91-93 FARRINGDON ROAD EC1 INVESTMENT CONSIDERATIONS Freehold Interest of Prominent Corner Building Fronting Farringdon Road and Clerkenwell Road

91-93 FARRINGDON ROAD EC1 INVESTMENT CONSIDERATIONS Freehold interest of prominent corner building fronting Farringdon Road and Clerkenwell Road

Trophy asset in Farringdon, one of Central London’s most sought after sub-markets

Prime location 200m from Farringdon Station

Attractive Portland stone-clad building totalling 18,458 sq ft

Virtually column free floorplates with wide ranging views and excellent light

Grade A specification finished in a contemporary style

3.15m finished floor to ceiling heights on upper floors, 5.04m on duplex

The property is currently fully let on 7 leases and has a WAULT of 5.3 years to expiry and 3.1 years to breaks

73% of covenants rated as “minimum risk”

Total net income £815,720 per annum (before completion of outstanding review) equating to only £44.19 per sq ft (overall)

Highly reversionary with staggered lease events over the next 4 years. All leases outside the 1954 Act

PRICE £22,500,000 REFLECTING A NET INITIAL YIELD OF 3.43% (CIRCA 3.82% ON COMPLETION OF OUTSTANDING REVIEW), EQUIVALENT YIELD OF 5.14% AND REVERSIONARY YIELD OF 5.30% EXCLUSIVE OF VAT AND ASSUMING STANDARD PURCHASE COSTS OF 5.8% SMITHFIELD MARKET

CHANCERY LANE STATION

FARRINGDON STATION

HATTON GARDEN

C L E R K E N D W E L L A R O A

D O

CLERKENWELL R

GREEN

A F LOCATION

The property is located at the juncture of Farringdon Road and Clerkenwell Road. The area has become one of London’s most vibrant neighbourhoods with a diverse range of offices, restaurants, bars and boutique hotels. Having benefitted from significant investment over recent years, Farringdon is regarded as one of London’s most thriving, well-connected and desirable office destinations. Some well-known fashion, media and tech occupiers have been drawn to the area including Zaha Hadid Architects, Adidas, Kurt Geiger, Alexander McQueen, Bulthaup, Lastminute.com and Thomson Reuters. Shoreditch Park

Haggerston Park

Joseph ANGEL KING’S CROSS Grinaldi ST PANCRAS Park Regent’s Park Claremont Square HOXTON D O A Y R Owen’s N E C K Field H A Ion Square Gardens Myddelton Square Gardens

Percy Circus

EUSTON Spa Green Garden Aske D Gardens A Northhampton O R

Square Y E Gardens N Hoxton K Granville C Square A Square H

Euston Square C I T Gardens Y Regent Square Cartwright R Gardens O Gardens A Wilmington D Square

St George’s Boundary G Gardens Gardens O St Luke’s Spa S Fields W Gardens E

SITUATION L Park L OLD STREET 4 R St Matthew’s EUSTON O Church A SQUARE D Gardens E T R E G T R S E N A T O T P E M A WARREN O S 14 T C E R STREET Brunswick N S Square E T R T U E Gardens E E Situated on Farringdon Road at its junction with N E T R E T V 8 S A

M Clerkenwell Road, the property occupies a highly Y G L E T E R E O R T E T E S C E U T R B St James’s N S T I G E E O T R D E T T prominent corner position, within 3 minutes’ walk of S 4 Y O H U L F Church Gardens T R S I U O S T G S A T R T R E E W Y R E O R A R G R R U T E N A Farringdon Station and 5 minutes’ walk from Chancery E B S REGENT’S E R S C D T S T E I SHOREDITCH R E E 8 L LT T Y 6 B A PARK Lane station. The property benefits from exceptional 7 A 2 HIGH STREET RUSSELL 1 BAKER G T 1 T E E R 3 E E T R Bunhill Fields A R S STREET easterly viewsSQUARE towards Clerkenwell Green and S T O L Y N W E L L R O A D R R K E N E E Burial Grounds S L E R U Allen MARYLEBONE C R T I F O N 5 Gardens D N north-south along Farringdon Road. N B O R M R I R O T O T O A D W AT A K E N W E L L R O R Fortune Street W E D E N R L H G C 6 5 O L

I L S T Park

A 4 T R T E W R E E T E

Russel Square R S T L E FA N N N 9 C 12 L E

O T I T E

R E T S

T H A O H R

N N S A

S U H HAC U

T B E Q

E O

R J Playing Fields T S

B FARRINGDON S O Finsbury N T I Y S M S O A R W J 3 Square VIEW IN GOOGLE MAPS C T L N H I S U D E W E E E B L L S T B R E Garden E L E T S G L 1 11 R T L S N O I S T F U R S D

L B C E L A E T E E R E O R

E D F T P S I T A Gray’s Inn A F THAMESLINK CROSSRAIL H P GOODGE STREET S 10 C S C O T R E U A T B E N R H K G H O E Gardens S T S R E R R S A N D N E L L E R E T A S A R D T A A H T Y T EDGWARE B G L N R S 13 O BARBICAN O S ’ A I N L E E I E W N L N E T I L D ROAD H E N A 2 T E B E T R T F S G N N 2 SPITALFIELDS O A E T A C R R MARKET I N O T A 7 R E R R P D E THE BRITISH R L BARBICAN E A 6 5 T T E D R S E D E D N E MUSEUM T S E R E ESTATE

