Draft Running order. Hammersmith Grove London W6

Transcription

1 Draft Running order Hammersmith Grove London W6

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3 A 2.3 acre multi-let, majority freehold office in prime Hammersmith with significant development potential Contents 01 Executive Summary Location Transport Links Local Occupiers Hammersmith The Focus of Change Description Accommodation Tenure Tenancy & Income Analysis Tenancy Stacker Diagram Tenancy Schedule Tenant Covenants Hammersmith Occupational Market Hammersmith Investment Market Asset Management Initiatives Potential for Development Additional Information Hammersmith Grove

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7 01 Executive Summary Majority freehold multi-let mixed use property comprising 204,561 sq ft Landmark 2.3 acre site benefitting from an unusually low site density of 44% and 100m frontage onto Hammersmith Grove Situated on Hammersmith Grove, Hammersmith s pre-eminent office location, benefitting from excellent amenity and connectivity Multi-let to 31 tenants with an exceptionally low average passing rent of per sq ft overall, compared to prime rents in excess of per sq ft Total passing rent of 5,698,012 per annum, with a weighted average unexpired term to lease expiry of 7.23 years and 4.25 years to lease break Significant opportunity to increase rental income with 86% of the building by floor area (c.175,000 sq ft) benefitting from lease events between A multitude of asset management opportunities exist including comprehensive refurbishment, net area gains following reconfiguration, rent reviews and lease regears and renewals Architectural studies highlight three distinct development opportunities totalling c.93,500 sq ft providing a range of uses on site including a selfcontained office/hotel, additional office extension and incubator suites Our client is seeking offers in excess of 118,000,000 for either the freehold and long leasehold interests or 100% of the issued share capital in the UK Limited Partnership owning the property A purchase at this price reflects a low capital value of 576 per sq ft and a net initial yield of 4.74% Upon letting the vacant office accommodation and settlement of the outstanding Agilisys and London Underground rent reviews the running yield increases to 5.71% The above is based upon purchaser s costs of 1.8% Hammersmith Grove 04 05

8 Hammersmith Grove The pre-eminent address in Hammersmith Hammersmith Grove

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10 02 Hammersmith Location Hammersmith is one of London s foremost commercial and business districts and is strategically located approximately 3.5 miles to the west of Central London. It is the principal western gateway into Central London. It benefits from excellent access to the A4 which links Heathrow International Airport, the world s busiest airport, to Central London. Hammersmith is the most prominent West London office location and one of London s major transport interchanges, with unrivalled public transport links and roadways. The London Borough of Hammersmith & Fulham is the fourth most densely populated area in the UK. Situation Hammersmith Grove is situated approximately two minutes walk to the north of Hammersmith Broadway and Hammersmith London Underground Station. The property is adjacent to the prime developments at 10 & 12 Hammersmith Grove. The local amenities and transport links of Hammersmith Broadway are all within a very short walk of the property. Immediately to the north of the site is the affluent and fashionable Brackenbury Village, whilst to the south the property bounds a blend of prominent offices, retail and leisure amenities including the Broadway Shopping Centre. Not to scale Hammersmith Grove

11 Hammersmith A prime office location with world class amenities overlooking the River Thames 08 09

12 03 Transport Links Road Hammersmith s road network converges into a gyratory system which is a key element of West London s road infrastructure Hammersmith Grove is located approximately 300m to the north of this system which feeds directly into the M4/A4, providing access to the national motorway network. Recently, plans to replace the Hammersmith flyover with an underground tunnel have been presented. The proposal, subject to the necessary consents and findings, could see a tunnel running beneath the existing A4 from the Hogarth roundabout to Earls Court with northsouth links. The proposal seeks to ease traffic flow and reconnect the Broadway with the significant river frontage that Hammersmith enjoys. Further details can be viewed at: Hammersmith_flyunder.asp Underground Hammersmith is a significant interchange on the London Underground network and offers multi-line provision. It is one of only eight tube stations served by four or more underground lines Hammersmith Grove is positioned a two minute walk north of Hammersmith Underground station. The underground lines serving Hammersmith are the District Line, Piccadilly Line, Hammersmith & City Line and Circle Line. Train Kensington Olympia national rail station is only 6 minutes by bus and is also on the London Overground network providing connections to Clapham Junction, London Euston, Richmond, Stratford International and Watford Junction. National and International rail services are available from Paddington and Victoria, via the Hammersmith & City, District and Circle lines. Air Hammersmith benefits from excellent links to Heathrow International Airport, located approximately 10 miles to the west. It can be easily accessed either by road (M4 motorway) or via the London Underground (Piccadilly Line) in just 30 minutes. Heathrow International Airport is the world s busiest international airport, which caters for approximately 72 million passengers per year and 1,286 flights each day. Bus The Hammersmith Broadway bus station (situated adjacent to the underground station) is one of the largest and busiest bus interchanges in London with 17 bus routes passing through the main interchange providing access throughout London. Seven of the bus routes run 24 hours a day Hammersmith Grove

13 Well connected Less than 20 minutes to Heathrow, Paddington & King s Cross St Pancras from Hammersmith 10 11

14 04 Local Occupiers City of London Mayfair Southbank Kensington Brackenbury Village Hammersmith Grove

15 1,700 businesses within the borough employing 120,000 people Local Occupiers Amenities Landmarks Dunnhumby Cable & Wireless Halcrow Group Accor Hotels/Fox Channels/ UKTV/Phillip Morris Haymarket Magazines Winton Capital Management L Oreal Disney GE Chivas Betfair Rapp Sony Ericsson Lyric Square Hammersmith Broadway Kings Mall King Street Hammersmith Apollo Harrods Royal Albert Hall The Queens Club Charing Cross Hospital Battersea Power Station The Shard Earls Court Exhibition Centre Hyde Park Queens Wharf Fulham Reach Kensington Olympia Chelsea 25 Fulham A4/M

