ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve

 
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
ROSE
              PORTFOLIO

PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
M90

                                                                                                         GLASGOW

 PORTFOLIO OVERVIEW                                                                                      M77
                                                                                                               M74

 Strategic portfolio of last mile distribution locations which benefit from ease of
 access to major UK conurbations                                                                           DUMFRIES
                                                                                                                                                           NEWCASTLE
                                                                                                                                                           UPON TYNE
 • The portfolio comprises four assets weighted equally by rental income
   between key industrial locations within the North West and West Midlands
   regions                                                                                                                            M6
                                                                                                                                                                                  Warrington,
 • All properties are held Freehold                                                                                                                                               Woolston, WA1 4SR
                                                                                                                                                          A1(M)
 • Very secure income profile. 71% of the annual rent is let to covenants
                                                                                                                                                                  YORK
   rated as ‘lower than average’ risk of business failure by D&B
                                                                                                                                 BLACKPOOL            LEEDS
                                                                                                                                                                                 HULL
 • Total floor area of 199,906 sq ft                                                  Warrington,                                     M6
                                                                                      Milner St, WA5 1AD                                     MANCHESTER             M18

 • Marketing rent of £1,218,587 which reflects an average rent of £6.10 psf
                                                                                                                        LIVERPOOL     M65            SHEFFIELD
 • Strong reversionary potential with an estimated rental value of
   £1,290,574 reflecting £6.46 psf                                                                                                                            M1
                                                                                                                                                                          A1

 • AWULT of 4.0 years to break options and 5.3 years to lease expiry
                                                                                                                                                                   LEICESTER                             NORWICH
                                                                                                                                                                                   PETERBOROUGH
 • Immediate asset management opportunities available to drive the
                                                                                                                                                                                                   A11
   income profile. All the assets have upcoming lease events within 3.5                                                               BIRMINGHAM                           A14
                                                                                                                                                                                       CAMBRIDGE
   years
                                                                                                                                                                                                    IPSWICH
                                                                                                                                                                                           M11
                                                                                                                                                M5            M40
                                                                                                                                                                                                              FELIXSTOWE
                                                                                                                                                                                   A1(M)

                                                                                                                                                                                                   SOUTHEND
                                                                                                                      M4                             M4
                                                                                                                                 CARDIFF                                         LONDON
     We are instructed to seek offers in excess of £19,030,000
                                                                                                                                                                                 M25
     (Nineteen Million and Thirty Thousand Pounds) subject                                                                                                        M3
                                                                                                                                                                                                                DOVER

     to contract and exclusive of VAT.                                                                                           M5
                                                                                                                                                                                                   CANTERBURY

                                                                                                                                                 SOUTHAMPTON
                                                                                                               EXETER
     A purchase at this level reflects a net initial yield of 6.00%,
     a potential reversionary yield of 6.35% (based on ERV) and                                          PLYMOUTH

     a capital value of £95 psf, assuming purchaser’s costs of
     6.75%.                                                                                       CMCS

                                                                                      Droitwich Spa,
                                                                                      WR9 0LW                                                                                     Rugby, CV12 1TN

ROSE PORTFOLIO                                 PORTFOLIO OVERVIEW                                                                                                                                                  2
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
PORTFOLIO OVERVIEW

                                                                                                                                                                                                                Rent
                                                                 Total Area     Lease        Break        Rent         Lease       Passing      Rent     Headline     Headline    AWULTC AWULT % Passing
     Town         Unit                Tenant                                                                                                                                                                   Review
                                                                   (sq ft)      Start        Date        Review        Expiry     Rent (p.a.)   (psf)    ERV (p.a.)   ERV (psf)    (yrs)  (yrs) Income
                                                                                                                                                                                                              Mechanism

                                      Regal Amusement
                  Unit 202            Machine Sales Ltd                                                                                                                                                    5 yearly to
                                                                  15,937      24/11/2018   23/11/2023   24/11/2023   23/11/2028    £99,000      £6.21    £107,575      £6.75        3.2    8.2     8%
                  Stonebridge Cross   (guaranteed by                                                                                                                                                       OMRV
     Droitwich                        Gauselmann AG)
 1
     Spa
                  Unit 204            Critical Mail Continuity
                                                                  31,792      01/04/2013                             31/03/2023    £192,000     £6.04    £214,596      £6.75        2.6    2.6    16%
                  Stonebridge Cross   Services Ltd

                  Subtotal                                        47,729                                                           £291,000     £6.10    £322,171      £6.75        2.8    4.5

                  Unit C
                                      Cummins Limited             38,647      25/06/2019                             22/10/2021    £318,685     £8.25    £270,529      £7.00        1.1    1.1    26%
                  Valley Drive
 2   Rugby
                  Subtotal                                        38,647                                                           £318,685     £8.25    £270,529      £7.00        1.1    1.1

                  1 Kingsland         A. Schulman
                                                                  71,136      24/06/1998                             23/06/2023    £350,000     £4.92    £409,032      £5.75        2.8    2.8    29%
                  Grange              Thermoplastics Limited
 3   Warrington
                  Subtotal                                        71,136                                                           £350,000     £4.92    £409,032      £5.75        2.8    2.8

                  Unit 1              UK Storage Company                                                                                                                                                   5 yearly to
                                                                  10,732      15/03/2019   15/03/2029 15/03/2024 14/03/2044        £69,758      £6.50     £75,124      £7.00        8.5    23.5    6%
                  Milner Street       (SW) Limited                                                                                                                                                         OMRV

                                                                                                                                                                                                           5 yearly to OMRV
                                                                                                                                                                                                           (subject to a cap
                                                                                                                                                                                                           calculated by
 4   Warrington   Unit 2              Selco Trade Centres
                                                                  31,662      19/01/2017                19/01/2022 18/01/2032      £189,144     £5.97    £213,719      £6.75       11.4    11.4   16%      multiplying rent
                  Milner Street       Limited
                                                                                                                                                                                                           reserved before
                                                                                                                                                                                                           review date by
                                                                                                                                                                                                           1.025)

                  Subtotal                                        42,394                                                           £258,902     £6.11    £288,843      £6.81       10.6    14.6

                  Total                                          199,906                                                          £1,218,587    £6.10   £1,290,574     £6.46        4.0    5.3    100%

ROSE PORTFOLIO                                        PORTFOLIO OVERVIEW                                                                                                                                                  3
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
PORTFOLIO INCOME ANALYSIS

INCOME BY PROPERTY                                                                    PASSING RENT VS ERV

                                                                                      £9.00
                                              Warrington,                             £8.00
                 21%                          Kingsland Grange
                                                                                      £7.00
                          29%
                                                                                      £6.00
                                              Droitwich Spa                           £5.00                                                                    Passing
                                                                                                                                                               Rent
                                                                                      £4.00
                                                                                      £3.00
                                              Rugby                                                                                                            ERV
                                                                                      £2.00
               26%
                                                                                      £1.00
                       24%                    Warrington,                             £0.00
                                              Milner Street
                                                                                                  Warrington,        Droitwich         Rugby   Warrington,
                                                                                               Kingsland Grange         Spa                    Milner Street

INCOME BY COVENANT RISK                                INCOME OVER CONTRACTUAL TERM                                         INCOME BY YEARS TO LEASE EXPIRY

Higher
than Average

                                                                                                                                      22%             24%
               29%                                                                                                                                                0-2

                                                                                                                                                                  3-5
                                                                                                                                 8%
                                                                                                                                                                  5-10
                             71%
                                                                                                                                                                  10+

                                          Lower
                                                                                                                                               46%
                                   than Average               £0.00   £0.50   £1.00    £1.50     £2.00     £2.50
                                       or Below                                                           Millions

ROSE PORTFOLIO                     PORTFOLIO OVERVIEW                                                                                                                   4
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
DRIVING VALUE THROUGH ASSET MANAGEMENT

                           •   The portfolio provides clear opportunities to add value at lease expiries and rent reviews.
                           •   All the assets have upcoming lease events within a 3.5 year hold period
                           •   Tenants are actively engaging on lease renewals
                           •   The portfolio is well positioned to capture inherent and forecast rental growth

                                                                    CUMMINS VACAT           SELCO RENT REVIEW     CMS LEASE RENEWAL               A SCHULMAN LEASE          REGAL GAMING RENT              UK STORAGE CO
                                                                       & RELET                DUE: JAN 2022         DUE: MAR 2023                      RENEWAL                    REVIEW                    RENT REVIEW
                                                                      DUE: OCT 2021            PR: £ 189,144         PR: £192,000                     DUE: JUNE 2023            DUE: NOV 2023              DUE: MAR 2024
                                                                  PR: £318,685 (£8.25PSF)       (£5.97PSF)            (£6.04PSF)                  PR: £350,000 (£4.92PSF)   PR: £99,000 (£6.21PSF)     PR: £69,758 (£6.50PSF)
                                                                       ERV: £270,529         INDEXED AT 2.5%:       ERV: £214,596                      ERV: £409,032             ERV: £107,575              ERV: £75,124
                           £1,450,000                                   (£7.00PSF)            £193,873 (£6.12)        (£6.75PSF)                         (£5.75PSF)               (£6.75PSF)                 (£7.00PSF)

                                                                                                                                                                                                                                                7.01%
                           £1,400,000
                                                                                                                                                                                                                                   ERV AFTER
                                                                                                                                                                                                                                RENTAL GROWTH
                                                                                                                                                                                                                                    £7.13 PSF
                           £1,350,000
                                                                                                                                                                  nnum
Rental Income per Annum

                                                                                                                                                    .5%   per a                                                                                 6.57%
                                                                                                                                             h at 2

                                                                                                                                                                                                                                                        Running Yield
                                                                                                                                         t                                                             AFTER RENTAL
                                                                                                                                d   grow                                                                 GROWTH
                           £1,300,000                                                                                   alise
                                                                                                                 Annu                                                                                    £6.68 PSF

                                                                                                                                                                                                             +£5,366                            6.25%
                                                                                                                                                                                 +£8,575                                                        6.23%
                           £1,250,000              6.00%                                                                                                                                                                                        6.18%
                                                    NIY                                                                                                                        £1.26m                     £1.27m
                                                                                                                                                      +£59,032               INDICATIVE                 INDICATIVE                £1,273,566
                                                                                                                                                                            PASSING RENT               PASSING RENT
                           £1,200,000                                                                                                                                                                                                           5.89%
                                                                                                                        +£22,596
                                                  £1.22m                                        +£4,729                                                                                                                                         5.78%
                                                INDICATIVE                                                                                                                                                                                      5.76%
                           £1,150,000          PASSING RENT           £1.17m                   £1.17m                 £1.18m                         £1.20m
                                                                    INDICATIVE               INDICATIVE             INDICATIVE                     INDICATIVE
                                                                   PASSING RENT             PASSING RENT           PASSING RENT                   PASSING RENT
                           £1,100,000
                                                 Purchase               Oct-21                  Jan-22                   Mar-23                         Jun-23                   Nov-23                      Mar-24                Sep-24

                                                                                            Passing Rent                   Lease Event                          Rental Growth                        ERV

                          ROSE PORTFOLIO                                    PORTFOLIO OVERVIEW                                                                                                                                                      5
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
VAT
      The portfolio has been elected for VAT and it is envisaged that the transaction will
      be treated as a Transfer of Going Concern (TOGC).

