CD 29.1

LIVERPOOL LOCAL PLAN EXAMINATION Inspector’s Questions & Comments (Ex2b) Question 38

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PREPARED ON BEHALF OF CITY COUNCIL

MAY | 2019

TABLE OF CONTENTS

1.0 INTRODUCTION ...... 1 2.0 LOCAL PLAN VIABILITY ASSESSMENT ...... 1 3.0 COSTAR DATA ...... 3 4.0 CONCLUSION ...... 5

Appendices

Appendix 1 Employment Completions – 2013-18 Appendix 2 CoStar Liverpool Industrial Submarket Report

LIVERPOOL LOCAL PLAN 2013-2033

Question 38. In both these instances, and for the other PIAs, please can the Council set out what evidence it has gathered of local economic conditions and market realities, including viability for B class uses, which would support the plan’s continued allocation of these areas for primarily industrial uses.

1.0 INTRODUCTION

1.1 Following submission of the Liverpool Local Plan for examination, we understand that the Inspector appointed to exam the plan has asked a number of questions of the Council relating to the Local Plan and its evidence base. Question 38 which is detailed above seeks to understand further the evidence supporting the allocation of sites for industrial development. We have been asked to comment specifically on the points relating to market realities and viability for B class uses, which would support the continued allocation of these areas for primarily industrial uses.

1.2 The areas designated as Primarily Industrial Areas (PIA) and shown on the Policies Map as light purple represent areas of land which are already primarily in use for industrial/business purposes, identified as such so that they can be protected through development management (Policy EC2). In addition to these areas the Local Plan allocates a number of sites (shown in Schedule 7 of the Plan and on the Policies Map as dark purple) to meet the city’s requirements for industrial/business development, once completions and commitments have been taken into account. The completions/commitments falling mainly, if not entirely within the PIAs.

2.0 LOCAL PLAN VIABILITY ASSESSMENT

2.1 Keppie Massie prepared the Local Plan Viability Assessment which is part of the evidence base supporting the Local Plan. Based on the results of our viability testing for employment uses we concluded at paragraph 6.92:

“viability testing for speculative commercial developments in Liverpool align with our experiences elsewhere in the North West. Speculative employment development is generally not viable save for locations such as Manchester City Centre and around key transport hubs ie. Manchester Airport where values are significantly higher.”

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2.2 We noted however that:

“Despite the fact that certain forms of commercial development are not considered to be financially viable on a speculative basis at this point in time it is likely that industrial and office development will come forward in the future in Liverpool. Such development is likely to be motivated by specific circumstances such as an existing owner wishing to expand or other business requirements necessitating development of that type in that location, for example to be near a specific piece of existing infrastructure or for business agglomeration reasons. Development of this type may take place with owner occupiers acquiring a site for development themselves, or alternatively procuring new premises through a design and build project which carries a lower profit requirement based on a contractors return.”

2.3 We also point out at paragraph 6.93 that:

“Alternatively if such forms of development are to come forward on a speculative basis, it is likely that they may require support from enabling development in the form of more viable forms of development such as certain types of retail accommodation. Alternatively, as has been the case in the past, with the aid of public sector funding support such forms of development may also come forward in the City.”

2.4 We have provided at Appendix 1 to this Supplementary Paper data provided by the Council’s Planning Department relating to the completion of employment developments that have taken place over the period since April 2013. The data shows that notwithstanding any issues arising due to viability, 148,836 sq.m (1,602,057 sq.ft) of new employment development has been completed over a 5 year period.

2.5 The data at Appendix 1 also contains a summary of completions by year. 2013-14 had the lowest level of completions with 11,210 sq.m (120,663 sq.ft) being delivered, this compares with a high of 69,361 sq.m (746,596 sq.ft) in 2014-15.

2.6 With reference to the table at Appendix 1 we have highlighted in blue those developments that have been undertaken for owner occupation. This comprises 10% of the total floor space completed. The nature of developments undertaken ranges from expansion space for local companies such as developments at Triumph Way by MJC Casings and at Cherry Lane by Marble, to large scale new facilities such as at Gaskill Road for Novatis and a new Headquarters for Keys Medical at Estuary Business Park.

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2.7 The remaining developments have been constructed for third parties either speculatively, by way of design and build or on a pre-let or pre-sale basis. A number of the speculative developments have been funded with grant such as ERDF, and include developments at Goodlass Road and Liverpool International Business Park by Capital and Centric, at Bankhall by Redsun and at Duke Street by Langtree.

2.8 The evidence of completions confirms the fact that significant new employment development has taken place in the City over the last few years. As noted in the Local Plan Viability Assessment this new development has come forward using a variety of different mechanisms. This includes for owner occupiers and also speculatively (often with grant) together with pre- lets, pre-sales and design and build.

3.0 COSTAR DATA

3.1 There is strong demand within Liverpool for new employment accommodation and this is evidenced by the Liverpool Submarket Report that we have provided at Appendix 2. This report has been prepared by CoStar and provides key highlights in relation to the Industrial Market in the Liverpool Local Plan area. With reference to the maps contained on pages 10 and 13 of the CoStar Report, the Liverpool Submarket area corresponds to the Liverpool City Council Local Plan boundaries.

3.2 The report identifies strong demand for logistics space, and this coupled with limited speculative development this year, has caused the Liverpool Submarket’s vacancy rate to decline. The Submarket’s vacancy rate has more than halved from 10% in 2012 to 4.4% currently. The forecast average vacancy rate is 4.8%.The vacancy rate has been below the Submarket’s historical average of about 8.5% for more than five years.

