PASTEUR RETAIL PARK GREAT YARMOUTH NR31 0DH ENTER PRIME RETAIL WAREHOUSE INVESTMENT

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1 PASTEUR RETAIL PARK NR31 0DH PRIME RETAIL WAREHOUSE ENTER

2 PASTEUR RETAIL PARK NR31 0DH PASTEUR RETAIL PARK // NR31 0DH PROPOSAL // 2 LOW PASSING RENTS LONG UNEXPIRED LEASE TERMS NEW LETTING TO HOME BARGAINS DEVELOPMENT POTENTIAL

3 PASTEUR RETAIL PARK NR31 0DH // PROPOSAL // 3 Prime retail warehouse park located in popular coastal town. Large 10 and 20 minute drivetime catchments of 70,958 and 148,755 people respectively. Situated in established retail destination, adjacent to a Tesco superstore and Gapton Hall Shopping Park. Low rents ranging from per sq ft. Average weighted unexpired lease term of 13 years excluding vacant unit. Let to B&Q, Pets at Home, Argos and exciting new letting to Home Bargains. Longer term development opportunity to develop B&Q builders yard into retail units. PROPOSAL WE ARE INSTRUCTED TO SEEK OFFERS FOR THE FREEHOLD INTEREST IN EXCESS OF 22,280,000 (TWENTY TWO MILLION, TWO HUNDRED AND EIGHTY THOUSAND POUNDS), WHICH REFLECTS A NET INITIAL YIELD OF 6.25%, ASSUMING PURCHASER S COSTS OF 5.8%, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT.

4 PASTEUR RETAIL PARK NR31 0DH PASTEUR RETAIL PARK // NR31 0DH // PROPOSAL // 4 Great Yarmouth is historically associated with the fishing industry, however, with the emergence of the North Sea oil and gas markets in the 1960 s, the town positioned itself as a service provider to the sector. More recently, the development of renewable energy sources, especially offshore wind power, has created further opportunities for support services in the town. In addition, Great Yarmouth and the surrounding area are a popular seaside tourist destination with in excess of 4 million holidaymakers visiting the area every year, contributing c 460m annually to the local economy.

5 Aylsham PASTEUR RETAIL PARK NR31 0DH North Walsham Honing 10 minute drivetime catchment PASTEUR RETAIL PARK // NR31 0DH LOCATION // CATCHMENT & // 5 20 minute drivetime catchment Stalham 20 minute drive time catchment 10 minute drive time catchment Catfield de A47 Taverham A11 Frettenham Rackheath Norwich A47 Poringland Brooke Ludham South Walsham North Burlingham A47 Acle Lingwood Reedham Chedgrave Martham Hemsby Scratby Filby Caister-on-Sea A47 Gorlestonon-Sea Belton A143 A12 Hopton GREAT YARMOUTH LOCATION Great Yarmouth is located on the eastern coast of the county of Norfolk, at the mouth of the River Yare, 20 miles east of Norwich and 10 miles north of Lowestoft. Great Yarmouth benefits from excellent road communications with the A12 running along its western boundary, connecting the town to Lowestoft and Ipswich to the south and Norwich, via the A47, to the west. The town is also well served by the national rail service with regular services to local destinations and hourly services to Norwich (approximately 30 minute journey time). CATCHMENT & ell ibenham Woodton A143 Bungay Hales Beccles A143 Blundeston Oulton Broad Lowesoft Great Yarmouth benefits from a primary catchment population of 113,000 people (source: PROMIS) and a 10 and 20 minute drive time catchment of 70,958 and 148,755 people respectively (source: CACI). The town is expected to see close to average growth in population for the period and enjoyed a per capita retail warehouse spend in 2013 of 475, above both the PMA Centre Type Average and Retail PROMIS average figures. A12 Per Capita RW Spend Great Yarmouth PMA Avg Centre A143 Promis

