Ten Uk Properties Predominantly Let to the Uk Government Property Locations Contents

TEN UK PROPERTIES PREDOMINANTLY LET TO THE UK GOVERNMENT PROPERTY LOCATIONS CONTENTS

Lord Cullen 1 Hayes 6 Aberdeen House

Fraserburgh

Inverness

Aberdeen 6 7

Atholl Cardiff Dundee Aberdeen House 2 Perth 7

Glasgow Edinburgh M8 5

M74

Newcastle upon Tyne 3 Birkenhead Carlisle 8 Billingham A1(M) 8

A74(M) Middlesbrough 9

Leeds Hull 4 Bradford M62 M180 M18 Manchester Liverpool Shefﬁeld

3 Birkenhead 4 Bradford M1 9 Redcar Nottingham M6 Norwich Leicester M54 10 Birmingham

M5 M1

A1(M) M11

M40 Swansea M4 Edinburgh London Cardiff Bristol M4 Norwich 5 1 M2 10 M25 M20 M3 Ashford 2 Woking M23 Tonbridge M5 M27

Plymouth EXECUTIVE SUMMARY CONTENTS

A collection of ten office properties throughout the UK

Total office accommodation extending to331,492 sq ft NIA

The portfolio is predominantly let to Government tenants

A wide geographical spread of assets

Total passing rent of £3,185,559.50 per annum, reflecting£11.49 per sq ft on let space

One asset currently vacant (16% of floor area) which has recently gained planning consent for alternative uses

Offers a WAULT of 4.27 years to expiry, or 4.06 years to break

20% of the income is subject to CPI review

Eight properties are held freehold/heritable and two long leasehold

A number of leases have recently been extended with further re-gear discussions occurring providing the opportunity to extend the portfolio WAULT

Offers are invited in excess of £36,300,000 (Thirty Six Million, Three Hundred Thousand Pounds)

This price reflects aNIY of 9.00% on the income producing assets, assuming purchaser’s costs of 6.55%, and an overall capital value of £110 per sq ft ASSET SUMMARY CONTENTS

Area Rent Rent Unexpired Unexpired In Occupation Property City Region Tenant Tenure Sq Ft Per Annum Per Sq Ft Term to Expiry Term to Break Since

Secretary of State The Grange, Hayes SE for Communities & 11,332 £185,000 £16.33 2.45 N/a F/H 1999 1 Uxbridge Local Government

Holding Over N/a Cambria Natural Resources Cardiff WAL 33,913 £417,358.50 £12.31 F/H 2002 2 House Wales (9.83 upon re-gear) (4.83 upon re-gear)

Great Secretary of State 3 Western Birkenhead NW for Communities & 80,141 £650,000 £8.11 9.47 N/a F/H 1993 House Local Government

Secretary of State Phoenix Bradford NOR for Communities & 38,098 £452,201 £11.87 4.05 N/a F/H 2002 4 House Local Government

1.29 N/a Ladywell Edinburgh SCO The Scottish Ministers 54,622 £675,000 £12.36 Heritable 1996 5 House (11.29 upon re-gear) (4.29 upon re-gear)

Secretary of State Lord Cullen Aberdeen SCO for Communities & 33,009 £510,000 £15.45 2.31 N/a Heritable 1980s 6 House Local Government

Atholl Aberdeen SCO Vacant 54,361 £- £- N/a N/a LL/H N/a 7 House

Secretary of State Theatre Billingham NE for Communities & 7,140 £57,000 £7.98 9.47 4.47 F/H 1995 8 Buildings Local Government

Secretary of State Portland Redcar NE for Communities & 9,510 £75,000 £7.89 9.47 4.47 F/H 1995 9 House Local Government

London Wall Outsourcing Ltd Blackburn Norwich SE (assignment from 9,366 £164,000 £17.51 11.30 N/a LL/H 2008 10 House Trillium (Prime) Property GP Ltd)

TOTAL 331,492 £3,185,559.50 4.27 4.06

WAULT assuming current lease negotiations conclude 7.67 5.33

* PORTFOLIO ANALYSIS CONTENTS

INCOME BY REGION INCOME TO EARLIEST BREAK/EXPIRY

North East 10+ years

5.15% Yorkshire 4.14% 37.20% 6-10 years 14.20% Scotland 34.29% 0-2 years 20.40%

Wales 13.10%

18.34%

20.40% 4-6 years 10.96% 21.82% North West South East 2-4 years

INCOME BY TENURE INCOME SUBJECT TO CPI UPLIFTS

5.15%

20%

Approximately 20% of the income is subject to rent reviews which 94.85% are linked to the Consumer Price Index (CPI). This increases to 41% if current re-gear discussions are completed.

Freehold / Heritable Long Leasehold FURTHER INFORMATION CONTENTS

MEASURED SURVEY ARGUS FILE

The portfolio has been measured by Lane & Frankham on a net internal area and IMPS-3 An ARGUS ValCap file is available to prospective purchasers. basis in accordance with the RICS Code of Measuring Practice (6th Edition). Reliance on these reports will be provided to the purchaser. DATA ROOM RENT FREE TOP-UP A data room will be made available for all interest parties.

The portfolio is marketed for sale on the basis all current rent-free periods will be topped-up. Any future rent-free periods will not be topped-up by the vendor. VAT

All of the properties are elected for VAT. It is envisaged that the transaction will be structured INCOME as a Transfer of a Going Concern (TOGC).

The portfolio is marketed on the basis of a total passing rent of £3,185,559.50 per annum, which includes a small element of top-up to cover current rent free periods.

INSURANCE PROPOSAL A number of the leases provide for the tenant to insure the buildings directly, details of Offers are invited in excess of £36,300,000 (Thirty Six Million, Three Hundred which can be provided separately. Thousand Pounds). This price reflects aNIY of 9.00% on the income producing assets, assuming BUILDING AND M&E SURVEY purchaser’s costs of 6.55%, and an overall capital value of £110 per sq ft.

Vendor building surveys will be available to interested parties and reliance on such can be provided.

CONTACT DETAILS DEBT ADVISORY

Jason Winfield Richard Wadham Andy Dickens Ritesh Ramchandani 020 7152 5920 020 7152 5923 020 7152 5030 020 7152 5936 07768 695 126 07768 601 667 07793 808 030 07790 589 823 [email protected] [email protected] [email protected] [email protected]

Notices Relating to Property Misrepresentation and Property Misrepresentation Act. Cushman & Wakefield for themselves and for the Vendors of this property whose Agents they are, give notice that:- The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of them; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures & fittings referred to in these particulars were present at the date of publication. They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of Cushman & Wakefield has any authority to make or give any representations or warranty whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn; The date of publication is October 2018. 1

CONTENTS

THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL 1 1

THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL CONTENTS

INVESTMENT SUMMARY

A well located two-storey building in Passing rent of £185,000 per annum, Hayes which is utilised as a County Court reflecting a low rent of £16.33 per sq ft Extends to 11,332 sq ft NIA Unexpired term to expiry of 2.48 years Surrounding area is of mixed commercial Significant asset management potential and residential uses including the including re-gearing the lease or pursuing Lombardy Retail Park and Hayes Bridge alternative uses (STP) Retail Park Freehold Let to Secretary of State for Communities & Local Government on a lease expiring in March 2021 THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL CONTENTS

Tripletts Tennis Club

Central London

Grassy Meadow Court (Extra Care Housing) Hayes Cricket Club

A4020 Uxbridge Road The Beck Theatre

Point West Residential Tower

Hayes Cottage THE GRANGE Nursing Home THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL CONTENTS

LOCATION SITUATION

Hayes, forming part of the London Borough of Hillingdon in Zone 5, is well located between The property occupies a prominent position on the corner of Grange Road and Uxbridge Road Central London and the M25 and has a large catchment area. Hayes has a significant (A4020), and is 1.2 miles to the west of the Parkway (A312) junction. The Grange is located number of global tenants who have located their UK and European HQs in the area. The in close proximity to Uxbridge town centre, which is approximately 3.5 miles to the north Borough of Hillingdon is a well-established residential area, and is home to approximately west of the property. 274,000 residents (2011 Census), whilst Hayes itself has an estimated population of Within the local vicinity there are a host of different uses, including a modern development approximately 95,000 (2011 Census). of residential apartments to the west, an NHS nursing home to the south on Grange Road Hayes & Harlington railway station is located 2 miles to the south, and provides regular and a local theatre immediately to the south with Hayes Cricket Club beyond. The Uxbridge services to Central London (London Paddington - 15 minutes), as well as to the west to Road provides a mixture of uses generally comprising retail at ground floor level with destinations such as Reading (40 minutes). Rail services are to be enhanced by the arrival residential above. of Crossrail (Elizabeth Line) which will provide direct access to Central London such as Grassy Meadow Court to the east provides a newly developed residential care facility Bond Street and Liverpool Street, as well as fast journey times to Slough, Maidenhead and which comprises 88 one-bed apartments together with on-site amenities and set within Reading, amongst others. Heathrow Airport is located 4.5 miles to the south, which serves existing woodland. Oxford over 75 million passengers per year and provides direct transport to 185 destinations in 84 countries. The property is located within the Hayes Village Conservation Area.

