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RARE MIXED-USE FREEHOLD INCOME INVESTMENT VALUE ADD ASSET MANAGEMENT OPPORTUNITY

DRURY HOUSE, 34-43 RUSSELL STREET, , WC2 RARE MIXED-USE FREEHOLD INCOME INVESTMENT VALUE ADD ASSET MANAGEMENT OPPORTUNITY

DRURY HOUSE, 34-43 RUSSELL STREET, COVENT GARDEN, LONDON WC2 3 2 - INVESTMENT SUMMARY of £1,163 ft. sq per value of 6.78%) acapital and costs purchaser’s (assuming of 4.52% full yield initial a net exclusive of VAT. reflects level at this Pricing and to contract Pounds) subject Thousand Two Two(Forty Million Fifty and Hundred in excess of are invited Offers £42,250,000 at £85 stand psf that levels rental ACovent 70% Garden circa of Grade (including vendor rental top-ups), equating to approximatelyrent office of Low passing psf £60 annum (including vendor rental top-ups) of Total £2,040,460 per income rental current accommodation (subject to consents) existing the /extend to refurbish opportunity the during provides date 2021 block office Potential letspace on expiry to lease years Term Lease Unexpired ofWeighted Average 6.8 Tenant Act & Landlord 1954 the are Outside four leases All restaurant by CHLOE. fashionable and Beamly Communications, -Wardour tenants to three Multi-let floors upper five and ground accommodation arranged over lower ground, (3,374.4 m) ft sq sq 36,322 and retail of office of to atotal extending building Mixed-use Lane Drury and Street of Russell corner the on location Prominent opportunity site investment island CoventFreehold Garden REGENT’S PARK BT TOWER 4 EUSTON KING’S CROSS / ST PANCRAS - 5 HYDE PARK

OXFORD STREET CENTRE POINT BERKELEY SQUARE THE

REGENT STREET

ST JAMES’S SQUARE

COVENT GARDEN MARKET

TRAFALGAR SQUARE

ST JAMES’S PARK CHARING CROSS

HORSE GUARDS PARADE

ROYAL FESTIVAL HALL

NATIONAL THEATRE 6 7 -

LONDON 37% OF THE WORLD’S FOREIGN IN THE WORLD’S TOP WORLD’S THE IN 10. OVER 40 – BEING FOUR UNIVERSITIES WITH OVER 435,000 IN STUDENTS TALENT FUTURE OF LONDON AHUB IS HERE. TRADED ARE EXCHANGE INASIA ONE WORKING DAY. & BOTH IN BUSINESS AMERICAS THE TIME ZONE TO OPTIMAL CONDUCT 75 OVER COMPANIES. GLOBAL TECHNOLOGY LARGEST FIVE THE OF – TWO HERE HQS INCLUDING HAVE EUROPEAN THEIR AMAZON APPLE, GOOGLE, FACEBOOK & HQS HERE. ACCOUNTANTSLARGEST HAVE THEIR FIRMS WORLD’S & THE LAW OF THREE LARGEST WORLD’S THE OF FOUR OFFICES IN LONDON. FORTUNE 500OF COMPANIES HAVE

500 COMPANIES ARE IN LONDON. 33% FORTUNE OF HQS EUROPEAN OF GLOBAL CITIES INDEX. BY 2017 RANKED AS MASTERCARD TOURISTPOPULAR DESTINATION LONDON IS EUROPE’S MOST WITH OVER 300 SPOKEN. LANGUAGES WORLD’S MOST DIVERSE POPULATION

