FINCHLEY GATE Regent s Park Road, London N3 2JU

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1 Greater London Reversionary Multi-Let Office Investment Opportunity

2 DOVE HOUSE GADD HOUSE COOPER HOUSE

3 Executive Summary Greater London multi-let office investment with active asset management potential. Situated close to Finchley Central underground station (Northern Line - Zone 4). 3 detached office buildings totalling 24,641 sq ft NIA of flexible office accommodation. 93 on site, secure car spaces, providing an exceptional parking ratio of 1:265 sq ft. Multi-let to 8 tenants on 9 leases producing 501,106 per annum reflecting only per sq ft overall. Significant asset management opportunities with an estimated reversion of per sq ft ( 689,968 pa) and a number of leases outside S24-28 of L&T Act WAULT to expiries of approximately 5.2 years (2.8 years to breaks). Assuming completion of lease regear this becomes 8.1 years to expiries (5.8 years to breaks). Prominent corner site of 0.19 hectares (0.48 acres). Freehold Offers are sought in excess of 7,895,000 (Seven Million, Eight Hundred and Ninety Five Thousand Pounds), which reflects a net initial yield of 6.00%, a reversionary yield of 6.43% (assuming lease regear completes), and an estimated reversionary yield of 8.25%, after usual purchaser s costs of 5.80%. A purchase at this level reflects an attractive capital value of only 320 per sq ft.

4 Gateway : Redevelopment site for 77 residential apartments, & Library Finchley Central Underground Station (Northern Line) A598 Regent s Park Road

5 COOPER HOUSE / DOVE HOUSE / GADD HOUSE TO THE NORTH & LUTON TO STANSTED A1(M) M1 M1 GATE FINCHLEY M11 M1 M1 NORTH CIRCULAR CIRCULAR NORTH D, BIRMINGHAM M11 M11 PA RK WATFORD WATFORD RO AD GE NT S A406 A406 M40M40 A40 LONDON LONDON A4 RE 8 M4 A5 9 ING, MAIDENHEAD SLOUGH M4 M4 M11 A1(M) M10 CITY CITY HEATHROW Finchley Central SOUTH SOUTH CIRCULAR CIRCULAR A316 O BASINGSTOKE Location M3 M3 A3 A21 A21 CROYDON CROYDON A24 A24 Finchley Gate is located approximately 8 miles north A3 A3 west of Central London, on the A598 Regent s Park Road A21 A21 GUILDFORD with Arcadia Avenue. at its junction GUILDFORD WOKING WOKING TO TODOVER DOVER M20 M20 M26 M26 A598 R EGEN T S PAR KR OA D A308 A308 Regent s Park Road forms a link with the A1 and the A41 providing excellent access to the M1 motorway TO TO GATWICK GATWICK M23 M23 (Junction 2). Finchley Central London Underground station (Northern Line) is close by and provides direct access to Kings Cross St Pancras (8 stops / 9 minutes), Tottenham Court Road (11 stops / 22 minutes) and Bank (12 stops / 28 minutes). Situation The property is situated with frontage onto Regent s Park Road in the main retail and commercial pitch of Finchley Central. There are numerous retail amenities in the local vicinity. Gateway : CGI image of proposed development Adjacent to the property is Gateway, a new residential led mixed use development scheme totalling approximately 107,500 sq ft comprising 77 residential apartments, office and retail accommodation and a new library.

6 A598 REGENT S PARK ROAD refurbished common parts Cooper 93 space undercroft car park Description The property comprises three self contained office buildings of steel framed construction with brick elevations under a pitched and tiled roof. The accommodation in each building is arranged over ground, first and second floors and internally the specification generally provides raised floors, air handling systems, central heating, double glazed aluminium framed windows and suspended ceilings. Each office building is served by an eight person passenger lift and the communal areas have recently been refurbished in all 3 buildings. The office accommodation is built over a two storey basement car park that provides car parking for a total of 93 vehicles, providing an exceptional parking ratio of 1:265 sq ft. For illustration purposes only

7 Accommodation The property provides a total of 24,641 sq ft NIA as set out in the schedule below: Cooper Sq Ft Sq M Ground Floor 1, st Floor 2, nd Floor 2, Total 5, Dove Sq Ft Sq M Ground Floor 3, st Floor 3, nd Floor 3, Total 11,334 1, Gadd Sq Ft Sq M Ground Floor 2, st Floor 2, nd Floor 2, Total 7, Grand Total 24,641 2, The property benefits from 93 undercroft car parking spaces (1:265 sq ft). Site The site comprises a total of approximately 0.19 hectares (0.48 acres). Tenure Freehold.

