Retail Investment Portfolio Executive Summary Martin McColl Ltd • Opportunity to purchase a portfolio of 10 Martin McColl Ltd is a UK wide and properties let to Martin McColl Ltd newsagent operator. The company operates 837 McColls convenience stores of which 664 of these are premium • Each property is let on FRI terms until 29th November stores and 469 newsagents branded R S McColl’s in 2021 providing in excess of 6 years term certain Scotland and Martin’s elsewhere in the UK. • Upward only rent reviews due in November 2016 Martin McColl Ltd is part of McColl’s Retail Group Plc. • Total income of £114,700 per annum The Group posted revenue of £922.4m for the 53 week • All properties are held on a heritable basis period ending 30 November 2014, with operating profit of (Scottish equivalent of English Freehold) £25.5m. The Group listed on the London Stock Exchange’s main market in February 2014. Martin McColl Ltd has • Asset management opportunities an Experian credit risk score of very low risk with total • Offers in excess of £1.32m are invited, reflecting a turnover of £428.1m reported in the year to 24 November net initial yield of 8.23%, assuming purchaser’s 2013 and a pre tax profit of £26.62m. Further information costs of 5.56% can be found on the tenant at www.martinmccoll.co.uk Martin McColl Ltd Retail Investment Portfolio

Tenancy Schedule

Property Tenant Total NIA sq ft Area ITZA Lease Expiry Rent Rent Review Comments

8/8a Abbotswell Crescent, Martin McColl Ltd 642 526 29/11/2021 £6,500 30/11/2016 Refurbishment set for Aberdeen late 2015

3 High Street, Martin McColl Ltd 680 562 29/11/2021 £10,000 30/11/2016 Carluke

12 Abronhill Shopping Martin McColl Ltd 1,201 950 29/11/2021 £12,000 30/11/2016 Centre, Cumbernauld

339 Calder Road, Martin McColl Ltd 752 597 29/11/2021 £8,600 30/11/2016 The tenant is currently Edinburgh not in occupation

90 East High Street, Martin McColl Ltd 1,981 9 11 29/11/2021 £14,000 30/11/2016 Forfar

Main Street West, Martin McColl Ltd 1,115 659 29/11/2021 £12,000 30/11/2016 Inveraray

110/114 Main Street, Martin McColl Ltd 1,939 1,350 29/11/2021 £18,600 30/11/2016 Kilwinning

3 Queens Building, Martin McColl Ltd 1,407 617 29/11/2021 £11,000 30/11/2016 Rosyth

26 Perth Road, Martin McColl Ltd 514 343 29/11/2021 £6,000 30/11/2016 Scone

45 High Street, Martin McColl Ltd 1,423 902 29/11/2021 £16,000 30/11/2016 Turriff

Total 11,654 6,931 £114,700 Property Locations

A9

TURRIFF

ABERDEEN

FORFAR

SCONE

INVERARAY ROSYTH CUMBERNAULD EDINBURGH CARLUKE KILWINNING Martin McColl Ltd Retail Investment Portfolio

8/8a Abbotswell Crescent, Aberdeen, AB12 5AR

Location Aberdeen is the third largest City in Scotland with a population of 222,800 and is regarded as the centre of Europe’s oil and gas industry. It is a key contributor to the UK economy. Aberdeen is located approximately 127 miles north of Edinburgh and 145 miles north-east of Glasgow. Situation The property forms part of a small retail complex comprising five terraced shop units close to Abbotswell Primary School, Kirkhill Primary School and Kincorth Academy. Neighbouring occupiers include William Hill and a mixture of independent local traders including a hairdresser, bakery and a pharmacy. Description The property comprises two single lock up retail units formed on the ground floor of a two storey building. The upper floor is in residential use but does not form part of the sale. Internally the unit provides two sales areas that are split by an internal wall with staff and WC areas to the rear. This property is due to be refurbished later this year, which will see the internal wall, currently separating the two units, taken out to create one large sales area. Accommodation We are advised that the total floor area is 642 sq ft (59.64 sq m) with a reduced area of 526 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating F+. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The property is let to Martin McColl Ltd at a passing rent of £6,500 per annum. Martin McColl Ltd Retail Investment Portfolio

