HAYMARKET TOWERS HUMBERSTONE GATE

Prime Freehold Retail Investment HAYMARKET TOWERS HUMBERSTONE GATE INVESTMENT SUMMARY LEICESTER LE1 1WA A rare chance to secure a The asset provides the best high Passing rent substantial, 100% prime retail street retail units in Leicester £2,245,500 per annum parade in a Top 10 UK city Modern retail parade with double- Offers are sought in excess of Freehold height glazed frontages £35,000,000 reflecting a Leicester is a regional, retailing Anchored by M&S, Barclays and Net Initial Yield of 6.00%, centre in the UK New Look, extending to almost after allowing for graduated 90,000 sq ft purchaser’s costs at 6.77% Leicester was 3rd in Hot 100 Retail Locations (CACI - 2015) Over 50% of the income derived from blue-chip, FTSE 100 companies Leicester has the 9th largest primary catchment population in the UK Over 85% of the income derived from national covenants Leicester is the 10th Best Retail Location in the UK (HDH - 2016) AWULT to lease expiry in excess of 10 years and in excess of 9 years to break options LOCATION & COMMUNICATIONS TOURISM & CULTURE

Leicester is in the heart of , some 38 miles (61 km) north of Northampton, Leicester has a number of high profile, state-of-the-art, award-winning venues 45 miles (72 km) east of and 25 miles (42 km) south of Nottingham. including The and the National Space Centre, in addition to the renowned museums, galleries, areas of natural beauty and ancient heritage in its immediate CAR surroundings. There is also a wide ranging calendar of events and festivals in the Leicester is well connected to the national road network, lying east of City throughout the year. junctions 21, 21A and 22 of the M1 motorway with easy access to the M69 and the M6. The A6 runs though the city centre providing access The City Mayor and the Local Council put together Leicester’s ‘Tourism Action Plan to Loughborough immediately to the north and 2015-2020’, setting out their vision whereby, come 2020, Leicester will be firmly to the south. established as a primary tourism destination, delivering sustained and sustainable growth into Leicester’s economy. Leicester’s ring road, the A563, connects towns and cities to the east, such as Peterborough, Grantham, Melton Mowbray and Uppingham At the VisitEngland Awards for Excellence 2016, the Attenborough Arts Centre, The via the A607 and A47. Dandelion Hideaway and King Richard III Partnership all won awards amongst the country’s elite tourism offers. TRAIN Following the discovery of Richard III’s remains in 2012 and his burial in Leicester With over £70m invested in Leicester’s rail connections during 2013, Cathedral, there has been a surge in the number of visitors to Leicester. One of the London is now only 1 hour and 2 minutes from . trustees at the Richard III visitor centre recently suggested that the visitor centre The rail service is extensive and efficient also providing frequent increased tourism in Leicester by 3% since opening, which is the equivalent of services to Birmingham, and Nottingham. boosting the local economy by an estimated £45 million.

