THE BT CENTRE

81 NEWGATE STREET, CONTENTS Contact Further Information Development Potential Refurbishment & Tenure& Tenancy The BTCentre Connectivity Major LocalLandmarks Location Investment Summary 50-57 42-49 34-41 20-33 18-19 16-17 6-15 2-5 58 THE BT CENTRE 3

The BT Centre represents one of the most significant generational development opportunities in Central London

A rare and truly unique development opportunity, which has been the home of BT for 150 years, opposite the iconic St Paul’s Cathedral.

Substantial freehold island site comprising 1.6 acres (0.65 hectares).

Benefitting from exceptional connectivity, the BT Centre is located directly opposite St Paul’s underground station and is a short walk from Farringdon, where the Elizabeth Line (Crossrail) is due to open in 2019.

Originally developed in 1984 as the headquarters of BT Plc, the building provides an existing net internal area of 302,265 sq ft (28,081.0 sq m), with a gross internal area of 515,648 sq ft (47,905.1 sq m).

The building is arranged over two basement levels, ground and nine upper floors, with floor plates ranging from 13,811 sq ft (1,283.0 sq m) to 35,193 sq ft (3,269.5 sq m), centred around a full height atrium.

Occupying an unobscured island site, the property benefits from excellent levels of natural light and prominent sight lines, along with unique 360 degree views across Central London.

The property will be subject to a 30 month leaseback INVESTMENT INVESTMENT SUMMARY to British Telecommunications Plc at an annual rent to be agreed between BT and the purchaser.

Initial feasibility studies have been undertaken by a professional team led by Sheppard Robson Architects, with a number of options to reposition the building via major refurbishment or full-scale redevelopment (subject to the normal consents), with the potential to increase the NIA by c. 75% to circa 527,326 sq ft (48,991 sq m).

Offers are invited, subject to contract and exclusive of VAT, for the freehold interest in the property. Moorgate

Barbican Station THE BT CENTRE 5

Current

Guildhall

Gresham Street

Bank of America Merrill Lynch

St Paul’s Underground Station

One New Change

St Paul’s Cathedral

Paternoster Square A 1.6 ACRE FREEHOLD ACRE FREEHOLD A 1.6 ISLAND SITE

LOCATION 1/3 22% London accounts for 22% of the UK’s GDP London houses over 1/3 of and is firmly established as the world’s $Europe’s Tech Unicorns (businesses primary market for foreign exchange valued at over $1 billion). derivatives and energy futures.

40M FOUR London’s top 10 tourist attractions There are four UNESCO World Heritage sites located were visited by 40 million in London – the most of any city in the world. tourists in 2017. 33% 300 Over 33% of the European HQ’s of Over 300 languages are spoken in London Global Fortune 500 companies are – the most of any city in the world. based in London.

London remains the pre-eminent global gateway SIX London is the world’s busiest airport hub, city - a hub for commerce, served by six international airports and handling more than 1 billion flights a year culture and tourism. to nearly 400 destinations.

