HIGHLY REVERSIONARY OFFICE INVESTMENT OPPORTUNITY

02 03 INVESTMENT SUMMARY

-- Core City of London location, adjoining the Old Bailey; the Central Criminal Court of England and Wales.

-- Excellent connectivity, being in close proximity to Blackfriars, City Thameslink, St Paul’s and Farringdon (Crossrail) stations.

-- Prominent, attractive glass and stone office building, developed in 2009.

-- 74,603 sq ft (6,930.9 sq m) of Grade A office accommodation arranged over lower ground, ground and six upper floors.

-- Highly flexible and efficient floorplates arranged around a striking central atrium providing excellent levels of natural light throughout.

-- External terraces on the sixth, fifth and second floors, in addition to an internal terrace on the 4th floor, affording exceptional views over St Paul’s Cathedral.

-- 100% let to seven tenants with a WAULT of 4 years to expiries.

-- Highly reversionary gross passing rent of £3,137,263 per annum equating to £42.05 per sq ft overall, with prime City rents currently at £68.50 per sq ft.

-- Held long leasehold from The Mayor and Commonalty and Citizens of the City of London with 115 years unexpired. The rent payable is the greater of the Minimum Ground Rent and 10% of Rents Receivable (assessed annually).

-- Numerous upcoming lease events providing opportunities for asset management.

-- Significant capital allowances available to a qualifying purchaser.

-- We are instructed to seek offers in excess of £62,500,000, subject to contract and exclusive of VAT, for 100% of the shares in the Isle of Man Special Purpose Vehicle that owns the long leasehold interest in the property.

-- A purchase at this level reflects a net initial yield of 4.44% (assuming purchaser’s costs of 1.8%) and a low capital value of £838 per sq ft. 04 05 LOCATION FOREIGN EXCHANGE FOREIGN INVESTORS GREENWICH TIME LONDON MORE THAN A THIRD OF GLOBAL LONDON ATTRACTS MORE GREENWICH MEAN TIME GIVES FOREIGN EXCHANGE TAKES PLACE FOREIGN DIRECT INVESTMENT LONDON A BUSINESS ADVANTAGE, EVERY DAY IN LONDON THAN ANY OTHER CITY IN EUROPE ALLOWING IT TO OVERLAP WITH (BANK FOR INTERNATIONAL SETTLEMENTS) (EY) KEY GLOBAL MARKETS

THE WORLD’S PREMIER GATEWAY CITY

London benefits from one of the oldest and most transparent TECH INVESTMENT APPROX. 75% LONDON BUSINESSES administrations in the world. This, coupled with its regulation-friendly IN THE UK IS TWO TIMES OF THE EU FOREIGN EXCHANGE THE CITY OF LONDON IS HOME TO environment and international access to trade, has defined the city as HIGHER THAN ANY OTHER AND INTEREST RATES DERIVATIVES 18,000 BUSINESSES ACROSS A a global haven for business. EUROPEAN COUNTRY TRADING TAKES PLACE IN THE UK WIDE RANGE OF SECTORS The Global Financial Centres Index in September 2018 has once again (LONDON & PARTNERS) (EUROPEAN PARLIAMENT) (CITY OF LONDON CORPORATION) ranked London as the number one centre for banking and insurance. In addition to commerce and finance, London is renowned for its arts, NO.1 LONDON INSURANCE ACCESS TO TALENT education, media, technology and tourism, making it one of the most diverse and cultured cities in the world. LONDON RANKS NO. 1 THE LONDON INSURANCE LONDON HAS THE BEST ACCESS TO GLOBALLY FOR CROSS BORDER MARKET IS THE LARGEST GLOBAL TALENT BEING THE MOST POPULAR REAL ESTATE INVESTMENT CENTRE FOR COMMERCIAL AND STUDENT CITY IN THE WORLD, (CBRE) SPECIALITY RISK WITH OVER 45 UNIVERSITIES (LONDON MARKET GROUP/BOSTON AND STUDENTS FROM OVER 200 CONSULTING GROUP) DIFFERENT NATIONS (STUDY LONDON)

