20-24 BROADWICK STREET LONDON W1

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1 20-24 BROADWICK STREET LONDON W1

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3 3 AN EXCEPTIONAL FREEHOLD REDEVELOPMENT OPPORTUNITY IN THE HEART OF SOHO Broadwick Street & Berwick Street, London, W BROADWICK STREET & BERWICK STREET, LONDON, W1

4 GREEN PARK OLD BOND STREET PICCADILLY CIRCUS SHAFTESBURY AVENUE BREWER STREET BROADWICK STREET WARDOUR STREET DEAN STREET FRITH STREET CROSSRAIL WESTERN TICKET OFFICE - TOTTENHAM COURT ROAD SOHO SQUARE

5 CARNABY STREET HYDE PARK 5 NEW BOND STREET REGENT STREET GREAT MARLBOROUGH STREET OXFORD CIRCUS BERWICK STREET OXFORD STREET Bounded by Oxford Street to the north, Shaftesbury Avenue to the south, Charing Cross Road to the east and Regent Street to the west, Soho spans an area of approximately one square mile and takes centre stage in the heart of London s West End BROADWICK STREET & BERWICK STREET, LONDON, W1 5

6 CGI of consented scheme

7 7 EXECUTIVE SUMMARY Located in the heart of Soho. Moments from the world renowned retail thoroughfares of Oxford Street, Regent Street and the new Crossrail Station at Tottenham Court Road. Modern mixed-use office and retail building comprising 2,067.8 sq m (22,258 sq ft) NIA arranged over, basement ground and six upper floors. Planning permission to redevelop the property into 24 residential apartments with a net saleable area of 1,773 sq m (19,090 sq ft) and 231 sq m (2,486 sq ft) of retail accommodation. Prominent frontage to Broadwick Street and Berwick Street. Office redevelopment opportunity suitable for owner occupiers. Vacant possession achievable by 31st July 2016*. Freehold. Offers in excess of 25,000,000 reflecting a capital value of 1,123 per sq ft on the existing accommodation and 1,159 per sq ft on the consented residential scheme. * with the exception of the basement substation BROADWICK STREET & BERWICK STREET, LONDON, W1

8 Great Portland Estates Development

9 9 SITUATION Forming an L-shaped site, the subject property occupies a prominent Soho location benefitting from prime frontage to the northern side of Broadwick Street and the western side of Berwick Street. Immediately adjacent to the subject property, a major office and retail development by Great Portland Estates is underway, comprising 80,000 sq ft of mixed use commercial accommodation arranged over seven-storeys BROADWICK STREET & BERWICK STREET, LONDON, W1

10 LONDON THE GLOBAL CENTRE Renowned for its history, heritage and culture, London has become the global capital for international investment. Combining a well-balanced economy, political stability and an enviable position as the financial centre of Europe, London is a highly sought after investment destination with a property market proven to be the default choice for international capital seeking safe and stable investment returns. A leading cultural centre, London boasts many of the world s pre-eminent galleries and museums and is at the forefront of the global arts scene. It is home to a large number of Michelin starred restaurants and is famed for its shopping, bars and nightlife. London is also the home of choice for many of the global elite, including artists, designers, intellectuals and business leaders and has become one of the most cosmopolitan and dynamic cities in the world.

