LEEDS UNITS C-E LATCHMORE PARK LATCHMORE ROAD LS12 6DN REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

LEEDS UNITS C-E LATCHMORE PARK LATCHMORE ROAD LS12 6DN REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

INVESTMENT CONSIDERATIONS Leeds is the administrative and commercial capital of Yorkshire and is one of the fastest growing cities in the UK. Latchmore Park forms part of Leeds premier industrial/ distribution locations focused around Junctions 1 and 2 of the 1 Motorway, two miles from the city centre. The property comprises three detached industrial units with ancillary office accommodation totalling 76,146 sq ft (7,074.19 sq m). Multi let to three tenants including Intime (Leeds) Ltd, Rexel UK Ltd and JCDecaux UK Ltd generating a rental income of 371,116.25 per annum. Low average passing rent of 4.87 per sq ft. Estimated rental value of 415,000 per annum indicating strong reversionary potential. The property benefits from an AWULT of 7.10 years to expiry and 2.78 years to break. Freehold. Strong income profile with 73% of the income secured against minimum risk covenants. Low supply of good quality industrial stock pushing prime rents to over 6.00 per sq ft. Offers sought in excess of 5,482,000 (Five Million, Four Hundred and Eighty Two Thousand pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield 6.35% and a reversionary yield of 7.10%, after deduction of purchase costs of 6.61%, equating to a low capital value of 72 per sq ft. UNITS C-E LATCHMORE PARK LATCHMORE ROAD LEEDS LS12 6DN

A643 CANAL ST A58 Leeds City Centre LEEDS A682 LOCATION Leeds is the administrative and commercial capital of Yorkshire and is the third largest city in the UK. The City is located 180 miles (289 km) north of London, 40 miles (64 km) east of Manchester and 120 miles (193 km) north of Birmingham. Benefiting from excellent access to regional and national markets, Leeds is one of the fastest growing cities in the UK, with a 64.6bn economy driven by a combined population of 3 million and a workforce of 1.37 million. Leeds has one of the most diverse economies of all the UK s main employment centres. Home to eight universities, the city benefits from the largest concentration of universities in Europe. Producing over 36,000 graduates a year providing an excellent pool of skilled labour. More than 3.9 billion has been invested in large scale commercial development projects in Leeds over the last decade and there is a further 7.3 billion worth of development under construction and in the pipeline. A682 A59 Colne A646 A56 A59 A6068 A59 Skipton A646 A65 A629 Keighley A629 Halifax A6036 M606 A658 A647 A660 Harrogate A658 SUBJECT PROPERTY 1 A61 LEEDS A658 M1 A661 A58 A64 A1(M) Wetherby A1(M) M1 A63 Castleford A1(M) A59 A64 A63 YORK Selby A1041 DIXON LANE TONG ROAD OLDFIELD LANE WHITEHALL ROAD A62 A6110 EAST A6110 1 TONG ROAD OLDFIELD LANE A58 WHITEHALL ROAD EAST GELDERD ROAD SUBJECT PROPERTY A643 1 LOWFIELDS ROAD LATCHMORE RD WELLINGTON ROAD GELDERD ROADGELDERD RD ELLAND ROAD 1 2 A643 A643 A643 A58 HOLBECK LANE DOMESTIC STREET Commercial Area BEESTON ROAD TOP MOOR SIDE 2a CEMETE RY ROAD WATER LANE BEESTON R OAD BEESTON ROAD WATER LANE MEADOW ROAD 4 3 VICTORIA ROAD A653 DEWSBURY RD DEWSBURY ROAD A653 M66 Rochdale A6033 A58 Huddersfield A629 A644 Dewsbury A642 A637 Wakefield M1 A638 A1 A19 A56 M60 A576 A627 MANCHESTER A628 A616 A628 A629 Barnsley M1 A635 A1(M) A6182 A630 Doncaster A6018 REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

CONNECTIVITY Road Leeds benefits from an excellent strategic location, providing direct links to the national motorway network. The /1 provides access to Manchester and the North West and the M1 links the city to the Midlands and London. Leeds Bradford Int. Airport Sheffield Manchester Birmingham London Edinburgh Journey Time 20 mins 55 mins 1 hr 05 mins 2 hrs 15 mins 3 hrs 40 mins 4 hrs 20 mins HS2 The proposed HS2 line will support further economic growth for Leeds, reducing journey times to London to approximately 1 hour 20 minutes. The proposed location of the station will be a significant boost to the south side of the City that will represent the key transport hub. The current proposals for the new platform will increase capacity, frequency and reducing journey times to Birmingham, Sheffield and London via HS2 and Manchester via the proposed HS3 links. Air Leeds Bradford International Airport is situated 8 miles North West of the City Centre. It offers scheduled flights to domestic and international locations. Rail Leeds is the third busiest railway station in the UK outside of London, with 38 million passengers per year. It is served by the East Coast Mainline which provides high speed access to London Kings Cross, whilst also offering direct services to a number of regional cities including: Manchester, Sheffield and Newcastle, along with regional services to significant centres such as Harrogate, Wakefield and Halifax. Sheffield Manchester Birmingham London Edinburgh Journey Time 40 mins 55 mins 2 hrs 00 mins 2 hrs 15 mins 3 hrs 00 mins SITUATION The property is situated on Latchmore Road, accessed off Lowfields Road which connects to Gelderd Road (A62), one of the main arterial routes providing access to Junctions 1 and 2 of the 1. The 1 in turn provides access to the M1, and national motorway network. Leeds city centre is located approximately 2.5 miles (4 km) to the North East of the subject property, Elland Road football stadium is located to the south of the subject property on the opposite side of the 1. The surrounding area is an established commercial location, comprising a mix of industrial, office, hotel, car showroom and retail warehouse accommodation. Local occupiers include Booker, HSS Hire, Mercedes Benz, Porsche, Premier Inn, Regus, Screwfix and Toolstation. UNITS C-E LATCHMORE PARK LATCHMORE ROAD LEEDS LS12 6DN