REAL ESTATE LONDON TECH

LONDON IS CONSIDERED THE LONDON IS HOME TO MORE WORLD’S MOST LIQUID REAL ESTATE THAN ONE-THIRD OF EUROPE’S MARKET WITH A GLOBAL LIQUIDITY TECH UNICORNS RATIO OF 11% (PROPORTION OF (GP BULLHOUND) STOCK TRADED IN 2017 – 13% ON AVERAGE FOR THE LAST FIVE YEARS) (CBRE Q4 2017) LONDON TOURISTS

LONDON HAS A BOOMING TOURIST INDUSTRY WITH 19.2 MILLION VISITORS IN 2017

(WORLD ECONOMIC FORUM)

8 9 One Ludgate The Old Bailey

Ludgate

LOCATION

10 OLD BAILEY IS IDEALLY its diversity of culture, retail, SITUATED AT THE CONVERGENCE leisure, hotel and restaurant OF THE CITY OF LONDON amenities, with destinations AND MIDTOWN, ONE OF THE such as Smithfield Market MOST HIGHLY SOUGHT-AFTER (the Museum of London’s future OCCUPIER LOCATIONS IN home), Fleet Street, Hatton One New Change CENTRAL LONDON Garden jewellery quarter, One New Change shopping

Old Bailey is located 150 centre and St Paul’s Cathedral metres west of St Paul’s attracting a varied mix of Cathedral, one of London’s occupiers, residents most recognisable and historic and visitors.

landmarks. Old Bailey runs The area is also linked to between Newgate Street to the Southbank by Millennium north and Ludgate Hill to the and Blackfriars Bridges, both south and is well renowned located 500 metres south of for the Central Criminal Court 10 Old Bailey. The Southbank of England and Wales, which benefits from a rich cultural dates back to the 15th century. heritage, with the destinations

Traditionally associated such as Shakespeare’s Globe with the legal profession, the Theatre, The Royal National area is now also defined by Theatre and Tate Modern.

10

Millennium Bridge Farringdon Station, Crossrail entrance MILLENNIUM ST PAUL’S LONDON STOCK ONE + TWO GOLDMAN SACHS TATE MODERN BRIDGE CATHEDRAL ST PAUL’S BLACKFRIARS EXCHANGE LONDON EYE NEW LUDGATE TEMPLE HEADQUARTER

ONE NEW ONE SOUTHBANK NEW STREET CHANGE BLACKFRIARS CENTRAL THAMESLINK OLD BAILEY THAMESLINK SQUARE

12 13 FARRINGDON STATION

R OYA L C O U R TS OF JUSTICE

SMITHFIELD QUARTER

STRONG AND DIVERSIFIED TENANT DEMAND

THE IMMEDIATE LOCATION SURROUNDING 10 OLD BAILEY HAS ATTRACTED SOME OF LONDON’S MOST HIGH-PROFILE AND GLOBALLY RECOGNISED OCCUPIERS. THE DIVERSE, WELL-CONNECTED AND VIBRANT NEIGHBOURHOOD IS IN CONSTANT DEMAND FROM TENANTS WITHIN OLD BAILEY THE FINANCIAL, LEGAL, PROFESSIONAL AND TELECOMMUNICATION, MEDIA AND TECHNOLOGY SECTORS.

THE CURRENT REGENERATION OF FARRINGDON, IN PARTICULAR THE SMITHFIELD QUARTER, WILL CONTINUE TO DRIVE COMPETITION, DELIVERING SOME OF CENTRAL LONDON’S BEST RETAIL AND LEISURE AMENITIES.