I U N T LOCAL OCCUPIERS L E A S R O L N

E I H SMITHFIELD E S Red Lion Square O R G L

R E R T O N D G N T D G A L I Gardens MARKET A Bloomsbury S H M C T Bedford Square S D E E Square T Broadgate R K Gardens S O E OFFICES Gardens RESTAURANTS T O T Circle E E R E R T O T N S E E R E L E G T B D A L T E LIVERPOOL E A L 1 1 I F C AKQA The Modern Pantry R A H G S B U R Y I T I N C O N R F O S M L I R STREET G I T C M Y W O U H A T M A L S A 2 W 2 E MOORGATE O Alexander McQueen Hix E M Y H O B M R R L B D E P U O R C L B R N I T A T Finsbury I S A B C A A E M I R 3 O 3 CHANCERY N G L Amazon Dans Le Noir I Circus S O C L P S T B E T K E E MUSEUM THE LANE O R N L O N D O N WA L L E N H E L A E T R A S E WALLACE 4 R E 4 A OF LONDON T L I Amnesty InternationalS Pho T N D L T F O R K B

O X R S A R E

COLLECTION E W HOLBORN P N E R 3 E N L E O T

T A S T 5 5 E T V Ben Sherman Smiths of SmithfieldW T E I

E M F

E T N F T S T R E I

R E O R D D E F W L O X E D R O U N PADDINGTON R W T E 6 6 E D N Bulthuap Sosharu F O L S

H N N E O E L N W G L A E B O A L L S P Lincoln’s Inn L E A E R Cavendish N X H N V C K W 7 7 Fields I A O E Grey London The Green C S T T D R Square U C M W I

I E T H C T O H S T O R W Gardens A D E T TOTTENHAM W A S T F D N R

A R E N G

’

R S E R E G T T E 8 8 C A

Hill+Knowlton Little Bay A R E COURT ROAD E GUILDHALL T E T O T E E R R W S T R N R D Y E F O O X R N E O N A E L L W R 9 M E A G T Portman Kurt Geiger I W R A N N T S K E E S I M E T D Square N T R E T S G E A 10 G A T E E JOHN Lastminute.com H O T N Y T E S F O T D G R C E HOUSE E Soho E A R W ’ R A E E T E L E B R LEWIS S S S G T D W I H M L A L O S S G OF E Square A D O L O R E A A M P Y L E W N 11 O N S M P Save The Children HOTELS N B T R O O A A FRASER E N E E T I L H DEBENHAMS W H E T C R D S E E E E L I S I T OXFORD Paternoster T R H R B T S S O R W O E 12 E H T E R E E E E T V Starcom MediaVest 1 The Zetter Townhouse Square E L P A R T T S T S T CIRCUS A X T D R O R D T E T O U X F E A O O E Y R E O M SELFRIDGES E Y T R R ST. PAULʼS R B S S Y . H U E T S T 13 R S U G B Group 2 The Rookery ALDGATE EAST E O D S A E R S R E Y N V Q O R E T T T M Waterloo O U B R E E L F S T U E N A A D L E W A M A E E T B A T N ROYAL COURTS N 14 D S Gardens R A H Thomson Reuters 3 Malmaison F L E E T S T R E E T BANK A E E H C E R S H R BOND STREET B G S E A H O OF JUSTICE P S T S Hanover T D E E T I D E OF ENGLAND ALDGATE O N R R S T R E U T T U D Square LIBERTY 15 R E E ONE NEW R E E T E Zaha Hadid Architects 4 TheY Rosebery F L S T D H ST. PAUL’S MARBLE F O R D S T L O X U M T A CHANGE O R N ROYAL K E CATHEDRAL L E THAMESLINK P E T O S T R ARCH O E U EXCHANGE L E A D E N H A L L E E T LT

N T 5 Citadines R Y I L L S H B N T

C O R

T A S E R T

R E C A L C E E R S T. E T E PA U L’ S R E

E R K L C T T 6 CH A N H BANK M T Atelier E U T

Y R E S C E A C

DW H Y T R MANSION L A S L N A R H

D I A L R

U O E C T HOUSE S I R T V S T E T M

R E N L R C E N S T E O E E I

K COVENT U M H

K Q E A O O B N E R I A R LLOYDS T B N O L E T U D O R S T R E E T R D T M R A GARDEN G S D C S OF LONDON R O A A T N R R R E I AT E W E I M E S W G T E L E AY N T S B R E E T I A O E E L U L M R Q D S T L T S N I E R P A LANCASTER N O A R I A R E R L O T V E T Q U E E N V T M S O S R E COVENT GARDEN S E I C T O R I A S I C R E V T R E E T V H N A G T N S C GATE E E G Y A E E MANSION R R E R MARKET Q U T U

