QUEEN STREET & 40 WINDSOR PLACE, CARDIFF CF10 2BJ

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1 PRIME HIGH STREET RETAIL PARADE & OFFICE INVESTMENT ANCHORED BY A SAINSBURY S SUPERMARKET IN A HIGH FOOTFALL LOCATION

2 Investment Considerations Attractive detached city centre mixed use parade providing approximately 54,122 sq ft of accommodation Located on the attractive pedestrianised pitch of Queen Street The property benefits from substantial footfall due to a highly prominent position at the junction of Queen Street and the A4161 Dumfries Place, a key entry point into the office and retail core Situated 100m from Queen Street Station, an extremely busy commuter station (the second busiest in Wales) The major east/west arterial A4161 & Dumfries Place provides 9 busy bus stops within 100m of the property generating considerable footfall past the parade throughout the day There are 2,456 professionally managed short stay parking spaces across 5 car parks located within 5 minutes creating significant additional footfall past the property The property comprises four well proportioned retail units anchored by a highly prominent Sainsbury s supermarket with return frontage and three floors of modern office accommodation located above Poundland The retail units are let to Sainsbury s Supermarkets Ltd, Starbucks Coffee Company (UK) Limited, Poundland Limited and Demipower (2017) Ltd t/a KFC Current income of 1,337,656 per annum Over 50% of the income is secured to 5A1 covenants AWULT of 6.3 years to expiry, 4.72 years to break Longer term asset management opportunities including refurbishment of the office space and increasing the site density by adding storeys above, subject to the necessary consents Freehold Offers sought in excess of 19,050,000 (Nineteen Million and Fifty Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 6.75%, after allowing for purchaser s costs of 6.74%

3 LOCATION As the capital of Wales, Cardiff is a popular tourist and shopping destination with approximately 18 million visitors each year. Cardiff is strategically located approximately 150 miles (240 km) west of London, 43 miles (69 km) west of Bristol and 42 miles (68 km) east of Swansea. Cardiff benefits from excellent road and rail communications with the M4 (Junctions 29,30 and 32) 5 miles (8km) to the north linking Cardiff to Bristol and London to the east. The two busiest railway stations in Wales are Cardiff Central and Queen Street serving almost 12.5 million passengers a year. Cardiff Central is a mainline rail station with regular services to Bristol Temple Meads, London Paddington and Birmingham New Street with fastest journey times of 48 minutes, 2 hours 5 minutes and 2 hours respectively. Cardiff Queen Street Station provides regular services throughout Wales. Cardiff Airport is located to the south west and provides access to a number of national and international destinations. Since 2015, Cardiff Airport has seen almost a 50% growth in passenger numbers; in 2017 it handled approximately 1.46 million passengers. Qatar Airways are launching a daily service to the Gulf from May 1st CARDIFF A465 A449 NEWPORT M4 M32 M32 BRISTOL GLASTONBURY M50 GLOUCHESTER M5 A429 M49 M4 BATH A361 A350 A429 A419 CHIPPENHAM SWINDON A40 M4 A303 A44 A41 OXFORD A34 A34 M40 DIDCOT M3 READING A33 A31 M1 M25 M25 LUTON A1(M) M1 A4 A3 LONDON M23 CRAWLEY A10 A22 M11 M M5 A303 A3 A23 A303 YEOVIL A37 M27 SOUTHAMPTON M27 A3(M) A26 PORTSMOUTH BRIGHTON ROAD SWANSEA - 42 MILES BRISTOL - 43 MILES LONDON MILES RAIL BRISTOL TEMPLE MEADS - 48 MINUTES BIRMINGHAM NEW STREET - 2 HOURS LONDON PADDINGTON - 2 HOURS 3 MINUTES AIR CARDIFF AIRPORT MILES THE CITY OF CARDIFF HAS A CATCHMENT POPULATION OF APPROXIMATELY 1.6 MILLION WITHIN A 45 MINUTE DRIVE CARDIFF IS CONTINUING TO BENEFIT FROM CONSIDERABLE UK GOVERNMENT & WELSH GOVERNMENT INVESTMENT THE CITY IS HOME TO APPROXIMATELY 80,000 STUDENT ACROSS 3 UNIVERSITIES CARDIFF IS A TOP 10 PROMIS RETAILING CENTRE.

