HAMMERSMITH BROADWAY W6 10FREEHOLD OFFICE INVESTMENT 2 10 HAMMERSMITH BROADWAY, W6 Investment Summary

An excellent opportunity to acquire a prominent property with the following key attributes: o Freehold. o Strategically located between Central London and Heathrow Airport close to the A4/M4 motorway and M25 motorway. o Hammersmith is favoured by corporate occupiers who require access to Heathrow Airport and is recognised as an international office centre that forms the Western Gateway to Central London. o Prominent, four storey Headquarters office building totalling 678.85 sq m (7,307 sq ft) located in the prime Hammersmith office core and in close proximity to the retailing amenities and transport hub. o Let to Iberia Lineas Aereas De Espana S.A (now acquired by British Airways) until 23rd June 2016. o Total current income of £255,686 per annum, reflecting £34.99 per sq ft overall. o Excellent asset management opportunities, including; - Negotiate a surrender with the tenant and agree early dilapidations settlement; - Undertake comprehensive refurbishment once vacant possession is secured; - Opportunities at expiry / early surrender of the current lease to benefit from the improving occupational market and achieve a higher rental tone for the asset to re-let at an improved rent; - Potential conversion of the ground floor to retail use, subject to planning; - Potential future redevelopment of the site, subject to planning.

Rationale o A headquarter property at the gateway to Hammersmith with great prominence to the A4 flyover; o Strategic micro-location within close proximity to transport links, commercial uses and retail offer; o Lowest availability of office stock in Hammersmith since 2008 with a vacancy rate of just 3.2%; o Substantial surrender premium and dilapidations claim likely from existing tenant; o Comprehensive refurbishment or redevelopment opportunity on the whole or the part.

Proposal

Offers in excess of £3,225,000 (Three Million, Two Hundred and Twenty Five Thousand Pounds) are invited for the freehold interest. A purchase at this price reflects a Net Initial Yield of 7.5% after standard purchaser’s costs of 5.80%.

10 HAMMERSMITH BROADWAY, W6 3 Location

Hammersmith is a strategically located office centre, being approximately 3.5 miles to the west of Central London and 10 miles to the east of the M25 motorway.

Hammersmith forms the main western gateway to Central London which is easily accessed by road and the underground system, whilst Heathrow Airport is 10 miles to the west.

Hammersmith Broadway provides excellent public transport connections. This is the main transport interchange in Hammersmith and includes the bus terminal and London Underground Station.

Road 10 Hammersmith Broadway is located within 150 metres of Hammersmith, which has excellent links to the national road network. The Hammersmith Flyover (A4) runs directly through Hammersmith and provides access to Central London (4 miles) to the east, and the M4 which in turn links to, Heathrow (10 miles), Slough (17 miles), and Reading (37 miles). The M25 London orbital motorway is 10 miles to the west along the M4. The A219 to the north of the town centre connects Hammersmith with Shepherds Bush and the M40, leading to High Wycombe, Oxford and Birmingham. South along the A306 connects to the South Circular and the M3 towards Southampton. Underground / Rail Hammersmith lies within Zone 2 and provides services on three tube routes being, the Piccadilly, District and Hammersmith & City underground lines. The underground station for both the Piccadilly and District lines is less than 2 minutes walk from the property beneath The Broadway Shopping Centre. The Hammersmith & City line underground station is located on Beadon Road, a 5 minute walk west of the property. These all provide direct access to Central London with a journey time to Victoria and Paddington Stations of 15 minutes, as well as direct access to Heathrow within 30 minutes. In addition, Waterloo Station can be reached within 22 minutes and Euston within 25 minutes. In addition, Kensington Olympia mainline station is within 1 mile, which provides 4 trains per hour to Stratford and Clapham Junction, as well as hourly services to Milton Keynes Central. Bus The Hammersith Bus Interchange is a service hub for numerous bus routes that service the locality and is located 2 minutes walk from the property. It has 25 bus routes, serving both Central London and London suburbs, including 24 hour services and is the third busiest bus station in London. Air Hammersmith is within easy access of / benefits from excellent links to Heathrow International Airport, located approximately 10 miles to the west. It can be easily accessed by road via Junction 3 and 4 of the M4 motorway, the Heathrow Express from Paddington or the London Underground (Piccadilly Line) with a journey time of approximately 30 minutes. Heathrow is the world’s busiest international airport, which caters for approximately 67 million passengers per year and is viewed to be the aviation hub of the world. With the opening of Terminal 5 in 2008 at a cost of £4.2 billion, Heathrow Airport is now equipped to handle the predicted doubling of air passengers over the next 20 years. In addition, Gatwick airport is easily accessible via the M25. Local Economy / Occupiers As a dominant West London office location benefitting from a combination of excellent transport links and local amenities, Hammersmith has developed a diverse occupier base, historically attracting numerous high profile corporate occupiers as their headquarters location.

