the light leeds -...

THE LIGHT LeedsPrime leisure investment sale

“Leeds is the largest centre for business, legal and financial services outside of London.”

2 | THE LIGHT Leeds

THE LIGHT Leeds | 3

221,275 sq ft (20,557 sq m)

420 car parking spaces;

£7,323,242Gross income per annum

£7,157,652Net Income per annum

Nearly 60% of income let to D&B rated 5A1 tenants/guarantors

The vendor is seeking offers of £52,025,000 (subject to contract and exclusive of VAT), for a 50% share in the asset (subject to the terms of the declaration of trust);

Assuming purchasers’ costs of 5.80%, a purchase at this level would reflect the following yield profile:

Net Initial Yield 6.50%

Equivalent Yield 7.30%

True Equivalent Yield 7.64%

4 | THE LIGHT Leeds

• The Light is a destination leisure scheme on the established city centre circuit. It provides the only multiplex cinema in the City Centre, which has consistently outperformed the two other multiplexes serving the catchment;

• In addition to the 13 screen Vue cinema, The Light comprises a hotel, a health club, café bars, restaurants and shops which are let to a wide range of recognised brands;

• The 147 room 4-star hotel is let to the pan-European operator Radisson SAS, and the health club to one of the largest and most successful health and fitness operators, Virgin Active.

• Other tenants include Browns, Tiger Tiger, Nando’s, Café Rouge, Zizzi and Starbucks. There are also selective retail operators such as O’Neill, Greggs and Superdry;

• The 420 space secure multi-storey car park is open to the public 24 hours a day, 7 days a week. It is let until 2044 to Q Parks, one of the largest operators in Europe.

• Reflecting the increased demand for restaurant presence in Leeds and also a move towards the provision of more restaurant space, The Light has recently attracted a number of new operators, including Miller & Carter (Mitchells & Butlers), Prezzo and Frankie & Benny’s (under offer).

• Headline rents to Frankie & Benny’s and Prezzo will be £35.00 per sq ft, creating positive open market evidence for future lettings and rent reviews throughout the scheme;

• Three of the key tenants – Virgin Active, Radisson Hotel and Q Parks – have index-linked or fixed rental increases accounting for 45% of the total income;

• The weighted average unexpired lease term is 18.5 years (to lease expiry);

• The 13,000 seat Leeds Arena is due to open within walking distance of The Light in 2013. The venue will play host to 140 events per annum which is expected to create additional consumer demand throughout The Light, in particular for the hotel, car park and bars/restraunts.

Executive SummaryThe Light occupies a dominant position in a City undergoing rapid expansion and a period of unrivalled prosperity. Leeds has a core population of 665,000 and an enlarged catchment of around 1.5 million. The Light was redeveloped in 2000/2001, behind a listed facade, to provide a unique mix of retail and leisure occupiers which has evolved to reflect its customer base. The growing demand for leisure and restaurant space in central Leeds, encouraged by the development of Trinity Leeds (which will enhance Leeds’ retail offer by 1 million sq ft by spring 2013), has resulted in a number of new restaurant lettings at The Light in the last 12 months.

cinema 13 screen Vue

Hotel 147 room 4-star

car park 420 space multi-storey

Gym VirGin actiVe

THE LIGHT Leeds | 5THE LIGHT Leeds | 5

RoadsLeeds occupies a strategic location close to the M1 (A1) giving it direct access to Sheffield 33 miles to the south and York 24 miles to the north west; the M62 trans-Pennine motorway provides access east to the Humber ports and Manchester 44 miles to the West. The Light is situated just to the south of the A58(M) inner ring road providing easy access to the motorway network.

RailAs the busiest mainline station outside of London, with over 900 trains and 100,000 passengers per day, Leeds operates direct services to London in 2 hours 15 minutes, Edinburgh in just over 3 hours, Manchester in just under 1 hour and York in 25 minutes. The station is due to undergo a £16 million refurbishment in 2013.

Railway Station

THE LIGHT

The ArenaLeeds University

Civic Quarter

6 | THE LIGHT Leeds

BusThe city has a comprehensive and popular local bus service serving the central retail and leisure core, including a number of stops along the Headrow.

AirLeeds Bradford International Airport lies 14 miles to the north west of the city and serves approximately 65 destinations. There is also direct rail access in just over 1 hour to Manchester International Airport, one of the busiest airports outside of London.

EastgateHeadrow

Briggate

Victoria Quarter

Trinity Leeds

CornExchange

THE LIGHT Leeds | 7

LeedsLeeds is the UK’s fastest growing city, with the second largest employment total outside London and over 110,000 people commuting to work in Leeds from outside the district every day. The Leeds City region has a workforce of 1.5 million, a business base of over 105,000 companies and an economy worth over £52 billion per year (5% of the UK’s gross value added).

Leeds is the UK’s largest centre for financial and business services outside London, with the sector employing over 124,000 people. The city is now recognised as the UK’s most important legal and accountancy centre outside London, with over 180 law firms and with the majority of the top 20 largest UK accountancy practices having a presence in the city. Leeds is also home to the national headquarters of Asda Walmart, employing over 170,000 people.

Around 463,700 people are employed in the Leeds economy. 2 million people live within 30 minutes drive of Leeds City Centre and for the last 5 years Leeds has ranked within the top 5 UK cities with the lowest unemployment.

HSBC, the world’s largest bank, chose Leeds to launch the UK’s first ever telephone banking system and over 30 national and international banks are based in the city. The Bank of England also has a major presence in the city through its Leeds cash centre, which is responsible for bulk note handling for the North of England.

50% of all UK manufacturing takes place within a 2-hour drive of Leeds. In fact, Leeds is the UK’s third largest centre for manufacturing, accounting for around 152,000 jobs in advanced engineering, medical technology, food and drink, chemicals and printing.

In the last decade £617 million has been invested in Leeds City Centre to further enhance its excellent shopping and leisure facilities, with a further £6 billion in progress or proposed. This includes the £350 million Trinity Leeds, which is due to open in Spring 2013, the state of the art Leeds Arena and the £650 million Eastgate Quarter.

The University of Leeds receives more student applications than any other university in the country. There are almost 75,000 degree students at Leeds’ two internationally acclaimed universities, and 10% of all UK graduates were educated in Leeds. The Independent recently called Leeds the ‘Best University Destination in the UK’.

Leeds Health Authority is the second largest in the country and is home to Europe’s largest teaching hospital which houses the landmark £220 million Yorkshire Cancer Centre, opened in 2008, the largest of its kind in Europe.

