27-30 LIME STREET CITY OF , EC3 LONG LEASEHOLD INVESTMENT OPPORTUNITY 27-30 Lime Street City of London, EC3

Investment Summary

• Office and retail investment opportunity

• 12,069 sq ft of accommodation comprising of 7,084 sq ft of office and 4,985 sq ft of retail accommodation

• Let to 6 tenants with one vacant floor

• The gross rent including a 3rd floor (12 month) rental top-up is £624,662 per annum

• WAULT of 3.3 years unexpired (2.3 years to break) on existing income

• Long leasehold interest for a term of 150 years from 28 September 1999 at a ground rent of 5% of net rents received currently equating to £25,071 per annum

• Seeking offers in excess of £9,500,000 subject to contract and exclusive of VAT

• A purchase at this price would reflect a net initial yield of 5.92% and a capital value of £787 psf, assuming purchaser’s costs of 6.69%

2 27-30 Lime Street City of London, EC3

City of London

27-30 Lime Street is located in the heart of the City of London. The property is located opposite the prestigious and in the centre of the District. The proximity of the eastern Cluster is additionally changing the landscape of the City of London, reinforcing its status as the commercial capital of Europe.

Leadenhall Market Lloyd’s of London An established and diversifying Occupational Market The 14th Century, Grade II listed Leadenhall Market The iconic Lloyd’s of London is located in the heart offers one of the City of London’s most vibrant and of the EC3 market and is the leading location for Traditionally a location for insurance companies the EC3 eclectic range of F&B, retail and leisure offerings. Whilst insurance businesses. Lloyd’s is the leading specialist district has diversified its tenant mix in recent years, still maintaining its reputation as the social centre for insurance market globally – as well as the oldest – and attracted by the excellent infrastructure, diverse local the Insurance market, its appeal extends far beyond has diversified and expanded to maintain its position amenity offering and a range of office accommodation this occupier base owing to the diverse offering and as the leading destination for brokers and underwriters options. Surrounding development activity and the unique setting. to do business, making the proximity of Lime Street of eastern Tower Cluster will further improve pedestrian great benefit to insurance companies. access and sustain the draw to this part of the City.

3 27-30 Lime Street City of London, EC3

Eastern Tower Cluster

Lime Street occupies an enviable location within the City of London demised eastern Tower Cluster, a zone encouraging commercial-led developments and a high-density employment zone.

A new generation of developments have recently reached practical completion, with others likely to follow. These will change the complexion and landscape of the City of London and help consolidate the market’s reputation as one of the preeminent locations for businesses across the globe.

Fountain House, EC3 10 Fenchurch Avenue, EC3 1 Leadenhall, EC3 40 , EC3 Developer: Aviva Developer: Generali Developer: Brookfield Developer: Nuveen & AIMCo Size: 290,000 sq ft Size: 450,000 sq ft Size: 680,000 sq ft Size: 910,000 sq ft Completion: Planning permission Completion: Completed Completion: Planning permission Completion: Planning permission obtained obtained obtained

The Scalpel, 52 Lime Street, EC3 8 , EC2 , EC2 , EC3 Developer: WRBC Developer: Mitsubishi Estates & Stanhope Developer: AXA Real Estate Developer: Aroland Holdings & Size: 385,000 sq ft Size: 570,000 sq ft Size: 1,400,000 sq ft Perennial Real Estate Holdings Completion: Completed Completion: Development progressing Completion: Q2 2020 Completion: Planning permission obtained (occupied to 2024) 4 Old Street

