City Central 89-93 Central Street & 35-39 Seward Street, EC1

Market Appraisal

Prepared for Mount Anvil

May 2012

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Contents

1. BNPPRE Credentials 2. Terms of Reference 3. The Development 3.1 Location 3.2 Transport 3.3 Amenities 3.4 Details of Scheme 3.5 Suitability of Scheme for Various B1 Uses 3.6 Comparison with Central Square 4. The Office Market 4.1 The Market 4.2 The EC1 Market 4.3 Location of letting/selling activity 4.4 Availability of upper floor units 4.5 Lack of interest in ground/lower ground units 4.6 Activity at Central Square 4.7 Current Activity Close By

5. Summary

6. Appendices

1. Recent leasing activity 2. Available ground floor units 3. Available upper floor units

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1 BNPPRE Credentials

1.1 BNP Paribas Real Estate is one of the top 10 UK commercial property agents and advisers. Within in London we have team of 15 office leasing agents supported by a strong research team. We also have a highly-regarded residential and development consultancy team. Both the commercial and residential teams have a strong track record of advising on schemes in the area. Most relevantly:-

• We have recently undertaken the largest letting within the EC1 section of Islington – 4,366 sq m (47,000 sq ft) to Pushbutton Limited at The Glasshouse, 26 Glasshouse Yard.

• Are advising Berkeley Homes in relation to asset management and reletting of B1 units at City Forum, 250 City Road.

1.2 This report is written by Daniel Bayley MA Msc MRICS. Dan is head of Central London Leasing and has 20 years of experience in the letting and sales of commercial office space within Central London.

2 Terms of Reference

2.1 Mount Anvil Plc is in the process of redeveloping the City Central site to provide circa 2,694 sq m (21,000 sq ft) net of commercial (B1) floor space over basement and ground floors along with 161 residential units above. We understand that the commercial space has planning consent for B1 office use. The owners have identified a conference user for the commercial accommodation and have exchanged contracts with that occupier to purchase the long leasehold interest, subject to requisite planning consent being procured.

2.2 This report is prepared to provide an overview of the relevant commercial office markets and an explanation as to the likely demand for the commercial accommodation in comparison with the proposed conference user.

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3 The Development

3.1 Location

3.1.1 The development is known as City Central and sits on a site bounded to the north by Lever Street, the east by Central Street and the south Seward Street. It is adjacent to local authority housing to the west.

3.1.2 Immediately to the south of this development is the larger Central Square development currently being completed.

3.2 Transport

3.2.1 The location of their office is frequently cited by Central London office occupiers as the most important determinant in their choice when looking for a new office. In turn, the quality of transport links to that location are one of the key determinants to whether a location is good. In an occupier survey that BNP Paribas Real Estate has undertaken 3 times since 2004, London office occupiers have ranked the transport links as the most important determinant of a location each time.

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3.2.2 Despite being with Zone 1, the transport links to City Central are not particularly good. The closest underground stations are Barbican and Old Street – both of which are a 10 minute walk. Whilst there are numerous bus routes travelling along Road and City Road, these are viewed very much as secondary means of transport – particularly for commuting office workers. They will in the majority be coming to the office 5 days a week, 46 weeks a year. In contrast, for a conference operator, such a compromised transport offer might not be such a problem since the majority of those visiting will not be doing so on a regular long term basis .

3.3 Amenities

3.3.1 Whilst both City Central and Central Square are helping to regenerate this part of Islington, the immediate micro-location is dominated by local authority housing and tertiary retail.

3.3.2 It is notable how the quality of all types of accommodation reduces materially on each street as one moves north of Old Street from Gee Street, to Bastwick Street, to Peartree Street, and finally to Seward Street and Lever Street .

3.3.3 Lever Street (onto which the main frontage of the development presents) in particular is a street dominated by unattractive local authority housing, the tired Thistle hotel and substandard retail. B1 occupiers are notable by their virtual complete absence on Lever Street.

3.3.4 Photographs of Lever Street are shown below and opposite.

Dated local authority housing on Lever Street

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Dated housing and poor A1/A3 units on corner of Central Street & Lever Street

Poor Quality A1/A2 units on Lever Street

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3.4 Details of Scheme

3.4.1 As mentioned earlier, the City Central scheme provides approximately 1,950 sq m (21,000 sq ft) of net commercial floor space and 161residential units –split between private sale, affordable housing and key worker accommodation.

City Central - Looking towards North East corner of scheme

3.4.2 The B1 accommodation is designed to be provided by 6 separate units ranging from 195 sq m to 536 sq m (2,100 sq ft to 5,800sq ft) – net internal area. The units are majority ground floor with an element of basement storage for each one.

3.4.3 Set out below is a table of the approximate gross internal and net internal areas for the units:-

Gross Internal Floor Area Net Internal Floor Area

Unit Ground Basement Total Ground Basement Total Sq M Sq M (Sq Ft) Sq M Sq M Sq M (Sq Ft) (Sq ft) (Sq Ft) (Sq Ft) (Sq Ft) 1 606 718 675 470 65 536 (6,533) (737) (7,270) (5,064) (708) (5,772) 2 380 97 478 185 97 283 (4,101) (1,054) (5,155) (1,999) (1,054) 3,053 3 400 187 587 246 187 433 (4,316) (2,013) (6,329) (2,658) (2,013) (4,671) 4 273 72 346 122 72 194 (2,949) (782) (3,731) (1,316) (781) (2,097) 5 329 160 490 209 40 250 (3,552) (1,725) (5,277) (2,256) (438) (2,694) 6 456 40 497 209 - 225 (4,919) (438) (5,357) (2,428) (2,428) Total 2,449 626 3,076 1,460 463 1,924 (26,370) (6,749) (33,119) (15,721) (4,994) (20,715)

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3.5 Suitability of City Central for Various B1 Uses

3.5.1 The development in question has been configured very much with the focus on delivering fit-for-purpose residential accommodation (where the higher values lie). The commercial accommodation is compromised in a number of ways.

3.5.2 In particular the relatively narrow ground floor frontages combined with the very deep floor plates (with no daylight at the rear of the units) provide extremely deep and dark commercial units which will not be attractive to B1 (a) office users. The supply and demand issues for B1(a) offices are dealt with more comprehensively in section 4.

3.5.3 Research and development users tend to cluster around significant higher education institutions which require the support of external R&D companies. There is no such institution in the area and as such there is no reasonable prospect of demand from B1(b) class users.

3.5.4 There is some local demand from light industrial users – B1(c). However the nature of this demand means that vehicular loading or yard facilities are a pre- requisite. There are no loading or yard facilities, and so there is no reasonable prospect of demand from B1(c) class users.

3.6 Comparison with Central Square

3.6.1 It is interesting to make a comparison between the commercial accommodation here and at its sister scheme immediately to the south at Central Square.

Issue Central Square City Central

Micro location Dominant frontage onto Dominant frontage on to Peartree Street which has a Lever Street which has high quality quasi a shabby non commercial element to it commercial feel. Design Attractive inner courtyard – No aspect to courtyard with amenity value for commercial and residential occupiers Day lighting Good day lighting from both Limited day lighting front and rear for both units

3.6.2 A selection of images and plans for the two schemes follows.

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Central Square – typical B1 frontage with generous fenestration

Central Square – showing aspect around perimeter and into courtyard

Central Square – showing generous landscaped amenity

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Central Square – showing more landscaping

City Central – showing intensity of development of proposed ground floor units

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City Central – CGI. Note less generous fenestration at ground floor than Central Square

4 The Office market

4.1 Central London Context

4.1.1 A total of 9.3 million sq ft was leased across Central London during 2011 – this was 35% down on 2010 and 20% below the long term average. Whilst the West End remained relatively buoyant with take up close to the 5 year average, the City (defined by the EC postcodes and E1) had a particularly disappointing year - 45% down on 2010. The figures from Q1 this year show take-up in the EC postcodes fell to 0.86m sq ft in Q1, 18% lower than the same quarter last year.

