Prime London retaiL Park

Ravenside Retail ParkEdmonton

Contents

05 Executive Summary

06 Location

06 Socio Economic Profile

08 Situation

10 Description

11 Tenure

11 Tenant Trading

12 Tenancies

12 Service Charge

13 Planning

13 Covenant Information

14 Asset Management Opportunities

14 Outstanding Rent Review

14 Environmental Considerations

15 Proposal

Ravenside Retail Park

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Based on the excellent performance of the two anchor tenants we would anticipate very successful trading when these stores open. The adjacency of a regional anchor in ikEa and a large tesco Extra clearly underpins the location and trading.

edmonton is a strategically positioned commercial ■■

centre on the A406, London’s north Circular dual

carriageway, towards the southern boundary of

the London Borough of enfield benefiting from

exposure to a significant and extensive catchment.

the Ravenside Retail Park forms part of a significant ■■

retail offer including a tesco extra, IKeA superstore,

Costco and further retail clusters, providing in the

order of 82,125 sq m (884,000 sq ft) of floorspace.

Furthermore there is also a J sainsbury foodstore of

around 8,918 sq m (96,000 sq ft) approximately 4 km

(2.5 miles) to the east of the subject property.

the park benefits from a wide Bulky Goods planning consent ■■

with further relaxations, offering modern, well configured

retail space extending to approximately 11,943 sq m

(128,551 sq ft) together with 381 car parking spaces.

the scheme is currently let to two tenants with a further ■■

five retailers having signed Agreements for Lease and

taken occupation to commence fitting out of their

respective units. the average unexpired term for those

tenants in the main terrace stands in the order of 14 years.

the Maplin electronics lease incorporates a fixed uplift in 2011 ■■

whilst the Wickes and Argos leases incorporate fixed uplifts in 2012.

Whilst Wickes and Mothercare are the only tenants ■■

currently trading from the scheme we understand

that these are amongst the top stores in their

respective portfolios from a trading perspective.

the approaching lease expiry on the Mothercare unit (June ■■

2013) offers an excellent opportunity to regear given the

store’s trading figures and the fact that this is Mothercare’s only

unit in the immediate area. subject to planning a downsize

and subdivision of the unit could also be implemented.

offers are sought in the region of £35,700,000, subject to

contract and exclusive of VAt, for the Freehold interest in this

property. Based on an annual income of £3,303,126, assuming

settlement of the outstanding Mothercare review and the vendor

topping up the Maplin electronics income to the level of the

fixed uplift in 2011, this will show the following yield profile:

exeCutIVe suMMARy

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Whilst Wickes and Mothercare are the only tenants currently trading from the scheme we understand that these are amongst the top stores in their respective portfolios from a trading perspective.

initial Yield 8.75%

Reversionary Yield Feb 2012 (Wickes guaranteed uplift) 9.40%

Reversionary Yield mar 2012 (Argos guaranteed uplift) 9.45%

GRId ReFeRenCeTQ356920

PostCodeN18 3HA

edmonton is situated in the London Borough of enfield,

approximately 14.5 km (9 miles) north of the Capital’s

centre. surrounding centres include Wood Green

around 7 km (4 miles) to the south west, Walthamstow

around 6.9 km (4.2 miles) to the south east and enfield

itself around 5.8 km (3.6 miles) to the north.

the area benefits from excellent communication links

with the A406 north Circular providing access both east

and west across northern London. to the east the north

Circular links with Woodford, Walthamstow, the M11 (and

M25) and A12. to the west is the A10 (M25 and the north),

Haringey, Friern Barnet, Brent Cross and the M1 Motorway.

the closest train station is Angel Road, situated just

to the north of the north Circular and this provides

a direct link with London’s Liverpool street offering

a fastest journey time of around 27 minutes.

edmonton boasts a resident population of around 96,492

people (2001 Census). According to CACI approximately

159,409 people within a 10 minute drive time of the subject

property and this figure increases to around 435,216 people

within a 15 minute drivetime. the presence of the IKeA

ensures that the immediate locality draws upon a much

wider catchment, covering much of north east London.

