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THAVIES INN HOUSE HOLBORN CIRCUS LONDON EC1

01 THAVIES INN HOUSE LANDMARK SITE FRONTING

HOLBORN CIRCUS03 PROMINENT OFFICE AND RETAIL INVESTMENT

THAVIES INN HOUSE INVESTMENT SUMMARY

Landmark office and retail investment in the heart of Midtown.

Set to benefit from the Crossrail interchange at Farringdon Station (2018) situated within 400 metres.

Comprising two buildings arranged over basement, ground and 8 upper floors.

4,690.3 sq m (50,486 sq ft) of office and retail accommodation.

Multi let producing a gross passing rent of £1,572,041 p.a. reflecting only £31.14 per sq ft.

Long Leasehold – 119 years unexpired reviewed to 2% of ERV.

Numerous asset management opportunities including a rolling refurbishment or comprehensive redevelopment to increase space to 90,887 sq ft (GIA), subject to planning.

Rental levels in the area have recently achieved £70 per sq ft providing excellent prospects for growth.

Offers invited for our clients lease hold interest in excess of £38 million reflecting a net initial yield of 3.80% and a reversionary yield of 5.41% assuming purchasers cost of 5.80%. This price reflects a capital value of £753 per sq ft (including Lloyds Bank space).

05 LOCATION

The headquarters of Amazon, Deloitte and Goldman Sachs With substantial frontage to Holborn are all within 300 metres. Goldman Sachs’ Headquarters is currently being developed which backs on to St Andrew Street and will total 1 million sq ft. In addition, Circus, the confluence of six major the landmark 700,000 sq ft development of New Street Square is located immediately to the south, developed by routes, Thavies Inn House sits in Land Securities it is home to the headquarters of Deloitte and Taylor Wessing. one of the most prominent positions More recently tenants from the technology, media and telecommunications (TMT), advertising and public relations in Midtown within 400 metres from sectors have been attracted to the area by a combination of unique accommodation and cosmopolitan atmosphere. Tenants such as Mindshare, Dreamworks, Warner Brothers, Farringdon Station. Publicis Group, GDF Suez and Bell Pottinger have all moved in nearby. Comprising the historic central areas of Bloomsbury, Holborn and St Giles, Midtown encapsulates in one area This increasingly varied workforce has attracted a new London’s unique diversity. No longer seen as the gateway breed of hoteliers and restauranteurs who have colonised between the West End and City, the area has blossomed the area in recent years. The majority have migrated from with substantial tenant demand drawn by its expanding the fashionable areas of Shoreditch and Hoxton which amenity and unrivalled access. illustrates the areas growing profile.

Today the area benefits from a mixture of historic Further examples of Midtowns growing amenity is the landmarks and state-of-the-art developments creating inclusion of Bounce table tennis bar and restaurant a thriving commercial district. Enjoying a rich business located opposite, the ever popular Leather Lane market biodiversity and increasing popularity it is little wonder and the soon to open Gym Box on Leather Lane which will that The Mayor’s Plan has highlighted Midtown as a help further grow street activity and footfall. London area of growth over the next two decades.

Thavies Inn House is surrounded by some of the world’s most influential corporations from the Professional, Financial and Legal sectors. Due to its proximity to the Law Courts and Inns of Court, the area has been historically synonymous with the legal industry with Macfarlanes, Bird & Bird, Irwin Mitchell and Hogan Lovells all located nearby.

THAVIES INN HOUSE MIDTOWN - LONDON’S MOST EXCITING DISTRICT

07 SMITHFIELD MARKET TOWER 42 30 ST MARY AXE THE LEADENHALL BUILDING 20 FENCHURCH STREET CATHEDRAL ST PAUL’S

THAVIES INN HOUSE THE SHARD

GOLDMAN SACHS HQ

ONE NEW STREET SQUARE (LAND SECURITIES DEVELOPMENT SITE)

THAVIES INN HOUSE

NEW STREET SQUARE 09 WATERLOO

SMITHFIELD MARKET GOLDMAN SACHS HQ

LONDON EYE FARRINGDON NEW STREET SQUARE

HOUSES OF THAVIES INN HOUSE PARLIAMENT

ROYAL COURTS OF JUSTICE THE WEST END TOTTENHAM COURT ROAD COVENT GARDEN BRITISH MUSEUM LINCOLN’S INN FIELD LINCOLN’S INN FIELD CHANCERY LANE GRAY’S INN GARDENS GRAY’S CLERKENWELL ROAD

011 Great Eastern Street

Goswell Farringdon Road Woburn Pl

Road City Road

ac Old Street SITUATION e 57 62

Clerkenwell Road Commercial Street

54 23 48 59 49 Theobald’s Road 46 9

Gray’s Inn Road Farrin 60 Aldersg

y gdon Road 61 Thavies Inn House occupies a prominent site in the heart of Midtown ate Stree loomsbury Wa B 2 52 58 10 1 t overlooking Holborn Circus and sitting at the junction of New Fetter Lane 51 15 High Holborn 6 11 31 55 34 42 and St Andrew Street. The property looks down the length of the world 63 30 3 5 MINUTES London Wall 50 56 32 35 Bishopsgate 64 renowned Hatton Garden opposite, New Street Square development is Newgate Street 24 e 28 Holborn Farrin 14 20 Gresham Street High Oxford Street 44 gdon Street immediately to the south and both Farringdon and Chancery Lane Stations 7 Moorgat 17 22 29 33 12

