PHOENIX HOUSE Reversionary Multi-let Office & Retail Investment

202 Elder Gate Central, , MK9 1BE

INVESTMENT SUMMARY

• Recently refurbished high quality office accommodation with retail and leisure at ground floor. • Located adjacent to Milton Keynes Central Station. • 75,465 sq ft (7,010.94 sq m) NIA of highly specified accommodation over ground and three upper floors. • Freehold. • Let to strong covenants including , Airwatch UK Ltd, Greggs plc, McCann-Erickson and The Gym. • The average weighted unexpired term to expiry is 4.60 years and to break is 2.9 years • Total net rent passing of £893,044 pa equating to a very low overall rent of £11.99 per sq ft (£129.09 per sq m) • Unclaimed Capital Allowances are available • Offers are invited in excess of £11,550,000 for the freehold interest, subject to contract and exclusive of VAT. • A purchase at this level would reflect a net initial yield of 7.25% after allowing for purchaser’s costs of 6.71%. Working off our view of ERV for the building of £1,157,633 pa we believe the potential reversionary yield is 9.39%. • The quoted price above represents a low capital value of £153 per sq ft (£1647.41 per sq m). A5

17 M42 M69 1

7 Birmingham Airport M6 M1 3 A45 A6 6 A45 2 A5 A41 M6 5 19 A14 A1m A441 A435 M42 Coventry A14 Kettering A14 4 Birmingham 14 2 M42 A45 14 3 3a A46 M45 A509 M40 17 A6 M5 A508 A43 A14 M1 London A1 Stansted A435 Airport 15 Northampton A45 A509

M40 A5 A6 15a Stratford-upon-Avon 15 A43 A423 M1 A509

M5 A508 Bedford THE PROPERTY A429

A43 A421 Banbury A5 14 11 13

A429 10 Buckingham Milton Keynes A6 M40 A421 A421 M1 A44 10 A4146 A5

M5 A1M

Bicester A505 7 A44 A41 A418 Cheltenham 9 10

9 A40 Aylesbury The Cotsworlds M1 AONB 4 M5 M40 3 8 A41 A1M 21 M25 Chiltons 20 M1 AONB A43 M25 A420 23

M40 Barnet High M25 A1 Enfield A419 Wycombe Watford

M1 A406 A10 M40

London 23 A41 Swindon 1a 1 A406 M4 A40 A10 A40 A501 M25 A5 A43 A406 15 M4 1 A4 London River Thames M4 Heathrow Airport M4 M4 M4 A4 Brentford A205

A316 A214 A24 Twickenham 1 A3 Wimbledon M25 A23

M3 Croydon M1

Monks Way B4034 14

M1

A509

Monks Way Saxon St A509 A509 A509 LOCATION Monks Way

V6 A509 Childs Way M1

Saxon St

Dansteed Way B4034 Childs Way Tongwell St Milton Keynes is located in a strategic position between London, Birmingham, Oxford A509 and . There is a resident population of 255,700 (2013 data) and is the fastest V6 V7 Saxon St Dansteed Way THE growing city in the UK according to an Experian research report in 2012. PROPERTY A509 Childs Way A5 Milton Keynes B4034 Dansteed Way The was designated a ‘new town’ in 1967 and over the past decade the town has A509 Cha ron Way V6 Cha ron Way seen its population grow by 17.5%, the seventh fastest in the UK. The town’s growth is Portway V7 Saxon St Milton Keynes anticipated to continue with 22,350 new homes planned by 2026 to accommodate an Cha ron Way Central Childs Way

additional 39,500 people and is ranked number one in the UK in terms of housing stock Tongwell St

B4034 growth. V6 A5 Cha ron Way Standing Way V7 Saxon St

The town has a total of approximately 142,400 employees with a large number of people H