£2.45BN In 2017 venture capital investment into the London tech sector reached an all-time high of £2.45 billion - the highest of any European city. LONDON 11 EAST VIEW 13 WEST VIEW international investorsandadiverserangeofoccupiers.international vibrant locationisoneofthemosthighlysoughtafterinLondonbyboth of CentralLondon, directlyoppositeStPaul’s Cathedral. This dynamicand The BTCentreoccupiesahighlyprominentfreeholdislandsiteintheheart LOCATION THE BTCENTRE Smithfield CGI ofproposed newMuseumofLondon at Smithfield Square The Millennium opposite TheBTCentre. and BankofAmericaMerrillLynch, whichislocateddirectly the headquartersofGoldmanSachs,HoganLovells,Deloitte as amagnetformajorglobaloccupiercampuses,including and UKCommercial Courts.Thisarea hasestablished itself home totheOldBailey, RoyalCourtsofJustice, InnsofCourt To thewestliesLondon’s traditionallegaldistrict,whichis exceptional amenityforlocaloffice occupiers. an enviableselectionofshops,barsandrestaurants, providing Squarethe LondonStockExchange.Paternoster alsooffers the Estateiscentred around asquare piazzaandishometo Developed in2003byMitsubishiEstateCo.andStanhopePlc, Adjacent toStPaul’s Square. CathedralisPaternoster landmarks inEurope, attractingover1.5millionvisitorsin2017. was completedin1710andisnowoneofthemosticonic years. Thecurrent SirChristopherWren designediteration The sitehasbeenhometoacathedralforover1,400 Directly tothesouthofbuildingliesStPaul’s Cathedral. landscape-defining Eastern Cluster. of England,RoyalExchange,Guildhall,MansionHouseandthe many oftheCity’s mosticoniclandmarks,includingtheBank eastwards alongCheapsideandGresham Street leadsto sits directly tothesouth-eastofTheBTCentre. Ashortwalk City ofLondon’s onlypurpose-builtshoppingcentre –which and bars.ThisiscomplementedbyOneNewChange–the the City, boastingamultitudeofshops,cafés,restaurants Cheapside itselfisthemostsignificant retail destinationin in theCity, rundirectlyeastwardsfromthebuilding. Cheapside andGreshamStreet, twoofthemost distinguishedaddresses 1,900 peopleinthemainhall. Rattle’s LondonSymphonyOrchestra andwillaccommodate concert andperformancevenuewillbethehomeofSirSimon for anew£250millionCentre forMusic.Thisnewworld-class Museum ofLondononWall, proposals are inplace Just tothenorthofTheBTCentre onthesiteofcurrent position asagenuineculturaldestination. Museum willreposition Smithfield Marketandcementthearea’s million ayear. Duetoopenitsdoorsthepublicin2022, Museum visitorattendanceisanticipatedtodoubleovertwo which formsthekeystoneofCity’s Culture MileProgramme. have pledged£180milliontowards the£250millionproject, The CityofLondonCorporationandtheMayor House) andtheEngineHouse. The Annexe (FishMarketandRed occupying theGeneralMarket, home oftheMuseumLondon, is proposedtobecomethenew hub. Smithfield GeneralMarket City ofLondon’s principalcultural This areaisalsosettobecomethe the world’s mostfashionablebarsandhotels. leisure scenewithMichelin-starred restaurants andsomeof telecommunications sectors,thearea alsoboastsadynamic mix ofoccupierslargelyfrom thetechnology, mediaand Already anestablishedoffice location,attractingadiverse The ElizabethLineatthenearbyFarringdonStationin2019. its resurgence catalysedinpartbytheplannedopeningof of themostfashionableandvibrantdistrictsincapital,with A shortwalktothenorthliesSmithfieldandClerkenwell–one 15 Angel N King’s Cross St. Pancras THEBT CENTRE BT CENTRE 17

White Collar Factory Old Street

THE BT CENTRE Shoreditch High Street

Farringdon East Farringdon Barbican 8 Smith eld Market 12 Moorgate Liverpool Street 10 The Leadenhall Building 7 City Thameslink 11 2 (North Entrance) 9 5 Royal Exchange Guildhall St Paul’s St Paul’s Lloyd’s of London Cathedral 3 6 City Thameslink 1 Bank

