D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:29 Page 1

SQUARE 5 PORTFOLIO D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:29 Page 3

Square Portfolio

contents

Bakewell 6-13

Buckingham 14-21

Buxton 22-29

Leicester 30-35

Syston 36-43

Proposal 44-46 Square Portfolio

M62 M1 M18 M61 M6 MANCHESTER LIVERPOOL M60 A6 SHEFFIELD M56

BBUXTONUXTON BBAKEWELLAKEWELL

A A6 1

M6 DERBY NOTTINGHAM

6

4

TELFORD East M1 A 8 Midlands 3 M54 A Airport A5 SYSTON NORWICH LEICESTER PETERBOROUGH M69 A6 BIRMINGHAM M6 A 14 1 1 A A A46 14 M42 A6 A14 NORTHAMPTON A1 M5 M40

A5 M50 M1 M11 BUCKINGHAM STANSTED A40 GLOUCESTER LUTON 2 1 A A34 OXFORD M25

LONDON M4 M4 BRISTOL

INVESTMENT SUMMARY • A portfolio of 5 pedestrianised retail assets comprising 3 boutique shopping centres, a high street unit and a neighbourhood shopping centre. • Freehold. • Total area of 5,333.43 sq m (57,410 sq ft) leased on full repairing and insuring terms to 72 tenants on 78 leases. • Well balanced lease expiry profile with 28.89% of the income expiring within 5 years, 35.40% for between 5 and 10 years and, 35.71% in excess of 10 years. • Low zone A rentals ranging from £134.23 zone A per sq m (£12.47 zone A per sq ft) to £514.64 zone A per sq m (£47.81 zone A per sq ft) excluding the Leicester high street unit at £667.38 zone A per sq m (£62.00 zone A per sq ft). • Current passing rental of £956,001 per annum. • Estimated rental value of £1,082,026 per annum. • Significant asset management potential to enhance income and capital value. • Average weighted term certain of approximately 8.87 years. • Strong tenant demand as evidenced through the entire portfolio being 100% let.

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Square Portfolio

SALE PROPOSAL CAPITAL ALLOWANCES Offers are invited for the entire issued share capital of As at 31 March 2007 the pool of capital allowances the UK registered Willowlake Properties Limited available is calculated to be £242,974. (Company registration number 1787705). The vendor Further information is available upon request. intends to repay any inter company loans prior to the completion of the sale. VAT The company accounts, for the period ending VAT is not payable on the purchase of shares. 31 December 2006, are available on the DBA web site: www.dbaprop.co.uk. The only activities of this company FUNDING is the investment of the assets within this portfolio as Indicative funding terms are available upon request. detailed in the tenancy schedules. The historic base cost of the portfolio, adjusted for taper relief, is £6,864,753. SQUARE INCOME PROFILE The purchase of the issued share capital will give rise to a stamp duty charge of 0.50%.

PURCHASE PRICE Our client is seeking offers for the company based upon a property value in excess of £17,385,000. This would reflect an inherent corporation tax liability of £3,156,000 based upon corporation tax of 30%. The vendor will Term certain (years) reduce the purchase price by £1,578,000 (50% of the uncrystalised tax liability). Expiry in less than 3 years 21.32% The net purchase price payable is £15,500,000 (fifteen Expiry between 3 years and 5 years 7.57% million five hundred thousand pounds) and reflects the Expiry between 5 years and 10 years 35.40% following yield profile net of purchase costs at 2.00%: Expiry between 10 years and 15 years 22.49% Initial: 6.05% Expiry in excess of 15 years 13.22% Reversion (May 2008): 6.30% Reversion (May 2010): 6.82% Equivalent: 6.76% True Equivalent: 7.05%

SUMMARY TENANCY SCHEDULE

Accommodation Income ERV Address Tenure Tenant/Tenancies sq m sq ft Per Annum Per Annum Portland Square Freehold Leased to 17 tenants on 19 leases. 896.21 9,647 £224,883 £238,331 BAKEWELL Tenants include Help The Aged Ltd Derbyshire and G T News Ltd Cornwall Place Freehold Leased to 18 tenants on 19 leases. 1,485.84 15,994 £253,343 £288,565 High Street Tenants include Chiltern Farm BUCKINGHAM Chemicals Ltd, British Red Cross Buckinghamshire Society, TUI UK Ltd, Clark Howes Accountants and Aylesbury Vale District Council Cavendish Arcade Freehold Leased to 17 tenants on 18 leases. 1,161.75 12,505 £263,825 £313,125 The Crescent Tenants include Pizza Express BUXTON (Restaurants) Ltd Derbyshire 15 Market Street Freehold Leased to Toni & Guy (South East) 264.77 2,850 £42,000 £48,055 LEICESTER Ltd with surety from Mascolo Ltd Leicestershire Town Square Shopping Centre Freehold Leased to 20 tenants on 21 leases 1,524.86 16,414 £171,950 £193,950 SYSTON Leicestershire

TOTAL 5,333.43 57,410 £956,001 £1,082,026 5 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 6

INVESTMENT SUMMARY • Located in the heart of the affluent market town of Bakewell. • Adjacent to the tourist information office and the town’s main supermarket. • Freehold. • Prime boutique pedestrianised open air shopping centre. • 13 ground floor retail and restaurant units. Angel House provides 9 self contained first and second floor office suites. • Total accommodation of approximately 896.21 sq m (9,647 sq ft). • Significant active management opportunities to enhance income and capital value. • Low zone A rentals ranging from £367.92 ZA per sq m (£34.18 ZA per sq ft) to £514.64 ZA per sq m (£47.81 ZA per sq ft). • Current rental income of £224,883 per annum. • Estimated rental value of £238,331 per annum. • Strong rental growth prospects as evidenced by a recent letting in the town at £772.66 ZA per sq m (£71.78 ZA per sq ft). • Balanced lease expiry profile with 21.66% between 5 and 10 years term certain and 62.88% for in excess of 10 years term certain.

Portland Square BAKEWELL Derbyshire

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PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

LOCATION Peak District Bakewell is a historic market town situated in the National Park Offices 9 1 county of Derbyshire on the west bank of the 6

A

River Wye.

D

R The town is located approximately 250 km

W

B O Riv (155 miles) to the north west of London with U er L Wy X e

T S

O Sheffield approximately 27 km (17 miles) to the A N B north east and Manchester approximately 60 km R D D

R

N (37 miles) to the north west. A

O 6 I

T

A T Renowned for both its Bakewell Pudding and one S T

LL

HI COO M of the oldest markets in the area, Bakewell is the AGSHAW B B BATH ST EMARKET S S

E R ANCHOR D N SQ IDG only town in the Peak District National Park and is A L ST BR H NORTH CHU TER S C RCH ST WA T a popular tourist destination providing a base to R ST U BY H

C AN R R G explore the numerous attractions and the T K T M iv S IN S e G r

H A W 55 C T y

B e

0 C R L surrounding landscape. H U U

5 OFT

T R B T O C

Y Y

S NB

E A

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L C D O D

R A K R D O H A S COMMUNICATIONS AS D T Y ON A M 6 Bakewell is well located situated on the A6 which provides a direct link to Manchester in the north west. The M1 motorway (Junction 29) is 24 approximately 21 km (13 miles) to the east. A642 HUDDERSFIELDHUDDERSFIELD Macclesfield mainline railway station provides M66 M62 A629 A628 frequent journeys to Manchester Piccadilly and 18 37 M60 8 A1(M) London Euston with fastest journey times of A62 A629 36 MANCHESTERMANCHESTER 12 A628 A 35A 27 minutes and 116 minutes respectively. 616 2/35 M67 24 A61 M1 M18 Manchester International Airport is located 61 km M60 A57 SHEFFIELDSHEFFIELD 5 34 (38 miles) to the north west, Sheffield City Airport A624 32 A6 Sheffield City M56 Airport Peak District approximately 35 km (22 miles) to the north east 1 A631 National Park 62 A523 A A6 with Birmingham International Airport approximately 19 A5004 23 A61 A619 A34 A6 A537 MACCLESFIELDMACCLESFIELD 9 30 109 km (69 miles) to the south west. A61 A CHESTERFIELDCHESTERFIELD A537 A6 619 BUXTONBUXTON A617 A60 18 A34 6 A617 A523 BAKEWELLBAKEWELL 29 A54 A53 A5 A6

1 A53 5 MMANSFIELANSFIELD A38 A34 LEEKLEEK 28

A60 16 A5 A610 A500 A53 23 M1 A52 A34 STOKE-ON-STOKE-ON- 38

TRENTTRENT A A52 26 NOTTINGHAMNOTTINGHAM

A515 M6 A50 A52 15 A 25 3 DERBYDERBY 4 to M1

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PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

H L W E E O S N C U FF FA T O A G IC R E O ES H M F P H B S N A U H I C P T O E I O & C P T H L L R C H E S BA E S T B O K R I U D R ER R P OT N T U H E O & V T N A S A C P TO P C S R O E PA IN U RA E N KE FU T T E R R R (59) (ACTUAL) T D N A Y IN I D ER TU IN (NOT MONDAYS) C R G AFE E A AND RM RE U STR W ST B ON H P OR UTC G A P E HER R E MARKET SITE H S D R STO S E W T RE B C A O R B C A R A W A S R S R N D E N U K T M C E S O T A W & F O T A W R A B O G A ILLIA D R L R L I K B S T F S IE OOKMA T E L N & S K L A A S W Y T M H M B T G E E S H A & N W I L J E N F T O R T E ILL L M R B H K KERS T G R K S O O S S M R D A G O C Y B L E T A S L A N D R M & O A P A D F L S L V K E C L A T L U K O E E LI T A D L O B E R IN A D X W F H S S A R F P S A W R A T IG F K D I C ( E E O R C O C N G P H P IF R S T E I E E T O H O R H D N I E R TY G E S O R L N P S A E E Q G P S T G L A D W A R H M E & T P KE P R T R R R K

K E I S L A C L E A R E

A ( L C H F S B P O A E F A C E T M O U L A O O T F Y C M H A S P E R A A F P T R R E S T R R O D G O D E E O Y N I H

P P A T S A N I M S TL - BY T APPLE E S E N O E O T O T

H N & NUTHALL SW R S E O E N N E E L F N E A G P R M A R N A I BAKER & O B F L R D T I R O Y A A E H E T N C N R T & DELI L ) T S T X E A H O F N Y O D P A R O C R R S T LL L O C T S BAKEWE P O S L N & IF R I E C S G U H L T D O A F E H A

CTN T S O IS R C P A G A E D Q L A A D U T R N V G S E B

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S H L E S T L O M G N E L L E R S T B S E E O B M T D H T A - C S S F K U K E A R R 4 E T L R E O P E P M L E S A L N /W R M D E E M S T R A /W R H ) W & E E D R 1 J S P E L U L AG H L E E M PU H E S RDYS

E R W H H STREET A C I T E CR 2 H S AFT &

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B M S A N A T I REE 10 G P K ST 1 3 S 1 8 R 4 - 5 F U E S R U