14 15 G

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EUSTON EET KING’S CROSS STR THE IMMEDIATE VICINITY HAS EXPERIENCED SUBSTANTIAL DEVELOPMENT ACTIVITY IN RECENT YEARS. OLD G R E AT The evolutionEUSTON of the local SQUARE built-environment has been driven by world-class office led developments, including E ASTERN ST One & Two New Ludgate (directly opposite 10 Old Bailey), 1 New Street Square and Goldman Sachs’ brand-newGRAY’S INN ROA E OLD STREET U 830,000 sq ft headquarters building. ET EN E TR V S C BLOOMSBURY CLERKENWELL D R A L ITY E O E In addition to office developments, the retail and leisure amenity has been enhanced through Landsec’s Y F T R ARR E

B RO

development of One New Change (the GOWERCity STREETof London’s only shopping centre), an influx of hoteliers and the growth E A S ING L AD RUSSEL SQUARE O D of Smithfield Market’s cultural hub. This is set to be further improved through the redevelopment of Smithfield D R D E ON R S SHOREDITCH Quarter (which will be the new home of the Museum of London) and the substantial infrastructure upgrades G

R A

T O around Farringdon station. E A

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TOTTENHAM COURT R E U D T 1 2 3THAMP A RO CHIS WEL L STR BALD FARRINGDON EET T THEO F ON R A

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O RING W 09

B LOO FARRINGDON BARBICAN MIDTOWN DON ST M EAST S BUR O 08 A Y S D N LIVERPOOL BOR CHANCERY LANE R MOORGATE ONE & TWO NEW LUDGATE T 1 NEW STREET SQUARE 20 OLD BAILEY OL H H EET HIG LONDON WALL STREET Landsec Landsec Blackstone Description 356,547 sq ft of office and 240,000 sq ft, tenants includeHOLBORN Barings, 275,000 sq ft office, let to Deloitte 07 NE E 28,524 sq ft of retail Withers, Metro Bank W 04 GATE T EET A RD STR Completed 2015 OXFO Completed 2016 Completed 2017 ST G TE W KI R NE R Y E E ET N 03 E THE CITY O U GSWAY 02 L SGA TOTTENHAM COURT ROAD N 05 I O E A M

V B HOP 4 5 A 6 01 ST PAUL’S IS D

Y L B R THAMESLINK U O CH B REET L EAPS S T ST UDGA IDE E LEE TE H T F 06 ILL SOHO F A H LEADENHALL STREET S CHAR COVENT GARDEN BANK

I N D

G CR N A QUEEN VIC CANN R TORIA S PLUMTREE COURT 20 FARRINGDON STREET PROCESSION HOUSE ST TREET O N OSS ST Goldman Sachs (own occupation) HB Reavis WESTGreycoat andEND Goldman Sachs TEMPLE BLACKFRIARS REET IA EMBAN

R VICTOR KMENT B

O

830,000 sq ft headquarters building 90,000 sq ft office and restaurant 110,000 sq ft office & retail L AD EAST A CH EAP

C CANNON K Completed 2018 Completed 2018 Q1 2020 (anticipated) E MONUMENT FRI STREET G W ID

PICCADILLY CIRCUS A A R LOW TE B E

RS B RS RIVER THAMES R TH AME R S STR 7 8 D 9 L EET

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O T L S STREE OU MORLEY HOUSE HOTEL ONE BARTHOLOMEW SQUARE SMITHFIELD QUARTER RD TW AR K Shiva Hotels / ICG Longbow Ashby Capital & Helical City of London STR STAMFO EET 250,000 sq ft of mixed use office, retail LONDON 120,000 sq ft, 191-room hotel 225,000 sq ft office & retail and leisure accommodation BRIDGE ST. T TBC Completed 2018 Subject to planning HOMA Not to scale, for indicative use only. T E S E ST 16 T RE 17 SO U T H WA R K S ET GH