11 BROADWICK STREET & BERWICK STREET, LONDON, W1

12 A Unique History

13 13 SOHO Spanning some 400 years, Soho s history is both fascinating and enchanted. First appearing in the 17th Century the name Soho derives from a former hunting cry of the rich - Soohoo - and was used by James Scott, the 1st Duke of Monmouth as a rallying call for his men at the Battle of Sedgemoor in July Originally grazing farmland, the area of Soho was acquired by Henry VIII as a Royal Park for the Palace of Whitehall but it wasn t until the 1670s after the Great Fire of London that Soho underwent modern urbanisation when bricklayer Richard Frith began development. Despite the best intentions of landowners such as the Earls of Leicester and Portland to develop Soho on a similar scale to neighbouring Bloomsbury and Mayfair, the area never became fashionable for the rich and wealthy. Instead it became home to many waves of immigrants, including the Greeks (hence Greek Street) and most of all the French Protestant Huguenots of the 1680s, after which the area became known as London s French quarter. By the mid-18th Century, the aristocrats who had been living on Soho Square and Gerrard Street moved away and were replaced by artists, writers and musicians adding to the area s cultural and artistic diversity. During the 19th Century notable residents included British painter John Constable (Frith Street), writer Percy Shelley (Poland Street) and composer Franz Liszt (Great Marlborough Street). Soho s fascinating evolution continued during the 20th Century as the area developed a prestigious and long-standing association with London s art and fashion scenes as well as the film and music industries. Soho has long been synonymous with London s music scene. From the likes of Chet Baker, Ella Fitzgerald and Nina Simone who appeared at the world famous Ronnie Scott s to Led Zeppelin, David Bowie and the Rolling Stones who performed at the Marquee Club, music has been the lifeblood of Soho BROADWICK STREET & BERWICK STREET, LONDON, W1

14 SOHO London s most cosmopolitan village Bordered by the exclusive Mayfair and St James to the west and south, the vibrant creativity of Fitzrovia to the north and the internationally renowned entertainment of Covent Garden to the east, Soho has long been considered London s most cosmopolitan village. Over the last 30 years Soho has benefitted from significant investment and redevelopment, evolving to become Central London s most creative and vibrant quarter. At the cutting edge of London s trends, Soho s eclectic mix of boutiques centred around Carnaby Street compliment the world renowned international retail line-up on Oxford Street and Regent Street. Leading brands such as Wolsey, Pretty Green and Woolrich create an unrivalled and unique retail experience. Soho is a major draw for the media industry with occupiers including Sony, Warner Music, M&C Saatchi and Twitter. In recent years, Soho has become the preferred alternative for the traditional corporate and financial occupiers of St James s and Mayfair. The significant improvements in local amenities and the redevelopment of existing building stock for both commercial and residential uses has successfully attracted a younger more dynamic community further fuelling demand for more contemporary space. A premier residential address Combined with unrivalled communications and significant nearby amenities, Soho has become one of Central London s most prestigious and sought after residential addresses. The Soho sub-market remains characterised by a continued lack of supply resulting in capital values now achieving in excess of 2,500 per sq ft.

15 BROADWICK STREET A creative commercial hub The UK s creative economy is one of its great national strengths, is historically deeply rooted and accounts for around one-tenth of the whole economy. The creative workforce provides jobs for 2.5 million people and in recent years has grown 4 times faster than any other sector. Soho is at its epicentre BROADWICK STREET & BERWICK STREET, LONDON, W1

16 COMMUNICATIONS With four tube stations located less than 0.5 miles away, the property benefits from unrivalled access across the Capital. FITZROVIA BOND STREET 0.8 miles 12 minutes 5 minutes OXFORD CIRCUS 0.4 miles 7 minutes 4 minutes OXFORD STREET TOTTENHAM COURT ROAD 0.2 miles 4 minutes 2 minutes TOTTENHAM COURT ROAD 0.4 miles 7 minutes 4 minutes COVENT GARDEN CHARING CROSS ROAD BOND STREET 0.3 miles 7 minutes 3 minutes MAYFAIR REGENT STREET SOHO SHAFTESBURY AVENUE PICCADILLY CIRCUS 0.3 miles 6 minutes 3 minutes LEICESTER SQUARE 0.5 miles 9 minutes 3 minutes GREEN PARK 0.7 miles 15 minutes 6 minutes

17 17 CROSSRAIL Crossrail is Europe s largest infrastructure project and is widely expected to revolutionise transport across London. Due for completion in 2018, this world-class, inner-city transport link will provide 100 km services east to west across London bringing 1.5 million people within 60 minutes of the Capital s key business and retail districts. Crossrail will link 37 stations and two London airports (Heathrow and London City) 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 overall passenger traffic. HEATHROW 30 MIN PADDINGTON 5 MIN BOND STREET 2 MIN TOTTENHAM COURT ROAD Tottenham Court Road is undergoing an extensive upgrade as part of the 16 billion investment programme and will become a key hub of the Crossrail network. With two new ticket halls it will be will be a major interchange along the route and benefit from an additional entrance and ticket hall located on Dean Street, 400 metres to the north. Footfall forecasts are set to more than double with commuters being able to travel from Heathrow Airport to Tottenham Court Road Station in just 28 minutes. Tottenham Court Road is the sole Crossrail station that will connect with the proposed Crossrail 2 high capacity rail link. FARRINGDON 3 MIN LIVERPOOL STREET 5 MIN WHITECHAPEL 8 MIN CANARY WHARF 12 MIN STRATFORD 14 MIN Artist s impression of the new Tottenham Court Road Crossrail station BROADWICK STREET & BERWICK STREET, LONDON, W1

