabeth Hayden (Conker)
GF Retail (ITZA)
23.4 23.4
252 252 25/03/2014 24/03/2024
(24/03/2019)£13,000 (£49.88) 25/03/2019 Outside the L&T 54 act.GF Storage 8.0 86
Total 31.4 338
12 David Ferris (Barber Shop)
GF Retail (ITZA)
26.7 26.7
287 287
28/03/2011 24/03/2026 £14,000 (£48.16) 28/03/2016 Outside the L&T 54 act.GF Storage 3.4 37
Total 30.1 324
16 Lei Guo (t/a Oricon)
GF Retail (ITZA)
30.0 28.5
323 307 01/01/2012 31/12/2016 £10,500
(£34.20) N/A Outside the L&T 54 act.Total 30.0 323
17 Crystals (UK) Ltd (Crystals)
GF Retail (ITZA)
30.0 29.2
323 314
02/02/2009 24/12/2018 £11,500 (£36.17) N/A Outside the L&T 54 act.GF Storage 3.6 39
Total 33.6 362
18 & 19 Joshua’s Harvest Ltd (Joshua’s Harvest)
GF Retail (ITZA)
56.3 55.4
606 596 06/03/2012 24/03/2017 £18,000
(£30.20) N/ATotal 56.3 606
25 The Salisbury Sausage Shop Ltd (The Salisbury Sausage Shop)
GF Retail (ITZA)
43.3 43.3
466 466
30/01/2012 29/01/2017 £20,000 (£42.42) N/AGF Storage 5.1 55
Total 48.4 521
26 G&T’s World of Cards Ltd
GF Retail (ITZA)
98.6 77.2
1,061 834
24/06/2012 23/06/2022 £50,000 (£53.78) 24/06/2017GF Storage 45.8 493
Total 144.0 1,554
27 Superdrug Stores Plc
GF Retail (ITZA)
227.2 98.3
2,446 1,058
25/03/2010 24/03/2020 £59,850 (£51.58) 25/03/2015GF Storage 42.6 459
First Storage 105.0 1,130Total 374.8 4,035
28 B&R Textiles Ltd Guaranteed by Raymond Paul Cornelius
GF Retail (ITZA)
158.3 72.4
1,704 779
07/06/2000 06/06/2015 £45,000 (£53.61) N/AGF Storage 29.0 312
First Storage 54.3 585Total 241.6 2,601
29 Greggs Plc
GF Retail (ITZA)
127.4 68.0
1,371 732
05/08/2014 04/08/2019 (05/08/2016)
£38,500 (£47.06) N/A Rolling annual tenant break from 05/08/2016.GF Storage 64.4 693
First Storage 31.2 336Total 223.0 2,400
30 Robert Dyas Holdings Ltd
GF Retail (ITZA)
255.1 130.7
2,746 1,407
08/02/2008 07/02/2018 £77,500 (£51.51) 08/02/2013 RR outstanding.GF Storage 22.1 238
First Storage 136.9 1,474
Total 414.1 4,458
aCCommoDation anD tenanCy SCheDule
31 & 32 The Works Stores Ltd
GF Retail (ITZA)
155.4 96.2
1,673 1,036
05/08/2009 05/08/2019 £52,750 (£49.85) 24/06/2014 Outside the L&T 54 act
RR outstanding.GF Storage 20.5 221
Total 175.9 1,894
SUB TOTAL 2,073.6 22,326 £473,730
SuPerMarket
Sainsbury’s Supermarkets Ltd Guaranteed by J Sainsbury Plc
GF 3,351 36,071
24/06/1985 23/06/2020 £1,069,026* (Overall £22.97) 27/11/2014
Annual rent reviews linked to RPI collared and capped at 1.5% & 3.5%. *Rent review assumed to be completed prior to completion of the sale otherwise the vendor will top up the rent.
First 972.5 10,468
Total 4,323.5 46,539
SUB TOTAL 4,323.5 46,539 £1,069,026
FiSherton Street
30/32 British Heart Foundation
GF Retail (ITZA)
419.5 189.0
4,516 2,034 03/05/2013 02/05/2023
(03/05/2018)£65,000 (£26.96) N/A Outside the L&T 54 act.GF Storage 349.9 3,766
Total 769.4 8,282
30/32 (Front) Gemma Susan Masey (Venus & Mars) First 117.8 1,298 06/10/2003 15/10/2015 £7,500
(Overall £5.78) N/A
Total 117.8 1,298
30 / 32 (Rear) The Factory Shop Ltd
GF Retail (ITZA)
459.8 282.0
4,949 3,036
Under offer Under offer £55,000 (£17.12) 5th year of term
Terms agreed for a 10 year lease with a tenant break in the 5th year. Rent reviews compounded at 2.5% p.a. 6 months rent free to be topped up by the vendor. A further 6 months rent free if the tenant’s break option is not exercised. Lease to be completed prior to the completion of the sale.
