JAGUAR LAND ROVER LOOKERSAESOP BUSINESS PARK / AESOP ROAD / AYLESBURY / BUCKINGHAMSHIRE / HP22 5XX

PRIME DEALERSHIP INVESTMENT OPPORTUNITY WITH INDEX LINKED REVIEWS

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2 Investment Summary• Rare opportunity to acquire a freehold flagship

Jaguar Land Rover dealership located in a highly strategic location serving an affluent market territory

• Brand new, state-of-the-art car dealership, opened Dec 2019, fully future proofed for both brands.

• Sale and leaseback from a top three dealer network group, Bolling Investments Ltd, a wholly owned subsidiary of Lookers plc

• New 20-year lease from completion of the sale, with attractive 5 yearly rent reviews linked to the Retail Price Index (RPI), collared and capped at 1% and 3% per annum

• Initial passing rent of £750,000 p.a (£14.77 psf)

• Purpose built dealership comprising a total GIA of 50,795 sq ft (4,719 sq m)

• Future proofed for the rise of the electric car market with EV chargers throughout the site

• Expansive site covering 5.62 acres (2.27 hectares) with a low site density of 17%.

• Unquestionably an essential facility and long-term home for JLR

• Freehold

ProposalWe are instructed to seek offers in excess of £12,220,000 (Twelve Million, Two Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 5.75%, assuming purchaser’s costs of 6.71%.

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3 Aston Clinton is an affluent and highly desirable commuter-town in Buckinghamshire, 3.5 miles south east of Aylesbury.

The property has excellent road

communications being located on the

A41 which provides a ring road to the

north of Aston Clinton, linking Aylesbury

(3.4 miles) and Bicester (21 miles) to the

north west with St Albans (21 miles),

Watford (21 miles) and Greater London in

the south east. The town lies equidistant

between the M40 & M1 motorways, with

the M25 Orbital accessed 16 miles to

the south east.

Aylesbury railway station is located

approximately 4 miles to the east of the

property, Stoke Mandeville pproximately

5 miles to the south east and Wendover

approximately 6 miles to the south

providing both regional and national

services. The location has excellent

access to several major airports

including Luton (22 miles), Heathrow

(35 miles) and Stanstead (60 miles).

M1

M1

M25

M40

M40

A41

A41

A41

B489

A41

A413A4010

A418

A418

OXFORD

DUNSTABLE

MILTON KEYNES

LUTON

HITCHIN

HEMEL HEMPSTEAD

HIGH WYCOMBE

Buckland

BYE GREEN

DANCERS END

DraytonBeauchamp

Halton

To Aylesbury

ToLondon

WATFORD

STALBANS

AYLESBURY

Aston Clinton

A421

A416

A505

A5183

A5

A6

A1

M25

M1

A1(M)

LONDON RD

COLLEGE RD N

LOWER ICKNIELD WY

WESTON RD

AYLESBURY RD

TRING HILL

UPPER ICKNIELD WY

SAT NAV: HP22 5XX

Location

JAGUAR LANDROVER LOOKERS

JAGUAR LANDROVER LOOKERS

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4The property is strategically situated occupying a prominent position fronting the A41 dual carriageway, accessed from College Road North and forms the gateway to the Aston41 scheme.

The property lies 3.5 miles south-east of Aylesbury, on the northern outskirts

of Aston Clinton.

Aston41 is a production/warehouse scheme which was granted outline planning consent in 2012 for up to 240,000 sq ft of B2/B8 uses with ancillary B1(a) offices and B1(c) light industry. Mercedes-Benz took occupation of a 40,225 sq ft production/warehouse unit and 500-space car storage compound in 2018 and two further owner/occupiers, Dutytown and Brand Factory, have recently completed units on the scheme.

The wider area is a strategic and highly important dealership territory for premium brands, covering the affluent catchment between Milton Keynes (to the north), Watford (to the south east), Beaconsfield (to the south) and Oxford (to the west). Notable dealerships in close proximity are Mercedes (Aylesbury), BMW Mini (Tring), Audi (Amersham).

In terms of nearby JLR dealerships, the brands are represented in Milton Keynes (17 miles, Lancaster), Walford (22 miles, Beadles), Slough (22 miles, Lancaster) and Hatfield (25 miles, Grange).

Situation

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DescriptionThe property comprises a newly opened, purpose-built and impressive car dealership extending to 50,795 sq ft (4,719 sq m).

It trades a flagship Jaguar Land Rover dealership incorporating the iconic Arch design concept providing a 50:50 split between Jaguar and Land Rover, with the brands sharing a central reception desk. The property is of steel frame construction with part glazed, part profile steel clad elevations under a flat roof.

The accommodation is arranged over ground and first floor levels providing two showroom areas with 18 display spaces, lounge-style waiting areas, workshop, parts and office accommodation. Other key features include indoor service areas that allow customers to deliver their cars, using CitNow eVHC technology to monitor vehicles on arrival and also film any work carried out. The first floor provides offices, meeting rooms, staff areas and ancillary accommodation.Internally, the double height showroom areas are fitted to a high specification throughout with suspended ceilings, extensive lighting and overhead ventilation systems.

