Waterloo Court 31 WATERLOO ROAD, WOLVERHAMPTON WV1 4DJ

Waterloo Court 31 WATERLOO ROAD, WOLVERHAMPTON WV1 4DJ

INVESTMENT SUMMARY Promiet city cetre multi let office buildig 41,053 sqft of accommodatio over seve floors 77 secure car spaces o site (1:522 sqft) 95% let, curretly with 14 teats WAULT of 2.93 years to expiries & 2.37 years to breaks Curret ret of 359,169 per aum (low average of oly 8.92 per sqft) Asset maagemet opportuities 3,200,000 Iitial yield - 10.54%, reversioary yield of 11.07% Uderlyig capital value of uder 77.95 per sqft LOCATION The city of Wolverhampto lies i the orth west of the West Midlads ad is a major commercial cetre. Birmigham is located 15 miles to the south east while Walsall is 5 miles to the east ad Telford 18 miles to the west. The city has good road commuicatio with Juctio 10 of the M6 4 miles to the east ad Juctios 1&2 of the M54 4 miles to the orth. The A41 provides access south east ito the Black Coutry alog the Black Coutry Route ad the A449 Stafford Road leads orth to Juctio 2 of the M54. UNIVERSITY OF WOLVERHAMPTON UNIVERSITY OF WOLVERHAMPTON CONSTRUCTION HOUSE BEING CONVERTED TO RESIDENTIAL COUNCIL OFFICES The city s mai railway statio has direct access to Lodo, via Birmigham New Street with a jourey time of 1 hour 40 miutes. Wolverhampto has a diverse ecoomy with a skilled workforce of 145,000 supportig over 8,500 compaies. Wolverhampto is home to a umber of major UK firms icludig Marstos, Jaguar LadRover, Lloyds Bak (formerly Birmigham Midshires), Carillio, Goodrich ad Moog. CIVIC CENTRE MARSTON BREWERY HQ CARILLION HQ CITY CENTRE RETAIL

UNIVERSITY OF WOLVERHAMPTON Wolverhampto Uiversity is a city based campus uiversity located i the heart of Wolverhampto. With over 15,000 full time udergraduates erolled ad over 26,000 studets i total studyig, it is oe of the fastest growig uiversities i the UK. The uiversity is placed across two cetral campus s either side of the city s rig road. Both are withi a 5 miute walk of the subject property as is much of the uiversity s residetial accommodatio. The uiversity has over 250m of ivestmet committed for the campus by 2020. This icludes a ew 18m Busiess School, 21m Sciece Cetre ad a ew 65m Costructio ad Built Eviromet campus at the former Sprigfield Brewery site. SITUATION The property lies at the juctio of Waterloo Road ad St Adrews/St Peters o the city s rig road. It is a extremely promiet positio i oe of the city cetre s mai office locatios. There are professioal firms located all alog Waterloo Street icludig accoutats, solicitors ad recruitmet agecies. Waterloo Court is oly 250m from the city cetre ad the mai retail pitch. Wolverhampto Coucil offices ad the Civic Hall are directly east of Waterloo Road while Marstos Brewery HQ is west across Chapel Ash Islad. Like may cities Wolverhampto is seeig may old offices beig coverted to residetial, decreasig the amout of available office stock. Costructio House is a 61,500 sqft office adjoiig the subject site which is i the process of beig coverted to provide 233 studio rooms. There are also plas to covert Telecom House (85,000 sqft) ito 100 apartmets. DESCRIPTION Waterloo Court is a multi let office buildig arraged over groud ad five upper floors of offices ad a further vacat caretaker s flat o the sixth floor. The buildig also has 77 car spaces o site, part i a udercroft. The car park is accessed from a security cotrolled etrace off Clarece Road at the rear of the property. The offices have a groud floor receptio ad two 8 perso passeger lifts servig all upper floor offices. The office suites o each floor are arraged i three wigs. Part of the groud floor is divided ito smaller idividual suites off a cetral corridor. There is gas cetral heatig throughout with a umber of suites also havig ceilig mouted air coditioig cassettes. There are wcs o each floor with male ad female wcs o alterate floors. ACCOMMODATION AND TENANCIES The property is curretly 95% let to 14 teats. The AWULT to expiries is 2.93 years ad to breaks, 2.37 years. The curret total ret passig is 359,169 per aum. There are curretly three vacat suites i the buildig totallig 1,918 sqft. The average ret is oly 8.92 per sqft. 60% of the curret teats have bee at Waterloo Court for over 10 years, with several reewig or regearig i the past two years. There are further discussios ogoig with two prospective teats ad other existig teats with leases close to expiry.

