Rackhams Rackhams Birmingham “Quite simply the best refurbishment or development opportunity in the UK”

Contents

OPPORTUNITY SUMMARY 04 BIRMINGHAM OVERVIEW 12 CONNECTIVITY 14 KEY OCCUPIERS 20 EXISTING BUILDING 22 TENANCY SCHEDULE 26 TENURE 28 PLANNING CONSENT 30 ALTERNATIVE SCHEMES 38 BIRMINGHAM SUPPLY 46 INVESTMENT MARKET 48 OCCUPATIONAL MARKET 50 COMPARISON TO THE REST OF THE UK 52

02 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 03 Rackhams Opportunity Summary Birmingham

R A unique opportunity to acquire the iconic Rackhams building and the adjoining 43 Temple Row situated in the heart of

R Unquestionably the best refurbishment or development opportunity in the UK

R A chance to reposition the site into one of the leading mixed use schemes in the UK

R Unrivaled location situated only 3 minutes walk from New Street and stations and 6 minutes walk from the new HS2 Curzon Street station

R Full planning consent granted for a 643,326 sq ft mixed used scheme

R A Certificate of Immunity preventing the building from being listed for 5 years is in the process of being issued

R Residential Permitted Development approved for 43 Temple Row in July 2020 comprising 42 residential units

R Prime 1.50 acre city centre site

R Current accommodation totals 549,806 sq ft – Rackhams 518,464 sq ft GIA and 43 Temple Row 31,342 sq ft NIA

R Ability to undertake the development in a number of phases

R Excellently located to benefit from the new High Speed Rail (HS2) link to with a journey time of 45 minutes

Price £72,000,000 Existing Buildings £131 psf Detailed Planning Consent £112 psf Proposed Two Phase Scheme £98 psf

04 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 05 Rackhams Rackhams Birmingham At the Centre of Everything Birmingham CATHEDRAL COLMORE BIRMINGHAM SQUARE BUSINESS DISTRICT SNOW HILL

N

WEST COAST MAINLINE

BULL RING BIRMINGHAM PROPOSED HS2 BIRMINGHAM CENTRAL MARTINEAU RESIDENTIAL AND SHOPPING CENTRE MOOR STREET BIRMINGHAM NEW STREET RETAIL GALLERIES HIGHER & FURTHER EDUCATION CURZON STREET & GRAND CENTRAL DISTRICT QUARTER

06 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 07 Rackhams Efficiently Connected Birmingham

ICC / NIA N

10 MINS

BIRMINGHAM NEW STREET & GRAND CENTRAL Rackhams Birmingham

4 MINS

BIRMINGHAM SNOW HILL 3 MINS

5 MINS

BIRMINGHAM MOOR STREET 6 MINS

PROPOSED HS2 BIRMINGHAM CURZON STREET

10 MINS

HIGHER & FURTHER EDUCATION QUARTER HUB

08 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 09 Rackhams 103 55 THE ONE, TWO BULL RING BIRMINGHAM Birmingham PARADISE BRINDLEY COLMORE COLMORE BIRMINGHAM BT COLMORE & THREE SHOPPING CENTRE GRAND CENTRAL NEW STREET THE MAILBOX CIRCUS PLACE ROW ROW SNOW HILL TOWER BUILDING SNOWHILL

N

NEW STREET

TEMPLE ROW

ST PHILIPS PLACE

CORPORATION STREET

BIRMINGHAM PROPOSED HS2 NCP MARTINEAU NCP CATHEDRAL BIRMINGHAM THE MAGISTRATES BIRMINGHAM MOOR STREET BIRMINGHAM CURZON STREET CAR PARK GALLERIES CAR PARK SQUARE CROWN COURT COURT CHILDREN’S (1,073 SPACES) (720 SPACES) HOSPITAL

10 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 11 Rackhams Birmingham Birmingham

Home to 110,000 Hosting the 2022 The UK’s second A population of companies and TheThe UK’sUK’s toptop CommonwealthSet to host largest economy over 1 million, over 715,000 regionalregional citycity forfor Gamesthe 2022- the UK’s after London making it the employees, start-upstart-up creationcreation Commonwealthlargest sporting worth largest city the largest forfor thethe 5th5th eventGames since the £110 billion outside London concentration consecutiveconsecutive yearyear 2012 Olympics outside of London

Home to Grand Central HS2 5 universities 6 Michelin Star 42 million and New 45 minutes and 82,000 restaurants tourists per year Street Station train journey to students redeveloped at a London cost of £750m

Mayor Andy LET Street has a An estimated new vision for The northern £1.3bn has BirminghamOnly Averageterminal annual for Secondbeen invested largest Prime office including Prime office Total office 2 new office buildings Phasetake One up of UKin Birmingham’s office market rents rentsexceeding stock undera construction £15bn 722,000 sq ft stock HS2 railway outsideinfrastructure London £37.50£40 psf psf 16.50m sq ft investment project over the past 18m sq ft in metro & rail 5 years infrastructure

12 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 13 Rackhams Connectivity Birmingham

• 90% of the UK’s population accessible within 4 hour travel time HS2 - a new rail link to London • Network of motorways form an orbital By Road By Rail route around the city (M1, M5, M6, M40 • Journey time to London 45 mins and M42) 87 miles Birmingham Airport 11 mins Bristol 88 miles Bristol 1 hr 19 mins • In February 2020 the Government reaffirmed the decision to • Efficient rail links connect Birmingham London 118 miles Manchester 1 hr 27 mins construct HS2 to London in a journey time of approximately 90 minutes 119 miles London 1 hr 31 mins • Estimated cost of £106bn Edinburgh 292 miles Leeds 1 hr 57 mins • The Metro Edinburgh 4 hrs 7 mins • New Curzon Street Station will be a 6 minute walk from system provides extensive inter- Rackhams city connectivity used by 7 million CGI of Curzon Street Station passengers per year

M90

EDINBURGH AIRPORT Rackhams HS2 M8 Reduced journey Phase One EDINBURGH CURZON STREET M77 Birmingham LONDON STATION EUSTON time to London Planned just operational M74 completion –

