Lester RoadLittle Hulton

ManchesterM38 0PT

• High Yielding • Distribution / Warehouse Investment Opportunity •

Executive Summary

• The property lies at the heart of the regions motorway network with 20 million consumers and 60% of UK business within a two hour drive of the location

• Junction 4 of the M61 motorway is within 1 mile of the property.

• Freehold property of approximately 330,112 sq ft.

• The property is let to Littlewoods Retail Limited (Dun & Bradstreet 5A2), a wholly owned subsidiary of Shop Direct whose HQ is based in Liverpool on a recently renewed 5 year lease expiry November 2018 at an annual rent of £750,000 per annum.

• The property is an integral part of the company’s distribution network. The company operates four distribution centres, with the national distribution centre based at Shaw, Oldham with other facilities at Chadderton (returns) and Wrexham (third party site) together with the subject property.

• Littlewoods have occupied the unit since 1998. The rent was reduced from £1,050,000 at the recent lease renewal.

• Offers in excess of £7,660,000 (Seven Million, Six Hundred and Sixty Thousand Pounds) which offers an attractive net initial yield of 9.25% net of purchaser’s cost at 5.8%.

• The purchase price reflects a low capital value of £23.20 per sq ft.

• We believe the property is reversionary and therefore offers a purchaser excellent opportunity for future rental growth performance.

3

LittleHulton

Tyldesley

Shakerley

OverHulton

MorrisGreen

Great Lever & FarnworthGolf Course

BOLTON

WALKDEN

BR

AD

FOR

D R

OA

D

FRESHFIELD AVENUE

H IGHFIELD ROAD

A579 ST HELENS ROAD

A579 DERBY R

OAD

B6199 PLODDER LANE B6199 PLO D DER LANE

A5

082 CLEGG’S LANE

A6 MAN

CHESTER ROAD

A6 MANCHESTER ROAD

LEST

ER R

D

A579 ST HELENS ROAD

A579 DERBY R

OAD

A6 SALFORD ROAD

A5

75

WO

RSLEY R

OA

D

A5

75

WO

RSLEY R

OA

D

A666 ST PETERS’ WAY

B5232 BRID

GEW

ATER

RO

AD

To Manchester & Salford

To Westhaughton

4

2

M61

3

Littlewoods

The property is located in Little Hulton within the district of Salford at the heart of the Greater Manchester region approximately 9 miles north west of Manchester, 3.5 miles south of Bolton and 7 miles north west of Salford. The town has the M61 running to the east with junction 3 and 4 of the motorway belt being within a 10 minute drive. Salford has an immediate population of 230,000 persons with a catchment of over 2.5million within a 10 mile drive.

Location

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291

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M6

M6

M65

M65

M66 M62

M6M55

12

11

11

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7

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3

4

44

4

5

5

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6

67

8 910

11

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13

14

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9

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1617

19

19

20

20

21

21

22

20

21

22

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24

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27

28

30

29

31

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27 2625

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765

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Wigan

Bolton

BlackburnPreston

Southport

Blackpool

Manchester

Oldham

Huddersfield

Halifax

Warrington

Macclesfield

Congleton

Stokeon-Trent

Stone

Stafford

Crewe

NantwichWrexham

Middlewich

Northwich

Liverpool

SpekeWidnes

EllesmerePortHollywell

Flint

RhylRhuddlan

Denbigh

St. Asaph

COLWYN BAY

LLANDUDNO

River Mersey

LiverpoolJohn Lennon

Airport

ManchesterAirport

Chester

St Helens

A55A55A55

A58

A6

A6

A6

A6

A6

A6

A6

A56

A59

A59

A59

A6

A582

A583

A583

A587

A584

A565

A671

A58

A58

A53

A666

A666

A646 A646

A629

A644

A576

A6010

A627

A628

A523

A537

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A513A53

A34

A34

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A34

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A520A34

A34

A54

A541

A494

A494

A525

A525

A5026A525

A541

A544

A548

A548

A473

A50

M62

M62

M60

M602

M61

M57

M58

M6

M6

M6

M56

M56

M53

A5300

A5058

A561 A56

A50

A556

A556A5117

A548

A56

A59

A49

A54

A51

A55

A41

A41

A494

A533

A557

A557

A580

A580

Littlewoods

Lester Road

M61

Littlewoods

J4A6

Manchester Road West A6

M623 Miles

ARTIST’S IMPRESSION

The site lies at the heart of the region’s motorway network with 20 million consumers and 60% of UK business within a two hour drive.

