2DEVONSHIRE STREET LONDON W1 A SUBSTANTIAL INVESTMENT BUILDING, BETWEEN REGENTS PARK, MARYLEBONE AND THE WEST END

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1 2DVNHI LNDN 1 UBNIL INVMN BUILDING, BN GN PK, MYLBN ND H ND

2 DVNHI, LNDN 1 2 INVMN UMMY onfigured to provide 56 self contained studio units, and 7 communal rooms/kitchens otal floor area 2,366.1 sq m (25,470 sq ft) verage unit size 23.

2 2 DVNHI, LNDN 1 2 INVMN UMMY onfigured to provide 56 self contained studio units, and 7 communal rooms/kitchens otal floor area 2,366.1 sq m (25,470 sq ft) verage unit size 23.2 sq m (250 sq ft) urrently operated as student accommodation and short term lets Income: ontracted student income 825,521 Projected summer revenue 577,000 otal 1,400,000 Projected reversionary income circa 1,750,000 per annum Planning use: ui Generis Held on a Headlease for a term of 999 years from pril 1932 Possible value add through redevelopment subject to obtaining the necessary consents Located in Marylebone, between egent s Park and xford ircus ithin close proximity to University ollege London and the University of estminster

3 3 2 DVNHI, LNDN 1

4 University ollege London Great Portland treet ity of London egent s Park he British Museum 2DVNHI

5 oho outhbank xford ircus University of estminster Mayfair

6 2 DVNHI, LNDN 1 6 LIN ND IUIN he property is located within the ity of estminster. University ollege London (0.5 miles to the east) and the University of estminster (0.6 miles to the west) are within the vicinity. ommunications are excellent with both egents Park (Bakerloo line Zone 1) and Great Portland treet (Hammersmith & ity, ircle and Metropolitan Zone 1) station under a five minute walk. In addition there are various accessible bus routes that connect the property to wider London. he estway (40) 1.2 miles to the west, links the est nd to the M4 and Heathrow irport. Devonshire street runs east/west/ connecting Marylebone High treet with Great Portland treet. he property sits to the east of Devonshire treet at its junction with Hallam treet. oyal egent s Park is approximately (0.4 miles to the north) and xford treet (0.6 miles to the south). Marylebone Village is less than half a mile to the est. KING PN HMPD D 2 DVNHI GN PK UN QU LNDN 1 M YL B N UN QU D N G G PLND L L V N D H N M to rgosy House n ta tio re le Hi to N 3 to 54 to M 201 D to ourt m 177 use n Ho De vo H alla 1 to 202 U to to a H U Q 94 use th Ho mou 84 to ey D 78 N DM 76 B D 0m 10m 20m 30m XF N:- eproduced from the rdnance urvey Map with the permission of the ontroller of H.M. tationery ffice. rown copyright licence number avills (UK) Ltd. N:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. N en 8 G D G uilds and ity ndon of Lo te Ins titu 216 H 218 PL 45 M GH 220 N PH 14 to U 8 ford t our B F B ID 1 to 222 ea H 5 82 G B L U 224 to K P 232 lter 2 to 1 wood Good t our XFD IU V BL M he 0 to 11 N 9 D LN 10 6 M D Fi pa H N N HI M 7 50 N L P N D V 6 XF N V N H U Q l tiona al Na Blind oy he r the te fo Ins titu 2 86 nd P ortla l ita he Hosp omen for dren hil and D G B FIZVI XF LB 88 yc H 12 IM (PH) PH N G G M BND 6 12 IH ND V U Q M M 24 M PL D D M IG 7 N LD N M P QU FI Ps GDG H H IG M L IG IG IH G V ND MYLBN H N M QU 1 to 6 L V tional tudents House L I V N G PL L ND P U H L IM H Y GL N H I ND U V P YM U 38 HI N L L P V B HI D N G DIN PD DN G N N Y Z FI QU B V L D M Y D GN PK

7 2 DVNHI, LNDN 1 HIY Marylebone traces its history back to the Domesday book.

individual building leases, much of the area was redeveloped and many of the

hostel and since 2007 it has been used as student accommodation and serviced

his impressive corner building with generous and flexible floorplates appeals

7 7 2 DVNHI, LNDN 1 HIY Marylebone traces its history back to the Domesday book. he eastern half of Marylebone was developed by the Duke of Portland in the 18th and 19th enturies. In the late 19th and early 20th century following the expiration of individual building leases, much of the area was redeveloped and many of the area s original Georgian houses were replaced by large mansions and office blocks. onstructed in 1925, 2 Devonshire treet was originally laid out as residential apartments. In 1964 the property was acquired by the YM for use a high class women s hostel and since 2007 it has been used as student accommodation and serviced apartments. he property sits on land currently owned by the Langham state. his impressive corner building with generous and flexible floorplates appeals to a variety of occupiers and is situated in an enviable position close to London s est nd. Immediate neighbours include: prestigious hotels such as he Langham, he anderson and he dition; world class universities such as University ollege London; and major employers such as the BB.

