17 ST HELEN’S PLACE / EC3

PRIME OFFICE BUILDING WITH REFURBISHMENT / DEVELOPMENT POTENTIAL OFFERED WITH VACANT POSSESSION BY WAY OF A NEWLY RE-GEARED HEADLEASE NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

Investment Rational

• An exciting opportunity to create a stunning Grade A building within 120 seconds walk of Street station (Elizabeth Line from Autumn 2019).

• Significant upside exists given that rents for small floorplate buildings around Liverpool Street do not currently reflect the forthcoming infrastructure improvements.

• High profile developments at 100 and are about to unveil significant public realm and streetscape improvement following many years of disruption.

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

Investment Summary

• Prime City of London office building with refurbishment / development potential.

• Set within an exclusive private courtyard accessed from Bishopsgate, one of London’s premier business addresses.

• Located within 120 seconds walk of , the City’s busiest transport hub.

• Exceptional connectivity. Elizabeth Line services () scheduled from autumn 2019.

• Newly re-geared headlease offered with full vacant possession.

• Moreover the headlease does not restrict development.

• Scope to conservatively deliver c. 27,500 sq ft of lettable accommodation by reconfiguring floor plates and developing an additional floor of offices, subject to the necessary consents. Alternatively the existing building of c. 24,000 sq ft could be immediately refurbished.

• A more ambitious feasibility could also be considered.

• developments at and 22 Bishopsgate will deliver c. 2.3 million sq ft of floorspace together with a vastly improved public realm and streetscape.

• Favourably situated serving both the City’s traditional financial service and insurance districts. The building also lies in close proximity to the creative areas of Spitalfields and Shoreditch to the north.

• Held by way of a re-geared headlease with circa 131 years unexpired. The Freeholder is entitled to 10.00% of rents received from underletting(s), subject to a minimum rent of £75,000 per annum.

Proposal

Offers are invited, subject to contract, for the long leasehold interest.

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17 ST HELEN’S PLACE

17 ST HELEN’S PLACE N < NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

5 LLOYD’S OF LONDON

BARBICAN

MOORGATE

NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

E LIVERPOOL STREET

LONDON WALL ONE DEVONSHIRE SQUARE BISHOPSGATE PLAZA

SALESFORCE TOWER PREMIER PLACE

GUILDHALL

100 70 BISHOPSGATE ST MARY AXE

TOWER 42 17 ST HELEN’S PLACE

MOORGATE GRESHAM STREET STOCK EXCHANGE WOOD STREET LOTHBURY THROGMORTON STREET MILK STREET ST PAUL’S BISHOPSGATE SWISS RE 22 BISHOPSGATE AVIVA PRINCE’S STREET TOWER OLD

KING STREET

ST MARY AXE 6-8 BISHOPSGATE THE & LEADENHALL 150 BUILDING LEADENHALL ST PAUL’S ROYAL STREET EXCHANGE CATHEDRAL POULTRY MANSION HOUSE STREET LEADENHALL STREET CORNHILL 52 1 LEADENHALL LLOYD’S OF BANK STREET LONDON STREET BILLITER QUEEN STREET KING WILLIAM STREET MANSION HOUSE LEADENHALL LOMBARD STREET MARKET QUEEN VICTORIA STREET

GRACECHURCH STREET < For indicative purposes only. Not to scale. N

LIME STREET 6 BLOOMBERG HQ

LLOYD’S AVENUE MARK LANE MANSION HOUSE FENCHURCH STREET

WALBROOK FENCHURCH STREET

20 FENCHURCH STREET

‘THE P E CRUTCHED FRIARS S R WALKIE-TALKIE’ O W

CANNON STREET DLR

TOWER GATEWAY MONUMENT TOWER HILL

SEETHING LANE SEETHING TRINTY SQUARE A R T GREAT TOWER STREET W

R REVI AHTM SE

TATE MODERN NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE Nearby Developments

A number of major developments are taking place within close proximity. These initiatives are creating substantial improvements to the public realm and are attracting world class occupiers at market leading rents.

