> PRIME INDEX LINKED EDDIESTOBARTLTD LOGISTICS INVESTMENT SWAN VALLEY NORTHAMPTON NORTHAMPTONSHIRE NN4 9BA

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Theresa Caroline Bishop
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1 SWAN VALLEY NORTHAMPTON NORTHAMPTONSHIRE NN4 9BA >

02 WEB ACCESS DATA INVESTMENT SUMMARY Prime Golden Triangle logistics investment opportunity; Swan Valley is adjacent to Junction 15A of the Motorway; High quality distribution warehouse of

2 02 WEB ACCESS DATA INVESTMENT SUMMARY Prime Golden Triangle logistics investment opportunity; Swan Valley is adjacent to Junction 15A of the Motorway; High quality distribution warehouse of approximately 172,928 sq ft (16,065 sq m) GIA; Approximate 11.3 acre (4.58 ha) site, providing a low site cover of 32%; Freehold; Let to Eddie Stobart Ltd on a 15-year FRI lease from 20th May 2016; Guarantee provided by Eddie Stobart Logistics Ltd; Low passing rent of 1,010,000 pa reflecting just 5.84 per sq ft; Rent reviews are every 5th year to the Retail Price Index subject to 1-3% p.a. cap and collar; The property is currently occupied by Levi Strauss (UK) Ltd as their sole UK distribution warehouse. We are instructed to seek offers in excess of 18,900,000 (Eighteen Million Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 5.00%, a reversionary yield of 5.80% in 2021 and 6.73% in 2026 based on 3% p.a. increases and a low capital value of 109 per sq ft. This assumes normal purchaser s costs of 6.74%.

3 03 North DALEPAK SAINSBURY S South CARLSBERG ROYAL MAIL COROLLA WAY GREAT BEAR NECTAR WAY TITHE BARN WAY COB DRIVE NECTAR WAY WEB ACCESS EDDIE STOBART MORRISONS DATA SWAN VALLEY WAY BANBURY LANE TO J15A

04 WEB ACCESS DATA Northampton is a strategic Midlands distribution location, at the heart of the Golden Triangle, the UK s premier distribution market.

BIRMINGHAM A40 M6 COVENTRY M40 M69 OXFORD LEICESTER A43 15A NORTHAMPTON A5 MILTON KEYNES A14 LUTON A1M A1 A1M CAMBRIDGE ROAD Swan Valley benefits from excellent access to the national motorway

The A43 runs south west providing direct, dual carriageway access to Junction 10 of the M40 Motorway, approximately 24.5 miles (39.4 km) distant.

The nearest rail freight services are available from Daventry International Rail Freight Terminal (DIRFT), located approximately 14.5 miles (23.3 km) to the north west.

4 04 WEB ACCESS DATA Northampton is a strategic Midlands distribution location, at the heart of the Golden Triangle, the UK s premier distribution market. Northampton is almost equidistant between Birmingham and London, situated 54 miles (86.9 km) south east and 67 miles (107.8 km) north west respectively of both cities. BIRMINGHAM A40 M6 COVENTRY M40 M69 OXFORD LEICESTER A43 15A NORTHAMPTON A5 MILTON KEYNES A14 LUTON A1M A1 A1M CAMBRIDGE ROAD Swan Valley benefits from excellent access to the national motorway network, being directly adjacent to Junction 15A of the Motorway. The /M6 Motorway intersection lies 18.5 miles (29.8 km) to the north with the M25 Motorway 45 miles (72.4 km) south. The A43 runs south west providing direct, dual carriageway access to Junction 10 of the M40 Motorway, approximately 24.5 miles (39.4 km) distant. RAIL Northampton is well connected in terms of rail, sitting near both rail freight and passenger services. The nearest rail freight services are available from Daventry International Rail Freight Terminal (DIRFT), located approximately 14.5 miles (23.3 km) to the north west. Northampton Railway Station, situated 5 miles (8 km) north east of the property, provides a regular service to London Euston with a fastest journey time of 55 minutes. ROAD LINKS DISTANCE J15A, Motorway 0.8 miles DIRFT 14.5 miles J1, M6 Motorway 18.5 miles AIR J10, M40 Motorway 24.5 miles East Midlands Airport, the UK s largest Leicester 37 miles freight airport outside of London, is located J7, M42 Motorway 43 miles approximately 50.5 miles (81.3 km) to the north, accessible via Junction 23A of the Motorway, J21, M25 Motorway 45 miles with London Luton and Birmingham International Birmingham 54 miles also within a 50 mile radius. Central London 67 miles AIRPORT DISTANCE London Luton 37.5 miles Birmingham Int miles East Midlands Int miles M25 LONDON PORT The international ports of Felixstowe and Harwich are within a 2.5 hour drive time via the A45 and A14. London Heathrow 68 miles