Childs Way employed within the financial, business and ICT sectors. Milton Keynes has the fourth Groveway highest number of business start-ups in the UK and over £1 billion of investment has been Standing Way V6 A5 committed over the last decade, transforming the town’s infrastructure and skyline. As a Cha ron Way result the town has been campaigning for City status which will further raise its profile. V6 Unemployment in Milton Keynes stood at 1.3% in late 2015 compared to a South East A509 Witan Gate average of 1% and a national average of 1.7%. North Fourth St Silbury Blvd A5 Witan Gate Milton Keynes is a location where many companies have based their UK Headquarters Silbury Blvd

North Second St including Mercedes-Benz, Home Retail Group, Network Rail, Domino’s Pizza, Papa John’s V6

Pizza, Suzuki, Volkswagen, Santander, Duravit UK, Airwatch and Makita. Witan Gate A509 Upper Fourth St

Other major office occupiers include KPMG, PWC, Deloitte, Siemens and Coca-Cola.Bradwell Road Milton Midsummer Blvd

Witan Gate Keynes is also home to a number of car manufacturers including Volkswagen, Mercedes- V6 Upper Second St Benz and Suzuki. Silbury Blvd Midsummer Blvd

Elder Gate V6 Witan Gate Lower Fourth St Milton Keynes is home to the , and the University Silbury Blvd Campus Milton Keynes (in partnership with the University of ). Subsequently Avebury Blvd

Witan Gate the town has a higher than average proportion of young people under 35 years old and V6

Portway Elder Gate Avebury Blvd has access to a wide range of graduates within its catchment area. Midsummer Blvd

V6 Bradwell Road PROPERT Midsummer Blvd Lower Second St

V6 Elder Gate A5 Avebury Blvd Milton Keynes V6 Linceslade Grove Station Childs Way

Elder Gate Avebury Blvd

Childs Way

Childs Way COMMUNICATION

ROAD

Milton Keynes has excellent road communications as it is located at the centre point between London, Birmingham, Oxford and Cambridge. To the east the is accessed from Junctions 13 and 14 and the A5 is accessed immediately to the west of the town. The M25 orbital is 33 miles to the south and Birmingham is 70 miles to the north west. Approximately 30% of the country’s population can be reached within a 90 minute drive.

RAIL

Rail services are available from Milton Keynes Central which is adjacent to the subject property. The station services a wide range of destinations including London Euston (35 minutes), Birmingham New Street (55 minutes) and Manchester Piccadilly (98 minutes). The station had 6.64 million entries and exits in 2014/15 with trains to London Euston every 10 minutes during peak times.

AIR

London Luton International Airport is situated approximately 19 miles (30.4 km) to the south east of Milton Keynes and served 10.4 million passengers in 2014 making it the UK’s sixth largest passenger airport. The airport now serves 100 routes in the UK, Europe and Northern Africa. London Heathrow and Birmingham International are both located within 58 miles (92.8 km) of Milton Keynes. SITUATION Phoenix House is situated in a prominent position on the northern side of Station Square, just off Elder amenities, most notably Centre:mk, one of Europe’s largest covered shopping centre’s with 240 stores Gate, within the prime business district. The property is adjacent to Milton Keynes Central Station and Sno!zone. Nearby amenities at the Central Station include a Costa Coffee, M&S Simply providing excellent transport links to London and the Midlands. The town centre is approximately 0.7 Food, Richer Sounds, Mail Boxes Etc, Greggs, Doddle and The Gym. miles (1.6 km) to the east along Midsummer Boulevard and provides a wide range of retail and leisure

