THE SATURN PORTFOLIO - Wilkinson Williams

 
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH Retail Park, Christchurch // B&Q Warehouse, St Margaret’s Way, Leicester // Dunstable Road Retail Park, Luton //
       Cairngorm Retail Park, Winterhill, Milton Keynes // Mountbatten Retail Park, Southampton // B&Q/Halfords, Tonbridge

                                                   THE SATURN PORTFOLIO
                                                                  A portfolio of institutional retail warehousing
                                                                          located in the southern half of the UK
THE SATURN PORTFOLIO - Wilkinson Williams
PORTFOLIO OVERVIEW                                                                                                                                                                                                  THE SATURN PORTFOLIO         PAGE 2

                                                                                                                                                                              CHRISTCHURCH         LEICESTER              LUTON

                                                         M90
                                                                                                                                                                              MILTON KEYNES        SOUTHAMPTON            TONBRIDGE
                                               M8              EDINBURGH
                     GLASGOW
                               M77

                                              M74

                                                                              NEWCASTLE UPON TYNE

                                                                   CARLISLE                   SOUTH SHEILDS
                                                                  M6                                 A1 (M)
                                                                                                   HARTLEPOOL
                                                                                              DURHAM
                                                                                                      A66 (M)
                                                                                                           MIDDLESBROUGH

                                                                                                          A1 (M)
                                                                                                                         YORK
                                                                     M6
                                                                                            BRADFORD           LEEDS                     HULL
                                                                 BLACKPOOL
                                                                               M65
                                                                                                                  M62
                                                                                             M62
                                                                                                                                                      GRIMSBY
                                                                 LIVERPOOL              MANCHESTER
                                                                                     M56
                                                                                                   SHEFFIELD

                                                                                                               M1

                                                                                        STOKE-ON-TRENT
                                                                                                                         NOTTINGHAM
                                                                                       M6            DERBY

                                                                                                                              LEICESTER
                                                                                                                                                                              CHRISTCHURCH RETAIL PARK, BARRACK ROAD, CHRISTCHURCH BH23 2BN
                                                                               BIRMINGHAM
                                                                                                        M6
                                                                                                       COVENTRY
                                                                                                                                                                              B&Q WAREHOUSE, ST MARGARET’S WAY, LEICESTER LE4 0BG
                                                                                                                                MILTON
                                                                                                                                KEYNES
                                                                                                                                 M1
                                                                                                                                                                              DUNSTABLE ROAD RETAIL PARK, LUTON LU4 8EZ
                                                                              M50                                                                          M11
                                                                                                                        LUTON
                                                                                                                                                                              CAIRNGORM RETAIL PARK, WINTERHILL, MILTON KEYNES MK6 1AZ
                                                                                                                                             A1 (M)
                                                                                       M5
                                                                                                                        M40
                                      M4

                                                     CARDIFF                 BRISTOL
                                                                                              M4       SWINDON
                                                                                                                                                LONDON                        MOUNTBATTEN RETAIL PARK, WESTERN ESPLANADE, SOUTHAMPTON SO15 1BA
                                                                                                                                                                   M2
                                                                                                                                                                              B&Q/HALFORDS, CANNON LANE, TONBRIDGE, KENT TN9 1BQ
                                                                                                                                           M25
                                                                                                                        M3
                                                                                                                                      GUILDFORD                         M20
                                                                                                                                  TONBRIDGE       M23
                                                                                                                        SOUTHAMPTON
                                                    M5           CHRISTCHURCH                                                                           BRIGHTON

                                     EXETER                                   BOURNEMOUTH
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH       LEICESTER      LUTON

MILTON KEYNES   SOUTHAMPTON    TONBRIDGE
THE SATURN PORTFOLIO - Wilkinson Williams
INVESTMENT HIGHLIGHTS                                                                                                                  THE SATURN portfolio                   PAGE 4

INVESTMENT HIGHLIGHTS
THE SATURN PORTFOLIO PROVIDES A UNIQUE OPPORTUNITY TO ACQUIRE
A SIZEABLE PORTFOLIO OF INSTITUTIONAL QUALITY RETAIL WAREHOUSING
LOCATED IN THE SOUTHERN HALF OF THE UK. THE MAJORITY OF
THE SCHEMES COMPRISE MODERN PURPOSE BUILT RETAIL PARK
ACCOMMODATION PROVIDING A SUCCESSFUL TRADING ENVIRONMENT.

 PRIME LOCATIONS                  WIDE RETAILER BASE                  STRONG CASHFLOW                                                   POTENTIAL FOR
                                                                                                                                        CAPITAL AND RENTAL
                                                                                                                                        GROWTH
 All the subject properties are   The portfolio is let to a           The portfolio is well let with a                                  48% of the current total income
 situated within approximately    diversified blend of national out   current occupancy rate of 98%                                     provides for fixed or RPI related
 100 miles of Central London,     of town retailers with only one     and an average unexpired term                                     income within the next 5 years,
 with the majority being in       void across the portfolio. 68% of   of 9.4 years, assuming break                                      while other asset management
 the South of England. All        the portfolio income is made up     clauses and 10.5 years ignoring                                   opportunities exist across the
 the schemes are situated in      from the following tenants:         break clauses. 87% of the leases                                  portfolio to increase capital and
 substantial and/or wealthy       B&Q                        25%      have over 8 years to run.                                         grow rents.
 conurbations benefiting          DSG Retail                 15%
 from significant catchment                                                                                                             Assuming the sole vacant unit
                                  Carpetright                  8%     Income by Covenant Strength        Unexpired Term (years)
 populations.                                                                                                                           is let, and with the benefit of the
                                  Homebase                     8%
                                                                                                                                        fixed and RPI linked (assuming
                                  DFS                          6%                                                        15
                                                                                                                                        income will rise from £7,532,182
                                                                        3a1                                                             to £8,291,946 by the end of 2017.
                                  The remaining 32% of the              4a1
                                                                                                           11–15

                                  portfolio income is made up of
                                  14 tenants with no one tenant                         5a1
                                                                                                                                8–11

                                  generating more than 5% of the
                                  total income.
THE SATURN PORTFOLIO - Wilkinson Williams
PORTFOLIO OVERVIEW                                                                                                                                                     THE SATURN PORTFOLIO                        PAGE 5

PORTFOLIO
OVERVIEW

                                     GIA            Unexpired term*   Current rent   Current rent              % of total
                                                                                                                               Comments
                                   (Sq ft)              (Years)        (per annum)    (per sq ft)           portfolio income

Christchurch                        101,107                8.5        £1,943,377         £19.22                   26%          Wickes fixed uplift in March 2014 and Carpetright fixed uplift in September 2016.
CHRISTCHURCH Retail Park

Leicester                          77,300                 15.0        £1,325,490          £17.15                  18%
                                                                                                                               5 yearly compounded rent review linked to RPI capped and collared at 0% and
B&Q Warehouse                                                                                                                  3% per annum respectively.

Luton                              46,850                  9.8        £1,015,000         £21.66                   13%          DSG fixed uplift in September 2017. Vacant unit to let.
Dunstable Road Retail Park

Milton Keynes                       57,432                10.0        £1,407,213        £24.50                    19%
                                                                                                                               Carpetright fixed uplift in December 2014 and DFS fixed uplifts in June 2016
Cairngorm Retail Park                                                                                                          & 2021.

Southampton                         52,159                 9.4          £987,102         £18.92                   13%          Wren fixed uplift in April 2013 and DSG fixed uplift in October 2016.
Mountbatten Retail Park

Tonbridge                           57,397                10.7        £854,000           £14.88                    11%         –
B&Q / Halfords

                                392,245 sq ft           10.5 years    £7,532,182        £19.20                    100%         Institutional quality portfolio of retail warehousing in Southern England

                             *Excluding break options

    TOTAL NUMBER OF ASSETS                         TOTAL CURRENT INCOME                             TOTAL GIA                                          AVERAGE UNEXPIRED LEASE TERM

    6                                              £7,532,182                                       392,245                                            10.5 years
                                                   per annum                                        sq ft                                              (ignoring break options)
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH Retail Park   Christchurch   THE SATURN PORTFOLIO   PAGE 6

CHRISTCHURCH RETAIL PARK
BARRACK ROAD CHRISTCHURCH
BH23 2BN
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH Retail Park            Christchurch                                                         THE SATURN PORTFOLIO   PAGE 7

                  INVESTMENT SUMMARY
                       Situated in the affluent south coast town of Christchurch, benefiting from a
                       catchment population of over 300,000 people within a 20 minute drive time.

                       Located in a highly prominent and accessible position just west of Christchurch
                       railway station, Christchurch Retail Park fronts Barrack Road (A35), the main
                       road linking Christchurch to Southampton and Bournemouth.

                       Purpose built modern retail warehouse park extending to approximately
                       101,107 sq ft (9,393 sq m).

                       Restricted A1 (non-food) planning consent.

                       Freehold.

                       The property is let to Homebase, Pets at Home, Comet, Harveys, Carpetright,
                       Halfords, Maplin Electronics, Wickes Kitchens & Bathrooms and Pizza Hut.

                       Average weighted unexpired term of 8.5 years.

                       The current rent is £1,943,377 per annum (overall rent of £19.22 per sq ft)
                       with fixed uplifts in 2014 and 2016.
THE SATURN PORTFOLIO - Wilkinson Williams
BRISTOL                            CHIPPENHAM                    A346                                         READING
                                                                                                                         M4
                   CLEVEDON
          CHRISTCHURCH Retail A4
                              Park                                                       Christchurch                                                                                                                                                                                                                                                                                                          THE SATURN PORTFOLIO                          PAGE 8
                                                                                                                             NEWBURY
                                                            BATH
                     M5       A38
WESTON-SUPER-MARE                                                                                                                    A339
                                                                                                                                                     A33

                                                                                                            A338
                                                                                                                                            BASINGSTOKE
                                             A37
                                                                                                                   ANDOVER
                                                     A361
                                                                                                                                                                            A338
                                                                                                                        A303                                  A31
                                                                                A36
                                                                                                                                      M3

                                                                                                                                                                                                                                                                                               E
                      A39

                                                                                                                                                                                                                                                                                            OV
        BRIDGEWATER

                                                                                                                                                                                                                                                                                                              FA
                                                                                                                                                                                                                                                                                          GR
                                                                                                                                                 A3060

                                                                                                                                                                                                                                                                                                                IR
                                                                                                SALISBURY

                                                                                                                                                                                                                                             R IV E R WAY

                                                                                                                                                                                                                                                                                         E

                                                                                                                                                                                                                                                                                                                     M
                                                                                                                                                                                                                                                                                    TH
                                                                                                                        WINCHESTER

                                                                                                                                                                                                                                                                                                                      IL
                                              A303
                                                                                                                                                                                                                                                                                                                           RO

                                                                                                                                                                                                                                                                                                                       E
     TAUNTON
                                                                   SHAFTTESBURY                              A36
                                                                                                                       EASTLEIGH

                                                                                                                                                                                                                                                                                                                             AD
                                                                         A350                                                                            A3
            A358
                                                                                      A354         A338                                                                    CA
                                    YEOVIL                                                                                                                                   ST
                                                                                                                               M27                                                LE

                                                                                                                                                                                                                                                                             THE G
          A303                                                                                                                                                                           LA
                                                                                                                    SOUTHAMPTON                                                                 NE

                                                                                                                                                                                                                                                                                  ROVE
                                                                                                            A31
                                                                                                                                               WATERLOOVILLE                                       E   AS                                                        CHRISTCHURCH RETAIL PARK
                                                                                                                                      A338                     A27                                       T

                                                                                                                                                                                                                       A3060                                                                 A35
                                                                                                                                            PORTSMOUTH                                                                                                                                                    BA                              B3073

                                                                                                                                                                                                        HURST AVENUE
                                             A37
                                                                                                                                                                                                                                                                                                            RR
                                                                                         A348         CHRISTCHURCH                                                                                                                                                                                             AC
                                                                   A35                                                                                                                                                                                                                                           K
                                A35
                                                                                                                                                                                                                                                                                                                      RO
               LYME REGIS                                                             BOURNEMOUTH                                                                                                                                                                                                                       AD
                                               DORCHESTER
                                                                                                                              NEWPORT                                                                                                                                                                                                                                                                    SS
                                                                                                                                                                                                                                   A35                                                                                                               CHRISTCHURCH                                      PA

                                                                                                                                                                                                                                                        AD
                                                                                                                                                                                                                                                                                                                                                                                                  BY
                                                                                                                                                                                                                                                                                                                                                                                              H

                                                                                                                                                                                                                                                      RO
                                                   A354                                                                                                                                                                                                                                                                                                                                     RC

                                                                                                                                                                                                       HOLDEN
                                                                                                                                                                                                                                                                                                                                                                                          HU

                                                                                                                                                                                                                                                N
                                                                                                                                                                                                                         AD
                                                                                                                                                                                                                                                                                                                                                                                      C
                                                                                                                                                                                                                                                                                                                                                                                    ST

                                                                                                                                                                                                                                              GA
                                                                                                                                                                                                                                                                                                                                                                               RI
                                                                                                                                                                                                                                                                                                                                                                          CH

                                                                                                                                                                                                                       RO
                                                            WEYMOUTH

                                                                                                                                                                                                                                          CLIN
                                                                                                                                                                                                                                                                                                                                               BA
                                                                                                                                                                                                                                                                                                                                                    RR A
                                                                                                                                                                                                                                                                                                                                                        C K ROA D   A35

