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1 Low Capital Value of only psf GIA Part let with income secured against 99p Stores Limited 99p Stores acquired by Poundland Group Plc ( 227m company) Active management, refurbishment & redevelopment opportunity 8.5% NIY rising to 9.9% in % vacant

2 Warrington is located approximately 290 km (180 miles) north-west of London, 27 km (17 miles) south-west of Manchester and 31 km (19 miles) east of Liverpool. The town benefits from good road communications with the M62 Motorway directly to the north, serving Liverpool, Manchester and Leeds. The M6 Motorway is to the east of the town and provides access to Birmingham to the south and Glasgow to the north, whilst the M56 Motorway to the south of the town enables direct access to North Wales. In addition, the town is connected to the national railway network. There are frequent daily services to London Euston via the West Coast Main Line, with a travel time of less than two hours. The Trans Pennine Express service links the town to Liverpool, Manchester and Leeds. Travel times to both Liverpool and Manchester are only 30-minutes. Warrington also benefits from its proximity to both Manchester Airport, the busiest airport in the UK outside London, and Liverpool John Lennon Airport. Together these airports link the region to the rest of the United Kingdom as well as worldwide destinations. Warrington also provides convenient access to the Port of Liverpool and the Manchester Ship Canal, which handle more than 40 million tonnes of cargo and 15,000 ship movements a year. The subject property, which comprises a landmark building in the heart of Warrington town centre occupies a highly prominent position with extensive frontages onto Sankey Street Cairo Street and Egypt Street as well as Bold Street. The Golden Square Shopping Centre, which is diagonally opposite the subject property, comprises approximately 70,977 sq m (764,000 sq ft) of retail and leisure uses totalling 133 units and includes the external pedestrianised Old Market Place. Providing Warrington s principal retail offer the scheme is anchored by a 10,683 sq m (115,000 sq ft) Debenhams, a 5,992 sq m (64,500 sq ft) Bhs, a 5,481 sq m (59,000 sq ft) Primark and a 2,322 sq m (25,000 sq ft) Boots which are supported by M&S, Topshop, Next, Boots, Primark, River Island, ASK, New Look, Swarovski, H&M and Nando s. Golden Square also contains the town s principal car park with 1,700 spaces as well as Warrington Bus Station. The scheme was reported to have been purchased by Lasalle Investment Management in June 2014 for a consideration of 141m equating to a net initial yield of 6.75%. Other national retailers immediately surrounding the property include Poundland, McDonald s and Nat West as well as various regional and independent occupiers. The Cockhedge Retail Park is also within easy walking distance and provides some 32 shopping outlets providing a wide range of occupiers including Asda, Argos, Carpetright, Gala Bingo, Greggs, Maplin, Pundstretcher, Store Twenty One, Superdrug, and Wilkinson. In addition, Cockhedge also benefits from over 500 car parking spaces. Warrington Central Station is less than 500 metres to the north and provides regular daily services to people commuting to and from Crewe, Liverpool and Manchester.

3 A substantial former department store the subject property is arranged on lower ground, ground, first and second floors with significant frontage onto Sankey Street, Cairo Street and Egypt Street. The property comprises of 3 self-contained properties; Sankey Street which has been sub-divided into three retail units, 15 Cairo Street and 5 Bold Street. The properties are as follows; Unit A, Sankey Street (99p Stores) comprises a self-contained ground and lower ground floor retail unit. Unit B, Sankey Street (vacant) comprises a self-contained ground and lower ground floor retail unit benefitting from escalator access between the two floors. Unit C, Sankey Street (vacant) comprises the entire first and second floor having its own entrance from Sankey Street. 15 Cairo Street (Mojo Bar & Tapas) comprises a self-contained restaurant / bar on lower ground, ground and first floor. 5 Bold Street (vacant) comprises a self-contained retail / office building on basement, lower ground and ground floor.

