An opportunity to forward fund a 60 bed Travelodge Hotel, two storey McDonalds drive-thru restaurant and four complimentary retail / restaurant units.

-Agreement for Lease signed with Travelodge, McDonalds and Explore Learning with GDK inlegals, leaving only two units to let.

-New 25 year leases to Travelodge and McDonalds.

-Travelodge and McDonalds account for 66% of the total projected rent with 59% of theincome benefitting from inflation linked reviews.

-Total projected rent of £555,128 per annum with an AWULT on the current pre-lets of 18.7years (15.9 years to break).

-We are seeking offers on a forward purchase basis to acquire the freehold interest on PC.

- Guiding £8.94 million which would show a yield of 5.82% assuming purchaser costs of6.68%.

Executive Summary

AN AWULT OF 18.7 YEARS WITH 59% OF THE CURRENT PRE-LET INCOME BENEFITTING FROM INFLATION LINKED REVIEWS.

Walsall is one of the principal commercial centres in the West Midlands with a primarycatchment in excess of 400,000 people extending to approximately 1.7 million peoplewithin a 20 minute drive time.

The town benefits from excellent accessibility to the midlands motorway network, withthe M6 motorway linking directly into the town centre and providing easy access fromneighbouring conurbations.

1.7 MILLION PEOPLE WITHIN A 20 MINUTE DRIVE

Location

Site Situation

The site is extremely prominent with an extended frontage to the city’s main ring roadand directly adjacent to an 85,000 sq ft Tesco superstore. Additional amenities includingCrown Wharf Retail Park and the recently developed Waterfront leisure scheme arewithin immediate walking distance while the New Art Gallery has in excess of 200,000visitors each year.

In addition to the 36,000 cars which pass directly outside the site everyday, footfall isfurther enhanced by Walsall College, which has Walsall’s largest sixth form withapproximately 10,000 students and over 650 staff.

The Gigaport regeneration area, to the north of the site, will create a series of highquality office developments with the potential to create 3,200 jobs through the deliveryof over 1.3 million sq ft of offices, a data centre, c.250,000 sq ft of live/workspaceaccommodation, a health and sports facility and ancillary retail accommodation.

Crown Wharf Shopping Park

Gigaport Regeneration Area

Walsall College

Business and conference Hub

Surrounding Area

The Gigaport regeneration area and Waterfront leisure scheme have added to theexisting footfall drivers to the site which include a large Tesco Extra, Crown WharfShopping Park and Walsall College.

Proposed Site Plan

Wisemore Central is a cleared site and extends to approximately 1.21 acres (0.489hectares). The proposed development will create a 60 bedroom hotel, 5,920 sq ft twostorey McDonalds drive-thru and 9,600 sq ft of complementary retail / restaurantaccommodation. The site will provide a total of 58 car parking spaces.

Site CGI’s

Tenancy Information

Agreement for Leases have been exchanged with Travelodge, McDonalds and ExploreLearning while GDK is in legals. In addition there are two units available.

TenantArea

(Sq ft)Term(Yrs)

Review Pattern

Break Option

Rent£ p.a.

Rent£ psf

Comments

Travelodge60

Beds25

5 Yearly to CPIat 0% and 4%

- £253,300£4,222

per room6 months rent free.

McDonalds 5,920 255 Yearly to

OMV.Year 15 £115,000 £19.43

4 months rent free.

Explore Learning

1,485 155 Yearly to

uncapped RPIYear 10 £27,918 £18.80

6 Months rent free with an additional 3 months after year 6.

Available 1,614 - - - £29,000 £17.97

GDK 2,443 155 Yearly to RPI at 1% and 4%

Year 10 £48,750 £19.95

6 months rent free with 12 months at half rent.

Available 4,058 - - - £81,160 £20.00

TOTAL

60 Rooms

+15,520

sq ft

- - - £555,128 -

AWULT OF 18.7 YEARS (15.9 YEARS TO BREAK) ON CURRENT PRE-LETS66% OF THE PROJECTED INCOME IS FROM TRAVELODGE AND McDONALDS

59% OF THE CURRENT PRE-LET INCOME IS INFLATION LINKED

Tenant Covenant

We have set out below covenant information for each tenant:

TenantCovenant

(Guarantor)D&B

RatingDate

Turnover(£000’s)

Pre Tax Profit

(£000’s)

Tangible Net Worth

(£000’s)

TravelodgeTravelodge Hotels Ltd

5A1 31 Dec 16 £587,700 £46,800 £257,400

McDonaldsMcDonalds Restaurants

Ltd5A1 31 Dec 16 £1,574,237 £287,479 £1,044,866

Explore Learning

Explore Learning Ltd

3A1 31 Dec 16 £42,786 £3,236 £14,236

GDK

GDK 5 Ltd(M&M Halal Meat Centre

Ltd)

