“ London — The Premier Global Capital” London remains a dominant global city, from an London is one of the most diverse cities in the world, economic and political standpoint. It is the world’s with an unparalleled cultural offering, boasting a number leading financial centre. of world heritage sites and a substantial collection of world renowned museums, galleries, and restaurants.

View from eighth floor terrace 272 High Holborn is a prime long let investment providing a rare opportunity to purchase a building let to an undoubted covenant in the heart of Midtown.

overview:

Freehold. Undoubted covenant of the University Current overall passing rent (including of the Arts, London (UAL) accounts rent guarantee) of £3,675,000 per annum Prominent Midtown location with for 95% of the income and is let until equating to £47.63 per sq ft overall. frontage onto High Holborn. November 2029 (11.1 years unexpired) We are instructed to seek offers in Excellent transport links with Holborn at a low passing rent of £3,500,000 per annum (£46.44 per sq ft overall). excess of £84,000,000 (Eighty Four and Chancery Lane underground Million Pounds Sterling) for 100% of stations nearby and situated between Rent review on the UAL accommodation the shares in the Isle of Man SPV, Tottenham Court Road and Farringdon in November 2019 providing an excellent subject to contract. Elizabeth Line stations, which become opportunity for an uplift. fully operational in 2019. Pricing at this level reflects an attractive Vacant retail unit totalling 1,782 sq ft net initial yield of 4.28% and a low Comprehensively refurbished offered with a 12 month vendor rent capital value of £1,089 per sq ft, in 2009 to provide approximately guarantee of £175,000 per annum. assuming purchasers costs of 2.30%. 77,152 sq ft of office, retail and ancillary accommodation arranged over basement, ground and nine upper floors.

The City The Shard

London Bridge

Bank

Tate Modern Barbican St Paul’s Cathedral

Smithfield Market Blackfriars Farringdon Farringdon

Elizabeth Line (2019)

Midtown Law Courts

Chancery Lane

London School of Economics Gray’s Inn Gardens

Lincoln’s Inn Fields 272 High Holborn

Kingsway

Rosewood London Covent Garden

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location:

Midtown is one of the most diverse, vibrant and constantly Midtown has received significant levels of investment in recent evolving sub markets in Central London. years with a number of new high profile developments. Strategically positioned between the City and the West End, Major international investors including Temasek, UOL Group, 272 High Holborn offers quick access to two principal Tishman Speyer, Evans Randall, Oxford Properties, QuadReal, commercial locations in Central London. Al Ain and Mirae are just some of the investors with ownership in Midtown. Midtown has traditionally served as the primary legal district in Central London, with the Royal Courts of Justice, Old The amenity in Midtown has continued to improve with Bailey, Supreme Court and four ancient Inns of Court all within hotels such as the Hoxton and Rosewood Hotel as well as close proximity. restaurants including Hubbard & Bell, Barrafina, The Delaunay, Roka, Balthazar and Noble Rot all located within close The location has evolved, retaining the traditional legal proximity to 272 High Holborn. occupiers whilst attracting a number of financial, tech, media and fashion occupiers. Key occupiers include As well as UAL, the London School of Economics and King’s Amazon, Skype, Saatchi & Saatchi, MediaCom, Disney, College London have principal campuses located in Midtown. Warner Brothers, Goldman Sachs, Framestore, Verizon, McKinsey, Barings, Deloitte and Metro Bank. transport: Station Distance Services 272 High Holborn benefits from excellent transport Holborn 250 m Central, Piccadilly Lines communications providing exceptional connectivity Chancery Lane 300 m Central Line across Central London and surrounding districts Farringdon 750 m Circle, Hammersmith & City, Metropolitan, via the following London Underground and National National Rail, Elizabeth Lines Railway services. Covent Garden 750 m Piccadilly Line Tottenham Court Road 775 m Central, Northern, Elizabeth Lines

holborn station upgrade:

Transport for London have recently announced plans CGI – Tottenham Court Road Elizabeth Line station for an upgrade of Holborn station to include a new entrance on Procter Street, eight new escalators, step free access from street to trains, doubling the size of the station and reducing walking times. CGI – new Procter Street entrance to Holborn Station elizabeth line:

The Elizabeth Line, known as Crossrail, is Europe’s The new route will transform rail access in London and largest infrastructure project which started in May the south east, increasing Central London rail capacity 2009 and is due to become operational in 2019. It will by 10% to 200 million passengers a year. provide unparalleled access across Central London Journey times are set to dramatically reduce, connecting running from Shenfield in the East to Maidenhead the City (2 minutes), the West End (4 minutes) and in the West. Canary Wharf (8 minutes). 272 High Holborn is located virtually equidistant between the new Elizabeth Line stations at Farringdon and Tottenham Court Road.