16 05 Hammersmith The Focus of Change No. Property Name Comment Owner Status Hammersmith Grove Multi let, majority freehold with extensive asset management and development opportunities. Low average rent of per sq ft Hammersmith Grove Landmark development for Hammersmith comprising 115,000 sq ft of new-build office and ground floor restaurant accommodation. 10 Hammersmith Grove represents phase 1 of this innovative development and has assisted in redefining the rental tone of Hammersmith, achieving rents of per sq ft. Hammersmith Grove Limited Partnership Aberdeen/ Development Securities Completed/Income Producing Completed/Income Producing 3 12 Hammersmith Grove Phase 2 of the project will deliver 167,000 sq ft of new-build office and retail accommodation. It is anticipated that rents in the order of 60 per sq ft will be achieved in the building once available. 4 The Triangle, 5-17 Hammersmith Grove Pending consideration for demolition for all existing buildings on site, and redevelopment to provide a building of ground and 16 storeys of office accommodation with ancillary retail and ancillary gallery space. 5 1 Queen Caroline Street The property was acquired by Brockton in February 2014 and has since undergone a comprehensive refurbishment. The c.80,000 sq ft property is likely to achieve rents in excess of 50 per sq ft, setting a new tone for refurbished accommodation in Hammersmith Shepherds Bush Road Dunnhumby, the customer science company, signed a prelet in July 2013, prior to the significant rental growth which has taken place in the interim. This striking, Grade II listed office extending to 115,000 sq ft was let for a 15 year term at per sq ft. 7 West 45, 45 Beadon Road Planning consent has been granted for 418 new homes with ancillary commercial space on the site of the current Kings Mall car park and the West 45 office building, in Glenthorne Road. 8 1 Lyric Square Currently provides 85,415 sq ft of serviced office accommodation with close to a 100% occupancy rate. The property provides a mid-term development opportunity. Aberdeen/ Development Securities Romulus Brockton Capital/ Landid Precis Holdings Berkeley Group Matterhorn Capital Under Construction - Practical completion due in February 2016 Planning permission submitted Under Construction - Practical completion due in June 2015 Under Construction - Practical completion due in Q Under Construction - Practical completion due in Q Completed/Income Producing Hammersmith Grove

17 No. Property Name Comment Owner Status 9 Kings Mall The 431,316 sq ft shopping centre contains 45 retail units, including Sainsbury s, Primark, Mothercare, WH Smith and New Look. It has recently undergone a programme of comprehensive refurbishment costing approximately 10m. Matterhorn Capital Completed/Income Producing 10 SPACEONE SPACEONE provides high quality modern air-conditioned offices with secure basement garage parking and direct lift access to all floors. Occupiers in SPACEONE include HSBC Commercial Banking and Royal Jordanian Airlines. Romulus Completed/Income Producing 11 Landmark House & Thames Tower The property is currently being marketed for sale with vacant possession achievable in September It is likely that a mixed use scheme comprising office and residential accommodation will be delivered. No planning applications have been submitted for a new scheme. GEMS Development opportunity currently being marketed Fulham Palace Road The property was recently acquired by AXA in September A program of refurbishment and reletting is being undertaken on this 200,000 sq ft office campus estate. AXA Real Estate Vacant possession on c.130,000 sq ft in Q Delivery of refurbished accommodation not expected until late Glen House, Glenthorne Road Five floors of office accommodation. The property is a multi-let, modern office in a prime location. On expiry of these leases the property represents a significant opportunity for refurbishment or comprehensive redevelopment. Romulus Completed/Income Producing 14 Grove House, 27 Hammersmith Grove Five floors of office accommodation covering 62,500 sq ft which is occupied in its entirety by the hedge fund, Winton Capital. Threadneedle Completed/Income Producing 15 Hammersmith Broadway Shopping Centre Currently provides 70,000 sq ft of retail accommodation let to over 70 tenants. Anchor tenants include Tesco, Boots and McDonalds. EPF Completed/Income Producing 14 15

18 06 Description Overview Hammersmith Grove is a landmark 2.3 acre site benefitting from an exceptionally low site density of 44% and 100m frontage onto Hammersmith Grove. The property comprises a prominent majority freehold site in the heart of Hammersmith. The building consists of two primary and distinct sections, the East Wing and West Wing. In total the property provides 204,561 sq ft comprising 184,695 sq ft of office accommodation, 18,124 sq ft of leisure and cafe accommodation and 1,010 sq ft of storage accommodation. The site benefits from significant car parking provisions with 298 parking spaces and a parking ratio of 1:686. In addition the property benefits from a significant number of asset management, refurbishment and redevelopment opportunities. The prospective purchaser is presented with the opportunity to capture projected rental and capital value growth whilst delivering additional area gains. West Wing The West Wing comprises 111,892 sq ft of office, gymnasium and cafe accommodation over basement, ground and eleven upper floors and is serviced by four passenger lifts. The office accommodation has been fully refurbished on a rolling basis, between 2002 and 2013 thereby providing modern and efficient accommodation. The property benefits from excellent natural light with the adjoining buildings on three sides all being low rise. The ground floor provides an impressive 4,300 sq ft double height fully glazed reception leading to the two main banks of lifts serving the East and West Wings. Additionally, the ground floor benefits from a large independent cafe and coffee shop serving the tenants of the building and providing a meeting place for collaborative work. The basement level is primarily occupied by Fitness First as a 16,676 sq ft gymnasium and swimming pool. The remaining accommodation comprises ancillary uses and storage. East Wing The East Wing comprises modern offices of 89,686 sq ft over second to sixth floors serviced by six passenger lifts. The ground and first floors currently form part of the undercroft car park. The majority of the accommodation with the exception of the sixth floor has been comprehensively refurbished to a high specification providing modern, flexible and efficient accommodation. The sixth floor became fully vacant in December 2014 and is currently undergoing a comprehensive strip out and concrete screed removal and will be delivered to a shell and core specification ready for landlord s CAT A fit out. The screed removal will allow for an approximately 2.7m finish to finish, assuming a suspended ceiling and a full access raised floor. Prospective purchasers will be able to determine the CAT A specification post purchase. Link Block The link block provides 2,251 sq ft of incubator style suites at half landing levels and offers open-plan accommodation benefitting from outstanding natural light and views across London. Suite sizes range from c.300 sq ft - c.600 sq ft. Car Parking The property benefits from 298 car parking spaces at an impressive ratio of 1: Hammersmith Grove