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T T B A E A L N D 7 M W

W I O E B

A S R J C 6 E / E Y C I T H D G B O W S S E V L A E N

Q C S U I S 1 VA H H R A T I C T A A I L I I S C N T A N L T A C O N N R I T A O U C A TL S P Y D K L E S R C L E NT T N E 2 G E H E E P R M V L E E L C G F IN P E I S L U N L F Y Y N A E E A R Y W E 3 D & O A S S A I H I C R T A R H W D N H C E T T S R 4 R & E N S A M R T O E E N R D R A D G K U A U H P H U E N R P O U A B E L P R O E T O I L E C S A O A L B & F L G / T I C C R B B A T T E S R E A M A A L M L ING T A T Y L D V W A P A L O A T R C R L E I I T N B O S N U T N A G J N E & S I T C H P R E R S B D B A O R N T B S & IN U B A E S S O F & L A Y F R Y E S E I G R D A I A K W C E S Z I C D R S D E C C E H R RE G S E C H W A C S E T L RU O I A IT A E O H M H A U N S D & I E L O N T M E O L H D S R A C T T O S K W M T T L N L S G L H A ? E B E A O R U I G U H E B O Y E N P L YE IN S R L P K M R O N C IT S H U S O L LI A D E S W T D E A L R O O E T W C WE & A L L H W W K L C I Y FAIR E R E T C F N H V C PLY E O U O E P E E E E E L R N F L A T A D Y T UAR T O L I U S T R SQ L R F M S S TD M O P R B I G IL W I IFT L S E T E O F M R & G Y U I R T A L H T Y I O L T O E K N L L K E H P C H E B B P O N C I G S E S H E S N T & S I A O S G E E E R D S W O R C H G L K O I IL W G E U E F E V T S T G IR E K M SC T M H R L R S ET E U P S W S L E E T AL N O M D O E S S O CH N E A R C E E TS E L R C O Y & C L Y S O O IF B Y F L W R B G T O F R G E L E S S C A E T M U G E T T & N A D S S T A L W O FE O T L O N T O A R T F P I D I R . N I L H B C C J I R A .. G E C R O T W P O R E W C & W E O E T H O G J T W A H S I E H S S L O R V G U H K E S K L R E B C D C R E & P A K A E R L E O H R L E H R B R S Y A I I O O E S I D R A A G R O A E Y L A U L A G S O B S R V S H N I A B Y A T N T T R I T T E A S F R S F E B N S H E C Y L D T A A I E O T E A IR U T S / S L R AF F P R E I Y A F W H R F C E Y B L T H I S S U R O E A L & E S E I R A Y C E S A N K I G B C E N O P T C E R IN R O R O C O T W O H E S H T D E L IQ T D S T E T G O T (C LE U E A O N N L U L I E Y O E A H T E Q D H (41) (ACTUAL) N C L C L T P S Y A R S E I O B R T P E T U S T & I O & B H O (NOT MONDAYS) Q P S D N & D G T E R R E H X U S E A S S A M D S E L IF C N D O L L T A G M IS R S S Y & E M D A ) R S G T T T A Y G O O T K L O P R F R E 7 N O T E M A X Y O U H O U Y A W L A N U B T R A C T R I T A O O C U C E O T D N C T R M 1 E E T D U R K C K N E O Y L A 7 Y J O M D T IE T A & O A R S W E R S F I U C A P A E E E K S R W L B C M R A F P N B X N R V C T A A A W A N L P W 2 H IF Y B R N SA G L C E B A O E E A D L A N & E E C 7 /G I H E G P A R T R A C R O R G A P N H R E O A T E T R L C A S P G IN E E C N 3 E N N E A D T H IA N 7 G G T R B C O T T K O I T N IN IN U E Y J T S A D G M P R R C & O T IF P A IL O T T M O E E U N C Y S A S 4 N VA B S T R W S S R R & I E Y Y U N U & O O S R C L F N T C N O ER V E S G S W L A H I T M E L G T A D E R H S L R S M E E E & O A B S S L L E A 5 L R H T E W E W DEMOGRAPHIC PROFILE (2001) Social Class Breakdown Catchment GB %% Class 1 Managers & Senior Officials 19.10 14.85 Class 2 Professional Occupations 15.18 11.16 Class 3 Associate Professional 12.06 13.78 & Technical Class 4 Administration & Secretarial 10.52 13.27 Class 5 Skilled Trades 13.54 11.72

MOSAIC LIFESTYLE GROUP (2003) Classification Catchment GB %% Symbols of Success 13.21 9.61 Happy Families 4.24 10.76 Suburban Comfort 19.22 15.13 Ties of Community 2.16 16.04 Blue Collar Enterprise 5.94 11.05 Grey Perspectives 22.74 7.88 DEMOGRAPHICS Rural Isolation 28.27 5.32 Bakewell is an affluent town with a resident catchment Household ownership in the catchment is 78.90%, as population of 21,829 (2001). opposed to the national average of 69.82%. In terms of Set out opposite are salient demographic and MOSAIC car ownership, 87.66% of the catchment has a minimum Lifestyle statistics. of one car which is 20.81% greater than the figure for Great Britain.

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PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

SITUATION ACCOMMODATION Portland Square is situated to the southern side of the Portland Square consists of 13 ground floor retail and A619 which leads directly to the A6 approximately 100 restaurant units with 4 having ancillary first floors with metres to the south west. Adjacent to the centre is the one being a restaurant. Angel House provides 9 self Tourist Information Office and the town’s main contained first and second floor office suites. supermarket. The site extends to approximately 0.08 Hectares (0.20 The scheme is bounded by Rutland Square / Bridge Acres). Street to the north, Water Lane to the west, Granby Road to the south and Market Street to the east. The TENURE two main car parking facilities of the town are at Market Freehold. Site, forming the eastern boundary of Portland Square, and the other to the south side of Granby Road. The TENANCIES AND ACCOMMODATION local market operates from Market Site every Monday. Portland Square is multi-let on various effective full Portland Square is positioned within a vibrant mixed repairing and insuring leases in accordance with the use location surrounded by numerous pubs, hotels, tenancy schedule. The investment is producing a current restaurants and boutique / specialist retailing. National rental of £224,883 per annum. multiples in Bakewell include a Co-Op Foodstore, Spar Supermarket, Boots The Chemist and Edinburgh INCOME PROFILE Woollen Mill.

DESCRIPTION Portland Square is a picturesque boutique open air shopping centre dating from the mid 19th Century to the early 1990’s. The centre extends to approximately 896.21 sq m (9,647 sq ft) and is constructed with brick and stone elevations under slate tiled roofs surrounding a Term certain (years) pedestrianised square linking Water Street with the Expiry in less than 3 years 6.20% Market Site car park. Expiry between 3 years and 5 years 9.26% The self contained office element has a specification of Expiry between 5 years and 10 years 21.66% painted plaster walls and ceilings, fluorescent strip Expiry between 10 years and 15 years 53.43% lighting, double glazed windows and electric heating. Expiry in excess of 15 years 9.45% All common parts have been refurbished in 2006.

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PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

RENTAL GUARANTEES RETAIL Unit 2 is currently leased to P Marshall, who is vacating Unit Date Transaction Zone A Rate upon expiry on 24/03/07, at £11,500 per annum. The PSF unit is in solicitors hands to The Ashgate Hospice for a 2 01/07 Under Offer £47.81 5 11/06 Lease Renewal £44.89 term of 15 years from 25/03/07 at £16,400 per annum 6 10/06 Lease Renewal £44.57 (£47.81 ZA per sq ft). 7a 12/06 Lease Renewal £45.00 (i) The vendor will guarantee the additional £4,900 per 7b 11/06 Lease Renewal £44.92 annum until lease commencement (maximum 6 months). 8 10/06 Rent Review £44.88 9 & suite 1 10/06 Lease Renewal £43.52 Unit 11A is currently leased to B Purdy at £2,350 per SM 09/06 Lease Renewal £45.00 annum expiring on 03/10/15. The unit is in solicitors hands for a surrender and regrant to The Ashgate Hospice for a OFFICE – ANGEL HOUSE term of 15 years from 25/03/07 at £2,350 per annum. Suite Date Transaction PSF 3 & 4 12/06 Open Market Letting £10.55 MARKET COMMENTARY 2 08/06 Open Market Letting £11.01 Recent transactions in the town include the William Hill 11A 01/07 Under Offer £11.03 lettings of two units at £597.09 ZA per sq m (£55.47 ZA per sq ft), reflecting the return frontage, and £528.31 ZA (i) Headline rental prior to the 10% deduction due to configuration. per sq m (£49.08 ZA per sq ft) both on 20 year leases from October 2006. Adjacent to William Hill, The Proper ESTIMATED RENTAL VALUE Pasty Company have completed a lease of 15 years We are of the opinion that the current estimated rental from August 2006 at £772.66 per sq m (£71.78 ZA per value is £238,331 per annum based on the following sq ft). The units are at the eastern corner of Water Lane rental values: with Bridge Street where a larger retail premises was subdivided. The above evidence provides a platform for Retail units at £484.40 ZA per sq m (£45.00 ZA per sq ft) strong rental growth within Portland Square. and, where applicable, ancillary upper sales analysed at zone A/4 (£11.25 per sq ft) and ancillary upper storage Set out below are the salient details of recent analysed at zone A/8 (£5.63 per sq ft). transactions within Portland Square. The self contained first floor restaurant (trading as Borivli) at £121.10 per sq m (£11.25 per sq ft). The self contained salon and offices at Angel House at £118.41 per sq m (£11.00 per sq ft).

PLANNING Portland Square is situated within the Bakewell Conservation Area. We understand that units 7a, 7b, 8 and 9 are Grade II listed.

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PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

11 x5 Tenancy Schedules 6/2/07 14:24 Page 1

PORTLAND SQUARE, BAKEWELL, DERBYSHIRE PORTLAND SQUARE, BAKEWELL, DERBYSHIRE

UNIT TENANT FLOOR USE ACCOMODATION (i) LEASE RENT PER ANNUM ERV PER ANNUM COMMENTS sq m sq ft Start Expiry Review (Zone A per sq ft) (Zone A per sq ft) 1 N Signey & W Bianchi Ground Sales 36.32 391 24/04/2006 23/04/2021 24/04/2009 £20,000 £20,970 First floor sales analysed at A/4. t/a Fresh First Sales 27.78 299 & 3 yearly (£42.92) (£45.00) Ground ITZA 36.32 391 Total 64.10 690 2 The Ashgate Hospice Ground Sales 31.86 343 25/03/2007 24/03/2022 25/03/2010 £16,400 £16,400 Currently leased to P Marshall at £11,500 pa for a term expiring on Under Offer ITZA 31.86 343 & 3 yearly (£47.81) (£47.81) 24/03/07. Letting for a term of 15 years from 25/03/07 at £16,400 pa Total 31.86 343 (£47.81 ZA psf) is currently in solicitors hands. Vendor will guarantee until signed (max 6 months). 3a Matthew & Lisa Stanhope Ground Restaurant 18.21 196 14/12/2004 13/12/2016 14/12/2007 £8,500 £8,820 t/a Relish ITZA 18.21 196 & 3 yearly (£43.37) (£45.00) Total 18.21 196 3b F Doubleday Ground Sales 18.49 199 28/11/2005 27/11/2017 28/11/2008 £9,000 £9,000 Rent deposit held of £2,250. t/a Arran Trading Post ITZA 18.49 199 & 3 yearly (£45.23) (£45.23) Total 18.49 199 4, 11b H Jafari Ground Restaurant 34.74 374 28/05/1993 27/05/2014 28/05/2008 £24,000 £31,600 Rent paid monthly. & 12 t/a Borivli Restaurant First Restaurant 121.98 1,313 & 3 yearly (£34.18) (£45.00) First floor analysed at £11.25 per sq ft. Ground ITZA 34.74 374 Total 156.72 1,687 5 Mr & Mrs Murray Ground Sales 20.90 225 08/11/2006 07/11/2021 08/11/2009 £9,112 £9,135 Storage analysed at A/8. t/a The Wee Dram ITZA 18.81 203 & 3 yearly (£44.89) (£45.00) Total 20.90 225 5a A J Sears & M A Sears Ground Sales 5.02 54 23/10/1991 22/10/2116 23/10/2009 £2,500 £2,500 Tenant owns the freehold of the remainder of this unit. t/a Sheepskin Gift Shop ITZA 5.02 54 & 3 yearly (£46.30) (£46.30) The hypothetical term at rent review is the longer of 15 years or Total 5.02 54 the unexpired term. 6 A C Wright Ground Sales 40.50 436 10/10/2006 09/10/2021 10/10/2009 £15,600 £15,750 Surety: AC Wright Esq ITZA 32.52 350 & 3 yearly (£44.57) (£45.00) t/a Adamas Jewellers Ltd Total 40.50 436 7a Help the Aged Limited Ground Sales 39.30 423 15/01/2007 14/01/2022 15/01/2010 £16,321 £16,321 Tenant breaks in years 5 and 10 upon 6 months prior notice. t/a Help the Aged ITZA 37.44 403 & 3 yearly (£40.50) (£40.50) ITZA reflects a 10% discount for configuration. Rent agreed at Total 39.30 423 £45.00 ZA psf. 7b D W Strauss Ground Sales 16.44 177 29/11/2006 28/11/2021 29/11/2009 £7,950 £7,965 t/a Bakewell Music ITZA 16.44 177 & 3 yearly (£44.92) (£45.00) Total 16.44 177 8 B Purdy Ground Sales 33.54 361 04/10/2000 03/10/2015 04/10/2009 £16,200 £16,245 t/a Gifts ITZA 33.54 361 & 3 yearly (£44.88) (£45.00) Total 33.54 361 9 & Mrs J R Taylor Ground Sales 33.35 359 14/10/2006 13/10/2021 14/10/2009 £22,500 £23,275 First floor sales analysed at A/4. Suite 1 t/a JJ Design First Sales 58.81 633 & 3 yearly (£43.52) (£45.00) Ground ITZA 33.35 359 Total 92.16 992 SM G T News Ltd Ground Sales 88.26 950 02/09/2006 01/09/2021 02/09/2009 £36,000 £38,570 ITZA reflects a 10% addition for dual entrance. Previous landlord t/a G T News First Store 86.86 935 & 3 yearly (£45.00) (£45.00) analysed first floor storage at £2.75 per sq ft with approximately Ground ITZA 69.21 745 £1.60 per sq ft on the reduced head height area of 72 sq ft. ERV reflects Total 175.12 1,885 storage at A/8 with the reduced head height area at A/16. Sub Total 712.36 7,668 £204,083 £216,551 Angel House Suite 2 R & S Barrs First Office 21.09 227 10/08/2006 09/08/2009 - £2,500 £2,500 t/a Robert Barrs & Co (£11.01 psf) (£11.01 psf) Suites 3 & 4 Mrs J Lakhani First Office 43.57 469 19/01/2007 18/01/2010 - £4,950 £5,160 t/a C2E Ltd (£10.55 psf) (£11.00 psf) Suites 5 & 6 P Bradley First Office/ 33.72 363 30/12/2005 29/12/2011 30/12/2008 £4,500 £3,995 t/a Bradleys Hair Studio Salon (£12.40 psf) (£11.00 psf) Suites 7 & 8 Archaeological Research Second Office 38.65 416 25/01/2005 24/01/2008 - £3,700 £4,575 Services Limited (£8.89 psf) (£11.00 psf) Suite 9 Archaeological Research Second Office 27.03 291 10/08/2006 25/01/2008 - £2,800 £3,200 Services Limited (£9.62 psf) (£11.00 psf) Suite 11A The Ashgate Hospice First Office 19.79 213 25/03/2007 24/03/2022 25/03/2010 £2,350 £2,350 Currently leased to B Purdy at £2,350 pa for a term expiring on 03/10/15. Under Offer & 3 yearly (£11.03 psf) (£11.03 psf) Surrender and regrant for a term of 15 years from 25/03/07 at £2,350 pa is currently in solicitors hands. Sub Total 183.85 1,979 £20,800 £21,780 Total 896.21 9,647 £224,883 £238,331 (i) Areas have been provided from our clients management records

