Kwik-Fit Portfolio 16 Kwik-Fit Properties Long

 Kwik‐Fit Portfolio 16 Kwik‐Fit Properties Long Dated Income with a Minimum Uplift at 3% per annum in 2017 16 properties located throughout the UK Let to Kwik‐Fit (GB) Limited (Company No – 01009184) on a full repairing & insuring basis Leases guaranteed by Kwik‐Fit Holdings Ltd (Company No – 00362333) Kwik‐Fit Holdings Ltd has been integrated into European Tyre Enterprises Ltd following the reported £637m purchase of the Group by Itochu Corporation KK (Japan) who have a total equity value of £9 billion Unexpired lease term of over 19 years Minimum uplifts of 3% p.a. compounded at the rent review in March 2017 Further rent reviews in 2022 and 2027 to the higher of the passing rent or Market Value Gross minimum passing rent of £657,158 p.a. rising to a minimum of £761,827 p.a. in March 2017 November 2012
P SECTION 04 Contents SECTION 01 Portfolio Location SECTION 02 Property Details SECTION 03 Covenant & Tenancy Schedule SECTION 04 UK Car Service & Repair Market SECTION 05 Kwik‐Fit Sales Evidence SECTION 05 Further Information Page 1 2‐17 18 19 20 21 SECTION 01 Portfolio Location 1 Bridgewater 2 Bristol 3 Coatbridge 4 Darlington 5 Edinburgh 6 Ellesmere Port 7 Glenrothes 8 Keynsham 9 Kirkcaldy 10 Liverpool 11 Pontypridd 12 Radcliffe 13 Rutherglen 14 Sheerness 15 Shipley 16 South Croydon Glenrothes 7
Kirkcaldy 9
Rutherglen
13
5
3
Edinburgh Coatbridge
Darlington 4 15 Shipley 12 © MONTAGU EVANS LLP 2012 Radcliffe 10 Liverpool 6 Ellesmere Port Pontypridd 11
2 Bristol Bridgewater
‐1‐
1
8 Keynsham Sheerness 14
16
South Croydon
KWIK FIT PORTFOLIO 2012 48‐54 St John's Street, BRIDGEWATER Somerset TA6 5HY Location Bridgewater is located approximately 19 km (12 miles) north of Taunton and 45 km (28 miles) south‐west of Bristol. Bridgewater is situated at the junction of the A38 and A39, which provide access to the M5 motorway (Junctions 23 & 24). The premises are situated on St John Street, close to its junction with Broadway (A38) in a predominantly residential area. Description Detached, converted, part single and part two storey unit of traditional brick and steel portal‐framed construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 5‐bay workshop, tyre store, customer WCs, staffroom and staff WCs. First floor includes a tyre store. External areas include 10 car parking spaces and yard area. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 679.8 7,317 First 119.5 1,286 Total 799.3 8,603 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.12 ha (0.30 acres). This provides a site cover of approximately 55%. Planning & Development The property lies within a residential area. Subject to planning we believe that the premises might be suitable for a future residential/mixed‐use development. Interested parties are advised to make their own enquiries to Sedgemoor District Council Planning Department on 01278 435 435. Rent The property provides the following income: Per Annum Minimum Passing Rent £55,108 2017 Review (Minimum) £63,886 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift. N
‐2‐
KWIK FIT PORTFOLIO 2012 503 Wells Road, BRISTOL BS14 9AL Location Bristol is located approximately 65 km (40 miles) east of Cardiff and 127 km (80 miles) south‐west of Birmingham. The premises is situated on the A403, which in turn provides direct access to the M4, M5 and M32 Motorways. The premises are situated on the A37 (Wells Road), close to its junction with Hengrove Road in a mixed residential and retail area with the adjoining occupier being the Happy Landing Public House. Description Semi‐detatched purpose‐built, split level, single storey unit of traditional rendered block construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 2‐bay workshop, tyre store, customer WCs, staffroom and staff WC. External areas include 4 car parking spaces and yard area. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 292.0 3,143 Total 292.0 3,143 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.07 ha (0.17 acres). This provides a site cover of approximately 41%. Planning & Development The property lies within a Light Industrial/Employment area. Subject to planning we believe that the premises might be suitable for a mixed use development. Interested parties are advised to make their own enquiries to Bristol City Council Planning Department on 0117 922 2000. Rent The property provides the following income: Per Annum Minimum Passing Rent £26,617 2017 Review (Minimum) £30,856 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐3‐
KWIK FIT PORTFOLIO 2012 320 Main Street, COATBRIDGE North Lanarkshire ML5 3RA Location Coatbridge is located approximately 18 km (11.25 miles) east of Glasgow and 61 km (38 miles) west of Edinburgh. Coatbridge is situated on the A89 which in turn provides access to the M8 Motorway (Junction 8). The premises are situated on the A89, close to its junction with the A725, nearby users include retail and residential. Description Detached, purpose‐built, single storey unit of traditional brick and steel framed construction under a pitched roof. The premises trade as Budget Tyre & Exhausts. Ground floor includes a reception, 3‐bay workshop, tyre store, staffroom and staff WCs. External areas include 16 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 379.5 4,085 Total 379.5 4,085 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.18 ha (0.45 acres). This provides a site cover of approximately 21%. Planning & Development We understand that the property lies within an area zoned for ‘general industrial’. Subject to planning we believe that the premises might be suitable for retail warehouse development. Interested parties are advised to make their own enquiries to the local planning authority. For further information please contact North Lanarkshire Council on 01698 403 200.