3.3 According to the Report demand has been largely positive and has picked up particularly during 2018. The Liverpool Submarket has had some of the strongest net absorption in Liverpool Region as a whole (which includes the authorities of Sefton, Knowsley, St Helens and Wirral) in the past year. Figure 1 has also been re-produced from CoStar and shows the number of months that industrial properties are typically on the market for before being occupied in the Liverpool Submarket. This clearly shows the impact of current levels of demand and supply in the City. The orange line represents the Liverpool Submarket area (which aligns to the Local Plan Boundary) and shows marketing periods have reduced markedly from over 35 months in 2015 to 6 months at the present time. The blue line relates to the entire Liverpool Region including the authorities of Sefton, Knowsley, St Helens and Wirral.

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Figure 1: Average Marketing Periods

3.4 As a result of the level of demand and the lack of employment accommodation, average rents have risen, although growth has moderated since peaking near 12% early in 2017. CoStar suggest that the Liverpool Submarket has been the strongest performer in the Liverpool Region as a whole in terms of average rental growth of late, although the average rents remain below that of neighbouring submarkets such as Sefton.

3.5 CoStar believe that vacancies should remain low given that little new supply is expected in the near term, but low availability and a lack of development could hinder future occupier demand. On the supply side, it is suggested that speculative development has been relatively absent in 2018, which has aided low vacancies in the submarket. In addition, with no new deliveries coming out of the supply pipeline in near term, vacancies are expected to remain at low levels.

3.6 At page 9, the CoStar Report also contains details of deliveries and completions based on their research. This data suggests that the development in the sector surged during 2016-17 in response to high occupier demand and the subsequent drop in vacancy rates. Notable developments at that time included the L175 unit 16,256 sq.m (175,000 sq.ft) at Liverpool International Business Park, as well as six units at Canada Dock (the development by Redsun at Bankhall Lane noted in Appendix 1). The only project to have been delivered so far this year is identified as being the Hurricane 47 unit comprising 4,413 sq.m (47,500 sq.ft) at Estuary Business Park.

3.7 In terms of the development pipeline the report notes that the projects that are proposed include three units at Air Logistics in totalling 18,580 sq.m (200,000 sq.ft) as well as another unit of 23,225 sq.m (250,000 sq.ft) at Estuary Business Park in Speke.

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4.0 CONCLUSION

4.1 The employment market realities in Liverpool are that there is normally a “gap” between the end value and the cost of constructing new employment accommodation. However demand for new accommodation over the last 5 years combined with a lack of new supply means that vacancy rates and marketing periods are reducing, and in turn values are rising with occupiers prepared to pay more to secure suitable accommodation. This “gap” is in turn reducing making new development more likely to occur.

4.2 The completions data from the Council at Appendix 1 shows that significant new employment accommodation has been delivered over the last 5 years, totalling 148,836 sq.m (1,602,057 sq.ft). A proportion of this new development has been delivered by owner occupiers wishing to expand or locate to Liverpool. The vast majority of this new accommodation has however been delivered by third party developers either for specific end users by way of presales, pre- lets or design and build. In a number of cases speculative development has also been undertaken although this has generally been facilitated by public sector funding support.

4.3 As noted in the Viability Assessment Report at paragraph 6.95:

“When applying normal development viability criteria including a speculative developer’s profit, office and industrial developments are unviable and as such substantive speculative market development is unlikely to take place on this basis. We do however expect new employment development to come forward in the City with development likely to be in the form of expansion space for existing companies in the City. In addition new employment development is also likely to come forward with the benefit of public sector funding support or possibly as part of a wider mixed use scheme.”

4.4 This conclusion is supported by the extent of new employment development that has taken place in the City over the last 5 years and as evidenced by the data at Appendix 1. The market themes identified in the CoStar Report at Appendix 2 suggest that with limited availability and current levels of demand then this trend is likely to continue.

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APPENDIX 1

LIVERPOOL CITY COUNCIL EMPLOYMENT COMPLETIONS – 2013-18

Appendix 1 - Liverpool City Council Employment Completions

Mixed Year of APP- ADDRESS WARD B1 (sq.m) B2 (sq.m) B8 (sq.m) PROPOSAL Applicant (sq.m) Completion NUMBER To erect new sausage casings factory (overall height 8m) following ALLERTON AND 159 TRIUMPH WAY 756 2013-14 10F/0578 demolition of existing factory and layout 8 no. space car park and MCJ Casings HUNTS CROSS servicing area. To convert former food production/office building (B2 Use) into 12 Jordon Street 12 JORDAN ST RIVERSIDE 900 2013-14 11F/2283 studio/office accommodation (B1 Use) with addition of ground floor Limited extension and new second floor.

To erect 4/5 storey building with basement, mezzanine and recessed 21-25 WILLIAMSON SQUARE 812 2013-14 10F/1807 rooftop plant for retail, office and ancillary purposes (Use Classes A1, Marks and Spencer A2, A3 and B1) following the demolition of 21-25 Williamson Square.

To develop site by the erection of 25 single-storey light industrial LAND AND BUILDINGS AT HIGHER LANE (ADJACENT TO ALLOTMENT GARDENS) 4,420 2013-14 05F/2491 units, together with associated roads, landscaping, and Priority Sites parking/service yards

To erect single storey (9.0m high) building for storage and packing 104-106 CHERRY LANE, LIVERPOOL, L4 615 2013-14 10F/0963 WR Wright and Sons following demolition of existing structures