Local Occupiers Barbican

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Restaurants & Bars Professional 1 Sushisamba Duck & Waffle 28 Accenture Moorgate 2 Coppa Club 29 British Council for Offices 25 26 3 Darwin Brasserie 30 Kennedys 46 4 Chamberlains’s Restaurant 31 IPS Group 14 24 5 The Oyster Shed 32 Meet Recruitment Street 6 Gaucho City 33 White & Case 7 The Folly 34 Holman Fenwick Willan 35 45 35 Sidley Austin 22 1 Retail 48 38 Creative & Tech 49 8 Leadenhall Market 19 18 21 9 Spitalfields Market 36 The Office Group 50 31 37 WeWork 47 East Hotels 38 SalesforceSt Pauls 10 39 Worldplay 33 55 44 32 40 The Ned 17 41 11 Cheval Three Keys 40 Uber Aldgate 15 35 12 Apex City of London 41 Dell Corporation 42 CGI Group 10 43 29 13 Four Seasons Hotel London at 27 43 Insightful Technology 30 Ten Trinity Square 8 14 Andaz London Liverpool Street Bank 4 6 58 15 Threadneedles, Finance 51 59 Autograph Collection 44 Standard Life Mansion House 56 39 34 45 Deutsche Bank L S 36 Culture & Arts 46 Schroders 54 52 16 Tower of London 47 ING 7 42 3 28 48 Blackrock 53 17 Bank of Museum Cannon Street 18 London’s Roman Ampitheatre 49 Lloyds Banking Group 12 50 China Construction Bank Monument 37 19 Guilldhall Art Gallery Tower Hill 20 London Wall 51 Rothschild & Co 13 20 57 23 Education Insurance 5 21 London Metropolitan University 52 Allianz 22 The University of Chicago Booth 53 Towergate Insurance 11 School of Business 54 AIG 23 Arden University 55 Hiscox 2 16 56 WR Berkeley 24 Coventry University London Tower of London 25 Northumbria University 57 Prudential 26 Newcastle University London 58 Willis Towers Watson 27 David Game Higher Education 59 Lloyds Register

London 27-30 Lime Street City of London, EC3

Connectivity

Lime Street benefits from excellent connectivity across London. Bank, Liverpool Street, Monument and Fenchurch Street stations are each within close walking distance and provide a range of options for Underground, National Rail and future Elizabeth Line access.

Rail access to Europe is provided by St Pancras International Station, Elizabeth Line a short journey away with easy access to City and other airports. Scheduled to open in Q1 2021, the Elizabeth Line station at Liverpool Street will significantly improve accessibility and journey times across London.

Access across to the West End at Bond Street will reduce to 7 minutes, Canary Wharf to 6 minutes and Heathrow Airport to approximately 30 minutes, improving journey times and reducing crowding on alternative routes. Bank Liverpool Street 6 mins 10 mins The state-of-the-art trains will bring an extra 1.5 million people within a 45-minute commute of Central London.

Reading

Bond Street Liverpool Station Monument Fenchurch Street 4 mins 6 mins Stratford Paddington Farringdon Canary Wharf

Heathrow Airport

Central DLR Northern Waterloo & City National Rail Circle Hammersmith & City Metropolitan District The Lime Street Estate

6 27-30 Lime Street City of London, EC3

Description

The attractive period-style building is located in a vibrant and busy location in the heart of the City of London. Situated on the south-side of Lime Street, it faces directly opposite Leadenhall Market.

The property provides a mixture of retail, restaurant and office accommodation.

The sub-basement, basement and part ground floor is operated as a restaurant. The remainder of the ground floor element comprises two prominent ‘lock-up’ style retail units, situated to the northeastern side of the office entrance.

The offices are presented over 1st to 4th floors, accessed via 2 passenger lifts and a staircase accessed off the shared ground floor reception area. These floors are air conditioned, via a raised floor four-pipe fan coil system, with suspended ceilings. Second floor The floors benefit from natural light throughout, with the floors fitted out to each tenant’s own specification.

The third floor is currently vacant following an early surrender from a tenant. This space is offered with the benefit of the existing office furniture and IT equipment in situ.

First floor Reception

7 27-30 Lime Street City of London, EC3

Accommodation

The property has been measured in accordance with the latest RICS Code of Measuring Practice (6th ed).

The property has the following approximate areas:

Floor NIA (sq ft) NIA (sq m) 4th floor 1,370 127.3 3rd floor 1,850 171.9 2nd floor 1,932 179.5 1st floor 1,932 179.5 Ground floor unit 1 528 49.1 Ground floor, basement 4,109 381.7 and sub-basement unit 2 Ground floor unit 3 348 32.3 First floor Total 12,069 1,121.2

Vacant third floor

8 27-30 Lime Street City of London, EC3

Floorplans

28 Lime Street 28 Lime Street 28 Lime Street Basement Ground floor First floor

28 Lime Street 28 Lime Street 28 Lime Street Second floor Third floor Fourth floor

9 For indicative purposes only. Not to scale 27-30 Lime Street City of London, EC3

Additional Information

Tenure

The property is held long leasehold from The Drapers Company for a term of 150 years from 28 September 1999 (130 years unexpired). The ground rent is geared to 5% of the net rents received and calculated annually with a minimum 2.5% of rental value.

