Mutual House

Home , Conduit Street, Jaeger (clothing), Regent Street

MUTUAL HOUSE

Investment Summary

• A trophy asset situated on London’s Regent Street. • Attractive flagship retail units with self contained offices to the upper floors, accessed from Conduit Street. • Situated in the heart of Regent Street, directly opposite the famous Hamleys toy store and surrounded by many of the world’s high end retail brands. • The Retail element is let to renowned British luxury retailers Hackett, Church’s Shoes and The Pen Shop. • Low retail rents offering excellent rental growth prospects; retail rents on Regent Street currently offer a c.50% discount to prime rents on New Bond Street and a c.20% discount to prime rents on Oxford Street. • Opportunity to improve the retail offering through the implementation of a planned development scheme to create a larger flagship unit and establish optimum rents. • The office accommodation is multi-let to five tenants with an average rent of only £45.49 per sq ft. • Long leasehold interest from The Crown Estate with approximately 103 years unexpired and no landlord’s redevelopment break option or pre-emption right to purchase. • Offers in excess of £85,000,000, subject to contract, are invited for the Long Leasehold interest. This reflects an initial yield of 2.95% and a reversionary yield of 3.83%, based on our opinion of ERV.

Green Park

St James’s Park

Berkeley Square

MAYFAIR

New Bond Street

Hanover Square

SOHO Regent Street

MUTUAL HOUSE | 193 - 201 | REGENT STREET | LONDON W1 4 5 MUTUAL HOUSE | 193 - 201 | REGENT STREET | LONDON W1 Regent Street has substantially benefited from a £1 billion investment programme initiated by the Crown Estate. This ongoing programme has helped define Regent Street as a major shopping destination.”

REGENT STREET E E R T S T N E G E R HESTER MANC CAVENDISH

ET TOTTENHAM COURT ROAD

SQUARE O R E S T R E Extending to just under one mile and Crown Estate International Retailer Presence Average weekly footfall has increased GM WI AN boasting two million square feet of by 15% over the last year whereas TM RE Regent Street has substantially benefited London is the world’s most popular POR SQUA OXFORD STREET SOHO commercial space, Regent Street is from an ongoing £1 billion investment destination for foreign tourists with over Oxford Street and Bond Street levels ET T 9 O R E S T R E one of the most prestigious shopping have remained flat. The world famous GM programme initiated over the past 18 million visitors annually spending WI districts in the West End. It forms an Hamleys toy store, a major tourist RE 8 OXFORD CIRCUS decade by the Crown Estate, which £11.44 billion, which is forecast to SQUA T SQUARE important link between upmarket attraction, is located directly opposite owns the majority of Regent Street. increase to £18.82 billion by 2020. OXFORD STREE MARYLEBONE OUGH STREET Mayfair to the West, the creative quarter This ongoing programme has helped the subject property and attracts five R 7 V ER 6 of Soho to the East and connecting the Regent Street has seen the greatest million tourists per year. BOND STREET HANO define Regent Street as a major shopping T GREAT MARLBO major transport hubs of Oxford Circus destination, characterised by renowned expansion in international retailer 2 In addition to increased tourists flows to OXFORD STREE and Piccadilly Circus. presence in the West End, proportionally RE global retailers. The Crown Estate E E R T S Y E L D U A H T R O N London, The UK Government is actively SQUA has completed ten major schemes up by 33 percentage points. In SOHO improving the Chinese Visa system. This to date with a number of upcoming comparison to other key pitches in MARBLE ARCH 1 includes: a new 24 hour visa service; completions, including Block W5 Central London, Regent Street is the exploring the development of a single E E R T S K R A P (adjacent to Mutual House) in Q4 2015. first choice for international retailers T visa application centre for both UK and N E

alongside Covent Garden. The D W NOR TREE R EG ENS TR TE E S E I V A S S V B O N DS T R E E Schengen visas; and a new joint British/ T RO V This investment has resulted in Regent international appeal of Regent Street has G N O R S T R E E T I T GOLDEN E U A T S V Irish visa scheme. For some Gulf States RO RE Y Street becoming London’s most helped to drive footfall and significantly G R S OND UA RT U citizens can now obtain a free electronic C SQ B S A S impressive and architecturally grand increase total sales. E E TE T E RO LEV I R visa waiver to travel to the UK instead T F retail locations. LEICESTE T 5 3 T A of needing to apply for a visit visa. These SQUARE H TREE S ALN AEPR K S W