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INVESTMENT SUMMARY • Located in the prosperous market town of Buckingham. • Adjacent to the town’s main supermarket and car park. • Freehold. • Prominently situated pedestrianised open air shopping centre. • 16 ground floor retail and restaurant units with a self contained showroom and restaurant on the first floors. In addition, there are self contained offices to the ground and first floors. • Total accommodation of approximately 1,485.84 sq m (15,994 sq ft). • Significant active management opportunities to enhance income and capital value. • Low zone A rentals ranging from approximately £201.51 ZA per sq m (£18.72 ZA per sq ft) to £327.34 ZA per sq m (£30.41 ZA per sq ft). • Current rental income of £253,343 per annum. • Estimated rental value of £288,565 per annum. • Balanced income profile with over 48% of the income being for in excess of 5 years term certain.

Cornwall Place BUCKINGHAM Buckinghamshire

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CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

LOCATION 3 1 4 A The market town of Buckingham is situated in the D R E U N county of Buckinghamshire on the banks of the EN O V T A N E AD R D E R ING T TO S O Great River Ouse. E N W R M D

2 STOWE AVE S 2 T TR A4 The town is located approximately 88 km (55 miles) S AT H Ouse FO A422 G iver RD I at R To H Gre

the M1 north of London. Nearby centres include Milton C O M R E N A Great D W L O A L W L B I L’ R H S River Keynes approximately 19 km (12 miles) to the east, A C T K K LE M Y R Ouse

D A422 WE S T T

Aylesbury 27 km (17 miles) to the south east, Oxford E S

N A

To the L B L R 43 km (27 miles) to the south west, Banbury 29 km O ID

M40 G O A4 T E H S S C T

S FOR 1 L (18 miles) to the north west and Northampton L

CASTLE ST D 3 T E E S T E W R T

34 km (21 miles) to the north. S

L N O BOU O N RTON S D RD L O E N N The Old Gaol, built in 1748, is one of the first R D purpose built county prisons in England. Standing CHANDOS RD in the centre of Buckingham the building is an early example of 18th Century Gothic architecture and is one of Buckingham’s main tourist attractions now A421 A421 housing the museum and tourist information centre. 1 A42 A 41 3

COMMUNICATIONS

Buckingham benefits from good road A5 M1 communications being located at the intersection A45 A4500 NORTHAMPTONNORTHAMPTON 16 A509 A6 of the A421, A422 and A413. The A421 links the 15A A 61 15 42 M40 (Junction 10) approximately 19 km (12 miles) 3 8 A5 3 A A421 to the west with the M1 (Junction 13) 24 km A4 BEDFORDBEDFORD TOWCESTERTOWCESTER (16 miles) to the east. A508 A509

A A422 41 Heathrow International and London Luton Airports 11 A43 A5 A421 3 14 BANBURYBANBURY BRACKLEYBRACKLEY are approximately 110 km (69 miles) and 59 km 2 MILTONMILTON 13 A422 A42 KEYNESKEYNESA421 (37 miles) respectively to the south east with A6 A421 A421 Birmingham International Airport approximately A43 BUCKINGHAMBUCKINGHAM A5

93 km (62 miles) to the north west. 10 A413 A4146 M1

A4421 LLEIGHTONEIGHTON BUZZARDBUZZARD LUTOLUTON BICESTERBICESTER A505 A50511

A44 8 9 A41 10 41 A414 A A5 A34 6 9 M40 AYLESBURYAYLESBURY

A40 A40 A41 8 M OXFORDOXFORD A418 8a 10 7 0 HEMELHEMEL 8 HEMPSTEADHEMPSTEAD A4 7 21 A 9 4 A420 2 13 20 A3 to to M M 25 M25 A34 25

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CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

I S A A 3 R H W R M O A A D N R Y E M D H O W AD C A N A R G A R M R W S P O E E C 1 W N R O D & Y Y T R E 1 F H L E E 6 L W E /W A T 2 R M P K TH S E U I H N A E C B G I B I L 5 R A I S T R T F O C R B F T D H O E N E F H E E T R O K R O E C H O /A S A 3 U T S A S S L C 1 A T U D M 5 B L A E T H O A A S 4 E O R A N E R H E R P R 4- R 1 H D E R S E I S 4 S P S E T 5 N N D C LP R T S E A H T E A W S R A T H M A E E R H R G O A 1 C L T E S E E P T IT O G R L 3 A F Y A S D S L P T N I G T 6 A S E S S S 3 S PL N H M H E H C A - 7 E G O D O U W 1 A O & A IN U C O A 2 S R P S G R H R C G 2 H A E L C L H T L I O L R N D M E S 8 L L F F A N G F O E E T IP O E M L F N T E CH U F O V T X E T C U ) A S - R V S A E P H A P T IN D N W H A N R E N A E P S G S O S P E U IT O T E R A H T T E U S U O R E R C 9 T U H I . S R S R D Y 8 G N D S F Q R E G S R T G L E O L M M U S A IC A E L IN IE S ( GI E . R N N U R 1 A S O & L F T I L N S U S C O T S E 1 N S 1 O N U L P MI A T C M J H S N E E D B U I S T E R L 9 D E O E J 1 CO B E D S U S I L R E S 0 A G 3 R A B T V R T & C C U M F C E 0 E W U G /H G O G C I B A S R E E A G Y 1 E S W N D IN 5 C K R D LL T G Y IN C IT R C B M D E M D R D C G H IS 1 D O E N R 9 E M A S L H AR H 0 C U N 1 M E I R M E M R EA C S A T E 1 O I D E E M Y D M A A S T O & S G F H T E A R B H C U D L A R W 7 E IK O RO N A O N F IF S O D - P E P G R S O H W S S I 1 IO R 8 G C O O 9 A S T R R R T F A P IR Y 1 Y E O W F 6 W S E C L F B E C E P W IN F M 2 O L N E N E O T A R 6 A W L G L S L C C O N N F I H C O - H K S S 8 T 6 R D C U O 7 I H E A L O / D L W N A D R C Y S S M A M U O L E I C H O & S H T K M L E A O N H A R E G S N T 1 E Y R S 3 5 L M A 0 H D L E A B S S L U O C T O N A T D T F E IR C N T T C V A L V U 1 O H B E H 4 A A E 2 U T O W E S R M C L T E R C O T K A B A N T C S L H IN R V U S K N IN U A O A E A B O L E H E G P E O C D H R M A T N O A S U T R M V P A FU O R P G R E I M N B N A I H T U G G DS S U D N P R G O M 5 T E FOO A O E H R N TSH S S E G Y E U P IN R S K E O P C K P E U A R O R B B T S M IN T A G A R L 4 O K D F E W F T G IC S E

V S AC 3 S N C A E W O U N C S R N N T A O I ST D S N G A I A B R R ER T I & B H U E L S R C P L E IT T P A C IS IO A IC N H N E R IA T M T L E P O C P LE N H E P C AT V L A O W E E M (300) (ACTUAL) ES R P AN T R K N O E P

DEMOGRAPHICS Buckingham is an affluent town with a resident catchment of 14,812. Set out below are the salient demographic and MOSAIC Lifestyle statistics.

DEMOGRAPHIC PROFILE (2001) Social Class Breakdown Catchment GB %% Class 1 Managers & 21.57 14.85 Senior Officials Class 2 Professional Occupations 14.01 11.16 Class 3 Associate Professional 14.42 13.78 & Technical Class 4 Administration & Secretarial 12.63 13.27 Class 5 Skilled Trades 9.35 11.72

MOSAIC LIFESTYLE GROUP (2003) Classification Catchment GB %% Symbols of Success 18.98 9.61 Happy Families 30.87 10.76 Suburban Comfort 13.09 15.13 Ties of Community 3.57 16.04 Urban Intelligence 5.82 7.15 Welfare Borderline 0.61 6.42 Municipal Dependency 0.57 6.75

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CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

Household ownership in the catchment is 77.90%, as ACCOMMODATION opposed to the national average of 69.82%. In terms of Cornwall Place consists of 16 ground floor retail and car ownership, 89.40% of the catchment has a minimum restaurant units with 10 having ancillary first floors. There is of one car which is approximately 23.21% greater than a self contained showroom and restaurant on the first floors the figure for Great Britain. and self contained offices to the ground and first floors. There are a total of 18 on site car parking spaces SITUATION accessed from Cornwalls Meadow. Cornwall Place is located in the town centre fronting the A422 High Street adjacent to Buckingham’s main The site extends to approximately 0.19 Hectares car park. The local market operates from the car park (0.47 Acres). every Tuesday. TENURE The focus of retailing within Buckingham is Cornwall Place and the adjacent Meadow Shopping Centre that Freehold. is anchored by the town’s main supermarket. TENANCIES Cornwall Place is situated within a vibrant mixed use Cornwall Place is multi-let on various effective full location surrounded by pubs, restaurants, hotels and repairing and insuring leases in accordance with the boutique / specialist retailing. National multiples in tenancy schedule. The investment is producing a current the town include Tesco Express, Boots The Chemist rental of £253,343 per annum. and Woolworths.

Buckingham University, the UK’s first and only private INCOME PROFILE university, adjoins the eastern side of the town and accommodates approximately 800 students which are mainly from overseas.

DESCRIPTION Cornwall Place is an attractive open air pedestrianised shopping centre built in the late 1980’s. The centre extends to approximately 1,485.84 sq m (15,994 sq ft) and is constructed of stone and brick elevations under Term certain (years) pitched tile and slate roofs surrounding a pedestrianised Expiry in less than 3 years 39.43% square linking the town’s main car park to the High Street. Expiry between 3 years and 5 years 12.14% The self contained office element has a specification of Expiry between 5 years and 10 years 35.47% gas fired central heating, carpet with painted plaster Expiry in excess of 10 years 12.96% walls and ceilings. All common parts have been refurbished in 2006.

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CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

RENTAL GUARANTEES ESTIMATED RENTAL VALUE Unit 8 is leased to J Richards at £8,500 per annum. We are of the opinion that the current estimated rental The tenant completed the lease renewal to commence value is £288,565 per annum based on the following on 22 April 2007 at £10,000 per annum. The vendor will rental values: guarantee the additional £1,500 per annum to the Ground floor retail units £322.93 ZA per sq m renewal date. and restaurant (unit 3) (£30.00 ZA per sq ft) and, Unit 12 is leased to P Barrell and K Morton at £15,000 where applicable, ancillary per annum with a fixed rental increase on 31 October upper floors analysed at zone A/8 (£3.75 per sq ft). 2008 to £18,000 per annum. The vendor will guarantee First floor self contained £161.50 per sq m the additional £3,000 per annum to the date of the fixed retail unit (£15.00 per sq ft) rental increase. First floor self contained £161.50 per sq m Unit 12a is leased to L Smith at £11,000 per annum with restaurant (£15.00 per sq ft) a fixed rental increase on 1 November 2007 to £12,000 Cornwalls Meadow & £143.32 per sq m per annum. The vendor will guarantee the additional Cornwall Place Offices (£13.50 per sq ft) £1,000 per annum to the date of the fixed rental increase. PLANNING MARKET COMMENTARY Cornwall Place is situated within the Buckingham Conservation Area. Cornwall Place and the adjacent Meadow Shopping Centre creates the town’s main shopping destination. Evidence in the town is at approximately £32.50 ZA per sq ft, achieved on 8 Market Hill (Tesco Express) and 10 Market Hill (HSBC). Rental levels of the adjoining Meadow Walk and Meadow Row Centres are currently in the region of £28.50 ZA per sq ft and £25.00 ZA per sq ft respectively. Set out below are the salient details of recent transactions within Cornwall Place. Unit Date Transaction Zone A Rate PSF 8 11/06 Lease Rental £29.25 12 11/05 Open Market Letting £27.87 (i)

(i) The first rent review is fixed. The zone A rate has been averaged over the first 6 years.