The head rent pay-away excludes the rent received from the restaurant unit let to Nando’s Chickenland Limited from its calculation.

The leasehold property is registered under title numbers: NGL 778984 and NGL 528262.

Planning

The property is located in the City of London.

The building is Grade II listed and is located within the Leadenhall Market Conservation Area.

EPC

An EPC is available upon request. © Crown Copyright 2019. Licence no 100020449. Not to scale © Crown

Ordnance Survey © Crown Copyright 2019. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:500. Paper Size - A4 10 27-30 Lime Street City of London, EC3

Tenancy

Tenant Floor Use Size Lease Rent Lease Lease Rent (£ per annum) Rent Comments (sq ft) Start Date Review Break Date Expiry Date (inc top ups) (£ psf) W.I.S.E Underwriting 4th Office 1,370 01/08/2010 N/A N/A 31/07/2020 £77,000 £56.20 Agency Limited Vacant 3rd Office 1,850 £111,000 £60.00 Light refurbishment being planned and budgets received. Rental top-up of 12 months at £60.00 psf. Red 24 Operations 2nd Office 1,932 28/01/2016 N/A N/A 27/01/2021 £123,312 £63.83 RPI-linked Service Charge Limited (WorldAware Cap, currently £45,317.28. Limited) C Lewis (UK) Limited 1st Office 1,932 03/09/2010 N/A N/A 02/09/2020 £105,000 £54.35 Loake Brothers Ground Retail 528 12/02/2018 12/02/2023 12/02/2024 11/02/2028 £50,000 £94.70 Lease contracted inside Limited 1954 Act. Nando's Chickenland Ground, Retail 4,109 01/03/2012 01/03/2022 28/02/2027 29/02/2032 £87,500 £21.29 Lease contracted inside Limited basement 1954 Act. and sub- basement Done Brothers (Cash Ground Retail 348 26/07/2012 N/A N/A 25/07/2022 £70,850 £203.59 Lease contracted inside Betting) Limited t/a 1954 Act. Betfred Total: 12,069 sq ft Gross Rent: £624,662 £51.76 (Inclusive of rental top-ups) Head Rent: £25,071 Net Rent: £599,591

11 27-30 Lime Street City of London, EC3

Tenancies

The property is let to six tenants with the third floor recently vacated.

The gross rent is £624,662 per annum, inclusive of the 12-month rental top-up of the third floor. This equates to £51.76 per sq ft overall.

Following the deduction of the headlease pay-away, the net income is £599,591 per annum.

Please note the existing head rent currently payable as agreed at last review is £25,071 per annum.

In addition to this, we would highlight: • The Weighted Average Unexpired Lease Term for the property is 3.3 years to expiries and 2.3 years to break options, as at November 2019. • The leases relating to the demised office floors are excluded from the Landlord and Tenant Act 1954. • The vacant third floor provides the opportunity to refurbish and significantly improve the passing rental tone. • Staggered lease events provide the opportunity to actively manage the asset and improve the income profile, whilst preserving the running yield of the investment.

12 27-30 Lime Street City of London, EC3

Further information

VAT The property is elected for VAT and it is anticipated that the transaction will be on a TOGC basis.

Proposal We are instructed to seek offers in excess of £9,500,000 subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 5.92% (including top-up on 3rd floor) and a capital value of £787 psf, assuming purchaser’s costs of 6.69%.

Data Room Further information can be downloaded in the Data Room.

Contact For further information or to arrange an inspection please contact the vendor’s agents, Gerald Eve.

Ben Nichols Tel. +44 (0)20 7333 6411 [email protected]

Lloyd Davies Tel. +44 (0)20 7333 6242 [email protected]

Conditions under which these particulars are issued

All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that: 1 These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2 All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3 None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4 The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property.

This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve’s liability which cannot be excluded or limited by law. Particulars issued November 2019. 13