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SHOPPING CENTRE INVESTMENT OPPORTUNITY

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					SHOPPING CENTRE INVESTMENT OPPORTUNITY




                             motherwell
                                               Motherwell Train Station

                         Taxi Rank     Main Bus Stops
                                                                                                   M8 - Glasgow/Edinburgh
                                                                     Brandon Parade East
                                                                                                   Underpass
      M74 - Glasgow




                                                        Footbridge
                                                                                                                  Menteith Road
                                                                                                                  Car Park (265)




                      Brandon Arcade


    Underpass
                                                        Brandon Parade South




                                                                                                          Brandon Shopping
                                                                                                         Centre Car Park (335)




                                                                                       Underpass




                                                                                                               A721 to Wishaw




2
The Opportunity                            Investment Summary
Brandon Shopping Centre presents the       •   Brandon Shopping Centre dominates Motherwell town centre retail provision.

purchaser with a rare opportunity to       •   Mature asset showing strong footfall and successful tenant trading.

acquire a substantial, dominant shopping   •   Highly accessible location.
centre, with a strong tenant line up and       Loyal and immediate catchment of over 112,000 persons.
                                           •
extensive asset management /
                                           •   Strong anchor tenants including Primark, Boots, Wilkinson and Argos.
refurbishment opportunities.
                                           •   Over 70% of tenants operate at either a national or international level.

                                           •   Over 32,516 sq m (350,000 sq ft) of retail space.

                                           •   91 shops, 4 offices and 600 car parking spaces.

                                           •   Retailers showing early interest in advanced plans to redevelop 54-62
                                               Brandon Parade South, to provide up to 4,865 sq m (52,375 sq ft)
                                               of modern retail space – early, strong retailer interest confirmed.

                                           •   Extensive asset management opportunities.

                                           •   Heritable interest (Scottish equivalent of English Freehold).

                                           •   Currently producing a rental income of c. £3.48 million per annum.

                                           •   Estimated rental value of £4.93 million per annum.

                                           •   Weighted Average Unexpired Lease Term (WAULT) of 26.6 years
                                               for occupational leases of more than a one year term.

                                           •   Offers in excess of £33,000,000 (Thirty Three Million Pounds) exclusive
                                               of VAT are invited, reflecting a net initial yield of 9.40% and an equivalent
                                               yield of 10.86%, after deducting purchaser’s costs of 5.75%.




                                                                                                                               3
    Location                                                                                                                                      A811
                                                                                                                                                           M91
                                                                                                                                                             10
                                                                                                                                                                                                                      5
                                                                                                                                                                                                                      4
                                                                                                                                                                                         Alloa
                                                                                                                                                         STIRLING
    Motherwell is located in central Scotland and is one of the principal towns                                                                                    9                                    Dunfermline
                                                                                                                                                                                                                      3
                                                                                                                                                                                                                            A92
                                                                                                                                                              M80                                A985
    in North Lanarkshire. The town is the headquarters for North Lanarkshire          A82 A811                                                                                       7
                                                                                                                                                                                         3
                                                                                                                                                                                                                      2

    Council, which is one of Scotland’s most populous local authority areas.                                                                                             1
                                                                                                                                                               4                 Falkirk 5       4 M9       EDINBURGH
    Motherwell is located 17 miles south-west of Glasgow and 8 miles east                   Dumbarton
                                                                                                                                                                  Cumbernauld
    of East Kilbride.
                                                                                                                                                       A80                                                            1
                                                                                           31   M8                                                 3                                                                         1
                                                                                                     1                                                                                                                2
                                                                                                    30                                                                                                     3
                                                                                                                               M80 3                             Airdrie                                       Livingston
                                                                                                                                                 M73
                                                                                                         29 27 26                                            Coatbridge
    The town benefits from excellent road communications, being located close                                       24          GLASGOW
                                                                                                                                     1                                 M8        5
                                                                                                                                                                                                 4
                                                                                                                                                           A8 6                      Shotts
    to Junction 6 of the M74 providing further access to the M73 north, and the          A737 Paisley
                                                                                                                3                                            Bellshill
                                                                                                                                                                                                 A71
                                                                                                                                                    5
    M8 motorway connecting Glasgow and Edinburgh. Easterly travel through the                                   4 A726                   A725
                                                                                                                                                      6       MOTHERWELL                                                  A702
                                                                                                                 East Kilbride                                           Wishaw
    town centre is via the A723, the principal route connecting to Junction 6 of                           M77
                                                                                                                                                Hamilton
                                                                                                                                                                  A71
                                                                                                                                                                                 Carluke
    the M8. Glasgow and Edinburgh airports are both approximately 40 minutes                                                                                  8
                                                                                                                                                                                         A73

    drive providing direct flights to a number of UK and international locations.                        A77                                                 M74                                        A721

                                                                                                                                                                                                          A702
                                                                                                     Kilmarnock                  A71
    The subjects form the heart of the town centre and benefit from excellent
    road infrastructure including public transport links. Motherwell Railway
                                                                                                               A725
    Station is located immediately to the north of Brandon Shopping Centre,                                                                                              Forgewood
    providing excellent access to the local and national rail network. In addition,                                                                     A721
    the Shopping Centre is the main pick up and drop off point for buses and




                                                                                                                                                                       B el
    taxis serving the town centre and surrounds. 600 free car parking spaces                                                                                                                                      A723




                                                                                                                                                                        lshi
    are provided on site.                                                                       5