F2 31 Dec 16 £910 127 £32

Travelodge Hotels Ltd is the largest independent hotel brand in the UK with over 41,000 bedroomsacross approximately 546 hotels. The business is owned by Golden Tree Asset Management,Avenue Capital Group and Goldman Sachs. Following a significant investment programme tomodernise the estate, Travelodge has significantly outperformed the overall UK hotel market withEBITDA exceeding £100m for the first time in 2015. Travelodge continues to invest in theirportfolio with estimated capital expenditure of more than £50 million across its estate in 2017.Over the next three years Travelodge anticipates opening 20 hotels per year with 15 d3elivered in2017.

McDonald’s is an American hamburger and restaurant chain founded in 1940. Today McDonald’s isone of the worlds largest restaurant chains, serving approximately 68 million customers daily in119 countries across more than 36,000 units.

Tenant Covenant

Explore Learning was founded in 2001 to provide extra curricular tuition to students aged betweenfour and fourteen. The company employers approximately 2,500 tutors across 137 sites and isowned by Graphite Capital and Wittington Investments, the holding company which owns amajority stake in Associated British Foods, Fortnum and Mason and Heals.

GDK was founded in Berlin in 1989 and have expanded across Europe and the UAE via a franchisemodel. They have sites open in Dubai (21 stores), Sweden (two stores) and other Middle Easternterritories. They opened their first store on Bull Street in Birmingham in 2015 and now have 12sites trading across including units in Ealing, Fulham, Islington and Stratford. The franchisee for thesubject unit currently trades from Bull Street in Birmingham, and are shortly due to open units inBalsall Heath and West Bromwich. Further information is available on request.

Experienced developers with a proven track record

Cordwell Property is a successful UK property company operating throughout theUK with offices in the Midlands, Sheffield and London.

Established over 28 years ago, Cordwell Property was founded by Malcolm Wilcoxand William Warrack who share over 80 years experience within the developmentindustry.

Schemes that have been successfully delivered in the past include:

-Fiveways, Birmingham –Mixed use cinema led development with a GDV of c.£45million.-Swan Centre, Eastleigh - £25 million cinema led development in the heart ofEastleigh town centre.-Regency Wharf II, Birmingham – High quality restaurant venue in Birminghamtown centre.-Travelodge, Eastleigh – 60 bed Travelodge hotel with 5,200 sq ft of retailcompleted in 2012.

Further information can be found at:www.cordwellproperty.co.uk

Development Team

Architect Quantity Surveyor & Principle Designer

Professional Team

Development Programme

Start on Site Q1 2018Practical Completion Q4 2018

A full development appraisal and development programme is available on request.

Planning

Walsall Council granted planning permission for the proposed development on 6October 2017 under application number 17/0653. A copy of the full planningpermission is available on request.

Legal

Project Manager Engineer Transport Engineer

Contractors

Cordwell have selected Stepnell Construction as their contractor.

Stepnell is a £120 million turnover building and civil engineering businessheadquartered in Rugby which undertakes construction projects from £10,000 to£30 million in value. Established in the 1870s, the company is a family-ownedbusiness which operates through a network of regional offices across central andsouthern England.

Capabilities

One of Stepnell’s key strengths is its ability to provide a complete construction andengineering service including technical consultancy, from within the company.Alongside traditional contracting, design and build, framework and partneringprojects, Stepnell is involved with a wide range of specialist developments and inPFI/PPP contracts

Stepnell has a proven record of bringing fast-track commercial and industrialprojects in on time to a very high quality standard. Their commercial work rangesfrom design and build warehouse and retail schemes to bespoke officeaccommodation and building refurbishments. They also carry out customiseddevelopment work leasing or selling the finished building that has been designedand built around client’s needs.

Tenure, Proposal & Contact Information

MISREPRESENTATION CLAUSE Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of theproperty but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3.Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts and aspectsof the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore noassumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact thatalterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified byany intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. The particulars were prepared in January 2018.

CONTACT INFORMATION

For further information please contact:

Maxwell Wilson Oliver Heywood020 7152 5745 020 7152 5461maxwell.wilson@cushwake.com oliver.Heywood@cushwake.com

Cushman&Wakefield43-45PortmanSquareLondonW1A3BG

TENUREWalsall Metropolitan Borough Council together with Cordwell Property own thefreehold site which is held under title numbers WM993066, WM921855 &WM911910. Walsall MBC will convey their freehold interest at Practical Completionof the scheme.

PROPOSALWe are seeking offers on a forward purchase basis to buy the completeddevelopment on PC.

Guiding £8.94 million which would show a yield of 5.82% assuming purchasers costsof 6.68%.