PORSCHE CENTRE EAST LONDON, GALLIONS REACH, 101 WOOLWICH MANOR WAY, BECKTON, LONDON E6 6EY INVESTMENT SUMMARY

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1 INVESTMENT SUMMARY Striking purpose built Porsche Centre completed in 2015 to the latest corporate identity specifications Sole representation point for Porsche in East London. Situated on the roundabout junction of Royal Alvert Way (A1020), Royal Docks Road (A1020) and Woolwich Manor Way (A117), close to the University of East London, Gallions Reach Shopping Park, Gateway Retail Park, Gemini Business Park, London City Airport and the ExCel, London. Let for a term of 20 years from 24 June 2015 to Lancaster plc (D&B: 4A1), subject to 5 yearly RPI rent reviews collared and capped at 1.0% - 3.0% per annum compounded. The passing rent is 480,000 which the vendor will top up to 534,140 per annum until the 24th June 2020 rent review years unexpired term. The property comprises 31,420 sq ft (2,919 sq m) on a site area of 2.9 acres (1.17 hectares), giving a low site density of 25%. 11,500,000 equating to a Net Initial Yield of 4.35% on the topped up rent.

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3 LOCATION The dealership is located in the heart of London s bustling eastern corridor development area 4.7 miles east of Canary Wharf, a stone throw from the ExCel centre, and alongside London City Airport. There are good road links running through the neighbourhood with the A1020 providing direct access to the A406 North Circular Road, and the A13 Newham Way which gives direct access into Central London. East London has seen extensive regeneration over the past three decades and is now home to many major financial institutions, residential developments and world leading leisure and conferencing facilities. Local amenities in Beckton include the 34 unit Gallions Reach Shopping Park, the largest shopping park within the M25, housing a range of different retail brands such as Tesco, H&M, Next, River Island, Boots, Subway, TK Maxx, Nandos, McDonalds, Bella Italia, JD, and Smyths Toys Superstore, as well as the ExCel London, and the University of East London. The Docklands Light Railway runs through the neighbourhood, giving access to Canary Wharf (14 minutes) and the City of London (24 minutes). A Crossrail link will be available at the nearby Custom House DLR Station. The population of Newham is approximately 350,000 and the 20 and 30-minute drive time population is 635,929 and 910,758 respectively. The population continues to grow and there are a further 29,500 homes to be delivered within a 12-minute drive time. The property is prominently positioned fronting a roundabout junction between the A1020 (Royal Docks Road) and the A117 (Woolwich Manor Way). The property is 1.1 miles south of the Gallions Reach Shopping Park (3-minutes drive) and located directly opposite the Gallions Reach DLR Station. The University of East London is 0.2 miles to the west with the ExCel London 1.7 miles to the west (5-minute drive time).

4 DESCRIPTION The property comprises a striking purpose built Porsche Centre completed in 2015, built to the latest corporate identity specifications. The property is accessed from Woolwich Manor Way. The facility is set in 2.9 acres (1.17 hectares), and provides 31,507 sq ft (2, sq m) of accommodation. The accommodation is arranged over two floors, with the ground floor incorporating a new car showroom, providing display for 18 cars, ancillary, offices, parts storage and vehicle workshop providing 10 bays and 2 MOT bays. The tenant has extended the workshop by a further six bays. At first floor, there are further offices as well as additional parts storage. Externally the property houses 5 valeting bays and a dedicated tyre fitting bay. There is space for 34 used cars, fronting Gallions Reach roundabout, with a further 7 displayed under a canopy. Elsewhere there are 9 demonstrator spaces, 53 customer spaces and 66 service vehicle spaces.

5 ACCOMMODATION Ground Floor Sq M Sq Ft Showroom ,455 Showroom Reception ,143 Offices ,550 Workshop ,889 Parts Department ,226 Ancillary Unit Repair/Equipment Direct Dialogue Tools Workshop tenant s extension ,983 First Floor Offices ,186 Upper Parts ,091 Staff Room Tanks/Compressor Ancillary ,748 Store Training Room External Valet Building ,119 Total 2, ,507 Parking Display 34 Canopy 7 Demonstrator 9 Customer 21 Compound 66 Other 32 Total 169 The property sits on a site of 2.9 acres (1.17 ha) and produces a low site density of 25%. COVENANT Jardine Motors Group UK Limited trading as Lancaster is one of the UK s largest motor retailers, selling over 60,000 cars per annum and ranked in 8 th place in the UK by turnover. The group represents 20 manufacturers, operating in more than 70 locations across the UK and employing more than 3,600 people. Jardine Motors Group portfolio includes flagship McLaren, Aston Martin, Audi, BMW, Ferrari, Jaguar Land Rover, Volkswagen, Porsche, MINI, and Toyota dealerships. Lancaster plc has a Dun & Bradstreet rating of 4A1 (December 2018) meaning it represents a minimum risk of business failure. A Financial Summary for Lancaster plc is set out below: Lancaster PLC Turnover 1,669,397,000 1,930,307,000 2,062,794,000 Profit/ (Loss) before tax 27,625,000 23,453,000 17,081,000 Tangible Net Worth 11,194,000 9,045,000 19,324,000 Lancaster plc is a subsidiary of Jardine Motors Group UK Limited (D&B rated 5A1), which in turn is a subsidiary of Jardine Matheson Holdings Limited (Bermuda) (D&B rated 5AS), a diversified Asian-based-group and employs 444,000 people worldwide, in motor vehicle, property investment and development, engineering and construction, hotels and catering, and mining. Turnover in 2017 was $83,808 million, profit before tax of $4,378m, and the company holds $82,814 m of assets.

