121-123 Princes Street Edinburgh Eh2 4Ad

Home , Balmoral Hotel, Princes Street, Rose Street

121-123 PRINCES STREET EDINBURGH EH2 4AD

An exceptional investment opportunity

100% prelet

A development by Deramore

Princes Street is THE OPPORTUNITY world renowned »» Princes Street is world renowned as Edinburgh’s premier retail thoroughfare. »» 121-123 Princes Street is a new retail and hotel development as Edinburgh’s situated immediately opposite Edinburgh Castle.

»» On Practical Completion, 121-123 Princes Street will extend to a total gross premier retail internal floor area of approximately 74,840 sq ft (6,952.6 sq m) thoroughfare »» It will provide a large format retail unit over three floors, extending to 29,675 sq ft (2,757.0 sq m), with a new 97 bedroom hotel above. The hotel will be the first new hotel development on Princes Street for over 50 years.

The development is fully prelet to New Look and Premier Inn, as follows:

Tenant Rent pa Term Certain Basis Rent Review New Look £1,300,000 20 years FRI 5 yearly upwards only to Market Value A DEVELOPMENT BY DERAMORE PROPERTY GROUP Premier Inn £687,730 19.5 years FRI 5 yearly upwards only to RPI Total £1,987,730

»» 121-123 Princes Street is the first development to be undertaken under City of Edinburgh Council’s “String of Pearls” programme.

»» Redevelopment opportunities on Princes Street are extremely rare, reflecting the historic nature of the city centre and its status as a World Heritage Site.

»» The construction programme has commenced. Demolition is under way and the build contract has been let. Practical Completion of the retail is scheduled for August 2011 and June 2012 for the hotel. PRE-LET TO »» Our client, Deramore Property Group, is seeking to dispose of their interest by means of forward funding, subject to completion of the construction programme.

121-123 PRINCES STREET / An exceptional investment opportunity Rosyth

The Forth Road Bridge < to Stirling THE CITY OF EDINBURGH

M9 A90 Edinburgh is the capital city of Scotland. The city is recognised as one of the most prosperous ROYAL Linlithgow B9080 and historic in the UK. UNESCO designated BOTANIC P GARDENS ILRI Edinburgh’s Old and New Towns to be a World G A706 J1a EDINBURGH STREET Heritage Site in 1995 and to be the world’s first WAVERLEY J1 M8 STATION M City of Literature in 2007. Edinburgh was voted eith CD A8 of L RD ater GHTO N O W HAYMARKETBROU NALD LK European City of the Year in 2006 and “top NEW TRAM ROUTE STATION WA

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European small city of the future” in 2008. R A EITH

J1 A D L J2 E M8 N PLAC D EY RE A7 W O The city has the most buoyant economy in the UK M8 N RO N A800 S outside London with a diverse economic base. It is J3 HENDERSO T COM E LY BA NK A720 City Bypass W home to the Scottish Parliament and is Scotland’s O A702 A701 R A71 D M political, administrative, legal and judicial BROUGHTON OA Bathgate EL R centre. It is the second largest financial centre in R A70 E T A801 3a S the UK after London. The city is home to four TRAM ROUTE LON A ST DO E A702 A703 N RD universities and is an important centre4 for science and technology. It has one of the most skilled workforces in the UK, with< toover Glasgow 34% holding a St James TRAM ROUTE RO W Centre degree or professional qualification. IO T Bus HE RR ET Station STRE ST UEEN EITH STREET Q THISTLE ST ANDREW L HAN

Edinburgh has a resident population of FREDERICK

ST OV SQUARE HILL ER approximately 470,000. As the regional centre for CASTLE RD ST REET RE GE NT

N HOLYROOD E ST the east of Scotland, it serves a wider catchment of GEORG OR PALACE TREET TH BRID S CALTON RD CHARLOTTE ST over 1.3m. The population of Edinburgh and the ST E ROS THE SCOTTISH 121-123 PRINCES STREET PARLIAMENT ET THE Lothians is forecast to grow by 48,000 by 2015 Waverley GE SQUARE STRE

MOUN Station (Scottish Executive 2008). PRINCES CANONGATE D

LOTHIA S

O The city’s economy continues to expand. Average L U P STREET T HOLYROOD ROAD HIGH H

CK GDP growth between 1998-2008 was 2.40% per G BR WI N E D O ID

R Edinburgh Castle G GE annum, with average growth of 2.70% per annum SHAN R E C I O A V

S B AD T P R L L forecast for 2009-2020 (Experian 2009). GDP per I E D ET E G E T TR A ST E RK E A ET S S D RR SM RS head is 1.43 times the UK average. S MBE A A A N R CH TORPHIC C TLAN HEN ST G I E N

MA I LA C RT OLSO DY EST PO MORRIS O D L W N ST A A P O WS S O T R N

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P O N TO N BROUGHAM ST MEADOWS PL GE ID AINBR NT CE FOU LA E P BRUNTSFIELD MELVILLE DRIVE OR LINKS LM GI

E C LA P D EL FI TS UN BR TRANSPORT AND COMMUNICATIONS

Edinburgh is a major European city and benefits from extensive national and international communications.

