BETHEL SQUARE, BRECON, LD3 7JP FREEHOLD PRIME RETAIL INVESTMENT

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2 INVESTMENT CONSIDERATIONS Pre-eminent Town Centre Retail Investment in a highly popular tourist destination Brecon is the Northern Gateway to Brecon Beacons National Park attracting over 4 million tourists per annum Prime Retail Pitch adjacent to the main car parking provision for the Town Centre Comprises an attractive open scheme providing 17 retail units and 5 office suites totaling 3,001 sq m (32,300 sq ft) Freehold Total Contracted Rent of 314,074 p.a. WAULT of 4.55 years to expiry (3.03 to breaks) 73% of income is secured to national multiple retailers including WH Smith, Boots, Mountain Warehouse, Edinburgh Woollen Mill and Holland & Barrett 46% of new lettings and lease renewals have been completed within the previous 3 years, with further asset management opportunities PROPOSAL We are instructed to seek offers in excess of 3,270,000 (Three Million, Two Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level would reflect a net initial yield of 9.00% and a low capital rate of 101 psf assuming standard purchaser s costs. DATAROOM For access to the Allsop Marketing Dataroom, please use the following link: For identification purposes only.

3 A483 Hereford A4172 A438 A49 LOCATION Brecon is an affluent and quaint market town and is the northern gateway to the Brecon Beacon National Park. Brecon is located in the county of Powys, which has a population of 133,000 people (2011 Census), an increase of 5.3% from the 2001 Census. Brecon is located 64 km (40 miles) north east of Swansea, 68 km (42 miles) north of Cardiff and 63 km (39 miles) north west of Newport. The traditional market town is supported by the A40 and A470, which provides an interchange 2.5 km (1.6 miles) south west of the town centre. The A470 provides direct access to the M4, lying 60 km (37 miles) to the south. Communications are further enhanced with Cardiff International Airport lying 85 km (53 miles) to the south, providing direct access to 50 destinations and supporting 1 million passengers each year. Brecon Beacons National Park has an estimated 4 million visitors each year, making Brecon ideally located to benefit from the influx of tourists. SITUATION Bethel Square provides 100% prime retail pitch within the heart of Brecon Town Centre. Bethel Square benefits from dual access to Lion Street to the South and the two main car park servicing the Town Centre (260 spaces) to the north providing the primary pedestrianised route to additional retailing provision within the town. In addition to adjacent high street retail provision, Bethel Square is situated adjacent to two large food stores operated by The Co-Operative and Morrison s and is opposite to the Brecon Visitor Information Centre. Bethel Square is located 1.6 km (1 mile) north east of the A40 / A470 intersection. The River Usk lies 0.3 km (0.2 miles) south of the centre, providing a scenic backdrop for the town centre s retail provisions. M4 (WEST) SWANSEA 39.3 MILES A40 CARDIFF NEWPORT SWANSEA Port Talbot AIRPORTS CARDIFF INTERNATIONAL SWANSEA AIRPORT BRISTOL INTERNATIONAL 41.6 MILES 39.2 MILES Neath Brecon Beacons National Park 50.5 MILES 53.0 MILES 72.4 MILES BRECON A470 Merthyr Tydfil M4 CARDIFF A465 A479 Pontypridd Caerphilly Barry A4232 A40 CARDIFF Penarth Abergavenny A48(M) A4042 Pontypool Cwmbrân NEWPORT A449 M5 M48 M4 A40 Chepstow Avonmouth Pontshead BRISTOLA38 M50 CHELTENHAM Ross-on-Wye Forest of Dean M49 A4 BRISTOL DRAFT M50 (M5) GLOUCESTER BIRMINGHAM A48 M4 (EAST) BRISTOL BATH LONDON M32 A37 A MILES 82.3 MILES 108 MILES M MILES 81.8 MILES 176 MILES Chipping Sodbury M4 A46 BATH

4 The Brecon Beacons National Park provides 520 square miles of protected land and is regarded as the closest mountainous area to London. THE BRECON BEACONS NATIONAL PARK The Brecon Beacons National Park was established in 1957, under the National Parks and Access to the Countryside Act of It was the tenth area in Wales and England to be given such status. The Brecon Beacons National Park provides 520 square miles of protected land and is regarded as the closest mountainous area to London. Within one hour s drive of the national park there are an estimated 2 million people, living within South Wales and Bristol. TOURISM Brecon has a thriving community and is an extremely popular holiday destination, being on the northern edge of the Brecon Beacons National Park, affording among the best views of the Brecon Beacons themselves. Brecon attracts over 4 million tourists per annum. This translates into an estimated tourist spend of approximately 200 million each year, a significant proportion of which is in the Brecon town centre (source: Brecon Beacons National Park Authority). About 250,000 people use the National Park Authority s three Visitor Centres each year. The National Park s main Visitor Centre sits next to the Bethel Square. For identification purposes only.

