Research

Central London office analysis

Q3 2015

10 Upper Bank Street, E14 Bilfinger GVA let 388,000 sq ft to Deutsche Bank Winner of the Docklands 020 7895 1515 Deal of the Year 2015 - CoStar Agency Awards gva.co.uk Welcome to Bilfinger GVA’s central London office analysis; a detailed Central account of our view of the market Central London in Q3 2015. London Market comment Occupier market Patrick O’Keeffe Are you being office development planned, just Take-up The vacancy rate therefore reduces to Head of London serviced? 800,000 sq ft remains, due to come 4.5%, its lowest since Q2 2008 when Agency and Investment forward over the next few years. Central London take-up for Q3 2015 the vacancy rate was down at 3.9%. We are in line to Pancras Square, the first stage of the totalled 2.6 million sq ft, 10% down on [email protected] Availability is 12% down on the see record activity office development is now fully let, the previous quarter, but 6% above 020 7911 2768 corresponding period last year from serviced following Universal’s pre-let deal this the five-year quarterly average of 2.5 when the vacancy rate was 5.1%, office providers this quarter. million sq ft. With some key deals still year with activity under offer, we expect the final quarter representing a reduction of 1.2 million just 9% down on A strong end to the year? of the year to see plenty of activity. sq ft in available space. last year’s total, Activity in the last quarter of the year Take-up for the first three quarters of Development despite there should be healthy, with plenty of high 2015 totalled 7.6 million sq ft which, being a quarter left of the year. Of During the quarter, 11 buildings Central London take-up profile deals still yet to complete. The whilst 18% down on the corresponding Central London office space under construction the four largest deals in the City this totalling 881,241 sq ft of development Source: Bilfinger GVA,EGI largest of these is in the Docklands period in 2014, is just marginally down Source: Bilfinger GVA quarter, two were to serviced office completed. Of this only 264,439 sq ft where Thomson Reuters are under on the annual figures recorded in 2011 5 year quarterly average Docklands City West End providers. The most notable operator (30%) is still available. offer on 330,000 sq ft at 5 Canada and 2012, with a quarter left to go. City West End being WeWork who have already Square. Four buildings over 100,000 sq ft acquired in excess of 500,000 sq ft in During Q3, activity was mainly in the 6,000,000 6,000,000 completed during the quarter including the last 12 months across London. In the City, Royal Bank of Canada City and West End fringes, accounting Resolution Property’s 218,000 sq ft remain under offer on 250,000 sq for 817,800 sq ft and 720,700 sq ft 5,000,000 This increased demand is not only Alphabeta Building (EC2), which was 5,000,000 ft at Brookfield’s 100 Bishopsgate, respectively. These areas were the only having an effect on take-up but then sold to Sinarmas Land and Land 4,000,000 with Bouygues in the same position submarkets to see above average having an upward pressure on Securities’ 191,000 sq ft ZigZag Building, 4,000,000 on 150,000 sq ft at Becket House take-up, with City fringe 19% up on its 3,000,000 prime rents with Executive Offices where the Wealth Management arm on the Southbank whilst Aecom are five-year quarterly average, and West

