A Rare Southbank Development Opportunity 2 Blackfriars Crown Court 3

A RARE SOUTHBANK DEVELOPMENT OPPORTUNITY 2 BLACKFRIARS CROWN COURT 3

Development Opportunity The City Summary

Blackfriars London Bridge w 1.4 acre freehold development site Tate Modern

Situated in a vibrant mixed use area at the heart of Southbank - London’s most resilient submarket

Exceptional connectivity to the transport network - within walking distance of five underground and three mainline stations

v Waterloo Excellent accessibility to a wealth of cultural landmarks and amenities

Southwark Opportunity to deliver a 224,540 sq ft NIA commercially led mixed use scheme Borough w

Proposed scheme positively received at pre- application by London Borough of Southwark

Opportunity to enhance the proposed development scheme through the planning process

Potential for a residential led scheme of 218,305 sq ft NIA 4 BLACKFRIARS CROWN COURT 5

The Southbank

Blackfriars Crown Court is located at the heart of Southbank, London’s most resilient submarket.

The area has seen a rapid transformation in recent years through the delivery of major infrastructure projects which provide excellent accessibility across London.

Home to internationally renowned cultural attractions including the Royal Festival Hall, National Theatre, Tate Modern and Borough Market, the Southbank benefits from a wealth of amenity.

The area has attracted a diverse mix of occupiers from all sectors including tech, media, legal, corporates, medical and education. Demand for office space continues to outstrip supply underpinning the opportunity to deliver a new commercially led scheme within this vibrant London submarket. 6 BLACKFRIARS CROWN COURT 7

Location

Situated within a five minute walk of Southwark Station and enjoying easy access to major transport hubs at Waterloo, Blackfriars and London Bridge, the site is exceptionally well positioned to take advantage of all the Southbank has to offer.

Characterised by an eclectic mix of building types from converted railway arches and heritage assets to new development the local area comprises a broad range of uses including offices, hotels, private residential and student housing.

The area also provides an impressive amenity offer with restaurants including Gordon Ramsay’s Union Street café and Mark Hix’s Hixter, well regarded local pubs, independent retail outlets and cultural attractions at The Union Theatre and Jerwood Space Arts Centre. Chesham Chalfont & Latimer

Amersham Chorleywood

West Ruislip

Hillingdon Ruislip

Uxbridge Ickenham

Ruislip Gardens 8 BLACKFRIARS CROWN COURT 9

South Ruislip South Harrow London Luton Airport

Northolt Sudbury Hill Highbury & To Shenfield Islington

Stratford International Greenford Sudbury Town Canonbury King’s Cross Mornington St. Pancras Crescent Alperton Stratford Perivale Edgware Haggerston Great Paddington Road Marylebone Baker Portland Euston Angel Street Street Hanger Lane Hoxton Edgware Road Euston Old Street Warren Street Farringdon Mile End Connectivity Park Royal Square Bow Road Regent’s Park Russell Shoreditch North Ealing Heathrow Bayswater Square High West Hayes & Airport Barbican Street Bow Drayton Harlington Goodge Tottenham Hanwell White Street Court Road Stepney Church Marble Moorgate The property is exceptionally well located within walking distance City Queensway Arch Liverpool Green To SouthallWest Ealing Street Aldgate St. Paul’s Whitechapel of five undergroundMaidenhead stations and three mainline stationsWest providingNorth East Notting Lancaster Bond Oxford Holborn East Ealing Acton Acton Acton Hill Gate Gate Street Circus Bank Broadway excellent access across central London and the South East. Wood Aldgate Lane Leicester Canning High Street Town Green Park Square Acton Central Kensington Covent Poplar Shepherd’s Bush Garden Cannon Ealing Common Market Hyde Park Corner Piccadilly Street Circus Limehouse Westferry South Acton Monument Tower Shadwell Goldhawk Road Knightsbridge Hill Fenchurch Street Tower West India Charing Gloucester Gateway Quay Cross Blackfriars Mansion River Thames London Acton Town Hammersmith Road St . James’s Canary House Wharf City Airport South Ealing Victoria Park Temple Bermondsey Northfields Sloane Westminster Blackfriars Station South Embankment Canada Square London Bridge Boston Manor Kensington Water Extensively redeveloped in 2012 Direct connection to GatwickOsterley and Luton airports via City Thameslink Waterloo Hounslow CircleEast and District lines Southwark Hounslow Central

