FOR SALE – PRIME MULTI-LET CITY CENTRE OFFICE & LEISURE INVESTMENT

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INVESTMENTSUMMARY

• Leeds is the third largest city in the UK

• The building has undergone an extensive £5m refurbishment programme including new VRF comfort cooling system

• Exceptional Grade A BREEAM Excellent offices

• 6 open market lettings in the last 12 months demonstrating the quality of the building

• Tenants include Standard Life, UBS, Gateley Plc, Tattu and Manahatta

• 59,059 sq ft of accommodation over ground and nine upper floors

• Freehold

• Current passing rent of £1,368,867 per annum with a rental tone of only £24.50 - £25.00 per sq ft

• Prime headline rents in Leeds now £29.00 per sq ft

• WAULT to expiry of 9.25 years and to break of 7.75 years

• We are instructed to seek offers in excess of £19,700,000 (Nineteen Million Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT

• A purchase at this level reflects a Net Initial Yield

of 6.51% assuming purchase costs of 6.75% and a low capital value of only £333 per sq ft

• Based on our opinion of ERV, this reflects a reversionary yield of 6.67%

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Leeds

Leeds is the third largest city in the UK and the principal city of the Yorkshire

and Humberside region. The City is home to a population of approximately

770,000 people and 2.2 million people within a 30 minute drive-time.

Government investment into the Northern Powerhouse will see the City’s

partnership with Liverpool, Manchester, Newcastle and Sheffield transform

Leeds into a truly global city.

MINERVA

54

RAIL STATION

PARK ROW

EAST PARADE

CITY SQUARE

PARK SQUARE

TORONTO SQUARE

CENTRAL SQUARE

WELLINGTON PLACE

PRINCES EXCHANGE

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ECONOMYLEEDS IS THE UK’S LARGEST CITY REGION AND ECONOMY OUTSIDE LONDON, ECONOMICALLY BIGGER THAN NINE EU COUNTRIES, WITH A GVA OF £60.5 BILLION ECONOMY GENERATING 5% OF THE UK’S ECONOMIC OUTPUT.

£13 BILLION

36,000STUDENTS

FASTESTGROWNING

MORE JOBSCREATED

35% OFWORKERS

£560MILLION

GENERATED IN THE FINACIAL AND BUSINESS SERVICES SECTOR PER YEAR.

A YEAR GRADUATE FROM ACROSS LEEDS’ 8 UNIVERSITIES.

CITY REGION IN THE NORTH OF ENGLAND.

IN LEEDS OVER THE LAST 20 YEARS THAN ANY OTHER UK CITY OUTSIDE OF LONDON.

ARE EDUCATED TO DEGREE LEVEL.

OF INWARD INVESTMENT ATTRINITY LEEDS, FIRST DIRECT ARENA AND VICTORIA GATE.

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The City is widely recognised as the UK’s main financial and business

services centre outside the City of London. This sector generates over

£13 billion every year with currently over 250,000 people employed.

The city region has the largest workforce outside of London and is the

fastest growing in the North of England. The working age population is

set to increase by 26% between 2006 and 2031 demonstrating the high

levels of growth expected. Over the last 20 years more jobs have been

created in Leeds than any other UK city outside of London. This trend is

to continue as Leeds will see the second largest increase in jobs in core

cities between 2013 and 2023.

Leeds is home to eight universities giving the largest concentration of

universities in Europe, producing some 36,000 graduates a year. Over

35% of the working population is educated to degree level and the

University of Leeds features in both the World and European rankings.

Leeds has seen significant inward investment in recent years with the

completion of Land Securities’ £350 million Trinity Leeds scheme, the

opening of Leeds City Council’s 13,500 capacity £60 million First Direct

Arena and Hammerson’s £150 million, 452,000 sq ft retail and leisure

scheme, Victoria Gate, anchored by John Lewis.