      DATA ROOM
      A data room has been set up to provide details of all the property and legal
      information deemed relevant to the sale. Access can be provided on request.

      PROPOSAL

           We are instructed to seek offers in excess of £19,030,000 (Nineteen Million
           and Thirty Thousand Pounds) subject to contract and exclusive of VAT.

           A purchase at this level reflects a net initial yield of 6.00%, a potential
           reversionary yield of 6.35% (based on ERV) and a capital value of £95 psf,
           assuming purchaser’s costs of 6.75%.

FURTHER INFORMATION
For further information or to arrange an inspection, please contact:

John Rodgers                             Will Strachan                              Leo Zielinski                 Jake Craig
T: 020 3486 3467                         T: 020 3486 3474                           T: 020 3486 3468              T: 020 7333 6258
M: 07810 307422                          M: 07929 885859                            M: 07980 809031               M: 07387 537065
E: jrodgers@geraldeve.com                E: wstrachan@geraldeve.com                 E: lzielinski@geraldeve.com   E: jcraig@geraldeve.com

ROSE PORTFOLIO                                 PORTFOLIO OVERVIEW                                                                           6
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
CMCS

UNITS 202 & 204

STONEBRIDGE CROSS
DROITWICH SPA
WR9 0LW

     DRONE FOOTAGE
     PLEASE CLICK HERE TO ACCESS
     DRONE FOOTAGE OF THIS SITE
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
A6

                                                                 A595
                                                                                                                          M6                                                                                                  A19

             UNITS 202 & 204                                                                     LOCATION & SITUATION                                                                                         A1M
                                                                                                                                                                                                                                                                          A170
                                                                                                                                                                                                                                                                                                               Scarborough
       Isle of
       Mann  STONEBRIDGE CROSS
             DROITWICH SPA, WR9 0LW                                                              • The subject properties are located two miles to the north
                                                                                                                                                          A19 west of Droitwich
                                                                                                                                                                        A64     Spa town centre within Stonebridge Cross Business Park.
                                                                                                                                               A65                                                            A61

                                                                                                 •The
                                                                                           Morecambe         subject premises benefits from excellent transport links with J5 of the M5 located three miles to the east and Droitwich Spa rail station
                                                                                                        approximately
                                                                                                          M6
                                                                                                                       two miles to the south east,
                                                                                                                                              A59
                                                                                                                                                    which provides direct accessA166to Birmingham New Street (37 minutes).
                                                                                                                                                    Harrogate
                                                                                                                                                                                                                                                            York                                         A614
                                                                                                                                                                                                                           A1M                                                       A1079                                        A165
                                                                                                 • The two warehouses are situated to the south side of Pointon Way within Stonebridge Cross Business Park. Stonebridge Cross comprises an
             INVESTMENT                                                          Blackpool
                                                                                                                 A59
                                                                                                        established 77-acre business park with major occupiers including
                                                                                                                                                                    A19  Zenith Hygeine Group, Kimal Plc, Muller & Bibby Distribution.
                                                                                                     M55

             SUMMARY
                                                                                                                                                                                  Bradford
                                                                                                                                              M55                                                           M621
                                                                                                                                                                                                                                                                                                                      Hull
                                                                                                           Preston       Blackburn
                                                                                                                                                             a646                                                                                                                   M62
                                                                                                                                                                                 Halifax             LEEDS              M62
                                                                                                                                                                                                                                                       M62

                                                                                                                                                                  A6033
                                                                                                                                       a666                                                                                                                                                                         A15
                                                                                     Southport                     M6                                                      M62                                                                                           M18
                                                                                                                                                 M66                                Huddersfield
             • Located in the established                                                                                      M61     Bolton                                                                M1
                                                                                                                                                                                                                                                     WYCHBOLD
                                                                                                                                                                                                                                                  Doncaster                          M180
                                                                                                                                                                                                                                                                                              Scunthorpe
                                                                                                                                                               Oldham                                               Barnsley
                  Stonebridge Cross Business                                           A565
                                                                                                           M58          Wigan                                                                                                                                    M18
                                                                                                                                                                                                                                                                                              Gloucester                                      Grimsby                 Worcester
                  Park, benefitting from excellent                                                                                                                                                                                                                                               35 miles                                                             9 miles
                                                                                                 M57                      HAMPTON LOVETT  MANCHESTER                                   A628
                                                                                                                                                                                                                                                                                                (44 mins)
                                                                                                                                                                                                                                                                                                    A15                                                               (19mins)
                  transport connections.                                                                   Knowsley
                                                                                                                         INDUSTRIAL ESTATE                     M60
                                                                                                                                                                                                                                                            A1M
                                                                                                                                                                                                                                                                                                                            A46
                                                                                                                                                                                                     Rotherham                          M18                               A631
                                                                                                                  M62
             • The properties comprise two                                       LIVERPOOL                        Warrington                        BERRY HILL
                                                                                                                                                              Stockport
                                                                                                                                                                                                       SHEFFIELD                                       5                                                                                                 A16
                                                                                                                                                 INDUSTRIAL ESTATE                                                                                                                          A156
                                                                                                           Runcorn
                  modern detached industrial units                                         M53
                                                                                                            M56           STONEBRIDGE CROSS A34                                               A623
                  constructed in 1998Colwyn
                 A55
                                        & 2000
                                            Bay A55
                                                                                                                         A49
                                                                                                                             BUSINESS PARK                                                                           A38                                                                                                                 A158
                                                                                                                                                                                                                                  M1
                  measuring a combined 47,729 sq                                                                           Northwich
                                                                                                                                                                                                             Chesterfield                             A60
                                                                                                                                                                                                                                                                                                          Lincoln
                                                                                                                                              M6 A442                                                                                        M5                   A614
                                   A470                                                    Chester
                  ft.                                                                                                                                               A523
                                                                                                                                                                                                                                                                                      A1
                                                                                                                                                                                                                                                                                                   A46
                                                                          A494                                                                         A34                                    A515          A6
                                      A5                                                                    A41                                                                                                         A61                                                                                         Birmingham
             • Site area of 3.09 acres, which                                                                                         Crewe
                                                                                                                                                                                A523                                                                                                                                    23 miles
                                                                                                                                                                                                                                                                                                                                                          A16

                                                                                                                                                                                                                                                                           Newark-on-Trent
                  reflects a low site densityA5of 30%.                                     Wrexham                                                                                                                                                                                                                     (34 mins)                                Bimingham
                       A487                                                                                                                          Stoke-on-Trent                        B4065
                                                                                       A483
                                                                                                                               A495
                                                                                                                                                                                                                                                                                                                             A17                                30 miles
             • The properties are let to Critical                          A5
                                                                                                                                       A38
                                                                                                                                                                                                      A52
                                                                                                                                                                                                                                   NOTTINGHAM                                                                                                                   (32 mins)
                                                                                                                                                                      DROITWICH SPA                                                                                                   A52      Heathrow
                  Mail Continuity Services Ltd and                                      A442
                                                                                                     A495                              A53                                       A50
                                                                                                                                                                                                                                                                                                113 miles                     A52
                                                                                                                                                                                                                  Derby                                                                                                                                                                                                    A148
                  Regal AmusementA470
                                      Machine
                                           A494
                                                Sales                                                                                                        M6
                                                                                                                                                                                                                                            B4090                                          (1 hr 42 mins)                                                                 East
                  Ltd both rated as having a ‘lower                                                                      A53
                                                                                                                                                                    Stafford                A515                                                                                     A607                                                                     A17
                                                                                                                                                                                                                                                                                                                                                                          Midlands
                                                                                                                                         A41                                                                                                                                                                          A15                                                                                                                 A140
                  than average’ and ‘minimum’                                       A483
                                                                                                                                                                     A34                                            A511
                                                                                                                                                                                                                                            A6                   A46
                                                                                                                                                                                                                                                                                                     A1
                                                                                                                                                                                                                                                                                                                                                                          61 miles
                                                                                                        Shrewsbury                                                                             A38                                                                                                                                                                                                         A1065
                  risk of business failure by Dun &                                                                                                                                                                                    Loughborough                                                                                                                       (1 hr 5 mins)
                                                                                              A458
                  Bradstreet                        A458
                                                                                                                                        M54
                                                                                                                                                                                 M6TOLL
                                                                                                                                                                                                                                       M1                                                 A606
                                                                                                                                                                                                                                                                                                                                           A16                                                                            A47
                                                                                                                                                                                                      M42    A444                           LEICESTER                                                                                                                                                                                                          A47

             • The two properties provideA470a                            A483
                                                                                                                          A458
                                                                                                                                                                                                                                                                                    A47
                                                                                                                                                                                                                                                                                                                                                                                                                                          Norwich
                  combined unexpired term of 2.8                                                                                                     Wolverhampton                                                            M69                                                                        A43
                                                                                                                                                                                                                                                                                                                         Bristol
                                                                                                                                                                                                                                                                                                                    Peterborough
                                                                                                                                                                                                                                                                                                                                                                                       A134          A1065
                                                                                                                                                                                                                                                                                                                                                                                                                                                        A146
                                                                                                        A49                                                                                                  Nuneaton
                               A487                                                                                                                                                                                                                   Whetstone                                                        77 miles                                A141
                  years to break and 4.5 years to                                                                                                                                                                                                                                                                                                                                                                          A11
                                                                                                                                                                                                                                                                                                                                                                                                                                          A140
                                                                                                                                                                                                                                                                               A6                                (1 hr 28 mins)
                                                                                                                                                                                                                                                                                                                 A605                                          M5 (J5)
                  expiry.                     A470
                                                                                                                                              A442
                                                                                                                                                                  BIRMINGHAM                                                                                                                                                      A1M                          3 miles
                                            A44                                                                                                                                                                               M6                                                                                                                                                            A1065
                                                                                                                                                                                                                                                                                                                                                                                                                                                 A143
                              Aberystwyth                                                                                                    Kidderminster                                                                                                        A14                                           Corby                                          (5 mins)
             • Passing rent of £291,000 pa,                        A483                                                                                                                       M42
                                                                                                                                                                                                     COVENTRY                      Rugby
                                                                                                                                                                                                                                                                                                     M50
                                                                                                                                                                                                                                                                                                       A45      A14
                                                                                                                                                                                                                                                                                                                                                  A141

