Prime London Office Investment for Sale Ewr Overview 01 – 02

EWR

21 Parr Street N1

PRIME LONDON OFFICE INVESTMENT FOR SALE EWR OVERVIEW 01 – 02

INVESTMENT SUMMARY

/ Virtual Freehold.

/ Prominent office building located a short walk from Old Street roundabout, the centre of Europe’s Tech Sector.

/ Completed in 2018 the Buckley Gray Yeoman designed EWR comprises 19,497 sq ft (1,811.3 sq m) of Grade A office accommodation which is arranged over Lower Ground, Ground and four upper levels.

/ Flexible floor plates.

/ Let to Aldridge Security Limited and JW Anderson Limited.

/ The passing rent is £679,937 per annum reflecting a highly reversionary £34.87 per sq ft.

/ Attractive WAULT to expiry is 10.50 years and 2.50 years to break.

/ Offers are invited in excess of £11,575,000 subject to contract and exclusive of VAT. This reflects a low capital value of £594 per sq ft and a NIY of 5.50% assuming purchaser costs of 6.71%. EWR AERIAL VIEW 03 – 04

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09 05 03

02 FARRINGDON 04 11 CLERKENWELL 10

07 08 OLD STREET ANGEL

01 Moorgate Station 02 Old Street Station 03 The Bower 04 The Atlas Building 05 White Collar Factory 06 Barbican 07 Smithfield Market 08 Farringdon Station 09 Angel Station 10 Wenlock Basin 11 City Basin 12 Regents Canal EWR OLD STREET 05 – 06

THE CENTRE OF EUROPE’S TECH SECTOR.

OLD STREET IS AT THE HEART OF THE GROWING NORTH CENTRAL LONDON OFFICE “VILLAGES” COMPRISING ANGEL, KING’S CROSS, CLERKENWELL AND FARRINGDON THAT HAVE BECOME SYNONYMOUS WITH THE FASTEST GROWING GLOBAL

BUSINESS SECTORS. 01 03

02 04 OLD STREET

Behind Silicon Valley, Old Street has the highest concentration of technology businesses in the world. Offering a unique blend of exciting start-ups and global blue Digital media brings UK internet chip companies, Old Street has become a hub economy to £120 billion per annum for originality, creativity and is at the forefront of the 21st century’s technological revolution. Given its proximity to the City of London, Old Street provides the perfect conditions for Fintech to flourish, attracting the leading talent from both the technology and financial sectors. Fintech unicorns who call Old Street home include Box, Seedrs, Adobe and MVF. In addition to the tech sector, Old Street provides Substantially improved transport a rich and dynamic environment attracting an infrastructure & £50 million extensive collection of industries and businesses from across the spectrum. With many exciting upgrade to Old Street roundabout start-ups, Blue Chip firms and Fashion & Creatives, Old Street boasts an attractive occupier mix including Turner Broadcasting, Farfetch and Checkout.com.

01 White Collar Building As the number of local occupiers continue to 02 Shoreditch Grind increase, Old Street has branched out to Angel, 03 Finsbury Square with the likes Expedia and Tickmaster residing 04 Serata Hall, The Bower in the locality. d

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SURROUNDED BY

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FAVOURITES. e R d

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EWR is located between Old Street and C n e d y

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r o c Islington, the area boasts a wide selection r e G a a 26 ia d b l H olub o 15 oton C e S s s o t w C Suare of bars, restaurants, cafés and retail spots ity 24 St e sset 06 Rd o l l R

all within walking distance - there’s always d

t S Pl n ic o ns t ru l something new to discover. e d d y 34 09 27 13

t 38 S ld S O St 11 al a 43 i a rc t Pe n 05 OLD ST ﬁ St e by d an l r G d r ea S t t E as ter 01 01 St 23 n Old St

02 03 Occupiers 24 Urbanest Hoxton LOCAL AREA 01 Adobe 25 Zava Techology 02 AME Trade EAGLE WHARF ROAD 03 Anthology Hoxton Press Amenities 04 Bridge U 26 Bodean's IS SITUATED IN A 05 CBS 27 Brewdog 06 Centre of Business 28 Britannia Leisure Centre PROMINENT POSITION ON Economics and Research 29 Canal No 5 THE NORTHERN SIDE OF 07 Checkout.com 30 Charles Lamb Pub 08 Critical Publics 31 Co-op PARR STREET, A SHORT 09 Ebiquity 32 Duke of Cambridge 10 Expedia 33 Earl of Essex WALK FROM OLD STREET 11 Farfetch 34 Honest Burger ROUNDABOUT, DUBBED AS 12 Holborn Studios 35 Narrowboat 13 Kaizen 36 Plaquemine Lock ‘THE SILICON ROUNDABOUT’. 14 Kingpin Communications 37 Rosemary Garden Pitches 15 MeiraGTX 38 Serata Hall 16 Morris + Company 39 The Beehive 17 MVF 40 The Commissary 18 NatWest 41 The Island Queen 19 Storey (British Land) 42 The Shoreditch Trust 20 The Office Group 43 Wagamama 01 Cocotte, Hoxton Square 21 Ticketmaster 44 Wenlock Arms 02 Regent's Canal 22 Total Systems Plc 45 Wenlock Café 03 Gymbox, Old Street 23 Turner Broadcasting 46 William IV EWR LOCAL AREA 09 – 10