T V H R S W E B U R C O N S E C E F E N P E N E A N HOUSE N E V B T T T A T S Golden F N E E R O O N O N T R A U R S T Grosvenor Square G S E S N T H T R K O K Square S E M E E O D R T B R Gardens E K BLACKFRIARS L E R E N A P P S FENCHURCH U T T Middle Temple A N B U P P E R T H A M E S S T R E E T 20 FENCHURCH US EMBASSY R E M E E Gardens A STREET E V I C T O R I LONDON T LEICESTER SOMERSET TEMPLE V I C T O R I A E M B A N K M E N T SQUARE HOUSE CANNON MONUMENT E A T STREET S T C H E A P R E E T S T M I N Italian Gardens TOWER YA L T E G R O R E E R S T Leicester BLACKFRIARS G E R THE AT GATEWAY N O D E PIER I T S V B Square O O CONNAUGHT E R W R D E R G R B U E TOWER HILL E K N P R P P A G P E S U E R S R T T L T D T R R E S I H E E A E E R M Y A E T I S R THE B S S T R T

R E E Q R T T S E PICCADILLY F I V E T R Berkeley U O SAVOY E M S K R L T A N L U U P P L

C I U D E R M O Square R CIRCUS T H A ET E E E A M E S N T E B S R L H S T T O G R E E S H I L L N Gardens N R B A T W E ROYAL D S T O A N E Y M I E L L Mount Street D I L H R M M D W L E ACADEMY A A I B A S C A S H Gardens Y T C M T I T K R R OF ARTS P M E E R L O W E A R E R BANKSIDE A E R L T O P G K PIER W E A E Victoria O H S E T M R T I K N T B U H Embankment H F T R I L E A I O E C L S D D Gardens S N T G A G E R TRAFALGAR D O E E I E R SQUARE R T P G R O U N D B TOWER P E R R P A P I N U SHAKESPEARE’S V OF LONDON Hyde Park GLOBE E R O E CHARING CROSS D G D N I O T R L H B D A

A TATE MODERN M EMBANKMENT E S R THE E T O

THE E GREEN PIER R E WOLSELEY Bernie Spain D W

R EMBANKMENT S A DORCHESTER T O THE St. James R ST. KATHERINE’S DOCK S PARK Gardens TOWER T SOUTH BANK (LONDON), D O A Serpentine R N NATIONAL N I O RITZ Square FESTIVAL PIER U MILLENNIUM Z O R U R R E Sackler Gallery C THEATRE G F LONDON BRIDGE, PIER G

R K P E D LONDON BRIDGE CITY PIER P C U I

A R L B

B SOUTHWARK HMS BELFAST

K Waterloo R CATHEDRAL

Gardens W

U HAYS GALLERIA

S ST. KATHARINE’S PIER LONDON Whitehall HILTON Gardens

LY I L D A C I C P CITY HALL Serpentine Gallery HORSE GUARDS ST JAMES’S L L MORE LONDON A LONDON PALACE M PARADE E T H BRIDGE Potter Fields Park Green Park SHARD Jubilee Gardens 10 DOWNING St James’s Park STREET KING’S COLLEGE LONDON Nelson LONDON Square HYDE PARK EYE WATERLOO Mint Street E CORNER R I D G Park T S B I G H C O N S Little K N T I T U T I O N H I L L Dorrit Park K E N S I N G T O N R O A D K N I G H T S B R I D G E Guy Street KNIGHTSBRIDGE Buckingham Palace Park ROYAL ALBERT Gardens WESTMINSTER HALL BUCKINGHAM PALACE Parliament Leathermarket Gardens Square BIG BEN D A O R Tanner Street Park N O T P M HOUSES OF O R Ennismore B PARLIAMENT Gardens WESTMINSTER ABBEY Belgrave Square ST JAMES’S PARK HARRODS Gardens

Tabard Gardens

St Mary Magdalen Churchyard Lower Grosvenor Gardens Newington SCIENCE MUSEUM Gardens

Victoria Lambeth Palace Dickens Fields Tower Gardens VICTORIA & ALBERT Gardens Archbishop’s MUSEUM Park

NATURAL HISTORY Cadogan MUSEUM Place Gardens EatonSquare Gardens

Cadogan Square Gardens VICTORIA

SOUTH KENSINGTON

Vincent Square

Sloane Square

SLOANE SQUARE Ebury Square Gardens CONNECTIVITY FARRINGDON STATION 200 CROSSRAIL, THAMESLINK, METRES UNDERGROUND

When Crossrail completes in 2018, Farringdon Station will become the busiest THAMESLINK station in Britain and the key transport hub for cross-London travel, being the only station to provide a single interchange between the east-west Crossrail, the 57 LUTON MINS AIRPORT north-south Thameslink and the London Underground. Crossrail will provide a high speed connection across London and when fully open, an estimated 140 trains per hour will pass through Farringdon and by 2026, 102,000 passengers will use the station per day. Multiple bus routes along Farringdon Road and Clerkenwell Road connect to the rest of Central London. KINGʼS CROSS 2 MINS The proposed extension to the Cycle Superhighway runs along Farringdon Road, connecting the property with King’s Cross to the north and Elephant & Castle to BOND TOTTENHAM FARRINGDON the South. TFL bicycle docking stations are located nearby. PADDINGTON STREET COURT ROAD STRATFORD

32 8 4 2 2 8 10 43 MINS MINS MINS MINS MINS MINS MINS MINS

HEATHROW LIVERPOOL CANARY AIRPORT STREET WHARF SHENFIELD

CROSSRAIL BLACKFRIARS 4 MINS

12 LONDON BRIDGE MINS

GATWICK 30 AIRPORT MINS THE BUILDING

91-93 Farringdon Road is an imposing corner building with dual fronted elevations finished in attractive Portland stone and provides 18,458 sq ft (1,714.8 sq m) of contemporary, highly specified office accommodation arranged over lower ground, ground and six upper floors. Accessed via a striking triple-height reception area with a glass footbridge suspended over lower ground floor refurbished in 2014, the virtually column free, open-plan rectangular floorplates range from 2,264 to 2,768 sq ft and benefit from excellent natural light from two elevations and exceptional floor to ceiling heights of 3.15m on all floors. SPECIFICATION

