BELGRAVE RETAIL PARK Wisbech PE14 0SL

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1 BELGRAVE RETAIL PARK Wisbech PE14 0SL PRIME RETAIL WAREHOUSE ENTER

2 Prime retail warehouse park located in a strong and growing market town. Situated within an established retail destination, including a Tesco Extra, cinema, Lidl and the new Cromwell Retail Park. Total current rent of 620,585 per annum, reflecting low rental rates of 9.25 per sq ft per sq ft. Weighted average unexpired lease term in excess of 10 years. 100% of income let to A1 Dun & Bradstreet rated covenants, trading as Dunelm, Carpetright, Halfords, Pets at Home and Currys PC World. Total floor area extending to 55,595 sq ft. Wide bulky planning consent. Open A1 planning permission for additional 3,000 sq ft unit, with further opportunities for A3 pods and potential to regear leases. Potential SDLT saving from corporate purchase. WE ARE INSTRUCTED TO SEEK OFFERS FOR THE FREEHOLD INTEREST OF THE PROPERTY IN EXCESS OF 9,020,000 (NINE MILLION & TWENTY THOUSAND POUNDS), WHICH REFLECTS A NET INITIAL YIELD OF 6.50%, ASSUMING PURCHASER S COSTS OF 5.8%, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT.

3 Liverpool M62 Manchester Sheffield A1(M) Scunthorpe M180 Grimsby LOCATION Chester M6 Stoke-on-trent Chesterfield Mansfield Wisbech is located on the north eastern border of the county of Cambridgeshire, approximately 21 miles north east of Peterborough, 40 miles north of Cambridge and 14 miles south west of Kings Lynn. M54 Wolverhampton Derby Birmingham M1 Nottingham Leicester Peterborough King s Lynn WISBECH Norwich Wisbech is well served by the local A road network with the A1101 linking the town to the north, the A1122/A141 to the south and the A47 connecting the town to the east (King s Lynn) and west (Peterborough) respectively. The M11, providing motorway access to the M25, is located approximately 28 miles due south of Wisbech, via the A10. M50 Gloucester M5 M42 M6 Coventry M40 M45 M1 Bedford A1(M) Cambridge M11 Luton A1(M) LONDON Chelmsford Ipswich Belgrave Retail Park is situated fronting Cromwell Road (B198), approximately half a mile south west of the town centre. Cromwell Road leads directly from the A47, which forms the town s ring road. Belgrave Retail Park is in the centre of a major concentration of out of town retail accommodation which serves Wisbech and its substantial catchment population. On the opposite side of Cromwell Road, Tesco have recently opened a new Extra store adjacent to an 8 screen cinema development occupied by the Light. Opposite the entrance to the scheme is a Lidl foodstore, whilst adjacent to Belgrave Retail Park, is the recently developed Cromwell Road Retail Park, which is due to open on 14th October 2014 and which will provide approximately 70,000 sq ft of retail space. Occupiers secured here include Poundstretcher, Poundland, Iceland, Sports Direct and Brantano, and rents are between and per sq ft. In addition, adjacent to the subject property is a small development currently occupied by Farmfoods, Brantano and McDonalds. Therefore, undoubtedly the subject property forms part of what has become an attractive, convenient and successful retail destination.

4 A16 A17 CATCHMENT & Spalding A1175 A16 Crowland A47 Long Sutton A17 A47 WISBECH Stowbridge King s Lynn A10 A149 Wisbech, a popular market town, is Cambridgeshire s largest town with a population of 31,573 people. It benefits from a 10 minute and 20 minute drive time catchment of 35,293 and 93,436 people respectively. Given the distance to the main competing centres and the nature of the local road network, Wisbech benefits from an extensive catchment population, which includes outlying towns such as March, Downham Market and Long Sutton. We would consider the nearest competing town to be King s Lynn, being situated 14 miles (20 minute drive) to the north east, and Peterborough, being situated 21 miles (36 minute drive) to the south west. Various indicators suggest Wisbech s demographic profile is similar to the national average with approximately 63% of the population classified as within social grades of AB, C1 and C2. Wisbech s economy benefits from a very strong agricultural sector and recent studies have identified that the largest sector of employment is manufacturing, with food manufacturing being the dominant sub sector. Peterborough March Various reports have projected strong economic growth for Wisbech and the surrounding area and this is supported by estimates that the population will grow by circa 12% between 2000 and 2022, as compared to the national average of 8%. A141 A10 10 Minute Drivetime Catchment 20 Minute Drivetime Catchment Chatteris A141 A142