Charing Cross Road 38 are within 400 metres north east and 200 metres west respectively. 47 36 16 Kingsway 21 27 43 Fleet Street Threadneedle Street 37 15 26 4 40 Corporate Banking & Professional & Legal Media Leisure Cannon Street e ych u ldw 1. Weber Shandwick Financial Others 31. Hogan Lovells 46. KARMARAMA n 55. The Holborn A 25 King W ve A 8 MINUTES 14. Deloitte 25. KPMG LLP y Dining Room 2. De Beers 47. Media Forceur 18 45 15. Child & Co 26. Crowe Clark 32. Macfarlanes sb 56. Chicken Shop 3. J Sainsbury PLC 48. Grey Advertisingfte illiam Street ha Queen Victoria Street Whitehill S 39 4. Bechtel 16. Goldman Sachs 33. Bird & Bird 49. Lastminute.com 57. Modern Pantry Strand 27. The Home Office 13 5. GDF Suez 17. AXA 34. Sullivan & 50. Amazon 58. Club Gascon 8

28. Dixon Wilson Cromwell Gracechurch Street 6. WSP Group 18. Bank of New York 51. Skype/Microsoft 59. Burger & Lobster 41 19 Upper Thames Street Mellon 29. Royal College of 35. DAC Beachcroft Victoria Embankment 7. LexisNexis 52. Austin Reed 60. Polpo Smithfield 19. JP Morgan Surgeons 36. The Law Society 61. Smiths of e

8. Unilever 53. Unilever Media g 30. TMP Worldwide d

20. Merrill Lynch/ 37. Freshfields Smithfield i 9. Thompson 54. Hill+Knowlton r

Bank of America Bruckhaus

62. Zetter Townhouse s

Reuters r e

Deringer a 21. Banco Santander i 63. The Rosewood r 10. Towers Watson f 38. Charles RussellRegent Street Waterloo Bridge k Lower Thames Street 22. London Stock Hotel c

a 11. Capgemini Speechlys l Exchange 64. The Hoxton B 12. BT Strand 23. Allied Irish Bank 39. Jones Day Holborn Hotel 13. BAT 24. Investec 40. Baker McKenzie 41. Gibson, Dunn Southwark Bridg & Crutcher 42. Irwin Mitchell London Bridge 43. Lewis Silkin 44. Taylor Wessing 45. Dechert

THAVIES INN HOUSE Great Eastern Street

Goswell Farringdon Road Woburn Pl

Road City Road ac Old Street e 57 62

Clerkenwell Road Commercial Street

54 23 48 59 49 Theobald’s Road 46 9

Gray’s Inn Ro Farrin 60 Aldersg

y gdon Road 61

ate Str

ad loomsbury Wa B 2 ee 52 58 10 1 t 51 15 High Holborn 6 11 31 55 34 42 63 30 3 5 MINUTES London Wall 50 56 32 35 Bishopsgate 64 Newgate Street 24 e 28 Holborn Farrin 14 20 Gresham Street High Oxford Street 44 gdon Street 7 Moorgat 17 22 29 33 12

Charing Cross Road 38 47 36 16 Kingsway 21 27 43 Fleet Street Threadneedle Street 37 15 26 4 40 Cannon Street e ych u ldw n A 25 King Wi ve 8 MINUTES A ry bu 18 45 es ft lliam Street ha Queen Victoria Street S 39 Strand 13 8

Gracechurch Street 41 19 Upper Thames Street Victoria Embankment

r e

Regent Street Waterloo Bridge k Lower Thames Street

B Strand e

Southwark Bridg

London Bridg

013 COMMUNICATIONS

The building is 200 metres west of Chancery Lane Underground Station (Central Line) and 400 metres south west of Farringdon Station.

Once Crossrail is completed in 2018, Farringdon Station will become one of the busiest interchanges in London providing a rare three-way connectivity to the London UndergroundGoswell Road (Piccadilly and Hammersmith & City lines), Thameslink and Crossrail services giving unrivalled access across the capital and commuter belts.

Great Eastern Street

Wobur Farringdon Road Old Street

n Plac City Road

Gray’s Inn Road e SANTANDER BIKES BUS

Numerous bus routes operate along High Holborn Commercia including the 8, 25, 242 and 521 offering quick access across the capital. l Street Southampton

Theobald’s Road

Farrin Row INTERNATIONALAldersg gdon Road GATWICK All five of ate Street London’s principle airports are located within a 1 hour journey time of Holborn. Situated a mile to the HEATHROW north, Kings Cross St Pancras International Station is one stop on either the Metropolitan, Hammersmith & City, High Holborn LONDON CITY Circle Underground lines in a journey time of 4 minutes. e Bloomsbury Way Newgate Street London Wall opsgat h LUTON

e Bis

e L 30 60 90 Kingsway Holborn r Farrin STANSTED e tt High e MINS MINS MINS Oxford Street F Gresham Street w gdon Street e Moorgat N GATWICK

Charing Cross Road HEATHROW 90 30 MINS MINS Fleet Street LONDON CITY Threadneedle Street

Aldwych LUTON t Cannon Street King W ue STANSTED en Av illiam Street y Strand ur Queen Victoria Street sb church Stree te af Sh Grace

Victoria Embankment Upper Tham

e es Street g

a ge

Regent Street Waterloo Bridge k Lower Thames Street THAVIES INN HOUSE c

B ark Brid Strand

Southw 60 MINS

London Bridge KINGS CROSS

ST PANCRAS INTERNATIONAL

BARBICAN FARRINGDON CHANCERY LANE HOLBORN

TOTTENHAM COURT ROAD THAVIES INN HOUSE ST PAUL’S

BLACKFRIARS

Crossrail (from 2018) Circle Line Northern Line City Thameslink District Line Piccadilly Line Central Line Hammersmith & City Line Victoria Line Metropolitan Line 015 “THE MIDTOWN BLOCK OF CENTRAL LONDON BETWEEN TOTTENHAM COURT ROAD AND FARRINGDON ROAD WILL BE BOOKENDED BY TWO OF THE BUSIEST STATIONS ON ITS ROUTE.”