Most recently, Leeds’ highlight commercial transaction has been the

380,000 sq ft pre let of offices in Wellington Place to the Government

Property Unit Hub. This transaction is predicted to bring 6,000 civil

servants into Leeds City Centre by 2020 and is the largest pre-let

transaction outside London in the past 10 years.

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8 CONNECTIVITY

Road

Leeds is strategically located approximately 312 km (195 miles)

north of London and 71 km (44 miles) north-east of Manchester.

The City has excellent road communications being located

just 6 miles (9.6 km) from the apex of the M1/M62 motorway

intersection, providing direct access to the east and west

coast conurbations. The A1 trunk road, connecting London with

Edinburgh, passes approximately 10 miles (16 km) to the east of

the City.

Rail

Leeds City station has undergone a modernisation programme

with the opening of the new £20 million south entrance

in January 2017. It is the third busiest rail station in the

UK outside of central London with an estimated 100,000

passengers using it daily. The Station provides direct rail

routes to national destinations and to London (Kings Cross)

with a normal fastest journey time of approximately 2 hours.

Air

Leeds Bradford International Airport is situated approximately

9 miles north of the City Centre providing international and

domestic flights to over 65 locations. The airport currently

caters for around 3.7 million passengers per annum (2016) and

this is forecast to expand to approximately 8 million passengers

by 2026. The airport has trebled in size since 1996 and its

continued expansion is a key factor in the development of the

Leeds economy. British Airways have recently opened four daily

flights to London.

HS2

The proposed HS2 line will be a fundamental driver of

economic growth for Leeds, increasing capacity and

reducing journey times to London to 82 minutes. The

proposed new platforms are set to adjoin the existing

station, creating the largest station in the North. HS2 is

forecast to deliver 19,700 potential new jobs and boost the

Leeds City Region economy by £7.8 billion a year.

LEEDS

GLASGOWEDINBURGH

BIRMINGHAM

LIVERPOOL

HULL

MANCHESTER

SHEFFIELD

NOTTINGHAM

BRISTOLLONDON

A1

A1

M74

M62

M56

M40

M1

M5

M4

M6

M1

17

MINERVA18

1922

21

20

7

6

8

5

910

11 12

1314

15

16

12

3

4

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SITUATIONThe property is situated on East Parade in the heart of the city’s

professional district, within 2 minutes’ walk of Leeds Rail Station

and the City’s retail core.

Occupiers in the immediate vicinity include HSBC, Zurich

Insurance, All Bar One, Pret A Manger, Redmayne Bentley LLP

and Stewarts Law.

Minerva occupies an enviable location at the centre of the

newly redeveloped Bond Court providing new public realm

complemented by the new Dakota Deluxe Hotel and newly

refurbished Capitol House and 9 Bond Court.

The micro location is undoubtedly the prime leisure location with

some of Leeds’ finest bars and restaurants including Alchemist,

Neighbourhood, Liquorist and Blackhouse complementing the

award winning Tattu and Manahatta located within Minerva.

