CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY

 
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS
•		 Cambridge is considered one of the most desirable cities in the UK within which to own commercial property investments.

•		 The city’s core strengths: its large, affluent and rapidly expanding catchment, its world renowned university and its huge tourist industry make Cambridge one of the strongest regional
    economies in the UK.

•		 The city is considered Britain’s pre-eminent research and development centre and has an established reputation as one of the world’s leading high technology business clusters.

•		 Over 17 million tourists visit the city every year, boosting the already affluent and rapidly growing catchment population.

•		 Each of these strengths combine to give Cambridge one of the highest employment rates in the UK and the city continues to deliver exceptional growth across all of the
    property sectors.

•		 The Grafton Centre is a key retailing location in its own right, conveniently situated on the east side of the city centre.

•		 The Centre is located in an area known as The Kite, a key area designated for further retail development within the local plan.

•		 The Centre comprises nearly 500,000 sq ft of retailing accommodation in 84 units with 1,150 car parking spaces.

•		 Anchored by Debenhams, the centre houses key retailers such as Next, H&M, TopShop and New Look in addition to an 8 screen Vue cinema.

•		 The centre benefits from an existing planning consent for a substantial refurbishment and re-modelling project. A purchaser will have the opportunity to initiate exciting plans to
    re-invigorate Grafton to once again become the favoured shopping destination for the wealthy local population.

•		 The property currently produces a total gross passing rent of £7,002,463 per annum with a net passing rent of £6,137,760 per annum. 92% of income is secured against national multiple
    retailers with 76% of the income expiring in excess of 5 years. The Weighted Average Unexpired Lease Term until lease expiry is just over nine years (or to six years excluding the
    anchor tenants).

•		 We are instructed to seek offers in the region of £92,500,000, which adopting our opinion of ERV and taking purchaser’s costs at 5.80% reflects the following approximate yield profile:

		 Net initial yield: 6.25 %
		 Nominal equivalent yield: 7.30%
		 True equivalent yield: 7.64%

CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
LOCATION
The world famous city of Cambridge is rich in history and           EDINBURGH
boasts one of the most vibrant economies in the UK. The city is
renowned for having one of the world’s leading institutions
                                                                                 NEWCASTLE UPON TYNE
for education. The city is also Britain’s pre-eminent research
and development centre and is widely recognised as one of the
world’s leading high technology business clusters.

The dynamic and charismatic city of Cambridge is the
administrative centre for the county and is located approximately             MANCHESTER
65 miles north of London, 58 miles south west of Norwich and
43 miles south east of Peterborough.
                                                                                PETERBOROUGH      NORWICH
                                                                      BIRMINGHAM
                                                                                      CAMBRIDGE

                                                                    CARDIFF       LONDON
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
CATCHMENT AND DEMOGRAPHICS

      Cambridge has a large, loyal and affluent primary catchment population of 557,000
      people, ranking it 28th of the 200 Promis retail centres in the UK. Between 2001 and 2011
      Cambridge was ranked the 4th fastest growing city in the UK and it is expected to see
      population growth significantly above the national average over the next few years.

      This population growth will be supported by the East of England’s plan, which requires
      a further 14,700 new houses to be built in Cambridge by 2021. There is currently
      exceptionally strong demand for housing in the city. The 2015 Centre for Cities report
      states that Cambridge is one of only 3 UK Cities where house price growth between 2013
      and 2014 increased by in excess of 10%.

Cambridge Acorn Profile

    25%           Wealthy Achievers   Urban Prosperity    Comfortably Off     Moderate Means   Hard-Pressed

    20%

    15%

    10%

     5%
                                                                                                                   The Cambridge catchment population is one of the most affluent in the country, ranked 16th
                                                                                                                   of the 200 Promis centres on this measure. CACI data shows that the Cambridge shoppers
     0%
                                                                                                                   are overrepresented in the following social categories: wealthy executives, flourishing
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                                                                                                                   families, prosperous professionals and secure families. In 2014 Cambridge had the 10th
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                                                                                                                   highest earnings of all UK cities (Centre for Cities, Cities Outlook, 2015).
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                                              Cambridge     East of England    UK

      Cambridge contains a particularly high proportion of young adults aged 15-24. The high
      proportion of young adults reflects the large student population with around 15,500 full
      time students at the University of Cambridge. Incorporating students from the Anglia
      Ruskin University and many independent learning institutions, the student population
      would account for 27% of the total population of Cambridge. Students are of a significant
      benefit to Cambridge’s economy as they have significant spending power and they benefit                 Cambridge has a large, loyal and
      from more leisure time and money than any other sector in the youth market.
                                                                                                                affluent primary catchment population...
CAMBRIDGE | EXCITING SHOPPING CENTRE INVESTMENT OPPORTUNITY
LOCAL ECONOMY
Over the last 30 years the Cambridge economy has experienced dramatic growth. It is at the
heart of one of the most dynamic sub regions within the UK and is widely recognised as a leading
location in the world for research and development (R&D). The 2014 Centre for Cities Report states
that Cambridge saw the largest increase in jobs between 2004 and 2013. This is often attributed
to the presence of the University of Cambridge, which ranked 2nd internationally in the 2012 QS
World University Rankings behind only Massachusetts Institute of Technology and ahead of Harvard
University and University College London.

Cambridge is situated within a government identified area for sustainable economic growth and is
the fastest growing region in the UK outside of London as a result of the world-leading high
technology business cluster and business opportunities from the University’s transfer of technology.
Major employers in the R&D sector include ARM Holdings, which employ over 1,700 people, and
Cambridge Antibody Technology, which employs around 570 people. The main activity focuses on
the Cambridge Science Park, located two miles north of the city centre, where there are around 90
companies employing over 5,000 people. Astra Zeneca have announced that it will be moving its
global headquarters to Cambridge in a new £330 million facility creating 2,000 new jobs.

Cambridge is also home to a number of high profile medical research institutes, including Cancer
Research UK, The Wellcome Trust Sanger Institute with over 800 staff and the Babraham Institute
which employs over 300 staff, all taking advantage of the research expertise available in the city.

In addition to R&D there is a high proportion of people employed within the finance and business
services sector, which is partly due to a large number of firms providing professional expertise
or technical support to the many start-up companies that characterise Cambridge’s economy.
Major employers include Deloitte, PwC, Grant Thornton, Brossard De Bayle and Throgmorton
Private Capital.

The University of Cambridge has been established for over 800 years and is the city’s single largest
employer. There are 32 Colleges and over 150 departments incorporated within the University
campus. The University, Colleges, Cambridge University Press and Cambridge Assessment
collectively employ over 11,700 people directly and indirectly support more than 77,000 jobs in the
region. Cambridge University is very well funded and the generosity of benefactors has enabled the
University to create a new science and technology campus to the west of the city centre. The
University is now looking to expand to the north west of Cambridge. The city has a number of other
higher education establishments and several hospitals, including Cambridge University Hospitals,
which employs over 7,000 people.

...at the heart of one of the most
          dynamic sub regions within the UK
Cambridge’s economy benefits from having an innovative workforce. In the UK, the city has more
patents per 100,000 residents approved (94.5%) than the next ten most innovative cities combined,
including Edinburgh, Oxford, Aberdeen and Milton Keynes (Centre for Cities, Cities Outlook, 2015).