Edinburgh International Airport is situated approximately eight miles west of the city. It is the third busiest regional airport in the UK, providing an extensive network of both domestic and international flights and was the only major UK airport to experience passenger growth in 2009.

Edinburgh has two mainline railways stations, Waverley and Haymarket, both providing connections to the East and West Coast mainlines. Direct services are provided to most major UK centres, with a minimum journey time to London of approximately 4 hours. Extensive rail services are also provided throughout Scotland.

Road connections are provided throughout Scotland. The M8 provides access to Glasgow to the west. It also connects with the M74 trunk route to Carlisle and the South. The M90 provides connections to Perth, Inverness, Dundee and Aberdeen.

City of Edinburgh Council are to reintroduce a tram network across Edinburgh. Phase 1 is under construction and will run from Edinburgh International Airport to Leith via Princes Street. Completion is forecast for 2012.

Princes Street is the focal point of public transport provision in Edinburgh. Most of the city’s bus routes pass via Princes Street, Waverley Station is adjacent and St Andrews Bus Station is nearby. The proposed tram route passes along Princes Street, with tracks already in place. Princes Street is the focal point of public transport provision in Edinburgh

121-123 PRINCES STREET / An exceptional investment opportunity CHARLOTTE SQUARE GEORGE STREET ST ANDREW SQUARE edinburgh castle WAVERLEY STATION

121-123 PRINCES STREET

CALEDONIAN URBAN BALMORAL HOUSE OF FRASER HOTEL HMV OUTFITTERS DEBENHAMS NEXT H&M GAP M&S JENNERS HOTEL LOCATION Retailing in Edinburgh

Princes Street is Edinburgh’s renowned world retail thoroughfare, Edinburgh is the dominant retail centre for East Central Scotland, with over 2,500 retail outlets and extending for ¾ mile from The Caledonian Hotel/Lothian Road in consumer expenditure of £970m. Retail provision is concentrated in the city centre, accounting for the west to The Balmoral Hotel in the east. It provides a full range 754 retail units in over 250,000 sq m of retail accommodation. Edinburgh City Centre accounts for a of retail outlets accommodating most major high street brands, 43.9% market share of Edinburgh’s core retail catchment (CACI). Retail expenditure is forecast to grow including Jenners, House of Fraser, Marks & Spencer, H&M, by 35% by 2015 (CACI). Zara, Next, Debenhams, Urban Outfitters, Waterstones and HMV. Princes Street is world renowned as Edinburgh’s primary retail throughfare. It is home to many of 121-123 Princes Street is situated in a prime location overlooking Edinburgh’s largest retail units and attracts its premium rental tone. It extends over seven blocks from The Edinburgh Castle at the west end of Princes Street. Notable Balmoral Hotel in the east to the Caledonian Hotel in the west. It accommodates five department stores, Edinburgh landmarks, such as The Exchange, Edinburgh’s namely Jenners, Debenhams, House of Fraser, Marks & Spencer and BHS. It also provides a full range of premier office district, Charlotte Square and George Street all lie retail units for major national and international multiples. close by. The extensive retail provision of Princes Street is complemented by George Street and the St James Centre, The subjects occupy a central position within a block bounded which is anchored by John Lewis. by Castle Street to the east and South Charlotte Street to the The St James Centre is due for extensive redevelopment. All of the existing shopping centre, excluding west. The site extends to Rose Street South Lane to the rear. John Lewis, will be closed from January 2012. The new centre is scheduled to reopen in Spring 2016.

Tourism in Edinburgh

Edinburgh is the UK’s second most popular tourist destination with over 4m visitors annually. Tourism injects £2bn pa into the local economy and Edinburgh accounts for over 20% of all tourism expenditure in the UK. Six of Scotland’s ten most popular visitor attractions are located in Edinburgh. Tourism is Edinburgh’s second largest employer, accounting for over 31,000 jobs, compared with 34,000 in Financial Services.

The city benefits from both leisure and business tourism. City of Edinburgh Council promote 12 international festivals throughout the year, including the renowned Edinburgh International Festival and Edinburgh Fringe. Business tourism is an expanding sector. Currently, it accounts for 15% of all tourism expenditure in Edinburgh and is forecast to double by 2015.