                                                                                                                                                                                                                H
                                                                                                                                                                                                         R             C                                                                                                                B3059

                                                                                                                                                                                                                                                                                             ILF
                                                                                                                                                                                                      HU

                                                                                                                                                                                                                                                                                                 O

                                                                                                                                                                                                                                                                                                                                                                     HI
                                                                                                                                                                                                    TC

                                                                                                                                                                                                                                                                                                RD

                                                                                                                                                                                                                                                                                                                                                                       GH
                                                                                                                                                                                                                                                                                                                                                                                  T
                                                                                                                                                                                                                                                                                                                                                                          S TR E E

                                                                                                                                                                                                                                                                                                                                     AD
                                                                                                                                                                                           RI

                                                                                                                                                                                                                                                                                                     LA
                                                                                                                                                                                                                                                                                                      NE

                                                                                                                                                                                         S
        Location                                                                         Situation                                                                                                                                                                                                                                                                                                            Retail Warehouse
                                                                                                                                                                                 CH                                                                         CR

                                                                                                                                                                                                                                                                                                                                   RO
                                                                                                                                                                                                                                                                 AN

                                                                                                                                                                                                                                     AD
                                                                                                                                                                     POKESDOWN                                                                                      L

                                                                                                                                                                                                                                                                                                                                UR
                                                                                                                                                                                                                                                                        EI

                                                                                                                                                                                                                                   RO
                                                                                                                                                                                                                                                                             GH

                                                                                                                                                                                  SOUT

                                                                                                                                                                                                                                                                                                                             STO
                                                                                                                                                                                                                                                                                         RO

                                                                                                                                                                                                                                RT
                                                                                                                                                                                                                                                                                           AD

                                                                                                                                                                                                                              FO
                                                                                                                                                                                       HB O U

                                                                                                                                                                                                                            AU
                                                                                                                                                                                                                                                                                                                                                                                                              Provision in

                                                                                                                                                                                                                           BE
                                                                                                                                                                                        RN
        Christchurch lies on the south coast                                             Christchurch Retail Park is situated onA35
                                                                                                                                 the                                                            RO                                                                                                   TUCK TON ROA D

                                                                                                                                                                                                E
                                                                                                                                                                                                                                                                        UE
                                                                                                                                                                                                  AD
                                                                                                                                                                                                                                                          ERY       AVEN
        of England in the county of Dorset,                                              convergence of Barrack Road (A35) and the                                                                                                                   CARB

        approximately 5 miles east of Bournemouth,                                       B3073, to the west of Christchurch Railway                                                             Pa
                                                                                                                                                                                                       r k w o od r
                                                                                                                                                                                                                   o

                                                                                                                                                                                                                                                                                                                                                                                                              Christchurch
        25 miles south west of Southampton                                               Station. The A35 is the main road linking                                                                                  a                                                                                         B3059                 BR
                                                                                                                                                                                                                                         d                                                                                            OA
                                                                                                                                                                                                                                                                                                                                        DW
                                                                                                                                                                                                                                              B3059
        and 105 miles south west of London.                                              Christchurch to Southampton to the east                                                                                                                                                                                                          AY

                                                                                                                                                                                                                                                                                                                                          AD
        Christchurch has excellent road                                                  and Bournemouth to the west. The B3073

                                                                                                                                                                                                                                                                                                                                        RO
                                                                                                                                                                                                                                                                  BELLE

                                                                                                                                                                                                                                                                                                                                      N
                                                                                                                                                                                                                                                                                           V UE R O A

                                                                                                                                                                                                                                                                                                                                     W
                                                                                                                                                                                                                                                                                                          D
                                                                                                                                                                        SOUTHBOURNE OVER                                                                                                                      C HU
        communications linking directly to the                                           connects the town north to Bournemouth

                                                                                                                                                                                                                                                                                                                                    O
                                                                                                                                                                                        CLIFF DRIVE                                                                                                                  RCH

                                                                                                                                                                                                                                                                                                                                    D
                                                                                                                                                                                                                                                                                                                         ROAD

                                                                                                                                                                                                                                                                                                                                  IL
                                                                                                                                                                                                                                                                                                                                                                                                              There is a limited amount of competing

                                                                                                                                                                                                                                                                                                                                W
        Bournemouth/Poole conurbations via the                                           Airport and to the A338, which travels north                                                                                                                                                                                           DA
                                                                                                                                                                                                                                                                                                                                     LM
                                                                                                                                                                                                                                                                                                                                       EN                                                                     accommodation in the town, which extends
        A35, which also connects north east to                                           to Salisbury.                                                                                                                                                                                                                                   Y
                                                                                                                                                                                                                                                                                                                                               O AD                                                           to the following:

                                                                                                                                                                                                                                                                                                                                          R
        Southampton and the M3 via the M27.
                                                                                         The property is located in a mixed use
                                                                                                                                                                                                                                                                                                                                                                                                              Meteor Retail Park
        Christchurch is served by a mainline railway                                     area with light industrial, small retail units
                                                                                                                                                                                                                                                                                                                                                                                                              70,658 sq ft (6,564 sq m)
        station with rail services between London                                        and residential dwellings all located within
                                                                                                                                                                                                                                                                                                                                                                                                              Tenants include PC World and Bathstore
        Waterloo, Southampton and Bournemouth                                            the vicinity of the retail park. The scheme
                                                                                                                                                                                                                                                                                                                                                                                                              with top rents at £14.50 per sq ft. The park
        stopping at Christchurch, with the fastest                                       adjoins a Landrover car dealership.
                                                                                                                                                                                                                                                                                                                                                                                                              has a bulky goods consent.
        journey time to London (Waterloo) of
        approximately 1 hour 50 minutes.                                                                                                                                                                                                                                                                                                                                                                      Stony Lane Retail Park
                                                                                                                                                                                                                                                                                                                                                                                                              c.55,000 sq ft (5,110 sq m)
        Bournemouth International Airport is
                                                                                                                                                                                                                                                                                                                                                                                                              Tenants include Magnet, Tiles R Us and
        located only 5 miles to the north of
                                                                                                                                                                                                                                                                                                                                                                                                              B&Q. Rents range from £7.00 per sq ft to
        Christchurch providing air travel to and from
                                                                                                                                                                                                                                                                                                                                                                                                              £10.00 per sq ft. The park has a bulky goods
        the UK and major European cities.
                                                                                                                                                                                                                                                                                                                                                                                                              consent with certain exceptions.
        The town lies at the confluence of the Rivers
                                                                                                                                                                                                                                                                                                                                                                                                              Currys/Carpetright
        Stour and Avon, creating a natural harbour
                                                                                                                                                                                                                                                                                                                                                                                                              25,052 sq ft (2,327 sq m)
        and providing the town a thriving focal point
                                                                                                                                                                                                                                                                                                                                                                                                              Located east of the town centre on Stony
        for local business that attracts thousands of
                                                                                                                                                                                                                                                                                                                                                                                                              Lane. Top rents here are £16.50 per sq ft.
        tourists every year.
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH Retail Park                      Christchurch                                                                                                                    THE SATURN PORTFOLIO                                            PAGE 9

Catchment & Demographics                                                                                                                                                      Description
Christchurch has a 10 minute drive time        Key demographics indicators for Christchurch include:                                                                          The subject property provides a purpose built “L” shaped terrace
catchment population of 84,917 people and                                                                                                                                     of 8 units, let to Homebase, Pets at Home, Comet, Harveys, Maplin
a 20 minute drivetime of 307,678 people                                                                              Christchurch                        UK Average           Electronics, Carpetright, Halfords and Wickes Kitchens & Bathrooms.
and is an affluent town highlighted by the     % Catchment in AB Social Group                                                    32%                        26%               Homebase, Comet, Halfords and Harveys benefit from substantial
high proportion of the catchment with                                                                                                                                         mezzanine floors used for retail sales. There is also a standalone
an AB social grouping, 32%, and the low        % Catchment in D or E Social Group                                                17%                        25%               A3 unit, which is occupied by Pizza Hut.
representation of those classed as D or E
                                                                                                                                                                              The units are of steel portal frame construction with brick elevations,
social grade, 17%.                             % Catchment Owner Occupy                                                          76%                        70%
                                                                                                                                                                              glazed frontages and a pitched roof. Access and egress to the park
Christchurch benefits from its own harbour,                                                                                                                                   is via Bailey Drive, which itself is accessed off Barrack Road to the
and its economy has, therefore, historically                                                                                                                                  north. There is separate servicing to the rear of the terraces, which is
been associated with harbour and maritime                                                                                                                                     accessed off the southern end of Bailey Drive.
based trade. In the modern era, the harbour
                                                                WIMBOURNE ST. GILES                                                                                           The property provides approximately 520 dedicated car parking
has helped the town diversify its economy                                                                                 A338
                                                                                                                                                                              spaces, reflecting an attractive car parking ratio of 1 : 194 sq ft
to become a thriving tourist destination.                                                                                                          A31
                                                                                                VERWOOD                                LINWOOD                    LYNDHURST   (1 : 18.02 sq m).
Within the wider vicinity, Bournemouth
                                                            WITCHAMPTON                                                                                     A35
                                                                                                                                                                              The total site area extends to approximately 7.98 acres
Airport, and its associated businesses,
                                                                                                                    RINGWOOD                                                  (3.23 hectares).
provides significant employment in and
                                                                                      WEST MOORS             A31                          BURLEY
around the Bournemouth area, specifically
                                                                                                                   A338                                    BROCKENHURST
Christchurch. This sector is earmarked to
                                                                 WIMBORNE
expand over the next few years.                                   MINSTER                          A348

                                                                    A31                               FERNDOWN

                                                                CORFE                   A341                                                 NEW MILTON
                                                                MULLEN                                                                       A35
                                                                                                             A3060
                                                    UPTON                                                                   CHRISTCHURCH                            A337
                                                                                               BOURNEMOUTH                                                   MILFORD ON SEA
                                                                                                A35

                                                                            POOLE

                                                20 MINUTE DRIVETIME CATCHMENT
THE SATURN PORTFOLIO - Wilkinson Williams
CHRISTCHURCH Retail Park                         Christchurch                                                                                                                                            THE SATURN PORTFOLIO                                                PAGE 10

Tenancy Schedule
     Unit         Tenant                              GIA       Lease Start       Term            Expiry        Unexpired     Next rent      Current     Current    Comments
                                                    (sq ft)                      (years)           Date           term         review          rent        rent
                                                                                                                 (years)                   (Per Annum)    (sq ft)

        1         Homebase Ltd                      34,840       29/09/1996          25         28/09/2021            8.95    29/09/2016     £590,000     £16.93
                  Pets City Ltd
       2                                            10,098       29/09/1996          25         28/09/2021            8.95    29/09/2016     £201,960     £20.00    Being assigned to Pets at Home Ltd.
                  t/a Pets at Home

       3          Comet Group Ltd                   10,095       29/09/1996          25         28/09/2021            8.95    29/09/2016     £201,900     £20.00

       4          Harveys Furnishing Ltd            10,000       29/09/1996          25         28/09/2021            8.95    29/09/2016    £200,000      £20.00

       5          Maplin Electronics Ltd             5,070       18/09/2007          15          17/09/2022           9.92    18/09/2012     £126,750     £25.00    Outstanding rent review.

       6          Carpetright plc                    10,102      29/09/1996          25         28/09/2021            8.95    29/09/2016     £242,897     £24.04    Fixed uplift on 20/09/2016 to £268,178 per annum.

       7          Halfords Ltd                        7,579      29/09/1996          25         28/09/2021            8.95    29/09/2016      £155,370    £20.50

       8          Pizza Hut (UK) Ltd                  3,194      23/05/1998          23         28/09/2021            8.95    23/05/2013      £72,000     £22.54

       9          Wickes Building Supplies Ltd       10,129      01/03/2010           5         28/02/2015             2.37   01/03/2014     £145,000     £14.32    Fixed uplift on 01/03/2014 to £180,000 per annum.

   Sub station    SSE Services plc                       0        09/01/1998         60         08/01/2058           45.23        –                £0          –
                  Southern Electric Power
   Wayleave                                              0        24/12/2001       999           01/01/3001          988.19       –                £0          –    There is no term on the Wayleave. It is terminable on 6 months’ notice by either party.
                  Distribution Ltd

      ATM         Bank Machine Ltd                       0       13/04/2007           6          12/04/2013           0.49        –            £7,500          –

   Advertising    Redbus Retail Advertising Ltd          0        21/12/2009          5          20/12/2014            2.13       –                £0          –    Initial 5 year term. Agreement rolls over thereafter. Rent payable to equal 20% of advertising revenue.

                  TOTALS                            101,107                         8.5                                                     £1,943,377    £19.22

Planning                                                                   Tenancies
The property benefits from a restricted A1 (non-food) planning             The property is let in its entirety in
consent, with specific restrictions. These restrictions include the        accordance with the above tenancy
sale of food for human consumption (except confectionery),                 schedule and produces a current rental
alcohol, tobacco, clothing, footwear and sports goods, chemist             income of £1,943,377 per annum, equating
goods, jewellery, books and newspapers and magazines (except               to an overall rent of £19.22 per sq ft.
where ancillary to the types of goods sold from that unit), toys,
                                                                           The property benefits from an average
crockery and glassware (except where this is ancillary to the types
                                                                           unexpired lease term of 8.5 years.
of goods sold).
                                                                           The leases to Wickes and Carpetright
A planning summary can be provided upon request.
                                                                           benefit from fixed rental uplifts in 2014 and
                                                                           2016 respectively.

