Wired, connected & switched on. Prime Multi Let Office Investment – Manchester // 3 & 4 Piccadilly Place provide an opportunity to acquire two of Manchester’s most prominent Grade A and BREEAM “Excellent” rated office buildings Developed in 2008 and 2009, 3 and 4 Piccadilly Weighted average unexpired lease term (on let or Place comprise a total of 320,785 sq ft (29,801 under offer space) of 7.2 years to expiry, 4.8 years sq m) of multi-let office and ground floor retail to earliest termination. accommodation with the right to use 490 car parking spaces. 80% of the income secured against either Government or 5A1 rated covenant. Blue chip tenant line up including; // Low vacancy of just 5.9% // Barclays (18% of total income) and passing // Total net passing income of £7,592,411 per annum off just £21.00 psf offering excellent rental // Anticipated net passing income of £7,907,930 per growth prospects at forthcoming rent review in annum at Sept 2019 upon Barclays rent review September 2019, where it is anticipated to reach // Total net ERV of £9,116,584 per annum the cap of £24.35 per sq ft, which would still // Held via a 250 year long leasehold interest reflect a 20% discount to headline ERV with expiring (237 years unexpired) with a 10% // NHS (15% of total income) payaway of rents received to the freeholder. // Q Parks (4.3% of total income) // Arcadis (6.0% of total income) Offers are sought in excess of £138,500,000 (One // Nu Generation (8.8% of total income) Hundred and Thirty Eight Million, Five Hundred // Secretary of State (6.4% of total income) Thousand Pounds) subject to contract and exclusive // Ove Arup (10.8% of total income) of VAT. A purchase at this level would reflect the following profile (adopting purchaser’s costs at The offices are multi let based off a low average 6.80%); passing rent of just £23.42 psf. Most recent lettings // 5.13% - Net Initial Yield on the lowest floors of the building have been // 5.35% - Anticipated Yield at Sept 2019 secured at £28.50 psf, and ERV across the scheme (upon Barclays Rent Review) is £28.50 – 30.00 psf. // 6.16% - Reversionary Yield // Low Capital of £415 per sq ft (assuming cars at Car Parking £40,000 per space) // 302 spaces let to Q Park by way of a 35 year lease at £1,200 per space with annual RPI linked Alternatively, a corporate sale is available through rent reviews (2&4% cap and collar). the purchase of a LuxCo which, assuming // A further 183 spaces are currently demised purchaser’s costs at 2.50%, would reflect a Net to tenants at rents of up to £2,750 per space. Initial Yield of 5.35%, Anticipated Yield in Sept 2019 of 5.57% and Reversionary Yield of 6.42%. A short walk from Piccadilly Station over the Manchester Curve Bridge brings you to the professional heart of Piccadilly Place. // Piccadilly Place offers all the benefits of a mixed-use development, incorporating office space, a hotel, gym and apartments, all well-served by shops, cafés and restaurants, in a vibrant and accessible environment. In the privately managed piazza a yearly calendar of tenant activity and engagement enlivens this fantastic communal area. A natural space for occupiers to trade and visitors to meet, shop and enjoy a range of leisure, cafés and restaurants. The only Wired Certified Platinum development in Manchester City Centre, Piccadilly Place keeps businesses hyper connected. // Opportunity to acquire a highly prominent and hugely successful office investment located at the entrance to the UK’s No1 regional city. Highly reversionary office investment. Average A purchase at the quoting level would reflect; passing rents at just £23.42 psf. Most recent lettings // NIY – a 38 - 60 basis point (asset or corporate secured at £28.50 psf on lowest floors, with ERV’s sale) to prime Manchester office yields which are of £30.00 psf + on upper floors, compared to prime currently 4.75% Manchester Grade A rents of £34.00 – £36.00 psf.... Excellent rental growth prospects. // Cap Value – a purchase at £415 psf would reflect a 34% discount against prime Manchester capital Sought after location just 1 min walk from Piccadilly values which are currently evidenced at £630 psf. Train Station and metrolink services, with no further Grade A office development in pipeline within the // By Sept 2019, upon securing rent review uplift to the immediate micro-location.... Grade A supply limited maximum level