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Prime Mixed-Use Jersey Investment

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Prime Mixed-Use Jersey Investment THE ESPLANADE ST HELIER JERSEY Summary Aerial THE ESPLANADE ST HELIER JERSEY Summary Overview THE ESPLANADE ST HELIER JERSEY Liberty Wharf Liberty Wharf is a unique waterfront mixed-use Income By Element Income By Use investment in the heart of St Helier’s prime office CBD, renowned as a hub for financial institutions. Developed in stages from 2007-2010, the island site is made up of four distinct elements comprising: 24% Transportation House • LiberationHouseandWindwardHouse - Two prime modern offices blocks 55% Office • TransportationHouse - A serviced office operated by Regus and a 63 room five-star 25% Liberty Wharf 21% Retail & Leisure Apart Hotel Shopping Centre • LibertyWharfShoppingCentre - Anchored by 6% Serviced Office Marks & Spencer 49% Liberation House 17% Apart Hotel • JerseyTouristOffice- A five-storey office block & Windward House The four assets combine to present an exceptional 1% Parking real estate investment on a 3.71 acre site set in the most prominent location in St Helier. The investment provides asset management and value 2% Jersey Tourist add opportunities underpinned by secure and Office diverse income streams across all four elements. Summary Overview THE ESPLANADE ST HELIER JERSEY Investment Rationale • 48% of income from offices fully let to blue chip tenants • Prime CBD location in the heart of St. Helier • International tenant base, including BDO, Ernst & Young and CPA Global • One scheme providing four distinct elements • Mixed-use asset comprising prime Grade A offices and serviced offices, luxury Apart Hotel, retail and leisure • A 3.71 acre island site • Prestigious waterfront Jersey investment • Reversionary income streams offering excellent rental and capital growth prospects including the 3 yearly review pattern associated with Jersey office leases • Average weighted unexpired lease term of 13.2 years to lease expiry and 6.7 to lease breaks • Significant value add opportunities through strategic asset management • Offers are invited in excess of £70,000,000 (Seventy Million Pounds) for the long leasehold interest of the property subject to contract • A purchase at this level would reflect a net initial yield to 7.04% after allowing for purchaser’s costs of 6.50% • Four SPVs are available to purchase, which would reflect a net initial yield of 7.39% after allowing for purchaser’s costs of 1.50% Summary Investment Rationale THE ESPLANADE ST HELIER JERSEY Liberty Wharf Shopping Centre Liberation House & Windward House CASTLE STREET ESPLANADE LA ROUTE DE LA LIBERA TION Key Liberation&WindwardHouse TransportationHouse LibertyWharfShoppingCentre Jersey Tourist Office Transportation House JerseyTouristOffice Summary The Properties THE ESPLANADE ST HELIER JERSEY The Properties Liberation House & Windward House Transportation House The property comprises a mixed-use scheme Liberation House Liberty Wharf Apart Hotel of offices, Apart Hotel and retail in buildings ranging from historic buildings to modern Liberation House is a highly specified Grade A office building Liberty Wharf Apart Hotel provides 63 five-star serviced iconic office buildings. completed in 2007. The property is arranged over ground and apartments designed for the business community as well as five upper floors totalling 61,476 sq ft (5,711 sq m) offering open, offering tourists a contemporary alternative to the island’s Buildings vary in scale from ground floor spacious floor plates with exceptionally high levels of natural hotels. Bridge Street Worldwide manage the apartments warehouse conversions to modern six storey light. This prominent building, benefiting from spectacular which comprise a selection of studios, one- and two-bedroom offices. The original historic buildings were views over St Aubin’s bay, is let in its entirety to Ernst and Young, apartments, some with balconies and views of the harbour and constructed in the 1800s. The modern elements Moore Management and CPA holdings. town. More information can be found at the website, have all been constructed in the last 5-7 years. www.libertyapartments.co.uk. Windward House Regus Windward House provides high quality Grade A office space having been completed in 2007. The property is arranged over The Regus offering at Liberty Wharf is set out over one whole ground and four upper floors totalling 23,501 sq ft (2,183 sq floor below Liberty Wharf Apart Hotel. The space totals 14,006 m). The fully occupied property, offers slightly smaller floors sq ft of office accommodation providing local businesses plates to that of Liberation house, appealing to the smaller office meeting and training rooms, conference and boardrooms, CASTLE STREET occupiers. The property is let to the well-known accountancy a business lounge, café and reception area, the facility also ESPLANADE firm BDO who have subsequently sub-let four floors. benefits from a 10,797 sq ft terrace area which can be used for external meetings and networking. Liberty