soCIo-eConoMIC PRoFILeLoCAtIon

5 minutes

Drive time contours

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15 minutes

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A406 North Circular

Stratford

Plaistow

Hackney

Stepney

CamdenTown

Finchley

Hampstead

Holborn

LondonKensington

Chelsea

Wandsworth

Streatham

Beckenham

Hayes

Farnborough

Orpington

Swanley

Purley

Croydon

Forest Hill

PeckhamLambeth

Dagenham

Beckton

Ilford

Finsbury

UpperEdmonton

WalthamstowMuswell Hill

Crouch End

Southgate

Cockfosters En�eldLoughton

Woodford

Chigwell

Forty Hill

WalthamAbbey

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Essendon

Radlett

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Borehamwood

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Rickmansworth

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Hare�eld

Denham

Uxbridge

Cowley

SouthallHanwell

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Brent CrossHarrow

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HemelHempstead

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St Albans

WestThurrock

Dartford

Crayford

Bexleyheath

Woolwich

Rainham

New Eltham

North Cray

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Chislehurst

EdmontonEdmonton

Stratford

Plaistow

Hackney

Stepney

CamdenTown

Finchley

Hampstead

Holborn

LondonKensington

Chelsea

Wandsworth

Streatham

Beckenham

Hayes

Farnborough

Orpington

Swanley

Purley

Croydon

Forest Hill

PeckhamLambeth

Dagenham

Beckton

Ilford

Finsbury

UpperEdmonton

WalthamstowMuswell Hill

Crouch End

Southgate

Cockfosters En�eldLoughton

Woodford

Chigwell

Forty Hill

WalthamAbbey

WalthamCross

Cheshunt

Wildhill

Cu�ey

Nazeing

Sewardstone

StaplefordAbbotts

Essendon

Radlett

Aldeham

Borehamwood

EdgwareStanmore

SouthOxney

Watford

Rickmansworth

Chorleywood

Hare�eld

Denham

Uxbridge

Cowley

SouthallHanwell

Perivale

Brent CrossHarrow

Ruislip

AbbotsLangley

HemelHempstead

LondonColney

Ridge

St Albans

WestThurrock

Dartford

Crayford

Bexleyheath

Woolwich

Rainham

New Eltham

North Cray

Blackheath

Chislehurst

Wood Green

drive time contours

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A406 North CircularA406 North Circular

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A406 North Circular

A12

A12

A1400

A41 A1

A10

A40

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A23

A24

A21

A20

A102 A117

A406

A100

A202

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A282

A302

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Leyton

Stratford

Plaistow

Hackney

Stepney

CamdenTown

Finchley

Hampstead

Holborn

LondonKensington

Chelsea

Wandsworth

Streatham

Beckenham

Hayes

Farnborough

Orpington

Swanley

Purley

Croydon

Forest Hill

PeckhamLambeth

Dagenham

Beckton

Ilford

Finsbury

UpperEdmonton

WalthamstowMuswell Hill

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Woodford

Chigwell

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Cowley

SouthallHanwell

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HemelHempstead

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Ridge

St Albans

WestThurrock

Dartford

Crayford

Bexleyheath

Woolwich

Rainham

New Eltham

North Cray

Blackheath

Chislehurst

Edmonton

WalthamAbbey

Edmonton

Leyton

Stratford

Plaistow

Hackney

Stepney

CamdenTown

Finchley

Hampstead

Holborn

LondonKensington

Chelsea

Wandsworth

Streatham

Beckenham

Hayes

Farnborough

Orpington

Swanley

Purley

Croydon

Forest Hill

PeckhamLambeth

Dagenham

Beckton

Ilford

Finsbury

UpperEdmonton

WalthamstowMuswell Hill

Crouch End

Southgate

Cockfosters En�eldLoughton

Woodford

Chigwell

Forty Hill

WalthamAbbey

WalthamCross

Cheshunt

Potters Bar

Wildhill

Cu�ey

Nazeing

Sewardstone

ChigwellRow

Essendon

Radlett

Aldeham

BorehamwoodBarnet

EdgwareStanmore

SouthOxney

WatfordChorleywood

Hare�eld

Denham

Cowley

SouthallHanwell

Perivale

Brent CrossHarrow

Ruislip

AbbotsLangley

HemelHempstead

LondonColney

Ridge

St Albans

WestThurrock

Dartford

Crayford

Bexleyheath

Woolwich

Rainham

New Eltham

North Cray

Blackheath

Chislehurst

The presence of the ikEa ensures that the immediate locality draws upon a much wider catchment, covering much of north east London.