19 At over 200,000 sq ft, Hammersmith Grove is the largest single office building in Hammersmith 16 17

20 07 Accommodation Area Schedule The property has been measured by Plowman Craven Associates in accordance with the RICS Code of Measuring Practice (6th Edition). Net and gross internal areas are detailed in the table opposite. Floor NIA GIA sq ft sq m sq ft sq m Roof 11,726 1, th West Wing 3, , th West Wing 3, , th West Wing 3, , th West Wing 3, , Specification The property benefits from the following specification: Four pipe fan coil air-conditioning Full access raised floor Metal tiled suspended ceiling Recessed LG7 lighting Ten passenger lifts Dedicated goods lift 298 car parking spaces at a ratio of 1:686 sq ft Cafe Gymnasium and swimming pool 24 hour security 7th West Wing 9, ,255 1, th West Wing 8, Link East Wing 18,442 1,713.3 Total 27,769 2, ,841 3, th West Wing 11,664 1,083.6 Link East Wing 17,546 1,630.1 Total 29,749 2, ,621 3, th West Wing 11,733 1,090.0 Link East Wing 16,642 1,546.1 Total 28,854 2, ,491 3, rd West Wing 11,711 1,087.9 Link East Wing 16,640 1,545.9 Total 28,675 2, ,460 3, nd West Wing 11,725 1,089.3 Link East Wing 19,681 1,828.4 Total 31,733 2, ,414 4, st West Wing 9, ,643 2,196.5 Ground West Wing 8, East Wing 1, Total 9, ,279 1,791.1 Basement West Wing 17,145 1, ,698 2,666.1 TOTAL 204,561 19, ,730 29, Hammersmith Grove

21 Offices from 300 sq ft to 18,000 sq ft offering exceptional flexibility 6th Floor Key 27,769 sq ft Not to Scale Hammersmith Grove Ground Floor Key 9,849 sq ft Not to Scale Hammersmith Grove 18 19

22 08 Tenure Hammersmith Grove is held freehold with a small leasehold element adjacent to the London Underground rail tracks and a second element between the subject property and 12 Hammersmith Grove. The Leasehold interest is for a 250 year term from the 22nd November 2000, at a peppercorn rent from London Underground Limited. Further information is contained within the title summary and title documents on the data site. The site comprises three titles as illustrated in the plan below: Freehold (LN ) Leasehold (NGL 38943) Leasehold (BGL 36504) Key Freehold title no. LN Leasehold title no. NGL Leasehold title no. BGL For indicative purposes only Hammersmith Grove

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24 09 Tenancy & Income Analysis Hammersmith Grove is multi-let to 21 principle tenants on 28 leases with additional car parking and storage licences. The property provides a contracted rent of 5,698,012 per annum, reflecting an exceptionally low average rent of per sq ft. Key tenants include Shazam, London Underground, United Biosource, Arkadin, MWB and Fitness First. The tenant mix provides exposure to a diverse range of sectors including media and telecommunications, pharmaceutical, construction, banking and finance, public sector and leisure. The weighted average unexpired lease term (WAULT) to expiry is 7.23 years and to breaks is 4.25 years. The multi-let nature of the property presents extensive asset management opportunities with 86% (c.175,000 sq ft) of the total area benefitting from lease events between The charts below provide analysis of the income produced by the property: Income by Tenant Income by Lease Expiry or Break* 26.31% MWB Business Exchange Centres Ltd 14.35% Shazam Entertainment Ltd 6.94% Arkadin (UK) Ltd 6.10% Process Systems Enterprise Ltd 5.94% London Underground Ltd 5.77% Agilisys Professional Services Ltd 5.54% United Biosource Holding (UK) Ltd 5.45% Rockwool Ltd 4.32% Medpace UK Ltd 4.22% Fitness First Clubs Ltd 15.07% Other 35.83% 1-3 years 31.76% 4-5 years 27.94% 6-10 years 4.40% 10 years + *Based on office, retail and gymnasium rent only Income by Building Income by Use 57.69% West Wing 36.91% East Wing 4.14% Car parking/storage/ Antenna & Telecoms 1.26% Link 90.96% Office 4.69% Retail/Leisure 2.56% Antenna & Telecoms 1.80% Car parking/storage Hammersmith Grove

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26 10 Tenancy Stacker Diagram The adjacent table provides a spatial reference for the property and highlights key occupational information in cross-section. Floor 11 East Wing North Centre Vacant 18,442 sq ft 5 4 Process Systems Enterprise 1,918 sq ft Rent - 51,446 ( per sq ft) RR (Feb-19)/Brk (Feb-19)/Exp (Feb-24) Shazam Entertainment 11,546 sq ft Rent - 424,800 ( per sq ft) Brk (Aug-16)/Exp (Aug-18) Process Systems Enterprise 8,324 sq ft Rent - 292,145 ( per sq ft) RR (Feb-19)/Brk (Feb-19)/Exp (Feb-24) 3 Rockwool 9,575 sq ft Rent - 301,438 ( per sq ft) RR (Mar-18)/Brk (Mar-18)/Exp (Mar-23) London Underground 1,754 sq ft Rent - 39,222 ( per sq ft) RR (Oct-14)/Brk (Oct-19)/Exp (Oct-34) 2 1 Shazam Entertainment 5,182 sq ft Rent - 37,200 ( 7.18 per sq ft) Brk (Aug-16)/Exp (Aug-18) Parking Shazam Entertainment 9,138 sq ft Rent - 344,592 ( per sq ft) Brk (Aug-16)/Exp (Aug-18) G Parking B Hammersmith Grove

27 Link Block West Wing South Dassault Systems 3,129 sq ft Rent - 100,480 ( per sq ft) RR (Nov-16)/Brk (Nov-16)/Exp (Nov-21) Artelia Projects 3,102 sq ft Rent - 126,650 ( per sq ft) Exp (Jun-16) ADIB 3,126 sq ft Rent - 127,725 ( per sq ft) RR (Jan-19)/Brk (Jan-19)/Exp (Jan-24) Brand Relations 582 sq ft Rent - 18,000 ( per sq ft) Exp (Dec-15) MWB Business Exchange Centres 44,467 sq ft Rent - 1,487,330 ( per sq ft) RR (Mar-16)/Exp (Dec-21) United Biosource Holdings 12,400 sq ft Rent - 315,774 ( per sq ft) RR (Aug-15)/Brk (Aug-15)/Exp (Aug-20) Riskpoint 539 sq ft Rent - 27,500 ( per sq ft) Exp (Nov-16) Vacant 479 sq ft London Underground 10,672 sq ft Rent - 296,436 ( per sq ft) RR (Oct-14)/Brk (Oct-19)/Exp (Oct-34) Irish Cultural Centre 324 sq ft Rent - 8,420 ( per sq ft) Exp (Mar-15) Arkadin 11,711 sq ft Rent - 380,250 ( per sq ft) RR (Aug-17)/Brk (Aug-18)/Exp (Jul-22) FD Fast Design 327 sq ft Rent - 18,000 ( per sq ft) Brk (Jan-16)/Exp (Jan-17) Agilisys 11,725 sq ft Rent - 328,890 ( per sq ft) RR (Mar-14)/Exp (Oct-16) Huntress 1,004 sq ft Rent - 36,250 ( per sq ft) Exp (Dec-17) Vacant 1,885 sq ft Quoting per sq ft Medpace UK 6,216 sq ft Rent - 246,006 ( per sq ft) RR (May-19)/Brk (May-19)/Exp (Apr-24) Caffe Kix 1,448 sq ft Rent - 26,662 ( per sq ft) RR (Annual RPI) Brk (Nov-16, Nov-18)/Exp (Nov-20) Hammersmith Grove Ltd Partnership (Management Office) 719 sq ft 15,000 ( per sq ft) Envision Pharma Ltd 5,941 sq ft Rent - 159,273 ( per sq ft) RR (Aug-15)/Brk (Aug-15)/Exp (Aug-20) MWB Business Exchange Centres (Storage) 468 sq ft Rent - 12,075 ( per sq ft) RR (Mar-16)/Exp (Dec-21) Fitness First Clubs 6,034 sq ft Rent - 48,129 ( 7.98 per sq ft) Fixed RR (Jul-20, Jun-25)/Exp (Jun-27) Fitness First Clubs 10,642 sq ft Rent - 192,404 ( per sq ft) Fixed RR (Jun-17, Jun-22)/Exp (Jun-27) The above plan is indicative and not to scale

