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Home , Charterhouse Street, Giltspur Street, Golden Boy of Pye Corner, Holborn Circus, Ludgate Hill, Newgate

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LONDON EC1 1 GILTSPUR STREET 1 GILTSPUR STREET

INVESTMENT HIGHLIGHTS

• Occupies a prominent corner position in the heart of Midtown, where the City of and West End markets converge.

• Situated on the west side of Giltspur Street at its junction with West Smithfield and Hosier Lane to the north and Cock Lane to the south.

• In close proximity to Smithfield Market and to the north.

• Excellent transport connectivity being only 200m from Farringdon Station which, upon delivery of the Elizabeth Line in autumn 2019, will be the only station in Central London to provide direct access to , the Elizabeth Line, Thameslink and National Rail services.

• 23,805 sq. ft. (2,211.4 sq. m.) of refurbished Grade A office and ancillary accommodation arranged over lower ground, ground and four upper floors.

• Held long leasehold from The Mayor and Commonalty of the for a term of 150 years from 24 June 1991 expiring 23 June 2141 (approximately 123 years unexpired) at a head rent equating to 7.50% of rack rental value.

• Vacant possession will be provided no later than 31st August 2019. Should completion of the transaction occur prior to this date the vendor will remain in occupation on terms to be agreed.

We are instructed to seek offers in excess of£17 million (Seventeen Million Pounds), subject to contract and exclusive of VAT, for the long leasehold interest, reflecting a low capital value of £714 per sq. ft.

2 3 LOCATION & SITUATION

1 Giltspur Street is located in a core Central London location in the heart of Midtown where the City of London and West End markets converge. The building benefits from being equidistant between the City of London, the world’s premier business and financial district and home to some of London’s principal landmarks such as St Paul’s Cathedral, the Bank of and Mansion House, and the UK’s traditional legal district, home to the , and the Inns of Court. , London’s renowned jewellery quarter, is located a short walk to the north.

The building occupies a prominent position on the west side of Giltspur Street at its junction with West Smithfield and Hosier Lane to the north and Cock Lane to the south. The property is located in close proximity to Smithfield Market and Farringdon Station, which will benefit from direct access to the new Elizabeth Line in autumn 2019.

This Midtown location has historically been synonymous with the more established occupiers from the TMT sectors such as Amazon, LinkedIn, DreamWorks, Warner Brothers and Publicis Group. However, being uniquely positioned at the convergence of Central London’s most dynamic markets with excellent connectivity, this location has attracted some of the world’s most noteworthy corporate occupiers such as JP Morgan, De Beers, Goldman Sachs, Deloitte, Unilever and Bank of America Merrill Lynch.

Smithfield and , arguably two of London’s most stylish and vibrant districts, offer a unique juxtaposition of new residential and commercial schemes, such as St Bart’s Square, set amongst a plethora of amenity within the rich industrial history of Smithfield. Local amenity includes Michelin-starred restaurants and some of the world’s best bars, shops and hotels amongst attractive cobbled streets and squares.

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COMMUNICATIONS

1 Giltspur Street benefits from excellent transport connectivity across Central London and beyond, which is set to be further enhanced with the offering of the Elizabeth Line () from autumn 2019. The building benefits from a PTAL (Public Transport Accessibility Level) of 6b, the best possible rating and indicates excellent access to public transport.

RAIL LINKS City Thameslink Circle District Hammersmith & City

Metropolitan Central CITY THAMESLINK 150M National Rail Elizabeth (2019) FARRINGDON 250M ST PAULS 350M ARICAN 400M LACKFRIARS 600M 700M 1 GILTSPUR STREET 1 GILTSPUR

