Freehold South East Office Investment Peregrine Business Park, , , HP13 7DL Freehold south east Office Investment Peregrine Business Park, High Wycombe, Buckinghamshire, HP13 7DL

INVESTMENT SUMMARY

A freehold office park investment located on the edge of High Wycombe, 1.6 km (1 mile) from the and 50 km (31 miles) west of central .

The property comprises six modern, comfort cooled office buildings totalling approximately 4,362 sq m (46,956 sq ft) of net accommodation contained within an extensively landscaped, low density business park environment, in a site area of 2.036 hectares (5.03 acres).

The property is fully let to 7 tenants under 8 leases. The total initial income is £896,256 per annum, exclusive, reflecting £205.45 per sq m (£19.09 per sq ft), overall.

75% of the current income is secured from tenants benefiting from 4A1 or 3A1 Dun & Bradstreet Ratings.

Offers for the freehold interest are invited in excess of £8,500,000 (Eight Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 9.97% after allowance for costs of acquisition of 5.75%. LOCATION AND SITUATION St Albans M11 Hemel Hempstead M1

High Wycombe is an established and prosperous commercial M25 (8 miles) to the east, and central London beyond. Additionally, A413 Potters Bar centre within the County of Buckinghamshire, with a district the A404 duel carriageway links with Maidenhead and M40 A405 population of approximately 162,000 inhabitants. High Amersham Junctions 8 and 9 of the to the south. High High Wycombe M25 Borehamwood Wycombe is located approximately 50 km (31 miles) west Watford Wycombe railway station has a regular direct service to London A413 M1 of central London, approximately 43 km (27 miles) south (Marylebone) with a fastest journey time of approximately 29 east of Oxford and approximately 16 km (10 miles) north of M40 minutes. Heathrow Airport can be reached within 35 km (22 15/4B Maidenhead. A406 miles) via the M40 and M25. Maidenhead A312 LONDON High Wycombe benefits from excellent communication links Slough Peregrine Business Park is situated on the south-east edge of High M4 being situated adjacent to Junctions 3 and 4 of the M40 Windsor A4 Wycombe, midway between the town centre and Junction 3 of Reading M4 A219 A205 motorway providing direct access to the , 13 km A316 the M40, both of which can be reached within 3.25 km (2 miles), A33 Egham Staines via the A40 London Road. The property lies some 500m north of Sunbury

W A329 Bracknell Y C O M Wokingham A23 the A40 and is accessed via Gomm Road. B E L R L M3 O A I D H

Walton-on-Thames A232 M D A4128 A A H D M25 O S A R R O E O A E A40 M R

K G D A

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W O E T T T E R I D G E

A D

Y E R E E N U A D N

L L E High O W

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V O D R O A N B E Wy combe R O E A N D T H Peregrine Business Park T A L G A U H K

A404 C O

R O L L A40 C O I B H

S W E L O O D L N D R O A N

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L A L L L O AD L AN R O I E M R H M O G W W O O L L L O R N R D A O A N M M R O

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A4010 M40 H E A Junction 4 T H E A40 N D R O A D M40

Junction 3 Freehold south east Office Investment Peregrine Business Park, High Wycombe, Buckinghamshire, HP13 7DL

DESCRIPTION

Peregrine Business Park was constructed in 1989 and comprises six detached, two-storey office buildings arranged in an extensively landscaped low density office park environment.

The buildings are of steel frame construction under pitched roofs, with external elevations of high quality facing brickwork interspersed with curtain walling containing double glazed aluminium framed windows. The office specification includes comfort cooling, raised floors and suspended ceilings incorporating recessed lighting. There are separate male and female WC facilities at each level plus a dedicated disabled WC at ground floor. Each building, apart from Swift House and Mallard House, benefits from a passenger lift. Swan House was refurbished in 2001, Swift House in 2006 and Hawk House in 2009. Star House Swan House Each building has its own distinct car parking area, which is included within the tenant’s demise. There are approximately 210 car parking spaces in total, reflecting a car parking ratio of 1 space per 20.77 sq m (1:224 sq ft). Mallard Eagle House A comprehensive service charge arrangement is in place to cover the management and House maintenance of the external common areas and estate roads, with full recovery through the occupational leases.