Leeds

Nottingham

LondonCardiff

Manchester

Edinburgh

“One Europe’s Top 25 Cities for Business”

—Cushman & Wakefield European Cities Monitor 2010

8 | THE LIGHT Leeds

LEEDS

HARROGATE

WAKEFIELDDEWSBURY

YORK

ROCHDALE

OLDHAM

DONCASTER

SCUNTHORPE

SELBYBRADFORD

HUDDERSFIELD

HALIFAX

BARNSLEY

Morley

Batley

Rothwell

Garforth

Tadcaster

Wetherby

Bramhope

Horsforth

Harewood

Shipley

Brighouse

Castleford

Roundhay

Hunslet

Headingley

Kippax

Bramham

Thorner

Menston

Otley

Queensbury

Cleckheaton Lofthouse

PontefractNormanton

Elland

Horbury

Darton

Ripponden

Littleborough

Knaresborough

Beckwithshaw Tockwith

Collingham

Eccleshill

Sherburnin Elmet

Knottingley

Featherstone

Ackworth

Hemsworth

Hatfield

Askern

Royston

Cudworth

SouthElmsall

Adwickle Street

Escrick

Cawood

Huntington

Copmanthorpe

Barwickin Elmet

Pudsey

SowerbyBridge

Moorends

Goole

LEEDS

Morley

BRADFORD

WAKEFIELDDEWSBURY

HUDDERSFIELD

HALIFAX

YORK

HARROGATE

ROCHDALE

OLDHAMBARNSLEY

DONCASTER

SCUNTHORPE

SELBY

Batley

Rothwell

Garforth

Tadcaster

Wetherby

Bramhope

Horsforth

Harewood

Shipley

Brighouse

Castleford

Roundhay

Hunslet

Headingley

Kippax

Bramham

Thorner

Menston

Otley

Queensbury

Cleckheaton Lofthouse

PontefractNormanton

Elland

Horbury

Darton

Ripponden

Littleborough

Knaresborough

Beckwithshaw Tockwith

Collingham

Eccleshill

Sherburnin Elmet

Knottingley

Featherstone

Ackworth

Hemsworth

Hatfield

Askern

Royston

Cudworth

SouthElmsall

Adwickle Street

Escrick

Cawood

Huntington

Copmanthorpe

Barwickin Elmet

Pudsey

SowerbyBridge

Moorends

Goole

A1(M)

M62

M1

M62

M62

M62

A1(M)

A1(M)

M606

M62M1

M1

M18

M18

A1(M)

M180

M62

M60

Leeds (10 minute drivetime)



Leeds ranks second in terms of potential in-store retail expenditure (PROMIS) and this is forecast to grow by over 1% per annum to 2016.

Retail expenditure is further boosted by the popularity of Leeds as a tourist attraction. According to the Yorkshire Tourist Board, there are over 40 million visits to the area each year, generating a spend of around £2.5 billion.

The age profile of the primary catchment population includes a particularly high proportion of young adults below the age of 25, boosted by an additional 70,000 resident students, which is crucial in terms of the primary leisure spend.

“Leeds ranks second in terms of potential in-store retail expenditure”

Catchment & DemographicsThe total population within the Leeds primary catchment area is 1,481,000, ranking Leeds 3rd out of the PROMIS centres. The estimated core shopping population is 665,000 (PROMIS/CBRE) ranking it 4th in the UK, but with a far broader reach to nearly 2 million people within a 30 minute drive. Leeds has consistently been ranked as one of the UK’s top five retail destinations making it comparable to Liverpool, Nottingham and Cardiff. Population growth estimates for the next 5 years are also well above the UK average, at around 1% per annum.

“2 million people live within a 30 minute drive of The Light.”

PROMIS

THE LIGHT Leeds | 9

The Light The Light is a unique mixed leisure destination in central Leeds and is perfectly located both at the heart of the Leeds leisure quarter and adjacent to the prime retailing pitch.

The Light has benefited from the considerable expansion of the café bar and restaurant offer in Leeds in recent years and also from its inclusion on the retail circuit opposite The Core and at the top end of Briggate.

The Light contains the only multiplex cinema in the city centre. The other cinemas being a 10 minute drive time out of the city at Cardigan Fields Leisure Park and a 20 minute drive to the Showcase cinema at Junction 27 Retail Park, Birstall. Leeds is therefore significantly under provided for in terms of a cinema offer; CACI figures suggest the city is 41% below the UK average for cinema provision.

The Leeds hotel sector benefits from over 40 million tourists who visit Leeds and West Yorkshire each year and also from the thriving business community which requires hotel accommodation and conference facilities. The hotel at The Light has been awarded 4 stars, which makes it one of the best quality hotels in the city centre.

The complementary and diverse offers at The Light, including a hotel, a high quality health club (Virgin Active) and a variety of café bars/restaurants, means that The Light attracts customers from first thing in the morning to last thing at night. This usage is further underpinned by the 420 space multi-storey car park which attracts daytime business, retail customers and evening users.

Leisure in Leeds

The Calls The area around the Corn Exchange, including Cloth Hall Street and Call Lane, has a vibrant lunchtime restaurant scene, with tenants including Pizza Express and Las Iguanas. The area also contains several independent bars which are popular after work venues with the business community in that part of the city.

Greek Street The Greek Street area has traditionally been the location for many of Leeds’s mid to high-end restaurants, particularly given its location close to the office district of Park Row. Tenants in this part of the city include Jamie’s Italian, Carluccio’s and The Living Room.

Millennium Square & the Electric Press Billed as one of Europe’s most innovative public spaces, Millennium Square is host to several major public events each year including the famous Christmas Market and popular outdoor ice rink the ‘Ice Cube’. Adjacent to the square is the Electric Press, purchased by DTZ Investment Management for £13m in 2012. It contains vibrant bars and restaurants such as All Bar One.

10 | THE LIGHT Leeds

A639

A660

A64

A61

A58

A63A61

A6110 A653

A64

3

A 58(M

)

1

2A

23

4

5

6

744

45

42

41

29 30

28

27

Leeds

M62

M

621

M621

M1

M1

M62

M62

M62

M1

A6120

A6120

A6120 A6120

A650

A65

A657

A647

A58A62

A643

A643

A653

A650

A653

A650

A639

A639

A61

A654

A654

A652

A64

2

A639

Morley

Beeston

Weetwood

WortleyHolbeck

Cross Green

Hollin Park

Halton

Roundhay

Horsforth

Bramley

Tingley

Stanley

OultonMiddleton

Birstall

New FarnleyStourton

Rothwell 32%

32% 36%

Leeds Cinema Market Share

Copyright ©

2010 Leeds City Council, using m

ap design

and source data supp

lied under licence. All rights reserved.

Designed by A

pp

lied Information G

roup. V1 June 2010.

POLI CE

POLICE

RKET

STREET

VICAR

LANE

LUDGATEHILL

KIRK

GATE

1904 1904 1904 1904 1904

Police ContactThursday 1pm – 3pm

InformationCentre

Cashpoint

HERS ROW

MARKET & GAME ROW

ROW J

ROW H

ROW G

ROW F

ROW E

ROW D

ROW A

ROW B

ROW C

THE LIGHT

VuECardigan Fields

10 min drive, 2.7 miles

SHowcaSEJunc. 27 Birstall

20 min drive, 8.1 miles

Cinema Provision in Leeds

THE LIGHT

Greek StreetGreek Street

The Calls

Millennium Square

Prime Retail Pitch

THE LIGHT Leeds | 11

Leeds ArenaLeeds Arena is due to open in 2013 on a site just moments to the north of The Light. The venue, which is estimated to contribute a further £25.5m per annum to the local economy, will be a unique ‘super theatre’ with a fan shape design giving every seat in the venue a perfect view of the stage. This unique Arena will include 13,000 seats, a 1,000 capacity standing area and attract over 140 events each year.

The Arena will be operated by SMG who are widely acknowledged as one of the leading arena operators. The Chief Executive of SMG (Leeds Arena), John Sutherland, has described the scheme as “SMG’s flagship in Europe and our international portfolio”.

