Securely Let City of London Freehold Five Acre Square, 133 Houndsditch Ec3 Five Acre Square
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SECURELY LET CITY OF LONDON FREEHOLD FIVE ACRE SQUARE, 133 HOUNDSDITCH EC3 FIVE ACRE SQUARE INVESTMENT HIGHLIGHTS FIVE ACRE SQUARE IS AN EXCITING OPPORTUNITY TO ACQUIRE A MAJOR CITY OF LONDON FREEHOLD INVESTMENT, PROVIDING BOTH SECURE LONG-TERM INCOME AND SUBSTANTIAL ASSET MANAGEMENT OPPORTUNITIES TO ENHANCE VALUE. Freehold 1.05 acre site. Strategically situated at the convergence of four key City of London submarkets; City Core, EC3, Spitalfields/Shoreditch and Aldgate. Forms an integral part of an evolving business district linking Liverpool Street and Aldgate Stations. Exceptional transport accessibility, which will be further improved following the opening of the Elizabeth line (Crossrail) at Liverpool Street, approximately 350 metres to the north west. Comprises approximately 200,864 sq ft (18,661.0 sq m) of highly specified office, retail and ancillary accommodation, which was subject to a comprehensive refurbishment in 2008 and a subsequent rolling refurbishment of the 4th and 5th floors and the reception from 2017 to 2019. In excess of £26.50 million has been spent on repositioning the building since 2008. Efficient and flexible office floor ,plates which benefit fromexcellent natural light from three elevations and four generous atria. Multi-let to nine tenants, with a weighted average unexpired lease term (including reversionary leases) of 8.5 years to expiries and 7.9 years to determinations. Exceptionally low passing rent of £42.91 per sq ft overall. Exciting asset management opportunities to further drive value: ■ Immediate performance through 1st floorrent review in 2020 off a low rent of £38.60 per sq ft overall. ■ Uplifts in 2024 on 56% of the building by current income providing a guaranteed minimum running yield increase of 22 basis points. ■ Longer-term future landmark repositioning, subject to obtaining the necessary consents, with a c.50% increase in net area. Offers are invited in excess of£170 million (One Hundred and Seventy Million Pounds Sterling), subject to contract and exclusive of VAT, for 100% of the units in the Jersey Property Unit Trust that owns the freehold interest in the property. Attractive net initial yield of c.5.00% and a low capital value of £846 per sq ft. Exceptional cash-on-cash returns in excess of 8.00% can be achieved. 2 3 FIVE ACRE SQUARE FIVE ACRE SQUARE THE LEADENHALL 20 FENCHURCH THE LLOYD’S OF 30 ST 22 100 SALESFORCE TOWER 42 TRIANGLE SITE STREET SCALPEL LONDON MARY AXE BISHOPSGATE BISHOPSGATE TOWER 122 BANK LEADENHALL MOORGATE STREET Five Acre Square is ideally situated at the convergence of four of London’s most influential sub-markets: EC3, City Core, Spitalfields/Shoreditch and Aldgate, providing access to an immense and varying range of best-in-class occupiers. The building is also situated within the City of London’s Eastern ‘Tower’ Cluster, home to some of London’s most iconic buildings, including 30 St Mary Axe, 122 Leadenhall Street and 22 Bishopsgate. Five Acre Square’s long-term potential to dramatically increase