SPRINGFIELD HOUSE HORSHAM Springfield Road Horsham West Sussex RH12 2RG SOUTH EAST TOWN CENTRE MULTI LET OFFICE INVESTMENT OPPORTUNITY

SPRINGFIELD HOUSE HORSHAM Springfield Road Horsham West Sussex RH12 2RG SOUTH EAST TOWN CENTRE MULTI LET OFFICE INVESTMENT OPPORTUNITY

INVESTMENT SUMMARY > > Recently refurbished multi let South East office building > > Prominent position in Horsham town centre > > Total accommodation of approx. 24,029 sqft > > 36 car parking spaces providing a good ratio of 1:667 sqft > > Long Leasehold (118 years remaining) at a head rent of 31,656.20 pa. > > Let to five tenants with one vacant suite > > Total income of 272,618.50 pa. ( 12.30psf), with a net income of 240,962.30 pa. > > AWULT 5.76 years to break and 8.55 years to expiry > > Asset management opportunities > > Quoting offers in excess of 2,680,000 (TWO MILLION, SIX HUNDRED AND EIGHTY THOUSAND POUNDS), subject to contract and exclusive of VAT > > Reflects an attractive NIY of 8.50% and reversionary yield of 9.40%, upon letting the vacant space (assuming standard purchasers costs of 5.80%) > > Low capital of 111 psf

A24 A264 A24 GUILDFORD RD A281 HORSHAM B2237 BISHOPRIC WORTHING RD A24 WARNHAM RD B2237 N PARADE ALBION WAY WIMBLEHURST RD HURST RD B2237 A281 B2237 NORTH ST HORSHAM STATION BRIGHTON RD PAR PARSONAGE ROAD STATION RD OAKHILL RD CLARENCE RD FOUNDRY LANE KINGS ROAD RUSPER ROAD REDKIN WAY HARWOOD A281 CRAWLE LOCATION Horsham is an affluent market town and the third largest in West Sussex. The town is located approximately 38 miles (61km) south of Central London, 15 miles (24 km) north of Brighton, 7.5 miles (12km) south of Crawley and 13.5 miles (22km) south west of Gatwick Airport. Horsham has one of the most affluent catchment populations in the UK, being ranked 7th on the PMA Affluence indicator. Professional service firms and related industries are drawn to the skilled labour force provided by Horsham where there is a considerably above average proportion of working age adults in managerial and professional occupations. Predominant occupiers in the town are from the banking and finance, transport and communication and high tech sectors including; RSA, Rentokil, BASF, Gallagher Heath, Cancer Research UK and West Sussex County Council. The town has a strong retail presence with other major facilities including the Swan Walk Shopping Centre and Broadbridge Heath Retail Park. SITUATION M40 M4 16 M25 15 CENTRAL LONDON M25 Springfield House is situated in a prominent position on Albion Way (A281), the main thoroughfare of Horsham. West Street and the Swan Walk Shopping Centre, the principal shopping facilities in the town, are within a minute s walk via the pedestrianised area of central Horsham on Springfield Road. HEATHROW AIRPORT A13 3 COMMUNICATIONS 4 12 A24 Dorking GATWICK AIRPORT 7 M23 9 Crawley 10 A264 11 A23 M25 5 Sevenoaks East Grinstead There are excellent road communications with Horsham having fast dual carriageway access to both the M23 and M25 motorways. Junction 11 of the M23 is 8.2 miles (13.2km) to the east and junction 7 of the M25 is approximately 22 miles (35.4km) to the north The M23 motorway provides a direct route to Gatwick Airport which is located 13.8 miles (22.2km) away. Horsham Railway Station is located north east of the town centre, a 10 minute walk away from the property. It provides frequent direct train services to London, with up to 5 trains an hour and a journey time of approximately 55 minutes. A272 A24 Horsham A23 A22

DESCRIPTION The office accommodation comprises a total of 24,029 sqft and is arranged over ground and four upper floors. The office building benefits from a large reception area and has recently been refurbished to include; > > Gas fired central heating > > Suspended ceilings > > LG3 compliant lighting > > Refurbished WC s > > Perimeter trunking > > 2 x passenger lifts > > New refurbished reception Typical foor plate (2nd Floor) For illustrative purposes only

