4 - 5 BUCKINGHAM GATE

LONDON SW1

RARE PRIME FREEHOLD OPPORTUNITY 4-5 BUCKINGHAM GATE 4-5 BUCKINGHAM GATE

4 - 5 BUCKINGHAM GATE

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INVESTMENT SUMMARY

Prominently located on the prime section of Buckingham Gate, directly opposite in the heart of St James’s Park

Freehold

Grade II Listed corner office building totalling 25,881 sq ft (2,404.4 sq m) NIA

Single let to the Metropolitan Police Authority on a FR&I lease expiring 14 February 2020 (the tenant is not in occupation)

Current passing rent of £1,035,000 per annum (only £39.99 per sq ft overall)

Prime rents in the area have now reached £87.50 per sq ft

Suitable for owner occupiers

Range of refurbishment/development options to include office, , educational, residential and serviced apartments

Offers invited for the Freehold interest

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Green Park St James’s Square Buckingham Palace 4-5 Buckingham Gate Houses of Parliament Westminster Victoria Cathedral

St James’s Park St James’s Park

Trafalgar Square

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ST JAMES’S PARK

PROMINENTLY POSITIONED IN THE ST JAMES’S PARK – A HIGHLY DIVERSE RESIDENTIAL, OFFICE, RETAIL AND LEISURE DESTINATION

Located south of Mayfair and As the office occupier base east of Belgravia, the area is has improved so too have the one of Central London’s most restaurant and leisure provisions, exciting West End submarkets. with the area now playing host to some of London’s best St James’s Park is a location of restaurants bars and choice for an ever-growing list including The Grosvenor Hotel, of prestigious office occupiers, Hotel 41, The Goring Hotel, fashionable residential schemes, Caxton Grill, Cinnamon Club high quality restaurants and and Osteria Dell’Angolo. exclusive hotels. With good accessibility to Traditionally synonymous with London’s public transport government occupier’s due to its network, St James’s Park affords proximity to Parliament, Downing local occupiers excellent Street and Whitehall, its appeal connectivity throughout Central today is far wider spread. London and beyond. In addition, An influx in new landmark it benefits from proximity to developments has attracted three of London’s most famous St James’s Park and Buckingham Palace major office, retail, fashion parks which are all within and media brands including walking distance. The area’s Microsoft, Google, Burberry proximately to some of London’s and Tom Ford. most prestigious landmarks has made it a desirable place to visit, work and live.

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10 11 4-5 BUCKINGHAM GATE FORTNUM 4-5 BUCKINGHAM GATE & MASON

SITUATION THE RITZ

HILTON PARK LANE 4-5 Buckingham Gate occupies a prominent end of terrace position FOUR directly opposite Buckingham SEASONS Palace in the heart of the St James’s Park section of Victoria, with Stafford Place located immediately HYDE PARK to the rear of the property. CORNER T H E M A L L MANDARIN ORIENTAL Local developments: 1 No.1 Palace Street

2 Victoria Station BUCKINGHAM PALACE 3 Nova, Victoria Street

4 Verde, Bressenden Place HOUSES OF 16 5 1 Portland House 17 PARLIAMENT HARROD’S 4 - 5 6 The ZigZag Building 10 BUCKINGHAM GATE 12 7 62 Buckingham Gate 4 9 13 7 8 1-5 Howick Place 11 3 5 6 9 1,2 & 3 Buckingham Green 18

10 10 Broadway (New Scotland Yard) 8 19

11 55 Victoria Street 14 12 1 Victoria Street

13 Sanctuary Buildings 15 2 14 The Peak

15 25 Wilton Road

16 18-19 Buckingham Gate VINCENT SQUARE

17 25 Buckingham Gate

18 32-24 Great Peter Street

19 73 Great Peter Street TATE BRITAIN

Not to scale. Indicative only

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ROYAL HOSPITAL CHELSEA 4-5 BUCKINGHAM GATE 4-5 BUCKINGHAM GATE

LOCAL DEVELOPMENTS

13 Sanctuary Buildings Developer: Blackstone VICTORIA HAS ATTRACTED SIGNIFICANT DEVELOPER INTEREST IN RECENT Development: 227,000 sq ft of office accommodation YEARS DUE TO STRONG OCCUPIER DEMAND, GROWING AMENITY AND Practical Completion: Expected 2020 FAVOURABLE BUILDING STOCK