6 PASTEUR RETAIL PARK NR31 0DH PASTEUR RETAIL PARK // NR31 0DH // DESCRIPTION // 6 DESCRIPTION Pasteur Retail Park is made up of a single terrace of 5 retail warehouse units currently occupied by B&Q, Home Bargains, Pets at Home and Argos. The property was developed in 2004 and provides a modern purpose built retail warehouse park, extending to 121,938 sq ft (11,328 sq m) GIA. At each end of the B&Q unit is an external garden centre area and a covered builders yard. The units are of steel frame construction, with the main elevations being clad with attractive masonry below microrib cladding panels. Internally, the units are fitted to the tenant s specification, with Argos having installed a storage mezzanine. Service access is provided at the rear of each unit via a dedicated service yard. To the front of the scheme is a customer car park, which provides a total of approximately 519 spaces (1:235 sq ft). We calculate that the site area extends to approximately acres (5.04 hectares). The property is situated less than a mile west of the town centre in a highly prominent position at the roundabout junction of the A12, the main carriageway to the south, and Pasteur Road, which leads to the town centre. The park is highly visible from Pasteur Road and shares the roundabout with Jones Way, the main road serving the nearby Tesco superstore. The subject property is situated in the heart of the established out of town retail pitch serving Great Yarmouth and its catchment. Close to the subject property is the Gapton Hall Shopping Park, which extends to 130,000 sq ft and benefits from an open A1 planning consent. The landlord recently secured a letting to M&S Simply Food, with other occupiers including TK Maxx, Next, Boots, Poundstretcher, Sports Direct, Currys, Brantano, Outfit, Carpetright, Poundland and Halfords. The landlord is undertaking a major refurbishment of this scheme in order to capitalise upon the letting to M&S Simply Food and the open A1 consent. This scheme, together with the subject property, provides the main out of town provision for Great Yarmouth and its catchment. In addition, close by the subject property is a successful Tesco superstore and on Pasteur Road, between the subject property and town centre, are a number of standalone units occupied by B&M, Topps Tiles, Lidl, Matalan and Bensons for Beds. Directly opposite the subject property, a planning application has been submitted for a retail warehouse scheme extending to approximately 55,000 sq ft and we understand the developers have interest from Dunelm, Poundstretcher and Brantano. Planning consent has not been obtained for the scheme and there is uncertainty surrounding this. However, if the development does take place, this will further strengthen the general location as the established out of town retail pitch for the catchment.

7 PASTEUR RETAIL PARK NR31 0DH PASTEUR RETAIL PARK // NR31 0DH TENURE // TENANCY // SITE PLAN // 7 TENANCIES SERVICE CHARGE Thamesfield Way Pasteur Road Garden Centre Pasteur Road The property is currently let on 4 full repairing and insuring leases to B&Q, Pets at Home, Home Bargains and Argos. The most recent letting was to Home Bargains, which was agreed at the end of 2013 at a rent of 165,000 pa ( per sq ft), subject to a 3 month rent free period. A variation to the planning consent was obtained for this unit, which opened at the end of August The B&Q lease demise extends to part of the car park and their service yard for which they are solely responsible and do not contribute to the wider retail park service charge. Units 2 to 5 contribute on a pro rata basis to the service charge for the remainder of the estate. The budgeted service charge for 2014 equates to 1.06 per sq ft. To be let Builder s Yard Stafford Road Anson Road In April 2014 Paul Simon went into administration and ceased to trade from unit 2. Marketing of this unit has been delayed until Home Bargains has opened to trade. The vendors will be offering a rent guarantee at per sq ft on this unit for a period of 24 months, together with cover for rates and service charge for the same period. The current rental income (including the rent guarantee) is 1,473,537 per annum. TENURE The site as outlined in red is held freehold, with Thamesfield Way being adopted. EPC EPC ratings are shown below. Full reports are available on request. Albany Road Unit Tenant GIA (sq ft) Lease Start Term (Years) Expiry Date Unexpired Term (Years) Next RR Current Rent (per annum) Rent (per sq ft) % of Total Current Income EPC Rating Comment Unit 1 B&Q 84,438 24/06/ /06/ /06/19 971, % B Review assumes GF GIA 82,000 sq ft + FF GIA 2,438 sq ft Unit 2 To be let 5,000 75, % B Rental Guarantee Unit 3 Home Bargains 15,000 28/05/ /05/ /05/19 165, % C Unit 4 Pets at Home 7,500 24/06/ /06/ /06/14 112, % B Rent to be reviewed on 5th and 10th anniversaries to the lower of 2% pa compounded or OMV Service charge capped at 15,000 pa subject to RPI annual uplifts. Assumed area for review is 7,500 sq ft GIA Unit 5 Argos 10,000 02/08/ /08/ /08/14 150, % B Total 121,938 1,473, %

