Newly Refurbished Knowledge Quarter Freehold for Sale 2 Investment Summary 3

275 Gray’s Inn Road, King’s Cross, London WC1

Newly refurbished office and Approximately 250 metres Benefitting from the In the heart of the Knowledge 13,263 sq ft total floor area Freehold retail property completed from the excellent transport substantial regeneration Quarter, one of the premier arranged over lower ground, by Bywater Properties. links at King’s Cross and of the local area, led by the knowledge clusters anywhere ground and four upper floors. St Pancras International 67 acre mixed use in the world. stations. King’s Cross Estate.

11,097 sq ft of Grade A office Contemporary specification 1,874 sq ft of prime retail Opportunity to capture accommodation recently including exposed services accommodation let to the increased occupational refurbished to a Category and suspended LED lighting Co-operative Group Food Ltd demand in the location from Offers are invited in excess A+ condition, including data with new end of commute until 24th July 2024 at £67,223 a broad range of sectors cabling to the risers and fitted facilities. p.a. (£35.87 per sq ft). including technology, media of £10 million for the kitchenettes on each floor. and life sciences. freehold interest, subject to contract and exclusive of VAT, reflecting a low capital value of just £754 per square foot overall 4

Wellcome The Doctors Euston Digital The Standard British Merck Francis King’s Cross Google UK Google / Universal Havas Trust Laboratory Station Catapult Hotel Library (proposed) Crick St Pancras Station Campus Youtube Music Institute (under construction)

Aerial photo Location 8

King’s Cross Estate

33 18

275 Gray’s Inn Road is located within the vibrant 19 17 and evolving neighbourhood of King’s Cross. With Eurostar services from St Pancras International, the 7 32 area is regarded as the gateway to Europe and as such has undergone one of the most substantial 11 and transformative regeneration projects in 9 12 YORK WAY Central London, the King’s Cross Estate. The estate 5 6 comprises 67 acres estate that, once completed, 7 CALEDONIAN ROAD M will feature 50 new and restored buildings, close IN U 14 4 T to 1,700 new homes, 20 new streets, 10 new public E parks and squares, 26 acres of public open space ST PANCRAS INT. 16 S and 1 kilometre of canalside. KING’S CROSS 1

The area has attracted occupiers from a diverse 28 27 range of sectors. A number of leading global 26 PENTONVILLE ROAD businesses have all chosen to locate in King’s 13 3 Cross including Google, Guardian News & 2

Media, Facebook, Havas, Merck, Universal Music 31 and YouTube. The area has also witnessed a EUSTON 10 corresponding significant increase in the retail 24 15 25 offer and amenity provision, attracting brands 21 such as Caravan, Fortnum & Mason and The 22 Standard hotel. 30 3 GRAY’S INN ROAD

EUSTON ROAD M I As a result, King’s Cross has become one of N U T 23 London’s most sought after places to live and work E S and one of London’s key transport hubs. N Not to scale. For identification purposes only.

Local Occupiers Bars/Restaurants Hotel/Leisure

1 The Francis Crick Institute 13 Camino 24 St Pancras Renaissance Hotel 2 Vevo 14 Vinoteca 25 The Standard London 3 The Office Group 15 The Gilbert Scott 26 Great Northern Hotel 4 Arcadis 16 German Gymnasium 27 Anytime Fitness 5 Youtube 17 The Lighterman 28 Urban Kings Gym 6 Google 18 Granary Square Brasserie 7 The Guardian 19 Caravan Culture 8 Facebook (under construction) 20 Dishoom 9 Universal Music 21 Isla 29 Platform Theatre 10 Merck (proposed) 22 The Dolphin 30 Shaw Theatre 11 Havas 23 Lucas Arms 31 British Library 12 Intercept Pharmaceutical 32 London Canal Museum 33 Theatro Technis 6 The Knowledge Quarter WLEDGE QUART KNO ER

The one-mile radius around King’s Cross railway station contains one of the highest densities of Global Generation Islington Council knowledge based businesses and institutions in King’s Cross Estate the world. The Knowledge Quarter is a consortium of over 100 academic, cultural, research, scientific In2scienceUK and media organisations, large and small, with one Royal Veterinary College Art Fund Aga Khan University principle commonality: they are actively engaged in advancing and disseminating knowledge.