Take-up Vacancy rate (m sq ft) (%) Market 2011 2010 5 year 2011 2010 5 year average average Central 9.23 14.45 10.50 6.8 7.2 7.4 London City 4.25 7.73 5.26 9.2 10.3 9.1 EC1 1.10 0.79 0.82 9.9 10.7 10.0

4.1.2 Across Central London, take-up from financial and professional services has been particularly weak. The strongest sector has been the technology, media and telecoms (TMT) sector which has gone some way to supporting the take up in the EC postcodes.

4.1.3 The recent drop of the UK economy into recession is likely to have a negative effect on business confidence in London and thus lead to reduced take-up of office accommodation.

4.2 The EC1 Market

4.2.1 This section looks into the recent letting activity in EC1 and the general availability of office space for occupiers that might chose the units at City Central. I also specifically cover the specific subject of ground/lower ground floor units.

4.2.2 EC1 office occupiers are like other office occupiers in London. Transport links, quality of the office environment, local amenities and proximity to

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clients are consistently ranked in the top 5 key drivers for deciding where to locate an office.

4.2.3 There have been some noteworthy sizeable lettings in EC1 (e.g. the lettings to Expedia and others at The Angel Building, St John Street, Pushbutton at Glasshouse Yard, Karmarama at 20 Farringdon Road and lastminute.com at the Johnson Building). This leasing activity has been very much focused on institutional quality large units of space (mainly over upper floors) located very close to Underground stations with associated retail and other amenities on the door step. Images of these buildings are shown below:

The Glasshouse 20 Farringdon Road

Johnson Building Angel Building

4.2.4 In contrast there has been limited leasing or sales activity to B1 occupiers in lesser locations or on ground/lower ground floors.

4.2.5 The overall “day to day” leasing market (ie smaller suites) has not been particularly dynamic. This is exemplified by the fact that the vacancy rate stands at 9% which is the same as for the City overall – it has been fairly static for the past 2 years. The leasing activity again has been focused on the better quality and better located buildings such as Clover House and Lincoln Place, Farringdon Road, and 29 Saffron Hill.

Clover House 29 Saffron Hill

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Lincoln Place, 50 Farringdon Road

4.3 Location of letting/selling activity in EC1

4.3.1 Appendix 1 provides a table of the 56 recorded B1 lettings or occupier sales of over 185 sq m (2,000 sq ft) in the EC1 part of Islington over the past 6 months. The accompanying location plan is shown below. It demonstrates that the vast majority of the demand has been for accommodation south of Clerkenwell Road or clustering around the Old Street roundabout. The location of these lettings are shown below in blue with the City Central development, shown in red.

4.3.2 This demonstrates the fact that commercial office occupiers look to cluster around good transport hubs with strong retail amenities and close to other like-minded office occupiers (ie around Farringdon Road/Clerkenwell Road junction or south of Old Street).

4.3.3 City Central is an inferior location to all apart from one of these units due to its distance from transport hubs and amenities and so would have been discounted by the vast majority of potential B1 occupiers

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4.4 Availability of Comparable B1 Units

4.4.1 Turning in particular to City Central, when looking to lease or sell office space it is important to understand what alternative options might be available to occupiers. Assuming that the six units were expected to let or sell individually, the competition is from office units from around 232 sq m (2,500 sq ft) to 325 sq m (3,500 sq ft) net. Appendix 3 provides details of a search undertaken on Costar for units in this size range. This search shows the following:-

1. There are 34 available units. In the last six months there have been 14 lettings of units of this size. Hence there is over a year’s worth of supply of units to let on the market – i.e. there is much choice for potential occupiers.

2. The greatest clustering of these units is in the heart of Clerkenwell (ie close to ) with some options along Old Street and Clerkenwell Road. i.e. the supply of space is centred in the established better EC1 locations.

3. Apart from City Central and Central Square, there is very little evidence of office space within the triangle of Goswell Road, Old Street and City Road. i.e there is no evidence of the critical mass of a new commercial quarter being delivered in this location

4.5 Lack of interest in ground/lower ground units

4.5.1 My experience in all office markets across Central London is that ground and lower ground floor units are generally unpopular with office occupiers and tend to take a long time to let unless a particular bespoke user is identified or a change of use secured.

4.5.2 Below is a table of ground and lower ground floor units currently available to let within EC1. It is derived from the industry market-leading database Costar which records how long particular units of accommodation have been available on the market to let. The full information is set out in Appendix 2.

Image Street Name Sq M (Sq Ft)) Days on Available Market 250 555 1707 City Road (5,978)

8 402 1496 Baltic Street East (4,329)

108-114 806 1425 Golden Lane (8,681)

187-211 929 1372 St John Street (10,000)

25-35 City Road 964 1279 (10,386)

84 290 960 Hatton Garden (3,122)

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Image Street Name Sq M (Sq Ft)) Days on Available Market 211 Old Street 405 950 (4,370) City Road 132 746 (1,421)

2 Wakley Street 97 733 (1,050) 50 903 609 Featherstone Street (9,725) 1 557 537 Lambs Passage (5,999) 75 491 404 Farringdon Road (5,290)

156-176 942 378 St John Street (10,150)

2-8 151 363 Honduras Street (,635)

250-252 259 361 Goswell Road (2,794)

7,840 888 Total (84,930) Average

4.5.3 The table demonstrates that all of these units have been on the market for a year, with the average being around 2 and a half years. This provides compelling evidence of the general lack of marketability of ground/lower ground commercial units in EC1.

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4.5.4 The map above shows the location of the various available ground/lower ground floor units in blue with City Central in red. The majority of these units are in better locations than City Central. As such, even assuming that an occupier could eventually be found, I would expect that it would take longer than average to let a unit at City Central (ie longer than 888 days).

4.5.5 It is also worth noting that a large proportion of ground floor B1 units that are let in Clerkenwell, have a showroom element to their occupation. As such the number of people employed within the demise is markedly fewer than would be employed in an equivalent-sized conventional office building.

4.6 Activity at Central Square

4.6.1 In the absence of much other local supply, the current status of marketing at Central Square provides some guidance as to the prospects for City Central – notwithstanding the marked difference in quality of the schemes highlighted in section 3. We understand that the status is currently as follows:

Unit Use Status

2 B1/D1? Exchanged with Islington Music Workshop subject to change of use to D1 3 B1 Available 4 B1 Available 5 A1/A2/A3/B1 Available 6 B1 Exchanged with Contemporary Arts Society 7 B1 Available 10 B1? Occupied by the developer as show suite 11 B1 Available 12/14 B1 Available 13 B1 Available 15 B1 Exchanged with Sanipex

4.6.2 Only two transactions have been unconditionally secured with B1 users. This highlights that despite the markedly better quality of accommodation at Central Square, the leasing or sale of these units to B1 occupiers has not proved straightforward.

4.6.3 Until most of the Central Square units are let or sold, there is virtually no prospect of securing transactions from B1 occupiers in the inferior City Central.

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4.7 Current Activity Close By

4.7.1 There are a couple of good examples of other materially better commercial office schemes close by to let or for sale in the Goswell Road, Old St, City Rd triangle.

4.7.2 45 Gee Street - 1,950 sq m (21,000 sq ft) of RIBA award nominated offices . Floor to ceiling glass, air-conditioned, exposed brickwork, terraces. All available despite high profile marketing campaign since construction started over 2 years ago.

4.7.3 47 Bastwick Street - 1,579 sq m (17,000 sq ft) of bright offices with regular floor plates. Has been on market for over 3 years. Most of the interest generated so far has been from non-office users.

4.7.4 These buildings are both in a materially better location and of markedly better specification than City Central and yet have struggled to appeal to the B1 office market. This further demonstrates the likely lack of demand from B1 users for City Central.

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5 Summary

5.1 Central London office take up is running at historically low levels and there is no reason to suggest that there will be a material recovery in demand in the near future. The recent drop into recession of the UK economy will only make a further dent into fragile commercial occupier demand. The first quarter of this year has already seen a further weakening of occupational demand in the EC postcodes.

5.2 The immediate location of the City Central development is not one which is generally deemed attractive by small to medium sized office occupiers.

5.3 There is a wide availability of units of a similar size but better quality within EC1.

5.4 On average, ground and lower ground floor units within EC1 have been on the market for around 2.5 years. City Central units are worse than average and so are likely to take longer to let.

5.5 B1 user of the units in question is likely to employ fewer people than typical upper floor offices and certainly fewer than have been demonstrated are likely to be employed by the proposed conference user.