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CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

19 x5 Tenancy Schedules 6/2/07 13:09 Page 2

CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE CORNWALL PLACE, BUCKINGHAM, BUCKINGHAMSHIRE

UNIT TENANT FLOOR USE ACCOMODATION (i) LEASE RENT PER ANNUM ERV PER ANNUM COMMENTS sq m sq ft Start Expiry Review (Zone A per sq ft) (Zone A per sq ft) 1 C Tomes Ground Sales 34.56 372 26/03/1990 25/03/2015 26/03/2010 £9,768 £10,770 t/a Sweet Dreams ITZA 33.38 359 & 5 yearly (£27.21) (£30.00) Total 34.56 372 2 M Gibson Ground Sales 27.87 300 18/05/1990 17/05/2015 18/05/2010 £7,100 £7,100 Sublease to Shire Mobility Ltd in solicitors hands. t/a The Barber Shop ITZA 21.92 236 & 5 yearly (£30.09) (£30.09) Total 27.87 300 3 Alex Duncanson & Ann-Marie Carter Ground Restaurant 62.71 675 25/03/1994 24/03/2009 - £17,600 £19,260 First floor analysed at A/8. t/a Almaries First Storage 38.65 416 (£27.41) (£30.00) Ground ITZA 54.81 590 Total 101.35 1,091 4 & 5 E Groome-Abbott & R Nicholl Ground Sales 72.37 779 25/03/2001 24/03/2010 25/03/2007 £20,500 £25,935 First floor analysed at A/8. t/a Steamers First Storage 63.54 684 & 3 yearly (£23.71) (£30.00) Vendor is considering a surrender and new letting for a term of 15 years Ground ITZA 72.37 779 at £26,750 pa (£30.94 ZA psf). Total 135.91 1,463 6 C De Angelis Ground Sales 29.64 319 29/05/2003 28/05/2009 - £8,800 £10,535 First floor analysed at A/8. t/a World of Wood First Sales 23.88 257 (£25.06) (£30.00) Ground ITZA 29.64 319 Total 53.51 576 7 C De Angelis Ground Sales 36.60 394 29/05/2003 28/05/2009 - £10,500 £12,525 First floor analysed at A/8. t/a World of Wood First Sales 31.59 340 (£25.15) (£30.00) Ground ITZA 34.84 375 Total 68.19 734 8 J Richards Ground Sales 28.80 310 22/04/2007 21/04/2016 22/04/2010 £10,000 £10,255 Lease renewal with tenant breaks at 22/04/10 and 22/04/13 upon t/a Mulberry Gifts First Storage 23.69 255 & 3 yearly (£29.25) (£30.00) 6 months prior notice. The current rent is £8,500 pa. Vendor will Ground ITZA 28.80 310 guarantee the increase until new lease commencement. Total 52.49 565 First floor analysed at A/8. 9 British Red Cross Society Ground Sales 27.87 300 25/03/1994 24/03/2009 - £8,750 £10,895 ITZA reflects a 10% addition due to dual frontage. First Storage 24.62 265 (£24.10) (£30.00) First floor analysed at A/8. Ground ITZA 30.66 330 Total 52.49 565 10 David Miller Ground Sales 64.10 690 16/03/1998 15/03/2013 16/03/2008 £10,500 £16,830 ITZA reflects a 10% addition due to dual frontage. t/a David Miller Dry Cleaners ITZA 52.12 561 & 5 yearly (£18.72) (£30.00) Total 64.10 690 11 TUI UK Ltd Ground Sales 80.64 868 07/05/1993 06/05/2018 07/05/2008 £16,575 £21,570 t/a Lunn Poly ITZA 66.80 719 & 5 yearly (£23.05) (£30.00) Total 80.64 868 11a Eamayl Ltd (Chinese Restaurant) First Restaurant 149.20 1,606 18/03/1991 17/03/2016 18/03/2011 £23,000 £24,090 Rent deposit held of £1,193.48. t/a EAMAYL Total 149.20 1,606 & 5 yearly (£14.32) (£15.00) 25 year hypothetical term at review. 12 Phil Barrell & Ken Morton Ground Sales 75.43 812 01/11/2005 31/10/2017 01/11/2013 £18,000 £18,000 Tenant break at 01/11/08 upon 6 months prior notice. The current rent is t/a Apple Homes ITZA 55.00 592 (£30.41) (£30.41) £15,000 pa with a fixed rental increase on 31/10/08 to £18,000 pa. Total 75.43 812 Vendor will guarantee the increase until 2008 fixed increase. 12a Lorraine Smith First Sales 88.53 953 01/11/2005 31/10/2017 01/11/2008 £12,000 £14,295 Tenant break at 01/11/08 and 01/11/13 upon 6 months prior notice. t/a Brides of Buckingham Total 88.53 953 & 5 yearly (£12.59) (£15.00) Rent deposit held of £3,766.62. Separate access. The current rent is £11,000 pa with a fixed rental increase on 01/11/07 to £12,000 pa. Vendor will guarantee the increase until 2007 fixed increase.

13 S Phelps Ground Sales 69.86 752 29/10/1999 28/10/2019 29/10/2009 £16,250 £17,350 First floor analysed at A/8. t/a Sandra's Cards First Storage 31.40 338 & 5 yearly (£28.10) (£30.00) Ground ITZA 49.79 536 Total 101.26 1,090 14 S Biagi Ground Sales 41.71 449 11/04/1990 10/04/2015 11/04/2010 £11,500 £13,650 First floor analysed at A/8. t/a Back to Nature Ltd First Sales 34.93 376 (£25.27) (£30.00) Ground ITZA 37.90 408 Total 76.64 825 15 Aylesbury Vale District Council Ground Sales 54.53 587 25/12/1993 24/12/2008 - £15,000 £16,475 First floor analysed at A/8. First Storage 50.63 545 (£27.32) (£30.00) Ground ITZA 44.68 481 Total 105.16 1,132 16 Harmony Wood Flooring Ltd Ground Sales 40.97 441 02/11/2005 01/11/2010 - £10,250 £13,230 Surety: P McDonald ITZA 40.97 441 (£23.24) (£30.00) t/a Harmony Wood Floor Specialist Total 40.97 441 Sub Total 1,308.31 14,083 £226,093 £262,765 Offices 1 Clark Howes Accountants Ground Office 25.64 276 09/04/2002 08/04/2007 - £9,250 £7,790 Not in occupation. Cornwalls First Office 27.96 301 (£16.03) (£13.50) 2 Car parking spaces. Meadow Total 53.60 577 Chiltern Farm Chemicals Ltd Ground Office 16.07 173 17/05/1990 16/05/2015 17/05/2010 £18,000 £18,010 Not in occupation. Cornwall Place First Office 107.86 1,161 (£13.49) (£13.50) Suites A & B Total 123.93 1,334 Sub Total 177.53 1,911 £27,250 £25,800 Total 1,485.84 15,994 £253,343 £288,565 (i) Areas have been provided from our clients management records

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INVESTMENT SUMMARY • Prominently located in the heart of the historic spa town of Buxton. • Boutique shopping arcade set within a Grade II listed early 19th Century former public Baths. • Adjacent to the £32.4 million 79 bedroom 5* Buxton Crescent & Thermal Spa Hotel due to open in early 2010. The University of Derby Devonshire Royal Campus, recently relocated to Buxton town centre, is 250 metres to the north west. • Potential development of a Regional Food Hall in Buxton could substantially increase visitor numbers to the town. • Freehold. • Redeveloped in 1985, and refurbished in 2002, to create 16 ground floor retail units and 2 restaurants. • Total accommodation of approximately 1,161.75 sq m (12,505 sq ft) including a roof terrace of 58.25 sq m (627 sq ft). • Significant active management opportunities to enhance income and capital value. • Low zone A rentals ranging from £194.83 ZA per sq m (£18.10 ZA per sq ft) to £487.62 ZA per sq m (£45.30 ZA per sq ft) representing a significant discount to prime rents at £592.03 ZA per sq m (£55.00 ZA per sq ft). • Current rental income of £263,825 per annum. • Estimated rental value of £313,125 per annum. • Balanced lease expiry profile with 19.11% of the income expiring within 5 years term certain and 63.34% being for in excess of 10 years term certain. Cavendish Arcade BUXTON Derbyshire

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CAVENDISH ARCADE, BUXTON, DERBYSHIRE

LOCATION

D A The historic spa town of Buxton, situated on the O R E G banks of the River Wye, is in the heart of the Peak D L E IG N H W TW O District National Park in the county of Derbyshire. R D O B A O O D R

Buxton is located approximately 267 km (167 R A B D R R E R O O WN A miles) to the north west of London, with nearby C DO D S N A centres including Macclesfield approximately 21 km L (13 miles) to the west, Chesterfield approximately A6

D MA R D NCHES TER E R 38 km (24 miles) to the east, Sheffield R C D D A

E D

V L A L

A O P

N

approximately 45 km (28 miles) to the north east

5 E

UNIV S

I

ROAD

K H

R 0 OF DERB

I F

A R

ERSITY

P 0 E

N ROAD BR

TIO I

and Manchester approximately 42 km (26 miles) to STA D R

4 R G

E I

D

Y S

T A

H T E the north west. F Q U A D ENS R RD G GA H A PRIN

O N S

T Buxton’s traditional popularity stemmed from it’s T L

H E ENT K R i S E v

Q e

U R r A spa baths and mineral water with the baths 3 R W

5 E D R A THE CRESC B y e O D R A A OPERA A ’S N D K originally established by the Romans. Buxton is a OH O J BURLI HOUSE

T R E S

W D popular tourist destination in the Peak District E TH A SOU E NGTON ROA O C R CK SQ

PAV ILION A HARDWI L N

providing an ideal base for exploration of its R L

GARDENS O T R

M R D G E A T

N A O D architecture, numerous attractions and the R I RKE

T E

D R

R

A T A surrounding landscape. O LIS M H S T 6

AD O Buxton Opera House, an impressive Edwardian R E L A building, is one of Britain’s leading receiving D ROAD theatres with approximately 450 performances BATH TO A515 annually ranging from stand-up comedy to

Shakespeare. 24 A642 HHUDDERSFIELDUDDERSFIELD The Council and Development Agency have M66

M62 A629 commisioned a feasibility study to develop a A628 18 37 Regional Food Hall in Buxton’s Pavilion Gardens. M60 A1(M) A628 A629 36 MANCHESTERMANCHESTER An EU grant of £8 million has been allocated. It is 12 A628 A6 35A 16 2/35 M67 considered that, associated with the success of the 24 A61 M1 M18 M60 A57 SHEFFIELDSHEFFIELD Great Peak District Fair, over 1 million visitors will 5 34 A624 32 be attracted to Buxton – a significant boost to the M56 A6 Sheffield City Peak District Airport National Park A631 local economy. A523 A621 A623 19 A5004 A61 A619 A34 A6 A53 MACCLESFIELDMACCLESFIELD 9 30 7 A61 A6 CHESTERFIELDCHESTERFIELD A537 A6 19 BBUXTONUXTON A617 A60 A34 6 A61 18 A523 BAKEWELLBAKEWELL 29 7 A5 A53 A A 4 5 6 1 A53 5 MMANSFIELDANSFIELD A38 A34 LEEKLEEK 28

