CHARTER PLACE SEATON PLACE, ST HELIER, , JE2 3QL

LANDMARK GRADE A OFFICE INVESTMENT

ENTER HOME INVESTMENTINVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARYSUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

INVESTMENT SUMMARY • Well located prime office investment in the heart of St Helier • Modern office accommodation totalling 35,120 sq ft (3,263 sq m) • Fully let to 4 tenants • WAULT of over 9 years (6.93 years to breaks) • Freehold • Total rental income of £998,359.50 per annum • Offers sought in excess of £13,400,000 (Thirteen Million, Four Hundred Thousand Pounds) exclusive of GST (if applicable). A purchase at this level reflects a net initial yield of 7.00% incorporating purchaser’s costs of 6.50% • Low base rents of £25 - £28 psf HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

KING CHARTER PLACE STREET MAIN ROUTE TO JERSEY AIRPORT JERSEY JERSEY FINANCIAL FINANCE SERVICES COMMISSION

ST HELIER HARBOUR

JERSEY INTERNATIONAL LIBERTY FINANCE CENTRE WHARF

WATERFRONT CENTRE

ELIZABETH MARINA

ELIZABETH HARBOUR HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

LOCATION Jersey is the largest of the four , situated off the northwest coast of France, 23 km (14 miles) from Normandy and 136 km (85 miles) from the south coast of England. The property is located on the south coast of Jersey in St. Helier.

Jersey is well served by sea and air links to both the UK and Europe. Jersey airport is located 8km (5 miles) from St. Helier and provides regular services to the UK, France and Switzerland. Journey times for flights from London Gatwick and are 1 hour and 1 hour 15 minutes respectively. Ferries from the UK to Jersey operate regularly, with the fastest journey time of 4 hours 30 minutes from Poole. CHARTER PLACE Jersey is a Crown Dependency meaning while it owes its allegiance to the British Crown; it is self-governing and operates within its own tax and legal framework. Jersey’s local economy revolves largely around the finance and professional advisory industries.

e vonshire Plac De E s et t p e e l tr T a Un e n he ion r d er S S t e t tree es t S c P u a o r w Gl ad e

N Seaton Place e Minden Place

t e e r t t e S e q r Du es t mar e S SITUATION c a l B CHARTER PLACE w eresfo e P rd S St Helier is the capital of Jersey and located on the south coast of the island. The town has a population of treet N t Es t p e la k approximately 28,000 which accounts for 31% of the island’s population. n l a a d B e ro King H a Street d King S S treet R tr The property is located on Seaton Place, running parallel to the Esplanade. It is a short distance from the popular o e u e t te d and the Waterfront area. The town’s main retail areas of King Street and Queen Street are only a 5 e t l e a e Ch L tr u ib rc minute walk from the property. e h ra le S t st t io a e S n e t C r r t e S e y L t ib a Charter Place is situated in a prominent position within St Helier’s established financial district; professional occupiers er w at n Ro io o ut n C e d St e l at et include HSBC, Jersey FSC, Citibank, BNP Paribas, Ogiers, Aberdeen Asset Management and States of Jersey. a L io re ibe n St rat er ion t lcas h u t M be a liz E t r o P u d e t u o R HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

DESCRIPTION Charter Place comprises a prominent, modern office building constructed in 2003, totalling approximately 35,120 sq ft (3,262 sq m) of accommodation.

The building allows for flexible, open space and is arranged over basement and five upper storeys. Internally there is a large attractive atrium which provides excellent natural light throughout the building and houses two 13-person lifts. Located on the fourth floor is a roof terrace of over 1,500 sq ft that affords outstanding views over the St. Helier skyline.

The specification includes:

• Two high speed,13-person wall climbing lifts • Fully integrated VRV air-conditioning system • Metal encapsulated full raised access flooring • Suspended ceilings with integral low energy recessed lighting • Showers and toilet facilities on each floor • 22 basement car parking spaces and bike parking

LOCAL ECONOMY Jersey is a thriving island and a renowned financial centre with a strong and prosperous economy. Financial services dominate the economy employing more than 28% of the population and contributing 60% of GDP. As a result there are approximately 33 banks from the UK, Europe, North America, Switzerland, Asia and Africa based on the island.

The Jersey Financial Services Commission is responsible for the regulation, supervision and, within its legal remit, the development of the financial services industry on the island. More information can be found at their website, www.jerseyfsc.org.

Aside from financial services, the island’s other main income source is tourism which accounts for around 20% of GDP. The island attracts over 700,000 visitors per annum, the vast majority coming from other parts of the UK and mainland Europe. HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

TENANCIES Charter Place is let on full repairing and insuring leases producing a total income of £998,359.50 per annum.

AREA TERM RENT

DEMISE TENANT COMMENTS SQ M LEASE LEASE RENT PER PER BREAK DATE (SQ FT) START END REVIEW ANNUM SQ FT

Third and Fourth Dominion Fiduciary 1,190.91 8 car parking spaces 4-Mar-2005 - 3-Mar-2026 3 yearly £380,000 £27.83 Floors Services Limited (12,819) Service charge capped at £4.55 psf

5 car parking spaces 771.74 Service charge capped at £4.47 psf Second Floor MRI Services Limited 1-Sep-2006 1-Sep-2021 31-Aug-2027 3 yearly £226,578.50 £25.53 (8,307) Lease guaranteed by IFM Trust Limited

Triton Administration 762.08 First Floor (Jersey) Limited and 5-Mar-2012 4-Mar-2017 4-Mar-2021 3 yearly £221,481 £27.00 Service charge capped at £4.66 psf (8,203) Triton Advisers Limited

538.00 8 car parking spaces Ground Floor Crestbridge Limited 2-Dec-2014 - 14-May-2023 3 yearly £167,400 £24.90 (5,791) Service charge capped at £4.00 psf

Car Parking Somerston Group Ltd - 28-Nov-2014 - 28-Nov-2015 Annual, RPI £2,900 - Rolling 3 month break Space

3,262.73 9.1 years WAULT £998,359.50 (35,120) (6.93 to breaks)

Note: Rental devaluations have been based on an assumed car parking rate of £2,900 per space. The floor areas adopted are those stipulated in the leases.

TENURE Freehold. HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTSTENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

TENANTS

CRESTBRIDGE LIMITED TRITON ADMINISTRATION (JERSEY) LIMITED Crestbridge Limited were established in 1998 and have been branded as Crestbridge since 2013. They Triton was established in 1997 and is a private equity investment firm specialising in investing in medium- provide a range of real estate, fund, corporate and family office administration and accounting services to a sized businesses in northern Europe, Italy and Spain. The firm has sponsored 6 funds totalling €8.2 billion, the global client base. most recent of which being the Triton IV fund established in 2013 with committed capital of €3.5 billion.

www.crestbridge.com www.triton-partners.com

MRI SERVICES LIMITED (t/a PraxisIFM) DOMINION FIDUCIARY SERVICES LIMITED Established in 1972, PraxisIFM provide wealth management advice with offices throughout the world The Dominion Group was established as a specialist firm in 2001 and has expanded to become one of the serving both corporate and individual clients. They currently have assets under administration exceeding largest independent trust companies to operate from both within and outside the EU. The firm have a client $30billion. base throughout the UK, United States, Asia and Europe including global corporations and high net worth individuals. PraxisIFM has offices in Guernsey, Jersey, Switzerland, Malta, Luxembourg, South Africa, New Zealand, Mauritius and Dubai. Dominion employs over 90 staff and has offices in Jersey, London, Malta and Geneva www.praxisifm.com www.dominionfs.com HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

JERSEY LETTING MARKET JERSEY INVESTMENT MARKET Total office stock in Jersey is in the region of 2.8m sq ft, of which the vast majority is In addition to a favourable letting market, investors in Jersey property benefit from; centred in St. Helier. The market traditionally has a low vacancy rate of below 8%. Much of this space, however, suffers from being second hand, in a secondary location or having a • UK style commercial leases and international covenant. poor specification. • Absence of security of tenure and complex landlord & tenant legislation. • Long lease duration with 3-yearly, upward only open market reviews. There has been a consistent level of demand for space within the prime business district with many businesses looking to upgrade to more modern office space, with annual prime As such the Jersey investment market has seen significant activity over the past 12 months with a number of transactions. The recent sales of 26 take up in the region of 200,000 sq. ft. New Street, Ogier House and 18-22 Grenville Street illustrate that there is strong demand for high quality assets.

