Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Investment Summary Recently completed trade park scheme in an established commercial location approximately 2.5 miles to the west of Southampton city centre. Excellent prominence to the A33, a major route into Southampton. 12 unit trade counter scheme totalling approximately 6,009.97 sq m (64,691 sq ft) GEA. Long leasehold for a term of 500 years at a peppercorn from Southampton City Council. 20% of the scheme has been let to Travis Perkins, Crown Paints and Anbo International. Current passing rent of 100,346 per annum with an estimated reversion to 485,182 per annum through letting of vacant units. Offers are sought in excess of 4,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 2.10%, a reversionary yield of 10.20% upon letting vacant accommodation after purchaser s costs of 5.7625%. This represents an attractive capital value of only 73.50 per sq ft.

Location Southampton is strategically located on the south coast of England and is the main commercial centre of the region for business, government and education. The city is located 126km (79 miles) south west of Central London, 19km (12 miles) south of Winchester, 30km (19 miles) west of Portsmouth and 54km (34 miles) east of Bournemouth. The city benefits from excellent transport infrastructure. The M27 motorway is situated approximately 5km (3 miles) to the north with connections via Junctions 2, 3, 4, 5, 7 and 8. Junction 4 links to Junction 14 of the M3 motorway, which in turn links with the M25 motorway. Rail communications are good, benefitting from regular train services to London Waterloo with a fastest journey time of approximately 80 minutes. Other services include Reading (50 minutes), Basingstoke (31 minutes) and Bristol (97 minutes). Southampton Airport is located approximately 6km (4 miles) to the north and handles approximately 2 million passengers a year with regular flights to domestic airports and European destinations including Ireland, France, Spain, Germany and the Netherlands. Heathrow International airport is located 104km (65 miles) to the north east via the M3 and M25 motorways. 2

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Situation The scheme is located in Millbrook, in a prime position close to Southampton western docks. Access from the north and the M271 is off the A3024 Redbridge Road via Third Avenue. Access from the city centre is obtained via the A33 which in turn becomes Millbrook Road. The A33 forms one of the major routes into the city centre, which is situated approximately 4km (2.5 miles) to the west. The trade park occupies a prominent site with excellent visibility from the Millbrook Flyover which benefits the site by way of a large volume of passing traffic on a daily basis. The area is a well established commercial location with existing occupiers including Go Outdoors, Topps Tiles and Plumb Centre. Description The scheme was completed in 2009 and comprises 12 new trade counter units totalling approximately 6,010.00 sq m (64,691 sq ft) gross external area arranged as two terraces facing each other with prominent roadside frontage. Construction consists of steel portal frame with full height profile metal cladding with the following specification: Double height glazed frontages. Clear internal heights of 7m. 30kN per sq m floor loading. 3 phase electricity. Electronically operated loading doors. Car parking. Access Self Storage Toyota Go Outdoors Topps Tiles Trade Depot Plumb Base HSS Hire Fiat A3024 The Property To Southampton City Centre A3024 To the M271

Site Area The site extends to approximately 1.16 hectares (2.87 acres) providing a site density of approximately 51.75%. THIRD AVENUE Tenure Leasehold for a term of 500 years from 13 th July 2001 from Southampton City Council at a peppercorn. Planning Planning permission for the scheme was granted in August 2007 for B1c, B2 and B8 uses within the Town and Country Planning (Use Classes) Order 1987. This consent permits up to 30% of the floor area of each unit to be used as trade counter (subject to a maximum of 150 sq m in any one unit). A copy of the planning permission is available to interested parties upon request. FIRST AVENUE UNIT 12 UNIT 1 TILE GIANT UNIT 2 ANDO UNIT 3 CROWN PAINTS ACCESS SELF STORAGE Tenancy Information The property is let in accordance with the tenancy schedule and currently produces 100,346 per annum. Estimated Rental Value FIRST AVENUE UNIT 11 UNIT 10 UNIT 4 UNIT 5 UNIT 6 UNIT 7 LET We are of the opinion that the current estimated rental value for the property is 485,183 per annum, based on a conservative ERV of only 7.50 per sq ft ( 80.73 per sq m). UNIT 9 UNIT 8 AVAILABLE 4

