PRIME DISTRIBUTION INVESTMENT OPPORTUNITY MANOR PARK RUNCORN CHESHIRE WA7 1SE

PRIME DISTRIBUTION INVESTMENT OPPORTUNITY MANOR PARK RUNCORN CHESHIRE WA7 1SE

ORIGIN DARESBURYEXPRESSWAY (A558) DARESBURYEXPRESSWAY (A558)

INVESTMENT SUMMARY INVESTMENT SUMMARY Prime distribution warehouse investment opportunity. Located in the heart of the North West on the established Manor Park Industrial Estate. Strategic location between Warrington and Runcorn close to J11 of the M56 motorway. A modern distribution unit providing 131,960 sq ft (12,273.93 sq m). Separate additional yard area of 2.13 acres (0.86 ha). Let to Rehau Ltd on two FRI leases expiring on 23rd October 2028. Rental of 645,000 per annum ( 4.89 per sq ft) for the main building and 50,000 per annum ( 23,474 per acre) for the site. The total rental is 695,990 per annum. 5 yearly rent reviews to the OMRV or CPI, whichever is the greater. The rent is capped and collared at 1% and 3% per annum. Strong covenant of Rehau Limited, for the year ending 2014 they reported a turnover of 90.96M pre-tax profits of 2.87m and net worth of 15.82m. Freehold. We are instructed to seek offers in excess of 10,525,000 (Ten Million Five Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.25% after purchasers cost of 5.8%.

LOCATION MERSEY GATEWAY PROJECT LOCATION Manor Park is a prime 300 acre (116 ha) office and industrial park located adjacent to the A558 which provides easy access to J11 and J12 of the M56 motorway. The Park is situated between Manchester (30 miles) to the east and Liverpool (20 miles) to the west. Warrington is situated 4 miles north while Chester is 17 miles south west. The park has excellent accessibility to the M56, which connects with J20 of the M6 motorway 6 miles east and J11 of the M53 motorway approximately 8 miles west. LIVERPOOL2 PORT Manchester International and Liverpool John Lennon Airports are situated within 25 minutes drive. Rail communications are equally good, with Runcorn and Warrington Stations providing West Coast Intercity connections both within 5 miles of the Park. The areas success has been proven by the location of a significant number of occupiers, including Eddie Stobart, DHL/NHS, Lidl, UK Mail, Kuehne & Nagel, Howdens Joinery, Rehau, Fresenius, Matthew Clark and most recently B&M Bargains. DRIVE TIMES Junction 11 M56 Runcorn Train Station Liverpool Airport Manchester Airport Chester City Centre Liverpool City Centre Manchester City Centre 5 mins 5 mins 15 mins 25 mins 31 mins 38 mins 43 mins Road communications within the region will be further enhanced by the completion of the Mersey Gateway project which comprises a new 6 lane toll bridge over the River Mersey between the towns of Runcorn and Widnes. This will provide a valuable and fast link between the M56 and M62 motorways and also from Widnes/Runcorn to Speke/South Liverpool. The bridge is due to be completed in 2017. Further inforomation can be provided at www.merseygateway.co.uk. Manor Park is now recognised as one of the premier industrial locations in the North West of England.

1 1 15 10 27 3 Birkenhead Wallasey Runcorn Speke ST HELENS WARRINGTON MANCHESTER LIVERPOOL WIGAN BOLTON BURY Liverpool John Lennon Airport River Mersey Manchester Airport Port of Liverpool Widnes A49 A533 A540 A5119 A5117 A557 A562 A557 A533 A537 A56 A580 A580 A5300 A5058 A58 A58 A56 A34 A556 A556 A54 A41 A41 Walkden M6 M58 M61 M62 M62 M57 M53 M56 7 7 7 6 6 5 5 3 3 8 8 9 6 6 6 5 4 3 2 3 2 6 11 10 12 1 15 21A 1 4 4 1 3 3 2 2 1 5 5 7 9 9 23 22 21 20 19 10 10 11 12 14 11 11 14 16 17 19 10 24 25 26 5 4 3 Bootle

LOCATION

Entrance to office Disabled Parking Disabled Parking Disabled Parking Disabled Parking Disabled Parking UP Lift 268 910 1336 910 4841 Urinal WC WC 11 Lockers WC WC Dining Store 5535 E/E 500 S E/E 910 Door spec to be 2XGG aluminum door & frame Breakout Room Office 3 Female Male WC WC DOOR SITUATION EASTGATE RD E VENWOOD CL EASTGATE RD BLACKHEATH LN SITUATION The property is situated in a prominent position fronting onto Blackheath Lane close to its junction with the Daresbury Expressway (A558). DARESBURY EXPRESS WAY LIVERPOOL WARRINGTON Hotel Daresbury Park CHESTER LN M6 910 500 11365 Office 1 Office 2 17870 RAMP DOWN Entrance Foyer Male Male 38960 Canopy Fork Lift Charge BRACING 8650 Ground Floor Plan

DESCRIPTION DESCRIPTION The property is a striking building comprising a modern detached single bay warehouse of steel portal frame construction beneath a steel barrel vaulted roof. It has been constructed to a high specification which is summarised below:- Warehouse Eaves height of 12.6m to the underside of haunch Unique barrel vaulted insulated metal clad roof incorporating translucent roof panelling Only 10 internal columns to the warehouse area 7 dock level loading doors and 2 level access drive in doors Internal dispatch office to the rear elevation overlooking the yard Heating, lighting and sprinklers throughout the warehouse Offices Two-storey office accommodation to the front of the building Fully heated, lit and air conditioned throughout providing open plan and cellular accommodation Male, female and disabled WC s on the ground floor A single 8 person passenger lift to first floor level External Secure 2.4m high palisade fencing to the perimeter Extensive concrete yard area providing a 50m depth Separate delineated car parking areas Storage Land In addition there is a secure concreted yard of 2.13 acres (0.86 ha) adjacent to the property which is linked to the main warehouse yard together with separate secure access off Greenwood Drive. The yard is fully lit and secured by way of perimeter fencing and a barrier entry system.