5 Brecon DESCRIPTION The office element is situated at the northern end of the scheme and provides self-contained office arranged over first and second floors. P 160 INF VISI OR TOR MA TIO N Bethel Square is particularly well located within the Town Centre providing the primary pedestrianised link between the main car parking provision for the Town Centre and the High Street. FT RA D FT RA D A Dominant Community Retail Investment providing purpose build mixed use accommodation totalling 3,000.8 sq m (32,300 sq ft), arranged over ground and first floors. The ground floor provides 100% prime retail accommodation consisting of 17 retail units surrounding a central courtyard and two part-covered malls with frontage on to Lion Street, visible from the High Street. TENANCIES SERVICE CHARGE The scheme is let in accordance with the Schedule of Accommodation and Tenancies. The service charge is apportioned on a weighted floor area basis. The following table sets out the service charge expenditure in recent years; In summary the Centre provides: Contracted Rent 314,074 Year End Expenditure Budget % Change 124, % Landlord Service Charge Liability 12, (Budget) Landlord Rates Liability 14, , % , % Landlord Insurance Liability Net Operating Income 286,764 VA C AN T The retail income is let at very modest rental levels with 46% of leases commencing in the previous 36 months. Bethel Square therefore particularly well placed for future rental growth. P 120 VA C AN T INCOME BY TENANT PROFILE INCOME BY ACCOMMODATION TYPE INCOME BY TERM CERTAIN 4% 11% 51% 27% EE FF O X C BO 96% 73% n NATIONAL n REGIONAL n RETAIL n OFFICE 38% n LONG TERM INCOME n 3-7 YEARS n <3 YEARS