Ground
Conditions
An updated Environmental Report is available upon request.
CHRISTCHURCH Retail Park                          Christchurch                                                                                                                                             THE SATURN PORTFOLIO   PAGE 11

Tenants’ Covenants
The tenants’ most recent reported accounts and Dun & Bradstreet ratings are set out below:

 UNIT         Tenant                                           Year              Sales Turnover              Profit/Loss Pre           Net Worth                 D&B
                                                              Ending                 (000s)                   Taxes (000s)               (000s)                 Rating
                                                             26/02/2011             £1,457,093                    £62,094               £396,948
  1             Homebase Ltd                                                                                                                                       5A1
                                                            27/02/2010              £1,477,990                    £41,322               £364,856
                                                             31/03/2011               £511,576                    £75,174               £229,976
  2             Pets at Home Ltd                                                                                                                                   5A1
                                                            25/03/2010               £462,646                     £65,853                £162,401
                                                            30/04/2011              £1,478,201                   -£39,555                £43,384
  3             Comet Group Ltd                                                                                                                                    5A1
                                                            30/04/2010              £1,586,368                     -£2,951                £58,837

  4             Harveys Furnishing Ltd                                                                                                                            5A2

                                                             31/12/2011              £205,025                     £24,784                 £143,711
  5             Maplin Electronics Ltd                                                                                                                             5A1
                                                             01/01/2011               £213,123                    £35,709                £126,437
                                                            30/04/2011               £486,800                     £6,600                   £1,200
  6             Carpetright plc                                                                                                                                    1A2
                                                            01/05/2010               £516,600                     £22,300                 £4,000
                                                             01/04/2011              £771,400                   £122,000                £350,900
  7             Halfords Ltd                                                                                                                                       5A1
                                                            02/04/2010               £817,600                   £109,200                 £261,500
                                                             28/11/2010               £346,174                    -£22,185                £11,642
  8             Pizza Hut (UK) Ltd                                                                                                                                 3A1
                                                             29/11/2009              £362,549                     -£12,122                £31,470
                                                             31/12/2011              £981,450                     £40,375               £230,250
  9             Wickes Building Supplies Ltd                                                                                                                       5A1
                                                             01/01/2011              £969,052                     £48,573               £208,590

Tenants’ Profile                                                                                                                                                                 Trading Profile /
The scheme is fully let to substantial retailers with
significant exposure to the UK out of town market.
A brief summary of these is set out below:
                                                         Harveys
                                                         Harveys is one of the largest furniture specialists in
                                                         the UK with over 150 stores and are wholly owned
                                                                                                                       Maplin Electronics
                                                                                                                       Maplin is one of the leading retailers of electronic
                                                                                                                       goods in the UK with nearly 200 stores across
                                                                                                                                                                                 Asset Management
                                                         by Steinhoff International, who are now one of the            the country and over 2,000 employees. In 2004             This is the prime retail park in Christchurch
Homebase
                                                         top 5 furniture groups in Europe and Australasia,             Montagu Private Equity purchased 67% of the               and we understand that the tenants
Homebase is owned by the Home Retail Group
                                                         and the largest in Africa providing the backing and           company from Graphite Capital.                            trade well.
and is one of the 3 largest DIY retailers in the UK
                                                         infrastructure of a huge global furniture leader.
with more than 300 stores. Homebase serves over                                                                        Wickes                                                    The scheme is well configured and provides
65 million customers per year through its stores and     Carpetright                                                   Wickes is one of the UK’s leading DIY, home               a variety of unit sizes across the park.
online services.                                         Carpetright is the UK’s leading retailer of floor             improvements and building supplies retailers,
                                                                                                                                                                                 The scheme benefits from a generous car
                                                         coverings currently trading from approximately                trading from around 200 stores nationwide.
Pets at Home                                                                                                                                                                     parking ratio and subject to the appropriate
                                                         703 stores. The company has a London Stock                    Wickes Building Supplies Ltd is a wholly owned
Pets at Home was acquired by private equity house,                                                                                                                               planning consents, could accommodate a
                                                         Exchange listing with a current market capitalisation         subsidiary of Travis Perkins plc, a significant
KKR in 2010 in a deal worth £955 million and has                                                                                                                                 further pod unit, which would bring further
                                                         of approximately £460 million.                                FTSE 250 company.
more than 300 pet stores across the UK.                                                                                                                                          footfall to the scheme.

Comet                                                    Halfords                                                      Pizza Hut                                                 The former QinetiQ site to the rear of
                                                         Halfords Ltd are the UK’s leading retailer of
Comet is one of the UK’s leading electrical goods                                                                      Pizza Hut is one of the largest restaurant chains in      Christchurch Retail Park is currently being
                                                         automotive, bicycles and associated products and
retailers with 240 stores throughout the UK and                                                                        the UK and is an international franchise that offers      considered for a mixed use development,
                                                         currently trade from in excess of 467 stores in the
has benefitted from the recent demise of Best                                                                          different styles of pizza and side dishes. Pizza Hut is   which has recently received foodstore
                                                         UK and Ireland.
Buys UK operations. As of February 2012, Comet                                                                         a subsidiary of Yum! Brands Inc, the world’s biggest      consent, subject to a section 106. Such a
is now owned by private investment partnership                                                                         restaurant company.                                       scheme would benefit the subject property
OpCapita LLP.                                                                                                                                                                    significantly, making the area a destination
                                                                                                                                                                                 location extending beyond the current
                                                                                                                                                                                 catchment. More information regarding this
                                                                                                                                                                                 proposed scheme is available upon request.
Barrack Retail Park                                                                                                                                                                                                                                                                                                                                       Christchurch                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           THE SATURN PORTFOLIO                                                                                                                                                                                                                                                                                                                                               PAGE 12

EPCs
                   Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                                 Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                           Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                           Energy Performance Certificate
                   Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                          Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                    Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                    Non-Domestic Building
                                                                                                                                                                                                                                                                                                                                                                   338                                                                                                                                                                                                                                                                                                                                                                            338                                                                                                                                                                                                                                                                                                                                                                      338                                                                                                                                                                                                                                                                                                                                                                      338

      This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                                 This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                           This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                           This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

                   Homebase Ltd                                                                                                                                                                                                                                                                                          Certificate Reference Number:                                            Pets at Home                                                                                                                                                                                                                                                                                          Certificate Reference Number:                                      Comet Plc                                                                                                                                                                                                                                                                                             Certificate Reference Number:                                      Rosebys                                                                                                                                                                                                                                                                                               Certificate Reference Number:
                   1 Bailey Drive                                                                                                                                                                                                                                                                                               0050-5064-0361-9660-0050                                          2 Bailey Drive                                                                                                                                                                                                                                                                                               0050-4041-0341-6340-5090                                    3 Bailey Drive                                                                                                                                                                                                                                                                                               0050-3045-0301-4640-2024                                    4 Bailey Drive                                                                                                                                                                                                                                                                                               0361-3075-0717-0200-6901
                   CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                                   CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                             CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                             CHRISTCHURCH
                   BH23 2BN                                                                                                                                                                                                                                                                                                                                                                       BH23 2BN                                                                                                                                                                                                                                                                                                                                                                 BH23 2BN                                                                                                                                                                                                                                                                                                                                                                 BH23 2BN

                    This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                               This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                         This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                         This certificate shows the energy rating of this building. It indicates the energy efficiency of
                    the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                                  the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                            the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                            the building fabric and the heating, ventilation, cooling and lighting systems. The rating is
                    compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                        compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                  compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                  compared to two benchmarks for this type of building: one appropriate for new buildings
                    and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                      and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                and one appropriate for existing buildings. There is more advice on how to interpret this
                    information on the Government’s website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                           information on the Government’s website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                     information on the Government’s website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                     information on the Government’s website www.communities.gov.uk/epbd.

                   Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                                Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                          Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                          Energy Performance Asset Rating
                                                     0   2
                                                                                                                                                                                                                                                                                                                                                                   312                                                              7   2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  312                                                        7   1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           312                                                        7   2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    312
                                                             1                                                                                                                                                                                                                                                                                                                                                                              6                                                                                                                                                                                                                                                                                                                                                                        6                                                                                                                                                                                                                                                                                                                                                                        6
                                                 0

                                                                                                                                                                                                                                                                                                                                                                                                                                8

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  8
                                                 0

                                                                                                                                                                                                                                                                                                                                                                                                                                6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         3

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  6
                                                                 0

                                                                                                                                                                                                                                                                                                                                                                                                                                                5

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  5
                      SK-250421-359663                                                                                                                                                                                                                                                                                                                                                               SK-632010-698643                                                                                                                                                                                                                                                                                                                                                         SK-006232-667620                                                                                                                                                                                                                                                                                                                                                         SK-200111-659210

                     More energy efficient                                                                                                                                                                                                                                                                                                                                                          More energy efficient                                                                                                                                                                                                                                                                                                                                                    More energy efficient                                                                                                                                                                                                                                                                                                                                                    More energy efficient

                                         A+                                                                                                                                                                                                                                                                                                                                                                             A+                                                                                                                                                                                                                                                                                                                                                                       A+                                                                                                                                                                                                                                                                                                                                                                       A+
364                                                                                                                                                                                                                                                                                                                                                                            364                                                                                                                                                                                                                                                                                                                                                                      364                                                                                                                                                                                                                                                                                                                                                                      364

1                                                                                                                                                                                                                                                                                                                                                                              1                                                                                                                                                                                                                                                                                                                                                                        1                                                                                                                                                                                                                                                                                                                                                                        1

                                                                                                                                                                                                                                                                                                                 Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                         Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                   Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                   Net zero CO2 emissions

                                         A 0-25                                                                                                                                                                                                                                                                                                                                                                         A 0-25                                                                                                                                                                                                                                                                                                                                                                   A 0-25                                                                                                                                                                                                                                                                                                                                                                   A 0-25
                     6           0       -   0       0               5   0   -   5   0   6   4   -   0   3   6   1   -   9   6   6   0   -   0   0   5   0   -   S   K    2    5    0    4    2    1    3    5    9    6    6    3    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8                                                                                      7           1       -   0       0               5   0   -   4   0   4   1   -   0   3   4   1   -   6   3   4   0   -   5   0   9   0   -   S   K    6    3    2    0    1    0    6    9    8    6    4    3    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8                                                                                7           9       -   0       0               5   0   -   3   0   4   5   -   0   3   0   1   -   4   6   4   0   -   2   0   2   4   -   S   K    0    0    6    2    3    2    6    6    7    6    2    0    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8                                                                                6           9       -   0       3               6   1   -   3   0   7   5   -   0   7   1   7   -   0   2   0   0   -   6   9   0   1   -   S   K    2    0    0    1    1    1    6    5    9    2    1    0    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8

26
                                         B 26-50                                                                                                                                                                                                                                                                                                                               26
                                                                                                                                                                                                                                                                                                                                                                                                                        B 26-50                                                                                                                                                                                                                                                                                                                         26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 B 26-50                                                                                                                                                                                                                                                                                                                         26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          B 26-50
                                         C 51-75                                                                                                                                                                                                                                                                 60              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                 the building is.                                                                       C 51-75                                                                                                                                                                                                                                                                 71              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                the building is.                                                                 C 51-75                                                                                                                                                                                                                                                                                                                                                                  C 51-75                                                                                                                                                                                                                                                                 69              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the building is.

                                         D 76-100                                                                                                                                                                                                                                                                                                                                                                       D 76-100                                                                                                                                                                                                                                                                                                                                                                 D 76-100                                                                                                                                                                                                                                                                79                                                                                               D 76-100
                                                                                                                                                                                                                                                                                                                                                                   286                                                                                                                                                                                                                                                                                                                                                                            286                                                                                                                                                                                                                                                                                                                                                                      286                                                                                                                                                                                                                                                                                                                                                                      286

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         the building is.