To erect 4 storey office and serviced laboratory space to adjoin Liverpool Science LIVERPOOL SCIENCE PARK, 131 MOUNT PLEASANT CENTRAL 3,707 2013-14 10F/1664 existing innovation centre, reconfigure existing car parking and Park landscaping and associated external works. KENSINGTON AND FORMER SITE OF 2 FINLAY ST 157 2014-15 12F/1288 To erect industrial unit Anfield Marble FAIRFIELD To erect 15.3m high distribution warehouse (Use B8) with ancillary offices and associated gatehouse, lorry wash, refuelling facilities, sub-UK Land and CELL 10 LIVERPOOL INTERNATIONAL BUSINESS PARK SPEKE GARSTON 1,136 45,336 2014-15 12F/2028 station, sprinkler tank, pump house, cycle/motor cycle storage, car Property and lorry parking, access services yards. Fenwell Estates STANLEY INDUSTRIAL ESTATE (NORTH OF PRESCOT ROAD ) 624 2014-15 10F/2040 To erect 8 no. industrial units with associated parking Limited To change use of Anson House (containing ground floor commercial units with residential upper floors) to B1 office use (with retained School of Tropical ANSON HOUSE, ANSON STREET L3. CENTRAL 1,983 2014-15 13F/0934 Well Travelled Clinic on ground floor) including alterations to roof, Medicine additional front extension and re-cladding of elevations. ALLERTON AND To erect 7 no. B8 units and 9 no. B2 units with associated parking LAND TO THE SOUTH OF GOODLASS ROAD 4,673 2014-15 11F/0780 Capital and Centric HUNTS CROSS and landscaping. Application to replace extant planning permission 07F/3162 - To GARDNER SYSTEMS PLC, 1 FARADAY ROAD. TECHNOLOGY PARK L13. 1,136 2014-15 11F/0244 Gardner Systems Plc erect two storey block for use as offices To erect 2 no. single-storey buildings for use within Use Class B8 NELSON'S BUSINESS PARK. LONG LANE 381 2014-15 08F/2127 Centour Properties (storage & distribution), together with associated works To erect B1 industrial unit with associated car parking and Peel Airports CELL 5/9 LIVERPOOL INTERNATIONAL BUSINESS PARK SPEKE GARSTON 1,858 12,077 2014-15 13RM/1092 landscaping (Reserved Matters Application) (Liverpool) Ltd ALLERTON AND LAND SURROUNDING 1-11 SPITFIRE ROAD 223 2,567 2015-16 14F/0632 To erect industrial unit (use class B2) with associated car parking Valedown Limited HUNTS CROSS To erect 15m high warehouse with office space with associated SITE 2 GASKILL ROAD SPEKE GARSTON 870 3,216 2015-16 14F/1423 Novatis parking and landscaping Application for approval of reserved matters following outline LAND OFF EVANS ROAD (ADJ TO 80 VENTURE POINT WEST) Unit 4 SPEKE GARSTON 1,737 2015-16 14RM/1842 application 14O/0234 (To erect industrial unit for use within B1 with Redsun associated parking) - landscaping details. To erect 2 storey trade counter warehouse (Use Class B8) for GT HOWARD ST / LITTLE HOWARD ST / CHADWICK ST 1,226 2015-16 13F/2218 JR Webster and Co engineering supplies. Development of one 18,000 and one 22,000 sq ft industrial CELL 3, LIVERPOOL INTERNATIONAL BUSINESS PARK SPEKE GARSTON 1,858 1,858 2015-16 13F/1940 Capital and Centric workspace units (within use classes B2 and B8) To alter and convert former storage facility for various uses retail, business, hotel and institutional (including within Classes A1, A2, A4, LITTLEWOODS SITE EDGE LANE PICTON 2,000 2015-16 13F/0952 Capital and Centric A5, B1, B2, B8, C1, D1 and D2) with associated landscaping and parking (Revised access). To erect mixed use development comprising non-food retail (A1) ALLERTON AND with associated external display area. Car repair centre (B2) and car FORMER WORKS NE JCT OF EDWARDS LANE / SPEKE HALL ROAD 465 2015-16 12F/0605 Cherokee Properties HUNTS CROSS hire centre (sui-generis) with associated car parking and landscaping works Application to replace extant planning permission 08F/3162 - To use 6 STANLEY ST L2 CENTRAL 173 2015-16 12F/0018 basement for uses within Use Classes A1/A2 and or B1. To redevelop site by the erection of a 16,296 sq.m exhibition centre (Use Class D2) with ancillary uses within Classes A1, A3, A4, A5 & B1 QUEENS DOCK / KINGS DOCK RIVERSIDE 420 2015-16 13F/0531 (maximum floorspace of 2,100 sq.m), a 12,304 sq.m hotel with restaurant bar, hotel lobby, back of house facilities LAND AT STONEBRIDGE LANE / SUGARBROOK DRIVE. STONEBRIDGE INDUSTRIAL To erect industrial building for storage and distribution use (within FAZAKERLEY 6,425 2015-16 14F/2039 St Modwen ESTATE. L11 use class B8). To erect industrial unit for use within Class B8 with ancillary trade LAND AT S/E JUNCTION OF BANKHALL STREET / BANKHALL LANE (Phase 1) KIRKDALE 2,790 2016-17 15F/0027 Redsun counter/showroom with associated parking and servicing. To erect 3 no. industrial buildings to provide 5 no. units with units 2- LAND AT S/E JUNCTION OF BANKHALL STREET / BANKHALL LANE (Phase 2) KIRKDALE 3,625 2016-17 15F/2988 4 and 6 within use class B8 with ancillary trade counters/showroom Redsun and unit 5 within use class B2

To redevelop the site to provide office accommodation following the demolition of a number of buildings, comprising a new four storey 86-90A DUKE ST / 65-71 HENRY ST / 14 SUFFOLK ST & ADJACENT LAND RIVERSIDE 5,762 2016-17 13F/0890 Langtree building integrated with a retained warehouse on Henry Street; the provision of a new courtyard accessed from Duke Street Hybrid App: FULL PLANNING APPLICATION - To erect industrial building/distribution centre B1(c), B2, B8 with associated access, Peel Investments CELL 11 LIVERPOOL INTERNATIONAL BUSINESS PARK SPEKE GARSTON 835 15,421 2016-17 15F/1251 service yards, car parking and landscaping ( & OUTLINE PLANNING APPLICATION - To erect industrial/distribution centre B1(c), B2, B8 (North) Ltd with all matters reserved apart from access - 18RM/1615) Application for reserved matters following outline to 14F/0993 To BRIDGE INDUSTRIAL ESTATE / WEST OF WOODEND AVE / SPEKE SPEKE GARSTON 2,615 1,500 2016-17 14RM/1841 erect 2 industrial units for use within B1, B2, B8 with associated Redsun parking - landscaping details. Charge Point BRIDGE INDUSTRIAL ESTATE / WEST OF WOODEND AVE / SPEKE SPEKE GARSTON 20 2016-17 16F/0690 To erect compressor building to the rear (B1c) Technology

To use premises as offices (use class B1), re-instate roller shutters to 1 WOODHEY ROAD CRESSINGTON 445 2017-18 16F/1509 Alexander Ware front and lay out parking bays.

