LINK HOUSE, 292-308 SOUTHBURY ROAD, ENFIELD, HERTFORDSHIRE EN1 1TS

NORTH LONDON SUBURB OFFICE INVESTMENT WITH DEVELOPMENT POTENTIAL

• Enfield is a vibrant and affluent North London suburb with a strong residential, commercial, retail and industrial core located approximately 8 miles from Central London which is easily accessible by public transport within 30 minutes.

• Link House is prominently located on Southbury Road just off the A10 Great Cambridge Road within 250m of Southbury Rail Station and one mile to the east of Enfield Town Centre.

• Neighbouring occupiers include Morrisons, ASDA Depot, Sainsbury’s, Pure Gym, B&Q, Curry’s PC World, Argos, Travelodge, Starbucks, McDonald’s and Cineworld.

• Purpose built well-specified 26,000 sq ft office building arranged over raised ground and three upper floors with 58 lower ground floor car parking spaces.

• Predominantly let to Tradewise Insurance Services Limited on five FRI leases with July 2019 co-terminus expiry dates.

• Annual rental of £348,224 p.a. Office rents range between £11.46 – £14.75 per sq ft offering potential uplifts at the outstanding July 2014 rent reviews.

• Excellent prospects for future rental and capital value growth through re-gearing of the leases or redevelopment subject to obtaining necessary consents.

• Offers sought in excess of £4,400,000 subject to contract reflecting the following yield profile assuming an uplift to £382,000 after the outstanding rent reviews:

Initial Yield: 7.48% Reversionary Yield: 8.21%

Investment Summary

Equivalent Yield: 8.13%Capital Value: £168 per sq ft

Location

Enfield is located approximately 8 miles north of Central London.

The town benefits from excellent communications with close proximity to the A10, M25, M11, M1 and the A406 North Circular Road. Heathrow Airport is located approximately 25 miles to the south west and Stansted Airport approximately 29 miles to the north east.

Rail communications are strong with services running into London Liverpool Street in approximately 30 minutes from Southbury Station and Enfield Town with Underground interchange at Seven Sisters (Victoria Line).

Enfield Town is a large vibrant commercial district both within the town centre and on the periphery given its prominence to the A10 Great Cambridge Road which forms part of the Upper Lea Valley, a six mile corridor extending from the Olympic Park in the south to Hertfordshire in the north. In addition to parks and waterways the Upper Lea Valley extends over 3,000 hectares and provides the largest concentration of industrial and commercial land in Greater London.

The local population is approximately 318,000 with a total catchment population of 1.62 million.

Situation

Link House is prominently situated on Southbury Road at the junction with Baird Street, approximately 225m to the east of the A10 Great Cambridge Road and 250m to the west of Southbury Rail Station. Enfield Town Centre is approximately one mile to the west.

The immediate area provides a vibrant mix of retail and commercial businesses and an abundance of well-known occupiers including Morrisons, ASDA Depot, Sainsbury’s, B&Q, Curry’s PC World, Argos, Travelodge, Starbucks, McDonald’s and Cineworld to name a few; all are situated within easy walking distance.

