The New Era Estate Whitmore Road, London N1 5QA. Unique mixed use investment in an emerging area of city fringe London with redevelopment potential

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1 The New Era Estate Whitmore Road, London N1 5QA Unique mixed use investment in an emerging area of city fringe London with redevelopment potential

2 EXECUTIVE SUMMARY An island site comprising residential and retail offering extensive refurbishment / extension and redevelopment opportunities Well located for public transport in the London Borough of Hackney where the housing market is under pressure from population growth Equidistant from both Haggerston and Hoxton stations both on the London Overground and less than a mile from Old Street station (Northern line, London Underground) Freehold 1.03 acre urban site less than a mile from Hoxton Square providing a total of 56,596 sq ft (5,258 sq m) of residential and retail accommodation The property currently comprises 96 flats and 12 retail units with the residential element let at a low blended average weekly rent of 143 The first time the property will have been sold since original construction A number of the flats have been fitted out by the tenants to a high specification Gross current income of 754,098 per annum with the opportunity to substantially increase rents through asset management To be sold by way of a company sale offering a stamp duty saving Offers are sought for our clients freehold interest subject to contract and exclusive of VAT

3 LOCATION The New Era Estate is located in a predominantly residential area in the South West corner of the London Borough of Hackney close to where it borders Islington. The surrounding population is a mixture of young professionals and Hoxton locals. The area is popular due to its close proximity to the City 1.5 miles (2.5 km) and the West End 3.5 miles (5.5 km). In recent years the area has seen signifi cant investment as the trendy suburbs of Shoreditch and Islington adjoining Hoxton have grown in popularity. The regeneration and redevelopment of the area continues with an increasing number of upmarket residential developments being built along the banks of the Grand Union Canal. New Era Estate SITUATION The location of the New Era Estate is well positioned for local public transport. Both Haggerston and Hoxton stations are within half a mile with both stations served by the London Overground. Old Street Underground station is situated less than a mile from the property providing direct services to Kings Cross and Bank on the Northern Line. The local residents are also well served by a number of bus routes running along Kingsland Road. Surrounded by Whitmore Road, Phillip Street, Halcomb Street and Orsman Road the New Era Estate forms a unique island site of medium density residential buildings and a parade of local convenience shops fronting Whitmore Road. The property is situated in close proximity to a number of more modern residential developments and 1960 s built mid rise tower blocks. The Grand Union canal is situated only minutes to the north of the property and Shoreditch Park is a short walk to the south. Hoxton Street provides numerous restaurants and bars and a thriving nightlife. Hoxton Street Market which is held Mondays to Saturdays is also within walking distance of the property. This famous street market offers a sea of colourful food and fashion stalls which attract shoppers from many of the surrounding districts. Google maps

4 DEVELOPMENT IN THE AREA The surrounding area has seen significant residential investment in recent years with a number of major new developments. Highlighted on the map below are the major new developments in the vicinity: Indigo London City A2Dominion 24 Apartments Completed 2010 Kingsland Wharves L&Q (Housing Assoc) 24 Apartments Completes March 2012 Reliance Wharf Metropolitan Housing Trust 75 Apartments Completes summer 2012 Google maps Hoxton Wharf Hutley Wharf New Era Estate Grand Canal Apartments Mandarin Wharf Countryside Properties 83 Luxury Apartments Completed 2010 Rooff Developments 15 Apartments Completes December 2011 Regal Homes 76 Apartments Completes October 2012 North River Alliance 25 Apartments Completed 2009

