Marlborough Yard Soho

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2 The Opportunity Prominently located on Poland Street moments from Oxford Circus and the proposed Tottenham Court Road Crossrail ticket hall in the heart of prime Soho. Marlborough Yard Soho Poland Street adjoining office and mixed use buildings plus an additional freehold strip located at the rear of Great Marlborough Street totalling 43,938 sq ft with 32 m (106 ft) frontage to Poland Street over a acre (0.129 hectare) site. 47 Poland Street, 48 Poland Street and the rear strip are held freehold with 50 Poland Street held long leasehold from Westminster City Council Vacant possession save for 1,875 sq ft which is determinable on 6 months notice Proposed mixed use office led scheme prepared by Trehearne Architects, provides a new combined building totalling c. 55,000 sq ft of offices and c. 2,850 sq ft of A3 restaurant accommodation. The scheme provides for 8 outdoor spaces on multiple floors totalling 4,953 sq ft (460.5 sq m). Offers in excess of 45,000,000 for the benefit of 100% of the issued share capital in our clients SPV reflecting a capital value of 1,024 psf on the existing NIA and just 779 psf on the proposed NIA. Great Marlborough Street

3 Green Park Berkeley Square Grosvenor Square Bond Street Piccadilly Hanover Square Regent Street Bond Street Golden Square Oxford Circus Broadwick Street Gt Marlborough St Poland Street Oxford Street

4 Location The influx of modern development and refurbishment of existing buildings has turned Soho into the current hub of London s media world with multiple advertising agencies, television companies, radio studios and postproduction companies making the area their home. The UK s creative economy is one of its great national strengths, historically deeply rooted and accounting for around one-tenth of the whole economy. It provides jobs for 2.5 million people and in recent years, this creative workforce has grown four times faster than the workforce as a whole, with Soho at its epicentre. More recently, corporate and financial occupiers traditionally drawn to St James s and Mayfair are increasingly viewing Soho as a preferred alternative for their office base. The vast improvement in amenities and appealing working environment attract a younger more dynamic work force which has fuelled demand for further office space. Recent occupiers to move into the area include Telefonica, Och-Ziff, Generation Investment Management and CarVal with other nearby occupiers including Sony, Warner Music, 20th Century Fox, M&C Saatchi and Twitter. OCCUPIERS 1 Sony 2 M&C Saatchi 3 20th Century Fox 4 Apple 5 BBH 6 Universal 7 Och-Ziff Capital Management 8 Turner Broadcasting 9 Telefonica / Twitter / Generation Investment Management 10 NBC Universal / Google / Mindshare Media RESTAURANTS & BARS 11 Dean Street Town House 12 HIX 13 Chotto Matte 14 Yauatcha 15 Quo Vadis 16 Bocco Di Lupo 17 Polpo 18 Pollen Street Social 19 Burger And Lobster 20 SAID RETAIL 21 Liberty 22 Apple Store 23 Kingly Court 24 Paul Smith 25 Nigel Hall CULTURE 26 Blain Southern Gallery 27 Soho Theatre 28 Hauser and Wirth 29 The Photographers Gallery 30 Palladium Theatre HOTELS & FITNESS CLUBS 31 The Courthouse Hotel 32 H2 Health Club 33 The Third Space 34 The Soho Hotel 35 Marshall St Swimming Baths 36 Hotel Café Royal 37 Sanctum Hotel 38 Ham Yard Hotel 39 London Edition Hotel / Berners Tavern 40 Sanderson Hotel

5 The area of Soho offers an unrivalled and unique retail experience benefitting from a vast mix of international retailers and popular boutique shops located on nearby Oxford Street, Regent Street and Carnaby Street. Soho s popular bohemian reputation resulted in the name being imitated by other entertainment and restaurant districts around the world, including Soho Hong Kong and Soho New York. Today, Soho has the densest concentration of theatres, restaurants, cafés, private clubs, hotels and bars in central London and truly represents the vibrant, bustling heart of the city.