The site area is approximately 2.036 hectares (5.03 acres). Additionally, included within the sale is a small area of land at the junction of London Road and Gomm Road, upon which is Swift House constructed an estate board and directional signage.

ACCOMMODATION Hawk House We understand the approximate net internal floor areas are as follows:- Net Internal Area Unit sq m sq ft Hawk House 7 4 1 . 8 3 7,98 5 Swift House 451.51 4,860 Mallard House 474.18 5,104 Star House 891.22 9,593 Swan House 705.04 7, 5 89 Eagle House 1,098.58 11, 825 Total 4,362.36 46,956 Note: The extent of the property shown edged red is approximate and shown for indicative purposes only. A plan showing the Legal Title can be provided upon request. TENANCIES

The property is let on effective full repairing and insuring terms, with full service charge recovery, on leases incorporating upward only rent reviews, as follows:

Net Internal Area Passing Rent Tenant Break Lease Unit Tenant Sq m Sq ft Lease Term Rent Reviews Options Expiry £pax £psm £psf Comments Hawk House United House Limited 362.14 3,898 10 years from 01.02.2015 01.02.2015 31.07.2019 £68,215 £188.37 £17. 5 0 Sections 24 to 28 of Landlord & Tenant Act, 1954 (Ground Floor) 01.08.2009 (12 months excluded from the lease. notice) Hawk House United House Limited 127.74 1,375 10 years from 01.02.2015 01.02.2015 31.07.2019 £24,063 £188.37 £17. 5 0 Sections 24 to 28 of Landlord & Tenant Act, 1954 (Part First Floor) 01.08.2009 (12 months excluded from the lease. notice) Hawk House Sky Medical 251.95 2,712 5 years from - - [ ]1 £ 37,96 5 £150.68 £14.00 The letting is subject to a stepped rent as follows: (Part First Floor) Technology Limited [ ]1 Year 1: £16,950 Year 2: £25,425 Year 3: £37,965 Years 4/5: £40,680 CURRENTLY UNDER OFFERThe vendor will top up the rent to £37,965 per annum to the end of the second year. Swift House ANT 451.51 4,860 10 years from 03.11.2013 03.11.2013 30.10.2018 £85,050 £188.37 £17. 5 0 Rent deposit of £21,262. Telecommunications 03.11.2008 (6 months Sections 24 to 28 of Landlord & Tenant Act, 1954 Limited notice) excluded from the lease. Mallard House Meda 474.18 5,104 25 years from 25.03.2009 - 24.03.2014 £98,500 £ 2 07.73 £19.30 Surety from ICN Biomedicals Incorporated. Pharmaceuticals 25.03.1989 Tenant not in occupation. Limited Lease held on assignment (with privity) from IMS Health Surveys Limited (D&B 2A2). Star House Star Micronics Europe 891.22 9,593 25 years from 23.06.2009 - 23.06.2019 £172,674 £193.75 £18.00 - Limited 24.06.1989 23.06.2014 (+ 5 year reversionary lease) Swan House Tetra Pak Limited 705.04 7,589 15 years from 06.06.2011 - 05.06.2016 £176,274 £250.02 £23.23 - 06.06.2001 Eagle House Phoenix IT Systems 1,098.58 11, 825 9 yrs 9 mths 25.03.2010 - 20.06.2014 £233,515 £212.56 £19.75 - Limited from 17.09.2004 4,362.36 46,956 £896,256 £205.45 £19.09

1 Contracts have been exchanged for this letting, subject to an agreement for lease relating to certain landlord’s works. The lease will complete seven days following completion of the works, which is scheduled for 19.07.2010]. Freehold south east Office Investment Peregrine Business Park, High Wycombe, Buckinghamshire, HP13 7DL

covenant status

Phoenix IT Systems Limited (Company No. 1466217) 26.05% of total income; D&B Rating of 4A1. • Companies in the Phoenix Group provide managed IT infrastructure support services. • Further information can be found at www.phoenixitgroup.com. • Latest accounts, as at 31 March 2009: Turnover Pre-Tax Profit Net Worth £106,729,000 £7,143,000 £24,474,000