4 The property provides 7, sq m / 85,321 sq ft GIA in total. 1, sq m / 20,426 sq ft is currently let with 6, sq m / 64,895 sq ft currently vacant, equivalent to 76% of the property. The property has been measured by BKR Floor Plans and provides the following floor areas; Gross Internal By Unit Sq M Sq Ft Sankey Street A 1, ,383 B 1, ,333 C 3, , Cairo Street ,043 5 Bold Street ,658 Total 7, ,321 Gross Internal Floor by Floor Sq M Sq Ft Basement Lower Ground Floor 2, ,686 Ground Floor 2, ,496 First Floor 2, ,050 Second Floor 1, ,110 Total 8, ,903 Net Internal Sq M Sq Ft Sankey Street Unit A Lower Ground Floor ,869 Ground Floor ,271 Unit B Lower Ground Floor 1, ,092 Ground Floor ,937 Unit C First Floor 1, ,290 Zoned Ground Floor Areas Second Floor 1, , Cairo Street Lower Ground Floor Ground Floor ,233 First Floor ,122 5 Bold Street Basement Lower Ground Floor Ground Floor Total 6, ,163 Net Internal Floor by Floor Sq M Sq Ft Basement Lower Ground Floor 1, ,973 Ground Floor 1, ,229 First Floor 1, ,204 Second Floor 1, ,410 Total 7, ,190 Unit A 99p Stores Sq M Sq Ft A ,048 B C D E ,226 F ,346 ITZA ,988 Total ,395

5 Zoned Ground Floor Areas Unit B - Vacant Sq M Sq Ft A B C D E F ITZA ,655 Total ,290 Zoned Overall Ground Floor Sq M Sq Ft A ,428 B ,006 C ,811 D ,798 E ,140 F ,260 ITZA ,813 Total 1, ,443 The measured survey report is available for assignment to a purchaser. We estimate the properties for sale extend to a total site area of approximately 0.69 acres (0.277 hectares). According to the Valuation Office Agency the Rateable Value for the property is currently 325,000. We are advised that this relates to the vacant parts within Sankey Street only and the empty rates liability is 151, Bold Street is separately assessed and according to the Valuation Office Agency the Rateable Value is 5,900. The Uniform Business Rate is currently 48.2 pence per pound for 2014/15.

6 Freehold Unit A, 27/31 Sankey Street Let to 99p Stores Limited on an effective full repairing and insuring lease for a term of 10 years from 11th September 2013, expiring on 10th September 2023, at a current passing rent of 150,000 per annum. The lease benefits from a fixed rental increase on 21st October 2018 to 180,000 per annum. 15 Cairo Street Let to Neil Trainer (t/a Mojo Bar & Tapas) on an internal repairing and insuring lease for a term of 10 years from 18th November 2005, expiring on 17th November The current passing rent is 30,000 per annum. Therefore, the total current passing rent is 180,000 per annum rising to 210,000 per annum in Unit B & Unit C, Sankey Street and 5 Bold Street are all currently vacant.

7 99p Stores Limited (Co. No ) has reported the following figures; 1st February st February 2013 Turnover 370,441, ,466,000 Pre-Tax Profit (Loss) ( 734,000) ( 584,000) Shareholders Funds 11,624,000 11,111,000 Founded in 2001, a family run business, 99p Stores is the UK s second largest single price point retailer, with over 250 stores nationwide and 2 million customers every week. The company provides its customers with the best possible value from everyday grocery, snacks and drinks to homewares, essential DIY tools, stationery, toys, health and household products plus more. 26 new stores were opened during the last financial year. For more information please visitwww.99pstoresltd.com. Poundland plc joined the premium segment of the London Stock Market in March Poundland is Europe s largest single price value general merchandise retailer and winner of the 2014 Grocer Awards for Variety Discount Retailer of the Year. Nearly 600 stores have been opened in the UK, the Republic of Ireland and Spain since In the Republic of Ireland and Spain, Poundland trades under the Dealz brand. Poundland sells quality top brands and own brand products all for the single price point of Serving an average of 5 million customers every week, shoppers are guaranteed to find approximately 3,000 quality products per store and over 1,000 well-known brands, across 17 shopping categories including food and drink, health and beauty, household, gardening, DIY, Pet, Stationery, Books, DVDs and Toys. For further information see On 28 th September 2015, Poundland Group Plc announced that it had completed the acquisition of 99p Stores for 55 million, which included a cash consideration of approximately 51.5 million and the issue of new Poundland Shares with a value of approximately 3.5 million. The transaction includes 99p Stores network of stores as well as its warehouse and distribution centre. The 99p Stores will be rebranded as Poundland over the next 12 months as part of the larger group s ambition to build a 1,000- strong chain to accommodate consumers growing demand for value shopping. Poundland Group plc has reported the following figures: 29th March th March 2014 Revenue 1,116,946, ,803,000 Pre-Tax Profit 36,151,000 21,484,000 Total Equity 226,673, ,475,000