Offices 1. Planning Application - 23 21 22 15/01792/MKCOD3 2. Network Rail UK HQ 20 3/13. Santander 12 18 4. The Pinnacle - Deloitte/DWS/ £18.50 10 11 Mazars/Baker Tilly £20.00 5. Victoria House - 50% Pre Let - 9 Grant Thornton 16 17 19 6. Handlesbanken 7. BP/Shoosmiths/Shaw 8 £16.50 £18.50 7 8. KPMG/Western Power 6 £20.00 9. Milton Keynes County Court 4 £21.50 £22.50 10. CBX2 - PWC - Office Depot 5 15 11. Argos £23.50 14 3 12. Natwest Bank Amenities PHOENIX 13. Milton Keynes Station (and film set HOUSE for Superman IV) 14. Travelodge 2 15. Future Residential & Educational Development 16. Jurys Inn Hotel 17. The Hub 18. Holiday Inn 1 13 £16.50 19. Sainsburys 24 20. Centre: MK Shopping Centre 21. Intu MK 22. Snozon and Cineworld Rent (psf) - Achieved 23. John Lewis 24. Car Park Rent (psf) - Quoting PROPERTY OVERVIEW DESCRIPTION

The property, completed in 1984, comprises a self-contained office building arranged over ground and three upper floors totaling approximately 75,465 sq ft (7,010.94 sq m) (excluding two ground floor reception lobbies amounting to approximately 1,532 sq ft which are not rentalised although now used solely by Airwatch). The building is constructed via a reinforced concrete frame with glazed curtain walling beneath a flat roof covering.

The offices are served by two identical service cores which include stairwells and two eight- person passenger lifts, together with male, female and disabled W.C facilities on each floor, and benefits from excellent natural light. The property has recently undergone a substantial refurbishment to provide the following specification:

• Newly refurbished office space • Air Conditioning via four pipe fan coil system • Fully accessible raised flooring (nominal depth 125mm) • Metal suspended ceiling with integral recessed modular lighting • Flexible lighting control system • Newly refurbished manned reception • Four eight-person passenger lifts • Newly refurbished toilets and shower facilities • Card Access Entry System • 141 car parking spaces to the rear of the property • Car Parking Ratio of 1:535 sq ft (Additional public parking available close by) • Ground floor retail / leisure / office and finacial service uses EPC RATING

The property has an EPC rating of: C71 ACCOMMODATION TENURE

Phoenix House provides highly flexible, open plan floorplates which are designed to appeal The property is held freehold as per the title plan. to a whole spectrum of occupiers. The floorplates are arranged with two offset cores and two entrances offering flexibility. Retail accommodation is located on the ground floor. The property has been measured in accordance with the RICS Property Measurement 1st Edition and provides the following IPMS 3 - Office Areas:

Floor Sq M Sq FT

Third 2,014.05 21,679

Second 2,014.14 21,680

First 2,021.75 21,762

Ground 960.98 10,344

TOTAL 7,010.93 75,465

The building was measured on 10/03/2016. The original measurements were calculated in metric and have been converted to imperial using a conversion factor of 10.7639. The floor area splits by level are provided within the tenancy schedule. The above areas exclude the ground floor reception lobbies which amount to 1,532 sq ft.

SERVICE CHARGE

The current service charge budget for June 2016/2017 totals £502,682 per annum which The blue area is held via an agreement dated 10 June 1985 between Milton Keynes equates to a low £6.66 per sq ft. The Gym Limited have a service charge cap of £3.10 psf Development Agency Corporation (MKDC) and Midland Bank Trust Company Ltd relating to which results in a shortfall of £12,066 per annum. The service charge is reviewed on the 5th the availability of car parking for use ancillary to Phoenix House. The car park agreement is year of the term (Nov 2018) in line with the retail price index (RPI) and is reviewed annually assignable to future owners of Phoenix House without the need for the consent of MKDC (or in line with RPI thereafter. its successors) but notice of assignment should be given. TENANCY

The property is fully let to seven tenants producing £905,110 per annum with a WAULT of 4.6 years to expiries and 2.9 years to the breaks. The passing rent is made up of 76% from office tenants, 14% from the Gym Operator, 8% from the retail units and 2% from the car parking and communication site.