sItuAtIon

the Ravenside Retail Park is situated on the southern side

of the A406 north Circular, just to the west of the Cooks

Ferry roundabout. the site which offers excellent frontage

and visibility to and from the dual carriageway is bordered

to the east by the River Lea, to the south by the orbital

Business Park and by IKeA (300,000 sq ft) and tesco (100,000

sq ft) superstores to west. We estimate that the combined

retail offer in the immediate vicinity provides a critical mass

of space in the order of 91,044 sq m (980,000 sq ft). the

majority of customers visiting IKeA and tesco have to pass

by the subject property, ensuring significant traffic flow.

the aerial photo adjacent shows the positioning

of the subject property in the context of the A406

north Circular and the surrounding retail provision.

We have provided further information in regard to

these schemes and stores on the next page.

We consider that the subject property offers significantly

superior specification and quality retail warehouse

floorspace than the surrounding provision and this has

been demonstrated by a number of tenants relocating

from this ‘older’ space (Allied Carpets and Paul simon).

Subject Property

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this plan is published for the convenience of identification only. Any site boundaries are indicative only and should be checked against title deeds.

Subject Property

Ravenside Retail Park.

tesco extra

c. 9,290 sq m (100,000 sq ft).

ikea Superstore

27,870 sq m (300,000 sq ft).

eley retail Park

c. 8,351 sq m (89,900 sq ft). developed

around 1984 current tenants include

Magnet, Bensons Beds and Joysleep.

Cork tree retail Park

c. 8,639 sq m (93,000 sq ft).

developed around 1989, current

tenants include Currys, Pets at

Home, Harveys and Halfords.

Cabinet Way development

c. 8,527 sq m (91,790 sq ft).

developed around 1983, current

tenants include Carpets 4 Less,

Kwik Fit, topps tiles and B&Q.

Costco Superstore

c. 9,290 sq m (100,000 sq ft).

J Sainsbury

8,918 sq m (96,000 sq ft). Edm

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the subject property is effectively split into two physical

elements by the access roundabout from Argon Road

and Ravenside Close acting as a ‘spine road’ running into

the scheme. the western ‘half’ of the site comprises an

east facing stand alone retail warehouse unit occupied by

Mothercare extending to around 2,797 sq m (30,107 sq ft)

with a main forecourt car parking provision (101 spaces) and

further smaller parking provision (32 spaces) to the south

east corner, effectively adjacent to the servicing area.

to the east of Ravenside Close is a north facing stand alone dIy

store occupied by Wickes extending to approximately 5,625

sq m (60,550 sq ft) and a further north west facing terrace of

5 units which has recently been completed and extends to

approximately 3,520 sq m (37,894 sq ft). these units benefit

from a forecourt parking provision of around 248 spaces.

the combined car parking areas offer an overall

provision for the scheme of circa 381 spaces

and a ratio of 1: 31.3 sq m (337 sq ft).

Practical Completion of the new terrace was achieved

in March and the tenants have taken occupation and

are currently fitting out their respective units. the units

are of steel portal frame construction incorporating a

modern and attractive combination of brickwork and

cladding around glazed entrance features. Internally

the units offer a minimum eaves heights of 5.5 m (18

ft), and comfortably accommodate mezzanine floors as

demonstrated by those set out in the tenancy section,

together with required ancillary and staff facilities.

segregated servicing facilities for all the units are

available via Ravenside Close whilst primary customer

access to the scheme from the A406 north Circular is

available from the Cooks Ferry roundabout via Harbet

Road and Argon Road. this is also the main customer

access route to the adjacent tesco and IKeA stores.

desCRIPtIon

A406 North Circular

A406 North Circular

ARGON ROAD

A10

A1010

A1055

A1009

A1037

A112

A1055

A1010

A10

A406 North Circular

A406 North Circular

ARGON ROAD

A10

A1010

A1055

A1009

A1037

A112

A1055

A1010

A10

the arrows depict the access route from the A406 north Circular in both directions.

