527-533 W1 a unique retail investment Oxford Street a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Prominent retail property in one of the world’s most famous retail locations. Investment Undoubted retail pitch situated on Oxford Street next to Marble Arch tube station. The property is fully let to two retail tenants and produces a total net rental income of £1,651,000 per annum.

Recently modernised to create two well configured stores with impressive modern Summary double height frontages onto Oxford Street. 527 Oxford Street has been let to ASICS on a new 15 year lease at a rent of £660,000 p.a. reflecting £413 ZA.

ASICS have a fixed uplift in March 2017 to £842,345 p.a. reflecting £527 ZA.

Evans has taken a new 15 year lease of 529-533 Oxford Street at a rent of £995,000 p.a. reflecting £378 ZA.

These rents offer a significant discount to prime rents on Oxford Street of £800 ZA.

In our opinion the rents are highly reversionary in view of the recent letting opposite in excess of £500 ZA.

Long Leasehold interest expiring on 24th December 2150 (approximately 138 years unexpired) at a fixed rent of £4,000 p.a.

We are seeking offers in excess of £39,000,000 (Thirty Nine Million Pounds), exclusive of VAT and subject to contract. This reflects the following yield profile, allowing for normal acquisition costs of 5.8% and based on our opinion of current rental value at £500 ZA:

Net Initial Yield 4.0% Equivalent Yield 5.0% Reversionary Yield 5.2%

one 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Wigmore Street Portman Square

John Lewis

House of Fraser

Debenhams

Oxford Street

Bond Street Tube Oxford Street

South Molton Street Park House Marble Arch Primark

Hyde Park Grosvenor Square

two a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Location Oxford Street in London’s West End is one of the UK’s busiest and most popular retail destinations providing a diverse and extensive retail offer. With 200 million visitors a year the three ‘Streets’ of Oxford, Regent and Bond generate a retail spend of £5.5 billion per annum.

The premier shopping street is also one of London’s major thoroughfares. Approximately a mile and a half in length it links Marble Arch in the west to in the east.

Oxford Street is easily accessible from all over London being served by numerous bus routes; 170,000 people get on and off buses on the street each weekday. Oxford Street is also well linked to the rest of the capital through the tube network boasting four principal underground stations along its length; Marble Arch, Bond Street, Oxford Circus and Tottenham Court Road.

The subject property is situated next to Marble Arch tube station which is served by the Central line and has 20 million visitors a year. The Disney Store Forever 21 La Senza Topshop Claire’s Fossil Geox

OLD

QUE

BEC STREE

T

BALDERTON STREET PARK HOUSE 300,000 sq ft Development Opening late 2012

Hyde Evans Asics Park

three 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Situation The property occupies a key site on the south side of Oxford Street between the junctions of Park Lane and Park Street and next to Marble Arch tube station.

The property benefits from a significant footfall being located next to one of Oxford Street West’s key anchor tenants, Primark. This is one of the street’s busiest stores; measuring 120,000 sq ft, the flagship store attracted 6.24 million visitors in 2011. It is also within excellent proximity to Selfridges Department store and Marks & Spencer’s largest flagship store.

The department and variety store offer is complemented by a strong mix of both national and international multiples including Next, Dorothy Perkins, Geox and New Look. Topshop will be opening a new store directly opposite.

This area of Oxford Street is set to be further enhanced as a retail destination following the opening of the neighbouring Park House Development in November of this year. The mixed use scheme will provide over 300,000 sq ft (27,870 sq m) of office, residential and retail accommodation making it the largest development on Oxford Street in the last 40 years. The development is set to be a key footfall driver providing nine new retail units.

Description The property comprises two carefully designed retail units with significant prominence onto Oxford Street arranged over lower ground, ground and first floors.

Major works have been undertaken by the vendor, Korine Limited, including the full strip out and structural modifications of the property to create two well configured stores with impressive modern double height frontages onto Oxford Street.

The upper floors form part of the adjacent Marriott Park Lane Hotel which is part of this ownership but sold off on a long leasehold basis at a peppercorn rent.

four a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Accommodation First Floor The property is arranged over ground, lower ground and first floors and provides a total area ASICS of 13,257 sq ft (1,231.6 sq m) as measured in accordance with RICS code of measuring practice (6th Edition).

