16 BAILEY STREET - Orme Associates



Schedule of Comparable Transactions

Ground Rent Comparables – North of England – January 2018 – December 2018

Risk Free Yields for the period

12-month Libor: low 2.27%, high 3.12% (trend: rising)

10 Year UK Government Bond: low 1.19%, high 1.73% (trend: rising)

30 Year UK Government Bond: low 1.66%, high 2.18% (trend: rising)

FTSE 100 Average Dividend Yield: 4.3% (source: Investors Chronicle, Jul 19)

FTSE All Share Average Dividend Yield: 4.1% (source: Investors Chronicle, Jul 19)

Comparables (North of England)

Houses & Flats (North of England) (20 comparable transactions)

1. 1-16 (inc.) Jubilee Close, Nr. Bromsgrove, Stoke Prior, Worcester, B60 4DG

This property comprises 15 no. 21st century houses of brick and tile construction, each let on 999-year leases from 10th April 2003, at a current ground rent of £100 pa, totaling £1500 pa, and subject to upward only review every 25th anniversary to 0.125% of the capital value, and sold in October 2018 by way of public auction for £20000 plus a buyers fee of £1000, equating to an initial yield of 7.14% (inc. buyers fee). We do not think it is possible to give an equated yield due to uncertainty of future capital values, albeit some sales evidence for current values are circa 30%-40% higher than in 2003 for this location. What can be said is that the review would provide some protection from inflation. Source, Allsop Auction, 25th October 2018/HM Land Registry.

2. 1-11 Trinity Place, and 47A, 47B, 49, 49A, 49B Westleigh Lane, Leigh, Greater Manchester, WN7 5SL

This property comprises a modern development of 10 houses and six bungalows of traditional construction, held by way of three no. head leasehold titles, dating from 19th century, at a nominal rent amounting referred to in shillings, and all let for a term of 800 years from 01st July 2013 at a rent of £100 pa, totaling a passing rent of £1600 pa, and increasing by 10% compounded on each successive 10th anniversary, sold in October 2018 at £15000 plus £1000 buyers fee (inc. VAT), by way of public auction, equating to an initial yield of 10.0% (after buyers fee) and an equated yield of 11% (after buyers fee) as set out below. Source, Allsop Auction, 25th October 2018/HM Land Registry.

£

£1600.00 pa, 4.66 yrs @ 11% (3.5) = 5600

£1760.00 pa, 10 yrs def 4.66 yrs @ 11% (3.62) = 6371

£1936.00 pa, 10 yrs def 14.66 yrs @ 11% (1.275) = 2468

£2129.60 pa, 10 yrs def 24.66 yrs @ 11% (0.449) = 956

£2342.50 pa, 10 yrs def 34.66 yrs @ 11% (0.158) = 370

£2576.75 pa, 10 yrs def 44.66 yrs @ 11% (0.055) = 142

£2834.35 pa, 10 yrs def 54.66 perp @ 11% (0.03) = 85

Total (trial) 15992

(The property was re-offered for sale in the November 2018 auction of the Auction House at a guide of £24000 plus £1080 buyers’ fee (inc. VAT) and £1080 (inc. VAT) admin fee, thereby offering an initial yield of 6.11% (after buyers fees) and the property went unsold (source lot 58, November 2018 Manchester auction, auctionhouse.co.uk)).

3. 1-11 Ivory Close, Eccles, Greater Manchester, M30 7FA

This freehold property comprises 11 two storey modern/new build houses of brick and tile construction and each let for a term of 999 years from 01st January 2015, at a current ground rent of £150 pa for the first 10 years, totaling a passing rent of £1650 pa, and increasing by 10% compounded on each successive 10th anniversary, sold in October 2018 by way of public auction for £19500 plus £1000 buyer fee (inc. VAT), equating to an initial yield of 8.05% (after buyers fee) and an equated yield of marginally below 9.0% (after buyers fee) as set out below. Source, Allsop Auction, 25th October 2018/HM Land Registry.