Wharf Shopping Centre Jersey Tourist Office LA ROUTE DE LA The retail centre of Liberty Wharf provides 45,133 sq ft of shops Liberty Wharf houses the Jersey Tourist Office which is arranged LIBERA TION and restaurants housed within a covered shopping parade of 20 in a self-contained building over ground and four upper floors units and 13,047 sq ft of offices. The scheme is anchored by a totalling 6,198 sq ft (575 sq m), which is located at the natural Key Marks & Spencer Home Store plus established brands such as entrance to the site when approaching along the Esplanade, the Liberation&WindwardHouse TransportationHouse Costa Coffee and George but also a selection of boutique and now established central business district in St Helier. LibertyWharfShoppingCentre independent retailers. More information can be found at the JerseyTouristOffice website, www.liberty-wharf.com. Summary The Properties THE ESPLANADE ST HELIER JERSEY Location Location THE ESPLANADE ST HELIER JERSEY Jersey Jersey is the largest of the Channel Islands and although it is classed as a Crown Dependency, it is self-governing and operates within its own tax and legal framework. Jersey’s local economy revolves around the finance industry, with many banks operating on the island, along with accountants, fund management businesses and law firms. Jersey is situated off the north-west coast of France, 14 miles from Normandy and 85 miles from the south coast of England. It can easily be accessed via sea and air links, which mainly serve the UK, France and Switzerland. Jersey is well served by frequent and regular flights from airports in the UK. Journey times for flights from London Gatwick Airport and London City Airport are 1 hour 20 minutes, and 1 hour respectively. Jersey Airport is located approximately 5 miles (8km) to the west of St Helier. Fast ferries from the UK to Jersey operate a regular service from Poole, with fastest journey times of 3 hours 30 minutes. A limited number of ferries depart from Portsmouth, with a fastest journey time of 9 hours 30 minutes. Ferries from the UK dock in St Helier on arrival in Jersey. The property is located on the south coast of Jersey, in St Helier, the island’s capital. St Helier is an affluent town, which although English-speaking, still has many French influences. The town has a population of approximately 28,000, accounting for 31% of Jersey’s entire population. Location Jersey THE ESPLANADE ST HELIER JERSEY The Economy Jersey is a renowned financial centre and has a strong and successful economy with a high standard of living. The island’s status as the pre-eminent location for trust management and fiduciary services is one of the main attractions for overseas capital and investment. As a result there are approximately 45 banks from all over the world based on the island. The Jersey Financial Services Commission is responsible for the regulation, supervision and, within its legal remit, the development of financial services industry on the island. More information can be found at their website, www.jerseyfsc.org. The island’s other main income stream is from tourism, which accounts for just over 20% of GDP. The island attracts over 447,000 visitors per annum, with the vast majority coming from mainland Europe and the British Isles with increasing numbers of high value, short stay breaks Location The Economy THE ESPLANADE ST HELIER JERSEY Liberty Wharf Liberty Wharf was developed between 2007-2010 at the historic island site and is one of Jersey’s largest restoration projects in recent years. Liberty Wharf has been carefully rebuilt with the original roof structures used in a traditional 19th Century style appearance; enhancement of the existing granite wall structures and granite walkways; integration of new shop units and the refurbishment of the existing timber windows, doors and gates. Liberty Wharf is a highly visible, physical manifestation of St Helier’s prosperity, linking the old town to the waterfront and forming a new addition to the office and retail landscape. Comprising new prime offices, retail space, a new transportation centre, Apart Hotel and tourist office; Liberty Wharf serves the needs of the Esplanade’s burgeoning business population. Liberation House and Windward House form the core of the island site investment opportunity, with the two modern offices being let to blue chip covenants with WAULTs of 8.2 years to break and 15.2 years to expiry. A cobbled, covered pedestrian mall provides a stylish shopping experience and captures the island’s traditional Anglo-French influences. Strategically located access points and distinctive structural features are designed to generate footfall and optimise trading conditions. Nearby attractions include Liberation Square (with its celebrated sculpture), the waterfront leisure complex, the maritime museum and weighbridge. Location Liberty Wharf THE ESPLANADE ST HELIER JERSEY V A L 8 L E A E D E L L S I V H A U Y X T Q I U N I O E R L E T D N ’ S S R A O I A N D T J O H N Situation ’ S R ILL O UR’S H A VIO D A S T.
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