52                                       E 101-125                                                                                                                                                                                                                                                                                                                             52                                       E 101-125                                                                                                                                                                                                                                                                                                                       52                                       E 101-125                                                                                                                                                                                                                                                                                                                       52                                       E 101-125
                                         F 126-150                                                                                                                                                                                                                                                                                                                                                                      F 126-150                                                                                                                                                                                                                                                                                                                                                                F 126-150                                                                                                                                                                                                                                                                                                                                                                F 126-150
78
                                         G Over 150                                                                                                                                                                                                                                                                                                                            78
                                                                                                                                                                                                                                                                                                                                                                                                                        G Over 150                                                                                                                                                                                                                                                                                                                      78
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 G Over 150                                                                                                                                                                                                                                                                                                                      78
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          G Over 150
                     Less energy efficient                                                                                                                                                                                                                                                                                                                                                          Less energy efficient                                                                                                                                                                                                                                                                                                                                                    Less energy efficient                                                                                                                                                                                                                                                                                                                                                    Less energy efficient

                   Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                      Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                Technical information                                                                                                                                                                                                                                                                                          Benchmarks
                                                                                                                                                                                                                                                                                                                                                                   260                                                                                                                                                                                                                                                                                                                                                                            260                                                                                                                                                                                                                                                                                                                                                                      260                                                                                                                                                                                                                                                                                                                                                                      260

104                                                                                                                                                                                                                                                                                                                                                                            104                                                                                                                                                                                                                                                                                                                                                                      104                                                                                                                                                                                                                                                                                                                                                                      104

                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one                                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one                             Main heating fuel:                                                                                                                                         Grid Supplied Electricity                                                                                                                           Buildings similar to this one                             Main heating fuel:                                                                                                                                         Grid Supplied Electricity                                                                                                                           Buildings similar to this one
                                                                                                                                                                                                                                                                                                                                  could have ratings as follows:                                                                                                                                                                                                                                                                                                                                                 could have ratings as follows:                                                                                                                                                                                                                                                                                                                                           could have ratings as follows:                                                                                                                                                                                                                                                                                                                                           could have ratings as follows:
130                                                                                                                                                                                                                                                                                                                                                                            130                                                                                                                                                                                                                                                                                                                                                                      130                                                                                                                                                                                                                                                                                                                                                                      130

                   Building environment:                                                                                                                                      Heating and Natural Ventilation                                                                                                                                                                                     Building environment:                                                                                                                                      Heating and Natural Ventilation                                                                                                                                                                               Building environment:                                                                                                                                      Air Conditioning                                                                                                                                                                                              Building environment:                                                                                                                                      Air Conditioning
                                                                                                                                                                                                                                                                                                                                  44                                                                                                                                                                                                                                                                                                                                                                             37                                                                                                                                                                                                                                                                                                                                                                       60                                                                                                                                                                                                                                                                                                                                                                       58
156

                   Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                               156

                                                                                                                                                                                                                                                                                                                                                                                                  Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        156

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 156

                                                                                                                                                                              4558                                                                                                                                                             If newly built                                                                                                                                                                                                1015                                                                                                                                                             If newly built                                                                                                                                                                                          907                                                                                                                                                              If newly built                               Total useful floor area (m2 ):                                                                                                                             1112                                                                                                                                                             If newly built
                   Building complexity                                                                                                                                                                                                                                                                                                                                                            Building complexity                                                                                                                                                                                                                                                                                                                                                      Building complexity                                                                                                                                                                                                                                                                                                                                                      Building complexity
                   (NOS level):                                                                                                                                               3                                                                                                                                                   64           If typical of the
                                                                                                                                                                                                                                                                                                                                               existing stock
                                                                                                                                                                                                                                                                                                                                                                                                  (NOS level):                                                                                                                                               3                                                                                                                                                   50           If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              existing stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (NOS level):                                                                                                                                               3                                                                                                                                                   100          If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       existing stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (NOS level):                                                                                                                                               3                                                                                                                                                   92           If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                existing stock
                                                                                                                                                                                                                           182                                                         208                                                            234                                                                                                                                                                                                                                                 182                                                         208                                                            234                                                                                                                                                                                                                                           182                                                         208                                                            234                                                                                                                                                                                                                                           182                                                         208                                                            234

                   Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                                 Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                           Energy Performance Certificate                                                                                                                                                                                                                                                                                                                                           Energy Performance Certificate
                   Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                          Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                    Non-Domestic Building                                                                                                                                                                                                                                                                                                                                                    Non-Domestic Building
                                                                                                                                                                                                                                                                                                                                                                   338                                                                                                                                                                                                                                                                                                                                                                            338                                                                                                                                                                                                                                                                                                                                                                      338                                                                                                                                                                                                                                                                                                                                                                      338

      This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                                 This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                           This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.                                                                                           This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

                   Carpetright Plc                                                                                                                                                                                                                                                                                       Certificate Reference Number:                                            Halfords Ltd                                                                                                                                                                                                                                                                                          Certificate Reference Number:                                      Pizza Hut (UK) Ltd                                                                                                                                                                                                                                                                                    Certificate Reference Number:                                      Unit 5                                                                                                                                                                                                                                                                                                Certificate Reference Number:
                   6 Bailey Drive                                                                                                                                                                                                                                                                                               0050-5051-0371-1600-9034                                          7 Bailey Drive                                                                                                                                                                                                                                                                                               0966-3065-0911-0700-6205                                    26 Bailey Drive                                                                                                                                                                                                                                                                                              0050-5084-0381-2630-6050                                    Bailey Drive                                                                                                                                                                                                                                                                                                 0050-9065-0331-8670-5050
                   CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                                   CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                             CHRISTCHURCH                                                                                                                                                                                                                                                                                                                                                             CHRISTCHURCH
                   BH23 2BN                                                                                                                                                                                                                                                                                                                                                                       BH23 2BN                                                                                                                                                                                                                                                                                                                                                                 BH23 2BN                                                                                                                                                                                                                                                                                                                                                                 BH23 2BN

                    This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                               This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                         This certificate shows the energy rating of this building. It indicates the energy efficiency of                                                                                                                                                                                                                                                                         This certificate shows the energy rating of this building. It indicates the energy efficiency of
                    the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                                  the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                            the building fabric and the heating, ventilation, cooling and lighting systems. The rating is                                                                                                                                                                                                                                                                            the building fabric and the heating, ventilation, cooling and lighting systems. The rating is
                    compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                        compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                  compared to two benchmarks for this type of building: one appropriate for new buildings                                                                                                                                                                                                                                                                                  compared to two benchmarks for this type of building: one appropriate for new buildings
                    and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                      and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                and one appropriate for existing buildings. There is more advice on how to interpret this                                                                                                                                                                                                                                                                                and one appropriate for existing buildings. There is more advice on how to interpret this
                    information on the Government’s website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                           information on the Government’s website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                     information on the Government's website www.communities.gov.uk/epbd.                                                                                                                                                                                                                                                                                                     information on the Government’s website www.communities.gov.uk/epbd.

                   Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                                Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                          Energy Performance Asset Rating                                                                                                                                                                                                                                                                                                                                          Energy Performance Asset Rating
                                                     0   7
                                                                                                                                                                                                                                                                                                                                                                   312                                                              0   2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  312                                                        7   4
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           312                                                        0   2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    312
                                                             2                                                                                                                                                                                                                                                                                                                                                                              1                                                                                                                                                                                                                                                                                                                                                                        3                                                                                                                                                                                                                                                                                                                                                                        1
                                                 2

                                                                                                                                                                                                                                                                                                                                                                                                                                0

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  0
                                                 1

                                                                                                                                                                                                                                                                                                                                                                                                                                0

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         5

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  0
                                                                 5

                                                                                                                                                                                                                                                                                                                                                                                                                                                0

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         4

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  0
                      SK-211462-348143                                                                                                                                                                                                                                                                                                                                                               SK-663652-320343                                                                                                                                                                                                                                                                                                                                                         SK-161002-149343                                                                                                                                                                                                                                                                                                                                                         SK-234401-358300

                     More energy efficient                                                                                                                                                                                                                                                                                                                                                          More energy efficient                                                                                                                                                                                                                                                                                                                                                    More energy efficient                                                                                                                                                                                                                                                                                                                                                    More energy efficient

                                         A+                                                                                                                                                                                                                                                                                                                                                                             A+                                                                                                                                                                                                                                                                                                                                                                       A+                                                                                                                                                                                                                                                                                                                                                                       A+
364                                                                                                                                                                                                                                                                                                                                                                            364                                                                                                                                                                                                                                                                                                                                                                      364                                                                                                                                                                                                                                                                                                                                                                      364

1                                                                                                                                                                                                                                                                                                                                                                              1                                                                                                                                                                                                                                                                                                                                                                        1                                                                                                                                                                                                                                                                                                                                                                        1

                                                                                                                                                                                                                                                                                                                 Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                         Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                   Net zero CO2 emissions                                                                                                                                                                                                                                                                                                                                                   Net zero CO2 emissions

                                         A 0-25                                                                                                                                                                                                                                                                                                                                                                         A 0-25                                                                                                                                                                                                                                                                                                                                                                   A 0-25                                                                                                                                                                                                                                                                                                                                                                   A 0-25
                     6           7       -   0       0               5   0   -   5   0   5   1   -   0   3   7   1   -   1   6   0   0   -   9   0   3   4   -   S   K    2    1    1    4    6    2    3    4    8    1    4    3    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8                                                                                      6           9       -   0       9               6   6   -   3   0   6   5   -   0   9   1   1   -   0   7   0   0   -   6   2   0   5   -   S   K    6    6    3    6    5    2    3    2    0    3    4    3    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8                                                                                1           5       0   -       0               0   5   0   -   5   0   8   4   -   0   3   8   1   -   2   6   3   0   -   6   0   5   0   -   S    K    1    6    1    0    0    2    1    4    9    3    4    3    -   D    C    L    G    x    E    P    C    g     e   n   2   0   0                                                                                6           0       -   0       0               5   0   -   9   0   6   5   -   0   3   3   1   -   8   6   7   0   -   5   0   5   0   -   S   K    2    3    4    4    0    1    3    5    8    3    0    0    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8

26
                                         B 26-50                                                                                                                                                                                                                                                                                                                               26
                                                                                                                                                                                                                                                                                                                                                                                                                        B 26-50                                                                                                                                                                                                                                                                                                                         26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 B 26-50                                                                                                                                                                                                                                                                                                                         26
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          B 26-50
                                         C 51-75                                                                                                                                                                                                                                                                 67              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                 the building is.                                                                       C 51-75                                                                                                                                                                                                                                                                 69              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                the building is.                                                                 C 51-75                                                                                                                                                                                                                                                                                                                                                                  C 51-75                                                                                                                                                                                                                                                                 60              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the building is.

                                         D 76-100                                                                                                                                                                                                                                                                                                                                                                       D 76-100                                                                                                                                                                                                                                                                                                                                                                 D 76-100                                                                                                                                                                                                                                                                                                                                                                 D 76-100
                                                                                                                                                                                                                                                                                                                                                                   286                                                                                                                                                                                                                                                                                                                                                                            286                                                                                                                                                                                                                                                                                                                                                                      286                                                                                                                                                                                                                                                                                                                                                                      286

                                         E 101-125                                                                                                                                                                                                                                                                                                                                                                      E 101-125                                                                                                                                                                                                                                                                                                                                                                E 101-125                                                                                                                                                                                                                                                                                                                                                                E 101-125
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         150
52                                                                                                                                                                                                                                                                                                                                                                             52                                                                                                                                                                                                                                                                                                                                                                       52                                                                                                                                                                                                                                                                                                                                                                       52

                                         F 126-150                                                                                                                                                                                                                                                                                                                                                                      F 126-150                                                                                                                                                                                                                                                                                                                                                                F 126-150                                                                                                                                                                                                                                                                               This is how energy efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         the building is.                                                                 F 126-150
78
                                         G Over 150                                                                                                                                                                                                                                                                                                                            78
                                                                                                                                                                                                                                                                                                                                                                                                                        G Over 150                                                                                                                                                                                                                                                                                                                      78
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 G Over 150                                                                                                                                                                                                                                                                                                                      78
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          G Over 150
                     Less energy efficient                                                                                                                                                                                                                                                                                                                                                          Less energy efficient                                                                                                                                                                                                                                                                                                                                                    Less energy efficient                                                                                                                                                                                                                                                                                                                                                    Less energy efficient

                   Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                      Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                Technical information                                                                                                                                                                                                                                                                                          Benchmarks                                                Technical information                                                                                                                                                                                                                                                                                          Benchmarks
                                                                                                                                                                                                                                                                                                                                                                   260                                                                                                                                                                                                                                                                                                                                                                            260                                                                                                                                                                                                                                                                                                                                                                      260                                                                                                                                                                                                                                                                                                                                                                      260

104                                                                                                                                                                                                                                                                                                                                                                            104                                                                                                                                                                                                                                                                                                                                                                      104                                                                                                                                                                                                                                                                                                                                                                      104

                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one                                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one                             Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one                             Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one
                                                                                                                                                                                                                                                                                                                                  could have ratings as follows:                                                                                                                                                                                                                                                                                                                                                 could have ratings as follows:                                                                                                                                                                                                                                                                                                                                           could have ratings as follows:                                                                                                                                                                                                                                                                                                                                           could have ratings as follows:
130                                                                                                                                                                                                                                                                                                                                                                            130                                                                                                                                                                                                                                                                                                                                                                      130                                                                                                                                                                                                                                                                                                                                                                      130

                   Building environment:                                                                                                                                      Heating and Natural Ventilation                                                                                                                                                                                     Building environment:                                                                                                                                      Heating and Natural Ventilation                                                                                                                                                                               Building environment:                                                                                                                                      Air Conditioning                                                                                                                                                                                              Building environment:                                                                                                                                      Heating and Natural Ventilation
                                                                                                                                                                                                                                                                                                                                  37                                                                                                                                                                                                                                                                                                                                                                             35                                                                                                                                                                                                                                                                                                                                                                       55                                                                                                                                                                                                                                                                                                                                                                       30
156

                   Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                               156

                                                                                                                                                                                                                                                                                                                                                                                                  Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        156

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Total useful floor area (m2 ):
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 156

                                                                                                                                                                              951                                                                                                                                                              If newly built                                                                                                                                                                                                812                                                                                                                                                              If newly built                                                                                                                                                                                          457                                                                                                                                                              If newly built                               Total useful floor area (m2 ):                                                                                                                             518                                                                                                                                                              If newly built
                   Building complexity                                                                                                                                                                                                                                                                                                                                                            Building complexity                                                                                                                                                                                                                                                                                                                                                      Building complexity                                                                                                                                                                                                                                                                                                                                                      Building complexity
                   (NOS level):                                                                                                                                               3                                                                                                                                                   50           If typical of the
                                                                                                                                                                                                                                                                                                                                               existing stock
                                                                                                                                                                                                                                                                                                                                                                                                  (NOS level):                                                                                                                                               3                                                                                                                                                   53           If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              existing stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (NOS level):                                                                                                                                               4                                                                                                                                                   104          If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       existing stock
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    (NOS level):                                                                                                                                               3                                                                                                                                                   43           If typical of the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                existing stock
                                                                                                                                                                                                                           182                                                         208                                                            234                                                                                                                                                                                                                                                 182                                                         208                                                            234                                                                                                                                                                                                                                           182                                                         208                                                            234                                                                                                                                                                                                                                           182                                                         208                                                            234
CHRISTCHURCH Retail Park                                                                                                                                                                                                                                                                                                                                  Christchurch   THE SATURN PORTFOLIO   PAGE 13

EPCs
                   Energy Performance Certificate
                   Non-Domestic Building
                                                                                                                                                                                                                                                                                                                                                                   338

      This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

                   M F I Furniture Centre Ltd                                                                                                                                                                                                                                                                            Certificate Reference Number:
                   5 Bailey Drive                                                                                                                                                                                                                                                                                               0670-0031-0740-0204-0006
                   CHRISTCHURCH
                   BH23 2BN

                    This certificate shows the energy rating of this building. It indicates the energy efficiency of
                    the building fabric and the heating, ventilation, cooling and lighting systems. The rating is
                    compared to two benchmarks for this type of building: one appropriate for new buildings
                    and one appropriate for existing buildings. There is more advice on how to interpret this
                    information on the Government’s website www.communities.gov.uk/epbd.

