Property Description

Unit 1, Calderbank, River Street, Brighouse, West Yorkshire, HD6 1LU. The property comprises a industrial warehouse totalling approximately 50,877 sq ft (4,725 sq m). The property is held freehold under title number WYK887011.

Location

Brighouse is a market town in the Metropolitan Borough of Calderdale, West Yorkshire, situated on the A644 between Halifax and Huddersfield. The property has road access to the M62 motorway (Junction 25) approximately 3 miles to the south, connecting to the wider Yorkshire and Lancashire conurbations.

Market Context

The West Yorkshire retail warehouse market is characterised by relatively limited new supply and stable occupier demand for bulky goods retailing. Comparable evidence is thin in Brighouse specifically, with the nearest benchmark locations being Halifax and Huddersfield. Retail warehouse yields in secondary Yorkshire locations have stabilised following the post-pandemic adjustment period.

Headlease Structure

The property known as Calderbank, River Street, Brighouse (HD6 1LU) is held freehold. The seller's title is registered at HM Land Registry under title number WYK887011 with absolute title — the best class of title available. The interest being acquired is the freehold interest only; there is no headlease, superior lease or leasehold tenure in the chain of title. The buyer (Alderan, on behalf of Comete SCPI) will take the freehold subject to the New Lease. At the date of the report the property is subject to an occupational lease of the whole property dated 29 June 2016 between (1) Firth Steels Limited (the seller/landlord) and (2) Broom House Investments Limited (the tenant) — the Existing Lease. Prior to completion of the purchase the Existing Lease is to be surrendered and a new lease (the New Lease) granted to the same tenant on materially identical terms pursuant to an Agreement for Surrender and Re-Grant dated 20 February 2025 (subsequently varied). The New Lease is a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995. The property is not multi-let and there are no sub-demises reported. The purchase contract has been structured so that the buyer's obligation to complete is conditional on the surrender and re-grant having occurred before completion. The Land Registry index map search confirms the freehold title is registered under WYK887011 and the leasehold title is registered under YY69860. No superior tenure or headlease structure is disclosed anywhere in this report.

Restrictive Covenants

The property is subject to one material restrictive covenant: 1990 Transfer — Use Restriction. A transfer dated 10 August 1990 made between (1) Thornhill Yorkshire Estates Company (Vendor) and (2) Fine Arts Development Plc (Purchaser) (the 1990 Transfer) contains a covenant not to use the property other than for commercial and/or industrial purposes. The covenant expressly includes any use within Part B and/or Class A2 of Part A of the Schedule to the Town and Country Planning (Use Classes) Order 1987. The covenant was imposed by the vendor for the benefit of the vendor, its successors in title, and the owners and occupiers of the adjoining and neighbouring property retained by the vendor. Because the 1990 Transfer itself is not filed at the Land Registry the precise identity and extent of the land with the benefit cannot be ascertained from Land Registry information alone. The solicitors confirm that the current permitted use under both the Existing Lease and the New Lease (light and general industrial together with warehousing and ancillary offices within Use Classes B1, B2 and B8) complies with the covenant, and the seller has confirmed that the property has been used for commercial and/or industrial purposes throughout its ownership. The risk of breach is therefore nil in the current standing-investment scenario. However, any future change of use to residential, retail or other non-commercial/industrial purpose — whether on redevelopment or re-letting — would need to be assessed against this covenant. The beneficiary(ies) may seek to prevent non-compliant use or claim remedies for breach. The solicitors advise the buyer to note and treat this as a future-management risk rather than an immediate concern. No other material restrictive covenants are identified in this report.