LEICESTER AIR LOCAL ECONOMY & LEICESTER’S The value of tourism in Leicester and has grown for the sixth The city is located 18 miles (29 km) south of consecutive year to reach a record high of £1.571 billion (LeicesterShire Leicester is one of the oldest cities in England with a history going back almost International Airport which provides a full range of domestic and VISION FOR THE FUTURE Promotions). This is a 6% rise on the previous year and a total increase of 2000 years. Leicester is the principal commercial centre in Leicestershire and lies international flights. It is the UK’s No.1 airport for pure freight, more than 20% over the last six years. on the , at the edge of the National Forest. managing 300,000 tonnes per annum. Some of the largest employers in Leicester and Leicestershire are: Leicester also benefits from two high profile sports teams. Leicester Leicester is a modern, exciting, cosmopolitan city. It is rich in arts, culture, sports BUS Emerson Process Management IBM Hastings Direct City FC ‘The Foxes’ are the 2016 English Premier and steeped in heritage, most recently with the reburial of King Richard III, who First Bus, Arriva and Centre Bus all operate extensive local and Santander Grant Thornton KPMG League Champions and Leicester Rugby FC reigned 1483 - 1485, at in March 2015. national bus services to and from the city centre. There are also Park Everards Brewery KP Snacks Babcock ‘The Tigers’ came 4th in the 2016 English and Ride services into Leicester city centre from 7am to 7pm Monday Caterpillar Baker Tilly Taylor Hobson Rugby Premiership. There is a comprehensive shopping offer in Leicester, ranging from the main to Saturday from sites at Birstall, Enderby and Meynell’s Gorse. stream shopping centres and streets to the boutiques, markets and specialist Winning the football Premier League is stores. likely to be worth £250m to Leicester City FC alone (CityAM) and with an exemption into Champions League football next season, the triumph will NT undoubtedly generate greater profile M1 STNTRNT and more tourism for the city. A NOTTINGHAM DERBY S U The value of tourism to AST S IANS S developed an Economic Action Plan for 2012 to 2020. The key Leicester has grown for points of this Action Plan are to: Glasgow Edinburgh M6 M1 the sixth consecutive C • Invest in the City • Drive economic growth year to a record high M6(T) M42 LEICESTER Newcastle • Build on the significant investment made previously of £1.571 billion U Belfast M69 • Build on the strong entrepreneurial spirit of Leicester and its business M6 community BIRMINGHAM C • Emphasise the city’s location and connectivity with the rest of the UK, Europe Manchester BIRINA and the world Dublin M5 M6 M42 COVENTRY • Establish Leicester as a more attractive and accessible hub UNIVERSITIES/STUDENTS M42 • Joining up the retail, leisure and entertainment offer with improved pedestrian There are a number of colleges and universities in the city for further education. Birmingham Leicester flow, cycle ways and bus routes / stops R S The most renowned educational establishments are The M1 and . There are almost 40,000 students in the City. NORTHAMPTON S NContinuing to focus on the links between transport hubs, retail areas, the historic London Cardiff Bristol S A M40 city itself, the markets, the Cultural Quarter, the CBD and the newly developing areas such as regenerating the Waterside area, as well as the residential areas beyond the inner ring road (A563), should ensure that Leicester remains a dominant UK city and continues to prosper. B MILTON KEYNES Progress is visible throughout the city and most recently the multi-million pound redevelopment of the bus station to the north and rear of the Haymarket Shopping Centre demonstrates the local council’s commitment to invest in the city. Leicester is home to almost HAYMARKET TOWERS HUMBERSTONE GATE 40,000 students LEICESTER LE1 1WA

04 05 HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER LE1 1WA

SITUATION

This site was home to Lewis’s Department Store until the mid-1990’s when Haymarket Towers, extending to some 90,000 sq ft (8,361 sq m), was built.

Haymarket Towers enjoys an extremely prominent position, opposite the Haymarket Shopping Centre, with retailing frontage directly on to Humberstone Gate.

Humberstone Gate is the prime high street retailing location in Leicester. The shop units provide an occupier with modern, well-configured retail space and double-height glass frontages on to the pedestrianised Humberstone Gate.

Marks & Spencer occupy one of the most prominent units in Haymarket Towers and own the other part of their store Freehold. The whole store creates a link through to Gallowtree Gate where M&S also have an entrance.

The other tenants in the parade are Barclays Bank, Superdrug, Select, New Look and DW Sports. DW Sports have an entrance at ground floor, in between M&S and Barclays, leading to a modern gymnasium and sportswear store on the 1st floor.

Haymarket Towers is ideally situated close to retailers such as Primark, H&M and Boots directly opposite, who are all integrated as part of the Haymarket Shopping Centre. Primark owner-occupy their store and are a major attraction, as well as a strong, complementary, anchor store at this end of the pitch.

Haymarket Towers also benefits from easily accessible loading facilities, provided via the service yard to the rear, which is within the Title boundary.

Haymarket Towers enjoys an extremely prominent position, with retailing frontage directly on to Humberstone Gate

06 07 HAYMARKET TOWERS HUMBERSTONE GATE CITY HALL LEICESTER LE1 1WA CURVE TOWN HALL THEATRE SUARE

CULTURAL R

UARTER A RETAILING IN LEICESTER N B

Leicester is the second largest commercial centre in the Leicester’s second shopping centre, The Haymarket Centre, S

East Midlands and classified as a regional centre in the UK fronts onto the Clock Tower and provides the entire retailing T (PROMIS). frontage directly opposite Haymarket Towers. Key anchor T S retailers within the Haymarket Centre include H&M, Sports Leicester is a major, dominant, retailing destination, Direct, Peacocks, TK Maxx and Primark. N A providing a highly sought after, attractive and diverse retail CORN ECHANGE

A offer. Retail rents in Leicester, in terms of Zone A (ITZA), peaked at U

approximately £245/£250 per sq ft when Highcross opened B

R HAYMARKET Leicester’s primary catchment area population is 962,000 and have now tailed off to around £200 per sq ft ITZA. Rents S T

N TOWERS ranking the city 9th out of 200 (PMA) and an estimated on Humberstone Gate were in the order of £180 per sq ft

AT T T

shopping population at 495,000 ranks the city 12th out of ITZA but are now considered to be £140-£150 per sq ft ITZA. LEICESTER R

200 (PMA). Rents in the Haymarket Shopping Centre are approximately R

MARKET

£100 per sq ft ITZA.