ESSEX ROAD

13 MINS 5 MINS

KING'S CROSS ANGEL HOXTON ST PANCRAS 18 MINS 18 MINS 13 MINS 6 MINS 6 MINS 20 MINS

OLD ST

12 MINS 5 MINS LIVERPOOL ST

CONNECTIVITY 10 MINS 19 MINS Eagle Wharf Road benefits from excellent connectivity being a short walk or cycle from MOORGATE Old Street Underground Station and Essex Road 01 02 National Rail Station. 10 MINS Journey times taken from EWR. Source: TfL. 14 MINS

01 Appestat, Islington High Street Proposed public square CGI. 03 02 Brewdog, Old Street ROUNDABOUT UPGRADE 03 Radio Alice, Hoxton Square 04 Crêpeaffaire, Camden Passage

Old Street Roundabout is in the final stages of a radical transformation which is set to complete in 2021. 04 Upon completion, Old Street Roundabout will create a highly efficient junction easing congestion, improving traffic flow and creating a stylish public realm befitting to the importance of the surrounding area. The redevelopment will include:

/ Lift access into the station.

Proposed entrance CGI. / Creation of a new public square by connecting the central island with the surrounding pavement.

/ Widening of the footpaths and creation of new pedestrian crossings.

/ New entrances to Old Street Station via Cowper Street to the east, and from the public square to the north west.

/ Creation of new cycle lanes cycle parking and cycle hire stations. d R x e ss E

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o r t d EWR h LOCAL AREA DEVELOPMENT 11 – 12

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H t N n S 05 The Bower 09 39-47 East Road 13 Underwood Works e a

e l n ro o w s t t Soreditc d S N g g a r o r n a i 207-211 Old Street, EC1 N1 6-14 Underwood Street, N1 n P o Par i

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Completed Q3 2018 Completed w

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e G R b l 04 bia d o Colu e S oton S h y s s e t n EC1 o w Ci 145 City Road, EC1 17-21 Wenlock Road, N1 ty 09 Suare k e c Rd a l l 07 H

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OLD ST a St t t al t S ld S i Perc O

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G h r e c a t t i E a d s t r e e Berkeley Homes 03 rn Rocket Investments Regal Homes St S h o Old 01 t S 302 apartment residential tower 930 Apartments & 190 Bedroom 50 residential units and 16 & 80,000 sq ft of offices Hotel as well as retail & offices 10,000 sq ft of offices

Completed 2018 Phase 2 Under construction Completed 100% let 100% let

01 Spectrum 03 White Collar Factory 07 M by Montcalm 11 70 White Lion Street 15 Caneletto Tower LOCAL 160 Old Street, EC1 1 Old Street Yard, EC1 151-157 City Road, EC1 N1 257 City Road, EC1

DEVELOPMENTS

The Angel, Shoreditch

and Old Street sub-markets are some of London’s fastest growing sub-markets and have been subject to GPE Derwent London Endora Holdings Ltd LBS Properties Ardmore Construction unprecedented development 166,300 sq ft offices 237,000 sq ft 247 bedroom hotel 37,239 sq ft 190 Apartments with activity in recent years. Completed Q3 2018 Completed Q3 2017 Completed 2015 Completed Q1 2019 7,000 sq ft of commercial 100% let 100% let 100% let 100% Let Vacant The demand for the new developments is being driven by the rapid growth of the tech and 02 Wenlock Works 04 34-38 Provost Street 08 Chapter House 12 10-4 Pentonville Road 16 Stylus creative sectors. New businesses Shepherdess Walk, N1 N1 Brunswick Place, EC1 N1 112-116 Old Street, EC1 are moving in and mature businesses are up-sizing in the area.

With one of the lowest vacancy rates across Central London, occupiers are competing to secure the best accommodation.

