GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF

GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF SOUTH EAST INVESTMENT OPPORTUNITY TECHNOLOGY PARK INVESTMENT IN SCIENCE VALE UK

02 GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

03 Introduction Grove Technology Park represents an excellent opportunity to acquire a substantial and established freehold Park in Oxfordshire s Science Vale UK with active management opportunities and development land at a time of predicted economic growth, improved occupier demand and significant investment in the region.

04 SOUTH EAST INVESTMENT OPPORTUNITY GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

05 Investment Summary Oxfordshire has a strategic position in the South East economy, being located within the Thames Valley. Southern Oxfordshire is recognised as an important and expanding cluster of the science and technology sector and is the focus of significant public and private sector investment. The region s economic growth is supported by major infrastructure and housing projects. Wantage is located in south Oxfordshire, 17 miles south west of Oxford, 31 miles north west of Reading and 74 miles west of London and benefits from excellent communications. Freehold. Grove Technology Park provides business accommodation for over 60 companies and produces a combined total income of 685,734.04 pa. The rent reflects 5.89 psf overall which is low relative to recent lettings on the Park which have achieved 7.50-10.50 psf. Numerous asset management opportunities to increase the rental tone, enhance the income profile and improve the WAULT. Grove Technology Park is one of a number of science and business parks serving the region, collectively known as Science Vale UK. Offers are sought in excess of 10,665,000 (Ten Million, Six Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT. The Park has been established for over 15 years and is set within a mature and well maintained landscaped environment comprising a total of approximately 170,000 sq ft of buildings and 15.2 acres of development land. A purchase at this level reflects an attractive net initial yield of 8.50% on the net income exclusive of purchaser s costs of 5.80% and a low capital value of 73 psf overall allowing 200,000 per acre on the development land. Grove Technology Park benefits from a generous car parking provision. TECHNOLOGY PARK INVESTMENT IN SCIENCE VALE UK

06 EMS BUILDING GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

8-10 THE QUADRANGLE 07 BOSTON HOUSE 11-14 THE QUADRANGLE T2 HANGAR SOUTH BOSTON HOUSE

08 Location Communications Wantage is an attractive market town in the Vale of White Horse in south Oxfordshire, 17 miles south west of Oxford, 21 miles east of Swindon and 31 miles north west of Reading. London is 74 miles to the east. Oxfordshire has an important position in the South East economy, being located within the Thames Valley between the M4, M40 and M5 motorways and with convenient access to London, Heathrow, Birmingham and the major ports. ROAD Wantage s strategic location affords easy access by road to Newbury (A34), Oxford and Swindon (A420), Reading and London (M4) and the national motorway network. The town is at the junction of the B4507 valley road, the A417 road between Reading and Cirencester and the A338 road between Hungerford and Oxford. Destination Distance Attracted by Oxford and the picturesque countryside, combined with excellent road and rail connections and air services at Heathrow and London Oxford airport, the region is a popular place to live and work. In addition, frequent bus services link Wantage with Oxford as well as other towns and villages including Abingdon, Didcot and Faringdon. London Bristol Reading Swindon Oxford M4 (J13) M40 (J9) 74 miles 65 miles 31 miles 21 miles 17 miles 17 miles 24 miles RAIL GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF Didcot Parkway rail station is 11 miles east of Wantage. The station is served by main line services from London Paddington to Bristol and South Wales and by local services operated by First Great Western from Reading to Didcot and Oxford. Destination London (Paddington) Bristol (Parkway) Swindon Reading Oxford Time 42 minutes 43 minutes 16 minutes 13 minutes 11 minutes M1 M6 Peterborough Norwich Swansea Cheltenham M5 Birmingham Milton Keynes Cambridge M40 M1 M11 Oxford A1(M) Cardiff Bristol M4 Reading London Southampton M3 M25 M23 M2 M20 Dover Exeter Portsmouth Brighton Plymouth Penzance GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