changes are likely to result in increased L D U A H T U O S E E R T S K R A P ON E T 4 AR RU S QU visitor numbers. MAYFAIR B B E PICCADILLY CIRCUS R K E L E O LBD O REET B U RN LI S T R EG ENS TR TE S Q D O V E T Y E M O U N T U T E E R T S Y A R N G R D T O N E S T R E ROYALCADE S T R E E T AR

A R E London is the most visited city by international tourists in the World Total visitor spend in London B E R K E L E YS T R E E T T C A D E ILLY P A R D Rest of the World Europe North America BRIC (Brazil, Russia, India, China) A T

K 18 20,000 L A N E PICC

S T R E E T JERMYN STREET S S E L 16 S T R A T T

CHAR S T J A M E S ’

14 O 15,000 N S T R E E T 12 ST JAMES’S RE GREEN S T SQUA 10 STREET PARK JA M S E TS C U R Z O N 10,000 Flagship Stores P A L L M A L L 8 1. Hamleys HYDE PARK R E T 6 Total spend (£m) 2. Liberty 5,000

4 3. Burberry P

4. Abercrombie & Fitch K

2 L Overnight in international visitors (millions)

5. Louis Vuitton A N

0 0 E 6. Apple PICCADILLY London Bangkok Paris Singapore Dubai New York Istanbul Kuala Hong Seoul 2007 2008 2009 20101 2011 2012 2013 2020 Lumpur Kong 7. Selfridges ALL M Rest of the World Europe North America BRIC (Brazil, Russia, India, China) Source: Mastercard Global Destination Cities Index Q2 2013 8. John Lewis Source: Savills; ONS; Deloitte GREEN PARK T H E *London data is based on year end 2013 data 20,000 9. Topshop Source: Savills Source: Savills; ONS; Deloitte

Total spend (£m) BUCKINGHAM PARK G 5,000 R O S V E PALACE

N O R P L A GARDENS

BELGRAVIA C E 8-9 Stratton Street 0 2007 2008 2009 20110 2011 2012 2013 2020

HISTORY

Originally designed by John Nash, Today each building is protected with Regent Street was the world’s first listed building status conserving the modern purpose built shopping street, famous grand Portland stone façades. pre-dating the Champs Elysee and Fifth Regent Street’s unique and historic Avenue. In the early 20th Century, the environment attracts an increasing street was redeveloped by leading British amount of shoppers whilst large architects in order to reconfigure the stores meet the requirements of shops to make them suitable for modern today’s occupiers. retail trading.

local occupiers including the ET world famous Hamleys Toy Store, RE ST GOL DEN Burberry, Michael Kors, Jaegar, SQU AR E R NAB Y ST RE ET O U G H CA

Apple, Hugo Boss, Lacoste and R

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Burberry, Michael Kors, J Crew, ST Longchamp, Jaegar, Apple, Hugo Boss INC Lacoste and Watches of Switzerland. V E R X PR S A C K V I L L E ST R E E T Conduit Street is one of Mayfair’s most ST CH desirable streets and links Regent Street R E SKET HANO directly with Bond Street and the rest of E T Mayfair. Y-3 OS

JOHN VARVAT TO S A V I L E RO W YAMAMO

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DESCRIPTION

Originally dating back to the early 20th The office accommodation has self- Century, Mutual House was redeveloped contained access from Conduit Street in 1992 behind its original Grade II and is arranged over 2nd to 6th floors listed façade creating a prime trophy providing high specification L-shaped Mayfair asset comprising three retail floor plates around a central core. units fronting Regent Street and five upper floors of office accommodation. Office specification includes: The property was constructed around a - A combination of four pipe fan-coil reinforced concrete and steel frame with and perimeter VRV air conditioning; striking Portland stone façades. - Fully accessible raised floors with The retail accommodation comprises perimeter trunking to some areas; three fully glazed units with prominent - Male, female and disabled WCs frontages to Regent Street and Conduit demised to each floor; Street. Hackett’s London flagship store is arranged over ground, lower ground - Two x 8-person passenger lifts and the property’s entire first floor serving all floors; with return frontage to Conduit Street. - Contemporary recently refurbished At almost 9,000 sq ft, it represents double height reception area; Hackett’s global flagship store benefitting from open trading space, - Excellent natural light from its two a bespoke tailoring service, a refined elevations comprising a mixture of Beefeater Bar and featuring an imposing full height and sash double glazed wrought iron staircase. windows.