Easements & Rights

The property is subject to a number of third-party rights and benefits from corresponding rights, all arising from transfers in 2004 and 2008. 2004 Transfers — Rights Over the Property (Burdens). The property (constituting what the solicitors term the 'Purple Land' on annotated plans) is subject to the following rights arising from three separate transfers dated 3 August 2004, each originally made between (1) Hallmark Cards PLC (Transferor) and different transferees (Firth Steels Limited, Tennant Investments Limited, and Roger Tennant Firth and Susan Patricia Firth respectively): (a) a right to the passage of water, steam, soil, trade effluent, air, gas, electricity and telephone communications through conducting media on, in or under the Purple Land; (b) a right to install or connect to the conducting media in, on or under the Purple Land; and (c) a right to enter the Purple Land to repair, maintain, renew, replace, install or connect to conducting media serving the benefitting land. The only safeguard attached to the exercise of rights (b) and (c) over the Purple Land is an obligation on the party entering to cause as little damage as reasonably practicable and to make good any damage. There are no requirements to give prior notice, seek consent, or provide an indemnity before exercising these rights. The solicitors note this asymmetry (equivalent rights benefitting other parcels under the same transfers are subject to a more comprehensive set of conditions including 28-day prior notice, written consent not to be unreasonably withheld, workmanlike execution, and indemnity). In practical terms the solicitors consider the risk low given the nature of such works, and the tenant has taken its lease subject to these title matters. The exact parcels benefitting from these rights cannot be ascertained with absolute certainty due to unclear colouring on the 2004 transfer plans. Additionally, pursuant to the 2004 Tennant Investments Transfer, a right of light and air is reserved for the benefit of the Transferor's Retained Property. This right to light reservation would need to be taken into account in any future redevelopment. 2008 Transfer — Rights Over the Property (Burdens). Pursuant to a transfer dated 6 August 2008 between (1) Tennant Investments Ltd (Transferor) and (2) Firth Steels Ltd (Transferee), the property was transferred subject to the following rights for the benefit of the remainder of the land comprised in title WYK775082 (the Transferor's Retained Property): (i) passage of utilities through conducting media on, in or under the Transferor's Retained Property; (ii) the right to connect to conducting media on, in or under the property; and (iii) the right to enter the property to repair, maintain and replace conducting media. As with the 2004 rights described above, the corresponding rights benefitting the Transferor's Retained Property are not subject to notice, consent or indemnity conditions. A right of light and air for the benefit of the Transferor's Retained Land is also reserved in the 2008 Transfer. 2008 Transfer — Rights Benefitting the Property. The 2008 Transfer also grants the property rights over the Transferor's Retained Property: (i) passage of utilities; (ii) the right to install/connect to conducting media (subject to 28-day prior written notice, written consent not unreasonably withheld, workmanlike execution, minimal disturbance, and indemnity obligations); and (iii) the right to enter for repair and maintenance (same conditions). The solicitors note that the corresponding rights over the property are not subject to these conditions, creating an asymmetric burden. Other: A Canal and River Trust search was obtained given the property's proximity to a river; this search reveals nothing of concern. The highway authority plan confirms that River Street is a publicly maintained highway with no gap between the property boundary and the adopted highway.

Charges & Encumbrances

The property is subject to one registered charge: a legal charge dated 5 April 2023 in favour of National Westminster Bank PLC. The seller has confirmed that this charge will be redeemed on completion of the sale, and the buyer will therefore take the property free of it. The solicitors will ensure the redemption of the NatWest charge as part of the completion mechanics; no further action is required by the buyer beyond ensuring the purchase contract appropriately reflects this obligation. The seller has disclosed a defective title indemnity insurance policy (insurer not named; policy limit £9,200,000) which covers (a) the risk of claims for trespass and/or interference with mines and minerals, and (b) the risk of unknown rights and other interests in or over a towing path referred to in the 1990 Transfer, and (c) chancel repair liability. The policy is expressed to benefit Firth Steels Limited and future owners of the property (including their lessees and mortgagees) and is stated to be valid in perpetuity. The defined property under the policy is Units 1 to 5 Calderbank, River Street, Brighouse, West Yorkshire, HD6 1LU. No other mortgages, debentures, standard securities or restrictions on dealing affecting the property are reported.

Planning

The planning history of the property involves two operative consents: 1. 1990 Permission (ref. 90/03036/FUL): Permission for a production building, granted in 1990. This permission was subject to a number of conditions, several of which the solicitors characterise as onerous and/or unusual, including: maintenance of sight lines of 2.4m x 70m in both directions free of obstruction exceeding 0.9m; site access gates from River Street to remain open during factory operating hours; approved noise and emission control measures to be retained; liquid storage tanks to be located in a bund with capacity not less than 110% of the largest tank; waste materials to be collected in sealed containers and disposed of away from the site; approved facing and roofing materials to be retained; surface water to be served by a petrol/oil interceptor; vehicle turning areas and dropped crossing to be retained. No evidence of formal discharge of pre-commencement or occupation conditions has been seen, including a condition relating to contaminated land. The solicitors note that given the permissions were granted over 30 years ago and the property has been occupied since 2016, any breach of pre-commencement conditions almost certainly occurred more than 10 years ago and is therefore immune from enforcement action. 2. 2007 Permission (ref. 06/02208/FUL): Permission for subdivision of the building into two units. The planning history suggests this permission was implemented (the property was subsequently let as a single unit under one lease), though confirmation from the seller is awaited. The solicitors note that if an amalgamation of two units into one was carried out and was considered a material development without planning permission, this breach would not yet be immune from enforcement as the current tenant has occupied since June 2016 and immunity accrues after 10 years. The solicitors assess the enforcement risk as low. Ongoing conditions under the 2007 Permission (retention of approved facing materials, drainage system, and parking/loading areas) are standard and expected to be the tenant's responsibility in the first instance under the lease. Adjoining Site: A planning permission (ref. 14/00939/FUL, dated 29 September 2014) for a single-storey warehouse with attached offices and detached substation was granted for the adjoining site. The red-line boundary of that application appears to include a small part of the property. The solicitors consider the risk of enforcement against the property low, as the substantive development is not located on the property. The property is subject to a Smoke Control Order (disclosed by the local search). The property is not located near a sensitive site for the purposes of the National Security and Investment Act 2021. The planning report at Appendix 16 is noted as awaited/to be inserted in the main report. No listed-building designation, conservation-area status, or agricultural tie is disclosed.