LONDON PADDINGTON 09 WANTAGE HEATHROW AIRPORT M4 MOTORWAY

10 Grove Technology Park Grove Technology Park, situated on the former Grove airfield between Wantage and Grove, has been established for over 15 years and is set within a mature and well maintained landscaped environment. As well as having easy access to the amenities in Wantage, the Park has its own café, private members health club and a helicopter landing pad. The Park provides business accommodation for over 60 businesses with facilities for offices, laboratories, industrial and storage units. Development land within the Park is available for bespoke new buildings from sites of half an acre upwards. Notable occupiers on the Park include Wila Lighting, John Lewis of Hungerford, CMS Industries, Crown Packaging and Thames Valley Police Authority who have recently relocated to a purpose built 1.2 million facility. Oxford has a global reputation for excellence in education and research, which continues to act as a catalyst for the knowledge-based economy. Grove Technology Park is one of a number of science and business parks serving the region, collectively known as Science Vale UK (www.sciencevale.com). The region accounts for 13% of scientific research and development employment in the South East and 4% within England. A40 Burford A34 Witney A40 Bidbury Fairford GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF Oxford A34 M40 Wheatley 8a 8 A420 Faringdon A419 Swindon Grove Wantage Milton Didcot Benson Wallingford 15 Lambourn A338 A34 Compton A346 M4 Marlborough 14 13 Hermitage M4 SAT NAV: OX12 9FF GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

8-10 THE QUADRANGLE 11 BOSTON HOUSE MERLIN HOUSE 8-10 THE QUADRANGLE

12 Description Grove Technology Park is a substantial landscaped campus comprising a total of approximately 170,000 sq ft of buildings and 15.2 acres of development land. This diverse supply has created a long standing business community, where many occupiers have expanded within the Park. The tenancy schedule demonstrates the high occupancy levels which reflect the strong demand to be located on the Park. The property can be split into the following four constituent parts: BUILDINGS There are a range of buildings on the Park that vary in size from 806 to 18,875 which were constructed between 1942 and 2013. The buildings offer a mix of office, laboratory, workshop and warehouse space thereby servicing a wide range of occupier requirements. The buildings provide modern, functional and affordable accommodation. The Park has one remaining aircraft hangar, from when the Park was used as an RAF base, which is partly used as a private members health club. BUSINESS CENTRE At the centre of the Park is the Grove Business Centre which also houses the on-site Park management office. The Centre has 128 individual office rooms and is currently running at 72% occupancy. Grove Business Centre operates an easy in - easy out licence offering ultimate flexibility for tenants of various sizes. The Centre benefits from a manned reception area, meeting/training rooms and catering/refreshments. DEVELOPMENT LAND There are various areas of development land within the Park totalling 15.2 acres. The development land can easily be subdivided into smaller parcels to attract design & build opportunities. SEWERAGE FARM The sewerage farm located within the Park serves the tenants with running costs reclaimed via the service charge. Crown Packaging, a nearby occupier outside the Park also utilises the sewerage farm and pays an annual fee of 42,000. We understand the sewerage farm is essential to Crown Packaging s operation and therefore may offer an opportunity for a purchaser to review the fee paid and formalise a contractual arrangement. GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

13 Site The site extends to 13.4 hectares (33.1 acres) and has mains water, electricity and a private sewage treatment plant. Access to the site is via Downsview Road which in turns connects with the A417. Tenure The property is held freehold. There are seven buildings which have been sold off leasehold. These are indicated in grey on the plan below and in the tenancy schedule overleaf. Buildings Grove Business Centre Long Leasehold Buildings Excluded from the freehold sale but contribute towards the service charge Privately owned substations Development Land P1 12.1 acres P2 0.6 acres P3 1.4 acres P4 1.1 acres 30 29 31 32 33