8 9 - COVENT GARDEN Wells Fargo and Skillcapital. including to Covent Garden migrating have been particular in occupiers corporate and Financial attractiveness to a broader range of occupiers. aheightened in resulted has amenities, and combined with the location’s connectivity The recent regeneration of Covent Garden, DreamWorks Animation, Universal and Havas. Google, including tenants with industries creative officelocation andtraditionally home to London’s recognised internationally is an Covent Garden time. first for 20 the million exceeding destinations, with tourists to London in 2017 visitor world’s popular of the most is one Garden Coventmeans offerings leisure and cultural area’s The all here. House Somerset and House House), Royal Opera The Drury (situated opposite London’s theatre-land with the Theatre Royal of heart the being amenities entertainment for its is renowned CoventCulturally Garden and Rules. by CHLOE. Murano, Café Robuchon, Joël de L’Atelier Ivy, Henrietta, The includes provision restaurant location’s exceptional the and Lauren, Ralph and Apple Mulberry, Burberry, Chanel, nowinclude retailers end high Global offerings. restaurant exclusive and retail its and Piazza listed I Grade the round centred has of Covent Garden transformation major recent The House. of Drury walk west minute is atwo Piazza Covent Garden leisure amenities. and retail class world with destination key tourist established living and working environment, and an for being famed districts London’s vibrant most of one Covent in Garden, is situated House Drury 10 - 11 HOLBORN HIGH HOLBORN 12 - MORTIMER STREET 13 NEW Drury House occupies a prominent island site on the north side of Russell Street, with further D A O R S S O R C G N I R A H C frontage onto Drury Lane and Drury Lane OXFORD STREET Gardens. The property benefits from natural light TOTTENHAM on all sides and views west over Covent Garden COURT ROAD Piazza, north over Drury Lane Gardens and south OXFORD CIRCUS 1 towards the River Thames. 7 TE R T S ODRWU A Y A W S G N I K OFFICE OCCUPIERS SQUARE 3 LONDON SCHOOL OF 1 Coutts 10 ECONOMICS 2 Dreamworks LIBERTY ROYAL COURT 3 Bain & Co TE R T S N GT E R 6 OF JUSTICE 4 Interbrand 14 13 5 Prophet 9 ROYAL OPERA THEATRE 4 6 ACCA 11 HOUSE ROYAL 5 6 7 The Economist 2 12 COVENT GARDEN 8 Price Waterhouse Coopers 7 E 9 National Grid U N 9 5 E 10 Wells Fargo V 4 A 11 Robert Walters Y 10 R COVENT GARDEN T H E S T R A N D 12 Lincoln International U B LEICESTER MARKET 13 Tate & Lyle S TEMPLE E SQUARE 1 T 8 14 Handelsbanken F 5 15 Braemer ACM Shipbroking A 3 H 8 2 16 Brand Me S 2 SOMERSET HOUSE 16 4 17 Spotify

ROYAL ACADEMY 17 RESTAURANTS OF ARTS CIRCUS 1 J Sheekey NATIONAL 3 7 6 GALLERY 2 The Ivy 1 PICCADILLY 3 Barrafina FORTNUM 4 L’Atelier de Joel Robuchon & MASON TRAFALGAR CHARING CROSS 5 Balthazar SQUARE 9 6 Hawksmoor Seven Dials 8 15 7 Café Murano THE EMBANKMENT 8 Rules RITZ ADMIRALTY 9 Clos Maggiore ARCH NATIONAL

L L A H E T I H W THEATRE HOTELS & MEMBERS’ CLUBS 1 Covent Garden Hotel P A L L M A L L 2 The Savoy 3 St Martins Lane Hotel 4 One 5 ME London 6 The Waldorf Hilton 7 The Hospital Club T H E M A L L PARADE 8 The Library 9 The ClubWATERLOO at The Ivy EAST ST JAMES'S 10 The Garrick Club PALACE WATERLOO SITUATION 14 15 -

COMMUNICATIONS CHARING CROSS TRAVELFROM TIMES WALKING TIMES CHARING CROSS

WATERLOO 2 minutes COVENT GARDEN PICCADILLY 3 minutes LINE LONDON EUSTON 6 minutes PICCADILLY LINE HOLBORN CENTRAL LINE 6 minutes