Attractive flagship retail units with self contained offices to the upper floors, accessed from Conduit Street.”

ACCOMMODATION 1 4

Address Use Description Net Internal Area Sq m Sq ft Ground Floor 96.06 1,034 Sales 201 Regent Street Retail Basement (Church’s) 128.39 1,382 Ancillary (ITZA) (1,003) Ground Floor 32.05 345 Sales 199 Regent Street Retail Basement (The Pen Shop) 15.98 172 Ancillary (ITZA) (352) Ground Floor 227.33 2,447 Sales Basement Sales 132.39 1,425 193-197 Regent Street Basement Retail 116 . 0 4 1,249 (Hackett) Ancillary Store 45.06 485 1st Floor Sales 289.85 3,120 (ITZA) (2,547) Retail Sub-Total 1,083.15 11, 659 2nd Floor 313.46 3,374 3rd Floor 312.05 3,359 70 Conduit Street Office 4th Floor 308.99 3,326 5th Floor 262.35 2,824 6th Floor 222.12 2,391 Office Sub-Total 1,418.97 15,274 TOTAL 2,502.12 26,933

1. Interior of Hackett First Floor 2.Office Reception 3. Interior of The Pen Shop 4. Interior of Church’s Shoes

GROUND FLOOR TYPICAL UPPER FLOOR

C C T E E R T S T I U D N O T E E R T S T I U D N O

OFFICE RECEPTION

REGENT STREET REGENT STREET

Floor plans are not to scale and are for indicative purposes only

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years from 5 April 1992 (approximately 2a E 0

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103 years unexpired). 8 8a

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The head rent is calculated as the greater DD t 8a

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(a) 12.5% of all monies received in the 2 27

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previous 12 months less deductions; and 2 26

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203 5

52 (b) the Base Rent 19 2 04 2 06

Base Rent means 10% of either: 21 23 2 00

(x) the open market rent – the 8 3 2 5 21

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assumptions are flexible enabling the 1 3 5

landlord to maximise the likely open2

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70 2 2 market rent ; or P 1 H 8 (y) the average annual amount of Net 1

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year period such sum being set every 1

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1 10th anniversary of 5 April 1992, and is 3 upwards only. 60

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ending April 2014 was £232,154. 84

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NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification 1 1. Subject to final sign off from freeholder. only and although believed to be correct accuracy is not guaranteed. 2 16

LI 25 R BU W

NE 10

0m 10m 20m30m

The property is let on eight commercial leases (inside the Act) producing a current gross income of £2,883,715 per annum with a weighted average unexpired term of 9.04 years.1

Tenant Floor Lease Term Next Rent Net Internal Rent psf Annual ERV ERV Comments Review Area sq ft Rent psf ZA Rent (ITZA)