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17 18 1920

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3536

3738 39 40

41

4243 44 45 46

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48

4950

51 52

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5657

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58

1. Honda

2. Carcraft

3. Westmill Food

4. Dhamecha Cash & Carry

5. Kiddicare

6. Pets At Home

7. Nike

8. Halfords

9. Sports Direct

10. M & S Simply Food

11. Electrical Clearance Store

12. Toys R Us / Babies R Us

13. Nando’s *

14. Carphone Warehouse *

15. Subway *

16. Boots / Costa

17. Renault

18. Selco

19. Paragon / One Call

20. Krispy Kreme

21. McDonald’s

22. Sainsbury’s

23. Supplies House

24. Enfield Trade City

25. BM Polyco Ltd

26. Crown Place

27. Northgate Business Centre

28. Fortuna Healthcare

29. KFC

30. Gala Bingo

31. Dunelm

32. B & Q

33. Verve Clothing

34. Lee House

35. Enfield Car Repairs

36. Wates

37. Southbury House

38. Graham Plumbers Merchants

39. Formula 1 Autocentres

40. AJ Cars

41. Puregym

42. Morrisons

43. Curry’s PC World

44. Oak Furnitureland

45. Harveys/Benson Beds

46. Argos

47. ASDA Depot

48. DFS

49. BMW / MINI

50. Magnet

51. Travelodge

52. CEF / Halfords Autocentres / YESSS Electrical

53. Virgin Media

54. Toyota

55. Big Yellow *

56. Esso Petrol

57. HSS Hire / Topps Tiles

58. Cine World / Starbucks

* Under Development

SOUTHBURY

Site

The property forms part of a regular and flat site of approximately 0.17 hectare (0.41 acre). The footprint of the subject building shows a site cover of approximately 44%.

Description

The subject property comprises a purpose built office building constructed in the 1980s arranged over lower ground, ground and three upper totalling 2,428 sq m (26,133 sq ft).

The building has internally been recently refurbished to an attractive and high specification benefitting from excellent natural light from windows to all four elevations as well a flat roof which offers the potential for future extension subject to obtaining the necessary consents.

Generous floor plates in excess of 6,500 sq ft offer modern and well specified open plan and cellular accommodation including a spacious ground floor reception as well as staff canteen and games room.

The specification includes:

• Full air conditioning and central heating• Suspended ceilings with recessed lighting• Perimeter and underfloor trunking• Passenger lift• Double glazing• Male, female & disabled toilets• Shower• CCTV surveillance• Swipe card & video entry system• Staff canteen & games room

The lower ground floor provides predominantly covered car parking with 58 bays and lift access.

Accommodation

The building has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floor areas.

Floor Use Sq m Sq ft

Third Office 523.97 5,640

Second Office 621.61 6,691

First Office 625.70 6,735

Ground Office 602.38 6,484

Ground Reception 54.16 583

Basement Car park 2,427.81 26,133

Tenure

The property is held freehold.

Tenancies

The property is predominantly let to a single tenant, Tradewise Insurance Services Limited, on five FRI leases with a co-terminus expiry date of 18 July 2019.

Additional income is derived from Vodafone for a telephone aerial on the roof of the building. Full details of the tenancies are set out in the tenancy schedule below.

The total passing rent for the property is £348,224 per annum.

Floor Use Area Tenant Lease Start Term Rent Review Lease Expiry Passing Rent Comments

£ p.a. £ psf

Third Floor (South)

Office 2,438

3,202

Tradewise Insurance Services Ltd 21-Jul-06 13 years 19-Jul-14 18-Jul-19 £33,954 £13.93 FRI.

Third Floor (North)

Office Tradewise Insurance Services Ltd 17-Feb-10 9 years & 5 months

19-Jul-14 18-Jul-19 £47,230 £14.75 FRI.

Second Office 6,691 Tradewise Insurance Services Ltd 01-May-12 7 years & 79 days

19-Jul-14 18-Jul-19 £76,670 £11.46 FRI.

First Office 6,735 Tradewise Insurance Services Ltd 01-May-12 7 years & 79 days

19-Jul-14 18-Jul-19 £77,487 £11.51 FRI.

Ground Office 6,484

583

Tradewise Insurance Services Ltd 19-Jul-04 15 years 19-Jul-14 18-Jul-19 £95,300 £14.70

£12.94

FRI. 6 months’ rent deposit

Ground Reception

Lower Ground Car Parking Tradewise Insurance Services Ltd 58 space

5 yearly RPI reviews

s

Roof Aerial Vodafone 28-Dec-07 15 years 28-Dec-17 27-Dec-22 £17,583

26,133 £348,224

Covenant

Tradewise Insurance Services Limited offers a range of industry leading products specialising in insurance for Motor Traders and Commercial Vehicles through a nationwide network of independent insurance brokers.

The company dates back to 1994 with its headquarters in Enfield, North London whilst its trading partner, Tradewise Insurance Company Limited, is based in Gibraltar.

