ABBEY ROAD PARK ROYAL LONDON NW10 7SU

ABBEY ROAD PARK ROYAL LONDON NW10 7SU WEST LONDON BUSINESS CENTRE OPPORTUNITY ENTER

I N V E S T M E N T S U M M A R Y Prime mixed-use investment situated in the heart of London s premier industrial area Situated with extensive frontage to Abbey Road, the main thoroughfare through Park Royal Modern unit totalling 15,435 sq ft of office and trade counter accommodation Part-let to Multi Tile Ltd (t/a Topps Tiles) with annual RPI-linked uplifts providing guaranteed reversionary potential Serviced office accommodation has a consistently high occupancy rate with a large number of long-term occupiers Licence income subject to annual 5% uplifts On-going asset management potential Development potential to the front of the site or redevelopment of the whole, subject to planning Freehold Currently producing a gross rental income of 278,786 per annum Net income of approximately 208,000 after allowing for landlord liabilities relating to the serviced offices We are instructed to seek offers in excess of 2,625,000. A purchase at this level would reflect a yield of 10.04% on the gross income. After deducting running costs the net yield would be 7.49%. The above assumes purchasers costs of 5.80%

A40 A420 OXFORD A4142 L O C A T I O N Thame Park Royal is situated in North West London and occupies parts of the A34 London Boroughs of Brent, Ealing and Hammersmith & Fulham. The area is Europe s largest business park covering approximately 500 hectares (1,200 acres). The area is favoured by many major occupiers as a distribution and trade location servicing Central London; Park Royal is situated only 4.5 miles (7.2 km) to the north west of Central London and 12 miles (19.2 km) to the north east of Heathrow Airport. Park Royal benefits from unrivalled road A339links into Central London, lying between the A406 North Circular Road to the north, and the A40 Western Avenue to the south. BASINGSTOKE A34 Abbey Road and Park Royal Road together form a central spine road through Park Royal linking both of these arterial routes to the area. A303 One of the most unique aspects of Park Royal is the ease of access to London s Underground network, as well as mainline and overland services. C O N N E C T I V I T Y Berkhamsted A41 Hemel Hempstead Henley-on-Thames Uxbridge A40 Maidenhead Slough A404(M) Southall A13 M25 S London J15 M4 City Brentford Windsor Fulham Hounslow A2 M4 Heathrow READING A316 Richmond Clapham Dartford A329(M) Staines G J2 Wokingham Bracknall Egham Ashford Kingston Upon Thames A20 Ascot Bromley J12 M3 A309 A3 A23 Swanley A322 J3 Walton-on-Thames Croydon Bagshot A232 A21 M25 M25 M20 Sandhurst Epsom Sutton Shoreham J10 Woking A217 Biggin Hill A22 J9 J5 M26 M3 Famborough Sevenoaks Fleet A331 A3 M25 J8 J7 J6 Oxted Aldershot GUILDFORD Reigate A2 Dorking Redhill Famham A21 A24 M23 Tonbridg Godalming Horley Pa Royal W Gatwick Alton Witley Tunbridge Cranleigh A264 Wells A31 Crawley Three Bridges North A264 East Grinstead Horsham Horsham A 4 0 0 5 E A L I N G R O A D ABBEY AVE HANGAR LANE St Albans M10 A414 A4010 A404 Chesham Potters Bar J20 J23 J19 Borehamwood M25 Watford A1 Enfield High Rickmansworth Wycombe A355 A413 South Oxney M40 Harefield Brent Harrow M1 Cross A10 Ruislip A404 J16 Wembley Hampstead J21 C A R LY O N R O A D QUEENSBURY RD N O R T H N O R T H C I R C U L A R R D City Hatfield C I R C U L A R R O A D L A K ES I D E D R T W Y F O R D A B B E Y R D A23 Hertford R A I N S F O R D R D J25 Haywards Heath WHITBY AVE A414 M11 Harlow A B B E Y R O A D Epping M25 J27 COMMERCIAL WAY C U M B E R L A N D AV E M11 A12 Romford LONDON C E N T RA L WAY Chipping Ongar Brentwood J28 J29 Che A414 A12 A 4 0 Burgess Hill C O R O N AT I O N R O A D P A R K R O YA L R D A S H B O U R N E R D Space House is well-served by a number of public transport links and will further benefit from Crossrail in 2018. W E S T E PARK ROYAL R N A V E N U E STATION SERVICE DISTANCE WALKING TIME North Acton Central 1.0 mile 20 mins Park Royal Piccadilly 0.9 miles 18 mins Hangar Lane Central Line 1.1 miles 24 mins Harlesden Bakerloo / Overground / Crossrail 2018 1.0 mile 19 mins