Take up (square feet) responsible for setting record rents in of Deutsche Bank went under offer on 3,000,000 2,000,000 rumoured to be taking 130,000 sq ft End fringe the star performer, 60% the City where they took the entirety 90,000 sq ft during the quarter. at the Whitechapel Building. above its quarterly average. 1,000,000 of the Sugar Building at a reported 1.9 million sq ft of development started 2,000,000 rent of £83 per sq ft overall. In Victoria, the remaining The largest deal of the quarter was 0 during the quarter, following on from Space under construction (sq ft) 10 11 12 13 14 15 80,000 sq ft at 62 Buckingham done by Ashurst who took the entire 1,000,000 Heard it through the pipeline 2 million sq ft in the previous quarter. Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 20 Q3 20 Q3 20 Q3 20 Q3 20 Q3 20 Gate is now under offer to a host 275,000 sq ft at M&G Real Estate’s Three of the four largest starts were in of tenants. With Pret A Manger and Fruit & Wool Exchange (E1), due to As of the end of Q3, there was EC3 where Generali started on the Oaktree at Verde and Deutsche complete in 2018. At 1 Rathbone 0 1.5 million sq ft more space under 420,000 sq ft 10 Fenchurch Avenue 2015 2016 2017 2018 Asset and Wealth Management at Square (W1), Great Portland Estates construction than there had been at (EC3). TIAA-Henderson began work on the Zigzag building, we are likely see secured a 220,000 sq ft pre-let from Estimated earliest completion year the end of Q2 2015. The Insurance its 326,000 sq ft ‘Can of Ham’ (EC3) a further 180,000 sq ft of lettings in Facebook who have in the recent past sector saw a flurry of activity, with and Partners Group with Marick Real the area. Deutsche’s move is part also completed deals of 50,000 sq ft construction starting at 10 Fenchurch Estate began work on 80 Fenchurch Central London office availability rates of a consolidation process across at 338 Euston Road (NW1) and, earlier Central London prime rental growth Avenue, whilst demolition work is Street (EC3). In the West End, work is Source: Bilfinger GVA, CoStar central London. on in the year, 60,000 sq ft at 1-2 Source: Bilfinger GVA underway on the ‘Can of Ham’ and now underway at Derwent London’s 80 Stephen Street (W1) (serviced offices). 80 Fenchurch Street. There is now Charlotte Street (W1). Central London West End City Docklands Central London West End City Docklands 13.4 million sq ft under construction, The majority of take-up during the There is currently 13.4 million sq ft the highest amount of space in quarter was on new and future stock. under construction across central development since the peak of the Pre-letting accounted for 896,000 sq last cycle, although with a third of this London, with 599,926 sq ft (4%) due for 18% ft (35%) of lettings during the quarter, space already let, available space completion before the end of 2015 40% 16% with deals on newly completed under construction stands at a more and 5.4 million sq ft (40%) due before 30% 14% space an extra 805,600 sq ft (31%). palatable 8.9 million sq ft. the end of 2016. Of the space currently 20% 12% Patrick O’Keeffe We have now seen 1.7 million sq ft of under construction, 4.5 million sq ft 10% However, whilst the development pre-letting activity so far in 2015, 42% 10% 8% (34%) has already been let, leaving pipeline is healthy, 2015’s supply of down on the corresponding period in 0% 6% 8.9 million sq ft of available space Availability rate (%) new buildings has been and gone. 2014 when 3 million sq ft had been let -10% 4% currently under construction. by this time last year. Annual change % -20% 2% Of the 4.1 million sq ft that we expect