                                                                                                                                                      A449
                           A487£6.10 psf overall.
                  reflecting                                                                                                      A456                              M5                                           Royal                                                                            19 miles
                                                                                                                                                                                                                                                                                                      Kettering
                                                                                                                                                                                                                                                                                                                                                                                                           A134
                                                                                                                                                                           Redditch                                                                                                                                                                                             Newmarket
                                                                                                                                                                                                              Leamington                                                                         (24 mins)                                          A14
                                                                                                                                                                                                                                                                                                                                                                           M5 (J6)
                                                                                                                                                                                                                  Spa                                                                                                                                                                       A14
             • ERV of £322,171 pa, reflecting                                    A44
                                                                                                                                         Droitwich Spa                                                                                                       M1        NORTHAMPTON
                                                                                                                                                                                                                                                                                A6                                        St Neots
                                                                                                                                                                                                                                                                                                                                                 A428
                                                                                                                                                                                                                                                                                                                                                                           6 miles                                                A140

                                                                                                                                         Worcester                                                                                                                                                                                                                                                Bury St Edmunds
                  £6.75 psf overall.                                                                                             A44                                                      Stratford-upon-Avon              A423                                                                                                                                            (12 mins)                                                                     A12
                                                                                                                                                                                                                                                                                                                                                                     Cambridge

             • Freehold.                          A483
                                                                             A438
                                                                                                                                                                                                     A429
                                                                                                                                                                                                                             M40                                                                               Bedford
                                                                                                                                                                                                                                                                                                                                  A1

A487                                                                                                                                                                                                                                                             A43
                                                                                                            Hereford                                                      A46
                                                                                                                                                                                       A424                                                                                                                                                                         M42                     Sudbury                                 Ipswich
                                                                                                                                                                                                                                                                                                                    Letchworth                                      8 miles                                                               Felixstowe
                                                   A470
                                                                                                                                         M50
                                                                                                                                                                                                                                                                 Buckingham
                                                                                                                                                                                                                                                                                      MILTON
                                                                                                                                                                                                                                                                                      MILTON                                            A1M
                                                                                                                                                                                                                                                                                                                                                        A10
                                                                                                                                                                                                                                                                                                                                                                    (12 mins)                       A131
                                                                                                                                                                                                                                                                                                                                                                                                                          A12
                                                                                                                                                               M5                                                                                                                                              M1                                                        M11
                                                                                                 A465
                                                                                                                                                                    Cheltenham                                    A44                                                                 KEYNES
                                                                                                                                                                                                                                                                                           A5                                               Stevenage
                                                                                                                                                                                                                                                                                                                                                                            Stansted
                                                                                                                                                                                           A429                                                                                                                                                                                                                    Colchester
                                                          A470
                                                                                                                                                                                                                                                 J9
                                                                                                                                                                                                                                                                                                                                                           Bishop               A120
                 A40                                                                                                                         Gloucester                                                                                A34                                                                                                                Stortford                                                                A133
             ROSE PORTFOLIO                                                            UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA,   WR9 0LW
                                                                                                                                        Aylesbury
                                                                                                                                                                                                                                                                                                                             St.                                                                                                                        8
                                                                                                                                                                      A417                                  A40                                                                                                            Albans
                                                                                                            Monmouth                                                                                                               Oxford                              A418                                                                                                                 A12
                                                                                                                                                                                                                                                            J8                                           A41
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
A449 / Kidderminster                                                                                                 Berry Hill
                                                                                                                       Industrial Estate

                                                                             A442

                                                              Hampton Lovett
                                                              Industrial Estate
                                                                                                        Droitwich Spa / A38 / M5 (J5)

                                                                                          Pointon Way

ROSE PORTFOLIO              UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW                                                    9
ROSE PORTFOLIO PRIME PORTFOLIO OF FOUR LAST MILE DISTRIBUTION ASSETS - Gerald Eve
DESCRIPTION & SPECIFICATION                                                                         TENURE
                                                                                                    The property is held freehold.
                                                          Area: Unit 202: 15,937 sq ft
       Constructed in 1998 & 2000
                                                                Unit 204: 31,792 sq ft
                                                                                                    SITE
       Steel portal frame construction with part          Both properties have secure yards to
       blockwork and part powder coated steel             the rear of the warehouses with barrier
       cladding under profile steel sheet roofing         entry systems                             The total site measures 3.09 acres providing a low site density of
                                                                                                    approximately 30%.

       Unit 202: 6.9 metre eaves height
                                                          30m yard depth
       Unit 204: 7.9 metre eaves height

                                                          Unit 202: 3,542 sq ft of offices
       2 level access doors to the rear of                (22.2% office content)
       each unit                                          Unit 204: 5,012 sq ft of offices
                                                                                                                                           PO
                                                          (15.8% office content)                                                                IN
                                                                                                                                                  TO
                                                                                                                                                       N
                                                                                                                                                           W
                                                                                                                                                            AY

       Good quality offices benefiting from                                                                                    CMCS

       suspended ceilings, gas central heating            EPC ratings of C
       and LED lighting

                                                                                                    *Boundary for indicative purposes only

                                                                                                    ACCOMMODATION SCHEDULE

                                                                                                      Unit 202         Sq m       Sq ft                    Unit 204    Sq m      Sq ft

                                                                                                      Warehouse        1,153.2    12,413                   Warehouse   2,487.9   26,780

                                                                                                      Office           327.4      3,524                    Office      465.6     5,012

                                                                                                                       1480.6     15,937                               2,953.5   31,792

                                                                                                    In total the unit’s measure a combined 47,729 sq ft (4,434.1 sq m)
                                                                                                    *Area excludes tenant addition of 1,882 sq ft (Unit 1) and 2,824 sq ft (Unit 2)

ROSE PORTFOLIO                               UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW                                                                                 10
TENANCY SCHEDULE

                                                 Total Area      Lease       Review           Break     Lease       Passing       Rent    Headline     Headline
  Unit               Tenant                                                                                                                                         Comments
                                                   (sq ft)       Start        Date            Date      Expiry     Rent (p.a.)    (psf)   ERV (p.a.)   ERV (psf)

                     Regal Amusement                                                                                                                                Rent is reviewed five-yearly to OMV.
  Unit 202
                                                                                                                                                                    Break subject to 6 months’ notice.
  Stonebridge        Machine Sales Ltd
                                                   15,937      24/11/2018   23/11/2023   23/11/2023   23/11/2028    £99,000       £6.21   £107,575        £6.75     Inside the 1954 Act.
  Cross,             (guaranteed by
                                                                                                                                                                    Area excludes tenant additions of
  Drotwich Spa       Gauselmann AG)                                                                                                                                 1,882 sq ft.
  Unit 204
                                                                                                                                                                    Inside the 1954 Act.
  Stonebridge        Critical Mail Continuity
                                                   31,792      01/04/2013                             31/03/2023   £192,000       £6.04   £214,596        £6.75     Area excludes tenant addition of
  Cross,             Services Ltd
                                                                                                                                                                    2,824 sq ft
  Drotwich Spa
  Total                                            47,729                                                          £291,000       £6.10   £322,171        £6.75

  Regal Amusement Machine Sales Ltd                                                                        Critical Mail Continuity Services Ltd

  TENANT OPERATION                                                                                         TENANT OPERATION
  • Regal Amusement Machine Sales Ltd have been in occupation of the facility since 2008.                  • Critical Mail Continuity Services Ltd have been in occupation of the facility since 2003.
  • The facility is the largest of the company’s 11 depots with up to 93 staff on site at one time         • The facility comprises the company’s sole property where all operations are run from.
  • From this facility the company stores, maintains and fixes its gaming machines as well as
                                                                                                           • The current unit has the capability of producing 8 million images and 2 million
     using the ancillary space for national business meetings.
                                                                                                             envelopes per day.

COVENANT
                                                                                                           COVENANT
• Regal Gaming and Leisure are the leading UK supplier of amusement equipment to the
  leisure sector.                                                                                          • Critical Mail Continuity Services are a market leader in the recovery of business-critical
• Founded in 1998 the business now operates over 15,000 machines from 11 regional                            documents for the print and mail industry. They also offer wide ranging-IT support as
  depots (national service centres) and has approximately 425 employees.                                     well as running regular production exercises for clients.
• The company is a subsidiary of Gauselmann group who reported a €3.6bn turnover in                        • The company is well established within their sector and partners with a number of large
  2018 and employ c13,500 staff across 220 global subsidiaries. This entity guarantees the                   organisations from the finance, insurance and utilities industries.
  lease under the company Gauselmann AG providing increased covenant strength.                             • The company was founded in 1998 and now employees a total of 25 staff at the site.
Regal Amusement Sales Ltd have a current credit rating of A2 representing a ‘Lower than
Average Business Risk.’

Gauselmann AG have a current credit rating of 5A1 According to Dun & Bradstreet                            D&B Rating: 2A1 representing a ‘Minimum Risk’ of business failure
representing a ‘Minimum Business Risk.’
                                                                                                                                            31 Dec 2019            31 Dec 2018          31 Dec 2017
                                     31 Dec 2019              31 Dec 2018        31 Dec 2017
                                         £000s                  £000s               £000s                                                      £000s                 £000s                 £000s
  Sales / Turnover                   £33,125,093              £30,286,845        £29,158,540                 Sales / Turnover                £7,479,090            £7,060,334            £6,826,021
  Profit / (Loss) Before Tax          £1,003,554              -£650,180          -£6,754,036                 Profit / (Loss) Before Tax      £1,826,780            £1,721,566            £1,599,968
  Tangible Net Worth                  £698,929                 -£50,111           -£197,979                  Tangible Net Worth              £3,996,842            £2,518,695            £3,128,309

ROSE PORTFOLIO                                       UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW                                                                                         11
LOCAL OCCUPATIONAL MARKET                                                                                                          ASSET MANAGEMENT
                                                                                                                                   INITIATIVES
           The main industrial area in Droitwich Spa is located to the north east of the town centre with the premier stock
           located at Stonebridge Cross and Hampton Lovett estates.                                                                • Unit 202 has a rent review and break clause in 2023 providing
                                                                                                                                     the opportunity to capture underlying reversion.