100 BISHOPSGATE 70 ST MARY AXE

Developer: Brookfield Properties Developer: TH Real Estate Description: 950,000 sq ft of office and retail Description: 310,000 sq ft of office and retail accommodation within a 37 storey tower accommodation Status: PC 2019. Virtually fully pre-let Status: PC spring 2019. Circa 55% pre-let

22 BISHOPSGATE PREMIER PLACE

Developer: AXA Real Estate led consortium Developer: Greycoat Description: 1,350,000 sq ft of offices and retail Description: 240,000 sq ft office led scheme within a 62 storey tower Status: PC summer 2019. Circa 70% pre-let Status: PC 2020

52 LIME STREET 6-8 BISHOPSGATE & 150 LEADENHALL STREET Developer: WRBC

Description: 385,000 sq ft office led scheme Developer: Mitsubishi Estate London arranged in a 37 storey tower Description: 50 storey office led tower comprising Status: Completed circa 570,000 sq ft Status: Construction underway

. ONE BISHOPSGATE PLAZA

Developer: UOL (Pan Pacific) Developer: Brookfield Properties Description: 5-star hotel (approximately 340,000 Description: Planning approved. 36 storey tower sq ft), 120 residential apartments and with substantial office and retail provision retail space Status: Strip out of existing building underway Status: PC 2020

For indicative purposes only. Not to scale.

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London: A Global Powerhouse £

12 $ €

9 3 LONDON: PREMIER GMT FOREIGN EXCHANGE TRADING VENUE 100 5 $2.7 6 454,000 OF EUROPE'S INTERNATIONAL AIRPORTS ADVANTAGEOUSLY 1,000 CONNECTING TO TRILLION OF FOREIGN EXCHANGE POSITIONED LARGEST PEOPLE TECH START-UPS TURNED OVER EACH DAY - ARE EMPLOYED IN CREATED IN LONDON COMPANIES C 400 STRADDLING GLOBAL THE CITY OF LONDON HAVE PREMISES IN LONDON A 23% INCREASE ON 2016 TIME ZONES PER MONTH DESTINATIONS

1

No1 GLOBAL LONDON METAL EXCHANGE: LLOYD’S OF FINANCIAL CENTER : LONDON: 80% 251 OF ALL NON-FERROUS THE WORLDS 300 YEARS OLD AND FOREIGN METAL FUTURE BUSINESS 530 SPECIALIST RANKED FIRST IN 2017 THIS EQUATED TO INSURANCE AND GLOBALLY IN TERMS OF INTERNATIONALITY FOREIGN $12 TRILLION NOTIONAL BANKS • WITH 300 COMPANIES RESIDENT RE-INSURANCE MARKET 3.5 BILLION TONNES COMPANIES • IN LONDON OPERATING ACROSS 200 TERRITORIES FROM 70 NATIONS LISTED LISTED IN LONDON 157 MILLION LOTS

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

London: A Global Powerhouse

22 BISHOPSGATE HISCOX BEAZLEY GROUP SWISS RE ABERDEEN STANDARD INVESTMENTS ION GROUP SIDLEY AUSTIN CALS AVIATION GROUP

AVIVA

100 BISHOPSGATE ROYAL BANK OF CANADA JEFFERIES GROUP FRESHFIELDS PAUL HASTINGS EUROPE PCCW GLOBAL AM TRUST FINANCIAL DEKO

EQUINOX FITNESS

17 ST HELEN’S PLACE

LATHAM & WATKINS GAZLEY HUAWEI TECHNOLOGIES CO AMALGAMATED METALS CORPORATION CHARLES STANLEY WEALTH MANAGERS HAMPSHIRE TRUST BANK

HBOS

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1717 STST HELEN’S HELEN’S PLACE PLACE

The Community...within a 5 minute walk

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1717 STST HELEN’S HELEN’S PLACE PLACE 17 ST HELEN’S PLACE

Location

17 St Helen's Place is situated in the central core area of the City of London within the ‘Tower Cluster’. The location is one of the most transformative parts of London benefitting from both infrastructure improvements and high rise commercial developments.

The building's favourable location enables it to serve the traditional financial services and insurance districts of EC2 & EC3 respectively. The ‘creative’ and TMT districts of Spitalfields and Shoreditch are within close proximity to the north.

St Helen's Place is a secluded private gated courtyard, accessed directly from Bishopsgate, one of London’s most prestigious business addresses. Liverpool Street station, The Bank of England and Lloyd’s of London are all within c. 200 metres.

London’s tallest new generation tower buildings will provide additional critical mass when completions take place later this year and early next. 100 Bishopsgate (c. 950,000 sq ft) is virtually fully pre-let and a sizeable percentage of 22 Bishopsgate (c. 1.4 million sq ft) has already been committed. New arrivals will include; Royal Bank of Canada, Freshfields Bruckhaus Deringer, Jefferies, Paul Hastings LLP, Equinox Health & Fitness, Hiscox and Beazley Group.

