GLYNDWR ROAD, CWMBRAN, TORFAEN NP44 1QS

LEISURE INVESTMENT OPPORTUNITY

LEISURE@CWMBRAN

LEIS

URE@

CW

MBR

ANA5401

TO THE A4042

LEISURE@CWMBRAN

NEWPORT 6.5 MILES

ABERGAVENNY 14 MILES

BUS

STATIONCWMBRÂN

STATION

Investment Summary

LEISURE@CWMBRAN

• Popular leisure complex located in a strong commercial centre in South Wales

• Freehold

• Let to 9 tenants at a passing rent of £831,969 pa plus turnover rent of £36,067

• Vue cinema account for approximately 30% of the income

• Long unexpired lease terms with an attractive AWULT of 13.61 years to expiry (11.51 years to break)

• Leisure @ Cwmbran provides the only leisure complex in Cwmbran

• Offers are sought in excess of £11,000,000 (Eleven Million Pounds), which reflects a net initial yield of 7.10% (net initial yield of 7.40% inc. the turnover rent) after the deduction of normal purchaser’s costs of 6.70%.

Cardiff

Swansea

Bristol

A483

A470

A465

A465

A449

A449

A449

A417

A465

A438A438

A479

A470 A438

A438

A470

A470

A483

A4042

A4172

A4137

A4103

A4232

A48

A40

A40

A48

A40

A40

A49

A40

A40

A48

A403

A4 A4

A4

A37

A46A420

A433

A38

A38

M4

M4

M4

M5

M5

M4

M32

M50

M49

M48

A48(M)

CARDIFF

NEWPORT

SWANSEA

BRISTOL

GLOUCESTER

BATH

Port Talbot

Neath

Brecon

Pontypridd

Barry

Penarth

MerthyrTydfil

Abergavenny

Hereford

GreatMalvern

Pontypool

Caerphilly

Chepstow

Ross-on-Wye

ChippingSodbury

PontsheadAvonmouth

Weston-super-Mare

Brecon Beacons National Park

Forest of Dean

CWMBRÂN

Cwmbrân

CwmbrânShopping

Centre

Po

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Maw

r R

oad

St.

Dav

id’s

Roa

d

Trussel Road

Som

erse

t R

oad

Grang

e Ro

ad

St. D

avid’s R

oad

Gra

nge

Roa

d

Victoria Street

S t. D ials Road

St. Dials Road

Cock

er Aven

ue

Stry

d W

esle

y

Cha

pel

Str

eet

Woodsi

de R

oad

Springvale

Woodside Way

Llan

yr A

von

WayC

aern

arvo

n C

rescent

Blenheim R

oad Sh

akespeare Road

Llywelyn R

oad

Maendy Way

Maendy Way

Caradoc Road

Edlogan W

ay

Woodland RoadSpringvale Way

Gre

en

forge Way

Greenforge Way

Henllys Way

Greenmeadow W

ay

Glynd

wr R

oad

St. D

avid’s R

o ad

Tudor Road

Llywelyn Road

Llantarnam Road

Henllys W ay

Llanfrechfa Way

A40

51

Cw

mb

rân Drive

A4

051

A4051

Cw

mbrân D

rive

Lesiure @Cwmbran

Glyndwr Road

Cwmbran is located in South Wales, approximately 6.5 miles North of Newport, 16 miles north east of Cardiff and 14 miles South of Abergavenny. Junctions 26 and 25a of the M4 motorway are approximately 4 miles to the south, with access being provided via the A4051 and A4042 respectively.

Cwmbran Railway Station is located within a 10 minutes walk of the complex and provides a regular and direct service to Cardiff and Newport with journey times approximately 30 minutes and 10 minutes respectively.

Cardiff airport is located 26 miles South West of the subject property and is accessible via the M4, Junction 33.

Retailing in CwmbranThe town has a primary catchment population of approximately 146,000 significantly above the PROMIS small town average. Cwmbran is the only “new town” development in South Wales and is an established commercial location with a total working population of approximately 48,000.

The town provides a total of 780,000 sq ft of retail accommodation with a further 310,000 sq ft of retail warehouse and leisure accommodation.

Cwmbran Shopping Centre, situated adjacent to Leisure @ Cwmbran, provides 700,000 sq ft of retail accommodation and forms the 2nd largest shopping centre in Wales and the 29th largest in the UK. The shopping centre is anchored by House of Fraser (30,000 sq ft), Topshop (4,000 sq ft), Asda (90,000 sq ft) and Marks & Spencer (30,000 sq ft). There are 3,000 free car parking spaces in close proximity to the leisure complex.

