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PRIME SOLUS RETAIL WAREHOUSE INVESTMENT OPPORTUNITYILET TO WICKES FOR A FURTHER 7.5 YEARSWICKESWEST STREET, WOLVERHAMPTON, WV10 6HT

INVESTMENT HIGHLIGHTS Wolverhampton forms the administrative centre of the WestMidlands, located approximately 17 miles north west ofBirmingham. Wolverhampton benefits from an extensive catchmentpopulation, over 610,000 people are within a 20 minutedrive of the subject property. The subject property benefits from being situated in a prominentsite fronting Dunstall Road and Stafford Road (A449). The subject property is the only DIY store located in the city,giving it dominance within the city. The property is a purpose built solus retail warehouse unittotalling 41,015 sq ft. Let to Wickes Building Supplies Ltd on a 25 year lease, expiringon 24 October 2029, giving 7.5 years unexpired. Current passing rent of 482,640 per annum, equating to a lowrent per sq ft of 11.77. Freehold site area totalling 2.51 acres, with a low site cover of35%.PROPOSALWe are instructed to seek offers in excess of 7,240,000(Seven Million, Two Hundred and Forty ThousandPounds), subject to contract and exclusive of VAT.This reflects a net initial yield of 6.25% (assumingpurchaser’s costs of 6.65%), and a price of 175 per sq ft.

A515SNOWDONIANATIONAL PARKLOCATIONWolverhampton is one of the principal commercial centresfor business in the West Midlands conurbation. The cityis located just 15 miles north west of Birmingham, whichmakes it commutable for workers in the area. The city is65 miles south of Manchester and 130 miles north west ofcentral 5M1A5GLOUCESTERLONDON 505A6M40A44LONDON LUTONA10A1 SA420GLASTONBURYBRIDGE TWICKA36A303Employmentin the privatesector services accountsfor 50% ofALTONtotal employment in Wolverhampton,M3A3CRAWLEYA31slightly below the PROMIS average, while retailing and leisure account for 25.2% of total employment.A22SALISBURYManufacturing accountsfor 12%, which WINCHESTERis significantly above the SMOUTHBRIGHTONA26UCKFIELDA272Wolverhampton was also oneA36of the first of 20 SOUTHAMPTONtowns and cities thatwill benefit from a newSOUTH DOWNSA354NATIONAL PARKA338that formsregeneration programmepart of the government’s LevellingUp strategy, injecting 20SOUTHAMPTONLEWESM27A3 (M)CHICHESTERmillion into Wolverhampton andthelocalareas.NEW FORESTNATIONAL PARKM5M25A32245% of A350the catchment population are in the key spending and workingages of 20-54 years old. JustMBATHM25A339 own theirover 61% of the 20 minute drive time populationis broadlyin line withCROYDONtheA33 home, whichM3LONDON BIGGIN HILLA36A343UKaverage. This highlights the demand fora well known DIY store in the area,A3 as there are no otherM25SEVENOAA24BASINGSTOKEA338competing DIY stores in the large catchment area.A350TAUNTONHIGHWYCOMBEM25PROMIS estimates the Consumer Base of Wolverhampton to be 487,000 people,WATFORDwhich is significantlyA433 average for similar sized towns and cities. Experian data estimates that 156,800 people liveaboveSTRATFORD INTLSWINDONSLOUGHA343within a 10 minute drive of the subject property,extending significantly to 611,444 people within a 20 LONDON CITYM4minuteM4drive SHAMM40ANDOVERNATIONAL LLEAMINGTON SPAA449 Additionally, one of the UK’s largest airports,A39MINEHEADBirmingham Airport, is located approximately30 miles south east of the subject OROUGHM69M42A458M4SWANSEA Wolverhampton will benefit from HS2 on BRIDGENDHS2 its completion, with trains departing fromBirmingham Curzon Street Station, approximately18 miles south east of the subject property, whichBRISTOL CHANNELwill boost the economy in the surrounding areas.A41TELFORD Wolverhampton is situated in a strategic locationbenefitting from excellent road communications.The city is adjacent to Junctions 9 and 10 of theM6, approximately 5 miles east, which connectsto Birmingham and Coventry and Junctions 1and 2 of the M54 are located 3 miles north of thesubject property, making it a strategic location forbusinesses to locate. Wolverhampton benefits from fast and frequenttrain services to the surrounding towns,A40withA40fast trains to London with journeytimes ofBRECON BEACONSPARKCARMARTHENapproximately1 hour and 50 minutesNATIONALto LondonA470A48A483Euston. The journey times to Birmingham andManchester are 26 minutes and 1 hour and 7minutes respectively. The main train stationforA465LLANELLIthe city is located approximately 1NEATHmile from theSWANSEAsubject property.PONTYPRIDDM6MELTONMOWBRAYEAST MIDLANDSA515SHREWSBURYA49A453A50BURTONUPON tail expenditurewas significantly higher than the PROMIS average in 2021 at 1.788 million,A338PORTSMOUTHwith this expected to grow by 0.4% annually between 2021 and 2026. The percentage of onlineBOURNEMOUTHDORCHESTERexpenditurePOOLEis lower than other similar centres,illustrating the importance of physicalretail space.ISLE OF WIGHTENGLISH CHANNEL