8 2 DVNHI, LNDN 1 8 FL PLN Gross Internal rea 2, sq m (23,553 sq ft) Plant oom and Vaults sq m (1,917 sq ft) verall Gross Internal rea 2,366.1 sq m (25,470 sq ft) Basement Ground Floor 1st 5th Floor 6th Floor Bedrooms ommunal rea s For identification purposes only. Not to scale.

9 9 2 DVNHI, LNDN 1 NNY HDUL Flat enancy tart Date ontracted tudent Income 2015/16 enancy nd Date eeks oom ype ent Per eek ontracted ent nd of ummer tay Projected evenue ummer 2016 (ssuming Full ccupancy) Days ent Per Night ummer ent LG1 20/09/ /07/ lassic ,978 15/09/ ,055 LG2 14/09/ /06/ lassic ,742 16/09/ ,665 LG3 20/09/ /07/ Premium ,238 17/09/ , /09/ /08/ Family ,750 18/09/ , /09/ /07/ Premium ,238 19/09/ , /08/ /08/ Family ,500 20/09/ ,845 4 taff ccupied lassic 0 21/09/ , /09/ /09/ lassic ,759 22/09/ , /09/ /07/ lassic ,978 23/09/ , /09/ /06/ Family ,750 24/09/ , /09/ /09/ Premium ,950 25/09/ , /09/ /07/ Premium ,289 26/09/ , /09/ /09/ lassic ,588 27/09/ , /09/ /07/ lassic ,978 28/09/ , /09/ /06/ Premium ,882 29/09/ , /09/ /07/ lassic ,978 30/09/ , /09/ /07/ Premium ,238 01/10/ , /09/ /07/ Family ,640 02/10/ , /09/ /09/ Premium , /10/ , /05/ /05/ Premium ,160 04/10/ , /08/ /08/ lassic ,759 05/10/ , /09/ /09/ lassic ,759 06/10/ , /09/ /07/ Premium ,238 07/10/ , /09/ /07/ lassic ,978 08/10/ , /09/ /09/ Premium ,289 09/10/ , /09/ /07/ Family ,640 10/10/ , /09/ /06/ Premium ,882 11/10/ , /09/ /07/ Premium ,238 12/10/ , /09/ /07/ lassic ,978 13/10/ , /09/ /05/ lassic ,742 14/10/ , /09/ /07/ Premium ,238 15/10/ , /09/ /06/ lassic ,742 16/10/ , /09/ /06/ Premium ,238 17/10/ , /09/ /06/ Family ,325 18/10/ , /09/ /07/ Premium ,238 19/10/ , /09/ /09/ Premium ,289 20/10/ , /09/ /08/ lassic ,759 21/10/ , /09/ /09/ lassic , /10/ /09/ /08/ Premium , /10/ , /08/ /08/ lassic ,068 24/10/ , /09/ /07/ Premium ,238 25/10/ , /09/ /06/ Family , /10/ , /09/ /09/ Premium ,289 27/10/ , /09/ /06/ Premium ,238 28/10/ , /09/ /07/ lassic ,978 29/10/ , /08/ /08/ lassic ,759 30/10/ , /09/ /09/ Premium , /10/ , /09/ /05/ Premium ,742 01/11/ , /10/ /06/ Family ,187 02/11/ , /09/ /09/ lassic ,759 03/11/ , /09/ /07/ Family ,750 04/11/ , /11/ /06/ lassic 309 8,961 05/11/ , /06/ /08/ lassic ,742 06/11/ , /09/ /09/ Premium ,289 07/11/ , /09/ /09/ lassic , /11/ , /09/ /06/ Family ,250 09/11/ , , ,000 otal 1,402,521.14

2 DVNHI, LNDN 1 10 PLNNING he building is currently operated as: tudent accommodation 36 weeks per annum erviced apartments 16 weeks Planning ef: 11/04128/LPUD Use as a hostel (sui generis) to