The Cambridge economy is boosted further by a huge tourist industry. It is estimated that
approximately 17.2 million people visit the city each year generating £1.594 billion for the local
economy. The tourist sector is also a major employer with over 6,500 jobs sustained by tourism in
Cambridge and the surrounding area.

With a strong local economy and employment base, the recession has had less of an impact on
employment levels within Cambridge than across the UK generally and consequently unemployment
in Cambridge is significantly below average. Cambridge experienced the second highest employment
rate in the whole of the UK between July 2013 and June 2014 and had the lowest JSA claimant count
at 0.7% compared to the UK average of 3.8% (Centre for Cities Report 2015).

                                                                                                     The buoyant economy will continue to grow, enhanced by three key developments within Cambridge.
                                                                                                     To the south of Cambridge, close to Addenbrookes Hospital, an additional 4,000 new homes have
                                                                                                     planning permission. To the north west of Cambridge, towards Madingley, around 83 hectares of land
                                                                                                     owned by the University of Cambridge is being developed to provide 3,000 new homes and other
                                                                                                     key services such as a library and a medical centre. To the north east of Cambridge, in Chesterton,
                                                                                                     there is to be significant development of office space, light industrial units and a new £26m railway
                                                                                                     station. This station will be on the main line between Cambridge and Ely and will benefit from direct
                                                                                                     trains running to London Kings Cross and London Liverpool Street, Norwich and King’s Lynn. It is
                                                                                                     anticipated that the station could be delivered by 2015 and that after three years of being operational
                                                                                                     it will be used by circa 800,000 people.

                                                          ...circa 17.2m people visit the city each year generating
                                                                                     £1.594 billion for the local economy
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                                                              70                                                                                                                                                                                                                        STOKE-ON-TRENT
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                                                                                                                                                         38

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                                                                                                                                                                                                                                                                  Malvern                                               A44          Evesham                                                                   Banbury                                                                                                                                                                                     A50
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                                                                                                                                                                                                                                                                                                                                                                                                                                           A43                      Milton                                                                                                                     Royston                                                                                                                   A1                                                           A14

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                                                                                                                                                                                                                                                                                                                                                                                                                         A42                                                                                                                                                                                                                                                                                               34
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Keynes                                                                                                                                                                                                                                                                      A12

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A1
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                                                                                                                                                                                                      65                                                                                      Tewkesbury                                                                                                                                                                                                               M1                                                                                                                                                                                                                                                             Harwich

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                                                                                                                                                                                                                                                                                                                                                                                                                                A4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Hitchin
                                                                                                                                                  A47

                                                                                                                                                                                                                                                                                                                                                                                                   A4                                                                                Leighton A5                                                                                                                                                                                                                                            A12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      A120
                                                                                                                                                     9

                                                                                                                                                                                                                                                                                                                                                                                                     4                                                                                                                                                                                                                                                                                                                                           0
                                                                                                                                                                                                                            A49
                                                      A4
                                                        0                                                                                                                                                                                                                                                                                                                                                                                                                             Buzzard                                                                        Stevenage                                                                                                     Braintree
                     Carmarthen
                                                                                                                                                                                                                                                                  GLOUCESTERSHIRE
                                                                                                                                                                                                                                                                                                    Cheltenham                                                                                                                                                                                                                       Luton                                                                                                STANSTED
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Colchester
                                                                                                                                                                                                                                                        A40                                                                                                                                                      Bicester                                                                  Dunstable
                                                                                                                                                                                                                                                                                               Gloucester                                                                                                                                                                                                                                                                                            Bishop's

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               A133
                                                                                                                                                                                                                                                                                                                                                                                                                                                       A41
                                              A483

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              A120
                                                                                                                                                           A4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Stortford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A10
                         A48                                                                                                                                  0                                                                   0                                                                                                                                                                                                                                                                                                     LUTON
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              A1(M)

                                                                                                                                                                                                                                                                                                                                                                                                                         4
        A40                                                                                                                                                                                                                  A4                                                                                                                                                                                                                                                                                                                                                                                                                            A1
                                                                                                                                                                                                                                                                                                                        A436

                                                                                                                                                                                                                                                                                                                                                                                                                       A3
                                                                                                                                                                            Abergavenny                                                                                                                                                                                                             Kidlington
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Clacton-on-Sea
                                                                                                                   A47

                                                                                                                                                                                                                                                                                                                                                                                                                                                       Aylesbury                                                                                                                                                       M11                                                Witham                        A1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Hertford
                                                                                                                     0

                                                                                                                                                                                                                                                                                                                                                         A40
                                                                                                                               MerthyrA465                                                                                                                                                                                                                                                         Witney                                                                                                       Tring         Hemel

                                                                                                                                                                                                                                                                                                                                              29
                                               Ammanford

                                                                                                                                                                                                                                                                                                               A41

                                                                                                                                                                                                                                                                                                                                            A4
                                                                                                                               Tydfil                                                                                                                                                                                                                                                 A40
                                                                                                                                                                                                                                                                                                                                                                                                                         Oxford                                                                                               Hempstead                              Hatfield                                       Harlow

                                                                                                                                                                                                                                                                                                                  7
                                                                                                                                                                                                             A40

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A4
                                                                                                                                                                                                                                                                                        Stroud                                                                                                                                                                                                                                                                                                  Hoddesdon                                    Chelmsford

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           1
                                                                                                                                                                        A404

                                                                                                                                                                                                                                                                                                                                                                                                                                  A4
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Thame

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             A413
                                                                                       65                                                                                                                                                                                                                                                                                                                                           0
                                                                                                                                                                                                                                               8

                                                                                     A4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Maldon
                                                                                                                                                                                                                                             A4

                                                                                                                          Aberdare                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A414

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A10
                                                                                                                                                                                                                                                                                                                                    Cirencester
                                                                                                                                                                            2

                                                                                                                                                                                               49

                                                                                                                                                                                                                                                                                                                   A419
                                                                                                                                                                         Pontypool
                                                                                                                                                                                           A4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           2
                               Llanelli                                                                                                                                                                                                                                                                                                                                                                                                                                              Amersham                                                                              M25                                                                        A1

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       A130
                                                                                                                                                                                                                                                                                                                                                                                            A420                       Abingdon                                                                                                    Watford
                                                             Neath
                                                       Swansea                                                                                                              Cwmbran                                                                                                                                                                                                                                                                                                                                                                                                       Enfield
                                                                                                                                                                                                                       Chepstow                                                                                                                                                                                                                                                                                                                M1                   Barnet                                          Chigwell                        Brentwood
                                                                                                                                                                                                                                                                                                                                                                                                                         Didcot                                            M40                            Beaconsfield                                                                                                    A12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Rayleigh
                                                                                                                                                                                                                                                                                        33

                                                                                                                                                                                                                                                                                                                                                  A4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               6                                                                                                                     A12
                                                                                                                                                                                                                                                                                   A4                                                                                                                                                                                                                                                                                     A40

                                                                                                                                                                                                                                                                                                                                                   19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        7
                                                                     Port                                                               Pontypridd                              Newport                                                                                                                                                                                                                                                                                                                             Harrow                                                                                                                                  A127          Basildon
                                                                                                                                        A4