THE ELIZABETH LINE .BUS

The introduction of the Elizabeth Line at Farringdon The building is situated a short walk from Station (approximately 250 metres north east of Viaduct, and Farringdon Street, all of the property) in autumn 2019 will have a significant which are major thoroughfares with numerous bus impact on the Property as Farringdon becomes services across Central London and beyond. the only station in Central London to provide direct access to London Underground, the Elizabeth line, AIRPORTS Thameslink and National Rail services. With the arrival of The Elizabeth Line, all four of London’s The Elizabeth Line, Europe’s largest infrastructure International airports, will become accessible in less project, is a new high-speed rail line linking Reading, than 1 hours journey time from Farringdon Station. and the West End with the City Airport Journey Time (mins) of London, Canary Wharf and Stratford in the east. It is estimated the service will increase rail capacity Heathrow 35 in London by 10% carrying around 200 million London City 40 passengers each year, whilst bringing an extra 1.5 Stansted 47 million people within 45 minutes of Central London. Luton 47

STRATFORD (10MINS) TOTTENHAM LIVERPOOL PADDINGTON COURT ROAD STREET (8MINS) (2MINS) FARRINGDON (2MINS)

BOND STREET 5 MINUTE WALK WHITECHAPEL CANARY WHARF (4MINS) (5MINS) (8MINS) HEATHROW (39MINS)

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LOCAL OCCUPIERS DEVELOPMENT ACTIVITY

The property benefits from being situated in a prime Midtown location The immediate vicinity continues to witness significant 1. 17 Charterhouse Street, EC1 strategically positioned between the City of London and the West End. levels of investment in the infrastructure, commercial Size: 145,000 sq. ft. Use: Offices The immediate area benefits from exceptional amenity and transport and residential real estate stock, transforming this Owner: M&G connectivity, which attracts some of the largest occupiers from the financial, location into one of Central London’s most aspiring Status: Under Construction (Completion in 2020). legal and TMT sectors. destinations to live and work. Pre-let to Anglo American

2. Goldman Sachs, 70 Farringdon Street, EC4 Size: 840,000 sq. ft. Use: Offices Financial Occupiers Owner: National Pension Service of Korea Status: Under construction (Completion in 2019) 1. Goldman Sachs European HQ 3. Cardinal House, , EC1 2. J.P. Morgan FARRINGDON BARBICAN (CROSSRAIL 2018) 138,000 sq. ft. Office 3. Barings Size: Use:

FARRINGDON ROAD Owner: HB Reavis 4. Brewin Dolphin 8 STREET Status: Under construction (Completion in 2020) 5. Mizuho Bank 6. Bank of New York Mellon 3 FARRINGDON GRAYS INN ROAD (CROSSRAIL 2018) 4. Charterhouse Place, Charterhouse Street, EC1 7. Axa Investment Management HATTON GARDEN 195,000 sq. ft. Office 4 SMITHFIELD MARKET Size: Use: 8. Bank of America Merrill Lynch 1 Owner: TH Real Estate 9. CHARTERHOUSE STREET 10 5 Status: Planning Consent 10. Investec 5 CHANCERY LANE 9 LONG LANE 5. West Smithfield Market 6 4 HOLBORN Size: 175,000 sq. ft. Use: Museum 5 Legal Occupiers 6 Owner: City of London Corporation ST. ANDREW STREET 7 Status: Under construction (Completion in 2022) CHANCERY LANE 2 8 LANE 1. HOLBORNBird & Bird 3 HOLBORN6 VIADUCT 2. Taylor Wessing 6. 65 , EC1 FETTER 3. Freshfields Bruckhaus Deringer Size: 78,500 sq. ft. & 246 bed hotel Use: Hotel & Office 1 NEW 2 Owner: Private Investor 4. Jones Day LINCOLN’S 9 8 INN FIELDS 1 CITY THAMESLINK 5. Irwin Mitchell 1 Status: Planning Consent FARRINGDON STREET STREET 10 6. Hogan Lovells NEW 10 STREET 3 SQUARE 7 7. Travers Smith 7 8 10 7. 20 Old Bailey, EC4 2 Size: 240,000 sq. ft. Use: Office 8. WithersKINGSWAY Worldwide 4 9 ST PAUL’S Owner: Mirae Asset Daewoo 9. The Old Bailey (Central Criminal Court) 9 Status: Completed 10. DLA Piper

