THAMES VALLEY TOWN CENTRE OFFICE INVESTMENT BELL TOWER HOUSE BELL STREET, MAIDENHEAD, SL6 1BU

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1 THAMES VALLEY TOWN CENTRE OFFICE INVESTMENT BELL TOWER HOUSE BELL STREET, MAIDENHEAD, SL6 1BU

2 INVESTMENT SUMMARY Town Centre office investment in the heart of the Thames Valley Exceptionally well located within 100 metres of Maidenhead Railway Station and the proposed Western Terminus of Crossrail Situated on Bell Street, neighbouring both residential and office accommodation Well specified office accommodation providing a net internal area of 14,845 sq ft (1, sq m) Excellent town centre car parking ratio of 1:291 sq ft (1:27.04 sq m) Let to BCD Meetings & Incentives Ltd on an FRI lease expiring in June 2023, subject to a break in June 2018, therefore providing 4.3 years term certain The property produces an income of 350,000 per annum equating to a very low rent of per sq ft Freehold Medium term re-development opportunity (subject to planning permission), to exploit low site density We are seeking offers in excess of 4,270,000, subject to contract, reflecting a net initial yield of 7.75%, after allowing for the usual purchaser s costs at 5.80%, and a low capital value of 288 per sq ft

3 Keynes LOCATION Maidenhead is a large, affluent town located in the heart of the Thames Valley, between Uxbridge and Reading. It is considered one of the principal office locations in the South East and is located approximately 30 miles west of London and 15 miles north east of Reading. Maidenhead has excellent road communications, being located 2 miles from Junction 8/9 of the M4, which provides direct access to Central London and the M25 and the national motorway network. The M4 also links Maidenhead directly with Heathrow Airport, 17.5 miles to the east. Maidenhead benefits from a frequent rail service to London Paddington, with the fastest journey time being less than 30 minutes. Maidenhead is a highly desirable and affluent residential location, by virtue of its proximity to the River Thames and Central London. As of the 2011 Census, there were 73,400 employees within Maidenhead, of which 33.1% work within the Financial and Business Services sector. SITUATION Bell Tower House is situated on the north side of Bell Street. Bell Street is situated off Kings Street, which leads onto the A308 dual carriageway, providing direct access to both the A4 and the M4 motorway. The railway station is a less than 100m from the property, and the town centre and the High Street are also within close proximity. Bell Street provides a mix of office and residential accommodation, with Maidenhead United Football Club located at the end of the road. Maidenhead town centre provides an extensive array of shops and restaurants, with additional shops and leisure accommodation situated in the Nicholson Shopping Centre and Grenfell Island. 4 Oxford Banbury M40 Reading Newbury Maidenhead CROSSRAIL Aylesbury M3 Bracknell Basingstoke M4 Heathrow Guildford Luton Ste M Lond M25 Londo Cro Gatwick CASTLE HILL A4 BAD GODESB Maidenhead Maidenhead is set to benefit from the opening of Crossrail in 2018, as it will be the western terminus of the line from which there will be 4 high speed trains per hour to Central London, and a journey time of 46 minutes to London Liverpool Street. Crossrail will be a 73 mile railway line serving London and its environs, running from west to east under 26 miles of tunnels through Central London. Services will begin in May 2015 between Liverpool Street and Shenfield, and will be extended to other parts of the routes, including Maidenhead, during 2018 and On 5th February 2014, Network Rail announced plans for Western Rail Access to Heathrow rail (WRATH), which will connect the Great Western Mainline east of Langley with Terminal 5 and will reduce journey times from Thames Valley stations (including Maidenhead) to Heathrow. It is indicated that WRATH will run from Reading and will provide 2 trains per hour from Maidenhead via Slough direct to Terminal 5, taking just 14 minutes. Surface line Tunnel Portal (tunnel entrance and exit) Stratford Forest Gate MARLOW RD Ilford FRASCATI WAY Goodmayes King St ERG RD A4 High St Nicholsons Shopping Centre Grenfell Island Romford Broadway BRAYWICK RD Bell St Harold Wood Shenfield Taplow Slough Iver Hayes & Harlington Hanwell Ealing Broadway Bond Street Farringdon Whitechapel Maryland Manor Park Seven Kings Chadwell Heath Gidea Park Brentwood MAIDENHEAD Burnham Langley West Drayton Southall Heathrow Airport West Ealing Acton Paddington Tottenham Main Line Court Road Liverpool Street Isle of Dogs Custom House Woolwich Abbey Wood Underground Overground

4 DESCRIPTION The property comprises a well specified office building constructed in It is of brick construction with metal double glazed windows. Internally, the property comprises plastered and painted walls with a good floor to ceiling height of 2.7m. The accommodation provides a raised floor and suspended ceiling with Cat II lighting and integral air conditioning units. There are large common parts to the property including a generous reception area and Male and Female WCs on both floors. There is also an 8 person (630 kg) passenger lift. The property benefits from a large car park to both the front and rear, providing 51 spaces including one disabled space, and allowing for an excellent town centre car parking ratio of 1:291 sq ft (1:27.04 sq m). SITE AREA The site is predominantly rectangular in shape and extends to approximately 0.20 hectares (0.51 acres). The footprint of the building covers only 39% of the site area, providing a very low town centre site density. ACCOMMODATION The property has been measured in accordance with the Code of Measuring Practice (Sixth edition) and comprises the following net internal areas: Floor Sq M Sq Ft First , to 94 PH QUEEN STREET El Sub Sta York Cottages 1 3 El Sub Sta 34 L Twr Terraces L Twr Ground , Terraces Reception Total 1, ,845 KING STREET 27.7m Bell Tower House PH El Sub Sta 58 Terraces 95 TENURE 97 El Sub Sta 6 Freehold. BELL STREET to Bell Business Centre 50 1 L Twr Terra