Rent The property provides the following income: Per Annum Minimum Passing Rent £31,686 2017 Review (Minimum) £36,733 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift. N
‐4‐
KWIK FIT PORTFOLIO 2012 McMullen Road, DARLINGTON County Durham DL1 1XP Location Darlington is located approximately 26 km (16 miles) west of Middlesbrough and 34 km (21 miles) south of Durham. Darlington is situated on the A167, which in turn provides access to the A1(M) Motorway (Junction 57). The premises are situated on McMullen Road, close to its junction with Haughton Road in a light industrial area and there are a number of dealerships in the immediate vicinity. Description Detached, purpose‐built, single storey unit of brick and breeze block construction under a metal pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, workshop, tyre store, customer WCs, staffroom and staff WCs. External areas include 17+ car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 498.2 5,363 Total 498.2 5,363 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.12 ha (0.31 acres). This provides a site cover of approximately 40%. Planning & Development Subject to planning we believe that the premises might be suitable for motor dealership or retail warehouse development. Interested parties are advised to make their own enquiries to the local planning authority at Darlington Borough Council on 01325 380 651. Rent The property provides the following income: Per Annum Minimum Passing Rent £52,844 2017 Review (Minimum) £61,261 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐5‐
KWIK FIT PORTFOLIO 2012 69B Saughton Road North, EDINBURGH EH12 7JB Location Edinburgh is located approximately 72 km (44 miles) east of Glasgow and 200 km (124 miles) south of Aberdeen. Edinburgh is extremely easily accessed by the M8 to Glasgow, the M90 to Perth and the A90 to Aberdeen. The premises are situated in West Edinburgh on Saughton Road, close to its junction with Calder Road, the A71, which links Edinburgh with Scotland’s west coast. The area is predominantly residential with an element of warehouse/storage and office occupiers. Description Detached, purpose‐built, single storey unit with mezzanine level which is used for storage. The property is of traditional brick and blockwork construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 4‐bay workshop, tyre store, customer WCs, staffroom and staff WCs. The mezzanine level floor provides a storage area. External areas include 13 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 316.8 3,410 Total 316.8 3,410 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.10 ha (0.25 acres). This provides a site cover of approximately 31%. Planning & Development We understand the property lies within an ‘urban area’ and the surrounding area is predominantly residential. Subject to planning we believe that the premises might be suitable for residential development, a car showroom, car mechanics or office use. Interested parties are advised to make their own enquiries to Edinburgh City Council Planning Department on 0131 529 3595.