                                                                     Talbot                                                                  Caerphilly                                                                                                                                                                                                                                                                                                           Marlow                                                        A40                                                                                                                                                                                     Southend-on-Sea
                                                                                                                                          70

                                                                                                                                                                                                                                                                                                                                                                 Swindon                                                                                                                                                                                0 6                                                                               M25

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          A13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Uxbridge             A4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A1
                                                                                                                                                                                                           SECOND SEVERN                                                                                                                                                                                                                                                                Maidenhead
                                                                                                                                                                                                                                                                                                           9                                                                                                                                                                                                                                              LONDON
                                                                                                                                                                                                                                                                                                        A42                                                                                                                                                                                                                                                                                            CITY
                                                                                                                                                                                                           CROSSING OPEN                                                                                                                                                                                                                                                                                                Slough
                                                                                                                                                                                                           SUMMER 1996
                                                                                Porthcawl Bridgend

                                                                                                                                                                                                                                                                                                                                                                                                                A34
                                                                                                                                                                                                                                                                                                                                                                      A346
                                                                                                                                                      CARDIFF                                                                                                                                                      LYNEHAM                                                                                                                                                              Windsor                                                A4             Richmond                                                                                         Tilbury
                                                                                                                                                                                                                                                                                                               Chippenham                                                                                                                                                                                                          HEATHROW                                                                                  A2
                                                                                                                                                                                               Clevedon
                                                                                                                                                                                                                                       BRISTOL                                                                                                                                                                                                                                                                                                                                                                                                       A2
                                                                                                                                                                                                                                                                  A4

                                                                                                                                                                                                                                                                                                        A350

                                                                                                                                              Barry                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              A28
                                                                                                                                                                                                                                                                      6

                                                                                                                                                                                                                                                   A4
                                                                                                                                                                                                                                                                                                         Melksham                                                                                               Newbury
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Chatham                                                                             Whitstable
                                                                                                                                                                                                                  8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A299
                                                                                                                                                                                                                                       A37

                                                                                                                                                                                Weston-
                                                                                                                                                                                                              A3

                                                                                                                                                                                                                                                                 Bath                                                                                                                                                                                                                                                                                            SuttonCroydon            A232                                                                                                                                Sittingbourne                                    A253                          Ramsgate
                                                                                                                                                                                super-Mare                                                                                                                                         Devizes                                                                                                                                               Camberley                                                                                                                                                                                                                                   Faversham                               A28
                                                                                                                                                                                                                  BRISTOL                                                                                                                                                                                                                                                                                                                                      Epsom

                                                                                                                                                                                                                                                                                                                                                                                                                 4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 9

                                                                                                                                                                                                                                                                                                                                                                                                                A3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              A24
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Woking                                                                                                                                                                                                                                          Canterbury
                                                                                                                                                                                                                                                                          A36

                                                                                                                                                                                                                                                                                                                                                                                                                                                   3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A23
                                                                                                                                                                                                                                                                                                                                                                                                                                                 A3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   A22
                                                                                                                                                                                                                                                                                             Trowbridge                                                                                                                                                                                                                                                                                                                                                                                                                                    A2

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     A2
                                                                                                                                                                                                                                                                                                                                                                              A33
                                                                                                                                                                                                                                                                                                                                                                                                                                                 COMMUNICATIONS

                                                                                                                                                                                                                                                                                                                                                                                                                           A3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Leatherhead                                                                          Sevenoaks

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  28
                                                                                                                                                                                                                                                                                                                                                                               8

                                                                                                                                                                                                                                                                                                                                                                                                                             39
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Maidstone

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A2
                                                                                                                                                                                                                                                                                  61

                                                                                                                                                                                                                                                                                                                                                                                                                                         Basingstoke

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        A3
                                                                                                                                                                                                                                                                                A3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Deal

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Aldershot                                                Dorking                                                                                             A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            RedhillOxted

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        A256
                                   Ilfracombe                                                                                                                               Burnham-on-Sea                                                                                                                                                                                                                                                                                                                                                              Reigate                                                                                                                                                                                    8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 A2
                                                                                                                  Minehead                                                                                                                                             Frome                                                                                                                        Andover                                                                          Farnham                                Guildford                                                                                                              Tonbridge
                                                                                                                                                                                                                                                          A361                                Warminster                                                                                                                                                                                 A31
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A2

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          A22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Godalming

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            A229
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                CHANN

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    A24
                                                                                                                                                                                                                                                                                                                  A3                                                                                                                                                                                                                                      GATWICK                                      East                                                                                                                          Ashford                    EL                                    Dover
                                                                                                                                                                                                                                                                                                                    6              A303                                                                           A303                             Alton                                                                                                                                                                                       Tunbridge Wells
                                                                                                                                                                                                                                                                                                                                                                                                                                                 Cambridge benefits from an extensive          transport network with the M11 providing a direct route
                                                                                                                                                                                                                          61                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           A20
                                                                                                                                                                                                                        A3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Crawley    Grinstead                                                                                            A26

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  A2070
                                                                                                                                                                                         A39                                                                                                                                                                                                                                                                                                                                                                                                     4
                                                                                                                                                                                                                                                                                                                                                                 38
                                                                                                                                                                                                                                                                                                                                                               A3

                                                                                                                                                                       Bridgwater                                                                                                                                                                                                                                                                                                                                                   Folkestone

                                                                                                                                                                                                                                                                                                                                                                                                                A34

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4
                                          Barnstaple
                                                                                                                                                                                                                                                                                                                                                                                                                                                 to London and the M25, while
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Horsham the A14 dual carriageway links the city with the Midlands and East

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               1
                                                                                                                                                                                                                                                                                                                                                                                                                                                   31                                                                                                    A26
                                                                                                                                                                                                                                        7

                                                                                                                                                                                                                                                                                                                                                                                                                                                  A           Haslemere                                                        Hythe
                                                                                                                                                                                                                                      A3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                               A3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  A26

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       59
                                                                                                                                                                                                                                                                                                                                                               Salisbury                                        Winchester                                                                         Crowborough

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              A22
                                                                                                                                                                                                                                                                                         0
                                                                                                                                                                                                                                                                       03

                                                                                                                                                                                                                                                                                                                                                                                                                                                 Coast ports.
                                                                                                                                                                                                                                                                                        A35
                                                                                                                                                                                                                                                                       A3

                         Bideford                                                                                                                             Taunton                                                                                                                                                                                                   A3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Haywards
                                                                                                                                                                                                                                                                                                                                             54
                                                                                                                                                                                                                                                                                                                                                                          6                                                                                                           Heath
                                                                     A3
                                                                       61                                                                                                                                                                                                                                                                  A3                                               Romsey                                                                Petersfield                        A272
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Uckfield
            A39                                                                                                                                                                                                  03
                                                                                                                                                                  A3

                                                                                                                                                                                                             A3                                                                                                                                                                                                  Eastleigh

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         A23
                                                                                                                                                                   58

                                                                                                                                                                                                                            Yeovil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Lydd/Ashford
                                                                                                                                                                                                                                                                                                                                                          A338