10 10 Broadway (New Scotland Yard) Developer: Abu Dhabi Financial Group Development: 425 residential units, 146,000 sq ft of offices and 38,000 sq ft of retail Practical Completion: Expected 2021

1 No.1 Palace Street 4 Verde, Bressenden Place 7 62 Buckingham Gate 14 The Peak 17 25 Buckingham Gate Developer: Northacre Developer: Tishman Speyer Developer: Land Securities Developer: AXA Developer: Dukelease Development: 72 Luxury apartments Development: 282,000 sq ft of offices Development: 277,000 sq ft of office Development: 97,994 sq ft of office Development: Planning consent Practical Completion: 2017 accommodation with 20,000 sq ft and retail accommodation and retail accommodation obtained in 2015 for the conversion of of useable roof gardens Completed: 2013 Completed: 2009 the existing office accommodation into Completed: 2016 24 residential apartments

2 Victoria Station 5 Portland House 8 1-5 Howick Place 18 32-34 Great Peter Street Developer: TFL Developer: Land Securities Developer: Doughty Hanson 11 55 Victoria Street 15 25 Wilton Road Development: £700m upgrade Development: Planning consent for Development: 172,500 sq ft of office Developer: Alchemi Group Developer: Royal London Developer: Qatari Diar Practical Completion: 2018 c.300,000 sq ft conversion to residential accommodation Development: 75,000 sq ft Development: 80,000 sq ft of office Development: Planning Consent use (206 apartments) Completed: 2012 of residential accommodation accommodation obtained for the redevelopment of the Practical Completion: c.2022 Completed: 2016 Practical Completion: 2017 site to create 21 residential units

3 Nova, Victoria Street 6 The ZigZag Building 9 1,2 & 3 Buckingham Green 12 1 Victoria Street 16 18-19 Buckingham Gate 19 73 Great Peter Street Developer: Land Securities Developer: Land Securities Developer: London & Oriental Developer: Mitsubishi Estates Developer: GSP Real Estate Developer: Taylor Wimpey Development: 900,000 sq ft of Development: 235,000 sq ft of office Development: 140,000 sq ft of mixed Development: 500,000 sq ft Development: Planning consent Development: Residential led scheme mixed use accommodation and retail accommodation use accommodation redevelopment obtained in 2015 for the redevelopment of 22 apartments and 2 penthouses with Practical Completion: 2017-2018 Practical Completion: 2015 Practical Completion: 2018 Practical Completion: Expected 2021 of the existing building into 14 residential retail at ground floor level apartments Completed: 2015

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COMMUNICATIONS INFRASTRUCTURE IMPROVEMENTS / UPGRADES

EXCEPTIONAL TRANSPORT CONNECTIVITY 4-5 Buckingham Gate is situated to benefit from both the £700m regeneration of Victoria Station (scheduled to complete in 2018) and the implementation of Crossrail 2, a major new north/south underground rail line (scheduled to be completed by 2030).

VICTORIA STATION

With approximately 80 million customers annually, London Victoria is the second busiest railway station in the UK. The £700m upgrade will include: A new underground north ticket hall

Piccadilly Enlargement of the existing south ticket hall London A new interchange tunnel between north and 22 minutes Charing Cross south ticket halls Nine new lifts and escalators, improving accessibility and minimising commuter change

21 minutes over distances Green Park

The new Victoria Station entrance 12 minutes London Waterloo Hyde Park Corner CROSSRAIL 2 Westminster 29 minutes 14 minutes Crossrail 2 is currently in the planning phase and construction is not St James’s Park expected to begin until the early 2020s. However once completed it will provide a network for an additional 270,000 commuters into Central London 15 minutes 8 minutes daily, connecting Surrey in the south to Hertfordshire in the north, it is 4 - 5 anticipated to boost London’s rail capacity by up to 10% and provide up to 30 trains per hour. BUCKINGHAM GATE