GF Storage 163.6 1,761
Total 623.4 6,710
SUB TOTAL 1,510.6 16,290 £127,500
Priory Square
1 Jane Louise Potter (Beauty One)
GF Retail (ITZA)
40.8 36.2
439 390 20/08/2014 19/08/2019
(20/08/2015)£7,750
(£19.87) N/A Outside the L&T 54 act.Total 40.8 439
2 & 3 Savernake Trading Ltd (Party Seasons)
GF Retail (ITZA)
116.0 82.7
1,249 890
24/06/2013 23/06/2018 (24/06/2015)
£16,000 (£17.98) N/A
Lease renewal in solicitor’s hands. To be contracted out of the L&T 54 act. Renewal to be completed prior to the completion of the sale.
GF Storage 30.6 329
Total 146.6 1,578
4 Site Managers OfficeGF 19.6 211
N/A N/A N/A N/A Areas from VOA. Not measured by Allsop.Total 19.6 211
5 Mark FitzpatrickGF Retail (ITZA)
35.0 35.0
377 377 Under offer Under offer £2,270
(£6.03) N/ANew 2 year lease in solicitor’s hands. To be contracted out of the L&T 54 act. Lease to be completed prior to the completion of the sale. Total 35.0 377
6 & 7 Wessex Childrens Hospice Trust (Naomi House)
GF Retail (ITZA)
58.1 45.8
625 493
23/12/2011 22/09/2016 £14,000 (£26.90) N/A Outside the L&T 54 act.GF Storage 25.6 275
Total 83.7 900
8 & 9 Sue Ryder Care
GF Retail (ITZA)
216.7 153.5
2,333 1,652
03/06/2013 02/06/2023 (02/06/2018)
£32,000 (£18.79) N/AGF Storage 47.6 512
Total 264.3 2,845
SUB TOTAL 590.0 6,350 £72,020
reSidential
Flat 15 Wiltshire Council N/A N/A N/A 01/01/2000 31/12/2024 £50 N/A
8 x Flats & Garages Numerous N/A N/A N/A 25/12/2007 24/12/2132 £400 N/A
SUB TOTAL N/A N/A £450
other incoMe
First floor at 10 The Maltings Greene King Brewing and Retailing Ltd First N/A N/A 25/03/2011 24/03/2021 £7,000 25/03/2016 Managers flat. Not inspected by Allsop.
Garage H The Works Stores Ltd N/A N/A N/A Rolling £3,000 N/A Mutual Rolling breaks subject to 3 months notice.
Satellite Dish No.24 The Maltings N/A N/A N/A 25/12/2007 24/03/2111 £50 N/A
Car Park Salisbury District Council Under-croft & Decked Car Park N/A N/A 25/03/1986 22/03/2111 Peppercorn N/A
SUB TOTAL £10,050
Total 8,497.7 91,294 £1,752,776
Unit Tenant (t/a)
Floor Area Sq m
Area Sq ft
Lease Start Lease End (Next Break)
Current Rent (psf ITZA)
Rent Review Comments
the maltIngs, salIsbury
Sainsbury’s Supermarkets ltd (03261722)D&B Rating 5A1 Sainsbury’s was founded in 1869 by John J Sainsbury when he opened his first store on Drury Lane in London. Now Sainsbury’s is one of the UK’s largest retailers, with 487 convenience stores and 576 supermarkets, employing approximately 150,000 people worldwide.
19 Mar 2011 (£000’s)
17 Mar 2012 (£000’s)
16 Mar 2013 (£000’s)
Turnover £21,100,000 £22,288,000 £23,290,000
Pre-Tax Profit £775,000 £1,114,000 £616,000
Total Net Worth £3,920,000 £4,509,000 £4,507,000
Sue ryder (00943228)D&B Rating 5A1Sue Ryder is a charity that provides free care to those affected by life changing illnesses employing over 3,000 staff and 9,000 volunteers based across the UK team.
31 Mar 2011 31 Mar 2012 31 Mar 2013
Turnover - - -
Pre-Tax Profit £2,153,000 (£3,124,000) £1,369,000
Total Net Worth £45,059,000 £41,935,000 £44,480,000
Brevitt – rieker limited (02418034)D&B Rating 2A1Rieker Shoes was founded in South Germany in 1874. The company has been family owned for 5 generations and today employs approximately 20,000 in 3 design units, 16 wholesale units and production units in Eastern Europe, North Africa and Vietnam.
31 Dec 2011 31 Dec 2012 31 Dec 2013
Turnover £20,590,986 £19,645,241 £21,414,707
Pre-Tax Profit £543,248 £478,962 £925,634
Total Net Worth £1,668,822 £2,026,484 £2,733,732
Wessex children’s Hospice Trust (02601495)D&B Rating 4A1Naomi House is a hospice for children and young people with life-limiting or life threatening conditions. The hospices are open 24 hours a day, 365 days a year, and deliver a range of services to help relieve families of pressures of looking after a young person with a life-limiting condition.