TENANT FLOOR USE AREA sq ft AREA sq m EVANS N ASICS UK Limited Ground Floor Sales 2,641 245.4 Ground Floor Ancillary 475 44.1 Ground Floor ITZA 1,325 123.1 First Floor Ancillary 719 66.8 Ground Floor Lower Ground Sales 2,503 232.5

Lower Ground Ancillary 565 52.5 ASICS

Total Area 6,903 641.3 HOTEL

Evans Retail Ground Floor Sales 4,768 443.0 EVANS

Properties Ltd Ground Floor ITZA 2,553 237.2 OXFORD STREET First Floor Ancillary 1,586 147.3 Total Area 6,354 590.3 Lower Ground Floor Total 13,257 1,231.6

ASICS CAR PARK

For indicative purposes only.

five 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Oxford Street Retailing Oxford Street is the world’s longest shopping street, offering 6,600,000 sq ft (613,000 sq m) There have been three recent transactions in the ‘Marble Arch pitch’ to support the new tone of prime retail. It is also the world’s busiest shopping street and attracts 200 million visitors of £500ZA. a year. This is largely due to its iconic status as the home of UK fashion and to its high accessibility to the rest of the capital. With 550 shops, and more flagship retail units than 530 Oxford Street - Geox took a new 10 year lease of the former Barratts store at a rent of anywhere else in the UK, Oxford Street is set to generate an annual retail spend of £7.5 £550,000 p.a. reflecting £500 ZA. billion in 2012. This is forecast to increase to £10 billion by 2020. 532-534 Oxford Street - Wallis have renewed the lease on part of their store at 532-534 The West End is now ranked number one globally for its concentration of international Oxford Street at a rent reflecting £510 ZA. flagship stores; Burberry, Superdry, Hollister, Victoria’s Secret and Bosideng have all now secured large store representation. It is therefore unsurprising that recent research 536-540 Oxford Street – Topshop have taken a new lease 10 year lease at a rent undertaken by OMD Insights found that 95% of consumers consider London’s West End to approaching £510 ZA. be one of the world’s top shopping destinations. We anticipate further retailer demand to this end of Oxford Street following the opening of Impressive premiums are being driven by the desire for ever-increasing saleable area. the £500 million Park House development, in November 2012. The development is reported Forever 21 paid £13.75 million for the assignment of the lease of 356-358 Oxford Street in to have signed high street brands of the highest calibre including Zara, Bershka and Urban November 2010. They have paid an additional £4.9 million premium in order to acquire and Outfitters at rents of c. £650 ZA. expand into the neighbouring 360 Oxford Street. This area of Oxford Street is set to be transformed by a number of other key developments. The positive demand from retailers and the strength of the occupational market together Planning consent has been submitted to create two well configured retail units either side of with the lack of good quality supply has put upward pressure on rents along the street. Marble Arch tube at 544-556 Oxford Street. This will provide a total of 18,000 sq ft of retail Footlocker has set a record Oxford Street rent of £800 ZA by taking the former Esprit store accommodation with new shopfronts along this part of Oxford Street together with 5,000 sq at 283 Oxford Street at a rent of £1.3 million p.a. ft of restaurant/cafes on Old Quebec Street.

This trend is set to continue; Oxford Street prime rental values are forecast to rise by a further 2.7% for the remainder of the year and by another 3.7% into 2013.

six a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

seven 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

S S

E T

Y R

P M E E O O T R U

T R

M M

A E Let to FCUK N W T UR S S CO RD Sold September 2011 Q HA ORC U A £86 Million R E 3.54% NIY

T REE E ST MOR Wallis WIG Lease Renewal June 2012

£510 ZA C PLA EWS TON S M PIC ARD EDW

Topshop D U

K E

Open Market Letting S T R T EA R E September 2012 H BA WIC E AND TT S T RE Approaching £510 ZA BAR

WR UTH C/ S SO MEW AN ES M O DG RT Selfridges, votedLFRI the best PO SE E R TOR NT S C TME departmentP AstoreR in the world. H DE A

1 ICE R 8 FF Planning consent Geox O FRENCH S D TUN REE 6 TH E THE OUS S EN C H 7 LD LI GO B T CO GLE PU 4 submitted for two well Open Market Letting - EA AG SEX 1 EST US R S NNECTION 0 HOTEL H E