CROSSRAIL 2 - ROUTE MAP

London Victoria

9 minutes

Pimlico

19 minutes

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DESCRIPTION

AN IMPRESSIVE STUCCO FRONTED, GRADE II LISTED VICTORIAN BUILDING OFFERING FLEXIBLE OFFICE ACCOMMODATION

Constructed in the mid-19th century, 4-5 Buckingham Gate is a stucco fronted, Grade II Listed Victorian building, arranged over lower ground, ground and 4 upper floors totalling 25,881 sq ft (2,404.4 sq m) NIA and extending to approximately 0.33 hectares (0.83 acres). The building benefits from two impressive portico style entrances, one fronting Buckingham Gate (No.5) and the other from the building’s return frontage (No.4). There is also access from Stafford Place at the rear.

The floorplates are rectangular in shape and benefit from excellent natural light on three elevations across all floors.

Existing floors offer a mix of open plan and cellular layouts. Given the position of the core the accommodation also provides valuable flexibility through easily divisible floor plates. Floor to ceiling heights on ground and first floors are c.3.5m.

The building benefits from the following existing office specification:

Two x 8-person passenger lifts serving all floors

Two stair cores

Suspended ceilings

Perimeter trunking

Comfort cooling and perimeter radiators

Male and female WCs on each floor

Exceptional floor to ceiling heights at ground and first floor levels

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ACCOMMODATION FLOOR PLANS

The property has been measured by Lane and Frankham in accordance with the RICS Code of Measuring LOWER GROUND Practice (6th Edition) and provides the following floor areas. The ground floor areas in the schedule include a current office reception area of c.380 sq ft. 6,295 sq ft (584.8 sq m) GIA

FLOOR USE GIA NIA IPMS3 (SQ M) (SQ FT) (SQ M) (SQ FT) (SQ M) (SQ FT)

STAFFORD PLACE 5th Plant 100.6 1,083 - - - -

4th Offices 382.9 4,121 293.2 3,156 307.3 3,308

3rd Offices 411.5 4,429 328.3 3,534 338.8 3,647

2nd Offices 521.4 5,612 425.7 4,582 446.1 4,802

1st Offices 546.7 5,885 454.1 4,888 476.2 5,126

Ground Offices 537.8 5,789 447.5 4,817 472.5 5,085

Lower Ground Offices 584.8 6,295 455.6 4,904 473.4 5,096 eq eq BUCKINGHAM GATE TOTAL 3,085.7 33,214 2,404.4 25,881 2,514.3 27,064

GROUND

5,789 sq ft (537.8 sq m) GIA

STAFFORD PLACE

eq eq eq

eq

eq eq eq eq BUCKINGHAM GATE

Not to scale. Indicative only

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FLOOR PLANS FLOOR PLANS

FIRST THIRD

5,885 sq ft (546.7 sq m) GIA 4,429 sq ft (411.5 sq m) GIA

STAFFORD PLACE STAFFORD PLACE eq eq

eq eq BUCKINGHAM GATE BUCKINGHAM GATE

SECOND FOURTH

5,885 sq ft (546.7 sq m) GIA 4,429 sq ft (411.5 sq m) GIA

STAFFORD PLACE STAFFORD PLACE eq eq

eq eq BUCKINGHAM GATE BUCKINGHAM GATE

Not to scale. Indicative only

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TENURE

Freehold.

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4-5 Buckingham Gate is entirely let to the Metropolitan Police Authority on a FR&I lease expiring 14 February 2020 (therefore providing approximately 2.5 years unexpired), at a current passing rent of £1,035,000 per annum exclusive, which equates to £39.99 per sq ft overall. The lease is inside the security of tenure provisions of the Landlord & Tenant Act 1954. The Metropolitan Police Authority have recently relocated and the building is currently vacant.