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19 Existing Broadwick Street façade 19 DESCRIPTION Developed in the 1960 s and comprehensively refurbished, re-clad and extended in 1988, Broadwick Street comprises a mixed-use building totalling 2,067.8 sqm (22,258 sq ft) NIA arranged over basement, ground and six upper floors. Accessed via a dedicated reception, the office accommodation is arranged over 1st to 6th floors providing modern, well-specified floor plates of approximately sq m (2,900 sq ft). The office floors allow for flexible occupation and easy sub-division providing the following specification: Fan coil air conditioning Suspended ceilings (tenant has removed in some areas) Raised access floors minimum depth between 95 mm and 110 mm 2 x five-person passenger lifts LG3 compliant lighting Male and female WC facilities Excellent natural light throughout The retail element comprises two self-contained units at ground floor level. Unit 1, accessed off Broadwick Street, provides sq m (2,042 sq ft) and Unit 2 accessed off Berwick Street, comprises 41.4 sq m (446 sq ft). Unit 2 has been sub-let to the tenant of the adjoining building and the party wall has been knocked through at ground floor level only. The basement provides five car parking spaces and storage accommodation BROADWICK STREET & BERWICK STREET, LONDON, W1

20 EXISTING FLOOR PLANS BASEMENT GROUND FLOOR Access Ramp Storeroom 5 6 Fire Escape Stair Access Ramp Fire Escape Stairs Storeroom 7 Fire Escape Stair Storeroom 1 Storeroom 4 BERWICK STREET BERWICK STREET Storeroom 2 Entrance Fire Escape Storeroom 3 BROADWICK STREET BROADWICK STREET TYPICAL UPPER FLOOR SIXTH FLOOR BERWICK STREET BERWICK STREET BROADWICK STREET BROADWICK STREET OFFICE RETAIL Not to scale. For identification purposes only.

21 21 EXISTING ACCOMMODATION FLOOR USE GIA (SQ M) GIA (SQ FT) NIA (SQ M) NIA (SQ FT) Roof Plant th Offices , ,418 5th Offices , ,687 4th Offices , ,913 3rd Offices , ,933 2nd Offices , ,929 1st Offices , ,776 Office Reception 25.7* 277* Ground Floor Retail Unit 1 (Broadwick Street) , ,042 Retail Unit 2 (Berwick Street) Basement Storage , ,105 TOTAL 2, ,462 2, ,249 * Office reception not included in NIA. ** The MSA Survey dated April 2015 calculates an existing NIA of 2,067.8 sq m (22,258 sq ft). The difference of 0.8 sq m (9 sq ft) from the table above is accounted for by the exclusion of dividing walls at ground floor level BROADWICK STREET & BERWICK STREET, LONDON, W1

22 CGI of consented scheme

23 23 PLANNING Located within the City of Westminster, the property falls within both the Central Activities Zone (CAZ) and the Soho Conservation Area. The building is neither Listed nor subject to local designation as an Unlisted Building of Merit. Detailed planning permission (Ref: 14/01450/FULL) was granted by Westminster City Council in June 2015 for the conversion and extension of the building to create additional 7th and 8th floors, to provide 24 residential apartments with retail accommodation (Class A1) arranged at ground floor and part basement level. The signed Section 106 Agreement requires an affordable housing payment in lieu (PIL) of 2,768,000 and a PROP Contribution of 20,000 to be used by Westminster City Council for monitoring purposes. In addition, the owner is to provide standard car club membership for each residential unit for a continuous period of at least 25 years from the date of first occupation of the relevant residential unit. The additional accommodation created by the scheme will be subject to Mayoral CIL at a rate of 50 per square metre, equating to further payment of 13, BROADWICK STREET & BERWICK STREET, LONDON, W1