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WAT E R LO O L ROAD A GH

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OAD BOROUGH WESTMINSTER THE ELIZABETH LINE (CROSSRAIL) CONNECTIVITY Europe’s largest infrastructure project will revolutionise London’s transport capabilities, increasing passenger capacity by 10% and bringing an extra 1.5 million people to within a 45 minute journey time of the capital. 10 OLD BAILEY BENEFITS FROM EXCELLENT ACCESS ACROSS CENTRAL LONDON, WITH BLACKFRIARS, CITY THAMESLINKAND ST PAUL’S STATIONS, ALL WITHIN 400 METRES. IN ADDITION, FARRINGDON STATION IS LOCATED 650 METRES AWAY AND, FROM 2019, WILL BECOME ONE OF THE BEST-CONNECTED STATIONS FARRINGDON STATION IN LONDON WITH THE ARRIVAL OF CROSSRAIL. THE MAP BELOW ILLUSTRATES THE STRENGTH OF THE BUILDING’S TRANSPORT CONNECTIVITY: From 2019, Farringdon Station will be the only station in central London to provide access to London Underground, Crossrail KING’S CROSS (east - west) and Thameslink services (north CGI of Farringdon’s New Crossrail Terminal 12 MINS OLD STREET 11 MINS - south), offering unrivalled connectivity throughout London.

SHOREDITCH CLERKENWELL HEATHROW AIRPORT 31 MINS 27M 140 LIVERPOOL ST The number of passengers Upon completion of Crossrail, 3 MINS BARBICAN Farringdon is projected to Farringdon will become 650 M serve annually once Crossrail one of Britain’s busiest transport FARRINGDON has been fully implemented – interchanges with 140 trains 650 M an increase from its current passing through BOND STREET 4MINS 19 million. every hour.

THE CITY CHANCERY LANE TOTTENHAM COURT ROAD 2 MINS 2 MINS

MIDTOWN CITY THAMESLINK ST PAUL’S 50 M 300 M BANK 1 MIN

FARRINGDON

BLACKFRIARS 400 M

CANNON STREET 850 M LIVERPOOL STREET CGI of Farringdon’s New Crossrail Terminal TEMPLE 2 MINS 850 M

WHITECHAPEL 5 MINS SOUTHBANK LONDON BRIDGE 7 MINS

KEY HAMMERSMITH & CITY JUBILEE NATIONAL RAIL CANARY WHARF STRATFORD METROPOLITAN ICCADILLY P DLR 10 MINS 8 MINS CIRCLE ICTORIA V FROM ST PAUL’S STATION ISTRICT D WATERLOO & CITY WALKING DISTANCE ENTRAL C ELIZABETH LINE ORTHERN N UNDERGROUND CGI of Farringdon’s New Crossrail Terminal 18 19 THE BUILDING THE BUILDING

10 OLD BAILEY IS A HIGH accommodation arranged QUALITY GRADE A OFFICE over lower ground, ground BUILDING DEVELOPED IN 2009. and six upper floors. The rectangular floor plates range

The building provides an from 6,902 sq ft to 11,116 sq attractive façade with floor ft (641.2 sq m to 1,032.7 sq m) to ceiling glazing that projects above ground floor level. All over Old Bailey, combined floors benefit from excellent with natural stone elevations. levels of natural light, further improved by the striking The impressive entrance hall central atrium. leads to the base of a unique curved atrium stretching up The upper floors offer through the building, opening outstanding views, including out to the rear of the building views of St Paul’s Cathedral, at fifth floor level. The spacious Amen Court and Paternoster atrium draws further light to Square, which at the fifth each of the floors as well as and sixth floors can also be providing a unique centrepiece seen from stunning external to the property. terraces running along the eastern façade of the building. The building consists of The second floor also provides approximately 74,603 sq ft two external terraces and the (6,930.9 sq m) of highly- ground floor has access to an specified office and ancillary enclosed rear courtyard.

