The Epworth Shoreditch

Home , Bunhill Fields, Old Street Roundabout, Old Street station, Teddington

Landmark Newly Developed Long Let

Shoreditch Investment Opportunity Executive Summary

A landmark 1930s Art Deco building beautifully modernised for the creative industries by award-winning architects Buckley Gray Yeoman.

62,789 sq ft (5,833 sq m) of newly developed ‘best in class’ Grade A office space arranged over lower ground, ground and six upper floors.

Virtual Freehold interest (subject to a fixed ground rent of £830 per annum).

Situated just a few hundred metres from London EC1 Old Street Roundabout and Tech City, at the heart of London’s thriving creative and technology cluster.

The forthcoming Elizabeth Line (Crossrail) at Liverpool Street/ Moorgate is located within a five minute walk to the south east. Old Street station is located less than 300 metres to the north.

Long term income stream, securely let to NTT Data UK Consulting and IT Solutions Limited and Spaces with a WAULT of over 13 years.

Gross rental income of £3,872,722 per annum (£61.68 per sq ft overall).

Offers are sought in excess of £78,000,000 for the shares in the UK company which holds the property, subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 4.85% allowing for purchaser’s costs of 2.30%. 02 03 London EC1 The Epworth The Perfectly Old Spitalfields Finsbury Epworth placed Market Liverpool Street Broadgate Square Shoreditch Moorgate The HAC Barbican

04 05 London EC1 The Epworth

Old Street White Collar Principal Place The Nobu Hotel Roundabout Old Street Factory The Bower London, Europe’s

leading techology hub Newly created sectors such as ‘Fintech’, where financial services meet with technology, require offices located near London is not only the birthplace to their clients but in order to attract the highest calibre workforce, such organisations must provide a creative of the cultural, legal and business working environment which does not undermine their credibility alongside practices that define global trade, mature financial organisations.

but it is also a powerful media The movement of creative businesses from their traditional base of Soho began and technology hub and major in Clerkenwell. Shoreditch has followed more recently and benefits from the advertising centre extensive infrastructure available to the City of London, particularly at Moorgate and Liverpool Street stations, yet provides London is regarded as Europe’s leading attractive Victorian warehouse buildings technology centre with over 3,000 with exposed brick and cast iron columns new businesses (according to Start-up finishes synonymous with the creative Genome Project) as well as Google’s districts of New York. largest office outside Silicon Valley. Finsbury Square

London is the capital of digital media 06 driving the annual £120 billion UK internet 07

economy whilst digital job growth is now London EC1 outperforming all other sectors. Although Alphabeta the Financial and Insurance sectors remain key drivers, the Technology, Media

The Epworth and Telecommunications (TMT) sector has now overtaken these sectors in terms of office take-up in Central London.

Substantially 3,000 Europe’s leading improved transport tech centre NEW BUSINESSES infrastructure

Substantial improvements to the locality’s transport infrastructure continue to attract £50 Million upgrade White Collar Factory major organisations from the financial and corporate sectors in addition to the traditional to Old Street station media and tech companies. The location is set Digital media brings to improve further upon the delivery of major forthcoming infrastructure projects including UK internet economy to the Liverpool Street and Moorgate entrances to the Elizabeth Line (Crossrail) and a £50m upgrade to Old Street station. £120 billion per annum Shoreditch and Tech City have become distinct as London’s new centre of creativity and innovation

Shoreditch, London’s centre of

08 creativity and communication 09 London EC1

The Epworth occupies a prominent corner site at the heart of Shoreditch, an area which is home to the third largest cluster The Epworth of tech and web companies in the world. The ‘Tech City cluster’ surrounding Old Street Roundabout is located just a few hundred metres to the north of The Epworth and has strong Government support aimed at making the UK “the best An unprecedented influx of technology, place to start and run a digital business” media, and telecommunication companies via The Digital Charter manifesto. (TMT) to Shoreditch and the area surrounding Old Street Roundabout in recent years has secured its position as a major global technology hub. Shoreditch and Tech City have become distinct as London’s new centre of creativity and innovation.

The area serves as an incubator for start- ups in fintech, media, and technology, fashion, music and art industries, with the landmark Google ‘Campus London’ within a few hundred metres to the south on Bonhill Street. Being the pre-eminent location for tech occupiers in London, Shoreditch is home to the leading brands within the industry including Amazon, Google ‘Campus London’, Silicon Valley Bank, Yammer, Inmarsat, Adobe Systems, Lowe Group (Interpublic), and QuidCo. Local 1 3 4 5 Developments

Shoreditch is one of London’s fastest

growing sub-markets and has been Arnold, 21-33 Great Eastern Street, 1 Mark Square, Finsbury Tower, 103-105 Bunhill Row, Principal Place, 111-113 Worship Street, London EC2 London EC2 London EC1 London EC2

subject to unprecedented development • The Property Trust • EPIC • Finsbury Tower Estates (CIT) • ENPAM (Developed by Brookfield) • 75,000 sq ft • 62,718 sq ft • 12 storey extension providing • 642,000 sq ft and 301 residential units activity in recent years, with a pipeline • Completion Q2 2018 • 100% pre-let to Wework 289,151 sq ft offices and 25 • 100% pre-let to Amazon • Completion 2018 affordable residential units • Completed Q3 2017 • Completion 2021 to suggest this will continue 2 6 7 8

This is largely being driven by occupational demand from rapidly growing tenants within the tech and creative sectors which have made Shoreditch the international ‘tech hub’ that it is today.

With one of the lowest vacancy rates across Central London, developers are competing to capture this strong occupational demand. White Collar Factory, 1 Old Street Yard, The Bower, 207-211 Old Street, C Space, 37-45 City Rd, 1 Fairchild Place, London EC1 London EC1 London EC1 London EC2

• Derwent London • Helical Plc • 62,000 sq ft • Highgate Holdings 10 • 237,000 sq ft • Phase 1: 140,000 sq ft offices and retail, • Helical Plc • 101,000 sq ft and 200 bed hotel 11 • Completed Q3 2017 100% pre-let • 75% pre-let to Mullins Lowe • Completion 2021 or beyond

• Phase 2: 180,000 sq ft offices, with retail, • Completed 2015 London EC1 a third pre-let to Wework • P1 completed 2016, P2 scheduled Q3 2018

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There are a number of leading hotels within the

immediate vicinity, with more under construction

to satisfy increasing demand

Montcalm Royal London House The Hoxton Nobu Hotel Finsbury Square, EC2 81 Great Eastern Street, EC2 10-50 Willow Street, EC2 Shoreditch and the surrounding Completed in 2016, this luxury This 208 room contemporary The luxury Nobu brand opened area has evolved over the last hotel overlooks Finsbury Square hotel, with exposed brick their first London 5 star Nobu 12 and has 256 rooms, a spa and a features and an American Hotel in 2017. It provides 148 13 high quality restaurant. style grill restaurant operated bedrooms, and Nobu’s newest

ten years into one of the most London EC1 in conjunction with the Soho luxury restaurant, and spa. vibrant and exciting retail and House Group, is a landmark in the local area.

The Epworth leisure destinations in London,

and now has international

status attracting established

global brands

With the growth in residential development, the area has become a seven day trading destination serving M by Montcalm Shoreditch The Curtain South Place Hotel an increasingly affluent population. 153-157 City Road, EC1 37-49 Curtain Road, EC2 3 South Place, EC2 The type of local workers, visitors and residents present a unique opportunity A 269 room five star hotel, A Five-Star hotel, restaurant, live Situated 150 yards to the south to retailers, cafés, bars and restaurants situated north of Old Street music venue and members club. of Finsbury Square is the City of as, in general, these consumers want Roundabout, which opened Centred around 120 guest rooms London’s leading contemporary a different experience to the typical in October 2014. The hotel and suites, there is a rooftop hotel comprising 80 rooms. The brands present on most UK high streets. offers a spa, pool, two bars pool and lounge, 24-hour gym, hotel is operated by D&D London Boxpark, London’s first pop-up mall and a 17th floor restaurant treatment rooms, co-working and provides two restaurants, situated adjacent to Shoreditch High with a Michelin starred chef. space and 6,000 square feet three bars and five private dining/ Street station, features a continuously of event space, with a ballroom meeting rooms. changing line-up of retailers and is an and screening room. example of how a pioneering trading format can succeed. Meet the neighbours

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Local Occupiers Tech Occupiers

1 UBS 11 Herbert Smith Freehills 1 Central Working Shoreditch 11 Fund Apps 2 Deutsche Bank 12 Pinsent Masons 2 Google ‘Campus London’ 12 WeWork 3 ICAP 13 Charles Stanley Group 3 Mind Candy 13 Morning Star 4 Royal Mail Group 14 Invesco 4 Pivotal Software 14 Interactive Data 5 Royal Bank Of Scotland 15 Grant Thornton 5 EMAP 15 TSYS 6 EBRD 16 London Metal Exchange 6 BOX 16 FactSet 7 Allianz 17 Simmons & Simmons 7 University of Liverpool 17 Cass Business School 8 Hill Dickinson 18 Slaughter & May 8 Inmarsat 18 SAS 9 Ashurst 19 Linklaters 9 Amazon 19 ING-Media 10 Mayer Brown 20 HSBC 10 Stock Exchange 20 I-AM Connectivity

The Epworth benefits from exceptional Angel Shoreditch transport connectivity being located High Street a short distance from the following 7 minutes Underground and Mainline stations: 11 minutes 3 minutes 21 minutes 8 minutes Old Street

< 1 minute 1 minute

Old Street roundabout /

station upgrade

Old Street station is to undergo a £50m upgrade which will convert the existing 1970s roundabout into an attractive new pedestrianised public space, including seating and trees. It will see the north- Moorgate Stratford western ‘arm’ of the junction by City Road 8 mins closed and two-way traffic reintroduced Reading Heathrow Bond Street Farringdon Whitechapel 2 minutes to the gateway to Tech City as it becomes 61 mins 33 mins 7 mins 2 mins 2 mins 16 17 a new hub for the thousands of people 6 minutes

who live, work and socialise nearby. Barbican Liverpool Street London EC1 39 architects were invited to submit their

proposals for the roundabout, and four 4 minutes 3 minutes Tottenham Liverpool have been shortlisted. The winning design Slough Paddington 10 minutes 10 minutes 37 mins 10 mins Court Road Street The Epworth will be selected soon, and the roundabout 16 minutes 4 mins Canary Wharf will likely provide advertising space to 6 mins rival that at Piccadilly Circus, at the heart of Tech City. All journey times taken from the building. Source: TfL

The Elizabeth Line (Crossrail)

Crossrail is Europe’s largest infrastructure project and is set to transform London’s transport network. It is estimated that the new rail line will bring an extra 1.5 million people to within 45 minutes of Central London. Services are due to commence in December 2018 with Liverpool Street set to become one of the key hubs which is located approximately 800 metres from The Epworth. Liverpool Street Crossrail will provide direct links to the West End, Canary Wharf and London Heathrow.

The Liverpool Street and Moorgate entrances to the Elizabeth Line are approximately a five minute walk to the south east of the property and will provide access to Bond Street and Canary Wharf within seven minutes and Heathrow within 33 minutes, from late 2018.

One of the four shortlisted designs - Gpad London’s proposal New Elizabeth Line entrance at Liverpool Street station for the redevelopment of Old Street Roundabout and station. An iconic building with a rich history

The name Epworth comes from the In the 1930s there were three stages of rebuilding the properties acquired in the small town in Lincolnshire where 19th century until it became the building prior to the current renovation. During John and Charles Wesley, Founders the war, the building suffered heavy damage together with all the surrounding of Methodism, were born and raised buildings. It was for a time commandeered by the Honourable Artillery Company situated opposite. In 1940 a Field Library More recently the name Epworth has also was operated from the property sending been used as the imprint for Methodist parcels of books to the chaplains at books and is intimately linked with Wesley’s the Front for the use of the soldiers. Chapel (just to the north at 49 City Road) and to the predecessor building, the In the 1980s the Methodist Publishing House moved out of the building, first 18 Foundery. The name Foundery comes from 19 the disused cannon foundery, which was to Wimbledon and then to Peterborough. London EC1 damaged in an explosion in the early 18th Their work is now done in-house at the century and was repaired and occupied by company Headquarters Building on John Wesley as his London Headquarters. Marylebone Road.

The Epworth It was used until the current, New Chapel at 49 City Road, was opened in 1778. There is a Museum in the basement of the Chapel which outlines this history. The Building

Beautifully moderised landmark The rear half of the building has been demolished and rebuilt as a new steel 1930s Art Deco building frame behind the beautifully retained Art Deco facade. Two upper partial floors have been removed and replaced by three The Epworth comprises a landmark 1930s new floors, with the 5th and 6th benefiting Art Deco building beautifully modernised from substantial roof terraces. Along both for the creative industries by award winning City Road and Epworth Street, new double architects Buckley Gray Yeoman in 2018. height voids have been formed to link the ground and lower ground. The project involved the substantial refurbishment and reconstruction of three The office floor plates provide high quality separate buildings to provide approximately space sympathetically restored with a 62,789 sq ft (5,833 sq m) of ‘best in class’ sophisticated industrial aesthetic. Typical Grade A office accommodation arranged floor plates comprise approximately over lower ground, ground and six 9,000 sq ft (836 sq m) and benefit from upper floors. exceptional levels of natural light. The offices are accessed via a prominent entrance fronting City Road, leading to a dramatic full height atrium featuring balconies for tenant interaction. “ The challenge was to breathe new life into the building – and its mix of architectural styles – whilst also remaining sensitive to the site’s prominent urban setting.”