24 CONSENTED SCHEME Appealing to both international and domestic purchasers, the scheme will provide 24 luxury private apartments arranged from 1st to 8th floors with a total net saleable area (NSA) of 1,773 sq m (19,090 sq ft). The unit mix comprises 5 x studio, 9 x one-bed, 4 x two-bed and 6 x three-bed units. The apartments on the 6th, 7th and 8th floors of the Broadwick Street elevation and 5th, 6th and 7th floors on the Berwick Street elevation will benefit from external terraces. Ceiling heights in the principal living areas across the scheme will be 2.6 metres. A new dedicated residential entrance on Broadwick Street will allow access through a secure lobby to the lifts and main service core. The inner lobby will provide a high level of security and privacy whilst the upper floors have lobby areas connecting two passenger lifts with the escape stairs. At ground floor level two stand-alone A1 retail units of 190 sq m (2,045 sq ft) and 41 sq m (441 sq ft) will provide prime frontage to Broadwick Street and Berwick Street respectively. A re-configured basement will allow for four underground car parking spaces, accessed via the existing ramp along with waste, plant and secure cycle storage for 28 bicycles. Robin Partington & Partners (RPP) The proposed scheme has been designed by the award winning architects Robin Partington & Partners (RPP). RPP has been involved in a number of prominent Central London developments including: Park House, Oxford Street, W1 Merchant Square Masterplan, Paddington, W2 1 New Street Square, EC4 The Sloane School, SW10 Shepherd s Bush Market, W Gray s Inn Road, WC1

25 25 CGI of consented scheme BROADWICK STREET & BERWICK STREET, LONDON, W1

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27 27 CGI of consented scheme BROADWICK STREET & BERWICK STREET, LONDON, W1

28 CONSENTED ACCOMMODATION BED APARTMENT 2 BED APARTMENT 1 BED APARTMENT STUDIO APARTMENT RETAIL G 3 BED APARTMENT 2 BED APARTMENT 1 BED APARTMENT STUDIO APARTMENT RETAIL

29 29 FLOOR UNIT NUMBER ACCOMMODATION BEDROOMS GIA (SQ M) GIA (SQ FT) NSA (SQ M) NSA (SQ FT) Duplex n/a Duplex , , Studio Flat Flat , , Flat Flat Flat , , Flat Flat Flat Studio Flat Flat Flat Studio Flat , , Flat Flat Studio Flat , , Flat Flat Studio Flat , ,098 1,826 19,651 1,773 19,090 FLOOR UNIT NUMBER USE GIA (SQ M) GIA (SQ FT) Ground Unit 1 Retail 190 2,045 Ground Unit 2 Retail , BROADWICK STREET & BERWICK STREET, LONDON, W1

30 CONSENTED SCHEME FLOOR PLANS BASEMENT GROUND FLOOR BROADWICK STREET BERWICK STREET BERWICK STREET BROADWICK STREET RETAIL Not to scale. For identification purposes only.

31 31 FIRST FLOOR SECOND FLOOR BROADWICK STREET BERWICK STREET BERWICK STREET 3 BED APARTMENT 1 BED APARTMENT STUDIO APARTMENT BROADWICK STREET BROADWICK STREET & BERWICK STREET, LONDON, W1

32 THIRD FLOOR FOURTH FLOOR FIFTH FLOOR 3 BED APARTMENT 2 BED APARTMENT 1 BED APARTMENT STUDIO APARTMENT Not to scale. For identification purposes only.

