PONDERS END INVESTMENTS PLC BEATTY ROAD, WALTHAM CROSS, HERTFORDSHIRE EN8 7UD A PRIME M25 INDUSTRIAL SALE & LEASEBACK

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2 INVESTMENT SUMMARY The property is located in Waltham Cross adjacent to the motorway, approximately 12 miles north of Central London. Situated within the well established Lea Valley industrial area and within walking distance of Waltham Cross railway station and the Town Centre. Accessed via Britannia Road and the A121, leading onto the A10 and Junction 25 of the. 7 Light industrial warehouses and one office building totaling approximately 162,179 sq ft GIA. Freehold. Upon completion the property will be let to Ponders End Investments Plc (D&B Rating 4A1) for a term of two years. The passing rent will be 1,105,888 per annum, reflecting a low average rent of 6.82 per sq ft. Numerous asset management opportunities upon lease expiry including undertaking a full refurbishment programme or redevelopment. We are instructed to seek offers in excess of 14,660,000 (Fourteen Million Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 7.00% and a low capital value of 90 per sq ft assuming standard purchaser s costs for a sale and leaseback of approximately 7.71%.

3 13 gh Hemel Hempstead J25 Harefield Bullsmoor Way A10 Heathrow Harpenden St Albans M10 A414 Borehamwood Watford A1 M1 Harrow Wembley A40 Uxbridge Southall M4 Hounslow A316 Great Eastern Road Hatfield Brent Cross Enfield LONDONLondon Fulham Clapham Homesdale Park Lane Raglan Avenue Hurst Drive Creasy Court Cameron Drive Langdale Gardens A10 A414 A2 City Harlow WALTHAM CROSS Epping M11 Berkley Ave A12 Sturlas Way Park Lane Lodg e Cres Tollgate Road Romford A13 Dartford A1010 Hertford Road High St High Street Chipping Ongar Monarchs Way Eleanor Cross Road Abbey Road A1010 C A41 A Queen s Road Monarchs Way York Road Subject Property Railway Road Station Approa ch Bryanstone Road A121 Eleanor Cross Road WALTHAM CROSS Britannia Road Brook Rd Longcroft Drive Beatty Road New Ford Road Eleanor Way Alexandra W LOCATION Waltham Cross is situated in the Hertfordshire Borough of Broxbourne and the Greater London Urban Area. The town lies immediately to the north of the motorway some 12 miles north of Central London and borders the London Borough of Enfield to the south. Waltham Cross is well served by its local transport network. The area is in London Fare Zone 7 and benefits from both mainline and London Overground services. Waltham Cross Railway Station operates services to London Liverpool Street (fastest journey time 27 minutes) and to Stratford International (fastest journey time 21 minutes) on the Greater Anglia line. London Overground services run from Theobalds Grove and Turkey Street. By road, the area is particularly well served by its excellent links to Central London and the national motorway network. Junction 25 of the is less than 1 mile to the west of the Town Centre and the A10, which provides access to the City of London to the south and to Hertford, the A1(M) and the M11 to the north. SITUATION The property is situated on Beatty Road, just off Britannia Road. Waltham Cross Town Centre is less than 1 mile to the north west and the mainline station is within 500 ft to the north west. All rail stations (Waltham Cross, Theobalds Grove and Turkey Street) are within a one mile radius of the subject property. The property is strategically located in one of the principal industrial areas of Greater London with the passing less than 250 ft to the southern boundary of the site. Access to the (Junction 25) is less than a 5 minute drive via the A121 and the A10. The surrounding area comprises a variety of light industrial warehouses and estates of various types and ages. The Holdbrook South area forms part of the wider Lea Valley industrial region, one of London s largest and most established industrial locations including Waltham Abbey to the north, Enfield to the West and Edmonton/Tottenham to the South. Nearby occupiers of note include British Telecom, Reynolds Catering Supplies UK, Vauxhall, Harris DAF, Northgate Vehicle Hire, Cemex, Biffa and Sifcon International.

4 Key 1. SUBJECT SITE 2. Reynolds 3. Yodel 4. Tesco 5. Findel 6. SQ Professional 7. Monro Industrial Estate 8. Stirling Business Park 9. Northgate Vehicle Hire 10. Lidl 11. White & Company Monarch Way 3 7 WALTHAM CROSS Britannia Road 9 Site outline for indicative purposes only.

5 A PRIME A INDUSTRIAL PRIME SHORT INDUSTRIAL TERM SALE & LEASEBACK DESCRIPTION The property comprises seven light industrial warehouse buildings and Tradewinds House, an office building. The industrial buildings are all of steel portal framed construction incorporating corrugated metal sheet roofs and a mixture of profile metal sheet and corrugated metal clad walls. The buildings have been constructed at different stages over the past 20 years with varying eaves height and a number interconnected. The primary use of the buildings is for storage and distribution save for Tradewinds House (which is clad with LPCB approved composite panelling) and a partial wholesale element within Building C. The principal access to the site is from Beatty Road via Britannia Road. There are also two additional access points onto Britannia Road via secured gates at the front two corners of Building X. The buildings onsite are served by two open area circulation yards towards the western end of the site and to an area immediately to the north of the access from Beatty Road. Each unit has a single roller shutter door.