Rental growth 0% to have been delivered to the market During the quarter, six deals -30% 10 11 12 13 14 15 by the end of the year, only a quarter completed over 50,000 sq ft, three -40% Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 20 Q3 20 Q3 20 Q3 20 Q3 20 Q3 20 Central London prime rents grew of that is currently available, with that 1 2 3 4 5 of which were over 100,000 sq ft. by 1.6% during the quarter. The City 1 1 1 1 1 expected to decrease even further Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 20 Q3 20 Q3 20 Q3 20 Q3 20 and the West End grew by 2.3% and during the final quarter of the year. Availability 1.3% respectively, while Docklands The area that has seen the most During Q3 2015, availability across remained stable. Prime rents across change in the recent past is King’s central London decreased from all central London increased by 7.1% Cross where, of the 3 million sq ft of 9.3 million sq ft to 8.7 million sq ft. compared to Q3 2014. The Bilfinger 2 | www.gva.co.uk/research GVA Central London index is now 16% www.gva.co.uk/research | 3 above its previous Q4 2007 peak. Overview Transaction volumes For a change our market has plenty During Q3 2015, central London Central of stock! There are assets of all lot sizes investment totalled £2.8 billion across 45 and across all categories including dry deals, marking a 14% decrease on the institutional (60 Great Portland Street), previous quarter and a 23% decrease value add institutional (Tower House, on the five-year quarterly average. London Southampton Street), refurbishment/ Activity for the first three quarters of 2015 Investment market change of use (50 Bedford Street) totalled £9.1 billion, 15% down on the and prime retail (Standbrook House, corresponding period in 2014 when Old Bond Street). In the City fringes £10.7 billion was transacted. during the quarter, Justin James The West End saw £1.1 billion transacted, Starwood Capital Senior Director 29% down on the same period last year. put Aldgate Tower West End Investment The largest deal was British Land’s sale of up for sale for £350 39 Victoria Street (SW1) to Singaporean [email protected] million, with the property company Ho Bee Land for 020 7911 2678 proceeds likely to a price of £144 million, representing a be ploughed into yield of 3.9%. In the core, a client of Citi the redevelopment Private Bank purchased 20-21 St James’s of the nearby Square (SW1) from Pembroke Real Estate Beagle House. for £120 million. Central London office investment transactions Whilst demand Source: Bilfinger GVA, PropertyData In the City £1.6 billion was transacted remains robust, pricing is becoming across 22 deals, an 18% decrease in more and more ambitious based on 5 year quarterly average Docklands City West End value compared to the same time last already high rents and prospects for year. The largest deal of the quarter further rental growth. Whether this pricing was Sinarmas Land’s acquisition of the is sustainable remains to be seen. There 8,000 Alphabeta building, Finsbury Square is definitely an underlying feeling within (EC2) from Resolution Property for 7,000 the market that with more opportunities £280 million, representing a yield of to choose from, perhaps investors will 6,000 4%. Blackstone completed their £268 resist competing for some assets and million purchase of Times Square (EC4) 5,000 we may even see properties unsold from Land Securities during the quarter, before the end of the year. Having said 4,000 whilst Derwent London purchased the that, quality assets in prime locations £ million freehold of Aldgate Union (E1) for £132 3,000 will continue to attract strong interest