4 Mansion House Blackfriars 20 Temple Monument

Tate Modern

The Shard

London Bridge

WaterlooMAJOR LOCAL LANDMARKS Angel N King’s Cross St. Pancras

White Collar Factory Old Street

8 SMITHFIELD GENERAL 2 1 NEW STREET THE BT CENTRE 7 PLUMTREE COURT, Shoreditch High Street MARKET, EC1 SQUARE, EC4 EC4 The site is set to become the new home 1 ST PAUL’S The 270,000 sq ft estate, developed by Due to complete in 2019, the new 840,000 sq ft of the Museum of London, comprising , is the London HQ of global Farringdon East office development will be the new London HQ c.175,000 sq ft of exhibition space and CATHEDRAL, EC4 accountants Deloitte LLP. of . housing 6 million items. The new museum Farringdon is due to open its doors in 2022. Built in 1710 and designed by Sir Christopher Barbican Wren, St Paul’s is one of the most iconic 8 Smith eld Market landmarks in Europe. 12 Chancery Lane Moorgate Liverpool Street 10 The Leadenhall Building 7 City Thameslink 11 2 (North Entrance) 9 Tower 42 5 Royal Exchange Guildhall St Paul’s St Paul’s Lloyd’s of London 10 THE LONDON Cathedral 3 6 City Thameslink 1 Bank of England 30 St Mary Axe SYMPHONY ORCHESTRA 4 BLOOMBERG PLACE, Bank HALL, EC2 EC4 9 THE , EC4 3 ONE NEW CHANGE, EC4 New York architects Diller Scofidio + Renfro The 3.2 acre site is the new London HQ 4 The Old Bailey is London’s Central Criminal have been appointed on the design of Sir The 560,000 sq ft Landsec development is the of Bloomberg LP, with c.763,000 sq ft of Mansion House Court, with the first medieval courts dating Simon Rattle’s London Symphony Orchestra ’s only purpose-built shopping office, retail and leisure accommodation. The Blackfriars back to 1585. Hall, with planning expected to be submitted by centre and is host to a wide variety of retailers development incorporates a new food and retail December 2018. With a budget of £250 million, and eateries. destination under a covered arcade and a new Temple Cannon Street the new concert hall on the site of the current entrance to Bank underground station. Monument Museum of London will form a key part of the Culture Mile, linking the Barbican to the new Museum of London.

Tate Modern

5 PATERNOSTER 12 1 & 2 11 2 KING EDWARD SQUARE, EC4 6 THE NED, EC2 PLACE, EC2 STREET, EC1 Developed in 2003 by Mitsubishi Estate Co. The Luytens-designed former Midland Bank The new Brookfield and Oxford Properties and Stanhope Plc, the mixed-use estate is home HQ has been converted by Soho House Group Directly to the west of The BT Centre, 2 King scheme comprises two Grade A office buildings to office occupiers including the London Stock and Sydell Group to provide a 252-bedroom Edward Street is the 585,000 sq ft London of 310,000 and 190,000 sq ft respectively, with Exchange, along with a wealth of retail and hotel, a members’ bar and nine restaurants, HQ of Bank of America Merrill Lynch, covering significant pre-lets agreed to Schroders and leisure amenity. bars and cafés. a 1.3 acre site. Cleary Gottlieb. Waterloo THE BT CENTRE 19

The BT Centre benefits from The Elizabeth Line

exceptional connectivity via eight key Connectivity to The BT Centre will be further enhanced by the delivery of the transport nodes all within a 10 minute Elizabeth Line at the nearby Farringdon walk of the building. These stations Station, with services due to commence in 2019. The Elizabeth Line is a new provide connections to eight different high-speed rail link running underneath Central London, connecting Reading lines, along with and Heathrow in the west to Canary Wharf and Shenfield in the east, which major mainline rail networks. H will revolutionise London’s transport infrastructure, particularly for those areas close to the new stations.

Farringdon Station Eastern Ticket Hall - Elizabeth Line Upon completion, The Elizabeth line T will serve 41 stations and Farringdon will be the only station providing a C major interchange between Crossrail, Thameslink, London Underground and National Rail services and is projected to B E become one of the busiest transport hubs in Britain. B E B 8 mins Farringdon 10 mins 2 mins

T H B C R 31 mins 4 mins 2 mins C T

C E 5 mins C B

CONNECTIVITY 8 mins 27 million T H The number of passengers Farringdon B is projected to service annually once the C H Elizabeth Line has been fully implemented. 12 mins

The BT Centre is strategically located directly opposite the entrance to St Paul’s underground station, with the Central Line B 140 providing a direct route to the West End within six minutes (via Oxford Circus). Bank (DLR services to City Airport) and City 16 mins Farringdon will become one of Britain’s Thameslink (direct services to Gatwick Airport) are also both within a short walk of the property. busiest transport interchanges with 140 C trains passing through every hour. Key Hammersmith & City 8 stations 2.5 mins Circle 1.5 million Metropolitan The BT Centre is within a 10 minute walk of eight stations, providing A train every 2.5 minutes at peak times from Central The Elizabeth Line will bring an extra direct access to Central, Circle, District, DLR, Hammersmith & City, Farringdon (Elizabeth Line) Northern 1.5 million people to within 45 minutes Thameslink Metropolitan, Northern and Waterloo & City underground lines. of Central London. Elizabeth Line (2019) THE BT CENTRE 23 HISTORY

