Greenwich View Place London E14

Home , Baltimore Tower, Greenwich, London Docklands

CENTRAL LONDON INVESTMENT OPPORTUNITY LET TO BLOOMBERG 8 GREENWICH VIEW PLACE

EXECUTIVE SUMMARY

• The property is held on a Long Leasehold • Let to Bloomberg LP for a term of 15 interest for a term of 198 years from 29th years from 29th September 2014 until September 1984 (168 years unexpired) at 28th September 2029 with a rolling a peppercorn rent. tenant only option to determine from • Low density development on a site of the 25th September 2025, subject to 1.0 acre forming part of the Greenwich 12 months’ prior written notice. View Place Estate. • Current rent passing of £975,000 per • The office property is currently used annum (£27.96 per sq ft). as a data centre and disaster recovery operation and provides 34,875 sq ft (3,240 sq m) of accommodation arranged over two storeys with 30 car parking spaces.

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• The lease is subject to guaranteed • The vendor is seeking offers in fixed uplifts throughout the term on: excess of £18.43m for their Long 29th September 2019 - £1,180,000 Leasehold interest, subject to contract per annum (£33.83 per sq ft) and exclusive of VAT. Allowing for purchasers costs of 5.8%, this reflects 29th September 2024 - £1,359,000 a net initial yield of 5.0% and per annum (£38.97 per sq ft) a low capital value of £528 per sq ft.

• Medium term asset management and A purchase at this level will generate redevelopment opportunities with the following revisionary yields: the building having a very low site density. • September 2019: 6.05% • September 2024: 6.97%

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AERIAL

MILLWALL OUTER DOCK

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CANARY WHARF

SOUTH QUAY

MILLWALL INNER DOCK

CROSSHARBOUR

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LOCATION

8 Greenwich View Place is located It is home to many of the world’s leading companies across a diverse range of sectors including banking, in the heart of the Isle of Dogs in law, professional services, public sector, technology, London’s Docklands, an area located retail, media and communications and energy. to the immediate south of Canary Since the creation of the Canary Wharf Estate, the Wharf and 3.5 miles east of the City Isle of Dogs has been a primary focus of business of London. Canary Wharf is one of development in East London including a high London’s three key business districts, concentration of datacentres and disaster recovery operations. In recent years there have been a number along with the City and West End, and of large scale residential developments, transforming boasts a 97 acre estate comprising the Isle of Dogs into a vibrant and highly sought after approximately 14 million square feet residential location. of commercial space.

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COMMUNICATIONS

Rail Road Crossharbour and South Quay Docklands Light The A1206 and Marsh Wall are the main arterial Railway stations are situated 300 metres to the routes running through the Isle of Dogs and provide north and 550 metres to the east and provide direct direct access to the A12 and A13. These in turn offer services to Bank and Tower Gateway Stations in the access to the Olympic Stadium and M11 to the north, City, Stratford in the north and London City Airport central London to the west and the M25 and M20 to and Beckton to the east. It is currently undergoing the east and south. Bus routes 135, D3, D7 and N550 a Capacity Enhancement Programme across the offer a 24 hour service to central London and the network to increase passenger capacity. The Jubilee surrounding area. line at Canary Wharf offers direct access into central London via London Bridge and London Waterloo Air national train stations to the west, and Stratford to London City Airport is situated 3 miles to the east and the east. offers direct flights to 34 national and international

destinations including New York, Luxembourg, Amsterdam, Paris and Edinburgh.

Not to scale. Indicative only.

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LOCAL DEVELOPMENTS

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1 | Westferry Printworks 5 | Wood Wharf 9 | Providence Tower – 13 | Baltimore Wharf 15 acre mixed-use site Mixed-use residential, New Providence Wharf, Phase 1 waterside containing 5-30 storey buildings retail, office scheme E14 development Units 800 Units 3,000 43 storey residential tower Units 91 Developer Northern and Developer Canary Wharf Units 389 Developer Galliard Shell Group Developer Ballymore Status Completed Status Application Status Consented Status Under Submitted construction

2 | Glengall Bridge 6 | Arrowhead Quay 10 | Dollar Bay, E14 14 | Pan Peninsula, Mixed-use scheme - 3 Two residential towers (47 Single Residential Tower Canary Wharf, E14 towers up to 45 storeys & 52 storeys) Units 120 Two towers (40/50 storeys) of luxury apartments Units 525 Units 1,500 Developer London Developer Glengall Bridge Developer Ballymore Newcastle / Units 762 Holdings Status Application One Housing Developer Ballymore Status Application Approved Status Under Properties Submitted Construction Status Completed

3 | South Quay Plaza 7 | Lincoln Plaza, Indescon 11 | Horizons, Canary 15 | The Landmark East Mixed-use scheme include Court, Canary Wharf Wharf, E14 & West Tower, E14 a 68-storey tower 22 storey residential tower First phase development Two towers and two low rise Units 950 and adjoining hotel of scheme buildings around a courtyard Developer Berkeley Units 340 Units 131 Units 804 Homes Developer Galliard Developer Telford Homes Developer Chalegrove Status Application Status Under Status Under Properties Ltd Approved Construction construction Status Completed

4 | 2 Millharbour 8 | Baltimore Tower 12 | Indescon Square 16 | Ability Place, 7 mixed-use building 45 storey residential tower Residential and 37 Millharbour including a 50 storey Units 330 commercial development Residential scheme with tower with 24-hour concierge, Developer Galliard Units 1,064 Units 990 spa, gym and bar Status Under Developer Galliard Units 600 Developer Galliard construction Status Completed Status Application Developer The Ability Submitted Place Status Completed

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SITUATION

The Property is situated within the The Docklands Light Railway stations are a short distance to the north (South Quay) and east low rise office development known as (Crossharbour) and provide direct services to Bank Greenwich View Place and is enviably and Tower Gateway Stations in the City, Stratford in positioned at the southern end of the north and London City Airport and Beckton to Millharbour and adjacent to Millwall the east. Canary Wharf underground station (Jubilee Line) is a short walk to the north, as well as the Inner Dock. Canary Wharf Crossrail Station, which will provide direct access to the City of London and West End.