Ravenside Retail Park

the property is held Freehold.

ARGON ROAD

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NORTH CIRCULAR ROAD

West Bound

East Bound

SERVICEYARD

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the Mothercare store is their only representation in the

immediate area, Wood Green and enfield being the nearest

other stores (4.8 km and 5.3 km respectively) and we understand

that this is one of the top trading stores in their uK Portfolio.

the Wickes store is also one of the top performing

stores in the uK portfolio, clearly benefiting from the

excellent strategic position on the A406 north Circular

and a lack of decent competition in the area.

Clearly it is not possible to obtain trading feedback for

those tenants fitting out however based on the excellent

performance of the two anchor tenants we would

anticipate very successful trading when these stores open.

the adjacency of a regional anchor in IKeA and a large

tesco extra clearly underpins the location and trading.

tenAnt tRAdInG

tenAnCIes

Property tenant trading as term lease lease next Gia mezz Current Current Comments address start Expiry Review (sq ft) (sq ft) Rent Rent (Unit) (£ pa) (£ psf)

1a next Group Plc next Home 10 yrs 25/03/09 11/08/19 12/08/14 9,000 8,400 £256,500 £28.50 Reviewed to lower of open market value or gearing to

Consumer Price index.

1B argos ltd argos 15 yrs 09/03/09 08/03/24 09/03/14 10,000 10,000 £280,000 £28.00 stepped rent (march 2012) to £30.00 psf. om reviews are capped at 2.5%

pa compound growth on passing rent. mezzanine space is storage only.

1C allied Carpets Properties ltd allied Carpets 15 yrs 25/12/08 24/12/23 25/12/13 7,500 6,000 £225,000 £30.00

1d Paul simon (london) ltd Paul simon 15 yrs 25/12/08 24/12/23 25/12/13 5,500 2,000 £166,950 £30.35

1E maplin Electronics ltd maplin 15 yrs 16/03/09 15/03/24 16/03/14 5,500 – £151,250 £27.50 stepped rent (march 2011) to £30.00 psf (£165,000 pa).

2 Wickes Building supplies ltd Wickes 20 yrs 07/02/07 06/02/27 07/12/12 60,550 3,157 £1,541,751 £24.80 the first floor space is valued at 50% of the omv psf of the ground

floor. Fixed uplift on 07/02/12 to £1,787,311 pa.

3 Childrens World ltd mothercare 25 yrs 24/06/88 23/06/13 24/06/08 30,107 10,000 £647,300 £21.50 the 2008 Rent Review is now outstanding. the rent stated is

the anticipated settlement level. the current rent payable is

£565,000 pa (£18.77 psf).

advert. Excited limited n/a 3 yrs 01/06/08 31/05/11 – – – £26,250 – 50% of this income is offset against service Charge

Burger van andrea lafave n/a 3 yrs 01/04/09 31/03/12 – – – £15,000 – licence relating to 2 car park spaces. 50% of this income is offset

against service Charge.

128,157 39,557 £3,289,376

the property is currently let to two occupational

tenants with a further five Agreements for

Lease in place, in accordance with the tenancy

schedule set out below. We have also set out the

relevant incentives for the more recent lettings.

1. the vendor will make-up any shortfall in the initial annual income stream as a result of any rent free periods.2. 50% of the income derived from the Advertising Board and Burger Van (non permanent trading units) is to be credited towards the service charge

account under the terms of the Allied Carpets Properties lease. Consequently we have deducted this from the total Annual Income figure.

3. next, Argos and Paul simon have consent to pay their rents monthly under agreed side letters. 4. the floor areas set out for units 1A, 1B, 1C, 1d and 2 are ‘capped’ areas and are to be assumed at future reviews. slightly larger areas for some of the units

were recorded at Practical Completion and details of these are available on request – actual scheme total area – 128,551 sq ft.