                   Energy Performance Asset Rating   7   1
                                                                                                                                                                                                                                                                                                                                                                   312
                                                             6
                                                 6
                                                 3

                                                                 4

                      SK-311332-699420

                     More energy efficient

                                         A+
364

1

                                                                                                                                                                                                                                                                                                                 Net zero CO2 emissions

                                         A 0-25
                     1           1       6   -       0               6   7   0   -   0   0   3   1   -   0   7   4   0   -   0   2   0   4   -   0   0   0   6   -   S    K    3    1    1    3    3    2    6    9    9    4    2    0    -   D    C    L    G    x    E    P    C    g     e   n   2   0   0

26
                                         B 26-50
                                         C 51-75
                                         D 76-100
                                                                                                                                                                                                                                                                                                                                                                   286

52                                       E 101-125                                                                                                                                                                                                                                                               116             This is how energy efficient
                                                                                                                                                                                                                                                                                                                                 the building is.

                                         F 126-150
78
                                         G Over 150
                     Less energy efficient

                   Technical information                                                                                                                                                                                                                                                                                          Benchmarks
                                                                                                                                                                                                                                                                                                                                                                   260

104

                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one
                                                                                                                                                                                                                                                                                                                                  could have ratings as follows:
130

                   Building environment:                                                                                                                                      Air Conditioning
                                                                                                                                                                                                                                                                                                                                  57
156

                   Total useful floor area (m2 ):                                                                                                                             975                                                                                                                                                              If newly built
                   Building complexity
                   (NOS level):                                                                                                                                               3                                                                                                                                                   90           If typical of the
                                                                                                                                                                                                                                                                                                                                               existing stock
                                                                                                                                                                                                                           182                                                         208                                                            234
B&Q Warehouse, st margaret’s way   Leicester   THE SATURN PORTFOLIO   PAGE 14

B&Q WAREHOUSE ST MARGARET’S WAY
LEICESTER LE4 0BG
B&Q Warehouse, st margaret’s way    Leicester                                                        THE SATURN PORTFOLIO   PAGE 15

                  INVESTMENT SUMMARY
                       Situated in the major commercial centre of Leicester, benefiting from a
                       catchment population of 580,298 within a 20 minute drive time.

                       Located in a highly prominent and accessible position approximately
                       one mile to the north of Leicester city centre, fronting the A6
                       dual carriageway.

                       Purpose built modern retail warehouse extending to approximately
                       77,300 sq ft (7,181 sq m) with associated garden centre.

                       Restricted planning consent.

                       Freehold.

                       The property is let to B&Q plc on a lease expiring in October 2027, with
                       a tenant’s rolling break option from October 2022.

                       The current rent is £1,325,490 per annum (£17.15 per sq ft), with the
                       lease providing for 5 yearly rent reviews in line with the increase in RPI,
                       subject to a ‘cap’ and ‘collar’ of 3% and 0% per annum respectively.
B&Q Warehouse, st margaret’s way                                         Leicester                                                                                                                                                                                                                                                                                                                                              THE SATURN PORTFOLIO                                       PAGE 16

                                                                                                                                                                                                                                                                                                                                                                                                     Retail Warehouse
                                                                                                                                                                                                                                                                                                                                                                                                     Provision in Central
                                                                                                                                                                                                                                                                                                                                                                                                     Leicester
                                                                                                                                                                                                                                                                                                                                                                                                     The subject property provides the dominant       Other than Abbey Road Retail Park
                                                                                                                                                                                                                                                                                                                                                                                                     DIY store serving central Leicester. The         mentioned below the nearest retail
                                                                                                                                                                                                                                                                                                                                                                                                     nearest competing stores are occupied by         warehousing is St Georges Retail Park
                                                                                                                                                                                                                                                                                                                                                                                                     Wickes (circa 25,000 sq ft) on St George’s       (135,000 sq ft) situated 1 mile to the south
                                                                                                                                                                                                                                                                                                                                                                                                     Retail Park situated approximately 1 mile to     of the subject property. This has an open
                                                                                                                                                                                                                                                                                                                                                                                                     A563south, whilst Homebase occupy a store
                                                                                                                                                                                                                                                                                                                                                                                                     the                                              non-food consent with occupiers including
                                                                                                                                                                                                                                                                           RE
                                                                                                                                                                                                              A563                                                                 DH
                                                                                                                                                                                                                                                                                             ILL WAY                                                                                        AY       of circa 35,000 sq ft 1 mile south of the city   Wickes, Currys/PC World and Toys ‘R’ Us.
                                                                                                                                                                                                       A156
                                                                                                                                                                                                                                                                                                                                              A563                                        DW
                                                                                                                                                                                                    AY                                                                                                                                                                         RM       EA
                                                                                                                                                                                                  WA57                                                                                                                                                                    WATE                       centre on Welford Road.                          Planning consent has been obtained for a
                                                                                                                            CHESTERFIELD
                                                                                                                                                                                         E   LD                          LINCOLN
                                                                                                                                                                                    EF
                                                                                                                                                  M1                          CR                                                                                                                                                                                                                                                                      Tesco of approximately 70,000 sq ft on part

Location
                                                                 CONGLETON                                                                                                                                                                                                                                                                                                                           B&Q also have a small store extending to

                                                                                                                                                                                                                                                                                                                        E
                                                          M6                                                                                           MANSFIELD
                                                                                                                                                                                                                                                                                                                                                                                                                                                      of the site occupied by Wickes and

                                                                                                                                                                                                                                                                                                                      IV
                                                                                                                                                                                                         A46

                                                                                                                                                                                                                                                                                                                   DR

                                                                                                                                                                                                                                                                                                                                                        NE
                                                  CREWE                                                                         A6                                                  A617
                                                                                                                                                                                                                                                                                                                                                                                                     32,500 sq ft at Wigston on the southern

                                                                                                                                                                                                                                                                                                               X
                                                                                                                                                                                                                                                                                                                                                                                                                                                      PC World.

                                                                                                                                                                                                                                                                                                                                                      LA
                                                                                                                                                                                                                                                                                                            IFA
                                                                                                                                                                  A60                                              A17
                                                                                                         A515                                                                                                                     STR
                                                                                                                                                                                                                                                                                                                                                                                                     side of the conurbation.

                                                                                                                                                                                                                                                                                                         HAL
                                                                                                                                                                                                                                      ASB

                                                                                                                                                                                                                                                                                                                                                    EY
                      WREXHAM

                                                                                                                                                                                                                                                             BE
                                                                                                                                                                                                                                          OU
                                                                                                  ASHBOURNE                                                                                                                                 RG

                                                                                                                                                                                                                                                                  AU
                                                                                                                                                                                                                                               D

                                                                                                                                                                                                                                                                                                                                                 ABB
                                                           STOKE-ON-TRENT                                                                                                                                                                                R IV E    M
The city of Leicester is the second    largest
                              WHITCHURCH
                                                                                                                                                                                                                                                           A1121
                                                                                                                                                                                                                                                                       O
                                                                                                                                                                                                                                                                           N
                                                                                                                                                                                                                                                                               T
                                                                                                                                                                                                                                                                                                                                                                                                                                                      The other major provision of retail
                                                                                                                                                              NOTTINGHAM                                      A1                   A15                                             LE
                                                                                                                                                                                                                                                                                        YS                                                                                                           Directly to the south of the subject property
                                                                                                        A515                                                                                                                                                                                 L AN                                                                                                                                                     warehousing comprises approximately
                                                                                                                              Y

                                                                                                                                     DERBY
conurbation in the East Midlands and the                                                                                                                                                                                                                                                         E
                                                                                                                            WA

                                                                                                                                                                                                         GRANTHAM
                                 A41                                                      UTTOXETER                                                                                                                                           DONNINGTON
                                                                                                                                                                                                                                                                                                                                                                                                     is the Abbey Road Retail Park (32,700 sq ft)
                                                                                                                            H

                                                                                                                                                                                                                                                                                                                                             A6
                                                                                                                        RI T

                                                                                                                A50                                                           A46
                                                                                                                                                                                                                                                                                                                                                                                                                                                      320,000 sq ft of accommodation is at
                                                                                                                      NF

major commercial centre for Leicestershire.                                          A518
                                                                                                                                                                                                                                                                                                                                                                                                     which is occupied by The Range,
                                                                                                                     GL E

                                                                                                                                                                                                                                                HEACHA

                                                                                                                                                                                                                                                                   VE
                                      A49                                                                                                                                                                                                             M D RI
Leicester is situated approximately 100  miles
                                                                          STAFFORD                BURTON UPON TRENT                                                                                                                                                                                                                                                                                                                                   Fosse Park and Fosse Park South adjacent
                                      NEWPORT                                                                                                     LOUGHBOROUGH                                                                                                                                                                                                                                       Carpetright and Halfords.
                                                                                                                                                                                                                                                                                                                                                                                                     A607
                           A5                                             M6 TOLL
                                                                                                               A563                                               A6                                                                                                                                    KING’S LYNN                                                                                                                                   to Junction 21 of the M1 to the south west.

                                                                                                                                                                                                                                                                                                E
(160 km) north of London, 40 miles (64 km)                                                                                                             M1

                                                                                                                                                                                                                                                                                             RIV
                                        A41                                          A460
                            SHREWSBURY

                                                                                                                                                                                                                                                                                                                                E
                                                                                                                                                                                                                                                                                                                                                                                                                                                      There are no competing DIY stores in

                                                                                                                                                                                                                                                                                             RD
                                            A5                                  CANNOCK

                                                                                                                                                                                                                                                                                                                              AN
north east of Birmingham and 30 miles

                                                                                                                                                                                                                                                                                        PARKE
                                                                                                                        M42

                                                                                                                                                                                                                                                                                                                                L
                                                                    M54
                                                                                                     TAMWORTH
                                                                                                                                                                                                                                                                                                                                                                                                                                                      this location.

