PRIME OFFICE INVESTMENT OPPORTUNITY OUT OF TOWN INVESTMENT OPPORTUNITY AT EH12 9JQ

3 4 INVESTMENT HIGHLIGHTS ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION

TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

INVESTMENT HIGHLIGHTS

• Edinburgh is a vibrant capital city with a strong • Attractive weighted average unexpired lease and diverse economy. As well as being a major term to expiries of 8.71 years and 6.27 years financial, administrative and cultural centre, the to break. city has a rapidly expanding technology sector. • 48% of the annual rent will benefit from annual • Broadway Park is located in a prime out of fixed uplifts. town business location, which has undergone a structural change with now three train stations • Asset management opportunities.

and the tram. • Offers are sought in excess of £31,925,000 exclusive of VAT for our client’s heritable • 147,400 sq ft of office accommodation with 391 car parking spaces (1:373 sq ft). interest, reflecting a net initial yield of 7% assuming purchasers costs of 6.27%. • Let to Standard Life Investments Limited and Scottish and Newcastle Limited, both of which • This represents a low capital rate of only £217 are 5A1 covenants. per sq ft.

• The property is held in a Jersey Company, which • Passing rent of £2,375,761 per annum, reflecting a low average rent of only £16.12 per sq ft. could form part of the transaction. Further information is available upon request. • Reversionary to ERV of £2,479,424 reflecting £16.82 per sq ft

5 6 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

EDINBURGH ECONOMY

THURSO

The Capital of , Edinburgh is the UK’s leading city economy outside London. With a population of c500,000, Edinburgh is one of the fastest growing and most productive cities in the UK.

THE STRONGEST UK CITY ECONOMY TALENTED WORKFORCE OUTSIDE LONDON Edinburgh is home to one of the UK’s most productive and Edinburgh is the most prosperous city outside London but qualified workforces and is internationally renowned for the offers significantly lower labour and property costs. The city quality of its talent base - with 55% of the population holding A96 has the second highest Gross Value Added (GVA) per resident a degree level qualification or equivalent. This talent base, the INVERNESS of major UK cities at £37,000 per resident, well ahead of the area’s quality of life and its environment are key attractions for A95 UK average and outstripping that of similar sized cities such employers and their employees. as Leeds (£27,500), Birmingham (£22,300) and Sheffield AVIEMORE (£19,800). Edinburgh retains a high proportion of its 58,000 strong A82 student population, attracted by the city’s quality of life and A9 Unemployment rates in the city have been lower than other economic opportunities. Edinburgh has four universities: The major UK cities in each of the last ten calender years. Nearly University of Edinburgh, Edinburgh Napier University, Heriot- 50% of the city region’s workforce is employed in knowledge Watt University and Queen Margaret University. A90 intensive jobs including computing, communications, scientific FORT WILLIAM research and also across the creative industries. A9 A relatively dense population and sophisticated transport network mean short commuter times and a wide recruitment OBAN PERTH pool for employers. Within one and a half hours’ travel of A85 Edinburgh, the population rises to over 1.6 million. STIRLING CAPITAL OF CULTURE M90 M80 FIRTH Edinburgh is one of the UK’s largest tourist destinations and OF FORTH acts as a gateway to the rest of Scotland. The city sells £1.46 M80 M9 M73 billion of services to staying visitors which supports around M8 EDINBURGH 30,000 Jobs per annum. Edinburgh is widely recognised for A68 its historical and cultural influences, named as the cultural M77 capital of the UK in 2016. Edinburgh hosts the largest annual A7 FIRTH international arts festival in the world, the Edinburgh Festival OF M74 Fringe. CLYDE AYR A76

DUMFRIES

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7 8 THE CAPITAL OF SCOTLAND, EDINBURGH IS THE STRONGEST UK CITY ECONOMY OUTSIDE LONDON.

9 10 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

COMMUNICATIONS EDINBURGH IS AT THE HEART 1.2M PEOPLE OF WORKING EDINBURGH HAS THE UK’S OF SCOTLAND’S AGE WITHIN A 45 MINUTE LARGEST SUBURBAN TRANSPORT INFRASTRUCTURE COMMUTE AND 2M WITHIN RAIL NETWORK OUTSIDE WITH EXCELLENT ROAD, AN HOUR LONDON RAIL, SHIPPING AND AIR The area benefits from excellent communication links: SERVICES.