Over 140 events will be held at the venue each year, leading to an increase in visitors estimated to be in excess of 1 million people per annum. The impact on hotel room demand in the city is expected to lead to an additional 70,000 bed night stays each year. Given The Light’s location as the nearest high quality hotel to the Arena, as the map opposite shows, the impact of the arena on the Radisson Hotel should be substantial. There will also be a significant increase in demand for the bar and restaurant offer which the scheme boasts, as The Light is one of the closest leisure hubs to the new arena.

The Light

The Arena


Alb

ion Street

A58(M) Inner Ring Road

New York Road

A64(M) York Road A58(M)

A660 Woodhouse Lane

A660

Cla

y P

it La

ne A

58

Blenheim W

alk

Sheep

scar Street S

A61

Regent S

treet

Leeds City Centre

Leeds

St Peters Street A

61

East street

Crown P

oint R

oad Bla

ck B

ull S

tree

t

The Headrow Eastgate

Westgate The Headrow

Burm

anto

ft S

treet

Beck

ett S

treet

Wellington Street

Kirkstall Road

Canal Street

Burley Road

Centenary Square

Sheepscar

St James University Hospital

Saxton Gardens

Woodhouse Moor

PremierInn

Radisson SASHotel

LeedsArena

Quebecs

The MetResidence 6

Park PlazaThe

QueensHotel

NovotelLeeds

DiscoveryInn

HiltonLeedsCity

MarriottHotel

Malmaison

THE LIGHT

Hotel Provision


Retail in Leeds The primary catchment of nearly 1.5 million people ranks Leeds third out of the UK PROMIS centres.

Briggate

Briggate is the historic prime retail pitch in the city centre and is home to major national retailers such as Debenhams, House of Fraser, Harvey Nichols and Zara.

The Victoria Quarter

Leeds is famous for its Arcades and the Victoria Quarter brings together three of these historic shopping arcades to house designer brands such as Vivienne Westwood, Louis Vuitton and Ted Baker. It also contains the first Harvey Nichols department store to be opened outside of London. Hammerson have recently acquired the scheme which will act as one of the access points to their proposed Eastgate Quarter development itself, anchored by a new John Lewis department store which is scheduled to open in 2014.

The Corn Exchange

One of only three Corn Exchanges in the country which still operates in its traditional capacity as a centre for trade, the Leeds Corn Exchange houses a number of boutique and independent retailers as well as a restaurant piazza. The scheme was redeveloped by Zurich Assurance in 2008 at a cost of £1.5m.

The Core

Subject to a major refurbishment programme in 2009, the Core is a fashion led retail scheme which houses national brands such as Sports Direct and JD Sports as well as a Waitrose food store, the first in Leeds city centre. The entrance onto The Headrow is almost directly opposite The Light

Trinity Leeds

Redeveloped by Land Securities, the new 1,000,000 sq ft scheme is due to open in March 2013 and will house leading fashion retailers new to Leeds such as Hollister and Mango as well as a new Apple store. The scheme will be anchored by Marks and Spencer and Primark.


Copyright ©

2010 Leeds City Council, using m

ap design

and source data supp

lied under licence. All rights reserved.

Designed by A

pp

lied Information G

roup. V1 June 2010.

POLI CE

Police ContactThursday 1pm – 3pm

POLICE

InformationCentre

Cashpoint

RKET

STREET

VICAR

LANE

LUDGATEHILL

KIRK

GATE

HERS ROW

MARKET & GAME ROW

ROW J

ROW H

ROW G

ROW F

ROW E

ROW D

ROW A

ROW B

ROW C

1904 1904 1904 1904 1904

TrinityLeeds

Victoria Quarter

Briggate

The Corn Exchange

The Core

Trinity Leeds

THE LIGHT


The LightThe only scheme of its kind in the city, The Light is a prime, high quality leisure focused scheme located on the Headrow close to the busy prime pitch of Briggate. Developed in 2001 to provide a covered retail and entertainment centre for the city centre, it has become a successful and dominant feature of the Leeds leisure market and benefits from its proximity and synergy with the prime retail pitch.

In recent years the scheme has become increasingly leisure dominated with several national restaurant chains such as Zizzi and Café Rouge moving in to the scheme. This trend is set to continue with new leases recently completed to Miller & Carter, Prezzo and Origin 7 (Great Wall).

The total size of the scheme is approximately 220,000 sq ft and is formed of the following elements:

CinemaA 13 screen Vue multiplex cinema arranged over two floors (Vue commence fit-out of an additional screen on 12th November 2012). The entrance to the cinema, along with the ticketing hall, is situated on The Balcony level with lift and escalator access from the Headrow and Arcade levels.

Health and Fitness CentreVirgin Active operate a high quality fitness centre comprising approximately 29,000 sq ft of space across The Balcony and Upper Balcony levels. Facilities include a state of the art gymnasium, fitness studio, the largest health club pool in the city centre alongside a health, beauty and hair salon.

RetailThere are six retail units on the Arcade and Albion Street level and one further unit on the Courtyard and Headrow level. Four of these units front The Headrow and Albion Street with three contained within the centre itself. The units are of varying sizes and are occupied by a range of tenants including O’Neill and Ark/Superdry.

HotelAn award winning Radisson Blu Hotel with 147 bedrooms, including 58 business class rooms, with access externally and also from within the courtyard.

Bars and RestaurantsA fantastic range of bars and restaurants with major brands represented such as Zizzi, ASK, Tiger Tiger, Café Rouge and Nando’s. Five of the restaurants front the ground floor Courtyard area with another overlooking The Courtyard at Albion Street level. A further two units front exclusively onto Albion Street including Tiger Tiger, which incorporates a nightclub and has a licence permitting opening until 3 am. Browns Bar and Brasserie fronts onto the Headrow as well as onto the internal Courtyard area. Frankie & Benny’s have also agreed terms to take the former Joy unit in the Mall.

Car ParkThe car park is operated by Q Parks and has parking for 420 cars over 3 levels. It is open to the public 24 hours a day and is accessed from St Anne’s Street, via Dudley Way. There is direct internal access to the The Light via the two passenger lifts. It is regarded locally as the best, safest and most secure car park in the city centre. Net income generated equates to over £5,500 per space, per annum (2011).

2.3522.1252.154

0.02009/10 2010/11 2011/12

1.0

2.0

mil

lio

n

Car Park Income (net turnover)


FootfallFootfall in the scheme for the year 2011 was 6.11m. The graph below indicates how The Light compares with other major comparable leisure destinations in terms of footfall per annum. We anticipate the generation of additional footfall as a consequence of the opening of the new Leeds Arena and the Trinity Shopping Centre.

0

1m

2m

3m

4m

5m

6m

7m

8m

6.1m

5m

4m

6.5m

Rotunda Kingston-Upon-Thames

(170,000 sq ft)

The LightLeeds

(220,000 sq ft)

GateNewcastle

(220,000 sq ft)

Xscape Milton Keynes(400,000 sq ft)


TenureThe scheme is freehold. The vendor is offering for sale a 50% share, to be held by the purchaser as tenant in common with the vendor, subject to the terms of a declaration of trust (and with an asset management agreement to be entered into with Kames Capital).