Retail Tenant holding over. Negotiations ongoing for Church UK Retail Ltd Ground & 01/02/2004 - 2,416 - £349 ZA £350,000 £750 £827,475 new lease at market level. (t/a Church’s) Basement 31/01/2014 (1,003) Additional 10% premium for return frontage. T&G Allan Limited Ground & 12/09/2014 - 517 New lease is outside the - £750 ZA £263,910 £750 £263,910 (t/a The Pen Shop) Basement 11/09/2015 8 (352) Landlord and Tenant Act 1954. Ground, 04/07/2013 - 8,726 Less 5% discount on Ground Hackett Limited Basement 04/07/2018 £645 ZA £1,575,000 £750 £1,819,286 03/07/2028 (2,547) Floor ITZA for shape. & 1st Retail Sub-Total 11, 659 £2,188,910 £2,910,671 Office 09/01/2014 - AALTO Invest LLP 2nd - 3,374 £51.00 £172,074 £60.00 £202,440 08/01/2019 29/07/2011 - PFM Group Service Ltd 3rd 29/07/2016 3,359 £40.00 £134,360 £60.00 £201,540 28/07/2021 2 Applied Predictive 10/07/2014 - 4th - 3,326 £53.00 £176,278 £60.00 £199,560 Technologies (UK) Ltd 24/03/2019 3 24/02/2012 - Kiko UK Ltd 5th 24/02/2017 2,824 £47.59 £134,385 £60.00 £169,4 40 23/02/2022 4 Hong Kong Tourism 04/05/2010 - 6th 04/05/2015 2,391 £32.50 £77,708 £60.00 £143,460 Board 03/05/2020 5 Office Sub-Total 15,274 £694,805 £916,440 Total 26,933 £2,883,715 £ 3, 827,111 Headrent -£232,154 6 - £ 382, 7117 Net Total £2,651,561 £3,444,400

1. As at September 2014. 5. Tenant Break Option 03/05/2015. 2 Tenant Break Option 29/07/2016. 6. Subject to final sign off from freeholder. 3. Tenant Break Option 10/07/2017. 7. Assume headrent of 10% 4. Tenant Break Option 24/02/2015 & 24/02/2017. 8. Anticipated dates, subject to contract

VALUE ENHANCEMENT

Mutual House forms part of an In their response to pre-application architecturally important section of planning advice Westminster Council Regent Street. The property is Grade II was wholly positive to this change on the listed and sits within the Regent Street basis that the design was sympathetic Conservation Area. The vendor has to historical nature of the building and recently applied for pre-application planners guidance. planning advice to combine The Pen Shop and Church’s units to provide a Further information available on the single, large retail unit with sales over marketing website: ground and basement levels. www.mutual-house.com The combination of the two shops would not only simplify the retail frontage, making it an even more prominent feature of Regent Street with dual frontages, but it will also capture the greater demand and higher rents associated with larger retail units in this location.

London’s West End is one of the world’s Both established UK retailers and Some of Regent Street’s more The current highest rents achieved on West End Retail Occupational Deals Prime Zone A Rents premier retail destinations, attracting new market entrants aspire to have an established occupiers, such as Austin Regent Street are approaching £750 per millions of domestic and international address on Regent Street as a location Reed, Jaeger and Hamleys, have been sq ft Zone A. As a result Regent Street Address Tenant Zone A Premium Lease Date Address Established Zone A % growth over shoppers annually. It is the world’s most for their concept and flagship stores. It occupiers for over a century and help is extremely affordable when compared Rent Event (£ per sq ft) last 5 years visited city by international tourists is now the top ranking street for new create an environment and shopping to the more mid-market Oxford Street (£ per sq ft) with over 18 million foreign visitors international entrants. Retailers who experience that is unique to Regent (£900 per sq ft Zone A) and the super 383 Oxford Simit £872.50 New Lease Q2 2014 Bond Street £1,300 80.6% per year. These tourists contribute an have opened stores in recent years Street. prime Bond Street (£1,300 per sq ft Zone Street estimated £11.44 billion of revenue, include Apple, Burberry, Hollister, A). Even compared to other global retail which is forecast to grow to close to Superdry, Banana Republic, Michael Kors, Historically, Regent Street rents have destinations such as Hong Kong, New 16 New Bond Patek Philippe Subject to £10.0m Lease Q1 2014 Oxford Street £900 56.5% £18.82 billion by 2020 with growth in J Crew, Omega, Anthropologie, Watches been lower than other key pitches across York and Paris, West End retail property Street review assignment retail spend over this period forecast to of Switzerland and Hackett. Central London. However over the last is more affordable. average 10% per annum. three years rental levels have grown at a 11 New Bond Swatch Group Subject to £7.5m Lease Q4 2013 Regent Street £750 57.9% Occupier Profile greater rate than competing destinations With the completion of Regent Street’s Street review assignment The West End is characterised by three with growth of 10.9% per annum remaining schemes due within the next Over 50% of the occupier profile is 163 New Christian Dior £1,300 New lease Q1 2013 Covent Garden £700 27.3% main shopping destinations; Bond Street compared to 7.2% per annum on Oxford five years, rents are anticipated to grow dedicated to fashion which has increased Bond Street is renowned as being the capital’s high dramatically over the past decade. Street. Rental forecasts for Prime West substantially. end luxury quarter, Oxford Street as Brand positioning on Regent Street has End indicate rental uplift of 9.7% per 12 New Bond Chopard £1,300 New lease Q2 2013 Brompton Road £700 32.1% the mid-market fashion and accessories also moved up-market. A number of annum through to 2018. Street retail location and Regent Street, which high profile lettings have occurred over Due to the dramatic change in Regent 361 Oxford EE £872.50 New lease Q2 2014 has evolved to become the home of the past 18 months including; & Other Source: Savills Street’s landscape and tenant mix, there Street flagship stores for many luxury retailers. Stories which is the first store of H&M’s is a growing requirement from many well luxury brand to open in the UK, Karl The Crown Estate’s highly successful known international retailers to secure 451 Oxford Omega £800 New lease Q2 2014 Lagerfeld who opened their European tenant engineering strategy, coupled a presence on the street. The Crown Street flagship on Regent Street in March 2014, with a commitment to provide Estate’s selective strategy to control the securing the unit by paying a premium of 291 Oxford McDonalds £775 Rent Review Q4 2013 accommodation of the highest quality street’s tenant mix has resulted in a long £2.2 million and Watches of Switzerland Street and the creation of fewer but larger and list of retailers willing to set new record who opened their three storey flagship imposing stores, has attracted a range rents to compete for the few stores that Source: Savills store in July 2014. In addition, British of large international brands to Regent become available. fashion brand Hunter is to open its first Street. This in turn has continued to drive global flagship store on Regent Street in rental growth as occupiers compete for Autumn 2014 and Michael Kors will open the few units that become available. a new 15,000 sq ft flagship in 2015.