4 DEMOGRAPHICS The total population within the Cardiff primary catchment area is 1,280,000 ranking the City 6th out of the PROMIS centres. The estimated shopping population is 592,000 ranking the city 8th of the PROMIS centres Cardiff is expected to grow faster than any other UK City in terms of population The City is an important tourist destination with more than 18 million people visiting the city each year and contributing an estimated spend of 1.2 billion to the local economy supporting approximately 14,000 jobs in the City. Large student population within the City with approximately 80,000 students across three universities resulting in a strong retention of students and as such a particularly educated workforce. Copyright Rightacres Property. CARDIFF REGENERATION AND INVESTMENT Cardiff has been the subject of significant regeneration and investment in the last decade and there are numerous large scale projects planned for the near future. The Cardiff Capital Region City Deal is an agreement between the UK Government, the Welsh Government and the ten local authorities that comprise the Cardiff Capital Region providing a 1.2 billion investment in Cardiff s infrastructure through a 20 year investment fund. The main economic objectives of the deal are to create 25,000 new jobs and leverage 4 billion in private sector investment. Some of the major regeneration projects include: Central Square, Central Quay, Metro Central Transport Hub and Atlantic Wharf Area. CENTRAL SQUARE Funded by Legal and General, Central Square will become a new gateway to Cardiff, situated directly opposite Cardiff Central station. The 400 million development will provide circa 885,000 sq ft of office accommodation, a new transport hub and retail, commercial and residential above. No1 Central Square was completed in Q and has achieved rents of up to 25 psf. CENTRAL QUAY a redevelopment of the Brains Brewery site to provide more than 2.5m sq ft of development with potential for 1,000 apartments, 50 bars and restaurants, 1.5m sq ft of new office space and a 300,000sq ft new university campus. METRO CENTRAL TRANSPORT HUB There are plans in place for a 180m Metro Central transport hub to include new Metro and coach stations, as well as a new bus station which has already been planned. ATLANTIC WHARF ARENA Cardiff Council have announced plans to build a new 110m 15,000 seater indoor arena helping to attract more events to the city and bring hundreds of thousands of high spending visitors to the city.

5 RETAILING IN CARDIFF The core shopping area in Cardiff includes the pedestrianised Queen Street, High Street/St Mary Street and The Hayes. The three main shopping centres in the City include the St David s Centre, Queens Arcade and the Capitol Centre. The owners of the Capitol Centre are in a preapplication consultation with the City of Cardiff Council with a view to a major redevelopment of the Capitol Centre. The Centre is situated directly opposite the subject property and the plans are to revive the centre as a mixed use retail and leisure destination with 100 apartments above. In respect of convenience food retailing in Cardiff city centre the provision is minimal with a Tesco Metro and Sainsbury s local on St Mary Street. The large format supermarkets within the City Centre are limited to an M&S food hall within St David s Centre, a Tesco Metro (10,593 sq ft) at the Capitol Centre and the Sainsbury s at the subject property. As a result the eastern end of Queen Street has a strong food offer. Prime rents in the City are now estimated to be at 265 psf Zone A. CARDIFF OFFICE OCCUPATIONAL MARKET In 2017 take up in Cardiff reached 703,926 sqft, a 3% rise year on year, of which 85% was recorded in the City Centre. This was the highest recorded annual take up for the Cardiff market, boosted by the 260,000 sqft letting to GPU at Central Square. Supply has continued to fall and is currently at its lowest level since 2007 with only 1 million sqft available. Prime rents have remained at 25 psf. There is approximately 167,000 sqft being speculatively developed by JR Smart. These are 3 and 4 Capital Quarter which total 77,000 sq ft and 90,000 sq ft respectively. The offices at the subject property provide modern refurbished offices close to public transport and tenant amenity and have consistently let well.