To the Car Park &The Courtyard Levels

To The Courtyard Up to The Balcony &The Upper Balcony levels

The Headrow

Alb

ion Street

Entrance

Service Area

A34Tiger Tiger

A9Zizzi

A11

Ap

py

Fe

et

A11(a)La BottegaMilanese

A12Under Offer to

Frankie & Benny’sA13/A14O’Neill

Greggs

A20Available

A15Music Sales

Ph

illi

p S

ton

er

Jew

ell

ery

A16/18Prezzo H33

Red HotWorld Buffet

A10

Do

lls

Bo

uti

qu

e

Car ParkEntrance & Exit

St Anne’sGarden Entrance

Cookridge Street& Hotel Entrance

Cookrid

ge Street

The CourtyardEntrance

NHS Walk in CentreEntrance

The Headrow

To Car Park& Lifts

Alb

ion Street

RadissonBLU Hotel

H28Browns

C6/C7Francos

C2

Ha

na

lee

C3Café Rouge

C4Nando’s

BagelNash

H29

Gre

gg

s

Star

buc

ks

H31

B

arb

urr

ito

56–5

8 H

ead

row

Mil

ler

& C

art

er

Ark

Sup

erd

ry

52–5

4 H

ead

row

Loading Bay

A34Tiger Tiger

H33Red Hot

World Buffet

Up to thetop Cinema level

Down toThe Balcony

level

B22VUE Cinemas

UB27

ManagementSuite

UB26Available

B21Virgin Active

Up to TheUpper Balcony

level


level

B21Virgin Active

PhotoMe

Centre

B24Origin 7

B23 Origin 7

B25Leeds Primary

Care Trust

UB25Leeds Primary

Care TrustUB24

Available

B22VUE Cinemas

U/O

Flo

rist

wcwc

BC

Balcony Level

Courtyard and Headrow level


To the Car Park &The Courtyard Levels

To The Courtyard Up to The Balcony &The Upper Balcony levels

The Headrow

Alb

ion Street

Entrance

Service Area

A34Tiger Tiger

A9Zizzi

A11

Ap

py

Fe

et

A11(a)La BottegaMilanese

A12Under Offer to

Frankie & Benny’sA13/A14O’Neill

Greggs

A20Available

A15Music Sales

Ph

illi

p S

ton

er

Jew

ell

ery

A16/18Prezzo H33

Red HotWorld Buffet

A10

Do

lls

Bo

uti

qu

e

Car ParkEntrance & Exit

St Anne’sGarden Entrance

Cookridge Street& Hotel Entrance

Cookrid

ge Street

The CourtyardEntrance

NHS Walk in CentreEntrance

The Headrow

To Car Park& Lifts

Alb

ion Street

RadissonBLU Hotel

H28Browns

C6/C7Francos

C2

Ha

na

lee

C3Café Rouge

C4Nando’s

BagelNash

H29

Gre

gg

s

Star

buc

ks

H31

B

arb

urr

ito

56–5

8 H

ead

row

Mil

ler

& C

art

er

Ark

Sup

erd

ry

52–5

4 H

ead

row

Loading Bay

A34Tiger Tiger

H33Red Hot

World Buffet

Up to thetop Cinema level

Down toThe Balcony

level

B22VUE Cinemas

UB27

ManagementSuite

UB26Available

B21Virgin Active


level


level

B21Virgin Active

PhotoMe

Centre

B24Origin 7

B23 Origin 7

B25Leeds Primary

Care Trust

UB25Leeds Primary

Care TrustUB24

Available

B22VUE Cinemas

U/O

Flo

rist

wcwc

BC

Upper Balcony Level

Arcade and Albion Street Level


TenanciesThere are currently 41 tenancies (including external seating licences and additional storage areas), the details of which are included in the tenancy schedule enclosed. There is one unit exchanged and fitting out (Miller & Carter), an agreement for lease has been exchanged with Prezzo (units A16 to A18) and a new lease completed with Origin 7 on units B23/B24. Terms have also been agreed with Frankie & Benny’s, subject to surrender of Joy, to take unit A12. The key tenancies are:

cinemaOperated by VUE Cinemas, let to Ster Century (UK) Ltd and guaranteed by VUE Entertainment Holdings (UK) Ltd with a D&B rating of 5A1. Let for 25 years from December 2001 at £1,402,377 pa. All future reviews are on an open market basis.

Health clubOperated and let to Virgin Active Ltd, guaranteed by Virgin Active Holdings Ltd with a D&B rating of 5A1. The initial rent being £260,000 pa with fixed uplifts in 2016 to £294,166 pa and £332,822 in August 2021. There is an index-link service charge cap at £4.00 psf (£104,000 pa).

car ParkOperated by one of the largest operators in Europe Q Parks Ltd, guaranteed by Q Park NV, with a D&B rating of 5A1. Let for 35 years from April 2009 at a passing rent of £1,354,997 pa, the rent is reviewed annually to the higher of the previous years’ rent multiplied by 102.5%, or the previous years’ rent multiplied by the lower of RPI or 104.5%. In addition, the lease provides for turnover top-up provisions.

HotelLet to Rezidor Hotel Leeds ltd, guaranteed by Rezidor Hospitality A/S, this is one of the most recognised brands in Europe trading as Radisson SAS. The hotel has 147 bedrooms. It is let for a term of 30 years from September 2002 at a current rent of £1,658,114 pa. There are annual rental increases to the higher of the previous years’ rent, the annual retail price index or the turnover average rent. Rent for the previous year to September 2012 was £1,608,864 pa. We have used Experian’s October 2012 RPI forecast through to 2031.

car Park Income

Total net turnover for financial year April 2009 to April 2010

£2,154,000


£2,125,660


£2,351,783


Letting ActivityOver the past 2 years, the landlord has undergone a pro-active asset management campaign aimed at enhancing The Light as the premium leisure destination venue in Leeds. Originally designed and launched as a mixed retail/leisure venue, the owner recognised that successful leisure brands wanted representation in central Leeds and developed a strategy to satisfy this demand within The Light.

In the last 2 years the likes of Zizzi and Café Rouge were attracted to the scheme. Most recently, a number of other retailers have been replaced by Mitchells and Butlers with their new Miller & Carter brand, Prezzo (taking the former Body Shop, Benetton and Miss Angel stores) and terms have just been agreed with Joy for a surrender of their mall unit to be replaced by Frankie and Benny’s. In each

case, the rental tone and quantum of rent received has increased.

Further opportunities exist to continue this trend and create new market rental growth evidence. (See asset management section).


Income AnalysisThe weighted unexpired lease term for the scheme is 18.5 years to expiry. This is broken down as follows:

43%

57%

49%

26.9%

26.9%

30.3%

9.5%

6.3%

46.4%

2% 2.6%

20+ years

15 to 20 years

10 to 15 years

5 to 10 years

0 to 5 years

Other

Income subject to fixed or index-linked rental increases

Units under offer

Vacant / Landlord guaranteed income

5A1 tenant/guarantor

Other

Income Breakdown:

Weighted Average Unexpired Lease Term:

Income Breakdown by Covenant:

We are able to provide supporting covenant information, where available, upon request.


Service Charge & Centre ManagementThe service charge is structured with weightings applied to the tenants depending upon their use and location within the centre. The service charge year end is 31st December. The service charge for the three previous years and the forecast for this year is as follows:

ye 2012 (Budget) ye 2011 ye 2010 ye 2009

1,397,004 £1,349,443 £1,458,686 £1,617,807

£6.31 psf £6.09 psf £6.59 psf £7.30 psf

Service charge shortfalls and non-recoverable expenditure is illustrated in more detail in the income section.