5 DESCRIPTION The New Era Estate comprises three separate buildings providing 13 houses (identified on the Ordnance Survey Plan above) that were built in the mid-1930s. The buildings provide accommodation on ground, first, second and third floors with the ground floor on Whitmore Road providing retail trading space and the remainder residential. Each of the 13 houses has a central core providing staircase access and rubbish chutes. All of the flats had upvc double-glazed windows fitted approximately 10 years ago and the majority of the residential properties have the benefit of independent central heating. An entry phone system was also installed around 10 years ago. All apartments also have their own domestic cold water mains feed and the property was repointed and many of the rainwater pipes and guttering renewed in the last three years. The property offers a major opportunity to refurbish, extend or redevelop all of the retail and residential accommodation. This could take the form of a refurbishment to upgrade the quality of the apartments internally providing modern bathroom and kitchen facilities and refurbishment of the common parts. Subject to planning, the property could be extended by adding one or two additional floors of residential accommodation, to mirror the height of neighbouring buildings. Alternatively, greater site density could be achieved (also subject to planning) by way of wholesale redevelopment to provide more retail unit shopping which might include a food store and more apartments. ACCOMMODATION The New Era Estate comprises 12 retail units and 96 flats in 13 houses providing a total 56,596 sq ft (5,258 sq m) of accommodation. The retail accommodation fronts Whitmore Road providing a total of 4,368 sq ft (405.8 sq m) which range in size between 257 sq ft (23.9 sq m) and 668 sq ft (62.1 sq m). The residential accommodation is made up of 14 one bedroom flats, 70 two bedroom flats and 12 three bedroom flats and provides approximately 52,228 sq ft (4,852 sq m) excluding communal space. The average areas for the one bedroom flats are 423 sq ft (39.4 sq m); two bedroom flats 545 sq ft (50.7 sq m) and three bedroom flats 662 sq ft (61.5 sq m). The property provides 32 car parking spaces within the inner courtyard. TENURE The property is held freehold as outlined in red on the plan above. A small portion of the site identified on the Title Plan (available via electronic Data Room) known as Halcomb Place is held by way of Possessory Title.

6 INCOME & RENTAL VALUE The property produces a gross current income of 754,098 per annum and is let in accordance with the tenancy and accommodation schedule which is available via the electronic Data Room. 95% of the total income is derived from the apartments and 5% from the retail units. Eight of the 12 retail units are let with five of these retailers currently holding over. The remaining retail units are currently vacant. All of the residential units are let with 84 of the lettings on Assured Shorthold Tenancies (AST) and 12 flats let on Regulated Tenancies protected under the Rent Act The landlord holds deposits under an authorised scheme, where applicable. In respect of the AST lettings, the one bedroomed apartments are let at average rents of 133 per week; two bedrooms at rents of 150 per week and three bedrooms at between 163 per week. The passing rents are low when compared to open market lettings in the area where rental values on new apartments are significantly higher. ASSET MANAGEMENT/DEVELOPMENT OPPORTUNITY With the exception of the works referred to earlier, the property has not been substantially refurbished since it was built in the 1930s and as such there is an opportunity to undertake a significant upgrade of the property. Refurbishing the flats by way of renewing bathroom and kitchen facilities and general redecoration. Extension to the building could be undertaken adding further floors of residential (subject to planning) increasing the height of the building similar to that of surrounding buildings. A more substantial redevelopment of the site could be undertaken (subject to planning) to increase the site density and provide more retail and residential accommodation. VAT As a company sale this transaction will not attract VAT. PROPOSAL Offers are sought for our clients freehold interest subject to contract and exclusive of VAT. As a corporate sale the purchaser will not be required to pay stamp duty. FURTHER INFORMATION An Information Pack has been prepared and is available by way of download from an electronic Data Room. To obtain the access to the Data Room, Nancy Carpanen on nancy.carpanen@colliers.com or if you have any questions, please contact: Colliers International Andre James andre.james@colliers.com Annabel Haan annabel.haan@colliers.com Bowyer Bryce Ray Arrowsmith ray.arrowsmith@bowyerbryce.co.uk Ian Harding ian.harding@bowyerbryce.co.uk SUBJECT TO CONTRACT 9 Marylebone Lane London W1U 1HL 96 Silver Street Enfield EN1 3TW Colliers International, and its joint agents, Bowyer Bryce, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International, or its joint agents, has any authority to make any representation or warranty whatsoever in relation to this property. January Colliers International is the licensed trading name of Colliers International UK plc. Company registered in England & Wales no Registered office: 9 Marylebone Lane, London W1U 1HL. Bowyer Bryce is the trading name of Bowyer Bryce (Surveyors) Limited. Company registered in England and Wales No Registered office: 96 Silver Street, Enfield EN1 3TW.