Leeds District Police HQ SUBJECT PROPERTY Eland Road Gelderd Road (A62) The Centenary Pavilion 1 Leeds City Centre REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

DESCRIPTION Latchmore Park was developed by Abbey Life Assurance Society in the late 1980s. The property comprises three detached single storey industrial units with ancillary offices providing a total of 76,146 sq ft (7,074.19 sq m) (GIA) of accommodation. The buildings are of steel portal frame construction with solid concrete floors, blockwork elevations and profile sheet roofing with translucent roof lights. The units benefit from the following institutional specification: 9 level access electronically operated loading doors Eaves height ranging between 6.1m to 6.7m Each unit has its own self-contained parking and yard areas Two storey ancillary office accommodation The site extends to 5.2 acres (2.1 ha) with a site cover of approximately 33%. ACCOMMODATION The property comprises the following gross internal floor areas: Unit Tenant Sq Ft Sq M C Intime (Leeds) Ltd t/a DPD Local 19,846 1,843.75 D Rexel UK Ltd 51,555 4,789.62 E JC Decaux UK Ltd 4,745 440.82 Total 76,146 7,074.19 TENURE The property is held freehold. UNITS C-E LATCHMORE PARK LATCHMORE ROAD LEEDS LS12 6DN

TENANCY DETAILS The property is fully let to three tenants in accordance with the tenancy schedule below, generating a total rental income of 371,116.25 per annum. The property benefits from an AWULT of 7.10 years to expiry and 2.78 years to break. TENANCY SCHEDULE Unit Tenant Area Lease Next Rent Lease Expiry Break AWULT AWULT Rent sq ft sq m Start Review Expiry Break p.a. psf C Intime (Leeds) Ltd t/a DPD Local 19,846 1,843.75 01/09/2016* 01/09/2021 24/06/2025 31/08/2021** 6.94 3.12 99,230.00 5.00 D Rexel UK Ltd 51,555 4,789.62 23/03/2016 23/03/2021 22/03/2026 22/03/2021 7.68 2.68 244,886.25 4.75 E JC Decaux UK Ltd 4,745 440.82 25/12/2015-24/12/2020-2.44 2.44 27,000.00 5.69 Total 76,146 7,074.19 7.10 2.78 371,116.25 4.87 *Rent deposit of 24,807.50 + VAT. **Break penalty of 41,345.84. REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

COVENANT INFORMATION Rexel UK was established in 1947 and specialises in the distribution of electrical supplies to professional users and distributes products and services in the areas of automation, technical supply and energy management. The Rexel Group is headquartered in France and has 2,000 sales outlets across 32 countries and 27,000 employees. Rexel UK Ltd has a Dun & Bradstreet rating of N1 representing a minimum risk of business failure. The company recorded the following accounts over the last 3 years: Rexel UK Ltd 31 Dec 2017 31 Dec 2016 31 Dec 2015 Sales Turnover 739,632,000 765,011,000 805,405,000 Profit/(Loss) before Taxes 9,530,000 ( 1,826,000) 15,735,000 Tangible Net Worth ( 6,824,000) ( 29,281,000) 64,543,000 Net Current Assets (Liabilities) 99,281,000 63,936,000 29,120,000 JCDecaux was established in 1964 and is the UK s number one out-of-home advertising company. The company design, install and maintain a range of services including bus shelters, mobile charging stations, interactive information panels, self-service bicycle schemes, street furniture and billboard advertising. JCDecaux UK Ltd has a Dun & Bradstreet rating of 3A1 representing a minimum risk of business failure. The company recorded the following accounts over the last 3 years: JC Decaux UK Ltd 31 Dec 2017 31 Dec 2016 31 Dec 2015 Sales Turnover 356,989,000 346,066,000 312,107,000 Profit/(Loss) before Taxes 17,583,000 11,433,000 18,397,000 Tangible Net Worth 13,344,000 7,460,000 33,950,000 Net Current Assets (Liabilities) ( 11,305,000) ( 13,741,000) 4,072,000 Intime (Leeds) Ltd was established in 2007 and is a franchised UK Parcel delivery firm, trading as DPD Local. DPD Local is one of the UK s largest franchise operations (3.6 million parcels delivered every day), trading from 56 strategically located depots around the UK. DPD is the courier of choice for leading players in the telecommunications, entertainment, publishing, retail and e-commerce sectors. Intime (Leeds) Ltd has a Dun & Bradstreet rating of C2 representing a lower than average risk of business failure. The company recorded the following accounts over the last 3 years: Intime (Leeds) Ltd 31 May 2017 31 May 2016 31 May 2015 Sales Turnover - - - Profit/(Loss) before Taxes - - - Tangible Net Worth 199,111 121,154 ( 109,117) Net Current Assets (Liabilities) 84,233 41,868 ( 184,297) VAT The property is elected for VAT and it is proposed that the sale will be treated as a Transfer of Going Concern (TOGC). ENERGY PERFORMANCE CERTIFICATE The property has an EPC rating ranging between 49 (Band B) and 89 (Band D). Copies of the EPC s are available in the data room. DATA ROOM There is a dataroom for the property with key tenancy information, title documents and EPC s. Access to it can be obtained from Lewis Ellis. UNITS C-E LATCHMORE PARK LATCHMORE ROAD LEEDS LS12 6DN