ADDRESS TENANT FLOOR AREA CAR SPACES LEASE START LEASE EXPIRY Groud North Reed Specialist Recruitmet Ltd 1,255 4 28/04/2017 27/04/2022 (28/04/2020) Groud Part West B Secretary of State for Commuities & Local Govermet RENT REVIEW RENT / SQFT ERV 10,474 8.35 10,040 1,030 2 11/08/2017 21/03/2020 7,328 7.11 8,240 Groud West 1 Mrs Nobel Gill 198 1 16/06/2017 15/06/2019 1,400 7.07 1,585 Groud West 2-3 Groud West 4 Groud West 5-6 Groud West 7-9 Groud West 10 Vacat 307 2,455 Vacat 162 1,295 Reed Specialist Recruitmet Ltd 473 2 28/04/2017 27/04/2022 (28/04/2020) 3,100 6.55 3,785 Richard Ly Kew 516 2 20/10/2015 22/09/2017 2,600 5.03 4,130 Cotrella Ltd 1,042 1 20/10/2015 19/10/2017 7,800 7.49 8,335 Groud South Trillium (Prime) Premises GP Ltd 1,866 4 31/08/2000 31/03/2020 16,772 8.99 14,930 1st North Protocol Educatio Ltd 1,448 01/07/2014 31/08/2020 (31/08/2018) 1st West Capital Professioals Ltd 4,342 12 25/12/2016 24/12/2021 (25/12/2019) 13,442 9.28 13,755 25/12/2019 41,468 9.55 41,250 1st South GAP Persoel Holdigs Ltd 1,938 4 25/12/2014 24/12/2019 16,974 8.76 18,410 2d North Temps Ltd 1,455 2 26/05/2016 25/05/2021 (26/05/2019) 13,023 8.95 13,825 2d South EOS Works Ltd 1,937 3 05/03/2012 19/07/2018 17,964 9.27 18,400 2d West EOS Works Ltd 4,349 8 20/07/2011 19/07/2018 40,572 9.33 41,315 3rd North Vacat 1,449 13,765 3rd South Aspire Achieve Advace Ltd 1,977 2 24/09/2015 24/09/2020 (24/09/2018) 19,770 10.00 18,780 3rd West APM Employmet Ltd 4,363 6 20/05/2016 30/09/2017 41,230 9.45 41,450 4th North Leoard Cheshire Disability 1,448 5 09/10/2016 26/07/2022 09/10/2021 13,000 8.98 13,755 4th & 5th West Leoard Cheshire Disability 8,701 10 27/07/2007 26/07/2022 27/07/2017 91,152 10.48 82,660 COMMENTS Recet lease reewal. Break requires 6 moths otice. Recet lease reewal. 200 deposit held. Licece reewal. Teat previously occupied Suites 2&3 as well. Recet lease reewal. Break requires 6 moths otice. Lease reewal uder discussio. Service charge curretly fixed at 1,000 pa. 500 deposit held. Teat ot i occupatio. 650 deposit held. Sub let to Staff Today. Sub teat will reew. Proposed 2 yr lease with 1 yr break at 7,000. Lease exteded with Sec of State from 1/4/18 to 31/3/20. 3 moths ret free from 1/4/18. Schedule of Coditio. Lease reewal. Aual breaks. Service charge capped at 6,721 pa & icreases with RPI. Curretly o shortfall. Recet lease reewal. Break requires 6 moths otice. Busiess recetly acquired by Bellpey. Break requires 6 moths otice. Did ot exercise 2016 break. Part of Stafflie. Did ot exercise 2016 break. Part of Stafflie. Discussios ogoig with Charity o 5 year term, 2 year break. 10 per sqft. Actual ret payable 15,816 by way of side letter. Break has 3 moth retal pealty. Teat ot i occupatio. Teat will vacate o 14/11/2017. Dilapidatio discussios ogoig. Did ot exercise 2017 break. Schedule of Coditio. Did ot exercise 2017 break. 6th Flat Vacat 797 Former caretaker s flat. Car Spaces Protocol Educatio Ltd 2 01/07/2014 30/06/2020 1,100 1,100 2 car spaces. Car Spaces Vacat 7 3,850 TOTAL 41,053 359,169 377,110

TENURE Freehold. SERVICE CHARGE The service charge is curretly budgeted for the 2017/18 year at 4.00 per sqft. There are oly two leases with caps of which oly oe produces a shortfall, curretly stadig at 916 per aum. Full service charge iformatio is available o request. ASSET MANAGEMENT OPPORTUNITIES Refurbish ad upgrade vacat suites ad further suites o ay expiries Drive geeral retal toe upwards, especially o the small groud floor suites Maage car park ad geerate more icome from spaces Regear/reew further leases due for expiry i ext twelve moths Upgrade 6th floor, former caretaker s flat to provide additioal lettable space Potetial future coversio to alterative uses (residetial, studet), subject to plaig EPC s The property has a EPC ratig of D-92. A copy of the report is available o request. VAT The property is elected for VAT ad VAT will be payable o the purchase. The itetio will be to sell as a TOGC.

PRICING We are seekig offers i excess of 3,200,000, a purchase at this level will show a iitial yield of 10.54%, based o purchase s costs of 6.47%. The reversioary yield is 11.07%. A purchase at this level gives a uderlyig capital value of uder 77.95 per sqft. FURTHER INFORMATION To arrage a viewig or for further iformatio please cotact: ANDREW PRICE 0121 513 0892 adrew.price@fspproperty.co.uk JAMES HEMSTOCK 0121 513 0894 james.hemstock@fspproperty.co.uk Frack Steier Price Ltd Third Floor, Victoria House 114-116 Colmore Row, Birmigham, B3 3BD JAMES MATTIN 0121 524 1172 jamesmatti@bodwolfe.et Misrepresetatio Clause: The accuracy of ay descriptio, dimesios, refereces to coditio, ecessary permissios for use ad occupatio ad other details cotaied herei are ot guarateed ad are for geeral guidace oly ad prospective purchasers or teats must ot rely o them as statemets of fact or represetatios ad must satisfy themselves of their accuracy. Neither Frack-Steier Price Ltd, Bod Wolfe or ay of their employees or represetatives has ay authority to make or give ay represetatio or warraty or eter ito ay cotract whatever i relatio to the property. Prices ad rets quoted i these particulars may be subject to VAT i additio. The referece to ay mechaical or electrical equipmet or other facilities at the property shall ot costitute a represetatio (uless otherwise stated) as to its state or coditio or that it is capable of fulfillig its iteded fuctio. Prospective teats/purchasers should satisfy themselves as to the coditio of such equipmet for their requiremets.