SOPER OF LINCOLN-BMW & MINI CAR SHOWROOMROMAN WAY,SOUTH HYKEHAM, LINCOLN LN6 9UH

CAR SHOWROOM INVESTMENT

n Freehold

n Modest passing rent equating to £8.39 p.s.f. overall

n Fixed rental increases equating to 3% p.a

n Seeking offers of £3,835,000

Investment Summaryn Prominent Car Showroom Investment

n The only BMW car dealership in Lincoln

n Built in 2006 comprising approximately 38,673 sq ft

n Unexpired term of 18 years 2 months

n Yield Profile

Initial Yield 8.00%

2016 9.27%

2021 10.75%

2026 12.46%

Equivalent Yield 10.09%

VISUAL PLACEHOLDER

LOCATION PLAN

TO BE DRAWN

Redruth

Padstow

Wadebridge

TintagelLaunceston

Looe Paignton

Dartmouth

SalcombeKingsbridge

Douglas

Ramsey

Peel

Castletown

Macduff

Inverness

Aberdeen

Portlethen

DundeeBlairgowrie

PerthOban

Glencoe

KirkcaldyBuckhaven

Bo'ness

Glenrothes

Stirling

Forfar

DunblaneAlloa

Denny

Callander

Kilsyth

Livingston

Biggar

Aberfeldy

Cupar

DunfermlineCowdenbeath

Falkirk

HelensburghStenhousemuir

GreenockGlasgow

Motherwell

Dumbarton

Hamilton Peebles

KilmarnockBrodick

Wick

Portskerra

Skerray

Mallaig

Ardvasar

Kyle

Dunbar

HaddingtonEdinburgh

Invergarry

Invermoriston

Tobermory

Stonehaven

Peterhead

Ellon

Dyce

Inverurie

Mintlaw

Fraserburgh

Lossiemouth

Elgin

ForresNairn

Dornoch

Achnasheen

Invergordon

Inveran

Johno' Groats

Thurso

FortWilliam

Arbroath

Carnoustie

Lunan

Ipswich

Stowmarket

Halesworth

Sudbury

Bedford

Chelmsford

Braintree

Tiptree

Croydon Ramsgate

Broadstairs

Crawley

MaidstoneCanterbury

FolkestoneTunbridgeWells

Brighton

Newbury

GreatMalvern

Hay-on-Wye

LlandrindodWells

Basingstoke

SalisburyWinchester

Wareham

Poole

YeovilCrewkerne

Newport

Barnstaple

Trowbridge

ChippenhamWeston

Super-MareBath

Clevedon

ChippingSodbury

Stroud

Bristol

Gloucester

SkegnessIngoldmells

Boston

FakenhamAylsham

Holt

King's Lynn

Norwich

GreatYarmouth

LongSutton

E. Dereham

Kettering

Huntingdon

Corby

Ely

Dorchester

Weymouth

BridportExeter

Crediton

Torquay

Plymouth

NewtonAbbot

Truro

Hayle

Newquay

Scunthorpe

Worcester

Brecon

Llandovery

Llanelwedd

Cwmbran Chepstow

Bridgend

CardiffPenarth

Barry

Swansea

CarmarthenHaverfordwest

Pembroke

Liverpool

Macclesfield

Chester

Lincoln

Derby

Telford

WolverhamptonLeicester

Coventry

Aberystwyth Birmingham

Taunton

Merthyr

Felixstowe

Cromer

N. Walsham

AttleboroughLowestoftKessingland

Haverhill

Hemsby

Newmarket

Southampton

St. Austell

Bude

Penzance

Teignmouth

Bideford

Holsworthy

SouthMoltonGreat

Torrington

MilfordHaven

Fishguard

Cardigan

Hereford

Porthmadog

Caernarfon

Louth

Dover

Deal

Sandwich

Margate

Colchester

Clacton-on-SeaFrinton-on-SeaWalton on the Naze

SouthwoldBungayThetford

Peterborough

Grantham

Banbury Stevenage

Aylesbury

ManchesterStockport

Rochdale

Huddersfield

Doncaster

Tavistock

Okehampton

Nottingham

Sheffield

Middlesbrough

BishopAuckland

Dumfries

Thornhill

GretnaDalbeattie Annan

Newcastle-upon-Tyne

Workington

Sunderland

Peterlee

Whitley Bay

Tynemouth

Hartlepool

Durham

Darlington

Lancaster

York

Harrogate

Leeds

Ripon

Preston

Bradford

Goole

NewGalloway

PenrithKeswick

ConistonRavenglassRichmond

AyrCumnock

New Cumnock

Moffat

Muirkirk

MayboleTurnberry

Scarborough

Pickering

Kingstonupon Hull

StranraerPortpatrick

Port LoganDrummore

Campbeltown

Hornsea

Whitby

Girvan

Ballantrae

Kirkcolm

Sanquhar

BanffBuckie

Huntly

TurriffKeith

Craigelliachie

Kinbrace

Altnaharra

Lochinver

Culkein

Balchrick

Ullapool

Gairloch BraemoreJunction

Durness

Lairg

Grantown-on-Spey

Rothes

Braemar

Laurencekirk

Drumnadrochit

Stornoway

Port of Ness

AviemoreKingussie

Newtonmore

Dalwhinnie

NeathLlanelli

St.Clears

LampeterTregaron

Tenby

Porthcawl

PontypriddPortTalbot

LlantwitMajor

Aberaeron

Aberdovey

Nefyn

Barmouth

Pwllheli Criccieth

Welshpool

Mablethorpe

Sutton-on-Sea

Caistor

Kirkcudbright

Prestwick

Paisley

Kincardine

Melrose

Kelso

MorpethOtterburn

Prudhoe

Bodmin

Clovelly

Dunoon

Bridlington

Exmouth

Sidmouth

Honiton

Hunstanton

Montrose

Johnshaven

Helston

St. Ives

St Just FalmouthSt Mawes

Minehead

Burnham-on-Sea

Swanage

Petersfield

AldeburghWoodbridge

Leiston

Swaffham

Mildenhall

Brandon

WymondhamDownham

Market

Diss

Beccles

Sheringham

Wells next the Sea

Beverley

Filey

Blyth

Belford

Amble

Kielder

Haltwhistle

Newbiggin-by-the-Sea

Coldstream

Eyemouth

North Berwick

St Andrews

BrechinPitlochry

Tongue

Banchory

Unapool

Irvine

LargsRothesay

Troon

Maryport

Allonby

WhitehavenSt Bees

Seascale

Whithorn

Glenluce

NewtonStewart

Lockerbie

Wigton

WetheralBrampton

Newport

IlfracombeLynton Lynmouth

NewtownBliston

Windermere

Cromarty

Lybster

Ulbster

Mybster

Brora

Westbury

Shaftesbury

Sherborne

LymeRegis

Bridgwater

Totnes

WellsGlastonbury

Wellington

Retford

Blackburn

Chesterfield

Whitchurch

Bury StEdmunds

Oxford

Machrihanish

Islay

Tiree

Barra

Benbecula

Stornoway

Belfast

Penzance Heliport

Plymouth

Newquay

Ballasalla

Cork

Waterford

Kerry County

Shoreham

Norwich

Cambridge

Dundee

Aberdeen

Wick

Swansea

GloucesterCheltenham

Lyneham

Inverness

Londonderry

Coventry

Birmingham

Kent Intnl.

Stansted

London-City

Southampton

Humberside

Woolsington

Durham Tees Valley Airport

Newcastle International Airport

Edinburgh

Prestwick

Cardiff

Bristol

Exeter

EastMidlands

B'mouth

Heathrow

Gatwick

Guildford

Cheltenham

Cambridge

Luton

Reading

MiltonKeynes

Northampton

Maidenhead

Yeovil

Bristol

Bournemouth

LondonM4

M4

M5M4

M3

A3

M25

M25

M27

A37

A46

A34

A303

M25

A12

M20

M20 M2

A23

A21

A27

A34

A36

A338

A354

A31

M6A565

A19

A170

A66

M621M65

A1M

A1

M6

M6

M6

M 1

M 1

M 1

M 1

M 1

M5

M5

M42

M18

M69

M60

M62

M42

M52

M50

M56

M58

M62

M40

M40

M6

A1(M)

M6TOLL

A1 (M)

LONDON ROAD ALLARD WAY

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LON

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LONDON ROA

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A4082

A4082

A444

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ABBEY PARK

TONBRIDGE ROAD

BURNHAM ROAD

A46

A46

A1434

NEWARK R

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NEWARK RD

MIDDLE LANE

BOUNDARY LANE

SOPER OF LINCOLN BMW& MINI CAR SHOWROOMRoman Way, South Hykeham

Lincoln LN6 9UH

LocationThe historic cathedral city of Lincoln is the principal urban centre in the county of Lincolnshire and is located 120 miles (192 km) to the north of London, 32 miles (51km) to the north east of Nottingham, and 48 miles (77km) to the north of Peterborough.

The town has good road and rail communications. The M1 motorway is accessed via the A57 and the A46 also provides access to the A1 which runs directly south to Peterborough before feeding into the A1 (M) and the M11. There is a direct service to London Kings Cross with a fastest journey time of 1 hour 44 minutes. The population of Lincoln is approximately 89,000 with a drive time population in the order of 300,000 and a county population of approximately 700,000.

SituationThe property is prominently located on the modern Gateway Business Park in the South Hykeham area, 5 miles (8km) to the south west of Lincoln city centre. The property is situated on the eastern side of Roman Way and on the southern side of Black Horse Road, approximately 50 metres south of its junction with Newark Road. Newark Road is one of the principal routes into Lincoln city centre.

Horton SEAT Dealership is opposite and nearby occupiers within the Business Park include, Charles Warner Vauxhall, McDonalds, Brewer’s Fayre restaurant and numerous small light industrial business units.

Approximately 2 miles (3.2km) to the north of the property, adjacent to the junction of Doddington Road and the A46, are Mercedes Benz/Smart, Skoda, Volvo and Jeep/Chrysler car showrooms.

DescriptionThe property comprises a BMW car showroom built in 2006, with ancillary workshops and office accommodation together with a smaller MINI car showroom on a site of 2.95 acres (1.19 hectares).

The two buildings are of steel portal frame construction with full height glazing to the showroom area and brick and profile metal sheet cladding to the balance of the elevations under a pitched roof covered with corrugated metal sheeting.

The BMW & Mini showrooms are rectangular in shape and the 15 bay workshop provides the latest innovative technology and a fully automated MOT test lane.

There is a tarmacadam surface to the entire site which provides 70 prime car display bays and 110 customer parking spaces.

AccommodationThe property has been measured by Plowman Craven (March 2013) and we are advised that the property has the following approximate floor areas:

EPCThe property has been awarded an Energy Performance Certificate rating of F.

EnvironmentalA report by RPS Health Safety & Environmental (August 2006) concludes that the site is low risk with no historical development or potentially contaminative site activities.

TenureFreehold

TenantThe property is let to Steve Soper of Lincoln Ltd for the term of 25 years from 30 May 2006 (18 years 2 months unexpired) at a current rent of £324,597 per annum (Equates £8.39 p.s.f.) subject to fixed increase rent reviews reflecting 3% annually compounded as follows:

30 May 2016 - £376,297 pa (Eq: £9.73 p.s.f.)

30 May 2021 - £436,231 pa (Eq: £11.27 p.s.f.)

30 May 2026 - £505,711 pa (Eq: £13.79 p.s.f.)

PlanningPlanning permission for the redevelopment of the property as a two car showroom/service centre was granted on 30th March 2005.

Floor Use Area Sq m Area Sq ft

First Office/storage 720.4 7,754

Ground BMW showroom 2,411.0 25,952

Mini showroom 317.3 3,415

Valeting bay 144.2 1,552

Ground floor total 2,872.5 30,919

Overall Total 3,592.9 38,673

Gross Internal Areas

CovenantSteve Soper of Lincoln Ltd (Co no. 03691507)Steve Soper is a retired racing driver who raced professionally for 20 years including touring cars and Le Mans. He also competed in World Series and European Series as well as Japanese and German Touring Car Championships; winning the 24 Hours Nürburgring in 1987, the 24 Hours of Spa in 1992 and 1995 and the Macau Guia Race in 1997.

Steve Soper purchased his own BMW dealership in 1999 in the city of Lincoln. After 7 years of successful trading they moved to this state of the art BMW showroom in 2006.

Steve Soper of Lincoln Ltd to the year end 31 December 2011 reported shareholders’ funds of £672,519 (£1,058,874 - 2010). During the year the company received £205,069 (£441,643 - 2010) in respect of its share of profit from its investment in Soper LLP.

Soper LLP is the trading arm and reported the following financial results:

VATThe property is elected for VAT and it is proposed that the sale will be treated as a Transfer Of a Going Concern (TOGC).

Further InformationFor further information please contact:

David Holt

Tel: +44 (0)20 7079 1818dh@why50.com

:

James Young

Tel: +44 (0)20 7079 1819jy@why50.com

© Produced By: Barbican Studio 020 7634 9573 I April 2013Subject to Contract: All plans and photographs are for identification purposes only and are not to be relied upon.

Cavendish House18 Cavendish Square

London W1G 0PJ

Tel: +44 (0)20 7629 5527 Fax: +44 (0)20 7935 4086

31 December 2011 31 December 2010

Turnover £43,820,645 £42,539,619

Pre Tax Profiit £391,970 £635,905

Net Assets £1,897,869 £3,376,611

Initial Yield 8.00%

May 2016 9.27%

May 2021 10.75%

May 2026 12.46%

Equivalent Yield 10.09%

Misrepresentation Act 1967: Whitmarsh Holt Young for themselves and for the vendor or lessor of this property for whom they act, give notice that: a. These particulars are a general outline only for the guidance of prospective purchasers or tenants and do not constitute the whole or any part of an offer or contract. b. 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 be correct but any intending purchasers or tenants should not rely upon them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them. c. No employee of Whitmarsh Holt Young has any authority to make or give any representation or warranty whatever in relation to this property or these particulars, nor enter into any contract on behalf of the vendors. d. No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn. e. Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction. f. All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not however, been tested and therefore, we give absolutely no warranty as to their condition or operation. g. The date of this publication is April 2013

ProposalWe are seeking offers of £3,835,000 (Three Million Eight Hundred and Thirty Five Thousand Pounds) subject to contract and exclusive of VAT which provides the following yield profile allowing for acquisition costs of 5.8%.