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Prime Rebased Flagship Retail Investment 76% of the Income Was Rebased at the 2013 Lease Renewals Where the H&M and Wh Smith Rents Dropped by 26%

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Prime Rebased Flagship Retail Investment 76% of the Income Was Rebased at the 2013 Lease Renewals Where the H&M and Wh Smith Rents Dropped by 26% 36/40 NORTHUMBERLAND STREET NEWCASTLE UPON TYNE PRIME REBASED FLAGSHIP RETAIL INVESTMENT 76% OF THE INCOME WAS REBASED AT THE 2013 LEASE RENEWALS WHERE THE H&M AND WH SMITH RENTS DROPPED BY 26% NORTHUMBERLAND STREET 36/40 NEWCASTLE UPON TYNE 36/40 NORTHUMBERLAND STREET | NEWCASTLE INVESTMENT SUMMARY z Newcastle is the regional capital and principal economic focus providing the main cultural and commercial centre for the North East of England. z Significant primary catchment population of 1,502,000, ranked 3rd in the UK on this measure – (Promis.) z Excellent retail offer with anchor retailers including John Lewis, Fenwick, Primark, M&S, Waitrose, Debenhams and Apple. z Situated in a 100% prime trading position on the pedestrianised Northumberland Street, opposite Fenwicks, whilst in close proximity to the main entrance to the Eldon Square Shopping Centre and Monument Mall. z Over 90,000 sq ft of prime, well configured, modern retail accommodation. z Freehold z Reversionary investment let to multiple covenants of H&M Hennes, WH Smith and Clas Ohlson with a WAULT to expiry of 7.38 years. z Over 76% of the income has been significantly re-based, with both WH Smith and H&M having gone through lease renewals. z We have been instructed to seek offers in excess of £32,500,000 (Thirty Two Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 5.26% and a reversionary yield of 5.45%, assuming standard purchaser’s costs. THE CITY OF NEWCASTLE IS A REGIONAL CAPITAL AND PRINCIPAL ECONOMIC FOCUS OF THE NORTH EAST OF ENGLAND AND ONE OF THE UK’S MOST DYNAMIC CITIES. 36/40 NORTHUMBERLAND STREET | NEWCASTLE LOCATION Newcastle is located approximately 277 miles north of London, 93 miles north of Leeds and 103 miles south of Edinburgh. COMMUNICATIONS The City benefits from Outside of London, strong road links, served Newcastle is the only city in A69 by Junction 65 of the A1(M), the UK to benefit from an which connects the region with the rest underground rail network. The Tyne and M6 A1(M) of the UK’s motorway network from Wear Metro provides a rapid transport Edinburgh to London. system, connecting the Inner City with the wider Tyneside area, stretching from Sunderland in the South East and Newcastle is served by the airport in the North West. It stops 2 City Centre railway at 60 destinations across the City and M6 stations; Newcastle Central is considered one of the most efficient A1(M) Station and Manor Station. The City public transport systems in the UK. is located on the East Coast Mainline connecting London to Edinburgh with a fastest journey time to London King’s Newcastle International Cross of 2 hours 37 minutes and to Airport is located M6 Edinburgh Waverley in 1 hour 25 minutes. approximately 6 miles north west of the City Centre and with over 4.6m passengers flying to more than 80 destinations worldwide, it is recognised as being one of the top ten regional airports in the UK. 36/40 NORTHUMBERLAND STREET | NEWCASTLE DEMOGRAPHIC & ECONOMIC PROFILE The total population of the primary catchment area is 1.502m (ranking the city 3rd in the UK on this measure), whilst the shopping population of 616,000 ranks 6th in the UK. The City also ranks 3rd in terms of the volume comparison retail spend available in the catchment area. SHOPPING PER CAPITA IN-STORE PRIMARY CATCHMENT RANK POPULATION COMPARISON RETAIL POPULATION RANK RANK* EXPENDITURE RANK* 1 Glasgow Glasgow Glasgow 2 Manchester Manchester Manchester 3 Newcastle Birmingham Newcastle 4 Leeds Liverpool Leeds 5 Birmingham Leeds Birmingham 6 Cardiff Newcastle Cardiff *Excludes London TOTAL POPULATION OF THE TOTAL SHOPPING POPULATION PRIMARY CATCHMENT AREA OF THE PRIMARY CATCHMENT AREA 36/40 NORTHUMBERLAND STREET | NEWCASTLE RETAILING IN NEWCASTLE Newcastle is one of the UK’s leading retail centres and is the primary destination for shoppers in the North East of England. The City Centre’s estimated retail space extends to 2.6m sq ft, ranking 6th in the UK (Promis) and generating a retail spend of NEWCASTLE £1,003M per annum. RANKS 3 IN The prime retailing is centred on the pedestrianised TERMS OF THE Northumberland Street and Intu Eldon Square Shopping Centre. VOLUME OF Northumberland Street is anchored by M&S, Fenwick, Primark and COMPARISION H&M, where rents have historically peaked at £330 Zone A. RETAIL SPEND Intu Eldon Square is one