PRIME CITY FREEHOLD RETAIL INVESTMENT OPPORTUNITY 56/57 CORNHILL LONDON EC3

LIVERPOOL TOWER LEADENHALL ROYAL THE BLOOMBERG THE NED BANK MONUMENT STREET CLUSTER MARKET EXCHANGE SHARD PLACE

2 56/57 CORNHILL LONDON EC3 INVESTMENT SUMMARY – • Prime City retail investment opportunity

• The property occupies a prominent position on Cornhill, close to its junction with Gracechurch Street

• The property benefits from being situated in close proximity to a wide range of local amenities including the exclusive Royal Exchange and historic Leadenhall Market

• Freehold

• The property comprises 949 sq ft (88.2 sq m) of A3 accommodation across lower ground, ground and first floors

• The retail unit is let to Wokit Limited for a term of 15 years from May 2017 at an initial rent of £70,000 per annum (£73.76 per sq ft). There is a tenant’s option to determine at the 10th anniversary of the term

• Offers are sought in excess of £1,200,000 (One Million Two Hundred Thousand Pounds), subject to contract and exclusive of VAT

• A purchase at this level reflectsa net initial yield of 5.51% after allowing for purchaser’s costs of 5.93%

3 56/57 CORNHILL LONDON EC3

City Road

Curtain Road Worship Street LOCATION Commercial Street Local Amenities Finsbury Square Primrose Street – Wilson Street 6 1. The Ned Spital Square 2. Royal Exchange Sun Street 56-57 Cornhill is located in the heart of the City, Appold Street Old Spitalfields 3. Swingers Golf Market an area synonymous with the finance and insurance LIVERPOOL 4. Leadenhall Market Finsbury Pavement STREET district. This is an undoubted core location less than Broadgate 300 metres from the Bank of England. 5. Sky Garden 6. Escape Entertainment MOORGATE Commercial Street Cornhill is a famous thoroughfare connecting Bank Finsbury 7. London Mithraeum Moorgate junction and Leadenhall Street. It is an internationally Circus 8. Monument Bishopsgate renowned address and is close to the ‘Tower Cluster’ 1 9. Vertigo 42 home to numerous high profile occupiers. Middlesex Street 10. Bank of England Museum London Wall 5 As well as being a prime office location, 56-57

Moorgate ALDGATE Cornhill also substantially benefits from the vibrant 2 9 Tower 42 and cosmopolitan retail, leisure and restaurant Old Broad Street GRESHAM STREET Restaurants Bishopsgate 8 amenities located in close proximity including the Lothbury 7 St Mary exclusive retail and restaurant provisions at the Royal 10 Axe 1. The Ivy City Garden Bank of CHEAPSIDE England 3 Exchange. The historic Leadenhall Market, which THREADNEEDLE STREET 2. City Social 1 BANK 2 dates back to the 14th Century, is also located nearby, 3. Coq D’Argent LEADENHALL STREET ALDGATE 3 Lloyd’s attracting tourists and City workers alike with its 4. Bleecker Burger Building FENCHURCH STREET 4 FE NUE 6 NCHURCH AVE vibrant and contemporary assembly of restaurants, 4 KING WILLIAM STREET 5. Duck and Waffle 7 T EE QUEEN VICTORIA STREET TR 10 E S IM FENCHURCH cafes and shopping amenities. L CANNON STREET Wallbrook 6. Cinnamon Kitchen FENCHURCH STREET STREET 9 1 CROSSWALL 20 Fenchurch 7. Burger and Lobster GRACECHURCH STREET The location has experienced significant development CANNON STREET MONUMENT Street

MARK LANE

8. Searcys LANE and investment activity in recent years with completed UPPER THAMES ST. CANNON 5

ROOD LA. STREET EASTCHEAP MINCING TOWER schemes such as the Leadenhall Building and will 9. The Folly GREAT TOWER STREET HILL 8 continue to be the focus for developers over the 10. Caravan UPPER THAMES STREET

IDOL LANE

ST MARY-AT-HILL coming years with forthcoming schemes such as the TOWER HILL LOWER THAMES STREET Scalpel, 22 Bishopsgate and 100 Bishopsgate.

KING WILLIAM STREET

TOWER HILL Map not to scale, indicative only

4 56/57 CORNHILL LONDON EC3

5 Not to scale, indicative only 56/57 CORNHILL LONDON EC3 transport & Connectivity – 56-57 Cornhill benefits from excellent transport Further to the exceptional rail connections, BANK AND MONUMENT STATION UPGRADE infrastructure being situated in close proximity the property’s central location benefits from to a number of Mainline Rail and London extensive bus services operating along Cornhill, By 2021, the interlinked stations will feature several new escalators, a new station entrance and more room Underground stations. Links will be further Threadneedle Street, Gracechurch Street and for Northern line passengers. improved by the opening of the Crossrail King William Street. Proposals include: interchange at Liverpool Street Station in 2018. • New southbound tunnel and platform for the Northern line • New station entrance on Cannon Street

• Step-free access between the Northern line, DLR and the street LIVERPOOL STREET • A moving walkway for quicker and easier access 950 METRES • More lifts and escalators to ease congestion and improve accessibility Central, Circle, Metropolitan and Hammersmith and City Underground lines, and National Rail services. BANK This will become a major Crossrail 300 METRES station from 2018.

