singerviellesales.com 1 Princes Street, Ipswich IP1 1PN

singerviellesales.com 1 Princes Street, Ipswich IP1 1PN

High quality bank investment opportunity Prime corner retail location Let to Barclays Bank Plc Flagship banking concept In excess of 11 years unexpired lease term Freehold 5.5% net initial yield www.singerviellesales.com Location Ipswich is located approximately 123 km (77 miles) north-east of London, 88 km (55 miles) east of Cambridge, 72 km (45 miles) south of Norwich and 21 km (13 miles) north-west of Felixstowe. The town benefits from good road communications and is located on the A12 which links directly with Junction 28 of the M25 Motorway some 83 km (52 miles) to the south west. The A14 is approximately 3.2 km (2 miles) to the south and serves Felixstowe to the southeast and Cambridge and the M11 Motorway to the west. In addition, the town is connected to the national railway network with a fastest journey time to London Liverpool Street of 1 hour 7 minutes. Stansted airport is situated approximately 78 km (49 miles) to the south west. The Ports of Ipswich, together with Felixstowe (the largest container port in the UK and one of the largest in Europe), Mistley and Harwich make it the UK s most important gateway to the North Sea and trade routes to the near continent and beyond. Together, these ports form the largest near-sea and deep-sea container port complex in the country with significant roll-on, roll-off and passenger ferry functions.

Situation Ipswich s retail offer is focussed around a central core, bounded by the pedestrianized thoroughfares of Westgate Street, Tavern Street, Princes Street and Buttermarket which accommodate the United Kingdom s major retailers including Debenhams, H&M, Marks & Spencer, Next, Primark and River Island. Ipswich also benefits from two major shopping centres: Tower Ramparts which has its main entrance from Tavern Street and comprises approximately 12,356 sq m (133,000 sq ft) and Buttermarket which comprises approximately 21,368 sq m (230,000 sq ft). The owners of Tower Ramparts, LaSalle Investment Management, plan to invest circa 4 million into renovating the scheme which includes rebranding from Tower Ramparts to Sailmakers. The investment will incorporate new entrances and a major internal refurbishment. Also, it was announced in March 2015 that Buttermarket had changed hands. The new owners, a joint venture between Capital & Regional Plc and Drum Property Group, plan to invest in redeveloping the scheme to provide an improved shopping and recreational experience. Description An attractive and ornate landmark building with frontages onto Buttermarket and Princes Street, from where it has its principal entrance, the property is arranged over basement, ground, first and second floor. The property is currently arranged to provide an imposing entrance leading to a double height banking hall beneath a roof light construction with five staircases and a passenger lift providing access to all other floors. The property, which is a leading example of Barclays bank of the future, was comprehensively refurbished in 2008 to an exceptionally high standard by the tenant. In March 2014, via their solicitors, Barclays advised our client that they have embarked on a major project to refit many of its branches and the subject property was one of the branches to benefit from this investment. The works included a line of self service system machines in place of the existing counter line plus redecoration to a high standard. Although no formal consent to the works was required we understand that these works have been completed and copies of the drawings and specification showing the relevant works are available upon request. The town centre bustles with a charming cluster of shops in characterful areas such as Blackfriars and The Saints. These areas are the main linkages between the retail heart and the stunning waterfront. The charismatic streets house a plethora of local and international brands such as Vivienne Westwood, Penelope Chilvers shoes, Paul Smith and Diesel clothing. The subject property is situated in an extremely prominent position within the very heart of Ipswich town centre on Buttermarket and wrapping round to Princes Street which leads to Cornhill. Pedestrian footfall in the vicinity of the property is continuously high, being situated just a few metres from the principal entrance to Buttermarket Shopping Centre and opposite the Corn Exchange Cinema and Theatre which incorporates a Little Waitrose. A market is held 4 days each week (Tuesday, Thursday, Friday and Saturday)

Accommodation The following floor areas were agreed at the 2014 rent review: Ground Floor Zone A 168.62 sq m 1,815 sq ft Zone B 145.67 sq m 1,568 sq ft Zone C 135.17 sq m 1,455 sq ft Zone D 119.19 sq m 1,283 sq ft Remainder 271.46 sq m 2,922 sq ft ITZA 3,304 units Total 840.12 sq m 9,043 sq ft First Floor Offices 663.05 sq m 7,137 sq ft Second Floor Offices 183.02 sq m 1,970 sq ft Basement Ancillary 286.61 sq m 3,085 sq ft Total Net Internal Area 1,972.80 sq m 21,235 sq ft Planning The subject property is within the Central Conservation Area and in area of archaeological importance. Tenure Freehold Tenancy The property was originally let to Barclays Bank Plc on a full repairing and insuring lease for a term of 20 years from 21st July 2006, expiring 20th July 2026. Therefore, the unexpired lease term is in excess of 11 years. The July 2014 rent review was documented at nil rental increase and the current passing rent is 240,000 per annum. The current passing rent of 240,000 per annum equates to 72.70 Zone A after allowing a 10% deduction for hard frontage, 5% for configuration, 5% for quantum and 2.5% for the 10 year assumed term. A Schedule of Condition is annexed to the lease.