Prime rental levels have seen an increase over the past few years with a number of noteworthy lettings including the pre-lettings to Royal Bank of Canada in 68-72 Esplanade at £34.00 per sq ft and to UBS at the Jersey International Finance Centre at a rumoured DATE ADDRESS PRICE NIY PURCHASER COMMENTS £35.00 per sq ft.

Multi-let office with AWULT of 5.56 years. The lack of supply of Grade A space combined with anticipated demand is likely to put Sir Walter Raleigh House, Valad Europe Tenants include Aberdeen Private Wealth Mar-15 48-50 Esplanade, £6,450,000 7.33% further pressure on headline rents suggesting these will continue to improve in the short (VEDF) Management, CVC Capital Partners and St Helier, Jersey and medium term. Jersey Finance Limited

Trafalgar Court, Multi-let office with AWULT of 12 years. Feb-15 St Peter Port, £61,380,000 6.50% Strenprop Ltd Tenants include Northern Trust and Aztec ADDRESS DATE TENANT HEADLINE RENT PSF Guernsey

Jersey International 26 New Street and Hailsham Let on two leases to Bedells Lawyers / Finance Centre, May-15 UBS £35 (TBC) Jan-15 Dumaresq House, £14,270,000 7.00% Investments Trust on 21 year lease from October 2014 Phase 1 (pre-let) St Helier, Jersey Limited 68-72 Esplanade Royal Bank of May-14 £34 (TBC) (pre-let) Canada Ogier House, Leased to international law firm Ogier until Jan-15 44 Esplanade, £27,000,000 7.50% Standard Life November 2033 with tenant’s break option St Helier, Jersey November 2021 25-26 Esplanade Mar-14 Pentera Trust £26.50

18-22 Grenville Street, Fully let to Ozannes LP with 11.5 Nov-14 £17,500,000 7.57% Apache Capital 37 Esplanade Nov-13 Brevan Howard £33.50 St Helier, Jersey years unexpired. Annual 2% uplifts HOME INVESTMENT AERIAL LOCATION DESCRIPTION GALLERY TENURE TENANTS JERSEY PROPOSAL CHARTER PLACE SUMMARY SITUATION LOCAL ECONOMY TENANCIES PROPERTY FURTHER SEATON PLACE, ST HELIER, JERSEY, JE2 3QL MARKET INFORMATION

PROPOSAL We have been instructed to seek offers in the region of £13,400,000 (Thirteen Million, Four Hundred Thousand Pounds) exclusive of GST (if applicable). A purchase of this level reflects a net initial yield of 7.00% assuming purchaser’s costs of 6.50%.

Alternatively the holding Jersey SPV is available to be acquired. Further details can be provided on request.. VAT Value Added Tax is not levied in Jersey. Goods and Services Tax (GST) may be applicable. All figures quoted in this brochure are exclusive of GST and we would recommend that prospective purchasers make their own enquiries in this regard. FURTHER INFORMATION Viewing strictly by appointment with the vendor’s agents. For further information please contact:

Neil Dovey Phil Dawes Telephone: 0207 911 2168 Telephone: 01534 815233 Email: [email protected] [email protected]

Bart Holt-Smith Chris Daniels Telephone: 0207 911 2728 Telephone: 01534 629001 [email protected] [email protected]

gva.co.uk/9070

Misrepresentation Act 1967. Unfair Contract Terms Act 1977 The Property Misdescriptions Act 1991. These particulars are issued without any responsibility on the part of the agents and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agents nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. September 2015.

RB&Co 0161 833 0555. www.richardbarber.co.uk