5 WISBECH BELGRAVE RETAIL PARK WISBECH PE14 0SL Belgrave Retail Park has been developed in a classic L shaped formation. The eastern terrace is occupied by Halfords, Carpetright and Currys PC World with the southern terrace constituting 2 standalone units, occupied by Dunelm and Pets at Home. The retail park was developed in phases between 2000 and 2010, is of steel portal frame construction and extends to approximately 55,595 sq ft GIA. Dunelm have a trading mezzanine equal to approximately 40% of their ground floor GIA, as do Halfords, whilst Currys PC World and Pets at Home have storage mezzanines. Pets at Home is serviced at its side elevation, via the car park, and Dunelm benefits from its own dedicated service yard. The eastern terrace is serviced to the rear of each unit. Town Centre To the front of the units is a tarmacadam surfaced car park, which provides a total of 212 spaces equating to a ratio of 1:262 sq ft. We calculate the site area to extend to approximately 4.52 acres (1.83 hectares), giving a site cover of 28%. Cromwell retail park Cromwell Road (B198) (PC in Autumn) BELGRAVE RETAIL PARK

6 TENURE The site as outlined in red is held freehold. EPC Sandown Road EPC ratings are shown in the tenancy schedule. Certificates and full reports are available on request. The property is let on 5 full repairing and insuring leases to Currys PC World, Carpetright, Halfords, Dunelm and Pets at Home and provides an approximate weighted average unexpired lease term of 11.3 years (excluding break options) and 9.8 years (including break options). Cromwell Road Car Park Proposed new unit The total current income is 620,585 per annum, which reflects low rental rates of between 9.25 per sq ft to per sq ft. Please see below the schedule of accommodation and lease information for the property: Salters Way Enterprise Way Unit Tenant Name GIA (sq ft) Lease Start Term (Years) Expiry Date Unexpired Term (Years) Next RR Break Option Current Rent (per annum) Rent (per sq ft) % of Total Current Income EPC Rating Comment Units B/C Currys PC World 12,530 24/06/ /06/ /06/ /06/ , % E TBO 24/06/2019. Not less than 3 months written notice required to determine the lease at any time during the period of 12 months commencing 24/06/2019. Unit D Carpetright 6,500 21/09/ /09/ /09/ , % C Assumed area at rent review of 6,500 sq ft GIA. Unit E Halfords 6,280 24/06/ /06/ /06/ /06/ , % F TBO 24/06/ months written notice required. Unit F Dunelm 25,285 14/07/ /07/ /07/ , % F Unit G Pets at Home 5,000 15/09/ /09/ /09/ , % B Container Currys PC World 1,000 Total 55, year WAULT 620, % Agreement at 1,000 per annum determinable by one month s notice from either side.