A N 2 O B E LL R RI L I G M & / B B configured retail units April 2012 BAR W VA A A S NO T R B N A O 9 C 2 K N A 38 R 2 S O 6 RCH 90 - 39 LE A C 25 E 3 ARB A 19 - AC 456-470 Oxford Street, totaling 18,000 sq ft £500 ZA M F PL F E E L EL VIL A OT T AN 0 H / R 6 A G 21 the largest M&S in their 2 MARKS & SPENCER

CE R OFFI 400 OPCA UK portfolio EUR RENT P C&V 413 WATCHE A SWITZERLAND APCO L N A A D TSM OR I E SP E H S T L 419 A - 5 S O & 41 D

R M I T E

U E 1 E O S 4 S N ASIN L A C S E S T 1 - E 42 C E P E 3 W 2 2 B W R 4 C C 2 L L H T 5 B 42 O A ADIDAS S 3 L L A E E S L O C D 7 T L 2 T O A I 4 A A 0 H R S S & S 7 N N 4 S - H E A L O 3 6 STARBUCKS R 5 HO K 5 R L 4 C S O R F T E P L A G E E R D M B X A O S C A O K O H I E & B E N S P S 5 D I R R N O E D E S R A E R S 4 O R Z T O 1 I S E 3 RFU R E S 4 N I 2 E E O R M I A 7 I 4 E O H M E ` E W E 7 S S 3 S 4 N W 4 E I 7 B S 4 - T S F O 5 ST ME S O L 43 A E C O & 6 5 S 7 S C L E 9 E 4 W 3 C E 4 C B T O S E 86 C H ` 6 B L O 4 E A N Y - S U D M S 4 O L A Q 8 O E N 4 E F 3 W 4 T T O O R 8 4 T HOLLAND 8 O O E U Y 4 CREST OF T H IT T A H ABIAN K N LONDON G 2 5 A AR N C A 9 4 I A D K 4 A 4 I S R N - B V N R S N R U R 90 A A 1 A E SAB L T 6 4 H OUD R 5 S 9 7 G T 4 4 S R S E U 2 R O - 4 E C B A & 494 C 8 4 H R HOUSE OF LONDON E M O A P 50 9 L U T N - 4 N B W 4 C F A 2 C 50 L F E E O I A H L E PEACH GPO W H O T N 1 E T E F E 45 E R A E R Y X C U C N A LUGGAGE & P D S T B T P I & BARRETT R O S R M E N E A 6 U U £650 ZA C I R F 2 O F M O L G IT 1 L K N C T 20 U L T M 5 S I - D IN H 8 O O N 0 U S TO BE TOPSHOP 5 T 2 U S E NI M U E U T W M 1 S T 3 L N E H R 0 NI S 6 W O BE ZARA & R 2 6 U L 5 S 5 IT 4 D E M E - UN IT 3 4 D S 08 UN E R C 5 S O 5 O H IT LONDON R UN G - G A 0 T 52 N L - TO BE BERSHKA T W R 8 E 6 E 50 IT 6 N UN IA 6 O E 2 O E L ANT A 52 ITA T R L X B N U 524 35 Y RA A L 8 N ST IT 7 - AU E I 28 UN ST R S 5 E 6 & 26 - R D R 5 TO BE URBAN OUTFITTERS 8 BA NIT 9 S S R 530 IT 10 U BOU 4 UN T T AR G U - 53 ET NIT 11 B HIN 532 E U R T O K 0 TR R CL - 54 S E F C 536 D E 7 E R 2 K O E XF E T M O ANT O R T U 7 N A C T E S 4 H E Y R E E W - Q X 544 O U 7 SAINSBURYS’ ER C R NG E H 6 T A M P 1 H T A A 52 H T - T E N R I 9 R P N 9 R G 4 B M O T O T 1 A E N L M N A C V UR I A S D E A EST S S O L R O A N C F P G 6 O 55 F H A E O £500 ZA I A L C N D K 21 LOCAL R 5 T E M ` 23 M 5 O S S P T P N S H R A H I 5 I Z E E 2 O F 5 Z E 1 E C R Y Z I P Z M N ASICS S V A K Y 7 4 2 ASICS A O R - 5 T A 2 H N IM 33 A R 5 E P U EVANS U Y 7 EVANS T S - 6 3 R 5 5 C E N L A X E G 9 R D - O N C I 7 C R G T S I H E T N A N I F I A TH A G O T S T N O D TG CL L 1 Y T G R I U S I F O A 2 A E A H V Primark O attracted 6.24 T S 1 N N N E S F K Adidas W N R RO I E B R S S million visitors in 2011 T Rent Review GIN VIR TIVE AC TH EAL H B CLU October 2010 NS Park House, the largest RDE 1 A 4 G R 0 RT E A P N H S A £602.50 ZA N M T R W O O A A development on Oxford Street K R U R B L H R A R O R 1 A N I T O 4 N E E T T 0 T L T for the last 40 years. Rents of c H

