CHRISTCHURCH Retail Park, Christchurch // B&Q Warehouse, St Margaret’s Way, Leicester // Dunstable Road Retail Park, Luton // Cairngorm Retail Park, Winterhill, Milton Keynes // Mountbatten Retail Park, Southampton // B&Q/Halfords, Tonbridge THE SATURN PORTFOLIO A portfolio of institutional retail warehousing located in the southern half of the UK PORTFOLIO OVERVIEW THE SATURN PORTFOLIO PAGE 2 CHRISTCHURCH LEICESTER LUTON M90 MILTON KEYNES SOUTHAMPTON TONBRIDGE M8 EDINBURGH GLASGOW M77 M74 NEWCASTLE UPON TYNE CARLISLE SOUTH SHEILDS M6 A1 (M) HARTLEPOOL DURHAM A66 (M) MIDDLESBROUGH A1 (M) YORK M6 BRADFORD LEEDS BLACKPOOL HULL M65 M62 M62 GRIMSBY LIVERPOOL MANCHESTER M56 SHEFFIELD M1 STOKE-ON-TRENT NOTTINGHAM M6 DERBY CHRISTCHURCH RETAIL PARK, BARRACK ROAD, CHRISTCHURCH BH23 2BN LEICESTER M6 BIRMINGHAM B&Q WAREHOUSE, ST MARGARET’S WAY, LEICESTER LE4 0BG COVENTRY MILTON KEYNES DUNSTABLE ROAD RETAIL PARK, LUTON LU4 8EZ M1 M50 M11 LUTON A1 (M) M5 CAIRNGORM RETAIL PARK, WINTERHILL, MILTON KEYNES MK6 1AZ M40 M4 M4 SWINDON LONDON MOUNTBATTEN RETAIL PARK, WESTERN ESPLANADE, SOUTHAMPTON SO15 1BA CARDIFF BRISTOL M25 M2 M3 B&Q/HALFORDS, CANNON LANE, TONBRIDGE, KENT TN9 1BQ GUILDFORD M20 M23 TONBRIDGE SOUTHAMPTON M5 CHRISTCHURCH BRIGHTON EXETER BOURNEMOUTH CHRISTCHURCH LEICESTER LUTON MILTON KEYNES SOUTHAMPTON TONBRIDGE INVESTMENT HIGHLIGHTS THE SATURN portfolio PAGE 4 INVESTMENT HIGHLIGHTS THE SATURN PORTFOLIO PROVIDES A UNIQUE OPPORTUNITY TO ACQUIRE A SIZEABLE PORTFOLIO OF INSTITUTIONAL QUALITY RETAIL WAREHOUSING LOCATED IN THE SOUTHERN HALF OF THE UK. THE MAJORITY OF THE SCHEMES COMPRISE MODERN PURPOSE BUILT RETAIL PARK ACCOMMODATION PROVIDING A SUCCESSFUL TRADING ENVIRONMENT. PRIME LOCATIONS WIDE RETAILER BASE STRONG CASHFLOW POTENTIAL FOR CAPITAL AND RENTAL GROWTH All the subject properties are The portfolio is let to a The portfolio is well let with a 48% of the current total income situated within approximately diversified blend of national out current occupancy rate of 98% provides for fixed or RPI related 100 miles of Central London, of town retailers with only one and an average unexpired term income within the next 5 years, with the majority being in void across the portfolio. 68% of of 9.4 years, assuming break while other asset management the South of England. All the portfolio income is made up clauses and 10.5 years ignoring opportunities exist across the the schemes are situated in from the following tenants: break clauses. 87% of the leases portfolio to increase capital and substantial and/or wealthy B&Q 25% have over 8 years to run. grow rents. conurbations benefiting DSG Retail 15% from significant catchment Assuming the sole vacant unit Carpetright 8% Income by Covenant Strength Unexpired Term (years) populations. is let, and with the benefit of the Homebase 8% fixed and RPI linked (assuming DFS 6% <5 a3 RPI at 3%) increases, the annual 5–8 >15 Halfords 6% a2 income will rise from £7,532,182 3a1 to £8,291,946 by the end of 2017. The remaining 32% of the 4a1 11–15 portfolio income is made up of 5a1 14 tenants with no one tenant 8–11 generating more than 5% of the total income. PORTFOLIO OVERVIEW THE SATURN PORTFOLIO PAGE 5 PORTFOLIO OVERVIEW GIA Unexpired term* Current rent Current rent % of total Comments (Sq ft) (Years) (per annum) (per sq ft) portfolio income Christchurch 101,107 8.5 £1,943,377 £19.22 26% Wickes fixed uplift in March 2014 and Carpetright fixed uplift in September 2016. CHRISTCHURCH Retail Park 5 yearly compounded rent review linked to RPI capped and collared at 0% and Leicester 77,300 15.0 £1,325,490 £17.15 18% B&Q Warehouse 3% per annum respectively. Luton 46,850 9.8 £1,015,000 £21.66 13% DSG fixed uplift in September 2017. Vacant unit to let. Dunstable Road Retail Park Carpetright fixed uplift in December 2014 and DFS fixed uplifts in June 2016 Milton Keynes 57,432 10.0 £1,407,213 £24.50 19% Cairngorm Retail Park & 2021. Southampton 52,159 9.4 £987,102 £18.92 13% Wren fixed uplift in April 2013 and DSG fixed uplift in October 2016. Mountbatten Retail Park Tonbridge 57,397 10.7 £854,000 £14.88 11% – B&Q / Halfords 392,245 sq ft 10.5 years £7,532,182 £19.20 100% Institutional quality portfolio of retail warehousing in Southern England *Excluding break options TOTAL NUMBER OF ASSETS TOTAL CURRENT INCOME TOTAL GIA AVERAGE UNEXPIRED LEASE TERM 6 £7,532,182 392,245 10.5 years