14 Tenancy Schedule Income Producing Elements Unit Ref Description Tenant Area (sq ft) Lease Start Lease Expiry Rent ( pa) 1 Unit 108 Vacant 2,242 - - - 2 Unit 109 North Grove Technology Park 1,098 - - - 2 Unit 109 North SRI Services 853 - - 5,760.00 3 Unit 109 South Vacant 1,395 - - - 4 Unit 110 North Under off to Jason Green 1,423 31/10/2015 30/10/2015 10,750.00 5 Unit 110 Middle Andy Yates 1,031 19/12/2014 18/12/2019 7,000.00 6 Unit 110 South Commercial Arts Ltd 875 01/06/2011 31/05/2016 5,850.00 7 Unit 111 South Charlton Environmental Ltd 806 21/07/2014 20/07/2019 6,300.00 8 Unit 111 North Christopher Smith 2,531 14/08/2012 13/08/2017 17,010.00 9 Unit 112 Frydays 451 01/06/2012-3,120.00 10 Unit 113 Lambourn Surfacing 598 01/04/2008-1,200.00 11 Boston House 18,875 Grove Business Centre 12 Harvard House 3,584 - - 150,000.00 13 Water Tower Everything Everywhere - 31/07/2002 30/07/2017 6,878.54 14 T2 Hangar South Paladin Leisure Ltd 14,498 21/07/2004 20/07/2019 85,000.00 15 T2 Hangar North Procar International Ltd 17,039 01/01/2008 31/12/2018 85,165.00 16 Merlin House Under offer to GP Master Ltd 5,473 31/10/2015-52,000.00 17 1, 2 & 3 The Quadrangle Astro Systems Ltd 6,951 25/03/2008 24/03/2018 71,745.50 18 4 & 5 The Quadrangle Vacant 5,212 - - - 19 6 & 7 The Quadrangle Vacant 5,216 - - - 20 8, 9 & 10 The Quadrangle Wila Lighting Ltd 8,143 04/06/2015 03/06/2025 68,050.00 21 11 The Quadrangle Manlove Forensics Ltd 2,968 21/11/2014 01/05/2019 31,164.00 22 12 The Quadrangle Manlove Forensics Ltd 2,905 02/05/2014 01/05/2019 30,744.00 30 Hardstanding McAvoy - 01/09/2014 01/09/2015 6,000.00 31 Sewerage Farm - - - - 42,000.00 Total 104,167 685,734.04 * Excluding Grove Business Centre, Water Tower, Hardstanding and Sewerage Farm. Long Leasehold Buildings Unit Ref Description Tenant Lease Start Lease Expiry 23 14 The Quadrangle A.T.S.I. Ltd 28/08/2012 27/08/3001 24 Thames Valley Police Building Thames Valley Police Authority 21/06/2012 20/06/3001 25 The Glenmore Centre Glenmore Commercial Estates Ltd 21/04/2006 20/04/3005 26 CMS Building Colin Badger, Steve Martin Liquorish, Brook Alder & Union Pension Trustees Ltd 06/04/2004 05/04/3003 27 EMS Building Master Property Trading Ltd 19/12/2003 18/12/3002 28 Stan James Building Stan James (Abingdon) Ltd 24/11/1998 23/11/2997 29 Play Safe Playground Management Ltd 19/08/2015 18/08/3014 GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

15 Rent ( psf) Rates Shortfall Service Charge Shortfall ERV ( pa) ERV ( psf) Comments - 3,845.40 1,560.00 15,133.50 6.75 Interest from a garage occupier - 2,514.30 1,323.00 7,411.50 6.75 Utilised for park management 6.75 - - 5,760.00 6.75 Monthly licence - - - 9,416.25 6.75 7.55 2,514.30 908.70 10,750.00 7.55 Months 6-12 5,000 pa, Year 2 10,750 pa. Vendor to top up on completion 6.79 - - 7,000.00 6.79 6.69 - - 5,906.25 6.75 7.82 - - 5,440.50 6.75 6.72 - - 17,084.25 6.75 6.92 - - 3,120.00 - Annual licence. Tenant holding over. Portacabin 2.01 - - 1,200.00 - Annual licence. Tenant holding over. Double garage 6.68-4,000.00 179,672.00 8.00 - - - 6,878.54-5.86 - - 72,490.00 5.00 5.00 - - 85,195.00 5.00 9.50 - - 52,000.00 9.50 10.32 - - 69,510.00 10.00-25,064.00 2,843.19 46,908.00 9.00-25,064.00 2,824.29 46,944.00 9.00 8.36 - - 73,287.00 9.00 10.50 - - 31,164.00 10.50 10.58 - - 30,502.50 10.50 - - - 6,000.00 - - - - 42,000.00-5.89 * 59,002 24,490.64 ** 830,773.29 Assumed net rental income of Grove Business Centre Due to complete by 31/10/2015. 12 month rent guarantee to be provided if letting has not completed at point of sale Owned and operated by the vendor and serves the whole park. Annual Payment from Adjoining occupier Crown Packaging ** Unit 32 (Hughes and Salvidge (Aasvogel)) & Unit 33 (John Lewis of Hungerford) are excluded from the sale, however contribute towards the service charge. There is a service charge shortfall of 11,031.46 relating to Unit 33 which is included in the total figure.