10 2 DVNHI, LNDN 1 10 PLNNING he building is currently operated as: tudent accommodation 36 weeks per annum erviced apartments 16 weeks Planning ef: 11/04128/LPUD Use as a hostel (sui generis) to accommodate: i) during the cademic erms (comprising a minimum of 38 weeks per annum) undergraduate and postgraduate students enrolled on a fulltime accredited degree or post graduate course at a Higher ducation Institute within a London Borough, and ii) outside the cademic erms to students or non students, either individually or collectively, on a short term basis (less than 90 days). Decision pplication Permitted Decision Issued Date ed 10 ug 2011 his planning permission was subsequently amended in a letter dated 19/08/15 from the ity of estminster: o the extent that the academic terms of University ollege London are less than 38 weeks, which appears to be the case, the ouncil considers that it would be reasonable for the minimum period, referred to in the definition of academic term in the said agreement, to coincide with the actual academic terms of University ollege London. erm dates are likely to differ from year but for the year 2015/2016 the ouncil understands the academic terms for University ollege London to equate to 29 weeks and 4 days. MMDIN ccommodation is arranged over basement, ground and six upper floors. he property consists of 56 self contained studios. here is a large open plan lounge area and laundry room at basement level. n the ground floor there is a generous entrance hall / concierge area. ith the exception of the ground, each floor benefits from an additional communal kitchen. he total floor area is 2,366.1 sq m (25,470 sq ft). INM ND PJIN tudios are let as student accommodation during term time at the following rents: Unit ype urrent Projected 16/17 lassic studio 309 per week 349 per week Premium studio 339 per week 399 per week Family oom 375 per week 499 per week ents charged are all-inclusive and cover:- Furniture Kitchenette facilities Flat-screen V High speed i-fi Projected summer revenue: lectricity & water ccess to communal lounge area n site laundry facilities Personnel on site 8 hours a day Unit ype urrent Projected 16/17 lassic studio 165 per night 173 per night Premium studio 175 per night 183 per night Family oom 185 per night 195 per night *In addition to the all-inclusive cover, a linen service is offered for the serviced apartments. UDN MMDIN MK Higher ducation in London here are approximately 290,000 students in the Greater London area, more than any other city in urope. here are approximately 100,000 international students living in London, they are attracted to the capital by the strength of its higher education institutions. here are 39 recognised universities in London and three of these, Imperial ollege, University ollege and the London chool of conomics are rated amongst the best 20 universities in the world. In addition, there are a significant number of private and independent colleges and language schools whose students require accommodation, including egents merican ollege. upply of tudent ccommodation in London London has an under-supply of student accommodation. urrently, only around 22% of full time students have access to purpose built residences. he average regional UK supply level is around 35-40%. In addition, challenges around securing planning permissions, IL, land pricing and build costs make the barriers to entry to increase supply of student accommodation significant. It is therefore a rare opportunity to be able own student accommodation in central London.

11 2 DVNHI, LNDN 1 NU he property is held on a Headlease for a term of 999 years from pril 1932. MHD F L he property is offered for sale by private treaty.

11 11 2 DVNHI, LNDN 1 NU he property is held on a Headlease for a term of 999 years from pril MHD F L he property is offered for sale by private treaty. ffers are sought for the Headlease interest subject to contract and the existing tenancies. hould a closing date for the submission of offers be set, all parties who have expressed an interest will be notified in due course. V he property is not elected for V. FUH INFMIN full suite of background information, including Ps, can be found on the online dataroom at: VIING Viewings are strictly by appointment via the vendor s sole selling agents, avills. Please contact one of the team below to make an appointment. avills esidential Investment James Laverack + 44 (0) jlaverack@savills.com Davina lowes +44 (0) dclowes@savills.com dam lster + 44 (0) aalster@savills.com tudent Investment Marcus oberts + 44 (0) mroberts@savills.com James Hanmer + 44 (0) jhanmer@savills.com

12 Important Notice avills, and their clients give notice that: 1. hey are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. hey assume no responsibility for any statement that may be made in these particulars. hese particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. ny areas, measurements or distances are approximate. he text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and that avills and Knight Frank have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by avills Marketing: February 2016

44 Penywern Road, London SW5 9SX

INVESTMENT opportunity 44 Penywern Road, London SW5 9SX 2 Investment Summary A high quality, freehold residential investment opportunity situated close to the Earls Court regeneration area Attractive,