                                                                                                                                                                                                                                                                                                                             EY
(48 km) south of Nottingham.                                                                      M6 TOLL
                                                                                                                                          LEICESTER
                                                                                                                                                                                    A47
                                                                                                                                                                                                  UPPINGHAM                A47     A1                                          A47
                                                               WOLVERHAMPTON

                                                                                                                                                                                                                                                                                                                         ABB
                                                                                                                            A5
                                                 A458                               M6                                                                                         A6                                                          PETERBOROUGH
                                                                                                                                                  M69
The city benefits from very good road                                                                                       NUNEATON

                                                                                                                                                                                                                                                                                                                                                                                                     Situation
                                                                                                                                                                                                                                   A605
                                A49                                                                                                                               M1        MARKET                       CORBY
                                                                                         BIRMINGHAM
communications with the M1 motorway                       A442
                                                                                                                 A46
                                                                                                                                     M6                 A5                HARBOROUGH
                                                                                                                                                                                                                                               A1 (M)
                                                                                                                                                                                                                                                                                                  DROAD

                                                                                                                                                                                                                                                                                             IR
                                                                                                                                                                                                  A6

being situated immediately to the west                                                       SOLIHULL                                                        A50

                                                                                                                                                                                                                                                                                           KB
                                                                                                                            COVENTRY

                                                                                                                                                                                                                                                                                                                                                                                         D
                                                        KIDDERMINSTER                                                                                                                             KETTERING                                                                                                                               AB

                                                                                                                                                                                                                                                                                                                                                                                       OA
                                                                                                                                                                                                                                                                                                                                            BE

                                                                                                                                                                                                                                                                                        AC
                                                                                                                                                   RUGBY
of the conurbation with direct access                                                                                                                                                                                                                                                                                                            Y

                                                                                                                                                                                                                                                                                                                                                                                     ER
                                                                                            M42                                A46
                                                                                                                                                                                                                                       ANHUNTINGDON                                                                                                  PA

                                                                                                                                                                                                                                                                                   BL
                                                                                                                                                                                                                                         STEY                                                                                                          RK                                            The subject property is situated in a highly     The immediate vicinity comprises a

                                                                                                                                                                                                                                                                                                                                                                                   AV
                                                                                     REDDITCH

                                                                                                                                                                                                                                                                                                           ST MA
                                                                                                                    ROYAL                                                                      WELLINGBOROUGH                                  L ANE
via Junctions 21 and 21a. Junction 21 and                                                                                                                   A45
                                                                                                                                                                                                                                                                                                                                                            RO

                                                                                                                                                                                                                                                                                                                                                                                  R
                                                                           M5                                   LEAMINGTON SPA                                           M1
                              A49
                                                                                                                                                                                                                                                                                                                                                              AD

                                                                                                                                                                                                                                                                                                                                                                               LG
21a also provide direct access to the M6                                                                       A46                                                                  NORTHAMPTON                                                                                                                                                                                                      prominent and accessible position at the         mixture of commercial and residential

                                                                                                                                                                                                                                                                                                                R

                                                                                                                                                                                                                                                                                                                                                                           BE
                                                                                                                                           A423
                                                                                                                                                                                                                                                                                   CAMBRIDGE

                                                                                                                                                                                                                                                                                                          G AR E T ’ S
                                                          WORCESTER
and the West Midland’s conurbation. The
                                                                                            STRATFORD UPON AVONM40                                                            A5                                             A6                                                                                                                                                                      junction of St Margaret’s Way (A6) and           accommodation. In 2007, Leicester City
                                                                 A449                       A46
                               A417
                                                                                                                                                                       TOWCESTER                                          BEDFORD
city benefits from a direct rail serviceGREAT
                                          to MALVERN                                                                                                                                                                         GRO
                                                                                                                                                                                                                                        BY RD
                                                                                                                                                                                                                                                                                                                                                                                                     Blackbird Road (A5237) approximately             Council adopted the Abbey Meadows
                                                                                    EVESHAM
                                 HEREFORD
London St Pancras, with a journey time of
                                                                                                                                     BANBURY                             A43
                                                                                                                                                                                   MILTON KEYNES
                                                                                                                                                                                                                                                    A1             A50                            M11         WA                                                                                     1 mile north of Leicester city centre.           supplementary planning document, which
                                                                                                  A44
                                                                                                                                                                                                                                                                                                                                                                   A607
                                                                                                                                                                                                                                                  RTH

                                                                                                                                                                                                                                                                                                                Y

approximately 1 hour and 15 minutes.                                                                                                                                                                                                                                                                                                                                                                 St Margaret’s Way (A6) forms the principal       provides for comprehensive redevelopment
                                                                                                                                                       M40                                                                                                                                                               A6
                                                                                                                                                                                                                                                NO

                                                                                                                                                                                                               A5                                                                                                                                                                                                                     A47
                                      A49                                  M5                            A424
                                                                                                                                                                                                                                                                                                                                                                                                     dual carriageway  E Rroute leading from the
                                                                                                                                                                                                                                                                                                                                                                                                                          OAD                         of the Abbey Meadows area situated on
                                                                                                                                                                                                                                                                                             WO

                                                                                                                                                                                                                                                                                                                                                                                                                   TON
                                                                                                                                                                                                                                            OAD

                                                                                                                                          A44                                                                                                  STEVENAGE                                                                                                                                                              B ER
                                                                                                                                                                                                                                                                                                                                                                                                                          S
                                                                        CHELTENHAM                                                                                                                                                                                                                                                                                                                               UM
                                                                                                                                                                                                                                                                                                                                                                                                     city centre Hto the north, which makes the       the eastern side of the A6 approximately
                                                                                                                                                                                                                                                                                                OD

                                                                                                                                                                                                                                  M1                    A1 (M)
                                                        GLOUCESTER                                                                                                                                                                                                                                                            TE
                                                                                                                                                                                                                                         ER

                                                                                          A40
                                                                                                                                                                                                                                                                                                                            GA
                                                                                                                                                                                                                                                                                                   G

                                                                                                                                                                                                                                                                                                                   VEY                                                    A594                       location highly accessible to a substantial      0.25 miles from the subject property. This
                                                                                                                                                                                                                                                    TU

                                                                                                                                                                                                                                                                                                                SAN
                                                                                                                                                                                                                                                                                                     AT

                                                                                                                                                                                             AYLESBURY
                                                                                                                                                                                                                                       FOSS

                                                                                                                                                                                                                                                                                                                                     AY
                                                                                                                                                                                                                                                      DO

                                                                                                                                                                                                                                                                                                                                                                                              A47
                                                                                                                                                                                                                                                                                                        E

                                                                                                                                                                                                                                                                                                                                    W
                                                                                                                                                                                                                                                                                                                                                                                                     catchment population. The A6 links to            is a large scale redevelopment to provide
                                                                                                                                                                                                                                                        RR

                                                                                                                                                                                                                                                                                                                               N
                                                                                                                                                                                                                                                                                                                              H
                                                                                                                                                                                                                                                          OA

                                                                                                                                                                                                                                                                                                                      UG

                                                                                                                                                                                                                                                                                                                                                                                                     the A563 (outer ring road) approximately          various   commercial uses, including a science
                                                                                                                                                                                                                                                            D

                                                                                                                                                                                                                                                                                                                                                                                                                                                      A6030
                                                                                                                                                                                                                                                                                                                    VA

                                                                                                                                                                                                                                                                                                            A594                                                                                     0.75 miles to the north of the subject           park, together with substantial residential
                                                                                                                                                                                                                                                                                                                                           St Georges
                                                                                                                                                                                                                                                                                                                                           Retail Park                                               property, then onwards onto the intersection     development.
                                                                                                                                                                                                                                                                                                                                                                                                     with the A46 to the north, which then
                                                                                                                                                                                                                         DS ROAD                         A47
                                                                                                                                                                                                                                                                                                                                                                                    S
                                                                                                                                                                                                                                                                                                                                                                               TG
                                                                                                                                                                                                                      HAR                                                                                                                                                  E
                                                                                                                                                                                                                   RIC                                                                                                                                                                               provides direct access to the M1 motorway.
                                                                                                                                                                                                                                                                                                                                                                          O

                                                                                                                                                                  A47                                  KING
                                                                                                                                                                                                                                                                                                                                                                      R G ES W

                                                                                                                                                                                                                                                                                                                                                                                      LEICESTER
                                                                                                                                                                                                                                                                                                                            OX
                                                                                                                                                                                                                                                                                                                              FO

                                                                                                                                                                                                                                                                                                                                                                              AY
                                                                                                                                                                                                                                                                                                                                 R  D

                                                                                                                                                                                                                                                         A5460
                                                                                                                                                                                                                                                                                                                                    ST
                                                                                                                                                                                                                                                                                                                                       REE
                                                                                                                                                                                                                                                                                                                                          T

                                                                                                                                                                                                                                                                                                                                                                   A594                      A6
                                                                                                                                                                                                                                            AD

                                                                                                                                                                                                                                                                                                                                                                                                    LO
                                                                                                                                                                                                                                                                                                                                                                                                      N
                                                                                                                                                                                                                                          RO

                                                                                                                                                                                                                                                                                                                                                                                                      D
                                                                                                                                                                                                                                                                                                                                                                                                       ON
                                                                                                                                                                                                                                                                                                                                                                                                          RO
                                                                                                                                                                                                                                       GH

                                                                                                                                                                                                                                                                                                                                                                                                            AD
                                                                                                                                                                                                                                   OU
                                                                                                                                                                                                                                 OR
B&Q Warehouse, st margaret’s way                    Leicester                                                                                                                                                                                         THE SATURN PORTFOLIO                        PAGE 17

                                                                      CASTLE DONINGTON
                                                       BURTON                                                         WYSALL     A46                                WALTHAM ON
                                                     UPON TRENT                                                                                                      THE WOLDS
                                                                                                                                                             A607            COLSTERWORTH
                                                                                                 M1
                                                               A511
                                                                                                                                                         MELTON
                                                                                                               LOUGHBOROUGH                             MOWBRAY
                                                                                     COALVILLE
                                                                                                                                                                           COTTESMORE
                                                                                                                               A607
                                                                                                      MARKFIELD                                                     A606
                                                                                                                                                    TWYFORD
                                                                                                               A46

                                              TAMWORTH                    TWYCROSS                       M1
                                                  M42
                                                                                                              LEICESTER
                                                                                                                                                      A47
                                                                                                                   WIGSTON                                       UPPINGHAM
                                                                                                 M69

                                                                                     HINCKLEY                                           A6
                                                                                                                               FLECKNEY
                                                               NUNEATON

                                                                                 M69
                                                          M6                                                  M1                                                              CORBY
                                                                                                                                         MARKET
                                                                                                                                       HARBOROUGH           A6
                                                         20COVENTRY
                                                             MINUTE DRIVETIME CATCHMENT
                                                                                           M6
                                                                                                                                                                              KETTERING

Catchment & Demographics                                                                                                                                                                               Description
PROMIS estimate that Leicester’s primary             Key demographic data is included in the table below:                                                                                              The subject property provides a prominent      The main customer access/exit point is
catchment population is approximately                                                                                                                                                                  purpose built retail warehouse extending to    via a traffic light controlled junction on
920,000 people, ranking it the 10th largest                                                                                                      Leicester                                   PROMIS    approximately 77,300 sq ft (7,181 sq m) GIA.   St Margaret’s Way and there is a secondary
                                                                                                                                                Catchment                                   Av/GB Av
out of the PROMIS 200 centres. This is                                                                                                                                                                                                                access point, which is shared by service
                                                                                                                                                                                                       The property was constructed in 1993
above the regional average and compares                  Household owner occupiers 2001                                                                74%                                    70%                                                     vehicles off Blackbird Road.
                                                                                                                                                                                                       and is of steel portal frame construction
closely with the likes of Edinburgh and
                                                                                                                                                                                                       under a pitched roof. Elevations are clad      The site extends to a total area of
Bristol. Within a 20 minute drive time of                Per capita RW expenditure 2001                                                               £427                                   £476
                                                                                                                                                                                                       with flat cladding above masonry. The unit     approximately 7.26 acres (2.94 hectares).
the subject property there is an estimated
                                                         Estimated population growth 2011-2016                                                         0.8%                                  0.6%      benefits from a dominant entrance feature,
catchment population of 580,298 people.
                                                         (% per annum)                                                                                                                                 with similar high profile extended signage
24% of the catchment population are                                                                                                                                                                    zones situated on the 2 front corners of the
classified as being within AB social group               AB social classification 2001                                                                 24%                                    25%      building fronting St Margaret’s Way. On the
(more affluent) as compared to the national                                                                                                                                                            western side of the building is an enclosed
average of 25%. Car ownership is close to                                                                                                                                                              garden centre, to the rear of which is a
the national average, with 32% owning 2                                                                                                                                                                dedicated service yard.
or more cars, as compared to the national
                                                                                                                                                                                                       At the front of the building is a
average of 30%.
                                                                                                                                                                                                       tarmacadamed customer car park providing
The catchment population is predicted to                                                                                                                                                               approximately 415 spaces, equating to a
benefit from above average population                                                                                                                                                                  ratio of 1 : 186 sq ft (1 : 17.3 sq m).
growth, estimated to be 0.8%, as compared
to the 200 PROMIS centres of 0.61%.

In 2010 the service sector accounted for 73%
of total employment, with manufacturing
standing at 14%, both being close to the
national average. Major employers in the
town include Santander, Next, Walkers
Snack Food and Babcock.
B&Q Warehouse, st margaret’s way                Leicester                                                                                                                                               THE SATURN PORTFOLIO   PAGE 18

Tenancy Schedule
 Tenant                                GIA        LEase        Term           Expiry        Unexpired        Next rent      Current      Current      Comments
                                     (sq ft)      start       (years)          Date           term            review          rent         rent
                                                                                             (years)                      (Per annum)   (per sq ft)

                                                                                                                                                      Rent is payable monthly. 5 yearly compounded rent reviews
                                                                                                                                                      linked to RPI capped and collared at 0% and 3% p.a.
 B&Q Plc                             77,300      19/10/2007     20           18/10/2027         15.00        29/09/2017    £1,325,490      £17.16
                                                                                                                                                      respectively. Tenant rolling break option from 19/10/2022.
                                                                                                                                                      12 month’s notice required. No penalty if exercised.

TOTALS                               77,300                                                                                £1,325,490      £17.16

Planning                                                                Tenure
The property has planning consent for a                                 The site, as approximately outlined in red, is
non-food retail warehouse, garden centre                                held freehold.
and ancillary parking. There is a restriction
that no part of the building should be
used as a foodstore. The sale of goods is
restricted to building and DIY supplies,
furniture, self-assembly furniture, floor
                                                                        Tenancy
coverings, fabrics and ancillary items,                                 The property is let to B&Q plc on a lease
electrical appliances, goods and materials                              expiring on 18 October 2027 with a tenant’s
and fittings, motor vehicles, cycles and spare                          rolling option to determine from 19 October
parts, garden furniture, tools and equipment,                           2022 subject to 12 months notice. The lease
caravans, tents and camping equipment                                   provides 5 yearly upward only rent reviews
and associated items, boats, dinghies and                               in line with the increase in the Retail Price
associated items. A planning summary can                                Index, subject to a minimum of 0% per
be provided upon request.                                               annum and a maximum of 3% per annum.