2 MINS 2 MINS 59 MINS 8 MINS 10 MINS TOTTENHAM LIVERPOOL READING PADDINGTON STRATFORD COURT ROAD STREET

BOND STREET FARRINGDON WHITECHAPEL 4 MINS 4 MINS

HEATHROW 272 CANARY AIRPORT High Holborn WHARF CGI – Farringdon Elizabeth Line station Source: crossrail.co.uk 31 MINS 8 MINS completed developments: under construction / proposed developments:

Lacon London, WC1 Aldwych House, WC2 1 New Oxford Street, WC1 28 Chancery, WC2 Goldman Sachs HQ, EC4 The Post Building, WC1 Athene Place, EC4 150 Holborn, EC1

Blackstone Rowan Asset Management TH Real Estate Viridis Goldman Sachs Brockton Capital/Oxford Properties Endurance Land/Henderson Park Dar Al-Handadsah 220,000 sq ft offices 175,000 sq ft offices and retail 107,000 sq ft offices and retail 100,000 sq ft offices and retail 827,000 sq ft offices 390,000 sq ft offices and retail 150,000 sq ft offices and retail 110,000 sq ft offices and retail Completed 2016 Completed 2016 Completed 2017 Completed 2017 Completion Q4 2018 Completion Q4 2018 Completion 2019/2020 Completion 2020

1 New Street Square, EC4 20 Farringdon Street, EC4 8 Salisbury Square, EC4 20 Old Bailey, EC4 Charterhouse Estate, EC1 CAA House, WC2 Farringdon West, EC1 The Holborn Hotel, WC1

Land Securities HB Reavis Greycoat/Cheyne Capital Blackstone Anglo American Seaforth Land/QuadReal HB Reavis Grange Hotels 275,000 sq ft offices and retail 85,000 sq ft offices 155,000 sq ft offices 240,000 sq ft offices and retail 172,000 sq ft offices and residential 230,000 sq ft offices 135,000 sq ft offices and retail £200m Hotel-led development Completed 2017 Completed 2017 Completed 2017 Completed 2017 Completion 2020 Completion 2020/2021 Completion 2021 Completion TBC description:

272 High Holborn occupies a 0.35 acre site and comprises 77,152 sq ft of Grade A office, retail and ancillary accommodation arranged over basement, ground and nine upper floors. The property was comprehensively refurbished in 2009 behind a retained façade. The structure consists of two separate forms of construction, comprising elements of retained structural frame and new construction. The existing structure consists of a steel frame encased in concrete with a ‘beam and pot’ floor slab construction. The new construction is lightweight concrete slab and steel beam and column construction for the first floor extension and a lightweight steel construction for the ninth floor offices. The building provides a flexible mix of floorplates ranging between 1,803 sq ft to 10,174 sq ft. All floors benefit from excellent natural light with terraces on the second, fifth, sixth, seventh, eighth and ninth floors with excellent views over Lincoln’s Inn Fields to the south. The property is accessed from High Holborn and has a prominent double height glazed reception. There are two passenger lifts and one passenger / fire fighting lift which serve all office floors except for the ninth which is served by a single lift. There is also a goods lift at the rear of the building.

specification:

LG7 compliant lighting VRF air-conditioning Fully accessible raised floors Excellent natural light Male and female WCs on all floors apart from lower ground and ninth floors Three passenger lifts and one goods lift 24-hour manned reception 36 bicycle spaces and male and female shower facilities

accommodation:

The building has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following approximate net internal floor areas:

NIA FLOOR USE Terrace SQ M SQ FT Ninth Offices 167.5 1,803 Eighth Offices 372.2 4,006 Seventh Offices 506.1 5,448 Sixth Offices 637.9 6,866 Fifth Offices 694.1 7,471 Office Office Office Fourth Offices 747.6 8,047 Third Offices 768.8 8,275 Second Offices 755.9 8,136 First Offices 945.2 10,174

Ground Offices 644.2 6,934 Terrace Ground Retail 340.8 3,670 Reception Ground Reception 37.9 408 Retail Retail

Basement Offices 281.8 3,033 Office Basement Storage 267.7 2,881 Total 7,167.7 77,152

High Holborn

ground: third: sixth: ninth:

sq m sq ft sq m sq ft sq m sq ft sq m sq ft Offices 644.2 6,934 Offices 768.8 8,275 Offices 637.9 6,866 Offices 167.5 1,803 Retail 340.8 3,670 Reception 37.9 408

Plans not to scale. For indicative purpose only. tenure: tenancy:

Freehold. 272 High Holborn is 95% let to UAL on a full repairing and insuring lease until November 2029, providing 11.1 years unexpired. The rent will be subject to upwards only rent reviews in 2019 and 2024. The property is situated on a highly prominent site extending to approximately 0.35 acres (0.14 hectares). There is a vacant ground floor retail unit totalling 5% of the rental income and the vendor will provide a 12 month rent guarantee.