permitted under the Barclays lease, to Piccadilly Place itself. the running yield would improve by 22 basis points to 5.35% to 5.57% (asset or corporate sale) Strong likelihood of significantly improving WAULT through re-gears of existing leases and new lettings. // The Piccadilly district of Manchester is the focus of in excess of £2bn of further development and Ability to split the assets, 3 and 4 Piccadilly Place to infrastructure work at present across mixed use create two highly liquid assets. schemes such as The Fire Station, Campus, Mayfield and in due course, Manchester’s new HS2 Scheme has a proven long term history of attracting rail-link terminal will be a 2 minute walk from occupiers from all sectors including Banking, the scheme. Government, Professional Services etc attracted to its highly accessible location and rental tone at // Prime rents in Manchester forecast to grow c15% below Prime Manchester. from £34.00 currently to £39.50 in then next 5 years, reflecting 3.00% pa growth, in line with the performance over the last 25 years which has seen average annualised rental growth at 3.2% per annum, demonstrating sustained long term growth. Investment Rationale The new vision for our Piazza illuminates the rich history of Manchester. // INDUSTRIOUS COMMUNITY MID CENTURY TABLE LAMP This enlarged version of an everyday domestic table lamp celebrates the innovation and hard work of the people of Manchester. A city famous for it’s ‘busy bee’ lifestyle, Manchester remains a fast-paced and energetic city which is represented by the honeycomb pattern on the lampshade. A56 towards Broughton Prestwich A665 towards Hollins Collyhurst Bury Blackley Oldham Rochdale Victoria M ille Station r S tr ee d t oa t R e Millenium y e a r t ldham W St Quarter O tree ty S i el on i in Chap r at T r Corpo Northern t Ma Quarter ree SALFORD rke t Gr t St St e eat e re e er re Ancoats S t v t t e gat L s on S ee t tree tr t ean S ew D N B s ridge s o Retail & Piccadilly Str r ee Gardens t C Commercial Core t ree Piccadilly P rin St Bus Station Spinningfields ce y ss e A St ytoun re e Mosl t t e St Quay tre Piccadilly S r tree S e t e Gateway t land rt Pet er St Po Chorlton Street reet L Bus Station ondon Piccadilly Castlefield Station e Chinatown t t O R x L ree oa iver fo poo r Manchester y St d d l Roa eansga e t d Central S ee D t Str r h Mosl e rt r e t two Whi owe L //Walking Distance Deansgate (M) Station Oxford Road A57 Station ay n W nia ncu Ma A635 towards Ashton Under Lyne Ma Hyde ncunian W ay A57(M) Glossop A56 towards Tra­ord A5103 towards Urmston A6 towards Manchester Airport Levenshulme Sale Didsbury Liverpool Heaton Chapel M56 Stockport Metrolink Network //Train routes On stream, on trend and on demand // DEDICATION, PERSEVERANCE AND DISCOVERY 1909 BANKERS DESK LAMP The banker’s desk lamp was popularised because of its recognisable green shade which softened the bright bulb, making it much easier to work intensely through the night. This lamp represents the dedication of world famous wartime code breaker and computer pioneer, Dr. Alan Turing; the design of the glowing canopy integrates a scrambled code, inspired by the circuit board patterns and the ground breaking Enigma code. t e t e ee tr r S St 14 ham and t t tl e r Cha Pic tre Po e S c ci adill Du A ytoun y Stre e t 12 t ee 11 Str n 13 r Aubu 10 1 London 9 Minshul R oa l Metrolink d S Curve Bridge tre P e 8 t A 7 y t o . u 6 St n e Piazza S Stor t r e e t 4 3 2 5 PICCADILLY P STATION 16 Entrance to 560 spacepark car Chor t lt tree on rth S London Roa S two tre Whi e t 15 d On site: In the area: Under development: et re Cobou //Key rth St Fairfi 1 DoubleTree Hilton 6 Leon 15 London Rd. Fire Station wo eld Stree hit t W r 2 Starbucks 7 Greggs (Under redevelopment) g St 3 Pita Pit 8 Waitrose 16 Kampus re e 4 Black Sheep Coffee 9 Piccadilly Tap (Due for development) t 5 Anytime Fitness 10 Archie’s Burger Bar 11 Cafe Nero 12 Malmaison Hotel 13 Holiday Inn Row ranby 14 Abode Lounge & Bar G //London Rd Fire Station //Kampus //The Refinery //On-site Activity Activated, accessible and available // ADVANCES IN SCIENCE AND PHYSICS 1932 ART DECO LAMP This Art Deco lamp takes inspiration from both the beautiful Art Deco buildings which still adorn the city, and the splitting of the first atom in 1932 which was achieved by research conducted by Ernest Rutherford at Manchester University.