£

£1650.00 pa, 6.16 yrs @ 9% (4.576) = 7550

£1815.00 pa, 10 yrs def 6.16 yrs @ 9% (3.774) = 6850

£1996.50 pa, 10 yrs def 16.16 yrs @ 9% (1.594) = 3182

£2196.15 pa, 10 yrs def 26.16 yrs @ 9% (0.673) = 1478

£2415.76 pa, 10 yrs def 36.16 yrs @ 9% (0.284) = 686

£2657.26 pa, 10 yrs def 46.16 yrs @ 9% (0.12) = 319

£2922.98 pa, 10 yrs def 56.16 perp @ 9% (0.08) = 233

Total (trial) 20299

4. Junction Mews, Mottram Moor, Mottram. Hyde, SK14 6LA

This property comprises of 12 modern/new build houses for terms of 150 years from 01st January 2012, having 143 years still to run, and paying a ground rent of £220 pa, totaling £2640 pa, rising to £300 pa on the 25th anniversary, and then £380 pa until the end of the term. The property was offered for sale at public action in November 2018 with a guide at £50000 plus £900 buyers’ premium (plus VAT) and £900 (plus VAT) admin fee. The last bid was £40,000 (plus £1800 + VAT in auctioneer/vendor fees) equating to an initial yield of 6.6% (6.31% inc. fees) and an equated yield of marginally below 7.5% (approx. 7.2% inc. fees) as set out below. Therefore, the best offer in the room amounted to an equated yield of 7.2% (inc. fees) which the vendor chose not to accept, and the property remains available. Source: Auction House, 15th November 2018/HM Land Registry.

£

£2640 pa, 18 years, 7.5% (9.7) = 25608

£3600 pa, 25 yrs deff 18 years, 7.5% (3.03) = 10908

£4560 pa, perp deff 43 yrs, 7.5% (0.59) = 2690

Reversion 0*

Total (trial) 39206

* We have ignored an estimated reversionary value of £1168 based on house values of £203,000 each (Zoopla.co.uk estimate) less 20% depreciation and a 5.25% deferment rate (hence £162,400 x 12 = £1,948,000 x PV 143 yrs (0.0006) = £1168).

5. 19 London Road, Pembroke Dock, Pembrokeshire, SA72 6DS

A freehold mid-terrace house of traditional brick and slate construction and extending over two floors, circa early 20th century and arranged to provide four self-contained flats each let for a terms of 124/125 years remaining, at a rent of £200 per annum, thereby totaling £800 per annum, non-reviewable/fixed, sold at public auction in December 2018 for £5000 plus buyers fee of £200 (inc. VAT), equating to an investment yield of 15.38%* (after buyers fee). Source: Allsop Auction, 13th December 2018/HM Land Registry.

* We have ignored an estimated reversionary value of £4335 based on house values of £85,000 each (Zoopla.co.uk estimate) less 25% depreciation and a 5.25% deferment rate (hence £63,750 x 4 = £255,00 x PV 124 yrs (0.0017) = £4335).

6. 294-308 (even), Councillor Lane and 169-175 (odd) Ladybridge Road, Cheadle, Cheshire, SK8 5PL

This freehold property comprises of twelve houses accessed via an estate road, and each let on terms of 250 years from 01st January 2014, having 245 years still to run, and having a combined ground rent of £3600 pa, subject to review every 10 years by reference to the Retail Price Index. This property sold by way of public auction in March 2018 for £60000 plus £1000 buyers fee, equating to an initial yield of 6.0%, and an equated yield of 6.3% (including £1000 buyers fee) as below. Source Allsop Auction, 28th March 2018/HM Land Registry.