Regent Street has seen the greatest expansion in Regent Street top with Covent Garden Regent Street footfall Origin of international entrants international retailer presence in the West End for new international entrants

80% Regent Street Asia 70% fall year-on-year Covent Garden Oxford Street 2% as of May 2014 1% Asia Pacific 60% 12% percentage points since 2000 Bond Street South America 50% 17% 8% percentage points 33% South Molton Street since 2000 percentage points increase year-on-year 1% 40% since 2000 Regent Street 15% as of May 2014 Carnaby Street North America 30% Europe Kings Road 20% 13% 27% percentage points Bond Street Fringe fall year-on-year 61% since 2000 14% Bond Street 0.4% as of May 2014 10% percentage points International retailers as % of all retailer s since 2000 Oxford Street Middle East 0% Old Bond Street New Bond Street Regent Street Oxford Street West Oxford Street East 021 3456789101112 0500,0001,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 New international retailer entrants (since 2012) Average weekly footfall (Jun 13-May 14) 2% Source: Savills Source: New West End Company Source: Savills Source: Savills Source: Savills Source: New West End Company Source: Savills

MUTUAL HOUSE | 193 - 201 | REGENT STREET | LONDON W1 28 29 MUTUAL HOUSE | 193 - 201 | REGENT STREET | LONDON W1 The office accommodation at Mutual Prime West End retail yields continue House has an average rental tone of to remain between 2% and 3%.” only £45.00 per sq ft which represents excellent value for Mayfair offices”