8 Warrington Borough Council has formally adopted a Local Planning Framework designed to guide the town s strategy for the next 15 years. An urban regeneration partnership has been established known as Warrington & Co. in order to bring together the public and private sector to promote economic and physical regeneration in Warrington. Its goal is for Warrington to be recognised as one of the best places to live and work by A number of key development sites have been identified and are underway in both the town centre and out of town with a total investment value of approximately 750 million. Those within the town centre are summarised below; Bridge Street Quarter Demolition has started on Warrington Borough Council and Muse Developments Limited 107 million Bridge Street Quarter regeneration project is a 4.5 hectare (8.4 acres) development, which extends from Bridge Street across the existing Times Square development and includes the site of the existing market. Scheduled for completion in 2019 the scheme is being developed in three phases and will comprise a 12 screen multiplex cinema with IMAX, a new family orientated shopping, restaurant and leisure offering, a new market hall, new Council offices, a new 1,300 space multi storey car park and a new civic square. The Bridge Street Regeneration Scheme will bring substantial new investment and renewed focus on the town centre. Cabinetworks The Cabinetworks site is the former Garnett Cabinet Works factory situated between Bridge Street and Warrington s Cultural Quarter. Advanced masterplan is in the process of being produced for the site which will retain the existing landmark site and create new residential opportunities and public areas. Stadium Quarter In addition, approximately 190 million is to be invested as part of the Stadium Quarter regeneration project to revitalise hectares (90 acres) to the north of the town centre. The project will connect the bus interchange with Warrington Wolves Halliwell Jones Stadium and create a mixed use development comprising business, educational, housing and leisure. When completed in 2024, 4,000 new jobs will be created and 1,000 constructions jobs will have been created. Phase One of the project commenced in 2014 with the construction of an 8.5 million business incubator. In addition, a 10million Technical College by the University of Chester aimed at training young people in engineering and nuclear skills is being brought forward. The subject property is referred to within the document in connection with Palmyra Square. The square is an attractive and distinct public open space within Warrington Town Centre. The streets surrounding the square present various opportunities to reinforce the areas heritage and cultural assets and recent investment in and the success of the Pyramid, Parr Hall and the Museum. Sites surrounding Palmyra Square such as the Cabinet Works, land between the rear of Sankey Street and Ryland Street and the long standing vacant buildings adjacent to the former TJ Hughes buildings present a significant opportunity to improve the area holistically. Improvements within this area throughout the plan period will be primarily delivered through the development management process A link to the Warrington Local Plan is available here Local Planning Framework