The Grade A specification includes: • Fully accessible raised floors with 150mm clear void • 3.15m finished floor to ceiling height • Chilled beam air conditioning with integral lighting • Double glazed sash windows at 2nd-6th floors and factory finished double glazed windows at LG and 1st floors • Good quality 8 person security lift • High quality male and female WC’s on each floor, disabled WC at ground floor • Bike stores, showers & changing rooms at lower ground floor REFURBISHED 5TH FLOOR THE CORNER BUILDING PROVIDES 18,458 SQ FT (1,714.8 SQ M) OF CONTEMPORARY, HIGHLY SPECIFIED OFFICE ACCOMMODATION LOWER GROUND FLOOR PLANS

LOWER GROUND

C L E R K E N W E L L R O A D

VAULT VAULT VAULT VAULT VAULT VAULT VAULT

KEY

F A R R I N G D O N R O A D DEMISE Floorplans are not to scale and for indicative purposes only. FLOOR PLANS

GROUND

C L E R K E N W E L L R O A D

KEY

DEMISE F A R R I N G D O N R O A D TENANT ALTERATION

VOID OVER LOWER GROUND Floorplans are not to scale and for indicative purposes only. FLOOR PLANS

TYPICAL UPPER

C L E R K E N W E L L R O A D

F A R R I N G D O N R O A D

KEY

DEMISE Floorplans are not to scale and for indicative purposes only. SECOND FLOOR VIEW LOOKING EAST

VIEW LOOKING NORTH-EAST VIEW LOOKING SOUTH-EAST MARKET SUMMARY

LEASE LENGTH FARRINGDON ADDRESS SQ FT FLOOR TENANT DATE (BREAK) £ PSF White Collar Factory, 15 years OCCUPATIONAL 28,000 7th & 8th Adobe Q1 2016 £64.50 Old Street, EC1 (10 years) MARKET 15 years £70+ (7th Floor) 99 Clifton Street, EC2 44,815 Entire Interpublic Q4 2015 (12 years) £63.5 (overall) Farringdon is the destination of choice Marlborough Court, 10 years amongst leading creative and TMT 4,374 2nd Undisclosed Q4 2015 £67.50 companies. The TMT market has boomed 18 Holborn, EC1 (5 years) over recent years and more than 10,000 The Warehouse @ The Bower, Old 12,260 7th Stripe Q4 2015 5 years £67.50 TMT businesses are now located in the Street, EC1 City and City Fringe. The Farringdon office Diamond House, 10 years 2,736 5th We are London Ltd Q3 2015 £70.00 market is characterised by high levels of 36-38 Hatton Garden, EC1 (5 years) occupational demand and constrained The Corner Building, supply, generating strong rental growth 2,746 5th Cubic Transportations Ltd Q3 2015 5 years £65.00 91-93 Farringdon Road, EC1 over the past 5 years. Prime rents now Prince Consort House, stand at £70+ per sq ft and are anticipated 3,177 1st Hiveworks Ltd Q2 2015 5 years £66.00 to rise in anticipation of the opening of 109-111 Farringdon Road, EC1 Crossrail in 2018. The Corner Building well Lector Court, 2,418 1st Ragged Edge Design Q1 2015 5 years £65.00 positioned to benefit from the forecast 155-157 Farringdon Road, EC1 rental growth with staggered lease events Exmouth House, 3-11 Pine Street, 3,641 3rd Undisclosed Q3 2015 5 years £68.00 spread over the next 4 years. Clerkenwell EC1 FARRINGDON 6 INVESTMENT 2 MARKET 4

London continues to be the focus for WREN HOUSE, 43 HATTON GARDEN, EC1 international investors ensuring a 1 highly liquid market. Overseas capital Aug-15 accounted for more than 50% of 14,025 sq ft central London purchases by value 16-17 BOWLING GREEN Rent £32.44 psf 45-47 CLERKENWELL GREEN, EC1 Price £15m / £1,070 psf in Q4 2015. Strong rental growth in LANE, EC1 Nov-15 NIY 3.74% Aug-15 Farringdon, a lack of stock and high 10,700 sq ft Former warehouse building refurbished 7,888 sq ft levels of demand has led to prime Rent £28.00 psf by Buckley Grey Yeoman with exposed Rent £44.76 psf yields falling below 4.00%. Looking NIY 2.59% timber and brickwork. Single let at Price £8.875m / £1,126 psf Price £11m / £1,021 psf £32.44 psf with 10 years unexpired. ahead, investors are focusing on those NIY 3.76% Prominent corner building with attractive locations where growth will crystallise Multi-let with a WAULT to expiry of outlook onto Clerkenwell Green. as a result of major transformations 9.27 years. Floorplates range from 1,000 to 1,500 sq 7 taking place due to Crossrail -Europe’s ft. Multi-let at a reversionary rent of £28 largest infrastructure project. psf (overall). 5

