PRIME OFFICE INVESTMENT NPOWER BIRCHFIELD HOUSE, BIRCHLEY PARK OLDBURY, B69 2AQ J2 M5 MOTORWAY WEST MIDLANDS

PRIME OFFICE INVESTMENT NPOWER BIRCHFIELD HOUSE, BIRCHLEY PARK OLDBURY, B69 2AQ J2 M5 MOTORWAY WEST MIDLANDS

INVESTMENT SUMMARY Well secured modern office investment strategically located at Birchley Park adjacent to Junction 2 of the M5 motorway in Oldbury. Excellent road communications and a large labour supply. The area has attracted significant office occupiers including the AA, British Gas, Travelodge Reservations and the Inland Revenue. High quality building comprising 1,537 sq m (16,540 sq ft) on ground and first floors together with 80 marked car spaces. Building specification includes comfort cooling, full access 150mm void raised flooring, suspended ceilings with recessed fluorescent lighting providing 500 lux in the working environment, and an 8 person passenger lift. Let to Npower Ltd by way of a lease and reversionary lease expiring on 22 nd December 2017 (approximately 6 years unexpired). Current rent 239,685 per annum. Guarantee provided by International Power Plc and RWE Npower Plc. Freehold. Offers in the region of 2,800,000 subject to contract and exclusive of VAT. A purchase of this level reflects a net initial yield of 8.1% after allowing for usual purchaser s costs of 5.8%.

LOCATION Birchley Park is strategically located on Birchley Island adjacent to J2 of the M5 motorway. Birchfield House is situated off the A4123 adjacent to Birch House (also occupied by Npower), the Holiday Inn Express and Tom Cobleigh Public House. On the opposite side of the road British Gas have a large call centre facility and other nearby occupiers include the AA, Travelodge Reservation Services, and the Inland Revenue. DESCRIPTION The property which is on ground and first floors was completed in 1998 and includes:- Comfort cooling Accessible raised floors with a minimum clear void of 150mm Suspended ceilings with recessed category 2 lighting Male and female lavatories on each floor 8 person passenger lift Externally there are 80 on site car parking spaces. ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice and comprises the following approximate net internal floor areas:- Sq m Sq ft Ground Floor 766 8,244 First Floor 771 8,296 Total 1,537 16,540 The site extends to approximately 0.65 hectares (1.6 acres). TENURE Freehold. TENANCY The property is let to Npower Ltd by way of a lease and reversionary lease expiring on 22 nd December 2017 at a passing rent of 239,685 per annum with 5 yearly upward only rent reviews. International Power Plc provided a guarantee under the original lease which expires in December 2012 whilst the reversionary lease is guaranteed by RWE Npower Plc.

COVENANT INFORMATION Company Year to Turnover Pre Tax Profit Net Worth D & B (000 s) (000 s) (000 s) International Power Plc 31.12.2010 3,344,000 198,000 3,770,000 5A1 RWE Npower Plc 31.12.2009 757,000 4,000 1,406,000 5A1 Npower Ltd 31.12.2009 3,304,000-11,200-483,900 N1 Npower Ltd is the retail arm of RWE Group and is one of the UK s top three energy suppliers currently serving more than 6 million customers nationwide. VAT All figures are stated exclusive of VAT which will be chargeable on the sale price. However we anticipated that the sale will be transferred as a Going Concern. PROPOSAL We are instructed to seek offers in the region of 2,800,000 (two million eight hundred thousand pounds) subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level will show a net initial yield of 8.1% assuming normal purchasers costs at 5.8%. FURTHER INFORMATION For further information or to arrange an inspection please contact: R David Williams FRICS Ramsdens 48 High Street Henley in Arden B95 5AN Tel: 01564 796800 Mobile: 07580 984516 Email: dw@ramsdens.com MISREPRESENTATION ACT NOTICE Ramsdens for themselves and for the vendors of this property whose agents they are give notice that: 1. The particulars are set out as a general guideline only for the guidance of intended purchasers and do not constitute, nor constitute part of, an offer or contract; 2. All descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and intending purchasers 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 Ramsdens has any authority to make or give any representation or warranty whatsoever in relation to this property.

BIRCHFIELD HOUSE, BIRCHLEY PARK OLDBURY, B69 2BD BIRCHFIELD HOUSE, BIRCHLEY PARK OLDBURY, B69 2AQ Mapping sourced from Mapping sourced from Whilst every care is taken to ensure that these particulars are correct, their accurancy cannot be guaranteed, neither do they form part of any contract. All rent, prices and premiums are quoted hilst every care is taken to ensure that these particulars are exclusive of VAT. rrect, their accurancy cannot be guaranteed, neither do they form art of any contract. All rent, prices and premiums are quoted xclusive of VAT. 48 High Street, Henley in Arden, 48 High Street, Henley in Arden, Solihull B95 5AN Solihull B95796800 5AN Tel: 01564 Fax:01564 01564796800 792888 Tel: Email: info@ramsdens.com Fax: 01564 792888