£

£3600, 5.75 years @ 6.3% (4.7) = 16920

£3963.60* pa, perp def 5.75 yrs @ 6.3% (11.17) = 44273

Reversion 0

Total (trial) 61193

*- RPI as at Feb 2018 / Base RPI Jan 2014

= 278.1 / 252.6 = 1.101

= 1.101 x £3600

= £3963.60

7. 1-12 Beaumont Rise, Bolton, Greater Manchester, BL3 4FT

A part freehold and part head leasehold property (the part of the site held as a head-leasehold is for a term of 999 years from 18th June 2007 at a rent of £100 pa non-reviewable/fixed) and comprising of twelve dwellings (9 houses and 3 flats) circa 2013, of traditional brick and tile construction, each let for a term of 250 years from 01st January 2013 at a passing rent of £250 pa per dwelling, totaling £3000 pa less £100 pa head rent to give a profit rent of £2900 pa, and reviewable every 10th anniversary by reference to the Retail Price Index and in upward only fashion, sold in October 2018 for £40000 plus a buyers fee of £1000 (inc VAT) and equating to an initial yield of 7.07% (after buyers fee), and an equated yield of slightly below 8.0% (after buyers fee) as set out below. Source: Allsop Auction 25th October 2018/HM Land Registry.

£

£2900 pa, 4.16 years @ 8.0% (3.424) = 9929

£3371.00* pa, perp def 4.16 years @ 8.0% (9.07) = 30575

Total (trial) 40504

*-RPI as at Oct 2018 / Base RPI Jan 2013

= 284.5/ 245.8 = 1.157

= 1.157 x £3000

=£3471.00 less £100 head rent

=£3371.00

8. Land and Buildings, part of Ford Farm, Eastford Rd, Cheshire, WA4 6HH

A freehold property comprising a development of 16 houses each let for a term of 250 years from 01st January 2013 and having a combined ground rent of £4000 per annum, subject to review every 10 years with reference to the Retail Price Index. The property was offered for sale by way of public auction on 28th March 2018 and sold after for £71100 plus a buyer’s fee of £1000, equating to an initial yield of 5.55% (inc. buyers fee), and an equated yield of 6.2% (inc. buyers fee) as set out below. Source Allsop Auction, 28th March 2018/HM Land Registry.

£

£4000 pa, 4.75 years @ 6.2% (4.0) = 16000

£4525.60* pa, perp @ 6.2% (12.12) = 54850

Total (trial) 70850

*-RPI as at Feb 2018 / Base RPI Jan 2013

= 278.1/ 245.8 = 1.1314

= 1.1314 x £4000

=£4525.60

9. 1-16 The Old Sidings, Foulridge, Colne, Lancashire, BB8 7GQ

A freehold property comprising of a purpose-built block of eight self-contained flats and a terrace of eight houses of traditional brick/stone and tile construction, circa 2006-2009. The properties are let for a term of 800 years at an initial rent of £100 per unit, subject to quinquennial reviews by reference to increases in the Retail Price Index from June 2006 (houses) and January 2009 (flats), with a total current passing rent of £1979.84 per annum sold by way of public auction in December 2018 for £31000, plus a buyers fee of £1000 (inc. VAT) equating to an initial yield of 6.18% (after buyer fee) and an equated yield of marginally under 7.3% (after buyers fee) as set out below. Source: Allsop Auction, 13th December 2018/HM Land Registry.