THAVIES INN HOUSE CROSSRAIL

Crossrail is Europe’s largest infrastructure project and Once opened roughly one quarter of the population of will cost approximately £15 billion. Crossrail will directly England will be able to reach Farringdon Station within 45 connect all of London’s main business centres, linking minutes, this amounts to a staggering 13.25 million people. Heathrow with Paddington, the West End, City and Canary With over 140 trains per hour forecast to pass through Wharf with up to 24 trains per hour, each carrying 1,500 the interchange, this location is expected to become an passengers during peak periods. ever increasing business hub for occupiers seeking world class connectivity. Farringdon Station will provide a direct Due to open in 2018, Crossrail will increase London’s rail- link to three of London’s five airports, with travel times to based transport network capacity by 10% and dramatically London destinations significantly reduced. cut journey times across the city with an estimated 200 million people travelling by Crossrail each year. Two new ticket halls will be constructed, with the entrance to the western ticket hall on Cowcross Street. Farringdon Station is within 400 metres of Thavies Inn House and will uniquely provide three-way connectivity, namely London Underground, Thameslink and Crossrail, at an intersection of an east-west and north-south axis.

THAVIES INN HOUSE D D STRATFORD ROMFOR SHENFIEL N M 10 29 43 & STANSTED HAYES HARLINGTON PADDINGTO TOTTENHA COURT ROAD LIVERPOOL STREET D 45 24 16 8 4 2 2 5 Y L ABBEY WOO 32 CUSTOM HOUSE

8 12 21 BROADWA LUTO N GATWIC K FARRINGDON WHITECHAPE MAIDENHEAD BOND STREET EALING AIRPORT HEATHROW

0 JOURNEY TIME (MINUTES) CANARY WHARF 017 Midtown has attracted significant developer interest recently due to strong occupier demand, growing amenity and favourable building stock.

THAVIES INN HOUSE LOCAL DEVELOPMENTS

1) Smithfield Quarter 2) 61-65 Holborn Viaduct 3) Farringdon Station 4) Barts Square, EC1 Creation of a new Museum 116,250 sq ft of 207,000 sq ft of 236 high quality of London by 2021 redeveloped Grade A office redeveloped grade A office apartments Developer: City of London 246 Bedroom hotel with retail units 230,000 sq ft of Corporation Developer: CitizenM/CHIL Completion due 2018 retail/restaurant/café Developed: Crossrail/ accommodation Cardinal Lysander Under Construction Developer: Helical Bar

5) 60 Holborn Viaduct 6) Charterhouse Place 7) 12-14 New Fetter 8) Goldman Sachs 212,000 sq ft of 165,764 sq ft of Lane, EC4 Headquarters, EC4 redeveloped Grade A redeveloped Grade A 147,171 sq ft of redeveloped 1,000,000 sq ft of office office 15,069 sq ft of retail Grade A office redeveloped Grade A office Complete accommodation Pre-let to Bird & Bird LLP Completion due 2017/18 Developer: AXA Real Estate Developer: TIAA Henderson Developer: Great Portland Developer: Goldman Sachs Estates Campus

9) 1&2 New Ludgate, EC4 10) 40 Chancery Lane, WC2 11) 1 New Street 12) 98 Fetter Lane, EC4 352,000 sq ft of 101,800 sq ft of Square, EC4 58,342 sq ft of redeveloped redeveloped Grade A office redeveloped Grade A 266,000 sq ft of Grade A office Pre-let to 30,000 sq ft of retail office Completed redeveloped Grade A Macfarlanes accommodation Developer: Derwent office 5,000 sq ft of retail Completion due Q3 2016 Developer: Land Securities accommodation Developer: Brookfield Completion due Q3 2016 Developer: Land Securities 019 DESCRIPTION

Thavies Inn House comprises two office buildings which form the entire southern side of the major junction of Holborn Circus.

Constructed in the 1950’s, the properties are of steel frame construction with brick facing upper floors and stone facing elevations to the lower levels. Comprising a total of 4,690.3 sq m (50,486 sq ft), the office and retail accommodation is arranged over part basement, ground and 8 upper floors.

Thavies Inn House is accessed from an attractive arch way to the eastern side of the building into a large reception housing the main core with two lifts serving all floors.

The floorplates are rectangular in shape to the upper floors and form an L-shape from the 4th floor down. Benefiting from windows to three elevations in addition to two light wells, the accommodation provides excellent natural light throughout.

In its current configuration the floors offer a mix of open plan and cellular layouts. Given the position of the core the accommodation also provides valuable flexibility with easily divisible floor plates.

The front building, known as 5 Holborn Circus, is let to a college which provides accommodation set around a central core benefitting from excellent natural light from its dual elevations and an internal light well.

Office specification:

Two x 8 person passenger lifts serving all floors A large central core Raised floors throughout Suspended ceilings Category II lighting Gas fired central heating Male and female WCs on each floor Air conditioned – tenant installed apart from the 1st floor Excellent natural light throughout

Basement and ground floors comprise two A3 restaurant/ café units fronting St Andrew Street and New Fetter Lane, and in addition a substantial double height banking hall with prominence to Holborn Circus.