           Drotwich Spa sits on the border of the Southern West Midlands and Gloucestershire/Worcester submarkets providing        • There is potential to regear the lease of Unit 204 which expires
           convenient access to the UK’s road network. Drotwich’s location permits easy access to key east midlands and              in 2023. Lease re-gear discussions are currently ongoing
           south western hubs such as Bristol, Birmingham and Cardiff. Occupational demand is likely to be further improved          between the tenant and current landlord.
           by the scrappage of the Severn toll making the region more cost effective for occupiers.

           Despite a slower year for take-up within the immediate area availability remains very low and significantly below the
           regional average, with only one unit currently being marketed on Stonebridge Cross and no stock is available on the
           estate within the subjects size brackets (15,000 - 50,000 sq ft).

           Rental growth for the region is forecast at 1.6% over the next three years. There has been very limited development
  £        activity within Drotwich’s premier industrial estates in recent history. New development within the region has
           centred around Worcester where prime rents have achieved £7.00 psf+.

           A summary of recent occupational evidence is shown below.

                                    GIA                                                  Lease         Rent
Property                                           Type               Tenant                                          Date
                                   (sq ft)                                               Term          (psf)

11 Nunnery Park, Worcester        19,134       New Letting          Nemeis Ltd           10 yrs        £6.75         Aug-20

12 Nunnery Park, Worcester        27,535       New Letting        Obex Protection        10 yrs        £6.75         Jun-20

Velocity 42, Park Farm,
                                  93,720       New Letting      Avon Freight Group       15 yrs        £6.50         Oct-19
Redditch

Plot 2A, Worcester Six,                                         Cornelius Beverage
                                  28,500       New Letting                               10yrs         £6.23         Mar-19
Worcester                                                         Technologies

5-6 Nunnery Park,
                                  17,108       New Letting         Auto Support          10 yrs        £7.50         Nov-18
Worcester

ROSE PORTFOLIO                                 UNITS 202 & 204 | STONEBRIDGE CROSS, DROITWICH SPA, WR9 0LW                                                                                        12
VALLEY POINT

VALLEY PARK
RUGBY, CV21 1TN

     DRONE FOOTAGE
     PLEASE CLICK HERE TO ACCESS
     DRONE FOOTAGE OF THIS SITE
A596        A595                            M6                                                                                                        Durham
                                                                                                                                                                                                   A68

                                                                         A66
                                                                                            A66
                                                                                                                                                                                                                            A1M

              VALLEY POINT                                                                                                                           LOCATION & SITUATION
                                                                                                                                 A66
                                                                                                                                                                                                  A698

                                                                                                                                                                  A66                                                                     Middlesbrough
                                                                                                                                                                                                                          Darlington
              VALLEY PARK
                                                                                                                                                                                                   A66
                                                                                         A591                                                                                                                                                                                                            A171
                                                                                                                                         A685

              RUGBY, CV21 1TN
                                                                                                                    A6
                                                                                                                                                     • The property is located on Swift Valley Park which comprises 60 acres of industrial and distribution development and constitutes one of Rugby’s
                                                             A595
                                                                                                                            M6                               Prime industrial areas.                                                        A19

                                                                                                                                                                                                                            A1M
                                                                                                                                                     • The property benefits from excellent transport connections
                                                                                                                                                                                                        Scarborough with the M6 (J1) and the M1 (J19) accessible in under 10 minutes.   A170

                                                                                                                                                     • Rugby is regarded as one of the principal distribution locations in the UK. It lies within the ‘Golden Triangle’, formed by the M1, M6 and M69
                                                                                                                                                                                                                                                          A19                                      A64

              INVESTMENT                                                                                                                            A65
                                                                                                                                                             motorways, and has A61
                                                                                                                                                                                80% of the UK’s population accessible within a 4 hour drive time.
                                                                                          Morecambe

              SUMMARY                                                                                         M6
                                                                                                                                                                                                             A59
                                                                                                                                                                                                                          Harrogate
                                                                                                                                                                                                                                         A1M
                                                                                                                                                                                                                                                                          York
                                                                                                                                                                                                                                                                                                          A166

                                                                                                                                                                                                                                                                                                                       A614
                                                                                                                                                                                                                                                                                                                                                   A165
                                                                                                                                                                                                                                                                                                   A1079

                                                                                                                                                A59
                                                                                                                                                                                                                                                                               A19
                                                                                   Blackpool
                                                                                                       M55
              • The property sits in a prime goldenPreston                                                                                      M55
                                                                                                                                                                  a646
                                                                                                                                                                                          Bradford
                                                                                                                                                                                               M6
                                                                                                                                                                                                                          M621
                                                                                                                                                                                                                                                                                                  M62
                                                                                                                                                                                                                                                                                                                                       Hull
                    triangle logistics location.                                                                           Blackburn
                                                                                                                                                                                         Halifax                   LEEDS              M62
                                                                                                                                                                                                                                                                     M62
                                                                                                                                                                                                                                                                                                                                  M1               SWINFORD
                                                                                                                                                                                                                                                                                                                                                                                         Birmingham                                                             Leicester
                                                                                                                                                                        A6033                                                                                       M6                                                                                                                       35 miles                                                           20 miles
                                                                                                                                                                                           COSFORD
                                                                                       Southport                                         a666                                                                                             RUGBY                                                                                   A15                                                       (38 mins)                                                           (34 mins)
              • The property comprises a                                                                             M6                                                            M62                                                                                                 M18
                                                                                                                                                      M66                                   Huddersfield                                 GATEWAY
                                                                                                                                                                                                                           M1
                                                                                                                                 M61     Bolton                                                                                                                                                             Scunthorpe
                    modern detached industrialA565unit                                                       M58
                                                                                                                                                                    Oldham                                                    Barnsley
                                                                                                                                                                                                                            A426                                Doncaster                          M180
                                                                                                                                                                                                                                                                                                  A5                                                             A14
                                                                                                                          Wigan                                                                                                                                                                                 CATTHORPE                                      Grimsby
                    constructed in 2003 totalling                                                                                             MANCHESTER                                       A628
                                                                                                                                                                                                                                                                               M18

                                                    M57                                                                                                                                     SWIFT
                    38,647 sq ft.                                                                            Knowsley
                                                                                                                                                                  NEWBOLD
                                                                                                                                                                   M60
                                                                                                                                                                                            VALLEY
                                                                                                                                                                                             PARK                                                                         A1M
                                                                                                                                                                                                                                                                                                                         A15                 A46
                                                                                                                                                                  ON AVON                                       Rotherham                             M18                               A631
                                                                                                                    M62

                                          LIVERPOOL                                                                Warrington                                      Stockport
                                                                                                                                                                                                         A426        SHEFFIELD                                                                                                                                              A16
              • Site area of 1.94 acres, which    Runcorn                                 M53                                                                                                                                                             CLIFTON UPON
                                                                                                                                                                                                                                                                                                          A156

                             a low
                    reflectsColwyn Bay
                                       site
                                          A55
                                              density of 43%.                                                 M56                               LONG A34
                                                                                                                                              LAWFORD
                                                                                                                                                                                                         A623
                                                                                                                                                                                                                                                           DUNSMORE
                                                                                                                                                                                                                                                                                                                                                          A158
55                                                                                                                         A49
                                                                                                                             Northwich
                                                                                                                                                                                                                   RAILWAY                      M1
                                                                                                                                                                                                                                                                                                                        Lincoln
                                                                                                                                                                                                                                                                                                                                                                                                             Northampton
                                                                                                                                                          A428                                                     STATION                                          A60
                                                                                                                                                                                                                           Chesterfield                                         A614                                                                      M1                                                      25 miles
              • The property is let to Cummins
                              A470          Chester                                                                                             M6
                                                                                                                                                                         A523
                                                                                                                                                                                                                                                                                                    A1
                                                                                                                                                                                                                                                                                                                 A46
                                                                                                                                                                                                                                                                                                                                                                                                                 (36 mins)
                                                                         A494
                                                                                                                                                                                                   RUGBY                   A6                                                                                                                                                                                                                            Bimingham
                    Ltd
                     A5 rated as having a ‘lower than A41                                                                               Crewe
                                                                                                                                                        A34
                                                                                                                                                      A4071                                            A515                           A61                                                                                         A5
                                                                                                                                                                                                                                                                                                                                                                             A16
                                                                                                                                                                                                                                                                                                                                                                                                                                                         26 miles
                    average risk’ of business failure by                                                                                                                              A523
                                                                                                                                                                                                   A426                         A428                                                     Newark-on-Trent                                                                                                                                                 (33 mins)
                               A5                  Wrexham
     A487
                    Dun & Bradstreet            A483
                                                                                                                                                          Stoke-on-Trent
                                                                                                                                                                      OVERSLADE
                                                                                                                                                                                                                                                      HILLMORTON
                                                                                                                                                                                                                                                                                                                                              A17
                                                                                                                                                                                                                                                                                                                                                                                             Heathrow
                                                                           A5                                                    A495
                                                                                                                                                                                                                    A52
                                                                                                                                                                                                                                                                                                                                                                                               90 miles
                                                                                                                                                                                                                                                 NOTTINGHAM                                         A52                                                                                                                                                                East
                                                                                                                                                                                         A50                                                                                                                                                                                             (1 hr 31 mins)
              • The property is let on a 12 month
                                      A494
                                                                                                       A495                              A53
                                                                                                                                                                                                                                Derby
                                                                                                                                                                                                                                                                                                                                               A52
                                                                                                                                                                                                                                                                                                                                                                                                                                               A148
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Midlands
                    lease expiring 22 October 2021
                       A470                                                                                                                                       M6
                                                                                                                                                                            Stafford                  A515                                                                                         A607                                                                        A17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       36 miles
                                                                                                                           A53
                    providing an unexpired term
                                              A483
                                                   of 1.1                                                                                     A41
                                                                                                                                                                                                                                                          A6                   A46
                                                                                                                                                                                                                                                                                                                                       A15                                                                                                                      A140   (40 mins)
                                                                                                                                                                             A34                                                  A511                                                                             A1
                    years.                              Shrewsbury                                                                                                                                        A38
                                                                                                                                                                                                                                                     Loughborough
                                                                                                                                                                                                                                                                                                                                                                                                                               A1065

