Barclays Office Campus 120 Longwood Close

Westwood Business Park Coventry CV4 8JG

THREE OFFICE BUILDINGS WITH 10.5 YEARS SECURE INCOME FROM BARCLAYS BANK Plc INVESTMENT OPPORTUNITY

Investment Summary

n Opportunity to acquire a campus of three high quality headquarter office buildings in attractive landscaped surroundings

n Located on one of the Midlands premier business addresses, Westwood Business Park, close to Coventry Airport and Warwick University

n Three separate office buildings with divisible floor plates

n The properties have recently undergone a multi million pound refurbishment programme

n Total accommodation of 11,758.18 sq m (126,563 sq ft)

n Let to Barclays Bank plc on three separate FR&I leases for a term of 20 years from 31 December 2004 at a total rent of £1,605,854 per annum

n Each lease contains a tenant option to determine in December 2014, each subject to a 5.5 year rent penalty

n Minimum 10.5 years secure income from Barclays Bank Plc

n A total of 692 car spaces providing an excellent parking ratio of 1:16.9 sq m (1:183 per sq ft)

n The property is held on a 125 year peppercorn lease from Coventry City Council

n The properties are held in a SPV. Information in respect of the SPV is available on request

n Offers are sought in excess of £19,000,000 subject to contract and exclusive of VAT. Assuming normal purchasers cost at 5.75% a purchase at this level would reflect a net initial yield of 8.00%.

Barclays Headquarters

Mercia Business Village

RICS

OCR Oxford, Cambridge & RSA Examinations

ITCM

Chartered Institute of Housing

Ensign Business Centre

TUI UK

TUI UK

The Camping and Caravanning Club

E-ON UK PLC

Barclays Regional

Headquarters

Location

Coventry is located within the West Midlands, approximately 24km (15 miles) east of Birmingham and 144km (90 miles) north of London.

The city benefits from excellent road communications, providing direct access to the M69, M6 and M40 motorways, with links via the A45 Birmingham to Coventry trunk road, into the M42. The M1 is approximately 30km (19 miles) to the east and can be accessed by both the M6 and the M69.

Rail services are good with Coventry train station providing regular intercity links to London, Birmingham and Manchester, with the fastest journey time by train to London Euston of approximately 65 minutes.

Birmingham International airport is 20 minutes drive time to the west of Coventry, providing access to both domestic and international destinations.

Coventry Economy

Coventry has an urban population of approximately 303,000 (2001 census) and a population of some 900,000 within 20km (12 miles) of the city centre.

The expansion of call centre and back office operations for a number of key nationwide companies has led to growth in the financial and business services sector, which now accounts for 21.2% of all employment within Coventry (2007). Public Services accounts for 32.3% of the total employment, with Manufacturing, Computing and R&D representing other major employment sectors in the area.

Coventry’s strategic location and excellent communications have attracted numerous major national and international office occupiers such as Barclays, IBM, Capita, HSBC, National Grid Transco, Coventry Building Society and local government bodies including Coventry City Council.

The total office supply in Coventry is estimated at 492,400 sq m (5.3 million sq ft), with the average annual take up over the last 5 years at 25,177 sq m (271,000 sq ft). The out of town market accounts for approximately 75% of the total, with Westwood Business Park being one of the best established locations.

Prime office rental levels for out of town offices are well established at between £16.50 – £17.50 per sq ft as evidenced by recent lettings at the Icini Centre at Warwick Technology Park and at the Meridien Business Park, Coventry. Importantly, rents stand at competitive levels against parks in neighbouring Birmingham and Solihull.

BIRMINGHAMBIRMINGHAM

NUNEATON

HINCKLEY

COVENTRYCOVENTRY

DAVENTRY

RUGBY

MILTON KEYNES

BANBURY

NORTHAMPTON

CORBY

MARKET HARBOROUGH

KETTERING

BEDFORD

LOUGHBOROUGH

LEICESTER

WARWICK

BURTON UPON TRENT

STOURBRIDGE

KIDDERMINSTER

EVESHAM

WORCESTER

23 3A

4A

5

84A

11

T1T1

T2

T3

T4T5

T6T7T8

7/4

10A

11A

9

5

8

1

2

3 6

3

4

M6

M54

M6 Toll

M5

M42

M40

M42

M42

M6

M6

M6

M69

M5

A38

A5

A5

A5

A51

A518

A515

A499

A45

A45

A45

A14

A43

A47

A1

A50

A43

A6

A6

A46

A45

A43

A14

A6

A6A34

A46

A46

A46

A38

A38

A42

A446

A423

A428

A444

A429

A422

A361

A361

A425

A508

A607

A607

A600

A508

A508

A510

A428

A428

A456

A449

A449

A448

A452

A435

A422

A6003

A6116

A6003A513

M1

M1

M1

M1

M45

A50

A50

NationalExhibition

Centre

EastMidlandsAirport

24

23

22

21

20

19

18

17

16

15a

15

11

16

10

1

1

1

2

HOB LANE

CR

OM

WEL

L LA

NE

WESTWOOD HEATH ROAD

GIBBET H

ILL ROAD

CHARTER AVENUE

WESTWOOD WAYHODGETTS LA

NE

RED LANE

CRACKLEY LANE

CRYFIELD GRANGE ROAD

KING’S HILL LANE

COVENTRY ROAD BROAD LANE

BACK LANE

HO

LLIS LAN

E

A45 D

UN

CHURCH HIGHW

AY

FLETCHAMSTEAD HIGHWAY A45

A4114 HOLLYHEAD ROAD

A452 BIRMINGH

AM ROAD

TANNER LANE TILE HILL LANE

COVENTR

Y RO

AD

K

ENIL

WO

RTH

RO

AD

A

429

C O V E N T R YC O V E N T R Y

Coventry Station

University ofWarwick

Barclays Regional Headquarters

Westwood Business Park

Westwood Business Park is a well established office park having been developed in the late 1980s. The 40 hectare (100 acre) campus style park is located 8km (5 miles) south west of Coventry city centre with the A45 linking the park to the M41 and M1.