THAVIES INN HOUSE HIGHLY REVERSIONARY OFFICES WITH ASSET MANAGEMENT OPPORTUNITIES

021 ACCOMMODATION

Approximate net internal floor areas are as follows:

FLOOR AREA (SQ FT) AREA (SQ M)

8th 2,200 204.4

7th 2,295 213.2

6th 2,295 213.2

5th 4,060 377.2

4th 5,963 554.0

3rd 6,105 567.2

2nd 5,831 541.7

1st 4,783 444.4

Ground 1,091 101.4

Ground Floor Retail 7,982 741.6

Roof Storage 100 9.3

Basement Storage 1,420 131.9

College, 5 Holborn Circus 6,361 591.0

TOTAL 50,486 4,690.3

THAVIES INN HOUSE DIVERSE OCCUPIER MIX IN ONE OF LONDON’S MOST EXCITING MARKETS

023 TENURE

Long Leasehold for a term of 135 years from March 2000 (c.119 years unexpired). The current passing head rent is £18,610 p.a. reviewed 5 yearly to 2% of the full rack rental value. An additional £27,500 p.a. is payable for the licence fee for the car parking spaces to the freeholder and there are no provisions for review.

16.3m

Cycle Hire

Ps Station

6 0

6 City Temple o t 7 1 St Andrew's Church

4 Thavies Inn House

o 5

Vicarage 1

S 7

5 T

5 A PLUM N DR THAVIES E

E N 6 W INN A L Ba S rtlet 9 ts E Pas T t sag o e RE O

1 5 3 H E 6 T S

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o t

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St Andrews 1 House

1 1

BAR

C LE 6 O 6 U TT RT

H E 1 N 2 O A . L 2 E R m E L T A T E N F E W E N 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.

THAVIES INN HOUSE THAVIES INN HOUSE

025 Thavies Inn House is a multi-let producing a total gross passing rent of £1,572,041 per annum reflecting a low overall base rent of £31.14 per sq ft. The income reflects TENANCIES an AWULT to expiry of 4.5 years and 3.4 years to break. Floor/ Unit Tenant Use Area Lease Lease Next Rent Rent ERV ERV Comment (sq ft) Start Expiry Review (£ pa) (£ psf) (£ pa) (£ psf) Thavies Inn House 8th ISC Institutional Service Centre Ltd Office 2,200 11/11/2013 10/11/2018 £82,800 £37.64 £104,500 £47.50 Outside 1954 LTA. 7th Delva Patman Redler LLP Office 2,295 30/03/2012 29/03/2022 30/03/2017 £75,145 £32.74 £109,013 £47.50 LL development break on or anytime after 01/06/2016 on 6m. TBO on 30/03/2018 on 6m. Outside 1954 LTA. Basement Storage 385 £3,850 £10.00 6th Cumberland Place Financial Office 2,295 04/08/2014 03/08/2019 £90,780 £39.56 £109,013 £47.50 MBO 03/08/2018 on 9m. Outside 1954 LTA. Management Ltd 5th Elkington & Fife LLP Office 4,060 24/06/2013 23/06/2018 £94,723 £22.24 £192,850 £47.50 Outside 1954 LTA. Basement Storage 200 £2,000 £10.00 Part 4th Ogletree Deakins International LLP Office 3,005 03/09/2009 02/09/2019 £108,000 £35.94 £142,738 £47.50 Took assignment of the lease 19/12/2012. Outside 1954 LTA. Part 4th JD Law LLP Office 2,958 02/10/2012 01/10/2017 02/05/2014 £104,230 £35.24 £140,505 £47.50 Outside 1954 LTA. 3rd Pageant Media Limited Office 6,105 31/10/2012 30/10/2017 £240,600 £39.41 £289,988 £47.50 Outside 1954 LTA. 2nd Bonas and Co. Ltd Office 5,831 25/03/2011 24/03/2021 25/03/2016 £140,000 £22.76 £276,973 £47.50 Inside 1954 LTA. Basement Storage 319 £3,190 £10.00 1st Wilson Wright LLP Office 4,783 30/11/2009 29/11/2019 £152,848 £31.96 £215,235 £45.00 Outside 1954 LTA. Ground Wilson Wright LLP Office 1,091 19/02/2014 29/11/2019 £33,000 £30.25 £49,095 £45.00 Outside 1954 LTA. Retail Retail Unit – RGF Holborn Ltd Retail 1,702 13/02/2013 12/02/2023 13/02/2015 £55,000 £32.31 £76,590 £45.00 Outside 1954 LTA. St Andrews Street Retail Kiosk – RGF Holborn 2 Ltd Retail 