OCCUPATIONAL MARKET COMMENTARY Leeds is a highly sought after industrial location due to its close proximity to the and M1 motorway. The industrial market is buoyant with limited stock and high levels of occupier demand driving rental growth. Over 700,000 sq ft of industrial/warehouse space was transacted across West Yorkshire during the second half of 2017 involving units above 50,000 sq ft. High quality existing and new build industrial stock in the mid size range (30-75,000 sq ft) remains in short supply and there was limited speculative development in 2017. The restrictions in new development and land supply will continue to drive demand and rental values in the Leeds industrial market. Prime rents for mid sized distribution warehouse units (30-75,000 sq ft) in the West Yorkshire market currently stand at 6.00 per sq ft. Prime rents under 30,000 sq ft currently stand at 6.50 per sq ft. Date Address Tenant Area (Sq Ft) Term Years (Break) Jul-18 Unit 5, Springwell Court, Leeds QTS Group 4,601 5 (3) Feb-18 Unit 3 United Business Park, Lowfields Road, Leeds FP Heartings & Sons 3,008 10 (5) Rent (psf) 6.30 6.50 Oct-17 Unit F, Trident Park, Normanton Kelling Group 52,500 15 6.00 Jul-17 Riverside Place, Leeds We Love This 7,518 10 (5) Jun-17 Unit E, Confederation Park, Leeds Montgomery Transport 25,349 10 (5) Nov-16 Unit 3, Stourton Link, Leeds RSL Steeper 52,630 10 (5) 6.25 5.50 5.25 We are of the opinion that the property has an estimated rental value of 415,000 per annum. This is based off 5.75 per sq ft on Unit C, 5.25 per sq ft on Unit D and 6.25 per sq ft on Unit E. INVESTMENT MARKET COMMENTARY The industrial investment market continues to experience strong investor demand. There has been very little development in recent years and investors are attracted by the imbalance of supply and demand. Prime and good quality secondary assets remain in short supply which has led to competitive bidding, a trend which is expected to continue. 70m of industrial property was transacted in the Leeds market in 2017. Prime net initial yields now stand at 5.10%. Listed below are some recent transactions showing evidence of current pricing levels: Location Date Area (sq ft) College Trade Park, Leeds (Forward Funding) Units 4-10, Orion Park, Orion Way, Crewe Stag Industrial Estate, Atlantic Street, Altrincham Albion Park, Albion Way, Leeds Wheatley Hall Trade Park, Wheatley Hall, Doncaster Alexandra Court, James Street, York Units 1-5 City Park Industrial Estate & Units 1, 2 Philippa Way, Leeds AWULT (Break) Mar 2018 78,850 13.50 (12.6) Jan 2018 72,183 6.60 (3.30) Sep 2017 80,909 5.52 (4.60) Sep 2017 74,993 2.93 (1.28) Sep 2017 49,303 4.91 (4.24) Feb 2017 37,614 5.00 (2.74) Price Yield (NIY) Cap Val (psf) 10,000,000 5.10% 127 6,820,000 6.00% 94 7,560,000 5.90% 93 5,000,000 6.47% 66 6,650,000 6.41% 134 3,375,000 6.19% 89 Dec 2016 193,766 5.80 13,750,000 6.15% 71 REVERSIONARY MULTI LET INDUSTRIAL FREEHOLD INVESTMENT OPPORTUNITY

PROPOSAL We are seeking offers in excess of 5,482,000 (Five Million, Four Hundred and Eighty Two Thousand pounds) subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 6.35% and a reversionary yield of 7.10%, after deduction of the usual purchaser s costs of 6.61%, equating to a low capital value of 72 per sq ft. FURTHER INFORMATION Should you require further information or wish to view the property, please contact either: Simon Lewis David Kos Tel: 020 7493 3330 Tel: 020 7493 3330 Mob: 07831 527 960 Mob: 07709 813 267 Email: slewis@lewisellis.co.uk Email: dkos@lewisellis.co.uk Fred Daeche-Marshall Tel: 020 7493 3330 Mob: 07785 741 700 Email: 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: 01282 858200. August 2018.