Covenant The tenant, Barclays Bank Plc (Co. No. 01026167), has reported the following figures: 31st December 2014 31st December 2013 Total Income 25,288 million 28,444 million Pre-Tax Profit 2,256 million 2,868 million Total Equity 65,958 million 63,949 million For further information please visit www.barclays.co.uk Headquartered at Canary Wharf in London, Barclays is a universal bank with operations in retail, wholesale, investment banking, wealth management, mortgage lending and credit cards. Barclays is listed on the London and New York Stock Exchange and is a constituent of the FTSE 100. Market Commentary Ipswich is considered an excellent shopping location with PROMIS estimating that there is around 120,774 sq m (1.3 million sq ft) of retail floor space, ranking the towns shopping population 37th out of all the PROMIS retail centres. Ipswich s prime pedestrianised retail area runs east to west along Westgate Street, Tavern Street and Carr Street. The property is a short distance due south, also within a pedestrianised area adjoining the Town Hall and Corn Exchange. Both of the main shopping centres within Ipswich town centre have recently changed hands. As stated above Tower Ramparts Centre in Tavern Street, sold to LaSalle Investment Management who recently announced proposals to rebrand as Sailmakers Shopping Centre. Within the last 12 months, there has been some reinvestment and the formerly vacant unit adjoining the bus station has now been let to Iceland and 13-15 Tavern Street has recently been improved and amalgamated to make a larger two-storey retail unit for River Island. Additional reinvestment is anticipated within the latter part of 2015. In addition, The Buttermarket shopping centre was acquired in March 2015, which is Ipswich s largest covered shopping centre comprising 23 retail units incorporates Boots, TK Maxx, New Look and Laura Ashley who are all represented within the centre which also includes a 420 space car park. The joint venture partners have announced that they believe there is a strong opportunity to reposition and modernise the centre by improving the retail and leisure offer. The centre has formerly benefited from planning permission for a new multi-screen cinema complex within the upper floors which is likely to assist the new owners.

Ipswich Central Management recently undertook an architectural competition for the resurfacing and reconfiguring of The Cornhill and based on a press release in 2014 it was announced that architects, Hall McKnight would be instructed. Their concept includes creating a level Cornhill, with better access to the Town Hall, new paving and a modern central "tower" feature. At the nearby shopping street known as The Walk, linking Buttermarket with Tavern Street, we understand the institutional owners have obtained planning permission to undertake improvements and building work to rebrand and modernise this speciality pedestrianised pitch. We understand that the works are due to be undertaken during summer 2015. The subject property is close to two substantial banking premises both occupied by Lloyds TSB Bank and it is also immediately opposite a Little Waitrose which is located within the Corn Exchange. Ipswich Borough Council let approximately 520 sq m (5,060 sq ft) within The Corn Exchange to Little Waitrose on a 15 year lease from October 2011, subject to a break clause at the 10th year. There was a staged rental of circa 93,000 per annum payable over the first 10 years of the lease equating to 13.30 per sq ft overall, assuming that half of the 6 month rent free period is attributed towards the tenant s fitting out works. There have been a number of lettings within Tavern Street reflecting between 100-120 Zone A which is a significant discount to the historical high that was established in Ipswich of circa 145 Zone A. Examples include the letting of 33 Tavern Street to Lush Retail Limited in November 2012 which equated to 100 Zone A. More recently the new owners of Tower Ramparts have let a large two storey unit of over 12,500 sq ft at 15 Tavern Street to River Island in August 2013 equating to around 118 Zone A. There has also been a letting of 52-56 Tavern Street to Tesco Stores Limited at a rental which devalues to around 75 Zone A. We calculate that the rental payable by Barclays devalues to 72.70 Zone A, applying 1.50 per sq ft for basement storage accommodation, 6 for first floor offices and 4 second floor offices applying varying discounts for quantum, configuration and heavy frontage. We suggest therefore that the passing rent offers a competitive and reasonable rental level for potential future rental growth. Investment Commentary Singer Vielle is aware of the following transactions of bank investments; 165/167 High Street, Bromley, Kent was offered for sale in March 2015. Comprising 500 sq m / 5,382 sq ft the property is let to Barclays Bank Plc for a term of 20 years from 22nd January 2008 expiring 21st January 2028 and a tenants break clause in 2023 (just under 8 years) at a passing rent of 162,000 per annum. The price achieved was 3,450,000 equating to 4.4% net initial yield. 21/23 High Street, Uxbridge was offered for sale in February 2015. Comprising 690.43 sq m / 7,431 sq ft the property is let to Lloyds Bank Plc for a further 9.4 years at a passing rent of 200,000 per annum. The price achieved in March 2015 was 3,800,000 equating to 5.0% net initial yield. Value Added Tax The property has not been elected for VAT and therefore VAT will not be payable on the purchase price

Investment Considerations 1. An opportunity to acquire a prime freehold retail / bank investment in an extremely prominent corner position within the heart Ipswich town centre; 2. Substantial and imposing building providing a rare high quality investment opportunity; 3. The property is a flagship bank of the future for Barclays; Proposal Our client is seeking offers of 4,12 4,125,000 125,000 (Four Million, One Hundred and Twenty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 5.5%. 5.5%. 4. The tenant has invested considerable capital in the building on two separate occasions in the last 6 years; most recently in 2014; 5. The investment provides secure secure income; 6. In excess of 11 years unexpired lease term; 7. A purchase at the asking price reflects an attractive net initial yield. Singer Vielle 94-96 Wigmore Street London W1U 3RF Tel: +44 (0) 207 935 7200 Beane Wass & Box 16 Arcade Street Ipswich IP1 1EP Vendors Solicitor Hamlins LLP Roxburghe House, 273-287 Regent Street, London W1B 2AD Neil Singer Dale Henry Richard Wolfryd Tel: 01473 210552 Richard Bertram rbertram@bw-b.co.uk Tel: 0207 355 6000 Joseph Holder jholder@hamlins.co.uk neil@singervielle.co.uk dale@singervielle.co.uk richard@singervielle.co.uk SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor 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 must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.