LEICESTER SQUARE / LONDON WC2 a Rare Freehold Opportunity to Develop a Landmark Site in the Heart of London’S West End

Home , Leicester Square

LSQ LEICESTER SQUARE / LONDON WC2 A rare freehold opportunity to develop a landmark site in the heart of London’s West End www.lsq-site.com

Computer generated image www.lsq-site.com LSQ

www.lsq-site.com CENTRE SOHO CENTRAL SHAFTESBURY PICCADILLY THE NATIONAL TRAFALGAR CHARING CORINTHIA HORSE GUARDS THE POINT ST GILES AVENUE CIRCUS W HOTEL GALLERY SQUARE CROSS HOTEL PARADE LONDON EYE STATION THE SAVOY OVERVIEW LSQ

LSQ, London WC2 is offered for sale on the instructions of J Gershinson FRICS and S Davidson MRICS of Allsop LLP as Joint Fixed Charge Receivers and Tamarin Ltd / Real Estate Resolutions Ltd.

• Freehold site of 0.47 acres fronting Leicester Square in the heart of London’s West End.

• Planning consent for a 227,000 sq ft (GIA) mixed use scheme - a 245 bedroom hotel, 33 residential apartments, a roof-top restaurant, restaurants / retail opening out on to the square and a state of the art cinema.

• Far reaching views of London’s impressive skyline.

• Benefitting from the extensive remodelling and upgrading of Leicester Square which will provide one of London’s finest public realm environments.

• Existing tenant income with vacant possession obtainable to suit the purchaser’s timeframe.

• Potential for a range of alternative uses on site to match the purchaser’s vision, subject to the necessary consents.

• Unconditional offers are invited for the freehold interest.

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R O A D

Leicester Square

Leicester Square is the home of UK cinema hosting more than fifty film premieres every year and is the heart of London’s West End. Up to 35 million people pass through the square every year and it has more than 25 restaurants, 15 bars and 7 cinemas. It also houses London’s collection of handprints of the stars.

The Square is the focal point of nine side streets creating the ideal meeting point in the West End. An ideal meeting point is also an ideal place to stay as a visitor to London, as seen by the successful opening of the W Hotel at the north west corner of the Square.

Leicester Square is currently undergoing a major refurbishment programme around the garden square that will significantly enhance the built environment and public realm. It is anticipated that the new look square will not only maintain its position as the UK home of cinema but expand this to attract further high end restaurants and hotels.

www.lsq-site.com THE SAVOY STRAND LEICESTER THE CHARING CORINTHIA LONDON TRAFALGAR WHITEHALL HOUSES OF PARLIAMENT WESTMINSTER ABBEY SQUARE W HOTEL CROSS HOTEL EYE SQUARE STATION

LSQ LEICESTER SQUARE / LONDON WC2

At the heart of this vibrant city...

www.lsq-site.com AT THE HEART OF LONDON’S WEST END...

Leicester Square is exceptionally well connected by London’s public transport system. Within a short walk of the site are Underground Stations at Leicester Square (Northern & Piccadilly lines), Piccadilly Circus (Piccadilly & Bakerloo lines), Charing Cross (Northern & Bakerloo lines) and Tottenham Court Road (Northern & Central lines).

When it opens in 2017, Crossrail will be accessible from Tottenham Court Road station which will make it possible to travel across London and to surrounding areas in record time. Heathrow will be directly accessible in under 30 minutes.

The location is also extremely well served by buses and taxis.