KLAMATH HOUSE, 18-19 3 CLERKENWELL GREEN, EC1 Nov-15 15,003 sq ft Rent £33.33 psf NIY 3.00% Price £15.75m / £1,050 psf Single let until 2023 at £33 psf with a review in August 2018. Comprehensively 65 CLERKENWELL ROAD, EC1 refurbished and re-clad in 2012. May-15 91-93 GREAT EASTERN STREET, EC2 12,652 sq ft Oct-15 Rent £37.87 psf Price £12.175m / £960 psf 11,333 sq ft 2 PEAR TREE COURT, EC1 Rent £38.82 psf NIY 3.72% Price £11m / £971 psf Aug-15 Former Victorian warehouse arranged NIY 4.00% 14,025 sq ft over lower ground, ground and four upper Prominent, multi-let, mixed-use corner Rent £32.44 psf floors. Multi-let with expiries 2017-2023. building with curved Victorian façade Price £15m / £1,070 psf overlooking public square. NIY 3.74% Off market deal. Former warehouse building refurbished by Buckley Grey Yeoman with exposed timber and brickwork. Single let at £32.44 psf with 10 years unexpired. 6

LOCAL 10 DEVELOPMENTS 12

2 8

1-7 AYLESBURY STREET & 159 ST JOHN STREET, HERBAL HOUSE, EC1 66-86 FARRINGDON 10 BACK HILL, EC1 ROAD, EC1 4 A 31,000 sq ft development 20 FARRINGDON ROAD, The former Daily Mirror with offices arranged over 1st EC1 A mixed use redevelopment of printing works occupies a to 6th floors and retail units at former multi-storey car park to A prominent corner building corner site north of Clerkenwell 1 ground floor level. The project comprise a 170 bedroom hotel, situated adjacent to the site of Road. The scheme will be set is predominantly of new offices and retail. The hotel will the new Farringdon Crossrail over 10 floors (from basement construction with links to the be operated by Premier Inn, station. The six-storey building to sixth floor) with 59,200 existing building 159 St John using the company’s new ‘Hub’ totals 170,600 sq ft and sq ft offices and 5 duplex 100 CLERKENWELL ROAD, Street. Developer: concept. Developer: Endurance comprises 141,400 sq ft of apartments on the top floor. EC1 Meritcape Ltd. Land. Timing: Consented. Timing: Under construction. offices, 1,200 sq ft retail, a The media style offices will Planning consent has been 22,300 sq ft gym and 5,700 sq feature exposed brickwork and granted for a new 225 room ft of ancillary space. The building crittall windows. Developer: hotel, alongside 5 apartments, FARRINGDON WEST, EC1 was acquired by Derwent Allied London and Aerium. 13 an accessible courtyard and A 207,000 sq ft development 7 London in February 2015 and Timing: Consented. roof terraces. Developer: at the corner of Cowcross offers substantial development 100 Clerkenwell Ltd. Timing: Street and Farringdon road opportunity in the medium term. Consented. comprising office space over 11 TURNMILL, 63 six storeys, as well as retail CLERKENWELL ROAD, at street level. Developer: 9 EC1 3 Crossrail / Cardinal Lysander. Timing: Under construction. BARTS SQUARE, EC1 This office-led scheme is situated immediately opposite CHARTERHOUSE PLACE, A large mixed-use 91-93 Farringdon Road and EC1 redevelopment on a 3.5 acre occupies a major corner 5 site just north of St Paul’s Planning granted for an site at the junction between Cathedral, bounded by office-led re-development of Clerkenwell Road and Turnmill THE WAVE, 199 Smithfield to the west and the an existing building adjacent Street. In June 2013, the entire MOUNT PLEASANT THE OLD SESSIONS FARRINGDON ROAD, City to the east. The scheme to Farringdon station. The 58,200 sq ft of offices was SORTING OFFICE, EC1 HOUSE, 22 CLERKENWELL EC1 incorporates 236 residential proposed scheme comprises GREEN, EC1 apartments, 230,000 sq ft of pre-let to Publicis Groupe at A housing led, mixed use A planning application has 165,000 sq ft of office space offices and 23,000 sq ft of retail £3.1m pa. Developer: Derwent. scheme comprising the A heritage-led redevelopment been submitted for an office FARRINGDON EAST, EC1 arranged over nine upper and restaurants. Developer: Timing: Completed. renovation and refurbishment of an existing Grade II Listed, led mixed use scheme to floors, with 30,000 sq ft of Helical Bar. of one of the world’s largest The 120,000 sq ft scheme Masonic Lodge to create a replace the existing office retail space at ground and Timing: Q2 2018. sorting office and service above the eastern Crossrail lower ground. Developer: TIAA mixed use scheme comprising building, formerly the Guardian yard covering an area of 7.5 ticket hall comprises 5 floors of Henderson RE. 12,000 sq ft (GIA) of retail/ headquarters. The latest acres. The scheme comprises offices with a large reception Timing: Consented. restaurant and 23,000 sq ft proposal totals 91,911 sq ft 912,898 sq ft of residential area and retail units retail units (GIA) of offices, with two roof (NIA) of which 81,138 sq ft is and 77,069 sq ft of offices and at ground floor. Architect: terraces and a small rooftop offices. Developer: Viridis retail. Developer: Royal Mail PLP Architecture. pool. Developer: Satila Holdings Real Estate. Group. Timing: Consented. Timing: Consented. AB. Timing: Consented. Timing: Plans submitted. Shoreditch Park