DUNERINE

PLANE TRAIN CAR TRAM BUS Edinburgh is Scotland’s Within a 10 minute Lying adjacent to the There are three bus busiest airport, located walk of the building city bypass and close launched in 2014 stops providing regular just 5 minutes from there are two railway to its junction with and provide a fast, buses connecting to A ORH BRIDGE IRH O ORH the subject property. stations, the M8 motorway, integrated, state of the both the airport and and , providing access to art transport service city centre. 11 million OUH UEENERRY passengers providing access to the main motorway from the city centre to 25 mins per year Edinburgh’s Waverley network. the airport. City Centre A A 120+ and Haymarket A A destinations Glasgow 45 mins In close proximity to A staions, the Circle A EDINBURGH the subject property AIRPOR 6th largest in the UK line and , 2hrs Newcastle there are three tram A all of which link the A 26 million forecast halts that service both EDINBURGH A location to the rest Aberdeen 2hrs A passengers by 2030 A of the UK. Edinburgh Park and IY ENRE South Gyle, which A Glasgow 50 mins provide direct route A A A to the airport or A London 4hrs 30 mins IINGON alternatively the city A (20 trains a day) centre. A 1hr 26 mins Newcastle 14km route from the Aberdeen 2hrs 20 Airport to City Centre mins Airport 13 mins A 20 million passengers Princess Street 23 mins per year

11 12 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

SITUATION

WEST EDINBURGH IS HOME TO A RANGE OF GLOBAL BUSINESSES INCLUDING JP MORGAN, Broadway Park is situated within the South Gyle tram and train links at nearby South Gyle (0.5 miles) and DIAGEO, BT, RBS AND Business District, recognised as Edinburgh’s leading Edinburgh Park (1 mile). HSBC. out of-town business location with excellent amenities. The South Gyle Business District offers both out of town office and industrial space to a mix of leading corporate occupiers The Park has excellent transport links, located just off the including JP Morgan, Aegon, Kames Capital, Tesco Bank, Edinburgh Bypass (A720), giving direct access to the city Sainsbury’s Bank, Royal Mail and Royal Bank of Scotland. There is of Edinburgh and surrounding area as well as the major a new housing development immediately adjacent to Broadway motorways; the M8 linking to Glasgow and the Central belt of Park. The Park benefits from its close proximity to the retail EDINBURGH Scotland and the M9 to Stirling. The Park benefits from strong and leisure offer in the district. is INERNAIONA public transport links with the new Edinburgh tram just a 10 anchored by M&S and Morrisons, and Hermiston Gait Retail AIRPOR OHN minute walk from the property at Bankhead, as well as further Park offers a Tesco Superstore, B&Q, TK Maxx and Decathlon. A ROAD A

INGION PARK RIDE EDINBURGH GAEWAY O EDINBURGH GAGOW ROAD AIRPOR ERINA

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FUTURE DEVELOPMENT LAND

EDINBURGH CENTRE <20MINS

15 16 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

THE ACCOMMODATION PROPERTY & FLOOR AREAS

The property comprises four buildings developed as part of The property has been measured in accordance with the RICS Code a campus for Scottish & Newcastle around 1998. of Measuring Practice (6th) Edition and provides the following approximate floor areas: The four buildings are each arranged over ground and two upper floors extending to a total area of 147,400 sq ft (13,693.8 sq m). BUILDING SQ M SQ FT Two of the buildings are detached whilst Buildings 3 and 4 are Building 1 Second 972.3 10,466 connected by a single storey link block that serves as a reception, the Welcome Zone. There are approximately 391 surface car First 952.7 10,255 parking spaces, providing a good car parking ratio of 1:373 sq ft. Ground 986.1 10,614 Sub-Total 2 ,911.1 31,335 Building 2 Second 1,254.6 13, 505

THE OFFICE SPECIFICATION First 1,253.6 13,494 Ground 1,259.7 13, 560 The buildings benefit from the following specification: Sub-Total 3,768.0 40,559 • Air conditioning Building 3 Second 663.7 7,144 • Full access raised floors First 841.3 9,056 • Suspended ceilings with integrated lighting Ground 902.7 9,056 Sub-Total 2,407.7 25,917 • 2x8 person passenger lifts in each building Welcome Zone Reception 288.3 3,103 Building 4 Second 1,399.9 15,068 First 1,464.7 15,766 Ground 1,454.1 15,652 Sub-Total 4,318.7 46,486 Total 13,693.8 147, 400