NEWCASTLE UPON TYNE 6 MINS 45 MINS 45minutes 2028

BELFAST M6 INTERNATIONAL AIRPORT A1(M) Darlington TOTAL JOURNEY TIME: 51 MINUTES

LEEDS Hull Preston

M62

DUBLIN AIRPORT MANCHESTER Local Connectivity LIVERPOOL AIRPORT M6 M1

EAST MIDLANDS AIRPORT Norwich BIRMINGHAM M6 BIRMINGHAM AIRPORT Cambridge M42 COVENTRY AIRPORT M1 M5 M40 • The carries 7 million passengers per STANSTED LUTON AIRPORT year - targeting 30 million passengers by 2028 AIRPORT M25 M4 Swindon M4 LONDON • Undergoing £1.3bn expansion to connect - CITY AIRPORT BRISTOL HEATHROW AIRPORT M25 Birmingham - Solihull M3 M23 M26

GATWICK Folkestone AIRPORT • Creating 80 stops and over 20 transport interchanges SOUTHAMPTON M5 including Birmingham Airport, the NEC and HS2

Exeter • Rackhams benefits from a Metro stop on Corporation Street

CGI of Curzon Street Station

14 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 15 Rackhams International Connectivity Birmingham

• Birmingham International Airport is the UK’s 3rd largest airport outside London

• Flights serve multiple European cities as well as global destinations in the Far East and America

• Passenger turnover set to increase to 18 million per annum by 2033

• £500 million allocated for investment to expand and modernise its infrastructure

Direct flights to European Destinations Direct flights to a selection of Birmingham Airport Rest of the World Destinations has Destination Approximate Number of flight time flights per week Destination Approximate Number of 14 minutes 13 Aberdeen 1 hr 25 mins 18 flight time flights per week 26 million airlines operating from Amsterdam 1 hr 10 mins 74 Delhi 7 hr 55 mins 3 passengers in 2019 Barcelona 2 hr 05 mins 18 Doha 6 hr 40 mins 7 Rackhams 1 hr 62 Dubai 7 hr 14 143 Birmingham direct routes Brussels 1 hr 10 mins 22 New York 8 hr 05 mins 1 Copenhagen 1 hr 45 mins 11 Dublin 1 hr 66 Edinburgh 1 hr 15 mins 57 Frankfurt 1 hr 30 mins 28 Glasgow 1 hr 15 mins 56 Rackhams BIRMINGHAM Istanbul 3 hr 50 mins 14 Birmingham BIRMINGHAM BIRMINGHAM NEW STREET INTERNATIONAL AIRPORT Lyon 1 hr 40 mins 39 Madrid 2 hr 20 mins 8 Munich 1 hr 45 mins 19 Paris 1 hr 15 mins 39 3 MINS 9 MINS 2 MINS Prague 1 hr 55 mines 2 Rome 2 hr 35 mins 4 Vienna 2 hr 15 mins 10 TOTAL JOURNEY TIME: 14 MINUTES Warsaw 2 hr 20 mins 3 Zurich 1 hr 45 mins 12

16 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 17 Rackhams Connectivity Birmingham

M6 7 MINS LANCASTER B Y 4 A TOWARDS MANCHESTER CIRCUS 1 SW N 0 N AND NORTH WEST 0 E QUE T S J S D A ST PAUL’S HA M ER C SQUARE T LI ST E 00 S V A44 WA E W RY

A

S T S N T L T N 10 MINS E Q O S 1,2,3 W U LU OU E C A H SNOWHILL H E D IL L MD G E N ASTON ST A L THE COLMORE E EN T T S UNIVERSITY E Y Q BUILDING S W S BT TOWER H A . TR I A ST L W E L S Y ET GEORGE N COLMORE LANCASTER E B Y OTTE E SNOW HILL CIRCUS 4 A CIRCUS N U 1 SW RL N EW Q ONE COLMORE0 N A 0 E H SQUARE CH A ET QUE L E T S J L R S D A ST PAUL’S A M ST ST H ER TWO COLMORE C D S SQUARE T LI 3 SMINST R E E SQUARE 00 S L V A44 S R T WA E W S B RY EN HA D U N A L S T L S N N T T S T TC UN HE P E L M N J A RI E Q B E D 55 T ORO S 4 E W Y QU U 13 R O 1,2,3 W 5 COLMORE LU EENSWAY 47 OU E C A G R A H E SNOWHILL H E ROW D IL L MD CATHEDRALG ONE E N ASTON ST OR A W L THE COLMORE E O S EN M SQUARE T R TEMPLE T UNIVERSITY L E Y Q S W O E . BUILDING S BT TOWER H L ROWA 00 TR C PI A 103 ST L W 1 M Y M5 E E L S ET GEORGE COLMORE T N T COLMOREB4 E E CIRCUS ROWOTTE E E RackhamsSNOW HILL 15 MINS N BANK U R QUEENSWAY RL EW RQ T ONE COLMORE TOWARDS BRISTOL A HOUSE S Birmingham ST H N FASQUARE AND SOUTH WEST CH ET ZEL A E O H EY OO L S2 ST I S PARADISE CHAMBERLAIN RL L RT BIRMINGHAM T TE ST S T CIRCUS SQUARE A NST A CURZON STREETTWO COLMORE THE LIBRARY W S R U D E O N R NO SQUARE T OF BIRMINGHAM L P I O S VICTORIA SQUARE RN N T S A R ST S B O T L EN TEMPLE C U HA D E N TOWN HALL C L A CENTENARY E N L S T N TC UN HE P E SQUARE A M R A J B 3 MINS N D TR T IOR INTERNATIONAL 4 EW E 55 C Y QU 1 R ST E S W 35 REE O E 47 T COLMORE W ENSWAY CONVENTION G R A E E ROWGH CENTRE I CATHEDRAL T OR W ONE N E H O RE LM SQUARE R TEMPLE ST O MOOR STREETLE BO D C P ROW RD 00 O A ARENA CENTRAL 103 M ESL 1 BR E COLMORE T T E B4 E Y S ROW E T NEW STREET R ST BANK T N S 6 IO HOUSE FA 5 T ST N ZEL A4 GA OOBULLRING O EY S I PARADISE L ST T I ST U AV H GRAND CENTRALCHAMBERLAIN R S T F N IL CIRCUS ATESHOPPING CENTRE A T F SHOPPING CENTRESQUARE N S THE LIBRARY L W R U Y O O N A NO T ID OF BIRMINGHAML S P I O L K T VICTORIA SQUARE N N S L 10 MINS A R ST O S O T L TEMPLE C B T E H TOWN HALL 4 C A CENTENARYR 1 E E 00 N SQUAREE NEW ALEXANDRA A T N TR INTERNATIONAL EW D C S S Q U THEATRE TREE IG T T W CONVENTION BE E P E THE MAILBOX Y E T GH CENTRE E H I T A R N E N H EVERNS E S W S TR S H T MOOR STREET B S S W N S O D O R A ARENA A CENTRAL EE N D O U E A ESL BR Y Q DE S R EY OK T E ST RO PP BIRMINGHAM B T NEWU STREET BULCHE L M42 S COACH STATION A L N THE CUBE M6 IO 4S5 22 MINS AT A S IG BULLRING TOWARDSU AV LONDON H GRAND CENTRAL HOLLOWAYT CIRCUS F N IL SHOPPING CENTRE R S S AND FSOUTH EAST SHOPPING CENTRE AY O L T ID L S LL K T O S B H T 4 R 1 E 0 18 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS E NEW ALEXANDRA RACKHAMS / 43 TEMPLE0 ROW, BIRMINGHAM, B2 5JS 19 T D Q U IG T THEATRE B S P E THE MAILBOX E E T E Y H N A R EVERN S W S S W S H ST N O A E N E E A Y Q U DE S R OK T E O PP BIRMINGHAM BR U BULCHE L COACH STATION A L THE CUBE SM