Haggerston Park

Joseph ANGEL KING’S CROSS Grinaldi ST PANCRAS Park Regent’s Park Claremont Square HOXTON D O A Y R Owen’s N E C K Field H A Ion Square Gardens Myddelton Square Gardens

Percy Circus

EUSTON Spa Green Garden Aske D Gardens A Northhampton O R

Square Y E Gardens N Hoxton K Granville C Square A Square H

Euston Square C I T Gardens Y Regent Square Cartwright R Gardens Wilmington O Gardens A Square D FARRINGDON St George’s INVESTMENTS Boundary G Gardens Gardens 1 Klamath House O St Luke’s Spa S W Gardens 2 Fields 45-47 Clerkenwell Green E

L Park L St Andrew’s OLD STREET 3 91-93 Great Estern Street R St Matthew’s EUSTON Gardens O Church A SQUARE 4 16-17 Bowling Green D Gardens E T R E G 5 2 Pear Tree Court T R S E N A T O T 6 P E Wren House M A WARREN O S T 11 C E 7 R STREET Brunswick 65 Clerkenwell Road N S Square E T 3 R T U E Gardens E E E N T R E T 4 3 LOCAL V S A

M G L Y E T DEVELOPMENTS E R 5 E O R T E T E S C E U T R B St James’s N D T I S 1 G E D Turnmill, 63 Clerkenwell Road E O T O T R M E T O H S Church Gardens R U Y L F U T S I I U O S T G L G S A T R L 2 T R E E 100 Clerkenwell Road W Y R E O M H R A R G R R U T T E N S A REGENT’S A Y E E R B S 2 S I C D N 3 Mount Pleasant Sorting OfficeT T R E T SHOREDITCH S E L L E T Y A T 6 PARK S A B R T HIGH STREET 4 E R Farringdon West 9 E E T G RUSSELL E BAKER G T 5 2 O E E T Farringdon East R T R 1 L S Bunhill Fields A L STREET SQUARE D O Y 10 N W E L L R O A D R R K E E E Burial Grounds 6 S E R Allen 1-7 Aylesbury Street L N MARYLEBONE C I N L Gardens D N A N 159 St John Street B O R N M R I R O T E O T 7 O A D W AT Charterhouse Place A K E N W E L L R O R 1 W E D E N R L H G C O I

7 S T

8 T R 20 Farringdon Road E T R E E T E

Russel Square R S T L E FA N N C

E L T L E I L R E

9 A S

The Old Sessions House T H O W R

N N N A O S T S U 10 Herbal House AT H HAC U T B H E Q

E O

R J Playing Fields T S

B FARRINGDON S O Finsbury 11 N T The Wave I Y S M S O A R W 8 J Square C T L N H I S U E W E E D 12 B E 66-86 Farringdon Road B L L S T R E Garden E L E T S G L R T L S N O 13 Barts Square 12 I S T F U R S D

L B E L 6 A C E T E E R E O R

E D F T P S I T A B Gray’s Inn A F THAMESLINK CROSSRAIL H P GOODGE STREET S C S C O E T R E U A T B E N R H K D G H O E Gardens S T S R F E R R S A N D N E L L O E R E T A S A R D T A A H T R Y T EDGWARE B G L N R D S O BARBICAN O S ’ A I N L E E I E W N L N E T R I L D ROAD H E N A T E O B E T R T F S N G 5 SPITALFIELDS N W 4 O A E T A C R R MARKET I N O T A R R R E P D E THE BRITISH R L BARBICAN E A T T E D R S E D E D N E MUSEUM T S E R E ESTATE

I U N T L E O L A S R N

E I H SMITHFIELD E S Red Lion Square O R G L

R E R T O N D G N T D G A L I Gardens MARKET A Bloomsbury S H M C T Bedford Square S D E E Square T 7 Broadgate R K Gardens S O E Gardens T O T Circle E E R E R T O T N S E E R E L E G T B D A L T E LIVERPOOL I E A L F C A R H G S B U R Y I T I N C O N R F O S M L I R STREET G I T C M Y W O U H A T M A L S A W E MOORGATE O E M Y B O R N H O L O B M R R H L B D 13 E P U G H O R C L B H I R N I T A T Finsbury I S A B C A A E M I R O CHANCERY N G L Circus S I O C L P S T B E T K E MUSEUM THE LANE O R N L O N D O N WA L L E H E L A WALLACE R E E T R A OF LONDON S E T L I D S T T N F O R K B O X R S A R E

W COLLECTION N E HOLBORN E P E N L O T S T A E T W V E I M F

E T N T S T R E I R D E O R D L E X F W O D R O U N PADDINGTON R W T E E D N F O N L S E E L N W G A E L L S P Lincoln’s Inn E A Cavendish E X H N C Fields W E C O S T Square T R M I E W T H O H S T O R W Gardens A D E T TOTTENHAM A S T F D N R A R E N G

’

