22 23 Old Burlington Street Mayfair W1

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1 22 23 Mayfair W1

2 Regent s Park Hyde Park Grosvenor Oxford Street Hanover Oxford Circus Berkeley Bond Street Investment opportunity Rare opportunity to acquire a Freehold building in the heart of London s West End. Of interest to investors, residential developers and owner occupiers. Savile Row Regent Street Golden Prestigious Mayfair address. Comprehensively refurbished in 2009 to provide high quality Grade A office accommodation with an ancillary lower ground floor residential flat. Piccadilly Attractive Grade II listed buildings extending to 6,555 sq ft (609 sq m) net internal area and 9,155 sq ft (850.5 sq m) of gross internal area. Low passing rent of 392,379 per annum which reflects per sq ft on the leased accommodation, offering excellent rental growth prospects. Full vacant possession achievable in September Our client is seeking offers in excess of 9,250,000 (Nine Million Two Hundred and Fifty Thousand Pounds) for their freehold interest subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 4.% and a capital value of 1,411 per sq ft on the NIA and 1,010 per sq ft on the GIA after deducting purchaser s costs of 1.8%.

3 Location Communication and situation The West End has evolved over the years to become one of the world s leading locations for business, commerce, retailing and living. The West End has always been favoured by the rich elite as a place of residence and commerce. London s West End was developed in the th, th and th centuries, originally built as a series of palaces and exclusive town houses, complemented by fashionable shops and restaurants. Today the City of Westminster, which forms the core of the West End of London, is a truly cosmopolitan location. It provides a unique and vibrant environment for business, shopping and entertainment and is one of the most sought after and established office markets in the world. Mayfair is one of the most exclusive districts of the West End of London and is internationally renowned for some of the finest hotels, restaurants, private clubs, galleries and residential homes in the world. The area is home to many of the capital s key headquarters office buildings. The location s desirability to residents and office occupiers alike is enhanced by some of London s finest retailers on Regent Street, Bond Street, Piccadilly and Savile Row. Long established brands such as Fortnum & Mason, Liberty and Fenwick are complemented by exclusive luxury retailers including Asprey, Chanel, Bvlgari and Louis Vuitton. Regent Street is home to flagship stores for world famous brands such as Apple, Burberry, Ferrari and Banana Republic, whilst Savile Rowboasts retailers such as Gieves & Hawkes, Ozwald Boateng and Abercrombie & Fitch. Five star hotels include The Connaught, Claridge s and the Ritz and restaurants such as Cipriani, Nobu, Maze and Scott s contribute to the high quality appeal of the area. is a key office and highly desirable residential location within Mayfair, running parallel to New Bond Street and Savile Row linking Boyle Street to the north and Burlington Gardens to the south. The property is located on the west side of to the north of its junction with Clifford Street. is highly accessible by public transport, being situated within a short walking distance of Piccadilly Circus (Piccadilly and Bakerloo lines), Oxford Circus (Bakerloo, Victoria and Central lines), Bond Street (Jubilee and Central lines) and Green Park (Victoria, Jubilee and Piccadilly lines) London Underground stations. Mainline railway stations including Charring Cross, Waterloo, Victoria, King s Cross and Paddington are easily accessed via the London Underground system. Regular express train services from Paddington and Victoria provide rapid access to Heathrow and Gatwick airports respectively, with regular services every 15 minutes. London City airport is also within easy reach being approximately 45 minutes travel via the Jubilee line and Docklands Light Railway. Eurostar services to Continental Europe operate from St Pancras International station. The Crossrail network is currently under construction and this will further improve the communications of the area. The new rail network will provide direct access to Heathrow, Canary Wharf and reduce the journey times from Bond Street to Paddington to 2 minutes. There will be direct commuter access through Central London with Crossrail stations at Paddington, Bond Street, Tottenham Court Road, Farringdon, Liverpool Street and Canary Wharf, increasing London s existing underground capacity by 10 percent. The Bond Street eastern ticket hall is located at Hanover, approximately 400 metres north of. Crossrail route map London W1 Cumberland Portman Portman Street Park Street North Row North Row Green Street Wood s Mews Orchard Street North Audley Street Seymour Street Wigmore Street Marble Arch Park Lane Reeves Mews Duke Street Duke Street Grosvenor St Christopher s Place James Street Gilbert Street Mount Street Marylebone Lane Bond Street Davies Street Davies Street Adam s Row Mount Row New Bond Street New Bond Street Oxford Street Oxford Street Upper Brook Street Brook Street Berkeley Bruton Place Upper Grosvenor Street Grosvenor Street Maddox Street 4 5 Henrietta Place Bruton Street 8 7 Hanover 3 13 Conduit St 14 Mill St 12 Clifford St Oxford Circus Cork Street 15 Saville Row Great Marlborough Street Regent Street Beak St Vigo Street Sackville Street Warwick Street Golden Hotels 1. The Ritz 2. Browns Hotel 3. The Westbury 4. The Connaught 5. Claridge s 6. The May Fair Restaurants 7. The 8. Hakkasan 9. Nobu 10. Cecconi s 11. Langan s 12. Hibiscus 13. Louis Vuitton 14. Asprey 15. Ralph Lauren 16. Fortnum & Masons. Ozwald Boateng. Burlington Arcade South Audley Street Park Lane Hyde Park Mount Street Gardens Hill Street 22 Charles Street Curzon Street Bolton Street 6 11 Grafton Street Dover Street Berkeley Street 9 Albemarle Street 2 Old Bond Street 23 1 Piccadilly St James Street 16 Jermyn Street Duke Street Offices. LVMA 20. Queensberry House Norges Bank Hines 21. Fortess Investment Group 22. Blackstone 23. Lazard Green Park Tube