To erect single storey building and growers stand for distribution and business uses in connection with wholesale fruit and vegetable Liverpool City LAND AT ELECTRIC AVENUE AND STONEBRIDGE LANE FAZAKERLEY 7,641 2017-18 16F/1902 market with gate house, new access, parking and associated Council servicing, landscaping and ancillary works.

To erect asphalt manufacturing plant with ancilliary weighbridge, CEMTEX UK LTD, REGENT ROAD KIRKDALE 73 2017-18 16F/2999 Cemex UK control room, staff welfare facilities and car parking.

To erect 3 storey office block with adjoining warehouse and PLOT H2A, ESTUARY BUSINESS PARK, SPEKE SPEKE GARSTON 1,500 3,000 2017-18 16F/0717 distribution centre, with associated car parking landscaping and Keys Medical vehicle access 29,294 3,079 107,370 9,093 148,836

Mixed Completions By Date Year B1 (sq.m) B2 (sq.m) B8 (sq.m) Total (sq.m) Total (sq.ft) (sq.m) 2013-14 5,419 756 615 4,420 11,210 120,663 2014-15 7,275 - 57,413 4,673 69,361 746,596 2015-16 5,423 2,323 15,292 - 23,038 247,979 2016-17 9,232 - 23,336 - 32,568 350,559 2017-18 1,945 - 10,714 - 12,659 136,260 Total (sq.m) 29,294 3,079 107,370 9,093 148,836 Total (sq.ft) 315,318 33,142 1,155,721 97,876 1,602,057

Owner Occupation Total 14,924 sq.m 10.03% of total

APPENDIX 2

COSTAR LIVERPOOL INDUSTRIAL SUBMARKET REPORT

Industrial Submarket Report Liverpool Liverpool Market

PREPARED BY

Ged Massie Partner Liverpool Industrial

INDUSTRIAL SUBMARKET REPORT

Submarket Key Statistics 2 Leasing 3 Rent 7 Construction 9 Sales 12 Sales Past 12 Months 13 Supply & Demand Trends 15 Rent & Vacancy 17 Sale Trends 19

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Overview Liverpool Industrial

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 47.3 K 481 K 4.4% 5.4%

Strong demand for logistics space, coupled with limited as Sefton. Sales volume has been relatively subdued speculative development this year, has caused the since exceeding £80 million in 2016, mainly due to the submarket’s vacancy rate to decline markedly. Average sale of the Vault for £48 million, but there have been a rents for industrial space have risen in response, few notable deals this year like Londonmetric’s although growth has moderated since peaking near 12% November 2017 acquisition of the GEFCO facility early in 2017. The Liverpool Submarket has been the (132,000 SF) for £10.2 million. Vacancies should remain strongest performer of all Liverpool’s submarkets in low given that little new supply is expected in the near terms of average rental growth of late, but the average term, but low availability and a lack of development could rents remain below that of neighbouring submarkets such hinder future occupier demand.

KEY INDICATORS

Net Absorption Under Current Quarter GIA Vacancy Rate Asking Rent Availability Rate Deliveries SF SF Construction Logistics 14,815,404 4.3% £4.59 6.5% 175,841 0 51,957 Specialised Industrial 2,351,239 4.8% £5.00 6.3% 0 0 0 Light Industrial 1,971,623 4.4% £7.30 15.5% 0 0 0 Submarket 19,138,266 4.4% £4.92 7.4% 175,841 0 51,957

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) -2.3% 8.4% 4.8% 15.4% 2009 Q3 4.4% 2019 Q2 Net Absorption SF 481 K 258,188 123,327 782,772 2010 Q2 (129,028) 2016 Q2 Deliveries SF 47.3 K 119,235 140,020 446,742 2010 Q1 0 2014 Q3 Rent Growth 5.4% 2.6% 2.4% 12.5% 2017 Q1 -3.9% 2012 Q2 Sales Volume £11.7 M £27.6M N/A £83.5M 2016 Q4 £3.2M 2010 Q4

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The submarket’s vacancy rate has more than halved vacancies down, making Liverpool one of the tightest from 10% in 2012 to below 5% in 2018. Even though this submarkets in the Liverpool Market, only above St is elevated compared to the national average, the Helens. Looking forward, T J Hughes plans to move into vacancy rate has been below the submarket’s historical 170,000 SF at Space 170 in 19Q2. This move is average of about 8.5% for more than five years. Demand expected to further boost absorption in the submarket in has been largely positive this cycle but picked up 2019. particularly in 2018. The submarket has had some of the strongest net absorption in Liverpool in the past year. On the supply side, speculative development has been relatively absent in 2018, which aided low vacancies in Recent absorption was supported by the move of Soak the submarket. In addition, with no new deliveries coming into 175,000 SF at Liverpool International Park in 18Q3 out of the supply pipeline in near term, vacancies are and the occupation of 34,000 SF at Wellington Business expected to remain at low levels. Park South in 18Q4. Strong demand has in turn pushed