                                                                        The current rent is £1,325,490 per annum,
                                                                        which equates to £17.15 per sq ft.

Ground
Conditions
An updated Environmental Report is
available upon request.
B&Q Warehouse, st margaret’s way                     Leicester                                                          THE SATURN PORTFOLIO   PAGE 19

Tenant’s Covenant
We summarise below the most recent accounts for B&Q plc, together with the latest
Dun & Bradstreet rating.

 UNIT     Tenant          Year              Sales         Profit/Loss   Net Worth     D&B
                         Ending          Turnover          Pre Taxes      (000s)     Rating
                                           (000s)           (000s)

                         29/01/2011      £3,711,700         £144,700    £3,656,700
  1        B&Q plc                                                                    5A1
                        30/01/2010      £3,792,400         £400,400     £3,476,400

D&B rating – 5A1 (minimum risk of business failure).

                                                                                              Trading Profile /
Tenant Profile                                                                                Asset Management
B&Q plc is a wholly owned subsidiary of                                                       This is the dominant DIY store serving the
Kingfisher Group plc and is the UK’s market                                                   central Leicester conurbation and due to its
leading DIY retailer. In recent years, they have                                              accessible location and limited competition,
expanded to international markets and now                                                     understand that it trades well. In addition,
currently trade in excess of 950 stores in                                                    we believe the size of the store, being circa
8 countries throughout Europe and Asia.                                                       70,000 sq ft, is likely to provide a highly
                                                                                              efficient trading format for B&Q.

                                                                                              However, we believe the property could
                                                                                              potentially, subject to obtaining the
                                                                                              necessary consents, be subdivided to create
                                                                                              a small retail park, with the additional
                                                                                              benefit of the potential to develop additional
                                                                                              accommodation on the garden centre and
                                                                                              ‘pod’ units in the car park, should B&Q wish
                                                                                              to relocate. Alternatively, we consider it
                                                                                              would make an ideal foodstore site, subject
                                                                                              to tenant demand and the necessary
                                                                                              planning consents.

                                                                                              Due to the nature of the rent review clause
                                                                                              and expectation for the increase in the
                                                                                              Retail Price Index, this investment provides
                                                                                              a secure income stream with the benefit
                                                                                              of inflation linked uplifts secured against a
                                                                                              successful trading destination.
B&Q Warehouse, st margaret’s way                                                                                                                                                                                                                                                                                                                          Leicester   THE SATURN PORTFOLIO   PAGE 20

EPC
                   Energy Performance Certificate
                   Non-Domestic Building
                                                                                                                                                                                                                                                                                                                                                                    338

      This certificate has been produced by E P C g e n, a software module developed by B R E for C L G under contract with F M. The author of the program is J o s e O r t i z (o r t i z j @ b r e . c o . u k ). Some security features proves the authenticity of this document.

                   Commercial Union Life Assurance Ltd                                                                                                                                                                                                                                                                   Certificate Reference Number:
                   B & Q Plc                                                                                                                                                                                                                                                                                                    0744-3045-0119-0800-9091
                   St Margarets Way
                   LEICESTER
                   LE4 0BT

                    This certificate shows the energy rating of this building. It indicates the energy efficiency of
                    the building fabric and the heating, ventilation, cooling and lighting systems. The rating is
                    compared to two benchmarks for this type of building: one appropriate for new buildings
                    and one appropriate for existing buildings. There is more advice on how to interpret this
                    information on the Government's website www.communities.gov.uk/epbd.

                   Energy Performance Asset Rating   7   6
                                                                                                                                                                                                                                                                                                                                                                    312
                                                             1
                                                 4
                                                 4

                                                                 6

                      SK-521520-010243

                     More energy efficient

                                         A+
364

1

                                                                                                                                                                                                                                                                                                                 Net zero CO2 emissions

                                         A 0-25
                     4           6       -   0       7               4   4   -   3   0   4   5   -   0   1   1   9   -   0   8   0   0   -   9   0   9   1   -   S   K    5    2    1    5    2    0    0    1    0    2    4    3    -    D   C    L    G    x    E    P    C    g    e     n   2   0   0   8

26
                                         B 26-50                                                                                                                                                                                                                                                                 46              This is how energy efficient
                                                                                                                                                                                                                                                                                                                                 the building is.

                                         C 51-75
                                         D 76-100
                                                                                                                                                                                                                                                                                                                                                                    286

52                                       E 101-125
                                         F 126-150
78
                                         G Over 150
                     Less energy efficient

                   Technical information                                                                                                                                                                                                                                                                                          Benchmarks
                                                                                                                                                                                                                                                                                                                                                                    260

104

                   Main heating fuel:                                                                                                                                         Natural Gas                                                                                                                                         Buildings similar to this one
                                                                                                                                                                                                                                                                                                                                  could have ratings as follows:
130

                   Building environment:                                                                                                                                      Heating and Natural Ventilation
                                                                                                                                                                                                                                                                                                                                  38
156

                   Total useful floor area (m2 ):                                                                                                                             7302                                                                                                                                                             If newly built
                   Building complexity
                   (NOS level):                                                                                                                                               4                                                                                                                                                   50           If typical of the
                                                                                                                                                                                                                                                                                                                                               existing stock
                                                                                                                                                                                                                           182                                                         208                                                            234
dunstable road retail park   luton   THE SATURN PORTFOLIO   PAGE 22

DUNSTABLE ROAD RETAIL PARK
LUTON LU4 8EZ
Dunstable road retail park          Luton                                                     THE SATURN PORTFOLIO   PAGE 23

                  INVESTMENT SUMMARY
                       Situated in the major commercial centre of Luton, benefiting from
                       a catchment population of over 410,000 people within a 20 minute
                       drive time.

                       Located in a highly prominent and accessible position to the north
                       of Luton town centre, fronting Chaul End Lane, less than a mile from
                       Junction 11 of the M1 motorway, being in close proximity to Hatters
                       Way Retail Park and units occupied by PC World and B&Q.

                       Modern retail warehouse parade extending to approximately
                       46,850 sq ft (4,353 sq m).

                       Part restricted / part open A1, planning consent.

                       Freehold.

                       Asset management opportunities available to let newly refurbished
                       vacant unit.

                       The property is let to DSG Retail Ltd and Next Group plc providing a
                       weighted average unexpired term of just less than 10 years.

                       The current rent is £1,015,000 per annum (overall rent of
                       £25.38 per sq ft) with a fixed uplift on the Currys unit in 2017.
Dunstable road retail park                                                                                      Luton                                                                                                                                                                                               THE SATURN PORTFOLIO                                                                                                  PAGE 24
                                                                                       Letchworth
                                                                                      Letchworth
             A5
                                   M1
                                                    A6

              Leighton
              Leighton
              Buzzard
              Buzzard       A5

                                                                                                                                                                                                                                                                                                                                                                                                                                D
    A4146      A505                                                                   Stevenage
                                                                                     Stevenage

                                                                                                                                                                                                                                                                                                                                                                                                                             ROA
                                 Dunstable                Luton
                                               M1
                                         A5                   A505
                                                                                                                                                                                                                                                              E
                                                                                                                                                                                                                                                            NU
                                                          A1081      Luton Airport

                                                                                                                                                                                                                                                                                                                                                                                                                             IN
                                                                                                  A1(M)
                                                                                                                                                                                                                                                        E
                                                                                                                                                                                                                                                     AV                                                          MONTROSE AVENUE
                                                                                                                                                                                                                                                                                                                                                                                                                             H

                                                                                                                                                                                                                                                                                                                                                                                                                     TC
                                                                                                                                                                                         M1                                                                                                                                                                                                                              I

                                                                                                                                                                                                                                                ER
                                                                                                                                                                                                                                                                                                                                                                                                                     N

                                                                                                                                                                                                                          oak
                                                         M1

                                                                                                                                                                                                                                              LL
                                                                                               Welwyn                                                                                                                                                                                                                                                                                                                                           SH

                                                                                                                                                                                                                                                                                                                                                                                                                                                A
               Tring                                                                          Garden City

                                                                                                                                                                                                                                            WA
               Tring                                                                                                                                                                                                                                                                                                                                                                                                                              C

                                                                                                                                                                                                                              le

                                                                                                                                                                                                                                                                                                                                                                                ST O

                                                                                                                                                                                                                                                                                                                                                                                                                                                     RO
                                                                                                                                                             M11
                                                                                                          A414
                                                                                                                                                                                              11

                                                                                                                                                                                                                             yr
                                                                                                                                                                                                                                           A505

                                                                                                                                                                                                                                                                                                                                                                                                                                                        F
                                                                                                                                                   Harlow
                                                                                                                                                                                                                                                                                                                                                                                   CK

                                                                                                                                                                                                                                                                                                                                                                                                                                                       T
                                                                                          A1(M)

                                                                                                                                                                                                                               oa
                                           Hemel
                                           Hemel

                                                                                                                                                                                                                                                                                                                                      new bedford road
                                                                                                                                 A10

                                                                                                                                                                                                                                                                                                                                                                                                                                                        RO
                                         Hempstead
                                         Hempstead                    St Albans                                                                                                                                                                                                                                                                                                         IN                                                                  AD

                                                                                                                                                                                                                                 d
                             A41
                                                                                                                                                                                                   D UN                                                                                                                                                                                      GS

                                                                                                                                                                                                                                                                                                                                                                                                                                 VA
                                                          M1
                                                                             A414                                                                                                                         STA B LE ROAD                                                                                                                                                                           TO

                                                                                                                                                                                                                                                                                                                                                                                                                                   UX
                                                      Abbots
                                                     Abbots          M25                    A1(M)
                                                                                                                                                                                                                                                                                                                                                                                                       NE ROAD

                                                                                                                                                                                                                                                                                                                                                                                                                                     HA
                                                                                                                                                                          A414
                                                      Langley
                                                     Langley

                                                                                                                                                                                                                                                                                          LE
                                                                                                                                  Cheshunt

                                                                                                                                                                                                                                       E

                                                                                                                                                                                                                                                                                                                                                                                                                                       LL
                                                                                                                                                                                                                                                                                                                                                                                                                                            W

                                                                                                                                                                                                                                                                                          AG
                                                                                                                                                                                                                                     AN
                                                                                                                 M25

                                                                                                                                                                                                                                                                  DUNSTABLE ROAD RETAIL PARK                                                                                                                                                 AY

                                                                                                                                                                                                                                                                                            RAV
                                                                                                                                                                                                                                                                      DU

                                                                                                                                                                                                                                   END L
                                                                                                                                                                                                                                                                       NS
                                                                                                                                                                                                                                                                         TA

                                                                                                                                                                                                                                                                                               E RO A D
                                                                                                                       Enfield                         M11
                                                          Watford       M1                                                                                                                                                                                                 BL
                                                                                                  Barnett                                                                                                                                                                       E

                                                                                                                                                                                                                                UL
                                                                                                                                                                                                                                                                                    RO
                                                                                                                                                                   M25

                                                                                                                                                                                                                             CHA
                                                                                                                                                                                                                                                                        D             A
                                                                                                                                                                         Brentwood
                                                                                                                                                                                                                                                     HATTERS WAY RETAIL PARK
            Beaconsfield
                                   M25
                                                                                                            A406                                                                                               A505
                                                                                                            A1
                           M10
                                                                                                                                                                                                                                                                      HAT

                                                                                                                                                                                                                                                                                                                                                                                                     AD
                                                                                                                          A10

                                                                                                                                                                                                                                                                          TER                                                             A6

                                                                                                                                                                                                                                                                                                                                                                                                   RO
                                         Uxbridge
                                                                                                                                                                                                                                                                             SW

                                                                                                                                                                                                                                                                                                                                                                                                  IN
                                                                           A40
                                                                                                                                                                                                                                                                               AY

                                                                                                                                                                                                                                                                                                                                                                                               CH
                                                                                                                                             A13

                                                                                                                                                                                                                                                                                                                                                                                             IT
                   Slough                                                                                   London

                                                                                                                                                                                                                                                                                                                                                                                           H
                                                     M4

Location
                                                                                                                                                                                                                                                                                                          A505
                                                                                                                                                                                                                                                                                                                                                                          LUTON

                                                                                                                                                                                                                                                                                                                                                                                                                       AD
                                                                                                                                                                                                                                                                                                                                                                                                                     RO
                                                                                                                                                                                                                                                                                                                     DU

                                                                                                                                                                                                                                                                                                                                                                                                                     EN
                                                                                                                                                                                                                                                                                                                                                                                                                 G RE
                                                                                                                                                                                                                                                                                                                           NS
Luton is located 35 miles north of London,                                                                       Investment within Luton is evident on the                                                                                 M1                                                                                                                                                                    Y

                                                                                                                                                                                                                                                                                                                               TA
                                                                                                                                                                                                                                                                                                                                                                                                               LE
                                                                                                                                                                                                                                                                                                                                                                                                             AW

                                                                                                                                                                                                                                                                                                                                 BL
                                                                                                                                                                                                                                                                                                                                                                                                          CR
12 miles north of Hemel Hempstead, 13 miles                                                                      edge of the town at Putteridge Bury where