The home of BT for 150 years

The site of The BT Centre has been the home of the BT Group Plc (previously the General Post Office) since 1869 and is synonymous with the pioneering of wireless technology, including the first demonstration of wireless telegraphy in the world. The first recorded settlements on the site date back to 1056.

1891 1917 1945-46 1975-79 The London-Paris telephone service, During wartime such a vital communications In its heyday the CTO had direct communication with During this period a number of excavations were carried out by the Department of Urban inaugurated on 1st April, was controlled centre was an obvious target. A bomb dropped by every large town in the UK and was the largest telegraph Archaeology of the Museum of London. These revealed details of the land’s long-rooted and worked from the CTO until 1904. military aircraft struck the CTO causing damage to office in the world. At the peak of the telegraph service in history, with the site once forming the sanctuary of the ancient church of St Martin’s Le the south-east corner of the fourth floor. 1945-46 it dealt with 65 million telegrams a year. Grand and later homing a college under Royal Charter in 1056.

1869 1896 1940 1962 1979 1984 Work started on building the General On 27th July Guglielmo Marconi gave On 29th December the CTO was set alight by In October the CTO was closed. Planning permission was The BT Centre, as it stands Post Office on a plot on Newgate the first demonstration of wireless burning debris from adjacent buildings and the granted for the construction today, was opened in June Street and St Martin’s Le Grand, which telegraphy to members of the Post interior was destroyed. The shell of the building of a new building on the site. on the site of the former CTO. would house the Central Telegraph Office administration. was refurbished to the first and second floors, Office (CTO). and the upper floors were dismantled. THE BT CENTRE 25

CURRENT Occupying a prominent island site, The BT Centre extends to an existing SPECIFICATION net internal area of 302,265 sq ft (28,081.0 sq m) of office and ancillary VAV air conditioning. accommodation over two basement Metal tiled suspended ceilings. levels, ground and nine upper floors. LED lighting. Perimeter trunking system. Completed in 1984 and occupying a 1.6 acre (0.65 hectare) island site, The BT Centre provides office accommodation across three Typical finished floor to ceiling height interlinking blocks, arranged around an impressive full height atrium, affording excellent levels of natural light. of circa 2.5 metres.

Typical upper floors range between 13,811 sq ft (1,283.0 sq m) Impressive full height atrium. and 35,193 sq ft (3,269.5 sq m), with the upper floors benefitting Island site providing excellent natural light from unique southerly views of St Paul’s Cathedral. The building is accessed via an impressive reception at the junction of Cheapside to all office floors. and Newgate Street, with a secondary entrance onto St Martin’s Le Grand. 19 passenger lifts.

The building offers a range of occupier amenities, including 22 car Basement car parking for 22 cars. parking spaces, 118 bicycle spaces with associated shower and Secure loading / delivery facilities. locker facilities and a large staff dining area. In addition, the property also houses an on-site gym, a 200-seat auditorium and a dedicated On-site gymnasium. filming / production studio. On-site staff restaurant. On-site conference, presentation suites DESCRIPTION and auditorium. THE BT CENTRE 27 THE BT CENTRE 29

The property has been measured by Malcolm Hollis in accordance with the Royal Institution of Chartered Surveyors (RICS) Code of Measuring Practice (6th Edition) and comprises the following approximate internal areas:

NIA GIA Floor Use SQ FT SQ M SQ FT SQ M 10th Plant - - 8,330 773.9 Office 13,069 1,214.1 9th 30,415 2,825.6 Ancillary 742 68.9 8th Office 29,095 2,703.0 38,796 3,604.2 7th Office 30,648 2,847.3 40,329 3,746.7 6th Office 30,648 2,847.3 40,329 3,746.7 5th Office 30,648 2,847.3 40,329 3,746.7 4th Office 30,648 2,847.3 40,329 3,746.7 3rd Office 32,665 3,034.7 42,465 3,945.1 2nd Office 35,193 3,269.5 45,371 4,215.0 1st Office 31,918 2,965.2 42,589 3,956.7 Office 13,302 1,235.7 Ground Storage 246 22.8 56,641 5,262.1 Reception / Ancillary 14,917 1,385.8 Basement 1 Office 5,779 536.9 27,374 2,543.1 Studios 1,282 119.1 Basement 2 62,351 5,792.6 Gym 1,465 136.1 TOTAL 302,265 28,081.0 515,648 47,905.1

The property has also been measured on an IPMS2-Office and IPMS3-Office basis, in accordance with RICS Property Measurement (2nd Edition, May 2018), which is available on the data room. ACCOMMODATION THE BT CENTRE 31

St Martin’s Le Grand Ground Floor Fifth Floor 28,465 sq ft 30,648 sq ft (2,644.3 sq m) (2,847.3 sq m)

Office Office Reception / Ancillary Ramp Storage Newgate Street

Loading Bay Main Entrance Atrium Atrium Angel Street Ramp

King Edward Street

First Floor Ninth Floor 31,918 sq ft 13,811 sq ft (2,965.2 sq m) (1,283.0 sq m)

FLOOR PLANS Office Office Ancillary

Atrium Atrium

N N Not to scale. For indicative purposes only. Not to scale. For indicative purposes only.

TENURE & TENANCY THE BT CENTRE 37

The BT Centre occupies a substantial freehold island site of 1.6 acres (0.65 hectares), held under title number NGL374770.

The extent of the title can be seen outlined in yellow on the Ordnance Survey extract below.

Nomura House

King Edard Street

St Martins Le rand

Angel Street

King Edard Street

Te BT Centre

St Martins Le rand

Negate Street

Negate Street

N

© UKMap Copyright. Not to scale. This plan is published for identification purposes only and although believed to be correct, the accuracy of this plan is not guaranteed and it

TENURE does not form part of any contract. THE BT CENTRE 39

The property will be sold subject to a 30 month leaseback to British Telecommunications Plc at an annual rent to be agreed between BT and the purchaser.

−− Term: 30 months from the date of the lease.

−− Rent: To be agreed.

−− Landlord & Tenant Act 1954: The lease is to be excluded from sections 24 to 28 (inclusive) of the Landlord & Tenant Act 1954.

−− Permitted Use: Use as offices for any purpose within Class B1(a).

−− Repair: BT will maintain the property for their own occupation for the period of the leaseback and will yield up in a broom swept condition.

−− Alienation: Not to transfer, hold on trust for another, underlet or otherwise part with possession of the whole or part of the Premises or agree to do so, except that the Tenant may transfer the whole or part of the Premises to a Group Company without the Landlord’s consent.

A copy of the lease is held in the data room. TENANCY

REFURBISHMENT & DEVELOPMENT POTENTIAL 45

The BT Centre offers the opportunity to substantially reposition a headquarters office building through refurbishment, major refurbishment (and extension) or redevelopment, subject to the necessary consents.

A professional team led by Sheppard Robson Architects have undertaken a detailed feasibility study to identify the potential refurbishment and development opportunities presented by The BT Centre. A copy of the full Sheppard Robson feasibility study (and associated sister studies on structure and services) are available on the online data room.

Professional Team: Architect: Sheppard Robson Planning: Cushman & Wakefield Services Engineer: Cundall Structural Engineer: Davies Maguire

Artist’s impression of refurbishment option The following areas are approximate and can only be verified by a detailed dimensional survey of the existing and completed building.