Major occupiers of note in the area include:

Occupier / Size sq ft

1 London Borough of Hammersmith & Fulham 260,000 7 Harper Collins 100,000 2 The Walt Disney Company 250,000 8 Halcrow 85,000 3 Bechtel Engineering 170,000 9 Coca-Cola Enterprises 80,000 4 Haymarket 125,000 10 AOL Time Warner 70,000 5 L’Oreal UK 110,000 11 GE Capital 120,000 6 EMI Recorded Music 100,000

4 10 HAMMERSMITH BROADWAY, W6

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10 HAMMERSMITH BROADWAY, W6 5 Travel Times

Ealing Broadway Notting Hill Gate By Underground Wood Lane Richmond 13 minutes Green High Street Park Kensington Hyde Park Green Park 14 minutes Ealing Common Shepherd’s Bush Kensington Corner Market Olympia Ealing Broadway 14 minutes Knightsbridge Victoria 15 minutes Goldhawk Road Gloucester Acton Town Barons Bank 30 minutes South Ealing HAMMERSMITH Court Road Sloane Northfields Sqaure Kings Cross / St Pancras 30 minutes Boston Manor Chiswick Turnham Stamford Ravenscourt West Earl’s South Victoria Wimbledon 32 minutes Park Green Brook Park Kensington Court Kensington Hounslow East Osterley Heathrow 33 minutes West Brompton Hounslow West Hounslow Central Gunnersbury Fulham Broadway

Hatton Cross Heathrow Parson’s Green By car Terminals 1,2 & 3 Kew Gardens Putney Bridge West End of London 4 miles Heathrow Terminal 4 Heathrow 10 miles East Putney Richmond M25 (J15) 12 miles Heathrow Terminal 5 Southfields

Source: National Rail / RAC

10 HAMMERSMITH BROADWAY

6 10 HAMMERSMITH BROADWAY, W6 Situation

10 Hammersmith Broadway occupies a highly prominent position in the centre of Hammersmith on the junction of the busy Hammersmith Broadway and Shepherds Bush Road, directly opposite the Underground Station and The Broadway shopping centre.

Hammersmith Broadway is adjacent to the Hammersmith Flyover and the A4, which forms the principal arterial route for access to Central London, Heathrow and the West.

Hammersmith Broadway is the main transport hub and provides excellent public transport links for Hammersmith, with access to the underground and bus networks. The property is within 100 metres of both underground stations and the bus interchange.

Hammersmith Broadway is part of the Centre West development which also includes the Broadway Shopping Centre for which the property is well located. The Centre provides approximately 74,000 sq ft of retail space and includes retailers such as Tesco Metro, Boots, Starbucks, WH Smith and various restaurants and coffee shops.

In addition, King Street lies to the west and offers an excellent variety of retailers with access to the Kings Mall shopping centre. Retailers include M&S, Habitat, Morrisons, Next and Halfords. There is a substantial car park within the Kings Mall complex.

The property is within 1 mile of the Westfield Shopping Centre in White City. Westfield provides approximately 1.6m sq ft of retail space in 280 retail units and has a footfall of approximately 23 million people every year.

The surrounding area has proved popular with attractions such as the Lyric Theatre, The Riverside Studios and the Hammersmith Apollo Theatre, Olympia and Earl’s Court complemented by a wide variety of bars and restaurants, extensive entertainment venues, leisure facilities and hotels including Travelodge, Premier Inn and Novotel.

10 HAMMERSMITH BROADWAY, W6 7 Description

10 Hammersmith Broadway is a prominent, self-contained regency style headquarters office building comprising 678.85 sq m (7,307 sq ft) of well specified accommodation, arranged over ground and three upper floors. It was developed in 1989 and refurbished in March 2001.