From Leicester Square by public transport: Mins

UNDERGROUND / RAIL Charing Cross Station 2 King’s Cross 14 Not to scale and for identification purposes only. Victoria 12 A bustling central St Paul’s 14 Holborn Knightsbridge 7 Oxford City Airport 35 location with easy Circus Tottenham Heathrow Airport 40 Court Road Gatwick Airport 50 Covent access to London’s Stansted Airport 70 Bond Garden Street CROSSRAIL Temple transport connections Blackfriars Leicester Square (Tottenham Court Road) to Heathrow 28 Leicester LSQ Square HAMES ER T RIV Piccadilly Embankment Surface line Circus Charing Tunnel Cross Portal (tunnel entrance and exit) LSQ Green Park LEICESTER SQUARE / LONDON WC2 Route Map Forest Harold Stratford Gate Ilford Goodmayes Romford Wood Shenfield

Hayes & Ealing Bond Maryland Manor Seven Chadwell Gidea Brentwood Taplow Slough Iver Hanwell Farringdon Whitechapel Park Kings Heath Park Southwark Harlington Broadway Street Custom Maidenhead Burnham Langley West Southall West Acton Paddington Tottenham Liverpool Abbey House Drayton Ealing Main Line Court Road Street Wood Waterloo Central Waterloo & City District Jubilee Heathrow Canary Woolwich Hyde Park Airport Wharf Corner Westminster Northern Bakerloo St James’s Piccadilly Circle Park Victoria

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Elephant & Castle THE FUTURE OF LEICESTER SQUARE

A redesign of Leicester Square to regenerate it in line with its international status and reputation commenced at the end of 2010. The £15 million project will transform the Square into a destination address designed for people to enjoy the West End’s principal meeting point.

Included within the scheme is improved seating, high quality public art and imaginative lighting all aimed at encouraging people to spend time in the Square. The refurbishment will also maintain the intrinsic English landscape qualities of the gardens at the centre of the Square.

It is anticipated that the reinvention of the Square as a destination address will attract significant investment from a number of high profile retailers and hoteliers as witnessed by the success of the W Hotel. Michael Wale, senior vice president of Starwood, compared the launch of the W Hotel Leicester Square with that of the W Hotel Times Square, New York City, in 2001:

“At that point it was at the same stage as Leicester Square and we were one of the anchor projects to accelerate its regeneration”.

Artist impressions of the future of Leicester Square. (Courtesy of Burns + Nice) www.lsq-site.com THE EXISTING PROPERTY A. ODEON WEST END, 38-40 LEICESTER SQUARE Situated on the corner of Leicester Square, the Odeon cinema building is a two screen cinema and office building over basement, ground and 6 upper floors totalling 44,572 sq ft (GIA).

B. 42 LEICESTER SQUARE Office and retail premises totalling 8,762 sq ft (NIA). Ground and part basement is currently occupied by BetFred. The upper office parts are vacant. Two Natwest ATMs are also located at ground level.

C. BROADMEAD HOUSE & WESTCOMB HOUSE Broadmead House comprises a vacant six storey office building of 8,762 sq ft (NIA). Westcomb House is fully vacant with a basement and ground floor restaurant and five storeys of offices above (totalling 6,814 sq ft (GIA).

D. THE HAND AND RACQUET, 48 WHITCOMB STREET A vacant public house situated on the corner of Whitcomb and Orange Street. 3,165 sq ft (NIA) arranged over basement, ground and three upper floors with the third floor providing residential accommodation.

A/B A

C AC D A www.lsq-site.com 1 1

Garden s Garden s

View from neighbouring building towards the south east

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Garden s Garden s

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se t o u ree t H St no nge ue ra Ora u g O ng H rk 1 e S 19 Pa 9 tr r Hu ee Ca g t e ue ar no qu t H r S o te us es 0m 10m e 20 m30m 0m eic 10m 20 m30mLe L ice st er Sq ua 35 re Ca © UK Map Copy ri gh t The GeoInformati on Group 2011 © UK Map Copy ri gh t The GeoInformar ti on Group 2011 Pa Lice nce No. LAND MLON 100003121118 . Plott ed Sca le - 1:95 9 Lice nce No. LAND MLON 1000031rk21118 . Plott ed Sca le - 1:95 9 O r an ge S tr ee View from neighbouring building towards the south west t www.lsq-site.com THE CONSENTED SCHEME

Planning consent was granted in October 2008 by Westminster City Council for a MAKE Architects designed 227,734 sq ft (GIA) mixed use development that would provide:

• A 245 bedroom luxury hotel • A roof-top restaurant with skyline views of London • 33 high quality residential apartments with views over Leicester Square, Trafalgar Square and beyond • 18,234 sq ft (GIA) of restaurant / retail space that opens out on to the Square • A state of the art cinema in the basement levels

The accommodation is designed over three basement levels, lower ground, upper ground and nine upper floors.

