Goldington Road Business Park Bedford MK41 0TA

Goldington Road Business Park Bedford MK41 0TA EXECUTIVE SUMMARY Freehold 42,956 sq ft retail warehouse investment opportunity Let to attractive covenant of Go Outdoors Ltd for an unexpired term in excess of 13 years Attractive 5 yearly review clause, with the next review in approximately 3.5 years South England location Total Current Rent of 350,000 per annum We are instructed to seek offers of 4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract, for the freehold interest, which reflects a net initial yield of 7.35%, after allowing for the usual purchasers costs of 5.75%, representing a capital value of 105 per square foot. For further information or to arrange an inspection, please contact: Mike Adcock Lambert Smith Hampton UK House, 180 Oxford Street, London W1D 1NN 020 7198 2234 madcock@lsh.co.uk Adam Robinson Jackson Criss 33 Great Portland Street, London, W1W 8QG 020 7637 7100 adamr@jacksoncriss.co.uk SUBJECT TO CONTRACT & EXCLUSIVE OF VAT September 2011

LOCATION Bedford is the commercial and administrative centre of the County of Bedfordshire located approximately 40 miles north of Central London and approximately 35 miles north of the M25. The town benefits from excellent road communications being strategically located 10 miles to the north east of Junction 13 of the M1 and 9 miles to the west of the A1, both of which can be accessed from Bedford via the A421 bypass. Other nearby centres include Milton Keynes which is 14 miles southwest of the city accessed via A421, Luton 19 miles and Northampton 21 miles. Luton Airport lies 18 miles to the south and the town is served by a regular train service into London St Pancras with the fastest journey time of 40 minutes. Site and location plans are attached within Appendix 1. SITUATION The property is located on Goldington Road (A428) approximately 3 miles to the east of Bedford town centre in a prominent retail warehousing location. The subject property benefits from prominent frontage onto the Goldington Road roundabout at the Junction of Norse Road and is easily accessed via Goldington Road (A428). The A421 provides access to the M1 and the A1. There are several other solus units on Goldington Road; occupiers in this area include Homebase, Wickes and The Home Store. St John s Retail Park is in close proximity situated to the south of the subject property, comprising 119,700 sq ft of bulky goods accommodation occupied by Homebase, Halfords, Curry s, Carpetright, Roseby s, Comet, Allied Carpets and PC World. PROPERTY DESCRIPTION A modern single storey retail warehouse of steel portal frame construction with a pitched profiled metal sheet roof. The property benefits from 142 car parking spaces 1:300 sq ft. The property is situated on a landscaped site of approximately 1.74 hectares (4.3 acres) providing a low site coverage of only 23%. ACCOMMODATION The subject property comprises of a 42,956 sq foot Gross Internal Area standalone retail warehouse. A schedule of photographs is attached within Appendix 2. TENURE The property is held freehold. TENANCY The entire premises is let to Go Outdoors Ltd on a FRI lease for a term of 15 years from 14 th May 2010, expiring on the 13 th May 2025. The rent is reviewed on a 5 yearly basis, upwards only assuming a hypothetical unexpired term of 10 years, with the next review in approximately 3.5 years. The current rent is 350,000 per annum representing 8.15 per square foot. A copy of the EPC is attached within Appendix 3.

COVENANT Go Outdoors Ltd Go Outdoors Ltd are the UK's biggest outdoor stores selling all aspects of outdoor leisure. Go Outdoors is an outdoor clothing and camping specialist stocking everything from camping, walking, cycling and fishing to climbing, mountaineering and adventure travel equipment. Mid way through 2009, Go Outdoors had 18 stores nationwide and a growing online business. In 2010 the company grew significantly with 25 stores nationally with two more Superstores being opened in October taking the total to 27 stores. Their web business is in the Top Ten league for Sports and Leisure as measured by Hitwise. Now in 2011 the store count reaches 30 Superstores with the latest additions being Manchester, York and Stoke. There are a further 7 stores planned this year. 3i, the venture capitalist, has just made a significant investment for a minority stake and Colin Holmes (formerly Tesco) has joined the Board as Chairman following the departure of John Lovering. For more information please visit http://www.gooutdoors.co.uk The company has a Creditsafe rating of 95/100 representing very good credit worthiness with a low risk of business failure. The most recent accounts are shown below: Date of Accounts 30/01/2010 24/01/2009 26/02/2008 Turnover 75,428,000 41,188,000 31,637,692 PreTax Profit 4,250,000 1,213,000 24,746 Shareholders Funds 10,320,000 7,217,000 6,475,351 PLANNING We understand that the property has a user clause within Class A1(a) of the Schedule of Town & Country Use Classes Order as amended, but for the specific sale of DIY goods (including garden centres), furniture, carpets, electrical goods, motor accessories, tents, camping, caravanning and outdoor activity equipment with an associated ancillary outdoor insulated/protective clothing and associated footwear range, occupying no more than 15% of the net retail area (the sale of such items shall only take place when the primary use of the building is for the sale and display of tents and camping equipment). VAT The property is elected for VAT. It is envisaged that the sale will be structured as a Transfer of a Going Concern (TOGC) and as such VAT should not be payable. PROPOSAL We are instructed to seek offers of 4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract, for the freehold interest, which reflects a net initial yield of 7.35%, after allowing for the usual purchasers costs of 5.75%, representing a capital value of 105 per square foot.