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DESCRIPTION

8 Greenwich View Place comprises a self-contained The property currently provides data centre and two storey building constructed in 1988 to comprise disaster recovery operations for Bloomberg LP and approximately 3,240 sq m (34,875 sq ft) of air provides the following specification: conditioned office accommodation, currently used for data storage and disaster recovery. The property • A thirteen person goods and passenger lift provides for 30 open car parking spaces. • Four pipe fan coil air conditioning Greenwich View comprises an estate of eight • Enhanced electrical supply buildings bounded by Millharbour Outer Dock to the • Standby generators east, Millharbour to the north and Greenwich View to the west. The entire Estate covers a site area in excess of 1 acre.

The property is of steel portal framed construction with a shallow pitched, profiled steel covered roof.

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Holystone Court 49 Hammond Court Contessa Court 89 to 97 79 to 87 1 to 16

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The property is held on a Long Leasehold El Sub Sta 0 8 interest for a term of 198 years from 29th

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

TENANCY

The property is let to Bloomberg LP for a term to The rent is subject to the following guaranteed fixed expire on the 28th September 2029, subject to a uplifts throughout the term: tenant only option to determine from 25th September 2025 on a rolling basis, subject to 12 months’ prior • 28th September 2019 - £1,180,000 per annum written notice. The current rent passing is £975,000 (£33.83 psf) per annum, equating to a low passing rent of £27.96 • 28th September 2024 - £1,359,000 per annum per sq ft. (£38.97 psf)

COVENANT INFORMATION

Bloomberg is the leader in global business and Founded in 1982 it is estimated that the Bloomberg financial information delivering data news and Professional Service is used by more than 320,000 analytics through a variety of innovative technology. business and financial professionals worldwide. Bloomberg employs over 15,500 employees in 192 locations to deliver business and financial information, Dun & Bradstreet has reported that Bloomberg LP has news and insight around the world. Bloomberg LP a credit rating of 1R3, which represents a low risk of clients include the world’s central banks, investment business failure. institutions, commercial banks, government offices and agencies. Further information can be found at: www.bloomberg.com

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DEVELOPMENT POTENTIAL AND PLANNING

Greenwich View Place is situated within the Isle of • Policy DM15 in the newly adopted Managing Dogs in a location that The London Borough of Tower Development DPD includes more flexibility for Hamlets and the Greater London Authority support the loss of active employment floorspace in Site high density residential led mixed use development. Allocations which would assist in presenting a case to support the provision of predominately The local developments section of this brochure residential floorspace (with active uses at the shows the transformation of the Isle of Dogs through ground level); residential led development which is due to continue • LBTH and the GLA are likely to strongly support with substantial scheme such as the Printwork and the principle of a high density residential led Glengall Bridge adjacent to the property set to further mixed-use development at the site. This will accord enhance the immediate location. with the Millennium Quarter Site Allocation within the Managing Development DPD; The vendor has instructed Rolfe Judd to provide a • there is ‘in principle’ policy support for the inclusion feasibility and planning overview considering the of taller buildings within any future development potential commercial and residential redevelopment proposal subject to developing a high quality opportunities at lease expiry. The full reports are architectural design and detailing how the proposal contained in the data room however in summary the would come forward within a wider masterplan for planning overview has the following summary: the immediate area; • Policy DM3 of the Managing Development DPD provides greater flexibility in terms of the provision of affordable housing on the site;

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Birdseye View 1 Proposed Floor Plan

Rolfe Judd believe that within the context of the Further feasibility studies outlining commercial planning report, summarised above, that subject redevelopment opportunities are available upon to planning and third party issues the schemes request. above, would adhere to current planning policies. The mixed use residential and commercial scheme, option 1, provides a total of 157 one, two and three bed apartments and 7,500 sq ft of commercial accommodation arranged over basement, ground and 20 upper floors.

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VAT EPC

The property is registered for VAT and it is 8 Greenwich View Place has an EPC rating of D(88) envisaged a sale will be treated as a TOGC. The full energy performance certificate is available on request.

PROPOSAL

The vendor is seeking offers in excess of£18.43m A purchase at this level will generate the following for their Long Leasehold interest, subject to contract revisionary yields: and exclusive of VAT. Allowing for purchasers costs of 5.8%, this reflects a net initial yield of5.0% and • September 2019: 6.05% a low capital value of £528 per sq ft. • September 2024: 6.97%

CONTACT

For further information, please contact:

Nick Braybrook James Abrahams [email protected] 020 7588 4433 [email protected] 020 7861 1309 020 7330 1979

Oliver Sadler John Fairhall [email protected] [email protected] 020 7861 1324 020 7543 6769

Christopher King [email protected] 020 7861 1318

Shaun Roy [email protected] 020 7861 1222

Misrepresentation Allsop and Knight Frank give notice to anyone who may read these particulars as follows: These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. Descriptions of a property are inevitably subjective and the descriptions contained herein are in good faith as an opinion and not by way of statement of fact. Any intending purchaser should satisfy themselves as to the presence of any deleterious materials that may exist, or have been used in the construction of the property. The vendor provides no warranty as to the precise location of the boundaries of the properties. January 2015 (Q3030)

020 7588 4433