R S HOLLOWAY CIRCUS

T Rackhams Key Occupiers Birmingham

LANCASTER B Y 4 A CIRCUS 1 SW N 0 N 0 E QUE T S J S D A ST PAUL’S HA M ER C SQUARE T LI ST E 00 S 350,000 SQ FT 283,000 SQ FT 255,000 SQ FT V A44 WA E W RY

A

S T S N T L T N E Q O S 1,2,3 W HS2 U LU OU E C A H SNOWHILL H E D IL L MD G E N ASTON ST A L THE COLMORE E EN T T S UNIVERSITY E Y Q BUILDING S W S BT TOWER H A . TR I A ST L W E L S Y ET GEORGE N COLMORE E LANCASTER SNOW HILL CIRCUS B OTTE E AY N U QUEENSWAY 4 W CIRCUS RL EW Q ONE COLMORE1 S 250,000 SQ FT 238,000 SQ FT 200,000 SQ FT A N 0 N H SQUARE0 E CH A ET L E QUE L R T S J S A ST ST D A M ST PAUL’S TWO COLMORE H D S ER C E SQUARE T LI SQUARE ST R E 0 S L V 40 S R T E A4 S WA B EN W D U RY HA N A L N UN L S S TH N T TC T E P S E T M J L A T RIN B D OR E Q 41 E E 55 W O Y QU S 3 R U 5 COLMORE O 1,2,3 W EENSWAY 47 G R LU OU E C A A H E SNOWHILL H E ROW D IL L MD OR CATHEDRALG W ONE E N ASTON ST A O L THE COLMORE E M S EN L SQUARE T R TEMPLE T UNIVERSITY 218,000 SQ FT 175,000 SQ FT 160,000 SQ FT O E LE Y Q BUILDING S W S 103 C BT TOWER H P ROWA . 00 TR I 1 A ST M L W E COLMORE E L S Y ET T T COLMOREB4 GEORGE ROW N E E E CIRCUS OTTE E R SNOW HILL N BANK RU T RackhamsQUEENSWAY RL EW Q ONE COLMORE A HOUSE S ST N SQUAREFA H ET Birmingham ZEL CH OO A E O EY L ST I S PARADISE CHAMBERLAIN RL RT T TE L S T CIRCUS SQUARE A ST ST A W N R TWO COLMORE THE LIBRARY S U D O N R ENO SQUARE T OF BIRMINGHAM L P I O S H VICTORIA SQUARE N N S S2 R R S T A TS T B O L EN TEMPLE C U HA D E A N TOWN HALL C L CENTENARY E N L S T N TC UN HE P E SQUARE A M R A J 122,000 SQ FT 98,000 SQ FT 95,000 SQ FT N TR T IOR INTERNATIONAL B EW E D 55 C 41 ST E S W Y QU 3 R REE O E 5 T COLMORE W ENSWAY 47 CONVENTION G R A E E ROWGH CENTRE I T OR CATHEDRAL W ONE N E H O RE LM SQUARE R TEMPLE B ST O MOOR STREETLE O D C P ROW RD 00 O A ARENA CENTRAL 103 M ESL 1 BR E COLMORE T T E B4 E Y S ROW E T NEW STREET R ST BANK T ON HOUSE S FA 56 TI ST N ZEL 4 A OO O EY A S VIG PARADISE CHAMBERLAIN RL BULLRINGST T I ST U A H GRAND CENTRAL TE S T T F N IL CIRCUS SQUARE A SHOPPING CENTRE N A S THEF LIBRARY SHOPPING CENTRE W R U 90,000 SQ FT 85,000 SQ FT 70,000 SQ FT Y O L O N A NO T D OF BIRMINGHAML S P I O I K T VICTORIA SQUARE N N S LL A R ST S O T L O TEMPLE C B E H T TOWN HALL 4 C A CENTENARYR 1 E E 0 N SQUAREE 0 A NEW ALEXANDRA N TR INTERNATIONAL T EW D C ST S Q U THEATRE REET IG CONVENTION T B W E E THE MAILBOX E P GH CENTRE Y E T I E H N T A R EE N H EVERNSR S W S T S H MOOR STREET B S S W ST OR D N O D A ARENA A CENTRAL E N E RO E E A SL B Y Q U DE E S R Y S OK T PE T RO NEWP STREET BIRMINGHAM 67,000 SQ FT 63,000 SQ FT 40,000 SQ FT B ST U BULCHE LL N COACH STATION 6 A IO THE CUBE 4S5M AT A S IG BULLRING U AV H GRAND CENTRAL T F N IL SHOPPING CENTRE R S HOLLOWAYS CIRCUS F SHOPPING CENTRE AY O L D L S T LI K T 20 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS L RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 21 O S B H T 4 R 1 E 0 E NEW ALEXANDRA 0 T D Q U IG T THEATRE B P E THE MAILBOX E E T E Y H N A R EVERNS S W S S W S H ST N O A E N E E A Y Q U DE S R OK T E O PP BIRMINGHAM BR U BULCHE L COACH STATION A L THE CUBE SM