Overage

No overage, clawback or development uplift clause is identified anywhere in this report. The solicitors do not flag any overage obligation in the title, the purchase contract, or the transfers reviewed. The purchase price is stated as £4,525,000 exclusive of VAT with no contingent or uplift element described.

Summary

This Report on Title dated 23 December 2025 was prepared by Mishcon de Reya LLP (reference JG/EL/81643.6) in connection with the acquisition by Alderan (on behalf of one of its funds under management, expected to be Comete SCPI) of the freehold interest in Calderbank, River Street, Brighouse (HD6 1LU), registered at HM Land Registry under title WYK887011, from Firth Steels Limited (CRN: 01715793) at a purchase price of £4,525,000 exclusive of VAT. Title Quality: The solicitors confirm that the buyer will obtain good and marketable title to the property on completion and registration. The seller holds absolute freehold title — the best quality available at the Land Registry. Occupational Lease: At completion, the property will be subject to the New Lease (a 15-year lease under the 1995 Act, with LTA 1954 security of tenure) to Broom House Investments Limited at a current passing rent of £350,000 per annum (subject to five-yearly open-market rent reviews). The tenant has a rolling break right exercisable on any date between 1 June 2033 and 31 August 2033 on three months' notice, subject to conditions including full rent payment and vacant possession. This break window is the key asset-management diary date. Key Risks Identified: 1. Environmental and Flood Risk (Medium–High): The environmental desktop search (Landmark, 28 October 2025) identifies potentially contaminative historical land uses, a significant risk of river flooding (a flood event was recorded within the boundary in 2020 — attributed to Storm Ciara, though the seller does not confirm flood damage at the property), moderate surface water and groundwater flooding risk, and ground stability hazards. The seller declined to answer pre-contract enquiries on environmental matters and has no environmental surveys beyond the desktop search. The buyer should rely on its own technical investigations. An agreement has been reached in the Material Issues Report regarding contamination arising during the seller's ownership period. 2. EPC Expiry (High — Time-Sensitive): The current EPC (Band C, Certificate Reference 0070-7947-0336-3370-3054, issued 8 March 2016) expires 7 March 2026 — within approximately three months of the report date. The seller has confirmed they will commission a new EPC. The lease does not reserve a landlord's right to enter to carry out energy-efficiency improvement works; the landlord cannot recover such costs from the tenant. The solicitors recommend advice from a surveyor on achievable EPC rating given likely future MEES tightening. 3. Asymmetric Easement Conditions (Low–Medium): Rights over the property arising from the 2004 and 2008 transfers allow third parties to install and connect to conducting media without any obligation to give prior notice, seek consent or provide an indemnity (in contrast to equivalent rights benefitting the property, which carry comprehensive conditions). The seller is not aware of these rights having been exercised. The tenant has taken its lease subject to these title matters. 4. Use Covenant (Low — standing investment): A 1990 covenant restricts use to commercial and/or industrial purposes; current use and New Lease permitted use comply. Risk materialises only on redevelopment or change to non-commercial use. Beneficiary of the covenant cannot be identified from Land Registry records. 5. Planning Conditions: Discharge of conditions under both the 1990 and 2007 permissions has not been evidenced. However, any breach of pre-commencement conditions almost certainly post-dates immunity (10-year rule). Ongoing 2007 conditions (facing materials, drainage, parking) require continued compliance; first-instance tenant responsibility under the lease. 6. NatWest Charge: A charge in favour of National Westminster Bank PLC (dated 5 April 2023) is registered against the title and will be discharged by the seller on completion. 7. Overseas Entity Registration: The buyer (Comete SCPI) is already registered as an overseas entity in the UK. The annual updating duty arises imminently (by 1 January 2026); non-compliance is a criminal offence and would prevent Land Registry registration. 8. Roof Guarantee: A roof guarantee (SSAB Guarantee, valid to 1 March 2047) requires a formal assignment process post-completion. There is no underlying construction contract available. The tenant has first liability for roof repairs under the lease. Overall Assessment: Subject to the matters discussed, the solicitors confirm a good and marketable title will be obtained. The most operationally urgent items are (a) commissioning a new EPC before the March 2026 expiry, (b) completing the Overseas Entities Register annual update by 1 January 2026, and (c) the seller redeeming the NatWest charge on completion.

ROT Key Facts