Mr Mark Bolton Strettons 1-3 Sun Street London EC2A 2EP SUBJECT TO CONTRACT 31st March 2022 Dear Mark, 2, 6-8,10-12, 16-18, 20, 24-26, 28, 32, 34-36 CLYDE TERRACE AND 9-11,13-15, 17-19, 21-23 27, 29, 33 DARTMOUTH PLACE, FOREST HILL, LONDON, SE23 25- Further to email correspondence regarding the aforementioned premises and your request for a best a final proposal, please find outlined below a joint proposal from EA Securities Ltd & Northport Property Limited for the new long leasehold interest in the above. By way of background Estates and Agency Group (www.eagroup.co.uk) are a substantial private property company with a core holding of Central London properties alone with a value in excess of £300 million. Properties in the portfolio include amongst others, 40 Whitfield Street, W1, 85 Piccadilly, W1, Axtell House, 23-24 Warwick Street, W1 & Kings Court, 64-67 Tottenham Court Road / 2-16 Goodge Street, W1. A copy of the accounts for Estates and Agency Holdings Ltd demonstrates our cash means to be able to acquire this property on an unleveraged basis. The writer, Albany Foot, of Estates & Agency Securities Limited is available for any further clarification should you wish to discuss. Northport Property owns a portfolio of commercial and residential development and redevelopment ventures. They have a methodology and approach that we’ve honed and refined over many years - that allows us to assess each opportunity on its merits and apply our unique skillset and experience to create added value and exceptional returns on investments without having to rely on external economic factors. We confirm both parties have undertaken substantial due diligence in relation to appraising this proposed acquisition and have reviewed all documents provided to date. Purchaser E&A Securities Limited & Northport Property Limited C/o 33 Ely Place London EC1N 6TD (A new clean SPV will be formed specifically for this proposed transaction) Proposal £3,000,000 (Three Million Pounds Only) subject to contract and the conditions outlined in the appropriate section below only. Our offer is for a new 990 year Long Leasehold interest in the aforementioned property as specified by your client. We confirm this purchase has first stage EA Securities & Northport Property board approval to proceed. Full board approval will be sought within 3 working days further to acceptance of this offer. Conditions Our proposal is subject only to the following conditions: Contract New 990 Long Leasehold Interest Satisfactory legal due diligence Full and workable title Unrestricted flexibility for use classes C3 (residential), E and F class uses within the newly formed headlease. Agreement to form and sell new long leasehold (250 year) interests within the agreed exchange and completion timeframe outlined below. This would be undertaken via agreed apportionment of the total purchase price to each individual unit prior to exchange of contracts. The balance of the sale would be due on the longstop date of six months outlined below. Agreement to enter the units post exchange and undertake minor repair/decoration works at our cost. We propose these works will be approved by the vendor via a licence to carry out works/licence to occupy under the sale agreement. Assignable existing Full Measured Survey – or new survey to be commissioned upon receipt of draft legal documentation and completed prior to exchange of contracts. Newly commissioned satisfactory building survey showing no major issues with the condition of the building fabric – to be commissioned upon receipt of draft legal documentation and completed prior to exchange of contracts. Timescale Exchange of contracts to take place 28 days from receipt of full draft legal documentation, with completion within 6 months thereafter, determinable earlier at our discretion. Deposit A 5% deposit will be paid upon exchange of contracts and held as stakeholder by the seller’s solicitors. VAT We understand VAT is applicable to the purchase price. Legal Team Colman Coyle Wells House 80 Upper Street Islington London N1 0NU FAO: Mr Robert Coyle Tel: 0207 354 3000 Email: robert.coyle@colmancoyle.com Exclusivity There will be an exclusivity period from formal acceptance of this offer until the date when contracts are exchanged. Confidentiality Our identity must remain confidential along with the details of the transaction and no press or public relation releases will be made unless expressly agreed between the parties. We trust the terms of this offer are acceptable to you and should you have any further questions then please contact me at your earliest convenience. Yours sincerely, Albany Foot Managing Director EA Securities Limited Cc. Scott Ward-Reece (E&A) James Thompson (Northport Property) Robert Coyle (Colman Coyle)