5 TENANCIES The property is let on a single lease to BCD Meetings & Incentives Limited, guaranteed by BCD Travel BV for a term of 10 years from 24 June 2013 on full repairing and insuring terms and incorporating a rent review and a tenant break option in year five, subject to 6 months notice prior to the break date. The property produces a current rental income of 350,000 per annum, which equates to a very low rate of per sq ft, adopting a half rate on the reception area. COVENANT The tenant, BCD Meetings & Incentives Limited (Registered no ), a global company, who organise corporate events, and whose EMEA Head Quarters are at Bell Tower House, has a credit rating on Graydon of 4B Good and has reported the following results for the last three years: 31/12/ s 31/12/ s Further information can be found at: 31/12/ s Turnover 4,319 4,403 3,353 Pre-tax Profit Net Worth 1,293 1,253 1,236 The guarantor, BCD Travel B.V. is a company incorporated in the Netherlands (No ) and is a global provider of corporate travel. They have reported the following results: 31/12/2012 $000s 31/12/2011 $000s Further information can be found at: 31/12/2010 $000s Turnover 55,024 53,133 35,859 Pre-tax Profit 45,701 38,342 10,442 Net Worth 554, , ,413

6 RENTAL MARKET COMMENTARY Maidenhead is an established office market within the Thames Valley that has consistently attracted high profile office occupiers, due to its excellent transport links and proximity to London. Current Thames Valley office stock stands at just over 64m sq ft, with the Maidenhead market making up approximately 4.5 million sq ft of this. Take up in 2013 in Maidenhead stood at 235,000 sq ft, exceeding the town s long term average of 200,000 sq ft. Total Grade A availability in Maidenhead town centre currently stands at 200,000 sq ft. Recent evidence suggests companies aspire to locate in town centre, in order to take advantage of good public transport links and access to local amenities. In addition, in light of current planning legislation, specifically Permitted Development Rights, given the high residential values in Maidenhead, a proportion of qualifying office stock is being converted to residential in the short term, diminishing available office space. This, as well as a lack of good quality office stock, has meant that office rents in Maidenhead have been resilient during the downturn in the market, and are close to their peak at per sq ft. We forecast rents exceeding 30 per sq ft in 2014, with grade A schemes such as the Tor, a 67,000 sq ft office in the town centre, currently available at a quoting rent of 34 per sq ft. Recent town centre transactions include: Date Address Tenant Area (Sq ft) Rent ( per sq ft) Feb Moorbridge Road Anaplan Ltd 4, Aug 13 Braywick Gate Rovi Europe Ltd 2, June 13 Thames House Inventiv Research 33, April 13 Kings Chase Capita IT 5,

7 INVESTMENT MARKET COMMENTARY In terms of the investment market, sustained demand has been seen for high quality South East offices, particularly for well located, town centre stock. The value of office investments sold in the Thames Valley during 2013 exceeded 1.16bn, significantly ahead of 2012 ( 680m), and the increase in volumes has been mirrored by an increase in the number of deals, of which there were 72 in This trend is set to continue for the rest of 2014, whilst good quality office stock remains in short supply and a weight of money continues to flow into the UK property market. Recent comparable transactions offering similar characteristics to Bell Tower House can be seen below: Date Available Address Osprey House, Maidenhead Office Park Term Certain Price ( m) Yield (%) Cap Value ( psf) Jan 14 Beaufort House, Uxbridge Jan 14 Siena Court, Maidenhead Nov 13 Felstead House, Windsor Nov 13 Regal House, Marlow Oct 13 Braywick Gate, Maidenhead Sept 13 Future House, Staines Jul 13 Syward Place, Chertsey May 13 Building 2, Vanwall Business Park, Maidenhead

8 EPC The property has an Energy Performance rating of E with a score of 108. A certificate is available upon request. VAT The property is elected for VAT and it is the intention that the sale would be treated as a Transfer of a Going Concern. PROPOSAL We are seeking offers in excess of 4,270,000, subject to contract for the freehold interest in the property. This reflects a net initial yield of 7.75%, after allowing for the usual purchaser s costs of 5.80%, and a capital value per sq ft of 288. CONTACTS Charlie Lake t: +44 (0) e: clake@lsh.co.uk Laura Sweet t: +44 (0) e: lsweet@lsh.co.uk Cliff Jackson t: +44 (0) e: cjackson@lsh.co.uk United Kingdom House 180 Oxford Street London, W1D 1NN t: +44 (0) f: +44 (0) Subject to Contract and Exclusive of VAT Lambert Smith Hampton December Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents if any ( LSH ) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters. Lambert Smith Hampton: March 2014 Designed by: Barbican Studio +44(0)