28 11 Tenancy Schedule Demise Use Tenant Area (NIA sq ft) Rent Per Annum Rent ( per sq ft) Lease Commencement 11th Floor, West Wing Office Dassault Systemes UK Ltd 3, , November th Floor, West Wing Office Artelia Projects UK Ltd 3, , June th Floor, West Wing Office ADIB (UK) Ltd 3, , January th - 4th Floor, West Wing Office MWB Business Exchange Centres Ltd 44,467 1,487, March rd Floor, West Wing Office Arkadin (UK) Ltd 11, , August nd Floor, West Wing Office Agilisys Professional Services Ltd 11, , March 2004 Part 1st Floor, West Wing Office Huntress Search Ltd 1,004 36, December 2007 Part 1st Floor Office Vacant 1, Part 1st Floor, West Wing Office Medpace UK Ltd 6, , May 14 Ground Floor Management Suite, Office Hammersmith Grove Limited , West Wing Partnership Part Ground Floor, West Wing Cafe Caffe Kix Ltd 1,448 26, November 2005 Part Ground Floor, West Wing Office Envision Pharma Ltd 5, , August 2010 Part Basement & Ground Floor, Gym Fitness First Clubs Ltd 10, , June 2002 West Wing Part Basement & Rear, West Wing Gym Fitness First Clubs Ltd 6,034 48, July 2014 Basement Store, West Wing Storage MWB Business Exchange Centres Ltd , January th Floor, East Wing Office Vacant 18, Part 5th Floor, (Centre) East Wing Office Process Systems Enterprise Ltd 8, , February 2014 Part 5th Floor, (North) East Wing Office Process Systems Enterprise Ltd 1,918 51, February 2014 Part 5th-4th Floor, East Wing Office United Biosource Holding (UK) Ltd 12, , August 2010 Part 4th Floor, East Wing Office Shazam Entertainment Ltd 11, , August 2013 Part 3rd Floor, East Wing Office London Underground Ltd 1,754 39, October 2009 Part 3rd Floor, East Wing Office Rockwool Ltd 9, , March 2008 Part 3rd -2nd Floor, East Wing Office London Underground Ltd 10, , October 2009 Part 2nd Floor, (Centre) East Wing Office Shazam Entertainment Ltd 9, , August 2013 Part 2nd Floor, (North) East Wing Office Shazam Entertainment Ltd 5,182 37, August th floor, Link Office Brand Relations Ltd , December th floor, Link Office Riskpoint Ltd , December th floor, Link Office Vacant rd floor, Link Office Irish Cultural Centre 324 8, March nd floor, Link Office FD Fast Design UK Ltd , January 2014 Roof Antenna & Telecoms Antenna & Telecoms Orange Personal - 29,240-9 October 2002 Communications Services Ltd Roof Antenna & Telecoms Antenna & Telecoms EE Ltd - 27, June 2005 Roof Antenna & Telecoms Antenna & Telecoms Hutchison 3G UK Ltd - 29, October 2002 Roof Antenna & Telecoms Antenna & Telecoms Telefonica UK Ltd - 25, May 2010 Roof Antenna & Telecoms Antenna & Telecoms Vodafone Ltd - 34, June 2001 Car Park Car Parking Arkadin (UK) Ltd - 15, June 2013 Car Park Car Parking Rockwool Ltd - 9, March 2008 Car Park Car Parking Huntress Search Ltd - 4, August 2009 Car Park Car Parking Shazam Entertainment Ltd - 11, December 2009 Car Park Car Parking Air New Zealand Ltd - 14, April 2014 Car Park Car Parking Process Systems - 4, April 2014 Enterprise Ltd Car Park Car Parking British Overseas Bank Nominees Ltd - 14, July 2014 and WGTC Nominees Ltd Cycle store Storage London Underground Ltd - 2, October 2009 Car Park Storage Private Individual - 2, February 2014 East Wing Storage 3 & 4 Storage Greater Hammersmith BID , October 2014 West Wing Storage 3 Storage Middleton Green 159 2, January 2015 Vacant East Wing Storage Storage Vacant (Storage unit 2) Vacant West Wing Storage Storage Vacant (Storage units 2 & 6) Vacant Car Parking Spaces Car Parking Vacant TOTAL 203,829* 5,698, OVERALL TOTAL BASED ON NIA 204,561 5,698, Hammersmith Grove