                                                                                                                                                                             l
                                                                                                                                                                             l Rd
                                                                                                                                                                                                                St
                                                                                                                                                                                                          rry
                                                                                                                    St
                                                                                                                                                                                                       Me
                                                                                                                      ra                                                      A721                   A723
                                                                                                                           th
                                                                                                             M74             cl
                                                                                       Bo
                                                                                                                               yd
    The town of Motherwell has a population of                                           thw
                                                                                                                                 e
                                                                                                                                     Lo
                                                                                                                                        c
                                                                                                                                         MOTHERWELL
                                                                                                                                            h
    approximately 31,000 with a catchment
                                                                                            el l
                                                                                                                                                               d
                                                                                                                                                             nR                                         Ravenscraig
                                                                                                                                                         ilto
                                                                                             Rd
                                                                                                                                                       am                                                 Craigneuk
    of 496,007 within 10 minutes journey time                                                                                            6       A723 H
                                                                                                                                                                                                           A721
                                                                                                   A72
                                                                                                                                                                                                   Shieldmuir
                                                                                                    A724                                                                                          Muirhouse




4
Demographics
Historically, Motherwell was noted as the steel production capital of Scotland.
In the past decade, Motherwell has largely recovered from the high
unemployment and economic decline brought about by this collapse of heavy
industry, particularly at Ravenscraig. As part of the recovery process, a number
of call centres and business parks including Strathclyde Business Park have
since set up in the region.

Today, the town of Motherwell has a population of approximately 31,000 and
according to the 2001 Census, the district North Lanarkshire population is
approximately 321,100, accounting for just over 6% of Scotland’s population.
North Lanarkshire has a relatively young population, with higher proportions of
children and young adults and lower proportions of older adults than the rest
of Scotland. Indeed, with an average age of 37.5, it has the 2nd ‘youngest’
population of any Council area in Scotland, with only West Lothian having
a lower average age. Between 2004 and 2008, there was population growth
of 0.1% in Motherwell town centre. (source PROMIS)

In 2007 the service sector accounted for 71% of total employment in
Motherwell (around the Retail PROMIS average). Within this sector, “financial
& business services” accounts for 19% of total employment (around the Retail
PROMIS average) and the manufacturing sector in Motherwell accounts for
12% of total employment (around the Retail PROMIS average).
                                                                                                 Brandon Shopping Centre
Motherwell town centre has the following catchment populations:
                                                                                                 Motherwell area
        Travel time from                           Catchment Population                          Within 10 minute drive
     Motherwell town centre

              5 minutes                                  168,653                   Map supplied by Experian Ltd, highlighting the shopper catchment area located
                                                                                   within a 10 minute drive time from Brandon Shopping Centre.
             10 minutes                                  496,007
             20 minutes                                 1,527,285
             30 minutes                                 2,229,817
The above figures have been provided by Experian




                                                                                                                                                                   5
6
Description
The Brandon Shopping Centre is at the heart of Motherwell’s town centre
and comprises more than 32,516 sq m (350,000 sq ft) of retail space.
Encompassing the prime retail pitch of the town, the Shopping Centre is home
to a wide selection of retailers including Argos, Primark, Wilkinson Hardware
Stores, Boots, New Look, Iceland, Dorothy Perkins, Burton and JJB.

The Shopping Centre was constructed in phases from the late 1960s
onwards with the most recent phase at 2-18 Brandon Parade South being
constructed in the 1990s. CALA Properties acquired the Shopping Centre
in February 2007 and during their ownership they have carried out further
aesthetic improvements to the Centre.

The Shopping Centre comprises the town’s three principal retail pitches
                                                                                         Footfall
known as:- Brandon Parade East, Brandon Parade South and Brandon
Arcade. The scheme is laid out over a 21.3 acre site.                                    CALA estimates that the footfall in 2008 was 4,312,869 (a 21.28% increase
                                                                                         on 2007). Despite the recession, CALA project that the footfall in 2009 will
Brandon Parade South - is the main thoroughfare and prime retailing
                                                                                         be 4,420,690. This is a 2.5% increase on the previous year’s figures and
pitch providing the bulk of retailing in Motherwell. Most units are canopy
                                                                                         is reflective of the improved trading performance of several key tenants,
protected with an open mall. The mall extends from Brandon Parade
                                                                                         the recent opening of the Wilkinson store and several shops having been
South car park through to Merry Street. The construction is predominantly
                                                                                         re-let recently.
over two storeys.

Brandon Arcade - provides a cul-de-sac of 10 units, located off Brandon                  Car Parks
Parade South. There is also an underpass from Brandon Arcade, providing
                                                                                         There are two surfaced, free car parks serving the Branding Shopping
direct pedestrian access to West Hamilton Street.
                                                                                         Centre. The car park at Menteith Road provides 265 spaces and the main
Brandon Parade East - comprises an entire two storey purpose built retail                Brandon Parade South car park provides a further 335 spaces.
parade fronting on to Merry Street. There are 24 ground floor retail units in
total and 4 office suites at first floor level. The retail units trade from the ground   The Menteith Road car park is located behind the subjects which are
floor and several have storage space either at first floor level or basement.            connected to Brandon Parade East via a designated pathway. The two
                                                                                         car parks are linked via a pedestrian footbridge and road bridge over the
Brandon Shopping Centre is covered by a comprehensive network                            railway line. Brandon Parade South car park provides direct access into
of CCTV cameras monitored by North Lanarkshire CCTV Ltd.                                 the open mall.