Leicester has 2.50 million sq ft of retailing floor space,

ranking the city 7th out of the 200 PMA Centres. On other There are currently no significant retail developments A U A

B T

PMA rankings, Leicester ranks 9th in Anchor Stores, 20th on proposed in Leicester city centre. T R T

S the Retail Score, on par with the likes of Newcastle-Upon- T N Tyne and Reading and 23rd on the Fashion Score. Leicester came 3rd in the ‘Hot 100 Retail R A Locations’ CACI report produced in November T T S HAYMARKET After opening in 2008, Highcross Shopping Centre 2015. The report provides the top 100 towns S SHOPPING strengthened Leicester’s retail offer, ensuring that the and cities in the UK that have the greatest S CENTRE

primary shopping population were drawn back into the city capacity to support more mass-market retail brands. T R R

centre. Highcross is the dominant centre and considered to R A

be the prime shopping offer with John Lewis, Debenhams Leicester also came 10th in Harper Dennis Hobbs’ recently

C

T and Rackhams () being the anchor stores to published ‘Best UK Retail Centres 2016’. T a wide range of fashion and aspirational brands. A S T AT S

The main entrance to Highcross fronts onto East Gates and HAYMARKET Leicester’s iconic Clock Tower, which is the heart of the city BUS STATION centre. The main shopping streets radiate from the Clock Leicester’s PMA Retail Score is on par C

Tower, including Humberstone Gate, with a number of with the likes of Newcastle-Upon-Tyne U HIGHCROSS major fashion multiples and variety stores including M&S, T R

New Look, Boots, TK Maxx and Primark. and Reading R C A

A

A A

T T

ton DEMOGRAPHICS ropton 5 Minutes rive Time Thurcaston 10 Minutes Leicester’s population is predominantly young and with an sharers. The dominant type of housing, within the 15 minute drive rive Time ethnic mix dominated by White British and Asian/Asian British time catchment, is semi-detached and terraced houses. 46 60 15 Minutes (Experian). There is a particularly high proportion of young Birstall Thurmaston rive Time adults, aged 15 - 24, within the catchment and the retired There has been a consistent fall in unemployment and a rise in nte aged of 65 and over are moderately under-represented (PMA). average house prices. Leicester’s Claimant Count is considerably Leicester is expected to experience close to average growth in lower than Nottingham and at 36% of the peak 50 560 population size between 2015 - 2020 (PMA). Claimant Count seen in March 2013.

Belgrave In the year up to September 2015, Leicester’s main workforce 6 60 Drive time Population Population Growth were categorised in ‘Major Group 1-3’ which includes Managers, lenfield 525 Humberstone Prediction (2019) Scraptoft Directors and Professionals (Nomis). 65% of the workforce is 5 mins 21,556 3.89% made up of Groups 1-3 and 8-9 (Plant & Machine Operatives eieter Thurnby 646 10 mins 162,256 3.34% and Elementary Occupations). The remainder is spread evenly 54 Bushby between Groups 4-7. 66 15 mins 347,163 2.96% Source: Experian 56 Braunstone 426 The dominant, Experian classified, Mosaic Groups in Leicester are ‘Urban Cohesion’ and ‘Rental Hubs’. Urban Cohesion are Unemployment is falling; 566 Oadby described as residents who are settled in the community and 6 have a strong sense of identity. Rental Hubs are described as house prices are rising 56 5 6 educated young people, aged between 18-35, either singles or Enderby len Parva iton

08 09 TENURE TENANCIES

Freehold. AWULT to lease expiry in excess The property comprises a parade of six retail units providing a total Net Internal Area (NIA) of 88,415 sq ft (8,214 sq m). It is fully let to national multiple retailers including Land Registry Title LT337810. of 10 years and an AWULT to Marks & Spencer, Superdrug and Barclays in accordance with the tenancy schedule below. The income is extremely well secured. The Average Weighted Unexpired Lease Term (AWULT) is comfortably in excess of 10 years to expiry and the AWULT incorporating break options over 9 years the break options is over 9 years.