A B C D E F G H J K L M N P All areas and scheme feasibility are subject to Legal Reviews and consents, Town Planning Indicative Typical consents, detailed Rights to Light analysis and all third party issues. All schematic ideas are St Martin’s Le Grand provided on a non-reliance basis. Floor Plan 13

12

11 REFURBISHMENT 10 9 Newgate Street A potential option is for a refurbishment to be undertaken 8

7

immediately upon achieving vacant possession, maximising Angel Street early letting potential: 6 5

−− On-floor Cat A renewal, atrium recladding and modernisation of floorplates 4 (to include raised floors), with the potential for a “tech occupier” finish; NIA 3 −− Continued use of base build central plant and lifts, subject to renewal requirements; 30,648 sq ft N −− No alterations to primary structure (subject to minor rationalisation of the floor plate); (2,847 sq m) −− Existing floor areas retained with a net internal area of 303,320 sq ft (28,179 sq m); GIA 2 40,329 sq ft −− Renewal of all fenestration. N 1 (3,747 sq m)

King Edward Street REFURBISHMENT & REFURBISHMENT & DEVELOPMENT POTENTIAL

Fourth - Seventh Floor NIA 47

MAJOR REFURBISHMENT / EXTENSION

−− Substantial repositioning of the building with a net internal area of 431,603 sq ft (40,097 sq m); −− Introduction of a new central core and major extensions to the roof with atrium infill; −− Renewed and enhanced fenestration; −− Target finished floor to ceiling height of 2.65-2.70 metres; −− Renewal of all plant and rationalisation between basement and roof; −− Increase building height to incorporate feature terraces at three levels servicing new floors; −− New on-floor Cat A fit-out with the option for open or concealed services, incorporating new fan coil system.

Artist’s impression of major refurbishment and extension option. The proposed floor areas are as follows: A B C D E F G H J K L M N P

Indicative Typical St Martin’s Le Grand

Proposed NIA Proposed GIA Floor Plan 13 Floor SQ FT SQ M SQ FT SQ M

11th 13,433 1,248 16,792 1,560 12 4 10th 27,771 2,580 34,875 3,240 3

11 27 4 9th 31,646 2,940 39,719 3,690

10

8th 37,588 3,492 46,985 4,365 15105

9

7th 39,827 3,700 50,074 4,652 Newgate Street

6th 39,827 3,700 50,074 4,652 8 5th 39,827 3,700 50,074 4,652 7

4th 39,827 3,700 50,074 4,652 Angel Street

6 3rd 39,827 3,700 50,074 4,652 21045 2nd 33,368 3,100 45,413 4,219 5

1st 30,139 2,800 42,152 3,916 4 0 0 5 1

Ground 30,139 2,800 50,569 4,698 NIA 18 0

3 19 6 39,827 sq ft

Upper Basement 5,780 537 27,373 2,543 N (3,700 sq m)

Lower Basement 22,604 2,100 62,345 5,792 2 GIA TOTAL 431,603 40,097 616,593 57,283 50,074 sq ft N 1 (4,652 sq m)

King Edward Street 3895m2 REFURBISHMENT & REFURBISHMENT & DEVELOPMENT POTENTIAL

Option 2 - (03-07 Typical Floor) NIA 49

REDEVELOPMENT

−− Brand new iconic office building with a net internal area of 527,326 sq ft (48,991 sq m); −− Floor plates delivered of c. 47,467 sq ft (4,410 sq m), which allow for full occupational divisibility; −− Centralised core and atrium; −− Creation of substantial feature terraces.

The proposed floor areas are as follows:

Proposed NIA Proposed GIA Floor SQ FT SQ M SQ FT SQ M 12th (plant area) 10,915 1,014 11th 29,924 2,780 36,156 3,359 10th 34,660 3,220 41,657 3,870 Artist’s impression of redevelopment option. 9th 39,289 3,650 47,362 4,400 8th 47,467 4,410 55,844 5,188 7th 47,467 4,410 55,844 5,188

Indicative Typical St Martin’s Le Grand 6th 47,467 4,410 55,844 5,188 5th 47,467 4,410 55,844 5,188 Floor Plan 4th 47,467 4,410 55,844 5,188 3rd 47,467 4,410 55,844 5,188 2nd 47,469 4,410 55,844 5,188 1st 38,578 3,584 45,370 4,215 Ground 31,754 2,950 56,123 5,214 Atrium Atrium Centralised Newgate Street Upper Basement 5,780 537 27,373 2,543 Core Lower Basement 15,070 1,400 62,345 5,792 TOTAL 527,326 48,991 718,209 66,723 Angel Street