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8
Planning
Brandon Shopping Centre falls under the planning jurisdiction of North               Motherwell (outwith Brandon Centre) - The site located opposite the
Lanarkshire Council and is located within the boundaries of the Southern Area        Shopping Centre and fronting on to West Hamilton Street is known as Dalziel
Local Plan 2008. Within the Southern Area Local Plan (SALP), Brandon Shopping        Workspace, extending to approximately 1.97 acres. The property comprises
Centre is identified as being situated within the Motherwell town centre (under      a multi storey, former school building which until recently was occupied by
policy RTL5), with the land to the south, east and north being identified as         North Lanarkshire Council, who’s staff have now relocated to the Councils
a secondary, village and neighbourhood commercial area (policy RTL6).                new HQ at nearby Scott Street. This may present a future redevelopment
                                                                                     opportunity.
Policy RTL5 seeks to protect and enhance the retail and commercial function
of town centres. Additional class 1 retail floor space is encouraged and limited     Ravenscraig - The original planning permission (granted 11 May 2005)
loss of retail floor space to non-retail use is only supported where this would      is for a mixed use development comprising residential (c. 3,500 dwellings),
reinforce and revitalise town centres. The overall retail policy framework seeks     primary schools/community uses, business and employment uses, open
a co-ordinated approach to retail development in North Lanarkshire.                  space, new town centre including retail, leisure, hotel and associated
                                                                                     transport infrastructure.
The SALP will soon be replaced by North Lanarkshire Local Plan (Finalised
Draft) 2009. As per the emerging Local Plan, there is a presumption in favour        Motherwell College recently relocated its campus from Dalzell Drive in
of the protection of the Network of town centres. Policy RTC1(A) identifies          Motherwell to a new purpose built campus at Ravenscraig. The new £70
the town centres within North Lanarkshire including Ravenscraig, Motherwell,         million, 18,580 sq m (200,000 sq ft) facility opened in August 2009.
Cumbernauld, Airdrie, Coatbridge, Bellshill, Kilsyth and Wishaw.

A requirement of the emerging North Lanarkshire Local Plan will be to produce
town centre action plans. These will be prepared by North Lanarkshire Council
and will set out in detail the specific locational requirements and capacities for
development in all of the major town centres within North Lanarkshire.

Motherwell is also identified in the approved Glasgow & Clyde Valley Structure
Plan 2006 (operative from April 2008) as a ‘town centre renewal priority’.

With regard to the redevelopment of the former Asda store at 54/62 Brandon
Parade South, a planning permission was granted in September 2008 for
alterations to existing buildings to form shop frontages and entrance to the
shopping centre (NLC Ref: S/07/01905).




                                                                                                                                                                   9
     Access & Roads Adoption                                                  •   Plans are at an advanced stage to redevelop the former Asda store at
                                                                                  54-62 Branding Parade South, to form three modern retail units extending
     The Shopping Centre malls and car parks are private, however the             to 4,865 sq m (52,375 sq ft). Several retailers have already expressed
     pedestrian underpasses below West Hamilton Street and Menteith Road          a strong interest.
     as well as the footways, ramps and stairs connecting those underpasses
     to the walkways within the Shopping Centre are adopted.                  •   Alternatively, the former Asda store could be let to a single user.

                                                                              •   Alternatively, the site of the former Asda store could be conjoined with
                                                                                  the Brandon Parade South car park to offer a more comprehensive
                                                                                  redevelopment opportunity at this end of the mall.

                                                                              •   Potential upgrade and enclosure of the mall.

                                                                              •   Strong potential for rental growth in the medium term on the back
                                                                                  of positive tenant performance and the town’s low Zone A rate.

                                                                              •   Regulation of car parks.

                                                                              •   Lease restructuring where long leases are in place with irregular rent
                                                                                  review patterns.

                                                                              •   Letting of vacant space.

                                                                              •   Opportunity to increase mall income.
     Asset Management Opportunities
                                                                              •   Potential to acquire the former Dalziel Workspace located opposite the
     Brandon Shopping Centre presents a substantial opportunity to drive          Shopping Centre, which could be redeveloped as a multi storey car park.
     the centre forward through asset management and refurbishment.               As a result of this, the existing Brandon South car park could in turn be
     These opportunities include:                                                 redeveloped for the expansion of the retail offering, as mentioned above.




10
Tenure
Our client owns the Heritable interest in the property (the Scottish equivalent
of English Freehold).


Tenancies
The property produces a current rental income of £3.48 million per annum
as outlined in the Tenancy Schedule. There are currently 72 leases and
14 vacant units. We would highlight some specific observations in relation
to the tenancies:

•   Several of the tenancies are held on long leases, namely Unit 47/49
    Brandon Parade South – let to Boots, Unit 15 Brandon Parade South
    – let to Farmfoods, Unit 13 Brandon Parade South – let to Morrisons
    Holdings and Unit 67/69 Brandon Parade South – let to Iceland.

•   There are ground leases in place on units (1) 2-18 Brandon Parade South,
    (2) 1-9 Brandon Parade South & 2/4 Merry Street.

•   There are a number of rent reviews outstanding and updates are
    available upon request.