8 PASTEUR RETAIL PARK NR31 0DH PASTEUR RETAIL PARK // NR31 ODH PLANNING // TENANT COVENANTS // GENERAL INFORMATION // 8 TENANT S COVENANTS The park is let to national retailers classified as 5A1 by Dun & Bradstreet. Unit Tenant Name Year Ending Sales Turnover (000s) Unit 1 Unit 3 Unit 4 Unit 5 B&Q Plc TJ Morris Ltd Pets at Home Ltd Argos Ltd We summarise below the most recent accounts for each of the tenants. Pre Tax Profit/Loss Taxes (000s) Net Worth (000s) 02/02/13 3,697,000-44,100 4,305,500 28/01/12 3,710, ,300 4,368,500 30/06/13 1,058, , ,928 30/06/12 914,821 84, ,902 28/03/13 586,350 77, ,537 29/03/12 536,410 72, ,386 02/03/13 3,752,634 84,662 1,249,775 03/03/12 3,749,910 17,035 1,170,118 D&B Rating 5A1 5A1 5A1 5A1 PLANNING The property currently benefits from a restricted planning consent allowing the sale of bulky comparison goods consisting of building and DIY products; garden products and plants, pets and pet supplies, furniture, carpets, floor coverings and household furnishings, electrical and gas; vehicle accessories and parts, bicycles and cycle accessories, office supplies, computers and accessories and boating equipment (excluding boats) and any other goods which are ancillary and related to the main goods permitted; all other non food goods, with the exception of fashion clothing and footwear, may also be sold by a catalogue retailer only in Unit 5. This relaxation is personal to Argos whilst they trade from the unit. To accommodate the letting to Home Bargains, the following variation has been obtained: The exception shall be Unit 3, which shall also be used for the sale of household products (from an area of no more than 142 square metres); health and beauty products and medicines (from an area of no more than 142 square metres); games and toys (from an area of no more than 142 square metres); and food and drink (from an area of no more than 426 square metres). This is personal to Home Bargains whilst they trade from the unit. ASSET Following Home Bargains opening on the park, we anticipate an incoming purchaser should be able to secure a new occupier for Unit 2, which extends to circa 5,000 sq ft, at a rent in the region of per sq ft. A number of retailers have expressed a potential interest. In addition, we would highlight the changing nature of Gapton Hall Shopping Park where the owners have recently secured a letting to M&S Simply Food at a rent of per sq ft. We believe in the medium term there are opportunities for retailers such as Halfords, Carpetright, Brantano and Poundstretcher to be relocated, with the subject property providing an ideal location. We would also highlight that in 2008, planning consent was obtained facilitating a downsize of B&Q into a unit of circa 50,000 sq ft with the balance of their space providing two units together with three additional retail units on the current builders compound. Given the increasing desire for B&Q to rationalise their occupational space, we believe that in due course this an opportunity which could be exploited. Should the proposed development situated on the opposite side of Pasteur Road not proceed, then any potential demand from the likes of Dunelm could then be accommodated.

9 PASTEUR RETAIL PARK NR31 0DH SAVE PRINT VAT The subject property has been elected for VAT and it is expected that the sale will be treated as a TOGC. PROPOSAL WE ARE INSTRUCTED TO SEEK OFFERS FOR THE FREEHOLD INTEREST IN EXCESS OF 22,280,000 (TWENTY TWO MILLION, TWO HUNDRED AND EIGHTY THOUSAND POUNDS), WHICH REFLECTS A NET INITIAL YIELD OF 6.25%, 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@wilkinsonwilliams.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. Ref: // Pasteur Retail Park // Great Yarmouth Designed and produced by THE GROUP