In 2014, the London Stock Exchange Group in its publication, 1000 Companies to Inspire Britain, recognises Tradewise Insurance Services as one of the UK's most inspiring companies identifying its among some of the fastest-growing and most dynamic small and medium-sized enterprises (SMEs) in the UK. For further information please visit www.tradewiseinsurance.com.

Tradewise Insurance Services Limited reported the following financial accounts for the years ended April 2011 to 2013:

Y/E 31 Dec 2013

GBPY/E 31 Dec 2012

GBPY/E 31 Dec 2011

GBP

Turnover £19,709,521 £19,582,424 £16,245,739

Pre-Tax Profit

£1,059,580 £1,528,415 £964,931

Rental Value

Recent office lettings in Enfield, as evidenced at Nicholas House, have achieved rents in excess of £14.50 per sq ft.

The current passing rents at Link House range between £11.46-£14.75 per sq ft. We consider the current passing rents of the first and second floors and part third floor (south) to be reversionary at the outstanding July 2014 rent reviews increas-ing the property’s rental value to approximately £382,000 per annum.

The strong demand for converting existing office buildings to residential through permitted development offers excellent underlying rental and capital value growth prospects for Suburban London office buildings which are well-located and retain their existing use.

Planning

The property is not listed and nor is it situated within a conservation area.

The property offers scope in the medium term for a change of use to residential or other uses subject to obtaining the necessary consents.

Energy Performance Certificates

To be forwarded upon request.

VAT

The property is elected for VAT however it is anticipated the transaction will proceed as a TOGC.

Investment Considerations

• Prominent building surrounded by national occupiers and multiples equidistant between A10 Great Cambridge Road and Southbury Railway Station which connects with London’s Liverpool Street in thirty minutes.

• Attractive, refurbished and well-specified offices with generous floorplates and 58 car parking spaces.

• Let for a further 4¾ years at passing rents ranging from £11.46 per sq ft offering potentially immediate reversion at the current outstanding rent reviews..

• Tradewise Insurance Services Ltd was recognised by the London Stock Exchange Group in 2014 as one of the UKs most inspiring, fastest growing and dynamic SMEs in the UK.

• The rise in the number of office buildings converting to residential through permitted development offers excellent underlying rental and capital growth prospects due to reduced supply in the future.

• Building offers excellent potential for extension and conversion to alternative uses such as residential, hotel or alternative uses subject to obtaining the necessary consents.

Pricing

Offers sought in excess of £4,400,000 (Four Million Four Hundred Thousand Pounds) subject to contract for the unconditional purchase of the freehold interest.

A purchase at this level shows the following yield profile reflecting assuming an uplift to £382,000 per annum:

Initial yield:

Reversionary Yield (2014):

Equivalent yield:

Capital Value:

Further Information

For further information or to arrange an inspection contact:

Paul Hanison020 7297 6458

paulhanison@ianscott.com

15 Bolton Street, Mayfair,London, W1J 8BGwww.ianscott.com

Misrepresentation Notice – November 2014 – Subject To ContractIan Scott International for themselves and for the vendors or lessors of this property for whom they act give notice that (1.) These particulars are only intended as a general outline for the guidance of the intending lessees or purchasers. (2.) All descriptions, dimensions, references to condition,

necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending lessee or purchaser 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. (3.) If for any reason any party wishes to rely on any aspect of the particulars or statements at any particular date without further investigation such interested party should seek written confirmation from Ian Scott International who reserve the right to charge a fee for this service. (4.)

The particulars do not constitute any part of an offer or a contract. (5.) Whilst every effort has been made to check the floor areas provided, complete accuracy cannot be guaranteed and intending lessees or purchasers must satisfy themselves with regard to this information. (6.) Any quoting terms have been summarised for the purposes of presentation. Intending lessees or purchasers must satisfy themselves as to the accuracy of this information by reference to the legal documentation, which is available from the vendor’s solicitors. (7.) The vendor does not make or give any representation or

warranty whatsoever by these particulars, neither does Ian Scott International nor any employee of theirs have any authority to do so. (8.) The information provided is believed to be correct as at the date below but may be subject to variation thereafter.

7.48%

8.21%

8.13%

£168 per sq ft