                                                                                                A458
                                                                                                                                          M54                                                                                                        M1                                                 A606
                                                           A458                                                                                                                                                                                                                                                                                             A16                                                                               A47
                                                                                                                                                                                         M6TOLL

              • Passing rent of £318,685 pa,                                                                                                                                                                       M42      A444                          LEICESTER                                                                                                                                                                                                                A47
                                                                                                                            A458                                                                                                                                                                                                                                                                                                                               Norwich
                                             A470                                                                                                                                                                                                                                                 A47                                                                                                                  Luton
                    reflecting £8.25 psf overall.                         A483
                                                                                                                                                          Wolverhampton                                                                     M69                                                                        A43         Peterborough
                                                                                                                                                                                                                                                                                                                                                                                                              A134       A1065
                                                                                                                                                                                                                                                                                                                                                                                                                    60 miles                                                A146
                                                                                                         A49                                                                                                               Nuneaton
                     A487                                                                                                                                                                                                                                           Whetstone                                                                                                     A141
                                                                                                                                                                                                                                                                                             A6                                A605
                                                                                                                                                                                                                                                                                                                                                                                                                (1 hr 7 mins)                  A11
                                                                                                                                                                                                                                                                                                                                                                                                                                                        M6 (J1)
                                                                                                                                                                                                                                                                                                                                                                                                                                                            A140

              • ERV of £270,529 pa, reflecting      A470
                                                                                                                                                A442
                                                                                                                                                                        BIRMINGHAM                                                          M6
                                                                                                                                                                                                                                                                                                                                                   A1M
                                                                                                                                                                                                                                                                                                                                                                                                                A1065
                                                                                                                                                                                                                                                                                                                                                                                                                                                        2 miles
                              A44
                    £7.00 psf overall.
            Aberystwyth                                           A483
                                                                                                                                               Kidderminster
                                                                                                                                                                                                       M42                                                                      A14                                            Corby                                 A141
                                                                                                                                                                                                                                                                                                                                                                                                                                                        (5 mins) A143
                                                                                                                                       A456
                                                                                                                                                                                                                COVENTRY                         Rugby                                                                  A45            A14
                                                                                                                                                                                                                                                                                                                                                                                                     M45                       A134
             A487                                                                                                                                                                                                              Royal                                                                                    Kettering
                                                                                                                                                                                   Redditch                                                                                                                                                                                                       9Newmarket
                                                                                                                                                                                                                                                                                                                                                                                                    miles
              • Freehold.                                                                                                                                  A449
                                                                                                                                                                       M5
                                                                                                                                                                                                                            Leamington
                                                                                                                                                                                                                                Spa
                                                                                                                                                                                                                                                                                                                                                                       A14
                                                                                                                                                                                                                                                                                                                                                                                                (15mins) A14                                                           M1 (J19)
                                                                                   A44
                                                                                                                                                                                                                                                                           M1        NORTHAMPTON
                                                                                                                                                                                                                                                                                              A6                                        St Neots
                                                                                                                                                                                                                                                                                                                                                                  A428
                                                                                                                                                                                                                                                                                                                                                                                                                                                      A140
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       5 miles
                                                                                                                                              Worcester                                                                                                                                                                                                                                                                Bury St Edmunds
                                                                                                                                                                                                                                         A423                                                                                                                                                                                                                              A12
                                                                                                                                   A44                                                            Stratford-upon-Avon                                                                                                                                                                Cambridge                                                                         (8 mins)
                                      A483                                                                                                                                                                                                                                                                                                         A1
                                                                                                                                                                                                                   A429                                                                                                      Bedford
                                                                                                                                                                                                                                           M40
                                                                                A438
                                                                                                                                                                                                                                                                               A43
                                                                                                                                                                                               A424                                                                                                                                                                                                             Sudbury                                 Ipswich
                                                                                                              Hereford                                                          A46
                                                                                                                                              M50                                                                                                                                                   MILTON
                                                                                                                                                                                                                                                                                                    MILTON                         Letchworth
                                                                                                                                                                                                                                                                                                                                                                         A10                                                                  A12            M1Felixstowe
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 (J20)
                                        A470                                                                                                                                                                                                                                   Buckingham                                                                A1M                                                            A131
                                                                                                  A465
                                                                                                                                                                    M5
                                                                                                                                                                                                                                                                                                    KEYNES
                                                                                                                                                                                                                                                                                                         A5
                                                                                                                                                                                                                                                                                                                             M1                                                           M11                                                                6 miles
                                                                                                                                                                         Cheltenham                                             A44                                                                                                                          Stevenage
                                                                                                                                                                                                                                                                                                                                                                                                Stansted                                                     (12 mins)
                                                                                                                                                                                                   A429                                                                                                                                                                                                                                Colchester
                                                      A470
                                                                                                                                                                                                                                                               J9
                                                                                                                                                                                                                                                                                                                                                                              Bishop               A120
0                                                                                                                                              Gloucester                                                                                            A34                                                                                                                     Stortford                                                                 A133
                                                                                                                                                                                                                                                                                                                                           St.
                                                                                                                                                                             A417                                         A40                                                                  Aylesbury                                 Albans
                                                                                                              Monmouth                                                                                                                           Oxford                              A418                                                                                                                       A12
                                                                                                                                                                                                                                                                                                                       A41
              ROSE PORTFOLIO                                                                                                            VALLEY POINT        | VALLEY PARK RUGBY, CV21 1TN                                                                                                                                                                                A10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         14
                                                                                                                                                                                                                                                                          J8

        Llanelli                     A465                                                                                                       M5                                                                                                                                                                                                                                          A414
                                                                                                                            A48                 Cirencester
                                                                                                                                                                                                                                                                                M40                                                                                                                       Chelmsford
                                                                                                   A449                                                                                                                                                                                             High                                                       M25
                                                                                                                                                                                                                           A420                                                                            A413
                                                                                                                                                                                                                                                                                                   Wycombe                                                                                         A12
                                                                  A470                                                                                                                         A419                                              Abingdon
A14/M1/Lutterworth/Crick/Kettering

                                                           M6 (J1)

                                                      Rugby
                                                     Gateway
                                                                                                       A426

    M69 / Coventry

                                                                                                                    Rugby Town Centre

                                                                                     Valley Drive

                                                                  Cosford Ln

                                                                        Brownsover
                                                                           Road

ROSE PORTFOLIO       VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN                                                                          15
DESCRIPTION & SPECIFICATION                                                                    TENURE
                                                                                               The property is held freehold.
       Constructed in 2003                                Area: 38,647 sq ft

                                                                                               SITE
       Steel portal frame construction                    Fully secure yard with perimeter
       with profiled steel cladding under                 palisade fencing and barrier entry
       a pitched roof                                     system                               The total site measures 1.94 acres providing a low site density of
                                                                                               approximately 43%.

       8.8 metre eaves height                             60m yard depth

                                                          4,536 Sq Ft of offices
       2 dock-level & 2 level access doors
                                                          (12.0% office content)

       High-spec offices benefiting from
       suspended ceilings, gas central                    EPC rating of B

                                                                                                                                                                         VA L L E Y DR
       heating and air conditioning

                                                                                                                              COSFORD LANE

                                                                                                                                                                                       IVE
                                                                                                                                                 AW PRECISION
                                                                                                           HW COATES

                                                                                               *Boundary for indicative purposes only

                                                                                               ACCOMMODATION SCHEDULE

                                                                                                                                             Sq m               Sq ft

                                                                                                 Warehouse*                                  3,169.0            34,111

                                                                                                 Office                                      421.4              4,536

                                                                                                 Total                                       3,590.4            38,647

                                                                                               *Mezzanine erected by current tenant (1,434 sq ft) is excluded from total area

ROSE PORTFOLIO                               VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN                                                                                                      16
TENANCY SCHEDULE

                             Total Area      Lease        Review       Break        Lease       Passing        Rent      Headline     Headline
 Unit            Tenant                                                                                                                             Comments
                               (sq ft)       Start         Date        Date         Expiry     Rent (p.a.)     (psf)     ERV (p.a.)   ERV (psf)

                                                                                                                                                    Lease is contracted outside of the 1954 Act.
 Unit C                                                                                                                                             Short reversionary lease granted from 1 Oct 2020 to
                 Cummins                                                                                                                            24 Mar 2021 at a rent of £318,685 pa (£8.25 psf). An
 Valley Drive,                 38,647     25/06/2019         -           -        22/10/2021   £318,685        £8.25     £270,529      £7.00
                 Limited                                                                                                                            additonal reversionary lease is in solicitors hands to
 Rugby                                                                                                                                              extend the unexpired term to 22 Oct 2021.
                                                                                                                                                    Area excludes 1,434 sq ft tenant mezzanine.
 Total                         38,647                                                          £318,685        £8.25     £270,529      £7.00

   Cummins Limited
                                                                                                   COVENANT
   TENANT OPERATION                                                                                • Cummins Ltd is responsible for the design, engineering, manufacture, sale and service of diesel
                                                                                                      and alternative fuel engines, and generators as well as related components and technology.
   • Cummins Ltd have been in occupation of the facility since 2007. The facility
         operates 24/7 all year round and 30 staff are employed from this site.                    • Cummins Ltd was established in 1956 and now employees over 4,400 staff.
   • From this facility the company services filtration for engines as well as running             • The Global ultimate group company Cummins Inc. is listed on the NYSE and ranks 132nd on the
         customer service operations for the UK Filtration arm of the business.                       Fortune 500 (2020).
   • Cummins Filtration is one of the technological leaders in filtration products for
         heavy duty diesel engines holding over 200 active global patents for product              • Cummins Inc. was originally founded in 1919 and now employs 62,600 staff in approximately
         technology.                                                                                  190 countries through a network of 600 company owned and independent distribution
                                                                                                      locations as well as 7,600 + dealer locations.
   • Cummins are preparing to consolidate operations from 12 UK warehouses
         (including the subject property) into a new headquarters facility at Apex Park,           • In 2019 Cummins Inc.’s revenue stood at $23.6 billion. The group recently reported Q2 2020
         Daventry comprising over 430,000 sq ft of warehouse accommodation. (See                      revenue of $3.9bn (representing a 14.3% EBITDA margin).
         asset management initiatives).