A 4 Watford 0 M40 M25 High Wycombe M1 M40 1 To Oxford Beaconsﬁeld A40 4 M40 A RAF Northolt 2 4 0

A404 Harrow 2 A 0 16/1a 1 4 A40

A34 3 Uxbridge 7 Uxbridge

Maidenhead

Slough Central

HAYES A THE GRANGE 7 London 6 4 A4 15/4a 4 M4 8/9 5 0 2

8 A 4a 4 1

0 3

2 Reading Windsor London 0 A

M25 Heathrow

M4 A329(M) 13 A U 4 xb 12 3 ri dg 10 e Bracknell 1 7 R o ad y 11 12/2 w

Newbury HAYES k A322 .

Chertsey d A

M3 R 0

2 West Drayton h 0 A T

A y 4 3 4 e 3 Camberley M25 l 0 7 k

A33 M3 8 c Southall

o 10 2 9 t 4 1 S 4a 3 A339 9 7 A Leatherhead A34 Hook Farnborough 4 Fleet 15/4B 5 A3 M47 M25 6 M4 M3 8 3 6 A331 A287 M4 Basingstoke A A22 Guildford Dorking 4 7 M25 Heathrow

Airport Bath Road A 8 A24 M23 4 To Southampton A303 A31 9a 9 Gatwick 10 THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL CONTENTS

DESCRIPTION ACCOMMODATION

The property comprises a detached two-storey building, originally constructed in The property has been measured by Lane & Frankham in accordance with the Code of 1983 as commercial offices. The building was converted in 2000 to a County Measuring Practice (6th Edition) and comprises the following floor areas: Court facility providing two court rooms, judges’ chambers, consultation rooms and administrative offices. Floor Use Sq M (NIA) Sq Ft (NIA) The building is of a masonry construction with a tiered ‘pagoda’ style pitched roof. Ground Office/ Reception/ Storage 601.0 6,469 Internally there is a full-height central atrium and a feature roof light which provides good levels of natural light. Further, there are carpeted solid floors with perimeter First Office/ Reception/ Storage 451.8 4,836 trunking, suspended ceilings with recessed fluorescent lighting and VRV unit providing comfort cooling and heating. Male and female toilets are located on the first floor and TOTAL 1,052.8 11,332 a disabled WC facility is located on the ground floor. The property benefits from 26 external car parking spaces, including two disabled bays which offers a ratio of 1:431 per sq ft.

TYPICAL FLOOR PLAN (1st)

Plan for indicative purposes only (not to scale). THE GRANGE 501 UXBRIDGE ROAD HAYES UB4 8HL CONTENTS

TENANCY SCHEDULE

Rent Rent Tenant Lease Commencement Lease Expiry Break Option Review Comments Per Annum Per Sq Ft

Secretary of State for Communities Occupied by Her Majesty’s 25/03/2018 24/03/2021 N/a £185,000 £16.49 N/A & Local Government Courts and Tribunal Service

ASSET MANAGEMENT PLAN TENURE

The tenant recently completed a reversionary lease, having been in occupation of the property since 1999. Freehold.

t As the property provides an unexpired term of approximately 2.5 years, the purchaser has a number of asset management s e W

t 6 8 8 in

initiatives they could undertake during the course of the next few years, including re-gearing the lease with the existing tenant 8

0 o

1 0

2 1 P 5 1 1 9 07 1 8 t 5 1 o once again, refurbishing and reletting the property, or indeed pursuing a change of use. 08 4 1 2 LB 0 5 a 7 0 0 8 0 4 to 1 10 4 4 0 76 0 0 0 0a 1 4 1 1 4 00 TCB 0 1

The building would likely suit residential uses (subject to planning) and could potentially be converted to residential under 1

1 5 10 34 Permitted Development Rights. Furthermore, there could be potential to extend the building upwards, which could possibly be 10 32 10 04 10 achieved under the threshold for the requirement to provide affordable housing. 06 39.6m 24 to 3 1 W ar Alternatively, the site could potentially be redeveloped following the demolition of the building. Our headline indicative view is d B dy UX 40 B CR 97 t RI 6 that the site could accommodate a three to four-storey building. o D 97 9 45 G 8 E 9 RO AD Shelter C The site immediately opposite the property has recently been redeveloped to provide modern residential accommodation and yc le

3 George Court

the former Grassy Meadows Day Centre has recently been demolished and replaced with a 88 bed residential care facility. 6 1 D A Shelter

O 1

t o E

7 G N A R G

Cy cl Uxbridge e W a E y LM County L EA Court D R I VE

ESS

0m 10m 20m30m

OrdnanForce Sur indicativevey © Crown Copy purposesright 2018. All righ tsonly. reserved. Licence number 10 0022432. Plotted Scale - 1:1250

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. EPC ES753998

The property has an EPC rating of C-66. CONTENTS

CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP 2 CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP CONTENTS

INVESTMENT SUMMARY

A substantial city centre office building Extends to 33,913 sq ft NIA Located on Cardiff’s Newport Road, the main route into the city from the east and the M4 motorway Let to Natural Resources Wales (formerly The Environment Agency), a Welsh Government sponsored body The tenant is currently holding over but a lease re-gear is in solicitor’s hands which will see the rent re-based and term extended by 10 years, subject to a tenant break option upon expiry of year 5 Passing rent of £417,358.50 per annum, reflecting £12.31 per sq ft Freehold CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP CONTENTS

Principality Stadium Cardiff Central

Central Callaghan Square Square

Cardiff Castle St Davids Shopping Centre Capital Quarter

Motorpoint Admiral HQ Arena Cardiff

University of South Wales Admin Building

Queen Street

Brunel House

Dumfries Place MSCP

Knox Court MSCP Cardiff University School of Engineering

Meave Holland House Hotel

Cardiff Sixth Form College Cardiff University McKenzie House CAMBRIA HOUSE

Admiral House Residential Apartments CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP CONTENTS

LOCATION SITUATION

Cardiff is the largest city and main commercial centre in Wales and is the capital city. It is The property is located in the north east of Cardiff city centre and is situated at the junction located on the southern coast and is approximately 150 miles west of London. Other nearby of Newport Road (A4161) and East Grove, opposite the Cardiff Mercure Hotel. Newport Road major commercial centres include Swansea (42 miles), Bristol (45 miles) and Birmingham is the main route into the city from the east and the M4 motorway. The road was traditionally (118 miles). The city has a population of nearly 365,000 people with its urban area covering flanked by 1970s offices but has recently seen a number of hotel, residential and student approximately 29 square miles. accommodation schemes developed in the vicinity. Cardiff has excellent east-west communication links via the M4 which leads westwards The property is within close proximity to Cardiff Queen Street station, Cardiff University and beyond Swansea and east to Bristol and London. The city has an extensive local rail network Cardiff Royal Hospital. There are also two large NCP car parks near to the property. connecting Cardiff to the Vale of Glamorgan and the Valleys, and also benefits from a direct The west end of Newport Road is near to the extensive retailing centre of Cardiff, with rail route to London Paddington with a journey time of 2 hours. Cardiff International Airport The Capitol Shopping Centre located nearby. Queen Street which is one of the main is located to the south west of the city and services approximately 1.5 million passengers pedestrianised retailing streets in the city is also close by. a year. The airport operates scheduled and charter flights to domestic locations as well as international destinations such as Spain, Germany, The Netherlands and Qatar.

Birmingham 7 Cardiff B A49 University 42

6 8 1 1 A44 CAMBRIA HOUSE M50 9 d A449 2 oa R rt o A49 3 10 p A465 4 Cheltenham A429 w G Ne lo A466 A40 A4161 11 A40 s 61 sop 41 Gloucester A40 A e St c Rd A40 12 A417 A a A48 a 41 rr . ti Te 13 on 60 A4042 a A466 r Mo i ira T o Pla

M5 Cardiff Queen Street e ce

r M

Chepstow a

A433 r c A419 e A449 A48 14 2 A429 CARDIFF M48 1 24 23 Swindon 0 Win M4 21 6 dso 22 A46 1 r R Newport 15/20 16 Castle Quarter 4 M49 M4 15 o 29 A ad L 19 M4 E M4 17 N 18 N 18 M32 A To London t. H 14 S Bridgend C 3 am Cardiff L Bristol A46 A4 A4 Ad O A4 T e S Bristol c Newtown C t. I a l S R Airport rr e al B t d 21 Bath Te n yn A38 tree St e tr E T A37 A36 A342 S ut a d B l Trowbridge o M M5 t Li Wo a ee ry r n St k S yndall t T A361 . A303 23 Cardiff Central A39 A361

25 CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP CONTENTS

DESCRIPTION ACCOMMODATION

The property comprises a detached self-contained office building over basement, The property has been measured by Lane & Frankham in accordance with the Code of ground and six upper floors and was built in the early 1980s. A five-storey extension Measuring Practice (6th Edition) and comprises the following floor areas: was added to the rear in 2002 as well as a comprehensive refurbishment of the original building. The original building is of concrete frame construction with stone Floor Sq M (NIA) Sq Ft (NIA) elevations beneath a flat roof, and the extension is of steel frame construction and masonry elevations beneath a flat roof. There is excellent natural light throughout the Basement 213.0 2,293 property through double-glazed aluminium powder coated windows. Ground 283.6 3,052 Internally the property has solid floors with perimeter trunking, suspended ceilings with recessed lighting, gas fired central heating via wall mounted perimeter radiators First 536.6 5,776 and two 8-person passenger lifts (630 kg). The property has 11 undercroft car parking spaces at ground floor level accessed to Second 536.6 5,776 the rear of the property resulting in a ratio of 1:3,068 per sq ft. Third 535.4 5,763

Fourth 516.9 5,564

Fifth 374.0 4,026

Sixth 154.5 1,663

TOTAL 3,150.6 33,913

TYPICAL FLOOR PLAN (3rd)

Plan for indicative purposes only (not to scale). CAMBRIA HOUSE 29 NEWPORT ROAD CARDIFF CF24 0TP CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Review Comments Commencement Per Annum Per Sq Ft

Natural Tenant is currently holding over however advance Resources 12/08/2002 11/08/2018 N/a £417,385.50 £12.31 N/a discussions regarding a lease re-gear are on-going. Wales Original lease commenced in August 2002.