million from RBS. 2,000 and there still seem to be numerous ‘trophy’ hunters who still regard London Overseas investors were once again 1,000 as relatively good value for money and the most active this quarter, accounting

0 more importantly, as a ‘safe haven’. for 64% (£1.8 billion) of purchases but

10 11 12 13 14 15 only 27% of sales (£741 million) across After such a long period of good news Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 20 Q2 20 Q2 20 Q2 20 Q2 20 Q2 20 central London. Far Eastern and North for investors, some are questioning American investors made up 20% how much rental growth and yield of the market each with the Middle compression we are likely to see. With East accounting for an additional the likes of Derwent London and GPE Central London office yields 13%. UK property companies and UK selling core assets, this adds fuel to Source: Bilfinger GVA institutional investors each made up the argument that some are calling 16% of the market. the top of the market. Of course others are arguing that this is a sensible ploy During the quarter, there were six by property companies with large purchases of over £100 million, with development programmes to raise two of those in excess of £200 million. cash by selling developed stock in Yields a hot investment market. We expect institutional buyers to compete only After seven quarters of yield on assets that have true value add compression, Q3 2015 signifies the first prospects and probably not in the quarter that we have seen no yield core areas where overseas buyers are movement in any of our subareas since

expected to dominate. Q3 2013. This is not a great surprise as It is early days in the final quarter of yields came in by between 50 and 3.25 3.5 3.75 4.0 4.25 4.25 4.5 4.5 4.5 4.75 2015 but with plenty of stock and plenty 100 basis points in all subareas during % % % % % % % % % % the previous year, with prime yields of buyers, it looks to be a pretty active n n e r r in Mayfair and St James’s now at Cor fringe fringe ictoria market. A little price correction in some Holborn V Mayfair / Garden St James City 3.25% and at 4.25% in the City core. Southwark Paddington City easte of the ‘core plus’ assets will attract more City northe Soho / Covent Having said that, we believe that there M’bone / Fitzrovia opportunists and will not be bad for the market. By the end of the year we continues to be downward pressure will see either a bit of common sense on yields and there could be further prevail or it will be ‘business as usual’. movement in Q4. 39 Victoria Street, SW1 4 | www.gva.co.uk/research Recently purchased by Ho Bee Land www.gva.co.uk/research | 5 West End Occupier market Docklands Occupier market