Whilst there is a service charge regime in place on the scheme

given the significant changes that have taken place on the

park in recent years, arguably the most relevant information

is the Budget Forecast for the 2009-2010 financial year and

we have set summary information for this period out below

together with the previous two years:

seRVICe CHARGe

Budget 2009/2010 Budget 2008/2009 actual 2007/2008

total £63,681 (£0.49 psf ) £79,901 £50,797

this forecast for the forthcoming financial year shows a 20.1%

decrease over the budget for the year ending 31st March 2009.

More detailed information is available on request.

the scheme has seen significant change and redevelopment

in the last few years with the site previously comprising a stand

alone Wickes, Courts and Mothercare units between 1988 and

2005. the original Wickes unit was positioned where the recently

completed terrace currently stands, with Courts occupying the

unit that Wickes now occupy (having relocated there in 2006).

Full copies of the relevant planning consents are available on

request though we have summarised the main conditions below:

Units 1a-1E:

non food wide bulky goods planning consent allowing ■■

sale of dIy/hardware, furniture, furnishings, carpets,

floor coverings, household textiles, motor vehicles and/

or cycle goods, electrical goods including computers.

Minimum unit size of 510 sq m (5,489 sq ft)■■

total Gross Mezz. floor area of 2,575 sq m (27,717 sq ft), ■■

of which 1,599 sq m (17,211 sq ft) can be used for

retail and 975 sq m (10,494 sq ft) for storage

the Argos unit can be used as a Catalogue showroom, ■■

no larger than 1,858 sq m (19,999 sq ft) of non bulky

electrical items from the unit occupied by Maplin.

the consent also allows 511 sq m (5,500 sq ft) ■■

of floor space for sales of non bulky electrical

items from the unit occupied by Maplin

Unit 2:

non food retail warehouse with the following further ■■

exclusions: alcoholic drinks, tobacco, books, magazines,

newspapers, clothing & footwear, chemists goods,

We have set out below some recent account information together with dun & Bradstreet ratings for the primary tenants:

PLAnnInG CoVenAnt InFoRMAtIon

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tenant date for sales tangible total d&B % of current accounts turnover net worth current assets rating income

next Group Plc 26/01/2008 £158,600,000 £227,400,000 £1,812,600,000 5a2 8.1% 27/01/2007 £150,900,000 £188,200,000 £1,553,200,000 28/06/2006 £130,800,000 £291,800,000 £1,336,900,000

argos ltd 01/03/2008 £4,099,777,000 £1,381,659,000 £1,698,625,000 5a1 8.8% 03/03/2007 £3,726,054,000 £969,435,000 £1,673,478,000 31/03/2006 £3,654,835,000 £903,168,000 £1,568,936,000

allied Carpets Properties ltd 29/12/2007 £55,114,000 £23,089,000 £16,343,000 4a3 7.0% 30/12/2006 £53,015,000 £20,746,000 £13,443,000 31/12/2005 £51,119,000 £18,581,000 £11,104,000

Paul simon (london) ltd 31/05/2008 £35,062,883 £6,264,941 £5,109,842 2a2 5.2% 31/05/2007 £33,607,714 £5,889,795 £5,602,990 31/05/2006 £20,047,043 £5,242,768 £4,502,213

maplin Electronics ltd 29/12/2007 £179,778,000 £52,275,000 £78,312,000 5a1 4.7% 30/12/2006 £149,466,000 £36,855,000 £53,477,000 31/12/2005 £128,285,000 £22,320,000 £35,094,000

Wickes Building supplies ltd 29/12/2007 £929,171,000 £119,457,000 £364,264,000 5a1 48.5% 30/12/2006 £847,466,000 £82,822,000 £345,539,000 31/12/2005 £964,414,000 £24,131,000 £353,949,000

Childrens World ltd 29/03/2008 - £63,700 £63,700 5a3 17.7% 31/03/2007 - £63,700 £63,700 01/04/2006 - £63,700 £63,700

tenant date for Revenue total net d&B % of current accounts (£’000s) assets (£’000s) rating income

mothercare plc 29/03/2008 £676,800,000 £198,000,000 5a1 n/a (Global Parent Company) 31/03/2007 £498,500,000 £151,000,000

nB: the ‘% of current income figures’ are based on a total income figure of £3,184,501 pa so do not include advertising or burger van income.

jewellery, watches, clocks, toys or sports goods,

stationary, leather goods and general fancy goods.