33 SIXTH FLOOR 33 TERRACE SEVENTH FLOOR TERRACE TERRACE TERRACE EIGHTH FLOOR 3 BED APARTMENT 1 BED APARTMENT STUDIO APARTMENT BROADWICK STREET & BERWICK STREET, LONDON, W1

34 MARKET COMMENTARY PRIME CENTRAL LONDON RESIDENTIAL MARKET The top tier of London s property market turned a corner in the spring of 2015, with the first quarterly price increase since Q arresting two consecutive three-month periods of reductions. With a decisive election result coming five weeks into Q2, the subsequent economic certainty this afforded allowed sellers and buyers to act with renewed confidence. Price appreciation in Prime Central London was 0.6%, and helped contribute to an overall Prime London improvement of 0.8% for the three months ending in June Despite the renaissance in Q2, the market hasn t returned to the heights of 2014, with values down 1% on the second quarter of 2014 in traditional prime postcodes and 1.1% lower in the second tier of top London properties. However, it is important to place this in the context of the 13% increase seen in Prime London house prices between Q and Q This means that the longer-term two-year comparison shows that Prime London house prices have climbed 12.1% since June The gradually smaller quarterly and annual changes posted over the past few periods suggest a market finding its natural level and a more sustainable pace of growth. Prime Central London has lost none of its lustre in terms of appeal or demand witnessed from prospective buyers, and remains the destination of choice for the global elite. The premium that purchasers can expect to pay to live in the most exclusive areas currently stands at 29.8%, proving that location really is key for the most discerning buyers. Below we set out details of some recent office to residential transactions: ADDRESS TENURE AREA (SQ FT) PRICE NIY CAPITAL VALUE ( PSF) COMMENTS DATE Golden Square, W1 FH + VFH 28,152 43,200, % 1,535 Vacant possession by December 2015 Planning consent for a residential led mixed use scheme Q Marlborough Yard, & 50 Poland Street, W1 FH + LLH 43,938 50,665,000 N/A 1,153 Vacant possession on 6 months notice Q Poland Street, W1 FH 8,836 12,000,000 N/A 1,358 Vacant possession on the upper parts Planning consent for a residential led mixed use scheme Q Cambridge House, Warren Street, W Great Marlborough Street, W1 FH 12,289 15,400,000 N/A 1,253 Vacant possession Planning consent for a residential led mixed use scheme FH 12,398 18,250,000 N/A 1,472 Vacant possession Planning consent for a residential led mixed use scheme Q Q Soho Works Estate FH + LLH 74,123 80,000,000 N/A 1,079 Vacant possession Planning consent for mainly office but mixed-use scheme 19 Golden Square, W1 FH 5,505 8,850, % 1,608 Vacant possession by May 2015 Planning consent for a residential led mixed use scheme Q Q Poland Street, W1 FH 20,489 26,000, % 1,268 Vacant possession by June 2015 Q3 2014

35 35 SOHO RESIDENTIAL MARKET The Soho residential market has risen in popularity in recent years and has now become one of Central London s most desirable neighbourhoods, with capital values having broken through the 2,500 per sq ft mark. The area is popular with international and domestic residents alike and given proximity to prestigious leading educational institutions such as the London School of Economics and University College London, it has also attracted investment from overseas students based in the area. Prices for prime new-build property in Soho range between 1,750 and 3,500 per sq ft which follows on from a 22.61% price rise from March 2013 to the present day (source: Zoopla). The number of new-build homes worth more than 1 million sold in 2014 exceeds the whole of the previous decade combined (source: Rightmove). This outperformance relative to the rest of PCL stems from two principal factors. Firstly, Soho has been relatively overlooked in terms of Central London s residential development activity in the 21st century. In the last few years a number of residential schemes have been delivered / consented (see comparables schemes section) which has resulted in substantial price increases due to the latent demand. Secondly, the commencement of work on Crossrail has been a major contributing factor, given the proximity of the area to the station at Tottenham Court Road. It has been estimated that there will be substantially greater increases in property values around central Crossrail stations relative to other PCL locations over the period to opening in Below we set out details of some recent comparable residential sales transactions: DEVELOPMENT DEVELOPER FLOOR AREA (SQ FT) PRICE CAPITAL VALUE ( PSF) DATE Soho 13, Broadwick Street, W1 Barratt & United House Developments 5th 1,247 2,950,000 2,366 Q Pathé Building, 109 Wardour Street, W1 Legal & General 4th 1,087 2,710,000 2,493 Q Soho Square, W1 Oakmayne 2nd 1,539 4,025,000 2,615 Q Wardour Street, W1 Marcol 3rd/4th 1,790 4,575,000 2,555 Q Hollen Street, W1 Resolution Property 5th/6th 1,990 5,250,000 2,638 Q BROADWICK STREET & BERWICK STREET, LONDON, W1