7 PLANNING Belgrave Retail Park benefits from a wide bulky goods planning consent as set out below: The Dunelm unit benefits from a consent allowing the sale of the following products: (i) furniture and carpets, including upholstery, soft furnishings and vinyl floor coverings; (ii) building materials and DIY maintenance, decoration and improvement products for the home; (iii) electrical goods for the home; and (iv) car accessories and maintenance equipment. The original consent for the Dunelm unit also allows for the provision of a garden centre and the sale of plants, garden equipment and other garden centre goods. The property is fully let to national retailers with 100% of the rental income rated as A1 by Dun & Bradstreet. We summarise below the accounts for each of the tenants, together with their latest Dun & Bradstreet rating. The units occupied by Currys PC World, Carpetright and Halfords have a separate consent which allows the sale of the same goods as in the Dunelm unit. The Pets at Home unit has a Class A1 non-food retail consent, with restrictions against the sale of clothing and footwear, games, toys, fashion accessories including jewellery, watches, cosmetics, toiletries, pharmaceutical products, books, stationery and mobile telecommunication equipment. In February 2012, planning consent was granted for the construction of a 3,000 sq ft unit adjacent to Halfords, for retail (A1), restaurant (A3) or veterinary practice (Sui Generis) use. The vendors also obtained Building Regulations approval for full cover mezzanine floors in each unit and commenced implementation of these works. The council have historically stated that they will consider the granting of softer planning consents for the scheme with specific regard to new or vacant units and named tenants, which could help attract new occupiers to the scheme and drive rents. They have also previously given their approval to various non bulky items being sold as ancillary sales in the Currys PC World and Dunelm units. Unit Tenant Name Year Ending B/C DSG Retail Ltd Sales Turnover (000s) Profit/Loss Pre Taxes (000s) Net Worth (000s) 30/04/2013 3,997,900 62, ,800 28/04/2012 3,743,700 53, ,700 D&B Rating 5A1 D Carpetright plc 26/04/ ,700-7,200 2,500 27/04/ ,600-5,100 4,500 2A1 E Halfords Ltd 29/03/ ,500 75, ,400 30/03/ , , ,800 5A1 F Dunelm (Soft Furnishings) Ltd 29/06/ , ,426 47,877 30/06/ ,729 96,562 36,421 5A1 G Pets at Home Ltd 28/03/ ,350 77, ,537 29/03/ ,410 72, ,386 5A1

8 ASSET MANAGEMENT The scheme is fully let, however we believe there are the possible following opportunities to improve the park:- Open A1 planning consent was granted for a further unit extending to 3,000 sq ft to be constructed adjacent to the existing Halfords. The consent is valid for 3 years from 15 February The vendor has prepared plans for the potential construction of a number of smaller units to the northern edge of the site boundary. The plans include a collection of smaller units (c.1,000 sq ft) or a single larger unit (c.3,500 sq ft), providing an opportunity to create an A3 offer on the retail park, increasing the shopping experience and park dwell time. The last letting on the scheme was in 2010 to Pets at Home at a rent of per sq ft. The rents on the other units range between 9.25 per sq ft and per sq ft and therefore provide a low base for future rental growth. There is an opportunity to negotiate an extension to both the Currys PC World and Halfords leases and there also exists the possibility with Dunelm to re-gear their lease to increase the rent and lease term in exchange for a premium. The potential exists to merge the subject property with the adjacent Cromwell Retail Park and Farmfoods/Brantano development to create an integrated, dominant, single retail park. VAT The subject property has been elected for VAT and it is expected that the sale will be treated as TOGC. STRUCTURE The property is held in a Special Purchase Vehicle investment company. Our clients are able to offer the sale of the shares in this company, which will significantly reduce a purchaser s SDLT liability and our clients would seek to share in any such saving. Further details are available upon request.

9 CONTACT DETAILS & CONTACT DETAILS WE ARE INSTRUCTED TO SEEK OFFERS FOR THE FREEHOLD INTEREST OF THE PROPERTY IN EXCESS OF 9,020,000 (NINE MILLION & TWENTY THOUSAND POUNDS), WHICH REFLECTS A NET INITIAL YIELD OF 6.50%, ASSUMING PURCHASER S COSTS OF 5.8%, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT. CONTACTS MILES MARTEN T: E: m.marten@wilkinsonwilliams.co.uk GRAHAM LIND T: E: g.lind@wilkinsonwlliams.co.uk Property Misrepresentation Act Wilkinson Williams LLP give notice to anyone who may read these particulars as follows: These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement of representation or fact. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. Where there is reference in the particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property. Descriptions of the property are inevitably subjective and the descriptions contained herein are given in good faith as an opinion and not by way of statement of fact. Plans are published for convenience of identification only and although believed to be correct, their accuracy is not guaranteed and they do not form part of any contract. Designed and produced by THE GROUP Ref: / Belgrave Retail Park / Wisbech / September 2014