Patrick O’Keeffe Take-up Availability Take-up Development Tony Joyce Head of London Senior Director, City and Agency and Investment Q3 2015 was the Availability remained relatively static Eight deals completed in Whilst construction Docklands Agency busiest quarter during the quarter at 2.8 million sq ft, Docklands during Q3 2015 totalling is yet to start [email protected] [email protected] since Q1 2013, as with the vacancy rate coming down 97,200 sq ft, 84% down on the in Docklands, 020 7911 2768 020 7911 2861 take-up across the slightly from 3.5% to 3.4%. Vacancy is previous quarter and 59% down there is plenty of West End totalled now at its lowest since Q2 2007, when on the five-year quarterly average. preparation work 1.2 million sq ft, a it was at 3.0%. There is 13% more This means that take-up for the first being done at 24% increase on available space now than during three quarters of the year totalled Wood Wharf (E14), Q2 2015 and 41% 20 07. 768,500 sq ft, in line with the same as well as the above the five year period last year when 759,000 sq ft earmarked 1 Bank quarterly average. Development was transacted. Street (E14), which is yet to start as Take-up for the first three quarters of 264,439 sq ft completed across work continues on land reclamation 768,500 sq ft let 1.2 million sq ft let Despite the relatively quiet quarter, 2015 totalled 2.7 million sq ft, 3% up the West End during Q3 2015. The around the site. Similarly at 1 Park activity in the final quarter should so far this year on the corresponding period in 2014. largest building to complete was Place (E14), work is yet to start, 41% up on 5-year see a marked increase with the refurbishment of 120,000 sq ft at although the site remains cleared. At 1 Rathbone Square (W1), Great Thomson Reuters under offer on Rowen Asset Management and GI quarterly average Portland Estates secured the largest 330,000 sq ft at 5 Canada Square. During the quarter, JP Morgan Partners’ Aldwych House (WC2). Work deal of the quarter with Facebook Ofcom are rumoured to be taking shelved plans to sell its Riverside 4.6% on the Royal College of Practitioners’ 58% agreeing to take 220,000 sq ft on a 90,000 sq ft and Citigroup are still in South development site, which vacancy rate new 108,000 sq ft HQ at Euston £150 per sq ft pre-let. Facebook also completed the process of sub-letting some of was down to a shortlist of three of activity by XChange (NW1) also finished during a deal of 50,000 sq ft at 338 Euston their space at 25 Canada Square. interested parties and expected public services the quarter. “super-prime” rent Square (NW1) and 60,000 sq ft at to fetch close to £400 million. The busiest sector in the Docklands 1-2 Stephen Street (W1) earlier in 358,500 sq ft went under The area had originally been Prime rents was public services which made up the year. At King’s Cross, Universal construction during the quarter earmarked for a 1.9 million sq ft 58% of activity during the quarter, £38.00 per sq ft Music has pre-let the entire 177,000 across two buildings, with 321,000 European HQ for the bank. 5.8% with Financial and Business Services sq ft 4 Pancras Square (N1), due for sq ft of this being accounted for by responsible for 36%. Rental growth Annual rental growth completion in mid-2017. Derwent London’s 80 Charlotte Street 8 (W1). In the core, work began on The Activity in the last quarter of the year In Canary Wharf, prime rents deals completed across West End Victoria is seeing plenty of activity Pollen Estate’s Clarebell House (W1). should be healthy, with a number remained stable during the quarter during Q3 with the Wealth Management arm As of the end of Q3 2015, there is 3.9 of large occupiers rumoured to be at £38 per sq ft, with rent free of Deutsche Bank going under offer million sq ft of development activity looking at Canary Wharf. periods coming in from 24 months on 90,000 sq ft at Land Securities’ in the West End, with the busiest to 21 months. There continues ZigZag. At TS’s Verde (SW1) a further Availability submarket being Victoria. to be a wide disparity in asking 90,000 sq ft is under offer to Oaktree rents between landlord space (60,000 sq ft) and Pret A Manger Available space decreased from Rental growth and space available on a sub-let (30,000 sq ft). In the core, the super- 1.1 million sq ft to 0.9 million sq ft from occupiers, and we believe prime end of the market continues During the quarter, prime rents across during the quarter, with 60% of this that once the remaining occupier to see activity with Point 72 Asset the West End increased slightly by space available from occupiers. space lets, prime rents will increase Management taking the 7,000 sq ft 1.6%. This means that prime rents The vacancy rate decreased to sharply. Outside the Wharf, rents first floor at 8 St James’s Square (SW1) across the market are up 5.8% on 4.6% during the quarter, its lowest stayed stable at £31 per sq ft with at a rent of £147.50 per sq ft. the same period last year. In Mayfair since Q4 2008. and St James’s, prime rents remained rent free periods decreasing from TMT and financial was the most active stable at £120 per sq ft with rent free 24 months to 21 months. sector in the West End, accounting periods at 15 months. Net effective for 46% of take-up during the quarter. rents are now £105 per sq ft, 4% Professional services and Financial above the peak of the last cycle in and Business services made up 13% 2007. ‘Super-prime’ rents remain at and 12% respectively. £150 per sq ft, with evidence of these During Q3 2015 deals on pre-let levels continuing to be seen at 8 St space accounted for 411,700 sq ft James’s Square (SW1). and 35% of take-up across the West The big mover during the quarter End. Deals on recently completed was Soho where prime rents space made up a further 358,300 sq increased by 5.6% to £95 per sq ft. ft, and 30% of take-up for the quarter. Belgravia/Knightsbridge, Chelsea, In total, lettings of new space made Camden and Vauxhall all saw rental up 65% of take-up, with second-hand growth of c.5% during the quarter. deals accounting for 35% of space let. Camden, Bloomsbury and Chelsea have seen the most rental growth in 6 | www.gva.co.uk/research the last 12 months. www.gva.co.uk/research | 7 City Occupier market