its massing underpins its current secure income and evergreen credentials. CROSSRAIL ENTRANCE FENCHURCH STREET ALDGATE ONE CREECHURCH THE ST BOTOLPH 70 ST PREMIER DEVONSHIRE ONE BISHOPSGATE ALDGATE PUBLIC REALM PLACE BUILDING MARY AXE PLACE SQUARE PLAZA LIVERPOOL STREET 4 5 T FINSBURY PAVEMEN PRIMROSE STREET MOORGATE STREET ILSON STREET SUN STREE LD W T PPO A FIVE ACRE SQUARE FIVE ACRE SQUARE NORTH 7 14 ET IELD STRE BRUSHF 12 19 15 19 3 LOCAL DEVELOPMENTS 7 16 LOCAL OCCUPIERS BROADGATE ESTATE CREATIVE / TECH ISHOPSGATE B SPITALFIELDS/ 1 Mindspace 8 Fairtrade Foundation LIVERPOOL SHOREDITCH 1 2 Unruly Media 9 Fotografiska STREET 10 3 Uber 10 Government Digital Service B RICK LANE REET 4 Dell Corporation 11 WeWork 6 ORTH ST WENTW 5 Smart Focus 12 The Office Group LONDON WA 10 11 6 8x8 Media 13 Salesforce 1 2 3 4 LL DEVONSHIRE C OMMERCIAL ST 7 BBC Media Action 14 Syniverse SQUARE AD ONE LEADENHALL STREET, EC3 THE SCALPEL, 52 LIME STREET, EC3 100 LIVERPOOL STREET, EC2 BEVIS MARKS HOUSE, EC3 17 13 Developer: Brookfield Developer: WR Berkley Corporation Developer: British Land / GIC Developer: Fairplay Shipping 13 Tenure: Long Leasehold Tenure: Freehold Tenure: Virtual Freehold Tenure: Freehold 9 MIDDLESEX STREE Size: 680,000 (36 storeys) Size: 387,303 sq ft (35 storeys) Size: 523,000 sq ft Size: 236,966 sq ft 13 18 PROFESSIONALWHITECHAPEL RO 17 8 20 REET Completion: PC Q1 2023+ Completion: Q2 2018 Completion: Q2 2020 Completion: Q1 2025+ 3 20 1 University of East Anglia 12 Kennedys Comments: 100,000 sq ft under offer Comments: c. 63% let or under offer Comments: c. 90% let or under offer Comments: Planning permission CITY CORE 11 1 2 Morgan Spencer Recruitment 13 McDermott Will & Emery to Munich Re granted. Occupied until 2021 block date T 3 Sungard Availability Services 14 Clyde & Co 6 5 HOUNDSDITC 6 8 BROAD STREET 1 4 15 D ALDGATE Meet Recruitment Holman Fenwick Willan OL BEVIS MARK 12 EAST GH STREET 5 Sidley Austin 16 Hunton & Williams / MOORGATE 4 4 COMMERCIAL ROAD BISHOPSGATE 6 Kirkland Spit& alfieldElliss ma rket H 3 IPS Group Ltd 14 11 10 Trinity E 6 17 Latham & Watkins 7 Allen & Overy Devonshire Square X S 9 2 A Heron Tower 4 WHITECHAPEL HI 18 White & Case 12 9 8 British Council for Offices Y 5 Royal Exchange R 10 A 19 Ashurst 9 9 9 Aecom Bank of England M 16 P 2 18 RINCES STREE 15 T TREET 10 Coventry University 20 Squire Patton20 Fenchurch Boggs Street T S ALDGATE 122 Leadenhall STREE 8 11 4 Accenture Gherkin GATE HIGH S 5 6 7 8 THREADNEEDLE INSURANCE/EC3 D Lloyds of London 14 AL ET Monument 2 14 Leadenhall market 150 LEADENHALL STREET & 70 ST MARY AXE, EC3 40 LEADENHALL, EC3 ONE CREECHURCH PLACE, EC3 5 8 T LEADENHAL 1 LIE STRE L A 6/8 BISHOPSGATE, EC3 Developer: Nuveen Real Estate Developer: Nuveen Real Estate / Developer: Helical / HOOPP STREE ATE FINANCE CORNH ILL 2 T G Developer: Mitsubishi Estate Company Tenure: Long leasehold AIMCo Tenure: Long leasehold T ALD 1 11 3 1 Royal Bank of Canada / Jefferies 11 Association of Corporate Treasurers Size: 301,799 sq ft (21 Storeys) Tenure: Part Freehold / Size: 272,868 sq ft (17 Storeys) 13 ALDGATE / Stanhope BANK T L E 2 EMANAberdeen STR Standard / ION Trading 12 ING