two freehold open non-food retail warehouse investments

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8 Accommodation and Tenancies Unit Tenant 1 2 3 Halfords Ltd i Brantano (UK) Ltd ii Matalan Retail Ltd Area (sq ft) 8,000 8,000 26,000 Start 24/06/02 24/06/01 24/06/01 Term 15 25 25 Expiry 23/06/17 23/06/26 23/06/26 42,000 i 2007 RR currently outstanding ii Rent increases to £134,000 p.a. on 24/06/2008 and to £138,000 p.a. on 24/06/2009 iii Area as stated in the lease Covenant information Tenant Halfords Ltd Brantano (UK) Ltd Matalan Retail Ltd Date 31/03/06 01/04/05 31/12/06 31/12/05 25/02/06 26/02/05 iii iii iii Sales Turnover £681.70m £616.70m £108.33m £112.82m £1,059.50m £1,102.90m Pre-tax Profit £77.0 £88.0 £0.69m £3.68m £25.90m £73.40m Net Worth (£56.30m) £151.30m £37.52m £37.37m £75.10m £136.60m Next RR 24/06/07 24/06/11 24/06/11 D&B Rating N3 5A1 5A1 Rent (p.a.) SCHEDULES £108,000 £130,000 £383,500 £621,500 Rent (sq ft) £13.50 £16.25 £14.75 ERV (sq ft) £15.50 £17.25 £15.00 ERV (p.a.) £124,000 £138,000 £390,000 £652,000
Kingsteignton Retail Park is the prime scheme in Newton Abbot which combined with the scarcity of available space in the town means that demand for the scheme is strong, and not surprisingly all of the current occupiers trade well from the location. The strength of the location is further enhanced by its accessibility to a wider catchment, with the A380 leading south to Torquay meaning the northern Torbay conurbation is also served by Kingseignton. Rental evidence in Devon Town Barnstaple Bodmin Exeter Exeter Hayle Plymouth Redruth Torquay Torquay Torquay Scheme Barnstable Retail Park Bodmin Retail Park Exe Bridge Retail Park Rydon Lane Retail Park West Cornwall Shopping Park Marsh Mills Retail Park Camborne Retail Park Bridge Retail Park Newton Road Wren Retail Park Occupier Pets At Home Halfords Next Land of Leather Marks & Spencer Land of Leather Comet Pets At Home B&Q Boots Date 20/02/07 01/04/05 25/12/04 15/02/05 25/06/06 01/02/05 01/01/04 24/06/06 06/02/06 Transaction Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting Open Market Letting RENTAL VALUE We are of the opinion that if a unit was available in the open market then a rent in excess of £20.00 per sq ft would be achievable. We set out below a number of transactions which place the scheme’s ERV’s in the context of rents within the region and which in our opinion demonstrate the fact that we have adopted a conservative ERV. Scheme Size (sq ft) 50,000 55,000 55,000 TITLE PLAN 106,000 10,000 40,000 112,000 97,500 40,000 59,400 47,000 Unit Size (sq ft) 10,000 6,000 15,000 20,000 10,000 10,000 8,000 59,400 12,260 Rent (sq ft) £19.00 £13.00 £30.00 £35.00 £28.00 £24.50 £14.25 £24.00 £22.00 £35.00 Comments Bulky goods consent. One of two schemes in town. Limited catchment. Bulky goods consent. Prime open A1 scheme in town. Prime bulky scheme in town. Dominant scheme for catchment. Open A1 consent. Prime bulky scheme in town. Bulky goods consent. Bulky goods. Third scheme in town. Stand alone DIY unit. Prime open A1 scheme in town. 9
Page 1 and 2: TWO FREEHOLD OPEN NON-FOOD RETAIL W
Page 3 and 4: INVESTMENT SUMMARY NEWTON ABBOT New
Page 5 and 6: A383 A382 Broadlands A381 Wolboroug
Page 7: NEWTON ROAD 3 2 2 1 PLANNING AND TE
Page 11 and 12: INVESTMENT SUMMARY PLYMOUTH Plymout
Page 13 and 14: RETAIL WAREHOUSING IN PLYMOUTH Reta
Page 15 and 16: 1. Matalan 2. Magnet 3. Lidl 4. Arc
Page 17 and 18: Accommodation and Tenancies Unit 1
Page 19 and 20: PROPOSAL VAT We anticipate that the

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