Houses £ £

£1044.08 pa, 2.66 years @ 7.3% (2.34) = 2443

£1152.00* pa, perp def 2.66 years @ 7.3% (11.35) = 13083

Sub Total (trial) 15526

*-RPI as at Oct 2018 / Base RPI June 2006

= 284.5/ 198.5 = 1.44

= 1.44 x £800

=£1152.00

Flats

£935.76 pa, 0.08 years @ 7.3% (0.077) = 72

£1088.00* pa, perp def 0.08 years @ 7.3% (13.62) = 14818

Sub Total (trial) 14890 Total (Trial) 30416

*-RPI as at Oct 2018 / Base RPI January 2009

= 284.5/ 210.1 = 1.36

= 1.36 x £800

=£1088.00

10. 1-7 Coates Wharf, Barnoldswick, Lancashire, BB18 6FA

A freehold property comprising a block of four flats and three houses, of traditional brick/York stone and slate construction, circa 2013, and let from dates between 2013 and 2015 for terms of 999 years at a ground rent of £250 per unit, thereby totaling £1750 pa, and subject to decennial reviews by reference to the increase in the Retail Prices Index from approximately the fourth quarter of 2013 (varies), sold at public auction in December 2018 for £25000, plus buyers fee of £1000 (inc VAT) equating to an initial yield of 6.73% (after buyers fee) and an equated yield of slightly under 7.5% (after buyers fee) as set out below. Source: Allsop Auction, 13th December 2018/HM Land Registry.

£

£1750 pa, say 5.00 years (i.e. Jan 24) @ 7.5% (4.046) = 7080

£1977.50* pa, perp def 5.00 years @ 7.5% (9.287) = 18365

Total (trial) 25445

*-RPI as at Oct 2018 / Base RPI Jan 2014

= 284.5/ 245.8 = 1.13

= 1.13 x £1750

= £1977.50

11. 1-18 (inc, no no. 13), Bridgewood Close, Rosendale, BB4 7JJ

A freehold development of 17 modern terraced and semi-detached town houses, circa 2014, of traditional stone construction with pitched slate roofs and UPVc double glazed windows, arranged over two storeys and occupying a site area of 1.84 acres with no further development potential, and all let for terms of 999 years from 01st January 2014 each paying £150 per annum (totaling £2550 pa) increasing by 10% every 10 anniversary, sold for £25000 plus buyers’ premium of £3000 (inc VAT) by way of online public auction over the 19th and 20th June 2018, and equating to an initial yield of 9.1% (after buyers fee) and an equated yield of 10% (after buyers fee) as set out below, source: John Pye Auctions, June 2018/HM Land Registry.

£

£2550 pa, say 5.5 years (i.e. to Jan 24) @ 10.0% (4.08) = 10404

£2805 pa, 10 years def 5.5 years @ 10.0% (3.64) = 10210

£3085 pa, 10 years def 15.5 years @ 10.0% (1.4) = 4319

£3393 pa, 10 years def 25.5 years @ 10.0% (0.54) = 1832

£3732 pa, 10 years def 35.5 years @ 10.0% (0.208) = 776

£4105 pa, 10 years def 45.5 years @ 10.0% (0.08) = 328 £4515 pa, perp def 55.5 years @ 10.0% (0.05) = 225

Total (trial) 28094

12. Nos. 1-7 inc (excl. no.4), The Mint Cake Works, Cross Lane, Kendal, Lancashire, LA9 5LB

A freehold development of six recently converted houses from a former factory, circa 2015, and featuring stone cladding beneath pitched tiled roofs and arranged over two storeys, having two bedrooms (save for no. 7 which is semi-detached and has four bedrooms), situated on a site extending to 0.11 acres with no further development potential, and all let for a term of 999 years from 01st January 2016 at a rent of £150 pa, totaling £900 pa, and subject to fixed quinquennial increases of 10%, sold on 20th June 2018 at public auction for £12000 plus buyers fee of £3000 (inc VAT), equating to an initial yield of 6.0% (after buyers fee) and an equated yield of marginally under 8.0% (after buyers fee) as set out below, source: John Pye Auctions, June 2018/HM Land Registry.