                                                                                                    D&B Rating: 5A2 According representing a ‘Lower than Average’ risk of business failure.

                                                                                                                                       31 Dec 2019                31 Dec 2018               31 Dec 2018

                                                                                                                                          £000s                      £000s                     £000s

                                                                                                      Sales / Turnover                  £2,145,825                 £2,410,676                £1,881,663

                                                                                                      Profit / (Loss)
                                                                                                                                         £171,495                   £244,774                  £140,299
                                                                                                      Before Tax

                                                                                                      Tangible Net Worth                 £314,732                   £357,327                  £340,111

ROSE PORTFOLIO                                  VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN                                                                                                                   17
LOCAL OCCUPATIONAL MARKET                                                                                                            ASSET MANAGEMENT
                                                                                                                                     INITIATIVES
           The main industrial area in Rugby is located to the north of the town clustered around Junction 1 of the M6 with
           Swift Valley and Valley Drive, Rugby Gateway and Central Park providing the majority of supply for the local area.        • Cummins Ltd currently occupy the space on a short-
                                                                                                                                       term reversionary lease at a premium to the market rental
                                                                                                                                       tone as they prepare to centralise much of their industrial
           Rugby is a prime golden triangle location within the Southern West Midlands and one of the premier distribution
                                                                                                                                       footprint into a newly developed headquarter building in
           warehouse locations nationwide, attracting a large number of occupiers due to its convenient access to a significant
                                                                                                                                       Daventry
           percentage of the UK’s population.

                                                                                                                                     • The landlord’s asset management team are currently
           This has led to increased demand from third party logistics operators, manufactures and online retailers alike,
                                                                                                                                       agreeing works on any refurbishment required and will
           resulting in strong take up within the region in recent years. Take-up last year was significantly above the regional
                                                                                                                                       look to serve a schedule of dilapidations six months prior
           average at 3.8m sq ft (111% above the regional average of 1.8m sq ft). Total industrial stock in Rugby for units of
                                                                                                                                       to expiry.
           +30,000 sq ft now stands above 7.1m sq ft, the vacancy rate is also below the regional average at 7.2%.
                                                                                                                                     • The unit is likely to be well received in the current market
           Rental growth for the region is forecast at 2% over the next three years. The development pipeline has slowed with          with limited availability within this size bracket nearby.
           just 1.81m sq ft of completions last year, the lowest since 2015. Including stock under construction there are only
  £        three units currently available in the subjects size bracket (30-50,000 sq ft) and just one on Valley Park Estate which
           is being marketed as a freehold sale. The strong demand within the area has resulted in increased pressure on rents
           for good quality stock. Prime rents in Rugby, Coventry and the surrounding area are now at +£7.00 psf.

           A summary of recent occupational evidence is shown below.

                                    GIA                                                   Lease          Rent
Property                                            Type               Tenant                                           Date
                                   (sq ft)                                                Term           (psf)

Unit 5, Blue Ribbon Park,
                                   16,690       New Letting        Pack Smart Ltd         10 yrs         £7.50         Jun-20
Coventry

Leofric Business Park,
                                   47,502       New Letting          Socotec UK           15 yrs        £6.50          Jun-20
Progress Close, Coventry

Vesper Point,
                                  59,000        New Letting         Network Rail          10 yrs         £6.97         Feb-20
Prologis Park, Coventry

WD.35 Bermuda Park,
                                   34,689       New Letting       Park Sheet Metal        10 yrs         £6.95         Sep-19
Nuneaton

                                                                                                         £6.25
Central Point One,
                                   63,974       Rent Review         Autins Group            -        (net effective    Apr-19
Central Park, Rugby
                                                                                                          rent)

ROSE PORTFOLIO                                 VALLEY POINT | VALLEY PARK RUGBY, CV21 1TN                                                                                                           18
1 KINGSLAND
GRANGE

WOOLSTON
WARRINGTON
WA1 4SR

     DRONE FOOTAGE
     PLEASE CLICK HERE TO ACCESS
     DRONE FOOTAGE OF THIS SITE
A66
                                                                                A66
                                                                                                                                                                                                             A1M
                                                                                                                        A66
1 KINGSLAND                                                LOCATION & SITUATION                                                                                                        A698

GRANGE                                                                                                                                                       A66
                                                                                                                                                                                                         Darlington
                                                                                                                                                                                                                        Middlesbrough
                                                           • Warrington                                                                     A66
                                                                    A591 is one of the UK’s prime industrial, logistics and distribution locations due to its position at the intersection of the M62, M56
                                                                                                                                                                                                       A171 and M6
WOOLSTON                                                         motorways.
                                                                                                                                  A685
WARRINGTON, WA1 4SR                                                                                       A6
                                                           • The town is in the heart of the North West of England, equidistant between Liverpool, 23 miles to the west, and Manchester, 17 miles to the north
                                                                 east.
                                             A595
                                                                                                                      M6                                                                                                   A19
                                                           • The property is located on the established Kingsland Grange Business Park, approximately three miles east of Warrington town centre and
                                                                 adjacent to J21 of the M6 which in turn provides access to the M62 to the north.                                                           A1M
                                                                                                                                                                                                                                                       A170
                                                                                                                                                                                                                                                                                      Scarborou
INVESTMENT
SUMMARY                                                                                     M6
                                                                                                                                                  11

                                                                                                                            M62              BIRCHWOOD
                                                                                                   21a                                      BUSINESS PARK                               Liverpool                                  A19
                                                                                                                                                                                                                             Manchester                        A64
                                                                                                                                    RISLEYA65
                                                                                                                                                                                         23 miles                            17 miles
                                                                                                                                                                                                            A61
                                                                                            10                                                                                          (38 mins)                            (31 mins)
• The property is located in a prime                                9           M62
                                                                                                                21a
  north west distribution location                                           Morecambe
                                                                  A49                                                                                                                                                                                                 A166
  with excellent access to the wider                                                                                                                                                            A59
  motorway network.                                                                               M6                                                                                                     Harrogate
                                                                                                                                                                                                                                             York                                  A614
                                                                                                                                   M6                                                                                  A1M                                     A1079
• The property comprises a detached                                          A50
  industrial unit constructed in the                                                                                                      KINGSLAND GRANGE
                                                                                                                                           A59
                                                                                                                                            BUSINESS PARK
                                                                                                                                                                                                Ellesmere Port
  1980s totalling 71,136 sq ft.                                      A49
                                                                                                 PADDINGTON           WOOLSTON                                                                                                                 A19
                                                                                                                                                                                                       26 miles
                                                                    Blackpool                                                                                                                         (32 mins)         Manchester
• Site area of 4.72 acres, which                                                        M55
                                                                                                 A50                                                   21                          Bradford                             15 miles
  reflects a low site density of                                                                                                           M55                                                            M621          (18 mins)                                                              Hul
  32.8%.                                                        WARRINGTON                       Preston         Blackburn
                                                                                                                                                             A646                                                                                             M62
                                                    A57
                                                                                                                                                                                  Halifax             LEEDS          M62
                                                                                                                                                                                                                                       M62
• The property is let to A Schulman
  Thermoplastic Limited rated as                                                                                                                                    A6033
                                                                         Southport                                                 A666                                                                                                                                                      A15
                                                                                                                                                                            M62                                                                       M18
  having a ‘higher than average                                                                            M6                                    M66
                                                                                                                                                                                     Huddersfield
  risk’ of business failure by Dun &                                                                                       M61    Bolton
                                                                                                                                                                                                           M1
                                                                                                                                                                                                                                                                        Scunthorpe
  Bradstreet                                                                                                                                                                                                      Barnsley            Doncaster                M180
                                                                         A565                                                                                  Oldham                    Liverpool
                                                                                                 M58            Wigan                                                                      21 miles
                                                                                                                                                                                                                                               M18
• The property is let on a lease                                                                                                                                                      A628
                                                                                                                                                                                          (26 mins)
  expiring 23 June 2023 providing an                                                  M57                                                   MANCHESTER                                                                 M6 (J21)                                                     A15
  unexpired term of 2.8 years.                                                                                                                                                                                         1 miles                                                                     A
                                                                                                 Knowsley                                                      M60
                                                                                                                                                                                                                                             A1M
                                                                                                                                                                                        M56 (J9)
                                                                                                                                                                                                     Rotherham         (2 mins) M18                    A631
                                                                                                          M62
• Passing rent of £350,000 pa,
  reflecting £4.92 psf overall.                                     LIVERPOOL
                                                                                                         Warrington                                           Stockport                   5 miles
                                                                                                                                                                                        (12 mins)
                                                                                                                                                                                                       SHEFFIELD
                                                                                                  Runcorn                                                                                                                                                             A156
                                                                             M53
• ERV of £409,032 pa, reflecting                                                                  M56                                                  A34                                    A623
  £5.75 psf overall
                      Colwyn Bay       A55
                                                                                                                 A49                                                                                                         M1
                                                                                                                                                                                                                              M6 / M62
• Freehold.                                                                                                                Northwich                                                                                          Interchange
                                                                                                                                                                                                                                       A60
                                                                                                                                                                                                                                                                                   Lincoln
                  A470                                                                                                                     M6
                                                                                                                                                                                                           Chesterfield       5 miles          A614
                                                                             Chester
                                                                                                                                                                                                                              (8 mins)                          A1
                                                                                                                                                                     A523                                                                                                    A46
                                                          A494                                                                                         A34                                  A515          A6
          A5                                                                                     A41                                                                                                                 A61
                                                                                                                                 Crewe
ROSE PORTFOLIO                                      1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1A523
                                                                                                   4SR                                                                                                                                                  Newark-on-Trent              20
                              A5                                                Wrexham
M56 (J9)

         M6 (J21)

                                                   Hardwick Grange
                                                   Industrial Estate

                                                                                         Woolston Park

                                                                  Hardwick Grange

                      Woolston
                    Grange Avenue

             M6 (J21A) / M62 /
             Birchwood Business Park

ROSE PORTFOLIO
PORTFOLIO NAME HERE                 1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR                   21
DESCRIPTION & SPECIFICATION                                                                      TENURE
                                                                                                 The property is held freehold.
       Constructed in 1984                             Area: 71,136 sq ft

       Steel portal frame construction
                                                                                                 SITE
                                                       Fully secure gated yard with 90 car
       with part brickwork and part profiled
                                                       parking spaces to the front of the site
       metal cladding                                                                            The total site measures 4.72 acres providing a low site density of
                                                                                                 approximately 32.8%.