Rent The property provides the following income: Per Annum Minimum Passing Rent £34,548 2017 Review (Minimum) £40,050 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐6‐
KWIK FIT PORTFOLIO 2012 116 Whitby Road, ELLESMERE PORT Cheshire CH65 0RB Location Ellesmere Port is located approximately 10 km (6 miles) north of Chester and 17 km (10.5 miles) south‐east of Birkenhead. Ellesmere Port is situated on the A5032, which in turn provides access to the M53 Motorway (Junction 9). The premises are situated on Whitby Road. Nearby occupiers include Royal Bank of Scotland and Mecca Bingo. Description Detached high bay single storey unit of brick and steel frame construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 3‐bay workshop, staffroom and WCs. External areas include 12 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 417.2 4,490 Total 417.2 4,490 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.09 ha (0.23 acres). This provides a site cover of approximately 45%. Planning & Development The property lies within a Mixed Retail and Residential area. Subject to planning we believe that the premises might be suitable for retail development. Interested parties are advised to make their own enquiries to the planning department at Ellesmere Port and Neston Borough Council on 0151 356 6789. Rent The property provides the following income: Per Annum Minimum Passing Rent £33,619 2017 Review (Minimum) £38,974 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐7‐
KWIK FIT PORTFOLIO 2012 Fullerton Road, GLENROTHES Fife KY7 5QR Location Glenrothes is located approximately 13 km (8 miles) north of Kirkcaldy and 42 km (26 miles) north of Edinburgh. Glenrothes is situated on the A92 which in turn provides access to the M90 motorway (Junction 3). The premises are situated on Fullerton Road, close to the town centre in the mixed retail and industrial Queensway Industrial Estate. Nearby occupiers include Morrisons, Aldi and McDonalds. Description Detached, purpose‐built, single storey unit of traditional brick and breeze block construction under a steel frame roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 3‐bay workshop, tyre stores, customer WCs, staffroom and staff WCs. External areas include 17 marked car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 418.1 4,500 Total 418.1 4,500 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.12 ha (0.29 acres). This provides a site cover of approximately 36%. Planning & Development The property lies within a mixed retail and light industrial area. Subject to planning we consider that the premises might be suitable for retail use. Interested parties are advised to make their own enquiries to Fife Council on 01592 414 141. Rent The property provides the following income: Per Annum Minimum Passing Rent £35,056 2017 Review (Minimum) £40,640 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐8‐
KWIK FIT PORTFOLIO 2012 Ashton Way, KEYNSHAM Bristol BS31 2UF Location Keynsham is located approximately 12 km (8 miles) south‐east of Bristol and 32 km (20 miles) south‐west of Gloucester. Keynsham is situated on the A4, which in turn provides access to the M32 Motorway (Junction 3). The premises are situated on the Aston Way, close to its junction with Charlton Road, in a residential and retail area, with nearby occupiers including Boots and Keynsham Royal British Legion. Description Detached, purpose‐built, single storey unit of steel portal‐framed construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 4‐bay workshop, tyre store, customer WCs, staffroom and staff WCs. External areas include 7 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 298.6 3,214 Total 298.6 3,214 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.09 ha (0.21 acres). This provides a site cover of approximately 35%. Planning & Development We understand that the property lies within a residential zone. Subject to planning we believe that the premises might be suitable for residential development as there is a new build residential development nearby. Interested parties are advised to make their own enquiries to Bath and North‐East Somerset Council Planning Department on 01225 477 000. Rent The property provides the following income: Per Annum Minimum Passing Rent £26,292 2017 Review (Minimum) £30,480 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐9‐
KWIK FIT PORTFOLIO 2012 182 Esplanade, KIRKCALDY Fife KY1 1RE Location Kirkcaldy is located approximately 20 km (12 miles) east of Dunfermline and 35 km (22 miles) north of Edinburgh. Kirkcaldy is situated off the A92, which in turn provides access to the M90 Motorway (Junction 3). The premises are situated on The Esplanade, on the corner of Hendrys Wynd in a mixed residential and commercial seafront position. Nearby occupiers include Lidl. Description Detached, purpose‐built, single storey unit of traditional brick and breeze block construction under a steel frame roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 3‐bay workshop, tyre store, staffroom and staff WCs. External areas include 15 car parking spaces and a yard area. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 540.5 5,818 Total 540.5 5,818 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.11 ha (0.28 acres). This provides a site cover of approximately 48%. Planning & Development The property lies in a mixed commercial and residential area. Subject to planning we believe that the premises might be suitable for retail warehouse or residential development. Interested parties are advised to make their own enquiries to the local planning authority at Fife Council on 01592 414 141. Rent The property provides the following income: Per Annum Minimum Passing Rent £40,459 2017 Review (Minimum) £46,903 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 10 ‐