                                                                                                                                                                                                            A3
                                                                                                                                                                                                                                                                                                                                                                                 Cambridge is served by a main line railway station, which provides frequent direct trains to both

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  A2
                                                                                                                                                                                                              08

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   1
                                                                                                                                                                                                                   8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           A2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 A259

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 A26
                                   A3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                A2
                                                                                                                                                                               3
                                                A3
                                      8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           A2

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  2
                                                                                                                                                                            A30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Hastings
                                    6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             83
                                                  77

                                                                                                               Tiverton
                                                                                                                                                                                                                                                                                                                                                                                 London
                                                                                                                                                                                                                                                                                                                                                                                     Havant Kings      Cross (45 mins)Brighton   and London
                                                                                                                                                                                                                                                                                                                                                                                                                                      Lewes
                                                                                                                                                                                                                                                                                                                                                                                                                                                  Liverpool      Street (1 hour). There are also frequent trains
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   A27
                                                                                                                                                                                                                                                                                                                                                                   SOUTHAMPTON
                                                                                                                                                                                                                                                                                                                                                                        1
                                                                                                                                                                                                                                                                                                                                        Ringwood                      A3                                                                            Hailsham                   A27                                                                                                                                                                                      A259
                                                                                                                                                                                                                                                                                                                                                              Hythe                         Chichester                                                          Bexhill-                                                       A27
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               SHOREHAM                                                             A27

                                                                                                                                                                                                                                                                                                                                                                                 to King’s Lynn, Birmingham,           WorthingLiverpool,Newhaven
                                                                                                                                                                                                                                                                                                                                                                                                                                            Manchester, Nottingham              and Sheffield. Cambridge Railway
                                                                                                                                                         0

                                                                                                                                                                                                                                                                                                                                                     1
                                                                                                                                                                                                                                                                                                                                                                 Fawley   Fareham                                                                               on-Sea
                                                                                                                                                      A3

                                                                                                                                                                                                                                                                                                                                                   A3                                                        Littlehampton       Hove
                                                                                                                                                                                                                                                                                     54        A3
                                                                                                                                                                                                                                                                                   A3              50
                                                                                                                                                                                                                                      A37

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             A22
                                                                                                                                                                                                                                                                                                                                                   A338

                                                                                                                                                                                                                                                                                                                                                                            Gosport
                                                                                                                                                                                                                                                                                                                                                                                 Station is currently  Bognor in the process of being             redeveloped
                                                                                                                                                                                                                                                                                                                                                                                                                                                      Eastbourne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       to  enable it to cope with its 10 million visitors
                                                                                                                                                                                                                                                                                                                                      8

                                                                                                                                  A30                                                                                                                                                                                                                                                                                                       Seaford
                                                                                                                                                                                                                                                                                                                                     A34

                                                                                                                                                                                                                                                                                                                                                        Lymington              Portsmouth
                                                                                                               Exeter                                                                                       Bridport                                                                         A31
                                                                                                                                                                                                                                                                                                          A35                                                       Cowes                              Regis
                                                                                                                                                                                                     A35                                                                                                                                         New Milton                  Ryde
                                                                                                                                               Sidmouth
                                                                                                                                                                                                                                                         Dorchester                                                             Poole      Christchurch
                                                                                                                                                                                                                                                                                                                                  Bournemouth                         Newport
                                                                                                                                                                                                                                                                                                                                                                                 per  year.  The     new     mixed       use    development        will provide      an   improved    transport interchange for the city.
               A30
95
                                                                                                                   A37

                                                                                                                                                                                                                                                                                                                                                                                                                                         Sandown
                                                                                                                      6
                                                                                                      A380

                                                                                                                                                                                                                                                                                                                                                                                                                                        Shanklin
                                                                                                                                                                                                                                                                                                                                                                                                                                                 Public transport services in Cambridge have been significantly transformed and improved
     A388

                                                                                                         Exmouth
                                                                                                      Dawlish                                                                                                                                           Weymouth

                                                                      A3
                                                                         8                          Teignmouth
                                                                                               Newton Abbot
                                                                                                                                                                                                                                                                                                                                                                                                                                                 following the opening of the Cambridgeshire Guided Busway service. This provides a
                                                                                                                                                                                                                                                                                                                                                                                                                                                 frequent service along the A14 corridor linking Huntingdon and St Ives to central Cambridge,
                               6
                           A38

                         PLYMOUTH
                                                                   A385
                                                                                                          Torquay
                                                                                                    Paignton                                                                                                                                                                                                                                                                                                                                     including the station, and also Addenbrookes Hospital and Trumpington to the south.
                     Saltash
                                 Plympton
                      Torpoint                                                                               Brixham

                                                                                                                                                                                                                                                                                                                                                                                                                                                 Cambridge benefits from convenient access to Stansted Airport, which is 30 miles to the south of
                                                                                                                                                                                                                                                                                                                                                                                                                                                 the city and is accessed via the M11. Cambridge also has its own airport used mainly by business
                                                                                                                                                                                                                                                                                                                                                                                                                                                 and training flights.
RETAILING IN CAMBRIDGE
Cambridge is one of the leading retail destinations in the UK with the city’s vibrant economy supporting a diverse, thriving retail offer. The city provides approximately 1.49 million sq ft of retail floor space, of
which 39% of this is managed floor space. Cambridge’s total in-store comparison retail expenditure stood at £1.45bn in 2014 ranking it 24th in the UK. A high proportion of spend is retained in Cambridge since
it is some distance from major competition and these centres provide a weaker retailing provision.

The historic retail core of Cambridge is centred on Petty Cury, Market Hill and Market Street, with Trinity Street to the west and St Andrews Street and Sidney Street to the east. These streets form the natural
prime shopper circuit and have an exceptionally high level of footfall.

Rents in Cambridge have grown, on average, by 5% year on year since 1987 (Source PMA). Cambridge’s historic core has a strong fashion offer with a particularly high number of the upper end fashion retailers
including Reiss, Jigsaw, Jaeger, Joules, French Connection and Jack Wills. However, the colleges, churches and other historic buildings dominate the city centre and large, modern shop units are not easily
accommodated within this environment.
MIDSUMMER
                                                                                                                                                                                                                                                              COMMON
                                    SID

                                                                                              NE
                                        NE

                                                                                         LA                                                                                                                                                                                                                                                                                                                ROAD
                                          Y

                                                                                    US                                                                                                                                                                                                                                                                                                    ARKET
                                          ST

                                                                             JE
                                                                                S                                                                                                     JESU
                                                                                                                                                                                             S LAN                                                                                                                                                                              NEWM
                                              RE

                                                                                                                                                                                                        E
                                               ET

                                                                                                                                                                                                                                                                                                                  WA Y
                                    T

                                                                                                                                                                                                                                                                                 MAIDS C AUSE
                          N’S STREE

                                                                                                                                                                                                                                                                                                                                                                                                           1150
                                                                                                                                                                                                                                                                                                                                                                                                           SPACES
                                                               SID
                  S T J OH

                                                                                                                                    KING STREET                                                    KING STREE T
                                                                    NE

                                                                                                                                                                                                                                                                                                       287

                                                                                                                                                                                                                                                                                                                                                                                                                                   AD
                                                                                                                                                                                                                                                        WILLOW WALK
                                                                     YS