Office Occupational investment Market Commentary Market Commentary

In addition to its popularity as a retail The majority of market activity comprises The following provides a table of recent comparable office lettings in the vicinity: The Capital’s role as an important A scarcity of investment stock continues Below we provide examples of key West End investment activity: destination, Regent Street is a leading transactions of sub 10,000 sq ft and the retail destination for international high to frustrate the mounting demand from business district with approximately two low level of supply has led to rents in Address Tenant Size Rent Term Date spending shoppers and tourists has been overseas investors. Combined with a Net Initial Date Property Tenure Tenant Price million square feet dedicated to office Mayfair returning to pre-downturn levels. (sq ft) (£ per sq ft) a major factor in underpinning strong strong occupational market, historically Yield accommodation serving a diverse mix Rents for the best office floors in Mayfair retail sales and footfall levels. These low interest rates and some Global 49-51 Conduit Street DSquared 4,510 £110 . 0 0 15 years Jun-2014 97 New Bond of tenants. are now consistently achieving over fundamentals have reinforced Central political instability, this has contributed July-14 FH RBS £18.80 m 2.30% £100 per sq ft, for example Grosvenor London retail status as a safe haven and to the allure of prime London Street The offices at Mutual House are accessed 5 Hanover Square Heritage 7,983 £107.50 10 years Jun-2014 has recently pre-let 20 Grosvenor Street have led to Central London retail being investments as a bastion for wealth Patek Philippe from a self-contained entrance on Oil 16 New Bond to KPMG at a rent reflecting £125 per sq the best performing sector in the UK preservation and capital growth. May-14 LH & various office £112.00 m 2.12% Conduit Street, one of Mayfair’s most Street ft on the best floors. 33 Davies Street Cain Hoy 5,063 £115 . 0 0 10 years May-2014 investment property market. Overseas tenants desirable office addresses. Demand for Capital investors have been particularly active The Crown Estate’s dominance of high quality office accommodation in The average office rental tone in Mutual ownership on Regent Street means 321 Oxford Swarovski & with buyers over recent years regarding Apr-14 FH £38.00 m 2.49% Mayfair has been exceptionally strong in House is £45.49 per sq ft representing 8-10 Hanover Street NOM UK 3,550 £112. 50 10 years Jan-2014 prime Central London retail as a long investment opportunities are extremely Street Next recent years with high take-up and low excellent prospects for rental growth. term growth play with little downside. rare and highly sought after. Investment vacancy rates characterising the West transactions on the street have been 103 New 8-10 Hanover Street Muzinich & 3,857 £103.80 10 years Jan-2014 Feb-14 vFH Christies £30.00 m 1.87% End occupational market. We have adopted a conservative rental 2014 has seen a continuation of the very limited in recent years with the bulk Bond Street Co value for the office accommodation of investment trends evident in preceding of prime retail investments concentrated 141-142 New £60.00 per sq ft. 31-33 Maddox Street Brummer 11, 070 £65.00 10 years Apr-2014 years with a further tightening of prime on Oxford Street and Bond Street in Jan-14 vFH Fendi £75.20 m 2.64% Partners retail yields in the West End. Investor particular. Furthermore, the ever present Bond Street demand has remained strong particularly demand from retailers to acquire their 16 Old Bond 25 Argyll Street H&M 10,761 £69.50 15 years Mar-2014 for securely let investments within core own buildings in the West End has Nov-13 FH Prada £50.00 m 2.45% locations which has continued to place reinforced investor confidence of the Street downward pressure on yields. long term attractiveness of the location. 126-127 New Sept-13 vFH Canali £44.00 m 2.10% Regent Gate, SFM UK 4,568 £82.50 10 years Jul-2013 Bond Street 56-58 Conduit Street 178 New Bond Aug-13 FH Boodles £33.00 m 2.14% Regent Gate, Pine River 4,600 £85.00 10 years Feb-2013 Sreet 56-58 Conduit Street Capital 9 Old Bond Partners Jun-13 FH Gina Shoes £19.25m 1.41% Street 171 New Bond May-13 vFH Harry Winston £31.30 m 2.26% Street 17-18 Old Feb-13 FH Prada £87.50 m 2.75% Bond Street

