BRISTOL EQUINOX NORTH, GREAT PARK ROAD ALMONDSBURY, BRISTOL, BS32 4QL

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1 STRATEGICALLY LOCATED FREEHOLD OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES BRISTOL EQUINOX NORTH, GREAT PARK ROAD ALMONDSBURY, BRISTOL, BS32 4QL

2 INVESTMENT SUMMARY Bristol is the UK s fifth largest city and the leading financial, business and administrative centre in the south west of England. Apex Court BRISTOL Aztec West Strategically located at the / motorway intersection and in close proximity to Aztec West. C R I B B S C A U S E W AY Nearby occupiers include RAC, NHS, Xerox, St James s Place Wealth Management, Allianz, Intellicorp, Opus Energy, TSB, Ricoh, and Autoglass. Comprises 32,278 sq ft (2, sq m) of modern, open plan, high quality office accommodation arranged over two floors. B R A D L E Y S T O K E W E S T Multi-let to four tenants at a current passing rent of 442,920 per annum (including rental guarantees and top ups) reflecting a low average rent of per sq ft on the let office space. SUBJECT PROPERTY L A N E W O O D L A N D S G L O U C E S T E R R D Excellent parking ratio of 1:170 sq ft. AWULT of 5.9 years to expiry and 2.9 years to breaks. AM angles in short/medium term. T R E N C H L A N E Freehold. We are instructed to seek offers in excess of 4,890,000 (Four Million, Eight Hundred And Ninety Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.50% and a low capital value of 151 per sq ft, assuming standard purchasers costs. / Interchange

3 Milton Keynes LOCATION & COMMUNICATIONS Bristol is the UK s fifth largest city and the leading financial, business and administrative centre in the south west of England. It is one of the most attractive, affluent and culturally prestigious cities in England, benefiting from a rising profile within the UK and Europe. The city has a resident population of 437,500 (2014) with 555,000 people living within a 6.25 mile (10 km) radius of the centre and around 1 million within the travel to work area. The population and number of households are predicted to grow by 5% between The city has developed strong service and professional sectors with a diverse range of public and private enterprises. It has become one of the largest and most diverse employment bases for banking, finance, defence, aerospace, healthcare and insurance sectors outside of London with a highly skilled labour pool. Major occupiers include the Ministry of Defence Equipment and Support, Hewlett Packard, National Research Laboratories, AXA Sun Life Headquarters, Lloyds Bank National Debt Recovery HQ, Rolls Royce, Airbus, BBC and Clerical Medical. Bristol boasts two high profile universities (the University of Bristol and the University of the West of England) accommodating over 50,000 students and contributing to the city s skilled labour pool. In total, 43% of Bristol s population are educated to degree level or above, a higher percentage than any other core city and second only to London (48%). Furthermore, it is estimated that in 2014 Bristol was the eighth most visited city in the UK with 18.7m day visitors (spending 691m in the local economy); 1.89m domestic staying trips (spending 348m) and 441,000 overseas staying trips (spending 166m). ROAD Bristol benefits from excellent road connectivity and is one of the most accessible cities in South West England. The acts as the east/west axis from London to Cardiff and the is the primary north/ south route between Birmingham and Exeter. The 8 and Second Severn Crossing have further improved road communications to Cardiff and South Wales and the M32 links the centre of Bristol to the. Travel Distance Cardiff Exeter Birmingham London 45 miles / 72 km 80 miles / 129 km 87 miles / 140 km 110 miles / 177 km Cardiff RAIL Bristol is served by two mainline railway stations, namely Bristol Temple Meads in the city centre and Bristol Parkway to the north of the city, close to the / interchange. These provide regular services to the major cities throughout the UK including; London, Birmingham and Manchester and the South West Region. The mainline between London and Bristol is currently being electrified and with this due to be completed next year, journey times between the cities will be reduced by 20%. Once complete Bristol Temple Meads will undergo a major refurbishment. Current Journey Times Birmingham London Paddington Manchester AIR Bridgewater Taunton Newport Henley- On-Thames Weston- Super-Mare SUBJECT PROPERTY 8 9 M32 Bristol Bristol Airport Tewkesbury 0 Cheltenham Gloucester A303 Bath Stroud Chippenham Trowbridge A350 A36 Cirencester A303 A minutes 80 minutes 196 minutes Bristol International Airport is located approximately 9 miles (14 km) south of the city centre and is the fastest growing regional airport in the UK, providing regular domestic and international flights to over 122 destinations in 29 countries, serving 6.2 million passengers. Plans to enhance the airport by 2020 are currently underway, which is set to increase capacity to over 10 million passengers. A40 Swindon Marlborough Witney Andover A34 A34 Newbury 0 Oxford Abingdon Winchester Bicester M3 0 Basingstoke Reading Aylesbury High Wycombe 0 Maidenhead Slough Bracknell Farnborough M3 Woking Guildford M1 Luton M1 Watford M25 M25 St Albans Wembley Heathrow Airport Gatwick Airport Letchworth Garden City M25 LONDON Croydon M23 STRATEGICALLY LOCATED FREEHOLD OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES

4 OVER LANE GLOUCESTER RD SUBJECT PROPERTY SITUATION Equinox North occupies a strategic location being adjacent to the / motorway interchange. Motorway access is gained at Junction 16 of the located approximately 1 mile (1.6 km) to the west via the A38, Gloucester Road which also links with Bristol city centre 7.5 miles (12 km) to the south. OVER LANE CONISTON RD PARK AVE AZTEC WEST PARK AVE CONISTON RD 16 GLO U CESTER RD ( A 3 8 ) SHELLMOR AVE WOODLANDS LANE BRADLEY STOKE STOKE LANE PEAR TREE RD BROOK WAY FOXFIELD AVE BOWLANDS WAY TRENCH LANE WESTFIELD WAY WAY B RADLEY STOKE WAY The surrounding area is a well-established mixed-use commercial location and has attracted a number of recognised occupiers on both a national and international scale. Occupiers in the immediate location include RAC, NHS, Xerox, Allianz, Intellicorp, Opus Energy, TSB, Ricoh, AXA and Autoglass. Equinox North is situated 1 mile (1.6 km) to the east of Aztec West, which is considered the South West s premier business park location attracting strong occupiers across a range of sectors, including manufacturing, electronics, banking and engineering. It is home to over 100 companies including ADT Security Systems, Aardman, Agility, Cable & Wireless, Canon, EE, HSS Hire, Spandex and Xerox. In addition, a full range of amenities serve the park, including a 4 star hotel, a leisure club, restaurant and local retailing. Cribbs Causeway Shopping Centre, with occupiers including John Lewis and Marks & Spencer, is a 10 minute drive. A range of facilities including a Tesco Extra, Iceland, Boots, Argos and KFC are available just 5 minutes from the property at Willow Brook District Centre. Almondsbury is served by Bristol Parkway station 3.4 miles (5.5 km) to the south and regular bus services every 15 minutes to the City Centre.

5 DESCRIPTION Equinox North provides 32,278 sq ft (2, sq m) of modern open plan, high quality office accommodation arranged over two floors. The property was built in the 1990 s and is of steel frame construction under a pitched tiled roof. The floors are configured in U shapes with large open plan easily divisible floor plates. Internally, the property benefits from the following specification: Suspended ceilings with inset LG3 compliant and LED lighting VRV air conditioning system (excluding ground floor north wing) Fully accessible raised floors 1x 630kg (8 person) lift 2x male/female WC facilities per floor Shower facilities Cycle parking Newly refurbished main reception area DDA compliant Intercom entry system/cctv A phased refurbishment and redecoration programme has been carried out recently including HVAC replacement There is car parking for 183 vehicles providing an excellent parking ratio of 1:170 sq ft. STRATEGICALLY LOCATED FREEHOLD OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES

6 ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring (6th Edition) and comprises the following net internal areas: SITE The property sits on a site of 2.5acres (1.01 hectares) with a low site cover of approximately 18%. Unit Tenant Area Ground Floor, South Wing, Suite A & First Floor, South Wing Sq Ft Sq M Pegasus Planning 6, Ground Floor, South Wing, Suite B Crowthorne Associates 1, Ground Floor, North Wing Under Offer 5, Ground Floor, Central Qualcomm Technologies 6, First Floor, Central & North Wing Ultimate Finance Group 12,078 1, Total 32,278 2, TENURE The property is held freehold. TENANCY The property is let to 4 tenants in accordance with the tenancy schedule below, generating a total rental income of 442,920 per annum, equating to an average of per sq ft on the let accommodation. The AWULT to expiry is 5.9 years and 2.9 years to break. There is one suite currently under offer (16.75% of floor space) in the building which will benefit from a 12 month rent, rates and service charge guarantee if the letting fails to complete. The vendor will top up any outstanding rent free periods. Unit Tenant Area (sq ft) Lease Start Lease Expiry Next Review Break Option Term Rent Rent (psf) Comment Ground Floor, South Wing, Suite A & First Floor, South Wing Pegasus Planning Group Ltd 6,775 12/12/14 11/12/24 12/12/19 11/12/ , months rent free if TBO not exercised, 6 months notice on break psf service charge cap + RPI Ground Floor, South Wing, Suite B Crowthorne Associates Ltd 1,542 03/04/17 02/04/22-02/04/ , Rent deposit 11, VAT Ground Floor, North Wing Under Offer 5, , Under offer at 75,684 per annum ( per sq ft), 10 year term (5 year TBO), 12 months rent free and a further 3 months at year 6, 7.00 psf service charge cap. Ground Floor, Central Qualcomm Technologies International Ltd 6,477 04/03/14 03/03/ , psf service charge cap + RPI First Floor, Central & North Wing Ultimate Finance Group Ltd 12,078 13/06/17 12/06/27 13/06/22 13/06/ , months rent free from lease start. 3 months rent free if TBO not exercised Sub Station South Western Electricity Plc - 17/05/94 16/05/93 99 TOTAL 32, ,920

