P E M B R O K E H O U S EBANBURY BUSINESS PARK, BANBURY, OXFORDSHIRE OX17 3NS

F U L LY R E F U R B I S H E D O F F I C E I N V E S T M E N T F O R S A L EL O N G L E T T O 5 A 1 C O V E N A N T

2

P E M B R O K E H O U S EBANBURY BUSINESS PARK

P E M B R O K E H O U S EBANBURY BUSINESS PARK

All New M & E

Over 10 YearsIncome

Low Rent£12.88 per sq ft

Strong Covenant

402 ParkingSpaces

Car Parking1:85 sq ft

5A1 +10+10+10

Future DevelopmentSite 1.5 Acres

Pembroke House2.5 Acres

33

Investment SummaryProminent headquarters office building at the entrance to Banbury Business Park

Low passing rent of £507,492 per annum equating to only £12.88 per sq ft overall

Entirely let to Bibby Financial Services Limited on two identical leases expiring 18 September 2028

10.5 years unexpired

Bibby offers a strong covenant - D&B 5A1

Banbury is located on the M40 between London and Birmingham

Totalling approximately 34,137 sq ft (2,171 sq m) over ground and first floors

The ground floor is being comprehensively refurbished to a CAT A specification to the same standard as first floor

Excellent overall car parking ratio of 1:85 sq ft

Pembroke House and the additional car park totals 4 acres

Virtual freehold

Offers are sought in excess of £6,500,000 (Six Million Five Hundred Thousand Pounds) exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.32%assuming usual costs of purchase.

P E M B R O K E H O U S EBANBURY BUSINESS PARK

4

A46

A40

A361

A361

NorthamptonNorthamptonNorthamptonLeamington Leamington

SpaSpaLeamington

Spa

Milton KeynesMilton KeynesMilton Keynes

BirminghamBirminghamBirmingham

CoventryCoventryCoventry

OxfordOxfordOxford

CheltenhamCheltenhamCheltenham

M25

M40

M40M42

M50

M40

M40

M45

M54M42

M1

M6

M1

M5

M5

A429

A429

A44

A44

A47

A44A44

A1074

A418

A509

M42

M6

BANBURYBANBURYBANBURY

OxfordOxfordOxford

BirminghamBirminghamBirmingham

LONDONLONDONLONDON

Location

Banbury is an expanding commercial centre and the main borough serving North Oxfordshire. It is strategically located on Junction 11 of the M40 Motorway, providing a direct road link to London, Oxford and Birmingham.

Banbury has rail connections to London Marylebone and Birmingham New Street stations. Both Heathrow and Birmingham International airports can be reached in under an hour by car.

Banbury has a population of approximately 47,000 and serves a wider catchment of approximately 142,000. Banbury and the surrounding area is a key location for high value new technology businesses and is a major centre of excellence in the world of motorsport and advanced automotive engineering due to its proximity to

P E M B R O K E H O U S EBANBURY BUSINESS PARK

Silverstone. Biotechnical companies benefit from a good supply of high quality graduates from nearby University of Oxford.

The local economy is set to benefit from the M40 corridor having been earmarked as a key area of growth in the UK industrial and logistics market.

This will also be assisted by way of the Government's commitment of £1.3bn to infrastructure investment set out in the 2017 Autumn Statement. Included in this was an initial £27m commitment to an Expressway to link Oxford, Milton Keynes and Cambridge, which is to include the expansion and re-routing of roads, and creating the Varsity Railway Line to link the East to West.

The town’s retail offering includes Castle Quay Shopping Centre and Banbury Gateway Shopping Park, a new out of town retail fashion and leisure park.

5

AHNHO RD.

BANBURY ROAD

A361

A4260

A422

A43

B4031

B4031

Kings SuttonKings SuttonKings Sutton

J1 1

J1 0

M40

M40

BanburyBanburyBanbury

BANBURYBANBURYBANBURY

Situation Pembroke House is prominently positioned at the entrance to Banbury Business Park, 4.8 miles to the south of Banbury town centre, with a journey time of 14 minutes.