A distinctive curved layout will mark the entrance to the cinema and an iconic frontage of mirrored stainless steel will bring fresh focus to the south west corner of Leicester Square.

Full information is available on the sale website and from Westminster City Council (ref: 08/03016/FULL).

Residential Entrance Gross External Area Gross Internal Area Units

Sq M Sq Ft Sq M Sq Ft

Residential 6,266 67,444 5,307 57,125 33 residential units Hotel Entrance Hotel 8,687 93,507 8,434 90,784 245 hotel bedrooms Cinema 1,632 17,562 1,584 17,050 660 seats Retail / Restaurant 1,745 18,781 1,694 18,234 4 restaurant / retail units Ancillary / Plant 4,262 45,878 4,138 44,541 -

Total 22,592 243,172 21,157 227,734 -

Areas provided by E.C.Harris

Computer generated image www.lsq-site.com Residential Entrance

Residential Entrance

Hotel Entrance RESIDENTIAL Hotel Entrance HOTEL CINEMA RETAIL / RESTAURANT RADISSON EDWARDIAN EXCLUDED FROM SALE

9th - 13,024 sq ft

8th - 15,468 sq ft

7th - 16,124 sq ft

6th - 17,072 sq ft

5th - 17,760 sq ft Residential Entrance

4th - 17,674 sq ft

3rd - 17,427 sq ft

Hotel 2nd - 17,276 sq ft Entrance

1st - 16,759 sq ft

Upper Gnd - 15,791 sq ft

Lower Gnd - 18,826 sq ft

B1 - 17,588 sq ft

B2 - 12,389 sq ft

B3 - 14,553 sq ft

Total (GIA) 227,734 sq ft UPPER GROUND Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website: www.lsq-site.com www.lsq-site.com Residential Entrance

RESIDENTIAL Hotel Entrance HOTEL CINEMA RETAIL / RESTAURANT RADISSON EDWARDIAN EXCLUDED FROM SALE

TYPICAL HOTEL FLOOR - 5th TYPICAL RESIDENTIAL FLOOR - 7th Plans for illustrative purposes only. Not to scale. Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can A full set of floor plans and elevations can be downloaded from the website: be downloaded from the website: www.lsq-site.com www.lsq-site.com www.lsq-site.com 3DREID ARCHITECTS ALTERNATIVE PROPOSAL

2011 Cinema Entrance

As a further study architects 3DReid have been commissioned to establish what could be possible on site Cinema Restaurant / Retail Residential within the broad parameters of the consented bulk and massing of the MAKE designeEdn tsracnhcee me. This has resulted in a residential led development, broadly rectangular in shape with the cinema located at Entrance basement level, retail on ground and first facing onto Leicester Square and residential accommodation from lower basement to 10th floor.

A summary of the proposed accommodation is set out below with a schedule of areas: Restaurant / Retail Residential

URsesidential Gross Internal Area Entrance CinemEantrance sq m sq ft Entrance Cinema

Entrance Residential / Other 14,183 152,665 Restaurant / Retail Residential Cinema & Plant 1,359 14,628 Entrance Cinema Restaurant / Retail Residential Entrance Leisure / Plant 1,058 11,388 Entrance Restaurant / Retail 2,546 27,404 Core / Communal Restaurant / Retail 2,016 Residential 21,700 Entrance

Total GIA 21,162 227,785

Roof Terrace 1,154 12,421 Residential Entrance Residential Total area incluEdnintragn rcoe of terrace 22,316 240,206

ResidentiaPl lease note that this exercise is puRreelsyid aenn tiilallu /s Otrtahteivr e one and carries no planning status Entrance and has not been presented to the London Borough of Westminster.

