City Road. London EC1. Reversionary Freehold Office Investment For Sale

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1 City Road London EC1 Reversionary Freehold Office Investment For Sale

2 City Road London EC1 2 Investment Summary Freehold Prominent Northern City Fringe location in close proximity to Old Street, Moorgate and Liverpool Street Underground Stations. The property is situated on the west side of City Road, opposite Finsbury Square and close to its junction with Worship Street. The rear of the property benefits from terraces which overlook the HAC ground. 4 City Road provides approximately sq m (7,763 sq ft) of refurbished office and ancillary accommodation arranged over lower ground, ground and five upper floors. Multi-let to six tenants, with a weighted average unexpired lease term of 2.92 years, and 1.66 years to breaks (on the ground and upper floors). The total current passing rent is 212, per annum (equating to a low average passing rent of per sq ft overall), highlighting the reversionary potential of the property. We are instructed to seek offers in excess of 4,000,000 for the Freehold interest which reflects an initial yield of 5.02% after purchasers costs of 5.8% and a low capital value of 515 per sq ft.

3 City Road London EC1 3 GREAT EASTERN STREET City Road London EC1 TABERNACLE STREET Not to scale. For identification purposes only. Location 4 City Road occupies a prominent position on the west side of City Road overlooking Finsbury Square. The surrounding area is an established office location and has attracted a number of leading financial, professional, TMT and retail occupiers, including Bloomberg, Grant Thornton, JP Morgan, Google Campus, Toptable and Hakkasan Kitchen. In recent years the surrounding area has witnessed considerable redevelopment. The revival of Triton Court, rebranded Alphabeta, will provide a new 22,110 sq m (238,000 sq ft) office building, with adaptable office space, new restaurants, retail spaces, roof terraces and even a basketball court, attracting varied blue-chip occupiers to the traditionally corporate area. Further retail amenities are provided at The Barbican Centre, Old Street, Moorgate, Broadgate and Spitalfields Market. The property lies in close proximity to Old Street Roundabout, dubbed Silicon Roundabout, the principal northern gateway linking the City of London to the south, Kings Cross and Angel to the north, Clerkenwell and Holborn to the west and Shoreditch to the east. 4 City Road benefits from its proximity to Moorgate Underground and Mainline Station (Metropolitan, Circle, Hammersmith & City and Northern lines) which is approximately 500 yards to the south of the premises. Old Street Overground and Underground Station (Northern line) is approximately 400 yards to the north of the property and Barbican Underground Station (Metropolitan, Circle and Hammersmith & City lines) is approximately 500 yards to the west of the property. Bank and Liverpool Street Mainline and Underground Stations are also close by. Liverpool Street and Moorgate stations are set to benefit significantly from Crossrail, with trains scheduled to be running from Crossrail is Europe s largest infrastructure project providing direct rail lines between Stratford in the east, and Maidenhead in the west. The service will enhance capacity across Central London by 20% with over 250 million passengers a year using the service which will link Heathrow, the West End, the City and Canary Wharf. The project will transform Central London, especially in locations close to new or updated stations.

4 City Road London EC City Road Bezier Apartments Broadgate 33 Finsbury Square City Road London EC1 Moorgate Station Bank Station The Barbican The Bower Building Old Street Station Alphabeta 3-10 Finsbury Square White Collar Factory Oliver s Yard

5 City Road London EC1 5 Local Developments 1. Alphabeta Redevelopment of the former Triton Court by Resolution Property to provide a new 22,110 sq m (238,000 sq ft) office building, anticipated to be completed by December In Q1 2014, SEI acquired 5,388 sq m (58,000 sq ft) over various floors at per sq ft overall. The most recent letting in the iconic building was let to Modern Pantry who took a 20 year lease on 315 sq m (3,400 sq ft). 2. Bezier Apartments Twin tower project located in the southeast corner of Old Street roundabout. The 14 and 16 storey towers comprise 127 flats, with the retail units on the ground floor let to EAT and POD Finsbury Square Development by Pembroke Real Estate which provides 14,000 sq m (150,695 sq ft) of prime Category A office accommodation. The quoting rent is per sq ft and the building is rumoured to be under consideration by Microsoft Finsbury Square Comprehensively refurbished office building behind a classic Portland stone façade providing approximately 6,689 sq m (72,000 sq ft) of accommodation. The whole building has been taken by Liverpool University on a 15 year lease for their London City campus. 5. The Bower Building A Helical Bar and Crosstree Real Estate 3.12 acre development site comprising c. 26,626 sq m (286,600 sq ft) of existing office and retail space. Planning consent for the scheme was granted in Q for a new landmark building, comprising 29,728 sq m (320,000 sq ft) of office accommodation alongside a new vibrant restaurant and retail destination. 6. Epworth House, City Road London and Regional have secured planning consent for a BuckleyGrayYeoman scheme to refurbish and extend Epworth House to provide c. 6,131 sq m (66,000 sq ft) of Grade A office accommodation. 7. Maple House, City Road Owned by Helical Bar, Maple House is an existing four storey 4,645 sq m (50,000 sq ft) office building, fronting City Road, Epworth Street and Tabernacle Street and in close proximity to Old Street roundabout. An extensive refurbishment will provide c. 5,759 sq m (62,000 sq ft) office scheme with retail potential at ground floor. 8. White Collar Factory A Derwent London scheme designed by AHMM which will provide a new 20,624 sq m (222,000 sq ft) office building. Anticipated completion Summer 2016.