                                                                                                                                                                                                                                                                                                       SPACES

                                                                                                                                                                                                                                                                                                                                                                                                                              RO
                                                                         TR
                                                                         EE T

                                                                                                                                                                                                       CHRIST’S PIECES                                      NEW
                                                                                                                                                                                                                                                                  SQ U

                                                                                                                                                                                                                                                                                                                                                                                                                            ST
                                                                                                     ST

                                                                    ET                                                                                                                                                                                                ARE                                                                               THE
                                                                                                                  H OB S

                                                               RE
                                                                                                   X

                                                                                                                                                                                                                                                                                             FITZROY STREET

                                                                                                                                                                                                                                                                                                                                                                                                                       EA
                                                          ST
                                                                                               SE

                                                      N                                                                                                                                                                                                                                                                                               GRAFTON
                                                                                          US

                                                 EE                                           S                                                                                                                                                                                                                                        BU
                                              GR

                                                                                                                                                                                                                                                                                                                                                                                                                    03
                                                                                                                    O N ST

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                                                                                                                           CAMBRIDGE
                                                                                                                           UNIVERSITY

There are three shopping centres in Cambridge: The Grafton,                                                                                                                                                                                                         positioned at the start of the short walk across Christ’s Pieces
Grand Arcade and Lion Yard. The Grand Arcade opened in 2008                                                                                                                                                                                                         to The Grafton. Fitzroy Street leads directly from Christ’s Pieces
and links into the Lion Yard, Petty Cury and Sidney Street. The                                                                                                                                                                                                     to the main entrance to The Grafton on the corner of Burleigh
Grand Arcade provides a high end, premium retail offer and is                                                                                                                                                                                                       Street and Fitzroy Street. This whole area benefited from the
anchored by a John Lewis department store. Other key retailers                                                                                                                                                                                                      opening of Primark on Burleigh Street in 2009, which dramatically
include Russell and Bromley, Gant, Links of London, Ted Baker                                                                                                                                                                                                       increased the foot flow. Fitzroy Street has further benefited from
and Hollister. Target tenants for the scheme are high end                                                                                                                                                                                                           the opening of a new format Waitrose convenience store.
retailers, predominantly international retailers who are looking
to diversify outside of London. Lion Yard is connected to The                                                                                                                                                                                                       The Grafton is anchored by Debenhams and BHS and is
Grand Arcade, essentially forming a single shopping centre. It is                                                                                                                                                                                                   primarily focused on main stream high street retailers and young
anchored by New Look on the first floor of the scheme and other                                                                                                                                                                                                     fashion. The centre also benefits from an 8 screen multiplex
retailers include Superdry and Sportsdirect.                                                                                                                                                                                                                        Vue cinema and a food court, as well as offering significant
                                                                                                                                                                                                                                                                    parking. Being located on the edge of the traditional city centre,
Christ’s Lane, which was developed in 2007, further enhances                                                                                                                                                                                                        this area benefits from fewer historic buildings restrictions and
the retail offer in Cambridge with tenants including Zara, H&M                                                                                                                                                                                                      importantly is much less congested.
and the recently opened Metro Bank. This development is
RETAIL PARKS                                                                                               RETAILING COMPETITION
There are two significant retail parks in Cambridge. Cambridge Retail Park, to the east of the city        There is very little leakage of spending from the Cambridge catchment due to the distance to
centre provides the main out of town provision with retailers including Boots, Burton/Dorothy Perkins      competing towns, their generally weaker retailing provision and the loyal and affluent catchment.
and Argos. Adjacent to Cambridge Retail Park there is a small cluster of retail warehouses with            The main competitor is Peterborough, which is around a 50 minute drive to the north west and has
tenants including B&Q, Staples and DFS.                                                                    a significantly lower representation of multiples and lacks the range of up-market and speciality
                                                                                                           retailers that are present in Cambridge. To the south, Luton is 38 miles away and to the west,
Further along Newmarket Road is the Beehive Centre, which was built in the 1980s. The park is              Northampton is 60 miles and to the east, Ipswich is 54 miles. All of these locations offer an inferior
anchored by Asda, alongside Hobbycraft, Maplin, TK Maxx, HomeSense and Next Home.                          retail provision to Cambridge.

Cambridge Leisure Park is the only leisure park in Cambridge and is located on the south eastern
edge of the city centre. The park is anchored by Cineworld, LA Fitness and Tenpin alongside a
number of A3 operators including Nando’s and Frankie & Benny’s. There is also a Travelodge and
Tesco Express.

                                                                                                        Cambridge sees very little leakage
                                                                                                              of spending from its catchment
THE GRAFTON
The property is located to the south east of the historic core,
on the corner of Burleigh Street and Fitzroy Street in the heart of
an area known locally as The Kite. The Kite area was originally
identified in 1959 by The University of Cambridge as being the
ideal location for a regional shopping centre as it was easily
accessible from the Cambridge ring road and its location outside
the city centre would ease the pressure on Cambridge’s historic
core.

The property provides just under 500,000 sq ft of retail and
leisure space. The centre, together with Fitzroy and Burleigh
Street, create their own retail pitch, which is conveniently
accessed via car or public transport and benefits from the
presence of Primark. The Centre further benefits from its
proximity to Anglia Ruskin University, which has recently
benefited from a £35 million refurbishment which has now been
completed and has re-opened in September 2011.

                                                                      The Grafton Centre, together with Fitzroy and
                                                                        Burleigh Street consists of just under 500,000 sq ft
                                                                               of retail and leisure space across 84 units
The centre was originally built in 1983 but was refurbished and
                                                          extended in both 1995 and 2004. The covered centre is
                                                          principally arranged over one floor with a food court positioned
                                                          at first floor. There is one main mall running in a west to east
                                                          direction. There is also a small horse-shoe shaped mall at the
                                                          west end of the scheme, known as Eden Hall, which houses a
                                                          number of specialist retailers.

                                                          The centre is anchored by Debenhams located near the centre
                                                          of the scheme and BHS located at the eastern end. Other major
                                                          retailers include Next, H&M, New Look, Boots and Topshop.
                                                          There is also an 8 screen multiplex Vue cinema, which was
                                                          developed as part of the extension in 1995, and a food court on
                                                          the first floor, with retailers including Bella Italia, Café Lavazza
                                                          and Burger King.

                                                          The main entrance to the scheme is from Fitzroy Street, which is
                                                          a busy pedestrianised street that provides the main thoroughfare
                                                          between the city centre retail area and The Grafton. There are
                                                          also additional entrances from Burleigh Street (opposite Primark),
                                                          Napier Street, Wellington Street and East Road.