The property provides flexible and efficient floor plates which benefit from excellent natural light and are suitable for both open plan and cellular uses.

Internally, the property benefits from a good standard of accommodation including:

o Marble floored reception; o VAV air conditioning; o Fully accessible raised floors with approximate 600 mm voids; o Plaster ceilings with perimeter uplighting; o 1 x 10 person (800 kg) passenger lift (serving all floors); o Male and female toilets on alternate floors with additional female toilet on 3rd floor and disabled WC in basement; o External terrace garden area

The property benefits from secure basement car parking for a total of 6 cars, located to the rear of the building, which is accessed via a right of way behind the adjacent property, Brook House and which leads to Shepherds Bush Road. This provides a car parking ratio of 1:113.14 sq m (1:1,218 sq ft). Floor Areas

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following approximate net internal area:

Description Sq M Sq Ft Third Floor Offices 162.77 1,752 Second Floor Offices 193.70 2,085 First Floor Offices 180.98 1,948 Ground Floor Offices 113.34 1,220 Reception Reception 28.06 302 Total 678.85 7,307

8 10 HAMMERSMITH BROADWAY, W6 Floor Plans

1 N

Hammersmith Broadway Hammersmith Broadway Typical Upper Floor Ground Floor

10 HAMMERSMITH BROADWAY, W6 9 Tenure

Freehold.

Tenancy

The property is let in its entirety to Iberia Lineas Aereas De Espana S.A on a full repairing and insuring lease for a term of 15 years from 24th June 2001, expiring 23rd June 2016.

The current passing rent is £255,686 per annum, equating to £376.65 per sq m (£34.99 per sq ft) overall.

Part of the ground floor has been underlet to LAN Airlines S.A. for a term from 1 August 2009, expiring 20 June 2016, subject to a mutual break option on 3 months rolling notice. Further information available on request.

Site

The property extends to approximately 0.04 hectares (0.09 acres).

Hammersmith

10 10 HAMMERSMITH BROADWAY, W6 Covenant Information

Iberia Lineas Aereas de Espana, S.A. commonly known as Iberia, is the flagship carrier airline of Spain.

Based in Madrid, it operates an international network of services from its main bases of Madrid-Barajas Airport and Barcelona El Prat Airport. Iberia Group airlines fly to over 102 destinations in 39 countries.

Iberia, with Iberia Regional (operated by an independent carrier Air Nostrum), is a part of Iberia Group. In addition to transporting passengers and freight, Iberia Group carries out related activities, such as aircraft maintenance, handling in airports, IT systems and in-flight catering.

In November 2010, British Airways and Iberia signed an agreement to merge, making the combined operation the third largest commercial airline in the world by revenue. The newly merged company, known as International Airlines Group, was established in January 2011, although both airlines will continue to operate under their current brands.

Iberia Lineas Aereas De Espana S.A. is rated 5A 2 by Dun & Bradstreet.

In 2010 Iberia Lineas Aereas De Espana S.A. had a turnover of €4,558,584,000; Net Profit of €62,702,000 and Net Worth of €2,062,154,000.

10 HAMMERSMITH BROADWAY, W6 11 12 10 HAMMERSMITH BROADWAY, W6 Hammersmith Office Market

Market Summary o Extreme shortage of available office stock in the Hammersmith market; o Hammersmith has seen significant letting activity so far in 2012 and there has become a lack of good quality second hand space to satisfy pent up occupier demand; o Extremely low vacancy rate of 3.2%.

Hammersmith Rents o Hammersmith has a very constrained development pipeline, strengthening tenant demand and a severe lack of good quality stock. These factors are driving rental growth; o Rental growth in Hammersmith is strong. Prime rents currently stand at £40.00 per sq ft and are forecast to rise to £48.50 per sq ft by 2016 (Jones Lang LaSalle), equating to an annual growth rate of 5.3%; o Hammersmith stock offers an extremely attractive rental discount to prime West End and prime City office rents. This enables tenants to occupy good quality office space close to transport links; o 10 Hammersmith Broadway provides the opportunity to undertake a refurbishment and move rents forward.