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OFFICE USE HOTEL USE PLANNING/DEVELOPMENT Opportunity to undertake an extensive refurbishment of the existing office The existing structure with its centrally located core lends itself as a accommodation. hotel conversion opportunity, a feasibility study has been undertaken /REFURBISHMENT demonstrating that the building could provide c. 60 bedrooms and Flexible and easily divisible floorplates lend themselves to either single or include a ground floor reception, bar and restaurant accommodation multi-let occupation. (subject to planning). Situated within the City of Westminster and the Birdcage Walk A pre-application for conversion to hotel use has been viewed Conservation Area, 4-5 Buckingham Gate provides a rare opportunity RESIDENTIAL USE favourably by City of Westminster. to acquire a vacant period office building suitable for various different uses (subject to obtaining planning permission). Any planning permission Planning consent (ref:15/05135/LBC) was granted on 7 September 2015 that goes beyond the existing structure will be subject to obtaining further for demolition behind the retained front and side facades to provide 11 approval from the Crown Estate. residential apartments, additional accommodation in the basement and the EDUCATIONAL USE creation of a sub-basement. The existing building has office (B1) use throughout. A pre-application for conversion to a variety of educational uses has Uniquely positioned in a highly desirable residential location, next to been viewed favourably by City of Westminster. No.1 Palace Street a Northacre development that will provide 72 luxury apartments.

PROPOSED GROUND FLOOR PROPOSED FIRST FLOOR PROPOSED GROUND FLOOR PROPOSED FIRST FLOOR

RESIDENTIAL USE RESIDENTIAL USE HOTEL USE HOTEL USE

BUCKINGHAM GATE BUCKINGHAM GATE BUCKINGHAM GATE BUCKINGHAM GATE KITCHEN 3. 0 VESTIBUL E 12 x 2.5 sq 3. 9 6 x sq m 2.5 m m RECEPTION m RECEPTION 5.8 RECEPTION DINING 6.0 43 29 x 5. 0 sq x 37 7. 3 sq 4.5 x m sq RECEPTION 7. 5 m m m m 5. 9 5.8 DININ G m 38 26 + x x sq sq 6. 4 4. 5 m m m m VESTIBUL E 2. 6 6 x sq 2. 2 1. 3 m 2 W.C. x m sq 1.5 m m 12. 0 31 HAL L x sq 2.5 m m DININ G 3. 5 16 x sq 4.5 ROOM m L LIFT m IF T L LIFT IF T DINING 4. 5 CIRCULATION 21 x 7.0 sq 4.5 18 HALL 87 ROOM x KITCHEN m sq 5. 4 5. 5 2. 5 sq m 25 13 HALL m x x sq sq m 4. 6 2. 5 m m m m m KITCHE N 4. 0 19 x sq 4.5 m m CLOSET 1. 3 3 W.C. VESTIBULE x sq 2. 5 3.0 2.5 UTILIT m 3 5 x x sq sq m 1. 0 2.0 m m 2.0 m m Y 2 x KITCHEN sq WC BATHROOM 6.5 1.0 31 RECEPTION m 3. 0 x 5. 0 sq 4 LIBRARY m 4.5 8. 8 x HALL sq 8 43 x m sq 1. 5 x m 1. 6 m sq 4.8 m m BEDROOM m m 5. 0 m 6. 1 BEDROOM HALL 7 23s q x sq 4. 5 x 1. 5 15 / 3. 8 m AV x sq m 3. 0 m m m m 2.0 UTILITY 2 x WC sq 1. 0 m 4. 5 m 6 x sq 1.5 ROOM m m BATHROO M 3. 0 5 x sq 1.5 m BREAKFAST m 4. 0 17 x sq 4. 3 10. 1 m m 20 HAL L ROOM x sq 2. 0 m DRESSING m BATHROO M 7. 5 10 6. 0 HALL 7. x 30 22 0 sq 1.4 x x sq sq 5. 0 BEDROOM 3. 0 m 6. 7 m m m 2. 0 BATHROO M ROOM 26 COAT S m m x 4 W.C. sq 2. 7 x sq 3. 7 2.0 4 m x sq m m 1.5 m m m DINING UTILITY 5. 0 25 FAMIL Y 2. 7 STOR E x 10 sq 4. 8 x ROOM sq 8.8 m 3. 6 ROOM 35 m m x sq m 4. 0 ROOM m m / DRESSING 7 sq BEDROOM SERVERY 5. 5 m BATHROO M 23 x sq 4. 0 11 m sq m m KITCHE N 24 sq m FAMIL Y 31 sq ROOM m FAMIL Y 6. 2 29 x sq 4.6 ROOM m m BEDROOM 5. 2 25 x sq 4.8 m m