6 SITUATION The property is situated on the northern side of the pedestrianised Queen Street between Windsor Place and Dumfries Place (A4161). The main entrance to the Capitol Shopping Centre is situated directly opposite the property. Queen Street is made up of mainly national multiple occupiers including O2, JD Sports, River Island, Zara, Topshop and Nationwide. Cardiff Queen Street Station is a short walk (100m) to the south of the property and sees circa 2.8 million people pass through per year. This is in addition to the captive student residences, busy bus stops and 2,476 parking spaces at this end of Queen Street, which makes this parade perfectly positioned for discount, fast food and food retailers. WINDSOR PLACE PLANS TO BE REDEVELOPED Crown Copyright, ES For identification purposes only.

7 A DENSELY POPULATED STUDENT AREA, WITH SIGNIFICANT TRANSPORT HUBS IN CLOSE PROXIMITY AND HIGH COMMUTER FOOTFALL Cardiff Central Station Motorpoint Arena Cardiff Castle No.6 Arterial bus route Park & Ride pick up and drop off point Queen Street Cardiff Crown Court Capitol Centre (subject to redevelopment) Cardiff City Hall A4161 Queen Street Station SUBJECT PROPERTY No.6 Arterial bus route National Museum 9 Bus Stops A4161 Main University 5 minute walk >>> Site outlines for identification purposes only. Capitol Centre Car Park (388 spaces) Dumfries Place (957 spaces) Greyfriars (244 spaces) Car Parks Office Accommodation University Buildings Student Accommodation

8 DESCRIPTION The property comprises an attractive detached building of four retail units with three floors of offices above Poundland providing a total of approximately 54,122 sq ft. There is a service road to the rear of the property, accessed from Windsor Lane, which provides access for deliveries for the retail units QUEEN STREET Sainsbury s is arranged over ground and two upper floors providing trading at ground floor level and storage at part first floor. Their main storage facility and bakery are located at the second floor. There is a service lift that provides access to all floors. KFC is arranged over ground and two upper floors providing trading at ground and first floors, with staff accommodation at second floor level including a KFC training facility for staff that work in the Cardiff region. Starbucks is arranged over ground and two upper floors providing trading at ground and first floors, with staff accommodation at second floor level. 40 WINDSOR PLACE Poundland is arranged over ground floor and basement providing trading at ground and storage at basement level. There are three floors of office accommodation situated above the Poundland unit that are accessed via a self-contained secure entrance on Windsor Place. The office accommodation has been recently refurbished and provides the following specification: Comfort cooling/heating Carpeted raised access floor Suspended ceiling with recessed lighting Lift access Double glazed windows Male, female and Disabled WC s TENURE Freehold.

9 TENANCY DETAILS Address Tenant Floor Area (sqft) Unit Queen Street Unit Queen Street Unit Queen Street Starbucks Coffee Company (UK) Limited Demipower (2017) Ltd t/a KFC Area (sqm) Annual Rent (psf) Zone A Rent (psf) Start Expiry Next Rent Review Break Option Ground 1, , /06/ /06/ /06/ /06/2020 ITZA First 1, Second 1, Total 5, Comments Ground 2, , /03/ /03/2020 Guarantor - New Demipower Limited ITZA 1, AGA - KFC (GB) Limited First 2, Second 2, Total 8, Sainsbury's Supermarkets Ltd Ground 9, ,000 ITZA 5, ( 31.01) First Second 8, Total 18,704 1, /06/ /06/ /06/ Queen Street Poundland Limited Ground 5, , /02/ /02/ /02/ /02/ Windsor Place Vacant 1st Floor Front Office 40 Windsor Place Purcell Miller Triton LLP 1st Floor Rear Office 40 Windsor Place Instant Managed Offices Limited underlet to Capita Business Services Limited ITZA 3, Basement 3, Total 8, Second Floor Office 2, , ,750 ( 13.56) 4, ,598 ( 13.93) 40 Windsor Place EIP Europe LLP Third Floor Office 4, ,058 ( 12.25) 10/07/ /07/ /07/2018 The tenant has activated their break option and has vacated the property. 07/09/ /09/ /09/2019 Fixed Rent increase to 71,355pa at 7/09/19. 1 month rent free if Tenant break option not exercised. Penalty payment of 11,100 + VAT to be paid by the tenant if they exercise their break option. Photographic Schedule of Condition attached to lease. IMO are outside the protection of the Landlord and Tenant Act Service Charge Cap of 30, pa. 29/04/ /04/ /04/ /04/ NCP passes provided to Tenant at Landlord expense. Rent free period from 28/4/20 to 28/10/20 if break option not exercised. Electricity Sub Station South Wales Electricity plc Peppercorn 25/03/ /03/2099 Situated on Dumfries Place to the rear of Sainsbury s. Total 54,122 5,028 1,337,656

