PRIME SOUTH EAST OFFICE INVESTMENT OPPORTUNITY ASHCOMBE HOUSE 5 THE CRESCENT LEATHERHEAD KT22 8LQ

PRIME SOUTH EAST OFFICE INVESTMENT OPPORTUNITY ASHCOMBE HOUSE 5 THE CRESCENT LEATHERHEAD KT22 8LQ

INVESTMENT SUMMARY Excellent town centre location in prime town Prime offices fully let to four excellent tenants High quality refurbished air conditioned space Active letting market Shortage of quality town centre space Good size floorplates capable of sub-division Total office area 17,343 sq ft Excellent car parking ratio of 1:361 sq ft WAULT of 8.79 years to lease expiries and 3.79 years to breaks 7.75% Net Initial Yield Offers in excess of 4,150,000 ( 253 per sq ft)

LOCATION SLOUGH M4 CENTRAL LONDON CITY AIRPORT CANARY WHARF Leatherhead is a prime office location, adjacent to J9 of the motorway, approximately 24 miles from Central London. It is also a popular commuter town, with good links not only to London but also to other centres such as Woking (16 miles) and Guildford (13 miles). Rail links to and from London are good, with direct trains to London Waterloo and London Victoria, both within 45 minutes, and to Guildford in 26 minutes. Major global occupiers with Leatherhead HQs include Unilever, KBR and Exxon Mobil. M3 M4 A3 STAINES WOKING HEATHROW AIRPORT M3 CHERTSEY A3 LEATHERHEAD RICHMOND A3 EPSOM A3 WIMBLEDON A24 M23 A23 A23 A232 CROYDON A232 A22 A20 BECKENHAM A21 A20 M20 M26 GUILDFORD SITUATION The property is located in Leatherhead s town centre, approximately 0.5 miles from the train station and less than 5 minutes walk from the shopping facilities of the High Street, Church Street and the Swan Shopping Centre, with a Nuffield Health Club adjacent. A24 A24 REDHILL REIGATE GATWICK AIRPORT M23 A22 The property sits in an elevated town centre position fronting The Crescent (B2122) which feeds directly into Epsom Road, providing quick and direct access to the Leatherhead by-pass (A243), and Junction 9 of the, approximately 1 mile away. STATION APPRO ACH A245 Leatherhead Rail Station BULL HILL KINGSTON ROAD CRAWLEY B2122 LERET WAY Recreation Ground EPSOM ROAD High St SENT B122 THE CRE Leatherhead Bridge CHURCH STREET B2450 B2033 HIGHLANDS ROAD

Mole Business Park Leatherhead Station The Swan Shopping Centre Hig h St ree t Ashcombe House Hig hs tre et

23 26A 28 7 5 DESCRIPTION Ashcombe House comprises a modern detached office building of concrete frame construction with predominantly brick elevations, under a tiled pitched roof. The building provides flexible office space across ground, first and second floors. Constructed in 1984 and formerly the HQ of the Merchant Navy Officer s Pension Fund, Ashcombe House comprises a total of 17,343 sq ft (1,611.2 sq m). The ground floor space has access both from the ground floor common areas, but also directly from Elms Road, providing excellent flexibility. Flexibility is increased by the good sized floorplates which can be easily sub-divided. First Floor Plan Stairs The property was refurbished by Merchant Navy Officer s Pension Fund in 2007. In 2013 further minor works have been undertaken to the common areas and to the first floor. These works include extended toilet and shower facilities on the first floor, lift refurbishment and the provision of cycle parking within an improved external landscaping area to the front of the property. WCs and Showers There is excellent car parking provision, with 48 surface spaces providing an outstanding in-town ratio of 1:361 sq ft. Stairs The building specification includes: Swa 1 to 36 67 LB Double glazed windows Suspended ceiling ULC Swan Mews PH 57 61 63 63a 63b Brickbat Alley Air Conditioning 45 47 48.4m 52 42 Lift Refurbished reception Upgraded toilet and shower facilities TENURE 5 Posts 7 2 44.5m 12 21 23 Ward Bdy 25 to 29 Def HIGH STREET 22 33 24 35 5 6 7 37 39 46.5m 26 Kings Head Alley 12 to 16 30 to 32 Neate's Alley 34 28 10 11 ELM ROAD 46 46a 48 15to17 50 19to21 23 22 24 30 to 32 26 28 1 to 4 36 34 Surrey Court The property is held freehold. 4 6 12 10 8 5 Bank 9 to 17 Thorndike Theatre FB El Sub Sta Car Park Ashcombe House THE CRESCENT Ranmore House 12 20 Two Ways 1 WAVERLEY PLACE 2 30 32 21 Bank 3 OWEN PLACE 4 19 25 34 6 2 1 0m 10m 20m 30m 36 38 27 2 1 1 Wesley Memorial Church