6 KEY Surface line Tunnel Benefitting from six key underground stations within a mile, the properties are extremely well connected providing unrivalled access across London. West Drayton Hayes & Harlington Southall Hanwell West Ealing Ealing Broadway Acton Main Line Paddington Bond Street Tottenham Court Road Farringdon Liverpool Street Whitechapel Portal (tunnel entrance and exit) Stratford Maryland Custom House Forrest Gate Manor Park Ilford Abbey Wood Heathrow Airport Canary Wharf Woolwich Station & Lines Distance (miles) Walking (mins) Oxford Circus Central, Victoria & Bakerloo Crossrail Bond Street Central & Jubilee, Crossrail (2018) Due for completion in 2018, Crossrail will provide a new high speed train service Communications BOND STREET Tottenham Court Road Central & Northern, Crossrail (2018) Leicester Square Piccadilly & Northern Piccadilly Circus Piccadilly & Bakerloo JUBILEE CENTRAL OXFORD CIRCUS VICTORIA BAKERLOO CENTRAL TOTTENHAM COURT ROAD NORTHERN CENTRAL 1 providing thousands of commuters quick access into and across London. This 16 billion infrastructure enhancement is the largest in Europe and will provide London and the south east with a world leading inner-city railway. The new line will link 37 stations and 2 London airports (Heathrow and City Airports) with journey times reduced by up to half. 200 million passengers are forecast to travel on Crossrail each year resulting in a 10% increase in London s rail capacity and bringing 1.5 million additional people within 60 minutes reach of the capital s key business districts. 2 Both Bond Street & Tottenham Court Road Underground Stations are currently undergoing major transformations to become two of the key hubs of the Crossrail network. The estate will benefit significantly from this with new ticket halls located minutes away at Dean Street and Hanover Square. PICCADILLY BAKERLOO PICCADILLY CIRCUS PICCADILLY NORTHERN At present Tottenham Court Road Station carries over a million passengers per week and once completed the station will have two new ticket halls, with the western ticket hall within 200 metres of Marlborough Yard. Footfall forecasts are set to more than double with commuters being able to travel from Heathrow Airport to Bond Street in just 26 minutes. LEICESTER SQUARE Artist s impression of ticket halls: (1) Crossrail Bond Street station at (eastern) Hanover Square and (2) Tottenham Court Road station (eastern).

7 Description

8 47 Poland Street Originally dating from the 1920 s the building was modified in the 1950 s to comprise a mid-terrace restaurant and office building arranged over basement, ground and four upper floors. The front elevation is constructed of solid brickwork beneath a slate clad mansard roof incorporating a glazed rooflight to the 4th floor. The building has been extended to the full site boundary only on ground and first floors providing an opportunity to extend to the rear above. Prior to being stripped out the basement and ground floors were used as a restaurant with the upper floors as offices. 48 Poland Street Constructed c.1928 the property comprises an office and retail building arranged over basement, ground and four upper floors. The building is centrally heated and benefits from an attractive brick façade with large windows and balconies to the rear at third and fourth floor levels. The offices have been fitted out by its occupiers and offer a mixture of exposed and suspended ceilings, wooden floors, roof lights and outside space.

9 50 Poland Street Constructed in 1965, the property comprises a purpose built office building arranged over part basement, ground and five upper floors incorporating a ground floor retail unit with the property extending over the entrance to the adjoining Poland Street car park. The multi-storey car park adjoins the property on both the southern and western flanks. The building is of reinforced concrete frame construction with brick elevations and single glazed tinted metal windows. The front elevation of the property incorporates a feature double height metal frame window at first to second floor levels. A large central core sits at the centre of the building splitting the accommodation into two sections. The front part of the building is mainly L-shaped and situated around a lightwell over the entrance to the adjoining car park. In addition there is a large open terrace at third floor level. The rear part is rectangular in shape and benefits from excellent natural light from the large windows along the length of the northern elevation and two roof terraces. The property has been stripped back to shell and core condition. The ground floor retail unit and lower ground floor have been sold off on a long lease.