5 8. Farringdon East, Lindsey Street, EC1 Size: 90,000 sq. ft. Use: Office Corporate Occupiers HILL CITY THAMESLINK ST PAUL’S Owner: Helical Plc CATHEDRAL BANK Status: Under construction (Completion in 2019) 1. Publicis 2. Accenture STRAND 3 9. Barts Square, EC1 3. J Sainsbury Plc Size: 3.2 acres Use: Mixed Use 4. Deloitte MANSION HOUSE Owner: Helical Plc and Ashby Capital 5. Anglo American / De Beers 6 Status: Under construction (Completion in 2020) 6. Capgemini 4 QUEEN VICTORIA STREET 7. Unilever 2 BLACKFRIARS 10. The BT Centre, 81 Newgate Street, EC1 8. Amazon Size: 302,,000 sq. ft. (Existing) Use: Offices 7 9. Samsung Electonrics Owner: British Telecom : Available on the market 10. British Telecom TEMPLE Status

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DESCRIPTION

Originally constructed in 1989 and comprehensively The floor plates benefit from a principal lift core at refurbished in 2014, 1 Giltspur Street provides 23,805 the north side of the building and a secondary goods sq. ft. (2,211.4 sq. m.) of Grade A office and ancillary lift core to the west, both with feature glass stairs in accommodation arranged over lower ground, ground accompaniment. There is direct access to separate and four upper floors. male, female and disabled WC facilities on every floor.

The property is accessed from a prominent entrance The office accommodation benefits from the following on the corner of Giltspur Street and West Smithfield. specification: To the rear, the building benefits from a communal courtyard accessed at lower ground level. • fully accessible raised floors; • metal-tiled suspended ceilings; The flexible ‘L-Shaped’ floor plates range in size from • LG7 compliant recessed modular LED lighting; 4,028 sq. ft. (374.2 sq. m.) on floor four to 4,179 sq. ft. • c.2.8 metre floor to ceiling heights; (388.2 sq. m.) on floor two and benefit from excellent • four pipe fan coil air conditioning; levels of natural light from the northern, eastern and southern elevations. The primarily column-free open • two 13 person passenger lifts; plan floor plates are flexible in that they can be easily • dedicated services lift (800kg); sub-divided to offer cellular fit outs, appealing to a • male and female WC facilities on all floors; and wide range of occupiers. • a dedicated ground floor reception area.

ACCOMMODATION

The property provides the following net internal floor areas:

Floor Use NIA IPMS Sq. Ft. Sq. M. Sq. Ft. Sq. M. Fourth Office 4,028 374.2 4,145 385.1 Third Office 4,168 387.2 4,275 397.2 Second Office 4,179 388.2 4,295 399.0 First Office 4,138 384.4 4,253 395.1 Ground Office 3,083 285.9 3,131 291.0 Ground Reception 913 85.3 918 85.0 Lower Ground Office 3,296 306.2 3,331 309.5 Total 23,805 2,211.4 24,348 2,261.9

The property has been measured by Arena Property Services Limited in accordance with the RICS Code of Measuring Practice (sixth edition). Copies of the measured survey are available upon request.

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FLOOR PLANS FLOOR PLANS

LOWER GROUND FIRST FLOOR

PLANT Storage

PLANT PLANT UP

PLANT LIFT LIFT Roof Changing Rooms

Storage

Store Kitchen PLANT WC WC PLANT WC Core UP Canteen LIFT LIFT Server LIFT LIFT Room

LOBBY LOBBY

Storage CUPBOARD CUPBOARD

Circulation CUPBOARD

WC

WC CUPBOARD

Kitchen CUPBOARD

GROUND FLOOR FOURTH FLOOR

Storage PLANT

BIN STORAGE

LIFT

LIFT Sta Room CUPBOARD

Kitchen WC WC

WC WC Core WC

Kitchen WC Core LIFT LIFT

LIFT LIFT

LOBBY ELEC ELEC

Circulation Reception

Not to scale for indicative purposes only. Not to scale for indicative purposes only.

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TENURE

The property is held long leasehold from The Mayor and Commonalty of the City of London and registered under the title number NGL712809.