R S HOLLOWAY CIRCUS

T Rackhams Birmingham

Existing Building

Rackhams

A nine storey department store extending to 518,464 sq ft (GIA) of accommodation. There are approximately 20 parking spaces and a loading area located in the adjacent building held on a long leasehold interest.

The building has a unique advantage of floor plates in excess of 50,000 sq ft on a site of 1.50 acres.

The building is mainly of reinforced concrete frame construction, with Portland stone cladding and glazed infill panels forming continuous curtain wall glazing to the Corporation Street and Temple Row frontages.

43 Temple Row

An office building developed in the 1980s comprising 31,342 sq ft (NIA) arranged over basement, ground and six upper floors. The property occupies a prominent corner site of the block bound by Temple Row to the north and Cherry Street to the west overlooking Cathedral Square.

The ground floor and basement is fully fitted out as a retail bank by the tenant whilst the upper floors provide office accommodation. The floorplates are broadly rectangular measuring circa 4,500 sq ft and arranged around a main core and atrium.

22 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 23 Rackhams Floor Plans Birmingham

Level -01 Basement RACKHAMS Level 00 Ground Level - Corporation Street Level 01 First Floor - Corporation Street 43 TEMPLE ROW Lower Ground - Temple Row Ground Level - Temple Row SERVICE AREA / CAR PARKING

TEMPLE ROW TEMPLE ROW TEMPLE ROW

NIA 4124 sq ft

GIA 54,292 sq ft GIA 64,855 sq ft GIA 53,449 sq ft NIA 34,781 sq ft NIA 59,140 sq ft NIA 46,751 sq ft

CORPORATION STREET CORPORATION STREET CORPORATION STREET

Level 02 Level 03 - Level 06 Level 07

TEMPLE ROW TEMPLE ROW TEMPLE ROW

IPMS 5,071 sq ft IPMS c.4,670 sq ft NIA 4,552 sq ft NIA c.4550 sq ft

GIA 27,281 sq ft NIA 3,506 sq ft GIA 83,695 sq ft GIA c.58,400 sq ft NIA 59,739 sq ft GIA 18,730 sq ft NIA c.53,400 sq ft

CORPORATION STREET CORPORATION STREET CORPORATION STREET

24 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 25 Rackhams Tenancy Schedule and Floor Areas Birmingham

Rackhams is let to SDI (Propco 47) Limited (t/a House of Fraser) on a flexible lease outside the LTA 1954. The tenant is Rackhams 43 Temple Row Combined Total paying nil rent but is responsible for business rates, service charge and insurance. GIA (sq ft) NIA (sq ft) IPMS 3 (sq ft) NIA (sq ft) NIA (sq ft) 43 Temple Row is let to Lloyds Bank Plc on the ground and lower ground floors until January 2024 subject to an Level -01 54,292 34,781 Level -01 - - Level -01 34,781 agreement to surrender (see below). The passing rent is £87,800 per annum. The office floors 1-6 are vacant. Level 00 64,855 59,140 Level 00 - - Level 00 59,140 Level 01 53,449 46,751 Level 01 4,130 4,124 Level 01 50,875 Mezzanine 5,119 4,032 Mezzanine - - Mezzanine 4,032 Level 02 83,695 59,739 Level 02 5,071 4,552 Level 02 64,291 Level 03 58,571 53,492 Level 03 4,677 4,557 Level 03 58,049 Level 04 58,495 51,964 Level 04 4,676 4,556 Level 04 56,520 Level 05 58,339 53,443 Level 05 4,670 4,551 Level 05 57,994 Level 06 54,368 49,615 Level 06 4,670 4,551 Level 06 54,166 Level 07 27,281 3,506 Level 07 4,566 4,551 Level 07 7,957 Total 518,464 416,463 Total 32,460 31,342 Total 447,805

The Property has been measured by Plowman Craven (May 2020) in accordance with the RICS Code of Measuring Practice (6th Edition).

The combined total excludes a loading bay / storage area measuring 18,730 sq ft GIA at Level 02 in the adjacent building, One Temple Row.

43 Temple Row IPMS 3 figure includes the 4,130 sq ft NIA retail unit at Level 01.

Passing Break Area Break Outside Rateable Address Demise Tenant Rent Start Break Expiry Notice Lease Comment (sq ft) Type LTA Value (pa) Period

SDI 2 months 518,464 Rolling Tenant not paying rent but responsible for all outgoings. 20 car parking Rackhams Whole (Propco 47) £0 10/10/2020 10/10/2020 09/10/2023 written Yes £2,250,000 (GIA) mutual spaces in the loading bay included in the lease. Limited notice

Agreement for surrender whereby the Landlord can serve six months prior written notice to surrender the lease provided that it has planning consent 6 months Rolling (not outline), evidence of adequate finance to carry out redevelopment and Ground & Lloyds 4,124 prior 43 Temple Row £87,800 11/01/2019 11/07/2019 10/01/2024 tenant No £105,000 a certified copy of a building or demolition contract relating to the building. Lower Ground Bank Plc (NIA) written only On completion of the surrender the landlord must pay compensation of notice £210,000 based on twice the rateable value. This payment is not required if the tenant exercises the break option.