A60 16 A A61 A500 52 A53 3 0 M1 A52 A34 STOKE-ON-STOKE-ON- 38

TRENTTRENT A A52 26

NOTTINGHAMNOTTINGHAM

A515 M6 A 50 A52 15 A 25 3 DERBYDERBY 4 to M1

23 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 24

CAVENDISH ARCADE, BUXTON, DERBYSHIRE

E N V O A N & P P S G C N I R H O D S O M I L P I R H P E U A E U C E B O T M S A S C S T L E P A O T R N T U R T E V O H E H P I A G C E OA T R G E M B D I R & A A N R A S N G M A E & M N D C B D R L N I I E E G R O R E D C L Y S E A S A P A S K F N P S I U V A M S C A U 4 E N I D S O T 1 H E T W S G O E R P A E O A T S T I N W Y H G R B F N A E T S Y 13 A F T R D O D S S T U Y N N O T S & T T I A N E O E R 5 R R S T E E N 2 S I Y E H 1 E F N - M O E N R S A M N E ( 1 9 E H D L O U 1 L H 2 R E S T A Y D M S R R 8 C T I R T T T L A L I L H D E N L 0 7 R T B E A 1 - - G I X L E D 7 A A E I A R T N X & R 5 E N F 1 P I T J O H T 9 T O B RA A O L K O S W M N E N E C O & S I AL E A T E G I R 5 O I A R BEN L B N C E R U 3 L O E L T M D - I /A 8 S 6 L O O C R N T O S 1 V C 6 I A N RV IAN F O N K D N A T S IN R H I R L E E E E A E T R N O I L I C & U T N T D J D N B N C K 7 H O O I R C O R 1 S N S C I H K H E O H F N A E S A IE S H R S T T P & A S Y T C F AT N O S G W H A IT H E O I X H O W 4 4 X A O C N 7 8 E A W G 1 M S S C M U B I 5 2 U O E R T B E L E R K N - G R T G I E 3 U S A B C A O H S R C L U W D N A N ` A L 6 D N I P F P 9 W A E B

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COMMUNICATIONS Buxton benefits from a good communications network by road, rail and air. The town is well located at the intersection of the A6, A53 and A515. The A6 provides a direct link to Manchester in the north east. The M6 (Junctions 17-19) is approximately 27 km (17 miles) to the west with the M1 (Junctions 29 and 30) approximately 38 km (24 miles) and 48 km (30 miles) respectively to the east. Buxton mainline rail station provides frequent journeys to London Euston with a fastest journey time of 2 hours and 54 minutes and Manchester Piccadilly in a fastest journey time of 60 minutes. Manchester International Airport is located approximately 43 km (27 miles) to the north west, Sheffield City Airport approximately 53 km (33 miles) to the north east and Birmingham International Airport approximately 109 km (68 miles) to the south.

24 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 25

CAVENDISH ARCADE, BUXTON, DERBYSHIRE

DEMOGRAPHICS SITUATION Buxton is a popular tourist destination with a resident Cavendish Arcade is located in the heart of the town centre district population of approximately 89,433 with a fronting both The Crescent and The Quadrant. The prime population within 10 km (6 miles) of the centre of 41,206 retailing pitch of Spring Gardens and The Spring Gardens rising, within 20 km (12 miles), to approximately 256,771. Centre are located opposite on the eastern side of The Quadrant. The Buxton Opera House, located in Pavilion Set out below are the salient demographic and MOSAIC Gardens, is only 200 metres to the west. Lifestyle statistics. Adjacent to the property is The Crescent which is to be DEMOGRAPHIC PROFILE (2001) converted to a 79 bedroom 5* Buxton Crescent & Thermal Spa Hotel. The £32.4 million Heritage Lottery Class Groupings District GB Funded project is led by High Peak Borough and %% Derbyshire County Councils and will be project managed AB Higher & intermediate managerial / 23.50 21.70 administrative / professional by Trevor Osborne Property Group Ltd. Detailed planning and listed building consents were granted in Spring C1 Supervisory, clerical, junior 28.60 29.40 managerial / administrative / professional 2006. Pre construction site investigation works are due E On state benefit, unemployed, 14.10 16.60 to commence in Spring 2007 with the opening lowest grade workers scheduled for early 2010. D Semi-skilled and unskilled 17.20 17.20 The recently opened University of Derby Devonshire manual workers Royal Campus is situated in the former Grade II * Royal C2 skilled manual workers 16.60 15.10 Devonshire Hospital within 250 metres to the north west. The entire campus has relocated from Harpur Hill bringing approximately 2,500 students into the town SOCIO-ECONOMIC MOSAIC centre with the halls of residence located to the eastern CONSUMER CLASSIFICATIONS end of Spring Gardens on Bridge Street.

Mosaic Consumer Classification Urban Area GB National multiples in the town include Marks & Spencer, %% Argos, Woolworths, WH Smith, Next and Dorothy Symbols of Success 8.21 10.53 Perkins to name but a few. Happy Families 9.78 11.46 Buxton mainline railway station is approximately 150 Ties of Community 32.52 16.33 metres to the north east. Urban Intelligence 0.74 6.95 Welfare Borderline 1.46 5.29 DESCRIPTION Twilight Subsistence 4.57 2.74 Cavendish Arcade is a landmark Grade II listed former Grey Perspectives 10.78 6.71 public hot baths, originally built in c1820. The Arcade extends to approximately 1,161.75 sq m (12,505 sq ft) and Household ownership in the district is approximately is constructed with decorative sandstone elevations under 12.05% greater than the national average. The urban a combination of pitched slate and flat felt roofs. The area and Great Britain figures (2001) for car ownership building was converted into a covered boutique shopping are broadly comparable. arcade in 1985 and underwent major refurbishment in 2002. A stained glass roof was installed during the 1985 conversion and refurbishment which, at the time, was the largest single stained glass window in the British Isles. For additional information please see: www.cavendisharcade.com All common parts have been refurbished in 2006.

25 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 26

CAVENDISH ARCADE, BUXTON, DERBYSHIRE

ACCOMMODATION MARKET COMMENTARY Cavendish Arcade provides 16 ground floor retail units, Recent transactions in Buxton, within The Spring 2 of which have basements. There are 2 restaurants with Gardens Shopping Centre, include BB’s Coffee and one to the ground floor having an ancillary first floor. The Muffins acquiring unit 6 at £592.03 ZA per sq m (£55.00 other is a self contained first floor restaurant. ZA per sq ft) and Holland & Barrett renewing their lease on unit 17 at £592.03 per sq m (£55.00 ZA per sq ft). The site extends to approximately 0.15 Hectares Furthermore, the Buxton Crescent & Thermal Spa Hotel (0.38 Acres). and the recent town centre relocation of the University campus, will create further footfall within The Crescent, TENURE forming a catalyst for rental growth prospects within Freehold. Cavendish Arcade.

TENANCIES AND ACCOMMODATION Set out below are the salient details of recent transactions within Cavendish Arcade. Cavendish Arcade is multi-let on various effective full repairing and insuring leases in accordance with the Unit Date Transaction Zone A Rate PSF tenancy schedule. The investment is producing a current 5 11/06 Open Market Letting £39.91 rental of £263,825 per annum. 6 05/06 Rent Review £30.31(i) 9 04/06 Open Market Letting £30.10 INCOME PROFILE 3 The Colonnade 11/06 Lease Renewal £40.20 4 The Colonnade 11/06 Open Market Letting £42.65 5 The Colonnade 04/06 Open Market Letting £43.03(ii) with a fixed rent review in 2009

(i) Rent review agreed on a rising basis. (ii) Rent analysed over the first two reviews.

Term certain (years) Expiry in less than 3 years 14.46% Expiry between 3 years and 5 years 4.65% Expiry between 5 years and 10 years 17.55% Expiry between 10 years and 15 years 23.50% Expiry in excess of 15 years 39.84%

RENTAL GUARANTEES Unit Guarantee Guaranteed Rent PA Guarantee Expiry Comment 1 Concessionary £2,800 16/07/08 Personal concession to £12,000 pa until Rent the next rent review. 2 Fixed Increases £400 31/03/08 2006 rent review was agreed subject to fixed rental increases. 4a Fixed Increases £500 31/03/07 2005 letting was agreed subject to fixed rental increases. 6 Fixed Increases £1,525 30/05/07 2006 rent review was agreed subject to fixed rental increases. 4 The Colonnade Fixed Increases £2,800 01/11/09 2006 letting was agreed subject to fixed rental increases. 5 The Colonnade Fixed Increases £1,400 30/04/09 2006 letting was agreed subject to fixed rental increases.

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CAVENDISH ARCADE, BUXTON, DERBYSHIRE

27 x5 Tenancy Schedules 6/2/07 13:09 Page 3

CAVENDISH ARCADE, BUXTON, DERBYSHIRE CAVENDISH ARCADE, BUXTON, DERBYSHIRE

ESTIMATED RENTAL VALUE PLANNING We are of the opinion that the current estimated rental The remaining retail units within Cavendish Arcade (units Cavendish Arcade is Grade II listed and situated within value is £313,125 per annum based on the following 2, 3, 4a, 4b, 6-9, 11a and 12) at £322.93 ZA per sq m the Buxton Central Conservation Area. rental values: (£30.00 ZA per sq ft). Retail and restaurant units with frontage and direct The first floor self contained restaurant (unit 11) at access from The Crescent and The Colonnade (units 1, 5, £322.93 per sq m (£30.00 per sq ft) with the roof terrace 10, 14 and 3-5 The Colonnade) at £430.57 ZA per sq m analysed at £65.66 per sq m (£6.10 per sq ft) overall. (£40.00 ZA per sq ft) and, where applicable, ancillary first floors analysed at zone A/8 (£5.00 per sq ft) and ancillary basements at £21.53 per sq m (£2.00 per sq ft) overall.

UNIT TENANT FLOOR USE ACCOMODATION (i) LEASE RENT PER ANNUM ERV PER ANNUM COMMENTS sq m sq ft Start Expiry Review (Zone A per sq ft) (Zone A per sq ft) 1 Stephen Lee Ground Sales 58.90 634 16/07/2002 15/07/2014 16/07/2008 £14,800 £25,360 Rent review agreed at £14,800 pa. Personal concession to tenant to t/a Charlottes ITZA 58.90 634 & 3 yearly (£23.34) (£40.00) reduce rent to £12,000 pa until the next review. Vendor will guarantee Total 58.90 634 the increase until 2008 rent review. Pays rent monthly. 2 Pat Dwolitka Ground Sales 18.02 194 31/03/2006 30/03/2012 31/03/2009 £5,000 £5,820 Tenant break at 31/03/09 upon 6 months prior notice. t/a Serenity ITZA 18.02 194 (£25.77) (£30.00) The current rent is £4,600 pa with fixed rental increases on 31/03/07 Total 18.02 194 (£4,800 pa) and 31/03/08 (£5,000 pa). Vendor will guarantee the increase until 2008 fixed increase. 3 Kate Emery & Macrej Sniadach Ground Sales 59.08 636 25/05/2002 24/02/2014 25/05/2008 £12,000 £19,080 Tenant break at 17/07/08 upon 6 months prior notice. t/a Jantar ITZA 59.08 636 & 3 yearly (£18.87) (£30.00) Total 59.08 636 4a Katie Webster Ground Sales 31.49 339 09/04/2005 08/04/2014 09/04/2008 £7,000 £10,170 Tenant break at 09/04/11 upon 6 months prior notice. The current rent t/a Unique Feet ITZA 31.49 339 & 3 yearly (£20.65) (£30.00) is £6,500 pa with a fixed rental increase on 31/03/07 to £7,000 pa. Total 31.49 339 Vendor will guarantee the increase until 2007 fixed increase. 4b Mr Ching Ground Sales 44.59 480 01/03/2007 28/02/2013 01/03/2010 £12,000 £12,000 Tenant break at 01/03/10 upon 12 months prior notice. t/a Chinese Herbal ITZA 44.59 480 & 3 yearly (£25.00) (£25.00) Vendor will guarantee until signed (max 6 months). Total 44.59 480 5 Signey & Bianchi Ground Sales 82.03 883 01/03/2007 28/02/2022 01/03/2010 £27,500 £27,560 Current tenant vacates on 14/02/07. New lease to Signey & Bianchi t/a Fresh ITZA 64.01 689 & 3 yearly (£39.91) (£40.00) has been engrossed. Total 82.03 883 6 L Adey Maguire Ground Sales 32.05 345 30/05/2003 29/05/2009 - £9,150 £11,400 2006 rent review agreed a rising rent from £7,625 pa to £9,150 pa on t/a Atticusboo Ltd ITZA 26.48 285 (£32.10) (£40.00) 30/05/07. Vendor will guarantee the increase until 2007 fixed increase. Total 32.05 345 7 Mr C Copeland Ground Sales 27.41 295 30/01/2006 29/01/2015 30/01/2009 £7,000 £8,850 t/a Bags and Baggage ITZA 27.41 295 & 3 yearly (£23.73) (£30.00) Total 27.41 295 8 Lindsay Heather Curruthers Ground Sales 27.78 299 29/09/1987 28/09/2011 29/09/2008 £5,275 £8,340 ITZA reflects a 7% discount for internal walls. t/a What Now Antiques ITZA 25.83 278 & 3 yearly (£18.97) (£30.00) Total 27.78 299 9 R Fiddy Ground Sales 27.78 299 28/04/2006 27/04/2018 28/04/2009 £9,000 £9,000 t/a Ginger ITZA 27.78 299 & 3 yearly (£30.10) (£30.10) Total 27.78 299 10 David & Judith O'Dell Ground Sales 36.73 395 22/08/2005 21/08/2017 22/08/2008 £11,000 £15,800 t/a Pure Inspiration ITZA 36.73 395 & 3 yearly (£27.85) (£40.00) Total 36.73 395 11 John & Janet Hitchen First Terrace 58.25 627 20/11/2006 19/11/2031 20/11/2009 £25,000 £25,000 t/a Cavendish Café & Restaurant Restaurant 65.59 706 & 3 yearly (£18.75) (£18.75) Total 123.84 1,333 11a Melanie Chetwood Ground Sales 48.77 525 30/07/2002 29/07/2014 30/07/2008 £9,500 £15,750 t/a Minimo ITZA 48.77 525 & 3 yearly (£18.10) (£30.00) Total 48.77 525 12 Gary Edward Hannan Ground Sales 92.16 992 29/09/1988 28/09/2012 29/09/2006 £15,000 £19,035 Arbitrator appointed. Award due at the end of March. Vendor has served t/a Titles Bookstore ITZA 58.90 634 & 3 yearly (£23.66) (£30.00) Calderbank at £19,000 pa (£29.97 ZA psf). ITZA reflects a 7.5% discount Total 92.16 992 for internal walls. 14 PizzaExpress (Restaurants) Ltd Ground Restaurant 192.58 2,073 12/08/2002 11/08/2027 12/08/2007 £40,000 £45,360 First floor analysed at A/8. ITZA reflects a 10% addition for t/a Pizza Express First Storage 40.78 439 & 5 yearly (£35.27) (£40.00) return frontage. Ground ITZA 100.24 1,079 Total 233.36 2,512 Unit 3 Geoffery Shoults Ground Sales 29.45 317 01/02/2007 31/01/2022 01/02/2010 £12,600 £12,600 Basement storage analysed at £2.00 per sq ft The Colonnade t/a The Photography Shop Basement Storage 28.80 310 & 3 yearly (£40.20) (£40.20) Ground ITZA 27.68 298 Total 58.25 627 Unit 4 Philip and Nicola Donbavand Ground Sales 64.84 698 01/11/2006 31/10/2021 01/11/2012 £28,000 £28,000 The current rent is £25,200 pa with a fixed rental increase on 01/11/09 The Colonnade t/a The Green Lady II Basement Storage 62.52 673 & 3 yearly (£42.65) (£42.65) to £28,000 pa. Vendor will guarantee the increase until 2009 Ground ITZA 58.06 625 fixed increase. Total 127.37 1,371 Basement storage analysed at £2.00 per sq ft. Unit 5 Philip and Nicola Donbavand Ground Sales 32.14 346 30/04/2006 29/04/2018 30/04/2012 £14,000 £14,000 The current rent is £12,600 pa with a fixed rental increase on 30/04/09 The Colonnade t/a The Green Lady ITZA 28.71 309 & 3 yearly (£45.30) (£45.30) to £14,000 pa. Vendor will guarantee the increase until 2009 fixed Total 32.14 346 increase. Total 1,161.75 12,505 £263,825 £313,125 (i) Areas have been provided from our clients management records