ERV PSF Next Rent Lease Expiry Unit Use Tenant Area Rent Rent Lease Start Comments (Sq Ft) (PA) (PSF) (EVR PA) Review (Break Option) Offices within Personal Functional Assessment £15.00 04/01/2025 Fixed increase to £19,610 pa from 05/01/2020. Tenant break requires 6 months' Ground Floor - Unit 1A Services Ltd 1,694 £17,762 £10.49 05/01/2015 05/01/2020 clear written notice. Lease contracted out of sections 24-28 of the Landlord & Class B1(c) or D1 (Guaranteed by IPRS Group Ltd) (£25,410) (04/01/2020) Tenant Act 1954. Lease guaranteed by IPRS Group Ltd.

Food Retail within £19.00 17/11/2023 Tenant break requires 6 months' clear written notice. Ground Floor - Unit 1B Greggs Plc 1,125 £15,000 £13.33 18/11/2013 18/11/2018 Class A1 (£21,375) (18/11/2018) Lease contracted out of sections 24-28 of the Landlord & Tenant Act 1954. Network Rail £19.00 Ground Floor - Unit 2A Retail within Class A1 2,879 £40,000 £13.89 25/10/2013 24/10/2018 Used as a parcel delivery / pick up fulfilment centre. Infrastructure Ltd (£54,701) Lease contracted out of sections 24-28 of the Landlord & Tenant Act 1954. Offices & professional services McCann-Erickson £20.50 04/03/2021 7 car parking spaces allocated. Tenant break option on 6 months’ clear written Ground Floor - Unit 2B 2,407 £49,210 £20.44 04/12/2015 notice. Lease contracted out of sections 24-28 of the Landlord & Tenant Act 1954. within Class B1(c) & A2 Central Ltd (£49,344) (04/10/2018) 6 months’ rent free. Fixed increase to £133,920 on 04/11/2018. Fixed increase to £144,633 pa on Part Ground & Part Gymnasium & Health & £10.00 04/11/2023. 7 parking spaces granted to the tenant under a separate licence. The Gym Limited 15,143 £124,000 £8.19 04/11/2013 04/11/2018 03/11/2028 Photographic schedule of condition. Service charge cap at £3.10psf until Nov First Floor Fitness Club within Class D2 (£151,430) 2018. Cap is review from Nov 2018 in line with RPI and annually thereafter. £16.00 24/12/2020 Yr. 1 of the lease the rent is at £52,084 pa. This will be ‘topped up’ by the vendor. First Floor West Offices within Class B1(c) Airwatch UK Limited 8,858 £104,169 £11.76 24/12/2015 Lease contracted out of sections 24-28 of the Landlord & Tenant Act 1954. Tenant (£141,728) (24/12/2018) break option on 6 months’ clear written notice. 19 parking spaces demised. £16.00 19/09/2018 Second Floor East Offices within Class B1(c) Airwatch UK Limited 5,586 £73,463 £13.15 20/09/2013 Tenant break requires 6 months’ clear written notice. Not exercised. 14 parking (£89,376) (20/09/2016) spaces demised. Lease contracted out of sections 24-28 of the Landlord & Tenant Act 1954. Tenant £16.00 24/12/2020 only break option exercisable on 6 months’ clear written notice. Year one of the lease Second Floor West Offices within Class B1(c) Airwatch UK Limited 16,094 £197,834 £12.29 24/12/2015 the rent is at half rent £98,917 pa and this will be ‘topped up’ by the vendor. 28 parking (£257,504) (24/12/2018) spaces demised to the tenant. £16.00 19/09/2018 Tenant break requires 6 months’ clear written notice. Not exercised. Lease Third Floor Offices within Class B1(c) Airwatch UK Limited 21,679 £263,172 £12.14 20/09/2013 contracted out of sections 24-28 of the Landlord & Tenant Act 1954. 50 parking (£346,864) (20/09/2016) spaces demised to the tenant. Rent deposit held of £97,616.16.