NIA 47,467 sq ft (4,410 sq m) GIA 55,844 sq ft N (5,188 sq m)

King Edward Street REFURBISHMENT & REFURBISHMENT & DEVELOPMENT POTENTIAL Study 3 FURTHER INFORMATION THE BT CENTRE 53

MARKET COMMENTARY Constrained supply with robust tenant take-up and demand. View from the roof of The BT Centre

Constrained Supply Central London Availability Central London Leasing Take-Up Robust Take-up and Tenant Demand Current availability levels in Central London 18.0 7.0 14.0 are representative of an under-supplied 16.0 Further to robust occupier take-up in 2017 market, with an overall vacancy rate of 4.8%, 6.0 12.0 with 11.7 million sq ft of leasing activity, the whilst Grade A vacancy is at its lowest level 14.0 positive trend continued during Q2 2018, with since the end of 2016 with a vacancy rate of 5.0 10.0 leasing volumes reaching just over 3.0 million sq only 2.4% (as at Q2 2018). This is 3% down 12.0 ft, which was 3.2% ahead of Q2 2017 volumes. on the long-term Grade A average availability 10.0 4.0 8.0 In total, H1 2018 volumes reached 5.7 million sq ratio and 8% below the overall long-term ft which was up 11% on the same period in 2017 average. 8.0 3.0 6.0 and 5.5% above the five-year H1 average.

Sq ft (millions) 6.0 Supply is forecast to remain relatively 2.0 4.0 Furthermore, demand from large corporates constrained given the intensifying pre- 4.0 showed no sign of abating, with seven letting activity across Central London. 1.0 2.0 transactions completed above 50,000 sq ft in Q2 Whilst an estimated 5.7 million sq ft is under 2.0 2018. Further evidence of this positive sentiment construction and expected to be delivered 0.0 0.0 0.0 was seen in the volume of space under offer, within the next three years, as at the end of which increased by more than a third to stand June 2018, 41% (or 2.3 million sq ft) was 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 at 4.0 million sq ft at the end of June 2018.

pre-let or under offer, which should insulate 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q1 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 Significantly, not only is this 24% ahead of the the impact of future Grade A supply. Key Key same point in 2017, it is the highest volume Newly Built/Refurbished Poor Second Hand 5-year Average Q1 Q3 5-year H1 recorded for ten years. Good Second Hand Vacancy rate Vacancy Rate Q2 Q4 Average

Source: Cushman & Wakefield Source: Cushman & Wakefield THE BT CENTRE 55 THE BT CENTRE 57

VAT

The property has been elected for the purposes of Value Added Tax (VAT).

PLANNING

The building is not listed, nor is it in a Conservation Area.

ENERGY PERFORMANCE CERTIFICATE (EPC)

A copy of the Energy Performance Certificate (EPC) is available on the data room.

DATA ROOM

Access to an online data room containing further information is available on request.

PROPOSAL

Offers are invited, subject to contract and exclusive of VAT, for the freehold interest in the property. FURTHER FURTHER INFORMATION THE BT CENTRE 59

For further information or to arrange an inspection of the property, which must be undertaken strictly by appointment, please contact:

Martin Lay Andrew Hawkins t +44 (0)20 3296 2021 t +44 (0)20 3296 4609 e [email protected] e [email protected] David Hookey James Willson t +44 (0)20 3296 2112 t +44 (0)20 3296 4408 e [email protected] e [email protected]

International Enquiries

CONTACT Argie Taylor t +44 (0)77 1191 7830 e [email protected]

SUBJECT TO CONTRACT - (SEPTEMBER 2018) DISCLAIMER: CUSHMAN & WAKEFIELD Cushman & Wakefield on their behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: These particulars are set out as the general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of any offer or contract. Whilst Cushman & Wakefield uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the contents of these particulars. No person in the employment of Cushman & Wakefield has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a quote only and should be checked and confirmed by your solicitor prior to exchange of contracts. Brochure designed by S A E N T Y S | +44 (0)20 7407 8717 | www.saentys.com