First to 27,218 43 Temple Row Vacant ------£387,225 Sixth Floor (NIA)

Total 549,806 £87,800

26 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 27 Rackhams Tenure The site Birmingham measures

Rackhams is held on a freehold basis. The loading bay at Level 02 which extends across the adjacent building is held 1.50 acres on a long leasehold basis for a term of 999 years from 02 April 1996.

43 Temple Row is held on a freehold basis.

Plotted Scale - - Scale Plotted

Licence number 100022432 number Licence

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CATHEDRAL SQUARE LONG LEASEHOLD TEMPLE ROW LEVEL 02

COLMORE ROW

TEMPLE ROW

RACKHAMS

Plotted Scale - - Scale Plotted Licence number 100022432 number Licence CATHEDRAL SQUARE Survey Ordnance

1:1250 43 TEMPLE ROW © Crown Copyright 2020. All Rights Reserved. Rights All 2020. Copyright Crown © ST PHILIPS PLACE - Size Paper .

CHERRY STREET A4

CHERRY STREET

Ordnance Survey Licence number 100022432© Crown Copyright 2020. All Rights Reserved. TEMPLE ROW Plotted Scale - 1:1250. Paper Size - A4 CORPORATION STREET

CORPORATION STREET

Indicative purposes only.

Ordnance Survey © Crown Copyright 2020. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:1250. Paper Size - A4

28 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 29 Rackhams Planning Consent - Option 1 Birmingham

In December 2019 full planning permission (reference 201/10311/PA) was granted for the redevelopment of Rackhams and 43 Temple Row.

A change of use has been granted for Rackhams from a department store to a flexible mixed use building including office, leisure (including food and drink) and retail. 43 Temple Row has been granted a change of use from office and bank to .

In July 2020 approval for Permitted Residential Development at 43 Temple Row was granted comprising 42 units (24 one-bed and 18 two-bed).

A Certificate of Immunity preventing it from becoming listed for a period of 5 years is in the process of being issued.

Summary of Consented Development Rackhams (GIA) 43 Temple Row (GIA) Combined Total (GIA) Office /Retail / Hotel Restaurant Level -01 27,193 Level -01 6,773 Level -01 33,966 Level 00 60,130 Level 00 9,008 Level 00 69,138 Level 01 45,410 Level 01 6,648 Level 01 52,058 Level 02 77,995 Level 02 6,648 Level 02 84,643 Level 03 58,099 Level 03 6,648 Level 03 64,747 Level 04 58,085 Level 04 6,648 Level 04 64,733 Level 05 57,950 Level 05 6,648 Level 05 64,598 Level 06 53,066 Level 06 6,648 Level 06 59,714 Level 07 46,850 Level 07 6,648 Level 07 53,498 Level 08 47,159 Level 08 6,648 Level 08 53,807 Level 09 17,895 Level 09 6,648 Level 09 24,543 Level 09 Terrace 9,526 - 9,526 Level 10 6,648 Level 10 6,648 Level 11 1,708 Level 11 1,708 Total 559,357 Total 83,969 Total 643,326

Consented Maximum Floorspace (GEA) Rackhams (NIA) Use Class sq ft Ancillary Office / Office Total B1 - Office 474,064 Retail / Restaurant A1 - Retail 84,681 Level -01 21,754 - 21,754 Level 00 48,104 - 48,104 A2 - Professional & Financial Services 84,681 Level 01 3,627 1 36,328 A3 - Food & Drink 105,244 32,701 Level 02 2 49,342 62,396 A4 - Drinking Establishment 105,244 13,054 A5 - Hot Food Takeaway 84,681 Level 03 46,479 46,479 D2 - Assembly & Leisure 74,427 Level 04 46,468 46,468 Level 05 46,360 46,360 C1 - 106,470 Level 06 42,453 42,453 Ancillary Service Area 27,040 Level 07 37,480 37,480 Level 08 37,727 37,727 Level 09 14,316 14,316 1 Office area at Level 01 includes reception area of 10,721 sq ft Level 09 Terrace 9,526 9,526 2 Includes internal service area and car parking totaling 10,462 sq ft. Total 110,381 339,010 449,391

30 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 31 Rackhams Planning Consent Birmingham OFFICE ANCILLARY OFFICE / RETAIL / RESTAURANT Proposed floor plans HOTEL SERVICE AREA / CAR PARKING

TEMPLE ROW TEMPLE ROW TEMPLE ROW ------0 ------0 ------.,._;;�------0 1!--'aa::------0 - · · - 0 · --lr���.._:-:-� ·------���-- 0 · · --- 0 ·------0 0 I , 0 ,/ // 0 0 Retail / Leisure / / 0 0 0 0 0 0 3,627 sq ft 0 0 Reception 0 0 0 0 10,721 sq ft 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

( 0 0 0 0 0 0 0 □ 0 □ · □ ···· ...... 0 ... o 0 0 □ 0 0 0 0 0 -._ ------□ - -._ Q 0 - CHERRY STREET □ 0 0 0 0 0 0 0 0 0 0 0 0

0 0

0 0 0 0 0 0 0 0 0 0 0 0 \ Office 21,980 sq ft □ Office 49,342 sq ft Office 46,360 sq ft 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 a □ □ □

2m 8m CORPORATION STREET 1200 4m mm CORPORATION STREET CORPORATION STREET All areas have been measured from current drawings. They may vary because of (eg) survey, design development, construction tolerances, statutory requirements or re-definition of the areas to be measured. Level 01 Level 02 Level 05 tp bennett Level02 Rackhams, Birmingham

Refurbishment Timeline Refurbishment Assumptions Investment Assumptions Project Summary

Start Sept 2021 Construction Costs (£180 psf) £113.06m Rent (psf) Yield Letting Period RentFree GDV £288.40m

Pre-construction 6 months Contingency (5%) £5.65m Office £32.50 - £35.00 psf 5.00% 18 months 18 months Total Costs £242.83m