£

£900 pa, say 2.5 years (i.e. to Jan 21) @ 8.0% (2.187) = 1968

£990 pa, 5 years def 2.5 years @ 8.0% (3.29) = 3257

£1089 pa, 5 years def 7.5 years @ 8.0% (2.24) = 2439

£1198 pa, 5 years def 12.5 years @ 8.0% (1.525) = 1827

£1318 pa, 5 years def 17.5 years @ 8.0% (1.038) = 1368

£1450 pa, 5 years def 22.5 years @ 8.0% (0.7) = 1015

£1595 pa, 5 years def 27.5 years @ 8.0% (0.48) = 765

£1755 pa, 5 years def 32.5 years @ 8.0% (0.327) = 574

£1930 pa, 5 years def 37.5 years @ 8.0% (0.22) = 425

£2123 pa, 5 years def 42.5 years @ 8.0% (0.15) = 318

£2335 pa, 5 years def 47.5 years @ 8.0% (0.1) = 233

£2568 pa, 5 years def 52.5 years @ 8.0% (0.07) = 180

£2824 pa, 5 years def 57.5 years @ 8.0% (0.047) = 132

£3106 pa, perpetuity def 62.5 years @ 8.0% (0.1) = 310

Total (trial) 14811

13. 4 Townley Street, Lancashire, LA4 5JQ

A mid terrace three storey residential property of traditional brick and slate construction, possibly pre-war, and arranged as three self-contained flats let on 999 years leases each from 01 January 2017 at a ground rent of £350 per annum fixed (non-reviewable) for the duration of the lease, giving a total rent of £1050 per annum, sold by way of public auction in May 2018 at £10000 plus £1000 buyers fee (inc. VAT), equating to an investment yield of 9.55% pa (after buyers fee). Source: Allsop Auction 31st May 2018/HM Land Registry.

14. Albert House, 1 Park Road, Halifax, West Yorkshire, HX1 2TU

A freehold detached former purpose built office block constructed from York Stone and slate Mansard roof extending over ground and three upper floors and converted in 2016-2017 to provide 28 self-contained apartments all let on terms of 250 years from 01st January 2018 at a ground rent of £250 per flat, totaling £7000 per annum, and subject to quinquennial upward only reviews from and including 01st January 2023, by reference to the Retail Price Index (base index October 2017), sold at public auction in December 2018 for £120000, plus buyers fee of £1000 (inc VAT), and equating to an initial yield of 5.83%, and an equated yield just under 6% as set out below. Source: Allsop Auction, 13th December 2018/HM Land Registry.

£7000.00 pa, 4 years @ 6.0% (3.465) = 24255

£7234.00* pa, perp def 4 years @ 6.0% (13.2) = 95488

Total (trial) 119734

*-RPI as at Oct 2018 / Base RPI October 2017

= 284.5 / 275.3 = 1.0335

= 1.0335 x £7000

=£7234.00

15. Kenilworth Court, Stafford Street, Staffordshire, ST15 8PA

A purpose-built block of 12 self-contained flats within a building of traditional brick and tiled construction and extending over three floors, each let for a term of 125 years from 01st January 2013 thereby having 119.5 years unexpired at a ground rent of £250 pa, doubling every twenty-five years (save for flat 1 which is let at £89.95 pa, apparently £80 pa subject to five yearly reviews to RPI), totaling £2839.95 pa, sold for £35000 plus buyers fee of £1000 (inc. VAT) in May 2018 equating to an initial yield of 7.89% (after buyers fee) and an equated yield of just over 9.5% (after buyers fee) as set out below. Source, Allsop Auction, 31st May 2018/HM Land Registry.

£

£2839.95, 19 years @ 9.5% (8.65) = 24565

£5589.95*, 25 years def 19 years @ 9.5% (1.682) = 9402

£11089.95*, 25 years def 44 years @ 9.5% (0.174) = 1929

£22098.95*, 25 years def 69 years @ 9.5% (0.018) = 398

Reversion 0**

Total (trial) 36293

* i.e. doubles every 25 years save for one of the rents which is reviewable by reference to RPI for which we assume no growth.

** * We have ignored an estimated reversionary value of £2402 based on house values of £91,000 each (Zoopla.co.uk estimate) less 20% depreciation and a 5.25% deferment rate (hence £91,000 x 12 = £1,092,000 x PV 119.5 (0.0022) = £2402).