...anchored by Debenhams and BHS, with other key
    retailers including Next, H&M, New Look and Topshop
GROUND FLOOR PLAN
    GAME

                    USC
FIRST FLOOR PLAN

                                 P
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                          (1000) (ESTIMATE
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                                                   VACANT
FITZROY STREET
The retail units on the north
side of Fitzroy Street are
included in the vendor’s
ownership. This well-used
thoroughfare benefits from
strong pedestrian footfall
and key tenants in the street
include a Little Waitrose,
Patisserie Valerie, HMV and
Caffé Nero.
RESIDENTIAL
The Grafton was built nestled into a residential area of Cambridge. It is therefore not surprising
that some of the space within the scheme and above the retail units is used for residential
accommodation. There are thirteen flats located above the retail units on Fitzroy Street. In addition
there are four flats that sit above the Eden Hall and are accessed from Burleigh Street. These
residential units are let on long leases and are effectively privately owned. Finally, above
the retail units to the north of The Grafton there are twenty two flats, accessed from Christchurch
Street, which are leased and run by King Street Housing Society Limited.

CAR PARK
The centre benefits from two large car parks that are managed and operated by Cambridge City
Council and provide approximately 1,150 car parking spaces. Grafton East multi-storey car park
provides 870 spaces and is accessed off East Road whilst Grafton West, which is situated off Fitzroy
Street, has two levels of parking providing 280 spaces.

The two car parks (Grafton East and Grafton West) are let on a long leasehold to Cambridge City
Council expiring in 2107 on a peppercorn rent. The City Council manage and run the car parks.

Current car parking charges in both car parks are as follows:

 Length of Stay                           Monday to Friday                       Saturday
                                            8am to 5pm                          9am to 5pm
 Up to 1 hour                                    £2.00                              £2.20
 Up to 2 hours                                   £3.60                              £4.30
 Up to 3 hours                                   £5.50                              £6.10
 Up to 4 hours                                   £9.10                             £10.40
 Up to 5 hours                                  £16.50                             £17.50
 Over 5 hours                                   £24.00                             £24.00
 Evenings and overnight                     £0.80 per hour                     £0.80 per hour
 Season tickets                                              Emissions based

The centre is also easily accessible by public transport. The bus interchange, which is located
immediately outside the East Road entrance to the scheme, was extensively upgraded in 2000 and
is serviced by four of Cambridge’s five park and ride services with buses every 10 minutes. This bus
interchange helps to contribute to The Grafton’s meaningful footfall.
FOOTFALL
The annual footfall for the
centre in 2014 was 9,381,274,
equating to an average
weekly count of 180,409.
40% of the footfall enters the
scheme from Fitzroy Street,
16% from Burleigh Street
and 15% from the car park
escalators.
tag

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       17

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1 to 15

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            9
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  3              4

                                                                                                                                                                                                                                                                                                                                                                                                                            41
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          PO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 1                3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   NAPIER
                                                                                                                                                                                                                                                                                                                                                                                                                             40

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1a
                                                                                                                                                                                                                                                                                                                                                                                               4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Byron

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           CHRISTCHU
                                                                                                                                                                                                                                      50                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               6                                                     House
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          LB

                                                                                                                                                                                                                                                                                                                                                                                                               JAMES STRE
                                                                                                                                                                                 38

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    2a 3a
                                                                                                                                                                                                                                                                                                                                                                                              6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Cobble Yard

                                                                                                                                                                                                                                                                                                                                                                                              5

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         SEVERN PLA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          STR
                                                                                              24

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 36
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Hall

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       EET
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           6

In 2014 The Grafton generated £243,064 from commercialisation

                                                                                                                                                                                                                                                                                                                                                                                                                                  37
                                                                                                                                                                                                                                                                                                                                                                                                   8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     RCH
                                                                                                                                                                                                                                                                                                                         64                                                                                                                                                                                                                                                                                                                                                                                                 8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   El Sub Sta

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      4a 5a
                                                                                                                                                                                                                                                                                                                                                                                                                   ET
                                                                                                                                                                                                                                                 Causeway

                                                                                                                                                                                                                                                                                                                                                                                                   7
                                                                                                                                                                                                                                                  Passage

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 STREET
                                                                                                                                                                                                                                                                                                                                                                                                                                   36

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 12

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   CE
income. The majority of this income was generated from

                                                                                                                                                                                                                                                                                                                                                                                                   10

                                                                                                                                                                                                                                                                                                                                                                                                                                      35
                                                                                                                                                                                                                                                                                                                                                                                                   9
                                                                                       14 13
                                                                                                                                                                                   LANE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      p

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        1 to 33
                                                                                                                                                                   SALMON                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               m

                                                                                                                                                                                                                                                                                                                                                                                                                                                28 to 32
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Ra

                                                                                                                                                                                                                                                                                                                                                                                                   12
                                                                                                                                                                                                                                                                                                                                                                                                   11
Space and People who contributed over £117,844.

                                                                                                                                                                                                                                                                                                                                                                                                                                           34

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            1
                                                                                                                                                                                                                                 Grafton West                                                                                                                                                                                                                                                                                                                                                          Stanton

                                                                                                                                                                                                                                                                                                                                                                                                         13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           120

                                                                                                  11 to 12
                                                                                                                                                                                                                                      Car Park                                                                                                                                                                                                                                                                                                                                                          House
                                                                                                              PH

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       7

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Posts
                                                                         FAIR STR
                                                                                                                                                                                                                                                                                                                                                                                                                                                           Posts
                                                                                                   Willow Place

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           5
                                                                                                                                                                                                                                                                                                                                                            NE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Multistorey Car Park                                                            Multistorey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Ramp

                                                                                                        10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Car Park
                                                                                                                                                                                                                                                                                                                                                       LA

                                                                                  EE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            (above)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              4
                                                                              T
                                                                                                                                                                                                                                                                                                Posts                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NE
                                                                                                                                                                                                                                                                                                                         FITZROY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                LS

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                y
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Bd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Yard                                                                                                                                                                                                                                                                                                                                                                                                         ON
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             West Service

TENURE

                                                                        6a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            41

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        ard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        27 to 28                                                                                                                                                        CL
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             39                  40
                                                                                                                                                                                                                         e        Area
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  38
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          OS
                                                                                                                                                                                                     Fitzroy Lane Servic

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       W
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 21         20

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           d
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          26 to 26a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              35
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             E
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             22

                                                                                                             7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  23

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      &
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Un
                                                                                                                                                  Posts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                ED
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        31                                                    26

                                                                        6b
                                                                                                             FAIR COURT
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        30
                                                                                                                                                                                                                                                                            1 to 9
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Club

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          29
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  25b

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        25                25a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    20 to 21                                              24         24a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          LB
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             23
                                                                                                                                                        10 to 13
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      22
                                                                                                                        Eden                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 12
                                                                                                                                                                                                                                                                                                                                                                                                                                                     7                                  10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Grafton
Main Centre and 5, 7, 27 and 19-25 Fitzroy Street –
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             30a
                                                                                                                       Baptist                                                                                                                                                                                                                                                                                         5 to 6                                                                                                                                                                                                                                                                                                                                  31a            31
                                                                                                                                                                                                                                                                                                                                                                                     1 to 4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       32
                                                                                                                                                                                                                                                                                                                                  37         39                                                                                                                                                                                                                                                                                                             36 to 40
                                                                                                                       Chapel                                                                                                                                                                               31 to 33                                                                                                                                                                                                        13                                                                                                                                                                                                             32a
                                                                                                                                                                                                                                 17                        19 to 23
                                                                                                                                                                                                                                                                                  25
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Centre                                     16c                                                                             35
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     33
                                                                                                                                                                                                              15                                                                                                                  TCBs