1 IBERICA

2 STOCKDALES

3 SAN CARLO

4 SUKHOTHAI

5 THE LIQUORIST

6 GINO D’ACAMPO

7 LE CHALET

8 THE LOST AND FOUND

9 WAGAMAMA

10 BAR SOBA

11 GUSTO

12 NEIGHBOURHOOD

13 DAKOTA DELUXE

14 ALCHEMIST

15 MANAHATTA

16 ALL BAR ONE

17 DIRTY MARTINI

18 TATTU

19 BLACKHOUSE

20 LA BOTTEGA MILANESE

21 BOND COURT

22 PRET A MANGER

DAKOTA HOTEL

LA BOTTEGA MILANESE

SOVEREIGN ST

MEA

DO

W L

AN

E

BACK ROW

GT WILSON ST

MANOR ROAD

A61 HUNSLET LN

A61 HUNSLET LN

A61 EA

ST S

T

A61 EAST ST

A61

A61 A639 LOW

ROAD

SWINEGATECALL LN

CALL

LN

NEW

MA

RK

ET S

T

THE CALLS

RIVER AIRE

LEEDS LIVERPOOL CANAL

LEEDS LIVERPOOL CANAL

RIVER AIRE

DOCK ST

BRIDG

E END

NEW STATION ST

WATERLOO ST

BISHOPGATE ST

DUNCAN ST

NEW YORK ST

BOAR LANE

WELLINGTON ST

WELLINGTON STYORK PLACE

QUEBEC ST

INFIRMARY ST

PARK PLACE

ST PAUL’S ST

S PARADE

CA

LVE

RLE

Y S

T

BEDFORD ST

GREEK ST

RUSSELL ST

PAR

K R

OW

QU

EEN

ST

LITT

LE Q

UEE

N S

T

AIRE ST

LOW

ER

BA

SIN

GH

ALL

ST

ALB

ION

ST

BR

IGG

AT

E

KIRKGATE

CR

OW

N S

T

NE

VIL

LE S

T

MIL

L H

ILL

VIC

TO

RIA

RD

COMMERCIAL ST KIRKGATE

CANAL WHARF

THE HEADROW

GREAT GEORGE ST MERRION ST

MERRION WAY

NORTH ST

NO

RT

H S

T

BYRON ST

SKINNER LANE

CLAY P

IT LA

NE

THE HEADROW

EASTGATE

RE

GE

NT

STB

RID

GE

ST

VIC

AR

LAN

E

A61 D

UKE ST

YORK ST

A61

A61

LINCOLN ROAD

LINCOLN GREEN RD

MA

BGAT

E

BECK

ETT

ST

A58

A65 KIRKSTALL ROAD

BURLEY ROAD

BURLEY STREETPARK LN

ST JOH

N’S TERRA

CE

CROWN P

OINT R

OAD

WATER LANE

WATER LANEGLOBE ROAD

HOLBECK LANE

M621

M621

M621

WHITEHALL ROAD

WHITEHALL ROAD

SPRINGWELL ROAD

SWEET STREET

NINEVEH RD

MEA

DO

W R

D

JACK LANE

DE

WS

BU

RY

RD

MA

RSHA

LL ST

BA

TH

RO

AD

GEORGE ST

TOR

ON

TO ST

WESTGATE

A58(M)

A58(M)

A58(M) INNER RING RD

A64(M) NEW YORK RD

A64(M) YORK RD

LEEDSCITY

STATION

MANAHATTA

TATTU

Traditional Office Quarter Retail Quarter

MINERVA

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DESCRIPTION

Minerva House is arranged over ground and nine upper floors. In 2016,

the building underwent a £5m refurbishment programme to include full

height glazing in part, a stunning new reception and Grade A offices

benefitting from the following specification:-

• BREEAM Excellent

• VRF comfort cooling - full replacement of system in 2016

• New high quality reception designed by Katharine Pooley

• LED lighting

• Metal suspended ceiling tiles

• High quality WC and shower facilities

The ground floor leisure units have been fitted out to an exceptional

standard by the operators.

TYPICAL FLOOR PLATE SPLIT OPTIONS

1,520 sq.ft1,050 sq.ft

2,550 sq.ft

We spent a lot of time looking for new office space

in Leeds that will be our permanent home as our

business grows. We needed an excellent location in the

heart of Leeds, a building and office space with a high

quality finish and appearance our clients would enjoy

coming to and a flexible space that we could work

with to our specific design requirements. Minerva

offered all of this along with a professional and friendly

management team who have bent over backwards to

accommodate and support us.

UBS

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TENUREFreehold

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TENANCIES AND ACCOMMODATION

The property is multi-let in accordance with the tenancy

schedule below and produces a current rental income

of £1,368,867 per annum. Following the most recent

letting to Gateley Plc, in our opinion the building has an

ERV of £1,401,750 per annum (£25.00 per sq ft on the

office accommodation and including rental increases).