6 ACCOMMODATION The property comprises a total area of approximately 162,179 sq ft GIA, measured in accordance with RICS Property Measurements (1st Edition). The accommodation schedule and plan has been colour coordinated to illustrate the layout of the site. The individual building profiles are as follows:- Building Use GIA (sq ft) Eaves (ft) Age BUILDING A B8 33, BUILDING B B8 16, BUILDING C B8 8, BUILDING D B8 10, BUILDING E B8 41, TRADEWINDS HOUSE B1 11, BUILDING X B8 39, LINK BUILDING B RAILWAY LINE BUILDING B BUILDING C CAR PARK LINK BUILDING BUILDING D BUILDING A BUILDING E SERVICE YARD/ CAR PARK TRADEWINDS HOUSE ACCESS ROAD SITE GATE N BUILDING X BEATTY ROAD BT YARD BRITANNIA ROAD TOTAL 162,179 BT YARD PLANNING The permitted use for the estate provides a mixture of B1, B2 and B8 uses under the Town and Country Planning (Use Classes) Act The tenant has obtained planning permission to install 8 windows on the first floor to the eastern elevation of Tradewinds House and 4 roof lights (Planning ref; 07/16/1310/F). Works are due to commence in August. There is an outstanding planning application to extend Building X (Planning ref; 07/14/0744/F), however the tenant has decided not undertake this work during the leaseback period.

7 A PRIME A INDUSTRIAL PRIME SHORT INDUSTRIAL TERM SALE & LEASEBACK TENURE The land outlined in red (excluding the area outlined in blue) is held Freehold. The land outlined in blue is held freehold by Eastern Power Networks Plc. SITE AREA The site has a total area of approximately 5 acres reflecting a site coverage of 66%. TENANCY Upon completion of the freehold sale, Ponders End Investments PLC will enter into a two year lease, contracted outside the 1954 Landlord and Tenant Act. The rent reserved will be fixed for the duration of the term at 1,105,888 per annum ( 6.82 per sq ft). The lease will be subject to a Photographic Schedule of Condition. COVENANT Ponders End Investments Plc (Company number ) is a wholesaler/ supplier of branded sports footwear, clothing and accessories. The company holds contracts with multiple major brands and employs over 100 people throughout the United Kingdom with its HQ located within the subject property. The company has a Dun and Bradstreet rating of 4A1, representing minimal risk of business failure. The past three years financial performance is as follows: 30/06/ /06/ /06/2014 Turnover ( 000 s) 26,273 23,212 29,226 Profit ( 000 s) 2,311 2,239 2,516 Net Current Assets ( 000 s) 10,105 9,292 8,215 VAT The property has been elected for VAT however the proposed transaction cannot be treated as a transfer of going concern (TOGC). EPC EPCs are available upon request. DATA ROOM Data room access is available upon request.

8 LOCAL MARKET OVERVIEW The Lea Valley and nearby Enfield industrial markets are well located to service Greater London and the wider South East area being second only in size to Park Royal. Significant recent developments reflect their strategic importance and accordingly there is a great level of market demand for new industrial properties in the region which has driven rental performance. New developments include SEGRO s Navigation Park and Aberdeen s Enfield Distribution Park demonstrate noteworthy recent leasing activity. We understand the final unit of 68,000 sq ft at Navigation Park has now transacted with UK Mail at a headline rent of per sq ft GEA. Other examples of recent transactions include: Address Size (sq ft) Rent (per sq ft) Tenant Enfield Distribution Park 44, Cooks Delight Enfield Distribution Park 42, DFS Navigation Park 50, Camden Brewery Navigation Park 41, Ceaserstone ASSET MANAGEMENT INITIATIVES The investment offers significant asset management opportunities to increase value upon lease expiry including; n Re-letting the buildings in their current condition. n Undertaking a full or part refurbishment programme to improve the rental tone across the estate. n Part or full redevelopment of the site (subject to planning). Consents could be sought during the unexpired lease term. n Break up and sell individual buildings to owner occupiers. Future development includes The Grid off Mollison Avenue, forward sold by Chancerygate where a range of units from 6,000 sq ft to 39,000 sq ft are proposed off indicated rents at per sq ft. Recent deals for good quality secondary units in Lea Valley include: Address Size (sq ft) Rent (per sq ft) Tenant 9, View 406, Advent Way 2, Johnston Paints 10, IO Centre, 5, Bambo Waltham Cross 3 4, 2 Adra Way, BestWay Park 2&3 Trafalgar Trading Estate, Jefferys Road 28, Premier Moves 13, RA Trading The most recent secondary freehold comparable is the purchase of 55,000 sq ft off Mollison Avenue previously owned and occupied by Coca Cola in 2016 at a figure reflecting around 155 per sq ft.

9 PROPOSAL We are instructed to seek offers in excess of 14,660,000 (Fourteen Million Six Hundred and Sixty 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 7.00% and a low capital value of 90 per sq ft assuming standard purchaser s costs for a sale and leaseback of approximately 7.71%. CONTACT INVESTMENT To inspect the property or if you require additional information, please contact either: OCCUPATIONAL If you require further information on the local occupational market please contact: NICK ROBERTS Direct Line: nick.roberts@gva.co.uk ALEX GRINDROD Direct Line: alex.grindrod@gva.co.uk SAM VYAS Direct Line: sam.vyas@gva.co.uk 65 Gresham Street, London EC2V 7NQ GVA is the trading name of GVA Grimley Ltd an Apleona company GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA. GVA: July 2017 Design CommandD