10 47 Poland Street EXISTING NIA 50 Poland Street EXISTING NIA FLOOR USE SQ FT SQ M FOURTH THIRD SECOND FIRST S 1, GROUND RESTAURANT 1, FLOOR USE SQ FT SQ M FIFTH 2, FOURTH 5, THIRD 5, SECOND 6, FIRST 5, Existing Accommodation BASEMENT RESTAURANT TOTAL 5, Poland Street EXISTING NIA FLOOR USE SQ FT SQ M FOURTH THIRD SECOND FIRST GROUND RETAIL STORAGE BASEMENT STORAGE 1, TOTAL 5, GROUND 3, BASEMENT STORAGE TOTAL 29,434 2,734.5 Additional rear site area within Great Marlborough St. EXISTING NIA FLOOR USE SQ FT SQ M SECOND FIRST GROUND 1, BASEMENT TOTAL 3, Total EXISTING NIA SQ FT SQ M TOTAL 43,938 4,079.5

11 Tenure Tenure 47 Poland Street Freehold 48 Poland Street Freehold 50 Poland Street Long Leasehold Leasehold from the City of Westminster on a 150 year lease from 31st January 2001 (c.137 years unexpired) at a current ground rent of the higher of 10% of open market value or 63,500 per annum with review on a five yearly basis. Rear of Great Marlborough Street Freehold Great Marlborough Street Tenancy 47 Poland Street Vacant Possession 48 Poland Street FLOOR AREA TENANT LEASE LEASE BREAK RENT PER COMMENT (SQ FT) START EXPIRY ANNUM (PSF) FOURTH 710 Vacant THIRD 887 Tide Mill 20/08/ /08/2014 Rolling on 0.00 Tenant paying s/c and rates Media Plc 6 months only. Notice served, tenant notice vacating 31/03/2015 SECOND 906 Watkin 28/02/ /02/2018 Rolling on 0.00 Tenant paying s/c and rates Fuller 6 months only. Notice served, tenant notice vacating 31/03/2015 FIRST 901 Vacant GROUND & 1,875 Coral 24/06/ /06/2017 Rolling on 47,000 Outside the L&T act. BASEMENT Estates 6 months ( 30.66) Ltd. notice TOTAL 5,279 47, Poland Street Vacant Possession subject to part ground and basement floors being sold off to the Vinyl Factory on a long lease for a term expiring 30th January 2051 at a fixed rent of 2,000 per annum. Part Poland Street Leasehold Freehold

12 Redesigned façade and a contemporary new Soho reception and courtyard Proposed Scheme Indicative façade layout

13 Description An office led mix-use scheme has been prepared by Trehearne Architects, for the creation of a new courtyard office development in the vibrant heart of Soho. By reconfiguring four properties, a proposal incorporating c. 55,000 sq ft of net office accommodation to current standards is formed around a new central core and courtyard, plus c. 2,850 sq ft of A3 restaurant accommodation. New façades have been designed to maximise the potential of natural light to the office floor plates and to re-image the existing dated elevations with larger window openings and panelised cladding. Full-height glazed curtain walling to the courtyard elevations have been designed to maximise natural light to the rear office wings and to enhance views out over a new landscaped courtyard. Internally, exposed concrete soffits and ducted services create a Soho aesthetic to the accommodation, whilst a large contemporary reception area and WC facilities will be designed to a high specification. Bicycle and shower facilities are located at basement level sufficient at least to achieve the targeted BREEAM 2014 Very Good rating. The scheme provides for 8 outdoor spaces on multiple floors totalling 4,953 sq ft (460.5 sq m) and is subject to obtaining all necessary consents. For a detailed specification, please refer to the password protected Data Room. Unique courtyard space with the potential for elevated walkways Indicative courtyard layout

