Freehold restaurant & retail investment Town centre location Let to Pizza Express & Subway 60% of income secured against Pizza Express (SH Funds 525m) 60% of retail income secured for in excess of 22 years A1/A3 planning consent 1,000,000, subject to contract 6.95% net initial yield www.singerviellesales.com

Located off the south coast of England, the Isle of Wight is separated from the mainland by the Solent with Portsmouth the nearest large town being 21 km (13 miles) to the north east. The island can be easily accessed with up to 200 ferry crossings a day operating from Portsmouth, Southampton and Lymington. There are excellent rail connections to all the major ferry ports, providing fast access to the Isle of Wight from across the UK. Travel time from London stations to most of the ports is less than two hours. Flights from Heathrow and Gatwick airports serve The Isle of Wight, along with regional flights from Bournemouth and Southampton. The Isle of Wight has a resident population in the region of 139,000. The population increases significantly during the summer months as a result of an influx of tourists. Newport is the principal town on the Isle of Wight and lies at the heart of the island, often referred to as its capital. From the town centre, the A3020 provides access to the port of Cowes to the north if the island whilst the A3054 provides access to the ports of Ryde and Fishbourne (the main car ferry) to the north east of the island. The historic town of Newport is the main retail location on the Isle of Wight. The subject property is situated in the heart of the town centre, at the corner of Pyle Street and Town Lane which acts as a thoroughfare linking Marks & Spencer, Morrisons and the bus station to the south with the prime retail pitch of High Street to the north. Occupiers on Pyle Street include TK Maxx, The Cooperative Food, Santander and Lloyds Pharmacy. Other nearby occupiers include Peacocks, Jane Norman, New Look, H&M and Sports Direct. St Thomas Square is immediately to the north of the property and provides a range of shops, cafes and restaurants. There is a pay & display car park to the rear of the property accommodating approximately 35 vehicles, plus an NCP pay & display car park accessed via Pyle Street which provides 270 car parking spaces.

The property is a modern mixed use building of steel frame construction comprising two ground floor retail units and 16 residential apartments on three upper floors which have been sold off on long leases. Internally, Unit 1 (Pizza Express) has been fitted out as a restaurant in the tenant s typical corporate style providing for approximately 90 covers, with an open plan Pizzeria. The kitchen and ancillary areas, comprising a store room and staff area, are located to the rear of the unit. Unit 2 (Subway) comprises a fast food restaurant fitted out in the tenant s typical corporate style with an open plan preparation counter and providing for approximately 5 covers. The property benefits from a service yard to the rear, accessed via Town Lane. Access to the residential upper parts is via a separate entrance fronting Pyle Street. We have been advised that the property provides the following areas: Unit 1 (Pizza GIA GIA Express) Ground Floor 276.94 sq m 2,981 sq ft Unit 2 (Subway) NIA NIA Zone A 52.29 sq m 563 sq ft Zone B 47.60 sq m 512 sq ft Zone C 6.84 sq m 74 sq ft Zone D 7.04 sq m 76 sq ft ITZA 78.68 sq m 847 sq ft Total Ground Floor 113.77 sq m 1,225 sq ft Freehold.