Resident ial Entrance

Computer generated image www.lsq-site.com

Residential / Other Residential / Other

Residential / Other

RESIDENTIAL / OTHER

CINEMA / LEISURE / PLANT RESTAURANT / RETAIL

LEICESTER SQUARE

ORANGE STREET LEICESTER SQUARE

Cinema Entrance

Restaurant / Retail Residential 10th - 12,421 sq ft Entrance

9th - 16,111 sq ft

8th - 16,111 sq ft

7th - 16,819 sq ft

6th - 16,819 sq ft Residential Entrance 5th - 16,819 sq ft

4th - 16,819 sq ft

3rd - 16,819 sq ft

2nd - 16,819 sq ft

1st - 16,819 sq ft

Gnd - 14,681 sq ft

B1 - 7,438 sq ft

B2 - 14,239 sq ft

Residential / Other

B3 - 12,131 sq ft

B4 - 16,920 sq ft

Total (GIA) 227,785 sq ft ORANGE STREET GROUND Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website: www.lsq-site.com www.lsq-site.com

RESIDENTIAL / OTHER

CINEMA / LEISURE RESTAURANT / RETAIL LSH EXCLUDED

TYPICAL FLOOR PENTHOUSE FLOOR Plans for illustrative purposes only. Not to scale. Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can A full set of floor plans and elevations can be downloaded from the website: be downloaded from the website: www.lsq-site.com www.lsq-site.com www.lsq-site.com £1,000 Secondhand New Completed New Under Construction £900 9 £800 8

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Bond Street Oxford Street East Oxford Street West Regent Street

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4 4 6 6 8 8 9 9 5 5 3 3 7 7 2 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 One of the great world cities, London benefits from a vibrant hotel market London RevPAR, ARR and Occupancy London’s housing market has continued to follow a very different path to 2 Monthly Price Change commensurate with the city’s international image. It is Europe’s business that seen in the wider UK market. Prime London property prices rose by Bond Street Oxford Street East hub and is the most visited city in the world attracting 26 million visitors 0.9% alone in August, taking the annual increase to over 10%. Indeed, Prime central London average residental price change Prime central London average residential price change Oxford Street West Regent Street each year. It appeals to high spending business and leisure visitors as a £160 100.0% prices have been rising strongly since April 2009, and are now 4% higher 1.5 25 9 result of the city’s desirability as a cultural and commer£c16ia0 l destination. £140 100.0% 90.0% than their previous peak in March 2008 (a 35% increase in total). RevPAR 20 7 80.0% £140 90.0% £120 1.0 15

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o i 2011 which is a 0.6% year on year increase in room occupancy following the currencies enjoying relative discounts of 10% and 18% respectively. In addition, %

l 2010 2011

l 1 i -2.0 12 month change Three monthly % change m staggering 91.8% achieved in July 2010. ARR at £148.65 for the month is the the low UK base rate has given greater incentive for buyers to acquire in the Source: Knight Frank Residential Research Source: Knight Frank Residential Research highest recorded. “safe haven” o0f. 5 the London property market. -4.0 Central London -6.0 0 The prospects for a continued growth in the capital look strong. The start of Despite becoming a more expensive market to buy into Prime London property All High Street Shops 9 5 3 1 7 9 5 9 1 7 3 1 3 0 0 0 0 0 1 1 8 9 9 9 9 9 -8.0 0 0 0 0 0 0 London and Provincial RevPAR and ARR 0 9 9 9 9 9 the 2012 Olympics is under a year away and estimated visitor numbers produced continues to attract domestic and global 9 wealth. Such purchasers are 2 2 2 2 2 2 1 1 1 1 1 1 2 by Visit Britain forecast a continued growth in leisure travellers from Europe, attracted by the potential to achieve capital growth at least at, or ahead 2008 2009 2010 2011 2012 North America and BRIC, all taking advantage of the relative weakness in £140 10.00% of, income growth. This means that total returns on investments of between 12 Month and 3 Month Price Change the pound. £140 £120 10.00% 8.00% 8% - 10% could be achievable, before gearing and also before profits from

£120 £100 8.00% 6.00% development. Going forward, we forecast tPrimehat cepnrtiracle Losn dwoni lalv erraisge r ebsidye n6ta%l p rincee chxat nge Prime central London average residential price change

London is one of the world’s leading financial and cultural centres exerting £100 £80 6.00% 4.00% year and 7% in 2013. 1.5 25 9 a powerful influence over worldwide commerce, politics, education, media, £80 £60 4.00% 2.00% 20 7 fashion and the arts, which all contribute to its status as a global city and £60 £40 2.00% 0.00% 1.0 15

5 T e prime leisure and business destination. h g r

£20 - 2.00% e £40 0.00% n 10 e a e

3 h m g c n

£20 0 - 2.00% o - 4.00% a 0.5

5 n % h

There have been several high profile hotel openings in 2011 to include the t c h h ARR RevPAR ARR RevPAR ARR RevPAR 1 t l

0 y

- 4.00% % n

0 o W London, Leicester Square, Corinthia Hotel and Renaissance St Pancras all % y l m

ARR RevPAR ARR RevPAR ARR RevPAR

UK Total London Provinces -1 c t 2

0.0 h 1 of which have added to the reputation of London as a top international n -5 a o UK Total London Provinces n g M -3 destination. -10 e 2009 2010 Variance Difference -0.5 Source: HotStats 2011 -15 -5 Hotel transaction activity in London remains limited driven by the very restricted 2009 2010 Variance Difference -20 -7 ASOND J FMAMJ J ASOND JFMAMJ J A supply of available property and strong underlying trading fundamentals. -1.0 AS OND J F MAMJ J A 2009 2010 2011 London’s relative resilience and the prospect of a sustained recovery make 2010 2011 12 month change Three monthly % change the capital one of the most sought after hotel property markets. Source: Knight Frank Residential Research Source: Knight Frank Residential Research

www.lsq-site.com CENTRAL LONDON OFFICE CENTRAL LONDON MARKET COMMENTARY RESTAURANTS AND RETAIL All market indicators suggest that the Central London office market is well West End Availability on the road to recovery. Increasing demand and diminishing supply is MARKET COMMENTARY resulting in revived market confidence amongst occupiers and investors £1,000 alike. The supply squeeze combined with an extremely tight pipeline of Secondhand New Completed New Under Construction Grade ‘A’ offices, presents a strong case for significant rental growth over £900 Restaurant accommodation is in high demand in the West End of London 9 £1,000 the next 3-4 years. £800 from top end Michelin starred destinations to more mainstream brands with Prime Zone A Rents 8 Secondhand New Completed New Under Construction £900 7 £700 substantial premiums being paid to secure quality sites. Leicester Square is a Take up in the second quarter of 2011 rose to 1.2m sq.ft. and remained above 9 £1,000 6 £800 world renowned location and as such there will be wide range of operators t

f 8 £600 Secondhand New Completed New Under Construction

trend for the seventh successive quarter. Take-up increased for all types of

q 5 that are seeking the type of exposure this location can provide. We would £900 s 7 £700 accommodation, particularly new space, and the second quarter also saw a n o

i 4 £500 anticipate th9at the ground floor operator would be able to benefit from the l l return of pre-lettings. The amount of space currently under offer suggests i 6 £800 t m

f 3 £600 high footfall8 and the rooftop would be a more discerning operator / £1,000 q 5 £400 s that take up will stay strong. Availability has dropped to its lowest level in 2 7 £700 n international brand aSbecloend htaon d trade at Nae wh Ciogmhpleterd price pNoewi nUntd.e rR Ceoncsterunctito n activity o

i 4 £500 l

l £900 three years driven by a sharp decline in the supply of second hand and new i 1 £300 nearby inclu6des The Spice Market at the W Hotel, the Hippodrome t m f 9 8 3 7 £600 9 8 9 8 7 7 9 8