                                                                                  11
     Tenancy Schedule
                                                                                                                       RR Cycle Ground Floor   First Floor  Basement /      Reduced                        Rent Rate     Market     MR Rate     O/SRR     O/SRR
              Unit No.                    Tenant Name        Lease Start   Expiry Date      Breaks         Next RR                                                                       Current Rent pa                                                                        Comments
                                                                                                                        years     NIA (ft²)     NIA (ft²) Storage NIA (ft²) area (ft²)                      (per ft²)   Rental pa   (per ft²)   Rent pa   (per ft²)



     Brandon Parade East

                                                                                                                                                                                                                                                                      McDonalds subleases part of
     01 BP East & 2/4            McDonalds Real Estate                                                                                                                                                                                                                the premises to Hair Company,
                                                             6/28/1951     6/27/2950                                                                                                         £1,148                      £1,148
     Merry Street                Company No 2 Ltd                                                                                                                                                                                                                     Symingtons Jewellers and
                                                                                                                                                                                                                                                                      Nobles Amusements.
     30 BP East                  Stuart Gray t/a SG Sports    6/2/2009      6/1/2014     02/06/2012 (T)                             471           235                          443          £15,505         £35.00      £15,500      £34.99
                                                                                                                                                                                                                                                                      Rent review noticed served
     32 BP East                  Greggs Plc                  11/11/1990    11/11/2015                     11/11/2010      5         495           279                          476          £17,500         £36.76      £16,700      £35.08
                                                                                                                                                                                                                                                                      12/11/2009
     34 BP East                  Andrew Logan                9/18/2009     9/17/2019     18/09/2014 (T)   9/18/2014       5         447           280                          430          £17,200         £40.00      £15,100      £35.12
     36 BP East                  Vacant                                                                                             536           286                          496                                      £17,400      £35.00
                                                                                                                                                                                                                                                                      Tenant not in occupation.
                                 John Short t/a Pet
     38 BP East                                               7/4/2006      7/3/2016     01/07/2011 (T)    7/4/2011       5         485           279                          468          £17,500         £37.39      £16,400      £35.04                           Agent instructed. Payment
                                 International
                                                                                                                                                                                                                                                                      being honoured weekly.
                                 Mariam Tariq t/a                                                                                                                                                                                                                     Rent review noticed served
     40 BP East                                              8/28/1990     11/11/2015                     11/11/2010      5         502           274                          477          £16,750         £35.12      £16,700      £35.01
                                 Paper Rack                                                                                                                                                                                                                           12/11/2009
     42 BP East                  Vacant                                                                                             666           302                          563                                      £19,700      £34.99
                                 Andrew Mair t/a
     44 BP East                                               8/1/1989     11/1/2010                                                580           248                          522          £24,000         £45.98      £18,300      £35.06
                                 Andrew Mair Butcher
                                                                                                                                                                                                                                                                      Rent review noticed served
     46 BP East                  Munro Pharmacy Ltd          8/31/1990     11/11/2015                     11/11/2010      5        1,805          793                         1,236         £38,000         £30.74      £43,300      £35.03
                                                                                                                                                                                                                                                                      12/11/2009
                                 Pound Power Ltd t/a                                                                                                                                                                                                                  Rent includes service charge,
     48/52 BP East                                           8/18/2008      1/1/2010                                               5,227                        1,954         2,364         £33,000         £12.53      £82,700      £35.00
                                 Gift Land                                                                                                                                                                                                                            rates and insurance
                                 Abdul Jabbar Bashir t/a
     54 BP East                                               6/9/1997      6/8/2012                                               2,566                                      1,563         £49,000         £31.35      £54,700      £35.00
                                 Stone
     54/58 BP East
                                 Portman Travel Ltd           2/4/1991      2/2/2016                       2/2/2011       5                      2,689                        2,689         £20,215          £7.52      £24,000      £8.93
     (1F - Offices)
                                 Blind Design Motherwell
     56 BP East                                               6/5/2009      6/4/2014                                                406                          34            360          £14,750         £40.97      £12,600      £35.00
                                 Limited t/a Blind Design
                                 Arshad Ali & Mohammed                                                                                                                                                                                                                Rent rises to £18,500 pax from
     60 BP East                                              2/28/1997     2/27/2012                                                566           330                          534          £18,000         £33.71      £18,700      £35.02
                                 Afzal t/a Newsflash                                                                                                                                                                                                                   27th Feb 2010.
                                                                                                                                                                                                                                                                      Rent review noticed served
     62 BP East                  Coral Estates Ltd            2/2/1991      2/2/2016                      11/11/2010      5         973                                        710          £24,875         £35.04      £24,900      £35.07
                                                                                                                                                                                                                                                                      12/11/2009
     64 BP East                  Vacant                                                                                             894                                        670                                      £23,500      £35.07
                                 SAB Dinsmore Ltd t/a
     66 BP East                                              8/28/2000     8/27/2025     27/08/2015 (T)   8/28/2010       5         970                                        694          £25,000         £36.02      £24,300      £35.01                           Rent review under negotiation
                                 Dinsmore Optician
                                 William Hill Organisation
     68 BP East                                               6/4/2009      6/3/2029     04/06/2019 (T)    6/4/2014       5        1,191                                       816          £28,600         £35.05      £28,600      £35.05
                                 Limited
                                 Allan McCulloch & Gavin
                                                                                                                                                                                                                                                                      Rent review agreed at £33,750
     70/72 BP East (1F Offices)   Hamilton Mitchell t/a       11/30/1970    5/15/2069                      5/15/2009       7                      3,787                        3,787         £30,000          £7.92      £33,750      £8.90      £33,750    £8.91
                                                                                                                                                                                                                                                                      pax subject to documentation
                                 Wrights
     74 BP East                  British Heart Foundation    11/2/1990      2/2/2011                                                943                                        686          £23,100         £33.67      £24,000      £34.99
     76/78 BP East               TUI UK Ltd t/a Thomson      5/15/1986      8/1/2011                                                849                                        770          £25,600         £33.25      £27,000      £35.06
     82/84 BP East               Vacant                                                                                             800          1,620                         869                                      £30,415      £35.00
                                 William Jardine & Heather                                                                                                                                                                                                            Not occupied & tenant in arrears.
     86 BP East                  June Jardine t/a Karats     8/24/2001     8/23/2016       8/24/2011                                611                                        513                                      £18,000      £35.09                           Lease to remain in place to
                                 Jewellers                                                                                                                                                                                                                            mitigate void costs.
                                 Alistair Denholm t/a
     88 BP East                                              5/16/1998     5/15/2023                      5/16/2013       5         571                                        439          £15,365         £35.00      £15,400      £35.08
                                 Thomas Denholm & Sons