Long Leasehold with stapled reversionary Freehold interest
                                                                                                                                                                                      11         13                                                                                                                                                                                                                                                          55                                                                                                                                                                                                                                                                                                                     101 to 106
                                                                                                                                    1                   5                                                                                                                                                                                                                                                                    66                                                                                                                                 47                                           41 to 44
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          (above)
                                                                                                                                                                                                                                                       et
                                                                                                                                                                                                                                           Fitzroy Stre
                                                                                                                                                                                                                                                                                                                                                                                              65
                                                                         35                                                                                                                                                                                                                                                                                                                                                                       55a                                                       50 to 51                                                               45
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            46 (above)

                                                                                                                                                                                                                                                                                                                                       38                                                 (above)        64                                                      57
                                                                                                                                                                                                                                                                                       30a      32         34                                                                                71
                                                                                                                                        TCBs
                                                                                                                                                                                                                                                                                30
                                                                                                                                                                                                                       22         26                28                                                                                                                                                    63
                                                                                                                                                                                          12 to 14                                 to                                                                                                             Posts                                                               Eden Hall                              PCs                                                                                                                                                                                                                                                                                                    105

The purchaser will be sold a long sub-underlease at a fixed annual
                                                                                                                                                                     8                                                                                                                                                                                                  75                               62
                                                                                                                                                                                                                                                                                                                                                                                                                                                  58
                                                                                                             LB
                                                                                                                                                                                                                                    24
                                                                                                                                                                                                                                                                                                                                                                  Bank

                                                                                                                                                                                                                                                              reet
                                                                                                                                                                                                                                                                                                                                                                                                                                                             1 to
                                                                                                                                                                                                                                                                                                                                                                                         TCBs
                                                                                                                            2                                                                                                                                                                                                                                                                                     61
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     4

                                                                                                                                                                                                                                                          n St
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Multistorey Garages

                                                                                                             32

                                                                                                                                                                                                                                                                           46
                                                                                                                                                                                                                                                        Ede
head rent of £2,085,000pa (without review) payable until expiry

                                                                                                                                                                                                       ay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Roof

                                                                                                                                                                                                  ackw

                                                                                                                                                                                                                                       41
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         8                  10

                                                                                                                                                                                                                                                                                                 47
                                                                                                                                                                                                                                                                                                                                                                                                                                                5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Car Park

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            CR
                                                                                                                                                                                                                                                                                                                                   53
                                                                                                                                                                                              et B
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              9
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Cinema
in December 2201 (approximately 186 years), together with the
                                                                                                                                                                                                                                                 Post                                                                                                                                                                                                        8

                                                                                                                                                                                                                                                                           48
                                                                                                                                                                                                                                                     s                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Shelters

                                                                                                                                                                                            n Stre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                     9
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       11
                                                                                                                                                                                                       11.3

                                                                                                                                                                                                                                                                                                                              52a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  LB

                                                                                                                                                                                                                                                                                                                              52b
                                                                                                                                                                                                                                                                      48a

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     9
                                                                                                                                                                                                            m

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        South Service Yard

                                                                                                                                                                                           Ede

                                                                                                                                                                                                                             37
                                                                                                                                                                                                                                                                     48b

reversionary freehold interest which will be “stapled” to the long

                                                                                                                                                                                                                                                                                                                                                        1

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Hilde
                                                                                                                                                                                                                                                                                                                                                                                                                        74                                                                             13
                                                                                                                                                                                                                                                                                                                                                                                                                             to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  to

                                                                                                                                                                                                                                                                 49
                                                                                                                                                                                                                                                                                                                                                                                                                                  62                                                                                                                                              BU

                                                                                27
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             14

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             rst
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     RL

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          one Ho
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        EI

leasehold interest. Note: This sale structure is required to preserve

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Glenmo
                                                                                                                                                                             ESS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           G

                                                                                                                                                                                                                                                           50

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               H

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               5
                                                                                                                                                                                                                       33

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        12
                                                                                                                                                                           Posts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   PL

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   elt
                                                                                                                                                                                                                                                                                                                                                       3
                                                                                                                                                                                                                                                                                                                         48

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 use
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Sh
                                                                                                                                                                                                                                                                                                                                                    to 6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     AC

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          re
                                                                                                                                                                                                                                                                                                                    12.8m                                                                                                                                                                                                   17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       E                                                                                                                                                                                                                                                            er

an intermediate long leasehold interest (to whom the head rent of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 TCBs                            to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      20                                                                                                                                                                                                                                                                                                                        elt

                                                                                                                                                                                                                                                                                                     47
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Sh                                   use

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      STAF
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ton Ho
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Whea

                                                                                                                                                                                                                29

                                                                                                                                                                                                                                                                                                                                              7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             14
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Bu

                                                                                                                                                                                                                                                                                                                              OAD
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                21

                                                                                                                                                                                                                                                                                                                   47a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    9        7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 22
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         rle

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          FORD
                                                                                                                                                                                                                                             54

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1
£2.085m pa is payable) that is vested in Prudential Annuities Ltd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  61                                                                                                                                                                                                                                                                                                                                                                                                                               1
                                                                                                                                                                                                                                                                                                                                                                                     El Sub Sta                                                                                                                                                             23
                                                                                                                                                                                                                                                                                                                                                        Paradise                                                                                                                                                            ig
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 13

                                                                                                                                                                                                                                                                                                                          YR
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            57                h                                                   24                                                                                                                                                                   C
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        RIS

                                                                                                                                                                                                                                                                                                                46
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          16
                                                                                                                                                                                                                                                                                                                                                          Court                                                                                                                                                                            St

                                                                                                                                                                                                                                                                                                                                             8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  5

                                                                                                                                                                                                                                                                                                                         CIT

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               SH
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             to

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Post
                                                                                                                                                                                                                                                                                                                                             1 to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             re

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              PIN                                                                                                             8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   et                   25

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            IRE ST
                                                                                                                                                                                                        25

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       56                                                                                                                                                                                                                                           PL

and which cannot be sold or otherwise determined.

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                                                                                                                                                                                Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1539

31-39 Fitzroy Street
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            This plan is published for convenience of identification.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Any site boundaries shown are indicative only and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    should be checked against Title Deeds.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              ES753998

Is held on a 99 year leasehold interest from Jesus College
expiring on 28/09/2058 at a peppercorn rent.
TENANCIES                                                                    Income by Covenant Type                   Income Expiry Profile

The centre is let to 58 retailers and there are an additional thirteen                   6% 2%
retailers on Fitzroy Street. The income from these retailers together                                                      16%          23%
with the commercialisation revenue produces a current gross income
                                                                                                       National                                       0-5 years
of £7,002,463 per annum. After the deduction of the PAL payment,
landlord’s shortfalls and landlord’s contribution to marketing the current
                                                                                                       Regional                                       5-10 years
net income is £6,137,760 per annum.

