KFC Drive Thru Restaurant InvestmentUpton Way, Sixfields Leisure Park, Northampton NN5 4EG

INVESTMENT SUMMARY

n Located on established leisure park next to Sixfields Football Stadium

n Immediate occupiers include includes Cineworld, Nuffield Gym, Pizza Hut, McDonalds & Frankie & Bennys

n Modern drive thru restaurant of 3,097 sqft

n Freehold

n Let on an original 25 year lease from 10 March 1995

n Tenant - Alderforce Ltd (KFC franchisee)

n Current passing rent of £80,560 per annum (£26 per sqft)

n Asking price - £1,250,000 n Initial Yield - 6.1%

LOCATION

Northampton is 67 miles north west of London, 45 miles south east of Birmingham and 30 miles north east of Oxford. The town lies to the east of the M1 motorway with Junctions 15, 15a and 16 all serving the town.

The town’s main arterial roads include the A45, which leads eastwards towards Wellingborough and south towards Junction 15. The A4500 Weedon Road leads eastwards from Junction 16 into the town centre. The A508 leads north towards the A14 and south through the town and out to Junction 15.

Northampton’s primary catchment population is just under 475,000 people. The area is forecast to see significantly above average population growth. The East Midlands Regional Development Plan has allocated 128,000 new homes for the County by 2026.

SIXFIELDS LEISURE PARK

The subject property forms part of the Sixfields Leisure Park, located just to the south of the A4500 Weedon Road which links directly westwards to J16 of the M1, 3 miles away. The Sixfields Leisure Park has been developed around the Sixfields Stadium which is home to Northampton Town Football Club. The town centre is two miles to the east.

The leisure scheme is anchored by a Cineworld, Nuffield Gym and Ten Pin Bowling Alley. There are several restaurants and pubs on the park including TGI Fridays, Frankie & Bennys, McDonalds, Pizza Hut and Bella Italia. The food offering is to be strengthened as there are two new restaurants currently under construction on the park which will trade as Coast to Coast and Chiquitos.

The area along Weedon Road is also one of the town’s main out of town retail locations with Sainsburys, M&S, Next, Boots, Lidl, Matalan, Hobbycraft and Halfords all in close proximity to the Sixfields leisure scheme. There are also plans linked to the expansion of the stadium to include a hotel and conference centre in addition to a 130,000 sqft new retail warehouse park, adjoining the Nuffield gym site.

NORTHAMPTON TOWNSIXFIELDS STADIUM

UPTON SQUARE(Under Construction)

MARINA GARDENS(Under Construction-Persimmon)

SIXFIELDS RETAIL PARK

TO M1

PROPOSED NEWRETAIL SCHEME

(Under Construction)

(Under Construction)

TO TOWN CENTRE

A4500

(Subject Property)

RESIDENTIAL DEVELOPMENTDirectly to the west of the subject property and Upton Way is a large scale new build residential area being developed by Keepmoat and Metropolitan Living called Upton Place and Upton Square. There is already substantial housing developed and eventually there will be over 500 new homes.

Directly to the north of this scheme and the A4500 Persimmon and Charles Church are underway with the residential development of a former NHS hospital site. Marina Gardens and Marina Park will provide a further 550 new homes.

DESCRIPTIONThe subject property comprises a purpose built drive thru restaurant constructed in 1995. Access onto the site is from Walter Tull Way, the main road through the leisure park. The building is brick built under a pitched tiled roof. Internally the unit has a customer area along with toilets, kitchen and staff areas to the rear.

ACCOMMODATIONThe unit extends to 287. 7 sqm (3,097 sqft). The overall site extends to 0.23 hectares (0.58 acres).

TENUREFreehold.

TENANCYThe property was originally let to Genesis Fast Food Ltd on a 25 year FRI lease from 10 March 1995. The lease was assigned to the current tenant, Alderforce Ltd, on 14 December 2006. The lease is full repairing and insuring. There are five yearly, upward only rent reviews. The March 2015 review is outstanding. The current rent is £80,560 per annum, (@ £26 per sqft).

COVENANTAlderforce Ltd operate 15 KFC franchised restaurants.

PRICEWe are instructed to seek offers in excess of £1,250,000 which reflects an initial yield of 6.1% based purchaser’s costs of 5.8%.

VATThe property is elected for VAT and VAT would be payable on the purchase. The intention would be to sell as a TOGC.

EPCThe certificate is available on request. The unit’s energy performance rating is D-87

31/03/2014£,000s

31/03/2013£,000s

31/03/2012£,000s

Turnover 15,255 14,612 14,349

Pre-tax Profit (656) (774) (820)

Total Assets less Current Liabilities 5,155 6,624 8,084

Shareholders’ Funds 1,630 2,360 3,179

CONTACTSFor further information or if you wish to arrange a viewing, please contact :-

ANDREW FRANCK-STEIER0121 513 0891andrew.franck-steier@fspproperty.co.uk

ANDREW PRICE0121 513 0892andrew.price@fspproperty.co.uk

Misrepresentation Clause : The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd, nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the condition of such equipment for their requirements.

Franck Steier Price Ltd

Third Floor, Victoria House

114-116 Colmore Row, Birmingham, B3 3BD

(Subject Property)