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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4 & 5 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating GIA Deals SF Vacancy (QTD) Net Absorption SF (QTD) L175 176,084 1 176,084 0% 0 Liverpool Int. Business Park Unit 9 10,415 1 10,415 0% 0 Stonedale Retail Park

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3 STAR MOST ACTIVE BUILDINGS IN SUBMARKET - PAST 12 MONTHS

Property Name/Address Rating GIA Deals SF Vacancy (QTD) Net Absorption SF (QTD) Units 10-12 21,304 1 10,271 0% 10,271 Compass Industrial Park Units 21-31 - Compass west 27,229 1 9,741 0% 0 Compass Industrial Park Boaler Street Industrial Estate 27,819 1 3,672 0% 0

UNIT 33 33,688 1 33,500 0% 0 Wellington Empl. Park Sth. Units 36-38 - Wellington Empl… 13,514 1 1,436 0% 0 Dunes Way Units 1-19 66,635 1 1,967 0% 0 Brookfield Trade Centre Century Building 245,761 10 21,636 0% 0 Brunswick Business Park Units 1-23 - Matchworks 166,000 4 33,720 11.0% 0 Speke Rd Units 44 - 48 8,072 3 4,758 0% 0 Wellington Empl. Park Sth. Units 1-12 14,378 3 3,143 0% 0 Blackstock St Stonebridge East 15,667 3 10,093 88.0% 0 2-8 Hermes Rd Unit 1-20 47,778 2 2,408 32.8% 0 Barclay Trading Estate Liverpool Dairy 111,517 2 2,123 0% 0 Long Ln Unit 1 - 15 - Parliament Busin… 24,246 2 3,401 0% 0 Parliament Business Park Wellington Empl. Park Sth. 13,897 2 7,332 0% 0

Units 1-11 17,996 2 5,506 30.5% 0 Sandon Industrial Estate Units 4-7 8,740 2 4,185 0% 0 Speke Business Park Units 1-6 130,331 2 14,684 0% 0 Phoenix Park The Annexe 38,588 2 10,580 17.6% 0 Match Factory Industrial Park Units A5-A7 - Langham Street… 3,715 2 2,286 0% 0 Tetlow Way

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Average asking rents in Liverpool have grown strongly in parks such as Liverpool Innovation Business Park. On recent years. Annual growth was particularly strong in the submarket level, average rents do not vary greatly in 2016 at more than 11%. While growth has moderated Liverpool, from £4.50/SF to £5/SF. Knowsley has since, it remains positive at about 5%. The average recorded the lowest rent in Liverpool over the past 12 asking rent was just below £5/SF as of early 2019, but months, currently standing at £4.50/SF. rents can be as high as £6/SF at newly built business

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FOOT

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Development in the sector surged 2016-17 in response GEFCO logistics facility, which delivered in 17Q3. The to high occupier demand and the subsequent drop in only project to have delivered this year was the vacancy. Notable developments include L175 unit Hurricane 47 unit (47,500 SF) in Estuary Business Park. (175,000 SF) in Liverpool Innovation Park, delivered in Looking forward, there are a few projects in the proposed 2016, as well as six units at Canada Dock, totalling to stage such as three units at Air Logistics totalling 40,000 SF, in 2017. However, the supply pipeline has 200,000 SF as well as another unit (250,000 SF) at been muted since. One of the most notable deliveries in Estuary Business Park. recent quarters was the purpose-built 132,000-SF

DELIVERIES & DEMOLITIONS

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All-Time Annual Avg. SF Delivered SF Past 4 Qtrs Delivered SF Next 4 Qtrs Proposed SF Next 4 Qtrs 2,904 0 0 0

PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

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RECENT DELIVERIES

Property Name/Address Rating Bldg SF Floors Start Complete Developer/Owner Hurricane 47 - 1 47,262 2 Mar-2018 Jul-2018 Hurricane Dr BMO Real Estate Partners

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Floors Start Complete Developer/Owner Stonebridge Business P… - 1 51,957 2 Sep-2018 Sep-2019 Sugarbrook Dr -

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Investment activity has softened in 2018. In fact, illustrating the demand for newly built industrial facilities. Liverpool recorded over 50% decrease in sales volume Investment activity in 2017 was dominated by in 2018 compared to the previous year. One of the Londonmetric’s November acquisition of the GEFCO largest deals in 2018 was F&C Commercial Property facility (132,000 SF) for £10.2 million. Trust’s July purchase of Hurricane 47 for £4 million,

SALES VOLUME & MARKET SALE PRICE PER SF

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Sale Comparables Avg. Yield Avg. Price/SF Avg. Vacancy At Sale 29 7.4% £73 2.8%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price £17,000 £1,945,833 £975,000 £5,600,000

Price Per SF £0.79 £73 £83 £86

Net Initial Yield 5.6% 7.4% 6.1% 9.2%

Time Since Sale in Months 3.6 6.6 5.4 11.7

Property Attributes Low Average Median High Building SF 2,073 19,302 14,143 79,459

Eaves Height 10' 18'11" 19'8" 39'4"

Docks 0 0 0 4

Vacancy Rate At Sale 0% 2.8% 0% 43.3%

Year Built 1920 1997 2006 2018

Star Rating 3.0

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF NIY Cargill Uk Ltd 1 - 2005 65,160 0% 01/12/2018 £5,600,000 £86 5.6% 10 Estuary Banks Hurricane 47 2 - 2018 47,262 0% 05/07/2018 £4,000,000 £85 - Hurricane Dr Stonebridge Business P… 3 - 2017 17,498 0% 13/11/2018 £1,500,000 £86 - Sugar Brook Dr SIG Trading Ltd 4 - 1981 5,540 0% 01/07/2018 £450,000 £81 9.0% Charnock Dr 119 Town Row 5 - 1920 2,073 0% 20/12/2018 £108,000 £52 -