225 01/04/2015 31/03/2020 £11,500 £51.11 £11,500 £51.11 LBO 01/04/2016 - rolling break for redevelopment. Outside 1954 LTA. New Fetter Lane Retail Unit – Mr S S & Mrs P Chohan Retail 452 29/09/2014 28/09/2024 29/09/2019 £18,500 £40.93 £22,600 £50.00 Outside 1954 LTA. St Andrews Street Banking Hall – Lloyds Bank Plc Bank 5,603 26/09/1958 23/09/2057 £9,250 £1.65 £9,250 £1.64 True ERV. £252,135 pa. Inside 1954 LTA. 5 Holborn Circus College, College, Interactive Pro Limited D1 6,361 18/12/2013 17/12/2023 18/12/2018 £181,289 £28.50 £286,245 £45.00 MBO 17/12/2018 on 6m. Outside 1954 LTA. 5 Holborn Circus 5 Holborn Circus Thavies Inn House Basement Pageant Media Limited Storage 165 31/10/2012 30/10/2017 £1,650 £10.00 £1,650 £10.00 Outside 1954 LTA. Basement Basement Ogletree Deakins International LLP Storage 351 03/09/2009 02/09/2019 £3,915 £11.15 £3,510 £10.00 Outside 1954 LTA. Roof Roof ISC Institutional Service Centre Ltd Storage 100 24/10/2014 10/11/2018 01/09/2015 £1,314 £13.14 £1,000 £10.00 Outside 1954 LTA. Antenna Cornerstone Telecommunications Antenna 05/03/2012 04/03/2022 05/03/2017 £23,000 £23,000 MBO on or anytime after 05/03/2017 on 18m. Antenna Hutchinson 3G Ltd Antenna 16/05/2002 31/12/2021 16/05/2017 £23,427 £23,427 Antenna EE Limited Antenna 30/08/2012 31/02/2015 £22,500 £22,500 Lease expired and holding over on Tenancy at Will - T wishes to decommission site. Antenna Airwave Solutions Ltd Antenna 17/06/2010 16/06/2020 17/06/2015 £17,000 £17,000 Antenna O2 UK Ltd Antenna 20/04/2004 19/04/2024 £18,000 £18,000 T break 20/4/2018. Antenna T-Mobile (UK) Ltd Antenna 06/03/2006 05/03/2026 06/03/2016 £20,000 £20,000 MBO for redevelopment on 12m notice. Antenna UK Broadband Ltd Antenna 11/09/2013 10/09/2025 11/09/2016 £12,500 £12,500 MBO for redevelopment on 12m notice. Car Parking Car Space 1 Vacant Car Parking £0.00 £3,000 Car Space 2 Bonas and Co. Ltd Car Parking 06/12/1991 24/03/2021 £2,750 £3,000 Rolling contract / MBO 3m notice / No review Car Space 3 Wilson Wright LLP Car Parking 30/11/2009 29/11/2019 £3,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 4 RGF Holborn Ltd Car Parking 01/02/2013 12/02/2023 £2,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 5 RGF Holborn Ltd Car Parking 01/02/2013 12/02/2023 £2,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 6 Pinnacle Housing Ltd Car Parking 01/01/2010 31/12/2015 £3,548 £3,000 Rolling contract / annual RPI increase / MBO 3mths LL or 1m Tenant notice. Car Space 7 Pinnacle Housing Ltd Car Parking 01/01/2000 31/12/2015 £3,548 £3,000 Rolling contract / annual RPI increase / MBO 3mths LL or 1m Tenant notice. Car Space 8 Delva Patman Redler LLP Car Parking 30/03/2012 29/03/2022 £3,223 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 9 TVG Ltd Car Parking 06/07/2015 05/07/2016 £4,250 £3,000 Rolling contract / annual RPI increase / MBO 1m notice. Car Space 10 Bonas and Co. Ltd Car Parking 01/01/2011 24/03/2021 £2,750 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 11 Ogletree Deakins International LLP Car Parking 19/12/2012 02/09/2019 £4,000 £4,000 Rolling contract / annual RPI increase / MBO 3m notice. Sub-Station Sub-Station London Electricity Board Sub-Station 29/09/1958 28/09/2018 £1 £1 Inside 1954 LTA. Gross Rent £1,572,041 £31.14 £2,221,720 £44.01 Ground Rent and Car Parking Licence Fee 50,486 £46,110 £46,110 Car parking licence fee of £27,500 per annum Net Rent £1,525,931 £30.22 £2,175,610 £44.01