Hammersmith Prime Rent History and Forecast: 2000 - 2016

£49.00

£44.00

£39.00

£34.00 £ per sq ft

£29.00

£24.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Jones Lang LaSalle / IPD

Supply o Hammersmith is a very tight occupational market, particularly around the prime pitch near the Broadway. Current overall availability is circa 375,000 sq ft, the lowest amount of available supply in Hammersmith since 2003, however Grade A vacancy is only 41,782 sq ft. This equates to an overall vacancy rate of circa 3.2% and Grade A vacancy of 0.7%. This compares to a total office stock of approximately 4.5m sq ft; o Available stock is characterised as relatively inflexible resulting in a dearth of good quality accommodation. This presents a genuine opportunity to benefit from the current lack of stock and redevelop or refurbish the site to offer high quality office space to the market at a time when demand is high.

10 HAMMERSMITH BROADWAY, W6 13 Take Up o Hammersmith has witnessed a strong 2012 so far and take up stands at approximately 52,431 sq ft; o The 5 year average annual take up stands at 230,000 sq ft with 2011 trending 111% above this with approximately 486,000 sq ft of take up; o Demand remains relatively robust for West London with Jones Lang LaSalle tracking 800,000 sq ft of requirements considering West London. Hammersmith has continued to attract a broad base of demand, with current named enquiries across the ICT, Retail and Distribution, Manufacturing and Publishing sectors.

Hammersmith Take-Up 2000 - Q1 2012

300,000 Pre-let New Completed Secondhand Modern Secondhand Other

250,000

200,000

150,000 Sq ft

100,000

50,000 2000 2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

NB: Only covers units in excess of 10,000 sq ft. Source: Jones Lang LaSalle

14 10 HAMMERSMITH BROADWAY, W6 Key Leasing Transactions

Address Size Date Tenant Rent Comments (sq ft) (£ per sq ft) 3 Shortlands, Hammersmith Road, 8,000 Q2 2012 OIG £33.00 Hammersmith Lyric House, 149 Hammersmith Road, 3,765 Q2 2012 Diligent Board Books £30.00 5 years lease with Hammersmith break at 3rd year, subject to schedule of condition 80 Shortlands, Hammersmith Road, 9,000 Q2 2012 Marsh & Parsons £36.00 10 year lease Hammersmith Grove House, Hammersmith Grove, 60,000 Q2 2012 Winton Capital £35.00 10 year lease Hammersmith Vineyard House, 44 Brook Green, 52,400 Q1 2012 BBC Magazines £34.00 15 years pre-let, Hammersmith with break at 7th year 3 Shortlands, Hammersmith Road, 34,000 Q4 2011 Orega Business Centre £32.50 10 year sub-lease Hammersmith Colet Court, 100 Hammersmith Road, 5,200 Q4 2011 Liz Earle Beauty Co Ltd £32.50 10 year lease Hammersmith 3 Shortlands, Hammersmith Road, 6,600 Q4 2011 Deltek Systems £30.50 10 year lease, with Hammersmith break at 5th year Building 11, Chiswick Park, 25,105 Q3 2011 Aker £39.50 10 year lease with Chiswick break at 5th year Building 4, Chiswick Park, 41,100 Q3 2011 International SOS £38.50 15 year lease with Chiswick break at 10th year Building 5 Chiswick Park, 10,539 Q3 2011 Otis £36.50 10 year lease with Chiswick break at 5th year The Ark, 201 Talgarth Road, 6,600 Q2 2011 Diners Club £31.50 Hammersmith Metro Building, Chalkhill Road, 11,900 Q1 2011 Cap Com £30.50 10 year lease Hammersmith

Development Pipeline o The Hammersmith pipeline is relatively constrained. The only scheme currently underway is Developement Securities, 10 Hammersmith Grove, a 110,000 sq ft nine storey office, which is scheduled for completion in Q2 2013. This demonstrates confidence in the Hammersmith occupational market. Future supply is more likely to arise from refurbishment of existing buildings rather than new developments; o There is very limited anticipated delivery of new Grade A or existing Grade A office stock coming to the market in the short term. 10 Hammersmith Broadway offers a fantastic opportunity to provide Grade A space. In the next two to three years there are five schemes in excess of 100,000 sq ft that have planning consent, the majority of proposed developments are mixed use in nature.