Southampton Trade Park Third Avenue Millbrook Southampton SO15 0LE Tenancy Schedule Address Floor / Use Sq Ft GEA Areas GEA Sq M GEA Tenant Lease Terms Rent p.a. ( psf) Rent Reviews ERV p.a. ( psf) Lease Expiry (Break) Shortfall (Rates PAYABLE) (SERVICE CHARGE) Comments Unit 1 Grd - Warehouse 5,737 532.99 Travis Perkins Properties Ltd t/a Tile Giant 10 years from 11/06/2009 39,872 ( 6.99) 11/06/2014 43,028 10/06/2019 (11/06/2014) () () Note 1 Unit 2 Grd - Warehouse 4,564 424.01 Anbo International 10 years from 01/07/2010 36,256 ( 7.94) 01/07/2015 34,230 30/06/2020 (01/07/2015) () () Note 2 Unit 3 Grd - Warehouse 3,229 299.98 Crown Paints 10 years from 07/06/2010 07/06/2015 06/06/2020 (07/06/2015) () () Note 3 Unit 4 Grd - Warehouse 3,229 299.98 Vacant ( 8,328) ( 1,181) Unit 5 Grd - Warehouse 3,229 299.98 Vacant ( 8,328) ( 1,181) Unit 6 Grd - Warehouse 3,229 299.98 Vacant ( 8,328) ( 1,181) Unit 7 Grd - Warehouse 3,229 299.98 Vacant ( 8,328) ( 1,181) Unit 8 Grd - Warehouse 5,339 496.01 Vacant 40,043 ( 13,174) ( 1,961) Unit 9 Grd - Warehouse 10,062 934.79 Vacant 75,465 ( 24,985) ( 3,703) Unit 10 Grd - Warehouse 6,391 593.74 Vacant 47,933 ( 15,748) ( 2,347) Unit 11 Grd - Warehouse 6,391 593.74 Vacant 47,933 ( 15,748) ( 2,347) Unit 12 Grd - Warehouse 10,062 934.79 Vacant 75,465 ( 24,985) ( 3,703) TOTAL 64,691 6,009.97 100,346 485,183 ( 127,952) ( 18,785) Note 1: Note 2: Note 3: Tenant Break Option on not less than 6 months notice. Tenant entitled to a 6 months rent free period if break option not exercised. Tenant Break Option on not less than 6 months notice. Tenant must pay landlord 18,128 + VAT if they exercise the break option. Tenant Break Option on not less than 6 months notice.

Covenant Information Covenant information is available to interested parties upon request. VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price unless the sale can be treated as a Transfer of a Going Concern. Price Offers are sought in excess of 4,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 2.10%, and a reversionary yield of 10.20% after purchasers costs of 5.7625%. This represents a capital value of only 73.50 per sq ft. 6

For further information, or to arrange an inspection, please contact: Michael Toone: miketoone@tudortoone.com Lee Evans: leeevans@tudortoone.com 41-43 Maddox Street, London, W1S 2PD t: 0207 495 5550 f: 0207 495 5551 www.tudortoone.com Misrepresentation Act 1967 TUDOR TOONE LLP, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT:- (I) THESE PARTICULARS DO NOT CONSTITUTE, NOR CONSTITUTE ANY PART OF, AN OFFER OR CONTRACT. (II) TUDOR TOONE LLP AND ITS MEMBERS ACCEPT NO LEGAL RESPONSIBILITY FOR ANY STATEMENT OR REPRESENTATION WHETHER WRITTEN, ORAL OR IMPLIED OR WHETHER CONTAINED IN ANY ADVERTISEMENT PARTICULARS OR OTHER MATTERS ISSUED OR ANY CORRESPONDENCE ENTERED INTO BY THEM AND WHETHER MADE IN ANY ANTECEDENT PRESENT OR SUBSEQUENT ENQUIRIES OR NEGOTIATIONS. (III) NEITHER TUDOR TOONE LLP NOR THEIR PRINCIPALS, MEMBERS, AGENTS, SERVANTS OR REPRESENTATIVES HAVE ANY AUTHORITY WHATSOEVER TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATSOEVER WHETHER WRITTEN OR IMPLIED IN RELATION TO THIS PROPERTY. (IV) ANY INTENDING PURCHASER MUST SATISFY HIMSELF BY INSPECTION OR OTHERWISE AS TO THE CORRECTNESS OF ANY ANTECEDENT PRESENT OR SUBSEQUENT STATEMENTS OR REPRESENTATIONS, AND SHOULD NOT RELY UPON THE SAME UNLESS HE HAS SATISFIED HIMSELF ACCORDINGLY. (V) UNLESS OTHERWISE STATED ALL PRICES AND RENTS ARE QUOTED EXCLUSIVE OF VALUE ADDED TAX (VAT). ANY INTENDING PURCHASERS OR LESSEES MUST SATISFY THEMSELVES INDEPENDENTLY AS TO THE INCIDENCE OF VAT IN RESPECT OF ANY TRANSACTION. SUBJECT TO CONTRACT & EXCLUSIVE OF VAT TUDOR TOONE LLP IS A LIMITED LIABILITY PARTNERSHIP REGISTERED IN ENGLAND AND WALES WITH REGISTERED NUMBER OC 305 411. REGISTERED OFFICE: 41/43 MADDOX STREET LONDON W1S 2PD DETAILS PREPARED SEPTEMBER 2010