16. St. Ann’s Lodge, St. Ann’s Lane, Leeds, West Yorkshire, LS4 2SE

A period building converted to provide 52 student apartments within communal grounds and let to a single tenant for a term of 150 years from 01st January 2012, thereby having 143.84 years unexpired, at a passing rent of £7800 per annum subject to review every 10th year doubling for the first three reviews, and then increased by reference to the Retail Price Index on an upward only basis. The property sold by way of public auction in February 2018 for £226000 plus £1000 buyers fee, equating to an initial yield of 3.43% (inc. buyers fee), rising to 6.87% on 01st January 2022, and an equated yield of 9.40% as set out below. Source Allsop Auction 15th February 2018/HM Land Registry.

£

£7800 pa, 3.88 years @ 9.4% (3.131) = 24421

£15600 pa, 10 years def 3.88 years @ 9.4% (4.45) = 69420

£31200 pa, 10 years def 13.88 years @ 9.4% (1.81) = 56472

£62400 pa, 10 years def 23.88 years @ 9.4% (0.738) = 46051

£62400 perp, def 33.88 years @ 9.4% (0.506) = 31574

Reversion 0*

Total (trial) 227938

* We have ignored an estimated reversionary value of £1123 based on house values of £45,000 each (Zoopla.co.uk estimate) less 20% depreciation and a 5.25% deferment rate (hence £45,000 x 52 = £1,872,000 less 20% x PV 143.84 (0.0006) = £1123).

17. 15-29 (odd numbers), Merrington Place, Impington, Cambridgeshire, CB24 9AL

This property comprises of a freehold purpose-built block of eight self-contained flats of brick and timber construction between a pitched tiled roof and extending over three floors. Each flat is let on a term of 125 years from 01 November 2010, thereby having 116.84 years unexpired, at a rent of £250 per annum which doubles every 25 years, total passing rent is £2000 per annum. The property sold by way of public auction in December 2018 for £46000 plus £1000 buyers fee, equating to an initial yield of 4.25% (inc. buyers fee), and an equated yield of slightly over 6.5% as set out below. Source Allsop Auction 13th December 2018/HM Land Registry.

£

£2000 pa, 16.88 years @ 6.5% (10.07) = 20140

£4000 pa, 25 years def 16.88 years @ 6.5% (4.21) = 16840

£8000 pa, 25 years def 41.88 years @ 6.5% (0.8727) = 6981

£16000 pa, 25 years def 66.88 years @ 6.5% (0.18) = 2880

£32000 pa, 25 years def 91.88 years @ 6.5% (0.0374) = 1197

Reversion 0*

Total (trial) 48037

* We have ignored an estimated reversionary value of £2064 based on house values of £129,000 each (last sale in March 2019, source: rightmove.co.uk) less 20% depreciation and a 5.25% deferment rate (hence £129,000 x 8 less 20% = £825,600 x PV 116.84 (0.0025) = £2064).

18. 34-56 (even), Merrington Place, Impington, Cambridgeshire, CB24 9AL

This property comprises of a freehold purpose-built block of twelve self-contained flats of brick and timber construction between a pitched tiled roof and extending over three floors. Each flat is let on a term of 125 years from 01 November 2010, thereby having 116.84 years unexpired, at a rent of £250 per annum which doubles every 25 years, total passing rent is £3000 per annum. The property sold by way of public auction in December 2018 for £65000 plus £1000 buyers fee, equating to an initial yield of 4.54% (inc. buyers fee), and an equated yield of slightly below 6.0% as set out below. Source Allsop Auction 13th December 2018/HM Land Registry.