                                                                                                                                                                                                                                                                                                                                              E
                                                                                                                                                                                                                                                                                                                                                     RO
                                                                                                                                                                                                                                                                                                                                                         A
north of St Albans and 15 miles west of                                                                          a high-technology office park, Butterfield

                                                                                                                                                                                                                                                                                                                                                         D

                                                                                                                                                                                                                                                                                                                                                                                           t
Stevenage.                                                                                                       Green, is under construction as well as the

                                                                                                                                                                                                                                                                                                                                                                                       uc
                                                                                                                                                                                                                                                                                                                                                                         pa
                                                                                                                                                                                                                                                                                                                                                                           r           d
                                                                                                                 former Vauxhall site, which is to be                                                                                                                                                                                                                          k via
The town benefits from good road                                                                                                                                                                                                                                                                                                                                                                                             kim
                                                                                                                 re-developed as a mixed use scheme called                                                                                                                                                                                                                                                                         p to
communications and is strategically located                                                                                                                                                                                                                                                                                                                                                                                            n
                                                                                                                 Napier Park.                                                                                                                                                                                                                                                                                                              ro

                                                                                                                                                                                                                                                                                                                                                                    ET
                                                                                                                                                                                                                                                                                                                                                                                                                                                ad

                                                                                                                                                                                                                                                                                                                                                                 RE
adjacent to Junctions 10 and 11 of the M1                                                                                                                                                                                                                                                                                                                                                                            A505

                                                                                                                                                                                                                                                                                                                                                             CASTLE ST
                                                                                                                                                                                                                                                                                                                                      L
motorway and is well served by a number of                                                                                                                                                                                                                                                                                     H   IL
                                                                                                                                                                                                                                                                                                                           Y

                                                                                                                                                                                                                                                                                                                     LE
primary roads including the A6 trunk road

                                                                                                                                                                                                                                                                                                                       R
                                                                                                                                                                                                                                                                                                                    FA
and the A505 dual carriageway, which links
the A1 and the A5.                                                                                                                                                                                                                                                                                                                                                                                                            airport way

Luton benefits from a regular train service
with a quickest journey time to London                                                                                                                                               Situation                                                                                                                     Retail Warehouse
                                                                                                                                                                                                                                                                                                                   Provision in Luton
(St Pancras) of approximately 35 minutes.
                                                                                                                                                                                     Dunstable Road Retail Park is situated on
Luton possesses one of the fastest growing                                                                                                                                           Chaul End Lane close to its junction with
airports in the UK in Luton International                                                                                                                                            Dunstable Road, approximately 2.5 miles
Airport, which offers flights to European and                                                                                                                                        north west of Luton town centre. Junction 11                                                                                  The subject property is one of 3 main concentrations of retail
worldwide destinations.                                                                                                                                                              of the M1 motorway is conveniently located                                                                                    warehousing in Luton. We summarise the remaining 2 below:
                                                                                                                                                                                     approximately 1 mile directly to the west
A major town centre regeneration
                                                                                                                                                                                     of the scheme providing easy access to
                                                                                                                                                                                                                                                                                                                   Gipsy Lane Retail Park
programme is currently underway in                                                                                                                                                                                                                                                                                 161,955 sq ft (15,044 sq m)
                                                                                                                                                                                     customers from the M1 corridor.
Luton, which will include upgrades to the                                                                                                                                                                                                                                                                          Located south east of the town centre, tenants include B&Q, Comet,
town’s bus and railway stations, as well                                                                                                                                             The subject property is located in a cluster                                                                                  Toys ‘R’ Us, Halfords and Argos. The scheme has an open A1 (non-
as improvements to the town’s urban                                                                                                                                                  of retail warehousing with PC World situated                                                                                  food), with certain exceptions, planning consent and rents range from
environment.                                                                                                                                                                         to the immediate north of the scheme                                                                                          £16.75 – £30.00 per sq ft.
                                                                                                                                                                                     while approximately 500 yards to the
                                                                                                                                                                                     south, is Hatters Way Retail Park, which is
                                                                                                                                                                                                                                                                                                                   Hatters Way Retail Park
                                                                                                                                                                                                                                                                                                                   90,635 sq ft (8,425 sq m)
                                                                                                                                                                                     occupied by Dreams, Harveys, Paul Simon,
                                                                                                                                                                                                                                                                                                                   Tenants include DFS, Carpetright, Paul Simon, Harveys and Dreams.
                                                                                                                                                                                     Carpetright, DFS and ScS.
                                                                                                                                                                                                                                                                                                                   The park has bulky goods consent and is located immediately south
                                                                                                                                                                                                                                                                                                                   of the subject property. Rents range from £25.00 – £30.00 per sq ft.
Dunstable road retail park                                                                            Luton                                                                                         THE SATURN PORTFOLIO                           PAGE 25

 20 MINUTE DRIVETIME CATCHMENT
                               A421
                                                                              A1
           M1
                                                                  A507

 MILTON
 KEYNES                               FLITWICK
                A5
                                                                    HITCHIN
                                                 A6                                A1(M)
          LEIGHTON         TODDINGTON
          BUZZARD                                            A505
                                                                                       STEVENAGE
                               A5          LUTON
  A4146
                           DUNSTABLE         M1

                                                                                   A1(M)
                                                      HARPENDEN                          WELWYN
          TRING                                                                        GARDEN CITY

                     A41       HEMEL
                             HEMPSTEAD                          ST. ALBANS

                                                               M25                   POTTERS BAR
                                                        M1
                       AMERSHAM                                                                        M25

                                    M25                                                      ENFIELD
 HIGH WYCOMBE                                     WATFORD

Catchment & Demographics                                                                                                                                                                            Description
Luton has a catchment population of                                                                    We summarise the key demographic data in the table below:                                    Dunstable Road Retail Park comprises a
323,000 people and a significant 20 minute                                                                                                                                                          terrace of 3 modern retail units located
drive time catchment of approximately                                                                                                                                                               within a large surface car park.
414,339 people. Luton’s population is                                                                  		                                                           PROMIS    PROMIS Ranking        The units are of steel portal frame
forecasted to rise at a higher rate than                                                                 LUTON                                                     Average   Out of 200. 1 = best
                                                                                                                                                                                                    construction with brick and profile metal
the national average over the period 2011
                                                                                                       Average Household Size                        2.5             2.3             n/a            cladding under a pitched roof. The 2
to 2016.
                                                                                                                                                                                                    southernmost units have recently been
Luton’s catchment, in terms of affluence,                                                              Per Capita in store Comparison              £2,463           £2,392           70             refurbished, providing attractive full height
is broadly similar to that of the national                                                             Expenditure 2011                                                                             glass frontages. One of these units has
average, whilst per capita retail warehouse                                                                                                                                                         been let to Next, which benefits from a
expenditure for 2011 was significantly higher                                                          Per Capita Retail Warehouse                  £513            £476             38             full mezzanine floor while the second is
                                                                                                       Expenditure 2011
than the national average and, furthermore,                                                                                                                                                         vacant and available to let. Currys occupy
the forecast growth of comparison spend                                                                                                                                                             the final unit. The scheme extends to
                                                                                                       Forecast growth in comparison                 1.2%            1.0%            73
for 2011 to 2016 is forecast at a higher rate                                                          retail expenditure 2011-16 (% Per Annum)                                                     a total of approximately 46,850 sq ft
than the national average.                                                                                                                                                                          (4,353 sq m) GIA.
                                                                                                       Practical Population                          0.9             0.7             33
In 2010, the service sector accounted for                                                              Growth 2011-2016                                                                             The park is accessed off Chaul End Lane
80% of total employment and within this                                                                                                                                                             with rear servicing provided to all of
sector, financial and business services                                                                                                                                                             the units.
accounted for 27% of total employment,
                                                                                                                                                                                                    The property provides approximately 204
both figures slightly above the retail PROMIS
                                                                                                                                                                                                    dedicated car parking spaces, reflecting an
average. The manufacturing sector at Luton
                                                                                                                                                                                                    attractive car parking ratio of 1 : 231 sq ft
accounts for 8% of total employment slightly
                                                                                                                                                                                                    (1: 21.5 sq m).
below the retail PROMIS average.
                                                                                                                                                                                                    The total site area extends to approximately
                                                                                                                                                                                                    3.03 acres (1.23 hectares).
Dunstable road retail park                      Luton                                                                                                                                               THE SATURN PORTFOLIO                 PAGE 26

Tenancy Schedule
 Unit         Tenant                             GIA     Lease Start       Term           Expiry        Unexpired     Next rent      Current     Current    Comments
                                               (sq ft)                    (years)          Date           term         review          rent        rent
                                                                                                         (years)                   (Per Annum)    (sq ft)

     1A      Next Group plc                    13,000     19/03/2012         10         18/03/2022         9.42       19/03/2017     £250,000     £19.23    Rent review is capped at £282,852 per annum.

     1B      To Let                             6,850         –              –               –               –            –                  –         –

                                                                                                                                                            Fixed uplift at 2017 rent review at 3% per annum
        2    DSG Retail Ltd                    27,000    29/09/2002          20         28/09/2022         9.95       29/09/2017     £765,000     £28.33
                                                                                                                                                            compounded. 2017 rent: £887,000 per annum.

                                                                                                                                                            Initial 5 year term. Agreement rolls over thereafter. Rent
 Advertising Redbus Retail Advertising Ltd          0     21/12/2009          5         20/12/2014          2.13          –                £0          –
                                                                                                                                                            payable to equal 20% of advertising revenue.

             TOTALS                            46,850                                                       9.8                     £1,015,000    £25.38

Tenancies                                                              Planning
The property is part let with one vacant                               The Currys unit benefits from a restricted
unit in accordance with the above tenancy                              A1 (non-food) consent while the Next and
schedule and produces a current rental                                 vacant unit benefit from an open A1 (food
income of £1,015,000 per annum, equating                               and non-food) consent.
to an overall rent of £25.38 per sq ft.
                                                                       A planning summary can be provided                                              VAU
                                                                                                                                                           XHA
The property benefits from an average                                  upon request.                                                                  DEA       LL
                                                                                                                                                          LER
                                                                                                                                                              SHI
unexpired lease term (ignoring breaks) of                                                                                                                         P
9.8 years.

                                                                       Tenure
The lease to DSG Retail Ltd includes a fixed
rental uplift in 2017.

Ground

                                                                                                                                                                                                                                      T
                                                                                                                                                                                                                                   QF
                                                                                                                                                                                                                            6,85 LET
                                                                                                                                                                                                                                0S
                                                                       The site, as outlined in red on the plan, is

                                                                                                                                                                                                                               TO
                                                                       held freehold.

Conditions
An updated Environmental Report is
available upon request.
Dunstable road retail park                         Luton                                                                                                            THE SATURN PORTFOLIO                                         PAGE 27

Tenants’ Covenants
The tenants’ most recent reported accounts and Dun & Bradstreet ratings are set out below:

 UNIT          Tenant                                             Year                     Sales      Profit/Loss   Net Worth     D&B
                                                                 Ending                 Turnover       Pre Taxes      (000s)     Rating
                                                                                          (000s)        (000s)

                                                                30/04/2011             £3,858,000        £18,400     £327,600
  1             DSG Retail Ltd                                                                                                    5A1
                                                                01/05/2010              £4,110,495       -£2,136     £285,700

                                                                29/01/2011               £188,400      £590,300     £1,667,000
  2             Next Group plc                                                                                                    5A1
                                                                30/01/2010               £182,800      £677,000     £1,244,000

Tenants’ Profile                                                                                                                          Trading Profile /
                                                                                                                                          Asset Management
The scheme is let to Currys and Next with one       have benefited from the recent demise of
unit vacant and available to let. Currys and        Best Buy’s UK operations, together with a
Next are substantial retailers with significant     reduction in the number of competing stores
exposure to the UK out of town market. A brief      operated by Comet.                                                                    2 of the units on this scheme have recently        PC World site into a food store. The potential
summary of these is set out below:                                                                                                        been refurbished and reclad, with Unit 1A          for Currys and PC World to occupy a single
                                                    Next
                                                                                                                                          now let to Next. There remains a prominent         unit may provide the opportunity to regear the
Currys                                              Next is one of the best known UK fashion
                                                                                                                                          and refurbished unit available to let. The         lease on advantageous terms with the tenant.
Currys is the UK’s leading retailer of electrical   retailers and is listed in the FTSE 100 with a
                                                                                                                                          unit benefits from an unrestricted consent
goods, being the sister company of PC               current market capitalisation of £5.71 billion.
                                                                                                                                          and indeed could possibly be extended to
World, both of which are subsidiaries of            Over recent years, Next have expanded their
                                                                                                                                          the rear.
Dixons Retail plc which is listed on the            Home operation. They currently trade from
London Stock Exchange, with a market                over 500 stores across the country with                                               With PC World occupying a unit extending
capitalisation of approximately £759 million.       their last results showing a 3% increase in                                           to approximately 25,000 sq ft (2,323 sq m)
Currys and PC World currently trade from            turnover to £188.4 million.                                                           adjacent to the subject property, we believe
over 1,200 stores throughout the UK and                                                                                                   Dixons are keen to consolidate both the
                                                                                                                                          PC World and Currys fascias into a single store.
                                                                                                                                          We understand their preferred option is to
                                                                                                                                          retain the store on the subject property, and
                                                                                                                                          indeed, there are proposals to redevelop the
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