5.6. If the proposed transaction to a conference user is not accepted by the local authority, then we do not see a reasonable prospect of the ground floor accommodation being taken up for B1.

18 Recent Leasing/Sales activity in EC1 www.egi.co.uk

Unit Size Lease Lease Lease Rent Occupier Name Address Business Sector Unit Occupied (sq ft) Grade Tenure Date Taken Rent (psf) Rent status Expiry Length Breaks Reviews Letting Agent(s) Freeholder Push Button Limited Glasshouse 26-28 Glasshouse Yard London EC1A 4JU Multimedia Company Entire Building 47,319 New - Refurb (existing) Leasehold 01/03/2012 £30.00 Actual 10 years Hatton Real Estate, BNP Paribas Real Threadneedle Property Investments Amec plc Farringdon Place 20 Farringdon Road London EC1M 3HE Construction Company 2nd 33,456 Second-hand Grade A Leasehold 01/02/2012 £27.50 Actual 01/02/2017 5 years 01/02/2014Estate Jones Lang LaSalle, Farebrother Network Rail Infrastructure Limited Karma Communications Group Farringdon Place 20 Farringdon Road London EC1M 3HE Public Relations 1st 32,455 Second-hand Grade A Leasehold 01/02/2012 £27.50 Actual 06/02/2022 10 years 01/02/2017 Jones Lang LaSalle, Farebrother Network Rail Infrastructure Limited LimitedLastminute.com Limited The Johnson Building 71-80 Hatton Garden St Cross Street, 28-40 Leather EC1N 8LD Internet Related Services 3rd 22,302 Second-hand Grade B Leasehold 01/11/2011 £42.50 Actual 01/11/2021 10 years 01/11/2016 01/11/2016 CBRE Derwent London Allford Hall Monaghan Morris MorelandLane Clerkenwell Buildings London 5-23 Old Street London EC1V 9HL Architecture & Design 4th (proposed refurb) and 5th 17,670 New - Refurb (pre-construction) Leasehold 01/11/2011 £36.00 Actual LimitedHome Retail Group Saffron House 6-10 Kirby Street 124 Saffron Hill London EC1N 8TS Services(proposed) Ground (Saffron Hill) 13,857 Second-hand Grade A Leasehold 01/12/2011 £18.00 Actual 01/11/2019 8 years 01/09/2014 Hatton Real Estate Threadneedle Property Investments Amec plc 211 Old Street London EC1V 9UN Construction Company 6th 13,250 Second-hand Grade B Leasehold 01/10/2011 Asking 01/03/2015 4 years 01/06/2012 Boon Godbold Old Street Limited AEON Property Limited 211 Old Street London EC1V 9UN Property Development 5th 13,160 Second-hand Grade B Leasehold 01/10/2011 £5.00 Asking 01/03/2015 4 years 01/06/2012 Boon Godbold Old Street Limited Expedia.com Limited The Angel Building 403 St John Street Road London EC1V 4HY Internet Related Services 3rd (part) 12,093 New - Refurb (existing) Leasehold 01/11/2011 £42.50 Asking CBRE, Pilcher Hershman, H2SO, DTZ AKQA Limited Layden House 76-86 Turnmill Street London EC1M 5LG Multimedia Company 4th Floor and 5th Floor 11,321 Second-hand Grade B Leasehold 01/11/2011 £20.00 Actual 31/10/2016 5 years 01/11/2014 Farebrother Local Government Management Undisclosed Occupier Old Sessions House 120a-122 Clerkenwell Road London EC1R 0NA Undisclosed Entire Building 10,000 Second-hand Grade B Freehold 01/02/2012 Asking Stirling Ackroyd Limited Board London Fire Brigade City Forum 250 City Road Dingley Road, MacClesfield Road EC1V 2PU Emergency Services Unit 6 and Unit 5 9,386 Second-hand Grade B Leasehold 01/11/2011 Asking Land Securities Group Acturis LimitedLondon 100 Hatton Garden London EC1N 8NX Computer Industry 2nd 8,450 Second-hand Grade A Leasehold 01/11/2011 £15.00 Actual MERJS Kinnarps (UK) 67-69 Turnmill Street London EC1M 5RR Undisclosed Lower Ground, Ground and 7,869 New - New Build (existing) Leasehold 01/02/2012 £34.00 Actual 01/02/2022 10 years Anton Page LLP, Matthews & Goodman Marldon Ve Interactive Caslon House 15-19 Baker's Row 8-14 Crawford Passage London EC1R 3DG Specialist ServicesUpper Entire BuildingGround (front) 6,918 Second-hand Grade B Leasehold 05/03/2012 £23.50 Actual 05/03/2022 10 years (incorporating Anton Page LLP Edmund Kirby) Krow Communications Limited 80 Goswell Road London EC1V 7DB Undisclosed Entire Building 6,695 New - Refurb (existing) Leasehold 01/02/2012 Asking 01/02/2022 10 years Hatton Real Estate, Richard Susskind & Western and Oriental Travel Layden House 76-86 Turnmill Street London EC1M 5LG Services 2nd Floor 6,655 Second-hand Grade B Leasehold 01/10/2011 £20.00 Actual 30/09/2014 3 years Co Farebrother Limited Local Government Management UndisclosedLimited letting Octavia House 44-52 Banner Street London EC1Y 8QE Undisclosed 1st 6,328 Second-hand Grade B Leasehold 01/10/2011 £18.50 Asking AllsopBoard Lloyds Banking Group Undisclosed letting Classic House 174-180 Old Street London EC1V 9BP Undisclosed 1st 6,308 Second-hand Grade A Leasehold 01/12/2011 £23.00 Asking Noble Harris Partnership (The) Allied Dunbar Providence Crate Enterprises Limited 112-116 Old Street London EC1V 9BG Multimedia Company 2nd 5,400 Second-hand Grade B Leasehold 01/12/2011 £25.00 Actual 01/12/2016 5 years Hatton Real Estate, Anton Page LLP Undisclosed letting 27 Old Street London EC1V 9HL Undisclosed Entire Building 5,296 Second-hand Grade B Leasehold 01/11/2011 Richard Susskind & Co Limited E-consultancy.com Limited Farringdon Point (City View) 29-35 Farringdon Road, Greville Street 29 EC1M 3JF Marketing 4th 5,108 Second-hand Grade B Leasehold 01/12/2011 £35.00 Actual 01/12/2021 10 years Hatton Real Estate Threadneedle Pensions Limited Ve InteractiveSaffron Crawford Hill House London 20 Baker's Row Crawford Passage Clerkenwell London EC1R 3DG Specialist Services Basement, Ground and Lower 4,983 Second-hand Grade B Leasehold 05/03/2012 £23.50 Actual 05/03/2022 10 years Anton Page LLP Colt Telecom Group plc City Forum 250 City Road Dingley Road, MacClesfield Road Finsbury EC1V 2PU TelecommunicationsGround Unit 2 4,693 Second-hand Grade B Leasehold 01/11/2011 Asking Land Securities Group Forum Wealth ManagementLondon City Forum 250 City Road Dingley Road, MacClesfield Road Finsbury EC1V 2PU Fund Management Unit 8 4,693 Second-hand Grade B Leasehold 01/11/2011 Asking Land Securities Group Blinkbox Entertainment LimitedLondon Eurowed House 20-24 Kirby Street St Cross Street London EC1N 8TS Multimedia Company 1st (part) and 3rd (south) 3,725 Second-hand Grade B Leasehold 01/11/2011 £27.50 Asking Richard Susskind & Co Limited Nottingham City Council Telappliant Limited Layden House 76-86 Turnmill Street London EC1M 5LG Telecommunications 3rd Floor 3,708 Second-hand Grade B Leasehold 01/11/2011 £22.00 