BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

INVESTMENT SUMMARY

• This freehold property comprises a purpose built warehouse of 29,144 sq ft (2,707.62 sq m) GIA constructed in 1992.

• The property is let on effectively full repairing and insuring terms to Booker Limited (D&B rating 5A1) expiring 6th April 2022.

• Recently re-geared lease proving the tenant’s commitment to the property.

• Total Current Income £105,000 per annum which represents an overall rate of £3.60 psf.

• Offers are invited in excess of £1,240,000 for the freehold interest of the property, reflecting a Net Initial Yield of 8.00% assuming standard Purchaser’s costs of 5.80%, subject to contract and exclusive of VAT.

• The proposed purchase price represents a low capital value of £42.55 psf.

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

LOCATION & SITUATIONThe historic Georgian town of Holt is located within North Norfolk District Council and is approximately 22.8 miles (37.6 km) north west of Norwich and approximately 4.9 miles (7.9 km) south of the North Norfolk Coast. London is located approximately 134.0 miles (215 km) to the south west of Holt.

King’s Lynn lies approximately 34.6 miles (55.6 km) to the south west of Holt via the A148/A149 which in turn provide access to the A10 and A47.

The subject property is situated approximately 1.0 mile (1.6 km) south east of Holt town centre. Holt town centre benefits from a range of national retailers including, Boots, a large Budgens, Barclays, TSB and Nat West. Aldi are due to take occupation of a new store in February 2016 on Old Station Way.

The subject property is situated on the south side of Hempstead Road. To the north of the property on the opposite side of Hempstead Road lies the Hempstead Road Industrial Estate.

SITEThe site extends to approximately 2.043 acres (0.827 hectares) with a built site cover of approximately 35%.

Site area and site cover is an approximation only.

HOLT

A52

A148

A148

A140

A140

A146

A146

A140

A47

A11

A11

A11

A134

A134

A1065

A148

A148

A149

A47

A47

A47

A47

A10

A10

A10

A1101

A17

A134

A1122

A1065

A143

Norwich

Kings Lynn

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

PLANNINGThe property is located within North Norfolk District Council. Tel: + 44 (0) 1263 513 811Web:

The property is not Listed nor does it lie within a Conservation Area.

DESCRIPTIONThe property which was constructed in 1992 comprises a detached warehouse and trades as a Booker wholesalers.

The property is of steel frame construction with brick elevations at lower level and profiled metal cladding panels above, set beneath a pitched profiled metal panel clad roof incorporating translucent roof panels. To the front elevation is a full length profiled metal sheet covered customer access canopy with three automatic sliding glazed doors providing access to the property.

Internally there is a two storey section to the front of the property which provides at ground floor level an entrance lobby with reception area, electrical intake room, boiler room, customer male, female and disabled toilets, tobacco sales area and two offices. At first floor level there is staff accommodation comprising a meeting room, cleaners cupboard, male and female locker rooms, WC facilities, further office, computer office and a staff canteen / lounge. The front section is predominantly fitted with suspended ceilings with recessed fluorescent lighting panels.

The main warehouse area is predominantly racked and benefits from fluorescent strip lighting. The tenant has recently installed two new heaters. Part of the warehouse has been fitted with cold and chill store areas which also includes a butcher counter and walk in customer refrigerator. The chill stores are served by an electrically operated roller shutter door.

Within the south western corner of the warehouse is a loading area incorporating two small offices. The loading area is served by an additional electrically operated roller shutter door. There is an external canopy which extends over both roller shutter doors.

The unit benefits from an approximate eaves height of 22.97 ft (7.0 meters). This information has been supplied by the vendor.

Externally there is customer parking for 58 vehicles in addition to a separately accessed loading / service area.

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

ACCOMMODATIONThe property provides the following Gross Internal Areas (GIA):

Level Description SQ FT SQ MGround Warehouse and ancillary accommodation 25,965 2,412.25Ground Loading bay 1,174 109.10First Staff and ancillary accommodation 2,005 186.27Total 29,144 2,707.62

Areas are calculated on a Gross Internal Area (GIA) basis in accordance with the RICS Code of Measuring Practice 6th edition.

Description SQ FT SQ MFront customer canopy 1,552 144.14Side loading canopy 495 46.02

Areas are approximate and for indicative purposes only.