Completion: 2018 Part long leasehold Completion: 2018 TREE Tenure: Freehold E 7 10 S R E 5 3 Westpac Banking Corporation 13 Blackrock T Comments: 14th to 21st floors let to Size: 890,000 sq ft Comments: Fully let T Size: 568,000 sq ft (47 Storeys) MINORIES 12 MANSELL STREE S M S Sidley Austin (33%) Completion: Q1 2023+ KING WILLIA I R Completion: Q3 2023+ L R 4 Tradition / FSCS 14 Royal Bank of Scotland / Natwest E Comments: Planning Permission E T Comments: Revised planning T I I 5 EET 15 LCH Clearnet Agricultural Bank of China L permission granted Oct 2017 granted L 10 L L I I 1 6 Bank of Taiwan 16 EBRD B B 2 12 15 7 SMBC Europe 17 St James’s Place Wealth Management M STREET 7 16 8 3 8 China Construction Bank 18 Lloyds Banking Group FENCHURCH 7 T 9 Deutsche Bank 19 ICAP STREET STREET ET 10 Barclays 20 Jane Street Capital OT STRE CANNON STREET GRACECHURCH6 STREET FENCHURCH C PRES 14 11 11 9 10 11 12 INSURANCE CANNON 1 Lloyd’s Register 9 Lockton / JLT Group 22 BISHOPSGATE, EC2 ONE BISHOPSGATE PLAZA, EC2 100 BISHOPSGATE, EC2 LONDON FRUIT & WOOL EXCHANGE,STREET E1 15 2 10 GREAT TOWER STRE Chubb Tysers Developer: AXA / Temasek / PSP / Developer: UOL Group Developer: Brookfield Developer: Exemplar / M&G TOWER 4 T 3 AIG 11 Towergate Insurance Quadreal Tenure: Freehold Tenure: Long leasehold Tenure: Long leasehold GATEWAY Tenure: Freehold Size: 536,000 sq ft (43 storeys) Size: 869,000 sq ft (37 storeys) Size: 320,000 sq ft ROYAL MINT STREE 4 Howden 12 Hiscox Size: 1,380,000 sq ft (61 storeys) Completion: Q2 2020 Completion: 2019 Completion: 2018 5 Willis 13 WR Berkley Status: Under construction Comments: Five star luxury hotel Comments: 118,000 sq ft to Jefferies Comments: The office space ET TOWER HILL 6 Allianz 14 BMS Group Completion: Q1 2020 and residential Group, 218,500 sq ft to Royal Bank is fully pre-let to Ashurst Comments: 50% under offer of Canada and 255,000 sq ft to LOWER THAMES STREE 7 XL Catlin / Vitality Health 15 Besso Insurance Group or pre-let Freshfields 5 8 Asta 16 Prudential T Not to scale. GLOBE Indicative only 6 THEATRE 8 FIVE ACRE SQUARE FIVE ACRE SQUARE A NEW CONNECTED BUSINESS DISTRICT FIVE ACRE SQUARE SITS AT THE HEART OF A FAST EVOLVING AND CORE CITY OF LONDON LOCATION WHICH BENEFITS FROM EXCELLENT CONNECTIVITY AND ACCESS TO MULTIPLE SUBMARKETS REFLECTING ITS DIVERSE TENANT BASE. BROADGATE CIRCLE LLOYD’S OF LONDON ONE BISHOPSGATE PLAZA 100 LIVERPOOL STREET / NEW CROSSRAIL ENTRANCE SHOREDITCH/ LIVERPOOL SPITALFIELDS STREET DEVONSHIRE LIVERPOOL STREET/ SQUARE BROADGATE ONE BISHOPSGATE PLAZA SALESFORCE TOWER WHITE KENNETT PREMIER PLACE HOUNDSDIT ST DEVONSHIRE R 100 EET CH QUARTER BISHOPSGATE 70 ST SPITALFIELDS MARKET LIVERPOOL STREET STATION LONDON FRUIT AND WOOL EXCHANGE B E V I SMARY M A R K AXE S THE ST BOTOLPH BUILDING 30 ST MARY AXE ALDGATE INSURANCE/EC3 ONE CREECHURCH PLACE ALDGATE/ WHITECHAPEL SALESFORCE TOWER DEVONSHIRE SQUARE 30 ST MARY AXE 9 10 11 FIVE ACRE SQUARE FIVE ACRE SQUARE THE HISTORY IN THE EARLY 20TH CENTURY FIVE ACRE SQUARE WAS THE SITE OF A LANDMARK LOCAL DEPARTMENT STORE KNOWN AS THE HOUNDSDITCH WAREHOUSE. THE BUILDING WAS DEMOLISHED TO MAKE WAY FOR THE CURRENT FIVE ACRE SQUARE.