£

£3000 pa, 16.88 years @ 6.0% (10.433) = 31299

£4000 pa, 25 years def 16.88 years @ 6.0% (4.78) = 19120

£8000 pa, 25 years def 41.88 years @ 6.0% (1.114) = 8912

£16000 pa, 25 years def 66.88 years @ 6.0% (0.231) = 3696

£32000 pa, 25 years def 91.88 years @ 6.0% (0.06) = 1920

Reversion 0

Total (trial) 64947

* We have ignored an estimated reversionary value of £3096 based on house values of £129,000 each (last sale in March 2019, source: rightmove.co.uk) less 20% depreciation and a 5.25% deferment rate (hence £129,000 x 12 less 20% = £1,238,400 x PV 116.84 (0.0025) = £3096).

19. 30-31 Kirkgate, Leeds, West Yorkshire, LS2 7DR

This property comprises of a mid-terrace four storey building fronting the high street and comprising a ground floor shop and four floors of residential accommodation above arranged as 11 converted apartments. Each flat is let for a term of 150 years from 01 January 2007, thereby having 138 years unexpired, and pays a ground rent of £200 pa for the first 25 years of the term (i.e. £2200 pa passing), rising to £400 pa for the next 25 years and £600 pa for the remainder of the term. The shop is let for a term of 150 years from 01 January 2007 at a peppercorn rent. The property sold prior to public auction for £30000 and the transfer was registered at HM Land Registry on 20th December 2018, equating to an initial yield of 6.91% after buyer’s fee of £1800, and an equated yield of 9.3%, inc. buyers fee, as set out below. Source Pugh & Co Auctions / HM Land Registry.

£

£2200 pa, 13 years @ 9.3% (7.368) = 16209

£4400 pa, 25 years def 13 years @ 9.2% (3.017) = 13274

£6600 pa, perp def 38 years @ 9.2% (0.366) = 2415

Reversion 0*

Total (trial) 31898

* We have ignored an estimated reversionary value of £775 based on house values of £110,000 each (last sale in April 2019, source: rightmove.co.uk) less 20% depreciation and a 5.25% deferment rate (hence £110,000 x 11 less 20% = £968,000 x PV 138 (0.0008) = £775).

20. Car Park, Egerton Street/Gower Street, Farnworth, Bolton, Greater Manchester, BL4 7EU

This property comprises of a surfaced public pay car park situated within Farnworth town centre and extending to 973m2 and is let for a term of 99 years from 25th April 1990 at a passing rent of £2000 per annum and subject to five yearly upward only rent reviews. The property sold for £25000 at public auction in October 2018 equating to an initial yield of 8.0%. Source: Pugh & Co Auctions.

______________________________________________________________

No. |Street |Post Code |Building Type / No of units |New Build / Conversion |Lease Commence/

Physical completion Date |Amount of Rent Receivable (£ pa per unit) |Total Rent passing (£ pa) |Next Rent

Review |Review Type |Time to run at sale date (years) |Initial Yield

(IY) |Equated Yield (EYC)

(Notes 1 & 2) |Date of Sale (exchange) | |1 |Jubilee Close, Bromsgrove |B60 4DG |15 Houses

|New Build |Apr 2013 |100 |1500 |Apr 2028 |25 yearly to % of Capital Value |983 |7.14 |7.14 |Oct 2018 | |2 |Trinity Place, Leigh |WN7 5SL |16 Houses

|New Build |July 2013 |100 |1600 |Jul 2023 |Decennial increases by 10% |875 |10.0 |11.0 |Oct 2018 | |3 |Ivory Close, Eccles |M30 7FA |11 Houses

|New Build |Jan 2015 |150 |1650 |Jan 2025 |Decennial increases by 10% |996 |8.05 |9.0 |Oct 2018 | |4 |Junction Mews, Mottram |SK14 6LA |12 Houses

|New Build |Jan 2012 |220 |2640 |Jan 2037 |Fixed increase at year 25 & 50 |144 |6.31 |7.2 |Nov 2018 | |5 |London Road, Pembroke Dock |SA72 6DS |4 Flats