9 The Centre for Cities Report 2015 cited Warrington as No. 1 out of 64 cities for the highest percentage of employment per population with almost 80% of its population in employment. Warrington has one of the highest rates of business start-ups in the North West of England, only behind Manchester. Office Market Warrington has been buoyed by a rejuvenated office market. The most high profile transactions have taken place out of town at locations including Birchwood Park and Wilderspool Park where occupiers including New Balance which moved its European headquarters to Warrington last year, the Ministry of Justice and AMA, a consortium of nuclear consultancies made up of Areva, Atkins and Mace all have office accommodation. In terms of rental levels the average rent for letting transactions at Birchwood was 189 per sq m / per sq ft during 2014 and 157 per sq m / per sq ft at Wilderspool. (Source: Warrington & Co.) Within the town centre itself which tends to cater for smaller occupiers we are aware of the following transactions; Bank Quay House is a former Council office building located on Sankey Street which was converted into a quasi-business centre and offers suites from 37 sq m / 400 sq ft up to 325 sq m / 3,500 sq ft. We understand it has maintained high occupancy levels of 90% plus and is achieving between 107 per sq m / 10 per sq ft and 134 per sq m / per sq ft for rent only. Centre Park is an established business park on the fringe of Warrington town centre which offers a range of modern self-contained office buildings from 223 sq m / 2,400 sq ft to 1,486 sq m / 16,000 sq ft. We understand that the recent lettings have been done at 150 per sq m / 14 per sq ft to 156 per sq m / per sq ft. 13 Palmyra Square which comprises a 3 storey office property providing sq m / 2,019 sq ft was let on a 5 year lease at per sq m / 7.92 per sq ft Bold Street which comprises a 3 storey former doctor s surgery comprising 283 sq m / 3,043 sq ft was sold on a freehold basis at a capital value of 601 per sq m / per sq ft. In addition, there are several business centres in the town such as Unites Business Centres, the Breeze, Portal and Regus s Cinnamon House. Retail Market The current passing rent of the 99p Stores reflects Zone A and 100 per sq m / 9.29 per sq ft overall (Net Internal Area). The focal point for the retail sector within Warrington town centre is the Golden Square Shopping Centre, as described above under Situation. We understand that prime rents in scheme are currently 100 Zone A and secondary rents are 70 Zone A, headline. Leisure & Hospitality Market The current passing rent of the Mojo Bar & Tapas reflects per sq m / 7.38 per sq ft overall (Net Internal Area

10 Leisure & Hospitality Market The current passing rent of the Mojo Bar & Tapas reflects per sq m / 7.38 per sq ft overall (Net Internal Area). Within Warrington town centre there is a popular leisure industry offering a wide range of restaurants and bars developed in and around Palmyra Square and the Parr Hall / Pyramid Centre of which the subject property is on the fringe. Several budget hotels are represented in Warrington town centre including Holiday Inn, Premier Inn and Travelodge. Residential Market Warrington Borough Council is keen to maintain strong growth in the number of homes, and the Local Core Plan Strategy is targeting the annual completion of approximately 500 new homes through to It has been reported that recent housing completion figures show that Warrington is ahead of this target with areas around the town centre accounting for the largest number. Although houses account for the majority of new homes the construction of new apartments is beginning to grow. (Source: Warrington & Co.) From our enquiries we understand the average price for a home in Warrington is now in the region of 195,000 with the average price per sq m / sq ft of an apartment being 2,109 / 196. The current rental value for 1 bedroom flat and a 2 bedroom flat is in the region of 5,250 per annum and 7,250 per annum respectively. Opportunities to Enhance Value A comprehensive refurbishment of the property to reposition the asset for ongoing retail use. This prominent landmark site presents a potentially exciting full scale redevelopment opportunity at the heart of the town centre and a blend of uses which could be appropriate include retail, leisure, residential, office and hotel, subject to obtaining the necessary consents. The current owners do not presently run a service charge. With the majority of the property vacant the owners re-charge to the tenants in occupation on an ad-hoc basis. The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

11 1. The asking price reflects a very attractive per sq ft capital value to an investor or developer; Our client is seeking offers in the region of 2,000,000 (Two Million Pounds), subject to contract, reflecting the following; 2. 76% of the property is currently vacant; Capital Value per sq ft GIA 3. Part let with income secured against 99p Stores Limited (Shareholders Funds 11.6m); 4. 99p Stores has been acquired by Poundland Group Plc ( 227m Total Equity); Net Initial Yield 8.5% Reversionary Yield 9.9% 5. Opportunities to enhance value through refurbishment or full scale redevelopment; 6. Potential uses include retail, leisure, hotel, office and residential, subject to planning; 7. Significant regeneration is taking place within Warrington town centre Singer Vielle Street Vendors Solicitor Wigmore Street Hill Dickinson LLP London W1U 3RF No.1 St Paul's Square, Tel: +44 (0) Liverpool, L3 9SJ Neil Singer neil@singervielle.co.uk Tel: Dale Henry dale@singervielle.co.uk Claire Cosgrove Claire.Cosgrove@hilldickinson.com Richard Wolfryd richard@singervielle.co.uk SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.