Actual 31/10/2016 5 years Farebrother Local Government Management Contemporary Art Society (The) Central Square 53, 61&85 Central Street, Seward Street Pear Tree Street EC1V 8AD Charity 59 Central Street - LG and 59 3,419 New - New Build (existing) Long Leasehold 28/03/2012 Asking Anton Page LLPBoard Central Street Properties Llp London Advertising LLPLondon 115 Golden Lane Baltic Street London EC1Y 0RT Advertising AgencyCentral Ground Streetand 1st - G 3,154 Second-hand Grade B Freehold 01/12/2011 Asking Hatton Real Estate Mad Agency (The) 115 Golden Lane Baltic Street London EC1Y 0RT Advertising Agency 2nd and 3rd 3,143 Second-hand Grade B Leasehold 01/03/2012 £33.50 Actual 08/03/2022 10 years Hatton Real Estate Totus Tax Lincoln Place, Farringdon Court 50 Farringdon Road London EC1M 3HE Accountant Ground (part) 3,054 Second-hand Grade A Leasehold 01/03/2012 £32.50 Asking Farebrother, CBRE ING Real Estate Investment Conversocial Limited Epworth House 25 City Road London EC1V 1LH Multimedia Company 2nd (part) 3,052 Second-hand Grade A Leasehold 01/11/2011 £7.00 Actual 01/11/2016 5 years 01/12/2012 Anton Page LLP, Ingleby TriceManagement London and Regional Limited Properties Tradenext Global Epworth House 25 City Road London EC1V 1LH Undisclosed 4th (part) 2,745 Second-hand Grade B Leasehold 01/02/2012 £5.00 Actual 01/02/2017 5 years Ingleby Trice, Anton Page LLPLimited London and Regional Properties Thirty Three Limited 40 Clerkenwell Close London EC1R 0AU Advertising Agency 1st 2,710 Second-hand Grade A Leasehold 01/11/2011 Asking 01/10/2012 3 years Limited Lawrence Stephens Lincoln Place, Farringdon Court 50 Farringdon Road London EC1M 3HE Lawyer Ground (part) 2,616 Second-hand Grade A Leasehold 01/03/2012 £32.50 Asking Farebrother, CBRE ING Real Estate Investment Publishers Group UK Limited 63-66 Hatton Garden London EC1N 8LE Publishing 4th (east) 2,604 Second-hand Grade B Leasehold 01/02/2012 Asking Richard Susskind & Co LimitedManagement Structadene Group Limited Limited App Business Limited (The) 9 Northburgh Street London EC1V 0AH Telecommunications 3rd 2,583 Second-hand Grade B Leasehold 01/12/2011 £24.50 Asking Anton Page LLP Lissan Harper Limited 9 Dallington Street London EC1V 0BQ Undisclosed 1st 2,562 Second-hand Grade B Leasehold 01/02/2012 £26.50 Actual 01/02/2017 5 years Stirling Ackroyd Limited Clay Property Limited Independent Schools Inspectorate CAP House 9-12 Long Lane London EC1A 9HA Regulatory Body Ground 2,533 Second-hand Grade B Leasehold 01/10/2011 £19.74 Actual 04/12/2015 4 years Farebrother GMS Estates Limited First Clarity Limited Saffron House 6-10 Kirby Street 124 Saffron Hill London EC1N 8TS Computer Industry 3rd (part) 2,518 Second-hand Grade A Leasehold 01/12/2011 £19.50 Actual 01/02/2013 1 year Hatton Real Estate Threadneedle Property Investments Sidekick Studios Limited Ferguson House 124-128 City Road London EC1V 2NJ Multimedia Company 3rd 2,500 Second-hand Grade B Leasehold 01/10/2011 £19.60 Actual 01/10/2016 5 years Dominion Commercial Property Agents Gable House Estates Limited Piercy Connor Architects 70-74 City Road London EC1Y 2BJ Architecture & Design 5th 2,458 Second-hand Grade B Leasehold 01/01/2012 £12.50 Asking 01/06/2013 Dron & Wright Derwent London Venatus Media 29-31 Saffron Hill London EC1N 8FH Computer Industry 1st 2,434 Second-hand Grade B Leasehold 01/02/2012 £10.00 Asking 01/09/2014 2 years Anton Page LLP Llustre Design Limited 29-31 Saffron Hill London EC1N 8FH Graphic Designer 2nd 2,434 Second-hand Grade B Leasehold 01/02/2012 £10.00 Actual 01/09/2014 3 years Anton Page LLP Net Media Planet Limited Clover House 147-149 Farringdon Road Crawford Street London EC1R 3AD Computer Industry 1st 2,357 Second-hand Grade B Leasehold 01/12/2011 £40.00 Actual 01/12/2016 5 years Richard Susskind & Co Limited, Hatton Airport Advertising (UK) Ltd. Clover House 147-149 Farringdon Road Crawford Street London EC1R EC1R 3AD Advertising Agency 3rd 2,340 Second-hand Grade B Leasehold 01/02/2012 £34.50 Asking 01/02/2017 5 years RichardReal Estate Susskind & Co Limited, Hatton Black Sheep3AD Vineyard House 13-19 Vine Hill London EC1R 5DW Fit-out company Ground 2,303 Second-hand Grade B Leasehold 01/12/2011 Asking 01/12/2016 5 years 01/12/2014Real Richard Estate Susskind & Co Limited PricewaterhouseCoopers Wilding McArdley Wilson 65 Clerkenwell Road Onslow Street London EC1R 5BN Recruitment & Training 1st 2,270 Second-hand Grade B Leasehold 01/03/2012 £34.50 Actual 01/03/2017 5 years 01/03/2015 Aston Rose Limited, Anton Page LLP Grainger Trust plc Kastner & Partners In London 48-50 St John Street London EC1M 4DT Advertising Agency 3rd 2,250 Second-hand Grade A Leasehold 01/11/2011 £32.50 Actual Hatton Real Estate LimitedHarris Marketing Service Limited 10-12 Ely Place London EC1M 4DT Advertising Agency 2nd 2,206 Second-hand Grade B Leasehold 01/12/2011 £36.00 Actual 04/12/2021 10 years Farebrother, EA Shaw Store Property Investments Limited Johnson Naylor Iconic 2-3 St John's Place 5 St John's Square, 6-8 St John's Square London EC1M 4DT Architecture & Design Lower Ground 2,200 Second-hand Grade B Leasehold 01/11/2011 01/11/2016 5 years 01/11/2013 Hatton Real Estate Rugby Estates plc Capacitas Limited 67-69 Turnmill Street London EC1M 5RR Software/Consultancy Upper Ground (rear) 2,200 New - New Build (existing) Leasehold 01/03/2012 £37.50 Actual 01/03/2017 5 years Anton Page LLP Marldon Realise Limited 66 Turnmill Street London EC1M 5RR Multimedia Company Lower Ground, Ground and 1st 2,187 New - New Build (existing) Leasehold 01/02/2012 £36.50 Actual 20/02/2015 3 years Anton Page LLP, Matthews & Goodman ELS International Lawyers LLP 10-12 Ely Place London EC1N 6RY Lawyerfloor 1st east 2,147 Second-hand Grade B Leasehold 01/10/2011 £35.00 Actual 01/10/2021 10 years 01/10/2016(incorporating EA Shaw, Farebrother Edmund Kirby) Store Property Investments Limited TechHub Europe Limited Sophia House 32-35 Featherstone Street London EC1Y 8TH Undisclosed 3rd 2,085 Second-hand Grade B Leasehold 01/11/2011 Asking 01/11/2016 5 years Dron & Wright Derwent London Spindrift Consulting UK Limited Clerkenwell Workshops 27-30 Clerkenwell Close London EC1R 0AT Computer Industry 1st (Suite 112) 2,059 Second-hand Grade B Leasehold 01/11/2011 £38.00 Actual 01/11/2016 5 years Anton Page LLP Workspace Group Plc