3 High Street, Carluke, ML8 4AL

Location Carluke is located in South Lanarkshire, approximately 22 miles south east of Glasgow and 36 miles south west of Edinburgh. The town has a population of approximately 13,500 people with the A73 providing the town with direct access to the M8 motorway. Carluke also benefits from a railway station which offers services to Glasgow Central. Situation The property is situated on High Street which is the main retailing thoroughfare in Carluke. Nearby occupiers include Coral, Subway, Scot-mid and Lloyds Pharmacy. Description The property comprises a mid terraced retail unit occupying the ground floor of a two storey building with the upper floor in residential use. The upper floor does not form part of the subjects for sale. Internally the property has a good sized sales area to the front with store and staff areas to the rear of the building. Accommodation The total floor area is 680 sq ft (63.17 sq m) with a reduced area of 562 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating G. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is single let to Martin McColl Ltd at a passing rent of £10,000 per annum. Martin McColl Ltd Retail Investment Portfolio

12 Abronhill Shopping Centre, Cumbernauld, G67 3AZ Location Abronhill is a district of Cumbernauld situated approximately 3 miles to the north east of the town centre. Cumbernauld has a population of circa 52,000 people. The town is located approximately 13 miles north east of Glasgow and 39 miles west of Edinburgh making is easily accessible from the M8/A80 and M73. Situation The property is located within a small shopping centre which is easily found just off Forest Road. The location of the shopping centre is well signposted and has a prominent position within the neighbourhood. The property is situated within part of the covered section of the complex. Adjacent occupiers include Rowlands Pharmacy and . Description The property consists of a double fronted single storey retail unit which is located in the part covered shopping centre. Internally the unit is finished in the corporate style of the tenant. The tenant operates a Post Office from the unit. Accommodation The total floor area is 1,201 sq ft (111.58 sq m) with a reduced area of 950 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating D. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is single let to Martin McColl Ltd. The total passing rent is £12,000 per annum. Martin McColl Ltd Retail Investment Portfolio

339 Calder Road, Edinburgh, EH11 4AH Location Edinburgh is Scotland’s capital city and has a population of circa 487, 500 people. There are many prominent educational institutes located in Edinburgh ranging from prep schools to Universities creating a larger urban zone of 778,000. The property is situated within the Sighthill area of the city approximately 3.75 miles to the west of the City Centre. Situation The property is located within a small neighbourhood retail complex with neighbouring occupiers including William Hill and Scot-Mid. Description The property consists of a single storey retail unit of concrete construction. On street parking is provided to the front of the unit. Internally the unit provides sales accommodation to the front with storage and ancillary accommodation to the rear. Accommodation The total floor area is 752 sq ft (69.86 sq m) with a reduced area of 597 sq ft ITZA. EPC Rating G. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is single let to Martin McColl Ltd at a passing rent of £8,600 per annum. The tenant is not in occupation. Martin McColl Ltd Retail Investment Portfolio

90 East High Street, Forfar, DD8 2ET

Location Forfar is a small town in the Angus area of Aberdeenshire with a population of circa 14,000 people. The town is approximately 14 miles north of Dundee and 54 miles south west of Aberdeen. There are good transport links serving the town, with Forfar easily accessible from the A90. Situation The property is situated on East High Street and is within close proximity to Academy Street. There is a bus stop immediately to the front of the property providing regular services to and from Dundee. Surrounding occupiers include Davidsons Chemist, and a mixture of local independent traders. Description The property comprises a traditional mid terraced building over ground and first floors. Internally the unit forms a large sales area with additional staff/storage area to the first floor. The property is fitted out in the corporate style of the tenant. Accommodation The total floor area is 1,981 sq ft (184.04 sq m) with a reduced area of 911 sq ft ITZA. EPC Rating E+. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let in its entirety to Martin McColl Ltd at a passing rent of £14,000 per annum. Martin McColl Ltd Retail Investment Portfolio

Main Street West, Inveraray, PA32 8TU Location Inveraray is a popular tourist town on the western shore of Loch Fyne popularly known as the gateway to the Highlands and Islands. The town is approximately 65 miles north west of Glasgow and 69 miles west of Stirling. Situation The property is located on the western side of Main Street West, in the main retailing pitch for the town. Surrounding occupiers include a Co-operative Food Store and other local retailers, including cafes. Description The property consists of a ground floor retail unit within a three storey building. Internally, the property provides a sales area to the front with storage, WC and other staff accommodation to the rear. Accommodation The total floor area is 1,115 sq ft (103.59 sq m) with a reduced area of 659 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating D. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let to Martin McColl Ltd. The total passing rent is £12,000 per annum. Martin McColl Ltd Retail Investment Portfolio