Tetra Pak Limited (Company No. 551434) Meda Pharmaceuticals Limited (Company No. SC043236) 19.67% of total income; D&B Rating of 4A1. 10.99 % of total income; D&B Rating of 2A4. • Founded in 1951 by Dr. Ruben Rausing, Tetra Pak produces • Meda is a leading international specialty pharmaceutical food packaging and processing equipment. company with a focus on marketing and product • The company operates in more than 150 markets worldwide development in late clinical phase. with over 20,000 employees. • Meda’s products are sold in 120 countries worldwide and • Further information can be found at www.tetrapak.com. the company is represented by its own organisations in 50 ANT Telecommunications Limited (Company No. 3971385) • Latest accounts for the year ending 31 December 2009: countries. 9.49 % of total income; D&B Rating of 1A2. Turnover Pre-Tax Profit Net Worth • Further information can be found at www.meda.se. • ANT Telecom provides system integration solutions that include • Latest accounts for the year ending 31 December 2008: design, implementation and maintenance of communication £117,138,000 £17,729,000 £34,365,000 Turnover Pre-Tax Profit (Loss) Net Worth infrastructure for medium to large businesses. • Further information can be found at www.anttele.com. Star Micronics Europe Limited (Company No. 1663916) £44,032,000 (£1,593,000) £3,055,000 • Latest accounts for the year ending 31 December 2008: 19.27 % of total income; D&B Rating of 3A1. • For over 50 years, Star Micronics has been a leader in the United House Limited (Company No. 817560) Turnover Pre-Tax Profit Net Worth manufacture of audio components, thermal point of sale 10.29 % of total income; D&B Rating of 4A1. £3,876,624 £244,241 £1,235,134 receipt, label/barcode and impact printers. • Established in 1964, United House is one of the leading • Further information can be found at www.starmicronics.com. specialist housing construction companies in London and Sky Medical Technology Limited (Company No. 5751473) • Latest accounts for the year ending 31 December 2008: the South East. 4.24% of total income; D&B Rating of C2. Turnover Pre-Tax Profit Net Worth • The UK’s leading housing PFI contractor, managing over 7,000 • A private medical research and development company homes with a combined contract value of £975 million. established in 2006. £17,24 3, 8 0 3 £2,358,342 £7,791,056 • Further information can be found at www.unitedhouse.net. • Further information can be found at www.skymedtech.com. • Latest accounts for the year ending 31 December 2008: • Latest accounts for the year ending 31 December 2008: Sales Pre-Tax Profit Net Worth Turnover Pre-Tax Profit Net Worth £179,060,000 £13,611,000 £24,359,000 - - £166,991 TENURE

Freehold.

VALUE ADDED TAX

The property is elected for VAT and VAT will therefore be chargeable on the purchase price if it is not possible to arrange this transaction as the transfer of a going concern.

PROPOSAL

Offers are invited in excess of £8,500,000 (Eight Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT for our client’s freehold interest.

A purchase at the asking terms, would provide the purchaser with a net initial yield of 9.97%, after allowance for costs of acquisition calculated at 5.75% of the price. FURTHER INFORMATION

For further information or to arrange an inspection to view, Please contact Christopher Eccles or Matthew Joyce at:

Griffiths Eccles LLP 23 Princes Street, London, W1B 2LU

tel: 020 7499 0550 fax: 020 7290 3669

email: [email protected] email: [email protected]

web: www.griffithseccles.com

SUBJECT TO CONTRACT EXCLUSIVE OF VAT

INVESTMENT l DEVELOPMENT l ASSET MANAGEMENT 23 Princes Street, London, W1B 2LU Telephone: +44 (0)20 7499 0550 Fax: +44 (0)20 7290 3669

NOTICE Griffiths Eccles LLP for themselves and for the vendors or lessors of this property for whom they act, give notice that (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract. (ii) Griffiths Eccles LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements or fact or representations and must satisfy themselves as to their accuracy; (iii) rents quoted in these particulars may be subject to VAT in addition; (iv) Griffiths Eccles LLP will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and (v) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. (vi) no employee of Griffiths Eccles LLP has any authority to make or give any representation or warranty or enter into any contract whatever in relation to this property; (vii) the information contained in these Particulars has been prepared as at June 2010.

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