16 Market Commentary Southern Oxfordshire is recognised as an important and expanding cluster of the science and technology sector to the south of Oxford collectively known as Science Vale UK. The region is the focus of significant public and private sector investment including the 55m Oxfordshire City Deal grant awarded in January 2014 to create 18,000 new jobs. The region has strong demand from existing local businesses as well as inward investment enquiries from around the UK and overseas. The Park has a mix of accommodation from serviced offices to bespoke development plots, appealing to a diverse market and capable of satisfying a wide range of occupier requirements. The nearby Harwell Campus is the central core of a billionpound growth industry being a world-leading technology hub and home to the UK s International Space Innovation Centre. Plans are being worked up for a large amount of commercial and research space, as well as thousands of homes, which will enhance the region and in doing so, raise the profile of Grove Technology Park. The region s economic growth is also supported by major infrastructure and housing projects. Wantage and Grove combined is one of the four towns (Witney, Bicester and Didcot being the other three) in Oxfordshire which have been earmarked for major housing development as they have not met their previous criteria. There are 4,500 new homes consented within Wantage and Grove alone, including 2,500 on Grove Airfield immediately to the east of the Grove Technology Park. This will lead to a 35,000-40,000 increase in the population. The area to the south of Wantage and Grove is an area of outstanding natural beauty such that all the development will be focussed to the north where Grove Technology Park is located. Planning The current use of Grove Technology Park was authorised in October 1999 via the Section 106 Agreement with Oxfordshire County Council which set out that new business development within Use Classes B1 and B2 of Town & Country Planning (Use Classes) Order 1987 (as amended) will be permitted at the Park. Development within Use Class B8 for storage and distribution is only permitted on up to 1.6 hectares of the Park and no single use will be permitted to occupy more than 2.4 hectares. The Section 106 Agreement allows for development of up to 520,000 sq ft without further contributions, of which approximately 295,000 sq ft remains. Lettings within The Village on Grove Technology Park are showing headline rents of 7.55 psf and rental levels in The Quadrangle are between 8.36 psf and 10.58 psf. These figures compare favourably to the average passing rent on the Park of 5.89 psf which is low relative to prime rents in Oxfordshire which currently stand at 25.50 psf and trending upwards. This demonstrates the significant reversionary potential of Grove Technology Park. The two most recent land sales on Grove Technology Park to Thames Valley Police Authority (0.4 acres) and Playground Management Ltd (0.25 acres) reflect prices of 500,000 per acre. These prices are at a significant premium to the overall quoting price on the land which reflects 200,000 per acre providing significant upside to the buyer. The Local Planning Authority has resolved to grant permission for such development in accordance with these conditions, so long as design standards and landscaping requirements are met. These design issues were set out by Grove in its Park Design Guidance, which was adopted by the Local Authority to form part of the Supplementary Planning Guidance. There are various trees on Grove Technology Park which are subject to protection via Tree Preservation Orders but an established policy of two for one replacement across the Park has been established over time. Interested parties should make their own enquiries of Vale of White Horse District Council (01235 520202). GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

T2 HANGAR SOUTH 17 BOSTON HOUSE STAN JAMES BUILDING HELIPAD

18 1,500 Residential ] Units LAND IMPROVEMENT HOLDINGS GROVE 2,500 Residential Units PERSIMMON ] HOMES AND TAYLOR WIMPEY GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

