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住宿
该房产已根据 BKR 平面图进行测量，并提供以下内部总面积：
| 一楼 | 3,313.28 平方米 | 35,665 平方英尺 |
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £695 + VAT.
地点
我们估计场地面积约为 0.88 公顷（2.16 英亩），场地覆盖面积较低，为 38%。
A Site Solutions Assessment by Argyll Environmental was obtained in September 2022 which states that the site has ‘Passed’ for both Contaminated Land and Flood Risk and that “no Liabilities have been identified. No further action is required”. A copy of the report is available to download in the data room.
规划
该酒店受益于 Open A1 非食品规划许可。
The Permitted Use in the occupational lease is “as a retail shop for the sale and display of tents camping caravanning and outdoor activity equipment and related accessories associated ancillary outdoor insulated/protective clothing and footwear (but provided that the retail area for such clothing and footwear does not cover more than 20% of the net floor area of the retail unit) and items ancillary thereto together with ancillary café offices and storerooms or for the retail sale of such goods (excluding food and drink) within Class A1 (a) of the Schedule to the Town and Country Planning (Use Classes) Order 1987”.
任期
自由持有。
租赁
该物业出租给 户外零售有限公司 根据条件表，有效进行全面维修和保险租赁，期限为 20 年，从 2013 年 3 月 18 日起，到 2033 年 3 月 17 日到期（超过 10 年未到期租赁期限）。
目前的租金是 £152,396 per annum (£46 per sq m / £4.27 per sq ft). There are five yearly upward only rent reviews with the next being on 18th March 2023, to the greater of the passing rent and the Open Market Value, capped at 3% pa compounded.
The original lease did not include any tenant break options. As a result of the Covid-19 Pandemic the tenant re-negotiated the lease terms across their store portfolio with respective landlords and insisted on break options being inserted into their leases. Therefore, in accordance with a Deed of Variation dated 4th December 2020, there is a tenant’s break option on 29th September 2025 and 29th September 2030, subject to not less than six months’ notice.
盟约
Outdoors Retail Limited（公司编号：12659342）公布了以下数据：
| 周转 | £316,320,000 |
| 税前利润 | £21,494,000 |
| 股东资金 | £45,704,000 |
Go Outdoors 的使命是激励每个人，并为户外生活做好准备。Go Outdoors 是英国领先的户外用品专业零售商，店内提供种类最齐全的户外服装、鞋类和装备，服务范围广泛，包括徒步、露营、房车旅行、骑行、钓鱼、跑步和马术等户外活动。更多信息，请访问 www.gooutdoors.co.uk.
该公司是 JD Sports Fashion Plc 的全资子公司。
京东集团成立于 1981 年，是全球领先的运动、时尚和户外品牌全渠道零售商。该集团目前在 32 个地区拥有约 3,400 家门店，在英国、欧洲、北美和亚太地区拥有强大的影响力。 截至 2022 年 1 月 29 日的财年，JD Sports Fashion Plc 营收为 86 亿英镑，税前利润为 6.547 亿英镑，总股本为 24 亿英镑.
The accounts state that “our Outdoor businesses had a much improved year with an elevated demand for holidays in the UK and a general recognition of the physical and mental health benefits of spending time outdoors combining to drive a strong demand for outdoor living and cycling categories in particular”…..“we are confident that people will look to maintain a more active lifestyle and that the welcoming and engaging atmosphere in all of our stores will continue to inspire people to spend time outdoors”.
The positive progress in the Outdoor businesses is reflected in the fact that, even though the majority of stores were closed through the first quarter, there were record revenues in Outdoor in the year with total sales of £513.4 million (2021: £359.3 million). Outdoor also returned to profitability in the period with Pre-Tax Profits of £25.9 million.
Following a sharp downturn in sales due to the Covid-19 pandemic, in June 2020 Go Outdoors appointed Deloitte as its administrator to review the business and oversee a restructuring process which involved a sale of the business back to JD Sports for £56.5 million. As part of the agreement, Go Outdoors was granted a licence to occupy the 67 stores at the date of Administration for a period until October 2021 to enable the Company the opportunity to negotiate new leases with the respective landlords. As a result, many stores have been retained at rebased rental levels.
潜在的价值机会
如果租户在 2025 年 9 月行使中断选择权并腾出该房产，我们建议根据规划，寻求改变工业用途的可能性很大。
工业市场的各个方面都呈指数级增长并持续增长。可用库存的缺乏已将租金和资本价值推高至基准水平。 2021 年平均租金增长超过 25%，在一定程度上超出了 Covid-19 之前独立预测的 3-5%，这本身就是一个强有力的预测。租金已经上涨到这样的程度，以至于二级工业厂房吸引的租金超过了 12-18 个月前的新建交易。投机性房地产的缺乏不仅使得二手房的租金增长创纪录，也为开发商提供了在甲级空间交付过程中进一步推高租金的机会。
The Worcestershire industrial market has seen significant activity with exceptionally strong demand and take up and a critically weak immediate supply and insignificant pipeline of development. A result is that developers have decided to speculatively build, for example at St Modwen’s Nunnery Park scheme on the eastern edge of Worcester where buildings of 19,000 sq ft, 27,500 sq ft and 48,000 sq ft completed in 2020 were let almost immediately post lockdown at rents between £6.50 – 6.75 per sq ft on 10-year leases, that are now considered highly reversionary.
St Modwen committed further speculative build at Broomhall Business Park on the southern edge of Worcester with the developer quoting £7.25 per sq ft on a 30,000 sq ft unit. It is understood that a deal has since concluded off a headline rent of £8.00 per sq ft. (Source: 哈里斯羔羊).
就标的物业而言，如果有人寻求将用途改为工业用途，那么我们建议，类似规模的单位供应明显缺乏，而当地/区域需求强劲。该单元的配置还应允许在需要时进行细分。
我们获悉该房产的租金可能约为 £6.00 per sq ft。因此，隐含租金价值为 £213,990 per annum 以工业价值为基础。
另外，低密度场地还具有相当大的再开发潜力，可用于多种用途（根据规划）。
增值税
该财产被选择缴纳增值税。我们预计此次出售应能够被视为持续经营权转移（TOGC）。
提议
我们被指示寻求以下报价 £2,500,000 （两百万五十万英镑），根据合同，反映净初始收益率 5.73%, assuming standard purchaser’s costs of 6.38%.
Please note that a purchaser will be re-charged the costs of the measured survey (£695 + VAT) and searches (£2,032.07) which are provided in the data room.
请注意，购买者将被收取 10,000 英镑加增值税的交易费。
投资注意事项
获得永久业权零售仓库投资的机会；
Let to Go Outdoors Retail Limited, a wholly owned subsidiary of JD Sports (Market Cap £8.2 billion);
Low passing rent of £4.27 per sq ft in comparison to industrial rents in excess of £6.00 per sq ft. Next rent review in March 2023;
位于成熟的商业区，周围有多种用途，包括工业和贸易柜台；
该物业占地 2.16 英亩，占地面积 38%；
未来的替代用途和再开发潜力；
该物业以工业使用价值为基础；
以要价购买反映了诱人的净初始收益率；