Car Parking Spaces Parking Airwatch UK Limited Licence for 21 parking spaces at £500 pa each. Can be determined by either (licence) £10,500 (£10,500) 20/09/2013 14 Days Notice party on 14 days’ notice. Roof Communications Site Telefonica UK Limited Upward only rent review to Open Market Rental Value. Roof Area Area £10,000 (£10,000) 10/06/2010 10/06/2015 10/06/2020

TOTALS 75,465 £905,110 (£1,158,232)

NET RECEIVABLE * INCOME £893,044 *Due to service charge shortfall of £12,066 COVENANT INFORMATION

AirWatch UK Limited provides a platform to deploy, configure, secure, manage and support businesses The Gym Limited is a major provider and operator of gym facilities and focuses on the low cost end technological and mobile operations. AirWatch was founded in 2003 and is headquartered in Atlanta, of the fitness market. It is a wholly owned subsidiary of The Gym Group Limited. The Gym Limited USA. It is operational in over 150 counties and now employs more than 1,800 people. In 2014 AirWatch was founded in 2008 in Hounslow and now has over 38 gyms and over 500,000 members. It was was acquired by VMware for $1.54 billion and now offers organisations a complete solution to work from recognised as one of the fastest growing companies in the UK, ranking 13th in the 2012 Sunday any device, anywhere, anytime. VMware UK Limited has an Experian rating of 83 representing a low risk. Times Fast Track 100. For further information please visit www.air-watch.com. For further information please visit www.thegymgroup.com.

Airwatch UK Limited – D&B Rating – 1A2 The Gym Limited – D&B Rating – 5A1

Co.No: 07520038 31/12/2014 (£) 31/12/2013 (£) 31/12/2012 (£) Co.No: 05659669 31/12/2014 (£) 31/12/2013 (£) 31/12/2012 (£)

Turnover 27,749,597 - - Turnover 45,880,055 36,179,487 22,631,844

Pre-tax Profit -6,557,252 - - Pre-tax Profit 8,130,320 5,335,749 722,410

Net Worth 727,925 -54,179 -314,184 Net Worth 49,117,414 41,496,847 -300,170

Greggs PLC is a major manufacturer and distributor of bread, fresh pastry goods and cakes within the UK. It was found in the 1930’s and now has nearly 1,700 shops and employs over 20,000 people. It also runs nine regional bakeries, two centres of excellence and two distribution centres serving over 1 million customers a week. For further information please visit www.corporate.greggs.co.uk

VMware UK Limited – D&B Rating – 5A1 Greggs PLC – D&B Rating – 5A1

Co.No: 06001046 31/12/2014 (£) 31/12/2013 (£) 31/12/2012 (£) Co.No: 00502851 03/01/2015 (£) 28/12/2013 (£) 29/12/2012 (£)

Turnover 102,956,000 85,211,000 77,536,000 Turnover 803,961,000 762,379,000 734,502,000

Pre-tax Profit 7,327,000 5,839,000 8,494,000 Pre-tax Profit 49,743,000 33,152,000 53,342,000

Net Worth 74,789,000 60,253,000 49,313,000 Net Worth 248,537,000 242,193,000 234,148,000 COVENANT INFORMATION

Network Rail Infrastructure Limited is involved in the maintenance, renewal, coordination with McCann Erickson is part of McCann Worldgroup, which also includes planning and buying train operators, development and enhancement of the national rail network and the provision of agency Universal McCann, direct/interactive web marketing agency MRM//McCann, experiential track access to train operators. It is a wholly owned subsidiary of Network Rail Limited. marketing agency Momentum Worldwide, healthcare marketing group McCann Healthcare For further information please visit www.networkrail.co.uk. Worldwide, branding firm FutureBrand, and public-relations and strategic-communications agency Weber Shandwick. McCann Erickson was named "Global Agency of the Year" by Adweek Network Rail are currently piloting a joint venture with Doddle at Phoenix House. Doddle is the in 1998, 1999, and 2000. UK’s first dedicated online shopping collection and returns service located in railway stations and it is planning to open 300 sites across the UK in the next three years. Of note is the fact that McCann Erickson created Coca-Cola's "It's The Real Thing" slogan and ad campaign McCann is a global advertising agency network, with offices in 120 countries. McCann This is the company’s first site in the UK and was chosen due to its proximity to Milton Keynes is a subsidiary of the Interpublic Group of Companies, one of the four large holding companies in Central railway station and the volume of passengers that pass through the station. Doddle is the advertising industry. valued at £24m and is partnered with some of the largest retailers such as ASOS and New Look.