A £650 ZA are rumoured to have U D

L ET E RT YARD been acheivedTRE in lettings to Zara, Y OU E N S E C RG E S C EO RE DEN G UrbanG Outfitters and Bershka. T OVI R PR E

E

T

eight a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

T E O SA BA 13 R L M W ST IG S E L 1 W E C T 1 S T A - L L C 1 U T R 3 9 A B B E 3 E R TON E AR G E USH U J HNR ES E SQ O C JO SHO H 9 T IS H 4 D K OLE N IMP VE N EWS E W EST A RGH M S TH & R C Coast BU R P ForeverLD 21 A 9 A T B INT 5 R E R PR E TA I TR RON PY N S E P PHC LE RT& C ST Assignment E P Open Market Letting CA E T T EA M S GR A S June 2012 R January 2012 T Oxford Circus unveiled Y R 26 L E E E 5 NIKE - £710 ZA B £700 ZA T its £5 million2 diagonal 6

O H 7 N O P TOP SHOP £4.9 Million E £250,000L premium paid crossing in 2009 L L O 2 A E 6 L 1 S 22 N - D J 2 E 6 A S premium paid E 3 C C M M A T H& PL BHS 23 A R 2 E TTA 6 22 S E V RI E EN E S H E N T T R D IS E Forever 21 P I RSH I E O S John Lewis W JOHNbegan LEW trading OF H. SAMUEL T CE H ZARA PLA 237 CARPHONE WARE £600 ZAC S T N Assignment JANE N T on Oxford Street in 1864 241 R 48 CL 2 - 2 E MONSOO 24 E AC ARKS PL BODY SHOP ORMAN 50 FD EL 2 ALTH November 2010 AP E HE CH 58 T as a small store selling GEOX 2 2 - 2 NT 25 4 A COAST 3 C N 1 A HOUSE V 260 5 £567.50 ZA 262 NT C TZELIS A H 4 2 UR 26 A I ribbons and haberdashery 6 ST N T 66 E E 2 6 R 1 / A A 268 257 8 S 70 259 - E 3 MOBIL R 2 1 2 74 26 PANDORA 2 65 7 E 2 - - 2 ORANGE S £13.75 Million 27 3 0 OU G T 26 C H 1 V VISION EXPRESS LI 9 E 2 UB E 269 2 P Y E - 6 - R 67 5 T 2 2 JD SPORT 2 L 3 S E 2 R 71 1 D 2 - 0 3 - COAST L R 27 SURPR 5 2 AR - T E O 7 CITY 2 E 2 LU E premium paid F 1 BENETTON 6 W 2 RE M 28 5 S S X - 4 T G E 1 S HOUSE OF FRASER O 77 9 DI 2 GAG T S ERNEST I A A T A SE L T E 3 JO RR R T 28 A FOOTLOCKER E R B - 306 285 NES 2 Y R 8 6 27 CARPISA E 87 0 L E 2 S DEBENHAMS 9 T-MOBILE OMEGA E 1 28 9 GARFUNKE W F R B E 2 A 291 D T P O EVERYTHING A 2 IS 1B EVERYWH L 9 A 5 S S N 2 L S 6 O MACDONALDS C T L 2 N E E - T SUNGLASSES HUT 4 A LS MAS & PAPAS E O FCUK 2 MA O 9 T HERBAL INN R H D 5 E R L WAREHOUSE 3 B 9 F O W 2 W - 8 E A CARP R T U 2 2 5 W T A 29 ACCESS A E 7 S R C ERE 5 L N TIE RACK O A T D 7 1 K 9 P 2 T I 18 2 R FF E 5 A HONE S 3 £800 ZA O - FOSSIL 8 S T N 0 9 O2 L 2 F 3 29 O ACCESSORIZE BE RI H I - MOSS N A ZE I 2 O P J F A C 5 N FootlockerO A 7 I 0 4 24 - 3 P L R 6 3 9 J R A 2 29 A A E T N 3 M I RIVER ISLAND C A 28 P N R D 3 E A U 30 9 A E A 3 30 N T T 32 N S S 3 T I H C O E P E E P A R R L A N LDO S T R OpenE Market Letting 1 A A 31 E F L C H C E E D RE O E A R S B J A 1 I