ASSET MANAGEMENT PLAN TENURE

The tenant has been in occupation of the building Freehold. since 2002 and is currently in advanced discussions

T 4 to extend the lease term until 11/08/2028, subject to 2

29 a tenant’s break option in 2023. 11.6m

8 2 B T r a e The property does offer the potential for a p d ti e s g Cardiff Tertiary College t a C r h v / Coleg Glan i El Sub Sta redevelopment at lease expiry/break, subject to u ll r e c Hafren h E planning. A number of alternative uses could be FS A S

4 3 GR 3 explored, including residential, educational uses, a o 4

5 t

OV 3

hotel or for student accommodation. 23 4 E 4

5 Government

4 7 Offices

Shelter

General Buildings

31 5

3 El Sub Sta rt ou Shelters C ity Ty Cambria in

Tr House 1

4 2

se ou H ral mi

Ad 2

ll ia

s 3 0

o t o

n Club 3 H 6 o u s TCB e Shelters

H O 17 W A R 0m 10m 20m 30m D

P L NE A LA C AD RO OrdnForance Suindicativervey © Crown Co ppurposesyright 2018. All rig honly.ts reserved. Licence number 10 0022432. Plotted Scale - 1:1250

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. EPC ES753998

The property has an EPC rating of C-62. CONTENTS

GREAT WESTERN HOUSE WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA 3 GREAT WESTERN HOUSE WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA CONTENTS

INVESTMENT SUMMARY

A substantial office building wholly occupied by the Government Extends to 80,141 sq ft NIA Let to The Secretary of State for Communities & Local Government until March 2028 without a break Passing rent of £650,000 per annum reflecting a low rent of £8.11 per sq ft CPI linked rent review in 2023 subject to a collar and cap of 1.00% and 5.00% per annum respectively The asset is in a prominent waterfront position on the Wirral Peninsula, with views across Liverpool docks. Unexpired term to expiry of 9.50 years Freehold GREAT WESTERN HOUSE WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA CONTENTS

Mecca Bingo Europa Pools Leisure Centre Pyramids Shopping Centre Rock Retail Park Vue Cinema

Conway Park

Hamilton Square

Wirral Registry Office Wirral Wirral Magistrates Court Metropolitan Hamilton Square College GREAT WESTERN HOUSE Bridge Street Car Park

Woodside Interchange HM Land Registry

Woodside Business Park

Woodside Ferry Terminal A687

A683 A65 LANCASTER

A682 CONTENTS GREAT WESTERN HOUSEA6 WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA A588

LOCATION SITUATIONA682 A56 A59 Birkenhead is located on the Wirral positioned across the River Mersey from Liverpool and Great Western House is prominentlyA6068 situated adjacent to the Woodside Ferry Terminal with M6 frontage on to Chester Street, on the western bank of the River Mersey. Woodside Ferry the town has a population of approximately 320,900.A6 The town is approximately 3 miles west of Liverpool, 20 miles north of Chester and 37 miles west of Manchester. Access to Birkenhead Terminal provides river crossing services across the River Mersey to Pier Head in Liverpool. can be providedBLACKPOOL via junctions 2 and 3 of the M53 motorway, connecting the town to the M56 M65 M55 The asset is within close proximity to the sought-after Hamilton Square region of the town and M6 motorway network. The Kingsway and The Queensway tunnels link BirkenheadA59 centre and is well positioned with access to Chester Street (A41) to the south and Canning with Liverpool. BURNLEY A583 PRESTON Street (A554) to the north, providing access to the Mersey Tunnel and the M53. The Blackpool Birkenhead Central railway station provides access to Liverpool Lime Street in 8 minutes, property is well connected with Hamilton Square and Conway Park railway stations and with a further journey time to London Euston of 2.5 hours. Liverpool John Lennon Airport is the bus terminal close by. The asset benefits from being under a mile from the Birkenhead A646 located approximately 8 miles fromA584 Birkenhead, providingA59 daily domestic andBLACKBURN international regeneration area at Conway Park, which offers the potential for long-term improvement of A6 flights across the UK and Europe. In 2018, Wirral Council launched a £1 billion regenerationM6 5 the area.A56 Immediately adjacent to the property is a substantial office building occupied by plan with JV partner Muse Developments to transform the town centre over the coming years HM Land Registry Birkenhead office. A582 creating up to 3,000 new jobs. In particular, a new commercial quarter is planned around DARWEN Conway Park station, which is located just beyond the town’s other local railway station (Hamilton Square station). A666

Southport A59 M6 M61

M66 A

l 5

A5209 e n 9 Tun ay 5053 M62 gsw A Kin River Mersey LIVERPOOL A565 A58 M61 A59 A59 Wigan M60 M58 Liverpool Lime Street Manchester DockMANCHESTER M6 Ro a d James Street M57 A628 l A580 ne Liverpool un 4 T Central y 5 M67 a LIVERPOOL 5 sw Royal Albert A A en A 50 e Dock Liverpool 5 30 u 0 A Q 3 M62 M60 5 6 9 5 4

Warrington A5 0

5 5 M6 3 A Hamilton 036 BIRKENHEAD Manchester A5 . Conway Park t S M56 r e Liverpool t GREAT WESTERN HOUSE M53 BIRKENHEAD s A34 e

A523 h A552 C River Mersey

A537

Ellesmere

Port A533 Birkenhead

MACCLESFIELD

M56 A49 A537

2 Central

5 5

A A A34 4 Chester A54 1

A54

A55 M6 A523 A51 A41

A49

WREXHAM

NEWCASTLE-UNDER-LYME A49 STOKE-ON-TRENT GREAT WESTERN HOUSE WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA CONTENTS

DESCRIPTION ACCOMMODATION

The property comprises a detached four-storey office building built in the 1980s, split The property has been measured by Lane & Frankham in accordance with the Code of into a north and west wing arranged around a central core. The building is of steel Measuring Practice (6th Edition) and comprises the following floor areas: frame construction with cavity brickwork elevations arranged under a pitched tiled roof. The brickwork elevations incorporate powder coated aluminium framed double- Floor Sq M (NIA) Sq Ft (NIA) glazed windows and doors.

Internally, the building provides mineral fibre suspended ceilings with recessed Ground 2,096 22,561 florescent light fittings as well as raised access floors finished with carpet tiles. A central core provides two 8-person passenger lifts with male and female WCs on each First 2,257.4 24,298 floor. The majority of the accommodation is open-plan with some partitioning and meeting rooms provided. Cooling is provided by two chillers which feed chilled water fan coils located in the ceiling. Second 2,257.4 24,298

The tenant has installed a canteen facility that houses a commercial kitchen on part of Third 834.6 8,984 the ground floor.

The property benefits from 194 car parking spaces, providing a car parking ratio of TOTAL 7,445.4 80,141 1:413 per sq ft.

TYPICAL FLOOR PLAN (2nd)

Plan for indicative purposes only (not to scale). GREAT WESTERN HOUSE WOODSIDE FERRY APPROACH BIRKENHEAD CH41 6DA CONTENTS

TENANCY SCHEDULE

Lease Break Rent Rent Tenant Lease Expiry Review Comments Commencement Option Per Annum Per Sq Ft Secretary of State for Occupied by the DWP. Communities & Local 01/04/2018 31/03/2028 N/a £650,000 £8.11 01/04/2023 CPI linked Rent review, with a 1% Government pa collar and a 5% pa cap.

ASSET MANAGEMENT PLAN TENURE

The tenant has been in occupation of the building Freehold. since 1993 and has recently agreed a new lease which provides a term of 10 years, expiring in 2028.

Car Park The income is subject to review upon the fifth anniversary of the lease in-line with CPI, subject to a collar and cap of 1.00% and 5.00% per annum

T respectively. E E R T S R E T The property offers in excess of 9.5 years’ income S E H without a break option. The asset management plan C therefore would be to enjoy the uninterrupted income under the current lease commitments.

urt Co rae s seb fice Ro t Of men vern (Go Great Western House

Car Park

Capstan

Mud

MLW

Moorin

0m 10m16.3m20m 30m

Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 10 0022432. Plotted Scale - 1:1250 For indicative purposes only. This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds.