Estuary Banks 6 - 2012 21,629 0% 17/04/2018 £17,000 £0.79 -

Building 3 7 - 1979 79,459 0% 20/11/2018 - - - Edge Ln Evans Rd 8 - 2004 19,941 43.3% 26/10/2018 - - 6.1%

Venture Point West 9 - 2007 7,577 0% 26/10/2018 - - 6.1% Evans Rd Evans Rd 10 - 2004 6,282 0% 26/10/2018 - - 6.1%

Evans Rd 11 - 2005 14,143 0% 26/10/2018 - - 6.1%

Evans Rd 12 - 2006 15,642 0% 26/10/2018 - - 6.1%

Dunes Way 13 - 2008 8,072 0% 26/10/2018 - - 6.1%

39-43 Dunes Way 14 - 2007 13,897 0% 26/10/2018 - - 6.1%

Wellington Employment… 15 - 2007 13,514 10.6% 26/10/2018 - - 6.1% Dunes Way Wellington Employment… 16 - 2007 20,249 0% 26/10/2018 - - 6.1% 34-35 Dunes Way Wellington Employment… 17 - 2007 21,829 24.9% 26/10/2018 - - 6.1% Dunes Way LFIVE 18 - 2008 24,000 0% 26/10/2018 - - 6.1% 28 Half Crown St Russell Hume 19 - 1984 18,585 0% 24/10/2018 - - - Shaw Rd 64 Chesnut Grove 20 - 1972 2,447 0% 11/10/2018 - - -

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 14 Supply & Demand Trends Liverpool Industrial

OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2023 19,707,074 114,100 0.6% 99,514 0.5% 1.1 2022 19,592,974 128,662 0.7% 104,545 0.5% 1.2 2021 19,464,312 143,440 0.7% 100,212 0.5% 1.4 2020 19,320,872 125,953 0.7% 81,364 0.4% 1.5 2019 19,194,919 56,653 0.3% 109,226 0.6% 0.5 YTD 19,138,266 0 0% 71,960 0.4% 0 2018 19,138,266 47,262 0.2% 459,113 2.4% 0.1 2017 19,091,004 351,661 1.9% 239,816 1.3% 1.5 2016 18,739,343 291,731 1.6% 23,896 0.1% 12.2 2015 18,447,612 21,832 0.1% 220,287 1.2% 0.1 2014 18,425,780 (16,983) -0.1% 313,506 1.7% - 2013 18,442,763 0 0% 310,846 1.7% 0 2012 18,442,763 62,763 0.3% 255,671 1.4% 0.2 2011 18,380,000 (108,055) -0.6% 84,830 0.5% - 2010 18,488,055 58,443 0.3% (36,893) -0.2% - 2009 18,429,612 - - 574,062 3.1% -

SPECIALISED INDUSTRIAL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2023 2,375,248 5,327 0.2% 8,070 0.3% 0.7 2022 2,369,921 6,014 0.3% 8,249 0.3% 0.7 2021 2,363,907 6,710 0.3% 7,845 0.3% 0.9 2020 2,357,197 5,610 0.2% 6,322 0.3% 0.9 2019 2,351,587 348 0% (39,832) -1.7% - YTD 2,351,239 0 0% (40,995) -1.7% - 2018 2,351,239 0 0% 16,448 0.7% 0 2017 2,351,239 27,257 1.2% 29,160 1.2% 0.9 2016 2,323,982 (8,774) -0.4% 10,762 0.5% - 2015 2,332,756 0 0% 26,226 1.1% 0 2014 2,332,756 14,740 0.6% 49,596 2.1% 0.3 2013 2,318,016 0 0% 128,043 5.5% 0 2012 2,318,016 0 0% (21,937) -0.9% - 2011 2,318,016 0 0% (9,575) -0.4% - 2010 2,318,016 9,286 0.4% (8,838) -0.4% - 2009 2,308,730 - - 9,291 0.4% -

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 15 Supply & Demand Trends Liverpool Industrial

LOGISTICS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2023 15,360,203 108,773 0.7% 89,146 0.6% 1.2 2022 15,251,430 122,648 0.8% 94,002 0.6% 1.3 2021 15,128,782 136,730 0.9% 90,069 0.6% 1.5 2020 14,992,052 120,343 0.8% 72,737 0.5% 1.7 2019 14,871,709 56,305 0.4% 142,773 1.0% 0.4 YTD 14,815,404 0 0% 106,335 0.7% 0 2018 14,815,404 47,262 0.3% 458,562 3.1% 0.1 2017 14,768,142 324,404 2.2% 162,803 1.1% 2.0 2016 14,443,738 276,885 2.0% (25,841) -0.2% - 2015 14,166,853 21,832 0.2% 132,322 0.9% 0.2 2014 14,145,021 (31,723) -0.2% 262,298 1.9% - 2013 14,176,744 0 0% 144,165 1.0% 0 2012 14,176,744 62,763 0.4% 263,114 1.9% 0.2 2011 14,113,981 (108,055) -0.8% 99,059 0.7% - 2010 14,222,036 13,950 0.1% 3,401 0% 4.1 2009 14,208,086 - - 594,814 4.2% -

LIGHT INDUSTRIAL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2023 1,971,623 0 0% 2,298 0.1% 0 2022 1,971,623 0 0% 2,294 0.1% 0 2021 1,971,623 0 0% 2,298 0.1% 0 2020 1,971,623 0 0% 2,305 0.1% 0 2019 1,971,623 0 0% 6,285 0.3% 0 YTD 1,971,623 0 0% 6,620 0.3% 0 2018 1,971,623 0 0% (15,897) -0.8% - 2017 1,971,623 0 0% 47,853 2.4% 0 2016 1,971,623 23,620 1.2% 38,975 2.0% 0.6 2015 1,948,003 0 0% 61,739 3.2% 0 2014 1,948,003 0 0% 1,612 0.1% 0 2013 1,948,003 0 0% 38,638 2.0% 0 2012 1,948,003 0 0% 14,494 0.7% 0 2011 1,948,003 0 0% (4,654) -0.2% - 2010 1,948,003 35,207 1.8% (31,456) -1.6% - 2009 1,912,796 - - (30,043) -1.6% -