Take-up Development Jeremy Prosser Head of City and Activity in the City so far this year has During the quarter, Docklands Agency been very consistent. Take-up for the first the amount of space three quarters of the year reads Q1 – 1.4 under construction in [email protected] 020 7911 2865 million sq ft; Q2 – 1.3 million sq ft and; Q3 the City increased by – 1.3 million sq ft. Take-up for Q3 was 4% 1.5 million sq ft to 9.5 down on the five-year quarterly average. million sq ft. Of this 9.5 million sq ft, only So far this year, we have seen 4.1 121,768 sq ft is due to sq ft take-up million transact, 30% down on the 1.3 million complete by the end corresponding period in 2014, but 4% down on the five-year of this year. There is currently 2.4 million already 3% higher than the annual quarterly average sq ft of space under construction, due take-up for 2011, with a quarter of the for completion in 2016. year still left to play out. During the quarter there was 457,904 sq ft The largest deal of the quarter was by of completions across five buildings, with Ashurst who took the entire 275,000 1.5 million sq ft the largest being Resolution Property’s sq ft at M&G Real Estate’s Fruit & Wool more under construction, development of 218,000 sq ft Alphabeta Exchange (E1), due to complete in 2018. Building (EC2). Helical Bar saw two of compared to Q2 2015 Of the four largest deals completed its developments complete, with the during the quarter, two were to serviced 123,000 sq ft The Warehouse (The Bower) office providers. The Office Group (EC1) and 62,000 sq ft C Space (EC1) paid £57.50 per sq ft for 41,300 sq ft at both completing during the quarter. 9.5 million sq ft White Collar Factory (E1) on a 20 year lease. London Executive Offices took In EC3 Generali started construction on under construction 40,126 sq ft at 5 Cheapside (EC2) on a the 420,000 sq ft 10 Fenchurch Avenue 15 year lease at a rent of £83 per sq ft. (EC3) whilst TIAA-Henderson began Elsewhere, NESTA bought the 46,500 sq preparing its 326,000 sq ft ‘Can of Ham’ ft 58 Victoria Embankment (EC4) from (EC3) site and Partners Group began Vacancy rate 5.4% FORE and Kier for its own occupation. working with Marick Real Estate on the lowest since Q2 2008 demolition of 80 Fenchurch Street (EC3), This quarter, pre-letting made up 484,300 due for completion in Q1 2018. EC1 Prime rents sq ft, 36% of total activity, a marked saw work begin on Allied London and increase on the quarter before where Aerium’s Herbal House (EC1). £65.00 pre-letting accounted for just 137,100 sq ft and 10% of take-up. So far this year, One of the longest running per sq ft we have seen 1 million sq ft of pre- development sagas in the City also letting, accounting for 25% of take-up. saw movement during the quarter, with In comparison, by this point last year, we the City of London being authorised to had seen 2.1 million sq ft of pre-letting. buy Smithfield Market from AimCo and TH Real Estate for in the region of £35 During the quarter take-up of newly million, with the view being to house completed space totalled 447,200 sq the new Museum of London. ft, making up 34% of activity. Second- hand grade A space totalled 301,200 Rental growth sq ft, 23% of take-up, with second-hand Prime rents in the City increased grade B space responsible for just 7% marginally by 2.3%, with prime rents (94,500 sq ft) of activity. up 9.8% on the corresponding period Professional services was the most active in 2014. sector accounting for 43% of take-up, The City eastern fringe saw the biggest with the Finance and Banking sector and change during the quarter, increasing TMT making up 10% of take-up each. 10% to £55 per sq ft. Prime rents in the Availability area are now 22% up on the same time last year. Core City headline rents Availability in the City decreased from increased 2.4% to £65 per sq ft, matching 5.4 million sq ft to 5 million sq ft, with the the peak of the last cycle. Despite rent vacancy rate now at 5.4%. Availability is free periods coming in slightly during the 11% down on the corresponding period quarter to 20 months, net effective rents in 2014 and at its lowest since Q2 2008. are still 7.4% down on the peak. www.gva.co.uk/research | 9 www.gva.co.uk/research | 8 Angel

