LLOYDS BANK 6-8 HIGH TOWN HEREFORD, HR1 2AEPRIME RETAIL INVESTMENT OPPORTUNITY

INVESTMENT CONSIDERATIONS

• Located in the Cathedral City of Hereford

• Situated in the prime retail pitch on High Town

• Freehold

• Let entirely to the strong covenant of Lloyds TSB Bank Plc on a lease expiring in June 2026

• The passing rent of £190,000 pa reflects a low Zone A rent of £92.60 Zone A

• The June 2016 rent review has not been triggered presenting immediate potential for rental uplift

• Attractive Grade II listed building

• Offers are sought in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6% assuming the usual purchaser’s costs of 6.47%

LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

LOCATION

Hereford is a Cathedral City and the county town of Herefordshire. It lies on the River Wye approximately 28 miles (45 km) south west of Worcester, 28 miles (45 km) north west of Gloucester and 58 miles (93 km) north east of Cardiff.

Hereford benefits from good road communications with the A49 providing access north and south, the A438 providing access east and west and the A465 proving access north east and south west.

The M50 is located 20 miles (32 km) to the south east of Hereford and links directly to the M5 (Junction11) located approximately 10 miles (16 km) further to the east of Hereford which provides access to Birmingham to the north and Bristol and Exeter to the south.

Hereford Railway Station is located on the Welsh Marches Line and provides direct services to Birmingham New Street and Cardiff Central with a fastest journey time of 1hour 30 mins and 59 minutes respectively.

SITUATION

The property is situated in prime pitch on the northern side of the pedestrianised High Town. High Town, along with High Street forms the principal retail area of Hereford city centre, nearby occupiers include M&S, River Island, WH Smith, HSBC and Dorothy Perkins.

HEREFORD

HOSPITAL

RIVER WYE

High Street High Street

Commercial Stre

et

Maylord Street

Chu

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Str

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Victo

ria Street

Edg

ar S

tree

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A438 A438

A438

A438

A

438

A438

Commercial Road

A465

West Street East Street

East Street

Bro

ad S

treet

Berring

ton

Street

Brid

ge S

treet

King Street

Offa

St

Uni

on S

tree

t

St Owen Street

Gaol Street

Bewell Street

Wid

emar

sh S

tree

tBlackfriars Street

Coningsby Street

Catherine Street

Can

al Ro

ad

St Guthlac Street St G

uthlac Street

Ca

ntilup

e Street

Castle Street

B

arton Road

Friars Street

Grim

mer R

oad

Portland Street

Moo

rfie

ld S

tree

t

Canonmoor Street

Gla

dsto

ne D

rive

Penhaligon Way

Barrs Court Road

Rockfield Road

Kyrle S

treet

Stonebow Road

Turn

er S

tree

t

Vaughan Street

MAYLORDSHOPPING

CENTRE

Hereford

M1

M11

M25M25

M25

M40

M40

M42

M50

M32

M27

M23

M20

M2

M6 TollM54M42

M69

M1

M1

M6

M6

M6

M6M5

M5

M5

M4M4M4

M3

M62M62

M65

M60

M56M56

M58

M53

M55

M66M18

A1(M)

A1(M)

A3(M)

A74(M)

A1(M)

A1(M)

M180

M74

M77

M8M8

M9M80

M90

M73

A1(M)

LONDONCardiff

ReadingSwindon

Basingstoke

SouthamptonPortsmouth

Taunton

OxfordLuton

Cambridge

Birmingham

Northampton

Gloucester

WorcesterHEREFORD Milton

Keynes

Leicester

Bath

Exeter

Merthyr Tydfil

Swansea

Bristol

LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

50 metres

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Hereford

Experian Goad Plan Created: 13/07/2016Created By: Allsop

Copyright and confidentiality Experian, 2016. © Crown copyright and databaserights 2016. OS 100019885

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DEMOGRAPHICS

The population within the Hereford primary catchment area is 267,000 with an estimated shopping population of 141,000.