Matt Yeoman

Director at Buckley Gray Yeoman

20 21 London EC1 The Epworth Specification

A detailed specification is available • Four pipe fan coil air conditioning; within the data room, but in summary:- • Unisex WCs and accessible WCs • Refurbished external façade, located at every floor; white painted 1930s faience tiles • A block of seven showers, including and refurbished and new textured one accessible shower, located on red brick; basement level accessed directly • Audio visual door system providing from the main core and served by 24 hour access; an integral changing area with storage lockers along each wall; • White painted plasterboard ceilings with exposed concrete • 70 secure bicycle spaces, discreetly soffit under stairs; accessed via the Tabernacle Street entrance to the rear; • New suspended LED lighting; • Substantial terraces to the 5th • Attractive ‘warehouse style’ double and 6th floors; glazed black Crittal windows; • Excellent environmental credentials, • Three new 12 person lifts within rebuilt having been awarded a BREEAM lift shaft serving all floors (basement rating of ‘Very Good’. only served by one); Accommodation

Sophisticated industrial aesthetic with Floor Use NIA sq ft NIA sq m

exceptional levels of natural light 6th Office 5,039 468 5th Office 7,552 702

The property has been independently measured 4th Office 9,024 838 by Plowman Craven in accordance with the RICS 3rd Office 9,101 845 Code of Measuring Practice 6th Edition and provides the following Net Internal Areas:- 2nd Office 9,087 844 1st Office 9,063 842

Ground Office 6,880 639

Ground Reception 1,417* 132

Lower Ground Office 5,626 523

Total 62,789 5,833

* The reception area is not included in NIA

22 Floor Plans 23 London EC1 Ground Floor Typical Upper Floor 5th Floor 6th Floor

6,880 sq ft / 639 sq m 9,024 sq ft / 838 sq m 7,552 sq ft / 702 sq m 5,039 sq ft / 468 sq m The Epworth Epworth Street Epworth Street Epworth Epworth Street Epworth Street Epworth

City Road City Road City Road City Road

Floor Core Reception Terrace For indicative purposes only. Not to scale. Wesley’s Tenure Chapel Tenancy & Site

Virtual Freehold 100% pre-let ahead of

Street Epworth practical completion The property is held Virtual Freehold under title number NGL570603 for a term of 999 years from 25 March et re The Epworth was 100% pre-let The 4th, 5th and 6th floors are £2,393,769 per annum (£60.21 per 1902 (883 years unexpired) from ahead of practical completion let to NTT Data UK Consulting sq ft). The lease is guaranteed by Epworth Street Investments Ltd, at a to two tenants in accordance and IT Solutions Limited on three Regus Plc on a capped basis as rnacle St fixed ground rent of £830 per annum. City with the tenancy schedule set seperate leases for a term of set out in the Covenants section.

Tabe Ro out below. The leases are drawn ten years at a passing rent

ad Bonhill Street on effective full repairing and of £1,478,953 per annum The total gross passing rent insuring terms and provide (£68.42 per sq ft). equates to £3,872,722 per annum exceptionally long term secure (£61.68 per sq ft overall) with a income with a weighted average The lower ground to 3rd floors are net rent passing of £3,871,892 unexpired term of over 13 years. let on a single lease to Spaces per annum after deduction of at an overall passing rent of head rent.

24 25 Tenancy London EC1 This plan sets out the approximate position of the property and is for identification purposes only. We make no warranty, express or implied, nor accept any responsibility or liability for its accuracy Schedule or completeness. The Epworth

Tenant Floor Use Area Area Lease Lease First Rent Rent Comments Sq ft Sq m Start Expiry Review £PAX £PSF

NTT Data UK 6th Offices 5,039 468 £357,769 £71.00 • Rent deposit equivalent Consulting and to 9 months rent plus 31/05/18 30/05/28 31/05/23 IT Solutions VAT held. 5th Offices 7,552 702 £521,088 £69.00 Limited • Lease held outside the Security of Tenure and Compensation Provisions of the Landlord & Tenant 4th Offices 9,024 838 31/05/18 30/05/28 31/05/23 £600,096 £66.50 Act 1954 Part II (as amended).