VICTORIA 10 minutes DISTRICT LINE CIRCLE LINE TEMPLE 7 minutes

KING’S CROSS / ST PANCRAS 11 minutes NATIONAL RAIL SERVICES CHARING CROSS NORTHERN LINE BAKERLOO LINE 8 minutes

PADDINGTON 11 minutes EMBANKMENT NORTHERN LINE BAKERLOO LINE DISTRICT LINE CIRCLE LINE 9 minutes

HEATHROW AIRPORT 30 minutes NORTHERN LINE CENTRAL LINE CROSSRAIL 10 minutes GATWICK AIRPORT

VIEW WEST FROM THE ROOF THE FROM WEST VIEW 45 minutes 16 - 17 18 19 - THE BUILDING restaurant and bakery. aseparate units, astwo is arranged space the Internally Street. onto Russell frontage with 424.7only, floor over m) ground sq is arranged (4,572 / ft sq accommodation retail The allon sides. light natural from benefits space The flexible. are very which ft, sq 6,000 averaging are well configured floorplates The amenity and storage space. tenant floor ground lower and reception floor aground with floors, fifth to over first arranged ft/ sq (31,750 2,949.7 offices The sqm) are floors. upper five and ground ground, over lower arranged accommodation retail and (3,374.4 m) ft sq sq of 36,322 a total of office building in the 1980s, comprises the property office built asapurpose constructed Originally RETAIL OFFICES 20 21 - SPECIFICATION & ACCOMMODATION measured by Plowman Craven (March Craven by 2018): Plowman measured as following areas the provides property The ACCOMMODATION 5 FLOOR 4 SUB TOTAL SUB 2 3 SUB TOTAL SUB G G 1 TOTAL TOTAL SUB B Office USE Office BMA Storage Office Office Retail /restaurant Retail Reception Office Amenities Storage 29,608 36,322 SQ FT SQ 5,990 4,572 4,572 5,970 4,779 5,973 2,142 5,991 1,245 834 897 30 41 3,374.4 2,750.7 444.0 424.7 554.6 554.9 556.5 556.6 SQ M SQ 424.7 199.0 83.3 115.7 77.5 3.8 2.8 PASSENGER LIFTS LOWER GROUND LOWER GROUND FOOTBALL PITCH LG7 COMPLIANT COMPLIANT LG7 CONDITIONING 2 X 10 PERSON PERSON 10 2 X FAN COIL AIR FAN AIR COIL FLOOR MINI- BIKE RACKS BIKE FOUR-PIPE LIGHTING TO CEILING HEIGHT HEIGHT TO CEILING FULLY ACCESSIBLE FULLY ACCESSIBLE 2.7 METRE FLOOR FLOOR 2.7 METRE RAISED FLOOR METAL TILED TILED METAL SUSPENDED SHOWERS & CEILINGS LOCKERS 22 - 23 24 25 - FLOOR PLANS 5,990 sq ft / 556.5 sq m(2nd sq floor) /556.5 5,990 ft sq 4,779 sq ft / 444.0 sq m sq /444.0 ft sq 4,779 FLOOR 5TH TYPICAL UPPER FLOOR (1ST FLOOR TO 4TH UPPER FLOORS) TYPICAL OFFICE OFFICE RUSSELL STREET RUSSELL STREET

DRURY LANE DRURY LANE 2,142 /199.0 ft sq m sq BASEMENT FLOOR 5,477 sq ft / 508.8 sq m sq /508.8 ft sq 5,477 GROUND FLOOR RETAIL UNIT B UNIT RETAIL MINI-FOOTBALL PITCH RUSSELL STREET RUSSELL STREET RETAIL UNIT A UNIT RETAIL BICYCLE PARKING For indicative purposes only. Not to scale. STORAGE RECEPTION

STORAGE

B.M.A.