ACCOMMODATION The property benefits from the following approximate Net Internal areas: sq m sq ft Ground floor 304.16 3,274 First 475.48 5,118 Second 612.51 6,593 Third 524.44 5,645 Fourth 315.78 3,399 Total 2,232.37 24,029 The property benefits from 36 car parking spaces, providing a good car parking ratio of 1:667 sq ft. PLANNING The property has previously been given planning permission (July 2008) by Horsham District Council for the change of use of the building to a 83 bedroom hotel. TENURE The property is held by way of a long leasehold interest for a term of 150 years from The Sussex Congregational Union expiring in 2133. There are 118 years remaining. The headlease is reviewed annually to the higher of the base rent or 10% of rent received. In 1993 the base rent was set at 31,656.20 pa.

TENANCY The property is currently multi let to five tenants, with one vacant suite and is let in accordance with the tenancy schedule below. The investment provides an average weighted unexpired lease term of 5.76 years to break and 8.55 years to expiry. Description Current tenant Unit size Lease Start Lease End Next Review Break Option Rent psf ( ) Annual Rent ( ) Comments Ground Floor (Part) & 1st Floor (Part) Johnston Publishing Limited 4,113 24-May-13 23-May-23 24-May-18 24-May-18 12.00 49,356.00 6 car parking spaces. 1st Floor (Part) Taylor Maxwell Timber Limited 1,606 13-Nov-13 12-Nov-23 13-Nov-18 13-Nov-18 12.50 20,075.00 4 car parking spaces. 1st Floor (Part) --- Vacant --- 2,055 n/a n/a n/a n/a 0.00 0.00 Vendor to provide 12 month rates & service charge guarantee. 1 car parking space. 2nd Floor Spofforths LLP 6,593 04-Sep-14 03-Sep-24 04-Sep-19 04-Sep-19 12.50 82,412.50 2 year half rent from commencement of lease. Vendor will top up. 10 car parking spaces. Service charge cap at 5.35 psf, subject to RPI. 3rd Floor and Part Ground Floor ANSYS UK Ltd 6,263 23-Feb-15 22-Feb-25 23-Feb-20 n/a 12.50 78,287.50 18 months at half rent from commencement of lease, vendor will top up. 9 Car parking spaces. Service charge cap at 5.50 psf. 4th Floor ECM 3,399 01-May-15 30-April-20 n/a n/a 12.50 42,487.50 Rent free period for 7 months and 2 weeks from 1 May 2015. Vendor will top up. An additional rent free period was given for the first three months of the third year of the term. Service charge cap at 5.50 psf. 5 car parking spaces. Total Gross Rent 24,029 272,618.50 Head Rent 31,656.20 Total Net Rent 240,962.30 NB: There is 1 additional space allocated for the landlord