10 HAMMERSMITH BROADWAY, W6 15 Investment Market

The West London investment market is characterised by a considerable weight of money looking to invest in a market suffering from a lack of good quality investment stock. This imbalance between supply and demand is creating good competition for the few assets on the market. London’s continued strong pricing has been upheld by strong demand from a diverse pool of investors. The Central London investment market continues to attract significant capital flows from across the globe international investors selecting London ahead of other centres. There is also strong interest from domestic buyers including UK institutions, property companies and opportunity funds.

We believe the lack of Grade A availability in Hammersmith and its surrounding markets together with excellent transport links and on going occupier demand mean that Hammersmith should continue to outperform other office markets over the short to medium term.

Address Date Price Net Capital Comments £m Initial Value Yield Per Sq Ft Bechtel House, Q2 2012 £52.00 8.00% £306 Let to Bechtel Limited for a Hammersmith (In the Market) (Quoting) further 2.75 years. Broadway House, 1-15 King Street, Q1 2012 £14.00 5.70% £598 Multi-let, mixed use Hammersmith investment with circa 3.5 years unexpired. Thames Tower & Landmark House, Q4 2011 £32.00 8.00% £240 Landmark House let for Hammersmith a further 0.25 years and Thames Tower is vacant. 3 Furzeground Way, Stockley Park, Q4 2011 £21.80 8.82% £278 Multi-let to 8 tenants with Heathrow circa 4.2 years unexpired. 1-3 Sussex Place, Q3 2011 £8.14 9.11% £260 Let to Universal International Hammersmith Holdings let for a further 0.75 years. Chiswick Park, Q1 2011 £480.00 6.61% £427 Multi-let award winning Chiswick urban office park of 9 buildings. 5 The Square, Stockley Park, Q1 2011 £24.51 8.75% £350 Let to Cisco Systems let for a Heathrow further 4.5 years. Wimbledon Bridge House, Q2 2010 £58.30 7.10% £346 Multi-let with circa 4 years Wimbledon unexpired. Hythe House, 200 Shepherd’s Bush Q2 2010 £20.50 6.80% £364 Multi-let to 6 tenants with an Road, Hammersmith AWUT of 4.5 years. 2 Killick Street, Q1 2010 £17.70 6.88% £422 Let to Atos Origin with circa Kings Cross, N1 3 years unexpired. 26 Red Lion Square, Q1 2010 £57.00 8.13% £529 Let to Cable & Wireless until Midtown, WC1 2023 with tenant break in 2013. 4 Longwalk Road, Stockley Park, Q1 2010 £21.80 8.75% £305 Let to BP Exploration Heathrow Operating Company with circa 5 years unexpired. St George’s House, Wimbledon Q4 2009 £24.45 7.84% £289 Multi-let with an AWUT of 4.75 years. 200 Hammersmith Road, Q2 2009 £24.52 8.75% £372 Multi-let to 7 tenants with Hammersmith circa 5 years unexpired.

16 10 HAMMERSMITH BROADWAY, W6 VAT

The property has been elected for VAT. Proposal

Offers in excess of £3,225,000 (Three Million, Two Hundred and Twenty Five Thousand Pounds) are invited for the freehold interest. A purchase at this price reflects a net initial yield of 7.5% after standard purchaser’s costs of 5.80%.

10 HAMMERSMITH BROADWAY, W6 17 Viewing and Further Information

Simon Verrall Tel: +44 (0)20 7087 5393 Mob: +44(0)7815 940656 Email: [email protected]

Thomas Hupfield Tel: +44 (0)20 7852 4748 Mob: +44(0)7720 679516 Email: [email protected]

Tim Graham Tel: +44 (0)20 7852 4239 Mob: +44(0)7872 676638 Email: [email protected]

© Crown Copyright 2012. All rights reserved. Promap licence number 100020449. Jones Lang LaSalle licence number 100017659. This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract.

MISREPRESENTATIONS ACT 1967 & DECLARATION Jones Lang LaSalle 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 Jones Lang LaSalle has any authority to make or give any representation or warranty whatever in relation to this property.

Subject to Contract. Exclusive of VAT. July 2012

18 10 HAMMERSMITH BROADWAY, W6 10 HAMMERSMITH BROADWAY, W6 19