8 Tenancy Information The property is multi-let and currently produces a total rent of 501,106 per annum. Assuming the current lease regear to Vision RT Ltd in Dove completes (under offer and in solicitor s hands) the rental income will increase to 537,356 pa. Floor Property / Unit Tenant Area (Sq M) Area (Sq Ft) Lease Start Date Lease Expiry Date Break Clause Next Rent Review Current Rent per annum ( per sq ft) ERV per annum ( per sq ft) L&T Act 1954 Comments Grd Cooper JAC Strattons Ltd ,675 17/Dec/ /Jan/ ,000 ( 18.51) 46,900 Inside Service charge capped at 12, pa subject to RPI uplifts. 6 car spaces. 1st Cooper Xconnect Global Networks Ltd ,043 08/Mar/ /Oct/ /Oct/ ,925 ( 21.50) 57,204 Inside Service charge capped at 12, pa subject to RPI uplifts. 6 car spaces 2nd Cooper ETCO International Commodities Ltd ,043 26/Oct/ /Oct/ /Oct/ /Oct/ ,000 ( 22.03) 57,204 Inside Tenant break clause on not less than 9 months notice. Service charge capped at 18, pa subject to RPI uplifts. 8 car spaces. Grd Dove Vision RT Ltd ,474 01/Jan/ /Dec/ ,000 ( 23.89) 97,272 Inside LEASE EXTENSION in solicitor s hands with Vision RT Ltd., for a term of 10 years commencing 25/Mar/2016 at 93,500 pa ( psf). 3 months rent free, 5th year rent review, inside the 1954 Act. Service charge capped at 41,688 pa, subject to RPI uplifts. 13 car spaces. 1st Dove Guardian Assurance Ltd (sublet to Voicevale Ltd ,910 25/Mar/ /Mar/ /Mar/ ,750 ( 21.42) 109,500 Inside UNDER OFFER and in solicitor s hands to Vision RT Ltd., for a term of 10 years commencing 25/Mar/2016 at 109,500 pa ( psf). 3 months rent free followed by 6 months at half rent, 5th year rent review, inside the 1954 Act. Service charge capped at 46,920 pa, subject to RPI uplifts. 14 car spaces. 2nd Dove JSB Group Ltd ,950 07/Jun/ /Jun/ /Jun/ /Jun/ ,000 ( 18.99) 110,600 Outside Tenant break clause on not less than 6 months notice. Lease renewal with half rent of 37,500 pa until 06/Oct/2016. Vendor will top up rent incentive to 75,000 pa. 14 car spaces. Grd Gadd Rotapharm Ltd (Guarantee from World Medicine Ltd) ,210 13/Jun/ /Jun/ /Jun/ /Jun/ ,431 ( 16.48) 61,880 Outside Tenant break clause on not less than 6 months notice. 9, VAT break penalty. Service charge capped at 14, pa, subject to RPI uplifts. 10 car spaces. 1st Gadd Vision RT Ltd ,667 15/Aug/ /Aug/ /Aug/ /Aug/ ,000 ( 20.62) 74,676 Outside Assignment from Alligator Books Ltd (reg no ). 9 car spaces. 2nd Gadd Richard Anthony (UK) LLP ,669 04/Nov/ /Nov/ /Nov/ /Nov/ ,000 ( 17.98) 74,732 Inside Tenant break clause on not less than 6 months notice. Service charge capped at 25, pa, subject to RPI uplifts. 10 car spaces. Car Parking Gadd Available N/A N/A N/A N/A N/A N/A - ( -) - ( -) 3 vacant spaces. Total 2, , ,106* 689,968 *Total rent assuming lease regear completes becomes 537,356 pa

9 Service Charge The leases are drawn on effectively full repairing and insuring terms. There is a service charge in respect of the estate whilst each building has an individual service charge. The estate service charge budget for the year ending 31/Mar/2016 is approximately 3.12 per sq ft, whilst the individual building service charge is approximately 7.86 per sq ft. Further information is available upon request. Planning The property is located in the London Borough of Barnet. The property is not listed and does not fall within a Conservation Area.

10 Covenant Information We have undertaken ICC covenant analysis of the tenants within the building and summarise below the ICC scores for each tenant. Full ICC reports are available within the data room. 9% 15% 76% ICC Score Confidence. Low risk potential Normal. Limited risk potential. No information Tenant Company registration no. ICC Score Vision RT Ltd / 100 JSB Group Ltd / 100 Richard Anthony (UK) LLP OC No information ETCO International Commodities / 100 Xconnect Global Networks Ltd / 100 Rotopharm Ltd / 100 World Medicine (Guarantor on Rotapharm lease) / 100 JAC Strattons Ltd / 100 Guardian Assurance Ltd / 100

11 Data Room The following documentation will be available to interested parties in the data room: Leases Title information Service charge accounts Marketing brochure EPC information ICC reports

12 EPC A copy of each EPC is available in the data room. VAT The property is elected for VAT, and it is proposed the sale will be by way of a TOGC. Price Offers are sought in excess of 7,895,000 (Seven Million, Eight Hundred and Ninety Five Thousand Pounds), which reflects a net initial yield of 6.00%, a reversionary yield of 6.43% (assuming lease regear completes), and an estimated reversionary yield of 8.25%, after usual purchaser s costs of 5.80%.. A purchase at this level reflects an attractive capital value of only 320 per sq ft. Further Information For further information or to arrange an inspection, please contact:- Rob Tudor Tel: BSC (Hons) MRICS Mob: Director robtudor@tudortoone.com Lee Evans Tel: BSC (Hons) MRICS Mob: Associate leeevans@tudortoone.com Hugh Faith Tel: BSC (Hons) Msc MRICS Mob: Associate hughfaith@tudortoone.com SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT Misrepresentation Act 1967 Tudor Toone Ltd, for itself and for the vendors of this property, hereby give notice that: These particulars do not constitute, nor constitute any part of, an offer or contract. Tudor Toone Ltd 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. Neither Tudor Toone Ltd 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. 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. 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 Ltd is a limited company registered in England and Wales (registered number ). Registered office: 41/43 Maddox Street London W1S 2PD. Details prepared October 2015.