Schroders Hartrott Nominees LBS Properties Derwent PLC Coastview Estates 130,880 sq ft 12,201 sq ft 33,982 sq ft 53,400 sq ft 27,800 sq ft Completed 2019 Completed Q4 2019 Completed Q2 2019 Completed 2012 Completed Q1 2019 80% let 100% let 100% let 100% let 100% Let EWR THE BUILDING 13 – 14

THE BUILDING

Developed in 2018, the Buckley Gray Yeoman designed EWR provides 19,497 sq ft (1,811.3 sq m) of highly specified Grade A office accommodation arranged over lower ground, ground and four upper floors. The impressive reception fronting Parr Street provides access via passenger lift to the four upper floors. The lower ground and ground floor suite is accessed from a private reception, adjacent the main reception. Designed with great consideration the building has been awarded a BREEAM Excellent rating and benefits from 36 bike spaces, shower & changing facilities and WC ‘superloos’.

SPECIFICATION

Exceptional Exposed concrete natural light WC ceilings finished Shower with openable ‘Superloos’ with blade facilities windows columns framing the façade

Floor to ceiling Fan coil Door access BREEAM heights in excess HVAC units control via video Excellent of 2.80m door entry and fob

LED lighting Raised access Cycle storage throughout floors for 36 bikes EWR THE SPACE 15 – 16

HIGHLY EFFICIENT FLOORS BENEFITING FROM EXCELLENT NATURAL LIGHT COURTESY OF FULL HEIGHT CRITTALL WINDOWS EWR THE SPACE 17 – 18

DESIGN ORIENTED RECEPTION WITH AN IMPRESSIVE DESK AND FEATURE ART WORK EWR THE SPACE 19 – 20

ACCOMMODATION FIRST FLOOR 2,533 Sq Ft / 235.3 Sq M EWR has been independently measured by Sterling Temple in (3,285 Sq Ft / 305.2 Sq M GIA) accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following Net Internal and Gross Internal Areas. IPMS3 areas are available upon request.

Floor Use NIA NIA GIA GIA Sq Ft Sq M Sq Ft Sq M Parr Street

4th Office 2,438 226.5 3,193 296.6

3rd Office 2,532 235.2 3,283 305.0 2nd Office 2,534 235.4 3,286 305.3 SECOND FLOOR 1st Office 2,533 235.3 3,285 305.2 2,534 Sq Ft / 235.4 Sq M

Ground Office 4,533 421.1 5,036 467.9 (3,286 Sq Ft / 305.3 Sq M GIA) Reception 372 34.6 896 83.2

Lower Ground Office 4,555 423.2 4,927 457.7

Total 19,497 1,811.3 23,906 2,220.9

Parr Street

LOWER THIRD FLOOR GROUND FLOOR 2,532 Sq Ft / 253.2 Sq M 4,555 Sq Ft / 423.2 Sq M (3,283 Sq Ft / 305.0 Sq M GIA) (4,927 Sq Ft / 457.7 Sq M GIA)

Parr Street Parr Street

GROUND FLOOR FOURTH FLOOR 4,533 Sq Ft / 421.1 Sq M 2,438 Sq Ft / 226.5 Sq M (5,036 Sq Ft / 467.9 Sq M GIA) (3,193 Sq Ft / 296.6 Sq M GIA)

Bin Store

NORTH Parr Street

For indicative purposes only. Not to scale. Parr Street EWR TENANCY 21 – 22

TENANT INFORMATION

(70% of income) (30% of income) JW Anderson is an award winning fashion Aldridge Security is the UK & Irelands designer & label which was first established largest security wholesaler. in 2008 as an eclectic collection of accessories. Operating for over 70 years of trade Aldridge Security The brand quickly grew gaining notoriety, evolving provides over 20,000 products with next day delivery. into an internationally recognised fashion company. This is carried out through an extensive logistical JW Anderson currently collaborates with the likes of network with over 110,000 sq ft of warehouse storage Topshop, Uniqlo, Versus Versace and Converse. In 2013, across Manchester, Birmingham & London. LVMH acquired a minority stake in the JW Anderson. Aldridge Security Limited have a Creditsafe rating JW Anderson have a Creditsafe Rating of C-35 of A-78 ‘Very Low Risk’ ‘Moderate Risk’ aldridgesecurity.co.uk jwanderson.com

TENANCY SCHEDULE

The property is let to JW Anderson Limited and Aldridge Security at a passing rent of £679,937.

Floor Tenant Size Lease Break Break Lease Rent Rent per Rent per Comments (sq ft) Start (T/M/L) Expiry Review annum sq ft

4 2,438

3 2,532 JW 9 months’ 2 Anderson 2,534 01/01/19 01/01/24 T 01/01/29 01/01/24 £475,857 £45.72 rent free Limited post break 1 2,533

Reception 372

G Aldridge 4,533 28/03/23 Upward only Security 28/03/18 28/03/23 T 28/04/38 28/03/28 £204,080 £22.46 rent reviews LG Limited 4,555 28/03/33

Total 19,497 £679,937 £34.87 EWR THE MARKET 23 – 24

OLD STREET A GROWTH MARKET INVESTMENT COMPARABLES

Migration and expansion is the story of the evolution of the northern central London office district.