     90 BP East (1F - Offices)    Vacant                                                                                                          2,366                        2,366                                     £20,000      £8.45

     92 BP East                  Vacant                                                                                             632                                        526                                      £18,400      £34.98
     94 PB East                  Vacant                                                                                            1,317                         97            704                                      £24,600      £34.94
     Sub-totals                                                                                                                    24,503       13,768                                      £455,108                    £685,813


12                                                                                                                                                                                                                                                                           continued overleaf
                                                                                                                  RR Cycle Ground Floor   First Floor  Basement /      Reduced                        Rent Rate     Market     MR Rate     O/SRR     O/SRR                  Comments
           Unit No.                Tenant Name          Lease Start   Expiry Date      Breaks         Next RR                                                                       Current Rent pa
                                                                                                                   years     NIA (ft²)     NIA (ft²) Storage NIA (ft²) area (ft²)                      (per ft²)   Rental pa   (per ft²)   Rent pa   (per ft²)



   Brandon Parade South

                                                                                                                                                                                                                                                                 Tenant pays 10% of annual
   02 BP South            Prestige Investments Ltd      1/16/1995     1/16/2121                                                                                                                                    £10,000                                       income from sub-leases.
                                                                                                                                                                                                                                                                 Sub-tenant formerly Woolworths.
                                                                                                                                                                                                                                                                 Tenant pays 10% of annual
                                                                                                                                                                                                                                                                 income from sub-leases to
   04/08 BP South         Thistle Realty Ltd            1/16/1995     1/16/2121                                                                                                        £20,059                     £20,059
                                                                                                                                                                                                                                                                 Superdrug, Shoe Zone
                                                                                                                                                                                                                                                                 and Krush.
                                                                                                                                                                                                                                                                 Tenant pays 10% of annual
                                                                                                                                                                                                                                                                 income from sub-leases
   10/18 BP South         Cliftop Estates Ltd           1/16/1995     1/16/2121                                                                                                        £33,811                     £33,811                                       to Bodycare, JD Sports,
                                                                                                                                                                                                                                                                 Brighthouse, New Look
                                                                                                                                                                                                                                                                 and Internacionale.
   11 BP South            Vacant                                                                                              1,305                                       859                                      £45,500      £52.97
   13 BP South            Morrisons Holdings Ltd        6/24/1973     8/27/2093                      5/24/2018      15        1,259                                       723          £34,150         £47.23      £38,300      £52.97                           Sub-let to Northgate Limited.
   15 BP South            Farmfoods Ltd                 6/28/1973     8/28/2097                       8/1/2012       5        2,234                                      1,343         £59,000         £43.93      £71,200      £53.02
                          Done brothers (Cash                                                                                                                                                                                                                    Rent review agreed at £46,250
   17 BP South                                          7/15/2004     7/14/2019                      7/15/2009       5        1,444                                       865          £45,000         £52.02      £45,800      £52.95     £46,250   £53.47
                          Betting) Ltd t/a Betfred                                                                                                                                                                                                               pax subject to documentation
   19 BP South            Phones 4U Ltd                 11/11/1986    11/11/2010                                              1,450                                       882          £46,025         £52.18      £46,700      £52.95
                          Specsavers Optical
   21 BP South                                          3/25/2002     3/24/2017                      3/25/2012       5        1,420                                       863          £47,750         £55.33      £45,700      £52.95
                          Superstores Ltd
   20/26 BP South         Primark Stores Ltd            10/6/1980     9/19/2101                      11/28/2013      5        23,596       23,448                        47,116        £285,000         £6.05      £400,500     £8.50
                          Adams Childrenswear Ltd                                                                                                                                                                                                                Not occupied - lease to remain
   23 BP South                                          3/24/2003     3/23/2018                      3/24/2013       5        2,200                                      1,326                                     £70,300      £53.02
                          (in administration)                                                                                                                                                                                                                    in place to mitigate void costs.
   25 BP South            First Choice Retail Ltd       5/15/1991     5/27/2016                      5/28/2011       5        1,401                                       852          £45,000         £52.82      £45,200      £53.05
   27 BP South            MM Henderson Ltd              11/13/1990    11/11/2015                     11/11/2010      5        1,447                                       867          £45,650         £52.65      £46,000      £53.06     £45,650   £52.65      Nil increase likely
                                                                                                                                                                                                                                                                 Rent review agreed at £52,100