ES753998 EPC

The property has an EPC rating of C-67. CONTENTS

PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH 4 PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH CONTENTS

INVESTMENT SUMMARY

Substantial self-contained office building in Bradford located near to the A6177 ring road Extends to 38,098 sq ft over ground, basement and three upper floors Let to Secretary of State 4 for Communities & Local Government until October 2022, providing a further 4.07 years unexpired term Tenant has been in occupation for approximately 16 years, having just extended their occupation Passing rent of £452,201 per annum, reflecting £11.87 per sq ft overall Mixed-use area with a Morrisons food store, B&Q warehouse, McDonalds drive-thru and residential buildings all in close proximity PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH CONTENTS

Woodhall Retail Park

A647 to Leeds

Morrisons Food Store

McDonalds Drive-Thru Morrisons Petrol Filling Station B&Q

PHOENIX HOUSE

Neighbourhood Retail Scheme

Bradford City Centre PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH CONTENTS

LOCATION SITUATION

The City of Bradford is located in West Yorkshire and is considered one of the dominant The property benefits from a prominent position on the corner of Leeds Old Road and cities within the Yorkshire region. The city is well connected to the surrounding towns within Rushton Avenue which is approximately 2.5 miles east of the city centre. the region, including Keighley to the north west, Halifax to the south west and in particular In the surrounding area there are a variety of uses which include a B&Q store immediately Leeds, which lies approximately 9 miles to the east. adjacent, a Morrisons food store to the rear which is accessed off Rushton Avenue, as well as The West Yorkshire urban area in which it is located has a population of approximately 1.5 a local shopping centre to the west. million people, with a local population of around 530,000 people. Also along Leeds Old Road are other retail warehouse uses and leisure facilities such as a There are two railway stations which serve the city and provide direct train access to Leeds McDonalds drive-thru restaurant and the Odeon Luxe cinema. (approx. 17 minutes), Manchester (approx. 1 hour) and Huddersfield (approx. 45 minutes). Leeds Bradford Airport is located approximately 8 miles to the north east of the property and flights are available to a variety of domestic, European and international destinations.

V i c A1(M) I A166 Driffield d t A59 o e l n e r HARROGATE A59 i a North a R L SKIPTON R l YORK d o l A614 d a a a . A65 o A164d h A59 A1079 R Hornsea d ’s o A61 g o n d i W a Leeds Bradford A58 K 7A1036 5 o A1079 61 R Airport A g n d i a Aldborough R LEEDS o A6177 R A614 y le A165 Selby t A629 BRADFORD M621 BURNLEY O

PHEONIX HOUSE

H ULL A650 M62 A164

PRESTON A1(M) A63 A M606 6 A646 8 1 New Pudsey Halifax 5 7 7 6 7 M62 Humber Bridge R 4 I 6 A A V E M62 R Wakefield M62 H . U Rd M ld ODEON Luxe B O d BRADFORDA15 dEs a A638 Lee R o Leeds-Bradford M62 B6381 R e M18 s Huddersfield A n B

A1 d a 6 Rochdale A638 6 1 M1 5 e L 4 5 A18 Scunthorpe A e A19 0 L k 6 c i M181 1 7 Grimsby D A629 M180 A6 47 7

Humberside A18

A614 Bradford Interchange

Oldham

A16

A635

DONCASTER

. n A18 Robin Hood A15 L MANCHESTER W Bowling B ack A638 Airport a A159 k A46 e A61 e n

M62 M18 A1(M) ﬁ A a e 6 l L

d 1 k

A631 7 c 7 i R D o a SHEFFIELD d Manchester M1 M56 Airport A1

Lincoln A61 Worksop PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH CONTENTS

DESCRIPTION ACCOMMODATION

The offices comprise a substantial building which was constructed in the early 1980s The property has been measured by Lane & Frankham in accordance with the Code of with a concrete frame and stone elevations surmounted by a flat roof. The building Measuring Practice (6th Edition) and comprises the following floor areas: extends over ground, basement and three upper floors with the lower levels of the building utilised as court hearing rooms, whilst the upper floors provide judges’ chambers and back office functions. Floor Use Sq M (NIA) Sq Ft (NIA) The building underwent a substantial refurbishment approximately 16 years ago. Internally the floor plates offer good floor to ceiling heights and good levels of natural Ground Office 932.7 10,040 light. In addition, there are suspended ceilings and raised floors with WC facilities provided on each floor level within the two building cores. The boiler was replaced by First Office 812.6 8,747 the tenant approximately 2 years ago. Second Office 800.7 8,619 The site is self-contained with surface level car parking providing 25 spaces. In addition to these spaces, the lease also demises a car park located immediately Third Office 793.5 8,541 opposite Leeds Old Road which provides a further 31 car parking spaces. A further 49 car parking spaces are provided for use by the tenant within the adjacent Morrisons Basement Ancillary 199.8 2,151 car park and therefore overall car parking provision is very healthy. TOTAL 3,539.3 38,098

TYPICAL FLOOR PLAN (2nd)

Plan for indicative purposes only (not to scale). PHOENIX HOUSE RUSHTON AVENUE & LEEDS OLD ROAD BRADFORD BD3 7BH CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Review Comments Commencement Per Annum Per Sq Ft

Secretary of State for Occupied by Her Majesty’s Communities & Local 31/10/2017 30/10/2022 N/a £452,201 £11.87 31/10/2020 Courts and Tribunal Service. Government

The tenant is to benefit from a 6 months’ rent-free period from 28 September 2018 which will be topped-up by the vendor. A further period of rent free commences on 31 October 2020 until 30 December 2020. This will not be topped-up. TENURE Included within the demise of the lease is the additional car parking spaces which are contained within the neighbouring Freehold.

Morrisons food store and subject to a lease between WM Morrison Supermarkets plc and Alba Life Trustees Ltd which3 expires

in September 2026 but subject to an option to extend for a term of 25 years. There are 49 car parking spaces allocated1 here.

NUE AVE LEY VER

CAL

2 ASSET MANAGEMENT PLAN 4 2

The tenant has been in occupation since 2002 having originally occupied the property on a 15-year lease. They0 have recently signed a new lease extension for a period of 5 years, now providing an unexpired term of approximately 4.10 years.

Included within the demise of the lease is the additional car park which is located on the opposite side of Leeds Old Road 20 which the tenant does not currently utilise. Therefore, there could be opportunity to carve this out of the lease in the future

RUSHTON AVENUE Phoenix House

2 and lease or dispose of separately given its development potential. This part of the site extends to approximately 0.23 acres. 1

2 3

6 Bradford Plaza

ay le W Cyc 111

El Sub Sta

Shelter

9 7

ay le W

LEEDS OLD ROADCyc

1 2 95 Cycle Way

1 W

0 a TH O R N W E S o T

r R

5 k

181.1m 1 E 8 1 s 0 E T

1 0

0m 10m 20m 30m 4

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. EPC ES753998

The property has an EPC rating of C-67. CONTENTS

LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF 5 5 LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF CONTENTS

INVESTMENT SUMMARY

Substantial office property located in Tenant has been in occupation since at Corstorphine, to the west of Edinburgh city least 1996 centre Passing rent of £675,000 per annum, Extends to 54,622 sq ft reflecting £12.36 per sq ft overall Let to The Scottish Ministers until Proposed rent review in 2023 to be in line January 2020, with an agreement in with CPI principle to extend the term until Mixed-use area with a Tesco Extra food January 2030 store, McDonalds drive-thru restaurant and Proposed tenant break option in 2023 a critical mass of residential buildings all in within lease extension close proximity

5 LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF CONTENTS

St Augustine’s RC South Gyle Trade Park High School

B701

St Margaret’s Park South Gyle

Gylemuir Primary School Corstorphine Primary School

LADYWELL HOUSE Corstorphine Police Station

Tesco Extra

To Edinburgh City Centre Corstorphine Retail Park

A8 St John’s Road

To Edinburgh Airport LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF CONTENTS

LOCATION SITUATION

Edinburgh is the capital of Scotland and one of Europe’s most vibrant cities known for its The property is situated with excellent frontage on to Ladywell Road, one of the main roads cultural and historic attractions. It is considered a major financial and commercial centre, within Corstorphine, to the west of the city centre which is approximately 4 miles away. being the second largest city in Scotland by population. Edinburgh is the only place in Within the opposite direction, Edinburgh Airport is located approximately 3.5 miles away. Scotland to benefit from two UNESCO World Heritage sites. The surrounding area provides a mix of uses, with a number of road side and leisure/retail Edinburgh has a population of 487,500 within the city, which grows to 1.3 million within uses, such as the Tesco Extra, a McDonalds drive-thru restaurant and a Currys PC World the surrounding area. store. In addition, the area provides a densely populated residential area, and is within walking distance to South Gyle railway station which provides a train directly in to the Edinburgh is situated approximately 45 miles east of Glasgow, 125 miles north of Newcastle city centre. and 332 miles north of London. The city is extremely well connected with Edinburgh Airport providing access to up to 120 destinations both locally, within Europe and across continents. The A720 city bypass is located near to the subject property which provides links to the M8, M90 and M9 motorways. Rail services are provided to a host of destinations within the region, including to Glasgow (49 minutes), Dundee (1 hr 20 minutes) and Berwick-upon- Tweed (40 minutes).

u d

m a

A9 o B A92 R r

M a n e

a o

y S t A85 s i A91 b 11 u m r e l y

C A9 M90 Edinburgh R A92 o LADYWELL HOUSE Airport a d 9 Dunfermline Jo 3 2 St hn’s Ro 4 ad A Edinburgh Gateway B 8 A90 Edinburgh 8 7 A 0 1 Falkirk Airport ad M9 1 ow Ro 1 A902 A1 Glasg Rd. 1A Ladywell S 4 2 1 a Gyle Shopping u Glasgow T g A720 Dalkeith h CORSTORPHINE M8 Livingston A8 Centre h 13 e t B o 8 C r M8 dA68 n Glasgow Roa o 6 i 4 t o A71 y m R o o South Gyle h a A7 f S o d G E yle u N A702 d M77 A701 Bro s o i a e R r n d wa t b y h A697 o u a A721 r g d h A72 B y p M74 A707 a s s