|Conversion |2017 |200 |800 |N/A |Fixed, non-reviewable |124/125 |15.38 |N/A |Dec 2018 | |6 |Ladybridge Road, Cheadle |SK8 5PL |12 Houses

|New Build |Jan 2014 |300 |3600 |Jan 2024 |Decennial increase to RPI |246 |6.0 |6.3 |Mar 2018 | |7 |Beaumont Rise, Bolton |BL3 4FT |9 houses, 3 flats |New Build

|Jan 2013 |250 |2900 |Jan 2023 |Decennial increases to RPI |245 |7.07 |8.0 |Oct 2018 | |8 |Eastford Road, Warrington |WA4 6HH |16 houses

|New Build |Jan 2013 |250 |4000 |Jan 2023 |Decennial increase to RPI |245 |5.55 |6.2 |Mar 2018 | |9

|Foulridge, Colne |BB8 7GQ |8 houses, 8 flats |New Build |2006-2009 |130.51, 116.97 |1979.84 |Jun 21, Jan 19 |Quinquennial increases to RPI |788/791 |6.18 |7.3 |Dec 2018 | |10

|Coates Wharf, Lancs |BB18 6FA |3 houses, 4 flats |New Build |2013-2015 |250 |1750 |2023, 2025 |Decennial increases to RPI |994/993 |6.73 |7.5 |Dec 2018 | |11

|Bridgewood Close, Kendal |BB4 7JJ |17 Houses |New Build |Jan 2014 |150 |2550 |Jan 2024 |Decennial increases by 10% |995 |9.1 |10.0 |Jun 2018 | |12

|Cross Lane, Lancs |LA9 5LB |6 houses |Conversion |Jan 2016 |150 |900 |Jan 2021 |Quinquennial increases by 10% |997 |6.0 |8.0 |Jun 2018 | |13 |Townley Street, Lancs

|LA4 5JQ |3 flats |Conversion |Jan 2017 |350 |1050 |N/A |Fixed, non-reviewable |998 |9.55 |N/A |Jun 2018 | |14

|Park Road, Halifax |LA4 5JQ |28 flats |Conversion |Jan 2018 |250 |7000 |Jan 2023 |Quinquennial increases to RPI |249 |5.83 |6.0 |Dec 2018 | |15

|Stafford Street, Stone |ST15 8PA |12 flats |New Build |Jan 2013 |250 |2839.95 |Jan 2038 |Doubling every 25 years |120 |7.89 |9.5 |May 2018 | |16

|St. Ann’s Lane, Leeds |LS4 2SE |52 flats |Conversion |Jan 2012 |150 |7800 |Jan 2022 |Doubling every 25 years |144 |3.43 |9.4 |Feb 2018 | |17

|Merrington Pl, Impington |CB24 9AL |8 flats |New Build |Nov 2010 |250 |2000 |Nov 2035 |Doubling every 25 years |117 |4.25 |6.5 |Dec 2018 | |18

|Merrington Pl, Impington |CB24 9AL |12 flats |New Build |Nov 2010 |250 |3000 |Nov 2035 |Doubling every 25 years |117 |4.54 |6.0 |Dec 2018 | |19

|30-31 Kirkgate, Leeds |LS2 7DR |11 flats / 1 shop |Conversion |Jan 2007 |200 |2200 |Jan 2032 |Fixed increases at year 25, 50 |138 |6.91 |9.3 |Dec 2018

| |20 |Egerton Street / Gower Street |BL4 7EU |Car Park |N/A |April 1990 |2000 |2000 |Aril 2020 |Await copy lease |70 |8.0 |To follow |Oct 2018 | |

Notes:

1) The Equated Yield Calculations (EYC) approach was the preferred method over discounted cash flow techniques which forecast future increases in the reviewed rent or the Retail Price Index in St. Emmanuel House at paragraph 68[pic]

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