6 Tenancy Schedule Demise Unit Tenant Trading Name Demise Floor Areas Lease Management ITZA (Sq Ft) GF Sales (Sq Ft) F1 Anc. (Sq Ft) Other Total Lease Start Lease Expiry Review Break Contracted Rent Zone A Rent ( Psf) Net Operating Income Service Charge Rateable Value Comments Retail 1 Greggs Plc Greggs ,108 1,661 01/07/11 30/06/21 13, ,500 4,846 13,000 Retail 2 & 3 Retail 4 Retail 5 & 6 WH Smith Retail Holdings Limited Mountain Warehouse Limited The Edinburgh Woollen Mill Limited WH Smith 1,948 2,925 3,829 6,754 29/09/17 28/09/22 46, ,500 33,947 50,500 Mountain Warehouse The Edinburgh Woollen Mill 1,219 2,156 2,156 29/06/10 28/06/20 32, ,800 7,865 27,250 1,361 1, ,940 05/02/13 04/02/23 05/02/18 32, ,000 11,506 29, Rent Review Outstanding Retail 7 Vacant ,988 1,963 10,250 Retail 8 Beacons Crafts Ltd Beacons Crafts /06/14 21/06/19 11, ,500 1,963 10,000 Retail/Storage 9 Andrew Jones Bethal Electrics /06/18 23/06/20 9, ,100 1,454 10,250 Mutual 3 months notice required for break Retail 10 & 11 Stephen Covington and Helen Covington Giglios Restaurant /05/18 07/05/28 08/05/23 07/05/23 20, ,170 2,908 17,000 Retail 12 Boots UK Limited Boots 1,660 2, ,450 14/07/17 13/07/27 14/07/22 14/07/22 36, ,500 14,600 31,500 Retail 13 Holland & Barrett Retail Limited Holland and Barrett 734 1, ,715 24/06/17 23/06/22 17, ,000 7,803 19,000 Retail 14 & 15 The Works Stores Limited The Works 1,034 1, ,889 22/02/16 21/02/26 22/02/21 22/02/21 25, ,000 7,890 22,500 Turnover Rent subject to 8% of Gross Turnover, above 375,000 p.a. Tenant break option, subject to 3 months notice Rent payable by monthly instalments COVENANTS Retail 16 Vacant ,265 3,964 12,750 Retail 17 Under Offer (Tenvous) ,362 16, ,000 5,554 13,250 Retail 18 Sportswift Limited Card Factory 770 1, ,929 18/09/14 17/09/19 21, ,179 7,157 16,750 New 10 Year Lease in Solicitors Hands. Fixed rent increase to 16,000 p.a. in Y2, to be topped up by the Vendor. Lease subject to OMV rent review and tenant only break option in Y5 (6 month notice period) Service Charge Cap: 4,000 p.a. on lease commencement, subject to annual RPI increases. Current Service Charge Cap: 4,336 p.a. Greggs PLC (Company Number: ) D&B Rating: 5A1 Year Ending 31 Dec Jan Jan 2015 Turnover 894,195, ,749, ,961,000 Pre-Tax Profit 75,142,000 73,028,000 49,743,000 Total Net Worth 250,406, ,097, ,537,000 Holland & Barrett Retail Limited (Company Number: ) D&B Rating: 5A1 Year Ending 30 Sep Sep Sep 2014 Turnover 444,127, ,662, ,823,000 Pre-Tax Profit 112,823, ,456,000 89,463,000 Total Net Worth 229,510, ,224, ,473,000 Brecknock Wildlife Trust Limited (Company Number: ) D&B Rating: 1A2 Year Ending 31 Mar Mar Mar 2015 Turnover 183, , ,612 Pre-Tax Profit ( 83,215) ( 34,261) ( 30,218) Total Net Worth 71,852 66, ,304 Retail 19 First Optic Limited (Guarantor: Keith Coakham) First Optic Brecon /11/12 01/11/22 02/11/17 01/11/18 15, ,250 3,442 11,750 Retail 20 Vacant ,597 2,460 Retail 30 Coffee Box Solutions Limited /04/17 23/04/22 6, ,000 2, Rent Review Outstanding Tenant break option subject to 6 months notice and a penalty of 7,000 WH Smith Retail Holdings Ltd (Company Number: ) D&B Rating: 5A1 Year Ending 31 Aug Aug Aug 2015 Sportswift Limited (Company Number: ) D&B Rating: 5A1 Year Ending 31 Jan Jan Jan 2015 Boots UK Limited (Company Number: ) D&B Rating: 5A1 Year Ending 31 Aug Aug Mar 2014 Sub-Total 19,848 9,556 29, , , , ,000 Office - Lion House F1 - Suite 7A Vacant , ,900 Office - Lion House F1 - Suite 7B The Vincent Wildlife Trust /04/17 31/03/19 2,750 2, ,150 Turnover 181,024, ,131, ,626,000 Pre-Tax Profit 67,219,000 75,302,000 62,392,000 Total Net Worth 449,954, ,234, ,209,000 Turnover 379,540, ,226, ,676,000 Pre-Tax Profit 81,718,000 92,210,000 62,320,000 Total Net Worth 62,010,000 80,967,000 58,862,000 Turnover 6,876,000,000 9,198,000,000 6,340,000,000 Pre-Tax Profit 523,000, ,000, ,000,000 Total Net Worth 150,000, ,000, ,000,000 Office - Lion House F1 - Suite 7C Office - Lion House F2 - Suite 7D International Teams UK Trust Brecknock Wildlife Trust Limited /01/16 23/01/20 4,000 4, , /01/18 31/12/19 01/07/18 5,000 5, ,000 Office - Lion House F2 - Suite 7E Vacant , ,200 Sub-Station Western Power Distribution (South Wales) Plc 01/08/95 31/07/ Tenant may terminate the lease at any time, subject to 3 months notice, if the premises cease to be used as an Electricity Sub-Station Edinburgh Woollen Mill Limited (Company Number: SC024081) D&B Rating: 5A1 Year Ending 28 Feb Feb Feb 2015 Turnover 171, , ,230 Pre-Tax Profit 23,627 24,680 24,938 The Works Stores Limited (Company Number: ) D&B Rating: 4A1 Year Ending 30 Apr May Apr 2015 Turnover 166,421, ,398, ,684,000 Pre-Tax Profit 5,154,000 9,796,000 6,733,000 First Optic Limited (Company Number: ) D&B Rating: C2 FirstOpticBrecon Year Ending 31 Mar Mar Mar 2015 Turnover Pre-Tax Profit Sub-Total 2,896 2,896 11,754 7,116 2,833 20,950 Total Net Worth 159, , ,599 Total Net Worth 23,037,000 18,258,000 16,756,000 Total Net Worth 121,976 9,981 ( 32,042) 19,848 9,556 2,896 32, , , , ,950 Further covenant information available on the Allsop Marketing Dataroom.

7 EPC EPC certificates available upon request. VAT The purchase of the property will be subject to VAT although it is anticipated the property will be treated as a Transfer of a Going Concern (TOGC). DATA ROOM For access to the Allsop dataroom please use the following link: PROPOSAL We are instructed to seek offers in excess of 3,270,000 (Three Million, Two Hundred and Seventy Thousand Pounds) subject to contract and exclusive of VAT for our client s freehold interest. A purchase at this level would reflect a net initial yield of 9.00% and a low capital rate of 101 psf assuming standard purchaser s costs. For further information or to make arrangements for viewing please contact: Jeremy Hodgson jeremy.hodgson@allsop.co.uk Mark Dansky mark.dansky@allsop.co.uk Tom Dales tom.dales@allsop.co.uk Jonathan Butcher jonathan.butcher@allsop.co.uk 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