B Edinburgh Park A 7 7 0 2 0 1 13 A7 A71 A74 (M) LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF CONTENTS

DESCRIPTION ACCOMMODATION

The property provides four separately constructed interlinked office buildings built in The property has been measured by Lane & Frankham in accordance with the Code of phases during the late 1960s and early 1970s. Measuring Practice (6th Edition) and comprises the following floor areas: The original building fronts directly on to Ladywell Road and this provides accommodation over ground and two upper floors. The larger of the buildings situated Floor Use Sq M (NIA) Sq Ft (NIA) towards the north east of the site extends over ground and three upper floors, with some undercroft car parking provided due to the slope of the site. The two smaller Basement Office 122.2 1,315 buildings are located directly behind the original building, with one having two storeys above ground level, with the other being a two-storey structure also with an element of Ground Office 1,458.0 15,630 undercroft car parking. First Office 1,680.8 18,092 Internally the accommodation provides suspended ceilings throughout and raised floors in part. Heating is provided by wall mounted radiators. A number of government Second Office 1,323.5 14,246 bodies share occupation with National Records Scotland. Third Office 496.0 5,339 The ground floor within phase 2 has been sub-let to Ladywell Medical Centre who utilise the space together with their neighbouring medical centre which is owner TOTAL 5,074.5 54,622 occupied. The two aspects are linked together with a pedestrian bridge link. Surface level car parking is provided around the site and in total there are approximately 106 car spaces which provides a ratio of 1:545 sq ft (inclusive of the medical centre).

TYPICAL FLOOR PLAN (2nd)

PHASE 2

PHASE 4 PHASE 3

PHASE 1

Plan for indicative purposes only (not to scale). LADYWELL HOUSE LADYWELL ROAD EDINBURGH EH12 7TF CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Review Comments Commencement Per Annum Per Sq Ft

A lease extension is in advanced negotiations with The Scottish the tenant which will see the rent remain the same 26/01/1996 26/01/2020 N/a £675,000 £12.36 N/a Ministers and provide a longer unexpired term. Further details available upon request.

Part of the ground floor (approximately 6,000 sq ft) has been sub-let to Ladywell Medical Centre West on a lease expiring 15 May 2031 at a rent of £86,500 per annum.

ASSET MANAGEMENT PLAN TENURE

The existing lease expires in January 2020 however a Heritable (Scottish equivalent of Freehold). lease extension is currently in advanced negotiations with 22 T FEA

7 2

2 t the Scottish Ministers. o

Once signed, the lease will provide an unexpired term to 4

lease expiry of approximately 11.30 years, or 4.30 years 2

1 9

5 3 2 to break. 2 As the property is situated in a mixed-use area, the site

would lend itself to redevelopment for alternative uses

6 2

Clinic 8

(subject to planning). 2

2 4

26 Ladywell House

a 5 t

S 8 l

E 2 Shelter 49.5m

48.2m LAD YWELL ROAD 46.1m Posts

Stone

1 a

0m 10m 20m30m Post 1 5 For indicative purposes only. 7

EPC This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds.

The property has an EPC rating of C-42. ES753998 CONTENTS

LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB

6 6 LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB CONTENTS

INVESTMENT SUMMARY

Substantial office building on an extensive site located approximately 1 mile from Aberdeen city centre Extends to 33,009 sq ft having been extended over the years Let to The Secretary of State for Communities & Local Government at a rent of £510,000 per annum (£15.45 per sq ft) Predominately occupied by the Health & Safety Executive who provide offshore safety regulation from this building Unexpired lease term of 2.4 years providing an opportunity to re-gear the lease Heritable Interest (Scottish equivalent of Freehold)

6 LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB CONTENTS

City Centre

Bon Accord & St Nicholas Shopping Centre North East Scotland College Morrisons Food Store

Broadford Works Development Site Kwik Fit Unite Student Currys PC World Accommodation Causewayend Student Accommodation Prestige Student Accommodation LORD CULLEN HOUSE

Berryden Business Park

Mecca Bingo

Aberdeen Airport

Sainsbury’s Food Store LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB CONTENTS

LOCATION SITUATION

Aberdeen is the third largest city in Scotland, being the dominant city in the north of the The property benefits from frontage on to Causewayend and Fraser Place, approximately 1 country, and has a population of approximately 210,000 with a wider regional catchment area mile to the north of the city centre. The A96 Causewayend provides one of the main link of over 500,000. The city is synonymous with the oil and gas industry and is recognised as roads between the city centre and the north, heading towards Aberdeen Airport and the a global centre of excellence. These industries have seen the city grow exponentially over the northern suburbs of the city. past 40-50 years, and the city now boasts consistently low levels of unemployment and strong Immediately opposite the property is Fraser Studios, a new student accommodation GDP per capita in comparison with other locations in Scotland. development by Prestige. Furthermore, also across from the property is a 173-bed studio Aberdeen is located approximately 130 miles north of Edinburgh, which can be accessed apartment block for students developed by Robertson Eastern. Finally, there is a recently by road via the A90 and M90 as well as regular train services, linking the two cities in converted development student accommodation block by Unite called Causeway View. approximately 2 hours 30 minutes. Glasgow is located approximately 150 miles to the south west of Aberdeen which can be accessed via the A90, A9 and M80. Train services between the two provide for a journey time of approximately 2 hours 45 minutes. Aberdeen International Airport is located to the north west of the city centre which provides services all over Europe.

i G n

B999 g o

B979 A l

S f 9

A90

8 R 6

7 r Aberdeen 9 o e

A Kittybrewster

e a

(Dyce) t d A96 Blackburn and Retail Park Dyce

B997

A947

Stoneywood A96 K W i n

e B979 A90 A g

Bankhead s 9 6 S t b t B r u e e r Bucksburn r e n r Fraser Pl. A t y D d 9 e 6 r n B984 i v A90 R e d . 4 A94 d A treet S a A944 tcheon S k 96 Hu e o n R B9119 ABERDEEN e . S k vd q r l u a B . a h Pl r P ac unt e Be Rose mo ABERDEEN

B Cults 9 E A D E 9 8 t E R 7 6 e I V 8 9 tre 56 R 911 S A9 A93 B on i Q B979 Un Regent u ay

A956 3 B9077 et A9 19 tre A Aberdeen B91 S 9 Peterculter ion 5 Ferry Terminal Un 6 A90 Aberdeen LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB CONTENTS

DESCRIPTION ACCOMMODATION

The property provides a substantial office building which was constructed in phases and The property has been measured by Lane & Frankham in accordance with the Code of provides three interlinked buildings set with a large surface level car park to the rear. Measuring Practice (6th Edition) and comprises the following floor areas: The original building fronts Causwayend and was constructed in 1978 which extends over ground and three upper floors. A second building was subsequently constructed extending Floor Use Sq M (NIA) Sq Ft (NIA) over ground and two upper floors and a bridge link between the two was created. The third building was constructed in 1996 and extends over basement, ground and two upper floors, Ground Office 675.2 7,268 with the majority of the ground floor providing garage car parking as opposed to office accommodation. First Office 980.7 10,556

The older of the buildings was refurbished in 2007 by the tenant. Some parts of the property Second Office 983.5 10,586 have been occupied by other Government agencies and have been refurbished on an ad-hoc basis. The boilers serving the buildings were part replaced and part refurbished by the tenant Third Office 385.3 4,147 in 2018. Basement Storage 28.1 302 The property benefits from 73 car parking spaces providing a ratio of 1:452 sq ft. Roof Storage 13.9 150

TOTAL 3,066.7 33,009

TYPICAL FLOOR PLAN (2nd)

PHASE 3

PHASE 1 PHASE 2

Plan for indicative purposes only (not to scale). LORD CULLEN HOUSE FRASER PLACE & CAUSEWAYEND ABERDEEN AB25 3UB CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Review Comments Commencement Per Annum Per Sq Ft

The Secretary of State for Communities 02/02/1996 01/02/2021 N/a £510,000 £15.45 02/02/2016 & Local Government

ASSET MANAGEMENT PLAN TENURE

The majority of the building is occupied by the Health & Safety Executive (H&SE) who have been in occupation for over Heritable (Scottish equivalent of Freehold).

