BOWLER PORTFOLIO - Allsop .BOWLER PORTFOLIO. PORTFOLIO OVERVIEW ... urther development opportunities

SIX INDUSTRIAL PROPERTIES

BOWLER PORTFOLIO

SIX INDUSTRIAL PROPERTIES

BOWLER PORTFOLIO

PORTFOLIO OVERVIEW

The portfolio compromises 6 industrial properties of a single and multi-let nature throughout South Wales. The portfolio offers:

Asset management opportunities alongside secure income

Total floor area of 851,577 sq ft

Let at a passing rent of 1,937,289 pa equating to an average rent of 2.27 psf on let area

Potential for reversion through fixed increases and rental growth

Weighted average lease term of 9.35 years to expiry and 7.62 years to break

37% of the portfolio let to covenants with a D&B rating of 5A1

Offers in excess of 20,000,000 (Twenty Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 9.10% and a potential reversionary yield of 9.93% after standard purchasers costs of 6.48% and reflects a low capital value of 23.48 per sq ft.

Brecon Beacons National ParkForest of Dean

Cardiff

Swansea

Bristol

A483

A470

A465

A465

A449

A449

A417

A465

A438

A438

A479

A470

A470

A483

A4042

A4172

A4137

A4103

A4232

A48

A40

A40

A48

A40

A49

A40

A40

A48

A403

A4

A4

A37

A46A420

A433

A38

A38

M4M4

M5

M5

M4

M32

M50

M49

M48

A48(M)

Port Talbot

Neath

Brecon

Pontypridd

Barry

Penarth

MerthyrTydfil

Abergavenny

Hereford

GreatMalvern

Pontypool

BlackwoodCwmbrn

Caerphilly

Chepstow

Ross-on-Wye

ChippingSodbury

PontsheadAvonmouth

Weston-super-Mare

CARDIFF

SWANSEA

NEWPORT

BRISTOL

GLOUCESTER

BATH

2

5

1

4

6

3

THE PROPERTIES

Trojan Electronics Limited, Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE

Unit Superheater Engineering Limited, Elba Business Park, Elba Crescent, Swansea SA1 8QE

Amnitec Limited, Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX

Hawker Siddeley Switchgear Limited, CCS McLays Limited, Roydon Bottle Recycling Limited, Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH

Smurfitt Kappa UK Ltd, Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR

Zodiac Seats UK Ltd Henry Thomas House, Llantarnam, Cwmbran NP44 3HB

1 2 3 5 64

PROPERTY SCHEDULE

21 3

5 64

Property Tenant Tenure Area sq ft Area Sq M Acres Total Rent psf ERV AWULT (certain) AWULT (expiry)

Fabian Way, Kings Dock, Trojan Close, Crymlyn Burrows Swansea SA1 8QE

Trojan Electronics Limited Virtual Freehold 182,318 16,937.76 8.19 529,000 2.90 556,200 12.40 12.40

Elba Business Park, Elba Crescent, Swansea SA1 8QE

Unit Superheater Engineering Limited Virtual Freehold 85,336 7,927.91 3.79 245,500 2.87 266,344 15.43 15.43

Unit 4, Abercanaid, Merthyr Tydfil CF48 1UX Amnitec Limited Freehold 126,293 11,732.91 6.79 252,500 2.00 252,500 5.40 5.40

Blackwood Business Park, Pontllanfraith, Blackwood NP12 2XH

Hawker Siddeley Switchgear Limited (1) CCS McLays Limited Roydon Bottle Recycling Limited

Freehold 302,129 28,068.47 26.14 577,789 1.91 627,489 4.28 9.48

Unit 22, Darren Drive, Prince of Wales Industrial Estate, Abercarn NP11 5AR

Smurfit Kappa UK Limited (2) Freehold 131,228 12,191.38 13.90 247,500 1.89 328,070 0.80 0.80

Henry Thomas, Llantarnam, Cwmbran NP44 3HB

Zodiac Seats UK Limited Freehold 24,273 2,255.02 2.30 85,000 3.50 85,000 3.61 8.61

TOTAL 851,577 79,113.45 61.11 1,937,289 2.27 2,115,603 7.62 9.35

5

4

6

1

3

2

(1) New lease in solicitors hands. (2) New lease in negotiations.

TROJAN ELECTRONICS LIMITED, FABIAN WAY, KINGS DOCK, TROJAN CLOSE, CRYMLYN BURROWS SWANSEA SA1 8QE

1

SWANSEA

Crown Copyright, ES 100004106. For identification purposes only.

