Units Manorside Industrial Estate Redditch B98 9HE. Multi Let Industrial Estate Investment

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1 Uits Maorside Idustrial Estate Redditch B98 9HE Multi Let Idustrial Estate Ivestmet

INVESTMENT SUMMARY Established idustrial estate i North Moos Moat area of Redditch

The estate comprises 30 uits extedig to 187,430 sqft with uit sizes ragig from 1,681

Multi let to 22 teats providig a curret icome of 771,841 per aum, reflectig a low

Five ew lettigs i the past 12 moths. ERV - 933,265 per aum.

2 INVESTMENT SUMMARY Established idustrial estate i North Moos Moat area of Redditch with excellet access to J2 & J3 of M42. The estate comprises 30 uits extedig to 187,430 sqft with uit sizes ragig from 1,681 sqft upto 31,229 sqft. Freehold. Multi let to 22 teats providig a curret icome of 771,841 per aum, reflectig a low average ret of 4.68 per sqft. WAULT of 4.3 years to expiries ad 3.3 years to breaks. Five ew lettigs i the past 12 moths. ERV - 933,265 per aum. Asset maagemet opportuities to let five vacat uits ad progress lease reewals. Offers i excess of 9,845,000. Iitial yield 7.35%, a reversioary yield of 8.88%. Uderlyig capital value of per sqft. UNITS UNITS 37-43

The North Moos Moat idustrial area is situated two miles orth east of the tow cetre ad is oe of the most established ad well situated idustrial locatios i the tow.

3 LOCATION Redditch lies approximately 14 miles south of Birmigham, 12 miles south west of Solihull ad 8 miles east of Bromsgrove. The tow beefits from good road commuicatios with Juctios 2 ad 3 of the M42 lyig approximately 5 miles to the orth. The North Moos Moat idustrial area is situated two miles orth east of the tow cetre ad is oe of the most established ad well situated idustrial locatios i the tow. Juctio 3 of the M42 is 3 miles away ad accessed via the A435 dual carriageway which is directly east of North Moos Moat. North Moos Moat is located directly to the orth of the Covetry Highway (A4023) which is a mai arterial road through Redditch, likig to the A435. The estate is accessed from Merse Road, Eagle Road ad Walker Road provide access to the idividual terraces of uits. Maorside Idustrial Estate lies i close proximity to several other established idustrial estates icludig Colemeadow Idustrial Estate, Thorhill Road Idustrial Estate, Madeley Road Idustrial Estate ad Ravesbak Distributio Park where Hamdo Gate are to build a further 160,000 sqft of ew distributio space i two uits.

UNITS 46-48 UNITS 28-30 UNITS 31-36 DESCRIPTION The property comprises a idustrial estate arraged i eight

Uits 19-22 Each terrace has its ow parkig ad yard areas to the frot ad rear.

4 UNITS UNITS UNITS DESCRIPTION The property comprises a idustrial estate arraged i eight terraces. The 30 subject uits are of steel frame costructio with part brick, part profile metal clad elevatios. The uits have eaves heights ragig from 3.90m to 5.85m. Uits Each terrace has its ow parkig ad yard areas to the frot ad rear. The estate is occupied by a wide rage of busiesses from traditioal egieerig compaies, automotive related busiesses ad logistics operators. ACCOMMODATION The estate overall exteds to 17,413 sqm (187,430 sqft) with uit sizes ragig from 156 sqm (1,679 sqft) to 2,901 sqm (31,229 sqft). The overall site area is 5.32 hectares (13.14 acres). Idividual uit sizes are set out i the teacy schedule. Uits Uits Uits 23&24 TENURE Freehold. We uderstad the estate roads are all adopted. Uits Uits 44&45 Uits Uits 25-27

SCHEDULE OF TENANCIES The estate is curretly let to 22 teats. There are curretly 5 vacat uits represetig 12% of the overall floor area of the estate.

There is o oe teat represetig more tha 17% of the curret ret roll. The estate has a service charge curretly ruig at 0.39 per sqft. Accouts ad the curret budget are available o request.

At least four of the compaies o the estate have other facilities ad HQ s i North Moos Moat or cotracts with local compaies i the area.