Not to scale. STAFFORD PLACE STAFFORD PLACE STAFFORD PLACE STAFFORD PLACE Indicative only

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MARKET COMMENTARY

INVESTMENT MARKET OCCUPATIONAL MARKET

Following Britain’s decision to leave the European Union, London continues to be a key investment destination for Victoria has been transformed in recent years to become a cosmopolitan area with a diverse mix of occupiers. domestic and overseas capital due to its transparent and competitive market, established legal system, excellent The main draw to the area has been the appeal of new prime developments coupled with relative affordability in growth prospects and attractive income yields in comparison to other asset classes. comparison to other core West End submarkets.

Q1 2017 recorded the most active first quarter for London investment volumes ever with £4.9bn transacted, Due to the excellent transport communications and significant improvements in local amenity, take-up has following on from £4.1bn in the final quarter of 2016, demonstrating the resilience and appeal of the Capital’s significantly increased with an influx of corporate occupiers relocating to the area. investment market. Q2 2017 saw 1.3m sq ft of take-up, bringing the year-to-date total to 2.4m sq ft, which is 28% up on this point With a strong occupational market, demand for investment/development opportunities is anticipated to continue last year and 30% up on the 10-year average. 1.04m sq ft is currently under-offer in the West End, 67% above the throughout 2017, with 4-5 Buckingham Gate ideally placed to benefit from short term repositioning under one of long-term average. Serviced office providers have accounted for the majority of take-up (27%), followed by the the several different use class options available (subject to planning). Tech & Media sector (25%), and the Insurance & Financial services sector (13%).

Below we set out details of some recent comparable investment transactions: Below we set out details of the latest occupational transactions:

ADDRESS DATE NET AREA TENURE TENANCY PRICE CAPITAL VALUE ADDRESS DATE TERM NET AREA RENT TENANT (SQ FT) (PER SQ FT) (SQ FT) (PER SQ FT)

29 Sackville Street, W1 Q2 2017 7,071 FH VP £17,550,000 £2,482 Nova South, 20 Terminus Place, SW1 Q2 2017 10 years 12,895 £85.00 Motorola

34 St George Street, W1 Q2 2017 1,505 LLH VP £4,750,000 £3,156 Cardinal Place, 100 Victoria Street, SW1 Q2 2017 10 years 6,374 £75.00 Holbein Partners

17 Portland Place, W1 Q1 2017 8,968 LLH VP £12,500,000 £1,394 Verde, Bressenden Place, SW1 Q1 2017 10 years 11,343 £73.50 Navigator Gas

45 Clarges Street, W1 Q4 2016 3,175 FH VP £7,500,000 £2,362 62 Buckingham Gate, SW1 Q1 2017 8 years 5,301 £70.00 South32

31 Sackville Street, W1 Q4 2016 5,978 FH VP £13,750,000 £2,300 West Building, 100 Victoria Street, SW1 Q2 2016 10 years 12,723 £77.00 Ebury Partners

1 Carlton House Terrace, SW1 Q4 2016 26,942 LLH VP £45,000,000 £1,670 Verde, Bressenden Place, SW1 Q4 2016 10 years 14,873 £77.50 Mirabaud

47 Great Marlborough Street, W1 Q3 2016 8,594 FH VP £10,250,000 £1,193 Zig Zag Building, 66-74 Victoria Street, SW1 Q1 2016 10 years 22,843 £78.50 TTT Moneycorp Ltd

Townsend House, Q3 2016 18,156 FH VP £18,500,000 £1,019 Verde, Bressenden Place, SW1 Q3 2016 15 years 58,620 £79.21 PA Consulting Group Greycoat Place, SW1 (Q1 2018) Verde, Bressenden Place, SW1 Q1 2016 15 years 38,380 £85.00 Oaktree Capital Mortimer House, Q2 2016 23,799 FH VP £26,950,000 £1,132 Management 37-41 Mortimer Street, W1 Nova South, Victoria Street, SW1 Q2 2016 15 years 24,990 £86.50 BHP Billiton