Cwmbran Retail Park is located on the outskirts of the town to the west of Leisure @ Cwmbran where occupiers include Next, Halfords, CarpetRight, TKMaxx and B&Q.

LEISURE@CWMBRAN provides the only leisure complex in Cwmbran.

LEISURE@CWMBRAN

LOCATION

50 metres

For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011

Cwmbran

Experian Goad Plan Created: 04/11/2015Created By: Allsop

Copyright and confidentiality Experian, 2015. © Crown copyright and databaserights 2015 Ordnance Survey 100017316

LEISURE@CWMBRAN

DESCRIPTIONThe property was constructed in 2008 and comprises a purpose built leisure complex arranged over ground and first floor. The property provides a range of complementary uses with six A3 units, a cinema, bowling alley, gym and a trampoline centre.

The property is anchored by Vue cinema comprising 8 screens, including 2 digital 3D screens over 20,000 sq ft of ground and first floor.

Bowlplex comprises a 20 lane bowling complex with a late night licensed bar.

CINEMA SUPPLYMajor cinema supply within a 20 mile radius:

NEWPORT - 6 MILES Cineword (Spytty Park) - 13 screens Cineworld (Friars Walk) - 8 screens

CARDIFF – 16 MILES Cineworld - 15 screens Odeon - 18 screens Vue - 14 screens

NANTGARW – 20 MILES Showcase - 12 screens

According to the BFI Research and Statistics Unit, UK cinema admissions in 2015 were 9% higher than the same period in 2014. Total UK spend for film in 2015 was £1.236 billion; up 17% on the previous year.

Leisure @ Cwmbran is situated within the centre of Cwmbran on Glyndwr Road adjacent to Cwmbran Shopping Centre.

Cwmbran town centre benefits from 3,000 free customer car parking spaces. Leisure @ Cwmbran is located directly between the town’s main bus and railway station. The railway station is linked directly to the scheme via a pedestrianised bridge; the link also connects to the Morrison supermarket to the east of the leisure complex.

The property provides a frontage onto a pedestrianised walkway leading to Morrisons supermarket from where Frankie and Benny’s, Tiffins, Bowlplex, Vue, and Harvester can be accessed.

Lollypops & Ladybirds Ltd and Bay Leisure have frontages onto Glyndwr Road.

SITUATION

LEISURE@CWMBRAN

Unit Tenant Use Area (Sq m)

Area (Sq ft)

Lease Start Lease Expiry

Break Lease Term

Review Rent (£p.a)

Rent (£psf)

Comments

1A Lollypops & Ladybirds Limited

A3 132.76 1,429 11/10/2013 11/10/2018 5 N/A £17,000 £11.90

1B Kaspa’s Cwmbran Ltd A3 191.66 2,063 25/05/2016 25/05/2026 10 25/05/2021 £40,000 £19.39 Lease subject to guarantee from Kaspas Distribution Limited.

2 City Centre Restaurants (UK) Limited (The Restaurant Group (UK) Limited)

Restaurant (Frankie and Bennys)/A3

369.29 3,975 27/07/2009 27/09/2034 27/07/2019 25 27/07/201927/07/202427/07/2029

£70,000 £17.61 5 yearly upwards only reviews to Open Market Rental Value.

3A & 3B Lee Restaurants Limited A3 318.29 3,426 03/01/2017 02/01/2022 5 £55,000 £16.05 In solicitor’s hands and due to complete shortly.

4 Precision Trade Europe Limited (Tiffins)

Restaurant/A3 300.54 3,235 04/08/2008 03/08/2033 25 04/08/201804/08/202304/08/2028

£66,000 £20.40 5 yearly upwards only reviews to the higher of RPI or Open Market Rental Value.

5 Mitchells & Butler Retail (No2) Limited Harvester

Restaurant/A3 438.04 4,715 14/07/2011 14/07/2036 14/07/2026 25 14/07/202114/07/202614/07/2031

£66,819 £14.17 RPI Linked increases.

Cinema Vue Entertainment Limited Cinema 1,969.52 21,200 18/12/2008 17/12/2028 10 18/12/201818/12/2023

£243,800 £11.50 5 yearly upwards only reviews to Open Market Value.