District, Circle, Northern, Central, Waterloo & City Underground lines and the DLR

FENCHURCH ELIZABETH LINE (CROSSRAIL) STREET 450 METRES 56-57 Cornhill is within walking distance of Liverpool Street Station which will act as the primary connection for Crossrail in 2018 for the City of London. Crossrail, Europe’s largest infrastructure project, CANNON STREET National Rail will provide unrivalled connectivity across London with direct access from Liverpool Street to Canary 450 METRES Wharf in 6 minutes, Bond Street in 7 minutes and Heathrow Airport in 32 minutes. District and Circle Underground lines E T TTTE T LIVERPOOL TT MONUMENT 61 mins 10 mins 4 mins STREET 8 mins 300 METRES

TEET District and Circle 7 mins 2 mins Underground lines

ET ET 32 mins 6 mins

6 Map not to scale, indicative only 56/57 CORNHILL LONDON EC3 the property floor plans – – DESCRIPTION ACCOMMODATION FIRST FLOOR The building extends to 949 sq. ft. (88.2 sq m) of The property has been measured by Lane and Cornhill retail and ancillary accommodation over basement, Frankham in accordance with the RICS Code ground and one upper floor. The ground and first of Measuring Practice (6th edition), providing floors are used for sales, with back of house and the following net internal areas: Access Hatch kitchen space located in the basement. There is a small office suite on the first floor.

FLOOR USE SQ M SQ FT First Retail 26.1 281 Ground Retail (sales) 29.2 314 Lower Ground Food preparation and storage 32.9 354 GROUND FLOOR TOTAL 88.20 949 Cornhill

LOWER GROUND FLOOR Cornhill

ASSUMED

FRIDGE

Sloping Ceiling

Plinth

Recess

7 Plans not to scale, indicative only 56/57 CORNHILL LONDON EC3

FURTHER INFORMATION

3 9

3 3

5 4

40 to Bank

3 2

1

3

– 0 1

2

8

t o

2 9

6 TENURE PLANNING 5

6 The property is held Freehold and registered at HM Land Registry The property is situated in the City of London. The Property is not

8 7 under title number NGL792370. listed, however it is located within the Bank Conservation Area.

Merchant Taylor's Hall

3 FB 2 BISHOPSGATE 4 TENANCY EPC

1 The entire property is let to Wokit Limited for a term of 15 years The property has an EPC rating of C (59). A copy of the certificate 4 t

C

3

n

o

i

2

L from 30th May 2017, expiring 29th May 2032 on a lease outside is available upon request. e

t

i 1 Sun h

s

'

W

n Court

t

r

a u the security of tenure provisions of the Landlord and Tenant Act m

o

w

C e 66 150

N to 1954. There is a tenant’s option to determine at the 10th anniversary 67 65 61 to 64 8 to 73 VAT 6 of the term. 75 to 77 74

CORNHILL The property is elected for VAT. It is envisaged the sale will be

5 9

t o

6 0

1 5 7

5

6 The initial rent is £70,000 per annum (£73.76 per sq ft), payable

5 5 5 4

5 8 5

2

4

8 treated by way of a Transfer of a Going Concern.

4 5

t o

4 7

4 2 E until the first rent review in May 2022, with five-yearly upwards St Peter U

N

upon Cornhill E

y V

e Church l A l only rent reviews thereafter. Church of A

N

s O ' r

PH T St Michael 9 e

t 5 e G DATA ROOM P N t Leadenhall Court Cornhill I S 1 T An initial three month rent free period was granted to the tenant 2 T

I

H y

e

l

l W Further information can be downloaded on the dataroom at 1

A followed by 18 months at half rent. Any outstanding rent-free

s

'

l

e a Jamaica St Michaels h www.56-57cornhill.co.uk c i T period will be topped by the vendor at completion.

Rectory 9

M E 3 0

t Win e E

S House R 1 T 2 S 4 5 C H ORB 6 ET C 7 8

CO R

UR 8 9

y T U 8 d H

B

C 6

PH 1

d 7 r E 1 Lead COVENANT

a en

C hall 2 M

W A 2

7 arket PROPOSAL 0

2

R

o t 8 St Michaels l 8

1 e G 7 House t

BPs o

1 H 7

7

2 Wokit Limited was founded in December 2012 with its first store

6

2 We are instructed to seek offers in excess of £1,200,000 8 3 1 2 5 opening in Borough Market at 3 Stoney Street, London, SE1. H

BPs P (One Million Two Hundred Thousand Pounds), subject 9

B 5

0

E 2 8 1 L 1

L 3 IN 2 N 56-57 Cornhill forms its second store which opened in May 2017. YA RD to contract and exclusive of VAT.

E 8

2 G

7

1 3

2 A

1 2 S

1

1 S A rent deposit is held equivalent to 6 months’ rent at £35,000.

2 8

4 A

1

0

1 s

1 P

4 9 B 2 4 P A purchase at this level reflects a net initial yield of ul 5.51% Not to scale, indicative only ls T H B

ead E 9 E

P 3 8 as

R 0 sag BPs e T

S after allowing for purchaser’s costs of 5.93%.

3

7 4

7

5

4 E

6

4 M

I

L 7 4 5 9 CONTACTS – Marsha Rabinovich Christopher James T 020 7588 4433 T 020 7588 4433 E [email protected] E [email protected]

DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: 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. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. February 2018.

8 04856