T R S E E G T T E C A R E COURT ROAD E GUILDHALL T E T E O T S T R E R R R D Y N E F O O X R N E O N A E L L W R M E A G T Portman I S W R A N N T S K L D E E E I I E S F M T T D Square N N R E N T G E A G I A S T S E E JOHN ’ H O T N Y T E S L N F O T D G R C E HOUSE E Soho O E A R W C ’ R A E E T E L E B R LEWIS S I N S S G T D L W I H M L A L O S S G OF E Square A D O L O R E A A M P Y L E W N O N S M P N B T R O O A A FRASER E N E E T I L H DEBENHAMS W H E T C R D S E E E E L I S I T OXFORD Paternoster T R H R B T S E S O R W O T E E H R E E R E E T V Square E L P A T T S T S T CIRCUS A X T D R O R D T E T O U X F E A O O E Y R E O M SELFRIDGES E Y T R R ST. PAULʼS R B S S Y . H U E T T R S S U G B ALDGATE EAST E O D S A E R S R E Y N V Q O R E T T T M Waterloo O U B R E E L F S T U E N A A D L E W A M A E E T B A T N ROYAL COURTS N D S Gardens R A H F L E E T S T R E E T BANK A E E H C E R S H R BOND STREET B G S E A H O OF JUSTICE P S T S Hanover T D E E T I D E OF ENGLAND ALDGATE O N R R S T R E U T T U D Square LIBERTY R E E ONE NEW R E E T E Y F L S T D H ST. PAUL’S MARBLE F O R D S T L O X U M T A CHANGE O R N ROYAL K E CATHEDRAL L E THAMESLINK P E T O S T R ARCH O E U EXCHANGE L E A D E N H A L L E E T LT

N T R Y I L L S H B N T

C O R

T A S E R T

R E C A L C E E R S T. E T E PA U L’ S R E

E R K L C T T CH A N H BANK M T E U T

Y R E S C E A C

DW H Y T R MANSION L A S L N A R H

D I A L R

U O E C T HOUSE S I R T V S T E T M

R E N L R C E N S T C E O E E I

K COVENT A U M H

K N Q E A O O N B N E R O I A R LLOYDS T B N N O L E T U D O R S T R E E T S R D T M R T A GARDEN R G S D C E E S OF LONDON R O A A T T N R R R E I AT E W E I M E S W G T E L E AY N T S B R E E T I A O E E L U L M R Q D S T L T S N I E R P A LANCASTER N O A R I A R E R L O T V E T Q U E E N V T M S O S R E COVENT GARDEN S E I C T O R I A S I C R E V T R E E T V H N A G T N S C GATE E E G Y A E E MANSION R R E R MARKET Q U T U

R E E Q R T T S E PICCADILLY F I V E T R Berkeley U O SAVOY E M S K R L T A N L U U P P L

A TATE MODERN M EMBANKMENT E S R THE E T O

THE E GREEN PIER R E WOLSELEY Bernie Spain D W

R K P E D LONDON BRIDGE CITY PIER P C U I

A R L B

B SOUTHWARK HMS BELFAST

K Waterloo R CATHEDRAL

Gardens W

U HAYS GALLERIA

S ST. KATHARINE’S PIER LONDON Whitehall HILTON Gardens

Tabard Gardens

St Mary Magdalen Churchyard Lower Grosvenor Gardens Newington SCIENCE MUSEUM Gardens

Victoria Lambeth Palace Dickens Fields Tower Gardens VICTORIA & ALBERT Gardens Archbishop’s MUSEUM Park

NATURAL HISTORY Cadogan MUSEUM Place Gardens EatonSquare Gardens

Cadogan Square Gardens VICTORIA

SOUTH KENSINGTON

Vincent Square

Sloane Square

SLOANE SQUARE Ebury Square Gardens

107 105 Shelter

CLERKENWELL

TENURE 101 GREEN 99

TENURE VINE STREET TCB Freehold.

CONSERVATION AREA 9 The property is not listed but is located within ROAD Hatton Garden Conservation Area. 13.7m CLERKENWELL

ROAD BP

15.2m CLERKENWELL

CR 65

91 to 93 to 91

69 71 73

2 FARRINGDON ROAD

8 Turn

3 Table 81 to 89 to 81

67 to 74

5 to 9 to 5

PH 85 to 83 11 to13 11 SAFFRON HILL

5 to 11 to 5 13 9

60 to 66 SAFFRON STREET

87 to 89 to 87

15 77

Lincoln 1

5 Place 17 55 to 591 to 20

Multistorey 75

91 to 94 to 91 Car Park

18 1 to 4 20

14b 49 19

47a

73 Chapel House Chapel

Only the vaults are included in the title. 95 to 98 to 95 TENANTS

The property is fully let to 7 tenants and produces a total net income of £815,720 per annum, reflecting £44.19 per sq ft overall. The weighted average unexpired term is 5.3 years to expiry and 3.1 years to break. 73% of the total CUBIC HAMILTON-BROWN income is rated minimum risk by Dun & Bradstreet. TRANSPORTATION BUSINESS GRAPHICS LTD The financial strength of the covenants is highlighted SYSTEMS LTD (5A1) (1A1) PR MOVES LTD (B3) MMT LTD (2A1) in the table below: Leading integrator of Major creative design firm with Recruitment consultancy Digital design and build agency. contactless smartcard clients including Skype, AXA, firm specialising in HR, PR & Major clients include Bacardi, systems in the transportation, PwC, HSBC and Investec. communications, marketing, BBC, comparethemarket.com, defence training and secure www.hamilton-brown.com broadcast and digital roles. NHS and Martini. D&B communications markets. www.careermovesgroup.co.uk www.mmtdigital.co.uk Products include the London TENANT RATING Oyster Card. Cubic Transportation Systems Ltd 5A1 www.cubic.com/transportation