Bowling Bowlplex Limited Ten Pin Bowling Centre

2,781.52 29,940 15/03/2012 03/08/2033 21 14/03/2022 14/03/202714/03/2032

£170,000 £36,067(1)

£5.68 Bowlex Limited has recently been acquired by Hollywood Bowl.Turnover Rent - 12.5% of any turnover over £1m. 2014 - £10,842, 2015 - £27,020, 2016 - £36,067.(1) Turnover Rent terminates on 15/03/2022.5 yearly upwards only reviews to Open Market Rental Value.

Unit 6&7 Simply Leisure Ltd guarantee by Bay Leisure Limited

GYM/D2 811.42 8,734 02/11/2015 02/11/2030 15 02/11/2020 02/11/2025

£47,850 £5.48 5 yearly linked to RPI.

Unit 81 Euphoria (Cwmbran) Ltd Salon/A1 181.16 1,950 04/05/2016 03/05/2019 04/05/2017 3 £8,000 £4.10 Rent increases 03/05/2017 to £10,000, 04/05/2018 - £12,000

Unit 82 Bounce Zone SA1 Ltd Trampoline Play Area

924.03 9,946 03/01/2017 02/01/2027 10 03/01/2022 £47,500 £4.27 In solicitor’s hands. Rent for 1st year is £20,000 and £47,500 for years 2-5. Vendor to top-up or guarantee 1st year rent.

Total 8,418.23 90,613 £831,969

TENANCY SCHEDULE

COVENANT STRENGTH

Vue Entertainment Ltd

29 Nov 2012 28 Nov 2013 27 Nov 2014

Turnover 257,952,000 258,111,000 244,899,000

Pre-Tax Profit 28,893,000 28,034,000 17,888,000

Shareholders Funds 168,258,000 188,736,000 294,137,000

Vue International is the largest cinema group in the world outside of the US and a leader in the premium entertainment cinema sector. Vue has 84 state of the art multiplex cinemas throughout the UK and Ireland with 7 cinemas in Wales.

Bowlplex Limited

28 April 2013 27 April 2014 26 April 2015

Turnover 23,665,000 23,893,000 25,339,000

Pre-Tax Profit -16,000 -122,000 409,000

Shareholders Funds 6,298,000 6,427,000 6,741,000

The company was founded in 1976 and comprises 17 family entertainment centres across England, Scotland and Wales. These centres comprise ten-pin bowling, late night licensed bars, video arcades and American pool.

Mitchells & Butler Plc

29 Sept 2012 28 Sept 2013 27 Sept 2014

Turnover 1,889,000,000 1,895,000,000 1,970,000,000

Pre-Tax Profit 83,000,000 150,000,000 123,000,000

Shareholders Funds 1,088,000,000 1,219,000,000 1,185,000,000

Mitchells and Butlers is the largest operator of managed restaurants and pubs in the UK. Principal brands include, All Bar One, Browns, Harvester, Toby Carvery and Vintage Inns. Mitchells and Butlers employ approximately 43,000 people and operate from c. 1,800 predominantly UK managed pubs. Harvester account for 213 of those sites.

The Restaurant Group Plc (Parent Company of City Centre Restaurants (UK) Ltd)

30 Dec 2012 29 Dec 2013 28 Dec 2014

Turnover 532,541,000 579,589,000 635,225,000

Pre-Tax Profit 64,561,000 72,685,000 84,927,000

Shareholders Funds 183,848,000 215,965,000 244,524,000

The Restaurant Group plc operates over 470 restaurants and pub restaurants. Principal brands include, Frankie and Benny’s, Chiquito, Coast to Coast and Garfunkel’s. Total revenue increased 8% from Q1 to Q2 2015 and The Restaurant Group expect to open 43 – 48 new sites in 2015.

TenureFreehold

EPC’sFurther information is available upon request or within the dataroom.

DATAROOMFor access to the Allsop Dataroom please use the following link: https://datarooms.allsop.co.uk/register/leisurecwmbran Existing users can log in to the dataroom site and register using access code: leisurecwmbran

VATThe property is elected for VAT and therefore it is anticipated that the sale will be treated as a TOGC.

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

Tom Dales020 7543 6866

tom.dales@allsop.co.uk

Lottie Hayward020 7543 6750

lottie.hayward@allsop.co.uk

Mark Dansky020 7543 6813

mark.dansky@allsop.co.uk

Jeremy Hodgson020 7543 6709

jeremy.hodgson@allsop.co.uk

www.allsop.co.uk

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 11.16

ProposalOffers are sought in excess of £11,000,000 (Eleven Million Pounds), which reflects a net initial yield of 7.10% (net initial yield of 7.40% inc. the turnover rent) after the deduction of normal purchaser’s costs of 6.70%.