   28 BP South            Optical Express Ltd            8/2/2004     7/31/2014                       8/2/2009       5        1,414         1,258                         977          £48,750         £49.90      £51,800      £53.02     £52,100   £53.33
                                                                                                                                                                                                                                                                 pax subject to documentation
   29 BP South            Game Station Ltd               3/7/2005      3/6/2015                       3/7/2010       5        1,237                                       816          £43,500         £53.31      £43,200      £52.94     £43,500   £53.31      Nil increase likely
                                                                                                                                                                                                                                                                 Tenant pays 10% turnover
                                                                                                                                                                                                                                                                 rent monthly in arrears. Total
   30 BP South            Kast Retail Ltd               7/24/2006     3/13/2014     04/07/2011 (T)    7/4/2011       5        1,397                         107           864          £20,000         £23.15      £45,800      £53.01
                                                                                                                                                                                                                                                                 estimated annual rent for 2009
                                                                                                                                                                                                                                                                 of £40,000 pax.
   31 BP South            Claire’s Accessories UK Ltd   12/1/1993     2/28/2019                      2/28/2014       5        1,083                                       774          £42,175         £54.49      £41,022      £53.00
   32 BP South            Bank of Scotland              10/9/1979      8/1/2029                      11/11/2009      5        2,253         3,326                        1,534         £79,800         £46.07      £81,300      £53.00     £82,000   £53.46      Rent review under negotiation
                          Sally Hair & Beauty
   33 BP South                                          8/27/2003     8/26/2013                                               1,268                                       819          £45,850         £55.98      £43,400      £52.99
                          Supplies Ltd
   34 BP South            Holland & Barrett Ltd         4/12/1995     5/28/2020                      5/28/2010       5        1,235                                       830          £44,500         £53.61      £44,000      £53.01     £44,500   £53.61      Nil increase likely
                                                                                                                                                                                                                                                                 Rent review noticed served
   35/37 BP South         Clinton Cards (Essex) Ltd     10/9/1999     10/8/2014                      10/9/2009       5        2,919                                      1,765         £87,300         £49.46      £93,500      £52.97     £93,500   £52.97
                                                                                                                                                                                                                                                                 18/06/2009
                          Going Places Leisure                                                                                                                                                                                                                   Rent review noticed served
   36 BP South                                          6/19/1978     5/15/2013                      5/15/2010       5        1,225                                       822          £43,250         £52.62      £43,600      £53.04     £43,250   £52.62
                          Travel Ltd                                                                                                                                                                                                                             18/06/2009
   38 BP South            Thomas Auld & Sons Ltd        5/16/2003     5/15/2018                      5/16/2013       5        1,208                                       818          £45,800         £55.99      £43,400      £53.06
                          Sportswift Ltd t/a
   39 BP South                                          6/25/2007     6/24/2022                      6/25/2012       5        1,409                                       859          £52,000         £60.54      £45,500      £52.97
                          Card Factory
                                                                                                                                                                                                                                                                 Rent includes service charge,
   40 BP South            W&G Art & Framing Limited     10/25/2009     2/4/2010                                               1,811                                      1,260         £44,200         £35.08      £63,000      £50.00
                                                                                                                                                                                                                                                                 rates and insurance
                                                                                                                                                                                                                                                                 Business acquired by Boots.
   41 BP South            Dolland & Aitchison Ltd       11/11/1986    11/28/2010                                              1,427                                       868          £46,075         £53.08      £46,000      £53.00                           Lease restructure negotiations
                                                                                                                                                                                                                                                                 underway.
                                                                                                                                                                                                                                                                 Tenant pays no rent until
                                                                                                                                                                                                                                                                 14/04/2010. From then until
                                                                                                                                                                                                                                                                 13/04/2011 tenant pays £92,500.
                          Wilkinson Hardware                                                                                                                                                                                                                     Therafter full rent. Cala will
   42/48 BP South                                       4/14/2009     4/13/2024                      4/14/2014       5        19,150        3,498                        21,777        £185,000         £8.50      £217,800     £10.00
                          Group Ltd                                                                                                                                                                                                                              cover purchaser’s rental void
                                                                                                                                                                                                                                                                 until 13/04/2011. Service charge
                                                                                                                                                                                                                                                                 capped at £3 psf pa plus fixed
                                                                                                                                                                                                                                                                 increases.