14 Proposed Schedule of Areas NIA EXISTING NIA PROPOSED GIA PROPOSED FLOOR SQ FT SQ M SQ FT SQ M SQ FT SQ M SIXTH 3, , FIFTH 2, , , FOURTH 6, , ,517 1,070.0 THIRD 7, , ,662 1,083.5 SECOND 9, , ,617 1,079.3 FIRST 8, , , GROUND 7, , , (RECEPTION) (1,125) (104.5) RESTAURANT 953* 88.6* BASEMENT STORAGE 2, , RESTAURANT 1,895* 176.0* 1, TOTAL 43,938 4, ,712 5, ,717 6,570.1 *GIA Indicative reception layout Notes These areas have been measured from scaled digital scans of pdf survey information provided by the client. These areas reflect the design development regarding principally the increased reception area, omission of existing escape stairs and insertion of the atrium. They are approximate and subject to further design development. Consequently, at this early stage of the design process, they should not be relied upon.

15 EXISTING TENANT NOT PART OF DEMISE PLANT Proposed Floor Plans PLANT PLANT BIN STORE SHOWERS LOCKERS wc EXISTING RETAIL UNIT NOT PART OF DEMISE COURTYARD A3 RESTAURANT UNIT SERVICE ENTRANCE RECEPTION A3 RESTAURANT UNIT POLAND STREET Basement Restaurant: 1,895 sq ft (176.0 sq m)* Ground Office: 6,223 sq ft (578.2 sq m) Restaurant: 953 sq ft (88.6 sq m)* *GIA Not to scale. For indicative purpose only.

16 wc wc DOUBLE HEIGHT AREA (AT SECOND FLOOR ONLY) First 10,312 sq ft (958.0 sq m) Second 10,373 sq ft (963.7 sq m) Not to scale. For indicative purpose only.

17 wc TERRACE wc TERRACE Third Fourth 10,438 sq ft (969.7 sq m) 10,291sq ft (956.1 sq m) Not to scale. For indicative purpose only.

18 TERRACE GREEN ROOF TERRACE wc TERRACE TERRACE Fifth Sixth 3,980 sq ft (369.8 sq m) 3,247 sq ft (301.7 sq m) Not to scale. For indicative purpose only.

19 Market Commentary Occupational 2014 was an exceptional year for both West End and Central London offices as a whole, with total take-up at the highest level since before the global economic crisis. The year finished very strongly, particularly in Q3 with West End take-up nearly 50% above the long term average. West End vacancy rates for Grade A offices have recorded a steady downward trend over recent years and now stand at sub 4%, leaving occupiers with very limited relocation options. Soho is no exception, where strong demand comfortably outstrips the current supply and with limited development pipeline this is unlikely to change in near future. Marlborough Yard in the heart of Soho, therefore offers investors and developers an exciting opportunity to bring not only c. 55,000 sq ft of stunning media style offices and c. 2,850 sq ft of highly desirable A3 restaurant space to the Soho market, but also to create a new courtyard development that offers exactly the unusual character space that so appeals to both new and traditional Soho occupiers. It is a combination of this limited supply and the fact that Soho now enjoys more multi business sector appeal than at any time in the last 20 years, that have driven rents to above per sq ft for the premium space. With prime rents for new space in the core submarkets of Mayfair and St James s hitting per sq ft and more, the traditional financial and other discerning service sector occupiers are now looking to Soho for better value and more significantly the unique and exciting vibe that comes with working in such a world renowned creative hub. Example of Recent Occupational Transactions ADDRESS AREA TENANT TRANSACTION RENT DATE (SQ FT) (PSF) Medius, 2 Sheraton Street, W1 15,225 Grapple Mobile Ltd OML Q1, 2014 Air, W1 24,468 Twitter OML Q1, Golden Square, W1 2,763 M&C Saatchi OML Q1, Bentinck Street, W1 21,800 TDR Capital OML Q2,2014 Fitzroy Place, W1 144,000 Estée Lauder OML Q2, Great Marlborough Street, W1 4,200 FT Advisors OML (top two floors) 85.00/ Q3, Great Marlborough Street, W1 2,674 Pearl Property Trust OML Q3, Stephen Street, W1 28,000 Freud OML Q3, Beak Street, W1 1,757 Karla Otto Ltd OML Q3, 2014 UK House, 2 Great Titchfield Street,W1 3,200 Countrywide OML Q4, Stephen Street, W1 16,148 Media Sector Under Offer Low 80s Q1, 2015 *The above information has been provided by third parties and is subject to verification. OML = Open Market Letting