THAVIES INN HOUSE Floor/ Unit Tenant Use Area Lease Lease Next Rent Rent ERV ERV Comment (sq ft) Start Expiry Review (£ pa) (£ psf) (£ pa) (£ psf) Thavies Inn House 8th ISC Institutional Service Centre Ltd Office 2,200 11/11/2013 10/11/2018 £82,800 £37.64 £104,500 £47.50 Outside 1954 LTA. 7th Delva Patman Redler LLP Office 2,295 30/03/2012 29/03/2022 30/03/2017 £75,145 £32.74 £109,013 £47.50 LL development break on or anytime after 01/06/2016 on 6m. TBO on 30/03/2018 on 6m. Outside 1954 LTA. Basement Storage 385 £3,850 £10.00 6th Cumberland Place Financial Office 2,295 04/08/2014 03/08/2019 £90,780 £39.56 £109,013 £47.50 MBO 03/08/2018 on 9m. Outside 1954 LTA. Management Ltd 5th Elkington & Fife LLP Office 4,060 24/06/2013 23/06/2018 £94,723 £22.24 £192,850 £47.50 Outside 1954 LTA. Basement Storage 200 £2,000 £10.00 Part 4th Ogletree Deakins International LLP Office 3,005 03/09/2009 02/09/2019 £108,000 £35.94 £142,738 £47.50 Took assignment of the lease 19/12/2012. Outside 1954 LTA. Part 4th JD Law LLP Office 2,958 02/10/2012 01/10/2017 02/05/2014 £104,230 £35.24 £140,505 £47.50 Outside 1954 LTA. 3rd Pageant Media Limited Office 6,105 31/10/2012 30/10/2017 £240,600 £39.41 £289,988 £47.50 Outside 1954 LTA. 2nd Bonas and Co. Ltd Office 5,831 25/03/2011 24/03/2021 25/03/2016 £140,000 £22.76 £276,973 £47.50 Inside 1954 LTA. Basement Storage 319 £3,190 £10.00 1st Wilson Wright LLP Office 4,783 30/11/2009 29/11/2019 £152,848 £31.96 £215,235 £45.00 Outside 1954 LTA. Ground Wilson Wright LLP Office 1,091 19/02/2014 29/11/2019 £33,000 £30.25 £49,095 £45.00 Outside 1954 LTA. Retail Retail Unit – RGF Holborn Ltd Retail 1,702 13/02/2013 12/02/2023 13/02/2015 £55,000 £32.31 £76,590 £45.00 Outside 1954 LTA. St Andrews Street Retail Kiosk – RGF Holborn 2 Ltd Retail 225 01/04/2015 31/03/2020 £11,500 £51.11 £11,500 £51.11 LBO 01/04/2016 - rolling break for redevelopment. Outside 1954 LTA. New Fetter Lane Retail Unit – Mr S S & Mrs P Chohan Retail 452 29/09/2014 28/09/2024 29/09/2019 £18,500 £40.93 £22,600 £50.00 Outside 1954 LTA. St Andrews Street Banking Hall – Lloyds Bank Plc Bank 5,603 26/09/1958 23/09/2057 £9,250 £1.65 £9,250 £1.64 True ERV. £252,135 pa. Inside 1954 LTA. 5 Holborn Circus College, College, Interactive Pro Limited D1 6,361 18/12/2013 17/12/2023 18/12/2018 £181,289 £28.50 £286,245 £45.00 MBO 17/12/2018 on 6m. Outside 1954 LTA. 5 Holborn Circus 5 Holborn Circus Thavies Inn House Basement Pageant Media Limited Storage 165 31/10/2012 30/10/2017 £1,650 £10.00 £1,650 £10.00 Outside 1954 LTA. Basement Basement Ogletree Deakins International LLP Storage 351 03/09/2009 02/09/2019 £3,915 £11.15 £3,510 £10.00 Outside 1954 LTA. Roof Roof ISC Institutional Service Centre Ltd Storage 100 24/10/2014 10/11/2018 01/09/2015 £1,314 £13.14 £1,000 £10.00 Outside 1954 LTA. Antenna Cornerstone Telecommunications Antenna 05/03/2012 04/03/2022 05/03/2017 £23,000 £23,000 MBO on or anytime after 05/03/2017 on 18m. Antenna Hutchinson 3G Ltd Antenna 16/05/2002 31/12/2021 16/05/2017 £23,427 £23,427 Antenna EE Limited Antenna 30/08/2012 31/02/2015 £22,500 £22,500 Lease expired and holding over on Tenancy at Will - T wishes to decommission site. Antenna Airwave Solutions Ltd Antenna 17/06/2010 16/06/2020 17/06/2015 £17,000 £17,000 Antenna O2 UK Ltd Antenna 20/04/2004 19/04/2024 £18,000 £18,000 T break 20/4/2018. Antenna T-Mobile (UK) Ltd Antenna 06/03/2006 05/03/2026 06/03/2016 £20,000 £20,000 MBO for redevelopment on 12m notice. Antenna UK Broadband Ltd Antenna 11/09/2013 10/09/2025 11/09/2016 £12,500 £12,500 MBO for redevelopment on 12m notice. Car Parking Car Space 1 Vacant Car Parking £0.00 £3,000 Car Space 2 Bonas and Co. Ltd Car Parking 06/12/1991 24/03/2021 £2,750 £3,000 Rolling contract / MBO 3m notice / No review Car Space 3 Wilson Wright LLP Car Parking 30/11/2009 29/11/2019 £3,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 4 RGF Holborn Ltd Car Parking 01/02/2013 12/02/2023 £2,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 5 RGF Holborn Ltd Car Parking 01/02/2013 12/02/2023 £2,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 6 Pinnacle Housing Ltd Car Parking 01/01/2010 31/12/2015 £3,548 £3,000 Rolling contract / annual RPI increase / MBO 3mths LL or 1m Tenant notice. Car Space 7 Pinnacle Housing Ltd Car Parking 01/01/2000 31/12/2015 £3,548 £3,000 Rolling contract / annual RPI increase / MBO 3mths LL or 1m Tenant notice. Car Space 8 Delva Patman Redler LLP Car Parking 30/03/2012 29/03/2022 £3,223 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 9 TVG Ltd Car Parking 06/07/2015 05/07/2016 £4,250 £3,000 Rolling contract / annual RPI increase / MBO 1m notice. Car Space 10 Bonas and Co. Ltd Car Parking 01/01/2011 24/03/2021 £2,750 £3,000 Rolling contract / annual RPI increase / MBO 3m notice. Car Space 11 Ogletree Deakins International LLP Car Parking 19/12/2012 02/09/2019 £4,000 £4,000 Rolling contract / annual RPI increase / MBO 3m notice. Sub-Station Sub-Station London Electricity Board Sub-Station 29/09/1958 28/09/2018 £1 £1 Inside 1954 LTA. Gross Rent £1,572,041 £31.14 £2,221,720 £44.01 Ground Rent and Car Parking Licence Fee 50,486 £46,110 £46,110 Car parking licence fee of £27,500 per annum Net Rent £1,525,931 £30.22 £2,175,610 £44.01 027 COVENANT INFORMATION