Hamilton-Brown Business Graphics Ltd 1A1

PR Moves Ltd B3

MMT Ltd 2A1

Techo UK Ltd 2A1 PROXIMAGEN GROUP AFLSP Ltd N4 TECHO UK LTD (2A1) AFLSP LTD (N4) LTD (5A1) Proximagen Group Ltd 5A1 Creator of commercial interiors International architectural Research and early in Central and Eastern Europe practice based in Manchester, development unit of Upsher and beyond, as well as a major with offices in London, Smith Laboratories focused on producer of office furniture. Birmingham and Doha. the treatment for diseases of COVENANT RISK (D&B) www.techo.co.uk www.afl-uk.com the central nervous system. www.proximagen.com

MINIMUM RISK 73%

OTHER 27% TENANCY SCHEDULE

LEASE LEASE BREAK RENT RENT RENT FLOOR TENANT AREA START EXPIRY OPTIONS REVIEW PA PSF 1954 ACT COMMENTS

Tenant break 06/06/2019 on 6th PR Moves Ltd 2,488 06/06/2014 05/06/2024 6/6/2019 06/06/2019 £126,126 £50.69 Outside 6 months notice. Break penalty £21,021 +VAT

Cubic Transportation 5th 2,768 11/08/2015 10/08/2020 - - £179,920 £65.00 Outside - Systems Ltd

Tenant break 01/10/2017 on 4th AFLSP Ltd 2,683 01/10/2012 30/09/2022 1/10/2017 01/10/2017 £94,114 £35.08 Outside 6 months notice. 7 months rent free if break not exercised

16/04/2015 rent review 3rd Proximagen Group Ltd 2,687 16/04/2010 15/04/2017 - 16/04/2015 £67,175* £25.00 Outside outstanding

Tenant break 06/06/2019 on Hamilton-Brown Business 2nd 2,669 06/06/2014 05/06/2024 6/6/2019 06/06/2019 £135,185 £50.65 Outside 6 months notice. Break penalty Graphics Ltd £33,796 +VAT

1st MMT Ltd 2,264 10/06/2014 09/06/2019 - - £113,200 £50.00 Outside -

LG & Techo UK Ltd 2,899 12/03/2013 11/03/2018 - - £100,000 £34.49 Outside - Mezzanine

18,458 £815,720*

*before settlement of outstanding rent review INVESTMENT RATIONALE

Superb location 200m from the entrance to Farringdon Crossrail, Thameslink and Underground station Shortage of new supply of Grade A accommodation Tenant demand has surged for 3,000 sq ft high quality, open plan floorplates Strong rental growth anticipated in the lead up to the opening of Crossrail Sleek contemporary specification attracts a wide range of occupiers, as evidenced by the current tenant mix 3rd floor provides the option to set a new rental level now or in April 2017 to use as evidence against the other reviews and renewals Pricing reflects attractive Equivalent and Reversionary Yields FURTHER INFORMATION

PROPOSAL EPC Offers in excess of£22,500,000 for the benefit of Energy Performance Certificates will be made our clients’ Freehold interest, subject to contract and available in the data room. exclusive of VAT. Pricing at this level reflects aNet Initial Yield VAT of 3.43% (circa 3.82% on completion of The property is elected for VAT purposes and it is outstanding review), Equivalent Yield of 5.14% anticipated the sale will be treated as a Transfer and Reversionary Yield of 5.30%. of a Going Concern. Reflecting acapital value of £1,219 per sq ft. Assuming standard purchase costs of 5.8%.

FURTHER INFORMATION For further information, to request data room access or to arrange an inspection of the property, please contact:

PEDRO MILBORNE JONATHAN FRANKS 020 7534 0991 0207 831 8311 [email protected] [email protected] ARCHIE BELLVILLE ASHLEY GOODMAN 020 7534 0995 0207 831 8311 [email protected] [email protected] RICHARD SUSSKIND 0207 831 8311 [email protected] MISREPRESENTATION ACT 1967 Cortex Partners and Richard Susskind & Company, for themselves and the vendors of the property Rents and prices quoted may be subject to VAT in addition: whose agents they are, give notice that: Cortex Partners and Richard Susskind & Company will not be liable in negligence or otherwise for any These particulars are a general outline only for the guidance of prospective purchasers and do not loss arising from the use of these particulars: constitute the whole or any part of an offer or contract: No responsibility can be accepted for any expenses occurred by intending purchasers in inspecting Cortex Partners and Richard Susskind & Company cannot guarantee the accuracy of any descriptions, properties which have been sold or withdrawn: dimensions, references to condition, necessary permissions of use and occupation and other details Cortex Partners and Richard Susskind & Company have not made any investigations into the contained herein and therefore prospective purchasers must not rely on them as statements of fact existence or otherwise of any issues concerning pollution, potential land, air or water contamination. or representations and must satisfy themselves as to accuracy: The purchaser is responsible for making their own enquiries in this regard. Cortex Partners, Richard Susskind & Company, or their employees do not have any authority to make All maps are for illustrative purposes only. or give representation or warranty or enter into any contract whatever in relation to this property:

Brochure designed and produced by SAENTYS +44 (0)20 7407 8717 | [email protected] | www.saentys.com