0 0 0 1 0 9 1 0 0 0 1 0 0 0 1 0 0 0 1 1 q 0 0 1 space under construction. 0 £400 5 1 s 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 £800 4 2 4 2 4 2 2 redevelopment with Café Rouge adjacent and Busaba Eathai on Panton Street. 2 2 2 2 4 2 4 2 4 2 2 2 2 2 4 2 2 2 2 2 2 4 2 2 2 2 2

2 4

Q Q Q Q Q Q Q 8 Q Q Q Q Q Q Q Q 1 4 2 3 2 1 4 2 3 4 1 3 2 1 4 3 2 Q Q o

Q 4 £500 l

9 9 8 8 6 6 4 4 5 5 3 3 7 7 2 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q l 1 0 0

£300 i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 7 £700 m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 8

7 3 9 8 9 8 7 7 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 9 Over the last two years, West End leasing activity has recovered steadily 8 0 0 0 1 0 1 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 1 0 The Central London Retail marke1 t continues to perform for retailers and £400 0 0 0 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0 4 2 4 2 4 2 2 2 2 2 2 4 2 4 2 4 2 2 2 2 2 4 2 2 2 2 2 2 4 2 2 2 2 2 2 4 t

from the downturn and rents have remained firm. Prime rents have stayed at Q Q f Q Q Q Q Q £600 Q Q Q Q Q Q Q Q 1 4 2 3 2 1 4 2 3 4 1 3 2 1 4 3 2 Q Q

Q investors alike. The core West End streets (Oxford, Regent and Bond) have

q 9 9 8 8 6 6 4 4 5 5 3 3 7 7 2 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 5 Q 1 0 0 Oxford Street East Bond Street s £300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 £92.50 per sq ft in the West End. Spurred by the imbalance between supply 1 n 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 8 7 9 8 9 8 7 7 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 o 9 8

Oxford Street West Regent Street 0 0 0 1 seen incri easing rental tone as Zone A’s have been pushed to new levels in £500 0 4 1 0 0 0 1 0 0 0 1 l 0 0 0 1 1 0 0 1 0 1 l i 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 2 4 2 4 and demand, forecasts paint a positive picture with prime rents expected to 2 2 2 2 2 2 4 2 4 2 4 2 2 2 2 2 4 2 2 2 2 2 2 4 2 2 2 2 2 4

Q Q Q Q Q Q 3 Q Q Q Q most areas. Quality spQ ace is hard to find across the West End with levels of Q Q Q Q 1 4 2 3 2 1 4 2 3 4 1 3 2 1 4 3 2 Q Q

9 9 8 8 6 6 4 4 5 5 3 3 7 7 2 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q £400 Q 1 0 reach £130 per sq ft by 2013. Bond Street Oxford Street East 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 demand increas0 ing on all streets. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Oxford Street West 2 Regent Street 1 £300 9 8 7 9 8 9 8 7 7 9 8 0 0 0 1 0 1 0 0 0 1 0 0 Having moved out from 3.5% at their prime in the summer of 2007, prime 0 1 0 0 0 1 1 0 0 1 0 Bond Street Oxford Street East 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Luxury brands maintain Bond Street’s position as the most expensive space 0 4 2 4 2 4 2

10.0 2 2 2 2 2 4 2 4 West End Development Pipeline 2 4 2 2 2 2 2 4 2 2 2 2 2 2 4 2 2 2 2 2 4

Q Q Q Q Q Q

Under Construction Let/Under Offer Q Q Q Q Q Q Completed Q Q Q 1 4 2 3 2 1 4 2 3 4 1 3 2 1 4 3 2 Q Q

Q Oxford Street West Regent Street

office yields in the West End have recovered to circa 4%.