Construction 24 months Professional Fees (11%) £12.44m Retail / Restaurant £20.00 - £50.00 psf 5.00% 18 months 18 months Land Price £67.44m

Letting 18 months Marketing £0.80m Hotel £9,000 per room 4.75% Pre Let 18 months Profit £40.38m

Completion Sept 2025 Letting Fees - 15% (Hotel 10%) £2.22m Profit on Cost 17.50% (Hotel 10%)

Disposal fees (0.75%) £2.12m Sensitivity Analysis Void Cost (£11.25 psf) £0.99m Yield Residual Finance (5%) £29.85m 4.75% (Hotel 4.50%) £78.06m

4.50% (Hotel 4.25%) £89.88m

32 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 33

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34 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 35

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36 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 37 Rackhams Alternative Schemes - Option 2 - Birmingham Change of use from hotel to office under existing consent on43 Temple Row

Rackhams 43 Temple Row Combined Total TEMPLE ROW Ancillary Office Office Total Office Office Retail / Restaurant NIA (sq ft) NIA (sq ft) NIA (sq ft) NIA (sq ft) NIA (sq ft) Level -01 21,754 - 21,754 5,418 27,172 Level 00 48,104 - 48,104 7,206 55,310 Level 01 3,627 32,7011 36,328 4,437 40,765 Level 02 13,0542 49,342 62,396 4,442 66,868 Level 03 - 46,479 46,479 4,442 50,921 Level 04 - 46,468 46,468 4,436 50,904 Level 05 - 46,360 46,360 4,436 50,796 Level 06 - 42,453 42,453 4,451 46,904

CHERRY STREET Level 07 - 37,480 37,480 4,451 41,931 Level 08 - 37,727 37,727 4,451 42,178 Level 09 14,316 - 14,316 4,451 18,767 Level 09 Terrace 9,526 - 9,526 - 9,526 Level 10 4,451 4,451 CORPORATION STREET Level 00 Level 11 NIA Total 110,381 339,010 449,391 57,074 506,465

1Office area at Level 01 includes reception area of 10,721 sq ft. 43 TEMPLE ROW OFFICE RACKHAMS OFFICE 2Includes internal service area and car parking totaling 10,462 sq ft. ANCILLARY OFFICE / RETAIL / RESTAURANT SERVICE AREA / CAR PARKING Refurbishment Timeline Investment Assumptions

Start Sept 2021 Rent (psf) Yield Letting Period RentFree Office - Rackhams £32.50 - £35.00 psf 5.00% 18 months 18 months Pre-construction 6 months Office - 43 Temple Row £32.50 - £37.50 psf 5.00% 18 months 18 months 24 months - Rackhams Construction 18 months - 43 Temple Row Retail / Restaurant £20.00 - £50.00 psf 5.00% 18 months 18 months

L e t t i n g O f fi c e 18 months

Sep 2025 - Rackhams Completion Mar 2025 - 43 Temple Row Sensitivity Analysis Project Summary

Yield Residual GDV £286.01m Level 02 Refurbishment Assumptions 4.75% £81.94m Total Costs £238.91m

Construction Costs (£180 psf) £103.54m 4.50% £93.38m Land Price £71.64m

Contingency (5%) £5.18m Profit £41.96m Professional Fees (11%) £11.39m Profit on Cost 17.50% Marketing £0.93m

Letting Fees (15%) £2.31m

Disposal fees (0.75%) £2.11m

Level 05 Void Cost (£11.25 psf) £1.15m Finance (5%) £31.53m

38 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 39 Rackhams Alternative Schemes - Option 3 -Two Phase Scheme Birmingham

Building A (NIA) Building B (NIA) Combined Total Ancillary Office Office Total Ancillary Office Office Total Retail Retail (sq ft) (sq ft) (sq ft) (sq ft) (sq ft) (sq ft) (sq ft) Level -01 22,216 Level- -0122,216 22,472 - 22,472 44,688 Level 00 7,920 10,936Level 0018,856 8,740 9,900 18,640 37,496 Level 01 2,120 16,748Level 0118,868 2,624 16,060 18,684 37,552 Level 02 18,168Level 0218,168 2,592 25,040 27,632 45,800 Level 02 Parking / Storage / - - - - 10,462 10,462 10,462 Anc Office Level 03 - 21,300Level 0321,300 - 22,304 22,304 43,604 Level 04 - 21,300Level 0421,300 - 22,304 22,304 43,604 Level 05 - 21,300Level 0521,300 - 22,304 22,304 43,604 Level 06 - 21,300Level 0621,300 - 22,304 22,304 43,604 Level 07 - 21,300Level 0721,300 - 22,304 22,304 43,604 Level 08 - 17,264Level 0817,264 - 15,368 15,368 323,632 Level 08 Terrace - 5,045Level 085,045 - 8,670 8,670 13,715 Level 09 - 17,264Level 0917,264 - 15,368 15,368 32,632 Level 10 - 17,264Level 1017,264 - 15,368 15,368 32,632 Level 11 - 17,264Level 1117,264 - 15,368 15,368 32,632 Level 12 - 10,116Level 1210,116 - - - 10,116 Level 12 Terrace - 8,935Level 128,935 - - - 7,620 Level 13 - 10,116Level 1310,116 - - - 10,116 Level 14 - 7,620Level 147,620 - - - 7,620 Level 14 Terrace - 3,120Level 143,120 - - - 3,120 Level 15 - 7,620Level 157,620 - - - 7,620 Level 16 - 7,620Level 167,620 - - - 7,620 BANK HOUSE NIA Total 32,256 281,600GIA Total313,856 36,428 243,124 279,552 593,408 GIA Total 40,320 347,725NIA Total388,045 45,535 301,738 347,273 735,318

ONE TEMPLE ROW Development Timeline Investment Assumptions

Sept 2021 Rent (psf) Yield Letting Period RentFree Start Phase I Phase II 4 years Office £37.50 - £40.00 psf 5.00% 18 months 18 months Pre-construction 12 months 3 months Retail / Leisure £20.00 - £30.00 psf 5.00% 12 months 18 months Construction 18 months 18 months

