ALLEN FORD BRENTWOOD 140 LONDON ROAD, BRENTWOOD, ESSEX, CM14 4NS SOUTH EAST AUTOMOTIVE INVESTMENT OPPORTUNITY

ALLEN FORD BRENTWOOD 140 LONDON ROAD, BRENTWOOD, ESSEX, CM14 4NS SOUTH EAST AUTOMOTIVE INVESTMENT OPPORTUNITY

Investment summary Single let freehold car dealership Established automotive dealership location close to Jaguar, Vauxhall & Aston Martin Let to Allen Ford (UK) Limited on a FRI lease until 30 December 2028 Unexpired term of 13.5 years Upwards only open market rent reviews in 2018 & 2023 Passing rent 251,626 per annum We are instructed to seek offers in excess of 3,400,000 (Three Million Four Hundred Thousand Pounds), subject to contract, for the freehold interest. This reflects a net initial yield of 7% assuming purchaser s costs of 5.8%. The property extends to 1,830.30 sq m (19,701.16 sq ft) GIA on 1.02 acres www.lshinvestmentsales.co.uk 2

Location Brentwood is an affluent suburban commuter town in the county of Essex situated adjacent to the, approximately 20 miles north east of central London and 12 miles west of Chelmsford. M1 A1 Enfield A10 Loughton M11 8 The town benefits from excellent transport links with Junction 28 of the motorway being situated circa 2 miles south west. The, which runs through Brentwood, provides a direct route to Central London. Brentwood has a district population of 170,443 and is considered to be an economically prosperous location with 36.4% of the population classified as wealthy achievers / urban prosperity. South Woodford Romford 7 Billericay 7 Basildon Situation The property is located approximately 1 mile south west of Brentwood Town Centre at the southern end of London Road, which is the principal route from Brentwood town centre to the motorway. There are a cluster of dealerships within the vicinity of the property including Aston Martin, Jaguar and Vauxhall in addition to a mix of retail warehousing, residential housing, offices, pubs and a Holiday Inn hotel. Site A3 A205 A3 A232 A23 A23 A205 A232 A102 A2 A20 Dartford A282 M20 Northfleet A2 Gravesend M2 The property extends to approximately 0.414 hectares (1.02 acres) as outlined in red on the plan. Ongar Rd Doddinghurst Rd A1023 Chelm sf o rd Rd Hutton Rd Shenfield Rd Crown Copyright 2015. All rights reserved. Not to scale. Colchester Rd Brook St London Rd HIgh St Brentwood Station Kings Rd Warley Hill Ongar Rd Queens Rd 8 Ingrave Rd Ingrave Rd www.lshinvestmentsales.co.uk 3

Description The property comprises a part single storey, part 3 storey freehold motor dealership with significant associated car parking and vehicle display areas. The original building is of masonry construction and is arranged in an L shape under a pitched tiled roof. The centre of the L shape building has since been developed with a 2 bay warehouse which is integrally linked to the building. The ground floor provides a showroom, staff accommodation and a small warehouse area. The open plan showroom benefits from tiled flooring, suspended ceiling, full height glazing to the south and eastern elevations with sliding vehicular access doors, and customer toilets. The staff accommodation is situated to the rear of the premises and comprises a mix of open plan and cellular offices as well as a kitchen area and male and female W/Cs. The offices are finished to a good standard with carpet tiled flooring, painted plaster walls, perimeter trunking, suspended ceilings and strip fluorescent lights within diffusers. Parts of the office accommodation benefit from air conditioning. The warehouse area, which is accessed via 5 roller shutter doors to the eastern elevation of the property, is currently used by the Tenant for car valeting and repairs and is of blockwork construction beneath an insulated metal clad roof with a solid concrete floor. The warehouse can also be accessed internally from the staff accommodation. The first and second floors are not currently utilised by the tenant but provide a mix of cellular and open plan office accommodation. Externally, the property benefits from 64 meters of frontage to London Road. There are approximately 66 display parking spaces and an additional 55 customer parking / preparation / storage spaces. Accommodation The property has been measured in accordance with the current RICS code of measuring practice (6th Edition) and provides the following Gross Internal Floor Areas: GIA sq m GIA sq ft Ground Floor Showroom / Offices 840.75 9,049.75 Workshop / Valet 163.81 1,763.23 Covered display area 226.51 2,438.13 Upper floors / Mezzanine Storage 599.23 6,450.05 Total 1,830.30 19,701.16 www.lshinvestmentsales.co.uk 4

Tenancy The property is let in its entirety to Allen Ford (UK) Limited on a full repairing and insuring lease at a passing rent of 251,626 per annum. The lease was originally for a term of 15 years from 31 December 2003, however the tenant has recently entered into a reversionary lease for a term of 10 years from December 2018 to 30 December 2028. As such there is 13.5 years unexpired. The lease is subject to 5 yearly upward only market rent reviews, the next being 31 December 2018. Covenant Information Allen Ford was formed in 1910 and is one of the UK s leading and long established Ford dealer groups with 15 franchised dealerships across the Midlands and the South East. For further information please go to www.allenford.com. The company was acquired by South African fleet management company Super Group in 2014 for 33.9m. For further information please go to www.supergroup.co.za. 31/12/2014 31/12/2013 31/12/2012 VAT We understand that the property is elected for VAT. It is expected that the transaction can be treated as a TOGC. Proposal We are instructed to seek offers in excess of 3,400,000 (Three Million Four Hundred Thousand Pounds), subject to contract, for the freehold interest. This reflects a net initial yield of 7% assuming purchaser s costs of 5.8%. Please note that we are separately marketing an industrial investment in Romford for the same Vendor. It is also let to Allen Ford (UK) Limited, for a term expiring 30 December 2028. Offers are sought in excess of 2,960,000 reflecting a net initial yield of 7.5% (subject to contract). Further details of this investment are available on request. Contacts For further information, or to arrange a viewing, please contact: Turnover 290,568,000 270,871,000 370,065,000 Profit (loss) before Tax 6,786,000 2,619,000 2,705,000 Net Assets 9,849,000 4,572,000 2,649,000 Matt Jenns 0121 237 2298 mjenns@lsh.co.uk Adam Ramshaw 0121 237 2395 aramshaw@lsh.co.uk Alex Carr 0207 198 2233 acarr@lsh.co.uk Tenure Freehold EPC The property has an EPC rating of C (58). Lambert Smith Hampton Interchange Place Edmund Street, Birmingham B3 2TA Details also available on www.lshinvestmentsales.co.uk Subject to Contract and Exclusive of VAT Lambert Smith Hampton May 2015 Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. www.lshinvestmentsales.co.uk 5