A460dStaf f o rSITUATIONRdM54M54tonRdrdPen d ef oM illLnW o rb asto n RdRdckCantehaRdA41A4 54nRdridaerW illen hall RdA 4 54TheKeykCBlacwamRdyC o alwa RdM6ld Rddnesf ieWeghBirm inMoG o ld tho rn Rdayo u nttry ReWolverhampton is one of the major out of town retail destinations on the periphery of Birmingham,with a number of prime, institutionally owned schemes. The town is circa 15 miles north west ofBirmingham and 65 miles south of Manchester, and has historically been a location where retailerstrade well due to the large, affluent catchment population.A summary of the retail warehouse provision in Wolverhampton is provided below:ryRten RdleRddth Rno rC o m p tonnntA454PenMill LnllgBridRETAIL WAREHOUSE PROVISION IN WOLVERHAMPTON1tTenTree LYewA4The property is situated approximately 0.5 miles north of Wolverhampton city centre.ld RdLich f ieA4WICKESWEST STREET1M660RdStaf f o rdRdA4The property is in a highly prominent position on the corner of the Stafford Road roundabout(A449) and is accessed off of Stafford Road or Dunstall Hill, both via West Road. Stafford Road isthe main arterial route into the city, accessed via Junction 2 of the M54. This route, and the areasurrounding the property, is characterised by mainly commercial and residential uses. There aremultiple car showrooms adjacent to the property, with Brindley Honda and Volvo Wolverhamptonabutting the north of the site.LnCannLnlyheadockhurstRdnBarHoBroadA 460mpRdlverhaStaf f ordWoParkf ield RdcBlakCouPhoenix Retail ParkOwner: Citiclient CPFWickesSt John’s Retail Park35,914 sq.ftJD Sports & The FoodWarehouseRents 10.75- 15.25 psfOwner: Glasgow City CouncilBilston Road Retail ParkOwner: Zurich Assurance Ltd120,927 sq.ft105,264 sq.ftHomebase, Tapi, Next, ScS,Pets at Home, CurrysDunelm, B&M, Smyths ToysRents 4.25- 8.50 psfRents 18- 25.75 psfMitre Retail ParkOwner: M7 Real Estate46,477 sq.ftGo Outdoors, Carpetright,& Energie FitnessRents 6.75- 7.50 psfBirmingham RoadOwner: Canal & River Trust28,455 sq.ftPoundland, Aldi, IcelandRent 13.75 psfSpring Vale Retail ParkOwner: Maizelands Ltd89,082 sq.ftHalfords & B&QRents 13- 17.50 psfMatalanOwner: Hortons’ Estate Ltd45,102 sq.ftRent 11 psf

DESCRIPTIONTENANCYThe subject property comprises a purpose built solus retail warehouse unit. The property is of steel portal frame constructionunder a flat, profiled roof. The building is clad with profiled metal sheeting to the walls and roof.The property is let to Wickes Building Supplies Ltd on a 25 year fullrepairing and insuring lease from 25 October 2004. The lease expireson 24 October 2029, providing an unexpired term of 7.5 years.The property extends to a gross internal area (GIA) of approximately 38,653 sq ft at ground floor level. There is also 2,362 sq ftof ancillary space at first floor level, used for staff offices and facilities. The total rentalised area is 41,015 sq ft.Internally, the unit is fitted out to Wickes’ latest corporate style, with a large sales area, including a large area dedicated tokitchen and bathroom sales, a trade and bulky goods area and a two-storey ancillary block to the front of the warehouse, whichprovides customer WC’s, stores, staff facilities and meeting rooms.The dedicated customer car park, accessed from West Street off of both Dunstall Hill and Stafford Road, provides 130 carparking spaces. This equates to a car parking ratio of 1: 297 per sq ft. The service yard is located at the front of the store and isfenced off to the west of the site.The site totals approximately 2.51 acres (1.02 hectares), giving a low site cover of 35%.The current passing rent is 482,640 per annum, reflecting a low rentof 11.77 per sq ft. The rent is reviewed every 5 years to open marketvalue, with the next rent review on 24 October 2024.TENUREThe site delineated in red on the plan below is held freehold(Title No: WM224277).The plan is provided for indicative purposes only.

TENANT COVENANTWickes is a multi-channel home improvement and DIY retailer to both the public and trade. The first store wasopened in 1972 and they now trade from over 230 stores across the UK. Wickes listed on the London StockExchange in April 2021 and posted strong trading figures throughout the pandemic and beyond, benefittingfrom the population’s desire for home improvement.They have one of the strongest D&B ratings at 5A 2 and have reported the following strong financial information:YearTurnoverPre-Tax ProfitNet Worth26 December 2020 1,346,900,000 27,800,000 184,100,00028 December 2019 1,292,400,000 49,200,000 250,800,00029 December 2018 1,199,600,000 25,800,000 209,700,000 Looking ahead, we expect to continue outperforming the market and are well placedto capitalise on the ongoing requirement for home improvement – namely an ageing housing stock,favourable consumer trends, and the increased focus on insulating and retrofitting homes.David Wood, Wickes CEO (2022).PLANNINGFormerly A1 non food planning consent, but now considered Class E. Further details are available on request.