Prime City Centre Office Investment. Law Society House 100 Victoria Street, Belfast, BT1 3GN

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1 Prime City Centre Office Investment Law Society House 100 Victoria Street, Belfast, BT1 3GN

2 Belfast City Airport Titanic Quarter Odyssey Pavilion Obel Building University of Ulster Cathedral Quarter BT Tower Waterfront Hall Victoria Square Law Society House City Hall

City Airport Investment Summary Strong tenant line up with over 65% of the income secured against a government tenant. A prominent office building situated adjacent to the Royal Courts of Justice.

Multi-let grade A office building with a net internal area of 46,913 sq ft. 999 year Long Leasehold Interest in part basement, ground, first, second and part third floor from 9th June 2009.

3 City Airport Investment Summary Strong tenant line up with over 65% of the income secured against a government tenant. A prominent office building situated adjacent to the Royal Courts of Justice. Nearby occupiers include, British Telecom, Allstate, Concentrix, Brewin Dolphin, and Price Waterhouse Coopers with the Hilton Hotel and Waterfront Hall in close proximity. Multi-let grade A office building with a net internal area of 46,913 sq ft. 999 year Long Leasehold Interest in part basement, ground, first, second and part third floor from 9th June Central Train Station Law Society House is located on Victoria Street in the central legal district of Belfast and is located next to the Royal Courts of Justice buildings. The total current passing rent is 492,906 per annum. Strong occupational tenant line up with 67.91% of the gross income secured against a government tenant. Asset management potential to restructure both the title and the occupational leases. We have been instructed to seek offers in excess of 3,465,000 (Three Million, Four Hundred and Sixty Five Thousand Pounds). A purchase at this level, after vacancy liabilities, reflect an attractive net initial yield of 12.47%, an equivalent yield of 14.63% and a reversionary yield of 16.82% excluding VAT and assuming full purchasers costs at 5.80%.

4 Belfast City Centre M2 MOTORWAY ODYSSEY ARENA M1 MOTORWAY BELFAST CITY HALL VICTORIA SQUARE LAW SOCIETY HOUSE M3 MOTORWAY Derry Belfast EUROPA TRAIN STATION BELFAST - DUBLIN RAIL CORRIDOR CENTRAL TRAIN STATION Dublin Permit ID: Crown Copyright 2013

5 Location Glasgow Edinburgh Law Society House is located in the City of Belfast, the capital of Northern Ireland. Belfast is the second largest city on the Island of Ireland and lies approximately 70 miles (113 Km) south-east of Londonderry and approximately 100 miles (161 Km) to the north of Dublin, in the Republic of Ireland. Newcastle Middlesbrough York Leeds Hull Belfast enjoys excellent transport infrastructure and is well connected to the rest of Ireland and to mainland UK. George Best Belfast City Airport is located approximately 4 miles (6 Km) from the city centre with Belfast International Airport approximately 23 miles (37 Km) north-west. In addition Belfast has a large commercial port that is also used for passenger ferry services with regular sailings to Scotland, England and Wales. Belfast has good road communications being positioned within close proximity to the M2 linking the North and West of the Province and the M1 which links with Dublin in the South. The two principal railway services in the city centre include Great Victoria Street and Belfast Central, the latter of which provides a direct link with Dublin. Bolton Manchester Situation Liverpool Nottingham Birmingham Luton Oxford Reading Cambridge London Ipswich Law Society House occupies a prominent position on Victoria Street right in the heart of Belfast s legal district. Situated adjacent to the Royal Courts of Justice, nearby occupiers include British Telecom, Allstate, Concentrix, Brewin Dolphin and Price Waterhouse Coopers. The Hilton Hotel and Belfast Waterfront Hall, a 2,400 seat conference and entertainment centre, are located in close proximity. In addition an entrance to Northern Ireland s premier shopping centre, the 400,000 sq ft Victoria Square Shopping Centre is also located on Victoria Street. Belfast Central Train Station which provides direct access to Dublin and Londonderry amongst many other major locations within Northern Ireland is located approximately 600 metres to the east of the property via East Bridge Street. Cardiff Bristol