The building benefits from close access to..... the M40 (Junctions 10 and 11), a major route...... between the UK’s largest cities of London and...... Birmingham.

Banbury Business Park provides institutional,...... high specification buildings in a well managed...... environment.

Other occupiers on the business park include Dematic, North Oxfordshire Ambulance Resource Centre, Sanctuary Housing Association and numerous others in Somerville Court.

P E M B R O K E H O U S EBANBURY BUSINESS PARK

6

To LondonTo Birmingham M40

A4260

TRINITY WAY

AYNHO ROAD

Not to scale, for indicative purposes onlyAdditional Car Park Site

1.56 AcresPembroke House

2.5 Acres

P E M B R O K E H O U S E

7

Floor Description sq m sq ft First Office 1,579 16,994

Ground Office 1,534 16,514

Ground Reception 58 629

Total 3,171 34,137

Pembroke House has 176 dedicated car parking spaces and the additional car park has 226 spaces, providing an unrivalled car parking ratio of 1:85 sq ft. Total site area over two sites of 4 acres.

Accommodation The property has been measured in accordance with RICS Code of Measuring Practice (6th edition) and has the following assignable net internal floor areas:

Pembroke House Pembroke House is a detached office headquarters totall ing 34,137 sq ft (3,171 sq m) over ground and first floors. It has a double height reception and a central courtyard.

A comprehensive CAT A refurbishment of the ground floor is underway. The first floor has already been completed and the ground floor is due for completion in April 2018.

The specification with all new M&E includes:

• Raised floors

• Suspended ceilings

• Four-pipe fan coil air conditioning

• 2 lifts

• DDA compliant

6

1

5

8

10

11

15

Pond

House

B 4

100

Pembroke

TRINITY WAY

SO

ME

RV

ILLE

CO

UR

T

Ambulance Station

Pembroke House

AdditionalAdditionalCar ParkCar Park

SiteSite

AdditionalCar Park

Site

8

Tenure

Virtual freehold - 999 year long lease from 7 July 1997 at a peppercorn rent.

Tenancy Details The property is entirely let to Bibby Financial Services Limited on two coterminous full repairing and insuring leases expiring 18 September 2028 without break subject to 5 yearly upward only rent reviews. Next reviews on19 September 2021.

The total passing rent is £507,492 per annum, arrived at as follows:

First floor £220,922 per annum Additional car parking - 120 spaces at £36,000 per annum

Ground floor £218,770 per annum Additional car parking - 106 spaces at £31,800 per annum

NOTE: Bibby Financial Services are in occupation of the first floor and have exchanged an Agreement for Lease to take the ground floor which is currently being refurbished with practical completion scheduled for April 2018.

Floor 31 Dec 2016 31 Dec 2015 31 Dec 2014

.... (£000s) (£000s) (£000s)

.... Sales Turnover 145,100 157,970 159,155

Profit/(Loss) 15,695 58,274 24,718

Before Taxes

Tangible Net Worth 162,536 184,315 160,883

Net Current Assets 739,791 661,143 686,503

(Liabilities)

..

Bibby Financial Services is the UK’s .............................largest dependent invoice finance incompany and financial services partner to over 7,500 businesses in the country. Through a network of 18 offices they manage an annual client turnover of £5 billion. In 2016 Bibby Financial Services advanced £3 billion to UK businesses.

Bibby Financial Services was formed in 1982 and its parent, the Bibby Line Group, is a £1.4 billion business, operating in more than 20 countries.

Bibby Financial Services Limited has a Dun & Bradstreet rating of 5A1. ‘5A’ reflects a financial strength based on a tangible net worth of £162,536,000 and ‘1’ represents a minimum risk of business failure.