The area is already home to the British Library, Universal Music Central Saint Martins the Wellcome Trust, the Alan Turing Institute, the Briffa Francis Crick Institute, the University of the Arts Google Bio Nano Consulting London Central St Martins and the Wiener Library ANGEL amongst other educational facilities. This access Crafts Council to knowledge has been a key factor in attracting ST PANCRAS INT. many global businesses to the area. KING’S CROSS The Knowledge Quarter continues to attract Francis Crick Institute Université Paris-Dauphine significant investment and talent, including a commitment by US pharmaceutical group Merck EUSTON EIT Digital to occupy a new bespoke research hub opposite Sadler’s Wells the station, as well as a major extension to the British Library British Library backed by Mitsui Fudosan to include a new headquarters for the Alan Turing Institute, the UK’s National Institute for Data Science, both due to open in 2025. The Doctors Laboratory Royal College of Physicians Wellcome Trust British Medical Association The Reading Agency UCL The Physiological Society

University College London The Weiner Library ARUP

The Society of Authors

The British Museum

N Not to scale. For identification purposes only. This area of Central London continues 8 Local Developments to undergo significant enhancement Communications through several current and proposed developments, endorsed by the quality and quantum of occupiers relocating here.

275 Gray’s Inn Road is located just 3 minutes’ walk from King’s 0 Travel distance (minutes) Cross and St Pancras International stations which offer access National Rail London Underground to six London Underground lines (Victoria, Piccadilly, Northern, Elizabeth Line Hammersmith & City, Circle and Metropolitan), Mainline Rail Eurostar and Eurostar services to mainland Europe. In addition, Gatwick Express Heathrow Express King’s Cross is just one Underground stop from London’s newest major infrastructure project – the Elizabeth Line (Crossrail) – at Farringdon.

256 Gray’s Inn Road, WC1 Belgrove House, Euston Road, WC1

Developer Developer University College London Precis Group KING’S CROSS Architect Architect PADDINGTON EUSTON ST PANCRAS INT. OLD STREET Hawkins Brown Allford Hall Monaghan Morris (AHMM) 10 1 3min walk 1

Scheme Scheme 348,500 sq ft medical research and educational facility 270,000 sq ft bespoke offices and laboratories pre-let to TOTTENHAM for UCL Neuroscience MSD (Merck & Co Inc.) as their UK HQ BOND STREET OXFORD CIRC. COURT RD FARRINGDON LIVERPOOL ST WHITECHAPEL 9 4 10 2 7 14 Status Status Planning permission granted February 2020, scheme due Planning permission granted February 2021, scheme due PICCADILLY for completion in 2024 for completion in 2024 GREEN PARK CIRCUS 6 13

ST PANCRAS INT. HEATHROW VICTORIA WESTMINSTER

CALEDONIAN ROAD 31 7 13 KING’S CROSS

LONDON PENTONVILLE ROAD WATERLOO BRIDGE CANARY WHARF 14 9 21

330 Grays Inn Road GATWICK 29 Belgrove House

ARGYLE STREET GRAY’S INN ROAD 330 Gray’s Inn Road, WC1 EUSTON ROAD

Developer Groveworld King’s Cross station provides fast, direct services to Cambridge. Cambridge has long been an established global centre for science

Architect 256 Grays Inn Road Allford Hall Monaghan Morris (AHMM) and innovation, built on strong links between industry and world class academia. This has made the area around King’s Cross a Scheme natural choice for those from the sector seeking a London location, 143,000 sq ft of lab-enabled offices, 76 apartments and a 182 key hotel and indeed a driving force behind the Knowledge Quarter itself. Not to scale. For identification purposes only. Status Planning application submitted in August 2020 Description 9

275 Gray’s Inn Road has recently undergone refurbishment to provide 13,263 sq ft total floor area arranged over lower ground, ground and four upper floors. This comprises 11,389 sq ft of Grade A office and ancillary accommodation in addition to a prominent 1,874 sq ft ground floor retail unit. The offices benefit from excellent natural light and have been completed to a contemporary Category A+ condition including data cabling to risers and pre-installed kitchenettes on each floor. The refurbishment also included the installation of new end of commute facilities including bicycle racks (accessed via a secondary entrance adjacent to reception), showers and lockers.