Unit 1 Let to Pizza Express (Restaurants) Limited on effectively full repairing and insuring terms for 35 years from 24th June 2003, expiring 23rd June 2038. Therefore, there is in excess of 22 years unexpired lease term. The current passing rent is 44,000 per annum ( 159 per sq m / 14.76 per sq ft overall). The lease benefits from 5 yearly upwards only rent reviews, the next being on 23rd June 2018. It is assumed that the premises have an agreed gross internal area of 2,981 sq ft for rent review purposes. Following a Leasehold Valuation Tribunal ruling in November 2012, the service charge management for the property was appointed to John Rowell Estate Management. Further details are available in the Data Room. Therefore, an investor will benefit from a total income of 73,475 per annum excluding the management fee. Unit 2 Let to Subway Realty Limited on effectively full repairing and insuring terms, subject to a Schedule of Condition, for 15 years from 2nd April 2013, expiring 1st April 2028 (12 years unexpired lease term). There is a tenant s break option on 2nd April 2021, subject to 6 months prior written notice. The tenant pays rent monthly. The current passing rent is 23,000 per annum and the lease is subject to the following fixed rental increases: 2nd April 2016 1st April 2017 2nd April 2017 1st April 2018 2nd April 2018 1st April 2023 23,000 per annum 25,000 per annum 28,000 per annum The lease is subject to an RPI-linked rent review (capped and collared at 1% & 4%) on 2nd April 2023. The vendor will top up the rent at completion to 28,000 per annum which equates to 33.06 Zone A. The landlord charges the retail tenants a further 5% of the contracted rent in respect of a management fee. Upper Floors The 16 residential apartments on the upper floors have all been let on 125 year leases commencing between October 2003 and July 2004, producing a total ground rent of 1,475 per annum. Notices under the Landlord and Tenant Act 1987 (As Amended) have been served on the residential tenants.

The current passing rent for Unit 2 (Subway) of 23,000 per annum equates to 27.16 Zone A and the 'topped up' rent of 28,000 per annum equates to 33.06 Zone A. We understand prime rents in Newport are currently in the region of 65.00 Zone A on the High Street with rent on St James' Square currently in the order of 45.00 Zone A. Pizza Express (Restaurants) Limited (Co.No.02805490) has reported the following figures: 28th June 2015 28th June 2014 Turnover 382,942,000 351,658,000 Pre-Tax Profits 76,365,000 67,901,000 Shareholders Funds 525,263,000 452,376,000 Established in 1965, Pizza Express is the market-leading casual dining brand in the UK, currently operating over 430 sites. The company also has strong positions across international markets with around 70 sites trading from 13 different markets. In July 2014, Gondola announced the sale of PizzaExpress to Hony Capital, a leading Chinese private equity firm with strong expertise in cross-border investments. For further information please visit http://corporate.pizzaexpress.com. Subway Realty Limited (Co. No. 04174473) has reported the following figures; 31st Dec 2014 31st Dec 2013 Turnover 28,613,501 27,940,819 Pre-Tax Profits 1,946,179 1,457,251 Shareholders Funds 655,859 1,632,387 Subway was founded in the USA in 1965. Globally there are more than 37,000 Subway stores in 100 countries. All stores are independently owned and operated by franchisees. The UK is the largest market outside North America. The first UK store opened in 1996 and by the end of the last financial year the company had increased the number of stores to 1,282. Subway Realty Limited (SRL) is a UK corporation dedicated to leasing properties for SUBWAY franchisees. SRL enters into leases with landlords and developers, and then subleases the sites to the franchisees. Leasing properties directly to SRL ensures landlords get a concept which has a long track record of dependability and the brand strength of more than 37,000 stores worldwide. For further information please visit http://www.subway.co.uk.

1. An opportunity to acquire a freehold retail and leisure investment; 2. The property occupies a prominent position within Newport town centre; The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). 3. 60% of the income is secured against Pizza Express (Restaurants) Limited - SH Funds 525m; 4. 60% of the retail income secured for in excess of 22 years; 5. The property benefits from A1 and A3 planning consent; 6. A purchase at the asking price reflects an attractive net initial yield; 7. The investment provides a purchaser with an attractive lot size. Our client is seeking 1,000,000 (One Million Pounds), subject to contract, reflecting a net initial yield of 6.95% assuming standard purchaser s costs of 5.75%. Singer Vielle Street Vendors Solicitor 94-96 Wigmore Street Walker Morris London W1U 3RF 12 King Street, Leeds LS1 2HL Tel: +44 (0) 207 935 7200 Tel: 0113 283 2631 Neil Singer Dale Henry Richard Wolfryd SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending 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 correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Steven Young Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.