22 23 A PROMINENT, HIGHLY SPECIFIED GRADE A BUILDING WITH A UNIQUE CENTRAL ATRIUM AND A SPACIOUS RECEPTION

24 25 SPECIFICATION

FOUR PIPE METAL TILED APPROXIMATELY 150 MM SUSPENDED 1.5M x 1.5M RAISED FAN COIL PLANNING GRID ON ALL FLOORS AIR-CONDITIONING CEILINGS FLOORS

5 2.7M FLOOR CHANGING ROOMS WITH TO CEILING LG7 36 - LIGHTING BICYCLE SPACES 4 SHOWERS HEIGHT ON GROUND TO FIFTH 0 FLOORS

3 X 13-PERSON 1 X 1,600KG, 21-PERSON MALE & DISABLED PASSENGER COMBINED GOODS AND FEMALE WCS WCS LIFTS FIRE-FIGHTING AT ALL LEVELS ON EVERY TENANT FLOOR SERVING ALL FLOORS AND LIFT TWO STAIR AND SERVICE CORES

2010 3 FLOORS WITH INTERIOR EXTERIOR VIEWS OF CIVIC TRUST TERRACE ST PAUL’S CATHEDRAL AWARD TERRACES ON THE 4TH FLOOR

26 27 ACCOMMODATION

The property has been measured by independent consultants, Plowman Craven, in accordance with the 6th Edition of the RICS Code of Measuring Practice and provides the following net internal areas:

Not to scale.

SCHEDULE OF AREAS SQ M SQ FT

SIXTH FLOOR (external terrace) 641.2 6,902

FIFTH FLOOR (external terrace) 866.6 9,328

FOURTH FLOOR 936.2 10,077

FOURTH FLOOR ATRIUM BASE (internal terrace) 35.4 381

THIRD FLOOR 968.8 10,428

SECOND FLOOR (external terrace) 966.3 10,401

FIRST FLOOR 1,032.7 11,116

GROUND FLOOR (external courtyard) 713.0 7,674

GROUND FLOOR RECEPTION 165.8 1,785

LOWER GROUND FLOOR 604.9 6,511

TOTAL (Net Internal Area) 6,930.9 74,603

Fourth Floor Internal Terrace 28 29 FLOOR PLANS KEY OFFICE RECEPTION CORE LIFT EXTERNAL TERRACE INTERNAL TERRACE

FIFTH FLOOR SECOND FLOOR

ATRIUM

ATRIUM

OLD BAILEY OLD BAILEY

FOURTH FLOOR GROUND FLOOR

EXTERNAL COURTYARD

ATRIUM

OLD BAILEY OLD BAILEY

Floor plans not to scale, for indicative purposes only. Floor plans not to scale, for indicative purposes only. 30 31 Third floor - World Gold Council Second floor - Rosling King Sixth floor - Vardags

Sixth floor - Vardags auditorium

32 33

Fourth floor - A.A. Thorton & Co First floor - General Optical Council Reception TENURE

The property is held long leasehold from the Mayor and Communalty and Citizens of the City of London under title number EGL554660 for a term of 125 years from 25th December 2008 (approximately 115 years unexpired).

The rent payable is the greater of the Minimum Ground Rent and 10% of Rents Receivable (assessed annually). The current minimum ground rent is £151,000 per annum. The minimum ground rent is reviewed every 20 years to 7.5% of the full rack rental value of the premises, with the next upwards only review being on the 25th December 2028.

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d l The current ground rent payableO for the year ending 24th March 2019 is estimated at £313,726 per annum.