TENUREFreehold

The property has a restrictive covenant attached to its title restricting the use to “Classes B1 B2 and B8 of The Town and Country Planning (Use Classes) Order 1987 provided that the Purchaser shall not use or allow the Property to be used for the supply and distribution of agricultural implements and equipment industrial heaters and animal food stuffs processing machinery.“

TENANCY The property is let to Booker Limited on effectively full repairing and insuring terms for a term of 25 years from 7th April 1992 at a passing rent of £105,000 per annum.

The lease was due to expire on 6th April 2017 but has recently been re-geared. A reversionary 5 year lease was granted to the tenant at the passing rent of £105,000 per annum. The lease is therefore now due to expire on 6th April 2022. As part of the re-gear negotiations the tenant was granted 12 months rent free, the remainder of which will be topped up by the vendor. There are no further rent review provisions within the reversionary lease.

The passing rent of £105,000 per annum equates to £3.60 per sq ft overall, with nil rate attributed to the covered loading area or front customer canopy.

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

COVENANT INFORMATIONBooker Group which comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter-Courivaud, Chef Direct and Booker India is the UK’s leading food wholesale serving 1.5 million customers and as at 28 March 2014 employed approximately 12,827 members of staff.

Booker Wholesale which operates from 172 branches is the UK’s largest cash and carry operator, offering branded and private-label goods which are sold to over 503,000 customer. In the year to March 2014, sales totalling £3.4 billion were collected by the customer from the group’s branches and sales totalling £1.3 billion were delivered to the Company’s customer premises.

Booker Limited is a wholly owned subsidiary of Booker Group Plc.

Dun & Bradstreet have given Booker Limited a D&B Rating of 5A1 representing a minimum risk of business failure.

Booker LimitedCompany Number 197380

28/03/2014(£ 000’s)

29/03/2013(£ 000’s)

30/03/2012(£ 000’s)

Sales Turnover £3,809,900 £3,756,100 £3,735,900Profit / (Loss) Before Taxes £74,200 £77,900 £60,400Tangible Net Worth £544,300 £466,800 £445,600Net Current Assets (Liabilities) £494,000 £420,900 £404,300

For additional information, please see and .

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

INVESTMENT CONSIDERATIONS• Recently re-geared lease expiring on 6th April 2022

showing Booker’s commitment to the property, furthermore the tenant has been in occupation since 1992.

• The freehold property is let on effectively full repairing and insuring terms to Booker Limited which has a D&B rating of 5A1 representing a minimum risk of business failure.

• The lease was re-geared at the historic passing rent of £105,000 per annum representing £3.60 psf overall.

• Attractive Net Initial Yield of 8.00% which reflects a low capital value of £42.55 psf.

EPC

The property has an EPC rating of 96 (Band D).

A full copy of the EPC is available from Dunitz & Co. upon request.

VATThis property has been elected for VAT. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).

BOOKER CASH & CARRY, HEMPSTEAD ROAD, HOLT, NORFOLK, NR25 6EERECENTLY RE-GEARED FREEHOLD WAREHOUSE INVESTMENT LET TO BOOKER LIMITED (D&B 5A1).

Ordnance S

urvey © C

rown C

opyright 2015. All rights reserved.

Licence number 100022432. P

lotted Scale - 1:1250

0m10m

20m30m

HEATH DRIVE

HEM

PSTEAD R

OAD

DUNITZ & COMPANY LTD

Dunitz & Company Ltd for themselves and for the vendors or lessors of this property whose agents they are, give notice that:-

1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of an offer or contract;

2. Lease details, service charges, ground rent (where applicable) and council tax are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts;

3. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct however we have not carried out a structural survey and any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;

4. No person in the employment of Dunitz & Company Ltd has any authority to make or give any representation or warranty whatever in relation to the property; and

5. The photographs show only certain parts of the property as they appeared at the time they were taken and the copyright of the same remain exclusive to Dunitz & Company Ltd.

Designed by Graphic Outlines Ltd. September 2015

PROPOSALOffers are invited in excess of £1,240,000 (One Million Two Hundred and Forty Thousand Pounds) for the freehold interest of the property, reflecting a Net Initial Yield of 8.00% assuming standard Purchaser’s costs of 5.80%, subject to contract and exclusive of VAT.

FURTHER INFORMATION

For further information or to arrange an inspection of the property, please contact:

James DunitzTel: +44 (0)20 7486 8000Fax: +44 (0)20 3137 8010Email:

Dunitz & Co.40 Margaret StreetLondon W1G 0JH

The site plan is indicative and for reference purposes only. A Title plan can be provided upon request.

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

0m 10m 20m 30m

HEATH

DRIV

E

HEMPSTEAD ROAD