and extends to approximately 210 acres, benefitting from consent for 2.

Nearby occupiers include Royal Mail, Carlsberg Tetley, Morrisons, The White

5 05 Swan Valley is situated 4 miles (6.4 km) south west of Northampton town centre and immediately north of Junction 15A of the Motorway. Swan Valley is widely regarded to be one of the UK s premier distribution parks and extends to approximately 210 acres, benefitting from consent for 2.1 million sq ft of B1/B2/B8, a hotel and ancillary accommodation. Nearby occupiers include Royal Mail, Carlsberg Tetley, Morrisons, The White Company, BMW, Sainsburys, Dalepack, and Pets at Home. A5076 A5076 NORTHAMPTON HUNSBURY HILL COUNTRY PARK EDDIE STOBART SWAN VALLEY WAY SWAN VALLEY WAY WEB ACCESS DATA BANBURY LANE 15A A5123 LADYBRIDGE DR LADYBRIDGE PARK A43

6 06 WEB ACCESS DATA The property was developed in 1998 as the UK Distribution Headquarters for Levi Strauss (UK) Ltd, the current sub-tenant. The specification provides for a high-quality distribution warehouse suited to e-commerce. The property provides a total of 172,928 sq ft GIA. The warehouse area includes a 43,481 sq ft (4,039.5 sq m) high bay warehouse element providing 17m eaves (55 ft), fitted out with an automated handling system. The building also benefits from two storey high quality HQ office accommodation, in keeping with the neighbouring buildings. THE UNIT BENEFITS FROM THE FOLLOWING SPECIFICATION: Steel portal frame The high bay warehouse benefits from a minimum eaves height of 17 metres, The remainder of the warehouse has a minimum eaves height of 8 metres Average eaves height of c. 11 metres 14 dock level and 4 level access loading doors, providing a door ratio of 1: 9,607 sq ft The main warehouse is fitted out with an automated picking system and conveyor belt which links through to the high bay storage area Fully secured service yard with a maximum depth of 48 metres 16 HGV spaces 176 car parking spaces The warehouse is fitted out with a full sprinkler system, heating and lighting. The property has been measured on a Gross Internal Area basis in accordance with the RICS Code of Measuring Practice (6th edition) and the RICS Property Measurement (1st edition), and provides the following approximate areas: TITHE BARN WAY sq m sq ft High Bay Warehouse 4, ,481 Main Warehouse 8, ,303 Office - Ground 1, ,654 Office - First 1, ,490 TOTAL 16, ,928 The site extends to approximately 11.3 acres (4.58 hectares) and provides a low site cover of approximately 32%. SWAN VALLEY WAY BANBURY LANE

07 WEB ACCESS DATA Freehold. The property is let to Eddie Stobart Limited (Co.

The passing rent is 1,010,000 per annum reflecting a low 5.84 per sq ft.

77 psf), and 1,357,354 pa in 2026 ( 7.85 psf). The lease is guaranteed by Eddie Stobart Logistics Limited (Company Reg: 57959).