29 Rent Review Lease Break Date (Landlord/Tenant/Mutual) Lease Expiry Landlord and Tenant Act Car Parking Spaces Comments 14 November November 2016 (T) 13 November 2021 Outside 3 Rent deposit of 30,144 held inclusive of VAT. Tenant must serve not less than twelve months notice prior to the Break Date. 24 June June 2016 Inside 4 Tenant surrender due to take effect from May The tenant will pay a surrender premium equivalent to 50% of the remaining rent and service charge liability and 100% of rates liability until lease expiry. 29 January January 2019 (T) 28 January 2024 Outside 1 Rent deposit of 50,700 inclusive of VAT and lease guarantee from Abu Dhabi Islamic Bank PJSC. Service charge cap of per sq ft. 25 March December 2021 Inside 66 Outstanding 2011 rent review has been activated. Rental devaluation at reflects current passing rate of 1,300 pa per space. 01 August August 2018 (T) 31 July 2022 Outside 5 CPI linked service charge cap at 8.21 per sq ft. Tenant has recently completed a 350,000 refurbishment. 15 March October 2016 Outside 12 March 2014 rent review currently in arbitration. Service charge cap of 6.82 per sq ft December 2017 Outside May May 2019 (T) 30 April 2024 Outside 2 Rent deposit of 147,603 which is inclusive of VAT. Service charge cap of per sq ft Rent is recovered through the service charge. RPI Linked 18 November 2016 (T) 18 November 2018 (T) 17 November 2020 Outside Rent is reviewed annually to include 2.5% of turnover in excess of Restrictive covenant in the lease prohibiting any other food sales in the buildings. RPI linked service charge cap of 3.25 per sq ft. Tenant must serve not less than nine months notice prior to the Break Date. 12 August August 2015 (T) 11 August 2020 Outside 2 Tenant must serve six months notice prior to the Break Date. 24 June June 2027 Inside - Fixed rental increases to 217,587 on 24 June 2017 and to 246,294 on 24 June Rent paid on a monthly basis. 24 June June 2027 Inside - The Vendor will provide a rental top up to 48,129 per annum until 21 July Fixed rental increases to 54,453 on 24 June 2020 and 61,608 on 24 June March December 2021 Inside February February 2019 (T) 17 February 2024 Outside 3 Service charge cap of per sq ft expires on 18 February February February 2019 (T) 17 February 2024 Outside 3 Service charge cap of per sq ft expires on 18 February August August 2015 (T) 11 August 2020 Outside 6 300,000 rent deposit held inclusive of VAT. Tenant must serve six months notice prior to the Break Date August 2016 (T) 12 August 2018 Outside 3 RPI linked service charge cap of per sq ft. Tenant must serve notice on the Landlord not more than twelve and not less than six months before the Break Date. 22 October October 2019 (T) 22 October 2024 (T) 22 October 2029 (T) 21 October 2034 Inside 5 Outstanding rent review from 22 October Review is geared at 80% of rent per sq ft agreed for 2nd and 3rd floor London Underground Ltd lease, based on assumed floor areas as stated in the lease (1,751 sq ft). 31 March March 2018 (T) 30 March 2023 Inside 3 Lease includes 1,735 sq ft of storage accommodation at per sq ft. 22 October October 2019 (T) 21 October 2034 Inside 5 Outstanding 2014 rent review. 22 October 2024 (T) 22 October 2029 (T) - 13 August 2016 (T) 12 August 2018 Outside - The Vendor will provide a rental top up to 344,592 per annum until 13 February RPI linked service charge cap of Tenant must serve notice on the Landlord not more than twelve and not less than six months before the Break Date August 2016 (T) 12 August 2018 Outside - The Vendor will provide a rental top up to 37,200 per annum until 13 February RPI linked service charge cap of Tenant must serve notice on the Landlord not more than twelve and not less than six months before the Break Date December 2015 Outside - Rent is inclusive of insurance and service charge. N/A - 30 November 2016 Outside - Rent deposit of 9,625 held which is inclusive of VAT. The tenant is required to pay an additional amount of 2,000 per annum as service charge March 2015 Outside - Rent is inclusive of insurance and service charge. The vendor has agreed to enter into a rolling three month licence with the existing tenant, which can be mutually terminated on three month s notice January 2016 (T) 21 January 2017 Outside - Rent deposit of 10,800 inclusive of VAT. Rent is inclusive of insurance and service charge October 2017 Outside - 17 June June 2015 (M) 16 June 2020 Outside - Break notice served. 18 October October 2017 Outside - 09 May May 2020 Outside June 2016 Outside - Annual Mutual Rolling Break 31 August Annual RPI review and monthly rolling break option terminable on 1 month's notice. Annual Mutual Rolling Break 30 March Annual RPI review and monthly rolling break option terminable on 1 month's notice. Annual Mutual Rolling Break 20 December Annual RPI review and rolling break option terminable on 3 month's notice. Annual - 17 December Annual RPI review. This licence will be determined if the Tenant s leases of the second floor office units are forfeited or determined. Mutual Rolling Break 26 April Rent deposit of 4,200 held inclusive of VAT. Mutual rolling break on 1 month notice. - Mutual Rolling Break 06 April Mutual rolling break on 1 month notice. 31 July 2015 Rolling Break 29 February Landlord s development break on 3 months notice. Rent review in accordance with RPI. 22 October October 2019 (T) 21 October 2034 Outside - Notice period of not more than 12 and not less than 6 months before the Break Date. 22 October 2024 (T) 22 October 2029 (T) - Mutual Rolling Break 31 January Mutual rolling break on 2 months notice. - Mutual Rolling Break 05 October Mutual rolling break on 14 days notice. Mutual Rolling Break 09 January Mutual rolling break on 14 days notice *N.B. The total area in the tenancy schedule differs from the accommodation schedule due to the exclusion of Site Engineers Office (361 sq ft) and East Wing Storage 2 (371 sq ft). The latter is used for the on-site compators

30 12 Tenant Covenants MWB Business Exchange Centres LTD Basement Store (Comms Room), 4th 8th Floor of the West Wing and 1 car space. Passing rent: 1,499,405 per annum (26.31% of total rent). D&B Rating: N3. The lease is taken in the name of MWB Business Exchange Centres LTD (registered company number ). MWB Business Exchange Centres LTD was formed in 2005 and is currently one of the largest service office providers in the UK, employing 450 staff nationally. It provides flexible serviced offices, meeting rooms & training venues across their 65 centres across the UK. Additional services include: IT packages and virtual office products services, virtual address and call answering. MWB Business Exchange Centres LTD s parent company is MWB Business Exchange PLC. The latter was acquired by Regus PLC in February Dec Dec Jun 2012 Sales Turnover 95,928,000 47,955,000 95,271,000 Profit/(Loss) Before Taxes (5,086,000) (1,597,000) (4,919,000) Further information available at: Source: D&B Shazam Entertainment LTD 2nd Floor Centre, Part 2nd Floor North, 4th Floor North (Office) and 9 car spaces. Passing rent: 817,931 per annum (14.35% of total rent). D&B Rating: 4A1. The lease is taken in the name of Shazam Entertainment LTD (registered company number ). Shazam Entertainment LTD is a computer and data processing services company established in Shazam is best known for its smartphone and Mac/PC music identification application. It employs 169 staff and is continuing to expand the scope of its activities through the integration of their audio fingerprint identification technology with cinema, advertising, TV and retail environments. Shazam Entertainment LTD has published the following accounts: 31 Dec Jun Jun 2012 Sales Turnover 16,889,630 31,017,466 21,806,832 Profit/(Loss) Before Taxes (5,302,243) (1,277,962) (2,977,928) Tangible Net Worth 22,334,605 25,117,257 12,276,253 Net current Assets (Liabilities) 21,638,692 25,456,254 12,432,145 Further information available at: Source: D&B Hammersmith Grove