Specification

Contemporary Passenger lift finishes

Exposed waffle 24 secure slab ceilings bicycle spaces

Exposed air Data cabling conditioning to risers The refurbishment of 275 Gray’s Inn Road caused only 57 Fitted kitchenette Solar panels kilograms of carbon emissions per square metre – well below the on each floor 500 kilograms per square metre RIBA 2030 target Excellent natural WCs on each floor light

Suspended LED EPC B (44) lighting

Metal tile Showers and lockers raised floor

Developer

Founded in 2006, Bywater is a privately owned property company with a core focus on sustainability and community. Bywater is currently undertaking refurbishments and new development across the UK with schemes in Belfast, Manchester, Liverpool and Glasgow as well as a significant presence in London including the capital’s first whole-life carbon neutral development, Paradise in Vauxhall. Office Core 10 Accommodation Floorplans Retail Bike storage Reception

The property has been measured by Lane & Frankham in accordance with the Typical Upper Floor RICS Code of Measuring Practice (6th Edition) as set out below.

Schedule of Areas

Ground Floor Floor Use Area (sq ft) Area (sq m)

4 Office 2,141 198.9

3 Office 2,314 215.0

2 Office 2,316 215.2

1 Office 2,307 214.3

Lower Ground Floor Ground Reception 292 27.1

Ground Retail 1,874 174.1 BIKE STORE

Lower Office 2,019 187.6 Ground

Total 13,263 1,232.2

Offices: NIA; Retail: GIA (including WC) | Not to scale. For identification purposes only.

PLANT

IPMS 3 areas are also available on request. Not to scale. The purchaser will receive a Duty of Care in respect of the measured surveys. For identification purposes only. Offices refurbished to a contemporary 11 specification with exposed services ideally suited to occupier demand CGI of indicative fitted floor 12 Completed to Cat A+ condition including 13 data cabling to risers and pre-installed fitted kitchenettes on each floor Tenure 14

Freehold

The plan is published for identification purposes only and although believed to be correct, the accuracy of this plan is not guaranteed and it does not form part of any contract.

Tenancy

The retail unit is let to The Co-operative Group Food Ltd on a full repairing and insuring lease expiring 24th July 2024. The current rent is £67,223 (£35.87 psf) per annum exclusive. The Co-operative Group Food Ltd is a British consumer co-operative and subsidiary of Co-operative (CWS) Group Ltd. The business is a diverse retail business that includes food retail, electrical retail, financial services, insurance services, legal services and funeral care trading from 4,500 locations and with 4.5 million members. Market Commentary 15

Investment Market Occupational Market

King’s Cross and the wider Knowledge Quarter is one of Central London’s most active The area around King’s Cross is firmly established as one of London’s most dynamic and submarkets; its association with the Technology, Innovation and Life Sciences sectors has desirable sub markets. The location continues to attract occupiers from a wide range of put it at the forefront of market interest during the Covid 19 pandemic for both domestic sectors, not least Technology, Innovation and Life Sciences. and international capital, attracted by excellent growth prospects as a result of limited Grade A supply and strong occupier demand. Rental levels remain relatively economical on a Central London basis and markedly lower than other technology-orientated sub markets such as Soho, Fitzrovia and Farringdon. As such, pricing has remained resilient and it is widely anticipated that 2021 will see markedly increased transaction volumes. With global market leading companies such as Google, Facebook and Sony, as well as world class institutions including the Francis Crick Institute and The Doctors Laboratory Recent capital market transactions include the following: choosing to locate in the area, it will continue to attract like-minded and associated organisations which benefit from clustering in this way. Recent occupational market transactions include:

DATE ADDRESS SIZE TENURE TERM PRICE PURCHASER DATE ADDRESS FLOOR SIZE RENT TENANT (SQ FT) CERTAIN (CV £PSF) (SQ FT) (£PSF) (NIY)