VIEWING AND FURTHER INFORMATION For further information or to arrange an inspection, please contact: Mike Adcock Lambert Smith Hampton UK House, 180 Oxford Street, London W1D 1NN 020 7198 2234 madcock@lsh.co.uk Adam Robinson Jackson Criss 33 Great Portland Street, London, W1W 8QG 020 7637 7100 adamr@jacksoncriss.co.uk SUBJECT TO CONTRACT & EXCLUSIVE OF VAT September 2011

APPENDIX 1 Site and Location Plans

6 25 24 GOLDINGTON ROAD BUSINESS PARK BEDFORD MK41 0TA.9m El Sub Sta GOLDINGTON ROAD 23.4m 24.2m 23.7m Pumping Station CR El Sub Sta GOLDINGTON ROAD Ward Bdy 24.4m 0m 10m 20m 30m Ordnance Survey Crown Copyright 2011. All rights reserved. Licence number 100020449. Plotted Scale - 1:1434

APPENDIX 2 Photographs

APPENDIX 3 EPC

1 S K - 3 1 3 1 4 0-6 6 7 5 6 3 6 8 7 2 6 5 Energy Performance Certificate Non-Domestic Building 338 This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e. c o. u k ). Some security features proves the authenticity of this document. Go Outdoors Norse Road BEDFORD MK41 0TA Certificate Reference Number: 9418-3098-0492-0600-3391 This certificate shows the energy rating of this building. It indicates the energy efficiency of the building fabric and the heating, ventilation, cooling and lighting systems. The rating is compared to two benchmarks for this type of building: one appropriate for new buildings and one appropriate for existing buildings. There is more advice on how to interpret this information on the Government's website www.communities.gov.uk/epbd. Energy Performance Asset Rating 312 364 More energy efficient A+ 3 0-9 4 1 8-3 0 9 8-0 4 9 2-0 6 0 0-3 3 9 1 - S K 3 1 3 1 4 0 6 6 7 5 6 3 - D C L G x E P C g e n 2 0 0 8 Net zero CO emissions 2 26 52 78 A 0-25 B 26-50 C 51-75 D 76-100 E 101-125 F 126-150 G Over 150 30 This is how energy efficient the building is. 286 Less energy efficient 104 Technical information Benchmarks 260 130 156 Main heating fuel: Building environment: 2 Total useful floor area (m ): Natural Gas Building complexity (NOS level): 3 2 Building emission rate (kgco 2/m ): Heating and Natural Ventilation 3538 40.4 Buildings similar to this one could have ratings as follows: 13 36 If newly built If typical of the existing stock 182 208 234

1 352 Administrative information This is an Energy Performance Certificate as defined in SI2007:991 as amended Assessment Software: Property Reference: G-ISBEM Standard v17.0 using calculation engine SBEM v4.1.c.3 482436910000 Assessor Name: Chris Haigh 330 Assessor Number: Accreditation Scheme: Employer/Trading Name: Employer/Trading Address: Issue Date: Valid Until: Related Party Disclosure: STRO006250 Stroma Accreditation PSG Energy PSG Energy, 6 Great Cliffe Court, Great Cliffe Road, Barnsley, S75 3SP 30 Aug 2011 29 Aug 2021 (unless superseded by a later certificate) Not related to the owner Recommendations for improving the property are contained in Report Reference Number: 0340-0649-1429-8998-3002 If you have a complaint or wish to confirm that the certificate is genuine 308 Details of the assessor and the relevant accreditation scheme are on the certificate. You can get contact details of the accreditation scheme from the Government's website at www.communities.gov.uk/epbd, together with details of the procedures for confirming authenticity of a certificate and for making a complaint. 22 286 44 66 88................................................. 264 110 132 154 For advice on how to take action and to find out about technical and financial assistance schemes to help make buildings more energy efficient visit www.carbontrust.co.uk or call us on 0800 085 2005 242 176 198 220