17 18 19 20 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

ASSET TENURE MANAGEMENT

The property is held under a heritable interest (Scottish equivalent of English freehold) under title numbers MID121264 and When our client acquired the property, Scottish and Newcastle had a lease over all four buildings, however it did not occupy MID168119. The site extends to approximately 6.47 acres. Buildings 1 and 2. Our client agreed a surrender with Scottish and Newcastle over Building 1, which allowed it to let the building in its entirety to Standard Life, and for the building to be fully refurbished. Building 2 remains leased, but with both the recent The red line on the site plan is for indicative purposes only. closure of Scottish and Newcastle’s call centre in Livingston and the acquisition of an additional 1,900 pubs from Punch Taverns, the tenant may reoccupy this building. If not, there may be an opportunity to surrender to potentially increase the rental tone

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L E 21 22 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

TENANCY

As at 1st February 2018, the property has a WAULT (Weighted Average Unexpired Lease Term) of 8.71 years to lease expiries and 6.27 years to earliest breaks.

TENANT FLOOR FLOOR LEASE LEASE NEXT RENT RENT ERV ERV DEMISE BREAK COMMENTS AREA (SQ M) AREA (SQ FT) START EXPIRY REVIEW (P. A .) (£PSF) (P. A .) (£PSF) Reviewed to the open market rent. Standard Life Investments Ltd Building 1 2 ,911.1 31,335 08-Nov-17 07-Nov-32 08-Nov-22 £524,017 £16.72 £532,695 £17.00 36 months rent free granted which will be topped up by the vendor

Scottish & Newcastle Ltd Building 2 3,768.0 40,559 08-May-98 07-May-23 07-May-18 £691,946 £17.06 £689,503 £17.00 Reviewed to the open market rent

Building 3 2,407.7 25,917 £16.62 £17.00 There is an additional break on 7th May 2023. Initial rent was £15 per sq ft with Welcome Zone at half rent Scottish & Newcastle Ltd 08-Feb-16 07-Feb-26 08-Feb-19 07-Feb-21 £430,777 £466,964 Welcome Fixed rent increases: 08/02/19 - £440,470, 08/02/20 - £450,380, 08/02/21 - £460,514, 288.3 3,103 £8.31 £8.50 Zone 08/02/22 - £470,876, 08/02/23 - £481,470, 08/02/24 - £492,303, 08/02/25 - £503,380 There is an additional break on 7th May 2023. Scottish & Newcastle Ltd Building 4 4,318.7 46,486 08-Feb-16 07-Feb-26 08-Feb-19 07-Feb-21 £729,021 £15.68 £790,262 £17.00 Fixed rent increases: 08/02/19 - £745,424, 08/02/20 - £762,196, 08/02/21 - £779,345, 08/02/22 - £796,881, 08/02/23 - £814,811, 08/02/24 - £833,144, 08/02/25 - £851,890

TOTAL 13,693.8 147,400 £2,375,761 £16.12 £2,479,424 £16.82

23 24 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

TENANT COVENANTS

The property is occupied by internationally recognised brands providing excellent tenant covenants.

SCOTTISH & NEWCASTLE LIMITED D&B rating 5A1 with an overall business risk of low-moderate Heineken acquired Scottish and Newcastle in 2008 and incorporated it into its UK business, Heineken UK. It has subsequently expanded 31/12/2016 31/12/2015 31/12/2014 its market share of the pub market across the UK, having recently completed the acquisition of approximately 1,900 Punch Tavern pubs. Turnover - - - Heineken considers pubs an integral part of British culture, and believes Pre-tax Profit 56,000,000 74,000,000 69,900,000 that high-quality, well invested pubs run by skilled and motivated Tangible Net Worth 2,773,000,000 2,927,000,000 3,188,600,000 operators, will continue to prosper and can thrive in their role at the heart of communities. Heineken UK will fully integrate the pubs into its existing Star Pubs & Bars estate, creating the country’s third largest pub business in what remains a highly fragmented pub market. Heineken UK plans to work closely with the incoming licensees, to help them realise the increased potential from the pubs that they operate.