110/114 Main Street, Kilwinning, KA13 6AA Location The property is located within the town of Kilwinning which has a population of approximately 16,000 people. Located in North Ayrshire the town is situated approximately 5 miles north west of Irvine and 11 miles west of Kilmarnock. The town benefits from a mainline railway station connecting Largs, Ayr and Glasgow, all in under an hour. Situation The property is situated on the pedestrianised Main Street, which is the main retail thoroughfare within the town. Surrounding occupiers include British Red Cross, RBS and Ladbrokes. Description The subjects comprise a retail unit located on the ground floor of a two storey mid terrace property extending into a single storey to the rear. Internally, the property provides good sales accommodation to the front. Storage, staff accommodation and WC are located in the rear of the property. The property is finished in the corporate style of the tenant. Accommodation The total floor area is 1,939 sq ft (180.14 sq m) with a reduced area of 1,350 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating G. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let to Martin McColl Ltd. The total passing rent is £18,600 per annum. Martin McColl Ltd Retail Property Portfolio

3 Queens Building, Rosyth, KY11 2RA

Location The property is located within the Fife town of Rosyth which has a population of approximately 13,500 people. Rosyth is 14 miles north west of Edinburgh near to the Forth Road and Rail Bridges. Rosyth is situated adjacent to the M90 motorway. Situation The property is on Queensferry Road, the main road through the town. There is a small public car park directly opposite the premises on Aberlour Street. Local occupiers include a mixture of local retailers, Lloyds TSB and Rowland’s Pharmacy. Description The subjects comprise a two storey terraced property. Internally, the sales area is located to the front of the property with the rear acting as a small office with WC facilities and staircase to the first floor. At first floor level the accommodation has been partitioned to provide stock, office and training facilities. There is access to a shared service yard to the rear of the property. Accommodation The total floor area is 1,407 sq ft (130.71 sq m) with a reduced area of 617 sq ft ITZA as set out within the Tenancy Schedule. EPC Rating G. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let to Martin McColl Ltd. The total passing rent is £11,000 per annum. Martin McColl Ltd Retail Investment Portfolio

26 Perth Road, Scone, PH2 6JJ

Location The property is located within the small town of Scone, which has a population of approximately 4,400 people and is situated 3 miles north east of Perth. The town is a popular tourist destination which is easily accessible off the A94. Situation The property is situated on Perth Road adjacent to the Post Office with Bank of Scotland, Petrol Filling Station and convenience store in close proximity. Description The property comprises a ground floor retail unit within a two storey building with the upper floor in residential use. The upper residential floor does not form part of the sale. Internally the front area is given over to retail accommodation, with storage provided within a single storey extension to the rear. Accommodation The total floor area is 514 sq ft (47.75 sq m) with a reduced area of 343 sq ft ITZA. EPC Rating G. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let to Martin McColl Ltd as set out in the Tenancy Schedule. The total passing rent is £6,000 per annum. Martin McColl Ltd Retail Investment Portfolio

45 High Street, Turriff, AB53 4EJ

Location Turriff has a population of circa 5,000 people and is located approximately 35 miles north west of Aberdeen and 30 miles east of Peterhead. Turriff is one of the main towns in the Formartine area of Aberdeenshire. Situation The property is located on High Street, which is the principal retail pitch in the town centre. Surrounding occupiers include local retailers, a incorporating The Post Office and a large Tesco directly opposite the premises. Description The property is a ground floor retail unit, situated within a traditional stone built two storey terraced building. The upper floors provide residential accommodation which are not included in the sale. Internally, the sales area is located at the front with the rear of the property being utilised for storage, office space and WC accommodation. Accommodation The total floor area is 1,423 sq ft (132.20 sq m) with a reduced area of 902 sq ft ITZA. EPC Rating F+. Tenure Heritable (Scottish equivalent of English Freehold). Tenancy The accommodation is let to Martin McColl Ltd as set out in the Tenancy Schedule. The total passing rent is £16,000 per annum. EPC An EPC has been prepared for each property and can be provided to interested parties upon request. VAT The properties are elected for VAT, and therefore VAT may be payable on the purchase price, however the sale is expected to be treated as a Transfer Of a Going Concern (TOGC). Proposal We have been instructed to seek offers in excess of £1.32m for our client’s heritable interest in the portfolio, exclusive of VAT. This provides a Net Initial Yield of 8.23%, assuming purchaser’s costs of 5.56%. Further Information Please contact:

Scott Howie Telephone: 0141 248 2055 Mobile: 07973 693090 Email: [email protected]

Connie MacGarvie Telephone: 0141 404 0227 Mobile: 07580 011166 Email: [email protected]

Publication Date: August 2015. Disclaimer: Inglis Howie for themselves and for vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs Burns & Partners/Inglis Howie has any authority to make or give any representation or warranty whatever in relation to this property; (4) Unless otherwise stated all prices and rents are quoted exclusive of VAT. Prospective purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction.