21 LOMBARD STREET LONDON EC3

PRIME FREEHOLD INVESTMENT OPPORTUNITY 21 LOMBARD STREET 21 LOMBARD STREET 2 3

EXECUTIVE SUMMARY

21 LOMBARD STREET IS A PRIME FREEHOLD OFFICE INVESTMENT LOCATED ON ONE OF THE MOST PRESTIGIOUS ADDRESSES IN THE CITY OF LONDON

Situated in the heart of the City of London in a 100% prime location, only 100 metres from the Bank of England and the Royal Exchange

Freehold

Occupying a virtual island site of 0.416 acres with excellent levels of natural light and abutting ICBC’s owner occupied headquarters fronting King William Street

115,955 sq ft (10,772.4 sq m) of Grade A office accommodation arranged over basement, lower ground, ground and 8 upper floors with terraces on the 2nd, 4th, 5th and 7th floors

Single let to UBS UK Properties Limited, a wholly owned subsidiary of UBS AG, on a full repairing and insuring lease, expiring 27th March 2026 and providing an unexpired term of over 8 years

The tenant has refurbished the reception, lift lobbies, WCs and the office accommodation on the upper floors

Current passing rent of £6,500,000 per annum, equating to only £56.06 per sq ft overall, subject to an upward only rent review in March 2021

The 1st floor is currently under offer to the Chartered Institute of Insurers at a rent of £57.50 per sq ft

Offers are sought in excess of£143.5 million for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.45% and a capital value of £1,238 per sq ft assuming acquisition costs of 1.8% through the purchase of the JPUT 21 LOMBARD STREET 21 LOMBARD STREET 4 5 PRIME FREEHOLD INVESTMENT OPPORTUNITY IN AN UNRIVALLED LOCATION IN THE HEART OF LONDON

LLOYD’S OF LONDON

R O YA L EXCHANGE

BANK OF ENGLAND 21 LOMBARD STREET 21 LOMBARD STREET 6 7

LONDON IS UNDOUBTEDLY THE WORLD’S LEADING CENTRE FOR GLOBAL FINANCE, COMMERCE AND INSURANCE AND IS ALSO HOME TO MANY OF THE WORLD’S LEADING BUSINESS INSTITUTIONS INCLUDING LLOYD’S OF LONDON, THE LONDON STOCK EXCHANGE AND THE BANK OF ENGLAND AS WELL AS CULTURAL AND HISTORICAL CENTRES SUCH AS ST PAUL’S CATHEDRAL AND THE GUILDHALL

LONDON NO 1 ACCOUNTS FOR IN THE 22% OF THE UK’S GLOBAL FINANCIAL GROSS DOMESTIC CENTRES INDEX PRODUCT

POPULATION OF APPROXIMATELY LONDON FORECAST 455,000 TO REACH PEOPLE EMPLOYED 10 MILLION IN THE BY 2030 CITY OF LONDON

75% OF HOME TO MORE THAN FORTUNE 500 COMPANIES HAVE 70% OF THE AN OFFICE IN FTSE 100 THE CAPITAL 21 LOMBARD STREET 21 LOMBARD STREET 8 9

LONDON IS A TRULY DOMINANT GLOBAL GATEWAY CITY AND IS AN UNRIVALLED CULTURAL, FINANCIAL, COMMERCIAL AND HISTORICAL CENTRE - ITS INFLUENCE AND STATUS BOTH GLOBALLY AND WITHIN THE UK IS UNQUESTIONABLE GRAY’S INN ROAD DOUGHTY STREET ST. JOHN

GUILFORD STREET FARRINGDON ROAD CLERKENWELL ROAD

STREET

GOSWELL ROAD

M ILLMAN STREET CLERKENWELL

ROAD

AVENUE

CLERKENWELL ROAD The Green

ROSEBERY

LAMB’S CONDUIT STREET

JOHN STREET CLERKENWELL ROAD ST. JOHN

SQUARE

E

T STREE ’S ROAD

ERHOUS

THEOBALD RT A

CH SQUARE HATTON GARDEN ALDERSGATE STREET BEDFORD ROW Gray’s Inn CHARTERHOUSE Gardens

THEOBALD’S ROAD GRAY’S INN

FARRINGDON ROAD

SOUTHAMPTON ROW SQUARE ANE E GRAY’S INN ROAD CHARTERHOUSE STREET LONG L DRAKE STREET

RED LION SQUAR E R SOUTH RE SQUA Bloomsbury RED LION SQUA Smithfield Market Square 21 LOMBARD STREET 21 LOMBARD STREET 10 11 E

T

A

VERNON PLACE PROCTER WEST SMITHFIELD STREET

HIGH HOLBORN HOLBOR MOORG N LONDON WALL

ST ANDREW STREET LOCATION

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HIGH HOLBORN T HOLBORN EE

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VIADUCT SG R E LONDON WALL

FARRINGDON STREET LD

A LINCOLN’S INN NEW 21 LOMBARD STREET BENEFITS STREET GR ESHA ET

SHOE LANE FROM A WORLD RENOWNED M ST ND REE T GUILDHALL

WOOD ADDRESS IN THE HEART OF THE OORGATE NEWGATE M

LE GRA BROAD STRE

New Street CITY OF ST RLONDON EET Square OLD

ARTIN’S

REET M T

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L OLD BAILEY UEEN S 21 Lombard Street is situated strategically in a core City of Q LINCOLN’S INN FIELDS London location on a prominent freehold virtual island site on GREAT the south side of Lombard Street, closeStock to itsExchange junction with King

FETTER PSGATE William Street. SARDINIA STREET PRINCES STREET ISHO The property is in a highly desirable location in close proximity B to various major landmarks including the Bank of England, the CHEAPSIDE BANK OF Royal Exchange and the tower cluster. Whilst Lombard Street ENGLAND KINGSWAY LEADENHALL FLEET STREET represents an internationally recognised banking and financial STREET DRUR ONE NEW BUILDING Y thoroughfare, its location within the EC3 boundary also means it THE NED

LANE LUDG ROYAL NEW BRIDGE ATE CHANGE STREET is close to London’s HIL prestigiousL insurance Stmarket, Paul’s centred Cathedral on the POUL THREADNEEDLE STREET T T FLEET RY EXCHANGE LEADENHALL

Lloyd’s Building, situated to the east of the property. EE CORNHILL R

This location therefore appeals to aST wide PAU range of occupiers from

ST LLOYD’S L’S CHURCHYARD  STRAND the financial, insurance and professional sectors and provides LOMBARD STREET BUILDING excellent access to some of the City’s premier attractions, as well

ALDWYCH QUEEN as other key locations across Central London. CANNON STREET STREET QUEEN VICTORIA STREET KING WILLIAM STR LOMBA Royal Opera BLOOMBERG House RD STREE PLACE T EET STRAND R ARUNDEL STREET

ALDWYCH EET Inner Temple QUEEN VICTORIA STREET MANSION

Middle HOUSE Temple Covent Garden CANNON  FENCHURCH STREET STREET Inner Temple GRACECHURCH ST Garden

STREET TEMPLE PLACE UPPER THAMES UPPER THAMES STREE BLACKFRIARS UNDERPASS EASTCHEAP Somerset VICTORIA EMBANKMENT House T

PLACE

STREET

EN E

QU LOWER THAMES RIVER THAMES STREET

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G IDGE

D R I B

LONDON

SOUTHWARK BR 21 LOMBARD STREET 21 LOMBARD STREET 12 13

THE HISTORY OF PRESENT DAY LOMBARD STREET LOMBARD STREET’S FINANCIAL HERITAGE DATES THE CITY CORE CONTINUES TO EVOLVE AND THE BACK TO MEDIEVAL TIMES, WHEN IT FIRST ESTABLISHED ATTRACTIVENESS OF THE IMMEDIATE LOCATION HAS BEEN ITSELF AS A PRIME FINANCIAL CENTRE ENHANCED THROUGH THE RECENT PROVISION OF HIGH END HOTELS, RESTAURANTS AND SHOPS ENHANCING ITS STATUS AS THE PREMIER OFFICE DISTRICT IN CENTRAL LONDON

Lombard Street takes its name from Lombardy in northern Italy after a group of merchants and bankers from the region established themselves in the area around Lombard Street following the orders of King Edward I to grant them the land in the late thirteenth century. The Kings Exchange (now the Royal Exchange) followed and the success of the banking industry brought wealth to Lombard Street and by the mid-16th century it was considered one of the finest streets in London. Following its initial opening on Tower Street in 1686, Lloyd’s Lloyd’s Coffee House illustration 1733 THE NED HOTEL is set within the former headquarters of Coffee House, which has since developed into the world- Midland Bank and comprises a 252 bedroom hotel along with 9 renowned insurance market, Lloyd’s of London, relocated to restaurants, indoor and rooftop pools, gym and spa facilities. Lombard Street in 1691. It was from here that it was also able to The BLOOMBERG ARCADE runs through Bloomberg’s new establish itself as the premier market for insurance. Dating back to the European headquarters and comprises a covered arcade with Following its early expansion, Lombard Street continued to 14th Century, THE 10 independent restaurants bringing some of London’s biggest flourish and to this day, it remains a premier location within the LEADENHALL names in food to the City of London. heart of the City of London. MARKET has evolved to provide a varied boutique retail Cornhill, Lombard Street and the portico offering in the heart of the Mansion House c.1810 of EC3.

Initially the commercial centre of the City of London, the ONE NEW CHANGE is the City’s pre-eminent shopping centre ROYAL EXCHANGE has since been transformed into a high end Engraving showing the interior of the Clearing House adjacent to St Paul’s Cathedral and provides a diverse range of retail destination with a significant retail offering and a truly in Lombard Street, London, 1847 contemporary shops and restaurants. stunning internal courtyard. 21 LOMBARD STREET 21 LOMBARD STREET 14 15

ONE NEW CHANGE

BLOOMBERG ARCADE

THE NED MANSION HOUSE

BANK OF ENGLAND

HOUSE OF FRASER R O YA L EXCHANGE

LEADENHALL MARKET 21 LOMBARD STREET 21 LOMBARD STREET 16 17

GRAY’S INN ROAD DOUGHTY STREET ST. JOHN

GUILFORD STREET FARRINGDON ROAD CLERKENWELL ROAD

STREET

GOSWELL ROAD

M ILLMAN STREET CONNECTIVITY THE ELIZABETH LINE CLERKENWELL

ROAD

AVENUE CLERKENWELL ROAD The Green (CROSSRAIL)

ROSEBERY

LAMB’S CONDUIT STREET

JOHN STREET CLERKENWELL ROAD ST. JOHN

SQUARE

E

T STREE S ’S ROAD OU ERH 21 LOMBARD STREET BENEFITS FROM EXCEPTIONAL DUE TO OPEN THIS YEAR, THE ELIZABETH LINE STATION THEOBALD RT

CHA E

HATTON GARDEN ALDERSGATE STREET TRANSPORT LINKS WHICH PROVIDE THIS LOCATION AT LIVERPOOL STREET IS JUST 600 METRES FROM BEDFORD ROW

Gray’s Inn ARTERHOUSE SQUAR CH Gardens WITH UNPARALLELED ACCESS TO THE REST OF CENTRAL 21 LOMBARD STREET

THEOBALD’S ROAD GRAY’S INN LONDON AND COMMUTER LOCATIONS FARRINGDON ROAD

SOUTHAMPTON ROW SQUARE NE

GRAY’S INN ROAD RE CHARTERHOUSE STREET LONG LA Crossrail will deliver a direct train line between all of London’s It is estimated that the Elizabeth Line will increase Central DRAKE STREET

RED LION SQUA RE SOUTH main employment hubs, and will bring Central London within a London’s rail capacity to 200 million passengers a year and by RE MOORGATE SQUA Bloomsbury RED LION SQUA Smithfield Market 45 minute journey for a further 1.5 million people. The Elizabeth 21% within the City of London. With 24 trains per hour each Square Barbican Broadgate Line will provide a connection from Heathrow and Reading to the capable of holding up to 1,500 people, it will reduce journey West End, the City and Canary Wharf through to Shenfield and times in London by up to 70%. Crossrail will support major

VERNON PLACE PROCTER WEST SMITHFIELD STREET N Abbey Wood. regeneration across London and add an estimated £42 billion to HIGH HOLBOR HOLBOR 9 minutes N LONDON WALL the UK economy.

ST ANDREW STREET The property is located less than 100 8 minutes The ongoing transport developments combined with the existing

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HIGH HOLBORN T HOLBORN VIADUC EE

R T transport links already in place will only increase 21 Lombard

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the third busiest interchange on the E

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SG Street’s appeal. NN FIELDS R E London Underground network. The current LON FARRINGDON STREET LD DON WALL

A

NEW LINCOLN’S I T EET improvementsR to Bank Station, which are

GR ST ESHA due to be completed by 2021, will increase ET SHOE LANE M STREET ELIZABETH LINE TRAVEL TIMES (MINUTES) FROM LIVERPOOL STREET: ND Guildhall

RA WOOD capacity at the station by 40%. OORGATE G NEWG OAD STRE M

LE ATE BR

New Street STR EET Square The station provides access to the Central, OLD

ARTIN’S REET HEATHROW PADDINGTON BOND FARRINGDON LIVERPOOL CANARY WHARF STRATFORD T M

T. NE S Northern and Waterloo & City lines, and the STREET STREET A

L OLD BAILEY UEEN S LINCOLN’S INN FIELDS DLR which offers a direct service to Canary GREAT Q Stock Exchange Wharf. Other stations nearby include Cannon FETTER PSGATE

SARDINIA STREET Street, Liverpool Street, Mansion House, PRINCES STREET ISHO B 33 10 7 2 6 8 MonumentCHEAPSIDE and Moorgate which provide access to six underground lines, the DLR and KINGSWAY FLEET STREET One New STREET DRUR Change Y national rail services. LANE LUDG Royal NEW BRIDGE ATE STREET HILL St Paul’s Cathedral POUL THREADNEEDLE STREET T T Exchange FLEET RY LEADENHALL EE CORNHILL R

ST PAU ST L’S 1 minute CHURCHYARD se STRAND T u

UEEN

ALDWYCH CANNON STREET Q New Bank station entrance

STREET QUEEN VICTORIA STREE Mansion Ho KING WILLIAM STREET HAMMERSMITH WATERLOO NATIONAL BAKERLOO CENTRAL CIRCLE DISTRICT JUBILEE METROPOLITAN NORTHERN PICCADILLY DLR to be completed by 2021 & CITY & CITY RAIL Royal Opera Bloomberg House Place

EET STRAND R ARUNDEL STREET

ALDWYCH QUEEN VICTORIA STREET MANSION F Inner Temple ENCHU RCH STRE HOUSE ET Middle Temple Covent Garden 7 minutes CANNON STREET AIRPORT JOURNEY TIMES (MINUTES) FROM 21 LOMBARD STREET: Inner Temple GRACECHURCH ST Garden

STREET TEMPLE PLACE UPPER THAMES UPPER THAMES STREET BLACKFRIARS UNDERPASS EASTCHEAP Somerset VICTORIA EMBANKMENT 6 UNDERGROUND 21 LOMBARD CITY GATWICK HEATHROW STANSTED LUTON House 2 minutes STREET STATIONS WITHIN PLACE 2 minutes A 9 MINUTE WALK

EN STREET E 23 41 47 59 68

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LONDON 21 LOMBARD STREET 21 LOMBARD STREET 18 19

DESCRIPTION

21 LOMBARD STREET IS A PRIME, COMMANDING OFFICE BUILDING PROVIDING EXCELLENT NATURAL LIGHT AND FLEXIBLE FLOORPLATES

An impressive Central London office The office accommodation is accessed building, 21 Lombard Street provides from an impressive reception with office 115,955 sq ft (10,772.4 sq m) of Grade floorplates of approximately 14,000 sq ft A office and ancillary accommodation on the 1st to 3rd floors which taper back arranged over basement, lower ground, to approximately 3,850 sq ft on the 8th ground and eight upper floors, with floor. terraces on the 2nd, 4th, 5th and 7th The tenant has undertaken refurbishment floors. The building was completed in works to 21 Lombard Street, including 2000 and occupies a virtual island site of refurbishing the office accommodation on 0.416 acres, providing excellent levels of the 1st to 8th floors and the reception. In natural light to the office floorplates. addition, the WCs and lift lobbies on each floor have also been upgraded. The tenant also has plans to upgrade the internal fit out of the lifts in 2018.