7 07 WEB ACCESS DATA Freehold. The property is let to Eddie Stobart Limited (Co. Reg ) on full repairing and insuring terms from the 20th May 2016 for a term of 15 years. The passing rent is 1,010,000 per annum reflecting a low 5.84 per sq ft. The lease is subject to fixed rental increases at every 5th year of the term to the Retail Price Index (RPI) subject to a 1% p.a. collar and 3% p.a. cap. Accordingly, on the basis of 3% per annum growth, the rent is likely to increase to approximately 1,170,866 pa in 2021 ( 6.77 psf), and 1,357,354 pa in 2026 ( 7.85 psf). The lease is guaranteed by Eddie Stobart Logistics Limited (Company Reg: 57959). The property is sub-let for a term of 4 years to Levi Strauss (UK) Ltd from the 20th May 2016 at the passing rent of 1,010,000 per annum ( 5.84 per sq ft). The sub-tenant has a break option at the 30th month of the term (20th November 2018) having provided 9 months clear written notice. There are no rent review provisions in the underlease and it is contracted outside the security of tenure provisions of the Landlord & Tenant Act 1954 Part II. Levi Strauss are currently fully utilising the warehouse as their only UK distribution hub and we understand they supply circa 90,000 pairs of jeans per week through the warehouse.

08 WEB ACCESS DATA COVENANT INFORMATION Eddie Stobart Logistics form part of the renowned Eddie Stobart Group.

The company now operates in the major fields of Rail, Ports, Contract Logistics, Warehousing and Road Transport. More information on the company can be found on their website www.eddiestobart.

The summary accounts are outlined below: Eddie Stobart Ltd (00995045) 30 November 2016 30 November 2015 30 November 2014 (9 months) Sales/Turnover 480,188,000 429,529,000 328,610,000

8 08 WEB ACCESS DATA COVENANT INFORMATION Eddie Stobart Logistics form part of the renowned Eddie Stobart Group. Eddie Stobart was established in 1970 and is the largest privately-owned logistics company in England with over 2,500 HGVs. The company now operates in the major fields of Rail, Ports, Contract Logistics, Warehousing and Road Transport. More information on the company can be found on their website Eddie Stobart Limited has an Experian rating of 96 out of 100, indicating a Very Low Risk covenant. The summary accounts are outlined below: Eddie Stobart Ltd ( ) 30 November November November 2014 (9 months) Sales/Turnover 480,188, ,529, ,610,000 Profit/(Loss) Before Tax 23,871,000 13,799,000 23,990,000 Tangible Net Worth 55,938,000 24,560,000 ( 3,414,000) The ultimate parent company and guarantor Eddie Stobart Logistics Ltd are based in Guernsey and have reported the following financial results: Eddie Stobart Logistics Ltd (57959) 30 November November 2015 Sales/Turnover 570,177, ,477,000 Profit/(Loss) Before Tax 30,072,000 25,199,000 Net Assets 229,067, ,512,000

09 OCCUPATIONAL MARKET OCCUPATIONAL LOGISTICS MARKET Overall, occupational demand for high quality and well-located logistics facilities remains robust.

resilience in UK manufacturing. INVESTMENT MARKET MARKET COMMENTARY The UK Logistics Investment market has remained very popular through 2017 with both UK and overseas investors.