DRURY LANE DRURY LANE 26 27 - TENURE & TENANCY Freehold. TENANCY SCHEDULE TENURE TOTAL LG substation G 3 4 LG 1 2 5 FLOOR London Electricity Board CHLOE. by t/a Limited UK BC1 Qoot Limited Beamly Vacant Vacant Beamly Limited Beamly Vacant Wardour Communications Limited TENANT

Substation Restaurant (Unit A) Office Office Amenity / storage /storage Amenity Retail (Unit B) Office Office Office USE RUSSELL STREET RUSSELL 35,417 AREA 5,990 3,626 5,970 5,973 4,779 5,991 2,142 946 - TERM START TERM 20/06/1988 07/04/2017 05/01/2017 14/06/2011 21/06/2011 - - - TERM EXPIRY TERM 04/01/2037 20/06/2021 20/06/2021 19/06/2087 13/06/2021 - - - £2,040,460.05 RENT £PA RENT £386,880 £325,000 £254,575 £296,875 £371,875 £373,125 £32,130 £0.05

DRURY LANE RENT £PSF RENT £42.50 £62.50 £62.07 £15.00 £64.77 £71.08 £62.12 - OUTSIDE 1954ACT Yes Yes Yes Yes No - - - Service charge cap of £70,800 increasing annually in line with RPI. with line in annually increasing £70,800 of cap charge Service Service charge cap of £89,280 increasing annually in line with RPI. with line in annually £89,280 of increasing cap charge Service Service charge cap of £47,620 increasing annually in line with RPI. with line in £47,620 of annually cap charge increasing Service 12 months’ vendor rental top-up for unrefurbished office space. office unrefurbished for top-up rental vendor 12 months’ On assignment from The Meaningful Marketing Group Limited. Group Marketing Meaningful The from assignment On 12 months’ vendor rental top-up for refurbished office space. office refurbished for top-up rental vendor 12 months’ 5 yearly rent reviews with next review 5 January 2022. 5January review next with reviews rent 5 yearly On assignment from GFS Turkish Restaurants Limited. Limited. Restaurants Turkish GFS from assignment On Guarantee from Coty (UK) Limited. (UK) Coty from Guarantee 12 months’ vendor rental top-up. rental vendor 12 months’ Rent deposit of £325,000 held. £325,000 of deposit Rent Rent deposit of £132,750 held. £132,750 of deposit Rent held. £52,200 of deposit Rent COMMENTS -