2ND FLOOR LIFT LOBBY 4TH FLOOR MEETING ROOM 21 LOMBARD STREET 21 LOMBARD STREET 20 21

4TH FLOOR BREAK OUT AREA 21 LOMBARD STREET 21 LOMBARD STREET 22 23

SPECIFICATION

21 LOMBARD STREET BENEFITS FROM A GRADE A SPECIFICATION WHICH INCLUDES THE FOLLOWING:

Steel frame construction with concrete floors

Portland stone external veneer above granite plinth with bronze aluminium cladding panels and double glazed windows

Prominent entrance with an impressive office reception

Floor to ceiling height of 3.00m on ground floor, 2.75m on the 1st and 2nd floors 2ND FLOOR OFFICE and 2.70m on the 3rd to 8th floors

Fully accessible 200mm raised access floors and suspended ceilings with recessed lighting

4 pipe fan coil air conditioning system with 2 pipe fan coil units in the middle of each floor

Occupational density of 1 person per 10 sq m

High specification WCs on each floor accessed off the lift lobby

Shower facilities at mezzanine and 8th floors

6 x 13-person passenger lifts

1 x goods lift

1 x firefighting lift

2 x hydraulic 600 kg car lifts

8 basement car parking spaces

66 bike spaces GROUND FLOOR RECEPTION 21 LOMBARD STREET 21 LOMBARD STREET 24 25

ACCOMMODATION

THE FOLLOWING AREAS ARE SET OUT WITHIN THE OCCUPATIONAL LEASE:

FLOOR USE AREA NIA (SQ FT) AREA NIA (SQ M)

Eighth Office 3,856 358.2

Seventh Office 8,718 809.9

Sixth Office 11,027 1,024.4

Fifth Office 11,020 1,023.8 4TH FLOOR TENANT RECEPTION Fourth Office 12,690 1,178.9

Third Office 14,003 1,300.9

Second Office 13,851 1,286.8

First Office 13,975 1,298.3

Ground Office 9,373 870.8

Ground Reception 665 61.8

Lower Ground Office 12,960 1,204.0

Mezzanine Car Parking 14 spaces

Basement Storage 3,817 354.6

Total 115,955 10,772.4

2ND FLOOR BREAK OUT AREA 21 LOMBARD STREET 21 LOMBARD STREET 26 27

FLOOR PLANS

GROUND FLOOR SECOND FLOOR OFFICE: 9,373 SQ FT (870.8 SQ M) OFFICE: 13,851 SQ FT (1,286.8 SQ M) RECEPTION: 665 SQ FT (61.8 SQ M)

LOMBARD STREET LOMBARD STREET ABCHURCH LANE NICHOLAS LANE ABCHURCH LANE NICHOLAS LANE

OFFICE

RECEPTION NICHOLAS PASSAGE OFFICE NICHOLAS PASSAGE CORE CORE

Not to scale. ATRIUM TERRACE Indicative only. 21 LOMBARD STREET 21 LOMBARD STREET 28 29

FLOOR PLANS

FIFTH FLOOR EIGHTH FLOOR OFFICE: 11,020 SQ FT (1,023.8 SQ M) OFFICE: 3,856 SQ FT (358.2 SQ M)

LOMBARD STREET LOMBARD STREET ABCHURCH LANE NICHOLAS LANE ABCHURCH LANE NICHOLAS LANE

OFFICE NICHOLAS PASSAGE NICHOLAS PASSAGE CORE OFFICE

Not to scale. TERRACE CORE Indicative only. 21 LOMBARD STREET 21 LOMBARD STREET 30 31

TENURE

21 Lombard Street is held freehold under Some architectural detailing along title number NGL765734 and is outlined the elevations of the existing building in red below. Areas of the basement protrude beyond the freehold ownership also extend beyond this outline and are and are subject to an airspace lease from included within the freehold. the City of London Corporation for a term expiring 10 May 2075 at a peppercorn The property is situated on a virtual island rent. site extending to approximately 0.416

acres (0.168 hectares).