Nova South, Victoria Street, SW1 Q4 2015 15 years 23,936 £87.50 Egon Zehnder

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RESIDENTIAL MARKET INVESTMENT RATIONALE

Victoria’s exceptional communications network and continual transformation has reinforced the area as a Prominent corner position with dual frontage Suitable for owner occupiers highly desirable residential sub-market as it continues to experience unparalleled demand from both domestic and overseas purchasers, the latter being drawn due to the perceived weakness of sterling. Innovative new 2.5 years of secure income, but fully vacant On-going regeneration of Victoria Station and the developments have been extremely favoured and thus have achieved premium prices because of their luxury entire sub-market finishes and convenience close to the local areas exemplary amenities. Current passing rent of £1,035,000 per annum (reflecting just £39.99 per sq ft overall) Positive pre-applications for both educational and As the number of new commercial developments grows so does the variety of bars, restaurants and leisure hotel use offerings. A boutique cinema and the expansion of Gymbox which is due to open in Q3 2017 are just a couple of Prime Victoria office rents have now reached examples of the extended leisure offering to residents. £87.50 per sq ft Exempt of empty rates Several key residential developments are due to practically complete over the coming years, most notably No.1 Dual consent providing excellent flexibility Exceptional floor to ceiling heights at ground and Palace Street, which is located adjacent to the building and will provide 72 new apartments and the development first floor levels at 10 Broadway which once completed will provide 425 apartments, office and retail accommodation, both are Flexible floorplates ranging between examples of confidence and commitment to the area. 3,156 sq ft and 4,904 sq ft

10 Broadway No.1 Palace Street

HOTEL MARKET

Hospitality investment in London remains extremely robust supported by its prominence as a leading global financial centre, its appeal as a global destination for meetings and conventions and the vast number of tourists that visit the capital annually. Capital investment in London hotels was estimated at £1.1bn for the first half of 2017 equating to 55% of all UK hotel investment which is forecast to hit £5.1bn for the full year. Brexit and the subsequent currency fluctuations have enhanced the attractiveness of the UK to both international hotel investors and international tourists as it has become a significantly cheaper destination. This has resulted in strong operational performance with growth in revenue per available room (RevPar) all helped by relatively constrained levels of new supply. Below we set out details of some recent comparable hotel investment transactions:

NAME DATE ROOMS/ TENURE PRICE PRICE PER ROOM/ AREA PER SQ FT , Edgware Road, W2 Q3 2017 1,059 FH £420,000,000 £396,600 , EC2 Q1 2017 74 LLH £36,000,000 £486,486 Doubletree by Hilton, Tower of London, EC3 Q3 2016 582 FH £300,000,000 £515,463 Old Marylebone Lane, NW1 Q1 2016 173 FH £103,000,000 £595,376 7 Old Park Lane, W1 Q4 2015 90 FH £82,700,000 £918,889 52 – 53 Poland Street, W1 Q1 2017 20,000 sq ft FH / VP £30,000,000 £1,500 psf 55 Newman Street, W1 Q2 2016 57,000 sq ft FH / VP £78,000,000 £1,368 psf 32 33 4-5 BUCKINGHAM GATE 4-5 BUCKINGHAM GATE

FURTHER INFORMATION

VAT PROPOSAL

The property is elected for VAT. Offers invited for the Freehold interest.

EPC

4-5 Buckingham Gate has an EPC rating of E (107).

CORPORATE SALE

The asset is held in an offshore SPV.

CONTACT

For further information or to arrange an inspection, please contact:

Dominic Rowe Barry Mangan Gary Witham T: +44 (0)20 7529 5706 T: +44 (0)20 7409 5915 T: +44 (0) 20 7409 9902 M: +44 (0)7771 766 094 M: +44 (0)7985 416 325 M: +44 (0)7967 555 678 E: [email protected] E: [email protected] E: [email protected]

Richard Carter Tim Whitmey T: +44 (0)20 7529 5707 T: +44 (0)20 7409 9999 M: +44 (0)7824 446 417 M: +44 (0)7967 555 640 E: [email protected] E: [email protected]

DECLARATION:

Michael Elliott LLP and Savills PLC for themselves and for the vendors of this property whose agents they are, give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to 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 should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott or Savills PLC has any authority to make or give any representations or warranty whatever in relation to this property. September 2017 www.cube-design.co.uk (Q3825)

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