28 29 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 30

INVESTMENT SUMMARY • Prime retail unit located in Leicester city centre. • Situated on the pedestrianised Market Street where national multiples include Fenwick Department Store, Fat Face, Waterstones, Sony Centre, Clinton Cards and McDonalds. • Freehold. • Attractive period retail unit arranged on basement, ground and two upper floors. • Well let to Toni & Guy (South East) Ltd guaranteed by Mascolo Ltd. • 8 years 4 months term certain (approximately) with effect from 1 February 2007. • Total accommodation of approximately 264.77 sq m (2,850 sq ft). • Current rental income of £42,000 per annum equating to only £667.38 ZA per sq m (£62.00 ZA per sq ft). • Estimated rental value of £48,055 per annum equating to £753.50 ZA per sq m (£70.00 ZA per sq ft), 14.42% rental growth since the letting to Toni & Guy.

15 Market Street LEICESTER Leicestershire

30 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 31

15 MARKET STREET, LEICESTER, LEICESTERSHIRE

LOCATION A607 A6 Leicester, the county town of Leicestershire, is the A50 HIGHTo CROSS M1/J22 ST

largest city in the East Midlands. ST VE GATE M T A Y A594 S T H E D W L E BELGRA T S

The city is located approximately 162 km (101 miles) I S F EE ST W S L H A

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VAUGHAN WACHURCH GATE A U north west of London with nearby centres including M C O A47 KET

H S

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Nottingham approximately 42 km (26 miles) to the E L

N E A RD L S TONE

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S HAYMAR UMBE

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north, Peterborough 66 km (41 miles) to the east, ST ET HAYMARKET T P

THE SHIRES CENTRE

GATE

G

RSTONE A HUMB E

Northampton 61 km (38 miles) to the south, Coventry L S CHEAPSIDE L O

T W

ST T GH R T G 40 km (25 miles) to the south west and Birmingham HI E S E

P L G D QUE E EN STREET O O P A N

C T T A

E E ET L R

approximately 71 km (44 miles) to the west. K RK TRE T A S G

A47 L M ETS IR U

I A R E

N EF

MARK S

G S R

W

OUT T O G S A

H O HBO R A Y

MARKET PL STHGREEN

A47 G N WL N

Leicester, one of the oldest cities in England, ST A RD B UG A E U E A STIN N M IN Y T A ARK G S

E L ST T 5 S E

ET C

underwent rapid industrialisation with the To M1/J21A AR LANE NE LA 9 O ST P FRI ST D 4 LL OR I LF construction of the Grand Union Canal in the late M E W

NEWARK ST

18th Century that linked Leicester to Birmingham A

6 WELL

O W L X KING ST and London. Now, the city is set to grow further E INGTON ST O F L N O F 4 D R O with developments being implemented by the 9 O R D 5 D N A

S P R T Leicester Regeneration Co that includes the L Y D

A A REGEN A C 5 W E £51 million Leicester Performing Arts Centre. 9 T RD 4 O O To L R A5199 E T COMMUNICATIONS A W Leicester benefits from an excellent communications

A6 network being easily accessible by road, rail and air. MANSFIELDMANSFIELD 17 28 Leicester benefits from excellent road

ASHBOURNEASHBOURNE A38 46 communications being located immediately to M1 A

A52 the east of the intersection of the M1 (Junction 21) NOTTINGHAMNOTTINGHAM 5 with the M69 providing rapid access to the A52 A51 A52 A52 M6 (Junction 2). 25 A50 A50 24 Leicester mainline rail station provides a frequent BURTONBURTON UPONUPON TRENTTRENT East Midlands Airport direct service to London St Pancras with a fastest 7 23A 60 LOUGHBOROUGHLOUGHBOROUGH A A515 A511 2 journey time of 89 minutes. A4 A4 A38 A51 A46 MELTONMELTON 4 M1 4 A6 MOWBRAYMOWBRAY A511 Birmingham International Airport is located 61 km 2 A4 22 A50 11 A46 SYSTONSYSTON (38 miles) to the south west, London Heathrow A51 A563 T5 A4 21A Airport approximately 170 km (106 miles) to the T4 M42 4 A5 4 LEICESTERLEICESTER A47 10 south east and East Midlands Airport 30 km M6 Toll A5 21 A563 PPETERBOROUGHETERBOROUGH

(19 miles) to the north west. T1 9 M69 A6 M6

A444 1 M1 A A5 5 19 7 BIRMINGHAMBIRMINGHAM 9 M6 3 MARKETMARKET

HARBOROUGHHARBOROUGH 2 A

A45 508 6 A46 M6 A6

COVENTRYCOVENTRY 19 A14 1 2 3 A45

NNORTHAMPTONORTHAMPTON 18 A46 M45 19

31 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 32

15 MARKET STREET, LEICESTER, LEICESTERSHIRE

S D P O L N I H R IA U T G E A E S T I T A E E C N R H AN G B O F K R A U L L E C E L S R O O C R I TA I I E R O C S S V B S 7 T T D A ) 2 S E A + H R N S E L A O E O E K E D P U E N I R N C I V U S T T ES 9 I B E A C R 2 S T F E A N 5 D E - S B E C E R I C 1 S M A X E O A S E L O N N T C O E K R T R & L H N H 1 T R E Y B O T 3 C L O E H 7 T A L E N I A Y O R L E M A C A L R A H C Y T N F T E E B L H H D H T L H H E F F T E I U 9 IG T IR K I R R H D S C M A O G E A & E KS IN N E I R D 3 & P H W O IL TY 3 R IG NS T Y U IE R A I H E B C R C F L M S O E O E E M S P K A IM A A I D T L R P S N C I 6 T T Y R IN S F E H O A I W I L S A G P G S C A F O S K N C F A IC E D L L S E T I R L T A N N C L C D / E O R S T A S 8 V E R 2 A T C R A H C IF A C S 0 G T E S E N Q B R O E & H A S SH S 3 R I E H N 4 T IA & Y O IC C T PT G R & O 24 E M AR 7 - O S E 4 E W 22 V T US E A S O K IE R H N R T U D U D BA H R A O S E H N L F AI S IC T B A IT C LO 26 N M N T T C W A E E N N R E C C E T P A A O A N E R R N V A 5 N L LE F U N 8 R R E A 2 T NT L T ST OD R E IL B E O A T B R I R S S 0 F D N A V U T 3 M F B C & R ILD I R E U 7 D E A L IN W S & R O F X I O & N N IL C S N O P E T M S G S R IN G T P E S A IL A S P B H R T F D IE N T S TO 9 G R I E E L C S I E A E 6 V M E IC E N E L U R E A SO N R A L N E R O C 1 S C N I A E L 1 P F 1 N H S I F T E D N O IE T 0 AL G L R - 1 N N T U 8 O S S) J N O CD RE R LO E T M D OO T A S /F FL N S E F L 5 A T Y L AI AC E UT 1 T IL ET K V TL A & 7 R N 6 Y E 2 A U V G B N M ( B D O ER A O P L N ( S P S A A R Y M L AR Y L E LL E I R O T E TO B H O G T R O S K T S S IT U N C T 8 EN C B A E S R I 1 E R TH F R BE L R U O 7 I R SO 9 FI TA S C UM E S U T 1 L LL E O IA E 0 E E R M IL D W S & FA B M - E U B R A R A 1 J S O A R F 1 2 G H B O 1 C G C R O M IC C I A E P E RE R BL G M O E E E T U T W P F S G K R P N F P 1 A O E E O O S 4 B P IC T C H ) S F N 2 L S S F CA 1 E E TE O A IA I IR FE O G V N N U F S T IN LO SQ O D 1 T Y E C R 3 1 ET B T G CA 6 B S BA N N N A O IE UR G T R R T A IN TS `B A E T L IF O B TL ES R C G 1 /W U R & 8 S O E S 1 T D 5 M N R Y A E CA U A AC P 2 G S 2 V HO 7 N I & R 0 M S N E R FA Y 2 S T T T 9 TO S OX RI LE N S E K A T E - AR R 2 H U T B D 1 2 O 3 IR 7 E C 1 NE A DY T S G R G H - T N E IN PA O CA N ) D M AR 1 A O S IL E HA P E 9 2 V T R U C E S S 4 RS O B E YS IP H U E O T R SH T O T T L N N R H A S F E T E NE Y B K IL E M H R T ER IC U R W O A N 8 A L L P T E B AR AL B O F R P G A 2 B E F E TH R U D E R O P V I TO N P 1 3 C O O SM CI TO U ( H LI G C A S G 1 O IN A E 2 T 0 S L R ET & S E CK R L 6 O E P O A T 2 T C F P B U 3 F S HE O N O T S A O - C TO S 1 RT M T N BI 2 A S R N 2 R T R A A T 5 O & C N E C T TH NF 1 E P AK N A A 2 O E K 4 -O T W V RR R 6 C C O R TO A E A A C DE SE T L F G L 1 N W U E EL T IN 6 U E O G 2 FA H I N H R EW 2 8 T N HE IC O J 7 O T L E - CL G B G AD ( 3 U HE P 0 D 1 P S E E T 8 G S D E F O U 2 P E T O H O 9 E E H O S A N E E IC T ( R W N C L O R 4R R I B D T 3 T FF U O N I I T S O P O A 1 A M C S V UR E N E K S A TR S E Y IN T N T 3 T N W L S E N O A R P ST E C E 3 TS E A E R Y M S N IL A H R & N IN N L C 2 C R A A T Y N 2 & A SO T M S 3 F T L R B R W E 7 A - A E E R RS 5 L O B T E T .3 O H K 2 N N H R R 4 E IT O 0 O C W P DS A E E S O 3 M R O 7 M 3 R O TE G 2 H N - S I TS - - R H 3 6 ) O C . 3 P IR A 9 0 6 S M L 0 SA T P E A S M AG M E 4 R R 1 ) A G S G 3 G VE E 1 0 IR O H R 4 5 S E 3 V P AK E 3 NT AM B AY R 2 E H W R N B BA M U S S W IL E S/ A L I N SA N AL U TB C A 4 C BE O 5 O R NE E U U FE I N FE F P L & D F O O S A C H D C S R C S I I H T Y N W L Y A IT G O O CL L IN E E B F RN L F E R N F F R I FU E A ID O IC N IT R P G K E A IN D E S IR G H S T O B H U 3 A E S R C E L & U R B E H S T O A U U S E R E 1 DEMOGRAPHICS Leicester has a resident urban area population (2001) of 441,213 with a population (1994) within 10 km (6 miles) of approx 486,055 rising, within 20 km (10 miles) to approximately 758,143. By population, Leicester is the 10th largest city in England. PROMIS (2004) reports that Leicester’s estimated shopping population of 458,000 ranks the city 13 out of the PROMIS Centres. Set out below are salient demographic and MOSAIC Lifestyle statistics.