Tenant Details Lease Events Floor Areas (sq ft) Passing Income Estimated Rental Value

Unit No. Tenant Name Trading As Lease Lease Term Expiry Date Next Rent Break Ground ITZA First Second Total Current Rent Current Rent ERV ERV ITZA (£ psf) Comments Start Date (Yrs) Review Date Option Floor Floor Floor (£ pa) ITZA (£ psf) (£ pa) (overall psf)

1-3 Barclays Bank Plc Barclays 04/08/2008 15 03/08/2023 04/08/2018 10,473 3,432 1,178 8,747 20,398 £650,000 £179.35 £549,300 £150.00 Regional HQ Bank.

4 Dave Whelan Sports Ltd DW Sports 18/02/2013 15 17/02/2028 18/02/2023 18/02/2023 18,690 18,690 £200,000 (£10.70) £243,798 (£13.10) Lease held outside Sections 24-28 of the Landlord & Tenant Act 1954. Stepped Rents: 18th Feb 2018 - £220,816 pa ; 18th Feb 2023 - £243,798 pa. 6 month’s notice required from tenant to exercise break option (2023). Service charge cap. No shortfalls and further details upon request.

5 Marks & Spencer Plc M&S 24/06/2001 35 23/06/2036 29/09/2016 13,905 3,803 1,142 15,047 £595,000 £154.35 £540,400 £140.00 Part of full line, GM store (see goad plan). M&S own freehold of remaining part.

6 & 7 Superdrug Stores Plc Superdrug 25/08/2010 10 24/08/2020 - 6,685 2,349 5,529 12,214 £393,000 £150.83 £355,800 £135.00 August 2015 break option not exercised. Tenant has been in occupation since 1997.

8 Genus UK Ltd Select 07/05/2013 10 06/05/2023 07/05/2018 07/05/2018 2,587 850 2,001 4,588 £117,500 £121.76 £124,500 £130.00 Lease held outside Sections 24-28 of the Landlord & Tenant Act 1954. 6 month’s notice required from tenant to exercise break option (2018). Equivalent of 6 month’s rent penalty if Tenant exercises break option. Tenancy schedule assumes break option on 07/05/2018. Lease does not specify an exact date in 2018 for the break option.

9 New Look Retailers Ltd New Look 11/03/2014 10 10/03/2024 11/03/2019 11/03/2019 7,748 2,317 6,579 3,151 17,478 £290,000 £101.21 £345,100 £125.00 Tenant has been in occupation since 1998. 6 month’s notice required from tenant to exercise the break option.

TOTALS 41,398 35,119 11,898 88,415 £2,245,500 £2,158,898

INCOME ANALYSIS

INCOME EPIRY PROFILE INCOME EPIRY PROFILE INCOME BY TENANT in BREAK OPTIONS

12.91% 17.50% 26.50% 26.50% 5.23% 28.95% 35.65%

17.50% 8.91% 8.91%

47.09% 37.85% 26.50%

0 - 5 years 0 - 5 years Barclays Bank Plc

5 - 10 years 5 - 10 years Dave Whelan Sports Ltd

10 - 15 years Over 20 years Marks & Spencer Plc

Over 20 years Superdrug Stores Plc

Genus UK Ltd

New Look Retailers Ltd HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER LE1 1WA

10 11 HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER LE1 1WA

COVENANT ANALYSIS COVENANT COMMENT

Haymarket Towers has an excellent covenant profile being fully let to national multiple retailers. We have summarised the Experian Delphi score and risk bands below. Full Experian credit reports are available on request.

Barclays Bank Plc (01026167) is a British multinational banking and financial Marks and Spencer (00214436) is a UK multinational retailer with approximately services company. Barclays has a primary listing on the London stock exchange 852 UK stores and has 420 overseas stores throughout 52 territories. M&S is listed New Look Retailers Ltd and is a constituent of the FTSE 100 index. on the London stock exchange and is a constituent of the FTSE 100 index. Delphi Score 100100 Delphi Band - Very Low Risk Experian gives Barclays Bank Plc a Delphi score of 93/100 reflecting a ‘Very Low Experian gives Marks and Spencer Plc a Delphi score of 100/100 reflecting a ‘Very Barclays Bank Plc Risk’ of business failure. Low Risk’ of business failure. Delphi Score 93100 Date of Accounts Sales Turnover Profit Before Tax Net Worth Date of Accounts Sales Turnover Profit Before Tax Net Worth Dephi Band - Very Low Risk Genus UK Ltd (000’s) (£000’s) (000’s) (000’s) (£000’s) (000’s) 12.91% Delphi Score 10100 31/12/2015 N/A 2,841,000 55,845,000 28/03/2015 10,311,400 600,000 4,791,600 Delphi Band - aximum Risk 31/12/2014 N/A 2,309,000 55,576,000 29/03/2014 10,309,700 580,400 4,383,400 5.23% 28.95% 31/12/2013 N/A 2,885,000 53,264,000 30/03/2013 10,026,800 564,300 4,375,300

