Scargreen Avenue & Utting Avenue East, Liverpool L11 1DE

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1 Neighbourhood Retail Investment Popular residential location 26 retail units let to 22 tenants High Yielding 11.74% NIY Opportunities to enhance value 1,050,000, subject to contract Scargreen Avenue & Utting Avenue East, Liverpool L11 1DE

2 Liverpool is the sixth largest city in the United Kingdom and the principal commercial centre for the Merseyside conurbation. The city serves an Urban Area Population of approximately 470,000 extending to over 1.5 million within 20 km (12.5 miles). The City sits on the east coast of the North West of England, 56km (35 miles) west of Manchester and accessed via the M62. Liverpool is well connected to the main rail network with connections to London between 2hrs 15 minutes to 3 hours. Liverpool John Lennon Airport is some 9 miles along the River Mersey from the City Centre, providing national and international destinations. The investment is located in the Norris Green area of Liverpool, located approximately 6km (4 miles) to the east of the city centre. Norris Green is a large residential neighbourhood of Liverpool with its own population of c.18,000. The majority of the area was developed in the 1920 s and is bordered by Walton to the west, Fazakerley to the north, Croxteth to the north east and east, West Derby to the south and Clubmoor to the south-west. The subject property is located in the heart of Norris Green, on Scargreen Avenue and Uttington Avenue East, the latter being the main thoroughfare through the ward, and one of the main bus routes into central Liverpool.

3 The subject property comprises two retail parades on either side of the road, with parking directly outside the units and a large extended pedestrian kerb. The parades were constructed in the 1930 s with brick walls, tiled roofs and concrete floors. Both parades are predominantly ground floor lock up shops with sold off residential uppers. One two bed maisonette is retained (156 Scargreen Avenue.) Six of the units have ancillary accommodation on the first floor, with 245 Utting Avenue. East benefiting from a more considerable first floor, again currently used for storage. None of the upper parts are presently rentalised. We understand the property has a total floor area of 18,255 sq ft (1,696 sq m) ITZA on the ground floor and 3,648 sq ft (339 sq m). The property is split into 26 separate units, let to 22 separate commercial tenants and 1 residential tenant. Two tenants occupy double units. The units facing Utting Avenue East have a curved frontage following round from Scargreen Avenue. We believe the unit sizes range from 420 sq ft (39 sq m) to double units of 1970 sq ft (183 sq m). Please refer to the Tenancy Schedule for a full breakdown of floor areas. We estimate the site area to be approximately 0.36 acres (0.15 Hectares).

4 The site is held on a long leasehold title from Liverpool City Council for a term of 999 years from 2 nd March 1991 at a peppercorn rent. The property comprises 26 units let to 22 tenants and 1 residential let. In total the parades produce a total current income of 130,380 per annum and are paid quarterly in advance. There are currently two voids in the parade, 175 & 199 Scargreen Avenue. At present, rents are currently charged at 100 per week, per unit + VAT irrespective of the unit size. There have been no rent reviews since 2004 and therefore a more strategic rent policy run on a per square foot basis could significantly increase the rental income. Based on the existing rents, the ERV is 141,480 but we believe that a number of the rents are significantly below where they should be. Rents range from 5.61 psf (Unit 160) to (unit 253) and are calculated solely on a fixed price of 100 per week per unit.

5 NUMBER SHOP SCARGREEN AVENUE TENANTS NAME SEQUOIA PROPERTIES LTD. JANUARY 2015 TERM YEARS COMMENCEMENT DATE RENT ACHIEVED P.A. (incl VAT) NEXT REVIEW LEASE EXPIRY SIZE (ITZA) M² 134 MISS. L. LAVIN 6 01-Oct Oct-15 Oct ANFIELD CITIZENS ADVICE BUREAU Mar Hold. Ov 1 yr. roll M.COOK BOOKMAKERS Jan Jan-15 Jan M.COOK BOOKMAKERS Jan Jan-15 Jan-35 Double Unit 152 THARMALINGAM t/a LOCAL ZONE Aug Aug-16 Aug THARMALINGAM t/a LOCAL ZONE Aug Aug-16 Aug-30 Double Unit 160 PEI HUA t/a TAKEAWAY Jan Jan-16 Jan MR YAFAI Feb Feb-17 Feb MR CAVANAGH t/a BARBER SHOP 6 01-Jan Jan-16 Jan MRS P DEE t/a PAT-A-DOG 6 28-Dec Dec-17 Dec DISCOUNT FURNISHINGS 6 01-Jul Jul-15 Jul NASAR MORADI t/a DE-PAN-EXPRESS Apr Apr-16 Apr MRS. P. JOHNSON * 6 01-Apr Apr-17 Apr EMPTY 16/04/ LITTLE DINER 6 01-Jan Jan-18 Jan VIRGINIA CHICKEN Oct Oct-17 Oct MRS. S.SHEAD * 6 28-Jun Hold. Ov 1 yr. roll MR S NEWPORT t/a CITI-PARTS 6 01-Apr Apr-17 Apr PJ REPAIRS 6 01-Sep Sep-16 Sep EMPTY 28/09/ RESIDENTIAL FLAT S/HOLD 01-Apr Rolling UTTING AVENUE EAST 245 MR.SOGHANLOU t/a Pizza Avenue Sep Sep-16 Sep MISS H. CUMMINGS t/a Glo-4-U 6 01-Jan Jan-18 Jan MRS L PERRY Jun Jun-15 Jun MISS YANG t/a JUMBO Mar Mar-17 Mar MR SLATER * Jul Jul-15 Jul MR.SHARRIFE KATAYEF Jan Jan-17 Mar Total Rent = Total Floor Area = * = Rent in Arrears GF & FF total area =21,902 sq ft ERV on current rents = 141,480 SIZE (ITZA) ft² firstfloor sq m firstfloor sq ft

6 We are instructed by our client to invite offers in the region of 1,050,000 (One Million and Fifty Thousand Pounds), subject to contract. This reflects a Net Initial Yield of 11.74% The property is registered for VAT, and VAT will be payable on the sale. It is assumed the matter will be dealt with via a TOGC. From speaking to local agents, we understand that rents for secondary retail units of this nature are currently in the region of 8-10 per sq ft on ground floor sales, with a 50% discount for second floor storage. The current average rent is 7.75 per sq ft (not reviewed since pre 2004) based on the ground floor and none on the storage elements. Using an average of 9 per sq ft on the ground floor and 4.50 per sq ft on the storage areas potential ERV = GF sales = 164,295 FF Storage = 16,412 TOTAL = 180,707 per annum. This gives a potential reversionary yield of 16.27%

7 1. High Yielding Retail Investment 2. Virtual Freehold 3. Multi let to a variety of covenants 4. Significant asset management opportunities 5. Net Initial Yield 11.74% 6. Potential reversionary yield of 16% + Alititude Investments Vendors Solicitor 20 Southernhay West, Stephens & Scown Exeter. EX1 1PR Curzon House, Southernhay West, Tel: Exeter EX1 1RS George Turnbull Tel: george.turnbull@altitude-investments.com Nigel Coveney N.Coveney@stephens-scown.co.uk M: Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.