The high quality environment offered at The Light requires responsible management and security during long trading hours. The scheme is promoted to the regional market through pro-active marketing and event management. Further information about current marketing and proposed initiatives can be provided upon request.

There are 15 permanent members of staff, including security guards, cleaners and centre management team. Normal TUPE arrangements will apply.


Address & Occupier Lease Dates Rent Rentalised Area Comment

ref unit tenant (surety) trading aslease start

Datelease expiry

next review Date

Break Date (see comments)

rent (per annum)

current rent (per sq ft)

erV (per annum)

erV rate (per sq ft)

(sq ft) (sq m) comments

1 HotelRezidor Hotel Leeds Ltd (Rezidor Hospitality A/S)

raDisson sas 13-Sep-2002 12-Sep-2032 13-Sep-2013 – £1,658,114 – £1,250,000 – 0 0

147 room 4* hotel. Annual rental increases to the higher of the previous years’ rent, the annual retail price index (discounted where RPI exceeds 5%) or the turnover rent average (subject to base threshold). Rent for the previous year to September 2012 was £1,608,864 pa. RPI increases in line with Oct 2012 Experian forecast.

2 B21Virgin Active Ltd (Virgin Active Holdings Ltd)

VirGin actiVe 25-Mar-02 18-Aug-36 14-Jul-26 – £260,000 £8.92 291,540 £10.00 29,154 2,708

Fixed uplifts to £294,166 in August 2016 and to £332,822 in August 2021. Lease assigned by Esporta Health and Fitness Ltd to Virgin Active Ltd on 19 August 2011. Rent free until 19 Feb 2013. The vendor will top up any income shortfall at completion.Service charge cap at £104,000 (£4.00 per sq ft), but this cap increases annually in accordance with the retail price index.

3 Cinema B22Ster Century (UK) Ltd (Vue Entertainment Holdings (UK) Ltd)

Vue cinemas 25-Dec-01 24-Dec-26 25-Dec-16 – £1,402,377 £26.10 £1,155,303 £21.50 53,735 4,992Minimum uplift from 25th December 2011 to £1,402,377 per annum. Open market reviews for the remainder of the term.

4 Car ParkQ Park Ltd (Q Park NV)

Q park 16-Apr-09 15-Apr-44 16-Apr-14 – £1,390,148 – £1,428,882 – 0 0

Annual rental increases to the higher of the previous years’ rent multiplied by 102.5% or the previous years’ rent multiplied by the lower of the retail price index and 104.5%. There is also a turnover rent provision, above a base threshold. The rent for the previous year to April 2011 was £1,309,176pa. Vendor will top up the rent from £1,354,997 to the next rent review in April 2013 at the RPI October Experian forecast estimated at £1,390,148.

5 H33 Whitbread Group PLC underlet to Passepartouts Ltd (Helen’s Cuisine Ltd)

reD Hot WorlD BuFFet

25-Mar-02 24-Mar-27 25-Mar 17 – £191,000 £12.07 £200,550 £12.67 15,825 1,470March 2012 rent review remains outstanding. Anticipated rental increase of 5% to £200,550 pa. Whitbread Group Plc underlet to Helen’s Cuisine Ltd. From 2nd June 2010.

652-54 Headrow

Rett Retail Ltd ark/superDry 04-Aug-08 03-Aug-18 04-Sep-13 03-Aug-13 (TOB) £115,000 £20.57 £162,993 £27.50 5,927 551Service charge cap. Possible lease re-gear or seek alternative use (subject to planning). ERV based upon recent letting to Miller and Carter in the adjacent unit.

756 - 58 Headrow

Mitchells & Butlers Retail (No.2) Ltd (Mitchells & Bulters Leisure Holdings Ltd)

miller & carter

20-Nov-12 19-Nov-37 19-Nov-17 19-Nov-27 £130,000 £29.89 £144,960 £32.00 4,530 421

Agreement for lease exchanged 13th July 2012. Access to fit out provided from 5th Nov 2012. Lease completion due by November 27th 2012. Target opening date of 17th Jan 2013. Tenant received 13 month incentive package (£97,500 capital contribution and 4 months rent free). The rent will be reviewed every 5 years with reference to the retail price index, capped at 2% and collared at 4%. ERV based upon more recent Prezzo terms at £35 psf headline.

8 H31 Barburrito Ltd BarBurrito 29-Mar-10 27-Mar-20 27-Mar-15 – £81,000 £48.21 £81,000 £48.21 1,680 156Rent inclusive of Store 6 (remote) 916 sq ft accommodation. Area shown excludes the store area.

9 64 Headrow Starbucks Coffee Company (UK) Ltd starBucks 25-Mar-02 24-Mar-17 – £71,500 £52.15 £71,500 £52.15 1,371 127Rent inclusive of Store 5 (remote) 415 sq ft accommodation. Area shown excludes the store area.

1066 Headrow H29

Greggs Plc GreGGs 27-Jan-01 26-Jan-16 – – £47,000 £52.16 £47,000 £52.16 901 84 Floor area reflects lease demise.

11 H28 Mitchells & Butlers Retail Ltd BroWns 25-Mar-02 24-Mar-32 25-Mar-17 25-Mar-27 £216,250 £14.84 £227,000 £15.58 14,570 1,354Rent review remains outstanding from March 2012. Anticipated rental increase of 5% to £227,000 pa

12 A9 Ask Restaurants Ltd ZiZZi 07-Mar-11 06-Mar-36 07-Mar-16 07-Mar-26 (TOB) £130,000 £28.68 £145,024 £32.00 4,532 421 ERV based upon proposed letting to Prezzo at £35.00 psf headline.

13External Seating

Ask Restaurants Ltd ZiZZi 07-Mar-11 06-Mar-36 07-Mar-16 07-Mar-26 (TOB) £0 £0.00 £3,740 £12.00 312 29 Annual rent of £3,740 pa commences on 7 March 2016.

14 A10 Dolls BoutiqueDolls BoutiQue

17-Nov-10 17-Jan-13 – – £42,000 £44.07 £38,720 £40.63 953 89

Current rent of £3,500 per month (£42,000 pa) includes insurance and service charge until lease expiry on 17 January 2013. ERV reflects difference between received “rent” and the insurance/service charge estimated at £7,183 pa. Upon lease expiry, potential to combine with adjacent unit A11 for A3 use (subject to planning).

15 A11 Appy Feet (Leeds) Ltd appy Feet 24-Sep-10 23-Sep-12 – – £13,364 £10.70 £49,280 £39.45 1,249 116Occupy as tenants at will. Potential to combine with adjacent unit A10 for A3 use. (subject to planning) ERV based upon combined area of units A10 and A11 at £88,000 pa.

16 Kiosk A11(a) La Bottega Milanesela BotteGa milanese

23-May-11 22-May-21 23-May-16 – £25,000 £46.47 £27,000 £50.19 538 50

Stepped rents (from and including): 23 November 2011 to 22 May 2012 - £5,750 per annum.23 May 2012 to 22 November 2012 – £6,000 per annum. 23 November 2012 to 22 May 2013 – £12,000 per annum. 23 May 2013 to 22 May 2014 – £25,000 per annum. 23 May 2014 to 22 May 2015 - £26,000 per annum. 23 May 2015 to 22 May 2016 – £27,000 per annum. Vendor will top up rent from current £12,000 pa to the next fixed increase of £25,000 in May 2013.