Hackett Limited Church UK Retail Ltd (t/a Church’s) T&G Allan Limited (t/a The Pen Shop) AALTO Invest LLP Kiko UK Limited PFM Group Services Ltd Applied Predictive Technologies Hong Kong Tourism Board Hackett Limited is a designer of men’s Church’s was founded in 1873 by the The Pen Shop was established in 1858 AALTO Invest LLP are a independent Kiko UK Limited is part of Kiko Milano The PFM Group of companies is a (UK) Limited The Hong Kong Tourism Board (HKTB) is luxury clothing and accessories with Church family who pioneered luxury and today is Europe’s largest writing asset manager covering real estate, which was established in 1997 by the US based leader in the provision of Applied Predictive Technologies (APT) is a Government-subvented body founded a prestigious British history. Founded footwear design throughout the last instrument specialist and one of only credit and special situation strategies. Percassi Group. The company is an independent financial and investment a software company that provides native, in 2001 and replaced the Hong Kong in 1979 by Jeremy Hackett and Ashley century. Today, Church’s is one of the two pen shop chains in the world. With Founded by two former Morgan & Italian professional cosmetics brand that advice as well as management and cloud-based software tools that enable Tourist Association (HKTA) which was Lloyd-Jennings from a stall on London’s world’s leading luxury shoemakers 21 branches nationwide, The Pen Shop Stanley bankers in 2011, the company has features a range of cutting-edge make consulting services to local, state and large, consumer-focused businesses to established in 1957. The body’s role is Portobello Road, today Hackett is an synonymous with a wide range of leather stocks a wide range of luxury pens and raised £700m of capital from a group of up, face and body treatments from over regional government and non-for-profit seize the Big Data analytics opportunity. to market and promote Hong Kong as internationally recognised luxury brand products. leather accessories. European Pension Funds. The company 500 points of sale in Europe. Kiko has institutions. APTs clients include a number of blue a travel destination worldwide. Unlike operating from 77 stores in 16 countries. employs 23 professionals based out of three London stores one of which is at chip and Fortune 500 companies. the HKTA, the HKTB is not affiliated to a The Regent Street store is its largest In 1999, Church’s was taken over by For the year ending 28 September 2013 their London, Pfaffikon (Switzerland) and 262 Regent Street. PFM was established in Philadelphia in specific sector or organisation, allowing it globally and is the company’s flagship Prada, one of the world’s leaders in the tenant company reported a turnover Madrid offices. 1975. The Group has 47 offices across The company, founded in 1999, employs to wholly support the interests of Hong retail unit. luxury design. The brand continues to of £8,327,011, a pre-tax profit of £19,560 Further information can be found at: North America and employs more than approximately 200 people and is Kong’s tourism. expand and now trades from over 40 and a net worth of £1,655,717. Further information can be found at: 500 professionals and serves clients in headquartered in Arlington, Virginia www.kikocosmetics.com For the year ending 31 March 2013 countries worldwide with 11 units in the every region of the US. with additional offices in San Francisco, The HKTB has 15 branch offices and 5 www.altoinvest.com the company reported a turnover UK and the Regent Street branch acting Further information can be found at: London and Taipei. representative offices worldwide and Further information can be found at: of £97,672,000, a pre-tax profit as its flagship store. www.penshop.co.uk employs approximately 325 people. Further information can be found at: of £35,135,000 and a net worth of www.pfm.com For the year ending 31 January 2014 Further information can be found at: £56,355,000. www.predictivetechnologies.com Church UK Retail Limited reported a www.discoverhongkong.com Further information can be found at: turnover of £17,909,911 and a net worth of £7,256,460. www.hackett.com Further information can be found at: www.church-footwear.com

The property is elected for VAT and it For further information please contact: is envisaged the sale will be treated as a Transfer of a Going Concern. Jonathan O’Regan Dominic Rowe Savills Michael Elliott +44 (0) 20 7409 8179 +44 (0) 20 7529 5706 [email protected] [email protected]

EPC Anthony Selwyn David Harrison Savills Michael Elliott +44 (0) 20 7758 3880 +44 (0) 20 7529 5705 The property has an EPC rating of D (98). [email protected] [email protected]

George Gawthrop Savills PROPOSAL +44 (0) 20 7409 8002 [email protected]

Offers in excess of £85,000,000 are invited for the Long Leasehold interest.

This reflects an initial yield of 2.95% and a reversionary yield of 3.83% assuming our opinion of ERV.

WEBSITE

Further information can be found on the marketing website: www.mutual-house.com capital A LLOWA NCES

Any unclaimed capital allowances will be made available.

Important Notice Savills, Michael Elliott (the joint sales agents) and their clients give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and the joint sales agents have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | September 2014