20 years, with their occupation of the building relating to offshore safety regulation and this being their only operation in

1 3

Aberdeen, as well as the largest in Scotland. Hall 1 PO W LB Fraser Studios IS L AN

The Met Office occupy a floor within the newest of the three buildings who have been in occupation since 2013, with E 3 14

their operation serving Scotland and the North of England and being their second largest office outside of the Exeter HQ. 0 1 C A N Visit Scotland also occupy part of the building having also been in occupation since 2013. A L R O 13 A There is excellent potential to agree a lease re-gear with the Secretary of State given the importance of the building to the 8 D

7 7 0 3 2 existing occupiers. 1 13 5 9 6 3 3 to 31 1 4 1 1

Given the low site cover and extensive site, the property has excellent redevelopment potential (subject to planning) in ce 34

P 3

n 2 he 1 ep St

7 the future. 3

2 1

P 3

R t

E o

5 S 4 A 4

4 7 R

to 0 2 F

4 1

47 o

6 5 5 1

32 4

t 0 1

5 o 1

3 0

6 0

4 2

t 0

El Sub Sta

5 1

t 6

3 2 o C

5 2 2

o h 2

3 T 1

0 1 a 2 3

2 8 r 2

l ET t

e o

E s 1

R 4 P 2 la ST

e ES

L 1

R 0

A t

H o

C 1 2 2 6

5 2 PH 4 1

2 3

2 9 9 8

5 1 5

1 2

t 6 4

5 o t

2 o

8 6

2 6

5 8

1 9 t

5 o

1 4 2

2 8 6

5 7 8

0 6

5 to 4 8

0 5

8 7

1 0

o 5

to 3

6 1 6 5

0m 10m9 20m30m 8

0 3

5 o

4 3 sts

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. EPC ES753998

The property has an EPC rating of C-32. CONTENTS

ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA 7 7 ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA CONTENTS

INVESTMENT SUMMARY

Prominent office building in Aberdeen city centre, situated immediately opposite the mainline railway station Extends to 54,361 sq ft over basement, ground, mezzanine and six upper floors The site of Atholl House has been highlighted in the City Centre Masterplan as being ‘a key opportunity to improve the arrival of experience into the city from the station’ and ‘to improve the connectivity with the station area to Union Street’ The property is currently vacant following the Secretary of State vacating the building upon lease expiry in 2016 Numerous asset management opportunities including the substantial redevelopment of the building for a variety of uses, subject to planning Planning was recently obtained for the demolition of the existing building and construction of a 413-bed student scheme together with a 192-bed hotel Long leasehold interest at a peppercorn 7 ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA CONTENTS

Beach Boulevard Retail Park

Aberdeen Ferry Terminal Annan House

NCP Car Park St. Magnus Vue Cinema House

Jurys Inn Union Square Residence Inn Shopping Centre by Marriott Aberdeen Market College Street Car Park Marks & Spencer Aberdeen

A9103 Union Street Q-Park

The Kirk of St. Nicholas Uniting ATHOLL HOUSE The Trinity Centre

Travelodge ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA CONTENTS

LOCATION SITUATION

Aberdeen is the third largest city in Scotland, being the dominant city in the north of the Atholl House is located in the heart of the city centre, being situated opposite the main country, and has a population of approximately 210,000 with a wider regional catchment area entrance to Aberdeen railway station, fronting Guild Street. of over 500,000. The city is synonymous with the oil and gas industry and is recognised as It occupies a unique position between the historic medieval centre of the city, and the a global centre of excellence. These industries have seen the city grow exponentially over the more modern Crown Terrace to the west. Within the immediate surrounding area there are past 40-50 years, and the city now boasts consistently low levels of unemployment and strong a number of uses, including Union Square, being the modern retail mall scheme developed GDP per capita in comparison with other locations in Scotland. by Hammerson within the last 10 years, and with the Trinity Shopping Centre situated Aberdeen is located approximately 130 miles north of Edinburgh, which can be accessed immediately to the north. Also within the vicinity is the city’s bus station, a 203-bedroom by road via the A90 and M90 as well as regular train services, linking the two cities in Jurys Inn Hotel, and a number of other office buildings and hotels. approximately 2 hours 30 minutes. Glasgow is located approximately 150 miles to the south A bridge link is provided adjacent to the building which provides access from Guild Street to west of Aberdeen which can be accessed via the A90, A9 and M80. Train services between the the Trinity Centre. two provide for a journey time of approximately 2 hours 45 minutes. Aberdeen International Airport is located to the north west of the city centre which provides services all over Europe.

i n

Bon Accord t B999 r B979 e B & St Nicholas A90 l e l 9 i t Aberdeen 8 nh Shopping Centre a 6 (Dyce) m A96 Dyce ol o W

B997

t A947 ee D tr e et S Stoneywood n tre ia A96 b S in u on irg r ni V B979 A90 n U R y o nt Qua a Rege d ABERDEEN The Trinity River Dee B984 Centre et t re B e St 9 re n 8 93 St Aberdeen nio 3 A ild A944 U Gu Ferry Terminal ABERDEEN A B9119 9 5 ATHOLL HOUSE 6

Aberdeen C

o l Union Square M l e a r Cults To Dundee g Shopping Centre k E e e D E and Edinburgh t E R S I V S R t t r r A93 e e B979 e e t t

A956

B9077

ace A k Terr 9 A90 ban 3 Spring ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA CONTENTS

DESCRIPTION ACCOMMODATION

The property provides a prominent city centre office building which was constructed in the The property has been measured by Lane & Frankham in accordance with the Code of early 1970s. The building occupies a rectangular shaped site, with part of the building Measuring Practice (6th Edition) and comprises the following floor areas: sitting above the railway tracks leading from Aberdeen railway station. It is constructed with a reinforced concrete frame with stone work elevations. Floor Use Sq M (NIA) Sq Ft (NIA) The building extends over basement, ground and six upper floors, together with a mezzanine Basement Storage 38.5 414 level. Surface level car parking is provided to the rear of the building with access taken directly onto the A93. There is capacity for approximately 27 car parking spaces on-site plus Ground Office 245.8 2,646 an additional 10 within the neighbouring Trinity Shopping Centre. Mezzanine Office 623.7 6,713 Internally, the accommodation provides basic office space which would require some refurbishment works for continued use as an office building. The accommodation has solid First Office 695.5 7,486 floors, suspended ceilings with recessed fluorescent lighting and gas fired central heating. Second Office 697.9 7,512 The property is located in the Union Street conservation area. Third Office 697.9 7,512

Fourth Office 698.9 7,523

Fifth Office 693.9 7,469

Sixth Office 658.3 7,086

TOTAL 5,050.4 54,361

TYPICAL FLOOR PLAN (4th)

Plan for indicative purposes only (not to scale). ATHOLL HOUSE 84-88 GUILD STREET ABERDEEN AB11 6QA CONTENTS

TENANCY ASSET MANAGEMENT PLAN HOTEL MARKET

The property is currently vacant following the expiry of The building currently provides an excellent opportunity to The majority of the hotel supply in Aberdeen is the lease with the Secretary of State for the Environment reposition the asset in the local market. concentrated around the city centre although there is a in 2016. concentration of hotels at the airport, which has seen a There are numerous asset management angles to pursue, number of new hotels open in this location over the past subject to planning, including: few years. • Implement the recently granted planning permission by The supply of rooms in the Aberdeen market consist PLANNING developing a new property to provide a 413-bedroom primarily of hotels in the 3-star sector (45%) with the student accommodation scheme, as well as a Planning permission was recently obtained for the 4-star sector following at a 30% market share. 75% 192-bedroom hotel wholesale redevelopment of the site which would allow of the room supply is operated under a national or for the demolition of the existing building and for the • Undertake a substantial refurbishment of the building to international brand. construction of a new 413-bed student accommodation provide Grade A office accommodation The Aberdeen hotel market has recovered since its building, together with a 192-bed hotel. The proposed downturn in 2016 and for the first time in 2 years, saw development also provides ground floor retail uses and • Negotiate with Network Rail (the owner of the Heritable continuous growth since January 2018. creation of a new public square which will benefit from soft interest) to extend the long leasehold interest, or indeed and hard landscaping. progress a redevelopment scheme jointly with them Details of the planning application can be found on TENURE the data room site, or through the local authority under STUDENT ACCOMMODATION MARKET reference 160792 which was approved in August 2018. Held long leasehold for a term of 125 years from 15 Within the Aberdeen City Council Masterplan (which was Aberdeen is home to two universities, being the University of May 1976, expiring 15 May 2101, therefore providing

Aberdeen and Robert Gordon University. Despite a reduction an unexpired term of approximately 82.50 years. The E adopted in 2015) the property is highlighted as being ‘a PH ST 4 Y 9 IT passing rent is £1 per annum, if demanded. IN in overall student numbers at the University of Aberdeen 6 R key opportunity to improve the arrival experience into the D S o T T t E R 2 N E PH 8 B E U T 0 over the last 5 years, there has been continued growth in R 1 city from the station’ and ‘to improve the connectivity from N R O international students, the student population is 35% non- A

the station area to Union Street’. D 1

UK, significantly above the national average. This growth is El Sub Sta

h 6

C 1 o

t o 1 PH

partially due to free tuition for EU students, leading to ann t 2 s o 2 t 1 5 & 7 TCB t W o

a 2 increase of 25% over 5 years. r 9 0 d 5

B 8 d 54

y 1

9 0 1 to

5 2 8

1 Robert Gordon University is the lower ranked of the two 2 C O L L institutions, but again due to the free tuition it is a popular E G E Station S T place for EU students and this has led to stability in numbers R Hotel E E ET T E TR ESS S

recently. For its size, Aberdeen is a relatively mature market, ING

3 PP

0 A

1 3 W with over half of the beds owned by private providers and PH

Atholl House

4 80 3 2

UNITE alone having 2,000 beds in the city. 3 Government

Offices

Relatively low land values have made Aberdeen an attractive 4 o

6 3

Club

place for developers of purpose-built schemes reflected by 1 4 9 4 B R 2 ID 1 the significant pipeline, with a variety of large developers and G

C E

R 0 5 S O T R W

investors looking to build schemes. E T

N 2 E E

5 E 5 R T T T D S E IL R GU R 2 2 3 A 5 C

5 7

7 0 6

rch Chu For indicative purposes only. 0m 10m 20m 30m

1 3 CGI of proposed Atholl Square development. EPCOrdnance Survey © Crown Copyright 2018. All rights reserved. Licence number 10 0022432. Plotted Scale - 1:1250 This plan is published for convenience of identification. Any site boundaries shown are indicative only and The property has an EPC rating of D-57.should be check against Title Deeds. ES753998 CONTENTS

THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA 8 8 THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA CONTENTS