17 A12The Restaurant Group (UK) Ltd(under offer)

Frankie anD Benny’s

TBC TBC TBC

15 years from lease

commencement (TOB)

£137,900 £35.00 £137,900 £35.00 3,940 366

Agreement reached to surrender existing lease to Louche London Ltd (t/a Joy) and re-let to Frankie and Benny’s on a new 25 year lease with 15 year tenant only break with an equivalent tenant incentive package of 12 months’ rent. Vendor guarantee based upon the new lease terms for up to 24 months, or until lease is completed (if earlier) and the rent free extinguished. Floor area to be confirmed on site with the tenant

External Seating

The Restaurant Group (UK) Ltd(under offer)


TBC TBC TBC

15 years from lease

commencement (TOB)

£3,000 £12.00 £3,000 12.00 250 23 Total rent on the unit and external seating £140,900 pa.

18 A13/A14 O'Neill (UK) Ltd o’neill 24-Mar-10 23-Mar-20 24-Mar-15 24-Mar-15 (TOB) £100,000 £26.61 £124,016 £33.00 3,758 349 Excludes tenant mezzanine accommodation.

19 A15 Music Sales LtdtHe music room

03-Oct-11 02-Oct-21 02-Oct-16 02-Oct-16 (TOB) £65,000 £52.97 £65,000 £52.97 1,227 114Rent is NOT inclusive of Store 7 (remote and detailed below) at £2,000 per annum. Area shown excludes the store area.

20 A16/18 Prezzo Plc

Former BoDy sHop, Benetton anD miss anGel

TBC TBC TBC

15 years from lease

commencement (TOB)

£91,910 £35.00 £91,910 £35.00 2,626 244

Agreement for lease completed with Prezzo for a combination of units A16 to A18. The rent equates to £35 psf on the internal demised area and £12 psf on the external area. New 25 year lease with tenant only break at the end of the 15th year. The tenant will receive an incentive package equivalent to 12 months rent. Planning and licence application submitted.

Tenants & Tenancies

TOB - tenant’s option to break28 | THE LIGHT Leeds



Datelease expiry

next review Date

Break Date (see comments)

rent (per annum)


erV (per annum)



1 HotelRezidor Hotel Leeds Ltd (Rezidor Hospitality A/S)

raDisson sas 13-Sep-2002 12-Sep-2032 13-Sep-2013 – £1,658,114 – £1,250,000 – 0 0

147 room 4* hotel. Annual rental increases to the higher of the previous years’ rent, the annual retail price index (discounted where RPI exceeds 5%) or the turnover rent average (subject to base threshold). Rent for the previous year to September 2012 was £1,608,864 pa. RPI increases in line with Oct 2012 Experian forecast.

2 B21Virgin Active Ltd (Virgin Active Holdings Ltd)

VirGin actiVe 25-Mar-02 18-Aug-36 14-Jul-26 – £260,000 £8.92 291,540 £10.00 29,154 2,708

Fixed uplifts to £294,166 in August 2016 and to £332,822 in August 2021. Lease assigned by Esporta Health and Fitness Ltd to Virgin Active Ltd on 19 August 2011. Rent free until 19 Feb 2013. The vendor will top up any income shortfall at completion.Service charge cap at £104,000 (£4.00 per sq ft), but this cap increases annually in accordance with the retail price index.

3 Cinema B22Ster Century (UK) Ltd (Vue Entertainment Holdings (UK) Ltd)

Vue cinemas 25-Dec-01 24-Dec-26 25-Dec-16 – £1,402,377 £26.10 £1,155,303 £21.50 53,735 4,992Minimum uplift from 25th December 2011 to £1,402,377 per annum. Open market reviews for the remainder of the term.

4 Car ParkQ Park Ltd (Q Park NV)

Q park 16-Apr-09 15-Apr-44 16-Apr-14 – £1,390,148 – £1,428,882 – 0 0

Annual rental increases to the higher of the previous years’ rent multiplied by 102.5% or the previous years’ rent multiplied by the lower of the retail price index and 104.5%. There is also a turnover rent provision, above a base threshold. The rent for the previous year to April 2011 was £1,309,176pa. Vendor will top up the rent from £1,354,997 to the next rent review in April 2013 at the RPI October Experian forecast estimated at £1,390,148.

5 H33 Whitbread Group PLC underlet to Passepartouts Ltd (Helen’s Cuisine Ltd)

reD Hot WorlD BuFFet

25-Mar-02 24-Mar-27 25-Mar 17 – £191,000 £12.07 £200,550 £12.67 15,825 1,470March 2012 rent review remains outstanding. Anticipated rental increase of 5% to £200,550 pa. Whitbread Group Plc underlet to Helen’s Cuisine Ltd. From 2nd June 2010.

652-54 Headrow

Rett Retail Ltd ark/superDry 04-Aug-08 03-Aug-18 04-Sep-13 03-Aug-13 (TOB) £115,000 £20.57 £162,993 £27.50 5,927 551Service charge cap. Possible lease re-gear or seek alternative use (subject to planning). ERV based upon recent letting to Miller and Carter in the adjacent unit.

756 - 58 Headrow

Mitchells & Butlers Retail (No.2) Ltd (Mitchells & Bulters Leisure Holdings Ltd)

miller & carter

20-Nov-12 19-Nov-37 19-Nov-17 19-Nov-27 £130,000 £29.89 £144,960 £32.00 4,530 421

Agreement for lease exchanged 13th July 2012. Access to fit out provided from 5th Nov 2012. Lease completion due by November 27th 2012. Target opening date of 17th Jan 2013. Tenant received 13 month incentive package (£97,500 capital contribution and 4 months rent free). The rent will be reviewed every 5 years with reference to the retail price index, capped at 2% and collared at 4%. ERV based upon more recent Prezzo terms at £35 psf headline.

8 H31 Barburrito Ltd BarBurrito 29-Mar-10 27-Mar-20 27-Mar-15 – £81,000 £48.21 £81,000 £48.21 1,680 156Rent inclusive of Store 6 (remote) 916 sq ft accommodation. Area shown excludes the store area.

9 64 Headrow Starbucks Coffee Company (UK) Ltd starBucks 25-Mar-02 24-Mar-17 – £71,500 £52.15 £71,500 £52.15 1,371 127Rent inclusive of Store 5 (remote) 415 sq ft accommodation. Area shown excludes the store area.

1066 Headrow H29

Greggs Plc GreGGs 27-Jan-01 26-Jan-16 – – £47,000 £52.16 £47,000 £52.16 901 84 Floor area reflects lease demise.

11 H28 Mitchells & Butlers Retail Ltd BroWns 25-Mar-02 24-Mar-32 25-Mar-17 25-Mar-27 £216,250 £14.84 £227,000 £15.58 14,570 1,354Rent review remains outstanding from March 2012. Anticipated rental increase of 5% to £227,000 pa

12 A9 Ask Restaurants Ltd ZiZZi 07-Mar-11 06-Mar-36 07-Mar-16 07-Mar-26 (TOB) £130,000 £28.68 £145,024 £32.00 4,532 421 ERV based upon proposed letting to Prezzo at £35.00 psf headline.