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44 46 42

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5 7 2 P 2 23 19-21 Pilgrim Street

Not to scale. This plan is published for identification purposes only and although believed to be correct, the accuracy of this plan is not guaranteed and it does not form part of any contract. 34 35 HEADLEASE SUMMARY Third floor - World Gold Council Atrium Fourth floor

TITLE NUMBER The current minimum rent is £151,000 per annum. INSURANCE guarantor) is not a person who in the reasonable opinion of the Landlord will be capable of performing EGL554660. Deeming provisions apply in the event of vacancy, The Landlord insures and keep insured the Premises the Tenant’s covenants throughout the residual lease. occupation by the Tenant or accommodation being let for their Full Reinstatement Cost (as defined in the The outgoing tenant must provide an Authorised at nil rent (except for market standard rent free period), lease) against loss or damage by the insured risks Guarantee Agreement. LEASE DATE or at less than Full Rack Rental Value. in the joint name of the Landlord and the Tenant. The Tenant is to pay to the Landlord the sums which Underlettings of whole or part are permitted with the 6th April 2009. the Landlord pays from time to time for insuring the prior written consent of the Landlord (such consent REPAIR Premises. not to be unreasonably withheld or delayed), so long as the underletting is not at less than full rack rental LANDLORD The tenant is required at all times during the term to The Landlord is not required to insure for loss of value, as defined in the lease. put and keep the Premises in good and substantial rent. There are no rent suspension or determination The Mayor and Commonalty and Citizens repair and condition including where beyond provisions. If the Landlord shall reasonably so require the of the City of London. economic repair rebuilding or reinstating and the incoming tenant shall either (a) obtain a guarantor The Tenant is to take out its own public liability replacement of landlord’s fixtures and fittings and who is acceptable to the Landlord (acting reasonably) insurances, or during redevelopment period its own the paving and landscaping of external areas as for any such proposed assignee or (b) provide a rent CURRENT TENANT works insurance. appropriate. The Tenant is required to remedy any deposit of such sum to be held on such terms as the Carview Corporation Limited. latent or inherent defect in design or construction of Landlord may reasonably require. the Premises and to carry out repairs or other works to ALTERATIONS / REDEVELOPMENT the Premises caused by a latent or inherent defect in DEMISE the design or construction of the Premises. The Tenant is permitted to carry out a total of two USER redevelopments or two substantial refurbishments All those premises known as 7-10 Old Bailey. High class offices within paragraph (a) Class B1 of the (or one redevelopment and one substantial 1987 Order with ancillary uses, and/or in respect of the YIELDING UP refurbishment) during the term, subject to Landlord’s basement and ground floors, for purposes within Class consent and other conditions, including not to vary the TERM At the end or sooner determination of the Term quietly A3 of the 1987 Order, or other purposes within Class A1 net internal area of the Premises by more than 5%. to yield up the Premises to the Landlord together with or A2 of the 1987 Order, subject to necessary consents 125 years from 25th December 2008. all additions and improvements made thereto and all Any non-structural alterations requires the Landlord’s and conditions. fixtures (other than tenant’s and trade fixtures and consent (not to be unreasonably withheld or delayed) fitting) in or upon the Premises in compliance with the RENT save for certain fit-out works as further detailed in the Tenant’s Covenants. headlease which do not require consent. SERVICE CHARGE The head rent is calculated as the greater of (a) the There is no service charge payable under the lease. Minimum Ground Rent (as defined in the lease) and (b) 10% of the ‘Rents Receivable’ (as defined in the Lease DECORATIONS ALIENATION and which is assessed annually). As often as may be reasonably necessary in a good Assignment of the whole is permitted (except in the The Minimum Ground Rent is reviewable every 20 years and workmanlike manner to prepare and paint last seven years of the term) subject to Landlord’s on an “upwards only” basis to 7.5% of full rack rental decorate or otherwise treat as appropriate all parts consent (not to be unreasonably withheld or delayed). value of the Premises (taking into account Tenant’s of the interior and exterior of the Premises or decorate improvements). and to clean the stonework brickwork concrete and The Landlord may withhold consent where the other finishes. proposed assignee (together with any proposed

36 37 TENANCIES

The property is fully let to seven internationally recognisable occupiers, from a variety of sectors, on nine effective full repairing and insuring leases. The average gross passing rent of £42.05 per sq ft is highly reversionary providing an opportunity to drive returns at the next series of lease events. The WAULT is 4.0 years to lease expiries and 2.5 years to break clauses.