PARK ROYAL 14 1 A40 WESTERN AVE ACTON LANE 2 3 CUMBERLAND AVE 6 7 8 20 9 10 11 12 7 13 21 16 15 RAINSFORD 18 ABBEY ROAD 19 17 22 TWYFORD AB B EY RD 25 4 CENTRAL WAY 24 23 27 MCNICOL DRIVE 26 SAT NAV REF: NW10 7SU 1. Asda 2. Matrix Park 3. Sainsbury s Support Centre 4. Central Middlesex Hospital 5. Citylink 6. Newey & Eyre 7. Bakkavor 8. Duck & Cover 9. Origin 10. HMR 11. Cumberland 12. BP 13. Enotria Wines 14. Diagio 15. Ocado 16. Whisky Exchange 17. Mash 18. ABV Global 19. Builder Depot 20. The Book People 21. Hickman Transport 22. Crown Decorating Centre 23. Angio 24. Pacific International 25. Screwfix & Howdens 26. Premier Park Solutions 27. Fedex S I T U A T I O N Space House is located in the centre of the Park Royal business area and accessed from Abbey Road, one of the main thoroughfares through the estate. The property sits at the front of the Space Business Park with extensive frontage to Abbey Road at its junction with Whitby Avenue, and is less than 0.8 km (0.5 miles) and 2.6 km (1.6 miles) from the A406 North Circular Road and the A40 Western Avenue respectively.

5 34.0m D E S C R I P T I O N Shelter El Sub Sta 33.4m The property, constructed in 1990s, provides 29 serviced office suites accessed via an internal reception and a ground floor showroom that benefits from prominent frontage to Abbey Road. The building is of steel-frame construction with part-glazed and part-metal clad elevations. The building has undergone significant refurbishment over the last 3 years and notable capital expenditure had been deployed. A full new CCTV system has been installed, upgraded AC system and new flooring throughout the office common areas. The site is secured with palisade fencing and provides 24 car parking spaces for occupiers and customers. 12 13 9 8 1 3 Space House 4 PENNY ROAD ABBEY ROAD A C C O M M O D A T I O N 0m 10m 20m 30m Space Business Park DESCRIPTION SQ M SQ FT Ordnance Survey Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 Showroom (GIA) 857.40 9,229 Offices (NIA) 576.56 6,206 TOTAL 1,433.96 15,435 S I T E The site area totals 0.56 acres (0.227 ha). T E N U R E Freehold.

