LONDON EC1

1 GILTSPUR STREET

1 GILTSPUR STREET

3

1 GILTSPUR STREET

2

INVESTMENTHIGHLIGHTS

• Occupies a prominent corner position in the heart of Midtown, where the City of London and West End markets converge.

• Situated on the west side of Giltspur Street at its junction with West Smithfield and Hosier Lane to the north and Cock Lane to the south.

• In close proximity to Smithfield Market and Farringdon Station to the north.

• Excellent transport connectivity being only 200m from Farringdon Station which, upon delivery of the Elizabeth Line in autumn 2019, will be the only station in Central London to provide direct access to London Underground, the Elizabeth Line, Thameslink and National Rail services.

• 23,805 sq. ft. (2,211.4 sq. m.) of refurbished Grade A office and ancillary accommodation arranged over lower ground, ground and four upper floors.

• Held long leasehold from The Mayor and Commonalty of the City of London for a term of 150 years from 24 June 1991 expiring 23 June 2141 (approximately 123 years unexpired) at a head rent equating to 7.50% of rack rental value.

• Vacant possession will be provided no later than 31st August 2019. Should completion of the transaction occur prior to this date the vendor will remain in occupation on terms to be agreed.

We are instructed to seek offers in excess of £17 million (Seventeen Million Pounds), subject to contract and exclusive of VAT, for the long leasehold interest, reflecting a low capital value of £714 per sq. ft.

54

LOCATION & SITUATION

1 Giltspur Street is located in a core Central London location in the heart of Midtown where the City of London and West End markets converge. The building benefits from being equidistant between the City of London, the world’s premier business and financial district and home to some of London’s principal landmarks such as St Paul’s Cathedral, the Bank of England and Mansion House, and the UK’s traditional legal district, home to the Old Bailey, Royal Courts of Justice and the Inns of Court. Hatton Garden, London’s renowned jewellery quarter, is located a short walk to the north.

The building occupies a prominent position on the west side of Giltspur Street at its junction with West Smithfield and Hosier Lane to the north and Cock Lane to the south. The property is located in close proximity to Smithfield Market and Farringdon Station, which will benefit from direct access to the new Elizabeth Line in autumn 2019.

This Midtown location has historically been synonymous with the more established occupiers from the TMT sectors such as Amazon, LinkedIn, DreamWorks, Warner Brothers and Publicis Group. However, being uniquely positioned at the convergence of Central London’s most dynamic markets with excellent connectivity, this location has attracted some of the world’s most noteworthy corporate occupiers such as JP Morgan, De Beers, Goldman Sachs, Deloitte, Unilever and Bank of America Merrill Lynch.

Smithfield and Clerkenwell, arguably two of London’s most stylish and vibrant districts, offer a unique juxtaposition of new residential and commercial schemes, such as St Bart’s Square, set amongst a plethora of amenity within the rich industrial history of Smithfield. Local amenity includes Michelin-starred restaurants and some of the world’s best bars, shops and hotels amongst attractive cobbled streets and squares.

1 GILTSPUR STREET

7

1 GILTSPUR STREET

6

1 GILTSPUR STREET

9

1 GILTSPUR STREET

8

COMMUNICATIONS

1 Giltspur Street benefits from excellent transport connectivity across Central London and beyond, which is set to be further enhanced with the offering of the Elizabeth Line (Crossrail) from autumn 2019. The building benefits from a PTAL (Public Transport Accessibility Level) of 6b, the best possible rating and indicates excellent access to public transport.

RAIL LINKS

1 GI

LTSP

UR S

TREE

T CITY THAMESLINK (150M) •

FARRINGDON (250M) • • •

ST PAUL’S (350M) •

BARBICAN (400M) • • •

BLACKFRIARS (600M) • • •

CHANCERY LANE (700M) •

THE ELIZABETH LINE

The introduction of the Elizabeth Line at Farringdon Station (approximately 250 metres north east of the property) in autumn 2019 will have a significant impact on the Property as Farringdon becomes the only station in Central London to provide direct access to London Underground, the Elizabeth line, Thameslink and National Rail services.

The Elizabeth Line, Europe’s largest infrastructure project, is a new high-speed rail line linking Reading, Heathrow Airport and the West End with the City of London, Canary Wharf and Stratford in the east. It is estimated the service will increase rail capacity in London by 10% carrying around 200 million passengers each year, whilst bringing an extra 1.5 million people within 45 minutes of Central London.

.BUS

The building is situated a short walk from Holborn Viaduct, Holborn Circus and Farringdon Street, all of which are major thoroughfares with numerous bus services across Central London and beyond.

AIRPORTS

With the arrival of The Elizabeth Line, all four of London’s International airports, will become accessible in less than 1 hours journey time from Farringdon Station.

Airport Journey Time (mins)Heathrow 35London City 40Stansted 47Luton 47

City Thameslink Circle

District Hammersmith & City

Metropolitan Central

National Rail Elizabeth (2019)

LIVERPOOL STREET (2MINS)

CANARY WHARF (8MINS)

STRATFORD (10MINS)

BOND STREET (4MINS)

TOTTENHAM COURT ROAD

(2MINS)

HEATHROW (39MINS)

PADDINGTON (8MINS)

WHITECHAPEL (5MINS)

FARRINGDON

5 MINUTE WALK

1 GILTSPUR STREET

11

1 GILTSPUR STREET

10

LOCAL OCCUPIERS DEVELOPMENT ACTIVITY

The property benefits from being situated in a prime Midtown location strategically positioned between the City of London and the West End. The immediate area benefits from exceptional amenity and transport connectivity, which attracts some of the largest occupiers from the financial, legal and TMT sectors.