Hounslow West Lambeth Borough North Heathrow Hatton Cross Terminals 1, 2, 3 15 mins London Bridge Mainline station New Cross Elephant & Castle Northern and Jubilee lines 15 mins Heathrow Terminal 4 15 mins Heathrow Terminal 5

7 mins Gatwick Waterloo Airport 5 mins Mainline station Bakerloo, Jubliee, Northern, Central Waterloo & City lines Circle Balham District Bakerloo Piccadilly Interchange stations Central Victoria Jubilee National Rail Circle Waterloo & City Northern District Crossrail Riverboat services Waterloo & City Hammersmith DLR Tramlink & City Cable Car Crossrail Southwark BoroughAirport South Wimbledon Jubilee London Overground DLR Metropolitan Jubilee lineLondon Tramlink Northern line (Bank branch) LondonMorden Overground East - west linkNorther acrossn central London Thameslink Bond street only 8 mins away Interchange stations National Rail Riverboat services Airport S

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S T R E D 1 The Shell Centre 2 Elizabeth House E A T O

R O A D W E B B E R S T R E E T E 800,000 sq ft of offices, 80,000 sq ft 1.25 million sq ft of mixed-use G D of retail and 800 residential units office and retail space I R BOROUGH B L O Practical Completion - 2019 Practical Completion - TBC K N R G

A L A W Qatari Diar & Canary Wharf Group HB Reavis N D H E T A U Not to scale. 9 O S RO Indicative only.

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S T R 3 ITV London Studios 4 Paris Gardens 5 One Blackfriars 6 20 Blackfriars 11 25 Lavington Street 12 46 Loman Street 13 Old Southwark Fire Station 14 185 ParkE Street E T 500,000 sq ft of offices and 607,000 sq ft offices and Mixed use development includes 277,000 sq ft office space, Mixed use scheme or Proposed extension to existing 110,000 sq ft for a 1150 place 87,000 sq ft of offices, 163 television studios and 213 43,600 sq ft retail 135,000 sq ft hotel and retail space 291 residential apartments comprehensive refurbishment 19,700 sq ft office space secondary school with sixth form, residential units and ancillary residential units Practical completion - TBC with 274 residential units within a and 548 room hotel Vacant possession - 2019 Practical Completion - TBC also with 205 residential units retail and cultural space 50-storey tower Planning permission granted - 2018 Overcourt Ltd Practical Completion - 2020+ Highbridge Estates Planning permission granted - 2018 Practical Completion - 2022 Practical Completion - TBC Practical Completion - 2019 Black Pearl Practical Completion - TBC J&T Real Estate Landsec St George Hadston Limited

7 Wedge House 8 Bankside Quarter 9 Blackfriars Circus 10 NEO Bankside 15 105 Sumner Street 16 Borough Yards 17 New City Court 18 Fielden House, & 133 Park Street 21 St Thomas Street 42,000 sq ft of office and 192 room 300,000 sq ft of Grade A offices, 40,000 sq ft of offices and retail, Redevelopment to provide 300,000 Retail, cultural and flexible 31 storey building comprising Hoxton Hotel 25,000 sq ft of retail and 489 with 336 residential units in 5 sq ft to provide 217 residential units 200,500 sq ft of office space workspace pre-let to TOG c.322,000 sq ft of office and 20,000 sq ft of mixed use retail Practical Completion - 2019 residential units buildings ranging up to 27 storeys and office space in four buildings with retail Practical Completion - 2020 16,000 sq ft of retail space and 148 residential apartments ranging from 12 to 24 storeys Ennismor Phase One Anticipated Practical Completed - 2018 Practical Completion - 2022 Meyer Bergman Practical Completion - TBC Practical Completion - 2019 Completion - 2021 Barratt London Completed - 2012 Landsec GPE Sellar Property Group and Temasek, Native Land and Amcorp Grosvenor / Native Land Qatari Diar Properties S ANGEL H E KINGS CROSS P H