DEMISE TENANT RENT £/SQFT RENT PA AREA SQ FT START DATE EXPIRY DATE NEXT REVIEW BREAK DATE COMMENTS

Basement and Ground Floor

ARC Inspirations Limited

£18.30 £98,000 Bst 990GF 2,470

Mezz 1,37513/01/2017 12/01/2042 01/13/2022 13/01/2032

Basement and Ground Floor

Tattu Manchester Limited

£16.70 £120,000 Bst 2,355GF 2,990

Mezz 1,84009/02/2017 08/02/2037 09/02/2022

Rent free period until 09/05/2018 landlord to top up. 5 months rent reviews

First Floor Suite ACDI Anderserlite

Limited£20.50 £39,975 1,950 12/03/2015 17/05/2021 18/05/2018 Further increases 03/2019 to £42,900 & 03/2020 to £47,775

First Floor Suite B BNP Paribas £24.82 £38,750 1,561 30/01/2015 29/01/2020

First Floor Suite CInvenia Resourcing

Limited£24.52 £37,926 1,547 01/12/2016 30/11/2021 30/11/2019

Break requires a minimum of 9 months notice. Rent free period from 01/12/2019 to 15/03/2021 if break

not exercised.

Second Floor Suite AStandard Life Investments

£24.51 £65,783 2,684 16/12/2015 15/12/2025 16/12/2020 16/12/2020 Rent free from 16/12/2020 to 15/03/2021 if break not exercised.

Second Floor Suite B FRP Advisory LLP £23.62 £64,190 2,718 12/09/2017 11/09/2027 12/09/20224 months rent free at start of lease then half rent from

12/01/2018 to 11/07/2019 Landlord to top up. Half rent from 12/09/2022 to 11/09/2023 if break not exercised.

Third Floor Suite A Sentio Partners LLP £24.51 £63,700 2,599 16/08/2017 15/08/2027 16/08/2022 16/08/2022 Rent free period until 14/08/2018. Landlord to top up.

Third Floor Suite B Proact IT UK Limited £23.16 £63,700 2,750 29/09/2017 28/09/2022Existing rent is £36,750 pa. Rent increases to £63,700

on 29/09/2019. Landlord to top up.

Fourth Floor Suite A AJG £24.50 £61,250 2,500 26/02/2018 25/02/2028 26/02/2023 25/02/2023 Rent free period 15 months. Landlord to top up.

Fourth Floor Suite B Vacant £25.00 £70,625 2,825Landlord to provide 18 month rent, Business rates and

service charge guarantee.

Fifth Floor Suite A Vacant £25.00 £67,000 2,680Landlord to provide 18 month rent, Business rates and service

charge guarantee. Currently under offer.

Fifth Floor Suite B Stowe Family Law LLP £24.50 £64,459 2,631 04/05/2018 03/05/2024 03/05/20214 months rent free. Landlord to top up. Tenant receives 2 months

rent free if break not exercised.

Sixth Floor Gateley Plc £25.00 £132,100 5,284 30/04/2018 30/04/2028 30/04/2023Service charge free until earlier of 01/05/2020 or tenant

occupation. Rent free until 01/05/2020. Landlord to top up.

Seventh Floor Gateley Plc £25.00 £132,450 5,298 30/04/2018 30/04/2028 30/04/2023 Rent free until 01/08/2019. Landlord to top up.

Eighth Floor Suite A UBS AG £24.50 £65,709 2,682 26/01/2015 25/01/2025 25/01/2020 25/01/2020

Eighth Floor Suite B Gateley Plc £25.00 £63,400 2,536 30/04/2018 30/04/2028 30/04/2023 Rent free until 01/08/2019. Landlord to top up.

Ninth Floor Gateley Plc £25.00 £119,850 4,794 30/04/2018 30/04/2028 30/04/2023 Rent free until 01/08/2019. Landlord to top up.