KWIK FIT PORTFOLIO 2012 232 Aigburth Road, LIVERPOOL Merseyside L17 0BJ Location Aigburth Road is located approximately 5 km (3 miles) south‐east of central Liverpool and 25 km (15.5 miles) south‐
west of Warrington. The property is situated on the A561, which in turn provides access to the M62 Motorway (Junction 7) in a predominantly residential location backing onto a modern residential development. Description Detached single storey unit of brick construction under a pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 2‐bay workshop, staffroom and WCs. External areas include 5 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 380.4 4,095 Total 380.4 4,095 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.07 ha (0.17 acres). This provides a site cover of approximately 54%. Planning & Development The property lies within a residential area. Subject to planning we believe that the premises might be suitable for retail/residential development. Interested parties are advised to make their own enquiries to the planning department at Liverpool City Council on 0151 233 3000. Rent The property provides the following income: Per Annum Minimum Passing Rent £39,211 2017 Review (Minimum) £45,457 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 11 ‐
KWIK FIT PORTFOLIO 2012 Sardis Road, PONTYPRIDD CF37 1BA Location Pontypridd is located approximately 40 km (25 miles) north of Cardiff and 24 km (15 miles) north west of Newport. Pontypridd is situated on the A470, which in turn provides access to the M4 Motorway (Junction 32). The premises are situated on the Broadway (A4058), close to its junction with the Rhondda Road (A4058) in a predominantly office area opposite the job centre and Pontypridd railway station. Description Detached, single‐story unit of traditional steel portal‐frame and block construction under a flat roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 5‐bay workshop, tyre store, customer WCs, staffroom and staff WCs. External areas include 13 car parking spaces and a yard area. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 438.3 4,718 Total 438.3 4,718 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.17 ha (0.43 acres). This provides a site the cover of approximately 25%. Planning & Development The property lies within a commercial area and subject to planning we believe that the premises might be suitable for office/car showroom/drive‐thru development. Interested parties are advised to make their own enquiries to Rhondda Cynon Taff County Borough Council Planning Department on 01443 424 000. Rent The property provides the following income: Per Annum Minimum Passing Rent £37,004 2017 Review (Minimum) £42,898 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 12 ‐
KWIK FIT PORTFOLIO 2012 Bury Road, RADCLIFFE Greater Manchester M26 2UG Location Radcliffe, in Greater Manchester, is 10 km (6 miles) north‐west of central Manchester and 3 km (2 miles) south‐west of Bury. The property is situated on the A665 which in turn provides access to the M62 Motorway (Junction 17). The surrounding area is predominantly residential. Description Single storey unit of concrete frame and brick construction under a flat roof. The premises trade as Kwik‐Fit. The accommodation provides offices, workshop, WCs and staff canteen area. There is a hard standing yard to the front of the building. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 285.6 3,074 Total 285.6 3,074 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.10 ha (0.24 acres). This provides a site cover of approximately 29%. Planning & Development The property lies within a residential location. Subject to planning we believe that the premises might be suitable for retail use development. Interested parties are advised to make their own enquiries to the local planning authority at Bury Metropolitan Council on 0161 253 5000. Rent The property provides the following income: Per Annum Minimum Passing Rent £21,447 2017 Review (Minimum) £24,862 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 13 ‐
KWIK FIT PORTFOLIO 2012 273 Main Street, RUTHERGLEN South Lanarkshire G73 3AA Location Rutherglen is located approximately 7 km (4.5 miles) south‐east of Glasgow and 75 km (47 miles) east of Edinburgh. Rutherglen is situated on the B768, which in turn provides access to the M74 Motorway (Junction 1). The premises are situated on the B768, close to its junction with the A724 in a mixed area and nearby users include retail, residential and offices. Description Detatched, purpose‐built, two storey unit of traditional brick and steel framed construction, under a flat roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 3‐bay workshop, customer and staff WCs. First floor includes offices, staffroom, tyre and exhaust stores. External areas include 9 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 274.3 2,953 First 185.7 1,999 Total 460.0 4,952 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.08 ha (0.19 acres). This provides a site cover of approximately 35%. Planning & Development The property lies within a town centre zone. Subject to planning we believe that the premises might be suitable for a mixed use development. Interested parties are advised to make their own enquiries to the local planning authority at South Lanarkshire Council on 01698 454 4444. Rent The property provides the following income: Per Annum Minimum Passing Rent £36,633 2017 Review (Minimum) £42,468 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 14 ‐