7 COVENANT INFORMATION Tenant Accounts To Turnover Pre-Tax Profit (Loss) Ultimate Finance Group Ltd Tangible Net Worth Net Current Assets (Liabilities) D&B Rating Percentage of Rent 31/12/ ,907,000 ( 3,656,000) 2A % Nature of Tenant Established in 2002, Ultimate Finance Group provides funding in the form of online cash loans, hire purchase agreements, specific industry financing and smart end-to-end supply chain solutions to small businesses within the UK. The company is based in Bristol and employs 232 people. Since September 2015, Ultimate Finance has enjoyed the full backing of the Tavistock Group, an international private investment organisation. Pegasus Planning Group Ltd Qualcomm Technologies International Ltd Crowthorne Associates Ltd 30/06/16 21,464,207 3,709,862 6,056,487 5,874,209 2A1 21.4% 27/09/15 412,078,000 ( 7,938,000) 120,804, ,601,000 5A % 31/03/ ( 319,993) ( 335,424) 5.04% Pegasus Planning Group are a leading, independent, national planning consultancy, specialising in planning, design, environment and economic services, covering every aspect of the planning spectrum. Pegasus employs approximately 250 people and have 10 offices located around the UK. Qualcomm was founded in 1985 and is an American multinational semiconductor and telecommunications equipment company that designs and markets wireless telecommunications products and services. The company employs in excess of 26,000 people and has 190 offices worldwide. Crowthorne Associates was established in 1995 and are an independent, privately owned, business communication solution provider to the hospitality sector, retail sector and petrochemical industry. The company is headquartered in London. SERVICE CHARGE The service charge budget for year ending 23rd June 2017 is 197,200, representing 6.11 per sq ft. ENERGY PERFORMANCE CERTIFICATE The property has an EPC rating ranging between 54 (Band C) and 76 (Band D). Further details available upon request. VAT The properties are elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC). DATA ROOM There is a lawyers data room for the property with key tenancy information, title documents, service charge documents and EPC s. Access can be obtained via Lewis Ellis. STRATEGICALLY LOCATED FREEHOLD OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES

8 INVESTMENT MARKET Recent investment comparables include: Date Property Town Area (Sq Ft) Tenant AWULT Rent p.a. Price NIY Cap Val psf Available 2530 Aztec West Business Park Bristol 22,370 Allianz 9.5 (2.5) 456,535 Q 5.3m Q 8.08% Q 237 Available 200 Aztec West Business Park Bristol 45,151 Multi-let 6.04 (2.43) 751,000 Q 7.823m Q 9.00% Q 173 Available Fountain Court Bristol 24,868 Multi-let 3.68 (2.8) 212,337 Q 2.4m Q 8.47% Q 97 Available Woodlands Court Bristol 37,952 Multi-let 5.38 (3.77) 556,629 Q 5.8m Q 9.00% Q 153 May-17 Hempton Court, Aztec West Business Park Bristol 30,430 Highways England 10.5 (5.5) 623, m 6.86% 280 Feb Aztec West Business Park Bristol 14,900 Allianz 2.75 (1.75) 299, m 8.47% 223 Feb-17 Almondsbury Business Centre Bristol 51,385 Multi-let (4.09) 572, m 8.60% 122 Oct Aztec West Business Park Bristol 6,442 Inty , m 8.30% 214 Jul Bristol Business Park Bristol 18,294 Qinetiq 9.75 (4.75) 359, m 7.30% 253 Jul Aztec West Business Park Bristol 10,142 Multi-let 3.4 (2.0) 209, m 7.69% 252 Jul Aztec West Business Park Bristol 14,924 VP Sale m May Aztec West Business Park Bristol 29,830 Multi-let 5.00 (4.3) 606, m 7.80% 244 Jan-16 Aztec Centre, Aztec West Business Park Bristol 54,555 Multi-let 6.29 (3.01) 773, m 7.00% 190

9 PROPOSAL We are instructed to seek offers in excess of 4,890,000 (Four Million Eight Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 8.50% and a low capital value of 151 per sq ft, assuming standard purchaser s costs. FURTHER INFORMATION Should you require further information or wish to view the property, please contact either: Simon Lewis Tel: Mob: slewis@lewisellis.co.uk David Kos Tel: Mob: dkos@lewisellis.co.uk Fred Daeche-Marshall Tel: Mob: fdmarshall@lewisellis.co.uk Lewis Ellis LLP for themselves or nominees or lessors of this property whose agents they give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers or lessees, and do not 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 satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: June 2017.