The company reported the following financial results:

P E M B R O K E H O U S EBANBURY BUSINESS PARK

9

Tenant Information

Address Tenant Unexpired Price NIY Date

........ Term (to break) - (%)

........ Years

1 & 2 Charter Court, Charter Court Financial Services Ltd 10 £4.565m 6.45% February 2018

Wolverhampton Business Park,

Wolverhampton

One City Park, Brighton & Hove Legal and General Assurance Society Ltd 9 £23.045m 6.50% January 2018

..... (6)

Mint House, 6 Stanley Park Road, South West London & St George’s 15 £6.15m 5.22% December 2017

Wallington Mental Health NHS Trust (10)

61-63 London Road, Redhill Travellers Management Ltd and 12.38 £25m 5.50% September 2017

.... PSA Finance UK Ltd (9.79)

KAO One, London Road, Harlow Raytheon Systems (UK) Ltd and 14.39 £28.39m 5.50% July 2017

... Arrow Electronices (UK) Ltd (11.85)

Balliol House, Banbury Business Park, Dematic 10 £6.7m 8.19% May 2017

Banbury

Units 110 & 120 Trinity House, NHS 12 £5.85m 6.16% April 2017

Eureka Park Ashford

Henderson House, Huntingdon Anglian Water 11.50 £5.224m 5.84% March 2017

West Point, Peterborough Multi Let (inc Thomas Cook) 12.10 £25.1m 7.29% January 2017

Office Investment Activity

P E M B R O K E H O U S EBANBURY BUSINESS PARK

10

Should you have any queries or wish to arrange an inspection, please contact:

Lucy Young DD: 0 20 7297 6278 M: 07880 005802 lucy.young@bidwells.co.uk

James Keys DD: 0 20 3761 3648 M: 07771 997374 james.keys@bidwells.co.uk

Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043

March 2018

Further Information

VAT The property is elected for VAT. We anticipate that the transaction will be treated as a transfer of a going concern for VAT purposes.

Capital Allowances Capital allowances are to be retained by the vendor.

EPC Rating Available upon request.

P E M B R O K E H O U S EBANBURY BUSINESS PARK

Proposal

We are instructed to seek a purchaser who will commit to acquire the investment on completion of the refurbishment of the ground floor scheduled for April 2018.

Offers are sought in excess of £6,500,000 (Six Million Five Hundred Thousand Pounds) exclusive of VAT. A purchase at this level would reflect a assuming usual net initial yield of 7.32% costs of purchase.

Rent free periods will be topped up by the vendor.

11

Bidwells

25 Old Burlington Street

London W1S 3AN

Tel: 020 7493 3043

bidwells.co.uk

IMPORTANT NOTICE

Bidwells LLP act for themselves and for the vendors of this property, whose

agents they are, give notice that:

Nothing contained in these particulars or their contents or actions, both

verbally or in writing, by Bidwells LLP form any offer or contract, liability or

implied obligation to any applicants, viewing parties or prospective

purchasers of the property to the fullest extent permitted by law and should

not be relied upon as statements or representative of fact. No person in the

employment of Bidwells LLP or any joint agents has authority to make or give

any representation or warranty whatever in relation to this property. Any

areas of measurements or distances are approximate. The text, photographs

and plans are for guidance only, may not be to scale and are not necessarily

comprehensive. No assumptions should be made that the property has all

necessary planning, building regulation or other consents. Bidwells LLP has

not carried out a survey, nor tested the services, appliances or facilities.

Purchasers must satisfy themselves by inspection or otherwise. All rentals

and prices are quoted exclusive of VAT unless otherwise stated. Prospective

purchasers may be asked to produce identification of the intended Purchaser

and other documentation in order to support any conditional offers

submitted to the vendors. Bidwells LLP accepts no liability of any type arising

from your delay or other lack of co-operation. We may hold your name on our

database unless you instruct us otherwise.

OS licence no. ES 100017734. © Copyright Bidwells LLP 2017. Bidwells LLP

is a limited liability partnership registered in England and Wales (registered

number OC 344553). Registered office is Bidwell House, Trumpington Road,

Cambridge CB2 9LD where a list of members is available for inspection.

Your statutory rights are not affected by this notice.