of the largest city centre shopping destinations in the UK and comprises 1.4 million sq ft of retail space and is anchored by John Lewis with both Fenwicks and Marks and Spencer having entrances in the centre. The centre has 500 car parking spaces and we understand there are a further 10,000 in the city centre. The scheme has been transformed by a £170m investment involving a series of development projects. Tenants include JLP, Fenwick, Debenhams and flagship stores for Top Shop, Next, River Island, New Look, Apple and Superdry. The centre has an annual footfall of c34 million. The Aberdeen Standard Investments owned Monument Mall has undergone a significant redevelopment and is anchored by TK Maxx, with entrances onto both Blackett Street and Northumberland Street. Tenants include Hugo Boss, Jack Wills, Fat Face, Jamie’s Italian, Sports Direct, Michael Kors and Molton Brown. The block was purchased by Standard Life in December 2015 for £75m, which reflected a net initial yield of 4.3%. 36/40 NORTHUMBERLAND STREET | NEWCASTLE PILGRIM STREET REDEVELOPMENT TESCO EXPRESS TESCO EXPRESS HOUSING OPTIONS NORTH For Identification purposes only 36/40 NORTHUMBERLAND STREET | NEWCASTLE P PILGRIM QUARTER NEW BRIDGE ST WEST P PILGRIM STREET GREY STREET BLACKETT ST SAVILLE ROW MONUMENT MALL JOHN DOBSON STREET P ELDON SQUARE NORTHUMBERLAND STREET SITUATION The subject property occupies a 100% prime trading location at the junction of Northumberland Street and Saville Row, immediately opposite Fenwicks, whilst in close proximity to Marks & Spencer, Sports Direct and Primark. PRIME TRADING LOCATION DESCRIPTION The property is a purpose-built retail store constructed in the mid 1960’s and the store was subdivided to provide 3 retail units, with landlord’s common areas, storage and loading areas. The property is arranged over sub-basement, basement, ground and two upper floors, together with an extensive roof level plant room. THE H&M GROUP IS ONE OF THE WORLD’S LEADING FASHION COMPANIES WITH 43 ONLINE MARKETS AND MORE THAN 4,500 STORES IN 69 MARKETS. WH SMITH IS A BRITISH RETAIL BUSINESS WHICH CELEBRATED ITS 225TH ANNIVERSARY IN 2017. 36/40 NORTHUMBERLAND STREET | NEWCASTLE ACCOMMODATION We have measured the property and set out our floor areas below. ADDRESS TENANT AREA DESCRIPTION AREA (SQ FT) AREA (SQ M) Gross Frontage 48/1 14.66 Net Frontage 37/8 11.46 Internal Width 37/11 (min) 11.56 widening to 46/6 Shop Depth 225/6 68.73 34 WH Smith Retail Northumberland Ground Fl Sales 9,419 875.05 Holdings Ltd Street Ground Fl ITZA 1,995 185.34 First Fl Sales 9,265 860.74 Second Fl Storage 9,578 889.82 Third Fl Plant 2,974 276.29 Total Area 31,236 2,901.89 Gross Frontage 37/0 11.28 Net Frontage 34/9 10.59 Internal Width 35/7 widening to 49/3 10.85 to 15.01 Shop Depth 237/5 72.38 36 H&M Hennes Ground Fl Sales 11,251 1,045.25 Northumberland Mauritz UK Ltd Street Ground Fl ITZA 2,021 187.78 First Fl Sales 11,833 1,099.32 Second Fl Storage 11,400 1,059.09 Third Fl Plant 1,680 156.07 Total Area 36,164 3,359.72 Gross Frontage 20/1 6.13 Net Frontage 19/8 6.03 38 Clas Ohlson Limited Shop Depth 17/3 5.27 Northumberland (now vacated) Street Ground Fl Area 361 33.54 Basement Sales 23,060 2,142.27 Total Area 23,421 2,175.8 OVERALL 90,821 SQ FT 8,437.5 SQ M FLOOR AREA TENANCIES The property is let to three tenants, producing a current rent of £1,825,000 pa, as detailed below. ADDRESS TENANT LEASE TERM RENT (PA) RENTAL VALUE (PA) YEARS TO 5 year FR&I lease from 15/06/2015, £600,000 £730,000 34 Northumberland Street WH Smith Retail Holdings Ltd expiring on 28/09/2020. (£206.25 ZA)* (£240 ZA) WAULT EXPIRY 15 year FR&I lease from 29/09/2013, subject to 5 yearly upward only rent £790,000 £855,000 36 Northumberland Street H&M Hennes Mauritz UK Ltd reviews. (TBO 29/09/2020 - 9 months’ (£222 ZA)** (£240 ZA) notice). Clas Ohlson Limited (Company 15 year FR&I lease from 04/05/2011, Number 06298382) Guarantor subject to an upwards only rent review £305,000 38 Northumberland Street Clas Ohlson AB (Company £435,000 on 04/05/2021. (TBO 04/05/2021 - (c. £13 psft) registered in Sweden – 6 months’ notice). 556035-8672) * Rent fell from £895,000 in 6/2015 TOTAL RENTAL INCOME: £1,825,000 £1,890,000 ** Rent fell from £975,000 pa in 9/2013 RENTAL VALUE It is our opinion that the rental value as of today’s date would lie in the region of £1,890,000 pa as detailed in the tenancy schedule. The investment offers excellent rental growth prospects given that the historical rental tone peaked at £330 ZA. The Intu owned Eldon Square achieved a rack ZA rent of £293 per sq ft on a letting in 2017 and they have achieved a rack Zone A rent of £264.50 per sq ft in the Metro centre.
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