CCTV Evans Dakota Hotels Ltd Peppercorn TBC 12/04/2027The vendor requires the purchaser to enter into a lease to

allow the adjacent hotel estate to record CCTV for the benefit of good management.

Totals £1,368,867 59,059

Rent excluding guarantees on vacant space £1,231,242 per annum

The WAULT to expiry is 9.25 years and to break is 7.75 years.

Office Income

£1,150,867 (84.07%)

Leisure Income

£218,000 (15.93%)

47,039 sq ft 12,020 sq ft

COVENANT STRENGTHS

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

31/12/2016 814,492 273,049 169,611

31/12/2015 658,031 180,363 140,108

31/12/2014 548,815 152,694 126,412

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

31/12/2016 - - 192

31/12/2015 - - (175)

31/12/2014 - - (26)

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

30/04/2017 74,050 13,391 6,053

30/04/2016 65,017 11,116 6,731

31/10/2015 28,960 2,928 2,179

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

31/12/2016 55,405 2,639 5,035

31/12/2015 49,481 2,080 2,985

31/12/2014 44,262 1,067 2,603

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

31/12/2016 17,762,926 1,407,876 41,240,595

31/12/2015 17,762,126 1,661,598 41,373,459

31/12/2014 24,570,721 1,746,110 32,053,041

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

02/04/2017 22,249 (592) (684)

31/03/2016 18,864 12 52

29/30/2015 - - 106

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

30/04/2017 40,145 1 (1,194)

30/04/2016 32,240 (1) (731)

30/04/2015 29,793 0 0

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20

We set out below financial summaries of the main tenants where available from

Dun & Bradstreet and Creditsafe.

The company has a D&B Rating of 5A1 and represents 5.07% of the contracted income Tattu has a D&B Rating of C3 and represents 9.25% of the contracted income.

The company has a D&B Rating of N2 and represents 4.95% of the contracted income.

The company has a Creditsafe Rating of A73 and represents 5.06% of the contracted income.

The company has a D&B Rating of H3 and represents 4.97% of the contracted income.

The company has a D&B Rating of 2A1 and represents 34.5% of the contracted income.

ARC Inspirations have a D&B Rating of N3 and represents 7.55% of the contracted income.

Standard Life Investments Limited (SC123321) (now Aberdeen Standard Investments)

is one of the world’s largest investment companies managing £583bn of assets.

Tattu Manchester Limited (08821878) is a modern Chinese restaurant brand with locations

in Manchester and Leeds.

Gateley Plc (09310187) was founded in 1808 and in 2015 was the UK’s first commercial law firm to

become a publicly-quoted company admitted to trading on the AIM market of the London Stock Exchange.

Year Ending Turnover £’000s

Pre-Tax Profit£’000s

Net Worth£’000s

31/03/2017 9,082 3,429 2,142

31/03/2016 6,788 2,203 1,547

31/03/2015 - - 1,035

Stowe Family Law LLP (OC331570) is a solicitor practice providing a range of legal services such a

Divorce settlements, Children’s Law, Wills and Tax.

Proact IT UK Limited (03968273) is Europe’s independent data centre and cloud services

provide employing over 800 people in 15 countries across Europe and North America.

UBS AG (FC021146) provides a broad range of financial services such as Asset and Wealth Management

and Investment Banking in over 50 countries.

ARC Inspirations Limited (03883505) was established in 1999 and now operates 15 bars and restaurants

across the Yorkshire region and Manchester.

FRP Advisory LLP (OC355680) is a specialist business advisory firm with 18 offices located throughout the UK.

The company has a D&B Rating of 2A1 and represents 4.9% of the contracted income.

Financial information for the additional tenants is available upon request.

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OFFICE MARKET HEADLINE RENTS

TAKE-UP

Leeds has witnessed the fastest rate of private sector jobs growth in the UK over the last decade and the market continues to

exhibit growth characteristics with employment in Leeds forecast to grow by 10.4% over the next 10 years – higher than the rate

for the UK and core cities.