* For all enquiries please contact EGi Client Support ([email protected]). Page 1 of 1 Appendix 2 - Available Ground and Lower Ground units in EC1 Information derived from CoStar

No of Units Sq Ft Sq Ft Under Days on Building Name Building Park Street No Street Name Available Unit Description Floor Sq Ft Available Offer Total Sq Ft Tenure Market 11 City Forum 250 City Road 2 1st, Ground 3,500 : 2,478 5,978 0 5,978 Leasehold 1707 8 Baltic Street East 4 5th, 1st, Ground, Lower Ground Floor800 : 1,275 : 774 : 1,480 4,329 0 4,329 Leasehold 1496 Invicta House 108-114 Golden Lane 2 Lower Ground Floor, 2nd 4,148 : 4,533 8,681 0 8,681 Leasehold 1425 187-211 St John Street 2 Ground, Ground 10,000 : 10,000 10,000 10,000 20,000 Leasehold 1372 Epworth House 25-35 City Road 3 Lower Ground Floor, 4th, Ground 4,166 : 2,700 : 6,220 10,386 2,700 13,086 Leasehold 1279 84 Hatton Garden 3 4th Floor, Ground Floor, Rear, Lower732 :Ground 1,098 : Floor1,292 3,122 0 3,122 Leasehold 960 211 Old Street 2 7th Floor, Ground Floor 5,909 : 4,370 4,370 5,909 10,279 Leasehold 950 30 Angel Gate City Road 1 Ground 1,421 1,421 0 1,421 Leasehold 746 Edward House 2 Wakley Street 1 Ground 1,050 1,050 0 1,050 Leasehold 733 50 Featherstone Street 2 Lower Ground Floor, Ground 5,460 : 4,265 9,725 0 9,725 Leasehold 609 Sycamore House 5 Sycamore Street 2 Ground, Lower Ground Floor 2,787 : 2,559 0 5,346 5,346 Leasehold 579 1 Lambs Passage 1 Ground Floor 5,999 5,999 0 5,999 Leasehold 537 75 Farringdon Road 2 Lower Ground Floor, 4th 2,067 : 3,223 5,290 0 5,290 Leasehold 404 Brewhouse Yard Building C 156-176 St John Street 6 Lower Ground Floor, 1st Floor, 4th,11,797 3rd, :2nd, 3,218 Groun : 2,573d : 3,466 : 3,46610,150 : 10,947 25,317 35,467 Leasehold 378 2-8 Honduras Street 2 Unit B, Ground Floor, Unit B, Basement788 : 847 1,635 0 1,635 Long Leasehold/ Leasehold363 250-252 Goswell Road 2 Ground, LOWER GROUND 1,013 : 1,781 2,794 0 2,794 Leasehold 361

April 2012 Sq Ft Days on Street No Street Name Available Market 250 City Road 5,978 1707 8 Baltic Street East 4,329 1496 108-114 Golden Lane 8,681 1425 187-211 St John Street 10,000 1372 25-35 City Road 10,386 1279 84 Hatton Garden 3,122 960 211 Old Street 4,370 950 City Road 1,421 746 2 Wakley Street 1,050 733 50 Featherstone Street 9,725 609 1 Lambs Passage 5,999 537 75 Farringdon Road 5,290 404 156-176 St John Street 10,150 378 2-8 Honduras Street 1,635 363 250-252 Goswell Road 2,794 361 Total 84,930 888 Average

APPENDIX 3 AVAILABLE UNITS IN EC1 – 2,000 TO 3,500 SQ FT

Page 1 of 11

Address Floors & Charges Terms Description/Amenities

77 Bastwick Street Use: B1 Office/Business Leasehold The available space comprises office/showroom London Rent: £117,354 accommodation arranged over the ground and lower EC1V 3PZ ground floor. Sq Ft Sq M £psf £psm A new FRI lease available for a term to be agreed. ▪ Commissionaire Ground Floor 2,369 220 £28.50 £306.66 Avail Immediately on completion of ▪ Good Natural Light Lower Ground Floor 2,318 215 £21.50 £231.34 Avail legal formalities ▪ Newly Refurbished ▪ Open Plan Layout TOTAL 4,687 435 ▪ Passenger Lift(s) ▪ Reception Rates: £26,903 (approx £5.74 psf) ▪ Suspended Ceilings Service Charge: £37,965 (approx £8.10 psf) ▪ Under Floor Trunking ▪ WC's

Grade: New or refurbished

Last Update: 11/04/2012

11 City Forum Use: B1 Office/Business Leasehold The available space comprises self contained, open 250 City Road Rent: £116,571 Rent passing pa (approx £19.50 psf) plan office plus storage space within a two-storey London building. EC1V 2PU Sq Ft Sq M £psf £psm Available on a sublease expiring in Sep 2015. The ▪ Car Parking 1st 3,500 325 £19.50 £209.89 Avail property has an estate charge ▪ Courtyard Ground 2,478 230 £19.50 £209.89 Avail of £2.80 psf. ▪ Good Natural Light ▪ On site security TOTAL 5,978 555 ▪ Open Plan Layout ▪ Part Air Conditioned Rates: £35,868 (approx £6.00 psf) ▪ Passenger Lift(s) Service Charge: £22,716 pa (approx £3.80 psf) ▪ Raised Floors Total Outgoings: £29.30 psf ▪ Self Contained ▪ Suspended Ceilings ▪ WC's

Grade: Second Hand

Last Update: 21/12/2011

197-199 City Road Use: D1 Leasehold The available space comprises a lower ground floor London Rent: £31,000 Per Annum (approx £12.47 psf) D1 unit. EC1V 1JN Sq Ft Sq M £psf £psm A new lease is available on ▪ 24 Hour Access terms to be agreed. ▪ Air Conditioning Lower Ground Floor 2,485 231 £12.47 £134.27 Avail ▪ Carpeting ▪ Entryphone TOTAL 2,485 231 ▪ Good Ceiling Height ▪ Kitchen Facilities Rates: £10,825 Payable pa (estimated) (approx £4.36 psf) ▪ Passenger Lift(s) Service Charge: In the region of £9,900 (approx £3.98 psf) ▪ Perimeter Trunking Total Outgoings: £20.81 psf ▪ Suspended Ceilings ▪ WC's

Grade: Second Hand

Last Update: 26/03/2012

Page 2 of 11

197-199 City Road Use: B1 Office/Business Leasehold The available space comprises ground floor office London Rent: On application to the agents space. EC1V 1JN Sq Ft Sq M £psf £psm The premises are available by ▪ Reception way of an assignment or sub Ground Floor 2,700 251 NQ NQ Avail lease for a term of years to be Grade: Second Hand agreed. TOTAL 2,700 251 Last Update: 12/04/2012

Rates: Rateable Value £53,500 Service Charge: Not Quoting

65 Clerkenwell Use: B1 Office/Business Leasehold The available space comprises office Road Rent: See individual floors for rents accommodation over three floors. London EC1R 5BL Sq Ft Sq M £psf £psm All leases are to be outside the ▪ Air Conditioning provisions of the landlord & ▪ Entryphone Lower Ground Floor 1,665 155 £25.00 £269.00 Avail tenant act 1954. ▪ Good Natural Light Ground 2,003 186 £35.00 £376.60 Avail 23/03/2012 Approx ▪ Kitchen Facilities ▪ Passenger Lift(s) TOTAL 3,668 341 ▪ Period Building ▪ Under Floor Trunking Rates: Rateable Value ▪ WC's Service Charge: Not Quoting ▪ Wooden Floors

Grade: Second Hand

Last Update: 12/04/2012

Humatt House Use: B1 Office/Business Leasehold The available space comprises office 146-148 Clerkenwell Rent: £110,399 accommodation on the third and fourth floors. Road London Sq Ft Sq M £psf £psm A new lease/s are available on ▪ Air Conditioning EC1R 5DU FRI terms. Service Charge: ▪ Kitchen Facilities 4th 1,318 122 £39.50 £425.02 U/O Fourth floor - £12,653.64 pa. ▪ Passenger Lift(s) 3rd 1,795 167 £32.50 £349.70 Avail Third floor - £15,950 pa. Rates ▪ Raised Floors Fourth floor £18,510.75 pa. ▪ Roof Terrace TOTAL 3,113 289 Rates Third floor £22,165.50 ▪ Wooden Floors pa. Rates: Rates differ for each floor / unit Immediately on completion of Grade: Second Hand

Service Charge: Service charge differs per floor/unit legal formalities Last Update: 19/04/2012

67 Clerkenwell Use: B1 Office/Business Leasehold The available space comprises media style office Road Rent: Not Quoting space arranged over the lower ground, ground and London first floors. EC1R 5BH Sq Ft Sq M £psf £psm A new FRI lease (s) available. Terms to be agreed. ▪ Comfort Cooling 1st Floor, East Wing 1,357 126 NQ NQ Avail ▪ Commissionaire Ground Floor, West Wing 2,475 230 NQ NQ Avail ▪ Entryphone Lower Ground Floor, East Wing 1,742 162 NQ NQ Avail ▪ Excellent Natural Light Lower Ground Floor, West Wing 2,712 252 NQ NQ Avail ▪ Good Ceiling Height ▪ Perimeter Trunking TOTAL 8,286 770 ▪ Wooden Floors