31 Arkadin (UK) LTD 3rd Floor of the West Wing & 5 car spaces. Passing rent: 395,290 per annum (6.93% of total rent). D&B Rating: 2A1. The lease is taken in the name of Arkadin (UK) LTD (registered company number ). Arkadin (UK) LTD was founded in 2002 and operates within the communication services sector and is a subsidiary of Arkadin SAS. Arkadin is a collaboration provider, delivering audio, web and video conferencing and as well as a business solutions service. Arkadin currently employs 75 staff and offers local support in 32 countries and in 18 languages. Arkadin (UK) LTD has published the following accounts: 31 Dec Dec Dec 2011 Sales Turnover 16,698,662 15,963,586 15,130,900 Profit/(Loss) Before Taxes 2,105,398 2,096,011 1,790,432 Tangible Net Worth 1,711,698 1,683,678 1,410,076 Net current Assets (Liabilities) 1,661,631 1,609,880 1,283,112 Further information available at: Source: D&B Process Systems Enterprise Limited 5th Floor centre, north and 1 car space. Passing rent: 347,591 per annum (6.10% of total rent). D&B Rating: 2A2. The lease is taken in the name of Process Systems Enterprise Limited (registered company number ). Process Systems Enterprise Limited supplies advanced process modelling technology and related innovation services to the process industries. The company was established in 1997 and is headquartered in the UK. Process Systems Enterprise Limited has published the following accounts: 31 Dec Dec Dec 2011 Sales Turnover 10,711,381 8,953,071 6,868,543 Profit/(Loss) Before Taxes (66,635) (96,948) (264,593) Tangible Net Worth 2,608,985 2,097,738 1,148,884 Net current Assets (Liabilities) 2,396,763 1,870,822 1,350,889 Further information available at: Source: D&B London Underground LTD 2nd Floor South & part 3rd Floor South, 3rd Floor Centre and Cycle Store & Passage. Passing rent: 338,358 per annum (5.94% of total rent). D&B Rating: 5A1. The lease is taken in the name of London Underground Limited (registered company number ). London Underground Limited was established in 1985 and employs 16,223 staff to maintain the underground transport service across the 270 stations that make up the London Underground network. London Underground Limited has published the following accounts: 31 Mar Mar Mar 2012 Sales Turnover 2,476,200,000 2,299,200,000 2,161,100,000 Profit/(Loss) Before Taxes (92,000,000) (93,200,000) (238,300,000) Tangible Net Worth 11,835,100,000 11,105,700,000 10,732,400,000 Net current Assets (Liabilities) (638,900,000) (773,000,000) (647,900,000) Further information available at: Source: D&B 28 29

32 Tenant Covenants Agilisys Professional Services LTD 2nd Floor of the West Wing. Passing rent: 328,890 per annum (5.77% of total rent). D&B Rating: 2A2. The lease is taken in the name of Agilisys Professional Services LTD (registered company number ). Agilisys Professional Services LTD was founded in 1998 and is a wholly owned subsidiary of Agilisys Service Holdings LTD. The company employs over 1,700 staff and provides IT and business software services to a range of public and private sector clients. Agilisys Professional Services LTD has published the following accounts: 31 Mar Mar Mar 2011 Sales Turnover 12,796,000 13,591,000 15,834,000 Profit/(Loss) Before Taxes 8,927,000 (907,000) 1,208,000 Tangible Net Worth 5,990,000 2,274,000 2,541,000 Net current Assets (Liabilities) 8,310,000 13,315,000 14,199,000 Further information available at: Source: D&B United Biosource Holding (UK) LTD 4th Floor South and 5th Floor South. Passing rent: 315,744 per annum (5.54% of total rent). D&B Rating: N1. The lease is taken in the name of United Biosource Holding (UK) LTD (registered company number ). United Biosource Holding (UK) LTD is a subsidiary of United Biosource Corporation (UBC) which in turn is an Express Scripts company. United Biosource is a leading provider of pharmaceutical support services to make medicine and medical products safer and more accessible. United Biosource Holding (UK) LTD has published the following accounts: 29 Dec Dec Dec 2010 Profit/(Loss) Before Taxes (41,362,000) (5,829,000) (1,590,846) Tangible Net Worth (21,659,000) 19,703,000 25,532,102 Net current Assets (Liabilities) (48,492,000) (14,515,000) (17,199,925) Further information available at: & Source: D&B Hammersmith Grove

33 Rockwool LTD 3rd Floor Centre, North (refurbished) and 4 car spaces. Passing rent: 310,808 per annum (5.45% of total rent). D&B Rating: 5A1. The lease is taken in the name of Rockwool LTD (registered company number ) Rockwool was set up in 1937 and is a manufacturer of stone wool insulation, supplying a range of products to the construction industry. Rockwool operates 27 factories in Europe, North America and Asia with a global network of sales offices, distributors and partners. Rockwool LTD has published the following accounts: 31 Dec Dec Dec 2011 Sales Turnover 79,703,000 87,044,000 97,412,000 Profit/(Loss) Before Taxes (10,789,000) (10,453,000) (4,088,000) Tangible Net Worth 48,114,000 56,532,000 23,705,000 Net current Assets (Liabilities) 6,048,000 4,727,000 7,845,000 Further information available at: Source: D&B Medpace UK LTD Part 1st Floor of the West Wing. Passing rent: 246,006 per annum (4.32% of total rent). D&B Rating: 1A1. The lease is taken in the name of Medpace UK LTD (registered company number ). Medpace Europe Holding BV owns 100% of the interest in Medpace UK LTD. Medpace is a clinical research company focussed on research-based drug and medical device development. Medpace UK LTD has published the following accounts: 31 Dec Dec Dec 2011 Tangible Net Worth 1,374, , ,288 Net current Assets (Liabilities) 1,322, , ,564 Further information available at: Source: D&B Fitness First Clubs LTD Part Basement, Ground and Rear of the West Wing. Passing rent: 240,534 per annum (4.22% of total rent). D&B Rating: N4. The lease is taken in the name of Fitness First Clubs LTD (registered company number ). Fitness First begun in 1993 and today has 540 clubs in 16 different countries, employing over 2,700 staff and is the largest privately owned health club in the world. Fitness First was acquired in 2005 by BC Partners, a London-based private equity group. Fitness First Clubs LTD has published the following accounts: 31 Oct Oct Oct 2011 Sales Turnover 85,130, ,087, ,130,000 Profit/(Loss) Before Taxes (23,484,000) 8,003,000 (58,364,000) Tangible Net Worth (98,685,000) (74,447,000) (76,053,000) Net current Assets (Liabilities) (19,046,000) (10,980,000) (16,139,000) Further information available at: Source: D&B 30 31