KWIK FIT PORTFOLIO 2012 Railway Road, SHEERNESS Kent ME12 1PF Location Sheerness is a Medway town located on the south side of Thames Estuary, in Kent. The Kwik‐Fit is well located on a busy crossroads to the north of the town centre, opposite the station at the junction of the A250 and Station Road. The property is set between the police station and a former public house which is being refurbished to provide residential accommodation. The premises are situated close to the Sheerness‐on‐Sea Road Station. Description Detatched steel frame and brick modern purpose built garage and workshop unit on an irregular corner site. The premises trade as Kwik‐Fit. Ground floor includes a reception, 3‐bay workshop, store and customer WCs. External areas include 9 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 392.8 4,228 Total 392.8 4,228 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.09 ha (0.21 acres). This provides a site cover of approximately 46%. Planning & Development The property lies within a Commercial area and in the long term the site may be suitable for development subject to consent. Interested parties are advised to make their own enquiries to the local planning authority at Swale Borough Council on 01795 417 555. Rent The property provides the following income: Per Annum Minimum Passing Rent £43,366 2017 Review (Minimum) £50,273 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 15 ‐
KWIK FIT PORTFOLIO 2012 58 Briggate, SHIPLEY West Yorkshire BD17 7BT Location Shipley is located approximately 6 km (4 miles) north‐east of Bradford and 22 km (14 miles) west of Leeds. Shipley is situated on the A657, which in turn provides access to the M606 Motorway. The premises are situated on Briggate, close to its junction with Otley Roadin a mixed use area. Nearby occupiers include Aldi and McDonalds. Description Detached, purpose‐built, single storey unit of traditional brick and breeze block construction with a steel frame, under a part flat fibre and part pitched roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, workshop, tyre store, customer WCs, staffroom and staff WCs. External areas include 5 car parking spaces. Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 449.1 4,834 Total 449.1 4,834 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.09 ha (0.23 acres). This provides a site cover of approximately 47%. Planning & Development The property lies within a mixed residential and commercial area. Subject to planning the premises might be suitable for residential / commercial development. Interested parties are advised to make their own enquiries to Bradford City Council on 01274 432 111. Rent The property provides the following income: Per Annum Minimum Passing Rent £36,281 2017 Review (Minimum) £42,059 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 16 ‐
KWIK FIT PORTFOLIO 2012 453 Brighton Road, SOUTH CROYDON Surrey CR2 6EW Location Croydon is located approximately 13 km (8 miles) south of London and 6 km (4 miles) west of Bromley. Croydon is situated adjacent to the A23 which connects with Central London to the north and with the intersection of the M25/M23 (Junction 8/7) to the south. The premises are situated on Brighton Road (A235), close to its junction with Allenby Avenue in a mixed commercial and residential location. The area is popular with car dealerships and occupiers include Cooper BMW, Ancaster Nissan, Newton Honda, Volvo Dealership, Warwick Wright Peugeot and Enterprise Rent a Car. Description Detached purpose‐built single storey ‘L’ shaped unit of steel frame and profile clad elevations and roof. The premises trade as Kwik‐Fit. Ground floor includes a reception, 6‐bay workshop, tyre and exhaust storage, staffroom and WCs. External areas include 19 car parking spaces (including double parking). Accommodation The premises provide the following Gross Internal Areas: Floor Sqm Sqft Ground 608.0 6,544 Total 608.0 6,544 P © MONTAGU EVANS LLP 2012 Site The site extends to approximately 0.18 ha (0.43 acres). This provides a site cover of approximately 35%. Planning & Development The property lies within a mixed commercial and residential zone. Subject to planning we believe that the premises might be suitable for commercial/residential or mixed use development. Interested parties are advised to make their own enquiries to The London Borough of Croydon planning department on 0208 726 6000. Rent The property provides the following income: Per Annum Minimum Passing Rent £106,987 2017 Review (Minimum) £124,027 The minimum passing rent figure represents the minimum uplift at the March 2012 rent review. The review is ongoing with the potential of further uplift.