9 09 OCCUPATIONAL MARKET OCCUPATIONAL LOGISTICS MARKET Overall, occupational demand for high quality and well-located logistics facilities remains robust. This is principally being driven by the response to changing consumer shopping patterns and the increased demand for new and expanding e-commerce and discount retailing platforms, as well as a resilience in UK manufacturing. INVESTMENT MARKET MARKET COMMENTARY The UK Logistics Investment market has remained very popular through 2017 with both UK and overseas investors. Kimmre have tracked deal volume of close to 3 billion from January to October 2017 in the sector. Core locations are seeing rental growth fueled by a lack of supply coupled with strong tenant demand. Comparable investment evidence is set out below: The East Midlands continues to be one of the UK s strongest performing logistics markets with high levels of take-up and historically low availability driving robust rental growth over the last three years. Quoting rents for prime design and build sites or new build are currently between 6.50 to 6.75 psf in Northampton and forecast to grow further. We have set out the following rental comparables below for the immediate location: Address Tenant Size (sq ft) Rent (psf) Term Date Rugby Gateway Amazon 295, years Dec 2016 Date U/O U/O Property Unit A Tongwell Street, Milton Keynes Apex Business Park, Bedford Size (sq ft) 103, ,969 Passing Rent (pa) 642, psf 649, psf Lease Term (years) Tenant Westcoast Ltd F&P Wholesale Price (CV psf) c. 12,925,000 ( 125 psf) c. 15,800,000 ( 152 psf) Net Initial Yield c.4.65% c.3.85% WEB ACCESS DATA Prologis Pineham, Northampton, (J15) Sainsburys 325, years Nov 2016 Grange Park, Northampton Amazon 162, years Sept 2016 Grange Park, Northampton Clipper 304, years Mar 2016 Sept-17 Logistics North, Bolton 358,578 Sept-17 July-17 Jun-17 Jan-17 Prologis Park, Ryton, Coventry 100 Scimitar Way, Whitley, Coventry Central Park, Avonmouth, Bristol Hams Hall Distribution Park, Coleshill 302, , , ,436 2,043, psf 1,887, psf 1,985, psf base rent 1,312, psf base rent 1,155, psf 14.7 Amazon UK 5 Network Rail 12 Kuehne & Nagel Ltd 20 DHL 20 The Works c. 44,000,000 ( 123 psf) 35,770,000 ( 118 psf) 41,000,000 ( 191 psf) 28,135,000 ( 176 psf) 22,380,000 ( 122 psf) 4.22% 4.85% 4.53% 4.40% 4.78% Dec-16 Travis Perkins (BSS Unit), Magna Park, Lutterworth 153, , psf 13 Travis Perkins 15,700,000 ( 103 psf) 4.55%

10 ENERGY PERFORMANCE CERTIFICATE The property has an EPC rating of D-98. A copy of the EPC is available upon request. DATA www.kimmre.

10 10 ENERGY PERFORMANCE CERTIFICATE The property has an EPC rating of D-98. A copy of the EPC is available upon request. DATA VAT We understand the property is elected for VAT however it is anticipated that the transaction will be considered as a Transfer of a Going Concern (TOGC). WEB ACCESS Details for this opportunity can be downloaded from We are instructed to seek offers in excess of 18,900,000 (Eighteen Million Nine Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 5.00%, a potential reversionary yield of 5.80% in 2021 and 6.73% in 2026 based on current RPI forecasts and a low capital value of 109 per sq ft. This assumes normal purchaser s costs of 6.74%. FURTHER INFORMATION For further information, or to arrange an inspection of the property, please contact either: Richard Peace MRICS e richard.peace@kimmre.com t +44 (0) m +44 (0) Mike Needham MRICS e mike.needham@kimmre.com t +44 (0) m +44 (0) WEB ACCESS DATA Disclaimer: Kimmeridge Real Estate Ltd on its own behalf and for vendors or lessors of this property, whose agent it is, gives notice that: 1. The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2. No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to this property. 3. The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4. Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order. 5. Unless otherwise stated, no investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. Publication Date: November carve-design.co.uk 13212

KWIK FIT, 97 LONDON ROAD HIGH WYCOMBE WELL SECURED, PROMINENT, ROADSIDE INVESTMENT OPPORTUNITY

KWIK FIT, 97 LONDON ROAD HIGH WYCOMBE WELL SECURED, PROMINENT, ROADSIDE INVESTMENT OPPORTUNITY KWIK FIT, 97 LONDON ROAD, HIGH WYCOMBE, HP11 1BU INVESTMENT SUMMARY A prominent purpose built automotive centre