34 13 Hammersmith Occupational Market Occupational Market Due to Hammersmith s excellent communications and position within the Central London market, it has proven to be one of London s most dynamic markets with over 50% rental growth in the past three years, one of the highest of any London submarket. The Hammersmith market has benefitted significantly from the footloose nature of London s occupiers, seeking high quality office accommodation with excellent transport communications and amenities. JLL has identified approximately 682,500 sq ft of active tenant demand specifically targeting Hammersmith well above the five year average of 351,000 sq ft, illustrating a demand to supply ratio of 7:1. The Hammersmith office market is currently witnessing strong levels of occupational activity with total vacancy rates at 2.6% and vacancy rates for Grade A supply at 0%. The lack of supply has been exacerbated by the continued trend of office to residential conversion with over 1.3 million sq ft of office stock being lost in the past two years. Approximately 129,400 sq ft has been let in seven transactions in 2014, well ahead of the 73,000 sq ft let in The most recent significant development to be completed is at 10 Hammersmith Grove. This brand new mixed use office and retail property was developed by Aberdeen and Development Securities. The property is the first new Grade A development to be completed in ten years and has set a new rental tone of per sq ft. The 115,000 sq ft building was fully let within 12 months of practical completion, a testament to the strength of demand for high-quality accommodation. With only one office scheme being delivered to the market in 2015 totalling 82,000 sq ft compared to the 682,500 sq ft of tenant demand targeting the area, further rental growth is expected in the short term together with significant reduction of tenant incentives and rent free periods. Prime Rental Series ( psf) Source: JLL Hammersmith Grove

35 Proven to be one of London s most dynamic markets Office Leasing Comparables The table below sets out selected key leasing comparables. Directly adjacent to Hammersmith Grove, Aberdeen and Development Securities are developing 12 Hammersmith Grove. Completion is due in Q and is likely to set a new benchmark in the immediate vicinity providing 167,000 sq ft high quality Grade A office accommodation into a highly restricted supply pipeline. Furthermore, the development will see significant improvement to the streetscape with new landscaping and retail/leisure amenities. This restricted pipeline combined with new developments will facilitate further rental growth and demonstrate new rental benchmarks. Property Date Area (sq ft) Tenant Rent ( per sq ft) Rent Free (Lease Term) Condition 12 Hammersmith Grove, W6 PC ,000 TBC Not Quoting TBC (TBC) New 1 Queen Caroline Street, W6 PC Jun TBC Not Quoting TBC (10 yrs) Refurbished Jun ,750 Accor Hotels Confidential (10yr lease) 10 Hammersmith Grove, W6 Aug ,000 Fox Channels Feb ,500 UKTV Confidential (10yr lease) 24 months (15yr lease) New Aug ,000 Phillip Morris months (15yr lease) 184 Shepherd s Bush Road, W6 Jul-2013 (PC Q3 2015) 115,000 Dunnhumby months (15yr lease) Pre-let (Refurbished) 32 33

36 14 Hammersmith Investment Market Investment Market Commentary London has remained the most traded city in the world for the past four years. Both domestic and overseas purchasers are attracted by the high liquidity, transparency and long term wealth preservation that London offers. Investor demand continues to grow and the lack of quality freehold assets in good locations, combined with the continued strength of the occupational markets, has maintained pressure on yields. Prime yields in the West End are 4.00% for comparable lot sizes and are under downward pressure due to growing investor demand and rental growth. Central London investment volumes reached 18.1bn almost matching the record level achieved in Approximately 25 billion of equity is known to be targeting Central London assets, resulting in a significant demand for well located investment opportunities of scale. In addition, investors are seeking shorter term income where the opportunity exists to refurbish and reposition assets to benefit from forecast rental growth and capitalise on a robust occupational market with the lowest recorded vacancy levels. Hammersmith remains a favoured location for both occupiers and investors. It has experienced a high level of activity from a broad range of investors targeting the sub market. Those parties include UK Institutions and investors from the Middle East, North America, South East Asia and throughout Europe. Strong market fundamentals will continue to attract investors seeking to capitalise on the depth of occupational demand, low levels of supply and rental growth projections. A selection of key investment transactions are set out below: Date Property Tenants Lease Expiry Price ( millions) NIY Capital Value ( /sq ft) Dec Brook Green, W6 Halcrow Group % 640 Nov Buckingham Palace Road, SW1 Tenants include Regus, Telegraph Media Group, Advent International, Scripps Network Interactive % 913 Oct Buckingham Palace Road, SW1 Tenants include Google, PA Consulting, EMI, Sky Media % 950 Sep Fulham Palace Road, W6 Let to 18 tenants including Harper Collins Publishers Ltd, IIRSM, Tinopolis Ltd % 423 Jul-2014 The Point, Paddington Basin, W2 Tenants include CB&I UK Ltd, Cerner Ltd, CH2MHill, A2 Dominion Housing Group, EE Ltd % 894 Jun Grosvenor Place, SW1 Hess Ltd % 1,065 Feb-2014 One Queen Caroline Street, W6 Coca Cola VP N/A Hammersmith Grove

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38 15 Asset Management Initiatives Asset Management Hammersmith Grove offers a range of exciting and significant asset management opportunities. There are a number of tangible opportunities to increase current rental income and capture the highly reversionary uplift in income throughout the building. 86% (c.175,000 sq ft) of the asset, by floor area, has lease events in the years The current passing rent reflects an exceptionally low sq ft overall which illustrates the highly reversionary nature of the asset. The sixth floor of the East Wing became vacant in December 2014 and once refurbished will be the only floor plate in excess of 10,000 sq ft available in Hammersmith, providing much needed supply into the market. Upon letting it is likely that it will set a new rental tone for the entire building for the purposes of rent reviews and lease renewals. Active asset management initiatives will include refurbishment of vacant accommodation, rent reviews, lease renewals, regears, surrender and relets. Furthermore, extensive development options are discussed overleaf in section 16. The 2nd - 4th floors in the East Wing benefit from a potential net internal area gain at lease expiry achieved by reclaiming part of the large lift lobbies and circulation space totalling c.2,500 sq ft per floor. This has been implemented on the 5th and 6th floors already and would provide up to 7,500 sq ft of net internal area gain on remaining floors. In addition to this the property benefits from in excess of 20,000 sq ft of vacant Grade A office accommodation, presenting an immediate opportunity to capitalise on strong occupier demand and rental reversion. Evidence created by these lettings will set a new tone for approaching rent reviews and lease renewals. Furthermore there are currently 146 vacant car parking spaces with the most recent lettings at the property achieving 4,000 per annum. Providing yet another opportunity to drive short to medium term income. Lease Events The graph below breaks down lease events by type. The average passing office rent ( per sq ft) has been overlaid to provide an indication of the reversion. Source: JLL Hammersmith Grove