N
‐ 17 ‐
KWIK FIT PORTFOLIO 2012 SECTION 03 Covenant & Tenancy Schedule Kwik‐Fit (GB) Limited: Total Revenue and Earnings Covenant The leases are in the name of Kwik‐Fit (GB) Limited, which had a turnover of £527million, a profit before tax of £269million and net assets of £278million in its last published results to 31 December 2010. D&B have attributed them with a rating of 5A1, reflecting a minimum risk of business failure. Kwik‐Fit (GB) Limited is a subsidiary of Kwik Fit Holdings Limited, the surety of the Kwik Fit leases. Kwik Fit Holdings Ltd has been integrated into European Tyre Enterprises Ltd following the reported £637m purchase of the Group by Itochu Corporation KK (Japan) who have a total equity value of £9 billion. Gross profit in 2011 was £7.6billion and net profit £1.2billion. D&B have attributed them with a rating of 5A1, reflecting a minimum risk of business failure. Minimum Town Address Passing Rent BRIDGEWATER £55,108 48‐54 St John’s Street 503 Wells Road £26,617 BRISTOL COATBRIDGE 320 Main Street £31,686 DARLINGTON McMullen Road £52,844 69B Saughton Road North £34,548 EDINBURGH ELLESMERE PORT GLENROTHES KEYNSHAM KIRKCALDY LIVERPOOL PONTYPRIDD RADCLIFFE RUTHERGLEN SHEERNESS SHIPLEY SOUTH CROYDON P © MONTAGU EVANS LLP 2012 Min. Uplift 2017 £63,886 £30,856 £36,733 £61,261 £40,050 116 Whitby Road £33,619 £38,974 Fullerton Road £35,056 £40,640 Ashton Way £26,292 £30,480 182 The Esplanade £40,459 £46,903 232 Aigburth Road £39,211 £45,457 Sardis Road £37,004 £42,898 Bury Road £21,447 £24,862 273 Main Street £36,633 £42,468 Railway Road £43,366 £50,273 58 Briggate £36,281 £42,059 453 Brighton Road £106,987 £124,027 £657,158 £761,827 ‐ 18 ‐
KWIK FIT PORTFOLIO 2012 SECTION 04 UK Car Service & Repair Market Growth in the New & Used Car Market There are over 30 million cars on UK roads, these need constant servicing and repairs, while UK consumers buy about 7 million second‐hand cars a year, spending upwards of £30 billion. Markedly lower new car volumes in 2009 and 2010, as the bulge of cars from several years of high sales grow older, is expected to see the average age of cars on UK roads continue to increase. From a low in 2004 of 6.7 years the average age of UK cars has been climbing steadily reaching a two decade high of 7.4 years as of the end of 2011. According to industry data the car market is in the middle of a long‐term economic downturn, with the impact of a lengthy period of new car volumes flushing through the used car supply chain. The impending and prolonged shortage of younger used cars will take something like a decade to pass through the system. A change in buying patterns away from new cars to used cars as private buyers seek to retain a ‘younger car’, but avoiding the expense of buying a new one is expected to see the average age of UK cars surpass 8 years before it turns around. The used car market accounts for more than 55% of the value of car sales in the UK and is £7 billion greater than the new car market. The implication for the UK car service & repair market, with the decline in new car registrations that has followed the end of the car scrappage scheme, is that the corresponding increase in the average age of used models on UK roads will generate strong growth in the service and repair market over the next 5 years. P © MONTAGU EVANS LLP 2012 Average Age of UK Cars & Volume of Vehicles on UK Roads Car Service & Repair Market The steady increase in the number of cars on roads and the buoyancy of both new car and used car sales are key drivers of demand in the automotive service and repair market in the UK, which according to EU regulators is among the largest and most profitable markets in Europe. Across Europe the market for the service and repair of motor vehicles is worth approximately €100 billion per annum, and represents about one fifth of the whole car market, with servicing & repairs the second largest sub‐market after the sale of new cars. In the UK the car service & repair market is worth an estimated £10 billion per annum. ‐ 19 ‐
