HORSHAM 8 WEST STREET | RH12 1PB

INVESTMENT SUMMARY

• Affluent and historic market town• Situated in the prime pedestrianised shopping pitch of West Street• Approximately 780 sq ft ITZA• Income secured against the covenant of C & J Clark International Limited • Lease expiring June 2022, with a reversionary rent• Current income of £57,500 per annum • Freehold• Offers in excess of £730,000 which reflects an attractive net initial yield of

7.5% and reversionary yield of 8.5% after the deduction of usual purchasers costs of 5.06%

LONDONHeathrowAirport

LondonCity Airport

GatwickAirport

A127

A217

A331

A322

A316

A309

A232

A264

A264

A404

A355 A413

A2

A3

A3

A40

A24

A22

A21

A20

A10 A12

A13

A26

A21

A23

A23

M4

M4

M2M3

M25

M25

M25

M25

M23

M26

M20

Dartford

Bromley

Gravesend

Biggin Hill

Romford

Sevenoaks

Tonbridge

RoyalTunbridge

Wells

Maidstone

Snodland

East Grinstead

Crawley Three Bridges

Horley

HORSHAM

Godalming

Cranleigh

HaywardsHeath

Oxted

DorkingGuildford Reigate

Staines

Slough

Wycombe

WembleyUxbridge

BrentCross

Woking

Croydon

HarefieldHarrow

Windsor

Aldershot

Famham

Fleet

BracknallEgham

Sandhurst

Bagshot

READING

Maidenhead

Epsom

Swanley

Fulham

Richmond

KingstonUpon Thames

Southall

BillericayWickford

Stanford-le-Hope

Basildon

Walton-on-Thames

Clapham

M40

Leatherhead

Redhill

Sutton

LOCATION

Horsham is an affluent and historic market town located approximately 40 miles south of Central London, 23 miles north of Brighton and 9 miles west of Crawley.

Excellent road communications with the A24 providing a route to Dorking, Leatherhead and Central London. Junction 11 of the M23 is 8 miles to the east and easily accessed via the A264.

Frequent direct rail services to London Victoria and London Bridge with a fastest journey time of 50 minutes.

Gatwick Airport is 9 miles north east of the town and is easily accessible via the M23 or by train with a journey time of 18 minutes.

DEMOGRAPHICSHorsham has a busy retail centre with a primary catchment of approximately 137,000 people.

The town is ranked 11th out of the 200 centres on the PROMIS PMA affluence indicator.

Horsham’s catchment spend is 22% more per household on non-food than the national average and is forecast to grow.

SITUATIONExcellent trading position on the southern side of West Street, the prime pedestrianised retailing pitch in Horsham.

Close proximity to the Swan Walk Shopping Centre with tenants such as:

Occupiers on West Street include:

DESCRIPTIONThe property comprises a two-storey period terrace building of traditional construction that has been extended to rear with a combination of pitched and flat roofs.

The ground floor provides a retail unit fitted-out in the tenant’s corporate branding with a glazed frontage to West Street and ancillary accommodation to the rear and side of the unit.

The first floor provides additional ancillary space and is accessed by internal staircases toward the front and rear of the property.

There is separate access to the upper parts from the rear.

ACCOMMODATIONThe property provides the following net internal areas:

Description Use Area (sq m) Area (sq ft)

Ground Floor Retail 224.92 2,421

ITZA 72.46 780

1st Floor Ancillary 114.18 1,229

TOTAL 339.10 3,650

TENANCYThe premises are let on FRI terms to C & J Clark International Limited for a term of 35 years without break from 24th June 1987 (approx. 2.5 years unexpired) at a current rent of £57,500 per annum. This reflects £65.84 per sq ft Zone A.

TENUREThe property is held freehold.

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Horsham

Experian Goad Plan Created: 24/01/2020Created By: Kitchen LaFrenais Morgan

Copyright and confidentiality Experian, 2020. © Crown copyright anddatabase rights 2020. OS 100019885

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COVENANT INFORMATIONThe income is secured against the covenant of C & J Clark International Limited whose most recent published accounts are as follows:

Date of accounts 02/02/2019 (£’000)

03/02/2018 (£’000)

31/01/2017 (£’000)

Turnover 790,000 820,400 885,600Pre-Tax Profit (27,200) (3,200) 38,100Net Worth 203,100 267,100 321,800

EPCThe property has a rating level of D. A copy of the certificate is available on request.

VATWe understand that the property is elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be dealt with as a Transfer of a Going Concern (TOGC).

RENTAL EVIDENCEThe current rent reflects £65.84 per sq ft Zone A, which is low in comparison to recent rental evidence. We believe the unit could command a market rent of £80 per sq ft Zone A which would produce a reversionary rent of £65,400 per annum.

Address Tenant Date Rent Rent psf ZA Lease Event4 West Street Sharps Aug 2018 £55,000 £77.00 Lease renewal17 West Street O2 Jun 2018 £73,250 £75.00 Lease renewal1-3 West Street Lloyds Bank Jun 2018 £211,000 £75.00 Rent review6 Sterling Buildings Seasalt Clothing Jan 2017 £66,000 £96.49 OML

Ryden is a limited liability partnership registered in Scotland. Messrs Ryden for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Ryden has any authority to make or give any representation or warranty whatever in relation to this property. Date: March 2020

Andy King andy.king@ryden.co.ukTel: 020 7323 7959

Edwin Braimedwin.braim@rydenco.ukTel: 020 7323 7954

Ryden4th Floor, Langham House302-308 Regent StreetLondon, W1B 3AT

FURTHER INFORMATION

PROPOSAL

We are instructed to seek offers in excess of £730,000 for the freehold interest subject to contract and exclusive of VAT which based on the rental income of £57,500 per annum would show a purchaser a net initial yield of 7.5%, and a reversionary yield of 8.5% after a deduction of normal purchaser’s costs of 5.06%.