Langford Lane Kidlington Oxfordshire OX5 1FQ

Langford Lane Kidlington Oxfordshire OX5 1FQ

Langford Lane Kidlington Oxfordshire OX5 1FQ Investment Summary Recently completed industrial scheme situated in the established commercial area of Kidlington immediately to the north of Oxford. Excellent access to the national motorway network and the A34. 21 unit industrial scheme totalling approximately 8,187.18 sq m GEA. (88,126 sq ft GEA). 7 units have been sold to owner occupiers leaving 14 units totalling 5,157.70 sq m GEA (55,517 sq ft GEA). Individual unit sizes range between 2,286 sq ft and 7,455 sq ft. Freehold. Current passing rent of 231,738 per annum with immediate asset management opportunities to substantially improve the yield profile through letting vacant units or Freehold disposals. Offers are sought in excess of 3,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.25%, a reversionary yield of 10.50% after purchaser s acquisition costs of 5.7625%. This represents an attractive capital value of only 66.50 per sq ft.

Location Kidlington is strategically located approximately 9.5km (6 miles) to the north of Oxford city centre. London is approximately 98km (61 miles) to the south east, Birmingham 117km (72.5 miles) to the north, Reading 54km (33miles) to the south and Bristol 123km (76 miles) to the west Kidlington is an established commercial location offering excellent communications on both a local and national level. The area benefits from excellent access onto the A34, which in turn leads to the M40 motorway (Junction 9) approximately 9.5km (6 miles) to the north east and the M4 motorway (Junction 13) to the south. Situation The property is situated to the north of Kidlington town centre, immediately to the south of Langford Lane. Access into the scheme is obtained directly off Langford Lane. Langford Lane and Langford Locks business park form the heart of Kidlington s commercial area, with approximately 4,000 people working in the area. Close by is the prestigious Spires Business Park with occupiers including DEFRA, Thames Valley Police and Elsevier. Oxford Motor Park is nearby with representation from Ford, Nissan, Renault, Honda and Vauxhall, whilst Langford Business Park is situated immediately to the west of the property. Oxford Airport is less than 0.6km (1 mile) to the north west of the property. 2

Langford Lane Kidlington Oxfordshire OX5 1FQ Description Banbury The development was completed in 2009 and provides industrial units arranged within 4 main blocks/terraces and a single detached unit. Spires Business Park A number of units in the scheme have been sold to owner occupiers as set out in the tenancy schedule and shown on the site plan. The adjacent cleared site to the south of the scheme, has been sold for development. Construction consists of steel portal frames with full height profile sheet cladding to external elevations. The specification comprises the following: Minimum clear eaves height of 6.1m. A44 Oxford Mercedes Benz Oxford Office Village Langford Locks Business Park Kidlington Town Centre Oxford Electrically operated loading doors. Oxford Motor Park 30kN per sq m floor loading. 3 phase electricity. First floor level accommodation suitable for either office or storage use. Car parking.

Tenure Freehold. Planning Planning permission for the development of the scheme was granted in August 2006 for B1(c), B2 and B8 uses within the Town and Country Planning (Use Classes) Order 1987. DEVELOPMENT SITE 25 26 27 28 29 30 A copy of the planning permission is available to interested parties upon request. Tenancy Information The property is let in accordance with the tenancy schedule and currently produces 231,738 per annum. 16 12 14 11 10 15 9 5 6 7 8 4 3 2 1 Estimated Rental Value We are of the opinion that the current estimated rental value for the property once the vacant units have been let to be 387,876 per annum. SOLD LET AVAILABLE 4