Lloyds Bank Plc ISC Institutional Service Centre Limited Lloyds Bank Plc is one of the UK’s largest retail and ISC Institutional Service Centre Limited is a wealth commercial banks. management business whose clients include entrepreneurs, families and corporations. Accounts to the 31st December 2014 show the company made a pre-tax profit £2,289,000,000 with a turnover Accounts to the 31st March 2015 show the company of £40,761,000,000 and a tangible net worth of has a tangible net worth of £169,146. The company has £44,691,000,000. The company has a D&B Rating of 5 A 1. a D&B Rating of C 2. www.lloydsbank.com www.iscgroup.co.uk

Delva Patman Redler LLP Interactive Pro Limited Delva Patman Redler LLP is a recognised national specialist firm for surveying related to neighbour law, Interactive Pro Limited was established in 2008. Since particularly rights of light, daylight and sunlight, party its incorporation the company has formed partnerships for walls and boundary disputes. the provision of online education with some of the world’s most respected academic and professional institutions, Accounts to the 30th April 2015 show the company has including universities and business schools in the USA, a tangible net worth of £10,000. The company has a D&B Italy, Switzerland and the UK. Rating of G2. Accounts to the 31st May 2014 show the company made www.delvapatmanredler.co.uk a pre-tax profit £48,892 with a turnover of £43,310,713 and a tangible net worth of £2,854,929. The company has a D&B Rating of 2A 1. www.studyinteractive.org Cumberland Investment Services LLP Cumberland Investment Services LLP offer investment management and advisory services. Accounts to the 31st March 2014 show the company made Bonas and Co Limited a pre-tax profit £0 with a turnover of £1,987,361 and a Bonas and Co Limited is the longest established Diamond tangible net worth of £0. The company has a D&B Rating Broking and Consultancy firm in the world. of H 1. Accounts to the 7th April 2014 show the company made www.cumberlandplace.co.uk a pre-tax loss of £323,198 with a turnover of £5,243,701 and a tangible net worth of £20,725,033. The company has a D&B Rating of 4A 1. www.bonasgroup.com

THAVIES INN HOUSE Elkington & Fife LLP Pageant Media Limited Elkington & Fife LLP are a leading firm of patent Pageant Media Limited is an independent publishing attorneys. company. Accounts to the 30th April 2015 show the company Accounts to the 28th February 2015 show the company made a pre-tax profit £0 with a turnover of £9,672,749 made a pre-tax profit £2,272,908 with a turnover and a tangible net worth of £178,000. The company has of £8,678,743 and a tangible net worth of negative a D&B Rating of C 1. £1,090,570. The company has a D&B Rating of N 2. www.elkfife.com www.pageantmedia.com

Wilson Wright LLP Wilson Wright LLP is an accountancy firm, the company acts for a diverse range of clients who operate in a Ogletree Deakins International LLP multitude of sectors both in the UK and internationally. Ogletree Deakins International LLP is a specialist labour The company has a D&B Rating of 1A 2. and employment law firm. www.wilsonwright.co.uk Accounts to the 31st December 2014 show the company made a pre-tax loss of -£446,783 with a turnover of £2,238,968 and a tangible net worth of -£1,132,243. RGF Holborn Limited The company has a D&B Rating of N 2. RGF Holborn Limited trading as Nosh Café is an www.ogletreedeakins.co.uk independent café.

RGF Holborn 2 Limited RGF Holborn 2 Limited trading as Guido’s Mangia Italiano is an independent sandwich bar. JD Law LLP JD Law LLP is a multi-disciplined law company operating across a range of sectors including construction, Mr S S & Mrs P Chohan employment and family law to name but a few. The Mr S S & Mrs P Chohan trading as Cortina Sandwich company has a D&B Rating of A 2. Bar is an independent Italian takeaway. www.jd-law.co.uk

029 DEVELOPMENT

Thavies Inn presents a rare opportunity to deliver a new build scheme into the heart of Midtown benefitting from strong tenant demand and an area suffering from a lack of suitable supply.

Robin Partington & Partners have designed a scheme for the pre-app stage which involves the demolition and redevelopment of the existing building. The Grade A scheme more efficiently uses the site with large rectangular floor plates extending to the full depth of the site on every floor, unlike the existing building which is set back on 5th to 8th floors.

Through infilling and upsizing, the scheme would create a new 84,976 sq ft (GIA) building arranged over basement, ground and 8 upper floors including three fully glazed retail units on ground equating to 5,911 sq ft (GIA) fronting Holborn Circus and one unit on to St Andrews Street.

A new scheme would improve the presence and prominence of the property and would offer the opportunity to achieve rental levels of up to £70 per sq ft in addition to attracting a diverse tenant mix.

The office entrance has been re-worked and moved to the Holborn Circus elevation to create a double height and imposing reception. The design provides extensive use of glazing to the elevations with terracing to the upper floors.

THAVIES INN HOUSE SIGNIFICANT DEVELOPMENT POSSIBILITIES IN ONE OF LONDON’S FASTEST GROWING MARKETS

031 ASSET MANAGEMENT

THAVIES INN HOUSE Entrance lobby/reception can be expanded and Thavies Inn House also provides an improved. The right of way needs to be retained however there is scope to re-work the reception and insert a glass box into the arches to improve the opportunity to significantly refurbish buildings presence and branding. and re-let the office accommodation The building has numerous flat roofs which provide excellent potential to build out additional accommodation or utilise as terracing, subject to the on a floor by floor basis to take necessary consents.

Within the existing building, the floorplates offer open advantage of the area’s record low plan accommodation benefiting from excellent levels of natural light. As the floor heights are level, there is vacancy rates and growing rental potential to combine Thavies Inn House and 5 Holborn Circus to create larger, more uniform floors. If this were achieved there is further scope to relocate the entrance levels. to the Holborn Circus elevation and therefore increase the building’s prominence as a business address.

Potential to explore a regear of the Lloyds banking unit.