INCOME BY TENANT

12% 16%

13%

15%

13%

15% 15%

General Optical Council Majedie Asset Management Ltd

Rosling King LLP HCL Workforce Solutions

A.A. Thornton & Co Vardags Ltd

World Gold Council

38 39 TENANCY SCHEDULE

TENANT FLOOR DESCRIPTION AREA LEASE NEXT NEXT LEASE CURRENT RENT CURRENT RENT INSIDE THE COMMENTS (SQ FT) START DATE REVIEW DATE BREAK DATE EXPIRY DATE (£ PA) (£ SQ FT) 1954 ACT

VARDAGS LTD Sixth Offices 6,902 25/02/2013 - - 24/02/2023 370,000 53.61 No Tenant has provided a bank guarantee of £218,013.

Tenant is currently benefiting from rent free (26/07/2018 to MAJEDIE ASSET MANAGEMENT LTD Fifth Offices 9,328 26/10/2009 26/10/2019 26/10/2019 25/10/2024 422,869 45.33 Yes 25/10/2019). To be topped up by the vendor. Tenant break clause subject to nine months’ written notice.

A.A. THORNTON & CO Fourth Offices 10,458 12/03/2010 - - 11/03/2020 470,000 44.94 Yes Assignment from Healthcare Locums Plc.

WORLD GOLD COUNCIL* Third Offices 10,428 23/03/2010 - - 22/03/2020 467,000 44.78 Yes -

Second, Offices and Area includes 779 sq ft of office on the ground floor and ROSLING KING LLP Part ground, 11,347 25/12/2009 - - 24/12/2019 473,000 41.69 Yes Storage 167 sq ft of storage on the lower ground floor. Part lower ground

Tenant break clause subject to minimum of six months’ written notice. If the break is not exercised, the Tenant will receive 25/03/2020 GENERAL OPTICAL COUNCIL First Offices 11,116 25/03/2015 24/03/2025 24/03/2030 516,894 46.50 No 8 months' additional rent free. 25/03/2025 Annual RPI linked service charge cap, currently at £9.93 per sq ft.. The tenant has provided a rent deposit of £310,136.40.

HCL SOCIAL CARE LIMITED Part ground Offices 6,895 12/03/2010 - - 11/03/2020 273,000 39.59 Yes -

HCL SOCIAL CARE LIMITED Lower ground Offices 6,240 12/03/2010 - - 11/03/2020 142,000 22.76 No Assignment from Redwood Health Ltd, dated January 2011.

20/01/2019 Rolling annual Tenant break option, subject to one month’s WORLD GOLD COUNCIL Lower ground Storage 104 20/01/2016 - 22/03/2020 2,500 24.04 No 20/01/2020 written notice.

RECEPTION Ground - 1,785 ------

EDF Energy Networks (LPN) Plc has changed its name to LONDON POWER NETWORKS PLC Basement Substation - 17/09/2009 - - 17/09/2108 A peppercorn - Yes London Power Networks Plc.

TOTAL 74,603 3,137,263 42.05

* The third floor is part sub-let to Cicero Consulting Limited who are paying an annual rent of £212,504.22.