As hleigh Terrace

B4

290

New

Road

Baldwins Crescent

Elba Cresce

nt

Ff

ordd Ama

zon

Ffordd Amazon

Hill V

iew

A483

Fabian Wa

y

A483

A483

SWANSEAUNIVERSITYBAY CAMPUS

SWANSEA BAY

SWANSEA BAYGOLF CLUB

Investment Rationale Located in Swansea, the second largest City in Wales Modern distribution unit close to the Amazon hub Let to Trojan Electronics Limited for over 12 years unexpired

Benefit from fixed rental increases Further development opportunities at the front of the site

LOCATION

The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard and DVLA. The City has undergone significant regeneration.

Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whilst the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 2 hrs and 50 mins respectively.

SITUATION

The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4. Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject property, NPT Homes Limited, Neath Port Talbot Council and Intertissue Limited. To the south of Fabian Way, is the recently developed campus for Swansea University which includes student accommodation.

DESCRIPTION

The property comprises a large, modern warehouse with ancillary office accommodation totalling 182,318 sq ft. The unit is of steel portal frame construction with steel clad elevations beneath a steel clad double pitched roof. The unit benefits from a minimum eaves height of 7.5m, 4 roller shutter doors and 6 dock level loading doors. The offices are located along the western elevation of the warehouse and provide modern office accommodation with W/C and kitchen facilities.

The property benefits from a large car park to the west of the site. Furthermore, there is a large yard to the south of the property providing the main loading facilities.

SITE

The property has a total site area of 8.19 acres (3.31 ha) providing a site coverage of 50%.

TENURE

999 year lease at a peppercorn.

COVENANT INFORMATION

Trojan Electronics Limited (04125912)

31 March 2013

31 March 2014

31 March 2015

Turnover 8,773,341 9,651,090 10,740,772

Pre Tax Profit 107,335 572,679 56,360

Net Worth 297,305 616,107 153,097

EPC

A copy of the EPC is available on request.

Unit Use Tenant Sq Ft Start Expiry Rent Review Break Rent Rent (psf)

ERV ERV (psf)

Comments

Unit 2.1 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 156,000 17/03/2015 16/03/2030 17/03/2020 n/a 453,000 2.90 476,400 3.05 Rent year 5-10 476,400 p.a. Year 10-15 500,970 p.a. Schedule of condition.

Unit 2.2 Fabian Park, Fabian Way Warehouse Trojan Electronics Limited 26,318 17/03/2015 16/03/2030 17/03/2020 n/a 76,000 2.89 79,800 3.03 Rent year 5-10 79,800 p.a., Years 10-15 83,790 p.a. Schedule of condition.

Total 182,318 529,000 2.90 556,200 3.05

TENANCY SCHEDULE

Ffordd Amaz

on

Drain

KingsDock

Building

UNIT SUPERHEATER ENGINEERING LIMITED, ELBA BUSINESS PARK, ELBA CRESCENT, SWANSEA SA1 8QE

NEW SWANSEA UNIVERSITY CAMPUS2

SWANSEA

Crown Copyright, ES 100004106. For identification purposes only.

Investment Rationale Located in Swansea, the second largest

City in Wales Large site with 2 high bay warehouses

Let to Unit Superheater Engineering Limited for over 15 years unexpired

Low rent average rent of 2.83 psf

LOCATION

The Property is located in the city of Swansea, South Wales, approximately 40 miles (63.4 km) west of Cardiff and 11 miles (17.7 km) east of Llanelli. Swansea is Waless second largest city with a population of approximately 240,000 (Census 2011). Swansea is a regional commercial centre and as such has attracted a number of multi-national occupiers including; HSBC, Admiral Insurance, Amazon, Morganite, BT, Virgin Media, Hewlett Packard. and DVLA. The City has undergone significant regeneration of late.

Swansea benefits from excellent transport communications having access to four junctions off the M4. The A48 dual carriageway links the city with Carmarthen, whist the A465 provides direct links to Neath and the Midlands. Swansea Railway Station provides regular services to Cardiff and London Paddington with fastest journey times of 50 mins and 3 hrs and 50 mins respectively.

SITUATION

The Property is situated approximately 3 miles (4.8 km) west of Swansea city centre, immediately north of Fabian Way (A483) which forms the main arterial route from the city centre to the M4 (Junction 42). Surrounding occupiers include Amazon who occupy a 900,000 sq ft distribution unit directly east of the subject site, NPT Homes Li