       8.1-11.1m metre eaves height                    40m yard depth

                                                       7,750 sq ft of offices
       2 dock levellers and 4 level access doors
                                                       (10.9% office content)

       Good quality ancillary office
       accommodation benefiting from                   EPC rating of C
       suspended ceilings and air conditioning

                                                                                                 *Boundary for indicative purposes only

                                                                                                 ACCOMMODATION SCHEDULE

                                                                                                                                     Sq m                 Sq ft

                                                                                                   Warehouse & Engineering           5,811.4              62,553

                                                                                                   Office                            720.0                7,750

                                                                                                   Exterior Stores (Warehouse)       77.4                 833
                                                                                                   Total                             6,608.8              71,136

                                                                                                 *Mezzanine erected by current tenant (6,587 sq ft) is excluded from total area

ROSE PORTFOLIO                             1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR                                                                               22
TENANCY SCHEDULE

                                        Total Area       Lease         Review          Break       Lease         Passing       Rent        Headline     Headline
 Unit             Tenant                                                                                                                                            Comments
                                          (sq ft)        Start          Date           Date        Expiry       Rent (p.a.)    (psf)       ERV (p.a.)   ERV (psf)

 1 Kingsland                                                                                                                                                        Inside the 1954 Act.
                  A. Schulman
 Grange,                                  71,136      24/06/1998          -              -       23/06/2023      £350,000     £4.92        £409,032      £5.75      Area excludes 6,587 sq ft tenant
                  Thermoplastics Ltd
 Warrington                                                                                                                                                         mezzanine.

 Total                                    71,136                                                                £350,000      £4.92        £409,032      £5.75

   A Schulman Thermoplastics Ltd
                                                                                                    COVENANT
   TENANT OPERATION                                                                                 • A Schulman is a leading global supplier of high-performance plastic compounds, composites
                                                                                                      and powders.
   • A Schulman Thermoplastic Limited have been in occupation of the facility since
        1998.
                                                                                                    • A Schulamn was acquired by LyondellBasell Industries Holdings in August 2018 more than
                                                                                                      doubling LyndellBasell’s existing compounding business and broadening the companies
   • The facility operates 24/7 all year round and 130 staff are employed from this location.         reach into high end margin markets such as automotive, construction materials, packing and
   • From this facility the company undertakes manufacturing of high performance                      electronic goods.
        plastic compounds and resins which involves the heating and blending of plastics
        with other materials.
                                                                                                    • LyndellBasell Industries operates from five UK bases; Warrington, Gainsborough, Newport,
                                                                                                      Carrington and Milton Keynes.
   • The tenant has invested heavily in the fit out of the unit. Internally there is extensive
        plant and machinery and externally the there are seven silos which are integral to
        their business. There are also four transformers which provide addition power to
        the warehouse and separate units on the north west boundary which are used as
        workshops for maintaining and repairing plant and machinery.

                                                                                                    D&B Rating: 3A3 representing a ‘Higher than Average’ risk of business failure

                                                                                                                                       31 Aug 2018           31 Aug 2017             31 Aug 2016

                                                                                                                                         £000s                   £000s                  £000s

                                                                                                      Sales / Turnover                 £55,334,000           £48,316,000             £42,884,000

                                                                                                      Profit / (Loss)
                                                                                                                                        £983,000             -£1,025,000              £3,287,000
                                                                                                      Before Tax

                                                                                                      Tangible Net Worth               £13,957,000           £13,105,000             £13,936,000

ROSE PORTFOLIO                                     1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR                                                                                                  23
LOCAL OCCUPATIONAL MARKET                                                                                                        ASSET MANAGEMENT
                                                                                                                                 INITIATIVES
           Warrington comprises one of the key distribution hubs within the north west due to its exceptional location within
           the motorway network and proximity to key regional cities and transport hubs. The location has a skilled local work   • A Schulman have invested significantly into the property since
           force and attracts an extensive range of occupiers across all sectors.                                                  taking occupation and continues to upgrade their fit-out
                                                                                                                                   demonstrating their commitment to the building.
           Warrington sits within the Merseyside & Cheshire submarket, an area which has continued to benefit from developers    • Discussions are ongoing for a lease re-gear at the unit where
           seeking available land and labour forces to support large scale industrial schemes. Last year’s take up figures saw     there is scope to agree a rental increase and enhance the
           logistics occupiers account for over 50% of activity within the region of which Warrington was the most active          unexpired term.
           location with over 1.1 million sq ft of stock let.

           The region has performed consistently well in recent years, underlined by an exceptional year in 2019 where take
           up volumes increased by 7.2% to record breaking levels of 4.18m sq ft, 17.9% above the five year regional average.

           Rental growth for the region is forecast above average at 2.3% over the next three years. Developments also edged
           to a new record-breaking level in 2019 with 1.79m sq ft completed. The level of occupier demand for the new
  £        product being delivered within the region is expected to push on rents with prime stock now achieving close to
           £7.00 psf on similar size units to the subject property.

           A summary of recent occupational evidence is shown below.

                                   GIA                                                 Lease          Rent
Property                                          Type               Tenant                                          Date
                                  (sq ft)                                              Term           (psf)

1 Stretton Road, Warrington      105,000        Renewal           Iron Mountain        10 yrs        £5.80         Jun-20

                                                                The Incontinence
Logistics North, Bolton           20,322       New Letting                             10 yrs        £7.50         Feb-20
                                                                      Shop

Omega South, Warrington          137,000       New Letting       Delivery Group        20 yrs        £6.50         Oct-19

Chesford Grange,                                                Edward Cheshire
                                  19,521       New Letting                             10 yrs        £5.50         Nov-18
Warrington                                                       Company Ltd

14 Kingsland Grange,
                                  85,323       New Letting        IFCO Systems        10.75 yrs      £5.87         May-18
Warrington

ROSE PORTFOLIO                                1 KINGSLAND GRANGE | WOOLSTON, WARRINGTON, WA1 4SR                                                                                             24
MILNER STREET

WARRINGTON
WA5 1AD

     DRONE FOOTAGE
     PLEASE CLICK HERE TO ACCESS
     DRONE FOOTAGE OF THIS SITE
A66
                                                                               A66
                                                                                                                                                                                                     A1M
                                                                                                                  A66
MILNER STREET                                             LOCATION & SITUATION                                                                                                 A698

WARRINGTON, WA5 1AD                                                                                                                               A66
                                                                                                                                                 Darlington
                                                                                                                                                                                                                Middlesbrough
                                                          • LocatedA591
                                                                    in Warrington, a major commercial destination within the North West
                                                                                                                                    A66 region and one of the most dynamic, fastest growing economies in
                                                                                                                                                                                                                                                             A171
                                                                the UK.
                                                                                                                        A685
                                                          • The property is situated inA6
                                                                                        a prominent position fronting Milner Street, close to its junction with both the A57 and A5061 to the western fringe of
                                                                Warrington town centre.
                                                A595
                                                          • Situated in the heart of the BankM6Quay Gateway Quarter, a popular, well established commercial location
                                                                                                                                                                A19 providing the closest industrial and trade
INVESTMENT                                                      accommodation to Warrington town centre. The property lies within 500m of the proposed HS2 transport hub offering future growth potential
                                                                and enhancing site value.
SUMMARY                                                                                                                                                                                             A1M
                                                                                                                                                                                                                                               A170
                                                                                                                                                                                                                                                                              Scarborou

• The property occupies a prime
  location close to Warrington town                                                                                                                                           Manchester                                   A19 Port
                                                                                                                                                                                                                     Ellesmere                         A64
  with excellent access to the north                                                                                     A49 A65                                                 21 miles                            26 miles
                                                                                                                                                                                                    A61
                                                                                                                                                                                (32 mins)                            (32 mins)
  west transport network.
                                                                          Morecambe
• The property comprises a                                                                                                                                                              A59                                                                   A166
  warehouse divided into two units                                                            M6                   WARRINGTON                                                                    Harrogate
  totalling 42,394 sq ft.                                                          A57                                                                                                                                               York                                  A614
                                                                                                                                                                                                               A1M                                     A1079
• Site area of 2.89 acres, which                                   SANKEY
                                                                                                                                A59                                                           Liverpool
  reflects a low site density of 31.6%.                            BRIDGES                                                                         A5061                                                                               A19
                                                                                                                                                                                               20 miles
                                                                  Blackpool                                                                                                                   (30 mins)         Manchester
• The property is let to Selco Trade                                                   M55
                                                                                                                                                                        Bradford                                16 miles
                                                                                                                        A5060 M55
  Centres Ltd and UK Storage                                                                                                                                                                      M621          (28 mins)                                                              Hul
  Company (SW) Ltd who are both                                                              Preston       Blackburn
                                                                                                                                                  A646                                                                                                M62
  rated as having a ‘lower than                                                                                                                                        Halifax                LEEDS          M62
                                                                                                                                                                                                                                M62
  average risk’ of business failure by
  Dun & Bradstreet                                                                                                                                       A6033
                                                                      Southport                                          A666                                                                                                                                                        A15
                                                                                                                                                                 M62                                                                          M18
                                                                                                     M6                               M66
                                                                                                                                                                          Huddersfield
• The two properties provide a                                                                                    M61                                                                              M1
                                                                                                                                                                                                                                                                Scunthorpe
                                                                                                                        Bolton
  combined unexpired term of 10.6                                                                                                                                                                                             Doncaster                M180
                                                                      A565                                                                          Oldham
                                                                                                                                                                                Liverpool                 Barnsley
  years to break and 14.7 years to                                                           M58          Wigan                                                                   12 miles
  expiry.                                                                                                                                                                        (28 mins)                                             M18
                                                                                                                                                                              A628
                                                                                    M57                                          MANCHESTER                                                                    M62 (J9)                                                     A15
• Passing rent of £258,904 pa,                                                               Knowsley                                               M60                                                        3 miles                                                                     A
  reflecting £6.11 psf overall                                                                                                                                                                                                       A1M
                                                                                                                                                                                             Rotherham         (11 mins)M18                    A631
                                                                                                    M62                                                                        M56 (J9)
• ERV of £288,843 pa, reflecting                                  LIVERPOOL
                                                                                                   Warrington                                      Stockport
                                                                                                                                                                                 6 miles       SHEFFIELD
                                                                                                                                                                               (15mins)                                                                       A156
  £6.81 psf overall                                                                           Runcorn
                                                                             M53
                                                                                              M56                                           A34                                       A623
• Freehold.
                      Colwyn Bay          A55
                                                                                                           A49                                                                                                       M1
                                                                                                                  Northwich                                                                                          M6/M62                                                Lincoln
                                                                                                                                                                                                   Chesterfield                A60
                                                                                                                                                                                                                     Interchange       A614
                  A470                                                       Chester                                            M6
                                                                                                                                                                                                                     5 miles                            A1
                                                                                                                                                          A523                                                                                                       A46
                                                                                                                                                                                                                     (13 mins)
                                                         A494                                                                           A34                                        A515            A6
          A5                                                                                 A41                                                                                                             A61
                                                                                                                        Crewe
ROSE PORTFOLIO                                         MILNER STREET | WARRINGTON, WA5 1AD                                                                             A523
                                                                                                                                                                                                                                                Newark-on-Trent              26
                                 A5                                          Wrexham
Warrington
                                              Warrington         Town Centre
                                             Central Station