COVENANT INFORMATION Johnston Publishing 01919088 www.johnstonpress.co.uk Johnston Publishing is part of Johnston Press, which is one of the largest local and regional multimedia organisations in the UK. They provide news and information services to local and regional communities through a portfolio of publications and websites. 28.12.13 29.12.12 31.12.11 Turnover 276,796,000 311,416,000 352,258,000 Net Worth 16,605,000 32,467,000 23,519,000 Pre Tax Profit ( 44,997,000) 97,690,000 59,208,000 Taylor Maxwell Timber Limited 01295681 www.taylormaxwell.co.uk Taylor Maxwell Timber deliver quality timber products. For over 50 years, they have had strong relationships with the world s best sawmills, which enables them to offer a year-round supply of timber for a wide range of commercial uses. 31.03.14 31.03.13 31.03.12 Turnover 80,949,742 63,201,833 65,271,979 Net Worth 5,926,673 5,618,742 5,499,258 Pre Tax Profit 560,625 504,332 861,929 ANSYS UK Limited 03917515 www.ansys.com/en_uk ANSYS UK employs over 90 engineers, across four UK sites - developing, supporting, training and consulting with ANSYS simulation software. They cover a range of fluids, structural, electromagnetic and high frequency electronics disciplines. 31.12.13 31.12.12 31.12.11 Turnover 34,260,000 41,901,000 41,430,000 Net Worth 30,834,000 23,665,000 11,530,000 Pre Tax Profit 5,179,000 11,259,000 9,984,000 Spofforths LLP - OC315867 www.spofforths.co.uk Spofforths are one of the leading independent firms of Chartered Accountants in Sussex, England, with offices in Brighton, Chichester, Horsham and Worthing. They have eighteen partners/ directors supported by more than 180 staff members. 31.12.13 31.12.12 31.12.11 Turnover 8,953,000 9,203,000 8,882,000 Net Worth 1,857,000 1,668,000 1,194,000 Pre Tax Profit 2,186,000 1,746,000 1,577,000 Energy and Carbon Management Ltd - 05498141 www.energyandcarbonmanagement.com/ Energy & Carbon Management is one of the longest established and leading independent UK Energy Consultancies specialising in the procurement and management of energy, water and carbon services. 31.12.13 31.12.12 31.12.11 Turnover n/a n/a n/a Net Worth ( 721,856) ( 804,696) ( 361,051) Pre Tax Profit n/a n/a n/a Shareholders Funds 382,658 361,180 361,051

ASSET MANAGEMENT OPPORTUNITIES The property offers a number of asset management initiatives including: > > Letting of vacant space > > Lease regears > > Regear of head lease > > Explore alternative uses (subject to obtaining the necessary consents) EPC The property has an EPC rating of C69. A copy is available upon request. VAT The property has been elected for VAT and will be treated as a Transfer Of Going Concern (TOGC). PROPOSAL CONTACT Offers in excess of 2,680,000 (TWO MILLION, SIX HUNDRED AND EIGHTY THOUSAND POUNDS), subject to contract and exclusive of VAT. The price reflects an attractive net initial yield of 8.50% and reversionary yield of 9.40% upon letting of the vacant space (assuming standard purchasers costs of 5.8%) and a low capital value of 111 psf. Finn & Company 1 Portland Place London, W1B 1PN Tel: 020 7631 1202 Fax: 020 7631 1203 www.finnandcompany.co.uk Mathew Finn mathew@finnandcompany.co.uk Charles Curtis charles@finnandcompany.co.uk Ali Rana ali@finnandcompany.co.uk Subject to contract. Misrepresentation Act: Finn & Company for themselves and for the vendors of these properties whose agent they are give notice that:1. These particulars do not constitute, nor constitute any part of the offer for sale or contract for sale. 2. All statements contained in these particulars as to these properties are made without responsibility on the part of Finn & Co or the vendors or lessors. 3. None of the statements contained in these particulars as to these properties are to be relied on as statements or representations of fact. 4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. Any plans or photographs or drawings shown in these particulars are to enable prospective purchasers or tenants to locate the properties. The plans are photographically reproduces and therefore not to scale except where expressly stated. The plans or photographs or drawings are not intended to depict the interest to be disposed of. Where location plans are based on Ordnance Survey maps this is with the consent of HM Stationery Office, Crown Copyright Reserved. 6. No warranty or undertaking is given in respect of the repair or condition of the properties or any items expressed to be included in the sale. 7. Any properties or drawings of the relevant properties or part thereof or the neighbouring areas may not depict the properties or the neighbouring areas at the date a prospective purchaser or tenant inspects the brochure. Prospective purchasers or tenants are strongly advised to inspect the properties and neighbouring areas. 8. Finn & Company have not measured the properties and have relied upon clients information. Therefore Finn & Co give no warranty as to their correctness or otherwise and the purchasers must rely on their own measurements.9. All terms quoted are exclusive of value added tax unless otherwise stated. 10. The vendors do not give and neither Finn & Co nor any person in their employment has any warranty whatsoever in relation to these properties. 11. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. 12. These details were prepared as of April 2015.