Leadenhall Market, The Royal Exchange and Devonshire Square are nearby and crammed with restaurants, bars and world class retail. NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

12 5 MINUTES FENCHURCH STREET STATION NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE Connectivity

17 St Helen's Place enjoys exceptional connectivity.

The whole of central London can be accessed via the underground network and over-land rail services. Liverpool Street station, the City’s busiest transport hub, is within a c. 2 minute walk. Bank and Cannon Street stations are within a 5 minute walk.

All of London’s major airports are within an hour of the property. Rail services to the continent (via Eurostar at St Pancras station) can be obtained within 20 minutes by taxi.

In excess of 100 buses per hour pass along Bishopsgate itself.

BANK STATION & BANK OF ENGLAND TRAINS TO DOCKLANDS AND CITY AIRPORT

2 MINUTES 3 MINUTES

LEADENHALL MARKET BROADGATE

2 MINUTES 3 MINUTES 2 MINUTES 1 MINUTE

17 ST HELEN’S PLACE

FENCHURCH STREET STATION LIVERPOOL STREET STATION

3 MINUTES 5 MINUTES 2 MINUTES 1 MINUTE

MAIN LINE TRAINS TO EAST LONDON, SOUTH ESSEX & KENT

MAIN LINE TRAINS TO NORTH / EAST LONDON, NORTH ESSEX & ANGLIA

Source: tfl

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LEADENHALL MARKET 3 MINUTES NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

The Elizabeth Line Operational Autumn 2019

Communications will be further enhanced by the arrival of The Elizabeth Line (Crossrail) at Liverpool Street station in autumn 2019. 17 St Helen's Place will be better connected than at any time in its history. The station entrance is within a 2 minute walk. 17

The c. £15 billion Crossrail initiative is Europe’s largest infrastructure project. ST HELEN’S The services will be fully integrated with London’s existing transport network. PLACE Train will bring and extra 1.50 million people to within 45 minutes of central London. STRATFORD

TOTTENHAM LIVERPOOL PADDINGTON WHITECHAPEL READING COURT ROAD FARRINGDON STREET

CANARY WHARF

Luton*

Gatwick* Standsted *

HEATHROW AIRPORT

Bakerloo Central Circle District DLR Hammersmith & City

Jubilee Metropolitan Northern Overground * Airports not on the Crossrail route - to travel to these airports passengers will need to travel on other connecting rail services

Approximate journey times from Liverpool Street Station

Farringdon Station 2 minutes Canary Wharf Station 6 minutes Bond Street Station 7 minutes 8 minutes 35 minutes

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

Description

17 St Helen’s Place is an attractive period office building dating from 1912.

The property currently provides 23,986 sq ft (2,228.35 sq m) of lettable office and ancillary accommodation arranged over basement, lower ground, ground and five upper floors.

Floorpates are regularly configured and enjoy good levels of natural daylight from the front and rear elevations. The lower ground floor is set back at street level and also enjoys good levels of daylight.

The building has a well-proportioned reception leading to two six-person passenger lifts which serve all floors. The lower ground, ground and first floors have generous slab heights of 3.5-3.8 metres.

The building requires modernisation however it has been occupied until recently and could be cosmetically upgraded and re-let in short order. There is a central heating system with associated plant located at basement level. Most floors have ceiling mounted fan coil air conditioning cassettes with plant located within the rear lightwells or at roof level.

There are raised access floors / perimeter trunking and suspended ceilings throughout. Accommodation

The net internal floor areas are as follows:-

FLOOR USE AREA (SQ.FT.) AREA (SQ.M.)

Fifth Offices 2,228 207.0 Fourth Offices 3,266 303.4 Third Offices 3,329 309.3 Second Offices 3,420 317.7 First Offices 3,285 305.2 Ground Offices 3,197 297.0 Ground Reception 267 24.79 Lower Ground Offices 3,315 308.0 Basement Storage 1,679 156.0

TOTAL 23,986 2,228.35

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17 ST HELEN’S PLACE

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE Tenure Planning

Held by way of a headlease from5-7 The St. Leathersellers’ Helen's Company Place EC3A for an effective 6AB term expiring The property is not listed. It is however situated within the St Helen’s Place 24/03/2150 i.e. circa 131 years unexpired. Conservation Area.

The Freeholder is entitled to 10.00% of rents received from underletting(s) at the premises, subject to a minimum rent of £75,000 per annum. The zinimum rent is subject to upwards only review on 25/03/2024 and five yearly thereafter to 7.50% of the properties estimated rental value. 53 53 32 The Leathersellers’ own the freehold of St Helen's Place and much of the wider site bounded 33 Vacant Possession by Bishopsgate, , St Mary Axe and Undershaft. The Company oversee the 00m 00m management of St Helen's Place which is a privately owned road. The headlessee contributes The property is offered with full vacant possession. into an Estate service charge of circa £16,000 per annum.