Rent Area Lease Rent Lease Rent N Tenant Description (Per Comments (Sq Ft) Start Review Expiry (Per Sq Ft) Annum) Tenant has the right to HIGH HOLBORN 9th to renew for a further 5 University of the Basement 74,483 18/11/2009 27/11/2019 18/11/2029 £3,408,000 £45.76 years at the higher of Arts, London & Retail Unit 1 the passing rent or open 280 market rental value Tenant has the right to renew for a further 5 University of the Part Ground 877 18/11/2009 27/11/2019 17/11/2029 £92,000 £104.90 years at the higher of 271–277 Arts, London Retail Unit 2 the passing rent or open market rental value 268–270 Part Ground 12 month rent guarantee Vacant Retail 1,792 — — — £175,000 £97.66 will be provided Unit 3 & 4 by the vendor

77,152 £3,675,000 £47.63

WHETSTONE PARK

Not to scale. For identification purposes only. This plan is based upon an ordinance survey map with sanction of the controller of HM Stationary Office. Crown copyright reserved. covenant:

University of the Arts, London

UAL prides itself on supplying the world’s need for The following sets out a breakdown of where UAL’s income creativity. They are Europe’s largest specialist arts and comes from and a 5-year summary of performance: design university and is among the most prestigious and well renowned international institutions in arts, design, Five-year summary of performance fashion and communication. 2017 2016 2015 2014 2013 Total income (£m) 281.4 280.9 263.8 249.2 230.7 The university offers 200 accredited courses in art and 11% Grants and 35% International Surplus generated before exceptional items (£m) 17.4 26.7 25.3 26.1 14.7 design across their six constituent colleges: external contracts student fees Cash balances (£m) 67.4 80.1 71.6 65.8 60.7 • Camberwell College of Arts Net assets (£m) 285.5 251.5 274.5 253.4 240.5 • Central Saint Martins • Chelsea College of Art • London College of Communication • London College of Fashion 13% Halls, catering, retail UAL prides itself on the success of its alumni with half of the Turner Prize winners • Wimbledon College of Arts and other being UAL graduates showing its prestige. income The six colleges comprises 18,573 students, 1,270 Total income: Famous former students include: academic, research and technical staff, 1,921 associate lecturers and 1,596 support staff. The students are made £281.4m Alexander McQueen Lucien Freud up of 49% UK, 35% international and 16% from the EU. Anish Kapoor Ralph Fiennes UAL are internationally regarded as the UK’s pre-eminent Anthony Gormley Stella McCartney provider of undergraduate art and design education. David Hockney Terence Conran QS World University Rankings 2017 placed UAL 6th in Gilbert & George Tim Roth the world for art and design. Demand is high with 33,564 Jimmy Choo Tom Hardy applications for their 5,387 places in 2016/17. 41% Home / EU student fees For the year ended July 2017 the UAL generated total income of £281.4m with total expenditure of £264.0m leaving them with an operating surplus of £17.4m.

All floors benefit from excellent natural light with terraces on the second, fifth, sixth, seventh, eighth and ninth floors and excellent views over Lincoln’s Inn Fields to the south. planning: The property is located in the local planning authority of Camden.

The property is not listed however it is located in the Bloomsbury Conversation Area. vat: The property is elected for VAT purposes. epc: The Energy Performance Assessment Rating for 272 High Holborn is D84. A copy of the full report is available in the dataroom. dataroom: An electronic dataroom for 272 High Holborn is available and can be accessed by contacting the sales team. proposal: We are instructed to seek offers in excess of £84,000,000 (Eighty Four Million Pounds Sterling) for 100% of the shares in the Isle of Man SPV, subject to contract.

Pricing at this level reflects an attractive net initial yield of4.28% and a low capital value of £1,089 per sq ft, assuming purchasers costs of 2.30%. further information:

For further information or to arrange an inspection please contact:

Paul Henwood Will Orr [email protected] [email protected] +44 (0) 20 7338 4391 +44 (0) 20 7318 4644

Oliver Ward Miles Payne [email protected] [email protected] +44 (0) 20 7338 4842 +44 (0) 20 7318 5013

International Investment Andrew Cruickshank [email protected] +44 (0) 20 7338 4434

Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. September 2018 siren | +44 (0)20 7478 8300 | sirendesign.co.uk | S010549

Artists featured throughout include: James Reader, Jamie Wieck and Joshua von Uexkull