Network Rail Infrastructure Limited – D&B Rating – 5A1 McCann-Erickson Central Ltd – D&B Rating – 4A2

Co.No: 02904587 31/03/2015 (£) 31/03/2014 (£) 31/03/2013 (£) Co.No: 01983874 31/12/2014 (£) 31/12/2013 (£) 31/12/2012 (£)

Turnover 6,113,000,000 6,353,000,000 6,221,000,000 Turnover 67,559,000 60,330,000 47,968,000

Pre-tax Profit -457,000,000 1,191,000,000 780,000,000 Pre-tax Profit 2,761,000 2,642,000 2,632,000

Net Worth 6,392,000,000 10,997,000,000 10,630,000,000 Net Worth 29,711,000 26,985,000 24,348,000 COVENANT INFORMATION

Personal Functional Assessment Services is an independent provider of quality medical assessments using a network of specialist health practitioners.

The business is a wholly owned subsidiary of IPRS Group who act as guarantor to the lease and was founded in 1995 and is an independent specialist organisation offering a diverse range of clinical products and services to the public and private sectors.

Personal Functional Assessment Services Ltd – D&B Rating – B2 Co.No: 04431590 30/06/2015 (£) 30/06/2014 (£) 30/06/2013 (£)

Turnover 3,153,904 - -

Pre-tax Profit 219,772 - -

Net Worth 276,048 84,048 84,048

IPRS Group Limited (Guarantor) – D&B Rating – A2

Co.No: 04432265 30/06/2015 (£) 30/06/2014 (£) 30/06/2013 (£)

Turnover 11,289,000 7,953,716 5,682,299

Pre-tax Profit 587,306 110,740 1,904

Net Worth 443,277 39,551 -18,534 OCCUPIER MARKET

Milton Keynes has an estimated 8 million sq ft of office stock of which approximately 9% has been built since 2008. This is higher than other comparable sized centres and reflects the town’s status as a new town and the demand from occupiers. In 2012, Network Rail’s new 350,000 sq ft headquarter office, The Quadrant:MK, was completed and is adjacent to Milton Keynes Central train station and directly north of the subject property.

Milton Keynes has proved a resilient location within the wider south east office market with average five year take up of circa 300,000 sq ft per annum. Take up has been focused on Grade A developments and schemes such as The Pinnacle, now fully let, and refurbishments such CBXII on Midsummer Boulevard, MK Central (adjacent to the subject property) and Phoenix House.

Following the lettings at The Pinnacle and CBXII availability within the town centre has fallen, with a lack of prime new developments available. There is currently a record low vacancy rate with just circa 35,000 sq ft of Grade A stock available across 3 buildings in the CBD.

Prime office rents currently stand at £22.50 per sq ft up from £20.00 per sq ft. Prime rents are expected to increase as a result of increasing tenant demand compounded by a shortage of Grade A buildings caused by recent absorption of existing buildings and lack of new development. There is only 20,000 sq ft currently being refurbished to Grade A standard which is at 252 Bouverie Square, where they are quoting £21.50 per sq ft.

We are aware of only one new scheme where construction is about to commence. This is Frontier Estates’ Victoria House which is a 50,000 sq ft building where 50% is pre-let to Grant Thornton for 15 years with 21 months’ rent free at £22.50 per sq ft.