The park comprises modern offices occupied by national and international organisations including E.ON, Barclays Bank and the RICS. It continues to attract demand with both TUI and the Camping and Caravanning Club developing and occupying new offices during 2003/2004.

Description

120 Longwood Close, comprises three buildings, Avon House, Swift House and Welland House, all developed for Barclays in the early 1990s.

The original building specification includes:

n Full fan-coil air-conditioning

n Fully accessible raised floors

n Suspended ceiling with recessed lighting

n Floor plates offer strong potential for divisibility

n Excellent natural lighting

n Generous floor to ceiling (surface to surface) height of approximately 2.7m

n 13-person (1,000kg) passenger lift serving each building

n Shower facilities

n Male/female toilet facilities on each level

n Extensive areas of soft landscaping.

There are 692 car parking spaces providing an excellent car parking ratio of 1:16.9 sq m (1:182 per sq ft ). 335 of these spaces are situated within the multi storey car park to the rear of the site, with the remainder of the parking spaces at surface level.

The site area extends to approximately 3.97ha (9.80 acres).

Accommodation

The properties have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides a combined total net internal area of 11,758.18 sq m (126,563 sq ft). The breakdown of the floor areas are as follows:

Avon House

Floor Use sq m sq ft

Lower Ground Reception 35.71 384

Lower Ground Offices 659.95 7,104

Lower Ground Storage 241.61 2,601

Ground Offices 1,989.62 21,416

First Offices 1,405.88 15,133

Total 4,332.77 46,637

Swift House

Floor Use sq m sq ft

Lower Ground Office 597.96 6,436

Lower Ground Storage 121.74 1,310

Ground Reception 56.89 612

Ground Offices 1,911.39 20,574

First Offices 1,564.31 16,838

Total 4,252.28 45,771

Welland House

Floor Use sq m sq ft

Lower Ground Offices 537.91 5,790

Lower Ground Storage 478.86 5,154

Ground Reception 72.35 779

Ground Offices 2,084.01 22,432

Total 3,173.13 34,155

Tenure

Long leasehold.

The term is 125 years from 28 September 1990 from Coventry City Council at a peppercorn rent.

Tenancy

The property is subject to three separate FR&I leases to Barclays Bank Plc on each of the three buildings for a term of 20 years from 31st December 2004 at a total passing rent of £1,605,854 per annum. Rent reviews are upward only in every fifth year of the term with the first reviews due on 31st December 2009.

The rents payable on each building are as follows:

Avon House £638,357 per annum equating to £13.68 per sq ft on an overall basis.

Swift House £608,942 per annum equating to £13.30 per sq ft on an overall basis.

Welland House £358,555 per annum equating to £10.50 per sq ft on an overall basis.

Barclays have an annual option to determine the leases from 31st December 2014 on 6 months notice and subject to a payment of a break penalty equivalent to a preset multiple of the annual rent as set out below.

Rent Multiple Year5.5 20144.6 20154.2 20163.9 20173.6 20183.2 20192.3 20201.7 20211.2 20220.6 2023

As a result of the unexpired term to the December 2014 tenants break option and the break provisions, a purchaser will benefit from a minimum of 10.5 years rent payable by Barclays Bank Plc.

Sinks

Posts

WESTWOOD WAY

TORW

V

Westwood Business Park

Swift HouseAvon House

El Sub Sta

23

12

8

5

1

Welland House

Swift HouseAvon House

Welland House

El Sub Sta

0m 25m 50m 75m

8491:1 - elacS dettolP .944020001 rebmun ecneciL .devreser sthgir llA .9002 thgirypoC nworC ©

WestwoodHeath

LONGWOOD CLO

SE WESTWOOD WAY

Mercia Business Village

WESTWOOD WAY

Covenant Information

Barclays Bank PLC

The most recent full year results for Barclays Bank Plc (registered number 01026167) are as follows:

Year Ending31.12.2008

(£’000)31.12.2007

(£’000)31.12.2006

(£’000)

Total income (net of insurance claims) 23,069,000 23,031,000 21,656,000

Pre-Tax Profit 6,035,000 7,107,000 7,197,000

Profit attributable to equity holders 4,846,000 4,749,000 4,914,000

The interim results for the six months to June 2009 show an increase of 37% in the Total Income to £16,253 m, Pre-tax Profit of £2,984 m (increase of 8%) and Profit attributable to equity holders of £1,888m (increase of 10%).

Further information on the tenant can be found at www.barclays.com.

Capital Allowances

Capital allowances may be available by separate negotiation.

VAT

The purchaser is not entitled to elect the property for VAT whilst Barclays Bank Plc are the tenant.

Special Purpose Vehicle

The properties are held in a SPV. Information in respect of the SPV is available on request.

Proposal

Offers are sought in excess of £19,000,000 subject to contract and exclusive of VAT. Assuming normal purchasers cost at 5.75% a purchase at this level would reflect a net initial yield of 8.00%.

© Crown Copyright 2009. All rights reserved. Licence number 100020449.

Ali Rana

0207 198 2224

arana@lsh.co.uk

Scott Helyer

0207 198 2225

shelyer@lsh.co.uk

Rob Jackson

0207 198 2166

rejackson@lsh.co.uk

For further information and viewing arrangements please contact

Misrepresentation Act The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Neither Lambert Smith Hampton nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the Property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the Property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. November 2009.

Barclays Office Campus