New lettings have recently taken place to H&M, Topshop, Deichmann and                                  Local                                          10-15 years
Patisserie Valerie.                                                                92%                                           60%
The WAULT to lease expiry is just over 9 years (or to 6 years excluding
the long leases to the anchor tenants).
                                                                                                                  Income Expiry Profile (to breaks)
Currently 92% of the retail income is secured against national multiples,
with a further 8% secured against regional and local retailers. 76% of the
income is secured for in excess of 5 years. The graphs opposite show                                                                   16%
the income profile and the income profile to lease expiry.
                                                                                                                                                      0-5 years

                                                                                                                     55%                              5-10 years
                                                                                                                                             29%
                                                                                                                                                      10-15 years

                                 New lettings to H&M, Topshop, Deichmann and
                                    Patisserie Valerie have notably improved the centre
SERVICE CHARGE
The service charge year runs from
1 January to 31 December and the
budget for 2015 is £2,666,757. The
service charge is calculated on a
weighted floor area basis. On an
unweighted basis this equates to
approximately £6.54 psf.

CENTRE
MANAGEMENT
The centre management offices
are located on the 2nd floor above
New Look.
ASSET MANAGEMENT
The present owners have considered a number of options to both reconfigure parts of the Centre
and to refurbish the Mall. Planning consent for a refurbishment scheme was granted in 2009, though
not implemented at the time due to the financial downturn. That consent was renewed in 2012.

Whilst the principle of refurbishment has not proven contentious with the local planning authority, the
owners intend to undertake some of the consented works in order that the granted consent should
be deemed implemented in planning terms. No planning obligations will pass to any purchaser to
complete the originally consented scheme, thus allowing a purchaser freedom to identify their own
preferred improvement works, and to seek any necessary new statutory consents for such, with the
benefit of the previous consent in place and deemed to have been implemented.
                                                                                                                                                  Proposed                                                 Proposed

Create new centre entrance and reconfigure Eden Hall
                                                                                                          Mall refurbishment opportunity
We believe there is enormous potential to improve the whole Centre by replacing and re-modelling
the main Grafton entrance from Fitzroy Street. Our client’s previously consented scheme envisaged         Our client’s planning consent identified potential for a number of other works which could be carried
the installation of a new modern glazed entrance to improve the appeal of the centre, the lighting        out to update The Grafton. Raised ceilings could improve the current retailers’ fascias, enabling them
within the scheme and to provide a more contemporary and elegant environment.                             to have full height glazing and consequently improving the sight lines within the scheme. Our clients
                                                                                                          have considered a number of options ranging from relatively low cost ‘cosmetic’ works in various
There is also potential to provide a much higher roof to the mall area, which could dramatically          targeted areas of the malls, through to more ambitious comprehensive schemes which, given the
enhance the entrance area and the Eden Hall space, which could at the same time be reconfigured to        scale of the Centre and Cambridge’s growth potential, we feel could be warranted.
provide better configured larger units.

The higher ceilings would also provide the opportunity to create a food court to create a casual          Possible Centre extension
dining area out of the current Eden Hall.
                                                                                                          It should be highlighted that Cambridge City Council appear to have an emerging planning policy
                                                                                                          which favours significant retail expansion in the ‘Kite’ area of Cambridge, in which the Grafton sits.
                                                                                                          This might offer scope to expand the Centre towards or even onto Burleigh Street and/or the current
                                                                                                          bus drop off points and site of Abbey Gate House. The West car park could also offer potential in
                                                                                                          agreement with the Council. Further residential development on the site could also be considered,
                                                                                                          subject to planning.

                                                                                                          Food Court

                                                                                                          The planning permission grants approval for improvements to the entrance from the bus station at
                                                                                                          the rear of Grafton, including the installation of a new lift up to the cinema and food court at first floor
                                                                                                          level. Re-configuring the food court and further enhancing the leisure provision in The Grafton by
                                                                                                          attracting the likes of Wagamama and Nando’s would materially improve the destination as a whole.

                                        Existing                                            Proposed
Improving sight lines within the scheme                                                                      Let the vacant space

It may be feasible to enter into negotiations with Debenhams to take back some of the space at               Building on the success of the re-anchoring of the scheme with the letting to H&M and Topshop at
the front of their unit, in exchange for giving them unit 35 to trade from which would significantly         the rear, there is a renewed focus on letting the rest of the vacant space. There are currently 6 vacant
improve the sightlines within the schemes. This would also improve the foot flow throughout                  units. Target tenants for these units include: Ann Summers, Boux Avenue, Warren James, Body
the mall.                                                                                                    Shop, Footlocker, Tiger, Toni & Guy, Clas Ohlson, Uniqlo, Decathlon and Peacocks.

Extension to 31/33 Fitzroy Street                                                                            Potential to enhance commercialisation and ancillary income

The Entertainer is interested in taking occupation of 31-33 Fitzroy Street. The specification of this unit   The opportunity exists to intensify and increase the comparatively modest levels of
could involve extending this unit to the rear. The plans are currently with the tenant to review ahead       commercialisation within the scheme. This will be particularly relevant in Central Hall and Great Hall.
of a planning application being submitted.

Footlights Restaurant

There is currently a vacant restaurant at the entrance to the scheme which is just under 4,000 sq ft
of retail or leisure space. The opportunity exists to attract a new operator to this key area, enhancing
the scheme’s overall leisure offer. This unit will benefit from the landlord’s works to implement the
planning permission.

                                    ...opportunities to add value and drive growth in The Grafton through
                                                        executing the exciting asset management initiatives
ENERGY PERFORMANCE CERTIFICATES                                                         PROPOSAL
EPCs are available on request.                                                          We are instructed to seek offers in excess of £92,500,000, subject to contract for our clients freehold
                                                                                        and long leasehold interests.

                                                                                        Adopting our opinion of rental value and taking purchaser’s costs at 5.80%, this reflects the following
                                                                                        approximate yield profile:
WEBSITE
                                                                                        Net initial yield: 6.25%
Further information can be found on our website at www.graftoncentre-investment.co.uk   Nominal equivalent yield: 7.30%
                                                                                        True equivalent yield: 7.64%

                                                                                        FURTHER INFORMATION
                                                                                        For further information please contact:

                                                                                        Charlie Barke
                                                                                        T: +44 (0) 20 7152 5027
                                                                                        E: charlie.barke@eur.cushwake.com

                                                                                        Imogen Bryan
                                                                                        T: +44 (0) 20 7152 5864
                                                                                        E: imogen.bryan@eur.cushwake.com

                                                                                        Dominic Hoole
                                                                                        T: + 44 (0) 20 7152 5707
                                                                                        E: dominic.hoole@eur.cushwake.com

                                                                                        Misrepresentations Act 1967 and Property Misdescriptions Act 1991
                                                                                        Cushman & Wakefield, their clients and any joint agents give notice that: (i) These particulars do not form part of any offer
                                                                                        or contract and must not be relied upon as statements or representations of fact. (ii) No person in the employment of the
                                                                                        agents(s) has any authority to make or give representation or warranty whatever in relation to this property. (iii) Floor areas,
                                                                                        measurements or distances given are approximate. Unless otherwise stated, any rents, or outgoings quoted are exclusive
                                                                                        of VAT. (iv) Any descriptions given of the property cannot be taken to imply, it is in good repair, has all necessary consents, is
                                                                                        free of contamination, or that services and facilities are in working order. Interested parties are advised to carry out their own
                                                                                        investigations as required. March 2015. Designed by Creativeworld: 01282 858200.
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