STANDARD LIFE INVESTMENTS LIMITED D&B rating 5A1 with an overall business risk of low-moderate On 14 August 2017, Aberdeen Asset Management PLC merged with Standard Life plc to form Standard Life Aberdeen plc. In connection with 31/12/2016 31/12/2015 31/12/2014 the merger, Standard Life Investments and Aberdeen Asset Management are coming together under Aberdeen Standard Investments. As at Turnover 814,492,000 658,031,000 548,815,000 30 September 2017, the company’s investment arm had £569.7bn assets Pre-tax Profit 273,049,000 180,363,000 152,694,000 under management creating the largest active investment manager in the UK and one of the largest investment houses globally. Tangible Net Worth 169,611,000 140,108,000 126,412,000

25 26 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

OCCUPATIONAL MARKET COMMENTARY

The West Edinburgh office market is the fourth largest office 2017 was a very strong year for office take up levels across OFFICE TAKE-UP BREAKDOWN Despite the strengthening demand in take-up, supply remains at a critically location in Scotland after Glasgow, Edinburgh city centre and Edinburgh with 1,138,500 sq ft of space being leased. Although 2010 – 2016 low level, with only one development scheme across the city due to Aberdeen. Unlike most other regional cities, Edinburgh city the take up was underpinned by some major pre-lets: GPU at complete in 2018 – 2 Semple Street. This shortage of supply is expected to centre and its main out of town market are geographically New Waverley (181,000 sq ft), State Street Bank at Quartermile continue with a lack of suitable available sites and strict planning regulations closely linked and well served by public transport. The tram 3 (65,628 sq ft) and Standard Life Aberdeen at 10 George 14% meaning there is rarely an oversupply of space in the city. Rental growth system is now up and running and provides direct access to Street (69,000 sq ft), it was still over 300,000 sq ft ahead of 21% is therefore forecast by CBRE to rise annually over the next 5 years by an / from within circa 10 minutes and the city the 5 year average. While Edinburgh has historically been average of 1.7% per annum. centre within 25 minutes. Tram services run every 10 minutes reliant on the financial services sector, it is encouraging that the 11% throughout the day and has been a key factor in drawing tenants occupational market is no longer reliant on one sector for take- Availability in West Edinburgh currently stands at circa 365,000 sq ft, back to the location. up with the TMT, Public Administration & Professional Services representing a vacancy rate of around 9.15%. However this statistic does not sectors all making a material contributions in recent years. take into account the fact that the majority of this space is un-refurbished and 6% 13% over 70,000 sq ft is under offer for lease. In real terms therefore, supply is low and with the city centre market having a vacancy rate of approximately 1% 2.27% for Grade A and B stock combined, rents in West Edinburgh are BUILDING SIZE TENANT RENT £PSF DATE forecast to rise. 11-12 Lochside Place 40,000 Diagio £21.00 + Under offer 15% 19% The high take up, limited development pipeline and the conversion of 6 Lochside Avenue (3) 8,966 HSBC plc £20.00 Jul-16 over 1.2m sq ft of office accommodation to alternative uses have seen city centre headline rents rise to £34.00 per sq ft, while headline rents in West 2 Lochside View 10,971 Origo Services Ltd £18.00 Mar-16 2017 Edinburgh have stayed at £22.00 per sq ft. In the early 2000s there was a similar situation, when limited availability pushed city centre headline rents to 7 Lochside View / 3 Lochside View 53,704 JP Morgan Owner occupation Nov-15 22% £29.50 per sq ft and West Edinburgh headline rents followed suit moving up 25% to £25.50 per sq ft. The current lack of available space combined with the 6 Lochside Avenue (G,1 and 2) 31.015 HSBC plc £19.50 Oct-15 improved infrastructure in West Edinburgh will continue to create upward Cornerstone, South Gyle Business Park 11, 8 4 4 Blyth & Blyth £15.00 Aug-15 pressure on the current headline rent of £22.00 per sq ft, reducing the gap between city centre and West Edinburgh rents. Current headline rents in 7% West Edinburgh are at a 35% discount to city centre headline rents, while in EDINBURGH PRIME OFFICE RENTS the early 2000s, this discount was only 13.5%. 2008 – 2020 3% 1% 16% £ PER SQ FT 6% 20%