32 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:30 Page 33

15 MARKET STREET, LEICESTER, LEICESTERSHIRE

DEMOGRAPHIC PROFILE (2OO1) SITUATION

Class Groupings Urban Area GB The unit is situated on the west side of the pedestrianised %% Market Street, located in the core retailing pitch within AB Higher & intermediate managerial / 17.50 21.70 Leicester city centre. Market Street runs from Welford administrative / professional Place in the south up to Millstone Lane / Horsefair Street C1 Supervisory, clerical, junior managerial / 27.10 29.40 to the north. Horsefair Street links directly with Gallowtree administrative / professional Gate to the east. E On state benefit, unemployed, 16.20 16.60 National multiples in Market Street include the Fenwick lowest grade worker Department Store, Fat Face, Waterstones, Sony Centre, D Semi-skilled and unskilled 23.20 17.20 Clinton Cards and McDonalds. manual workers C2 Skilled manual workers 16.00 15.10 Leicester has Europe’s largest covered market which is situated on Market Place approximately 150 metres to the north. MOSAIC LIFESTYLE GROUP Leicester benefits from two shopping centres being Mosaic Consumer Classification Urban Area GB The Shires and Haymarket Centre. The Shires, situated %% on Gallowtree Gate, is the larger centre extending to approximately 49,200 sq m (530,000 sq ft) and is Symbols of Success 4.67 10.53 anchored by House of Fraser Rackhams and Debenhams Happy Families 10.54 11.46 department stores. The scheme, currently being extended Suburban Comfort 26.16 16.06 by a further 60,000 sq m (646,000 sq ft), to include a Ties of Community 23.19 16.33 22,000 sq m (237,000 sq ft) John Lewis department Twilight Subsistence 1.74 2.74 store, is due for completion in September 2008. The Haymarket Shopping Centre, also located off The figures for the urban area and Great Britain are Gallowtree Gate, extends to approximately 24,380 sq m broadly in line in terms of household ownership (262,000 sq ft) and is anchored by Primark, H&M, (68.50% and 68.30% respectively) and households Somerfield, TK Maxx and Woolworths. with 1 car (45.40% and 43.80% respectively). Leicester mainline rail station is approximately 1.6 km (1 mile) to the south east.

33 x5 Tenancy Schedules 6/2/07 13:09 Page 4

15 MARKET STREET, LEICESTER, LEICESTERSHIRE 15 MARKET STREET, LEICESTER, LEICESTERSHIRE

DESCRIPTION September 2005 which was agreed at £70.00 ZA per sq An attractive mid terraced period building constructed in ft. The above evidence provides a platform for strong the mid 19th Century / early 1900’s. rental growth within Market Street. The property extends to approximately 264.77 sq m ESTIMATED RENTAL VALUE (2,850 sq ft) with the front elevation constructed of fea- We are of the opinion that the current estimated rental ture red brick and red sandstone under a pitched slate value is £48,055 per annum based on ground floor sales tiled roof. at £753.50 ZA per sq m (£70.00 ZA per sq ft) with the basement at £10.76 per sq m (£1.00 per sq ft), first floor ACCOMMODATION sales at £53.82 per sq m (£5.00 per sq ft) and second The unit provides retailing to the ground and first floors floor ancillary at £32.29 per sq m (£3.00 per sq ft). and ancillary accommodation to the basement and sec- ond floor. PLANNING 15 Market Street is situated within the Market Street TENURE Conservation Area. The property is not listed. Freehold.

TENANCY AND ACCOMMODATION The unit is leased on a full repairing and insuring basis in accordance with the tenancy schedule. The investment is producing a current rental of £42,000 per annum.

MARKET COMMENTARY Recent transactions on Market Street include the letting to White Stuff (24 Market Street) in July 2006 for a term of 15 years at £70.00 ZA per sq ft. Tote (16 Market Street) renewed their lease in September 2006 for a term of 15 years, with a break at year 10 at £70.00 ZA per sq ft. Lumbers (12 Market Street) had a rent review in

TENANCY SCHEDULE

TENANT FLOOR USE ACCOMODATION (i) LEASE TENANT BREAK RENT PER ANNUM ERV PER ANNUM sq m sq ft Start Expiry Review OPTION (Zone A per sq ft) (Zone A per sq ft) Toni & Guy Ground Sales 89.83 967 27/05/2005 26/05/2020 27/05/2010 27/05/2015 £42,000 £48,055 (South East) Ltd Ground ITZA 56.39 607 & 5 yearly upon 6 (£62.00) (£70.00) Surety: Mascolo Ltd First Sales 57.60 620 months Second Office/Staff 55.74 600 prior notice Basement Storage 61.59 663 Total 264.77 2,850 Total 264.77 2,850 £42,000 £48,055 (i) Areas have been provided from our clients management records

34 35 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 36

INVESTMENT SUMMARY • Dominant retailing scheme in Syston town centre. • Adjacent to the town’s main car park and supermarket. • Freehold. • Modern pedestrianised open air shopping centre developed in 1989. • 20 ground floor retail units, including a restaurant, residential apartment and 1 self contained first floor office. • Total accommodation of approximately 1,524.86 sq m (16,414 sq ft). • Significant active management opportunities to enhance income and capital value. • Low zone A rentals ranging from £134.23 ZA per sq m (£12.47 ZA per sq ft) to £273.84 ZA per sq m (£25.44 ZA per sq ft). • Current rental income of £171,950 per annum. • Estimated rental value of £193,950 per annum. • Income profile of approximately 64.90% being for in excess of 5 years term certain.

To w n Square Shopping Centre SYSTON Leicestershire

36 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 37

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

6

4

A LOCATION

S The town of Syston is located in Charnwood S A P Borough in the county of Leicestershire. Y

B

N

Syston is approximately 10 km (6 miles) to the north O

T Y A46 T S A S east of Leicester City Centre with nearby centres Y WESTERN W H C S R E BYPASS U

including Loughborough approximately 16 km S H

S C

O R

F E

(10 miles) to the north west, Melton Mowbray H P

IG

H P S T U REET approximately 16 km (10 miles) to the north east,

D

T T A

S S L O

Peterborough approximately 70 km (44 miles) to Y

L O A R E O W

H S

C R N

S E

T K O L

the east and Coventry 53 km (33 miles) to the A T S W L B

K E

A O CHAP

M

O R south west.

Y R K

A B

7 B

W Y 0

E Y 6 R ’S ST

B A O

A R E E

COMMUNICATIONS L A T

W

G D

PE

S E T

T SYSTON S S Road communications are good being located S S D

A S A

P O D O R A east of the intersection of the A607 Syston Y

F B O B

R By-Pass with the A46 Western By-Pass. The A607 N N O

O T T L

connects Melton Mowbray to the north east with E

S Y M W STATION RD

S AN

Leicester. The A46 provides a direct link to the LIP ROAD GOODE’S LAN M1 (Junction 21a) approximately 16 km (10 miles) E to the south west.

A6 Syston mainline railway station provides regular MANSFIELDMANSFIELD 17 and direct services to Loughborough and Leicester 28

stations with a fastest journey time of 13 minutes ASHBOURNEASHBOURNE A38 46 M1 A and 10 minutes respectively. Leicester mainline A52 NOTTINGHAMNOTTINGHAM railway station provides a frequent direct service to 5 A52

A51 A52 London St Pancras with a fastest journey time of A52 25 A50 approximately 89 minutes. A50 24 BURTONBURTON London Heathrow International Airport is UPONUPON TRENTTRENT East Midlands Airport 7 23A LLOUGHBOROUGHOUGHBOROUGH 60 A approximately 181 km (113 miles) to the south A515 A511 2 A4 A4 A38 east, Birmingham International Airport is A51 A46 MELTONMELTON 4 M1 4 A6 MOWBRAYMOWBRAY

A511 approximately 72 km (45 miles) to the south west 2 A4 22 A50 11 A46 SYSTONSYSTON and East Midlands Airport approximately 37 km A51 A563 T5 A4 21A T4 M42 (23 miles) to the north west. 4 4 LEICESTERLEICESTER A A5 47 10 M6 Toll A5 21 A563 PPETERBOROUGHETERBOROUGH

T1 9 M69 A6 M6

A444 A444 1 M1 A A5 5 1

7 9 BIRMINGHAMBIRMINGHAM 9 M6 3 MARKETMARKET

HARBOROUGHHARBOROUGH 2 A

A45 50

6 A46 M6 A6 8 COVENTRYCOVENTRY 19 A14 1 2 3 A45

NNORTHAMPTONORTHAMPTON 18 A46 M45 19

37 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 38

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

Right of way

Proposed residential scheme

Town Square

Car Park

DEMOGRAPHICS Charnwood has a population (2001) of approximately 153,460 and set out below are the salient demographic statistics.

Socio Economic Classifications (2001)

Category (Workplace Population) Charnwood England %% 1. Higher Managerial & 12.47 12.46 Professional Occupations 2. Lower Managerial & 22.32 26.34 Professional Occupations 3. Intermediate Occupations 10.28 12.89 4. Small Employers and 10.61 9.75 Own Account Workers 5. Lower Supervisory & 11.44 9.61 Technical Occupations 6. Semi-Routine Occupations 15.22 14.53 7. Routine Occupations 13.36 10.87 8. Never Worked & 0.00 0.00 Long Term Unemployed Not Classified 4.30 3.53

(Source: National Statistics) Household ownership in the Borough is 77.78% as 38 opposed to England at 68.72%. D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 39

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

SITUATION TENURE Town Square Shopping Centre is situated in the centre of Freehold. Syston approximately 1 km (0.6 miles) east of the intersection of the A46/A607. TENANCIES AND ACCOMMODATION The centre, being the dominant retailing within Syston, is Town Square Shopping Centre is multi-let on various adjacent to the town’s main supermarket and car park. effective full repairing and insuring leases in accordance The scheme fronts the High Street to the north, Melton with the tenancy schedule. The investment is producing Road to the east and, to the west, Walkers Way which a current rental of £171,950 per annum. also provides access to the car park. INCOME PROFILE Syston mainline rail station is approximately 1 km (0.6 miles) to the south west.

DESCRIPTION Town Square Shopping Centre is an open air scheme developed in 1989. The centre extends to approximately 1,524.86 sq m (16,414 sq ft) and is constructed with brick elevations under a pitched slate tiled roof surrounding a Term certain (years) pedestrianised square linking High Street, Melton Road Expiry in less than 3 years 30.15% and Walkers Way. Expiry between 3 years and 5 years 4.95% All common parts have been refurbished in 2006. Expiry between 5 years and 10 years 64.90%

ACCOMMODATION Town Square Shopping Centre consists of 21 ground floor retail units and a restaurant, with 16 having ancillary first floors (including a residential flat to unit 2) and 1 having ancillary first and second floors. There is a self contained first floor office. The site extends to approximately 0.18 hectares (0.46 acres).