6 Description Law Society House comprises a five-storey office with retail accommodation on the ground floor and basement car parking. The property is primarily served by a flat roof arrangement with insulated build up with single ply membrane roof covering. External elevations are formed in a combination of Portuguese Lime Stone, and aluminium curtain walling system with facing brickwork to the rear elevation. Internally, ceilings primarily comprise a combination of a suspended ceiling grid with lay-in grid mineral tiles and plasterboard ceiling linings. Walls comprise a combination of plaster on hard and partitions strapped and lined in plasterboard. Flooring primarily comprise raised access floors and concrete floor slabs. A building survey and condition report has been undertaken by the Watts Group Plc which is assignable to the purchaser and is available in the secure document library. Tenant Covenants Secretary of State for Communities and Local Government The lease is signed and guaranteed by the Secretary of State for Communities and Local Government who trade as the Passport Office. There are no accounts available for government tenants. Royal & Sun Alliance Insurance PLC - A Dun & Bradstreet credit rating of 5A1 representing a minimum risk of business failure. RSA Northern Ireland Insurance Limited - A Dun & Bradstreet credit rating of 2A3. Tenure Tenancy and Accommodation A 999 year long leasehold interest from 9th June 2009 at a passing rent of 1 per annum if demanded without review. The long leasehold interest includes part basement, ground, first, second and third floors. The schedule of tenancy and accommodation is located on the opposite page.

7 Unit Tenant Area (sq ft) Area (sq m) Rent Rent (psf) ERV ERV (psf) Lease Start Lease Expiry Rent Review Comments Car Parking The Secretary of N/A N/A 4,000 N/A 2,000 N/A 01/02/ /01/ /02/2015 State for Local Communities & Government Car Parking The Secretary of N/A N/A 4,000 N/A 2,000 N/A License State for Local Agreement Communities & Government Car Parking Royal & Sun N/A N/A 3,000 N/A 2,000 N/A 04/01/ /12/2016 Alliance Insurance Plc Car Parking RSA Northern N/A N/A 10,800 N/A 8,000 N/A 10/12/ /12/2016 Ireland Insurance Limited Car Parking Miscellaneous N/A N/A 7,200 N/A 6,000 N/A License Agreement Ground Floor 4, , Vacant Mezzanine Floor 4, , Ground Floor 4, , The Secretary of State for Local 95, /02/ /01/ /02/2015 Tenant Break Communities & Option in year 10 Mezzanine Government Floor 3, , First Floor The Secretary of 11,506 1, , , /02/ /01/ /02/2015 Tenant Break State for Local Option in year 10 Communities & Government Second Floor A The Secretary of 7, , , /02/ /01/ /02/2015 Tenant Break State for Local Option in year 10 Communities & Government Second Floor B RSA Northern 4, , , /12/ /12/2016 Ireland Insurance Limited Third Floor A Royal & Sun 6, , , /01/ /12/ year break with Alliance Insurance 41K penalty Plc Third Floor B Law Society FREEHOLD of Northern Ireland Fourth Floor Law Society FREEHOLD of Northern Ireland Fifth Floor Law Society FREEHOLD of Northern Ireland Total 492, ,025

8 Floor Plans A measured areas survey has been undertaken by Plowman Craven Ltd which is assignable to the purchaser and is available in the secure document library. FIFTH FLOOR - FREEHOLD FOURTH FLOOR - FREEHOLD PART THIRD FLOOR - FREEHOLD THIRD FLOOR Vacant The Secretary of State for Local Communitites & Government RSA Northern Ireland Insurance Ltd Royal & Sun Alliance Insurance Plc SECOND FLOOR FIRST FLOOR MEZZANINE GROUND FLOOR