Kwik Fit The Kwik‐Fit Group is one of the largest independent automotive parts, repair and replacement specialist in Europe with over 7.5 million motorists serviced across Europe every year by Kwik‐Fit. In the UK Kwik‐Fit has a national network of over 600 service centres and more than 200 mobile tyre fitting vehicles, making it the UK's leading tyre, exhaust, brake and MoT specialist. The service offering by Kwik Fit in the UK includes the provision of tyres to large contract hire and leasing companies as well as companies with national fleets of company cars. Kwik Fit is also the largest provider of car MoT tests in the UK with an estimated 4 million private motorists served by the retail business annually. KWIK FIT PORTFOLIO 2012 SECTION 05 Kwik‐Fit Sales Evidence Date Jan‐10 Feb‐10 Feb‐10 Mar‐10 Mar‐10 Mar‐10 May‐10 May‐10 May‐10 May‐10 Jul‐10 Jul‐10 Jul‐10 Feb‐11 Mar‐11 Apr‐11 Sep‐11 Sep‐11 Oct‐11 Dec‐11 Mar‐12 Apr‐12 P Location Passing Rent Purchase Price Net Initial Yield Kingston Upon Thames £102,348 £2,040,000 4.74% Harpenden £68,500 £1,400,000 4.63% Edinburgh £86,000 £1,352,000 6.01% Mansfield £53,000 £899,000 5.57% Morpeth £26,500 £480,000 5.22% Bethnal Green £52,248 £1,050,000 4.71% Berkhamsted £74,500 £1,400,000 5.03% Birmingham £26,000 £550,000 4.47% Falmouth £32,000 £530,000 5.71% West Norwood £57,232 £1,010,000 5.36% Birkenhead £50,250 £892,000 5.33% Halesowen £22,635 £386,000 5.55% Tamworth £45,700 £800,000 5.40% Hove £66,581 £1,080,000 6.20% Sunbury £75,000 £1,305,000 5.43% Ipswich £60,100 £975,000 5.50% Glasgow (Alma Street) £59,250 £850,000 6.58% St Helens £41,721 £575,000 6.86% Portfolio £823 906 £15,350,000 5.75% Glasgow (Great Western Road) £60,550 £950,000 6.00% West Hendon £81,227 £1,470,000 5.50% Dundee £63,000 £953,000 6.25% 5.54% Average Net Initial Yield © MONTAGU EVANS LLP 2012 ‐ 20 ‐
KWIK FIT PORTFOLIO 2012 SECTION 06 Further Information FURTHER INFORMATION Further information and arrangements for viewing can be obtained from the agents: Knight Frank LLP Montagu Evans LLP 55 Baker Street 302 St Vincent Street London Glasgow W1U 8AN G2 5RU Alastair Graham‐Campbell Bill O’Hara Tel: 020 7861 1219 Tel: 0141 204 2090 Email: alastair.graham‐[email protected] Email: bill.o’hara@montagu‐evans.co.uk James Mason David McCrory Tel: 020 7861 1214 Tel: 0141 204 2090 Email: [email protected] Email: david.mccrory@montagu‐evans.co.uk Joel Burgess Euan Ross Tel: 020 7861 1209 Tel: 0141 204 2090 Email: [email protected] Email: euan.ross@montagu‐evans.co.uk www.montagu‐evans.co.uk www.knightfrank.com DISCLAIMER Important notice relating to the Misrepresentation Act 1967 and the Property Misdescriptions Act 1991: Montagu Evans and Knight Frank for themselves and their client give notice that: 1. The information contained in these particulars is for guidance to intending purchasers, licensees or any other third parties and they are for general information purposes only and will be used at the individual purchaser’s own risk. 2. All reasonable endeavours have been taken to ensure the accuracy of information, however, there is no guarantee or warranty as to the accuracy or completeness, factual correctness or reliability of any information in the particulars (especially as the information may have been obtained from third parties). No liability will be accepted for any errors or omission, including any inaccuracies or typographical errors. 3. Any interested purchasers, licensees or any third parties should not view the information in the particulars as statements or representations of fact and should satisfy themselves that the facts and specific details in the particulars are correct and accurate especially in relation to floor areas and other measurements through inspection or other means, as appropriate, and will be responsible for taking independent surveys or valuations before entering into any legally binding transaction in respect of the property or premises that is the subject matter of these particulars. 4. No investigations of any issues concerning pollution and potential land, building, air or water contamination have been undertaken. Prospective purchasers, licensees or any third parties must undertake their own enquiries and satisfy themselves in this regard. 5. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Subject to Contract November 2012. P © MONTAGU EVANS LLP 2012 ‐ 21 ‐
KWIK FIT PORTFOLIO 2012