9 9 8 8 6 6 4 4 5 5 3 3 7 7 2 2 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 1 0 in London with a mixture of rental and premium deals on new sp0 ace. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 8.0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Under Construction Available Proposed Available Retailers’ appe2 tite for space on Oxford Street continues despite the Completion levels are set to dip in 2011 with only 1.9m sq ft scheduled for 10.0 Completed Under Construction Let/Under Offer 6.0 disruption caused by work on the new Crossrail link. 2.5 Bond Street Oxford Street East completion this year it could be one of the lowest on record for 8.0 4.0 Oxford Street West Regent Street

Under Construction Available Proposed Available Y development completions. Completion rates will improve next year with -

n 10.0 2.0 o 6.0 Regent Street contiCnoumpeleste dto go from strength to Understre nConstructiongth, a nLect/Uhnoderr eOdffe r by some -

Y 2.0 3.1m sq ft expected to complete and this figure is set to rise in 2013. 2.5 e of the world’s leading brands. It continues to improve both the quality of its 8.0 g t Rental Value Growth f n 1.5 4.0 Y Under Construction Available Proposed Available a q

- 0.0 s h

n retailers and its retail breadth. The creation of what will become one of 2.0 C n

o 6.0 - o i %

Y 2.0 l

l 1 Burberry’s ma2.j5 or UK flagships is a massive benefit to the southern end of i

e -2.0 10.0 g t m Completed Under Construction Let/Under Offer f n 1.5 4.0 Y a

q the street and with the delivery of the Quadrant development and other 0.0 - s h

C -4.0 2.0 8.0 o n 0.5 - o i % recent changes wiUnderll tr uConstructionly exte Availablend the locations Proposretaedi lA vpaiolabwle er. Y 2.0 l

l 1 Central London i

-2.0 e g t m -6.0 6.0 f n 0 1.5 a q 2.5 0.0 s All High Street Shops h

9 5 3 1 7 C 9 5 9 1 7 3 1 3 -4.0 n 0.5 0 0 0 0 0 1 1 Leicester Square itself has seen the recent opening of the first M&M store 8 9 9 9 9 9

-8.0 o 4.0 i % 0 0 0 0 0 0 0 Y 9 9 9 9 9 9 l 2 2 2 2 2 2 1 1 1 1 1 1 2 - l 1 Central London i

n -2.0 outside of th2.e0 USA, taking advantage of the high footfall through the o -6.0 2008 2009 2010 m 2011 2012 0 - Y 2.0 All High Street Shops e 9 5 3 1 7 Square and its association with the leisure and entertainment markets. 9 5 9 1 7

3 -4.0 1 3 g t 0.5 0 0 0 0 0 1 1 f 8 9 9 9 9 9 n -8.0 1.5 0 0 0 0 0 0 0 9 9 9 9 9 9 a q 2 2 2 2 2 2 1 1 1 1 1 1 2 0.0 Central London s h

C n 2008 2009 2010 2011 2012 -6.0 o i 0 % Central Lol ndon’s ability to weather the storm lies in the diverse tenant mix l 1 Prime central London average residental price change Prime central London average residential price change i -2.0 All High Street Shops 9 5 3 1 7 9 5 9 1 7 3 1 3 m 0 0 0 0 0 1 1 8 9 9 9 9 9 -8.0 0 0 0 0 0 0 0 9 9 9 9 9 and sheer scale of the retailing offer. S9 table demand together with supply 2 2 2 2 2 2 1 1 1 1 1 1 1.5 25 9 2 constraints is0. 5 expected to see rental growth of 2.3% per annum over the -4.0 2008 2009 2010 2011 2012 20 Prime central London average residental price change Prime central London average residential p7rice change Central London -6.0 next three ye0ars (to 2014) outperforming all other regions in the UK. 1.0 125 5 9 1.5 5 T All High Street Shops 9 5 1 3 7 e h 9 9 5 7 1 3 1 3 0 0 0 0 0 1 1 g r 9 9 9 9 8 9