Chapter House Wenlock Works Underwood Works 223 Pentonville Road 44-46 Sekforde Street 34-38 Provost Street 79-81 Paul Street 90 Bartholomew Close Old Street Angel Angel Angel Clerkenwell Old Street Shoreditch Farringdon

EC1 N1 N1 N1 EC1 N1 EC1 EC1

Date Q3 2019 Date Q4 2019 Date Q1 2020 Date Q1 2020 Date Q4 2019 Date Q4 2019 Date Q2 2020 Date Q2 2020 Size 17,997 sq ft Size 63,904 sq ft Size 5,893 sq ft Size 1,645 sq ft Size 8,378 sq ft Size 11,223 sq ft Size 8,781 sq ft Size 30,929 sq ft Rent £70.00 psf Rent £67.00 psf Rent £62.50 psf Rent £58.50 psf Price £9,650,000 Price £13,500,000 Price £9,550,000 Price £48,510,000 Lease 10 years break at 5 Lease 10 years Lease 10 years Lease 5 years £1,152 psf £1,202 psf £1,087 psf £1,568 psf Tenant Ebiquity Tenant checkout.com Tenant Expedia Tenant Cambridge Spark NIY 4.98% NIY 4.71% NIY NA NIY 3.92% Purchaser UK Private Purchaser Private Investor Purchaser Confidential Purchaser La Francaise Purchaser Group

The Bower Shepherdess Walk Buildings Ironwood Works EWR Chapter House 17-18 Haywards Place Stylus, 112-116 Old Street 22-24 Cowper Street Old Street Angel Shoreditch Old Street Old Street Clerkenwell Old Street Old Street

EC1 N1 EC2 N1 EC1 EC1 EC1 EC2

Date Q1 2020 Date Q3 2020 Date Q3 2020 Date Q4 2020 Date Q3 2020 Date Q3 2020 Date Q4 2020 Date Q4 2020 Size 11,331 sq ft Size 2,007 sq ft Size 1,750 sq ft Size G 6,215 sq ft Size 33,982 sq ft Size 11,000 sq ft Size 26,694 sq ft Size 7,742 sq ft Rent £85.00 psf Rent £52.50 psf Rent £60.00 psf LG 3,865 sq ft Price £46,000,000 Price £15,600,000 Price £24,927,000 Price £9,000,000 Lease 10 years Lease 5 years Lease 18 months Rent G £37.50 psf £1,353 psf £1,418 psf £934 psf £1,162 psf LG £17.20 psf Tenant Infosy Tenant Frank Reynolds Tenant Cooper White Group NIY £4.48% NIY 4.21% NIY 5.50% NIY 4.43% Lease 10 years break at 1 Architects Purchaser Private Investor Purchaser La Francaise Purchaser Aviva Investors Purchaser UK Private Tenant Moorfields Eye Group Hospital EWR THE DETAILS 25 – 26

FURTHER INFORMATION

Tenure Proposal The property will be held by way of a new Offers are invited in excess of £11,575,000 subject 999 year Long Leasehold at a peppercorn rent. to contract and exclusive of VAT. This reflects a low capital value of £594 per sq ft and a NIY of 5.50% assuming purchaser costs 6.71%. Planning The building is located in the Borough of Hackney. It is not listed, nor does it sit in a conservation area. OS Map

VAT The property has been elected for VAT and Bracklyn Street it is anticipated that the transaction will be treated as a Transfer of a Going Concern. Eagle Wharf Road

Environmental The Environmental Performance Certificate is available in the data room. Parr Street

Cropley Street Data Room Access to the data room is available upon request.

CONTACT

To arrange a viewing please contact the sole selling agents:

Kyle Joss Julian Meir Paul Belchak Oliver Cohen T 020 7101 2020 T 020 7101 2020 T 020 7375 3444 T 020 7375 3444 M 07712 241 851 M 07956 949 604 M 07792 151 280 M 07740 110 063 E [email protected] E [email protected] E [email protected] E [email protected]

Elliott Stern Greg Corin T 020 7101 2020 T 020 7375 3444 M 07834 918 700 M 07941 336 899 E [email protected] E [email protected]

CGIs are for indicative purposes only.

Compton and Belchak Corin & Co give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Compton or Belchak Corin & Co has any authority to make any representation or warranty whatsoever in relation to this property. April 2021.

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