4 Description Accommodation is an attractive Grade II listed Georgian self-contained office building, originally constructed as two town houses in 12. The two former townhouses are now interconnected, with the addition of a fourth and fifth floor level added in the late 90 s. The building was also comprehensively refurbished internally and externally in 2009 to form a single high quality Grade A office building with an ancillary lower ground floor flat, whilst sensitively retaining period features throughout. Internally the office floors are broadly rectangular in shape with both the lift access and staircase situated to the south west corner providing excellent natural light. The property is arranged over lower ground, ground and five upper floors and provides 6,555 sq ft (609 sq m) net internal area and 9,155 sq ft (850.5 sq ft) of gross internal area behind a period façade. 31 The specification includes: Raised floors Air conditioning Modern communal shower facilities Male/female WCs on each floor 51 9 The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition) and a copy of their report can be made available on request and will be assignable to the purchaser. The approximate net internal floor areas are as follows: Floor Use NIA sq ft NIA sq m GIA sq ft GIA sq m Fifth Office Fourth Office , Third Office , Second Office , First Office 1, , Ground Office/Reception 1, , Lower Ground Office/Residential*/Storage 1, , Total 6, , ington Place 32 * Residential flat measured on a net saleable area e Street a a Conduit Street Third floor 936 sq ft / 87 sq m New 26a 25 Boyle Street 1-11 Heathcote House Clifford Street Saville Row 24 Offices Bond Street Cork Street Clifford Street 15c a Not to scale. For indicative purposes only a 7 22

5 Tenure The property is held freehold. Tenancies The property is currently let to six tenants in accordance with the tenancy schedule below: Description Use Tenant Areas (sq ft) Lease Start Break Option Expiry Date Current Rent (pa) Current Rent (psf) Comments Fifth Floor Office Hay Tor Capital LLP 591* 11/08/ /08/ /08/ , Fourth Floor Office Loegria Limited /04/ /04/ , Deed of variation providing for three months mutual rolling break clause. Rent increase of 5% on 1st January and every anniversary thereafter. Third Floor Office Holland Park Capital LLP /01/ /01/ /01/ , Second Floor Office Wayzata Investment Partners (UK) Ltd /08/ /08/ /08/ , First Floor Office Queensgate Investments LLP 1,033 29/03/ /06/ /03/20 71, Half rent until 29/09/2012. Ground & Part Lower Ground Office P2 Developments Ltd 1,306 01/01/ /09/ /12/20 71, Lower Ground Storage/Ancillary Vacant 108 Lower Ground Residential Vacant ,000 Vendor to provide six months rent top up. Total 6,405 *Includes 41 sq ft of storage. All leases are contracted outside of the security of tenure provisions of the Landlord and Tenant Act 54.

6 Planning The property is situated within the London Borough of Westminster and is within the Mayfair conservation area. The building is Grade II listed and benefits from B1 office use whilst the lower ground floor has the advantage of part office and part residential uses. As the building is largely in office use, residential change of use will be acceptable to (Westminster City Council), subject to the impact of any changes on features of special interest on or within the listed buildings, the maintenance of sufficient amenity for residential neighbours (for example daylight and sunlight and overlooking) and the creation of sufficient amenity for the new residential occupants of the building. No affordable housing will be required as the site falls below WCC s threshold of 10,764 sq ft gross external area (1,000 sq m gross external area). Planning policy indicates that a wide series of other land uses would be possible for the site, subject to their impact on the listed buildings features of special interest, including hotel, serviced apartments and short-term lets, embassy and medical uses. Residential Potential represents a rare freehold residential conversion opportunity in a Prime Central London location where there is significant demand for high quality residential stock. It is considered that the existing floor plates along with the location of the staircase and lift allow for the conversion of the building into a scheme of lateral residential flats subject to the the planning considerations outlined above and architect feasibilities. Furthermore, since the building was originally built as two townhouses, the reinstatement of the original configuration ought also to be feasible. VAT The property has been elected for Value Added Tax and therefore it is intended that the sale will be treated by way of a TOGC. Transaction Structure The property is the only asset held within a JPUT structure, further details of which can be provided on request. Investment Rationale Rare opportunity to acquire a Freehold building in the heart of London s West End. Of interest to investors, residential developers and owner occupiers. Prestigious Mayfair address comprehensively refurbished in 2009 to provide high quality Grade A office accommodation with an associated lower ground floor flat. Low passing rent of 392,379 per annum which reflects per sq ft overall on the lease accommodation offering excellent rental growth prospects. Full vacant possession achievable in September Proposal Our client is seeking offers in excess of 9.25m (Nine Million Two Hundred and Fifty Thousand Pounds) for their freehold interest subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 4.% and a capital value of 1,411 per sq ft on the NIA and 1,010 per sq ft on the GIA after deducting purchaser s costs of 1.8%. Since there is a flat roof above the first floor running the entire length of the rear of the building and a further roof above the second floor in the south-western part of the building, there may also be scope to provide external amenity space subject to resolving any potential overlooking issues. In summary, is in a prestigious location within Westminster where there is a presumption in favour of residential conversion. The building itself has considerable scope for a sensitive residential conversion with associated outsideamenity space. Further information To arrange an accompanied inspection or access to the marketing website at please contact the sole agents: Jones Lang LaSalle 30 Warwick Street, London W1B 5NH Switchboard +44 (0) James Rood West End Investment +44 (0) james.rood@eu.jll.com Edward De Stefano West End Investment +44 (0) edward.destefano@eu.jll.com Bruno Jaczkowski Central London Residential +44 (0) bruno.jaczkowski.destefano@eu.jll.com Misrepresentations Act 67 & 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. April 2012.

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