continued overleaf                                                                                                                                                                                                                                                                                13
                                                                                                                   RR Cycle Ground Floor   First Floor  Basement /      Reduced                        Rent Rate     Market      MR Rate     O/SRR     O/SRR
              Unit No.                   Tenant Name          Lease Start   Expiry Date    Breaks      Next RR                                                                       Current Rent pa                                                                         Comments
                                                                                                                    years     NIA (ft²)     NIA (ft²) Storage NIA (ft²) area (ft²)                      (per ft²)   Rental pa    (per ft²)   Rent pa   (per ft²)



     Brandon Parade South

                                Scottish Midland Co-
     43 BP South                operative Society Ltd t/a     1/15/2001     1/14/2016                 1/15/2011       5        1,439                                       876          £46,700         £53.31       £46,400      £52.97
                                Semi-Chem
                                C&J Clark International Ltd
     45 BP South (GF)                                         11/28/1997    11/27/2012                                         1,440                                       862          £47,300         £54.87       £45,700      £53.02
                                t/a Clarks Shoes
                                                                                                                                                                                                                                                                   Rent review proposed
     45 BP South (1F-storage)   Boots Properties Ltd          10/14/1969    5/15/2092                 5/15/2010      14                      1,220                        1,220          £5,750          £4.71       £7,320       £6.00      £7,320     £6.00
                                                                                                                                                                                                                                                                   at £7,320 pa
                                                                                                                                                                                                                                                                   Nil increase agreed subject
     47/49 BP South             Boots Properties Ltd          3/31/1967     5/15/2092                 5/15/2009      14        5,700         4,586                        2,686         £56,300         £20.96      £142,400      £53.02     £56,300   £20.96
                                                                                                                                                                                                                                                                   to documentation.
     50/52 BP South             Poundland Ltd                 6/28/1978      8/1/2028                  8/1/2013       5        7,365         2,993                        3,109         £147,800        £47.54      £164,800      £53.01
     51/53 BP South             Boots Properties Ltd          1/14/1969     11/11/2094                11/11/2018     14        4,160         3,351                        2,288         £116,000        £50.70      £121,300      £53.02
                                                                                                                                                                                                                                                                   Rent agreed is £165,000 pax
                                                                                                                                                                                                                                                                   with 3 months’ rent free.
     54/62 BP South             To be B&M                      5/1/2010     4/30/2025                  5/1/2015       5        12,000                                     12,000        £165,000        £13.75      £165,000      £13.75
                                                                                                                                                                                                                                                                   Cala will cover purchaser’s rental
                                                                                                                                                                                                                                                                   void until 13/04/2010
     54/62 BP South             Vacant (Former Asda)                                                                           23,290       17,097                        40,000                                    £480,000      £12.00                           2 units remaining
     55/57 BP South             Bon Marche Ltd                10/14/1974    11/11/2018                11/11/2013      5        3,282         3,162           80           2,113         £112,000        £53.01      £112,000      £53.01
                                                                                                                                                                                                                                                                   Rent includes service charge,
     59 BP South                Paperbox Stores Limited       9/18/2009     1/17/2010                                          1,231          262                          799          £13,872         £17.36       £42,300      £52.94
                                                                                                                                                                                                                                                                   rates and insurance
     61 BP South                Greggs Plc                     7/2/1991      7/1/2016                  8/1/2011       5        1,283          459                          866          £45,000         £51.96       £45,900      £53.00
     63 BP South                Airdrie Savings Bank          10/29/1997    10/28/2022                11/28/2012      5        1,263          374                          847          £55,000         £64.94       £44,900      £53.01
                                                                                                                                                                                                                                                                   Rent review noticed served
     65 BP South                Wimpy International Ltd       11/11/1990    11/10/2015                11/11/2010      5        1,266          260                          833          £42,650         £51.20       £44,100      £52.94
                                                                                                                                                                                                                                                                   12/11/2009
     67/69 BP South             Iceland Foods Ltd             10/14/1969    11/11/2094                11/11/2018     14        4,575         4,435                        2,386         £110,000        £46.10      £126,458      £53.00
                                Burton / Dorothy Perkins                                                                                                                                                                                                           Service charge capped at
     71/73 BP South                                           11/11/1991    11/27/2013    6 monthly                            3,330         1,570           26           1,926         £50,000         £25.96      £102,100      £53.01
                                Properties Ltd                                                                                                                                                                                                                     £3.50 psf pa
     75 BP South                Goldmill Ltd t/a Pure         9/17/2008     1/31/2010     monthly                              2,312         1,058                        1,368         £18,000         £13.16       £72,500      £53.00                           Short term letting
                                Dorsmans Estates Co Ltd
     77/81 BP South                                           12/4/1970      2/2/2013                                          6,605         6,157                        3,107         £120,000        £38.62      £164,700      £53.01
                                t/a Peacocks
     83 BP South                T-Mobile (UK) Ltd             10/15/1988    11/11/2013                                         1,237                                       692          £37,000         £53.47       £36,700      £53.03
                                                                                                                                                                                                                                                                   Rent review agreed at £72,500 pa
     85 BP South                JJB Sports plc                7/22/1994     8/28/2019                 8/28/2009       5        2,671         2,623                        1,401         £71,400         £50.96       £74,300      £53.03     £72,500   £51.75
                                                                                                                                                                                                                                                                   subject to documentation
     87/91 BP South             Argos Ltd                      7/8/1991      7/7/2016                  8/1/2011       5        3,238         7,006                        2,233         £114,000        £51.05      £118,300      £52.98
                                                                                                                                                                                                                                                                   Rent review proposed at
                                Secretary of State for
     95/97 BP South                                           8/21/1978      8/1/2018                  8/1/2008       5         998          3,424                       Gr fl 699       £53,650                      £57,000      £0.00      £55,500               £55,500 pa. Ground floor zoned
                                Works & Pensions
                                                                                                                                                                                                                                                                   and first floor given overall rate.
     99 BP South                Vacant                                                                                         2,195                                      1,131                                      £59,900      £52.96
     Sub-totals                                                                                                               167,672       91,567                                     £2,917,067                   £4,096,470


                                                                                                                                                                                                                                                                            continued overleaf




14
                                                                                                            RR Cycle Ground Floor   First Floor  Basement /      Reduced                        Rent Rate     Market      MR Rate     O/SRR     O/SRR
         Unit No.            Tenant Name          Lease Start   Expiry Date      Breaks         Next RR                                                                       Current Rent pa                                                                          Comments
                                                                                                             years     NIA (ft²)     NIA (ft²) Storage NIA (ft²) area (ft²)                      (per ft²)   Rental pa    (per ft²)   Rent pa   (per ft²)