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Local Occupiers BERMONDSEY

Financial Tech, Media and Creatives Professional Retail/Leisure 1 HSBC 1 News UK 13 Ogilvy & Mather 1 TP Bennett 1 Shangri-La hotel 2 EY 2 Time Inc Advertising 2 Reform Architects 2 Mondrian London London 3 PWC 3 atg media 3 Broadway Maylan 3 CitizenM 14 Chiel 4 Kubrick Group 4 Glasshill Studios 4 Boodle Hatfield 4 Union Theatre 15 Brandnation 5 Vodafone 5 Winkworth 5 Jerwood Space 16 George P. Johnson Public Sector 6 WeWork Sherwood 6 The Hop Exchange 17 Pink Squid 6 1 7 IBM Orbit Architects 7 Hixter Transport for 18 Anthem Press 7 London 8 Telstra KDS & Associates 8 Caravan 19 Computercentre 2 9 UBM 9 Union Street Café London Borough 20 Blue Optima of Southwark 10 Mozilla 21 Thomson Reuters 3 11 Newington GLA (City Hall) 22 Communications Logistics Manager Magazine 12 Omnicom 14 BLACKFRIARS CROWN COURT 15

The Existing Building

Blackfriars Crown Court comprises a 161,787 sq ft (GIA), steel & reinforced concrete frame building. The building is arranged over basement, ground and two upper floors including 9 courtrooms, ancillary accommodation and 17 car parking spaces.

The building is currently occupied by HM Courts & Tribunal Services (HMCTS) but has been identified as surplus to requirements under the HMCTS Reform Programme.

It is proposed to leaseback the building to HMCTS on a short term basis with vacant possession being provided no later than June 2020.

The property is also subject to a lease of a transformer chamber, details of which can be found in the data room. 16 BLACKFRIARS CROWN COURT 17

The Site & Tenure

The site extends to a total of 1.404 acres (0.568 hectares) as shown outlined in red on the plan below.

The property is currently held Freehold under Title Number TGL199264 by Secretary of State for Communities and Local Government.

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Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved 18 BLACKFRIARS CROWN COURT 19

The Opportunity

The development potential of the site has been explored by tp bennett and JLL on two bases which include a commercially led mixed use scheme and a wholly residential scheme. Both schemes were taken to pre – application with LB Southwark in January 2019.

Proposals for the site have sought to respect the surrounding building heights, massing and form whilst delivering high quality contemporary buildings which will serve to enhance the local streetscape. New public spaces and routes through the site provide the opportunity to activate the ground floor plane and improve linkages within the local area.

LB Southwark has confirmed its preference for a commercially led scheme, however we include details of both development options here.

Further information on Planning and Rights to Light is provided in the data room. 20 BLACKFRIARS CROWN COURT 21 22 BLACKFRIARS CROWN COURT 23

Commercially-led Scheme

The proposed scheme comprises 192,248 sq ft of commercial space across two buildings arranged over lower ground, ground and 5 or 7 storeys respectively and a separate residential block of 41 units.

The design seeks to locate the commercial buildings closest to Great Suffolk Street where existing commercial uses predominate with its main address off Loman Street. At its heart is a new ‘yard’ which provides a focal point for the scheme and the potential to deliver a dynamic retail and amenity offer.

The residential element is positioned at the quieter eastern end of the site and enjoys its own separate amenity space. The provision of dual aspect units and the creation of a dedicated green space between buildings seeks to optimise natural light and minimise overlooking. 24 BLACKFRIARS CROWN COURT 25

Commercially-led Scheme Proposed Areas Summary

NIA (sq m) NIA (sq ft) GIA (sq m) GIA (sq ft) Commercial 17,860 192,248 24,260 261,136 Residential 3,000 32,292 4,973 53,528 TOTAL 20,860 224,540 29,233 314,664

Commercial element BLOCK A Office Reception/Club/Café Storage Retail Overall Floor NIA NIA NIA NIA GIA sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft 8 170 1,830 7 1,205 12,971 1,455 15,662 6 1,355 14,585 1,610 17,330 5 1,355 14,585 1,610 17,330 4 1,395 15,016 1,645 17,707 3 1,395 15,016 1,645 17,707 2 1,430 15,393 1,680 18,084 1 1,430 15,393 1,680 18,084 G 680 7,320 310 3,337 1,570 16,899 Basement 285 3,068 1,435 15,446 TOTAL 9,565 102,959 680 7,320 285 3,068 310 3,337 14,500 156,079

BLOCK B Office Reception/Club/Café Storage Retail Overall Floor NIA NIA NIA NIA GIA sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft 6 170 1,830 5 1,145 12,325 1,365 14,693 4 1,225 13,186 1,445 15,554 3 1,225 13,186 1,445 15,554 2 1,225 13,186 1,445 15,554 1 1,225 13,186 1,445 15,554 G 505 5,436 220 2,368 1,315 14,155 Basement 250 2,691 1,130 12,163 TOTAL 6,045 65,069 505 5,436 250 2,691 220 2,368 9,760 105,057