28 - 29 30 31 - COVENANT INFORMATION Dun & Bradstreet rating of 2A 1. of 2A rating &Bradstreet Dun have a Limited Wardour Communications Arup. and Foundation EY, Heart Barclays, British include Clients 1996. in founded relations investor on marketing, international communications and focusing agency Wardour are marketing acontent WARDOUR COMMUNICATIONS LIMITED 3rd floor) have a Dun & Bradstreet rating of 2A 1. 2A of rating 3rd floor)Bradstreet & haveDun a (guarantor the on Limited (UK) Coty of N1. rating &Bradstreet have aDun Limited Beamly Rimmel. and GHD, OPI include Gucci and Tiffancy & Co fragrances, Brands brands. styling and colour hair fragrance, skincare, makes cosmetic, that company beauty leading aworld by Coty is owned Beamly’s and Bravo. London Rimmel Aol, 4, Channel include Clients Newand London in offices York. with agency technology and marketing is adigital Beamly BEAMLY LIMITED Dun & Bradstreet rating of O3. rating &Bradstreet Dun (t/a Limited UK BC1 Qoot by CHLOE.) have a (£22 million a$31 after million) investment. years two size in next overis to the double set brand The 2018. February in opened venture that is by CHLOE.’s House international Drury first America. across sites YorkNew 11 further and in sites to seven expanded has that café vegan York, 2015 in New in Founded by CHLOE. is a QOOT BC1 UK LIMITED T/A LIMITED UK BC1 QOOT BY CHLOE 33 32 - ASSET MANAGEMENT 6th floor (subject to necessary consents). necessary to floor (subject 6th new a adding by accommodation office existing the to extend option the including building’s potential, the have explored Architects McSweeney Brimelow building’. external existing to panels spandrel and frames window metal existing of all ‘repainting 2018 for the January in granted 17/09873/FULL) (Ref: Permission Planning was is listed. not building The Area. Conservation Garden Covent the within sits and Council City Westminster of Borough London the in is situated property The CGI ILLUSTRATING CONSENTED WORKS CLADDING EXTERNAL PROPOSED 6TH ELEVATIONS FLOOR PROPOSED PROPOSED 6TH PLAN FLOOR PROPOSED CGI ILLUSTRATING PROPOSED 6TH FLOOR PROPOSED ILLUSTRATING CGI OFFICE For indicative purposes only. Not to scale. P LANT OFFICE 34 35 - MARKET COMMENTARY neighbouring StJames’s market. neighbouring in at ft £112.50 sq per stand that West rents End to prime discount attractive an providing at ft, £85.00 sq per stand currently rents Covent Garden Prime the submarket’s rate vacancy is one of the London’s lowest. means which supplies, Garden Coventthat amenity and vibrancy floor ground the with locations Tenants demanding are increasingly at 0.83%. stands Garden Covent in rate Avacancy Grade the and constrained, remains therefore Supply ft. sq of 384,000 supply average 5year against ft, sq 583,000 Total was 2017 in Covent in Garden take-up occupiers. banking and the fromto corporate through TMT ranging profile, tenant sector diverse a with sub-markets West End’s of dynamic the is one most Covent Garden take-up respectively. 32% for of 19% and total accounted (TMT) sectors & Telecommunications and offices Media Technology, serviced The 2016. on a 32% increase ft, sq million Total to 5.2 2017 in equated West for take-up business. End city global world’s the leading to be continues city asthe growth economic slower to resilient market remained hasLondon’s leasing West office End OFFICE OCCUPATIONAL MARKET MARKET OCCUPATIONAL OFFICE Dec-16 Jan-17 Feb-17 May-17 Feb-18 Feb-18 DATE 55 Drury Lane, WC2 Lane, 55 Drury High Holborn, WC1 Holborn, High Weston House, 246 WC2 Street, 12 Henrietta WC2 Street, 25 Bedford Street, WC2 Street, 8Kean House, Imperial WC2 Street, Bedford 15 ADDRESS FLOOR 4 4 4 6 2 7 4,430 3,920 4,561 7,824 3,475 3,418 AREA AREA SQ FT SQ Amius Ltd Amius Celtra Ltd Celtra ACI Ltd ACI Scientist Ltd Scientist New Playbuzz Ltd Playbuzz CityFibre TENANT £79.00 £74.50 £82.50 £77.50 £74.00 £81.00 RENT RENT PSF 10 years 10 5 years 5 years 10 years 10 5 years 5 years TERM investors. Eastern Middle and by Asian isit dominated however, is diverse capital of this origin geographic The investors. international from being 65% approximately with of market activity 2017’s opportunities to West investment End attracted particularly remains capital Overseas (16% billion £1.2 2017. in oftotalling volume) place taking £40 the in of stock deals 22 just to £80 with million