Brandon Arcade
                    Sandymere Limited t/a
04 B Arcade                                       10/26/2000    10/25/2015                     10/26/2010      5         296                          95            307           £9,600         £31.27       £8,290       £27.00                           Rent review under negotiation
                    Timpsons
06/08 B Arcade      First Bus (No.2) Limited      8/13/2008     8/12/2018     13/08/2013 (T)   12/98/2013      5        1,178                                       962          £23,500         £24.43       £26,000      £27.03
10 B Arcade         Vacant                                                                                               553                                        458                                       £12,400      £27.07
                    James Chapman Butchers                                                                                                                                                                                                                  Rent review agreed at £26,000 pa
12/14 B Arcade                                     5/1/1994     5/28/2019                      5/28/2014       5        1,118                                       932          £26,000         £26.29       £25,200      £27.04     £26,000   £27.90
                    Ltd                                                                                                                                                                                                                                     subject to documentation
                    Salvation Army Trading
16-18 B Arcade                                    9/22/2008     9/21/2018     22/09/2013 (T)   9/22/2013       5        1,104                                       916          £25,000         £27.29       £24,700      £26.97                           Exempt from service charge.
                    Company Ltd
                    The Trustees of St Andrew’s
20 B Arcade                                        7/6/2004      7/5/2010                                                599                                        460          £12,750         £27.72       £12,400      £26.96                           On tacit relocation
                    Hospice
                    Homelink Independent
22 B Arcade                                       12/24/2004    12/24/2014                     12/24/2009      5         552                                        458          £12,000         £26.20       £12,400      £27.07     £12,000   £26.20      Nil increase likely
                    Estate Agents Ltd
24 B Arcade         Vacant                                                                                               552                                        458                                       £12,400      £27.07
                                                                                                                                                                                                                                                            Heritable interest owned by Post
26/28B Arcade       Consignia t/a Post Office
                                                                                                                                                                                                                                                            Office.
                                                                                                                                                                                                                                                            Tacit relocation. Location is close
Adv. Hoarding       James Fyfe                    8/28/1997     8/27/2010                                                                                                          £400          £400.00       £400       £400.00                           to the corner of Melville Drive and
                                                                                                                                                                                                                                                            Menteith Road
Sub-totals                                                                                                                                                                       £109,250                    £134,190


TOTALS                                                                                                                                                                          £3,481,425                   £4,916,473




                                                                                                                                                                                                                                                                                            15
     Income Analysis                                                                       Market Rental Value
     Brandon Shopping Centre offers a robust income stream, supported by                   Our views with regard to rental value are contained within the tenancy
     several strong, anchor tenants and a variety of national and international            schedule. The Centre is currently let off relatively low Zone A rates when
     retailers. The weighted average unexpired lease term is 26.6 years for                compared to proven Zone A rates in similar sized market towns such as:
     occupational leases of more than one year.

                                                                                                          Town                           Zone A Rate (£’s)
     Income by Tenant Covenant
                                                                                                        Greenock                                 80

                                                                                                       Dunfermline                               80
                                                    International Multiples (14%)                       Hamilton                                 85
                                                    National Multiples (55%)
                                                                                                           Ayr                                   85
                                                    Local Traders (31%)
                                                                                                          Falkirk                                90

     69% of income is let to national or international multiples.


     Lease Expire Profile
                                                    Lease Expires less than 5 years (25.6%)
                                                    Lease Expires 5 - 10 years (32.13%)
                                                    Lease Expires 10 - 15 years (11.13%)
                                                    Lease Expires in excees of 15 years (31.14%)


     Analysis excludes 54/62 Brandon Parade South (the former Asda store).
     42.27% of income is secured for 10 years or more.




16
Management & Service Charge                                                         Proposal
The operating cost of Brandon Shopping Centre is covered by a comprehensive         We have been instructed to invite offers in excess of £33,000,000 (Thirty
service charge managed by Montagu Evans and the centre management team.             Three Million Pounds) exclusive of VAT for our client’s heritable interest.
The service charge year ends 31 March. CALA estimates that the total service        A purchase at this level will produce the following yield profile:
charge expenditure for the year ending 31 March 2010 will equate to £64,000
per annum amounting to some £28.20 per sq m (£2.62 per sq ft) as calculated              Net Initial Yield                   9.4%
adopting the weighted floor area. Further information on the service charge and          Reversionary Yield                  11.42%
any shortfalls will be provided upon request.                                            Nominal Equivalent Yield            10.86%

The historic service charge costs have been recoverable from occupational
tenants and apportioned on a floor area basis. Due to the previous owner
acquiring the heritable interests in the car parks and mall in recent times, not
all of the occupational leases allow for full recovery of costs relating to these
areas. Further information is available on request.

The managing agent, Montagu Evans, currently employs the Centre
Manager. All other services and contracts are outsourced to external
suppliers and covered under the service charge.



Tenant Trading
Further details are available upon request.



VAT
The exemption to VAT has been waived.




                                                                                                                                                                  17
Contacts
For further information, please contact the sole selling agent:




                                                                                                                                                                                                                      Designed and produced by POD Creative Design 0141 332 2777
Paul D’Analeze
Tel: 0141 305 6364
Email: paul.danaleze@gvagrimley.co.uk

Keith Aitken
Tel: 0131 469 6024
Email: keith.aitken@gvagrimley.co.uk

Martyn Brown
Tel: 0141 305 6338
Email: martyn.brown@gvagrimley.co.uk                                                                            www.brandonshoppingcentre.co.uk




Another CALA Properties Shopping Centre




                                                 GVA Grimley Conditions under which Particulars are issued:
                                                 Messrs GVA Grimley for themselves, for any joint agent and for the vendors or lessors of this property whose agents they are give notice that: (i) The particulars
                                                 are set out as a general outline only for the guidance of intending purchasers or lessees and do not consolidate, nor constitute part of, an offer or contract.
                                                 (ii) 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 reply on them as statements or representations of fact but satisfy themselves
                                                 by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of Messrs GVA Grimley or joint agents has any authority
                                                 to make or give any representation or warranty whatsoever in relation to this property. (iv) All rents and prices are exclusive of VAT. November 2009

				
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