Letting 18 months 18 months Development Assumptions Project Summary Construction Costs (£225 psf) £149.38m GDV Phase I £195.31m Completion Sept 2025 Dec 2028 03/04/2020 20 Phase II £178.16m Contingency (5%) £ 7.47m Total Costs £307.26m Professional Fees (11%) £16.43m Sensitivity Analysis Land Price £78.14m Marketing £1.00m Yield Residual Profit £59.49m Letting Fees (15%) £3.01m 4.75% £91.78m Disposal fees (0.75%) £2.75m Profit on Cost 17.50% CORPORATION STREET 4.50% £106.95m Void Cost (£11.25 psf) £1.41m Cross sectional diagram Finance (5%) £31.90m

40 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 41

20/04/2020 13 Rackhams Floor Plans Birmingham

ANCILLARY OFFICE / RETAIL / RESTAURANT OFFICE SERVICE AREA / CAR PARKING

Level -01 Basement Level 00 Ground Level - Corporation Street Level 01 First Floor - Corporation Street Level 02 Lower Ground - Temple Row Ground Level - Temple Row

20/04/2020 25

Building A: 22,216 sq ft Building A: 18,856 sq ft Building A: 18,868 sq ft Building A: 18,168 sq ft Building B: 22,472 sq ft Building B: 18,640 sq ft Building B: 18,684 sq ft Building B: 38,094 sq ft

20/04/2020 4 20/04/2020 5 20/04/2020 6

Levels 03 - 07 Levels 08 - 11 Levels 12 - 13 Levels 14 - 16

Building A: 21,300 sq ft per floor Building A: 17,264 sq ft per floor Building A: 10,116 sq ft per floor Building A: 7,620 sq ft per floor Building B: 22,304 sq ft per floor Building B: 15,368 sq ft per floor

20/04/2020 8 20/04/2020 9 20/04/2020 10 20/04/2020 11

42 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 43 Rackhams The Future of Birmingham Birmingham

Birmingham City Council have released ‘Our Future City Plan’ which provides a new vision and strategy for investment into Birmingham. It outlines a template for major change in the city and is aiming for a zero-carbon approach to development.

Central Birmingham 2040 will be a collection of successful, interconnected places, each having and developing their own identities yet supported by a much wider built, social and natural network.

59 CENTRAL BIRMINGHAM 2040 Shaping Our City Together

JANUARY 2021

Link to document https://www.birmingham.gov.uk/downloads/file/18589/our_ future_city_plan_2021_screen_version

21

This concept image is an artist’s impression to stimulate discussion, it does not represent a fixed proposal or plan. Shaping Our City Together This concept image is an artist’s impression to stimulate discussion, it does not represent a fixed proposal or plan. Shaping Our City Together

44 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 45 Rackhams Birmingham Supply Birmingham

NEW AVAILABLE SECOND HAND AVAILABLE UNDER CONSTRUCTION Paradise Circus House Paradise Circus Two Available: 39,000 sq ft One Centenary Way FUTURE DEVELOPMENTS Available: 97,000 sq ft Quoting Rent: £28.50 psf Size: 280,000 sq ft Arena Central Quoting Rent: £37.50 psf Owner: Federated Hermes P/C: August 2023 Size: 526,000 sq ft Owner: Federated Hermes / Argent Pre-Let or U/O: 80,000 sq ft Owner/Developer: Kier Property Available: 200,000 sq ft Guide Rent: £37.50+ psf Grade A office scheme set to be delivered Owner / Developer: across the next 5-7 years Federated Hermes / Argent

UNDER CONSTRUCTION FUTURE DEVELOPMENTS Size: 230,084 sq ft P/C: September 2021 Axis Square Pre-Let or U/O: 20,000 sq ft Size: 1.0m sq ft Available: 210,000 sq ft Owner/Developer: LCR Guide Rent: £37.50 psf Grade A office scheme across four buildings, Owner / Developer: ranging from 5 to 23 storeys Tristan Capital Partners / Sterling Property Ventures Rackhams Birmingham

FUTURE DEVELOPMENTS Smithfield Size: 3.0m sq ft Owner/Developer: Birmingham CC / Lendlease A mix of commercial, retail and leisure space over 41 acres set to open in 2026

NEW AVAILABLE FUTURE DEVELOPMENTS Three Snowhill Available: 120,000 sq ft Size: 1.4m sq ft Quoting Rent: £35.00 psf Owner/Developer: Owner/Developer: M&G / Ballymore A mixed used scheme of 2.75m sq ft incorporating 1.4m sq ft of offices, a 200-bedroom hotel and 1,300 homes. SECOND HAND AVAILABLE 1 Colmore Square Available: 11,000 sq ft Quoting Rent: £31.50 psf Available New Space Under Construction Owner: Oval Real Estate 410,000 sq ft in two buildings SECOND HAND AVAILABLE SECOND HAND AVAILABLE The Lewis Building Louisa Ryland House Prime Rents £37.50 psf Available: 33,000 sq ft Available: 86,000 sq ft Quoting Rent: £32.00 psf Quoting Rent: £31.50 psf Owner: Gulf Islamic Investment Owner: Euro Properties Investment Ltd

46 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 47 Rackhams Investment Market Birmingham 1 2 3 4 5 6 7

The Mailbox Eleven 103 Colmore Row 55 Colmore Row 120 134 Edmund Street 45 Church Street

Date: Dec 2019 Date: June 2019 Date: Apr 2019 Date: Oct 2020 Date: Oct 2019 Date: Feb 2021 Date: Nov 2019 Area: 690,000 sq ft Area: 112,422 sq ft Area: 230,084 sq ft Area: 160,000 sq ft Area: 139,664 sq ft Area: 85,594 sq ft Area: 122,489 sq ft Price: £189.0m Price: £37.8m GDV: £185.0m Price: c: £105.0m Price: £48.8m Price: q.£32.5m Price: £61.0m NIY: 6.50% NIY: 6.94% NIY: N/A NIY: 4.50% NIY: 6.10% NIY: q.6.00% NIY: 5.32% WAULT: 14.2 years WAULT: 4.0 years WAULT: N/A WAULT: 10.0 years WAULT: 5.6 years WAULT: 5.9 years WAULT: 2.6 years Purchaser: Oxford Purchaser: Blue Noble Purchaser: Tristan Capital Purchaser: Union Purchaser: Credit Suisse Purchaser: u/o Purchaser: RLAM Properties Partners Properties