19 WANTAGE 200 Residential ] Units BOVIS HOMES GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF SOUTH EAST INVESTMENT OPPORTUNITY TECHNOLOGY PARK INVESTMENT IN SCIENCE VALE UK FOR INDICATIVE PURPOSES ONLY

20 Investment Rationale Grove Technology Park is one of a number of science and business parks serving the region, collectively known as Science Vale UK. The Park maintained high occupancy levels throughout the downturn reflecting the strong demand to be located on the Park. Southern Oxfordshire is the focus of significant public and private sector investment including the 55m Oxfordshire City Deal grant awarded in January 2014 to create 18,000 new jobs. The region s economic growth is also supported by major infrastructure and housing projects. There are 4,500 new homes consented within Wantage and Grove alone, including 2,500 on Grove Airfield immediately to the east of the Grove Technology Park. The Park benefits from excellent communications due to its proximity of the M4, M40 and Didcot Parkway rail station. Constricted city centre supply has led to the dominance of the out of town market over the past 10 years, 86% of all office lettings in Oxford have been in out of town locations. With over 60 occupiers, there is a diverse spread of income. Reversionary income profile proven by recent lettings on the Park in the region of 7.50-10.50 psf the average passing rent at Grove Technology Park is 5.89 psf. Grove Technology Park is let at a significant discount to prime rents in the region thereby providing a low base for future rental growth. There is a renewed drive to reopen a rail station serving Wantage and Grove which will further enhance the Park s communications. Numerous asset management opportunities to increase the rental tone, enhance the income profile and improve the WAULT. The Park has a mix of accommodation from serviced offices to bespoke development plots, appealing to a diverse market and capable of satisfying a wide range of occupier requirements. Opportunity to sell small parcels of development land and/or individual buildings to owner occupiers at a significant premium to entry cost. BOSTON HOUSE GROVE TECHNOLOGY PARK / WANTAGE / OXFORDSHIRE / OX12 9FF

THE QUADRANGLE 21 EPC A breakdown of EPC ratings can be found in the dataroom. Capital Allowances The benefit of any unclaimed capital allowances could be made available to the purchaser. Further information is available on request. Void Liabilities A breakdown of the rateable value of Grove Technology Park together with the service charge budget for the year ending 30 June 2016 can be found in the dataroom. VAT The property is elected for VAT. It is anticipated that the sale of the property will be treated as a Transfer of a Going Concern (TOGC). Proposal We are instructed to seek offers in excess of 10,665,000 (Ten Million, Six Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT, for our client s freehold interest. A purchase at this level reflects an attractive net initial yield of 8.50% on the net income exclusive of purchaser s costs of 5.80% and a low capital value of 73 psf overall allowing 200,000 per acre on the development land.

GROVE TECHNOLOGY PARK WANTAGE OXFORDSHIRE OX12 9FF Contacts To arrange a viewing, or to obtain access to the data room, please contact: Noel Lander Andrew Groves 020 7087 5336 020 7297 6274 07931 371825 07771 973245 noel.lander@eu.jll.com andrew.groves@bidwells.co.uk Laura Houghton Mark Meeson 020 7852 4959 01865 790116 07738 625165 07980 955438 laura.houghton@eu.jll.com mark.meeson@bidwells.co.uk Tom Woolven Lucy Young 020 7087 5471 020 7297 6278 07525 872738 07880 005802 tom.woolven@eu.jll.com lucy.young@bidwells.co.uk Jones Lang LaSalle Limited (JLL) and Bidwells LLP (Bidwells) for themselves and for the vendors or lessors of this property whose agents they are, give notice that: a. the particulars are a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise; c. no person in the employment of JLL or Bidwells has any authority to make or give any representation or warranty whatever in relation to the property; d. the photographs show only parts of the property as they appeared when taken; e. unless otherwise stated, all prices are quoted exclusive of VAT, if applicable; f. reference to any mechanical or electrical equipment or other facilities 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; 2015 Jones Lang LaSalle IP, Inc and Bidwells LLP. All rights reserved.