39 86% of the building by floor area benefits from lease events within the first three years Key Lease Events The table below highlights the asset s key lease events between 2015 and Demise Date Lease Event Area sq ft Tenant/Name Average rent psf Part 2nd & 3rd Floors Oct-2014 Outstanding rent review 12,426 London Underground 27.01* 6th Floor Jan-2015 Refurbish/Relet 18,442 Vacant n/a Part 1st Floor Jan-2015 Let already refurbished vacant accommodation 1,885 Vacant n/a 10th Floor May-2015 Surrender/Refurbish/Relet 3,102 Artelia Part 4th & 5th Floors Aug-2015 Rent review/break 12,400 United Biosource Holdings Part Ground Floor Aug-2015 Rent review/break 5,941 Envision Pharma Demise Date Lease Event Area sq ft Tenant/Name Average rent psf 4th - 8th Floors & Part Bsmt Mar-2016 Rent review 44,935 MWB Part 4th & 2nd Floors Aug-2016 Break 25,866 Shazam 31.18* 11th Floor Nov-2016 Break/Rent review 3,129 Dassault Systems Part 2nd Floor Oct-2016 Expiry/Refurbish/Relet 11,725 Agilisys Ground Floor Retail Nov-2016 Break 1,448 Caffe Kix Demise Date Lease Event Area sq ft Tenant/Name Average rent psf Part 3rd Floor Aug-2017 Rent Review/Regear 11,711 Arkadin *Average across all offices leases

40 16 Potential for Development Future Development Options Hammersmith Grove offers a number of exciting development opportunities which will provide significant gains across the site. The property is a landmark 2.3 acre site benefitting from an exceptionally low site density of 44%. The section below details three key opportunities which have been identified with a supporting architectural study and planning report. All reports are available on the data site. 1. Vacant Multi-Storey Car Park Site The former multi-storey car park to the north of the site provides an opportunity for redevelopment and potential change of use. The car park was originally constructed in the 1970s and is currently underutilised. Demolition of this block and removal of the car parking ramp will provide the opportunity to create a self-contained building whilst reconfiguring the car parking and landscaping. JLL s Planning team has identified potential uses as office, hotel or residential. The architectural study provides for a self-contained office building of 47,512 sq ft (NIA) or a 160 key hotel. A full breakdown of floor areas, layouts and planning reports are available on the data site. 2. Two additional office floors on East Wing Tate Hindle in conjunction with the structural survey carried out by Davies Maguire + Whitby have established that two additional floors comprising 34,811 sq ft NIA of office accommodation can be created. The proposed 7th and 8th floors, each comprising 17,405 sq ft respectively, have been designed within the existing structure and will not require further structural reinforcement. The structural survey is available on the data site. 3. Incubator Suites Conversion of undercroft car parking spaces on the first floor below the east wing into incubator suites extending to 11,216 sq ft (NIA). The newly developed incubator units would provide flexible office and work shop accommodation to small companies, innovators and start-ups. The intention would be to provide a flexible and collaborative urban environment at an affordable rental level. This would be viewed favourably by the local authority and would provide a breeding ground for new tenants to grow into the building. Further plans and floor areas are contained in the Tate Hindle architectural study on the data site. 1 View from the West Wing looking north showing the newly developed self-contained hotel/office and incubator suites Hammersmith Grove

41 Opportunity to capitalise on low site density of 44% 2 3 Overview depicting the three main development opportunities

42 17 Additional Information EPC The building has the following EPC rating: D Rating of 100. Further information is available on the marketing website. Capital Allowances Further information is available upon request. Website Further information is available at where the following information can be found: Warranted Measured Survey from Plowman Craven Associates Occupational leases and lease summaries Estate Title and Title Review Service Charge Accounts - two years of fully audited accounts and projected budgets for 2014 and 2015 EPC Certificate Floorplans (CAD) Structural Survey Full tenancy schedule with details of licences for car park and storage spaces Dun & Bradstreet reports Building Survey including M+E and Environmental surveys Planning Report Planned Preventative Maintenance Programme (PPM) Architectural Study from Tate Hindle Proposed Development Images Please contact JLL for password controlled access. Debt Advisory JLL Debt Advisory is an FCA regulated business providing market leading debt solutions for real estate investors. We have wide ranging expertise in senior debt and mezzanine arrangement for investment and development projects, as well as devising and structuring joint ventures. JLL Debt Advisory has held discussions with a variety of lenders regarding the financing of Hammersmith Grove, and we would be delighted to discuss funding options with potential purchasers. For further information, please contact: David Lebus +44 (0) [email protected] Service Charge The estate service charge budget for the property is 1,925,500 for the year ending 31st December 2015, reflecting an average service charge of 9.84 per sq ft overall. Although the majority of the service charge is recoverable there are a small number of service charge caps, as detailed within the tenancy schedule. Further information can be found on the leases and lease summaries contained on the data site. Proposal Sam Fleming +44 (0) [email protected] Our client is seeking offers in excess of 118,000,000 for either the freehold and long leasehold interests or 100% of the issued share capital in the UK Limited Partnership owning the property. A purchase at this price reflects a low capital value of 576 per sq ft and a net initial yield of 4.74%. Upon letting the vacant office accommodation and settlement of the outstanding Agilisys and London Underground rent reviews, the running yield increases to 5.71%. The above is based upon purchaser s costs of 1.8%. Contact Rob Corbett +44 (0) (0) [email protected] Jourdan Rajwan +44 (0) (0) [email protected] Giles Stevens +44 (0) (0) [email protected] Misrepresentations Act 1967 & 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. Ordnance Survey Crown Copyright All rights reserved. Licence number Not to scale. For indicative purposes only. January Tayler Reid Design I I

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