10 QUEEN STREET & COVENANT INFORMATION Starbucks Coffee Company (UK) Limited - D&B Rated 5A1 Starbucks is an American coffee company and coffeehouse chain founded in Seattle, Washington in As of 2017 there were 27,339 Starbucks stores around the world with 868 stores in the UK. Starbucks Coffee Company (UK) Limited reported the following figures for the past 3 years: Sainsbury s Supermarkets Ltd - D&B Rated 5A1 Sainsbury s is one of the top supermarket operators in the UK and currently has approximately 15.8% of the total market share. Sainsbury s trade from 605 supermarkets and 807 convenience store, also servicing approximately 250,000 online orders each week. Sainsbury s Supermarkets Ltd reported the following figures for the past 3 years: Poundland Limited - D&B Rated 4A3 Poundland was established in 1990 and is considered to be the leading discount retailer in the UK. Since establishing in 1990 over 700 stores have been opened in the UK and over 60 in the Republic of Ireland. Poundland Limited reported the following figures for the past 3 years: 28 Sep Sep Oct Mar Mar Mar Mar Mar Mar 2016 Turnover 408,721, ,641, ,863,586 Turnover (000 s) 23,443,000 23,168,000 23,234,000 Turnover (000 s) 997,803 1,111,526 1,214,818 Pre-tax Profit 1,056,196 34,216,739 13,382,364 Pre-tax Profit (000 s) ( 206,000) 406, ,000 Pre-tax Profit (000 s) 41,017 45,922 34,653 Total Net Worth 35,513,082 57,705,649 66,198,800 Total Net Worth (000 s) 4,224,000 4,458,000 4,353,000 Total Net Worth (000 s) 96,235 93,866 20,520 Demipower (2017) Ltd - D&B Rated 03 Demipower are a franchisee of Kentucky Fried Chicken. The first restaurant was opened under the name Kentucky Fried Chicken in In 2017, the chicken restaurant chain had a brand value of billion U.S. dollars, the fourth largest fast food brand in the world. The guarantor, New Demipower Limited reported the following figures for the past 3 years: Instant Managed Offices Limited - D&B Rated 3A1 Instant Managed Offices Limited have an arrangement whereby they act as property manager for Capita at the offices. Capita Business Services Limited use the offices as a disability assessment centre. Instant Managed Offices Limited reported the following figures for the past 3 years: EIP Europe LLP - D&B Rated N3 EIP is a specialist IP firm with practising offices in the US and Europe, capable of filing and prosecuting patent, trademark and design applications. EIP Europe LLP reported the following figures for the past 3 years: 31 Oct Oct Oct Jul Jul Jul Mar Mar Mar 2017 Turnover 40,851,528 57,540,345 60,720,664 Turnover 34,047,000 46,089,000 54,486,000 Turnover 19,345,945 26,293,000 18,609,000 Pre-tax Profit 820,703 1,763,930 1,801,568 Pre-tax Profit 1,598,000 4,535,000 4,568,000 Pre-tax Profit 3,909,737 4,913,000 2,023,000 Total Net Worth 886, ,779 2,112,138 Total Net Worth ( 2,262,000) 3,956,000 10,385,000 Total Net Worth 4,185,636 5,500,000 3,149,000

11 SERVICE CHARGE The budgeted service charge for Queen Street & 40 Windsor Place for the year ending 31/12/2018 is 67,479. Additional information is available in the dataroom. DATAROOM VAT For access to the Allsop dataroom please use the following link: The property has been elected for VAT and as such it is anticipated that the transaction will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL Offers sought in excess of 19,050,000 (Nineteen Million and Fifty thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 6.75%, after allowing for purchasers costs of 6.74%

12 For further information or to make arrangements for viewing please contact: Andy Pointon Richard Lea Lottie Hayward Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD