SECURE INCOME SINGLE LET INDUSTRIAL INVESTMENT OPPORTUNITY

S O U T H C E N T R A L A M B U L A N C E S E R V I C EUnit 1-4 Woodside Road, Eastleigh, Hampshire SO50 4ET South Central Ambulance Service

NHS Trust Limited

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

INVESTMENT SUMMARY

Single let detached industrial/warehousepremises located adjacent to Junction 13of the M3 Motorway

The unit extends to a gross internal area of 31,555 sq ft (2,931.54 sq m) on a site of 1.17 acres (0.47 hectares)

Let to the undoubted covenant of SouthCentral Ambulance Service NHS TrustLimited on a 20 year lease expiring on 1st July 2030 and subject to a Tenant only break option on 1st July 2025

Unexpired term certain of 10.1 years

Current passing rent of £181,620 per annumequating to a low rent of £5.76 per sq ft(£61.95 per sq m)

Strong occupier market locally with recentletting evidence to support short term rental growth

Upwards only open market rent reviews with the next due on 2nd July 2015

Freehold

We are instructed to seek offers in excess of£2,640,000 (Two Million, Six Hundred andForty Thousand Pounds). An offer at thislevel would reflect a Net Initial Yield of6.50% (assuming Purchaser’s Costs of 5.80%)reflecting a capital value of £84 per sq ft(£900 per sq m)

Railway Line

Woodside Avenue

Woodside Road

Goodwood Road

Passfield AvenueLeigh Road

Unit 1-4 Woodside

Road

HowdensRoyal Mail

Interlink ExpressScrewfix

RexelPTS Plumbing

Trade Supplies

Brake Bros

Booker Cash & Carry

Chanon Retail ParkHalfordsMatalanPets at HomeCosta Coffee

Lambert Brothers

M3 (Northbound) Winchesterand Basingstoke

M3 (Southbound) Southampton & Portsmouth & M27

M3 Junction 13

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

Location Distance Travel time

Southampton 6 miles (10 km) 17 minutes

London 72 miles (116 km) 88 minutes

Bristol 78 miles (126 km) 97 minutes

Birmingham 126 miles (203 km) 130 minutes

Distances

Bournemouth

Swanage

Poole

Wimborne

Ringwood

Salisbury

Andover

ChristchurchLymington

Southampton

Portsmouth

Petersfield

Chichester Bognor Regis

I.O.W

Winchester

Guildford

LONDON

Basingstoke

Eastleigh

A27A27

A24

A31

A31

A303

M3

M3

M3

M27

M25

M25

M27

A3(M)

A303

A354

A338

A338

A36

A31

A35

A337A338

A35

A31

A3

A3

Location

Situation

To Portsmouth

To Bournemouth

To London

EASTLEIGH

SOUTHAMPTONINTERNATIONALAIRPORT

13

14

54

3

5

M3

M3

M27

M27

WoodsideAvenue

Bournemouth Road Leigh Road

Southampton Road

Eastleigh is a large market town in Hampshire with a populationof approximately 125,000 and is located 6 miles (10 km) northeast of Southampton, 10 miles (16 km) south of Winchester and 72 miles (116 km) south west of London.

Eastleigh is particularly well connected by virtue of its location at the southern end of the M3 at its interchange with the M27Motorway, which itself connects the South Coast Corridor betweenthe cities of Southampton and Portsmouth.

Historically a rail industry town, Eastleigh retains its rail connectivitywith two stations (Eastleigh and Southampton Airport Parkway) onthe mainline connecting Southampton and London Waterloo.

Southampton International Airport is also located approximately 3 miles (4.8 km) from the subject property.

Woodside Road is located within the Boyatt Wood Industrial Estate,one of the prime logistics and industrial areas along the SouthCoast, due to its excellent links with the M3 & M27 Motorways. The property is situated 1 mile (1.6km) north of Junction 3 of theM3 via Leigh Road and Woodside Avenue.

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

The Property is a detached industrial unit of steel portal frameconstruction with part brick and part profile steel clad elevations.The accommodation provides workshop areas in two bays at therear, with additional office accommodation over two floors acrossthe full front elevation of the property. The rear workshop area hasa minimum eaves height of approximately 5.5m and is accessedvia three large loading doors from the rear yard.

There is also a two storey extension to the rear, which providesadditional storage and office/training area.

Description

The site area totals 1.17 acres (0.47 hectares).

Site Area

Tenure

Freehold

Tenancy

Let to South Central Ambulance Service NHS Trust Limited on a 20-year lease expiring on 1st July 2030

Tenant break option on 1st July 2025 providing 10.1 years unexpired term

Current passing rent of £181,620 per annum (equating to £5.76 per sq ft)

The rent review mechanism is 5 yearly upwards only to open market rental value, with the next rent review on July 2015

Tenant Covenant

The South Central Ambulance Service NHS Trust is part of the National Health Service and would therefore be deemed as an undoubted, low risk covenant.

The gross internal area (GIA) of the property is assessed as follows:

Accommodation

Description sq ft sq m

Warehouse 1,890.10 20,345

Office (Ground) 299.79 3,227

Office (First) 299.79 3,227

Rear Extension (Ground) 220.96 2,378

Rear Extension (First) 220.96 2,378

Total 2,931.60 31,555

Unit 1-4

The South Coast industrial market has performed strongly over the past 18 months, with an encouraging rise in the level of occupier demand.

Notable lettings within a 10 mile (16 km) radius of Eastleigh over the past 12-18 months include:

Property Size Date Rent Comment(sq ft) (per sq ft)

Occupational Market Overview

Unit F Omega EnterprisePark, Chandlers FordIndustrial Estate

26,911 New Lease April 2015

£7.25 per sq ft

Fully refurbished detachedunit with a secure fencedyard. Let to Aspray24 on

a new 10 year lease.

Unit C Hamilton Business Park, Hedge End

18,600 New LeaseFebruary 2014

£7.76 per sq ft

Let to Truvox International on a new 15 year lease.

Unit 7 Mauretania Road,Nursling Industrial Estate

20,016 New LeaseFebruary 2014

£6.50 per sq ft

Let to Meachers Transport on a new 7 year lease.

Unit 6 Kites Croft,Segensworth, Fareham

30,000 New LeaseOctober 2013

£7.50 per sq ft

Let to Estee Lauder on a new 12 year lease.

Unit 2 AirwaysDistribution Park,Southampton

30,000 New Lease July 2015

£7.25 per sq ft

Let to UTi Logistics. 10 year lease with a 5 year break option.

Stoke Park, Tower Lane, Eastleigh

53,000 New LeaseAugust 2013

£7.00 per sq ft

Let to DHL on a new 10 year lease.

Speedwell Close,Chandlers FordIndustrial Estate

30,000 New Lease May 2013

£6.50 per sq ft

Let to Coopervison on a new 15 year lease.

Unit 2 Chandlers Park,Chandlers Ford IndustrialEstate, Eastleigh

22,303 New Lease July 2013

£6.75 per sq ft

Let to K&N drinks on a 5 year lease.

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

Whilst take up along the M27 Corridor has remained steady, stock levels have not been replenished.As a result of which there is now a real shortage of good quality units available, with currently only4 notable properties in the 20,000 - 40,000 sq ft (1,853 - 3,716 sq m) size bracket being availablewithin a 10 mile (16 km) radius of Eastleigh.

As the above table illustrates, availability for occupiers is restricted to second-hand units. This coupled with strengthening occupier demand has triggered a number of landlords tocommence plans for speculative development, with schemes in Segensworth, Nursling andChandlers Ford all expected to secure planning consent and commence construction works in 2015, with rents expected to be between £7.75 - £8.50 per sq ft.

Property Type of Quoting Commenttransaction rents

Stoke Park, Chickenhall Lane, Eastleigh

New Lease £7.00 per sq ft

Good quality modern unit with circa 10m eaves.

Originally part of a 84,000 sq ft unit but split in 2013 when 53,000 sq ft was let to DHL.

Unit 2 Chandlers Park,Chandlers Ford, Eastleigh

New Lease £7.50 per sq ft

Good quality semi-detached modern unit.

Unit 3 Goodwood Road,Eastleigh

New Lease £7.75 per sq ft

Full refurbished end of terrace unit.

Unit 5 Sopwith Park,Segensworth East, Fareham

Sub Lease orNew Lease

£7.00 per sq ft

Good quality modern unit, but has higher than average

office content.

Current Availability

U N I T 14 W O O D S I D E R O A D E A S T L E I G H H A M P S H I R E S O 5 0 4 E T

Single-let industrial investments continued to attract strong investor demand from UK Institutions, overseas investors and property companies alike.

The South Coast market in particular has been keenly contested due to the favourable supply/demand imbalance. Tenant retention and rental growthprospects are deemed to be strong given the absence of built stock.

The following table illustrates the most recent comparable investment evidence:

Investment Market Overview

Basildon, Burnt Mills Industrial Estate

April 2015

37,958 4.67 £244,000 £6.43 £3,544,000 6.51% £93Activair (UK) Ltd

Redditch, East Moons Moat

May 2015

98,196 11.00 £401,763 £4.09 £5,750,000 u/o 6.60% £59 Huegli UK Ltd

Worcester, Woodbury Lane

March 2015

92,402 5.70 £467,850 £5.06 £6,400,000 6.95% £69Bibby Distribution Ltd

Coventry, Middlemarch Business Park

March 2015

81,774 4.75 £425,000 £5.20 £6,180,000 6.50% £76Unipart Group Ltd

Stoke on Trent, Diamond Park

February 2015

65,795 13.12 £245,000 £3.72 £3,620,000 6.40% £55JTF Wholesale Ltd

Littlehampton, Lineside Industrial Estate

January 2015

22,272 9.84 £175,230 £6.67 £2,650,000 6.47% £115Jewsons Ltd

Hailsham, Ropemaker Park

November 2014

34,500 7.97 £232,875 £6.75 £3,102,000 7.10% £90East Sussex County Council

Bristol, Ash Ridge Road

August 2014

80,277 5.00 £325,000 £4.04 £4,575,000 6.72% £57Yodel Delivery Network Ltd

Eastleigh, Chandlers Ford

July 2014

30,000 14.00 £134,500 £4.48 £2,050,000 6.50% £68Coopervision Ltd

Address Date Area (sq ft) Term Certain

Tenant Rent (pa) Rent (psf ) Purchase Price

NIY Cap Val (psf )

Designed & Printed by The Cedar Group 01794 525 032

Nick Tutton t: 023 8020 6313 m: 07887 563 264e: nick.tutton@cbre.com

SUBJECT TO CONTRACT DISCLAIMER: CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a generaloutline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE Limited uses reasonableendeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on themas statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limitedas such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resultingfrom direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make anyrepresentation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publicationand, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should bechecked and confirmed by your solicitor prior to exchange of contracts. Date prepared 05/2015.

Edward Spoonert: 020 7182 2887 m: 07976 902 450 e: edward.spooner@cbre.com

Viewing strictly by appointment through the sole agent:

Energy Performance CertificateAn EPC is available on request

VATThe property is elected for VAT and as such the transaction will be treated as a Transfer of a Going Concern (TOGC)

ProposalWe are instructed to seek offers in excess of £2,640,000 (Two Million, Six Hundredand Forty Thousand Pounds) for our Client’s freehold interest. An offer at this levelwould reflect a Net Initial Yield of 6.50% (assuming Purchaser’s Costs at 5.80%)reflecting a capital value of £84 per sq ft (£900 per sq m).

Designed & Printed by The Cedar Group 01794 525 032

S O U T H C E N T R A L A M B U L A N C E S E R V I C EUnit 1-4 Woodside Road, Eastleigh, Hampshire SO50 4ET South Central Ambulance Service

NHS Trust Limited