INVESTMENT SUMMARY

A two-storey office building located in Operates as a Job Centre having been located Billingham town centre there for over 20 years Extends to 7,140 sq ft NIA Surface level car parking is provided for on-site staff, with a Council owned car park located Situated on a prominent corner position immediately opposite fronting Kingsway Located within walking distance of the town Let to The Secretary of State for Communities centre and near to the towns main bus terminal & Local Government until March 2028, subject to a tenant break option on 01 April 2023 Unexpired term to expiry of 9.5 years, or 4.5 years to lease break Passing rent of £57,000 per annum (£7.98 per sq ft) Freehold

8 THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA CONTENTS

A19 to Middlesbrough Billingham Golf Club A19 to Peterlee

Town Centre Asda Food Store

B&M Store John Whitehead Park

THEATRE BUILDINGS Forum Theatre

Roseberry Primary School

Tesco Food Store Billingham THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA CONTENTS

LOCATION SITUATION

Billingham is located in the North East of England, to the north of the River Tees. The property enjoys a prominent corner location on Kingsway in the centre of Billingham, Billingham is one of the first and most successful of the 1960s new towns and is located in on the southern side of the town centre. The town is encircled by two main roads; Kingsway County Durham, under the local authority of Stockton-on-Tees. The town has a population and The Causeway. Kingsway runs along the south and the east of the town centre, and The of approximately 36,000 people. Causeway runs along the north. The town is approximately 5 miles north east of Stockton-on-Tees, 6 miles north west Situated adjacent to the property is Billingham Forum Leisure Complex, which includes of Middlesbrough, and 8 miles south west of Hartlepool. The town has excellent road a leisure centre, swimming pool, ice rink and a pay-and-display car-park fronting The communications with both the A689 and A66 (via the A19) providing convenient access to Causeway. Neighbouring the subject property is a doctor’s surgery and the towns retailing the A1(M). The A19 also provides southwards access to Stockton-on-Tees and northwards centre. access to Sunderland and Newcastle. A council operated car park is located immediately opposite the property providing adequate Billingham further benefits from its own railway station with regular direct trains to car parking spaces over and above that provided at the property. Stockton-on-Tees (7 minutes), Middlesbrough (18 minutes), Hartlepool (10 minutes) and Newcastle (1 hour).

61 NEWCATLE UPON TYNE 9 Newton Bewley A6 1 89 A A1M A179 8 9 A6 HARTLEPOOL A68 HARTLEPOOL BAY 9

. M

d A689 a R r A 9 1 A689 1 s 18 A19 n TEES BAY A h 5 A689 o . 60 rd Rd t H ya s A178 Wyn i o v u A167 l

s o A177 e W Th es A am Rd. v

e A1M REDCAR . BILLINGHAM A1085 THEATRE BUILDINGS BILLINGHAM

A66 W e 59 The Causeway n

o a Cowpen STOCKTON-ON-TEES MIDDLESBROUGH L

v n i Bewley

s e

THORNABY t p

A173 A o A66 A66 A174 w 19 n Billingham o

R C

A135 d

A171 .

DARLINGTON

A167 Belasis Ave C . entral Ave. YARM A172 A 5 1 27 A19 A173 7 0 B1 102 2 A A 7 Jun 1 ction Rd. 9

H 6 i 4 g 0 h 1 A19 7 A 9 2 3 S A 0 1 t Ne 1 A 1 w Norton . Roa A 9 d LEEDS THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA CONTENTS

DESCRIPTION ACCOMMODATION

The property is a detached two-storey office building constructed in the mid- The property has been measured by Lane & Frankham in accordance with the Code of 1990s and refurbished in 2004. The building is of framed construction with Measuring Practice (6th Edition) and comprises the following floor areas: brick elevations under a dual pitched roof with aluminium framed double-glazed windows.

The property operates as the only Job Centre within the town, with the ground floor Floor Sq M (NIA) Sq Ft (NIA) predominantly utilised as a public consultation space and the first floor being the back office function and private interview rooms. Ground 339.7 3,549 The building benefits from suspended ceilings, recessed lighting and solid floors with perimeter trunking. The first floor provides part open-plan and part cellular First 333.6 3,591 office accommodation. Male and female toilets are provided on each floor with a lift providing access to the first floor in addition to staircases at either end of the TOTAL 663.3 7,140 floor plate. A surface level car park is provided which incorporates 14 spaces providing a ratio of 1:518 sq ft.

TYPICAL FLOOR PLAN (2nd)

Plan for indicative purposes only (not to scale). THEATRE BUILDINGS KINGSWAY BILLINGHAM TS23 2NA CONTENTS

TENANCY SCHEDULE

Rent Rent Tenant Lease Commencement Lease Expiry Break Option Per Annum Per Sq Ft Review Comments

Secretary of State Occupied by DWP. for Communities & 01/04/2018 31/03/2028 01/04/2023 £57,000 £7.98 01/04/2023 Original lease commenced in 1995. Local Government

ASSET MANAGEMENT PLAN TENURE

The tenant has been in occupation of the building since Freehold. 1995 and has recently agreed a new lease which provided a term of 10 years with a tenant break option at year 5. Forum The property clearly works for the tenant and provides a

vital function to the local community. Larger job centres 7

are provided in Middlesbrough however this centre services 6

t o

1 5 a large population locally. 0

Y Kennedy A

S Gardens Longer term the property could provide redevelopment G N I

E K

U opportunities given the mixed use location of the building. Testing N E

Facility V L

R M edical O Centre

u l

o t C

1 m n a o Government Office h i

g n

n i U l l i s

B e

a r

14.7m Car Park

1 63 E 167 U N

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds. EPC ES753998

The property has an EPC rating of C-60. CONTENTS

PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH

9 9 PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH CONTENTS

INVESTMENT SUMMARY

A prominent two-storey office located in the Surface level car parking services the subject town centre of Redcar and neighbouring building Extends to 9,510 sq ft NIA Excellent amenities in close proximity including a Morrisons food store and the town centre Let to The Secretary of State for Communities retail provision & Local Government until April 2028, subject to a tenant break option in April 2023 Located adjacent to Redcar Central railway station Passing rent of £75,000 per annum (£7.89 per sq ft) Unexpired term to expiry of 9.5 years, or 4.5 years to lease break Operates as a Job Centre having been located there for over 20 years Freehold

9 PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH CONTENTS

High Street - Retailing Centre

Tuned In Recreation Centre Argos

Morrisons Food Store

Redcar and Cleveland Leisure Centre

Redcar and Cleveland Redcar Central Borough Council PORTLAND HOUSE

Redcar Cricket Club

Redcar and Cleveland College PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH CONTENTS

LOCATION SITUATION

Redcar is located in the North East of England, to the south of the River Tees. The The property occupies a prominent position within Redcar town centre and fronts onto Middlesbrough to Redcar rail link established Redcar as an attractive Victorian tourist West Dyke Road, being located immediately opposite the Morrisons food store. The town’s destination and Redcar & Cleveland Borough has a population of 136,000. retailing centre is immediately to the north east with large occupiers such as Argos and Sports Direct. The town is located approximately 9 miles to the east of Middlesbrough, 27 miles to the east of Darlington and 51 miles to the south of Newcastle. The town is bounded by the A1042, Redcar Central railway station is in close proximity to the west. Adjacent is Redcar & A1085 and the A174. The A174 provides direct access to Middlesbrough, which in turn has Cleveland Leisure and Community Centre as well as the main offices for Redcar and access to the A1(M). Cleveland Borough Council. Also, nearby is a Farmfoods retail store and a small council owned pay & display car park. Redcar benefits from good railway links with trains to Middlesbrough having a journey time of approximately 13 minutes, with services to Darlington taking approximately 42 minutes.

61 NEWCATLE UPON TYNE

A179

HARTLEPOOL HARTLEPOOL BAY PORTLAND HOUSE

A1M A689 W Dyke Road A689 A689 A19 TEES BAY Redcar Central 60 085 A178 A1 A 1 ad 0 Ro 8 A167 A177 British Steel Redcar nk 5 Tru Redcar East

e BILLINGHAM 4

REDCAR 0

1 c

a A

A1085

A66 d

a 59

STOCKTON-ON-TEES MIDDLESBROUGH R e

THORNABY A173 u REDCAR

A174 r A66 T

2 A135 4 A171 5 0 DARLINGTON 8 1 A1 0 A 4 74 1 7 A 1 A167 Kirkleatham A YARM A172 A19 A173 Middlesbrough B

1 G 2 6 r e 9 A66 w g

r Grangetown a A19 s s Lazenby 4 A 7 L 1 1 Yearby 0 A n 5 . LEEDS 3 PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH CONTENTS

DESCRIPTION ACCOMMODATION

The property is a two-storey office of framed construction with brick elevations which was The property has been measured by Lane & Frankham in accordance with the Code of constructed in the mid-1990s and refurbished in 2003. The property is surmounted by a Measuring Practice (6th Edition) and comprises the following floor areas: dual pitch roof with pre-finished metal framed windows. The property operates as the only Job Centre within the town, with the ground floor predominantly utilised as a public consultation space and the first floor split between public Floor Sq M (NIA) Sq Ft (NIA) consultation space and back office function. The building benefits from suspended ceilings, recessed lighting and solid floors with Ground 439.4 4,730 perimeter trunking. The first floor provides part open-plan and part cellular office First 444.1 4,780 accommodation. Male and female toilets are provided on each floor with a lift providing access to the first floor in addition to staircases at either end of the floor plate. TOTAL 883.5 9,510 Car parking is provided adjacent to the property, with the car park shared between the Job Centre and the adjoining office building which is occupied by a local law firm. In total, 18 car spaces are allocated to the subject property which provides a ratio of 1:528 sq ft. The adjoining offices have been sold off separately on a long leasehold at a peppercorn rent expiring in 2994.