8 9

2

5 St Philips Place 1 1 Colmore Square

Date: Jan 2018 Date: Oct 2020 Area: 81,500 sq ft Area: 203,091 sq ft Price: £45.0m 3 Price: £86.8m NIY: 4.70% NIY: 6.20% WAULT: 3.9 years WAULT: 5.2 years Purchaser: RLAM Rackhams 5 Purchaser: Oval Real Estate Birmingham 4 6 7

10 8 11

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10 The Lewis Building & 2 Colmore Square Priory Court 11

Date: June 2019 Date: June 2018 Area: 254,190 sq ft Area: 296,964 sq ft Price: £140.0m Price: £95.0m NIY: 5.60% NIY: 6.37% WAULT: 13.4 years WAULT: 5.0 years Purchaser: Gulf Islamic Purchaser: Railpen Investments

48 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 49 Rackhams Occupational Market - 40,000 sq ft transactions and above Birmingham

1 3 410,000 sq ft Available Under Construction 217,000 sq ft Grade A Built and Available Rents £37.50 psf+

1 Chamberlain Square 55 Colmore Row

Date: Q4 2017 Date: Q2 2019 Occupier: PWC Occupier: WeWork Area: 80,000 sq ft Area: 55,000 sq ft Rental: £32.50 psf Rental: £34.50 psf Term: 20 years Term: 15 years 6 mths

1 2 2 4

2 Chamberlain Square Rackhams 3 3 Snowhill Birmingham Date: Q4 2019 Date: Q1 2020 Occupier: DLA Occupier: BT Area: 40,100 sq ft 4 Area: 283,000 sq ft Rental: £35.00 psf Rental: £33.75 psf Term: 15 years Term: 20 years

5 5

Active Requirements

• GPA 200,000 sq ft • Atkins 40,000 sq ft • Arup 80,000 • Eversheds Sutherland 40,000 sq ft 6 • IWG 57,000 sq ft • Serendipity Labs 35,000 sq ft • Hiscox 45,000 sq ft Date: Q2 2019 Occupier: Irwin Mitchell Area: 46,000 sq ft Rental: £33.00 psf Term: 15 years

50 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 51 M90

GLASGOW EDINBURGH Rackhams Birmingham Comparison to M8 EDINBURGH Total Office Stock 11,150,000 sq ft M77 Grade A stock available 417,663 sq ft the rest of the UK Under construction (excl pre-lets) 306,884 sq ft Av. Annual Take-up 570,974 sq ft M74 Grade A Rent psf £37.00 New Grade A vacancy rate 3.7%

GLASGOW Total Office Stock 16,500,000 sq ft Grade A stock available 335,500 sq ft LEEDS Under construction (excl pre-lets) 410,600 sq ft Total Office Stock 11,300,000 sq ft Av. Annual Take-up 600,901 sq ft M6 Grade A stock available 425,125 sq ft Grade A Rent psf £32.50 A1(M) Under construction (excl pre-lets) 523,900 sq ft New Grade A vacancy rate 2.0% Av. Annual Take-up 601,578 sq ft Grade A Rent psf £34.00 New Grade A vacancy rate 3.8%

MANCHESTER LEEDS Total Office Stock 17,000,000 sq ft Grade A stock available 685,000 sq ft

Under construction (excl pre-lets) 651,200 sq ft M62 Av. Annual Take-up 1,158,700 sq ft Grade A Rent psf £38.50 MANCHESTER New Grade A vacancy rate 4.0% M6 M1

BIRMINGHAM Total Office Stock 16,500,000 sq ft New Grade A stock available 217,000 sq ft M6 Grade A stock available 469,997 sq ft BIRMINGHAM LONDON AIRPORT M42 Total Office Stock 215,015,000 sq ft Under construction (excl pre-lets) 410,000 sq ft M1 Grade A stock available 7,352,360 sq ft Av. Annual Take-up 722,000 sq ft M5 M40 Under construction (excl pre-lets) 6,105,696 sq ft Grade A Rent psf £37.50 Av. Annual Take-up 12,096,223 sq ft New Grade A vacancy rate 1.3% Grade A Rent psf West End £110.00 M25 City £70.00 M4 SOUTH EAST New Grade A vacancy rate 3.4% M4 LONDON BRISTOL BRISTOL M25 Total Office Stock 12,500,000 sq ft M3 M26 Grade A stock available 383,450 sq ft M23 THE SOUTH EAST Under construction (excl pre-lets) 420,250 sq ft Total Office Stock 162,000,000 sq ft Av. Annual Take-up 579,545 sq ft M5 Grade A stock available 8,350,000 sq ft Grade A Rent psf £38.00 Under construction (excl pre-lets) 1,000,000 sq ft New Grade A vacancy rate 3.1% Av. Annual Take-up 3,150,000 sq ft Grade A Rent psf £57.50 New Grade A vacancy rate 5.2%

52 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 53 Rackhams Birmingham

Rackhams Birmingham

TEMPLE ROW ST PHILIPS PLACE

CATHEDRAL SQUARE

54 RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS RACKHAMS / 43 TEMPLE ROW, BIRMINGHAM, B2 5JS 55 Rackhams Birmingham

Mark Routledge Tom Coaker +44 7788 454 118 +44 7894 814 327 [email protected] [email protected]

Ashley Hudson Jamie Phillips +44 7771 976 848 +44 7900 324 900 [email protected] [email protected]

55 Baker Street London W1U 8AN

IMPORTANT NOTICE (1) Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Knight Frank LLP has no authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). (2) Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. (3) Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. (4) VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in with registered number OC305934. Knight Frank LLP registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. March 2021.