181400m 181400m A summary of the main provisions of the headlease is set out in the Appendix. CAMOMILE STREET

181300m 181300m

For indicative purposes only. This plan is based upon the Ordnance Survey map with the sanction of the controller of H.M. Stationary Office. Crown copyright reserved.

13 18

SWISS RE 53 53 32 33 00m 00m

0 5 10 15 20 25 30 35 40 45 50

m

OS MasterMap 1250/2500/10000 scale Tuesday, September 5, 2017, ID: HMC-00652443 www.themapcentre.com

1:1250 scale print at A4, Centre: 533213 E, 181309 N

© Crown Copyright Ordnance Survey. Licence no. 100018971 NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE Refurbishment / Development Potential

17 St Helen’s Place could be refurbished with immediate effect to provide a Grade A headquarters building of c. 24,000 sq ft (2,230 sq m).

A feasibility study prepared by Minifie Architects (MA) demonstrates that the net lettable floor area is able to be conservatively increased to c. 27,500 sq ft.

Subject to obtaining the necessary consents the scheme envisages one additional office floor comprising c. 1,820 sq ft. incorporating a spectacular roof terrace overlooking the tower cluster. The feasibility also considers relocation of WC’s into the rear lightwells, creating a further c. 1,615 sq ft of office accommodation. Shower and changing provision for cyclists and runners is provided within the basement.

Most buildings within St Helen’s Place (including the next door ownership) have all been re-developed with additional height and as such the proposals are not considered to be controversial.

Waterman Group has considered the engineering aspects and have reported favourably. The Freeholder has been consulted and is supportive of initiatives which improve rental receipts and future leasing prospects.

The headlease does not restrict future redevelopment.

One might consider the creation of two additional floors, not least as the neighbouring building (west) is two floors higher. There are no windows in the flank walls of the neighbouring ownerships.

19 Metal scale wall tiles 17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS

Concrete floor with scale pattern Metal profile in concrete flooring Reception window

17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

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17 ST HELEN’S PLACE

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

WC WC WC WC PROPOSED NEW SIXTH FLOOR 1,819 sq ft 169 sq m

LIFT LIFT

TERRACE

< N

For indicative purposes only. Not to scale.

2213 22

17 St Helen’s Place Proposed 6th Floor Plan Option 2 NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

EXISTING FIFTH FLOOR 2,228 sq ft 207 sq m

LIFT LIFT

WC WC

17 St Helen’s Place 5th Floor Plan

OFFICE PROPOSED FIFTH FLOOR WC WC WC WC 2,798 sq ft 259.95 sq m

LIFT LIFT

< N

For indicative purposes only. Not to scale.

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17 St Helen’s Place Proposed 5th Floor Plan Option 2

OFFICE NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

EXISTING FOURTH FLOOR 3,266 sq ft 303.4 sq m

LIFTLIFT LIFT LIFT WCWC SHOWERSHOWER

KITCHENKITCHEN

OFFICE OFFICE

OFFICE 17 St Helen’s Place OFFICE Existing 4th Floor Plan WC WC WC WC PROPOSED FOURTH FLOOR 3,444 sq ft 319.95 sq m

LIFT LIFT

< N

For indicative purposes only. Not to scale.

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17 St Helen’s Place Proposed 4th Floor Plan Option 2 OFFICE NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE

EXISTING GROUND FLOOR WC WC 3,197 sq ft KITCHEN 297 sq m

WC LIFT LIFT

ENTRANCE ST HELEN’S PLACE

OFFICE OFFICE PROPOSED GROUND FLOOR WC WC WC WC OFFICE 17 St Helen’s Place OFFICE 3,357 sq ft Ground Floor Plan 311.8 sq m

LIFT LIFT

RECEPTON

OFFICE OFFICE

Fifth Offices 2,228 207.0 CONCIERGE FLOOR USE AREA (SQ.FT.) AREA (SQ.M.) Fourth Offices 3,266 303.4 Third Offices 3,329 309.3

< N Second Offices 3,420 317.7

First Offices 3,285 305.2

For indicative purposes only. Ground Not to scale. Offices 3,197 297.0 Ground Reception 267 24.79

Lower Ground Offices 3,315 308.0 25 ENTRANCE Basement Storage 1,679 156.0 ST HELEN’S PLACE

17 St Helen’s Place OFFICE Proposed Ground Floor Plan OFFICE Option 2 NO.1 ROYAL EXCHANGE AVENUE

17 ST HELEN’S PLACE 17 ST HELEN’S PLACE

EXISTING BASEMENT FLOOR KITCHEN

WC LIFT LIFT WC

VAULTS

ENTRANCE ST HELEN’S PLACE

PROPOSED BASEMENT BIKE RACKS AND SHOWERS 17 St Helen’s Place Ground Floor Plan

LOCKERS

DIS WC & SHOWER

< N

For indicative purposes only. Not to scale.