Edinburgh has one of the largest hotel markets in the UK. The city has over 8,000 hotel rooms, of which 23.5% are within the branded budget sector. Occupancy rates are consistently amongst the highest in the UK. Occupancy rates for 2009 were 77.9% and with RevPar of £68.58 per room. In terms of occupancy rates and room yields, the Edinburgh hotel market is second only to London in the UK.

121-123 PRINCES STREET / An exceptional investment opportunity Bedroom Bedroom Bedroom Bedroom

Bedroom Bedroom Bedroom Bedroom

Hotel Bar & Reception Bedroom ROSE ST LANE SOUTH Retail

PRINCES Retail STREET

Retail

121-123 PRINCES STREET / An exceptional investment opportunity DEVELOPMENT CONTEXT THE DEVELOPMENT

Development opportunities in central Edinburgh are extremely rare, reflecting The subjects were acquired for redevelopment by Deramore Property Group in the historic nature and layout of the city centre. 2008. Detailed planning and listed building consent for the proposed scheme was secured in 2009. Demolition commenced on 1st March 2010 and the The City Centre Princes Street Development Framework principal construction contract has been let. The redevelopment was designed following extensive consultation with City of In 2007, City of Edinburgh Council adopted the City Centre Princes Street Edinburgh Council, Historic Scotland and Edinburgh World Heritage Trust. Development Framework (CCPSDF). This is the first masterplan to modernise On Practical Completion, 121-123 Princes Street will extend to a total gross Edinburgh city centre since the 1960’s. It recognises that: internal floor area of approximately 74,840 sq ft (6,952.6 sq m) and comprise: “A successful city centre, and in particular a successful Princes Street, »» a single, large format retail unit over basement, ground and first floors is essential if Edinburgh is to maintain its position as the principal extending to 29,675 sq ft (2,757.0 sq m); and focus of activities which are integral to its role and function as a capital city, a regional service centre and major tourist destination”. »» a 97 bed hotel, with bar and restaurant, over the second to sixth floors It is one of the most significant new developments on Princes Street since the The String of Pearls 1960’s. It will transform the occupier profile of this block by:

The CCPSDF is supported by “The String ofP earls” which was adopted as »» providing the first large format retail unit into this section of Princes Street policy in 2008. This aims to modernise and improve the retail and commercial »» replacing three small and poorly configured outlets provision of each block of Princes Street from Shandwick Place in the west to »» complementing the four existing medium sized retail units, currently Carlton Hill in the east. The stated aim of this policy is: occupied by Urban Outfitters, Waterstones, HMV and Currys. “it is essential to enhance the Princes Street blocks, encourage the use »» replacing existing derelict upper parts with the first new hotel to be of the upper floors and maximise Princes Street as an asset in terms of developed on Princes Street for over 50 years the vibrancy and vitality of the city centre”. Over 95% of the development will be new build, extending from 121-122 121-123 Princes Street is the first development to follow this brief. Accordingly, Princes Street through the full width of the site to 127-133 Rose Street South it is at the forefront of “best practice” in current design standards. Lane to the rear. 123 Princes Street, a grade B listed Georgian townhouse, will be retained and fully integrated into both the retail and hotel accommodation.

The attraction of the development is demonstrated by both the retail and hotel elements being fully prelet to prime covenants.

121-123 PRINCES STREET / An exceptional investment opportunity hen der hend sonh ers 12/4 erd 1 onhe /201 2/4/ rd 0 2010

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(BUSES TAXIS & CYCLES ONLY (BUSES TAXIS & CYCLES ONLY PRINCES STREET EXCEPT 8.00PM - 7.00AM) EXCEPT 8.00PM - 7.00AM) PRINCES STREE

A PRIME HOTEL LOCATION – A ROOM WITH A VIEW

45 45 metres metres

121-123 PRINCES STREET / An exceptional investment opportunity PRE-LET TENANCIES THE DEVELOPMENT PROGRAMME The property is fully prelet to New Look and Premier Inn on the terms outlined below. A construction contract was entered into in early 2010, and demolition work commenced on Funders will be required to accept the leases in their agreed forms. 1st March 2010.