40 41 TENANT COVENANTS

VARDAGS LTD MAJEDIE ASSET MANAGEMENT LTD ROSLING KING LLP GENERAL OPTICAL COUNCIL

Vardags was founded in 2005 by Ayesha Vardag Majedie Asset Management, established in 2002, Rosling King are a leading City of London law firm, General Optical Council are one of 12 organisations following a successful career with a Magic Circle is an independent investment boutique that actively offering specialist legal expertise of the highest in the UK known as health and social care regulators. law firm. Vardags is a specialist in family law and manages equities for institutional investors, wealth calibre. They are a rapidly growing firm, currently These organisations oversee the health and social care has built an enviable reputation as the home of managers and endowments across a range of UK consisting of 13 senior partners and 70 fee earning professions by regulating individual professionals. They life-changing, law-changing divorce and family litigation and Global strategies. Majedie currently has £15bn professionals predominantly operating in finance, are the regulator for the optical professions in the UK and for high and ultra high net worth cases. ($20bn) assets under management. real estate, construction and private equity sectors. currently register around 30,000 optometrists, dispensing opticians, student opticians and optical businesses. Vardags Ltd has been awarded an Experian Majedie Asset Management has been awarded Rosling King has been awarded an Experian Rating of 81 out of 100, representing a Low risk an Experian Rating of 100 out of 100, representing Rating of 100 out of 100, representing a Very low risk General Optical Council has been awarded an Experian of failure. a Very low risk of failure. of failure. Rating of 82 out of 100, representing a Low risk of failure.

www.vardags.com www.majedie.com www.rkllp.co.uk www.optical.org

A.A. THORNTON & CO WORLD GOLD COUNCIL HCL SOCIAL CARE LIMITED

A.A. Thornton is a leading firm of Intellectual Property World Gold Council is the market development HCL are one of the UK’s leading health and social care professionals, including UK Chartered and European organisation for the gold industry. Their purpose is recruiters. In 2018 they were acquired by CRG to create Patent Attorneys and Trade Mark Attorneys and to stimulate and sustain demand for gold, provide one of the largest and most diverse, market-leading IP Solicitors based in London and Munich. Founded industry leadership, and be the global authority providers of temporary and permanent health and in 1911, A.A. Thornton is a market leader and its on the gold market. They work with a large and diverse social care professionals across the public sector, specialist teams cover a huge range of industries set of partners to create access, drive innovation Ministry of Defence and private sector. and technical fields, from automotive and aerospace and stimulate demand, while providing a collective HCL shortlisted for Best Candidate Care and and electronics and electrical engineering to voice for their members. Based in the UK, with Best Temporary Recruitment Agency in the Recruiter cosmetics and pharmaceuticals. operations in India, China, Singapore and the US. Awards 2017.​ A.A. Thornton & Co has been awarded an World Gold Council has been awarded an HCL shortlisted for Best Large Recruitment Business in Experian Rating of 82 out of 100, representing Experian Rating of 62 out of 100, representing a the Global Recruiter Industry Awards 2017. a Low risk of failure. Below Average risk of failure. www.hclworkforce.com www.aathornton.com www.gold.org

42 43 ADDITIONAL INFORMATION

VAT

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

CAPITAL ALLOWANCES

Significant capital allowances may be made available to a qualifying purchaser by separate negotiation. Further information can be made available upon request.

ENERGY PERFORMANCE CERTIFICATE (EPC)

Energy Performance Certificate (EPC) is available in the dataroom.

DATAROOM

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

44 45 PROPOSAL

We are instructed to seek offers in excess of £62,500,000, subject to con- tract and exclusive of VAT, for 100% of the shares in the Isle of Man Special Purpose Vehicle that owns the long leasehold interest in the property.

A purchase at this level reflects a net initial yield of 4.44% (assuming purchaser’s costs of 1.8%) and a low capital value of £838 per sq ft.

CONTACTS

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

STEPHEN PEARSON ALEX CRAMPTON SMITH

[email protected] [email protected] +44 (0)20 7182 3743 +44 (0)20 7182 3158

INTERNATIONAL CHRIS BRETT CHRIS PILGRIM

[email protected] [email protected] +44 (0)20 7182 2848 +44 (0)20 7182 3057

DEBT & ADVISORY SERVICES RICHARD DAY

[email protected] Property information also available on +44 (0)20 7182 2188 www.cbredealflow.com

SUBJECT TO CONTRACT – [OCTOBER 2018] DISCLAIMER: CBRE LIMITED CBRE Limited on its 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. Whilst CBRE Limited uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limited as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. Brochure designed & produced by SAENTYS | +44 (0) 20 7407 8717 | www.saentys.com | [email protected] 46 47