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Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved. 21 LOMBARD STREET 21 LOMBARD STREET 32 33

TENANCY FURTHER INFORMATION

21 LOMBARD STREET IS SINGLE LET ON FULL REPAIRING PLANNING CAPITAL ALLOWANCES AND INSURING TERMS TO UBS UK PROPERTIES LIMITED FOR A TERM OF 25 YEARS FROM 28 MARCH 2001, 21 Lombard Street is located within the jurisdiction of the Capital allowances can be made available to the purchaser City of London. subject to negotiation. EXPIRING 27 MARCH 2026 The property is located within the Bank conservation area but is not listed. The current passing rent is £6,500,000 per annum which reflects UBS are not currently in occupation of the building and have only £56.06 per sq ft overall. The rent is subject to an open sublet part of the ground floor to Phaidon International (UK) VAT market upwards only rent review on 25 March 2021. Limited and the 1st to 4th floors to Novae Management Limited. The Chartered Institute of Insurers are currently under offer to DATA ROOM The property is elected for VAT. sub-underlet the 1st floor from Novae Management Limited at a rent of £57.50 per sq ft. Further details are available on request. Access to an online data room containing further information is available on request. EPC

21 Lombard Street has an Energy Performance Certificate of E. COVENANT

UBS UK PROPERTIES LIMITED (COMPANY NUMBER 01501299)

UBS UK Properties Limited is a wholly owned subsidiary of UBS has its headquarters in Zurich, operates in over 50 countries UBS AG. UBS AG is a global Swiss financial services firm which and has approximately 61,000 employees globally. specialises in personal, corporate and investment banking, UBS UK Properties Limited has an Experian Riskdisk rating of wealth management and asset management. 89/100 representing a low risk of default and a Dun & Bradstreet Rating of 5A 1, which represents a minimum risk of business failure. Further information is available at www.ubs.com 21 LOMBARD STREET 21 LOMBARD STREET 34 35

PROPOSAL

OFFERS ARE SOUGHT IN EXCESS OF £143.5 MILLION FOR THE FREEHOLD INTEREST, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT. A PURCHASE AT THIS LEVEL REFLECTS A NET INITIAL YIELD OF 4.45% AND A CAPITAL VALUE OF £1,238 PER SQ FT ASSUMING ACQUISITION COSTS OF 1.8% THROUGH THE PURCHASE OF THE JPUT.

CONTACTS

FOR FURTHER INFORMATION OR TO ARRANGE AN INSPECTION, PLEASE CONTACT:

Martin Lay Matthew Palmer James Willson +44 (0)20 3296 2021 +44 (0)20 3296 4862 +44 (0)20 3296 4408 [email protected] [email protected] [email protected]

Sam Evison Argie Taylor +44 (0)20 3296 3653 +44 (0)7711 917 830 [email protected] [email protected]

Cushman & Wakefield LLP (‘Cushman & Wakefield) is not authorised or regulated by the UK Financial Conduct Authority. Cushman & Wakefield does not provide recommendations or advice on financial investments, such units in Jersey Property Unit Trusts, and are not authorised under the Financial Services and Markets Act 2000 to circulate offering documents or arrange transactions in financial investments, such as units in Jersey Property Unit Trusts. Cushman & Wakefield’s role in connection with the sale of the Property is strictly limited to providing recommendations or advice and/or making arrangements in respect of the Property. Any investment in units in Jersey Property Unit Trusts should only be made after seeking the advice of an appropriately authorised or regulated financial advisor. Misrepresentations Act 1967: (i) Although maximum care has been taken to ensure the accuracy of the information contained within these particulars, such information is subject to change and confirmation. (ii) No liability will be accepted by C&W LLP for any loss arising from information contained within these particulars as it may have been provided by a third party source and will require verification. (iii) This report provides a general outline only for the guidance of prospective purchasers and does not constitute the whole or any part of an offer or contract. (iv) No employee of C&W LLP has the authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property. (v) Rents and prices stated within this report may be subject to VAT. February 2018 www.cube-design.co.uk (Q3935) 21 LOMBARD STREET 36