ACCOMMODATION ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following gross internal floor areas: Description Area (sq m) Area (sq ft) Warehouse 11,352.60 122,154 Offices (Ground) 314.31 3,382 Offices (First) 314.31 3,382 Total 11,991.22 128,918 Canopy 282.71 3,042 Overall Total 12,273.93 131,960 The property is on a site totalling 6.58 acres (2.66 ha) providing a site cover of only 45%. The additional open storage area provides a total of 2.13 acres (0.86 ha). TENURE The property is held freehold.

TENANCY TENANCY The property is let to Rehau Limited for a term of 15 years with effect from 24 October 2013 subject to FRI terms and upwards only rent reviews at the end of the 5th and 10th years assessed to the open market rental value and capped and collared to reflect 1% and 3% per annum. The current rent is 645,990 per annum ( 4.89 per sq ft). In addition the adjacent secure yard area is let to Rehau Limited for a coterminous term (expiring 23rd October 2028 on FRI terms and subject to 5 year upwards only rent reviews (on the same basis). The current rent is 50,000 per annum ( 23,474 per acre). The total rental is therefore 695,990 per annum. There have been various works, in particular to the warehouse loading area, carried out on behalf of the tenant which are covered by a license for alterations and are subject to full reinstatement. Further information can be made available. TENANTS COVENANT Rehau Limited (Company No. 0722004) Rehau is the premium worldwide brand for Polymer based innovations and systems in building solutions, automotive and industry. They employ over 19,000 employees worldwide with approximately 12,000 in Europe and 500 in the UK and Ireland across 170 locations worldwide. Further information can be found at www.rehau.com. The company has a D&B rating of 3A1 representing a minimum risk of business failure and based on a tangible net worth of 12,540,625. They have published the following accounts: 31/12/2014 31/12/2013 31/12/2012 Turnover 90,964,495 80,173,655 77,287,142 Pre-tax profit 2,877,109 (644,669) (860,528) Tangible Net Worth 15,823,926 14,904,006 15,751,251

INDUSTRIAL MARKET COMMENTARY INDUSTRIAL MARKET COMMENTARY The distribution market in the North West is experiencing significant demand for good distribution buildings. Take up within this sector was extremely strong during 2014, which stood at over 4.5m sq ft for buildings over 100,000 sq ft throughout the region. Take-up for H1 2015 was at approximately 3m sq ft, a significant rise on H1 2014. D&B transactions in the region have been recently signed including The Hut (670,000 sq ft) at Omega, Travis Perkins (630,000 sq ft) at Omega, Asda (600,000 sq ft) at Omega, MBDA (100,000 sq ft) at Bolton, Aldi (440,000 sq ft) at Bolton, B&M Bargains (500,000 sq ft) at Speke and Johnson Controls (150,000 sq ft) at Speke. Most recently Poundland (350,000 sq ft), Nicepak (395,000 sq ft) at Wigan, Exertis (543,000 sq ft) at Burnley and Dunelm (525,000 sq ft) at Stoke. Existing stock for buildings over 100,000 sq ft has fallen to only 5m sq ft. The strength of the North West distribution market has resulted in a return to confidence in speculative development with a number of buildings of between 95,000 sq ft to 400,000 sq ft planned and on site. Quoting rentals are between 5.50 per sq ft and 6.25 per sq ft. This area of the region has benefited hugely from the growth and continued success of the major car plants in the area being Jaguar Land Rover at Speke where the popular Evoque is built and Vauxhall Motors where the Astra is built. This has led to a massive boost in automotive supply chain which is set to continue with the investment into the plant at Speke and the soon to be launched Electric Car at Vauxhall. Major infrastructure works in the region will support the growth in the distribution sector over the forthcoming decade including the Liverpool 2 Container Port which will double the handling capacity at the Port and also permit direct entry to larger vessels from Asia into Liverpool, rather than the redistribution of goods onto smaller vessels at Rotterdam. The new Mersey Gateway Bridge is also due to be completed in 2017 which will provide faster links to the region including linking the M56 and M62 with south Liverpool.

ESTIMATED RENTAL VALUE ESTIMATED RENTAL VALUE We believe that the agreed rent of the subject property is at a very comfortable level at 4.89 per sq ft and should provide investors with good future rental growth potential. We are of the view the ERV on the building, in isolation, is in the region of 5.25 per sq ft based on comparables. We would mention the following rental comparables. Address Tenant Date Size (sq ft) Rent / Price ( psf) Onyx, Runcorn B&M Q1 2015 350,000 4.75 Central Park, Trafford Park Norbert Dentressangle Q3 2015 268,000 5.50 Boulevard Industry Park, Speke IAC Q3 2015 150,000 5.25 Midpoint 18, Middlewich Pro Logis 380, Crewe Optima Logistics AO Logistics / Wincanton Q4 2014 185,000 4.75 Q4 2014 380,000 4.75 XL, Skelmersdale DHL Q3 2014 472,000 4.25 Appleton, Warrington South The Hut Q3 2014 105,000 5.00 Estuary Park, Speke Omega North, Warrington Johnson Controls Hermes wparcelnet Q2 2014 151,770 5.35 Q4 2013 153,580 5.35 Omega North, Warrington Brake Brothers Q3 2013 198,000 5.15

FURTHER INFORMATION FURTHER INFORMATION