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17 ST HELEN’S PLACE Capital Allowances Proposal

No capital allowances are available. Offers are invited, subject to contract, for the long leasehold interest.

VAT Further Information

The property is elected for VAT. For further information or to arrange an inspection please contact the Vendor’s sole agent:-

EPC

The property has an EPC rating of D96.

Douglas Hall Tel: +44 (0)20 7100 5555 [email protected]

MISREPRESENTATION ACT 1967 AND DECLARATION

HK London (trading name of HK Property Services Ltd for themselves and for the vendors of this property who agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchaser’s and do not constitute, not constitute part of, or an offer or contract b) all descriptions, dimensions, references or condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchaser’s should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of them c) no person in employment of HK London (trading name of HK Property Services Ltd has any authority to make or give any representation or warranty whatever in relation to this property.

February 2019.

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17 ST HELEN’S PLACE 17 ST HELEN’S PLACE Appendix – Headlease Summary

Landlord Alienation The premises are deemed to be let in whole or part, by way of a The Leathersellers’ Company. Assignment of part is prohibited. lease or leases for such a term in accordance with the then market practice. Demise Assignment of the whole and underletting(s) of the whole or part 17 St Helen’s Place, London, EC3. require Landlords consent, not to be unreasonably withheld. No account is taken of improvements carried out by any under There are no restriction as to the number of underlettings. tenant and which the Tenant is not entitled itself to take into account. Term No account is taken of any goodwill attached to the premises. An effective term expiring 24/03/2150. Rent The Landlord receives the greater of the Base Rent (currently Occupation by the Tenant Repair £75,000 per annum) and 10.00% of Rental Income derived from the If at any time during the term the Tenant or any Group Company The lease is granted on full repairing and insuring terms. The Tenant premises during a Rent Period. This additional sum is expressed as occupies the premises (part or whole), the part occupied will be covenants to keep the premises in good and substantial repair and ‘The Supplementary Rent’. treated as notionally underlet from the date upon which such condition. occupation begins. There will be an assessment of rental value and A Rent Period is defined as one year commencing 25th March. that will be deemed to be payable quarterly for the purposes of Decoration calculating Rental Income / the Supplementary Rent. The Tenant covenants to redecorate the exterior every four years Rental Income is defined as the total income of whatsoever nature and the interior every six years, and in each instance, during the last received by the Tenant in respect of the Premises during a Rent St Helen's Place Service Charge six months of the term. Period, including (but without limitation), the following:- The Headlease provides for a service charge contribution in respect of St Helen's Place. This covers the repair, maintenance and renewal, Insurance • Any Tenant’s Rent; cleaning and lighting of the private road. It also covers the provision The Tenant insures in the joint names of the Landlord and the Tenant. of porters and insurance. The policy is to cover the full reinstatement cost of the premises, • Any interest recovered pursuant to any provision contained in any four years loss of rent and liabilities in respect of the property occupational lease; The current contribution is currently £16,151 per annum. The owners and third party risk. Headlessee recovers this sum from the occupational tenants. • Any sum or sums recovered by the Tenant pursuant to any Further information is available upon request. Use insurance policy in respect of loss of income in the event of the High class offices (Class B1) or Medical and / or dental clinic Premises being damaged or destroyed. Service charge is payable on account quarterly and reconciled (Class D1). annually. The ‘Supplementary Rent’ is reconciled quarterly in arrears. Alterations / Development External and internal structural alterations or addition to the The Base Rent is reviewed upwards only on 25/03/2024 and five premises requires the Landlord’s consent (not to be unreasonably yearly thereafter to 7.50% of the Rental Value of premises. withheld or delayed). Rental Value is defined as the yearly rack rent after expiry of The Landlord has provided its consent to the development initiatives whatever rent free period would reasonably be agreed in the open set out in the feasibility study i.e. an additional floor of offices and a market at the relevant date, between a willing landlord and a willing re-configuration of the floor plate whereby the WC’s are located into tenant, for fitting out purposes, or receipt by the willing tenant of a the rear lightwells. capital sum in lieu thereof.

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17 ST HELEN’S PLACE