Camden West City King’s Cross Northern City Regent’s Shoreditch/ Insurance Park Euston Clerkenwell Spitalfields sector Bloomsbury a Marylebone Fitzrovia Paddington Chancery Lane City Aldgate/ Soho Covent core Eastern fringe Mayfair Garden Hyde Park St James’s London Bridge Canary Wharf Green Park Waterloo Belgravia/ Kensington Knightsbridge Fringe Hammersmith Victoria Docklands

Chelsea

Battersea Fulham Park

Vauxhall/ Battersea West End

Total occupancy costs Prime rent Rent free period Area Business rates (inc. service charge (£ per sq ft) (months) and building insurance) City Belgravia / Knightsbridge £100.00 17 £45.39 £155.64 Total occupancy costs Prime rent Rent free period Area Business rates (inc. service charge Bloomsbury £72.50 17 £25.50 £108.25 (£ per sq ft) (months) and building insurance) Camden £55.00 18 £17.34 £82.59 Central City Core £65.00 20 £21.52 £96.77 Chelsea £100.00 17 £33.15 £143.40 Chancery Lane £62.50 15 £25.14 £97.89 Covent Garden £85.00 17 £28.56 £123.81 City Eastern fringe £55.00 21 £17.24 £82.49 Euston £75.00 18 £28.56 £113.81 Clerkenwell £65.00 15 £14.28 £89.53 Fitzrovia £85.00 18 £26.01 £121.26 Insurance Sector £60.00 22 £22.29 £92.54 Fulham £42.50 18 £16.32 £69.07 London Bridge £57.50 23 £19.02 £86.77 Hammersmith £51.00 19 £18.87 £80.12 Northern City £63.50 22 £17.44 £91.19 Kensington £62.50 17 £23.46 £96.21 Shoreditch £62.50 18 £11.88 £84.63 King's Cross £80.00 17 £23.46 £113.71 Waterloo £57.50 18 £19.02 £86.77 Mayfair £120.00 15 £46.92 £177.17 West City £65.00 20 £19.18 £94.43 Mayfair "super-prime" £152.00 15 £52.02 £214.27 North of Oxford St £97.50 16 £40.80 £148.55 Docklands Paddington £65.00 17 £26.15 £101.40 Total occupancy costs Prime rent Rent free period Soho £95.00 17 £33.15 £138.40 Area Business rates (inc. service charge (£ per sq ft) (months) and building insurance) St James's £120.00 15 £46.92 £177.17 Canary Wharf £38.00 21 £16.17 £64.42 Vauxhall £50.00 20 £15.10 £75.35 Docklands fringe £31.00 21 £11.63 £52.88 Victoria £82.50 17 £30.09 £122.84

10 | www.gva.co.uk/research www.gva.co.uk/research | 11 West End Agency West End Investment London Birmingham Patrick O’Keeffe Justin James Bristol Head of London Senior Director Agency and Investment 020 7911 2678 Cardiff 020 7911 2768 [email protected] [email protected] Dublin Edinburgh Maxim Vane Percy Chris Strong Glasgow Director Associate Leeds 020 7911 2771 020 7911 2080 [email protected] [email protected] Liverpool Manchester Newcastle James Fairweather Ginny Cordy-Redden Director Graduate Surveyor 020 7911 2770 020 7911 2587 [email protected] [email protected] Published by Bilfinger GVA. 65 Gresham Street, London EC2V 7NQ. ©2015 Copyright Bilfinger GVA. Anna Coupe Bilfinger GVA is the trading name of Associate Central London Research GVA Grimley Limited and is a principal 020 7911 2355 shareholder of GVA Worldwide Limited, [email protected] Daryl Perry an independent partnership of property Principal Researcher advisers operating globally. Bilfinger GVA 020 7911 2340 is a Bilfinger Real Estate company. [email protected] Charles Walker This report has been prepared by Bilfinger Senior Surveyor GVA for general information purposes 020 7911 2687 only. Whilst Bilfinger GVA endeavours to [email protected] City and Docklands Agency ensure that the information in this report is correct it does not warrant completeness or accuracy. You should not rely on it without Jeremy Prosser seeking professional advice. Bilfinger Head of City and Alex Kirk GVA assumes no responsibility for errors Docklands Agency Surveyor or omissions in this publication or other 020 7911 2865 020 7911 2774 documents which are referenced by or [email protected] linked to this report. To the maximum extent [email protected] permitted by law and without limitation Bilfinger GVA excludes all representations, warranties and conditions relating to Tony Joyce this report and the use of this report. All Senior Director intellectual property rights are reserved City Investment 020 7911 2861 and prior written permission is required [email protected] from Bilfinger GVA to reproduce material contained in this report. Bilfinger GVA is the Chris Gore trading name of GVA Grimley Limited. Senior Director © Bilfinger GVA 2015. 020 7911 2036 Paddy Phillips [email protected] Director 020 7911 2618 [email protected] Oliver Slack Director 020 7911 2104 Rupert Parker [email protected] Associate 020 7911 2796 [email protected]

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