Offset from the showroom there is a customer waiting area and office accommodation with recessed spotlighting, glazed partitions and carpeted floors. Linking the showrooms and the workshop is a drive-in covered service department. The workshop area is configured to provide service bays, MOT facilities including inspection pits, roller shutter doors and an exhaust extraction system.

Externally, the property benefits from a low site coverage, providing excellent vehicle display and storage provisions with a total of 376 car spaces including display (102), customer (26), demonstrator (19) and compound (229) spaces. The Property has been future proofed with EV chargers located throughout the site, in preparation for a rise in electric vehicle popularity in the future.

The development of the new multi-million-pound dealership forms a consolidation of the nearby Lookers Jaguar in Amersham, Lookers Land Rover in Chipperfield, as well as Stratstone Land Rover Aylesbury which have all now closed and is unquestionably an essential facility and long-term home for JLR.

5

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6Accommodation

The property provides an approximate GIA of:

SQ FT SQ M

GROUND FLOOR

Showroom 12,217 1,135

Offices 1,873 174

Ancillary 1,356 126

WCs 452 42

Parts etc 1,399 130

Workshop/Dry Valet 20,096 1,867

Drive-in service 2,842 264

Wash bays 1,722 160

Total GF 41,958 3,898

FIRST FLOOR

Offices 1,755 163

Ancillary 4,553 423

WCs 1,012 94

Parts etc 1,518 141

Total FF 8,837 821

TOTAL 50,795 4,719

CAR PARKING SPACES

Showroom 18

Dry Valet 5

Workshop Bays 30

MOT 2

Wheel Alignment 1

TOTAL 56

102 USED DISPLAY

14 DEMONSTRATORS 144 COMPOUND

115

CO

MP

OU

ND

5 DEMOS

AESOP ROAD

A41 ASTON CLINTON BYPASS

CO

LLE

GE

RO

AD

NO

RT

H

26

CU

STO

ME

R P

AR

KIN

G

FIRST FLOOR

GROUND FLOORSite AreaThe site extends to 5.62 acres (2.27 hectares) and provides a low site density of 17%.

TenureFreehold

Title No. BM428038 and BM431001

TenancyThe property will be let to Bolling Investments Limited for a term of 20 years from completion of the sale. The lease will be subject to five yearly RPI-linked rent reviews, collared and capped at 1% and 3% per annum. The initial rent will be £750,000 per annum (£14.77 per sq ft).

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7During these unprecedented times, there has been a limited new supply of investment sales in this sector.

The market for prime assets with the right fundamentals is forecast to sustain the strong investor demand, from both experienced institutions and private equity, together with new investors diversifying from other sectors, which we have seen in recent deals.

Active investors are attracted by the secure income profiles with long leases let to manufacturers or dealer network groups, together with the prevalence of guaranteed rental uplifts in many leases. Location is a key fundamental for the sector – dealerships such as JLR Aylesbury, provide centralised and consolidated key services situated in very prominent and accessible locations. This is a trend we anticipate to see going forwards.

Bolling Investments Limited have a D&B rating of 5A2 and are a 100% wholly owned subsidiary of Lookers plc, holding the majority of the company’s property assets.

Lookers plc, established in 1908, is one of the leading motor retail and aftersales service groups in the UK and Republic of Ireland, representing 31 manufacturer brands in over 160 dealerships.

Lookers, the second largest dealership group by turnover, has the largest geographical spread of dealerships and choice of brands than any other automotive company in the UK, comprising of three core divisions; Automotive, Agricultural and Leasing.

The latest financial results for Bolling Investments Limited are set out below:

Dealership Market

Tenant Covenant Information

YEAR END 31/12/2018 31/12/2017 31/12/2016

Turnover (£000’s) 7,774 7,575 5,640

Profit / (Loss) Before Tax (£000’s) 13,434 7,089 6,463

Tangible Net Worth (£000’s) 57,019 45,782 40,183

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8 Further InformationShould you require any further information on the property or wish to arrange an inspection, please do not hesitate to contact:

Martin Carey020 7255 8085martin.carey@rapleys.com

Jonny Doulton020 7255 8099jonny.doulton@rapleys.com

Rebecca Harper020 7255 8040rebecca.harper@rapleys.com

Rapleys LLP is registered as a Limited Liability Partnership in England and Wales. Registration No: OC308311. Registered Office at Falcon Road, Hinchingbrooke Business Park, HUNTINGDON PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS. Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey – © Crown Copyright 2001. Licence No. 100017302 and © Crown Copyright. All rights reserved. Licence No. ES 100004619. Misrepresentation Act: These particulars are produced in good faith and believed to be correct. Neither Rapleys, their joint agents (where applicable) or their client guarantees their accuracy and they are not intended to form any part of a contract. No person in the employment of Rapleys or their joint agents has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. carve-design.co.uk 14694/8 July 2020

Purchase PriceWe are instructed to seek offers in excess of £12,220,000 (Twelve Million, Two Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 5.75%, assuming purchaser’s costs of 6.71%.

VATThe property is elected for VAT.

EPCThe property has an Energy Performance Certificate rating of A25. A copy of the EPC is available upon request.

CAPITAL ALLOWANCESThe vendor will retain all Capital Allowances.

Data RoomAccess to the Data Room will be provided upon request.

Anti-Money Laundering PolicyIn accordance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Purchaser will be required to comply with our Anti-Money Laundering policy.

Further details on request.