M I E T T S O O R A 3 P S 2 E I 1 M 2 N 3 O F C C F R S SH E T E 5 E 15 J E U H O F M 3 E W S R W W 0 W F N A E Y 8 P F F I T 3 NAT WEST T 4 9 C 1 O O April 2012 DS 3 3 - A R 4 C U L C I F 4 S S 3 T E E 3 L L R T I R I Y T L T MA O C O L C S Y L O E S T & H O C H 5 Y S H S R O F E I 6 2 G B UNIQLO H P T 9 S I V 4 E 32 N E F N R E - O 1 G IMO DUTT A 7 S 2 SW G A I T A 3 I D C R S F P 7 R C R £800 ZA T T GAP E E S 8 E T 54 A R A E L E C - 3 BA E 50 V P H N R T R O 3 C T T ORSK I T 9 E DW S I U N KAREN MILLEN L L A 0 S 2 E S 1 1 E R I 1 4 4 T F A C 2 5 O D T 6 E 35 I 11 IN F R R 356 3 N E C P C O 3 E 3 T E R 12 O R V 9 XT E TED BAKER 58 1 33 F E E 3 34 I F 4 - N O V R 35 349 E 41 - F E 3 E 2 G F NGE R T INTERMISSI 1 T B I S E C C H U H 2 E H H S 3 R 1 R E 1 18 E 1 5 & T 3 G B O D 2 S 3 VODAPHONE E T A M 35 O S B 3 E P D 35 2 4 T R N A O 0 R B F 3 4 36 E /A 4 ARMANI EXCHA O C R K 1 N - M BIS F 5 D 6 F O O & E 5 NF S S E L E 3 X P O CO E IC 2 I D 1 N G 6 E K F 5 C Y O 3 F A K O F A 5 R N R O E G E E W A G E & S O B G D N IN E APPLE S Y D IN - B A R LDO T H A A E P B L T E N T A 14 I R P T S O A C H B IS E R N 2 H 6 67 E E B P OU E A H M U 36 - 3 OOTS E L S T S 6 H O 3 E E H IU 6 362- 36 T T H IC E R Q P T L W H T S B 69 FOOTLOCK UB T LA N L R A 0 A 3 8 P O A O 16 A 7 3 9 S T C E R - 6 C C 68 3 S A FF O V 3 E 2 O C 72 9 B 7 2 V 1 3 N R T O 2 R J E A Everything Everywhere0 4 74 2 3 F 4 A M N J I N S 376 3 ZARA O A S C 3 0 N W K - 7 & S 4 I E A ALL SAINTS A 38 3 AN 1 E D N B I G E N N L A H B J I R I S N IR V - W O A A 8 ER E 9 RA F 2 386 L S W D T O 88 R 3 7 3 E O S T E K Y 1 N S & K R IR R LACOSTE 3 D E L C U O H A E E S S O D Y P 2 L Open Market Letting L D M B R IS 1 H L 2 £750 ZA E & A A E F A 2 V F L E T R G ) 9 Y S S F W 7 M T IL DORO IE 9 O S 4 R 8 E R A - P T D E N R A T 2 2 9 A I C E 3 - 38 L L S E 2 R 8 4 85 A O U M E N G H T ( NK 7 4 93 3 O O IN E 1 BA H&M - 3 C B O C H & R 391 T S E A H P 9 May 2012 C T E 7 H O E R H 39 T 3 E B O T T 95 - I 7 O H R S E QUICKSILVER 3 O Y PERKINS T L - E A K D LWEAR 7 S E E RUSSELL & M A C T R M T N 1 A L E R BROMLEY L T S & T O S E A 03 I G 6 1 R S - 4 S - RID E L 1 99 B S T O 9 A N E B G - 3 2 T B 9 T A C E 39 I 7 B 1 N PHONES 4U L T O N D 6 H I 1 A R E C R E £711.50 ZA LLOYDS R 07 R T E AU T 09 4 ST EN 4 CARP E E 11 W 9 D E T 4 S A 5 R 1 LIC S REHOUS E 1 H & X - 8 2 HONE RE W R BANANA O O T T N 9 A 2 A E I 6 B 4 E TSB C S IS E REPUB X S R R O W B IC S P O E N & F O R E T BA R R F F /W F E M C A V S E I N O R T I E & A 1 S V 7 O HES OF S W B S C B E 5 K 6 /W I S 9 S R S I H N 7 T 2 2 E E LL E 2 