Space House is multi-let and generates the following gross and net income: T E N A N C I E S The ground floor is let to Multi Tile Ltd (t/a Topps Tiles) on a 15 year FRI lease from 28th April 2008 which is subject to annual RPI-linked rent reviews between 2.5% and 5% and is next subject to review in April 2016. The current rent is 107,384.16 and is anticipated to increase to a minimum of 110,068 in April 2016. The tenant has an option to determine the lease on 28th April 2018 subject to 6 months notice. The popular serviced office space is currently fully let to 24 occupiers on annual or monthly inclusive licence agreements (exclusive of rates), each subject to 5% annual increases in accordance with the schedule below. The current form of licence agreement can be viewed at http://space-house.co.uk. Unit Tenant Sq m Sq ft Expiry Date Rent per annum Rent per sq ft Comment Suite 1 SEO Premium Ltd 15.42 166 31/08/2016 4,920 29.64 Rent deposit of 984 held. Suite 2 Spero Education London 15.05 162 31/12/2016 5,640 34.81 Rent deposit of 1,128 held. Suite 3 Spero Education London 24.15 260 31/07/2016 8,400 32.31 Rent deposit of 1,680 held. Suite 4 Alpna Kerai 31.49 339 31/08/2016 7,680 22.65 Rent deposit of 1,576 held. Suite 5 & 6 Zubaidy & Co 30.47 328 30/06/2016 8,568 26.12 Rent deposit of 1,776 held. Suite 7 Intelligent Homes 23.97 258 30/06/2016 7,805.64 30.25 Rent deposit of 1,180 held. Suite 8 National training Network 29.36 316 30/06/2016 7,800 24.68 Rent deposit of 1,560 held. Suite 9 AM Construction 30.47 328 30/04/2016 9,723.96 29.65 Rent deposit of 1,430 held. Suite 10 Hermes Medical UK Ltd 16.07 173 31/01/2017 6,480 37.46 Rent deposit of 1,296 held. Suite 12 Precedence Solutions 11.43 123 31/12/2016 3,704.40 30.12 Rent deposit of 672 held. Suite 13 Homecare 24 15.79 170 31/08/2016 4,920 28.94 Rent deposit of 984 held. Suite 14 Mukesh Kerai 29.91 322 14/05/2016 6,240 19.38 Monthly rolling licence agreement. Rent deposit of 1,248 held. Suite 15 Barry Bensons 49.24 530 31/05/2016 16,560 31.25 Rent deposit of 3,312 held. T E N A N T Monthly rolling licence agreement. Suite 16 SEO Premium C/O Kastur Kerai 21.74 234 31/08/2016 6,000 25.64 Rent deposit of 1,200 held. C O V E N A N T Suite 17 V & J Construction 20.81 224 31/07/2016 5,922 26.44 Rent deposit of 1,158 held. Suite 18 Smart Pharm 17.93 193 28/02/2017 5,395.32 27.96 Rent deposit of 888 held. Suite 19 Alaaeddin Almasri 14.31 154 31/03/2016 4,320 28.05 Rent deposit of 864 held. Suite 20 Olayinka Busari 14.40 155 31/08/2016 3,969 25.61 Rent deposit of 600 held. Suite 21 Spero Education London 14.96 161 31/07/2016 5,040 31.30 Rent deposit of 1,008 held. Suite 22 Business World Globe 20.35 219 31/10/2016 5,556.60 25.37 Rent deposit of 840 held. Suite 23 Direct 2U Couriers 19.32 208 31/08/2016 6,240 30.00 Rent deposit of 1,248 held. Suite 24 Nuf Enterprises 13.01 140 31/05/2016 2,242.80 16.02 Rent deposit of 457.68 held. Suite 25 Advance Training Academy 12.08 130 30/09/2016 2,772 21.32 Suite 26 British Standard Security 23.23 250 30/04/2016 6,350.40 25.40 Suite 27 Green Office Supplies 21.55 232 31/07/2016 7,182 30.96 Monthly rolling licence agreement. Rent deposit of 820 held. Suite 28 General Stock Trading 18.30 197 31/05/2016 5,796 29.42 Monthly rolling licence agreement. Rent deposit of 820 held. Suite 29 PEPS Couriers 21.74 234 09/04/2016 6,174 26.38 Rent deposit of 1,236 held. Total 576.56 6,206 171,402.12 Tenancy information continued on next page

T E N A N C I E S A full breakdown of the costs of running the serviced offices can be provided upon request. The costs include all running costs, site manager costs, marketing costs and repairs. The total gross income is currently 278,786.28. We estimate running costs for 2016 will be in the order of 70,000 producing a net income of approximately 208,000 per annum.

T E N A N T C O V E N A N T P R O P O S A L Multi Tile Ltd has a Creditsafe rating of 45 representing Moderate Risk. A summary of the company s recent performance is summarised in the table below: TURNOVER PRE-TAX PROFIT SHAREHOLDER FUNDS 2014-8,792,538 154,061,619 2013 2,640,299 9,054,740 144,684,579 2012 7,531,617 8,498,755 135,936,439 We are instructed to seek offers in excess of 2,625,000. A purchase at this level would reflect a yield of 10.04% on the gross income. After deducting running costs the net yield would be 7.49%. The above assumes purchasers costs of 5.80%. F U R T H E R I N F O R M A T I O N OPERATIONAL ACCOUNTS Further information regarding operational accounts and landlord liabilities is available on request. EPC The property has an EPC rating of C 60. A copy of the certificate is available on request. CAPITAL ALLOWANCES There are no capital allowances available to be transferred to the purchaser. VAT The property has been elected for VAT. We anticipate the transaction will be treated as a Transfer of a Going Concern. For further information or to arrange an inspection, please contact: Bart Holt-Smith 020 7911 2728 bart.holt-smith@gva.co.uk Neil Dovey 020 7911 2168 neil.dovey@gva.co.uk C O N T A C T S P R O P O S A L gva.co.uk/9616 GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents 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 purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission 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 satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. February 2016. Designed and produced by RB&Co. 0161 833 0555. www.richardbarber.co.uk