The level of car ownership in Hereford is significantly above average with a particularly high proportion of 2 cars per household.

There are approximately 5.1 million visitors to Herefordshire per year with Hereford Cathedral attracting more than 50,000 visitors per year.

RETAILING IN HEREFORD

Town centre retail floorspace in Hereford is estimated at 1.29 million sq ft.

Hereford’s main shopping centre, The Maylord Shopping Centre opened in 1987 and comprises 150,000 sq ft, occupiers include Boots Opticians, Laura Ashley, The Body Shop and Sports Direct.

The £90 million Old Market retail and leisure development in Hereford City centre opened in 2014 and that year was crowned “New Centre of the Year” at the British Council of Shopping Centres annual dinner. The scheme comprises 357,000 sq ft and is anchored by Debenhams, Next and H&M as well as a 6 screen Odeon Cinema.

Hereford Retail Market takes place every Wednesday and Saturday on the High Town and Commercial Street area trading from 9am to 4pm. Hereford Produce and Craft Market takes place every Thursday and the first Saturday in the month along the High Town from 9am to 3pm. This results in significant footfall to High Town and the property on market days.

DESCRIPTION

The property comprises a Grade II Listed mid terrace property with a ground floor banking hall, basement storage accommodation, first floor offices/meeting rooms and ancillary and second and third floor ancillary. There is also a two storey rear annex providing ancillary storage. The banking hall features a large atrium light well.

The property is situated within the Central Area conservation area and within the Central Shopping and Commercial Area and forms part of the Primary Shopping Frontage.

LLOYDS BANK, 6-8 HIGH TOWN, HEREFORD, HR1 2AE PRIME RETAIL INVESTMENT OPPORTUNITY

ACCOMMODATION

Description Sq m Sq ft

Ground Floor sales 282.6 3,042

ITZA 156.3 1,682

Ground rear office 49.9 537

Basement ancillary 205.0 2,207

First floor offices 259.2 2,790

First floor ancillary 28.7 309

Second floor ancillary 200.8 2,162

Annex – Ground Floor 57.9 623

Annex – First Floor 68.7 740

Total Area 1,152.8 12,410

COVENANT

Lloyds TSB Bank Plc (00002065)Lloyds Bank Plc was founded in June 1765 and is the leading British retail and commercial bank with nearly 1,300 branches across England and Wales. The Bank is the principal subsidiary of Lloyds Banking Group with over 11 million customers. Lloyds Bank merged with TSB in 1995 to form Lloyds TSB. The new group continued to expand with subsequent acquisitions of Scottish Widows in 2000 and HBOS in 2009 when the business reformed as Lloyds Banking Group. In September 2013 Lloyds TSB once again became two separate banks – Lloyds Bank and TSB Bank.

For further information please visit www.lloydsbank.com.

Lloyds Bank Plc has a D&B rating of 5A1.

The business produced the following headline accounts over the last 3 years:

31 Dec 2013 (£000)

31 Dec 2014 (£000)

31 Dec 2015 (£000)

Turnover £53,977,000 £40,761,000 £31,031,000

Pre-Tax Profit £894,000 £2,289,000 £1,372,000

Tangible Net Worth £39,444,000 £44,691,000 £43,108,000

TENANCY

The property is let entirely to Lloyds Bank TSB plc on a full repairing and insuring lease for a term of 15 years from 24th June 2011 expiring 23rd June 2026.

The current rent is £190,000 per annum which equates to £92.60 psf Zone A after allowing 10% discount for hard frontage. The 24th June 2016 rent review has not been triggered.

TENURE

Freehold.

EPC

Available upon request.

VAT

The property has not been elected for VAT and therefore no VAT will be payable.

*Areas supplied by the vendor.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 07.16

For further information or to make arrangements for viewing please contact:

Dale Johnstone020 7543 6796dale.johnstone@allsop.co.uk

Lottie Hayward020 7543 6750lottie.hayward@allsop.co.uk www.allsop.co.uk

PROPOSALOffers are sought in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6% assuming purchaser’s costs of 6.47%.