8 N M S E E E ANT B 74 W C R 7 AC E 1 E R E I V NT N L K J R FF T RA O RE 5 N R A O S STAU T T A 9 LE E MOLTON RE ES EN B B 8 S R W C A W E BROWN 2 G 4 B S V 2 IN 1 E G P R 7 DI O 5 OP A 3 N SH E LA A I W 9 T H 13 S 9 R D L N NA OU FOR ALL 12 E BI R C NKIN 2 B 7 M O R ER VE 2 1 R EA L O MA 3 B 1 1 EL AN ION E W 0 7 W H T Y ES 0 2 JE UC I A I TO T R R AW 0 D S AN ST N KE LA HI AC ON TA 1 P ES 1 N NT OSS V C T ME O 0 A ER N SH 1 C ND 7 VA U G E T E S 9 L RS 1 1 E 8 - O UE 0 TL BE AL S 2 W OU Y T Y & V M T S IA N O AR R LL AR A MICHAEL K R D EE I E 1 7 C F N W W 0 0 VA S TIO M S F C R N 3 B I E S U E C T A M T 5 N E E O Y O 7 R ER CA U L 1 6 VA T - L E 2 T A 0 N 9 TL 68 2 7 E G E T T 4 U 1 Y O R P 3 H R R T A A O E Zara VO S AldoD AN U Let to I E C LA 6 A L M HO 1 8 V Q 2 T ET S 0 S L TUR 1 E O IT 5 S R 7 R IR E T L P G T V - S S N T LE 2 T E I 1 T O S E R H 0 U N 1 T O T US D O O O 6 R T A 9 Sold June 2012 OpenY Market Letting R D C L AN OBBS O N C TR 6 C H H H A E 7 VA E 2 U H M R E G LE R E 1 I S O L A 5 E V N E 1 E T K T O 0 E S W W R EW 7 IE I R K J 6 AD E E £155 Million June T20116 L 2 E R BARKER 1 A M C 1 S S E 1 H E E E S O I I W 0 N 6 ER N - T S 8 G A U S T 2 N 5 IN P T S T E L & E 1 A M W G H R W E T 3 2 & E E L R OSS R T L N H 0 M S L 1 A T B E 3.9% NIY IE £739E ZA R S 0 R O D W 6 R 4 E T 9 O 1 K E L LA JE 4 R E E T - M/W O E E O 1 16 O R STR N 1 18 BR T E 0 T SE L S U T A E S O N L O H A H H H E D L S T X G I P I E H E P L & S W L E B M O H W E A E A T A C O E A D A S S L G E O R S D 0A D T 1 H S 1 River Island O 0 A E S IN 2 S H N C G A O 22 M L E S P S S 4 2 A LM 26 SE S Rent Review R N M T A EW T M E S S IES RE V T M A S 1 1 D K E O 1 March 2011 - FENWICK W G O 1 BR 1 5 S I IE L ER G 5 B LIN 7 £700- ZA B E 6 I 3 N R 1 N 1 T 6 E Y - S LL 1 Y A 1 E B ES T O 7 S H E R S T 1 RD 1 R YA R E 8 S T 3 E E E ES A T K DI AN 6 U E S B S T D T LA IE 1 B R R 1 GA A T O N 9 & E SS G E T 2 F N E SI LC & I 6 O I C E S 1 O S AR H U W R C D E D IE E A R T A A E O 2 5 AD W Rental Tones Key I E H R E B H S 0 3 L NS U D C E R TR RS R - M S O E 1 5 D B P LL 2 4 K A E 1 I O R W AN N O JE - RM R & 1 A AR B R 2 IO E O E 2 OR S W S R MP EN T EA E M C W 5 & S 1 IES EN - AD M 1 5 L H 2 2 0 E 3 6 B A L - E T S 6 A H T E S U R O 1 5 T & U H 2 B AV Y CO S 4 R K E E N R IR R A H A 1 Lowest Rent Highest Rent B Y E G AS W 2 4 IN R C S I 5 9 TH O N N ER LO W LA E IL - C M Z AR 5 AL E 1 0 P W 2 NS 6 E - M 1 K 2 T E A R NE I R T EA 7 4 PI Y E S E W 8 F 3 S E S ES M W R N - O E E A T E 4 N A IT S M 7 SH S R K 3 W O 1 5 E O 2 - IS A R 9 S S R B 2 E 5 L Y S K EW