17.50% Superdrug Stores Plc Delphi Score 100100 8.91% Delphi Band - Very Low Risk Superdrug (00807043) is the ’s second-largest beauty and health 26.50% Dave Whelan Sports Ltd retailer currently operating over 900 stores in England, Scotland, Wales and Ireland. DW Sports Fitness (06846128) is a British retailing and fitness business. Founded in March 2009 when Dave Whelan purchased the 50 JJB Sports Fitness Clubs Delphi Score 76100 Superdrug is owned by AS Watson, the retail division of Hong Kong-based and the attached retail stores for £83.4 million. DW Sports now occupies 74 retail Delphi Band - Below Average Risk conglomerate Hutchison Whampoa which also owns fellow cosmetics retailer stores and 71 gyms. Savers. Experian gives Dave Whelan Sports Limited a Delphi score of 76/100 reflecting a Experian gives Superdrug Stores Plc a Delphi score of 100/100 reflecting a ‘Very ‘Below Average Risk’ of business failure. Marks & Spencer Plc Low Risk’ of business failure. Delphi Score 100100 Date of Accounts Sales Turnover Profit Before Tax Net Worth Delphi Band - Very Low Risk 85% of the income has an Experian Delphi Date of Accounts Sales Turnover Profit Before Tax Net Worth (000’s) (£000’s) (000’s) (000’s) (£000’s) (000’s) 29/03/2015 154,383 8,243 71,327 Score above 90/100 and is categorised as 27/12/2014 1,058,047 38,044 138,513 30/03/2014 150,399 4,062 64,356 ‘Very Low Risk’ of business failure 28/12/2013 1,010,212 28,982 122,235 31/03/2013 145,499 5,664 13,747 29/12/2012 1,021,021 (3,977) 106,905

Select Fashion (05896509) was first launched in the early 1980s and is now owned New Look Retailers Limited (01618428) was incorporated in 1982 and is one of the by Turkish investor Cafer Mahiroglu under Genus UK Limited. Select now have most well recognised fashion brands in the UK, operating from over 1,100 stores over 154 stores throughout the UK with expansion plans in place, focussing on nationwide. more prime locations.

Experian gives New Look Retailers Limited a Delphi score of 100/100 reflecting a Experian gives Genus UK Limited a Delphi score of 10/100 reflecting a ‘Maximum ‘Very Low Risk’ of business failure. Risk’ of business failure.

Date of Accounts Sales Turnover Profit Before Tax Net Worth Date of Accounts Sales Turnover Profit Before Tax Net Worth (000’s) (£000’s) (000’s) (000’s) (£000’s) (000’s) 28/03/2015 1,310,401 145,471 307,168 06/06/2015 86,365 806 3,361 29/03/2014 1,273,813 116,956 255,991 31/05/2014 70,794 801 2,480 30/03/2013 1,248,464 121,909 1,143,242 01/06/2013 58,706 548 1,604

12 13 HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER LE1 1WA

OCCUPATIONAL COMMENTARY

The City of Leicester captures a significant amount of the available spend within Leicestershire. Humberstone Gate / Haymarket Towers is the prime high street retailing location.

Haymarket Towers contains six tenants, all of whom are renowned brands on the UK high street. Barclays Bank operate their flagship, regional HQ, from this unit and have recently undertaken a new store re-fit. The A2 user consent secured here is also valuable. M&S operate a full line ‘general merchandise’ store, which includes a Food Hall and M&S Café.

Superdrug have been in occupation for almost 20 years, as have New Look who anchor the eastern end of the parade. New Look is directly opposite Primark at the eastern end of Humberstone Gate and both retailers are extremely prominent, acting as strong anchor tenants on this pitch.

There are few vacancies within the core retailing area of Leicester which includes Highcross Shopping Centre, the Haymarket Centre and Humberstone Gate. Outside of the core, the vacancy rate does increase which is generally due to a shift towards smaller shop units that tend to be poorly configured along the likes of Gallowtree Gate and the more peripheral streets of Market Street, Granby Street and Cank Street.