Retail The construction contract will deliver the retail unit to the required specification of the tenant. It will deliver the hotel to a “shell” finish, with a further contract to be placed to complete the Tenant New Look Retailers Limited specialist hotel fit-out. Term 20 years from date of entry The development programme is as follows: Demise Basement, ground and first floors Floor Area 29,675 sq ft, subject to minimum of 26,852 sq ft GIA Phase Description of Works Contract Value Duration Practical Completion Rent £1,300,000 per annum Retail unit 18 months August 2011 Phase 1 £7,300,000 Rent Free Period 3 months Hotel shell 20 months October 2011 Rent Review 5 yearly, upwards only to Market Value Phase 2 Hotel fit-out £3,000,000 9 months June 2012 Repair Full repairing and insuring Date of Entry The date of Practical Completion – August 2011 estimated

Hotel

Tenant Premier Inn Hotels Limited Term 19 years and six months from date of entry Demise 2nd-6th floors, plus ground floor entrance lobby Accommodation 97 ensuite bedrooms, plus 4,720 sq ft of Food & Beverage Rent £687,730 per annum (£7,090 per room) Rent Free Period 3 months Rent Review 5 yearly, upwards only to RPI Repair Full repairing and insuring Date of Entry The date of Practical Completion – June 2012 estimated

All proposed accommodation is subject to final measurement at Practical Completion. All floor areas are stated on a gross internal basis.

121-123 PRINCES STREET / An exceptional investment opportunity FLOOR PLANS / RETAIL

BASEMENT GROUND FLOOR

RETAIL Accommodation Schedule

Gross Internal Retail Floor Use Entrance Floor Area sq ft sq m

Rose Street Lane South Lower ground Retail 10,053 934.0

COVERED SECURE BICYCLE RACKS

Owners Adjoining Land Ground Retail 9,286 862.7 Upper ground Retail 927 86.1

dry riser First Retail 9,409 874.2 Totals 29,675 2,757.0

UPPER GROUND FLOOR FIRST FLOOR

121-123 PRINCES STREET / An exceptional investment opportunity FLOOR PLANS / HOTEL

SECOND FLOOR - 9 BEDROOMS THIRD FLOOR - 24 BEDROOMS

FOURTH FLOOR - 24 BEDROOMS FIFTH FLOOR - 20 BEDROOMS SIXTH FLOOR - 20 BEDROOMS

121-123 PRINCES STREET / An exceptional investment opportunity TENURE Capital Allowances Heritable (freehold equivalent) Extensive capital allowances will be available to qualifying purchasers.

COVENANT PROPOSAL Our client, Deramore Property Group, is seeking to dispose of their interest by means of forward funding, subject to completion of the construction contract.

New Look is one of the UK’s leading fashion retailers, operating from 612 Interested parties are invited to confirm their interest in writing with stores across the UK and Eire. the sole selling agents. A closing date for offers may be set.

For the year ended 2009, New Look Retailers Limited reported EBITDA of £200.1m, an increase of 13.9% over the year. Turnover for the period FURTHER INFORMATION was £1.12bn, an increase of 13.1% over the year. Net assets increased by Additional property details, including the agreed forms of lease and proposed construction 29% from £597.7m to £770.9m. Cash reserves increased by 23% from details, are provided on a dedicated website: £116.5m to £143.1m. www.hendersonherd.co.uk/121-123PrincesStreet New Look Retailers Limited have a Dun and Bradstreet Rating of 5A1. The website is password protected.

For further details, or to secure access to the website, please contact the sole selling agents:

Premier Inn is the UK’s largest and fastest growing hotel brand with 578 hotels and 41,000 rooms across the UK.

For the year ended 26th February 2009, Premier Inn Hotels Limited reported Net Assets of £372m and Tangible Net Worth of £560m. The HendersonHerd David Henderson company has a Dun and Bradstreet rating of 5A1. 115 George Street [email protected] Edinburgh EH2 4JN DD: 0131 226 4015 Premier Inn Hotels Limited is a subsidiary of Whitbread plc. T 0131 226 4004 Steven Herd F 0131 225 8272 [email protected] DD: 0131 226 4014 VAT [email protected] www.hendersonherd.co.uk The property is elected forV AT.

121-123 PRINCES STREET / An exceptional investment opportunity www.hendersonherd.co.uk/121-123PrincesStreet

On behalf of Deramore Property Group

Misrepresentation Act 1967: The Agents for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of the intended purchasers or lessees and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of the Agents has any authority to make or give any representations or warranty whatever in relation to this property.

Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. Requirements of Writing (Scotland) Act 1995: this document is provided for record purposes only and is not intended to create, nor to be relied upon as creating, any contractual relationship or commitment. Any contract shall only be entered into by way of an exchange of missives between solicitors.

Use of Computer Generated Images: All photographs of the proposed development contained both within this brochure and the above website are computer generated images. No planning or landlords consents have been secured in respect of signage and such images are indicative only. Floor Areas: All proposed floor areas are scaled from architects drawings and are subject to measurement at Practical Completion.

April 2010.