10 Comparable Rental Evidence Property Tenants Size Rent Rent psf Lease Start Lease Expiry Rent Review Comments Law Society House Royal & Sun 4,837 55, /12/ /12/2016 Alliance (NI) Insurance The Obel, Donegall Allen Overy 44, , /07/ /07/ /07/2016 T.B.O. Quay, Belfast in year 5 and 10 Gateway,Titanic Citi Group 96,779 1,289, /07/ /06/ /07/2014 T.B.O. in year Quarter, Belfast 8 & 10 James House, Department of 111,488 1,572, /11/ /10/ /11/2014 The Gasworks, Finance and Belfast Personnel ERV There is currently a dearth of good quality grade A office space available in Belfast City Centre. This is having a positive impact on rental levels being achieved. In relation to the subject property, the most recent deal to Royal & Sun Alliance (NI) Insurance at 55,150 per annum reflects per sq ft. On the basis of the comparable evidence and our recent market intelligence, we are of the opinion the building is currently reversionary. We believe the estimated rental value of the property is in the region of 617,025 per annum, equating to 20 per sq ft ( 5.00 mezzanine) on the ground floor retail space and per sq ft on the office accommodation. Investment Comparables Property Price Yield Date Comments 2, Killymeal House, The Gasworks, Belfast 3.1 million 8.40% Mar-12 Size - 26,900sqft Net Rent- 275,321 p.a. Rent Review - 15 Year lease, 5 yearly upward only rent review. Lease commencement - 27/01/ Heron View, Airport Road West, Sydenham 1.35 million 8.63% Jul-12 Size - 11,955 Business Park, Belfast, BT3 9LN Net Rent- 123,625 p.a. Rent Review - RPI linked rental growth lease commencement - 09/05/2008

364 1 26 52 78 104 130 156 This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M.

11 This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z b r e. c o. u k ). Some security features proves the authenticity of this document. S K S K D C L G x E P C g e n Planning EPC Planning consent was granted (Z/2004/2354/F) in March 2006 to replace a 3 story office building with a modern 5 story building to include a basement car park. Energy Performance Certificate Non-Domestic Building LAW SOCIETY HOUSE 106 Victoria Street BELFAST BT1 3JZ Northern Ireland Certificate Reference Number: The Law Society own the land and occupy part of the building with the remaining space consisting of ground floor retail and upper floor offices. This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Department's website VAT The property has been elected for VAT purposes and therefore it is expected that the investment sale will be treated as a Transfer of a Going Concern (TOGC). Proposal We have been instructed to seek offers in excess of 3,465,000 (Three Million, Four Hundred and Sixty Five Thousand Pounds). A purchase at this level, after vacancy liabilities, reflect an attractive net initial yield of 12.47%, an equivalent yield of 14.63% and a reversionary yield of 16.82% excluding VAT and assuming full purchasers costs at 5.80%. Energy Performance Asset Rating More energy efficient A+ A 0-25 B C D E F G Over 150 Less energy efficient Technical information Main heating fuel: Building environment: 2 Total useful floor area (m ): Building complexity (NOS level): 4 Natural Gas Air Conditioning 6952 Net zero CO 2 emissions 66 This is how energy efficient the building is. Benchmarks Buildings similar to this one could have ratings as follows: If newly built If typical of the existing stock

12 Further Information Secure Document Library If you require access to the secure document library online or for further information please contact; Ben Turtle Director 1st Floor, Lesley Studios May Street, Belfast BT1 4NZ Tel: Dervla Daly Surveyor 1st Floor, Lesley Studios May Street, Belfast BT1 4NZ Tel: Savills (NI) Limited for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without responsibility of Savills (NI) Limited or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Savills (NI) Limited cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; iii) no employee of Savills (NI) Limited has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Savills (NI) Limited will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. June 2013.

FOR SALE. North Tower. Waterside Tower. Office Investment. 31 Clarendon Road, Clarendon Dock, Belfast BT1 3BG NEXT.

FOR SALE. North Tower. Waterside Tower. Office Investment. 31 Clarendon Road, Clarendon Dock, Belfast BT1 3BG NEXT. FOR SALE Waterside Tower North Tower Office Investment Clarendon Dock is regarded as one of Belfast s premier business addresses with high profile occupiers including Belfast Harbour Commissioners, Council