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 16 Rent & Vacancy Liverpool Industrial

OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF % Growth Vs Hist Peak SF Percent Ppts Chg 2023 £5.38 0.4% 11.9% 993,911 5.0% 0.1% 2022 £5.35 0.9% 11.4% 978,300 5.0% 0.1% 2021 £5.31 1.8% 10.4% 953,092 4.9% 0.2% 2020 £5.21 2.9% 8.5% 908,662 4.7% 0.2% 2019 £5.07 5.4% 5.4% 862,584 4.5% -0.3% YTD £4.92 2.3% 2.3% 842,690 4.4% -0.4% 2018 £4.81 4.6% 0% 914,650 4.8% -2.2% 2017 £4.59 8.1% -4.4% 1,326,501 6.9% 0.5% 2016 £4.25 11.5% -11.6% 1,214,656 6.5% 1.3% 2015 £3.81 5.3% -20.7% 946,821 5.1% -1.1% 2014 £3.62 1.2% -24.7% 1,145,276 6.2% -1.8% 2013 £3.57 1.8% -25.6% 1,475,765 8.0% -1.7% 2012 £3.51 -3.5% -26.9% 1,786,611 9.7% -1.1% 2011 £3.64 -1.8% -24.3% 1,979,519 10.8% -1.0% 2010 £3.71 -2.6% -22.8% 2,172,404 11.8% 0.5% 2009 £3.81 - -20.8% 2,077,068 11.3% -

SPECIALISED INDUSTRIAL RENT & VACANCY

Market Rent Vacancy

Year Per SF % Growth Vs Hist Peak SF Percent Ppts Chg 2023 £5.59 0.8% 12.8% 107,603 4.5% -0.1% 2022 £5.54 1.3% 11.9% 109,937 4.6% -0.1% 2021 £5.47 2.2% 10.5% 111,692 4.7% 0% 2020 £5.36 3.4% 8.2% 112,252 4.8% 0% 2019 £5.18 4.6% 4.6% 112,083 4.8% 1.7% YTD £5.00 0.9% 0.9% 112,759 4.8% 1.7% 2018 £4.95 5.7% 0% 71,764 3.1% -0.7% 2017 £4.68 3.4% -5.4% 88,212 3.8% -0.1% 2016 £4.53 8.0% -8.5% 90,115 3.9% -0.8% 2015 £4.19 3.6% -15.3% 109,651 4.7% -1.1% 2014 £4.05 -0.5% -18.2% 135,877 5.8% -1.5% 2013 £4.07 2.3% -17.8% 170,733 7.4% -5.5% 2012 £3.98 -1.3% -19.7% 298,776 12.9% 0.9% 2011 £4.03 0.4% -18.6% 276,839 11.9% 0.4% 2010 £4.02 0.1% -18.9% 267,264 11.5% 0.7% 2009 £4.01 - -19.0% 249,140 10.8% -

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 17 Rent & Vacancy Liverpool Industrial

LOGISTICS RENT & VACANCY

Market Rent Vacancy

Year Per SF % Growth Vs Hist Peak SF Percent Ppts Chg 2023 £4.97 0.2% 11.6% 809,039 5.3% 0.1% 2022 £4.95 0.8% 11.3% 788,796 5.2% 0.2% 2021 £4.92 1.6% 10.5% 759,539 5.0% 0.3% 2020 £4.84 2.7% 8.8% 712,251 4.8% 0.3% 2019 £4.71 5.9% 5.9% 664,037 4.5% -0.6% YTD £4.59 3.1% 3.1% 643,802 4.3% -0.7% 2018 £4.45 4.0% 0% 750,137 5.1% -2.8% 2017 £4.28 7.9% -3.9% 1,161,437 7.9% 0.9% 2016 £3.97 11.2% -10.9% 999,836 6.9% 2.0% 2015 £3.57 6.2% -19.8% 697,110 4.9% -0.8% 2014 £3.36 0.5% -24.5% 807,600 5.7% -2.1% 2013 £3.34 1.8% -24.8% 1,101,621 7.8% -1.0% 2012 £3.29 -3.9% -26.1% 1,245,786 8.8% -1.5% 2011 £3.42 -1.4% -23.1% 1,446,137 10.2% -1.4% 2010 £3.47 -2.2% -22.0% 1,653,251 11.6% 0.1% 2009 £3.55 - -20.3% 1,642,702 11.6% -

LIGHT INDUSTRIAL RENT & VACANCY

Market Rent Vacancy

Year Per SF % Growth Vs Hist Peak SF Percent Ppts Chg 2023 £8.22 0.9% 12.4% 77,269 3.9% -0.1% 2022 £8.15 1.4% 11.4% 79,567 4.0% -0.1% 2021 £8.03 2.3% 9.9% 81,861 4.2% -0.1% 2020 £7.85 3.5% 7.4% 84,159 4.3% -0.1% 2019 £7.59 3.8% 3.8% 86,464 4.4% -0.3% YTD £7.30 -0.1% -0.1% 86,129 4.4% -0.3% 2018 £7.31 6.7% 0% 92,749 4.7% 0.8% 2017 £6.85 13.5% -6.2% 76,852 3.9% -2.4% 2016 £6.04 16.2% -17.4% 124,705 6.3% -0.9% 2015 £5.19 3.0% -29.0% 140,060 7.2% -3.2% 2014 £5.04 7.1% -31.0% 201,799 10.4% -0.1% 2013 £4.71 1.4% -35.6% 203,411 10.4% -2.0% 2012 £4.64 -3.5% -36.5% 242,049 12.4% -0.7% 2011 £4.81 -6.3% -34.2% 256,543 13.2% 0.2% 2010 £5.14 -6.9% -29.7% 251,889 12.9% 3.2% 2009 £5.52 - -24.5% 185,226 9.7% -

