Investment Summary

Purchase Price in excess of £4,910,000 subject tocontract and exclusive of VAT.

Initial yield of 5.25% net of purchase costs at 5.7625%.

Situated in The Royal Borough of Kensington andChelsea, one of London’s most affluent Boroughs.

Prominently located on Earls Court Road within115 metres to the north west of Earls Courtunderground station.

Mixed use investment comprising a restaurant,nightclub and two retail units.

Total area of 1,174.35 sq m (12,641 sq ft) arranged on basement and ground floors.

Highly reversionary restaurant unit.

Approximately 86% of the income is for in excess of 24 years term certain.

Three effective full repairing and insuring leasesproducing a current rental of £272,500 per annum.

Location

A cosmopolitan and fashionable area of South West London, Earls Courtis situated in the Royal Borough of Kensington and Chelsea. Earls Courtis an established commercial and residential location approx 6 km (4 miles) west of Central London. Nearby centres include Chelsea,Fulham, Hammersmith, South Kensington and Holland Park.

The area is renowned for the Earls Court Exhibition Centre one of thecountry’s largest indoor arenas and a popular concert venue. In addition,the Olympia Halls and conference centre, within 1.6 km (1 mile) to thenorth west, hosts numerous public and trade exhibitions.

Earls Court Road is a bustling environment providing extensive andvaried retail, restaurant and leisure facilities.

CommunicationsEarls Court benefits from excellent communications by road, rail and air.

The A3220 Earls Court Road runs through the heart of Earls Courtconnecting the A40, approximately 4 km (3 miles) to the north west,with the A3 approximately 6 km (4 miles) to the south east. The A4forms the northern boundary of Earls Court and provides direct accessto Central London to the east and the M25 (junction 15) to the westconnecting with the national motorway network.

There are numerous underground stations in close proximity includingEarls Court (District and Piccadilly), Olympia and West Brompton(District and mainline Silverlink), Gloucester Road (District, Circle andPiccadilly) and West Kensington (District). The Piccadilly line providesdirect access to London Heathrow Airport and the mainline Silverlinkstation provides a direct service to London Gatwick Airport.

London Heathrow Airport is approximately 20 km (12 miles) to the west and Gatwick Airport approx 46 km (29 miles) to the south.

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SituationThe investment is prominently located to the west of the A3220 EarlsCourt Road between Spear Mews and Nevern Place.

Earls Court underground station is situated approximately 115 metres to the south east.

The property is positioned within a vibrant mixed use location surroundedby numerous hotels, pubs, restaurants and retailing. Nearby restaurantsand national multiples include Langan's Bar & Grill, Zizzi, Nandos, Sainsbury,Starbucks, Holland & Barrett, Boots the Chemist and Marks & Spencer.

DescriptionBuilt in the mid 1900’s the property extends to approximately 1,174.35 sq m (12,641 sq ft) and is of concrete frame construction with brickwork and render elevations under a flat roof.

The building is arranged with a nightclub at basement level, a ground floorrestaurant and two ground floor retail units, one of which has a basement.A courtyard, accessed from Spear Mews, is located to the rear and providesboth a right of escape and servicing to the nightclub and restaurant.

The basement nightclub, with a capacity of 420, is currently undergoing a £600,000 fit out. The interior and furnishings are being designed byJulien Macdonald who was the Creative Director at Paris couture houseGivenchy from 2001 – 2004 and was awarded an OBE in the QueensHonours list in June 2006.

The tenant of the retail unit, 180A Earls Court Road, will undertake a refit following the completion of the lease renewal.

Please see the tenancies and accommodation schedule.

TenureLong leasehold, from the Single Persons Housing Association Limited, for a term of 300 years from 17 October 1975 at a peppercorn withoutreview. There are approximately 268.5 years unexpired.

There is a right of way over part of 4 Spear Mews.