39 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 40

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

MARKET COMMENTARY PLANNING Recent transactions in Syston include: Town Square Shopping Centre is situated within the Syston Conservation Area. • In August 2005, HSBC completed two lease renewals at 1270/1272 and 1274 Melton Road for terms of The site adjacent to Town Square Shopping Centre 5 years at £215.29 ZA per sq m (£20.00 ZA per sq ft). (shown as hatched on the plan) is in the ownership of the • In May 2006, Vigg completed a lease renewal at ultimate holding company of the vendor. Consultations 1282 Melton Road for a term of 5 years at £224.87 have taken place with the Local Authority following which ZA per sq m (£20.89 ZA per sq ft). a detailed planning application has been submitted to Charnwood Borough Council. The application is for the • An A3 unit is currently under offer at 1249/1251 construction of 24 residential apartments (one and two Melton Road for a term of 15 years on a rising rental bedrooms) and 91 secure car parking spaces. The averaging, over the first 5 years, £333.69 ZA per sq m enhanced parking arrangements meet with the Local (£31.00 ZA per sq ft). Authority and Highway Authority criteria and an approval A January 2006 rent review within the Town Square for the development is anticipated in April 2007. Shopping Centre is outstanding and awaiting a third The proposed number of car parking spaces has party expert determination. The review is expected to be increased from 65 to 91. determined at £215.26 ZA per sq m (£20.00 ZA per sq ft). The above evidence provides a strong platform for rental growth within Town Square Shopping Centre.

ESTIMATED RENTAL VALUE We are of the opinion that the current estimated rental value is £193,950 per annum based on the following rental values: Ground floor retail/restaurant units at £215.29 ZA per sq m (£20.00 ZA per sq ft) and, where applicable, ancillary first floors analysed at zone A/7 (£2.86 per sq ft), ancillary residential flat at £3,600 per annum and ancillary second floors analysed at zone A/13 (£1.54 per sq ft). The first floor self contained office analysed at £86.11 per sq m (£8.00 per sq ft).

40 D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 41

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

41 x5 Tenancy Schedules 6/2/07 13:09 Page 5

TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE TOWN SQUARE SHOPPING CENTRE, SYSTON, LEICESTERSHIRE

UNIT TENANT FLOOR USE ACCOMODATION (i) LEASE RENT PER ANNUM ERV PER ANNUM COMMENTS sq m sq ft Start Expiry Review (Zone A per sq ft) (Zone A per sq ft) 1 E Vardy Ground Sales 44.68 481 08/08/1994 07/08/2014 08/08/2009 £10,250 £10,800 t/a The Bookmark First Sales 39.39 424 & 5 yearly (£18.98) (£20.00) Second Store 31.86 343 Ground ITZA 42.08 453 Total 115.94 1,248 2 S & J Singh Ground Sales 40.32 434 01/04/1989 31/03/2014 01/04/2009 £8,750 £11,860 Rental value includes 1 bedroom first floor residential at t/a The Syston Fish Bar First Residential - - & 5 yearly (£12.47) (£20.00) £3,600 per annum. Ground ITZA 38.37 413 Rent deposit held of £2,817.50 Total 40.32 434 3 S Warden & G Greaves Ground Sales 25.73 277 27/03/2003 26/03/2008 - £6,250 £7,035 Rent deposit held of £1,593.67. t/a THINK First Store 30.56 - 329 (£17.76) (£20.00) ITZA reflects a 10% addition for return frontage. Ground ITZA 28.33 305 Total 56.30 606 4 M Devji Ground Sales 52.30 563 01/09/1997 31/08/2014 01/09/2007 £11,500 £13,125 Pays rent monthly. t/a Byrite Electrical First Store 59.73 643 & 5 yearly (£17.53) (£20.00) ITZA reflects a 10% addition for return frontage. Ground ITZA 52.40 564 Total 112.04 1,206 4a D Thomas Ground Sales 9.75 105 01/04/1989 31/03/2014 01/04/2009 £2,400 £2,400 t/a Thomas's Shoe Repairs ITZA 9.75 105 & 5 yearly (£22.86) (£22.86) Total 9.75 105 5 J Rybicki & S Anderson Ground Sales 25.18 271 21/10/2001 20/10/2007 - £6,250 £6,565 ITZA reflects a 10% addition for return frontage. t/a Gianni First Store 19.60 211 (£19.05) (£20.00) Ground ITZA 27.68 298 Total 44.78 482 6 R Trapani Ground Sales 43.29 466 01/04/1989 31/03/2014 01/04/2009 £8,750 £10,215 t/a Ray's Tray (café) First Store 29.08 313 & 5 yearly (£17.12) (£20.00) Ground ITZA 43.29 466 Total 72.37 779 7 R Trapani Ground Sales 38.00 409 01/04/1997 31/03/2014 01/04/2009 £7,500 £8,880 Pays rent monthly. t/a Ray's Tray (café) First Store 22.76 245 & 5 yearly (£16.89) (£20.00) Ground ITZA 38.00 409 Total 60.76 654 8 D Houghton Ground Sales 35.49 382 23/10/2003 31/01/2010 01/02/2007 £8,500 £9,225 Pays rent monthly. t/a Syston Card Shop First Store 39.11 421 (£18.44) (£20.00) ITZA reflects a 5% addition for return frontage. Ground ITZA 37.25 401 Total 74.60 803 9 Mrs Mary Bentley Ground Sales 28.71 309 19/12/2003 18/12/2012 19/12/2006 £6,500 £7,025 Rent deposit held of £3,103.69. t/a Angels First Showroom 27.41 295 & 3 yearly (£18.52) (£20.00) Ground ITZA 28.71 309 Total 56.11 604 10 R C Martin Ground Sales 43.48 468 01/04/1989 31/03/2014 01/04/2009 £9,750 £10,570 t/a The Bakery Shop First Production 39.30 423 & 5 yearly (£18.47) (£20.00) Ground ITZA 43.48 468 Total 82.77 891 11 M Edmonds Ground Sales 36.05 388 01/04/1989 31/03/2014 01/04/2009 £8,250 £9,015 ITZA reflects a 5% addition for return frontage. t/a Square News First Internet Café 28.15 303 & 5 yearly (£18.33) (£20.00) Ground ITZA 37.81 407 Total 64.19 691 12 Mrs S A Passingham Ground Sales 21.37 230 01/04/1989 31/03/2014 01/04/2009 £5,750 £5,750 Pays rent monthly. t/a Top Drawer First Store 23.32 251 & 5 yearly (£21.62) (£21.62) Ground ITZA 21.37 230 Total 44.68 481 13 B Taylor Ground Sales 37.16 400 01/06/1992 31/05/2007 - £8,500 £9,860 S25 notice served for 15 years at £11,000 pa (£22.31 ZA psf). Awaiting t/a Taylors Estate Agents First Office 34.37 370 (£17.24) (£20.00) response. Ground ITZA 40.88 440 ITZA reflects a 10% addition for return frontage. Total 71.53 770 14 J Gamble & C Hollis Ground Sales 38.00 409 01/01/2003 31/12/2008 01/01/2006 £8,350 £9,000 Independent expert appointed Oct 2006. t/a Gamble & Hollis Butchers ITZA 41.81 450 & 3 yearly (£18.56) (£20.00) ITZA reflects a 10% addition for return frontage. Total 38.00 409 14a Ms S Ruddick First Office 52.86 569 01/04/1989 31/03/2014 01/04/2009 £4,500 £5,690 t/a Ruddick Recruitment Total 52.86 569 & 5 yearly (£7.91 psf) (£10.00) 14b Optics 2000 Ltd Ground Sales 39.02 420 01/12/1997 30/11/2012 01/12/2007 £7,450 £9,610 t/a Eye Check First Store 39.30 423 & 5 yearly (£15.52) (£20.00) Ground ITZA 39.02 420 Total 78.31 843 15 C Rowan Ground Sales 41.99 452 19/09/2003 18/09/2009 19/09/2006 £7,500 £9,210 Rent deposit held of £3,170.66. t/a Westworld Mobility First Store 36.79 396 & 3 yearly (£16.27) (£20.00) Rent review notice served at £10,200 pa (£22.13 ZA psf). Ground ITZA 37.53 404 Total 78.78 848 15a SCF Dias Ground Sales 21.00 226 05/06/2003 04/06/2009 - £5,750 £5,750 t/a Marios Clothing Alterations ITZA 21.00 226 (£25.44) (£25.44) Total 21.00 226 15b Paul Young Ground Sales 33.17 357 04/09/2003 03/09/2009 - £9,250 £9,250 Rent deposit held of £4,142.82. t/a The Mortgage Specialists First Office 62.06 668 (£20.74) (£20.74) (Financial Services) Ground ITZA 32.61 351 Total 95.22 1,025 16 Medicine Chest Pharmacy Ltd Ground Sales 141.77 1,526 01/04/1989 31/03/2014 01/04/2009 £20,250 £23,115 ITZA reflects a 10% addition for return frontage. t/a Sun Lit Chemists First Store 112.78 1,214 & 5 yearly (£17.53) (£20.00) Ground ITZA 91.23 982 Total 254.55 2,740 Total 1,524.86 16,414 £171,950 £193,950 (i) Areas have been provided from our clients management records.

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Square Portfolio

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Square Portfolio

PROPOSAL Active Management There are numerous active management opportunities The Company that will enhance income and capital value including: An opportunity to acquire a UK company. The purchaser • The individual assets and units within the portfolio can will benefit from stamp duty at 0.5%, and a reduction in be sold freehold thereby providing break up potential. price to reflect the inherent uncrystallised capital gains. By way of example, we are of the opinion that the The corporation tax discount of £1,578,000 will contribute asset in Leicester would achieve a substantially lower to the purchasers equity thereby enabling an increased yield than the quoting terms. level of debt. • Creation of new headline zone A rental values through A sale to a REIT would mitigate any capital gains tax actioning rent reviews, lease renewals, surrenders and liabilities thus benefiting the purchaser further. lettings thereby driving the rents from their low bases. • Conversion of the retail upper parts to residential The Assets subject to planning. • A portfolio of pedestrianised retail in the prime affluent • Convert Angel House, Bakewell to residential subject market towns of Bakewell, Buckingham and Buxton, to planning. We have been advised that 1 bedroom a high street unit in Leicester and a neighbourhood apartments range from £160,000 to £190,000 with scheme in Syston. 2 bedroom apartments ranging from £190,000 to • All assets are freehold. £270,000. • Low zone A rentals ranging from £134.23 zone A per • Negotiation of surrender premiums from the vacant sq m (£12.47 zone A per sq ft) to £514.64 zone A per office accommodation at Cornwall Place, Buckingham sq m (£47.81 zone A per sq ft) excluding the high would enable either refurbishment or conversion to a street unit at £667.38 zone A per sq m (£62.00 zone residential use subject to planning. We have been A per sq ft) providing strong rental growth prospects. advised that 1 bedroom apartments range from • Over 57% of the portfolio income benefits from rent £120,000 to £190,000 with 2 bedroom apartments reviews on a 3 yearly basis. ranging from £150,000 to £245,000. • 72 tenants on 78 leases provides a high diversification • Extend Cornwall Place, Buckingham, over the eastern of income. car park to create additional retail or residential accommodation subject to planning. • Multi let to tenants including Help The Aged Ltd, G T News Ltd, TUI UK Ltd, British Red Cross Society, Aylesbury Vale District Council, Toni & Guy (South East) Ltd and Pizza Express (Restaurants) Ltd. • Average tenancy rental of only approximately £1,000 per month. A nominal increase in rent would provide a substantial increase in rental growth. • Well balanced lease expiry profile with over 35% of the income being for in excess of 10 years term certain. • The properties benefit from strong tenant demand which is reflected by the portfolio being 100% let. • The purchase price of £15,500,000 reflects a high initial yield of 6.05%, an equivalent yield of 6.76% and a true equivalent yield of 7.05% net of purchase costs at 2.00%.

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Square Portfolio

David Baroukh Associates 6a Wimpole Street, London W1G 8AL

Telephone: 020 7323 1010 Facsimile: 020 7323 6600 www.dbaprop.co.uk

Philip Hunt: 020 7631 2245 [email protected]

David Baroukh: 020 7631 2244 [email protected]

Disclaimer on misrepresentation

David Baroukh Associates for themselves and for the vendors or lessors 3. None of the statements contained in any particulars is to be relied of the properties whose agents they are give notice that: upon as a statement or representation of fact.

1. All particulars or properties provided are given as a general outline 4. Any intending purchaser or lessee or tenant should not rely on only for the guidance of intending purchaser, lessee or tenant, and do any particulars provided by us and must satisfy themselves by not constitute, nor constitute part of, an offer or contract. inspection or otherwise as to the correctness of each statement made in such particulars. 2. Whilst all particulars of properties given including but not limited to descriptions, dimensions, references to condition and necessary 5. The vendor or lessor as the case does not make or give and neither permissions for use and occupation and maps are believed to be David Baroukh Associates or any person in their employment has any correct and are given in good faith, they are however given without authority to make or give any representation or warranty whatever in responsibility on the part of David Baroukh Associates or the vendors relation to any properties. or lessors as the case may be. February 2007

impact 01622 833880 / www.impact-im.co.uk (D0342) D0342 DBA Square Portfolio_A4_stage 3 6/2/07 14:31 Page 48

SQUARE 5 PORTFOLIO