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 18 Sale Trends Liverpool Industrial

OVERALL SALES Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Yield Price/SF Price Index Yield 2023 ------£60.85 197 8.3% 2022 ------£59.92 194 8.3% 2021 ------£59.21 191 8.3% 2020 ------£58.49 189 8.2% 2019 ------£58.02 188 8.0% YTD ------£56.89 184 7.8% 2018 35 £15.3 M 3.2% £1,366,457 £71.01 7.5% £56.68 183 7.8% 2017 46 £36.9 M 7.0% £894,150 £36.14 7.3% £54.97 178 7.8% 2016 36 £83.5 M 8.5% £2,679,428 £62.20 5.8% £50.21 162 8.0% 2015 20 £3.8 M 1.9% £812,500 £17.51 8.3% £43.30 140 8.5% 2014 38 £18.1 M 3.7% £814,912 £45.89 11.4% £37.62 122 9.2% 2013 33 £26.5 M 3.8% £1,020,280 £42.60 10.4% £32.76 106 10.2% 2012 41 £7.7 M 5.0% £625,200 £15.60 8.4% £30.01 97 11.2% 2011 13 £55.8 M 6.5% £4,649,584 £46.63 7.5% £33.66 109 10.1% 2010 16 £3.2 M 1.4% £250,258 £16.40 9.0% £32.83 106 10.3% 2009 8 £21.0 M 3.9% £4,152,000 £30.39 8.6% £30.93 100 11.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

SPECIALISED INDUSTRIAL SALES Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Yield Price/SF Price Index Yield 2023 ------£85.60 194 8.5% 2022 ------£83.97 191 8.5% 2021 ------£82.64 188 8.5% 2020 ------£81.27 185 8.4% 2019 ------£80.13 182 8.2% YTD ------£78.01 177 8.0% 2018 8 £1.4 M 2.2% £457,560 £81.64 7.5% £77.32 176 8.0% 2017 14 £9.4 M 12.4% £673,042 £32.40 7.9% £72.16 164 8.1% 2016 8 £2.5 M 2.2% £423,127 £58.00 6.6% £65.94 150 8.3% 2015 4 £0.6 M 1.1% £325,000 £55.60 8.3% £58.55 133 8.7% 2014 14 £1.3 M 3.1% £148,126 £32.55 14.4% £52.88 120 9.3% 2013 9 £1.6 M 2.2% £203,000 £37.65 - £47.11 107 10.2% 2012 10 £0.7 M 2.8% £180,000 £32.94 8.3% £42.45 96 11.2% 2011 2 £0.2 M 0.5% £240,000 £38.03 - £46.79 106 10.3% 2010 1 £0.1 M 0.1% £130,000 £46.18 - £47.12 107 10.4% 2009 1 £0 M 0% - - - £44.03 100 11.3% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 19 Sale Trends Liverpool Industrial

LOGISTICS SALES Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Yield Price/SF Price Index Yield 2023 ------£56.56 196 8.3% 2022 ------£55.78 193 8.3% 2021 ------£55.21 191 8.3% 2020 ------£54.64 189 8.2% 2019 ------£54.32 188 8.0% YTD ------£53.41 185 7.8% 2018 20 £8.0 M 3.0% £1,328,057 £62.20 7.9% £53.26 184 7.8% 2017 30 £26.6 M 7.0% £1,054,830 £37.42 7.1% £52.36 181 7.7% 2016 23 £77.7 M 10.3% £3,689,851 £63.04 5.2% £47.91 166 8.0% 2015 13 £3.1 M 2.1% £1,300,000 £15.33 8.3% £41.09 142 8.4% 2014 16 £15.9 M 4.0% £2,248,348 £49.94 10.4% £35.45 123 9.2% 2013 16 £23.6 M 4.2% £2,359,829 £44.79 10.4% £30.72 106 10.2% 2012 29 £5.6 M 5.7% £922,000 £12.85 8.5% £28.20 98 11.2% 2011 9 £55.1 M 8.4% £6,122,223 £46.75 7.5% £31.66 109 10.1% 2010 10 £2.4 M 1.5% £300,625 £16.62 9.0% £30.64 106 10.3% 2009 5 £20.6 M 5.1% £5,162,500 £30.03 8.6% £28.92 100 11.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

LIGHT INDUSTRIAL SALES Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Yield Price/SF Price Index Yield 2023 ------£63.77 209 8.2% 2022 ------£62.50 205 8.2% 2021 ------£61.47 202 8.1% 2020 ------£60.42 198 8.1% 2019 ------£59.60 196 7.8% YTD ------£58.02 190 7.7% 2018 7 £6.0 M 6.4% £2,845,000 £84.36 6.6% £57.91 190 7.6% 2017 2 £0.9 M 1.0% £433,409 £45.25 6.3% £54.19 178 7.7% 2016 5 £3.3 M 3.4% £759,152 £49.40 6.1% £48.84 160 8.0% 2015 3 £0 M 1.5% - - 8.3% £41.82 137 8.5% 2014 8 £0.9 M 2.8% £142,750 £24.63 - £35.88 118 9.3% 2013 8 £1.3 M 2.7% £163,125 £24.76 - £31.05 102 10.2% 2012 2 £1.3 M 2.3% - £44.02 8.3% £28.83 95 11.1% 2011 2 £0.5 M 0.6% £227,500 £38.61 - £33.08 109 10.1% 2010 5 £0.7 M 2.8% £156,033 £14.01 - £32.37 106 10.2% 2009 2 £0.4 M 0.2% £110,000 £82.56 - £30.47 100 11.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

09/04/2019 Copyrighted report licensed to Keppie Massie - 668908. Page 20