36 MARKET COMMENTARY OFFICE OCCUPATIONAL MARKET Spurred on by employment growth and improving business confidence, the Central London office market continued to experience strong growth in Q with take-up reaching 3.7 million sq ft. The office market has moved in favour of landlords largely due to a 20% fall in supply and increased demand from the up-and-coming digital and creative industries. Against a backdrop of falling supply and increased occupier demand, high levels of competition have driven strong rental growth. Soho has witnessed exceptionally strong demand fuelling rental growth with office rents now achieving in excess of 80 per sq ft. Offering a discount to neighbouring Mayfair, where rents are in excess of 110 per sq ft on new build developments, Soho continues to be the area of choice for media companies whilst more recently attracting corporate and financial occupiers drawn to Soho s unique environment. Grade-A vacancy rates in Soho are one of the lowest in London and, with a restricted development pipeline, the subject property offers a rare opportunity to deliver a substantial mixed-use office and retail scheme ideally placed to take advantage of the areas forecasted rental growth and burgeoning reputation. Below we set out details of some recent Soho office leasing transactions: ADDRESS AREA TENANT RENT (PSF) DATE (SQ FT) Ampersand, 180 Wardour, W1 65,170 King Digital Entertainment Q Golden Square, W1 9,238 Diageo Q Berwick Street, W1 9,422 Evolutions TV Q Kingly Street, W1 6,478 Instructure Q Beak Street, W1 2,152 Keko London Q Argyll Street, W1 6,814 Buzzfeed UK Ltd Q Great Marlborough Street, W1 4,163 FT Advisors Ltd Q Air Street, W1 24,468 Twitter Q Grafton House, 2-3 Golden Square, W1 2,763 M&C Saatchi Q2 2014

37 37 OFFICE INVESTMENT MARKET Central London investment volumes reached 4.4 billion in Q2 2015, bringing the half year total to 8 billion as demand continued to outstrip supply for prime assets. Investor demand continues to focus on growth locations and the strength of the occupational markets has maintained downward pressure on investment yields. Prime yields in the core West End office market are currently 3.50% and remain under pressure given the weight of capital targeting direct real estate from domestic and overseas investors. Demand remains exceptionally 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 throughout the year with investors continually vying to secure prime stock. London continues to be perceived as a safe haven for overseas investors due to a transparent and competitive investment market, established legal system and political stability. With strong growth prospects, an improving economy and further rental growth expected, overseas and domestic investors will continue to target Central London. Below we set out details of some recent local investment transactions: ADDRESS TENURE AREA (SQ FT) PRICE NIY CAPITAL VALUE ( PSF) Ingeni House, Broadwick Street, W1 FH 32,431 42,000, % 1,295 Q Baker Street, W1 LLH 70,076 92,000, % 1,313 Q National Magazine House, 72 Broadwick Street, W1 FH 65,316 67,000, % 1,026 Q Manor House, 21 Soho Square, W1 FH 20,477 29,000, % 1,416 Q Golden Square, W1 FH 17,198 23,100, % 1,343 Q Great Pulteney Street, W1 FH 44,116 57,000, % 1,292 Q DATE BROADWICK STREET & BERWICK STREET, LONDON, W1

38 LOCAL DEVELOPMENTS 1 2 OXFORD STREET OXFORD CIRCUS Development Wardour Street Developer Marcol Private Units 4 apartments Average PSF* 2,347 achieved Completion 2016 GREAT MARLBOROUGH STREET BROADWICK STREET HANOVER STREET Development Centre Point Developer Almacantar Private Units 82 apartments Average PSF* 3,500 reported achieved Completion 2017 POLAND STREET 6 BROADWICK STREET BERWICK STREET 4 3 CONDUIT STREET REGENT STREET NEW BURLINGTON ST 4 CARNABY STREET WARWICK STREET BEAK STREET GOLDEN 5 SQUARE LEXINGTON STREET BREWER STREET Development 10 Soho Square Developer Oakmayne Private Units 5 apartments Average PSF* 2,430 achieved Completion 2015 Development Soho 13, Broadwick St Developer United House / Barratt Private Units 13 penthouses Average PSF* 2,366 achieved Completion Development Fifteen Hollen Street Developer Resolution Property Private Units 10 apartments Average PSF* 2,483 achieved Completion 2015