Travelling into the city centre by bus is popular. The prominence of bus stops immediately outside the New Look store, on Charles Street, as well as the recently redeveloped Haymarket Bus Station, should only enhance the already consistently high pedestrian footfall on Humberstone Gate.

Superdrug (Unit 6&7) renewed their lease in 2010 at a rent reflecting £150 per sq ft ITZA. Select (Unit 8) took a new lease in 2013 and New Look (Unit 9) renewed in SERVICE CHARGE PROPOSAL 2014. The passing rent on the New Look reflects £100 per sq ft ITZA and Select is £120 per sq ft ITZA. In our opinion these rents were rebased at the time and are The service charge budget for the year ending 31 December 2015 was £70,283, Offers are sought in excess of £35,000,000 (Thirty Five Million Pounds), subject now reversionary. which is the equivalent of £0.80 per sq ft. The service charge is fully recoverable to contract and exclusive of VAT. This reflects a Net Initial Yield of 6.00% after under the terms of the leases and the service charge budget is set at allowing for graduated purchaser’s costs at 6.77% and an Equivalent Yield of Haymarket Towers provides the best high street retail units in Leicester. Our view approximately £62,000 for the year ending 31 December 2016. 5.94%. is that the ERV of this parade is currently in the order of £140-£150 per sq ft ITZA, A rare chance to secure a substantial, 100% which is effectively a 25%-30% discount from the prime rental tone in Highcross Further detailed information can be provided upon request. prime retail parade in a Top 10 UK city Shopping Centre. WEBSITE

CAPITAL ALLOWANCES Supplementary information is available on the password protected, marketing website www.haymarket-towers-investment.co.uk. The vendor will look to retain any capital allowances available. HIGH STREET RETAIL INVESTMENT MARKET CONTACTS EPC’s Haymarket Towers offers the rare opportunity to secure a prime, unbroken retail parade in one of the UK’s top cities. The strength of the prime retail investment market, in regional towns and cities throughout the UK can be demonstrated through a variety of recent transactions, including: Nick Stewart Scott Mitchell The EPC ratings for each unit are as follows: Partner Partner DD 020 3130 4659 DD 020 3130 4660 City Address Occupiers include Price NIY (%) Purchaser Date Unit No (Tenant) EPC Rating Unit No (Tenant) EPC Rating M 07717 653937 M 07967 552995 Glasgow 229-249 Buchanan Street TopShop TopMan, JD Sports £38.00m 5.00% Hines May 2016 1-3 (Barclays) D 79 6-7 (Superdrug) C 53 E [email protected] E [email protected] Edinburgh 78 Princes Street & 14-18 Sketchers, JD Sports, Yo Sushi, £19.85m 5.10% GLL Jan 2016 4 (DW Sports) B 46 8 (Select) D 87 Hanover Street Ernest Jones + offices 5 (M&S) E 109 9 (New Look) C 70 MMX Retail LLP Newcastle Monument Mall Sports Direct, TK Maxx, Sainsbury’s, £75.00m 4.25% Standard Life Dec 2015 4th Floor White Company, Jack Wills 41-43 Maddox Street Birmingham Exchange Buildings, New Street HSBC, McDonalds, Premier Inn £40.40m 4.47% Orchard Street Dec 2015 VAT London W1S 2PD Edinburgh 71-77 Princes Street Fraser Hart, Three, O2, Dr Martens £24.10m 5.11% Cordea Savills Dec 2015 The purchase of this property will be subject to VAT and it is anticipated that the Nottingham 41-51 Clumber Street Schuh, William Hill, Nationwide, O2 £21.15m 4.75% DTZ Investors Dec 2015 sale will be dealt with as the Transfer of a Going Concern (TOGC). www.mmxretail.co.uk Brighton 132-134 North Street Sainsbury’s, Sports Direct, Poundland £15.15m 4.21% Teeside Pension July 2015 Fund York 1-7 Spurriergate H&M, Zara, Morrisons £36.50m 3.99% Aviva Investors Dec 2014 MISREPRESENTATION ACT 1967

MMX Retail as agents for the vendor, or as the case may be, Lessor (the “Vendor”) and for themselves, give notice that: (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, MMX Retail or their servants. It is for the purchaser or as the case may be Lessee (the “Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon these particulars as statements or representations of fact. (3) The Vendor does not make or give and neither MMX Retail nor their servants has any authority, express or implied, to make or give any representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. Designed and produced by Creativeworld. Tel 01282 858200. (2016)

14 15 HAYMARKET TOWERS HUMBERSTONE GATE LEICESTER