Rates: Not Quoting Grade: Second Hand Service Charge: £76,314 (approx £9.21 psf) Last Update: 13/03/2012

Page 3 of 11

79 Clerkenwell Use: B1 Office/Business Leasehold The available space comprises office Road Rent: £76,340 Per Annum (approx £27.50 psf) accommodation on the second and third floors. London EC1R 5AR Sq Ft Sq M £psf £psm A new lease available. Terms ▪ Air Conditioning to be agreed. ▪ Good Natural Light 5th Floor 1,388 129 £27.50 £295.99 Avail ▪ Kitchen Facilities 3rd 1,388 129 £27.50 £295.99 U/O ▪ Open Plan Layout ▪ Passenger Lift(s) TOTAL 2,776 258 ▪ Prime Position ▪ Raised Floors Rates: £36,171 (approx £13.03 psf) ▪ Suspended Ceilings Service Charge: £21,070 (approx £7.59 psf) ▪ WC's Total Outgoings: £48.12 psf Grade: Second Hand

Last Update: 23/03/2012

64 Clerkenwell Use: B1 Office/Business Leasehold The available space comprises office Road Rent: £120,000 Per Annum (approx £38.10 psf) accommodation arranged over the lower ground, London ground and first to third floors. The ground floor EC1M 5PX Sq Ft Sq M £psf £psm A new lease available for a benefits from window frontage. term to be agreed. A nominal Total Size 3,150 293 £38.10 £410.03 Avail service charge is payable. ▪ Central Heating Vacant ▪ Comfort Cooling TOTAL 3,150 293 ▪ Double Glazing ▪ Energy Performance Rating - D Rates: £30,083 Payable pa (estimated) (approx £9.55 psf) ▪ Entire Building

Service Charge: To be assessed ▪ Glazed frontage ▪ Good Ceiling Height ▪ Rooflights ▪ Self Contained

Grade: Second Hand

Last Update: 19/04/2012

40 Compton Street Use: B1 Office/Business Leasehold The available space comprises office London Rent: £68,575 accommodation arranged over part of the third floor. EC1V 0AP Sq Ft Sq M £psf £psm Available leasehold, terms on ▪ 24 Hour Access application. ▪ Air Conditioning Part 3rd Floor 2,110 196 £32.50 £349.70 Avail Immediately on completion of ▪ Bike Racks / Shelters legal formalities ▪ Closed Circuit TV TOTAL 2,110 196 ▪ Commissionaire ▪ Entryphone Rates: £21,100 (approx £10.00 psf) ▪ Excellent Natural Light Service Charge: £9,326 (approx £4.42 psf) ▪ Good Ceiling Height Total Outgoings: £46.92 psf ▪ Kitchen Facilities ▪ Loading Bay ▪ Open Plan Layout ▪ Passenger Lift(s) ▪ Raised Floors ▪ Shower ▪ Suspended Ceilings ▪ WC's

Grade: Second Hand

Last Update: 11/04/2012

Page 4 of 11

Cowcross Studios Use: B1 Office/Business Leasehold The available space comprises office 30-31 Cowcross Rent: £727,843 Average Rent psf (approx £38.50 psf) accommodation arranged throughout two Street interconnected buildings; 30-31 Cowcross Street. London Sq Ft Sq M £psf £psm Available on terms to be The space is located over ground to 4th floor in the EC1N 6DQ agreed. front building with the ground offering reception and Front, 4th Floor 1,966 183 £38.50 £414.39 Avail Immediately on completion of ancillary space only and ground to 3rd floor in the Front, 3rd Floor 2,065 192 £38.50 £414.39 Avail legal formalities back building. The space can be taken as a whole or Front, 2nd Floor 2,047 190 £38.50 £414.39 Avail on a floor by floor basis across either building. Front, 1st Floor 2,047 190 £38.50 £414.39 Avail Front, Ground Floor 904 84 £38.50 £414.39 Avail ▪ Air Conditioning 3rd 2,376 221 £38.50 £414.39 Avail ▪ Bike Racks / Shelters 2nd 2,375 221 £38.50 £414.39 Avail ▪ Courtyard 1st 2,543 236 £38.50 £414.39 Avail ▪ Disabled Facilities Ground 2,582 240 £38.50 £414.39 Avail ▪ Entire Building ▪ LG7 Lighting TOTAL 18,905 1,756 ▪ Passenger Lift(s) ▪ Raised Floors Rates: In the region of £226,860 (approx £12.00 psf) ▪ Reception Service Charge: In the region of £170,145 (approx £9.00 psf) Total Outgoings: £59.50 psf Grade: New or refurbished

Last Update: 16/04/2012

26-28 Ely Place Use: B1 Office/Business Leasehold The available space comprises attractive office London Rent: £64,251 Rent passing pa (approx £29.50 psf) space arranged over the first floor. EC1N 6TD Sq Ft Sq M £psf £psm A lease expiring in 01/03/2013. ▪ Air Conditioning A new lease for a term by ▪ Car Parking 1st 2,178 202 £29.50 £317.52 Avail arrangement can be made ▪ Carpeting available direct from the ▪ LG7 Lighting TOTAL 2,178 202 landlord. ▪ Passenger Lift(s) Immediately on completion of ▪ Raised Floors Rates: £25,809 (approx £11.85 psf) legal formalities ▪ Security Entry System Service Charge: £16,335 (approx £7.50 psf) Total Outgoings: £48.85 psf Grade: Second Hand

Last Update: 04/04/2012

75 Farringdon Road Use: B1 Office/Business Leasehold The available space comprises 3,223 sq ft of office London Rent: £93,500 Per Annum (approx £29.01 psf) space on the fourth floor. EC1M 3JY Sq Ft Sq M £psf £psm A new lease is available with ▪ Category 2 Lighting terms to be agreed ▪ Common parts 4th 3,223 299 £29.01 £312.25 Avail ▪ Entryphone ▪ Good Natural Light TOTAL 3,223 299 ▪ Passenger Lift(s) ▪ Proximity to Underground Rates: Not Quoting ▪ Raised Floors Service Charge: Not Quoting Grade: Second Hand

Last Update: 13/04/2012

Page 5 of 11

The Corner Use: B1 Office/Business Leasehold The available space comprises office 91-93 Farringdon Rent: On application to the agents accommodation arranged over the fourth floor. Road London Sq Ft Sq M £psf £psm A new FRI lease available, ▪ Air Conditioning EC1M 3LN terms to be agreed. ▪ Commissionaire 4th 2,689 250 NQ NQ Avail ▪ Excellent Natural Light ▪ Passenger Lift(s) TOTAL 2,689 250 ▪ Raised Floors ▪ WC's Rates: To be assessed Service Charge: To be assessed Grade: Second Hand

Last Update: 13/03/2012

75 Farringdon Road Use: B1 Office/Business Leasehold The available space comprises lower ground and London Rent: £119,638 fourth floor office accommodation. EC1M 3JY Sq Ft Sq M £psf £psm New Full Repairing & Insuring ▪ 2 Passenger Lift(s) Lease(s) For A Term By ▪ Air Conditioning Lower Ground Floor 2,067 192 £15.00 £161.40 Avail Arrangement. ▪ Commissionaire 4th 3,223 299 £27.50 £295.90 Avail Vacant ▪ Excellent Natural Light ▪ Open Plan Layout TOTAL 5,290 491 ▪ Raised Floors ▪ Suspended Ceilings Rates: £42,320 (approx £8.00 psf) Service Charge: £50,255 pa (approx £9.50 psf) Grade: Second Hand