39 6 RATHBONE PLACE TOTTENHAM COURT ROAD 3 7 SOHO SQUARE TOTTENHAM COURT ROAD CHARING CROSS ROAD Development St Lawrence House, Broadwick & Livonia Street Developer Great Portland Estates Grade A Offices 6,950 sq m (74,800 sq ft) Retail 1,625 sq m (17,500 sq ft) Completion Q DEAN STREET 7 WARDOUR STRE ET 8 1 OLD COMPTON STREET SHAFTESBURY AVENUE *As of September 2015 Development Oxford Street & 1 Dean Street Developer Great Portland Estates Grade A Offices 5,150 sq m (55,434 sq ft) Retail 4,376 sq m (47,100 sq ft) part pre-let to Zara Completion Q LEICESTER SQUARE 8 Development 11 Soho Street Developer Dukelease Grade A Offices 1,255 sq m (13,504 sq ft) Retail PICCADILLY 3,251 sq m (35,000 sq ft) CIRCUS pre-let to Zara Residential 6 residential units Completion Q Development 1 Oxford Street Developer Derwent London Grade A Offices 18,952 (204,000 sq ft) Retail 3,437 sq m (37,000 sq ft) Theatre 350 seat Nimax theatre Completion Q Development Developer Grade A Offices Retail Residential Leisure Completion Walkers Court, Brewer Street & Berwick Street Soho Estates 1,400 (15,070 sq ft) 1,626 sq m (17,502 sq ft) 251 sq m (2,702 sq ft) 1,822 sq m (19,619 sq ft) TBA

40 85 TENURE The property is held Freehold with title absolute, under title number LN to 24 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.

41 41 TENANCIES Offices & Retail Unit 1 The offices and retail unit 1 on Broadwick Street have been let to Clear Channel International Ltd on a 2 year FR&I lease (outside the security of tenure provisions of the Landlord & Tenant Act 1954) from 24th July 2015 expiring 30th July 2017 (inclusive). The lease has a mutual rolling break option by way of 3 months written notice on or after 31st July For the avoidance of doubt, a break notice can be served on 30th April 2016 so that vacant possession can be obtained by 31st July The passing rent on the offices and retail unit 1 is 443,630 pa ( per sq ft overall). Retail Unit 2 Retail unit 2 located at Berwick Street is let to Zest at a current passing rent of 13,750 pa. A lease surrender has been negotiated to provide full vacant possession of the unit no later than 11th February The tenant has paid rent and service charge up until the 25th December 2015 and no further rent or service charge will be collected. No dilapidations will be due. Electricity Sub-Station There is an electricity sub-station located in the basement let to UK Power Networks for a term of 60 years from 1st January 1959 expiring 31st December 2019 at a peppercorn rent BROADWICK STREET & BERWICK STREET, LONDON, W1

42 VAT PROPOSAL The property is elected for VAT and, subject to fulfilment of the criteria, the sale of the property is expected to take effect as a transfer of a going concern. Offers in excess of 25,000,000 reflecting a capital value of 1,123 per sq ft on the existing accommodation and 1,159 per sq ft on the consented residential scheme. EPC Available on request. FURTHER INFORMATION For further information, access to the dataroom or to arrange an inspection, please contact: Dominic Rowe Direct Line: [email protected] David Harrison Direct Line: [email protected] Nick Steele Direct Line: [email protected] Peter Ng Direct Line: [email protected] Charles Holland Direct Line: [email protected] Matthew Bird Direct Line: [email protected] Simon Maine-Tucker Direct Line: [email protected] Siobhan Staunton (New Homes Enquiries) Direct Line: [email protected] Declaration Michael Elliott and Marsh & Parsons 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 Michael Elliott nor Marsh & Parsons has any authority to make or give any representations or warranty whatever in relation to this property. October (Q3103)

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