6 City Road London EC1 6 Description 4 City Road provides approximately sq m (7,763 sq ft) of refurbished office and ancillary accommodation arranged over lower ground, ground and five upper floors. The property underwent an extensive refurbishment in 2008 and benefits from the following specification; Two pipe fan coil air conditioning Perimeter trunking Metal tile suspended ceiling LG7 compliant lighting 1 x passenger lift 24 hour access Shower facilities Male and female toilets on each floor Terraces on the 2nd and 1st floor

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8 City Road London EC1 8 Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) Floor Size (sq ft) Size (sq m) 5th Floor th Floor rd Floor nd Floor st Floor 1, Ground 1, Basement Front Basement Rear Total 7,

9 City Road London EC1 9 Floor Plans Ground Floor 1,377 sq ft sq m ENTRANCE Third Floor 871 sq ft sq m Not to scale. For identification purposes only.

10 City Road London EC1 10 Tenure The property is held Freehold. An ordnance survey extract indicates the extent of the property outlined in red. 1 to 3 5 to m 6 Triton Court 12a 2 14 to FINSBURY 16.8m SQUARE Not to scale. For identification purposes only. This plan is based upon an Ordnance Survey Map with the sanction of the controller of HM Stationery Office. Crown Copyright reserved.

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12 City Road London EC1 12 Tenancy Schedule Floor Tenant Size (sq ft) 5th Floor 4th Floor 3rd Floor 2nd Floor 1st Floor Ground LOC Consulting Limited ST Consulting (UK) Limited Essentia Consulting Limited Riversdale Consulting Limited Ashenden Capital Management LLP Dartmouth Partners Limited Size (sq m) Lease Start Lease Expiry Rent Review Break (T/M) Passing Rent (pa) Passing Rent (per sq ft) /05/ /05/ /05/ /05/2015 (M) 17, /09/ /09/ /09/ , /12/ /12/ , /11/ /10/ , Comments 1, /08/ /08/ /08/2016 (M) 43, The tenant is entitled to four months rent free if they do not exercise their break option, or two months rent free if the landlord exercises the break option. 1, /07/ /07/ /07/2016 (M) 40, The tenant is entitled to four months rent free (eight months half rent) if they do not exercise their break option. If the landlord exercises their break option the tenant is entitled to have any rent and service charge paid in advance in respect of the period following the break date refunded within 21 days. Basement Rear KPML , Currently being marketed at per sq ft. If the unit is empty at completion, the vendor will offer a top-up at this level for 12 months. Basement Front Core Data Cloud /07/ /06/ /06/2015 (T) 13, From completion, Core Data Cloud will enter into a new three year lease at per sq ft, with tenant only rolling yearly breaks. Total 7, ,574.00

13 City Road London EC1 13 VAT EPC Further Information The property has been elected for VAT. It is envisaged that the sale will take place by way of a Transfer of a Going Concern. The EPC rating is D (76). The Energy Performance Certificate is available upon request. Proposal We are instructed to seek offers in excess of 4,000,000 subject to contract, and exclusive of VAT. A purchase at this level reflects an initial yield of 5.02% after purchaser s costs of 5.8% and a low capital value of 515 per sq ft. Contacts For further information, or to arrange an inspection of the property, please contact: James Abrahams james.abrahams@allsop.co.uk James Crawford james.crawford@allsop.co.uk Marsha Rabinovich marsha.rabinovich@allsop.co.uk Misrepresentation Act 1967 Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. June 2014 (Q2861)