20 Market Commentary Investment 2014 broke previous West End investment records with transaction volumes totalling 8.9bn (surpassing 2013 s record volumes of 8.7bn) as demand continued to outstrip supply on prime assets putting increased downward pressure on yields and driving higher capital values. Prime yields remain at record lows of c.3.25% as the weight of demand for prime stock from domestic and overseas investors seeking positive rental growth forecasts remain strong. London continues to be perceived as a safe haven for overseas investors due to a transparent and competitive investment market, established legal system, political stability and strong growth prospects. Despite this, in 2014 domestic investors remained very active accounting for more than 40% of total volume across over half of all transactions. With continued strong economic performance and further rental growth expected, overseas and domestic investors will continue to target central London. Demand remains extremely strong for value add and development opportunities as the continued loss of office space to residential across the West End, and in particular Soho, has seen rental levels surge with investors vying to secure prime stock. Example of Recent Investment Transactions ADDRESS TENURE AREA PRICE NIY CAPITAL DATE COMMENTS (SQ FT) VALUE (PSF) 47 Great Marlborough Street FH 8, m 2.69% 1,163 Q1, 2015 Available Great Marlborough Street FH 12, m N/A 1,613 Q4, 2014 Available Vacant possession with consent for a residential led scheme 72 Broadwick Street FH 65, m 4.17% 1,026 Q4, 2014 Retail sold off 19 Golden Square FH 5, m 2.11% 1,608 Q4, 2014 Short term income until May Great Marlborough Street FH 2, m N/A 1,635 Q3, 2014 Short term income 52 Poland Street FH 20, m 2.5% 1,300 Q3, 2014 Short income until June Golden Square FH 17, m 3.29% 1,343 Q2, 2014 Short term income Great Marlborough Street FH 13, m 3.48% 1,021 Q2, 2014 Short term income Jaeger House, 57 Broadwick Street FH 24, m 2.71% 1,234 Q1, 2014 Vacant possession on 9 months notice *The above information has been provided by third parties and is subject to verification.

21 EPC & VAT PROPERTY EPC RATING VAT 47 Poland Street D (84) VAT elected 48 Poland Street C (69) Not VAT elected 50 Poland Street D (90) VAT elected Data Room Further information is available upon request. Proposal Offers in excess of 45,000,000 for the benefit of 100% of the issued share capital in our clients SPV reflecting a capital value of 1,024 psf on the existing NIA and just 779 psf on the proposed NIA. Contact For further information or to arrange an inspection, please contact: Marlborough Yard Soho Scott Lister D: +44 (0) scottlister@michaelelliott.co.uk Mark Shipman D: +44 (0) markshipman@michaelelliott.co.uk Robert Skioldebrand D: +44 (0) robert.skioldebrand@montagu-evans.co.uk Angus Marlow-Thomas D: +44 (0) angus.marlow-thomas@montagu-evans.co.uk Misrepresentations Act 1967 & Declaration: Michael Elliott and Montagu Evans 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 good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott nor Montagu Evans has any authority to make or give any representations or warranty whatever in relation to this property. February 2015 siren +44 (0) sirendesign.co.uk S06400

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