ACCOMMODATION & TENANCIES Tenant Floor/unit Net internal area Sq m Sq ft Current rent per annum Current rent per sq ft Lease Start Lease Expiry Review Date Break Date EVS Broadcast UK Ltd Ground floor (Part) 147.8 1,225 25,725 21.00 12/06/2012 23/10/2020 25/10/2018 25/10/2015 EVS Broadcast UK Ltd Ground floor (Part) 231.9 2,496 52,650 21.09 24/10/2010 24/10/2020 25/10/2018 25/10/2015 Taylor Maxwell Ground floor (Part) 113.8 1,591 28,620 17.99 03/09/2012 02/09/2022 03/09/2017 20/09/2017 Mars Capital First floor 587.2 6,321 118,500 18.75 27/01/2014 26/01/2024 27/01/2019 27/01/2019 Menzies LLP Second floor 530.5 5,710 114,920 20.13 24/10/2010 01/03/2023 24/10/2015 01/03/2018 Total 1,611.2 17,343 340,415 The property is fully let on leases averaging 8.79 years to expiry and 3.79 years to break options. Mars Capital is currently fitting out its space and will be in occupation by April 2014. TENANT INFORMATION Ashcombe House is occupied by four established tenants. Tenant Turnover from latest accounts Profit Net worth D&B rating Percentage of current income Comments EVS Broadcast UK Ltd EVS Broadcast Equipment SA (Guarantor) 1,164,000 116,257,671 55,393 Not disclosed 242,325 43,248,012 B1 4A1 23% EVS develop and supply multimedia technology and distribution platforms, with a market-leading product being the technology for sports action replays. Ashcombe House provides EVS s UK headquarters. EVS Broadcast Equipment SA provide guarantee. Taylor Maxwell 44,910,458 252,289 4,915,305 2A1 8% Mars Capital 1,278,247 22,066-528,665 N4 35% Menzies LLP 28,435,635 661,017 107,144 C2 34% Specialising in the provision of facades and flooring to the construction industry, Taylor Maxwell now trades from 18 locations across the UK. Mars Capital is a Financial Conduct Authority regulated mortgage advisor, founded in 2008, who acquire and administer mortgages, and purchase loan portfolios from high street banks on behalf of investors. They also trade as Magellan Homeloans, offering mortgage products to customers who have suffered one-off events leading to a poor credit rating. Mars Capital Holdings is owned by its management and funds managed by Oaktree Capital Management Management LP Menzies LLP is a large South East accountancy practice, with offices in London, Woking, Leatherhead, Farnborough, Whiteley and Egham.

LEATHERHEAD OFFICE MARKET The Leatherhead office market is divided between the town centre, and out of town business parks. Town centre buildings tend to be smaller floorplate buildings, and benefit from town centre amenities and good transport connections, those with car parking spaces attracting a premium. The out of town business parks tend to be larger, modern office buildings, typically used as HQ buildings for companies such as Exxon Mobil and Unilever. Prime headline rents are currently 23 per sq ft, down from the 2007 peak of 26 per sq ft. Limited supply of good quality accommodation in the town centre is expected to result in growth in headline rents. Restrictions on green-belt development have led to low levels of new office space being developed, with no new office developments completing in 2013, with just 4,000 sq ft of new office space being developed on average between 2009-2013. There are currently no office developments under construction in Leatherhead town centre, which will put further upward pressure on rents as supply diminishes. Recent lettings in the property, to EVS and Taylor Maxwell in 2012 and to Mars Capital in 2014 have been at headline rents of 17.99 to 21.00 per sq ft. RECENT SOUTH EAST INVESTMENT SALES Date Address Tenant Sale Price Area (sq ft) Net Initial Yield Unexpired Term / WAULT Capital Value/sq ft Jan- 14 Braywick Gate, Maidenhead Multi Let 16,900,000 39,609 6.25% 1.71 years 451 Jan-14 Beaufort House, Uxbridge Multi Let 14,850,000 43,438 6.50% 4.48 years to expiry 2.62 years to break 362 Dec- 13 Bridge House, Leatherhead Multi Let 1,900,000 9,442 8.16% 1.9 years 213 Dec- 13 Crest House, Chertsey Crest Nicholson 8,370,000 22,970 6.20% 4.7 years 386 Nov- 13 One Gloucester Place, Brighton Multi Let 11,025,000 37,721 6.66% 3.8 years 309 Sep- 13 Felstead House, Windsor Intersystems Corporation 4,600,000 13,466 7.30% 4.1 years 361 Aug-13 Gallions & Furzeney, Wexham Springs, Slough Sun Chemicals Ltd Otsuka Pharmaceutical Europe Ltd 9,430,000 36,727 8.05% 5.6 years 272 Apr- 13 Ranger House, Guildford Multi Let 13,700,000 42,098 6.75% 5 years 344 Under Offer Heliting House, Staines First Secretary of State c. 7,615,000 20,765 c.7.95% 4.25 years c. 388 Under Offer The Quadrangle, Cheltenham Royal Bank of Scotland c. 8,600,000 59,260 c.7.7% 4.6 years c. 154

EPC The property has an Energy Performance Asset rating of 90 (Grade D). INVESTMENT CONSIDERATIONS Residual value strongly underpinned by potential alternative use. Opportunity to regear leases with existing tenants Opportunity to increase income through rent reviews No Capex requirement Residual value strongly underpinned by alternative use value PROPOSAL We are instructed to seek offers in excess of 4,150,000 (Four Million One Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT A purchase at this level reflects a Net Initial Yield of 7.75%, assuming purchaser s costs of 5.80%. VAT The property is elected for VAT. It is anticipated the transaction will be structured as a TOGC. CONTACT For any further information or should you wish to arrange an inspection, please contact: Richard Talbot-Williams Tel: +44 (0)20 7338 4244 richard.talbot-williams@bnpparibas.com DATA ROOM Further information is available in our online data room at: www.ashcombe-house.com Hugh Yates Tel: +44 (0)20 7338 4336 hugh.yates@bnpparibas.com BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP www.realestate.bnpparibas.co.uk Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. Feb 2014 For further information in relation to other investment sales from BNP Paribas Real Estate, please log on to www.realestate.bnpparibas.co.uk Produced by Barbican Studio: +44(0) 207 634 9574