6 TENANCY The property is let to Lancaster plc (Company Number: ), on a lease dated 24 th June 2015 for a term of 20 years on FRI terms commencing 24 th June The current passing rent is 480,000 per annum ( per sq.ft.) and subject to 5 yearly rent reviews to RPI collared and capped at 5.101% and % respectively (1.0% - 3.0% p.a.). The Vendor will top up this rent on completion of sale to 534,140 per annum, until the first review on the 24 th June In estimating the topped up rent we have relied on the January 2019 RPI figure and forecast forward at the 1% minimum rate prescribed in the lease rent review clause. The tenant has an option to renew the lease at the end of the 18 th year of the term. The commencing rent of any new lease is to be the higher of Market Value or the original lease commencing rent of 480,000. PORSCHE FRANCHISE SUMMARY Porsche Cars Great Britain Limited is the sole UK and Ireland importer of Porsche cars and is wholly owned by Porsche AG in Stuttgart. Porsche had a UK Market Share in 2018 of 0.53% and Beckton Porsche was ranked mid-table amongst the 38 Porsche dealerships in the UK. A full Porsche franchise summary is available on request. 1. Beckton, Jardine 2. Mayfair, Porsche 3. Sidcup, Jardine 4. Chiswick, Porsche 5. West Byfleet (service) Brooklands Porsche 6. Colchester, Jardine 7. Hatfield, Porsche 8. Reading, Porsche 9. Guildford, Porsche 10. Tonbridge, Porsche 11. Mid-Sussex, Sytner 12. Cambridge, Jardine 13. Silverstone, Sytner 14. Portsmouth, Inchcape 15. Swindon, Dick Lovett 16. Bournemouth, Inchape 17. Tewkesbury, Dick Lovett 18. Solihull, Sytner

7 INVESTMENT COMPARABLES There continues to be strong demand from investors for opportunities within the London M25 area and we have set out below a schedule of recent comparable investment transactions. Further details are available upon request. Property Date Tenant Dartford Nissan & Skoda Croydon Peugeot 12/2018 Stephen James BMW Portfolio Unexpired Term (Years) 12/2018 Motorline Holdings Ltd 25 Peugeot Motor Company plc 06/2018 Stephen James 15 Chiswick TESLA 05/2018 Tesla Motors Limited 5 Volvo The Hyde Edgware Road RATEABLE VALUE 09/2017 HR Owen 7 9 Price (NIY) 8,900,000 (4.21%) 4,250,000 (4.57%) 46,650,000 (3.98%) 10,050,000 (4.43%) 10,550,000 (3.78%) We are advised that the property is assessed in the 2017 Valuation list as Car Showroom & Premises. Rateable Value: 315,500 Interested parties are advised to make their own enquiries to the local authority regarding the rates and liability and any relief that may be available. TENURE EPC B-32 BREAM Very Good VAT The property has been elected for VAT which will be payable on the purchase price. It is anticipated that the sale will be treated as a TOGC. PROPOSAL We are instructed to seek offers in excess of 11,500,000, subject to contract and exclusive of VAT, for the freehold interest which reflects a net initial yield of 4.35% (assuming purchase costs of 6.8%). The Landlord will top up the rent until the 24 th June 2020 to 534,140 per annum. FURTHER INFORMATION Viewing strictly by private arrangement. For further information please contact: Bill Bexson Eddie Highnam Freehold Important Notice Automotive Property Consultancy Ltd for themselves and for the Vendors of this property, whose agents they are, give notice that the particulars are intended to give a fair and substantially correct overall description for the guidance of the intending purchasers and do not constitute part of an offer or contract. Prospective purchasers and lessees ought to seek their own professional advice. All descriptions, dimensions, areas, reference to conditio n and necessary permission for use and occupation and other details are in good faith, and are believed to be correct, but any purc haser should not rely upon them as statement of fact. No person in the employment of Automotive Property Consultancy Ltd has authority to give any representation or warranty whatsoever in relation to this property on behalf of either Automotive Property Consultancy or the Vendor. No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold, let or withdrawn. February 2019