DemographicsThe Royal Borough of Kensington and Chelsea is one of London’s most affluent Boroughs with an urban area resident population of158,439 and a population within 10 km (6 miles) of the centre of2,167,931 rising within 20 km (12 miles) to 6,002,726 (1994 estimate).

Employment within the travel to work area of the Borough is dominatedby Banking, Finance and Business Services at 45.40% compared withGreat Britain at 17.50%.

Approximately 46.30% of the population, within the Urban Area, is aged between 20-44 years, 31.53% greater than the figure for Great Britain.

Set out below are salient Class Groupings and Mosaic Consumer Classifications.

Class Groupings 2001 Urban Area (%) GB (%)

AB Higher and intermediate managerial /administrative / professional 38.6 21.7

C1 Supervisory clerical / junior managerial /administrative / professional 33.0 29.4

C2 Skilled manual workers 5.2 15.1

D Semi skilled and unskilled manual workers 8.7 17.2

E On State benefit unemployed lowest grade workers 14.5 16.6

Mosaic Consumer Classifications Urban Area (%) GB (%)

Symbols of Success 55.59 10.53

Urban Intelligence 26.20 6.95

Municipal Dependency 0.00 6.40

Blue Collar Enterprise 0.00 11.56

Twilight Subsistence 0.23 2.74

Grey Perspectives 0.25 6.71

TenanciesThe investment is multi let on three effective full repairing and insuringleases, in accordance with the tenancy schedule, producing a currentrental of £272,500 per annum.

Please see the tenancies and accommodation schedule.

CovenantsWagamama Ltd (Restaurant)The first Wagamama opened in Bloomsbury, London in 1992. In the last 14years, Wagamama have rapidly expanded to more than 70 restaurants inLondon and across the UK, Europe, the Pacific Rim and the Middle East.

Year End Turnover Pre Tax Profit Net Worth Employees

24/04/2005 £45,642,000 £5,680,000 £384,000 1,096

25/04/2004 £32,538,000 £3,525,000 £5,030,000 837

27/04/2003 £25,349,000 £2,682,000 £2,992,000 663

For additional information, please see: www.wagamama.com

Pencil Clip Limited (Nightclub)The company, trading as Coco Latté SW5, is co-owned by Marc Merran, a highly successful restaurant, bar and nightclub owner and NicholasChrisostomou, owner of Coco Latté Events & PR, a London based PR andevents promotor specialising in the organisation of bespoke events.

Marc Merrans’ first club, Iceni, was hugely successful from its inception in 1991,holding The Sunday Times Club of the Year Awards from 1994-1996. From Icenifollowed Long Legs (Puerto Banus, Spain 1995-1997), Thunderdrive (Piccadilly,London 1996-1997), The Loose Box (Knightsbridge, London 1996-1997), TheChocolate Bar (Berkeley Square, London 1997-2000) and Cirque at The LondonHippodrome (Leicester Square, London April 2004-2006).

Currently, Marc co-owns a number of exclusive nightclubs including Silver,Mo*vida, 50 St James’s, Chinawhite, Aura, Ssshh, The Boarder and Umbaba.

Coco Latté SW5, having attracted sponsorships from luxury brands includingMoët & Chandon, will be a sophisticated and versatile 420 capacity lounge, barand nightclub launching with a series of lavish, high profile parties commencingMonday 30th April 2007.

For additional information, please see: www.CocoLatteSW5.com (web sitelaunches on 1 April 2007).The VIP Suite – The Living Room (VIP room) at Coco Latté SW5 © Jimmie Martin Ltd www.jimmiemartin.co.uk

UNIT TENANT FLOOR USE ACCOMODATION (i) LEASE RENT COMMENTS

SQ M SQ FT START EXPIRY REVIEW PER ANNUM

(PER SQ FT)

182 Wagamama Ltd Ground Restaurant 308.71 3,323 24/06/2006 23/06/2031 24/06/2011 £110,000 Demise includes the rear courtyard accessed from Spear Mews.