033 MARKET COMMENTARY

OCCUPATIONAL

Early reports show central London take up reached almost However, numerous high quality developments have 15 million sq ft in 2015, one of the highest on record and led to an influx of occupiers from the City and West significantly above the long term trend. End. In particular tenants from the technology, media and telecommunications (TMT), advertising and public Together with the wider central London market, Midtown relations sectors attracted by the combination of unique has continued in the same vein throughout 2015, namely accommodation and cosmopolitan atmosphere. increasing tenant demand and an acceleration in take up against a back drop of limited supply. With the arrival of Crossrail in 2018, combined with a diverse and improving amenity, strong rental growth is With a Grade A vacancy rate of only 3.3% and with widely expected as evidenced by a growth rate of 5% over the shortage of suitable office space in the West End, the last 12 months. together with the high total occupancy costs, there is now an established trend of occupiers looking to Midtown as Rents are now achieving up to £70.00 per sq ft for an attractive alternative. prime Grade A accommodation. With a passing net rent reflecting only £30.22 per sq ft, Thavies Inn House offers Midtown has long been an established location for an ideal opportunity to take advantage of expected Professional, Financial and Legal occupiers especially the growth. latter due to its proximity to the Law Courts and Inns of Court.

Below we set out some recent leasing transactions:

ADDRESS DATE AREA RENT TENANT (SQ FT) (£ PSF) ALDWYCH HOUSE, Q1 2016 20,856 £69.50 WASSERMAN 71-91 ALDWYCH, WC2 EXPERIENCE LIMITED 120 HOLBORN, EC2 Q4 2015 11,752 £65.00 NORTH HIGHLAND

120 HOLBORN, EC2 Q4 2015 19,026 £65.00 SECRET ESCAPES

DIAMOND HOUSE, Q3 2015 2,736 £65.45 WE ARE LONDON LIMITED 36-38 HATTON GARDEN, EC1 COMPTON COURTYARD, EC1 Q2 2015 6,262 £63.00 AIR BNB

1 KINGSWAY, WC2 Q1 2015 13,470 £65.00 LSE

THE WALBROOK, EC4 Q1 2015 9,996 £75.00 TBC

10 BLOOMSBURY WAY, WC1 Q4 2014 33,547 £68.14 CRITEO

THAVIES INN HOUSE INVESTMENT

Central London investment transactions reached £20.5 Current estimates indicate that the weight of global capital billion in 2014 making it one of the most active years on seeking deployment in Central London is almost £40bn. record and significantly higher than the 10 year annual Despite stock availability having grown, the current levels are average. Results from 2015 show that this level is set to still unable to satisfy demand especially for value add assets be exceeded as London continues to remain the world’s in areas of strong forecasted rental growth. number one destination for real estate investment. Against this backdrop and limited supply, demand from London is perceived as a safe haven for overseas investors international and UK investors has remained extremely due to a transparent and competitive market, established strong especially for larger lot sizes in areas set to benefit legal system and political stability. Investors have been from strong infrastructure injections and improving eager to secure London assets offering excellent rental occupational sentiment. and capital growth prospects.

Below we set out some recent investment transactions:

ADDRESS DATE TENURE AREA PRICE NIY CAPITAL PURCHASER (SQ FT) VALUE HOLBORN GATE, Q1 2016 FH 159,265 £138M 4.94% £866 WESTMOUNT 330 HIGH HOLBORN REAL ESTATE & 26 SOUTHAMPTON BUILDINGS, WC1 HOLBORN HALL, Q1 2016 FH 45,009 £39.8M 4.24% £884 DEERBROOK 100 GRAY’S INN ROAD, WC1 6-7 HATTON GARDEN, EC1 Q4 2015 FH 10,783 £9.35M 3.79% £867 TIAA HENDERSON

5 FLEET PLACE, EC4 Q4 2015 FH 130,000 £147M 3.90% £1,131 POLY REAL ESTATE

ALPHABETA, Q3 2015 FH 238,649 £280M 3.90% £1,173 SINAR MAS 14 FINSBURY SQUARE, EC2 16 OLD BAILEY EC4 Q2 2015 FH 75,000 £78M 4.35% £1,040 NAN FUNG GROUP

THE WALBROOK Q2 2015 FH 450,000 £575M 4.00% £1,278 CATHAY LIFE

150 HOLBORN EC1 Q1 2015 FH 93,240 £80M VP* £858 DAR AL-HANDASAH

THAVIES INN HOUSE, AVAILABLE LLH 50,486 £38M 3.80% £753 HOLBORN CIRCUS, EC1 119

*VP - Vacant possession 035 THAVIES INN HOUSE 037 FURTHER INFORMATION

PLANNING VAT

The buildings are not Listed and do not lie The property is elected for VAT and it is proposed the within a Conservation Area. transaction will take place by a Transfer of Going Concern (TOGC).

EPC CAPITAL ALLOWANCES

Thavies Inn House has an EPC Rating of C (65). There are no unclaimed capital allowances available. The Certificate available on request. vendor will sign a Section 198 election for £1 on sale in relation to any unclaimed capital allowances.

DATAROOM PROPOSAL

A dedicated dataroom has been created providing more Offers are sought in excess of £38,000,000 detailed information. Access available on request. reflecting a net initial yield of 3.80% and a reversionary yield of 5.41% (assuming purchaser’s costs of 5.80%). This represents a capital value of only £753 per sq ft.

CONTACT

For further information or to arrange an inspection of the property, please contact: Misrepresentations Act 1967 & Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are given 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 Dominic Rowe Mark Shipman good faith and are believed to be correct, but +44 (0)20 7529 5706 +44 (0)20 7529 5708 any intending purchaser should not rely on them as statements or representations of fact [email protected] [email protected] but should satisfy themselves by inspection or otherwise as to the correctness of each David Harrison Richard Carter of them; c) no person in the employment of +44 (0)20 7529 5705 +44 (0)20 7529 5707 Michael Elliott has any authority to make or give any representations or warranty whatever [email protected] [email protected] in relation to this property. February 2016

www.cube-design.co.uk (Q3347)

THAVIES INN HOUSE