PRIME RENTS £34 PER SQ FT Banking & finance Insurance Business services Manufacturing industries & energy TOTAL SUPPLY Creative industries Professional Consumer services Public sector & WITH CURRENT RENTS IN 22,000,000 SQ FT & leisure regulatory body THE CITY CENTRE NOW AVERAGE TAKE UP Source: CBRE £34 PER SQ FT, 869,000 (5YR), 758,100 (10YR) WEST EDINBURGH IS 2017 TAKE UP WELL POSITIONED FOR 1,138,500 SQ FT RENTAL GROWTH.

27 Source: CBRE 28 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

INVESTMENT MARKET COMMENTARY

Edinburgh is a major European office centre attracting a wide range of domestic and global capital. The past few years have witnessed significant investment activity with a record volume of £455 million recorded in 2016 followed by £362m in 2017. The investment market has recently been characterised by a lack of openly marketed stock. The table below highlights a number of out of town office investment deals from Edinburgh and the wider UK Regional Network.

ADDRESS CITY DATE PRICE NIY WAULT TENANTS COMMENTS Prime Four Fixed annual rental uplifts – Aberdeen Jan-18 £18,700,000 6.17 15 Statoil Business Park received 5 yearly Arup Campus, OMV Rent review – 5 Solihull Dec-17 £23,540,000 7.23 6.5 ARUP Group Blythe Valley yearly Sonova House Warrington Oct-17 £11,425,000 5.56 11 Sonova UK Fixed 5 yearly rental kickers Multi-let. Dell, Webhelp, Citypark Glasgow Sep-17 £41,000,000 6.96 4.3 Aggreko, Glasgow City Council Multi—let. Talk Talk & Soapworks Salford Sep-17 £60,000,000 6.45 11. 5 Secretary of State 24 Wester OMV Rent Review – 5 Edinburgh Nov-16 £14,200,000 5.76 20 Scottish Ministers Shawfair yearly 3 Lochside OMV Rent review – 5 Edinburgh Dec-15 £19,000,000 6.31 8 Sainsbury’s Bank Avenue yearly

EDINBURGH PRIME & NET EFFECTIVE RENTS 2008 – 2017

ONTHS RENT FREE

REN REE RH PRIE REN H NE EEIE REN H

29 Source: CBRE 30 BROADWAY PARK | EDINBURGH INVESTMENT HIGHLIGHTS EDINBURGH ECONOMY COMMUNICATIONS SITUATION THE PROPERTY ACCOMMODATION TENURE ASSET MANAGEMENT TENANCY TENANT COVENANTS MARKET COMMENTARY FURTHER INFORMATION

PROPOSAL AND FURTHER INFORMATION

EPC DATA ROOM EPCs are available upon request. Further information is available in the data room. Access details are available upon request. VAT CORPORATE The asset is elected for VAT which will therefore be payable on this transaction, however it is anticipated that the sale will The property is held in a Jersey Company. This could form be treated as a Transfer of a Going Concern (TOGC). part of the transaction. Further details available on request. PRICING Offers are sought in excess of £31,925,000 exclusive of VAT for our client’s heritable interest, which assuming purchaser’s costs of 6.27%, reflects a Net Initial Yield of 7% and a cap val of £217 psf.

VIEWING AND FURTHER INFORMATION Viewing strictly by prior appointment with sole agents:

WILL PREWER ALISTAIR WRIGHT TOM PATON-SMITH T +44 (0) 20 7182 3410 T +44 (0) 131 243 4178 T +44 (0) 20 7312 7440 [email protected] [email protected] [email protected] FRANCO SIDOLI STEVEN NEWLANDS ELLIOT CASSELS T +44 (0) 20 7182 2121 T +44 (0) 131 243 4171 T +44 (0) 131 221 2449 [email protected] [email protected] [email protected]

SUBJECT TO CONTRACT & EXCLUSIVE OF VAT – 2018

DISCLAIMER: CBRE LIMITED & MONTAGU EVANS LLP

CBRE Limited & Montagu Evans LLP on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE Limited uses reasonable.

endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limited.

as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) 31 are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. February 2018 32 33 34