The lease is for a term of 150 years from 24 June 1991 expiring 23 June 2141, providing an unexpired term of approximately 123 years.

The head rent equates to 7.50% of rack rental value and is subject to upward only reviews every five years.

The next review date is 29 September 2021. The current head rent is £71,648 per annum.

A summary of the key provisions are shown at Appendix 1.

The total site extends to an approximate area of 0.17 acres (0.07 hectares).

Not to scale for indicative purposes only.

This official copy is incomplete without the preceding notes page. VACANT POSSESSION

Vacant possession will be provided no later than 31st August 2019.

Should completion of the transaction occur prior to this date the vendor will remain in occupation on terms to be agreed.

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CITY OF LONDON MARKET COMMENTARY

Occupational Market Investment Market We have seen five consecutive years of take-up exceeding 5.5Mn sq. ft. in the City of London market. This 2018 saw a muted start to the year with total Q1 turnover of £1.37Bn, across 20 transactions, however, with June trend looks set to continue as take-up in Q3 reached 1.7Mn sq. ft. across 107 transactions taking the level for investment volumes reaching £3.04Bn across 15 transactions, Q2 turnover reached a record £4.06Bn. Appetite for the year (as at the end of Q3) to 5.1Mn sq. ft., which is 1% down on this point last year but 18% up on the 10- City offices has remained strong and Q3 saw £3.2Bn transacted, which is the second highest Q3 turnover on record. year average for the first three quarters. The Insurance & Financial services sector has been the most active sector in the City accounting for 20% of take up, followed closely by the Tech & Media sector with 19% and the Overall investment for 2018 has therefore reached £8.63Bn across 94 transactions, which is broadly in line serviced office sector with 12% of take-up. with the same point last year, which saw £8.67Bn transacted over 94 deals as well. At the end of Q3, there are currently over £2.0Bn of transactions under offer, compared with only £900Mn in 2017 at this point. There is currently 7Mn sq. ft. of available supply, equating to a vacancy rate of 5.6%, which is both down on the five year average of 5.7% and the ten year average of 6.7%. Address Area Tenure Tenancy Pricing Date Purchaser Set against a backdrop of somewhat subdued rental growth, the average prime rent in the City was £79.69 per Multi-let to six tenants. The sq. ft., which is 6.5% up on the same point last year and the average grade A rent has also risen by 0.4% and is LLH majority of the accommodation £16.00M 17 St Helens Oct currently at £61.25 per sq. ft. as at the end of Q3. 23,986 133 years is let to Brookfiled. Vacant 3.92% Under Offer Place, EC3 2018 10% Possession is obtainable in £667 Headline Rent Term September 2018. Address Tenant Area Floor Date (£per sq. ft.) (Break) Multi-let to five tenants with 2 Defoe Court, 44 Q.£32.50M floors vacant. The vendor will Sep Featherstone 43,146 FH 4.56% Under Offer The Berkeley be providing a rental guarantee. 2018 20 Farringdon Street, EC4 6,951 9 £75.00 10 Sep 2018 Street, EC1 £753 Partnership LLP WAULT of 1.06 years.

Dunstan House, Multi let to six tenants including £13.05M 11 £84.00 May Private UK St Cross Street, 13,557 FH Contagious Communications 4.53% One Bartholomew Close, EC1 The Trade Desk 54,261 10 £85.50 15 (10) Jun 2018 2018 investor 9 £84.00 EC1 and Digirati. WAULT of 2.2 years. £963 Multi let to six tenants including 4 -6 LLH 119 £8.75M LaSalle Forum St Paul’s, Fox & Partners LLP, Federation of May Epiris LLP 5,807 7 £77.50 10 May 2018 Throgmorton 11,359 years 5.50% Investment 33 Gutter Lane, EC2 Oils Seeds and Fats, BMS Sales 2018 Avenue, EC2 10.00% £770 Management LLP & Trintech (UK) Ltd Herbal House, IDEO 8,553 5 & 6 £80.00 10 Apr 2018 Multi let on a floor by floor basis 10 Back Hill, London, EC1 to tenants including Sumitomo LLH 138 £13.75M 89-91 Gresham Asset Management, Stoneshot Aug 14,499 years 3.19% Aviva 25 , EC1 Hudson Sandler 6,575 2 £75.00 10 (5) Jan 2018 Street, EC3 Ltd and Greenwich Associates. 2017 5.00% £948 2 vacant floors, which weren’t 80 Clerkenwell Road, EC1 Solus Ceramics 4,057 G & LG £81.00 15 Dec 2017 topped up.