Growth in the financial and business services sector is expected to be 21% over the same period, consolidating Leeds’ ranking as

the largest centre for financial services outside London. The City is host to 20 FTSE 100 Company HQs and in excess of 30 national

and international Banks.

The emerging digital technology sector will be a key driver of this growth with initiatives such as the Digital Enterprise Programme

and Leeds’ selection as one of few UK “Gigabit Cities” attracting more inward investment. Leeds is at the forefront of the digital

revolution with BT, EE, Cable & Wireless and O2 all having a major presence in the region. The region is also home to the highest

concentration of internet and telecommunications providers in the UK.

Historically, Leeds occupational demand has been driven by

existing occupiers relocating and upgrading. More recently

we have seen notable examples of new entrants to Leeds and

occupiers choosing to expand as businesses seek to take

advantage of the high quality labour pool and comparatively

cheap occupational costs. Both PWC and Sky have taken an

additional space, 26,000 sq ft and 11,600 sq ft respectively

at Central Square, Equifax have relocated from Bradford

taking 19,784 sq ft at Wellington Place and Burberry have

taken 45,000 sq ft in 6 Queen Street on a rising rent from

£28.00 per sq ft to £30.00 per sq ft.

The flexible floor plates of Minerva House are ideally suited to the Leeds Market. In 2017, 41.7% of lettings were 5,500 sq ft or below. To highlight this, Minerva House has secured 6 open market lettings in the last 12 months.

The 10 year average for Leeds city centre is

536,000 sq ft with take-up in 2015 exceeding

680,000 sq ft. Whilst 2016 saw the effects of

the political and economic events with a more

subdued 430,000 sq ft. 2017 has seen the

highest take up on record with in excess of 1M

sq ft. Even without the Government Hub

pre-let at Wellington Place 2017 take up

exceeded the 5 and 10 year averages.

1000,000

900,000

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

Take-up SQ.FT.

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

422,

339

388,

229

282,

231

280,

754

405,

951

771,

452

545,

000

679,

000

430,

000

1100

,000

10 Year Average

Q1 2018 Prime Rent (£)

Leeds £29.00

Birmingham £33.00

Bristol £32.50

Cardiff £25.00

Edinburgh £33.00

Glasgow £30.00

Manchester £34.00

There is currently only 290,000 sq ft of new build Grade A

space available in Leeds City Centre and a proportion of this

is already under offer with a high probability that the prime

headline rent will increase above £29.00 psf.

Q2 2017 Q4 2017Q1 2017

1.7%2.5% 1.6%

NEW BUILD GRADE A OFFICE SUPPLY

Prime headline rents in Leeds are currently £29.00 per sq ft set in Q4 2017, a significant discount and occupational saving compared

to Manchester at £34.00 per sq ft and Birmingham at £33.00 per sq ft.

The current passing rent of Minerva is only £24.50 - £25.00 psf.

Building Rent £psf Tenant Area Lease Terms Building Date

Central Square £29.00 PWC 11,599 Confidential Central Square January 2017

Central Square £28.00 Sky 26,00015 year lease,

break at year 10 Central Square August 2017

6 Queen Street £28.00 -£30.00 Burberry 45,00015 year lease,

break at Year 10 6 Queen Street June 2017

No1 Whitehall Riverside

£26.00 Aviva 6,0905 year lease, break

at Year 3 No1 Whitehall

Riverside June 2017

9 Bond Court £27.00 Carter Jonas 4,25810 year lease,

break at Year 59 Bond Court April 2017

9 Bond Court £26.00Stewarts Solicitors

5,77510 year lease,

break at Year 59 Bond Court April 2017

VAT

A VAT option to tax has been made on the property and it is envisaged

that the sale will be treated as a Transfer of a Going Concern (TOGC)

for VAT purposes.

EPC

Available upon request.