Last Update: 11/04/2012

45-57 Gee Street Use: B1 Office/Business Leasehold The available space will comprises a newly London Rent: £560,000 Per Annum (approx £31.22 psf) constructed office building. The ground floor will also EC1V 3RS benefit from showroom use. Sq Ft Sq M £psf £psm All terms upon application. Vacant ▪ Air Conditioning 6th Floor 2,700 251 £31.22 £335.98 Avail ▪ Excellent Natural Light 5th Floor 2,700 251 £31.22 £335.98 Avail ▪ Open Plan Layout 4th Floor 3,100 288 £31.22 £335.98 Avail ▪ Passenger Lift(s) 3rd Floor 3,100 288 £31.22 £335.98 Avail ▪ Raised Floors 2nd Floor 3,100 288 £31.22 £335.98 Avail ▪ Security Entry System 1st Floor 3,240 301 £31.22 £335.98 Avail ▪ WC's

TOTAL 17,940 1,667 Grade: New or refurbished

Rates: To be assessed Last Update: 05/04/2012

Service Charge: To be assessed

115 Golden Lane Use: B1 Office/Business Leasehold The available space comprises first, second and London Rent: £145,125 third floor office space. EC1Y 0TJ Sq Ft Sq M £psf £psm The freehold is available to ▪ Air Conditioning purchase. ▪ Excellent Natural Light 3rd Floor 1,750 163 £36.50 £392.74 U/O Vacant ▪ Good Ceiling Height 2nd Floor 1,250 116 £32.50 £349.70 U/O ▪ Light Fittings 1st Floor 1,250 116 £32.50 £349.70 Avail ▪ Open Plan Layout ▪ Perimeter Trunking TOTAL 4,250 395 ▪ Proximity to Underground

Sale Price: Not Quoting Grade: Second Hand Rates: £38,250 (approx £9.00 psf) Service Charge: £14,875 (approx £3.50 psf) Last Update: 11/04/2012

Page 6 of 11

50 Great Sutton Use: B1 Office/Business Leasehold The available space comprises office Street Rent: £699,375 Per Annum (approx £37.50 psf) accommodation located from first to fifth floors. The London sizes quoted are approximate. EC1V 0DG Sq Ft Sq M £psf £psm Lease terms to be arranged. 01/11/2011 Vacant ▪ Bike Racks / Shelters 5th Floor 2,730 254 £37.50 £403.63 Avail ▪ Closed Circuit TV 4th 3,980 370 £37.50 £403.63 Avail ▪ Disabled Facilities 3rd 3,980 370 £37.50 £403.63 Avail ▪ Double Glazing 2nd 3,980 370 £37.50 £403.63 Avail ▪ Excellent Natural Light 1st 3,980 370 £37.50 £403.63 Avail ▪ Glazed frontage ▪ LG7 Lighting TOTAL 18,650 1,733 ▪ Newly Refurbished ▪ Passenger Lift(s) Rates: To be assessed ▪ Prime Position Service Charge: In the region of £93,250 (approx £5.00 psf) ▪ Raised Floors ▪ Shower

Grade: New or refurbished

Last Update: 19/04/2012

1-2 Hardwick Street Use: B1 Office/Business Leasehold The available space comprises open plan office London Rent: £119,542 Rent passing pa (approx £34.50 psf) accommodation with meetings rooms, kitchen EC1R 4RB facilities and some storage space, within a Sq Ft Sq M £psf £psm The assignment of a lease warehouse style building. expiring 6th August 2017, with 1st 3,465 322 £34.50 £371.34 Avail a rent review in August 2012. ▪ 24 Hour Access There is a landlord only break ▪ Air Conditioning TOTAL 3,465 322 in 2014, upon the prior service ▪ Excellent Natural Light of six months written notice. ▪ Meeting Room(s) Rates: £29,529 (approx £8.52 psf) Vacant ▪ Raised Floors Service Charge: £29,112 pa (approx £8.40 psf) ▪ Self Contained Total Outgoings: £51.42 psf Grade: Second Hand

Last Update: 11/04/2012

Wren House Use: B1 Office/Business Leasehold The available space comprises office 43 Hatton Garden Rent: Not Quoting accommodation arranged over the third and fourth London floors. EC1N 8EL Sq Ft Sq M £psf £psm A new FRI lease available, term to be agreed. ▪ 24 Hour Access 4th Floor 2,076 193 NQ NQ Avail ▪ Air Conditioning 3rd Floor 3,550 330 NQ NQ Avail ▪ Entryphone ▪ Excellent Natural Light TOTAL 5,626 523 ▪ Open Plan Layout ▪ Passenger Lift(s)

Rates: £72,688 (approx £12.92 psf) ▪ Raised Floors Service Charge: £38,538 (approx £6.85 psf) ▪ Roof Terrace ▪ WC's ▪ Wooden Floors

Grade: Second Hand

Last Update: 11/04/2012

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34-35 Hatton Use: B1 Office/Business Leasehold The available space comprises various office suites Garden Rent: £36,000 Per Annum (approx £18.00 psf) located throughout the building. London EC1N 8DX Sq Ft Sq M £psf £psm A new flexible lease on terms ▪ Central Heating to be agreed. ▪ Courtyard Suite 15 129 12 £18.00 £193.74 Avail ▪ Passenger Lift(s) Suite 16-17 272 25 £18.00 £193.74 Avail Suite 35 2,000 186 £18.00 £193.74 Avail Grade: Second Hand Suite 31 1,200 111 £18.00 £193.74 Avail Suite 1, Basement 1,100 102 £18.00 £193.74 Avail Last Update: 15/03/2012

TOTAL 4,701 437

Rates: Not Quoting Service Charge: £10,000 (approx £5.00 psf)

Morley House Use: B1 Office/Business Leasehold The available space comprises office 26-30 Rent: £1,967,665 Per Annum (approx £42.50 psf) accommodation arranged over the part ground to Viaduct fifth floors of this corporate HQ building. this office London Sq Ft Sq M £psf £psm A new lease is available direct space can be taken in conjunction with 6,050sq ft of EC1A 2AQ from the Freeholder. ground floor retail space to form a total size of Ground Floor, Front 4,526 420 £42.50 £457.44 Avail 01/06/2012 52,348. Reception 450 42 £42.50 £457.44 Avail 3rd Floor 7,012 651 £42.50 £457.44 Avail ▪ 24 Hour Access 2nd Floor 7,620 708 £42.50 £457.44 Avail ▪ Air Conditioning 5th 4,250 395 £42.50 £457.44 Avail ▪ Car Parking 4th 6,480 602 £42.50 £457.44 Avail Commissionaire ▪ Ground Floor Rear 2,336 217 £42.50 £457.44 Avail ▪ Excellent Natural Light 1st 7,467 694 £42.50 £457.44 Avail ▪ Passenger Lift(s) Mezzanine 6,157 572 £42.50 £457.44 Avail ▪ Raised Floors ▪ Suspended Ceilings TOTAL 46,298 4,301 Grade: Second Hand Rates: £520,853 Payable pa (estimated) (approx £11.25 psf) Service Charge: To be assessed Last Update: 22/03/2012

25 Hosier Lane Use: B1 Office/Business Leasehold The available space comprises office London Rent: £267,410 Per Annum (approx £32.50 psf) accommodation arranged over the first, third and fifth EC1A 9DW floors. Sq Ft Sq M £psf £psm A new lease is available directly from the Landlord. ▪ Bike Racks / Shelters 5th 3,073 285 £32.50 £349.81 U/O ▪ Car Parking 3rd 3,063 285 £32.50 £349.81 Avail ▪ Reception 1st 2,092 194 £32.50 £349.81 U/O Grade: Second Hand TOTAL 8,228 764 Last Update: 18/04/2012 Rates: £90,508 (approx £11.00 psf) Service Charge: £78,166 (approx £9.50 psf) Total Outgoings: £53.00 psf

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2 Leather Lane Use: B1 Office/Business Leasehold The available space comprises office London Rent: £59,462 Per Annum (approx £24.50 psf) accommodation located on the first floor. The space EC1N 7ST benefits from a self contained entrance. The floor is Sq Ft Sq M £psf £psm The property is available on a due to be refurbished to include comfort cooling, new lease for a term to be new lighting, new carpeting. 1st 2,427 225 £24.50 £263.70 Avail agreed. ▪ Carpeting TOTAL 2,427 225 ▪ Comfort Cooling

Rates: £18,518 Payable pa (estimated) (approx £7.63 psf) Grade: Second Hand Service Charge: £16,455 (approx £6.78 psf) Total Outgoings: £38.91 psf Last Update: 27/03/2012