VACANT POSSESSION AND SHORT INCOME TRANSACTIONS Sep-20 Kings Place, 90 York Way, N1 5th 5,293 £65.00 Open Data Institute Apr-21 14-15 Great James Street, WC1 9,240 FH VP £11.55m Available (£1,250) Sep-20 1 Gray’s Inn Road, WC1 1st - 6th 19,978 £65.05 Hardwick Chambers Apr-21 21 Brownlow Mews, WC1 6,606 FH VP £7.5m Available (£1,135) Aug-20 107 Gray's Inn Road, WC1 G, 1st & 2nd 6,633 £58.00 Tetra Tech Apr-21 4 Tavistock Place, WC1 6,618 FH VP £9.5m Under offer (£1,435) Feb-20 Q1 - Handyside, N1 G, 1st & 2nd 38,325 £85.00 Google Deep Mind Apr-21 124 Theobalds Road, WC1 81,110 FH c.1.5 years £70.5m Private Middle (£869) Eastern Investor Jan-20 The Lighthouse, 297 Pentonville Road, N1 1st 4,493 £67.50 The Diamond Trading Company Mar-21 85 Gray’s Inn Road, WC1 28,108 FH VP £18.4m Clearbell Capital (£655) Oct-19 1 Bravingtons Walk, N1 1st 1,800 £66.00 Homeserve Feb-21 73-75 Kenton Street, WC1 2,166 FH VP £3.2m Private Investor (£1,477) Oct-19 102 Camley Street, NW1 Ground 2,290 £60.00 Godiva Jan-21 105 Judd Street, WC1 57,172 LH 2 years (nil rent) £44.0m Montrose Land/ (89 years) (£770) AshbyCapital Jul-19 2 Pancras Square, N1 3rd 5,943 Late Australian Super (UK) Jun-20 Panther House, 38 Mount Pleasant, WC1 27,438 FH VP £37.0m Credit Suisse £80's (£1,348) Jul-19 S1 - Handyside, N1 1st-6th 124,627 £68.00 Sony Mar-20 The Old Dairy, Wakefield Street, WC1 4,461 FH VP £4.2m Healthcare (£941) Infection Society Jun-19 11-21 Northdown Street, N1 4th & 5th 2,579 £68.00 Gyroscope Therapeutics INVESTMENT TRANSACTIONS Mar-21 The Lever Building, 30,637 FH c.4.0 years £38.2m Merseyside 85 Clerkenwell Road, EC1 (£1,247) Pension Fund (4.28%) The quoting price is equivalent to a highly reversionary office Mar-21 Saffron House, 6-10 Kirby Street, EC1 72,976 FH c.3.4 years £78.3m M&G (Asian (£1,073) Seperate Account) ERV of just £48.50 per sq ft overall, capitalised with the retail (5.00%) Jul-20 17-18 Haywards Place, EC1 11,000 FH c.3.0 years £15.56m La Francaise Real income at a compelling 5.00% net initial yield (only £855 per (£1,415) Estate Partners (4.20%) sq ft overall), with a very generous 2.5 years office rent then Jun-20 Chapter House, 1-2 Cranwood Street, 33,983 FH c.3.9 years £46.0m RTP Global Real EC1 (£1,354) Estate Investments deducted for voids and incentives. The market evidence more (4.48%) than substantiates this. Further Information 16

Planning The property is situated within the jurisdiction of the London Borough of Camden. The building is not listed but lies within the King’s Cross St Pancras Conservation Area.

Value Added Tax (VAT) The property has been elected for VAT. The sale will be treated as a transfer of a going concern (TOGC).

Energy Performance Certificate (EPC) B (44). The certificate is available within the data site.

Capital Allowances Capital Allowances may be available to a qualifying purchaser by way of separate negotiation. Further information is available within the data site.

Data Site For password-controlled access please contact the joint agents.

Investment Rationale

Freehold interest. Of interest to owner occupiers and investors. Located in the heart of the Knowledge Quarter - one of Central London’s highest Exceptional connectivity from King’s Cross growth locations. (including direct services to Cambridge) and St Pancras International (Eurostar Newly refurbished high quality office services). accommodation. Offices equally suited for being a single let First class local amenities; home to some headquarters or multi-let. of London’s best restaurants and bars. Low capital value of only £754 per sq ft overall. Proposal

Offers are invited in excess of £10 million for the freehold interest, subject to contract and exclusive of VAT, reflecting a low capital value of just £754 per square foot overall.

Contacts

For further information or to arrange an inspection please contact:

Richard Dale Jeremy Waterworth 020 7029 3617 020 7522 8504 07590 626289 07471 356565 [email protected] [email protected]

James Heyworth-Dunne Alastair Hilton 020 7029 3626 020 7522 8519 07779 327071 07515 922350 [email protected] [email protected]

MISREPRESENTATION ACT 1967 Ingleby Trice and Mellersh & Harding as agents for the vendor, or as the case may be, Lessor (the “Vendor”) and for themselves, give notice that (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, Ingleby Trice, Mellersh & Harding or their servants. It is for the purchaser or as the case may be Lessee (the “Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon the particulars as statements or representations of fact. (3) The Vendor does not make or give and neither Ingleby Trice, Mellersh & Harding nor their servants has any authority, express or implied, to make or give and representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. The market statistics, rental and investment comparables, have been supplied by third parties and their accuracy cannot be guaranteed. April 2021