Minimum unit size of 1,400 sq m (15,068 sq ft).■■

Unit 3:

non food retail warehouse with the following further ■■

exclusions: alcoholic drinks, tobacco, books, magazines,

newspapers, clothing & footwear, chemists goods,

jewellery, watches, clocks, toys or sports goods,

stationary, leather goods and general fancy goods.

Further allowance for Childrens World (Mothercare) to ■■

sell books, maternity wear, children’s clothes, shoes, baby

goods, toys, educational crafts and party equipment.

All the leases/Agreements for Lease in place offer minimum

unexpired terms in excess of 15 years, with the exception

of the Mothercare which is due to expire in June 2013. the

rent review from 2008 remains outstanding and given the

performance of the store and its positioning within their

portfolio there is little doubt that Mothercare will seek to retain

representation here beyond the approaching lease expiry.

Initial discussions have taken place in regard to regearing the

existing lease together with the possibility of a downsize of

the unit to create separate accommodation in the order of

5,000 – 10,000 sq ft for use by another retailer. Indeed there is a

historic consent allowing sub-division which has now expired.

It is anticipated that given the age of the unit and

trading levels to date, Mothercare will look to refurbish

their store both internally and externally in the next

few years and this will certainly be the case should

a downsize take place in some form or other.

the Childrens World rent review is outstanding from June

2008. the current passing rent of £565,000 pa equates to

£18.77 psf and a settlement in the order of £647,300 pa

(£21.50 psf ) is anticipated. Following this we consider

the property to be rack-rented as set out in the tenancy

schedule on page 13. this would equate to a net total

Annual Income from the park of circa £3,289,376.

Asset MAnAGeMent oPPoRtunItIes outstAndInG Rent ReVIeW

enVIRonMentAL ConsIdeRAtIonsWaterman undertook a Phase 1 Property due diligence

Assessment of the Ravenside Retail Park in April 2009

and confirmed that ‘the site is considered to represent

a low to medium risk with respect to contaminative

liabilities or costs…. Furthermore the site currently used

for commercial purposes, a less sensitive end-use, and is

predominantly covered in hard standing, limiting the risk

for site users to come into contact with any contamination.

Consequently the site is considered suitable for current use.’

the environmental Health officer (eHo) for enfield Council

has confirmed that the site is not recorded as potentially

contaminated land and is consequently not registered as such.

A full copy of this report is available on request.

offers are sought in the region of £35,700,000, subject

to contract and exclusive of VAt, for the Freehold

interest in this property. Based on an annual income of

£3,303,126, assuming settlement of the outstanding

Mothercare review and the vendor topping up the

Maplin electronics income to the level of the fixed uplift

in 2011, this will show the following yield profile:

PRoPosAL

enVIRonMentAL ConsIdeRAtIons

Edm

on

ton

Rav

Ensi

dE

REta

il P

aRk

15

initial Yield 8.75%

Reversionary Yield Feb 2012 (Wickes guaranteed uplift) 9.40%

Reversionary Yield mar 2012 (Argos guaranteed uplift) 9.45%

Patrick knapmant: 020 7152 5019F: 020 7152 5382e: patrick.knapman@eur.cushwake.com

Justin Houlihant: 020 7152 5670F: 020 7152 5382e: justin.houlihan@eur.cushwake.com

ContactsFor further information please contact:

misrepresentation act 1967 and Property misdescriptions act

Cushman & Wakefield LLP for themselves and for vendors or lessors of this property whose agents they are, give notice that :

1 the particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract.

2 no person in the employment of the agent(s) has any authority to make or give any representation or warranty whatever in relation to this property.

3 this property is offered subject to contract and, Floor areas, measurements or distances given are approximate and unless otherwise stated, all rents are quoted exclusive of VAt.

4 nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order.

5 unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required.

www.cushmanwakefield.com

Edmonton | Ravenside Retail Park | May 09 | Ref: 105785