Comparable to the subject property was the recent letting at MKCentral which is adjacent where a 70,000 sq ft letting to Santander at £16.50 per sq ft has been achieved. MKCentral was previously achieving £12.50 per sq ft which shows how the dearth of good quality accommodation in central Milton Keynes is driving on rents. RENTS

Recent comparable letting transactions of note:

Deal Date Address Size (Sq Ft) Tenant/Purchaser Rent (PSF) MKCentral, Sept 15 70,000 Santander £16.50 Elder Gate Sept 15 Victoria House 25,000 Grant Thornton £22.50

May 15 Berwick House 10,500 Freeths LLP £20.00

Mar 15 CBX II 18,869 Office Depot £18.85 CBX II, Ingram Micro Jun 14 30,547 £16.25 Midsummer West (UK) Ltd CBX II, Jun 14 20,235 New Era Cap £15.75 Midsummer East Company Pinnacle, Mar 14 6,491 Baker Tilly £20.00 Midsummer Boulevard OFFICE INVESTMENT CAPITAL ALLOWANCES

MARKET Unclaimed Capital Allowances are available to the purchaser. More details can be provided on request.

The regional office investment market is performing strongly, with all regions now seeing increased levels of investment activity. While UK institutions and property companies have largely dominated activity in regional office markets to date, the improving occupational backdrop and solid prospects for rental growth is leading to greater interest VAT from overseas buyers for quality regional assets.

The strong competition for assets has put downward pressure on yields across all We understand the property will be treated as a Transfer of a Going Concern for VAT purposes. segments of the regional office market with prime yields now at circa 5% or below in some cases.

With the demand for office space in Milton Keynes resilient, we have seen investors continue to seek quality products or good asset management opportunities on the back PROPOSAL of rental growth pressure.

Recent comparable investment transactions of note: Offers are invited in excess of £11,550,000 for the freehold interest, subject to contract and exclusive of VAT. Rent Price Date Property Size Tenant(s) NIY Cap Val (Sq Ft) (PSF) (Purchaser) psf A purchase at this level would reflect a net initial yield of 7.25% after allowing for the purchaser’s costs of 6.71%. Altius House, North Forth £8,295,000 Jul 16 45,906 Multi-Let £15.89 6.6% £180.00 Street, Milton Keynes (Schroders) 249 Midsummer Boulevard, DHL, Crawford & £7,200,000 Based on our view of the ERV, we believe this will offer a future reversionary yield of Feb 16 49,000 £11.22 7.15% £147.00 Milton Keynes Co Adjusters (Palace Capital) approximately 9.39%. Solstice House, £7,750,000 Dec 15 31,131 DHL £16.50 6.25% £249.00 Milton Keynes (Private) The price also represents a low capital value of £153 per square foot. Silbury House, £5,040,000 Sep 15 24,492 NatWest plc £14.25 6.55% £205.00 Milton Keynes (Standard Life) CBX II, £35,000,000 approx Nov 14 151,790 Multi-let £16.45 6.75% £230.00 Milton Keynes (Blackrock) CONTACT DETAILS WEBSITE ACCESS

For further information, or to arrange an inspection of the property, please Details for this opportunity can be downloaded from www.kimmre.com/sales contact either: DATA ROOM

www.kimmre.com/phoenix-house

Richard Peace MRICS Mike Burden MRICS e: [email protected] e: [email protected] t: +44 (0) 20 7952 6104 t: +44 (0) 20 7952 6103 m: +44 (0) 7870 649 217 m: +44 (0) 7815 305 180

Kimmeridge Real Estate Limited

5 South Molton Street, London, W1K 5QE www.kimmre.com

Kimmeridge Real Estate Ltd on its own behalf and for vendors or lessors of this property, whose agent it is, gives notice that: 1. The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2. No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to this property. 3. The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4. Nothing in these particulars should be deemed a statement that the property is in good www.jrb-creative.com condition, or that any services or facilities are in working order. 5. Unless otherwise stated, no investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. Publication Date: August 2016 Hackney, London