bracket, million a shortage experienced market has for London’s The West appetite market. investor End of 2016’sgrowingahead 7% illustrates and approximately is figure total This of excess £7.6 in 2017Total reached during volume West Investment End billion. pool. talent askilled sustain and to attract ability rates) city’s the currency and Dollar Sterling-US (including conditions economic favourable system, legal ofestablished an transparency by the is attracted capital Overseas West market. End the particularly city into the capital their London’s commercial real estate market continues to see investors deploying INVESTMENT MARKET Feb-17 Jul-17 Jul-17 Dec-17 Dec-17 Feb-18 DATE Kingsway, WC2 Kingsway, 121 House, Craven Strand, WC2 450-460 House, Cross Golden WC2 Street, Queen Great 41-44 WC2 Lane, 55 Drury WC2 Street, Floral 27B & Acre Long 15-17 Place, WC2 Chandos 53-59 ADDRESS FH LLH FH FH LLH FH TENURE 21,816 66,512 18,597 28,501 42,600 19,504 AREA AREA SQ FT SQ £23,000,000 £68,250,000 £24,900,000 £36,000,000 £79,000,000 £27,500,000 PRICE 3.54% 4.15% 3.62% 4.81% 4.30% 3.41% NIY £1,054 £1,026 £1,339 £1,263 £1,854 £1,410 PER SQ FT SQ PER VAL CAP 36 37 - WEST END OFFICE MARKET TOTAL OCCUPANCY COSTS MAYFAIR / JAMES’S ST £140.00 £105.00 TOTAL OCCUPANCY COSTS RENTS PRIME MARYLEBONE TOTAL OCCUPANCY COSTS PRIME RENTS £195.00 £135.00 PRIME RENTS RENTS PRIME VICTORIA £125.00 £85.00 £140.00 £95.00 TOTAL OCCUPANCY COSTS RENTS PRIME SOHO £100.00 £60.00 TOTAL OCCUPANCY COSTS PASSING RENTS DRURY HOUSE TOTAL OCCUPANCY COSTS TOTAL OCCUPANCY COSTS TOTAL OCCUPANCY COSTS COVENT GARDEN KING’S CROSSKING’S PRIME RENTS RENTS PRIME PRIME RENTS RENTS PRIME PRIME RENTS RENTS PRIME FITZROVIA £120.00 £130.00 £125.00 £80.00 £85.00 £85.00 38 FURTHER INFORMATION [email protected] +44 (0)20 6775 7543 [email protected] +44 (0)20 6716 7543 ft. of value sq £1,163 per capital a reflects level at this purchase A 6.78%. of purchaser’s costs full 4.52% assuming of yield netinitial a reflects exclusive and of VAT. to contract Pounds) subject Thousand This Fifty and in excess of are invited Offers £42,250,000 Million (Forty Two TwoHundred Please contact Allsop for access. room. data the in Available Concern. Going asaTransfer treated is to be of transaction the that Itis anticipated price. for VAT, is elected purchase the on property The chargeable will be which negotiation. by separate to apurchaser available be may allowances Capital their accuracy cannot be guaranteed. and parties third by supplied been have comparables investments and rental statistics, market The LLP. 2018. May Allsop of name trading the is Allsop enquiries. and searches necessary all out (e) and carry property; the of survey environmental) appropriate where (and structural afull (d) arrange order; working in and available are included be to expressed items any (c) area; that ensure neighbouring the and property the (b) inspect particulars; these in contained statement each of correctness the to as themselves (a) satisfy to: advised strongly are tenants or purchasers Prospective 2. tenant. or apurchaser and lessor vendor/ the between lease for agreement or sale for contract written the in to referred expressly and contained those are vendor/lessor the by undertaken or given be to obligations contractual and undertakings warranties, representations, only The property. the to relation in whatsoever warranty or representation any give, or make to authority any has employment its in person any or members its of any nor LLP Allsop neither and give, or make not does (c)and vendor/lessor the fact; of representations or statements as on relied be to are property the to as particulars these in contained statements the of (b) none lease; or sale for contract or offer an part in or whole in constitute not do particulars (a) these that: notice gives is, LLP Allsop agent whose property this of vendor/lessor the of behalf on and behalf own its on LLP Allsop 1. Act: Misrepresentation BROCHURE DESIGNED AND PRODUCED BY SAENTYS +44 (0)20 7407 8717 | [email protected] | SAENTYS.COM +44 (0)20 7407 8717 | [email protected] SAENTYS BY PRODUCED AND DESIGNED BROCHURE NICK PEMBERTON NICK BEN BLINSTON-JONES CONTACTS PROPOSAL ROOM DATA ENERGY PERFORMANCE CERTIFICATE VAT CAPITAL ALLOWANCES

[email protected] +44 (0)20 6869 7543 [email protected] +44 (0)20 6886 7543 CHLOE NEWTON OLIVIA BENTLEY OLIVIA