31 Mar 2012 31 Mar 2013 31 Mar 2014
Turnover - - -
Pre-Tax Profit £867,324 £1,475,525 £477,003
Total Net Worth £22,142,655 £23,618,180 £24,095,185
The Works Stores limited (06557400)D&B Rating 2A2The Works are a stationer’s stocking books, toys, gifts, stationery, and arts & crafts at discount prices, and sell over one million products every week. They sell more than 40,000 different products every year serving over 22.5 million people each year.
01 May 2011 29 April 2012 28 Apr 2013
Turnover £114,437,000 £121,491,000 £122,781,000
Pre-Tax Profit £7,063,000 £4,261,000 £2,669,000
Total Net Worth £1,697,000 £4,425,000 £5,729,000
robert dyas Holdings limited (04041884)D&B Rating 3A2Robert Dyas was set up in 1872 by Robert Dyas and up until 2002 was very much a family business. Today Robert Dyas provides many different home products from kitchenware to gardening products from 95 Stores around the UK.
26 Mar 2011 31 Mar 2012 30 Mar 2013
Turnover £103,622,000 £105,911,000 £114,374,000
Pre-Tax Profit £1,951,000 £186,000 £3,152,000
Total Net Worth £8,596,000 £7,912,000 £10,422,000
greggs Plc (00502851)
D&B Rating 5A1John Gregg opened the first Greggs in 1951,
with rapid expansion the company had more
than 260 shops by 1984. Today, Greggs has
over 1,600 shops.
31 Dec 2011 29 Dec 2012 28 Dec 2013
Turnover £701,088,000 £734,502,000 £762,379,000
Pre-Tax Profit £60,500,000 £53,342,000 £33,152,000
Total Net Worth £198,094,000 £226,646,000 £235,165,000
Superdrug Stores Plc (00807043)
D&B Rating 5A1Superdrug were founded in 1964 by the Goldstein family who
developed the business from just one store. Today Superdrug has
over 800 stores including stores in the Republic of Ireland and
employ 14,000 employees.
31 Dec 2011 (£000’s)
29 Dec 2012 (£000’s)
31 Dec 2013 (£000’s)
Turnover £1,049,128 £1,021,021 £1,010,212
Pre-Tax Profit £5,517 (£3,977) £28,982
Total Net Worth £124,652 £106,905 £122,235
British Heart Foundation (00699547)
D&B Rating N1British Heart Foundation was founded in 1961 and is the UK’s
number one heart charity focusing on cutting edge research.
31 Mar 2011 29 Dec 2012 28 Dec 2013
Turnover - - -
Pre-Tax Profit (£57,388,000) (£23,281,000) £8,012,000
Total Net Worth £8,886,000 (£16,629,000) (£8,617,000)
tenureAreas edged orange on the various plans held Freehold.
Areas edged red on the various plans held Long Leasehold for a term of 125 years from 25 March 1986 at a peppercorn. The Freeholder is Salisbury District Council.
Covenant inFormation
the maltIngs, salIsbury
Outlines for indicative purposes only.
n Area edged orange held Freehold.
n Area edged red held Long Leasehold for a term of 125 years from 25 March 1986. The Freeholder is Salisbury District Council.
the maltIngs, salIsbury
the maltIngs, salIsbury
the maltIngs, salIsbury
Scott Tyler 020 7543 [email protected]
Andy Pointon020 7543 6720 [email protected]
Richard Lea020 7543 6832 [email protected]
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
www.allsop.co.uk
aSSet managementThe investment currently offers a mix of strong existing income and asset management opportunities as follows:
• Furtherconversionoftheupperfloorstoprovidemoreresidential accommodation, subject to planning. These include Units 31 & 32 The Maltings, 1, 2, 3 and 8&9 Priory Square which all have false first floors and the upper floors of 30/32 Fisherton Street.
• Sainsbury’sleaseextension,therehavealreadybeenrecent negotiations with the tenant to renew the lease. Further information is available upon request.
• Numerousleaserenewalsthroughouttheschemeandopportunities to increase lease lengths.
• Potentialtoextendtheheadleasewiththecouncil.
• Largescaleredevelopmentsubjecttoplanning in conjunction with the ‘Salisbury Vision’ scheme to the north of The Maltings.
epCsThe properties range between ratings C to G. More information is available upon request.
vatThe property is elected for VAT which will be chargable on the purchase price. We would expect the transaction to be treated as a transfer of a going concearn (TOGC).
propoSal
Offers sought in excess of £20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 8.28% after usual purchaser’s costs of 5.8%.
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, underta 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: CommandD www.commandHq.co.uk 09.14
www.allsop.co.uk
THE MALTINGS