nine 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Tenancies The property is fully let on new leases to two tenants producing a total gross income of £1,655,000 per annum.

Approximately 60% of this is attributed to Evans Retail Properties Ltd, who has taken a new 15 year lease at a rent of £995,000 reflecting a headline rent of £378 ZA

The remaining 40% of this is attributed to Asics UK Limited, who has taken a new 15 year lease at a rent of £660,000 reflecting a headline rent of £413 ZA.

The upper floors form part of the adjacent Marriott Park Lane Hotel which has been let on a long term lease expiring on 20 December 2150 at a peppercorn rent.

ADDRESS TENANT GUARANTOR FLOOR USE AREA SQ FT AREA SQ M

527 Oxford Street Asics UK Limited ASICS BV Ground Floor, Retail 6,903 641.3 Lower Ground Floor and First Floor

529, 531 and 533 Oxford Street Evans Retail Properties Ltd Redcastle Limited Ground Floor Retail 6,354 590.3 and First Floor

527-533 Oxford Street PL Hotel Limited Upper Floors & Rear Hotel and 68-70 North Rowa & Residential

Total 13,257 1,231.6

ten a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Tenure It is envisaged that the purchaser will acquire both the Head Leasehold and the Underleasehold interests, which are both held in the same ownership. The net pay away to the Freeholder, Grosvenor Estate, is therefore a fixed £4,000 p.a.

Head Leasehold Interest Consi Properties Limited hold the long Leasehold interest from the freeholder Grosvenor Estate for a term of 200 years from 25th December 1950 expiring 24th December 2150 at a fixed rent of £4,000 p.a.

Underleasehold Interest Korine Limited hold the long Leasehold interest from Consi Properties Limited for a term of 200 years (less one day) from 25th December 1950.

For indicative purposes only.

TERM LEASE START LEASE EXPIRY CURRENT RENT PA (ITZA) ERV PA (ITZA) COMMENTS

15 years 30/03/2012 29/03/2027 £660,000 £842,345 • Fixed rental uplift on 30 March 2017 to £842,345 pa (£413 ZA) (£527 ZA) providing the lease remains vested in ASICS UK Limited. • The vendor will provide a rental top-up until the expiry of the rent free period on 21 June 2013. • Effective FRI lease with no service charge cap.

15 years 23/07/2012 22/07/2027 £995,000 £1,315,000 • The vendor will provide a rental top-up until the expiry of (£378 ZA) (£500 ZA) the rent free period on 22 September 2013. • There is a service charge cap for the first three years of the lease of £30,000 exclusive of VAT increasing in line with RPI. This is well in excess of the service charge budget for 2012/2013 of £17,500 p.a.

c 151 years 11/02/2000 20/12/2150 A peppercorn

£1,655,000 £2,157,345

eleven 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Oxford Street West Oxford Street East Investment Transactions The central London investment market remains robust and continues to attract strong investment demand. Values have been driven by the weight of money looking for prime property along the key Oxford, Regent and Bond Streets with investors being attracted to the strength in the occupational market whilst seeking to take advantage of current exchange rate conditions. 181-183 Oxford Street We illustrate some of the most recent investment transactions along with yields and prices achieved below. In the last 12 months all of the transactions to the west of Oxford Circus have achieved yields of sub 4.00%. 333 Oxford Street

DATE ADDRESS TENANT CAPTAL VALUE NIY

Oxford Street West

June 2012 333 Oxford Street Zara £155,000,000 3.90% 184-190 Oxford Street September 2012 391-393 Oxford Street T Mobile £14,850,000 3.06%