Proposal

We are instructed to seek offers in excess of £19,700,000 (Nineteen

Million Seven Hundred Thousand Pounds), subject to contract and

exclusive of VAT. A purchase at this level reflects a Net Initial Yield

of 6.51% assuming purchase costs of 6.75% and a low capital value

of only £333 per sq ft. Based on our opinion of ERV this reflects a

reversionary yield of 6.67%.

Capital Allowances

A joint election under s.198 Capital Allowances Act 2001 will be made

for £1 for the general pool and £1 for the special rate pool on the sale

of the Property.

Service Charge

The service charge for 2018/2019 is currently £5.50 per sq ft.

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OFFICE MARKET-INVESTMENT

INVESTMENT RATIONALE & ASSET MANAGEMENT OPPORTUNITIES

Date Property NIA TenantTerm

CertainRent

Price Price

Purchaser NIY CV

April 2018

City Point, 29 King Street, Leeds

61,377 Multi-let 4 years £24.85 £26.05m CBREGi 5.78% £424

Feb 2018

6 Queen Street, Leeds 69,945Part let to Burberry/

part Vacant

9.75 years

£29.50 £37.23m Mayfair Capital 5.42% £532

Jan2018

No 2 Capital Quarter, Cardiff

82,029 Multi-let7.81

years£19.34 c.£22.9m Tesco Pension Fund c.6.50% c.£279

Dec 2017

1 Portland Street, Manchester

59,201 Multi-let5.5

years£22.30 £21.55m M&G 5.75% £365

Dec2017

Park Row House, Leeds

42,000 Multi-let6

years£12.00 £8.6m Adapt 5.54% £205

Aug 2017

2 Quartermile, Edinburgh 58,840 Multi-let7

years£27.86 £28.5m

UBS Asset Management

5.41% £484

Aug 2017

19 Cornwall Street, Birmingham

132,903 Multi-let4.64

years£19.21 £35m Kier Property 6.77% £263

July 2017

1 East Parade & 8 St Pauls Street, Leeds

67,456 Multi-let4.26

years£13.83 £12.7m Schroders 6.75% £188

May 2017

9 Bond Court, Leeds

66,438 Multi-let4.5

years£25.30 £24.25m

Canal & Rivers Trust

6.25% £365

Feb 2017

Toronto Square, Leeds

90,562Multi-let

42% vacant4.3

years£23.30 £22.2m JP Morgan 4.50% £245

• Prime location within CBD and 2 minutes’ walk from Leeds Rail Station

• No further capital expenditure required following extensive refurbishment

• Rental tone of £24.50 - £25.00 per sq ft. offers excellent growth prospects against prime rents of £29.00 per sq ft

• BREEAM Excellent offices

• Flexible floorplates well suited to market requirements

• Established identity as prestigious business address

• Bond Court environment now significantly enhanced with redevelopment or refurbishment of all surrounding properties and the public realm

• Attractive income yield compared to other asset classes

• Low capital value per sq ft

INVESTMENT PROPOSAL

Minerva has a WAULT to expiry of 9.25 years and to break of 7.75 years.

For further information including access to the data room and

viewing arrangements, please do not hesitate to contact one of the

sole agents:-

Mathew Atkinson Andrew Summersgill

DD: 0113 261 6246 DD: 0113 235 5209

Mathew.atkinson@eu.jll.com Andrew.summersgill@eu.jll.com

FURTHER INFORMATION

MISREPRESENTATION ACT: Jones Lang LaSalle for themselves and for the vendors or lessors of this property, whose agents they are give notice that: a) all particulars are set out as general outline only for the guidance of intending purchasers or lessees, and do

not comprise part of an offer or contract: b) all descriptions, dimensions, references to condition and necessary permissions 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 on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. c) no person in the employment of Jones Lang LaSalle has any authority to make any representation

of warranty whatsoever in relation to this property. DS Emotion_4284_MAY18

RICHARD HINDS

DD: 0113 235 5284

Richard.hinds@eu.Jll.com