The property is situated on Lester Road which is accessed off the A6 Manchester Road West. The A6 connects with junction 4 of the M61 motorway 1 mile north.

The M62 via the M61 is 3 miles south, providing easy access to key ports in Liverpool and Hull. The M6 (junction 21a) is within a 20 minute drive providing access to Scotland and the Midlands.

Adjacent to the property is Logistics North, a development by Harworth Estates which is a new 250 acre logistics park where Aldi have chosen it to accommodate their new 450,000 sq ft facility. Development of this site is due to commence during 2014 eventually providing in excess of 4,000,000 sq ft of industrial accommodation.

Situation

Cities Miles Time

M60, Mcr Orbital 4 6 mins

Mcr City Centre 9 24 mins

Warrington 20 24 mins

Liverpool 32 35 mins

Leeds 46 48 mins

Birmingham 95 1hr 32 mins

London, M25 187 2hr 51mins

Ports

Liverpool 41 45 mins

Hull 102 1hr 44mins

Immingham 114 1hr 54 mins

Southampton 236 3hrs 39 mins

Felixstowe 256 4hr 6 mins

Estimated Drive Times

Adjacent Logistics North Development

ARTIST’S IMPRESSION

The property offers a substantial self-contained distribution facility developed in the late 1970s and extended in the 1980s. In summary the specification includes:

• Steel portal frame construction with eaves height ranging between 8.6m to 8.8m

• External metal and brick clad elevations beneath a full insulated pitch roof

• 18 dock level and 3 level access loading doors with canopies over loading areas

• Heating (gas blowers) and sodium lighting and sprinklers (warehouse 2 only)

• Integral offices to both Warehouse 1 and Warehouse 2

• Security gatehouse with barrier entry system

• Fully enclosed site with perimeter fencing

• Extensive yard areas allowing parking for over 60 HGV’s and staff car parking for over 50 vehicles with substantial landscaped areas.

• Separate vehicle / garage / workshop facility

Description

95.3m

92.0m

85.2m

Path(um

)

Track

Path (um)

Trac

k

Graveyard

Tank

Depot

Issues

Shaft(disused)

Carrfield Close

CAR

RFIE

LDA

VE

NU

E

CARRFIELD GROVE

El Sub Sta

El Sub Sta

51

73

4

5250

7

3a3

54

1

6

48

7

1

72

1

67

61

7a

22

115

31

9

1a

87

2016

1

70

26

41

2

36

57

6

49

153a

2

101

8

2

78

1

29

117

8

69

99.7m

WHA

RTO

NL

CLOUDS

Scrap Yard

Towngate Business Centre

11

Depot 6

0m 50m 100m 150m

Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:2586

Site AreaThe site extends to a total area of approximately 20.457 acres (8.279 ha) reflecting a site coverage of 27%.

Warehouse 1

Area Sq Ft Sq m

Warehouse 123,613 11,488.20

Mezzanine 8,226 764.50

Offices 2,908 270.30

TOTAL 134,747 12,523

Warehouse 2

Area Sq Ft Sq m

Warehouse 96,013 8,923.10

Ancillary Offices/Store 17,233 1,601.60

Mezzanine Storage 14,910 1,385.70

First Floor Offices 24,829 2,307.50

Offices/Conference 25,066 2,329.60

TOTAL 178,051 16,547.50

Ancillary Accommodation

Area Sq Ft Sq m

Vehicle Depot 4,876 453.18

Pump House 408 37.95

Stores 3,117 289.68

Security Hut 742 69.00

Boiler Room 8,171 759.42

TOTAL 17,314 1,609.23

TOTAL 330,112 30,679.73

The measurements below which are calculated on a gross internal basis have been agreed between landlord and tenant at the recent lease renewal. The property provides a total approximate area of 330,112 sq ft (30,679.73 sq m) split as set out below.

Market CommentaryIn the North West the distribution market remains buoyant and there continues to be healthy levels of take up in both prime and secondary markets. Prime rents for distribution are c. £5.00 - £5.50 per sq ft and we believe these rents will be quoted on the adjoining development site. Comparable properties at Warrington, Trafford Park, Winsford, Ellesmere Port and Crewe are obtaining rents in the order of £3.00 - £3.50 per sq ft. A schedule of evidence can be provided to interested parties.

Accommodation

TenureThe property is freehold.

TenancyThe property is let to Littlewoods Retail Limited for a term of five years from 7 November 2013 on full repairing insuring terms at a current rent of £750,000 per annum (£2.27 per sq ft).

Tenant CovenantLittlewoods Retail Limited was established in 1946 being a household name in consumer retailing both on the high street, catalogues and more recently with their online offering.

For the year ending 30 June 2013 the company reported a tangible net worth of £251,000,000 and a D&B rating of 5A2.

The ultimate holding company is Shop Direct who are a leading multi brand digital retailer with annual sales of £1.7bn. Their digital department stores include VERY.co.uk, Littlewoods.com, ISME.com, Woolworths.com, Kandco.com, which receive an average of 800,000 website visits every day. The Group supply over 800 famous brands distributing from their fulfilment centres over 25 million parcels each year to their customers. Further information on the tenant can be found at www.shopdirect.com. In addition there is a copy of the D&B report on the website www.gva.co.uk/7485.

VATElection to waive exemption for VAT has been made and therefore VAT will be charged on the purchase price. It is anticipated the sale will be treated as a transfer of a going concern.

EPCCopy of EPCs for the property can be provided to interested parties or downloaded from our website www.gva.co.uk/7485.

ProposalWe are seeking offers in excess of £7,660,000 (Seven Million, Six Hundred and Sixty Thousand Pounds) which offers a purchaser an attractive net initial yield of 9.25% net of purchaser’s costs at 5.8%.

We believe the opportunity offers excellent prospects for future rental growth with the building being let off an extremely low basis. In addition the rate reflects a low capital value of £23.20 per sq ft.

David Winterbottom Direct Dial: 0161 956 4103 david.winterbottom@gva.co.uk

Gurminder Manak Direct Dial: 0161 956 4105 gurminder.manak@gva.co.uk

For any other investment sales please visit:

gva.co.uk

SUBJECT TO CONTRACT

April 2014

Further information

Should you wish to inspect the property or require additional information, please contact:

London West End10 Stratton StreetLondon W1J 8JR

London City80 CheapsideLondon EC2V 6EE

BelfastRose Building Third Floor16 Howard StreetBelfast BT1 6PA

Birmingham3 BrindleyplaceBirmingham B1 2JB

BristolSt Catherine’s CourtBerkeley PlaceBristol BS8 1BQ

CardiffOne KingswayCardiff CF10 3AN

EdinburghQuayside House127 FountainbridgeEdinburgh EH3 9QG

Glasgow206 St Vincent StreetGlasgow G2 5SG

LeedsCity Point First Floor29 King StreetLeeds LS1 2HL

LiverpoolNo.4 St Paul’s Square Old Hall StreetLiverpool L3 9SJ

ManchesterNorfolk House7 Norfolk StreetManchester M2 1DW

NewcastleCentral SquareForth StreetNewcastle upon TyneNE1 3PJ

Published by GVA - 10 Stratton Street, London W1J 8JR©2014 Copyright GVA

GVA is the trading name of GVA Grimley Limited and is a principalshareholder of GVA Worldwide, an independent partnership of propertyadvisers operating globally gvaworldwide.com

GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agentsthey are, give notice that:1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offeror contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to becorrect but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctnessof each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation tothis property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No 774359. If applicable, withconsent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. Apr 2014

gva.co.uk/7485