per annum sq ft (ignoring break options) CHRISTCHURCH Retail Park Christchurch THE SATURN PORTFOLIO PAGE 6 CHRISTCHURCH RETAIL PARK BARRACK ROAD CHRISTCHURCH BH23 2BN CHRISTCHURCH Retail Park Christchurch THE SATURN PORTFOLIO PAGE 7 INVESTMENT SUMMARY Situated in the affluent south coast town of Christchurch, benefiting from a catchment population of over 300,000 people within a 20 minute drive time. Located in a highly prominent and accessible position just west of Christchurch railway station, Christchurch Retail Park fronts Barrack Road (A35), the main road linking Christchurch to Southampton and Bournemouth. Purpose built modern retail warehouse park extending to approximately 101,107 sq ft (9,393 sq m). Restricted A1 (non-food) planning consent. Freehold. The property is let to Homebase, Pets at Home, Comet, Harveys, Carpetright, Halfords, Maplin Electronics, Wickes Kitchens & Bathrooms and Pizza Hut. Average weighted unexpired term of 8.5 years. The current rent is £1,943,377 per annum (overall rent of £19.22 per sq ft) with fixed uplifts in 2014 and 2016. CHIPPENHAM BRISTOL A346 M4 READING CLEVEDON CHRISTCHURCH Retail A4Park Christchurch THE SATURN PORTFOLIO PAGE 8 NEWBURY BATH M5 WESTON-SUPER-MARE A38 A339 A33 A338 BASINGSTOKE A37 ANDOVER A338 A361 A303 A36 A31 A39 M3 E V F BRIDGEWATER O A R I A3060 R G R I E M SALISBURY V H I WINCHESTER E T L A303 R E W R TAUNTON O SHAFTTESBURY A36 A A EASTLEIGH Y D A350 A3 A358 A354 A338 CA T YEOVIL ST H M27 L E E G L R A303 A O SOUTHAMPTON N V WATERLOOVILLE E E A31 E CHRISTCHURCH RETAIL PARK AS A338 A27 T A3060 A35 A37 PORTSMOUTH E B A B3073 U R R N A A348 C A35 CHRISTCHURCH E K V R A35 A O LYME REGIS A BOURNEMOUTH DORCHESTER T D S NEWPORT S S R D CHRISTCHURCH PA A35 U A BY H O H A354 R RC N U N H E D C A ST D A RI G L H C WEYMOUTH O N O R I B A H L R R A 35 AC H C I K ROAD L C F B3059 R O H U R IG H D H C L ET T A D S TRE IS N R E A H C O C R D A R A N POKESDOWN S L R O O E R IG U U T H T R R O H O O T B A F D Location Situation O U S Retail Warehouse U A R E N B E Christchurch lies on the south coast Christchurch Retail Park is situated on the R A35 O TUCKTON ROA A UE D D VEN ERY A of England in the county of Dorset, convergence of Barrack Road (A35) and the CARB Pa Provision in B3073, to the west of Christchurch Railway approximately 5 miles east of Bournemouth, rkwood ro a B3059 B 25 miles south west of Southampton Station. The A35 is the main road linking RO d A D B3059 W and 105 miles south west of London. Christchurch to Southampton to the east AY D A O R Christchurch Christchurch has excellent road and Bournemouth to the west. The B3073 N BE W LLE DC O SOUTHBOURNE OVE VU A HU D communications linking directly to the connects the town north to Bournemouth RCL E O R L IFF DRIVE R CH R I OAD W There is a limited amount of competing D Bournemouth/Poole conurbations via the Airport and to the A338, which travels north A LM EN accommodation in the town, which extends A35, which also connects north east to to Salisbury. Y R O D to the following: Southampton and the M3 via the M27. A The property is located in a mixed use Meteor Retail Park Christchurch is served by a mainline railway area with light industrial, small retail units 70,658 sq ft (6,564 sq m) station with rail services between London and residential dwellings all located within Tenants include PC World and Bathstore Waterloo, Southampton and Bournemouth the vicinity of the retail park. The scheme with top rents at £14.50 per sq ft. The park stopping at Christchurch, with the fastest adjoins a Landrover car dealership. has a bulky goods consent. journey time to London (Waterloo) of approximately 1 hour 50 minutes. Stony Lane Retail Park c.55,000 sq ft (5,110 sq m) Bournemouth International Airport is Tenants include Magnet, Tiles R Us and located only 5 miles to the north of B&Q. Rents range from £7.00 per sq ft to Christchurch providing air travel to and from £10.00 per sq ft. The park has a bulky goods the UK and major European cities. consent with certain exceptions. The town lies at the confluence of the Rivers Currys/Carpetright Stour and Avon, creating a natural harbour 25,052 sq ft (2,327 sq m) and providing the town a thriving focal point Located east of the town centre on Stony for local business that attracts thousands of Lane. Top rents here are £16.50 per sq ft. tourists every year.