September 2011 388-396 Oxford Street French £86,000,000 3.54% Connection Oxford Street East

March 2012 181-183 Oxford Street Vision Express £22,000,000 4.19% 391-393 Oxford Street

March 2012 184-190 Oxford Street Office Shoes £38,500,000 4.39% and Aldo 139-143 Oxford Street December 2011 139-143 Oxford Street Calzedonia, £12,775,000 4.03% Ben’s Cookies

May 2011 192-194 Oxford Street Russell £19,215,000 4.25% & Bromley

388-396 Oxford Street 192-194 Oxford Street

twelve a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Planning and Development The property is not listed but does fall within the Conservation Area.

The vendor has recently carried out significant structural alterations to the building including: The removal of columns and the addition of new structural strengthening Addition of new roofing and rooflights New Portland stone shopfront and full height structural glazing Potential Development Planning consent has been granted for the erection of a new fourth floor and an extension of the third floor of the Marriott Hotel above 527-533 Oxford Street. Once completed, the scheme will provide an additional 12 bedrooms. Alterations to the east and north facades will be made to create flush elevations in line with the new extension. It is proposed that the development will include a piece of public art in the form of a bronze tree by Jonathan Knight on the north wall facing Oxford Street.

The recent works undertaken on the retail of 527-533 Oxford Street by Korine Limited included strengthening the structure to ensure the additional load of the additional hotel rooms could be supported. This entailed enhancing the primary columns and installing c. 65 tonnes of steel below the Marriott Park Lane Hotel. The hotel was then jacked and the new transfer steel frame engaged.

Documents detailing this proposed hotel extension scheme are available on request.

thirteen 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Tenant Financial Information ASICS UK Limited Founded in 1949 in Japan by Kihachiro Onitsuka, ASICS has developed into an established global sporting brand operating subsidiaries in Australia, China, Europe and the US. ASICS is renowned for making and marketing footwear, sportswear, and uniforms for a number of sports including basketball, volleyball, track and field, wrestling and running.

The company’s name is an acronym of the Latin phrase “Anima Sana In Corpore Sano” meaning “A sound mind in a healthy body”.

In the year to December 2010, ASICS UK Limited produced an impressive total turnover of £60 million with pre tax profits of £6.1 million. In addition they reported total assets of £26.6 million.

ASICS UK Limited has been identified by Experian as a very low risk company and has been awarded an excellent Delphi score of 94 out of 100.

In addition ASICS Europe BV are a Guarantor on the lease. In the year to 31 December 2010 ASICS Europe BV reported a net profit of €65 million.

For more information please visit www.asics.co.uk

Evans Retail Properties Limited Evans was founded in 1930 by the manufactuer Jack Green. Evans is the UK’s market leader in size 14+ women’s wear operating out of over 330 stores around the UK and Ireland. The company is now a limited company and forms part of the Arcadia Group.

The lease is guaranteed by Redcastle Limited who, in the year to August 2011, reported a total turnover of £250 million and total assets of £411 million.

Redcastle Limited has been identified by Experian as a very low risk company having been awarded an excellent Delphi score of 96 out of 100.

For more information please visit www.evans.co.uk

fourteen a unique central london retail investment 527- 533 Oxford Street London W1C 2QL

Energy Performance

fifteen 527- 533 Oxford Street London W1C 2QL a unique central london retail investment

Proposal

We are seeking offers in excess of £39,000,000 (Thirty Nine Million Pounds), exclusive of VAT and subject to contract. This reflects the following yield profile, allowing for normal acquisition costs of 5.8% and based on our opinion of current rental value:

Net Initial Yield 4.0% Equivalent Yield 5.0% Reversionary Yield 5.2%

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CONTACT

For further information, please contact: A development by Korine Property Partners www.korine.ie www.cbre.com

Phil Cann Liz Parsons Claire Bradley DDI 020 7182 2265 DDI 020 7182 2682 DDI 020 7182 2294 Mobile 07967 697 903 Mobile 07932 404 453 [email protected] [email protected] [email protected] Advised by

Disclaimer CBRE Ltd on their behalf and for the vendors or lessors of this property whose agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending purchasers or lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending purchasers, lessees or third parties 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. 3. No person in the employment of CBRE has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. September 2012. Note All plans and photographs are for identification purposes only.

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