13External Seating

Ask Restaurants Ltd ZiZZi 07-Mar-11 06-Mar-36 07-Mar-16 07-Mar-26 (TOB) £0 £0.00 £3,740 £12.00 312 29 Annual rent of £3,740 pa commences on 7 March 2016.

14 A10 Dolls BoutiqueDolls BoutiQue

17-Nov-10 17-Jan-13 – – £42,000 £44.07 £38,720 £40.63 953 89

Current rent of £3,500 per month (£42,000 pa) includes insurance and service charge until lease expiry on 17 January 2013. ERV reflects difference between received “rent” and the insurance/service charge estimated at £7,183 pa. Upon lease expiry, potential to combine with adjacent unit A11 for A3 use (subject to planning).

15 A11 Appy Feet (Leeds) Ltd appy Feet 24-Sep-10 23-Sep-12 – – £13,364 £10.70 £49,280 £39.45 1,249 116Occupy as tenants at will. Potential to combine with adjacent unit A10 for A3 use. (subject to planning) ERV based upon combined area of units A10 and A11 at £88,000 pa.

16 Kiosk A11(a) La Bottega Milanesela BotteGa milanese

23-May-11 22-May-21 23-May-16 – £25,000 £46.47 £27,000 £50.19 538 50

Stepped rents (from and including): 23 November 2011 to 22 May 2012 - £5,750 per annum.23 May 2012 to 22 November 2012 – £6,000 per annum. 23 November 2012 to 22 May 2013 – £12,000 per annum. 23 May 2013 to 22 May 2014 – £25,000 per annum. 23 May 2014 to 22 May 2015 - £26,000 per annum. 23 May 2015 to 22 May 2016 – £27,000 per annum. Vendor will top up rent from current £12,000 pa to the next fixed increase of £25,000 in May 2013.

17 A12The Restaurant Group (UK) Ltd(under offer)


TBC TBC TBC

15 years from lease

commencement (TOB)

£137,900 £35.00 £137,900 £35.00 3,940 366

Agreement reached to surrender existing lease to Louche London Ltd (t/a Joy) and re-let to Frankie and Benny’s on a new 25 year lease with 15 year tenant only break with an equivalent tenant incentive package of 12 months’ rent. Vendor guarantee based upon the new lease terms for up to 24 months, or until lease is completed (if earlier) and the rent free extinguished. Floor area to be confirmed on site with the tenant

External Seating

The Restaurant Group (UK) Ltd(under offer)


TBC TBC TBC

15 years from lease

commencement (TOB)

£3,000 £12.00 £3,000 12.00 250 23 Total rent on the unit and external seating £140,900 pa.

18 A13/A14 O'Neill (UK) Ltd o’neill 24-Mar-10 23-Mar-20 24-Mar-15 24-Mar-15 (TOB) £100,000 £26.61 £124,016 £33.00 3,758 349 Excludes tenant mezzanine accommodation.

19 A15 Music Sales LtdtHe music room

03-Oct-11 02-Oct-21 02-Oct-16 02-Oct-16 (TOB) £65,000 £52.97 £65,000 £52.97 1,227 114Rent is NOT inclusive of Store 7 (remote and detailed below) at £2,000 per annum. Area shown excludes the store area.

20 A16/18 Prezzo Plc

Former BoDy sHop, Benetton anD miss anGel

TBC TBC TBC

15 years from lease

commencement (TOB)

£91,910 £35.00 £91,910 £35.00 2,626 244

Agreement for lease completed with Prezzo for a combination of units A16 to A18. The rent equates to £35 psf on the internal demised area and £12 psf on the external area. New 25 year lease with tenant only break at the end of the 15th year. The tenant will receive an incentive package equivalent to 12 months rent. Planning and licence application submitted.



Datelease expiry

next review Date

Break Date (see

comments)

rent (per annum)


erV (per annum)



External seating

Prezzo Plc TBC TBC TBC £5,555 £12.00 £5,555 £12.00 463 43 External seating as identified in the demise.

21 A19 Samuel Hope Jewellery Ltd pHilip stoner 28-Nov-03 28-Feb-19 1-Mar-14 £42,000 £63.25 £33,200 £50.00 664 62 Potential alternative use for A3 upon lease expiry.

22 A20 Vacant (Vendor Guarantee) Vacant - - £105,024 £32.00 £105,024 £32.00 3,282 305Potential to let prime 1st floor unit for A3 use. ERV based upon recent letting to Prezzo and proposal to Frankie and Benny’s at £35.00 psf headline. Vendor guarantee to cover rent and service charge (no empty rates) for up to 24 months at the stated ERV.

23 115 Albion St Greggs Plc GreGGs 29-Sep-01 28-Sep-16 - £30,000 £52.63 £30,000 £52.63 570 53

24A34/17 Albion St

A3D2 Ltd tiGer tiGer 25-Mar-02 24-Mar-27 25-Mar-17 - £325,000 £17.05 £341,250 £17.90 19,064 1,771 Rent increased from £300,000 pa at the last review in March 2012. ERV reflects 5% increase in the rent at the next review.

25 B23/B24 DH Leeds Ltd (Great Wall Food Ltd) oriGin 7 16-Nov-12 15-Nov-22 15-Nov-17 - £115,000 £11.53 £117,300 £11.76 9,975 927Lease completed to Great Wall for a new 10 year lease. 12 month rent free package. Rent for years 6 to 10 will be £117,300 pa. Fixed, but staggered service charge cap, rising to £4.60 psf at year 5.

26Walk in Med Practice (B25 & UB25)

Leeds Primary Care Trustprimary care trust

25-May-06 24-May-21 25-May-16 25-May-16 £92,000 £9.34 £92,000 £9.34 9,848 915 Nil uplift at last rent review in May 2011.

27Booth - balcony level B27

Photo Me International Plc pHoto me 10-Sep-10 08-Jan-14 -10-Sep-13

(MOB)£13,500 £21.23 £13,500 £21.23 636 59

282nd floor UB24

Vacant (Vendor Guarantee) Vacant - - £34,000 £10.02 £34,000 £10.02 3,393 315Vendor guarantee to include rent at ERV and service charge (empty rates are not applicable) for up to 24 months, or until such time the lease is completed (if earlier) and rent free extinguished.

292nd floor UB26

Vacant (Vendor Guarantee) Vacant - - £50,000 £8.24 £50,000 £8.24 6,068 564Vendor guarantee to include rent at ERV, rates and service charge for up to 24 months, or until such time the lease is completed (if earlier) and rent free extinguished.

302nd floor UB27

Vue Entertainment Holdings (UK) Ltd

Vue TBC 24-Dec-26 N/A - £0 £0.00 £44,269 £21.50 2,059 191Engrossments issued for supplemental lease to Vue at nil rent, but rates and service charge only. Commenced fit out of new screen 17th November 2012.

31 C2Hassan Morat Ozkasim and Hwa Sook Ozkasim

Hanalee 11-May-11 10-May-16 - - £22,000 £25.32 £22,000 £25.32 869 81

32 C3Chargrilled Ltd (assigned to Café Rouge Restaurants Ltd)

caFé rouGe 25-Mar-02 24-Mar-27 25-Mar-12 - £100,000 £27.91 £114,656 £32.00 3,583 333Rent review outstanding from March 2012. ERV based upon completion of the Prezzo letting at £35.00 psf. AGA exists between Chargrill Ltd, Café Rouge Restaurants Ltd and Ma Potters Ltd.