t/a Wagamama Total NIA 308.71 3,323 & 5 yearly (£33.10)

180-182 Pencil Clip Limited Ground Entrance 26.76 288 02/03/2007 01/03/2032 02/03/2012 £125,000 Rent deposit held of £31,250.

t/a Coco Latte SW5 Basement Nightclub 754.81 8,125 & 5 yearly (£14.86)

Total GIA 781.57 8,413

180A Mr Ahluwalia Ground Sales 39.48 425 £15,150 Landlord break at year 5 for redevelopment.

t/a International Call Centre Total NIA 39.48 425 (£103.00 ZA) Vendor will guarantee until signed (max 6 months).

ITZA 17.08 183.84 Zone A analysis reflects 20% discount due to alienation provisions.

184 t/a Rawsil Ground Sales 24.25 261 £22,350 180A - ITZA reflects differing floor levels.

Basement Storage 20.35 219 (£103.00 ZA) 184 - basement analysed at £5.00 per sq ft.

Total NIA 44.59 480

ITZA 25.23 271.63

£37,500

TOTAL 1,174.35 12,641 £272,500

(i) Areas have been provided from our clients management records

Year 5

Lease renewal under

negotiation for a

term of 10 years

6a Wimpole Street, London W1G 8AL

Telephone: 020 7323 1010Facsimile: 020 7323 6600

David Baroukh: 020 7631 2244 david@dbaprop.co.uk Philip Hunt: 020 7631 2245 philip@dbaprop.co.uk

impact 01622 833880 / www.impact-im.co.uk (D0940)

Disclaimer on misrepresentationDavid Baroukh Associates for themselves and for the vendors or lessors of the properties whose agents they are give notice that:-1. All particulars or properties provided are given as a general outline only for the guidance of intending purchaser, lessee or tenant, and do not constitute,

nor constitute part of, an offer or contract. 2. Whilst all particulars of properties given including but not limited to descriptions, dimensions, references to condition and necessary permissions for use and

occupation and maps are believed to be correct and are given in good faith, they are however given without responsibility on the part of David Baroukh Associatesor the vendors or lessors as the case may be.

3. None of the statements contained in any particulars is to be relied upon as a statement or representation of fact.4. Any intending purchaser or lessee or tenant should not rely on any particulars provided by us and must satisfy themselves by inspection or otherwise as to the

correctness of each statement made in such particulars. 5. The vendor or lessor as the case does not make or give and neither David Baroukh Associates nor any person in their employment has any authority to make or

give any representation or warranty whatever in relation to any properties. March 2007

Investment Considerations • Affluent and established commercial and residential location in close proximity to the City and West End.

• Prominent mixed use investment comprising a restaurant, nightclub and two retail units.

• Highly reversionary restaurant unit. In November 2006, 163-165 Earls Court Road was let, underaggressive competition, to Gourmet Burger for a term of 25 years at £90,000 per annum. The ground floor has been analysed at £68.18 per sq ft overall with the basement apportioned at £6.82 per sq ft.

• In excess of 86% of the income being for in excess of 24 years term certain with over 40% of the incomesecured to the substantial covenant of Wagamama Ltd.

• Substantial nightclub, benefiting from a valuable Premises License, leased to both an established andsuccessful nightclub owner and PR and events promoter.

• The individual self contained assets provide break-up potential.

• Strong rental growth prospects with the retail rents averaging 8.45% per annum over the previous 5 years.

SUBJECT TO CONTRACT AND EXCLUDING VAT

ProposalOur client is seeking offers in excess of £4,910,000 (Four Million Nine Hundred and Ten Thousand Pounds)subject to contract and exclusive of VAT.

YieldInitial yield of 5.25% net of purchase costs at 5.7625%.

PlanningWe have been advised that the property is not Listed and is not situated in a Conservation Area.

VATVAT is payable on the purchase price.