e -8.0 0 0 0 0 0 0 0 n 9 9 9 9 10 9 9 e 2 2 2 2 2 2 2 1 1 1 1 20 1 1 a e 7 3 Prime central London average residental price change Prime central London average residential price change h m g c

n 2008 2009 2010 2011 2012

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n -5 Source: Knight Frank Residential Research ASOND J FMAMJ J ASOND JFMAMJ J A a o Source: Knight Frank Residential Research -1.0 2009 2010 2011 n g M AS OND J F MAMJ J A -3 -10 e 2010 2011 -0.5 12 month change Three monthly % change -15 -5 Source: Knight Frank Residential Research Source: Knight Frank Residential Research -20 -7 ASOND J FMAMJ J ASOND JFMAMJ J A -1.0 AS OND J F MAMJ J A 2009 2010 2011 2010 2011 12 month change Three monthly % change Source: Knight Frank Residential Research Source: Knight Frank Residential Research THE PROPOSITION

LSQ presents an unrivalled real estate opportunity to:

• Acquire a prominent 0.47 acre site in one of the world’s most recognised destinations.

• Benefit from an existing planning consent offering a substantial mixed use scheme and which sets a benchmark for bulk and massing.

• Deliver a significant development in the heart of the West End, in one of the world’s foremost capital cities.

• Benefit from an existing income stream with flexibility to suit the purchaser’s timing.

• Fulfil the purchaser’s own development vision in place of the consented scheme if so desired with the potential for a wide range of uses to be considered, subject to the necessary consents.

The freehold site is offered for sale on an unconditional basis.

Computer generated image www.lsq-site.com HORSE TRAFALGAR ST JAMES’S BUCKINGHAM ONE PICCADILLY REGENT GUARDS PARADE SQUARE PARK PALACE HYDE PARK CIRCUS STREET

LSQ LEICESTER SQUARE / LONDON WC2 FURTHER INFORMATION

Full information is available on the marketing website at: www.lsq-site.com

CONTACT

For further sale information, please contact the joint agents:

Paul Nicholls Peter Burns Justin Gaze Dominic Mayes T: +44 (0)20 7182 2449 T: +44 (0)20 7182 2716 T: +44 (0)20 7861 5407 T: +44 (0)20 7861 1086 M: +44 (0)78 1380 0041 M: +44 (0)77 8845 6520 M: +44 (0)7810 852 383 M: +44 (0)7769 974 820 E: [email protected] E:[email protected] E: [email protected] E: [email protected]

Matthew Prout James Keegan T: +44 (0)20 7182 2336 T: +44 (0)20 7861 5481 M: +44 (0)7590 485 291 M: +44 (0)7786 111 053 E: [email protected] E: [email protected]

Aerial view looking west www.lsq-site.com Important Notice i. Particulars These particulars are not an offer or contract nor part of one. You should not rely on statements by CB Richard Ellis or Knight Frank LLP in the particulars or by word of mouth or in writing as being factually accurate about the property, its condition or its value. Neither CB Richard Ellis nor Knight Frank LLP has any authority to make any representations about the property or development and accordingly any information given is entirely without responsibility on the part of the agents, sellers or lessors. ii. Images photographs and other information Any computer generated images, plans, drawings, accommodation schedules, specification details or other information provided about the property (“information”) are indicative only. Any such information may change at any time and must not be relied upon as being factually accurate about the property. Any photographs are indicative of the quality and style of the development and location and do not represent the actual fittings and furnishings at this development. iii. Regulations Any reference to alterations to the property or use of any part of the development is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending purchaser.

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