TYPICAL FLOOR PLAN (2nd) PORTLAND HOUSE WEST DYKE ROAD REDCAR TS10 1DH CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Review Comments Commencement Per Annum Per Sq Ft

Secretary of State for Occupied by DWP. 01/04/2018 31/03/2028 01/04/2023 £75,000 £7.89 01/04/2023 Communities & Local Government Original lease commenced in 1995.

Rudby (Properties) Limited 25/05/1995 24/05/2994 N/a Peppercorn N/a N/a Comprises the adjoining office building.

ASSET MANAGEMENT PLAN TENURE

The tenant has been in occupation of the building since Freehold. 1995 and has recently agreed a new lease which provided The adjoining offices are included within the freehold title

a term of 10 years with a tenant break option at year 5. 8 Park

having1 been sold off on a long lease of 999 years from 25

2 7

There are a number of other job centres in the surrounding May 1995 at a peppercorn9 rent.

4 9

towns and village, however they are smaller in size and 8.2m

4 4

o 1

don’t serve as big an area as this property. t

3 o 1

t Car Park

0 0 Longer term the property could provide redevelopment 1

9 1 opportunities given the mixed-use location of the building, LB 1 subject to planning.

9 5 Posts

Posts

Job Centre

ness Centre Redcar Station Busi LC

SB tion Redcar Central Sta

7.9m

Car Park 2 7

6 2 WEST DYKE

ESS o

2 2

0m 10m 20m30m 6

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds.

EPC ES753998

The property has an EPC rating of C-57. CONTENTS

BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG

10 10 BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG CONTENTS

INVESTMENT SUMMARY

City centre retail unit secured for a term in Sub-let to Cotswold Outdoor until lease excess of 10 years expiry (less 3 days) Located in the heart of the city centre Passing rent of £164,000 per annum, reflecting £17.51 per sq ft overall Let to London Wall Outsourcing Ltd (on assignment from Trillium (Prime) Nearby occupiers include Topshop/Topman, Property GP Ltd) for a further 11.40 years Next, M&S and McDonalds without break Held long leasehold with a ground rent of £24,600 per annum

10 BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG CONTENTS

Norwich

Norwich Castle

Norwich Market The Royal Arcade

The Forum Events Debenhams

BLACKBURN Marks & Spencer Norwich Theatre Royal HOUSE

intu Chapelfield BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG CONTENTS

LOCATION SITUATION

Norwich is a dominant city in Norfolk, being the main commercial hub for East Anglia. It The property occupies a prominent position with frontage on to Theatre Street within the is located north east of London, being approximately 115 miles away. Other nearby major city centre. The building is on the edge of the retailing centre of the city, and in close commercial centres include Cambridge which is approximately 60 miles to the south proximity to Brigg Street, one of the main pedestrianised streets. west, Peterborough which approximately 85 miles away to the west and Ipswich which is Several department stores are located in the city including a new Marks & Spencer, approximately 45 miles to the south. Debenhams and John Lewis. Intu’s Chaplefield Shopping Centre is located to the south of The city has a population of approximately 215,000 with its urban area covering the subject property. Immediately adjacent is the offices and studios of BBC Norfolk and approximately 20 square miles. further down Theatre Street is Chapelfield Gardens which leads to the A147 ring road. From Norwich railway station, services are provided to London Liverpool Street with a journey time of approximately 1 hour 50 minutes. Road links in to Norwich are via numerous A roads which link it to surrounding towns such as Ipswich, Bury St Edmunds and Kings Lynn. Norwich Airport provides direct flights to various cities in the UK, as well as many tourist destinations around Europe.

. t

S H A148 e t A147 t B ig i a h rr P d a A15 a oa ck A148 m A147 St Crispins R S A17 S tr A140 e KING’S LYNN t. et

A47 d A47 a A47 o R A47 NORWICH n GREAT r YARMOUTH a Norwich d B a A146 PETERBOROUGH o J17 Cathedral R A10 A140 e A11 d i A1(M) A LOWESTOFT s THETFORD A143 1 r A141 4 NORWICH e 7 v J13a ELY i

A14 A143 A10

A140 A14 J14 Ch 7 A14 ap 4 BURY ST el 1 C Fie CAMBRIDGE EDMONDS A12 ld A h N A A11 A14 a The 124 BEDFORD p at 2 e re Norwich A1 A134 l S F t. J9 i K HAVERHILL IPSWICH e o ld b J10 le R n A131 o z A10 A12 a A M11 d BLACKBURN HOUSE v e. STEVENAGE FELIXSTOWE

COLCHESTER A120 A M1 A1(M) 14 1 7 A12 1 A HARLOW 7 CHELMSFORD Q 14 ue A J21 e J23 n M25 s J25 J27 R oa A12 d 1 LOCATION J28 A1 J29 A127 J16 A13 Bury St Edmunds

J15 J30 BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG CONTENTS

DESCRIPTION ACCOMMODATION

The property previously provided a Job Centre building over ground, basement and two upper The property has been measured by Lane & Frankham in accordance with the Code of floors. The building has subsequently undergone conversion to provide A1 retail. Measuring Practice (6th Edition) and comprises the following floor areas: The building was constructed in the early 1980s and is of concrete frame construction with brick and block work elevations. The windows are aluminium framed double-glazed units and the property is surmounted by a flat felt covered roof. Floor Use Sq M (NIA) Sq Ft (NIA) Internally, the property provides retail sales area across three floors with access between the levels provided by way of an internal staircase. The tenants fit-out provides for exposed Ground Retail 238.7 2,570 ceiling voids and solid floors. Windows along the entire south elevation provide excellent First Retail 263.0 2,831 natural light to the building. The property is located within the Norwich City Centre Conservation Area. Second Retail 279.7 3,011

Basement Ancillary 88.6 954

TOTAL 870.0 9,366

TYPICAL FLOOR PLAN (2nd) BLACKBURN HOUSE 1 THEATRE STREET NORWICH NR2 1RG CONTENTS

TENANCY SCHEDULE

Lease Rent Rent Tenant Lease Expiry Break Option Commencement Per Annum Per Sq Ft Review Comments

London Wall Outsourcing Ltd (on assignment from their subsidiary 28/01/1980 27/01/2030 N/a £164,000 £17.63 28/01/2020 Sub-let to Cotswold Outdoor Trillium (Prime) Property GP Ltd)

The property is entirely sub-let to Cotswold Outdoor Ltd on a lease from 11 March 2008 and which expires on 24 January 2030.

ASSET MANAGEMENT PLAN TENURE

The property offers in excess of 11 years’ income Held long leasehold for a term of 99 (less 10 days) from without break and therefore the asset management 09 August 1978 and therefore due to expire on 31 July plan would be to enjoy the uninterrupted income. 2077 at a current head rent of £24,600 per annum. There could also be an opportunity to buy-in the The head rent is reviewed on a 5-yearly basis to 15% of the freehold interest, subject to negotiation. estimated full open rental value. The rent was last reviewed on 28 January 2015. EPC There is an option to extend the long leasehold interest for a further term of 26 years.

The property has an EPC rating of C-59. 6

3 2 e

a WHIT

v E LIO e 3 N 1 1

r 22a

s 7

St Peter Mancroft L

a 2 n 2

Church e

1 2

The Forum 0

1 5

A 6

Y Statue M Millennium Plain A

K 2

Hay T

Hill 7

TH EAT RE 1 S 0 TR 8

E 1

ET Lamb I

7 T 1 ESS E 1 E 1 e

R s 6 u T 1 LB S o

H H

e 5 1 1 r O r e LB O v B 3

o M a t 4 N A I S 1 5

L b L u 7 I to 1 S 3

W l 2 E

2 1 Pond 2

Y 6

T 8

Fn N A 3

H 0 C 1 Shelters E T H E 2 T E 1 R T 4 S 1 he Assembly House Car Park G G I R B CHAPELFIELD St Stephen's R AM 21.3m P Church AN T GROVE HO RS E ST RE 0m 10m 20m30m ET

This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be check against Title Deeds.

ES753998 EXECUTIVE SUMMARY CONTENTS

A collection of ten office properties throughout the UK 20% of the income is subject to CPI review

Total office accommodation extending to331,492 sq ft Eight properties are held freehold/heritable and two NIA long leasehold

The portfolio is predominantly let to Government tenants A number of leases have recently been extended with further re-gear discussions occurring providing the opportunity to extend the portfolio WAULT A wide geographical spread of assets

Opportunities to grow the income by pursuing Total passing rent of £3,185,559.50 per annum, alternative uses as per the planning consent at Atholl reflecting£11.49 per sq ft on let space House, Aberdeen

One asset currently vacant (16% of floor area) which has Offers are invited in excess of £36,300,000 (Thirty Six recently gained planning consent for alternative uses Million, Three Hundred Thousand Pounds) This price reflects aNIY of 9.00% on the income Offers a WAULT of 4.27 years to expiry, or 4.06 years producing assets, assuming purchaser’s costs of 6.55%, to break and an overall capital value of £110 per sq ft

CONTACT DETAILS DEBT ADVISORY