Recet lettig deals iclude: UNITS 25-27 UNIT TENANT TRANSACTION DATE MINIMUM LEASE /SQ.FT. TERM 29 Victor Victoria New Lettig April 2016 10 years 4.99 33 Cobra Cable New Lettig Jauary 2016 3 years 5.

5 SCHEDULE OF TENANCIES The estate is curretly let to 22 teats. There are curretly 5 vacat uits represetig 12% of the overall floor area of the estate. The curret icome amouts to 771,841 per aum reflectig a low average ret of oly 4.68 per sqft. The WAULT is 4.3 years to expiries ad 3.3 years to breaks. There is o oe teat represetig more tha 17% of the curret ret roll. The estate has a service charge curretly ruig at 0.39 per sqft. Accouts ad the curret budget are available o request. MARKET COMMENTARY Followig the refurbishmet of a umber of uits durig 2015 the lettig history over the last twelve moths has bee strog. Five ew teats have moved oto the estate. At least four of the compaies o the estate have other facilities ad HQ s i North Moos Moat or cotracts with local compaies i the area. There is iterest i the vacat uits while there are separate lease reewal discussios ogoig with various teats. Further iformatio is available o request. Recet lettig deals iclude: UNITS UNIT TENANT TRANSACTION DATE MINIMUM LEASE /SQ.FT. TERM 29 Victor Victoria New Lettig April years Cobra Cable New Lettig Jauary years Wigpool Lease reewal December years Diaverum New Lettig September years Chaga UK New Lettig September years 3.99* (urefurbished uit) 26 & 27 UK NSI New Lettig Jue years 4.67 Based o recet evidece our view of ERV for the estate is 933,265 showig a potetial icrease of 21% from the curret passig ret. Approximately 73% of the reversio will come from lettig the five vacat uits. UNITS UNITS 44&45

6 UNIT TENANT FLOOR AREA (SQFT) LEASE START LEASE EXPIRY (BREAK) RENT / SQFT ERV ERV / SQFT COMMENTS 19 Vacat 3,842 20, Uit icludes additioal mezzaie area of 420 sqft. 20 Europa Traiig (Midlads) Ltd 3,854 01/11/ /10/2019 (01/11/2016) 21 Bobst UK & Irelad Ltd 3,835 09/04/ /04/ , , Super Lie Hire Ltd 3,876 15/01/ /01/2018 (14/01/2017) 18, , Ret deposit - 5,500. Teat has istalled 675 sqft of 1st floor offices. Break requires 6 moths otice. 2 moths ret free if break ot exercised. 18, , Ret deposit - 5,700. Break requires 6 moths otice. 1 moth ret free if break ot exercised. Ret will icrease to 19,000 from 15/01/ & 24 Amco Services (Iteratioal) Ltd 31,229 14/11/ /11/ , , Ladlord refurbished uit prior to latest lettig. Break otice received for November 2016 break optio. Positio uder review as ladlord does ot cosider otice is valid. If break ot exercised the 3 moths ret free. Schedule of Coditio. 25 Excel Labels Ltd 11,630 03/03/ /03/2030 (02/03/2025) 44, , Uit was let urefurbished. Additioal ladlord cocrete mezzaie of 1,784 sqft used by teat. Teat has istalled further 2,113 sqft of mezzaie. Half ret payable util March Vedor will top up to 44, & 27 UK-NSI Co. Ltd 21,431 11/06/ /06/ , , Ladlord refurbished uit Autum Schedule of Coditio from Diaverum Facilities Maagemet Ltd 10,488 25/09/ /09/2028 (25/09/2026) 29 Victor Victoria Ltd 10,728 11/04/ /04/2031 (11/04/2026) 51, , Teat has removed access to first floor of c 1,060 sqft. Reistatemet provisio at ed of lease. 5 yearly OM ret reviews. Break requires 6 moths otice. 53, , Ladlord refurbished uit Autum Break requires 6 moths otice. Iitial ret free grated util 11/10/2016, will be topped up by vedor. 5 yearly OM ret reviews. Schedule of Coditio from Vacat 11,512 57, Urefurbished uit. Additioal mezzaie area of 2,423 sqft. Curret lettig iterest. 31 Midlads Electrical Systems Ltd 1,709 01/08/ /07/ , , Vacat 1,679 9, Refurbished uit. 33 Cobra Cable Maagemet Ltd 1,700 15/01/ /01/2019 (14/01/2018) 10, , Refurbished uit. Ret icreases i Jauary 2017 to 10,000, vedor will top up to this level. Ret deposit - 3,333 + VAT. Break requires 6 moths otice. Schedule of Coditio Haravas Ltd 1,700 19/03/ /03/ , , Teat ot i occupatio. Surreder of lease uder egotiatio. 35 Vacat 1,695 10, Refurbished uit. Lettig iterest from adjoiig teat. 36 SRL Traffic Systems Ltd 1,681 19/03/ /03/2017 9, , Reewal discussios ogoig. Ret deposit - 2, Vacat 3,857 20, Teat vacated 09/06/ Holemaster Demtech Ltd 3,892 13/03/ /03/ , , Schedule of Coditio. 39 Briggs Bros. (Egieers) Ltd 3,876 14/03/ /03/ , , Teat has istalled light weight 1st floor storage of 909 sqft. Ret deposit - 11, Skylie Logistics Ltd 3,826 01/07/ /06/ , , Lease reewal close to completio at 23, Warwick Ward (Machiery) Ltd 3,817 23/03/ /03/ , , Ret free period betwee 23/03/2017 ad 22/07/2017. Vedor will top this up. 42 Matelie Egieerig Ltd 3,875 01/08/ /07/ , , Teat has bee i occupatio sice Reewal discussios ogoig. Ret deposit - 23,750. Ret beig paid mothly by way of a side letter. 43 The Geuie Gemstoe Compay Ltd 44 Citas Documet Maagemet UK Ltd 45 Chaga UK R&D Cetre Ltd 11,768 21/09/ /09/2020 (20/09/2018) 3,837 16, , Lease expired o 09/06/2016. New draft lease to Gemporia Ltd uder egotiatio. Teat remais i occupatio uder Teacy at Will. 5,346 14/12/ /12/ , , Reewal discussios ogoig. 46, , Uit was let urefurbished. Licece to Alter 2015 to iclude upgradig yard & rear fecig. Break requires 6 moths otice. Schedule of Coditio September Wigpool Ltd 6,922 15/12/ /12/ , , Teat i occupatio sice Teat has istalled 1,892 sqft of mezzaie. Ret beig paid mothly by way of a side letter agreed i Nov & 48 Amari Copper Alloys Ltd 13,825 06/11/ /11/ , , Schedule of Coditio. TOTAL 187, , ,265