                                                                Golden Square
                                                               Shopping Centre

                                                                                                   Warrington Bank
                                                                                                  Quay Station (future
                                                                                                     HS2 station)

                                                          Priestley Street
                 Warrington
                  Hospital
                                                                                 Liverpool Road

ROSE PORTFOLIO                MILNER STREET | WARRINGTON, WA5 1AD                                                        27
DESCRIPTION & SPECIFICATION                                                                      TENURE
                                                                                                 The property is held freehold.
       Constructed in the 1980s and                    Area: Unit 1: 10,732 sq ft
       comprehensively refurbished in 2017                   Unit 2: 31,662 sq ft

                                                                                                 SITE
       Steel portal frame construction                 Fully secure yard. Unit 2 benefits from
       with part brickwork and part profiled           an open storage compound to the
       metal cladding                                  northern elevation                        The total site measures 2.89 acres providing a low site density of
                                                                                                 approximately 31.6%.

       6.3 metre eaves height                          200 surface car parking spaces

       Unit 1: 1 loading door                          Unit 2: 3,409 sq ft of offices
       Unit 2: 2 loading doors                         (10% office content)

       High specification trade counter and            Unit 1: EPC Rating of B
       office accommodation                            Unit 2: EPC Rating of E

                                                                                                                                    MILNER STREET
                                                                                                 * Boundary for indicative purposes only

                                                                                                 ACCOMMODATION SCHEDULE

                                                                                                   Unit 1          Sq m     Sq ft                   Unit 2      Sq m      Sq ft

                                                                                                   Warehouse       997.0    10,732                  Warehouse   2,624.8   28,253

                                                                                                                   1480.6   10,732                  Office      316.7     3,409

                                                                                                                                                                2,941.5   31,662

                                                                                                 In total the unit’s measure a combined 42,394 sq ft (3,938.5 sq m)

ROSE PORTFOLIO                             MILNER STREET | WARRINGTON, WA5 1AD                                                                                                    28
TENANCY SCHEDULE

                                  Total Area      Lease         Review       Break           Lease       Passing       Rent      Headline      Headline
  Unit             Tenant                                                                                                                                   Comments
                                    (sq ft)       Start          Date        Date            Expiry     Rent (p.a.)    (psf)     ERV (p.a.)    ERV (psf)

  Unit 1           UK Storage                                                                                                                               Rent is reviewed five-yearly to OMV. Break
  Milner Street,   Company (SW)    10,732      15/03/2019     15/03/2024   15/03/2029   14/03/2044       £69,758      £6.50       £75,124        £7.00      subject to 6 months’ notice. Second break
  Warrington       Limited                                                                                                                                  option on 15 Sept 2036. Inside the 1954 Act.
                                                                                                                                                            Rent reviewed 5 yearly to OMV subject to a
                                                                                                                                                            cap which is calculated by multiplying the rent
  Unit 2
                   Selco Trade                                                                                                                              reserved immediately before the review date
  Milner Street,                   31,662       19/01/2017    19/01/2022                   18/01/2032   £189,144       £5.97     £213,719        £6.75
                   Centres Ltd                                                                                                                              by 1.025. Before assigning to a third party the
  Warrington
                                                                                                                                                            Tenant must first offer to surrender or assign
                                                                                                                                                            the lease to the Landlord.
  Total                            42,394                                                               £258,902       £6.11     £288,843       £6.81

    Selco Trade Centres Limited                                                                           UK Storage Company (SW) Limited

    TENANT OPERATION                                                                                      TENANT OPERATION
    • SELCO operate as a builders merchants open seven days a week.                                       • UK Storage Company have been in occupation of the facility since 2019
    • The tenant has been in occupation of the facility since 2017.
    • The company employs 25 staff from its Warrington site.                                              • The tenant offers self storage facilities for businesses and residential customers. The
                                                                                                             business includes an online check-in facility so customers can set up storage any
                                                                                                             time of the day.
                                                                                                          • The site is fully secure with gated access and CCTV throughout.
COVENANT                                                                                                  • The company operates the site remotely and the unit is serviced by maintenance and
                                                                                                             cleaning on a daily basis.
• Selco was originally formed in 1895 and now operates 68 builders’ merchants across the
  UK employing a total of c.3,100 members of staff.
• Selco stocks over 15,000 trade products in every branch and offers a comprehensive
  online service with next day delivery and click and collect options.
• The Selco brand has increased in size rapidly in recent years with the network doubling                 COVENANT
  since 2014.
• Selco was acquired in 1998 by Grafton Group PLC which owns several household brands
  operating in the merchanting, retailing and manufacturing sectors. The group is listed on               • The company was founded in 2005 and now employs a total of 30 staff across 27
  the London Stock Exchange with a market cap of approximately £1.84 bn.                                     facilities, throughout the UK.

D&B Rating: 5A2 representing a ‘Lower than Average’ risk of business failure                              D&B Rating: 2A2 representing a ‘Lower than Average’ risk of business failure

                                  31 Dec 2019             31 Dec 2018        31 Dec 2017                                                      31 Mar 2019           31 Mar 2018           31 Mar 2017
  Sales / Turnover                £512,885,000            £460,096,000      £399,628,000
                                                                                                            Tangible Net Worth                £3,561,942            £2,868,188             £2,206,981
  Profit / (Loss) Before Tax      £45,288,000             £43,538,000        £46,540,000
  Tangible Net Worth              £62,709,000             £95,548,000        £60,697,000

ROSE PORTFOLIO                                   MILNER STREET | WARRINGTON, WA5 1AD                                                                                                                       29
LOCAL OCCUPATIONAL MARKET                                                                                                        ASSET MANAGEMENT
                                                                                                                                 INITIATIVES
           Warrington comprises one of the key distribution hubs within the north west due to its exceptional location within
           the motorway network and proximity to key regional cities and transport hubs. The location has a skilled local work   • The landlord is currently in discussions with UK Storage Co to
           force and attracts an extensive range of occupiers across all sectors.                                                  demise the entirety of the remaining yard areas to remove the
                                                                                                                                   administrative burden of running a service charge on the unit
           Warrington sits within the Merseyside & Cheshire submarket, an area which has continued to benefit from developers
           seeking available land and labour forces to support large scale industrial schemes. Last year’s take up figures saw   • There is scope to achieve rental uplifts at both rent reviews
           logistics occupiers account for over 50% of activity within the region of which Warrington was the most active          in January 2022 and March 2024 respectively.
           location with over 1.1 million sq ft of stock let.

           The region has performed consistently well in recent years underlined by an exceptional year in 2019 where take
           up volumes increased by 7.2% to a record breaking level of 4.18m sq ft, 17.9% above the five year regional average.

           Rental growth for the region is forecast above average at 2.3% over the next three years. Developments also edged
           to a new record-breaking level in 2019 with 1.79m sq ft completed. The level of occupier demand for the new
  £        product being delivered within the region is expected to push on rents with prime stock now achieving up to £7.50
           psf on similar sized units to the subject property.

           A summary of recent occupational evidence is shown below.

                                   GIA                                                 Lease          Rent
Property                                          Type               Tenant                                          Date
                                  (sq ft)                                              Term           (psf)

16 Gatsworth Court,
                                  20,278       New Letting        Go Interior Ltd      10 yrs        £6.75         Oct-19
Warrington

211 Europa Boulevard,
                                  15,000       New Letting    Aesetic Technologies     10 yrs        £6.75         May-19
Warrington

208 Cavendish Place,
                                  6,907        New Letting        All Studios Ltd      15 yrs        £6.75         Mar-19
Birchwood, Warrington

Unit 1, Calver Quay,
                                  26,000       New Letting          Bonfiglioli        15 yrs        £6.50         Mar-19
Warrington

212 Europa Boulevard,
                                  6,500        New Letting       Dante FS Group        10 yrs        £7.46         Oct-18
Warrington

Suite 28 & 30, Gateway 49,
                                  8,000        New Letting         Screwfix Ltd        10 yrs        £7.50         Aug-18
Warrington

ROSE PORTFOLIO                                MILNER STREET | WARRINGTON, WA5 1AD                                                                                                            30
PROPOSAL

      We are instructed to seek offers in excess of
      £19,030,000 (Nineteen Million and Thirty
      Thousand Pounds) subject to contract and
      exclusive of VAT.

      A purchase at this level reflects a net initial yield
      of 6.00%, a potential reversionary yield of
      6.35% (based on ERV) and a capital value of £95
      psf, assuming purchaser’s costs of 6.75%.

FURTHER INFORMATION
For further information or to arrange an inspection, please contact:

John Rodgers                             Will Strachan                 Leo Zielinski                 Jake Craig
T: 020 3486 3467                         T: 020 3486 3474              T: 020 3486 3468              T: 020 7333 6258
M: 07810 307422                          M: 07929 885859               M: 07980 809031               M: 07387 537065
E: jrodgers@geraldeve.com                E: wstrachan@geraldeve.com    E: lzielinski@geraldeve.com   E: jcraig@geraldeve.com
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