PRIME RETAIL AND RESIDENTIAL INVESTMENT IN THRIVING LONDON SUBURB

109 HIGH ROADILFORD IG1 1DE

KEY INVESTMENT CRITERIA

Ilford is a thriving, densely populated London suburb

Excellent transport links with Crossrail station opening in 2018

Freehold

Prime retail unit benefitting from strong footfall

Residential uppers consisting of 9 two-bedroom flats let on ASTs

Bonmarché Ltd completed a 10 year lease renewal at £95,000 pa in March 2017

We are instructed to seek offers in excess of £4,000,000 (Four Million Pounds), subject to contract & exclusive of VAT. A purchase at this price would equate to a net initial yield of 6% on the retail element (reflecting purchasers costs of 6.55%) and a capital value of £465 per sq ft on the residential (approximately £275,000 per flat).

LONDON

CAMDENTOWN

STRATFORDILFORD

DAGENHAM

BRENTWOOD

DARTFORD

BROMLEYWIMBLEDON

M11

M25

A501

A3220

A3 A205

A205

A40

A406

A41

A20A23

A10

A2

A2

A2

A2

A11

A12

A12

A13

A102

A13

CITYCANARY WHARF

BARKING

ROMFORD

RAINHAM

CATCHMENTIlford has a large primary catchment area of 542,000 ranking the town 32 out of the 200 PROMIS Centres. This catchment area is set to increase significantly over the next 4 years at 2.14 times the national average, increasing the catchment to over 769,000 by 2021. Average earnings are 18% higher than the PROMIS centre average with higher representations of 25-44 year olds, 25% above the PROMIS centre average.

SITUATIONThe subject property is situated in a prime location on High Road, the main retail pitch of the town and forms part of the retail circuit linking the station, High Road and The Exchange Shopping Centre.

Retailers in close proximity include Poundland, Boots, Primark and Marks & Spencer.

LOCATIONIlford is a large retail centre and the administrative hub for the London Borough of Redbridge. It is situated approximately 8 miles east of Central London.

Road communications are excellent with the A406 North Circular one mile to the west. Additionally, the A12 and A13 are in close proximity and offer quick access to the M25.

Rail services are fast and frequent with trains arriving every ten minutes throughout the day and a journey time of only 18 minutes to London Liverpool Street. Following the station redevelopment to accommodate Crossrail the new Elizabeth Line will provide rapid and frequent journeys to the City and West End improving connectivity further.

Paddington

Shen�eldRomford

Brentwood

HaroldWood

GideaPark

CustomHouse

ChadwellHeath

Goodmayes

SevenKings

ManorPark

ForestGateStratford

WhitechapelFarringdonIverSloughTaplowBondStreet

ActonMain Line

WestEaling

TottenhamCourt Road

CanaryWharf

LiverpoolStreet

Langley WestDrayton

HeathrowAirport

EalingBroadwayHanwell

Southall

Hayes & Harlington

AbbeyWood

Maryland

Woolwich

BurnhamMaidenheadReading

Twyford

Surface line

Tunnel

Airport connection

Portal (tunnel entrance and exit)

PiccadillyHeathrow

CentralDistrict

CentralJubilee

Hammersmith& City

BakerlooCircle

District

CentralNorthern Circle

Central

Metropolitan

Hammersmith& City

Northern

Circle

Metropolitan

Hammersmith& City

OvergroundHammersmith

& CityDistrict

Central

OvergroundDLR

Jubilee

DLRJubilee DLR

DLR

Ilford

50 metres

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Ilford

Experian Goad Plan Created: 05/09/2017Created By: GCW

Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885

North

Crossrail from 2018

DESCRIPTION & ACCOMMODATIONThe retail element comprises a well configured ground floor shop with basement ancillary space. The subject property is not listed and does not lie in a conservation area.

The upper floors consist of nine self-contained two-bedroom flats.

The commercial element of the property has been measured in accordance with the RICS Property Measurement, 1st Edition and has the following Net Internal Floor areas:

Bonmarché Sq ft Sq m

Ground Floor Sales/ Anc 2,680 248.98

ITZA 1,215 units

Basement 1,394 129.51

Additional Basement Space 81 7.53

Total 4,155 386.02

RESIDENTIAL UPPERSBelow is a summary of the 9 two-bedroom flats let on assured shorthold tenancies:

Flat Lease StartLease Expiry Rent (pcm) Rent (pa)

Areas (GIA)

1 28/09/2017 27/09/2018 £1,200.00 £14,400.00 570

2 23/05/2015 22/05/2016 £1,200.00 £14,400.00 638

3 14/04/2017 13/04/2018 £1,300.00 £15,600.00 577

4 02/10/2017 01/10/2018 £1,200.00 £14,400.00 487

5 01/08/2017 31/07/2018 £1,150.00 £13,800.00 652

6 21/08/2017 20/08/2018 £1,150.00 £13,800.00 644

7 04/08/2017 03/08/2018 £1,150.00 £13,800.00 487

8 12/10/2017 11/10/2018 £1,200.00 £14,400.00 660

9 15/07/2016 14/07/2018 £1,100.00 £13,200.00 644

Total £10,750.00 £129,000.00 5,358

TENUREFreehold.

COVENANTBonmarché is one of the UK’s largest women’s value retailers with over 300 stores and concessions throughout the UK. The brand has benefitted from a successful turnaround since being bought by Bonmarché Ltd, an affiliate of Sun European Partners LLP who are a leading private investment firm.

Please see below for the company’s recent financial figures:

01/04/2017 (£000's)

26/03/2016 (£000's)

28/03/2015 (£000's)

Turnover 190,068 187,963 178,575

Pre-tax Profit 5,719 10,537 12,549

Tangible Net Worth 35,859 33,272 27,286

COMMERCIAL TENANCYThe property is let to Bonmarché Ltd on a full repairing and insuring lease for 10 years from 25th March 2017 expiring 24th March 2027 (9.2 years unexpired) at a passing rent of £95,000 per annum. The tenant has an option to determine the in lease on 24th March 2022 when there is also an upwards only rent review.

As part of the incentive there is a half rent period until 5th March 2018 (£47,500 per annum). The vendor will top up the income to the full rent for any of that period remaining at completion.

EPC’SThe retail unit has a rating of C69. The residential units have ratings varying between C74 and C84. Full copies of EPC’s are available upon request.

VATThe property is not elected for VAT.

PROPOSALWe are instructed to seek offers in excess of £4,000,000(Four Million Pounds), subject to contract and exclusive of VAT. A purchase at this price would equate to a net initial yield of 6% on the retail element (reflecting purchasers costs of 6.55%) and a capital value of £465 per sq ft on the residential (approximately £275,000 per flat).

FURTHER INFORMATIONFor further information please contact:

James Pearson

T: 020 7647 4817M: 07817 410361james.pearson@gcw.co.uk

Alex Matthews

T: 020 7647 4827M: 07776 209571alex.matthews@gcw.co.uk

7-10 Chandos StreetLondon W1G 9DQ

T: 020 7408 0030F: 020 7495 4248www.gcw.co.uk

Disclaimer - Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No responsibility or warranty whatever is made or given either during negotiations or in particulars by vendor, lessor or the agent. Gooch Cunliffe Whale LLP. Registered in England No. OC376010. Registered office: 30 City Road, London EC1Y 2AB. GCW: February 2018. © Produced by Barbican Studio T: 020 7634 9573