33External Seating

Chargrilled Ltd (assigned to Café Rouge Restaurants Ltd)

caFé rouGe 12-Apr-11 24-Mar-27 12-Apr-16 - £3,350 £12.00 £3,350 £12.00 279 26 External seating (approximate area).

34 C4 Nando's Chickenland Ltd nanDo's 29-Sep-01 28-Sep-26 29-Sep-16 - £89,000 £29.08 £97,920 £32.00 3,060 284Rent increased from £81,000 pa at latest rent review in September 2011. ERV based upon the recent letting to Prezzo at £35.00 psf.

35External Seating

Nando's Chickenland Ltd nanDo’s 04-Jun-09 28-Sep-26 04-Jun-14 - £4,500 £12.00 £4,500 £12.00 375 35 External seating.

36 C5/B2A Bagel Nash Ltd BaGel nasH 03-Apr-06 02-Apr-21 03-Apr-16 - £27,500 £64.40 £27,500 £64.40 313 29 Includes 114 sq ft storage. ERV based upon combined floor area.

37 C6/C7 Franco's Family Restaurants Ltd Franco's 25-Mar-02 24-Mar-17 24-Mar-12 - £65,250 £39.71 £65,250 £39.71 1,643 153 Gross rent includes rent for external dining area of £3,250 per annum. Rent review outstanding from March 2012.

38 C8Southbrook Florists (under offer)

Florist TBC TBC TBC - £5,000 £21.93 £5,400 £23.68 228 21

Under offer to local florist for a new 5 year lease. Rent exclusive of rates, service charge and insurance. Rent free period of 3 months from completion and 9 months at half rent. The vendor will top up this 12 month period in full and will guarantee this income for up to 24 months, or until the lease is completed (if earlier) and the rent free extinguished.

40 ATM Cardpoint Remote Ltd carDpoint 04-Apr-07 03-Apr-17 04-Apr-13 - £16,000 - £16,000 - - -

41 Store 1 Greggs Plc GreGGs 06-Sep-05 29-Sep-16 29-Sep-11 - £6,000 £6.42 £6,000 £6.42 935 87

42 Store 2B Vacant Vacant - - ` - £0 - £2,761 £6.56 421 39 Assumed non-income producing.

43 Store 3 Vacant Vacant - - - - £0 £5,996 £5,996 £6.42 934 87 Assumed non-income producing.

44 Store 4 Vacant Vacant - - - - £0 - £5,945 £6.42 926 86 Assumed non-income producing.

45 Store 5 Starbucks Coffee Company (UK) Ltd starBucks - - - - £0 - £2,664 £6.42 415 39Rent on 64 Headrow (Starbucks Coffee Company (UK) Ltd) inclusive of this store. Service charge not inclusive and paid separately.

46 Store 6 Barburrito Ltd BarBurrito - - - - £0 - £5,881 £6.42 916 85Rent on Unit H31 (Barburrito Ltd) inclusive of this store.Service charge not inclusive and paid separately. Tenant currently holding over.

47 Store 7 Music Sales LtdtHe music room

03-Oct-10 02-Oct-12 - - £2,000 - £2,000 - 1,014 94Rent on A15 (Music Sales Ltd) is NOT inclusive of this store.Service charge not inclusive and paid separately. Tenant currently holding over.

48Store 8 - 2nd floor storage

Vacant Vacant - - - - £0 - £9,056 £4.00 2,264 210 Assumed non-income producing.

£7,323,242 £7,009,295 221,275 20,557

Income

Of these costs, the Dolls Boutique shortfall should fall away on lease expiry in January 2013.

The total contracted and guaranteed gross income equates to £7,323,242 per annum. 57% of this income is let to covenants (tenant and/or guarantor) with a D&B rating of 5A1. 43% of the total income (the car park, hotel and Miller and Carter) has the benefit of annual index-linked rental increases.

total contracteD income £6,645,853 pa

total income unDer oFFer (Frankie & Benny’s anD Florist) £145,900 pa

total income excHanGeD/FittinG out £342,465 pa

total VenDor rental Guarantees on Vacant units £189,024 pa

total Gross income £7,323,242 pa

lanDlorDs contriBution to marketinG not recoVereD tHrouGH tHe serVice cHarGe (BuDGet 2013)

£70,000 pa

VirGin actiVe serVice cHarGe cap (at £4.00 psF, But increaseD annually at rpi)

£74,923 pa

ark/superDry serVice cHarGe cap £3,377 pa

Dolls BoutiQue serVice cHarGe cap (until lease expiry jan 2013) £7,183 pa

Vacant storaGe units (serVice cHarGe, insurance anD rates, WHere applicaBle)

£10,107 pa

total costs £165,590 pa

The vendor guarantees on Unit A20 and UB24 and UB26 are illustrated in the tenancy schedule, but will be valid for up to 24 months and will include service charge, insurance and empty rates (where applicable). These vacant units account for 2.6% of the total income.

The vendor top ups apply to Q Park and La Bottega Milanese, who both have minimum rental increases in 2013, as illustrated in the tenancy schedule.

total net income £7,157,652 pa as a result of:


Asset Management

• Ability to drive open market rental growth by utilising recent letting evidence. Units which could benefit from this are detailed below;

• Consider a re-gear of the Ark/Superdry lease or a new letting to a good quality restaurant brand at a headline rent of £35 psf;

• Upon lease expiry, combine Dolls Boutique and Appy Feet to create a prime mall restaurant unit;

• Let vacant A20 unit, which is in a prime location at the top of the escalator on first floor leading to the cinema and health club;

In terms of on-going asset management, we would suggest the following would be achievable and beneficial to the scheme:

• Let vacant 2nd floor units, perhaps creating a balcony over the covered courtyard from UB26;

• Continue the pro-active marketing of The Light to the broad regional market and consider additional commercialisation opportunities, branding and sponsorship.

• Monitor impact of Arena on car park usage and the prospect of Q Park exceeding the current turnover top up threshold (which for Y/E 2012 was £2.43 million).

• Agree outstanding rent reviews on 3 leases with an estimated reversion of £34,956 per annum.


Proposal

VAT

Dataroom

The vendor is seeking offers of £52,025,000 (subject to contract and exclusive of VAT), for a 50% share in the asset (subject to the terms of the declaration of trust);

Assuming purchasers costs of 5.80%, a purchase at this level would reflect the following yield profile:

Net Initial Yield 6.50%

Equivalent Yield 7.30%

True Equivalent Yield 7.64%

The property has been elected for VAT and it is therefore envisaged that the transaction will be treated as a Transfer of a Going Concern.

Access is available upon request to a marketing website and dataroom. For the majority of units a Plowman Craven measured is available.

EPCEnergy Performance Certificates are included in the dataroom.

Capital AllowancesFurther details are available upon request.


ContactsAndrew McGregor020 7861 1531 07970 971 538 [email protected]

Hannah Watson020 7861 5019 07436 154 264 [email protected]

Rebecca Farnsworth0113 297 2420 [email protected]

Leeds | The Light | November 2012 | Ref: 107349

IMPORTANT NOTICEKnight Frank, their clients and any joint agents give notice that:1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no respon-

sibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary plan-

ning, building regulation or other consents and Knight Frank have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

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