Langford Lane Kidlington Oxfordshire OX5 1FQ Tenancy Schedule Address Floor / Use Sq Ft GEA Areas GEA Sq M GEA Tenant Lease Terms Rent p.a. ( psf) Rent Reviews ERV p.a. ( psf) Lease Expiry (Break) Shortfall (Rates PAYABLE) (SERVICE CHARGE) Comments Unit 1 Unit 2 Unit 3 3,003 278.99 Vacant 18,018 ( 7,556) ( 1,565) RV is 18,250, an appeal has been lodged to reduce this below the 18,000 threshold. Unit 4 3,142 291.90 Oxford Vehicle Servicing 15 years from 09/01/2009 27,492 ( 8.75) 09/01/2014 09/01/2019 18,852 ( 8.75) 08/01/2024 Rent deposit of 11,154. Unit 5 2,286 212.38 Auto Windscreens Ltd 6 years from 24/06/2010 13,715 24/06/2013 13,716 23/06/2016 (24/06/2013) Rent deposit of 2,857. TBO on not less than 6 months notice. Unit 6 Unit 7 Unit 8 2,464 228.91 Vacant 14,784 ( 1,284) Unit 9 2,329 216.37 Under offer for sale 13,974 ( 1,214) Unit 10 2,707 251.49 Vacant 16,242 ( 1,411) Unit 11 Unit 12 2,653 246.47 Vacant 15,918 ( 1,383) Unit 14 2,573 239.04 Vacant 15,439 ( 1,341) Unit 15 2,956 274.62 Vacant 17,736 ( 1,541) Unit 16 Unit 25 Unit 26 4,547 422.43 Summit Vet Pharma 5 years from 18/06/2010 38,650 38,650 17/06/2015 Option to purchase at 360k until 18/06/2012. 12k rent deposit.

Address Floor / Use Sq Ft GEA Areas GEA Sq M GEA Tenant Lease Terms Rent p.a. ( psf) Rent Reviews ERV p.a. ( psf) Lease Expiry (Break) Shortfall (Rates PAYABLE) (SERVICE CHARGE) Comments Unit 27 5,612 521.37 Yarnton Garage 10 years from 19/09/2010 33,672 19/08/2013 19/08/2016 19/08/2019 33,672 18/08/2020 (19/08/2015) 15k rent deposit. TBO on not less than 6 months notice. Unit 28 6,452 599.41 BH Blackmore Ltd 10 years from 03/08/2010 54,842 03/08/2015 54,842 02/08/2020 (03/08/2015) Option to purchase at 516k until 03/08/2012. 3k rent deposit. TBO on not less than 6 months notice. Unit 29 7,338 681.72 Vacant 44,028 ( 16,353) ( 3,825) Unit 30 7,455 692.59 House & Carriage 15 years from 12/10/2009 63,367 12/10/2014 12/10/2019 63,367 11/10/2024 Option to purchase at 570k until 12/10/2011. 10k rent deposit. TOTAL 55,517 5,157.70 231,738 387,876 ( 23,909) ( 13,564) LET 29,494 (33.47%) 2,740.08 Available 26,023 (29.53%) 2,417.62 Covenant Information Covenant information is available to interested parties upon request. VAT The property has been elected for VAT and therefore VAT will be payable upon the purchase price unless the sale can be treated as a Transfer of a Going Concern. Price Offers are sought in excess of 3,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.25%, a reversionary yield of 10.50% after purchaser s acquisition costs of 5.7625%. This reflects a capital value of only 66.50 per sq ft. 6

For further information, or to arrange an inspection, please contact: Michael Toone: miketoone@tudortoone.com Lee Evans: leeevans@tudortoone.com 41-43 Maddox Street, London, W1S 2PD t: 0207 495 5550 f: 0207 495 5551 www.tudortoone.com Misrepresentation Act 1967 TUDOR TOONE LLP, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT:- (I) THESE PARTICULARS DO NOT CONSTITUTE, NOR CONSTITUTE ANY PART OF, AN OFFER OR CONTRACT. (II) TUDOR TOONE LLP 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. (III) NEITHER TUDOR TOONE LLP 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. (IV) 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. (V) 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 LLP IS A LIMITED LIABILITY PARTNERSHIP REGISTERED IN ENGLAND AND WALES WITH REGISTERED NUMBER OC 305 411. REGISTERED OFFICE: 41/43 MADDOX STREET LONDON W1S 2PD DETAILS PREPARED SEPTEMBER 2010