Parchment House Use: B1 Office/Business Leasehold The available space comprises office 13 Northburgh Rent: £174,225 accommodation arranged over the second and third Street floors. London Sq Ft Sq M £psf £psm A new lease available for a EC1V 0JP term to be agreed. ▪ Air Conditioning 3rd Floor 2,323 216 £37.50 £403.50 Avail ▪ Passenger Lift(s) 2nd Floor 2,323 216 £37.50 £403.50 Avail ▪ WC's

TOTAL 4,646 432 Grade: New or refurbished

Rates: £19,583 (approx £8.43 psf) Last Update: 05/04/2012

Service Charge: £19,746 (approx £8.50 psf) Total Outgoings: £54.43 psf

Bentima House Use: B1 Office/Business Leasehold The available space comprises office 168-172 Old Street Rent: £306,000 Per Annum (approx £27.50 psf) accommodation arranged on the lower ground floor, London first and third floor. (The third floor not being EC1V 9BP Sq Ft Sq M £psf £psm Flexible lease terms available. available until Spring 2012). Vacant 3rd Floor 4,950 460 £27.50 £295.90 Avail ▪ Air Conditioning 1st Floor 4,950 460 £27.50 £295.90 Avail ▪ Car Parking Lower Ground Floor 2,250 209 £15.00 £161.40 Avail ▪ Excellent Natural Light ▪ Raised Floors TOTAL 12,150 1,129 ▪ WC's

Rates: £112,266 (approx £9.24 psf) Grade: New or refurbished Service Charge: £78,975 (approx £6.50 psf) Last Update: 05/04/2012

City Cloisters Use: B1 Office/Business Leasehold The available space comprises office 196 Old Street Rent: £49,005 Per Annum (approx £16.50 psf) accommodation throughout a series of units. The London units vary in size however benefit from a recent EC1V 9FR Sq Ft Sq M £psf £psm Our client is prepared to offer refurbishment. new Full Repairing and Unit B2 2,970 276 £16.50 £177.60 Avail Insuring leases for a term to be ▪ Air Conditioning agreed, contracted outside of ▪ Comfort Cooling TOTAL 2,970 276 the Landlord and Tenant ▪ Courtyard Act.Estimated rates paUnit B2 ▪ Good Natural Light Rates: Rates differ for each floor / unit £25,330 CG £9,417 C3 ▪ Kitchen Facilities Service Charge: £14,850 (approx £5.00 psf) £9,417 ▪ Newly Refurbished ▪ Passenger Lift(s) ▪ Perimeter Trunking ▪ Proximity to Underground ▪ Suspended Ceilings

Grade: New or refurbished

Last Update: 26/03/2012

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130 Old Street Use: B1 Office/Business Leasehold The available space comprises 2,300 sq ft of second London Rent: £54,050 Per Annum (approx £23.50 psf) floor office accommodation. EC1V 9PQ Sq Ft Sq M £psf £psm A new lease is available on ▪ Air Conditioning terms to be agreed. ▪ Raised Floors 2nd Floor 2,300 214 £23.50 £252.94 Avail 01/12/2011 Vacant Grade: Second Hand TOTAL 2,300 214 Last Update: 11/04/2012

Rates: £23,299 (approx £10.13 psf) Service Charge: To be assessed

32-38 Saffron Hill Use: B1 Office/Business Leasehold The available space comprises third and fourth floor London Rent: £208,390 Per Annum (approx £32.50 psf) office accommodation. EC1N 8FH Sq Ft Sq M £psf £psm A new full repairing & insuring ▪ Proximity to Underground sub-lease for a term to expire 4th 2,862 266 £32.50 £349.81 Avail 28th September 2014 or a Grade: Second Hand 3rd 3,550 330 £32.50 £349.81 Avail brand new lease may be available direct from the Last Update: 11/04/2012 TOTAL 6,412 596 freeholder for a term by arrangement. Rates: £70,532 (approx £11.00 psf) Immediately on completion of Service Charge: £25,648 (approx £4.00 psf) legal formalities Total Outgoings: £47.50 psf

Brewhouse Yard Use: B1 Office/Business Leasehold The available space comprises office Building C Rent: £1,241,345 Per Annum (approx £35.00 psf) accommodation throughout the lower ground to 156-176 St John fourth floors. The lower ground and ground floors Street Sq Ft Sq M £psf £psm A new lease is available may also be used for retail space. London directly from the freeholder for EC1V 4JY Lower Ground Floor 11,797 1,096 £35.00 £376.72 U/O a term by arrangement. The ▪ Air Conditioning 1st Floor 3,218 299 £35.00 £376.72 Avail rent is guiding circa £30 psf. ▪ Light Fittings 4th 2,573 239 £35.00 £376.72 U/O ▪ Passenger Lift(s) 3rd 3,466 322 £35.00 £376.72 Avail ▪ Raised Floors 2nd 3,466 322 £35.00 £376.72 Avail ▪ Security Entry System Ground 10,947 1,017 £35.00 £376.72 U/O ▪ Suspended Ceilings

TOTAL 35,467 3,295 Grade: New or refurbished

Rates: To be assessed Last Update: 16/04/2012 Service Charge: To be assessed

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48-50 St John Use: B1 Office/Business Leasehold The available space comprises office Street Rent: £138,794 Per Annum (approx £34.50 psf) accommodation arranged over ground, second and London third floors. The space is self contained or could be EC1M 4DG Sq Ft Sq M £psf £psm A new effective full repairing taken on a floor by floor basis. There is an attractive and insuring lease will be entrance lobby and the common parts are to be Ground Floor 1,473 137 £34.50 £371.34 U/O granted for a flexible term by refurbished. There is also a small outdoor terrace 2nd 2,550 237 £34.50 £371.34 Avail arrangement. The lease will be serving the first and third floors. direct from the freeholder. TOTAL 4,023 374 01/02/2012 Vacant ▪ Attractive Entrance Hall ▪ Carpeting Rates: £41,236 (approx £10.25 psf) ▪ Category 2 Lighting Service Charge: £22,127 (approx £5.50 psf) ▪ Central Heating Total Outgoings: £50.25 psf ▪ Comfort Cooling ▪ Energy Performance Rating - B ▪ Entryphone ▪ Good Natural Light ▪ Kitchen Facilities ▪ Passenger Lift(s) ▪ Raised Floors ▪ Refurbished Common Parts ▪ Self Contained ▪ Shower ▪ Uplighters ▪ WC's

Grade: Second Hand

Last Update: 17/04/2012

Watchmaker Court Use: B1 Office/Business Leasehold The available space comprises refurbished first floor 31-34 St Johns Rent: £107,315 Per Annum (approx £32.50 psf) office space. Lane London Sq Ft Sq M £psf £psm A new lease is available for a ▪ Reception EC1M 4NE term of up to five years is 1st 3,302 307 £32.50 £349.81 Avail available. The lease is to be Grade: New or refurbished contracted out of the TOTAL 3,302 307 provisions of the Landlord and Last Update: 17/04/2012 Tenant Act 1954 (Part II) as Rates: £37,874 Payable pa (estimated) (approx £11.47 psf) amended. Service Charge: £39,624 Capped Service Charge (approx £12.00 psf) 01/11/2011 Vacant Total Outgoings: £55.97 psf

8-14 Vine Hill Use: B1 Office/Business Leasehold The available space comprises comprises open plan London Rent: £154,445 office accommodation arranged over the third floor EC1R 5DX and part of the second floor. Sq Ft Sq M £psf £psm A new FRI lease (s) available on terms to be agreed. Rates ▪ 24 Hour Access Part 2nd Floor 960 89 £39.50 £425.02 Avail third floor £14.32 psf. Rates ▪ Air Conditioning 3rd Floor 2,950 274 £39.50 £425.02 Avail part second floor £ 13.94 psf. ▪ Category 2 Lighting Immediately on completion of ▪ Entryphone TOTAL 3,910 363 legal formalities ▪ Excellent Natural Light ▪ Open Plan Layout Rates: Rates differ for each floor / unit ▪ Raised Floors Service Charge: £28,934 (approx £7.40 psf) ▪ WC's ▪ Wooden Floors

Grade: Second Hand

Last Update: 11/04/2012

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