London Epworth 3rd Offices 9,101 845 • Lease held inside the House Centre Security of Tenure and Ltd (Spaces) Compensation Provisions 2nd Offices 9,087 844 of the Landlord & Tenant Act 1954 Part II 1st Offices 9,063 842 (as amended). 06/06/18 05/06/33 06/06/23 £2,393,769 £60.21 • Lease guaranteed by Regus Plc on Ground Offices 6,880 639 a capped basis.

Lower Offices 5,626 523 Ground

Ground Reception 1,417 132

Total 62,789 5,883 £3,872,722 £61.68

Spaces Business Club Covenants

Spaces Regus Plc NTT Data UK Consulting and IT Solutions

(London Epworth House Centre Ltd) The Guarantor Limited (38% of total income)

(62% of total income) The Spaces lease is guaranteed by parent NTT DATA is a global IT services provider and Dun & Bradstreet provides NTT Data UK Consulting company Regus Plc who is the largest provider of innovation partner which is headquartered in Tokyo, and IT Solutions Limited with a rating of 3A1 Spaces provides shared workspace communities flexible workspace solutions in the world, founded with over 76,000 employees working at business representing a ‘minimum risk of business failure’. and services for its members which include small in Brussels, in 1989. Regus Plc’s network includes operations in over 40 countries. The company aims and medium enterprises, freelancers, start-ups, nearly 3,000 business centres across almost to develop innovative business and IT solutions for NTT Data UK Consulting Accounts as at established companies, mobile workers 900 cities in 120 countries and is listed on the companies in the private and public sectors across and IT Solutions Ltd 31/03/2017 and entrepreneurs. London Stock Exchange. areas such as cloud solutions, business intelligence, consulting, big data, and analytics. Turnover 35,637,353 Originating in Amsterdam, the business now has In November 2016, Regus Plc rebranded as over 140 centres in 32 countries, across seven International Workplace Group (IWG) and moved NTT DATA UK is headquarted at the nearby Royal Profit (Loss) before taxes (92,509) continents. The business is currently undergoing its headquarters to Switzerland. Spaces comprises Exchange at the heart of the City of London, with an expansion drive to meet the demand of the one of their wide range of office formats, as they the other UK office in Birmingham. The company Tangible Net Worth 8,675,222 modern office occupier, with other recent London continue to grow their mobile, virtual office and aims to use information technology to create Net Current Assets 7,518,288 locations at City Point, Fitzrovia, Teddington, workplace recovery business, enabling customers paradigms and values, which help contribute to Park Royal, and forthcoming locations confirmed maximum flexibility in terms of their business a more affluent and harmonious society. Some 26 27 in Chiswick and Oxford Circus. The brand offers environment. of their more high profile clients include leading www.uk.nttdata.com

a full-service workspace from tech support, software vendors such as Microsoft, SAP, TIBCO London EC1 office furnishing, bicycle hire, dry cleaning, Regus Plc provides a Parent Company Guarantee and Genesys. and secretarial support. The majority of these to the Space lease as follows: services can be booked via smart phone on The Epworth the Spaces app. Term (Years) Months

www.spacesworks.com 1 - 5 60

6 - 8 48

9 - 14 36

15 12

Dun & Bradstreet provides Regus Plc with a rating of 1A1 representing a ‘minimum risk of business failure’.

Regus Plc Accounts as at 31/12/2017 (000’s)

Turnover 2,341,700

Profit (Loss) before taxes 167,200

Profit after tax 131,600

EBITDA 388,600

www.regus.co.uk Planning Contact For further information, access to the data The property is located in the room or to arrange a viewing please contact: London Borough of Islington. It is not listed, but is situated within the Bunhill Fields and Finsbury Square Conservation Area. James Abrahams 020 7588 4433 [email protected]

VAT Matthew Millman 020 7588 4433 The property is elected for VAT. [email protected]

Christopher Room 020 7588 4433 EPC [email protected]

A copy of the property’s EPC certificate can be found on the online data room and is available upon request.

28 29 London EC1 Proposal

The Epworth Offers are sought in excess of £78,000,000 for the shares in the UK company which holds the property, subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 4.85% allowing for purchaser’s costs of 2.30%.

Data Room

Further information can be found on the online data room. Please contact the vendor’s agents to request access.

DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. June 2018.

Designed and produced by Cre8te - 020 3468 5760 – cre8te.london The Epworth EC1 Shoreditch 25 City Road