Residential element Accommodation No of Units NIA (sq m) NIA (sq ft) GIA (sq m) GIA (sq ft) Private Residential 24 1,542 16,598 2,409 25,930 Affordable Residential 17 1,458 15,694 2,261 24,337 Basement (Storage) - - - 160 1,722 Community - - - 143 1,539 TOTAL 41 3,000 32,292 4,973 53,528 26 BLACKFRIARS CROWN COURT 27

Offices Studio Support spaces 1B2P Commercially-led Retail 2B4P Services 3B5P Scheme Storage Plant Not to scale. Floor Plans Indicative only. Sub

BLOCK A BLOCK B BLOCK C BLOCK A BLOCK B BLOCK C

Lower Sixth Ground Floor Floor

Loman Street

Ground Seventh Floor Floor Sawyer Street

Pocock Street

Typical Eighth Upper Floor Floor (First - Fifth Floors) 28 BLACKFRIARS CROWN COURT 29

Community Affordable Support spaces Intermediate Retail Saleable Services Not to scale. Storage Indicative only.

Ground Residential Floor Loman Street Scheme Sawyer Street The residential led scheme provides 259 units, comprising a mix of one, two and three bedroom flats across 5 blocks and includes 164 saleable private units and 95 affordable units.

All buildings have communal amenity space in walled gardens at levels set below those of the surrounding streets utilising basements within the existing court building. Each Pocock Street residential building will incorporate independent cycle storage facilities to meet the GLA standards and have a combination of green, brown and terraced roof areas to provide additional communal amenity. All apartments have private balconies or private terrace areas. Proposed Areas There is a clear requirement given Residential Scheme the site is in public ownership that the proposed scheme provides for 50% affordable by habitable rooms of Accommodation No of Units NIA (sq m) NIA (sq ft) GIA (sq m)* GIA (sq ft)* which 70% would be social rent and Private Residential 129 9,780 105,272 15,759 169,630 30% at London living rent levels. Affordable Residential 84 6,244 67,210 11,483 123,603 London Living Rent 46 2,937 31,614 3,927 42,270 Retail - 770 8,288 - - Concierge - 120 1,292 - - Community - 430 4,629 - - TOTAL 259 20,281 218,305 31,169 335,503

* The GIA figures for Private, Affordable and London Living Rent accommodation are across 5 buildings and are inclusive of retail, concierge and community accommodation.

Private Unit Mix No of Units Min sq ft Max sq ft Avg sq ft % Mix One Bed 46 549 592 577 35% Two Bed 59 700 861 846 46% Three Bed 24 1,109 1,668 1,199 19% Total 129 816 30 BLACKFRIARS CROWN COURT

Proposal

We are instructed to seek offers for the freehold of the site on an unconditional basis subject to a short term leaseback of the court premises to HMCTS. A bid proforma is provided within the data room.

Further Information Contacts

Data Room For more information, please contact:

Access can be provided via the website: Jeremy Gardner Louise Robinson Faith Locken Director, Capital Markets Director, Capital Markets Surveyor, Capital Markets www.blackfriarscrowncourt.com T: +44 (0)207 399 5013 T: +44 (0)203 147 1670 T: +44(0)207 852 4287 [email protected] [email protected] [email protected]

Junaid Chaudhary Sajaad Ahmad Residential Land & Development Director, Development Consulting VAT T: +44 (0)207 087 5518 T: +44 (0)203 147 1089 [email protected] [email protected]

The property is not elected for VAT.

Disclaimer Jones Lang LaSalle, for themselves and for the vendors in this proposed transaction, whose agents they are, give notice that (i) all information in this report is provided as a general outline only for the guidance of intending purchasers and constitutes neither the whole nor any part of an offer or contract; (ii) all descriptions, dimensions, references to condition, financial information and necessary permissions for use and occupation and other details may be summary and may have been provided by third parties but are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but should satisfy themselves by searches, enquiries, surveys and inspections or otherwise as to the correctness of each of them; (iii) no person in the employment of Jones Lang LaSalle has authority to make or give any representation or warranty whatever in relation to this property and the vendors and Jones Lang LaSalle accept no responsibility or liability for the accuracy or completeness of any information in this report; (iv) no part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. March 2019 www.cube-design.co.uk (Q4207)