PRICE We are istructed to seek offers i excess of 9,845,000 (Nie millio eight hudred ad forty five thousad pouds) which shows a iitial yield of 7.35%, allowig for purchaser s costs of 6.7%.

The itetio would be to sell as a TOGC. CAPITAL ALLOWANCES Sigificat Capital Allowaces ( 725,000-1,825,000) ca be made available to the purchaser of this property.

7 PRICE We are istructed to seek offers i excess of 9,845,000 (Nie millio eight hudred ad forty five thousad pouds) which shows a iitial yield of 7.35%, allowig for purchaser s costs of 6.7%. Based o our ERV there is a reversio to 8.88%. The price reflects a uderlyig capital value of oly per sqft. VAT The property is elected for VAT ad VAT would be payable o the purchase. The itetio would be to sell as a TOGC. CAPITAL ALLOWANCES Sigificat Capital Allowaces ( 725,000-1,825,000) ca be made available to the purchaser of this property. Further iformatio ca be provided o request. EPCs UNITS The ratigs for the idividual uits rage from C-62 to E-116. Full details ad certificates are available o request. FURTHER INFORMATION There is further iformatio set out i a dataroom. For access to the dataroom or to arrage a ispectio of the estate please cotact us. CONTACTS ANDREW PRICE adrew.price@fspproperty.co.uk ANDREW FRANCK-STEIER adrew.frack-steier@fspproperty.co.uk Frack Steier Price Ltd Third Floor, Victoria House Colmore Row, Birmigham, B3 3BD UNITS 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. 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.

Calculation of the Annual Equivalent Rate (AER)

Calculation of the Annual Equivalent Rate (AER) Appedix to Code of Coduct for the Advertisig of Iterest Bearig Accouts. (31/1/0) Calculatio of the Aual Equivalet Rate (AER) a) The most geeral case of the calculatio is the rate of iterest which, if applied