City take-up by quarter Central London turnover by quarter

Q1 Q2 Q3 Q4 1-year Avg Q1 Q2 Q3 Q4 10-year Avg 9.0m 25,000 8.0m 8.0m 20,000 8.0m 15,000 8.0m 8.0m £M

SQ FT 10,000 8.0m 8.0m 5,000 8.0m

0m 0 2011 2011 2011 2017 2013 2012 2015 2016 2018 1997 2010 2001 2017 2013 2012 1995 2015 1996 1998 1999 2014 2016 2018 2007 2001 2010 2003 2002 2005 2004 2006 2008 2009 2007 2000 2003 2002 2005 2004 2006 2008 2009 2000

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ADDITIONAL INFORMATION APPENDIX: HEAD LEASE SUMMARY

PLANNING CAPITAL ALLOWANCES Lessor The Property is located in the City of London and Capital allowances may be available to a purchaser by The Mayor and Commonalty of the City of London situated within the Smithfield Conservation Area. way of separate negotiation. Term The ‘’ statue, which is attached to the south eastern corner of the building, DATA ROOM The lease is for a term of 150 years from 24 June 1991 is Grade II listed. expiring 23 June 2141, providing an unexpired term of Access to the legal data room can be provided upon approximately 123 years. request. VALUE ADDED TAX (VAT) Current Ground Rent The Property is not elected for Value Added Tax PRICING £71,648 per annum. (VAT). We are instructed to seek offers in excess of £17 million (Seventeen Million Pounds), subject to Calculation of Annual Rent ENERGY PERFORMANCE contract and exclusive of VAT, for the long leasehold The head rent equates to 7.50% of rack rental value interest, reflecting a low capital value of£714 per sq. ft. CERTIFICATE (EPC) and is subject to upwards only reviews every five years. The next review date is 29 September 2021. The Property has an Energy Performance Certificate (EPC) rating of D (84). Rack Rental Value Definition Rack Rental Value is a term defined in detail in the lease, however it is essentially the best annual rent at which the premises may let as a whole in the open CONTACTS market for a term of 25 years with vacant possession. For further information or to arrange an inspection of the property, which must be undertaken strictly by Alterations appointment only, please contact the vendor’s joint agents Savills and Daniel Watney. Provided the tenant supplies the landlord full details of the proposed alteration / improvement, and with the prior written consent of the landlord, the tenant may carry out certain structural works of refurbishment and improvement to the Premises.

Redevelopment Prohibited. Robert Buchele Will Richards Richard Garner Lucy Cooper +44 (0) 20 7409 8007 +44 (0) 20 7409 8059 +44 (0) 20 3077 3455 +44 (0) 20 3077 3458 Permitted Use +44 (0) 7834 631292 +44 (0) 7776 227907 +44 (0) 7775 806335 +44 (0) 7922 584901 [email protected] [email protected] [email protected] [email protected] First to fourth floors: B1 (Offices), ground floor: A3 (Retail and/or Restaurant), or B1 (Offices), lower Nick Scott ground floor: B1 (Offices) and/or ancillary office use, +44 (0) 20 7578 7579 as defined under the Town and Country Planning +44 (0) 7870 999291 (Use Classes) Order 1987. [email protected]

Important Notice Alienation Savills, their clients and any joint agents 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 • Assignment of the whole is permitted 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. • Underletting of the whole is permitted 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. • Share the building with a Group Company It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. is permitted Designed and Produced by Savills Commercial Marketing: 020 7499 8644 | October 2018

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