The immediate vicinity continues to witness significant levels of investment in the infrastructure, commercial and residential real estate stock, transforming this location into one of Central London’s most aspiring destinations to live and work.

HOLBORN

HOLBORN VIADUCT

FAR

RIN

GD

ON

RO

AD

ALD

ER

SG

AT

E S

TR

EE

T

HA

TTO

N G

AR

DE

N

ST. AN

DR

EW STR

EET

CH

AN

CERY LA

NE

GR

AY

S INN

RO

AD

FE

TT

ER

FE

TT

ER

LA

NE

CHARTERHOUSE STREET

LONG LANE

FAR

RIN

GD

ON

ST

RE

ET

NEWGATE STREET

KIN

GSW

AY

STRAND

FLEET STREETLUDGATE HILL

VICTORIA EMBANKMENT

RIVER THAMES

QUEEN VICTORIA STREET

NE

W

LAN

E

ST PAUL’S

CATHEDRAL

SMITHFIELD MARKET

NEWSTREETSQUARE

LINCOLN’SINN FIELDS

FARRINGDON(CROSSRAIL 2018)

BLACKFRIARS

CITY THAMESLINK

CITY THAMESLINK

FARRINGDON(CROSSRAIL 2018)

BARBICAN

CHANCERY LANE

TEMPLE

ST PAUL’S

BANK

MANSION HOUSE

HOLBORN

12

1

3

4

5

6

7

8

9

101

1

23

4

5

6

7

8

9

102

3

4

5 67

89

10

2

3

4

5

6

7

8

9

10

Financial Occupiers

1. Goldman Sachs European HQ

2. J.P. Morgan

3. Barings

4. Brewin Dolphin

5. Mizuho Bank

6. Bank of New York Mellon

7. Axa Investment Management

8. Bank of America Merrill Lynch

9. London Stock Exchange

10. Investec

Legal Occupiers

1. Bird & Bird

2. Taylor Wessing

3. Freshfields Bruckhaus Deringer

4. Jones Day

5. Irwin Mitchell

6. Hogan Lovells

7. Travers Smith

8. Withers Worldwide

9. The Old Bailey (Central Criminal Court)

10. DLA Piper

Corporate Occupiers

1. Publicis

2. Accenture

3. J Sainsbury Plc

4. Deloitte

5. Anglo American / De Beers

6. Capgemini

7. Unilever

8. Amazon

9. Samsung Electonrics

10. British Telecom

1. 17 Charterhouse Street, EC1Size: 145,000 sq. ft. Use: OfficesOwner: M&GStatus: Under Construction (Completion in 2020).

Pre-let to Anglo American

2. Goldman Sachs, 70 Farringdon Street, EC4Size: 840,000 sq. ft. Use: OfficesOwner: National Pension Service of KoreaStatus: Under construction (Completion in 2019)

3. Cardinal House, Farringdon Road, EC1Size: 138,000 sq. ft. Use: OfficeOwner: HB ReavisStatus: Under construction (Completion in 2020)

4. Charterhouse Place, Charterhouse Street, EC1Size: 195,000 sq. ft. Use: OfficeOwner: TH Real EstateStatus: Planning Consent

5. West Smithfield MarketSize: 175,000 sq. ft. Use: MuseumOwner: City of London CorporationStatus: Under construction (Completion in 2022)

6. 65 Holborn Viaduct, EC1Size: 78,500 sq. ft. & 246 bed hotel Use: Hotel & OfficeOwner: Private InvestorStatus: Planning Consent

7. 20 Old Bailey, EC4Size: 240,000 sq. ft. Use: OfficeOwner: Mirae Asset Daewoo Status: Completed

8. Farringdon East, Lindsey Street, EC1Size: 90,000 sq. ft. Use: OfficeOwner: Helical Plc Status: Under construction (Completion in 2019)

9. Barts Square, EC1Size: 3.2 acres Use: Mixed UseOwner: Helical Plc and Ashby CapitalStatus: Under construction (Completion in 2020)

10. The BT Centre, 81 Newgate Street, EC1Size: 302,,000 sq. ft. (Existing) Use: OfficesOwner: British TelecomStatus: Available on the market

1 GILTSPUR STREET

13

1 GILTSPUR STREET

12

DESCRIPTION

ACCOMMODATION

Originally constructed in 1989 and comprehensively refurbished in 2014, 1 Giltspur Street provides 23,805 sq. ft. (2,211.4 sq. m.) of Grade A office and ancillary accommodation arranged over lower ground, ground and four upper floors.

The property is accessed from a prominent entrance on the corner of Giltspur Street and West Smithfield. To the rear, the building benefits from a communal courtyard accessed at lower ground level.

The flexible ‘L-Shaped’ floor plates range in size from 4,028 sq. ft. (374.2 sq. m.) on floor four to 4,179 sq. ft. (388.2 sq. m.) on floor two and benefit from excellent levels of natural light from the northern, eastern and southern elevations. The primarily column-free open plan floor plates are flexible in that they can be easily sub-divided to offer cellular fit outs, appealing to a wide range of occupiers.

The floor plates benefit from a principal lift core at the north side of the building and a secondary goods lift core to the west, both with feature glass stairs in accompaniment. There is direct access to separate male, female and disabled WC facilities on every floor.

The office accommodation benefits from the following specification:

• fully accessible raised floors;• metal-tiled suspended ceilings;• LG7 compliant recessed modular LED lighting;• c.2.8 metre floor to ceiling heights;• four pipe fan coil air conditioning;• two 13 person passenger lifts;• dedicated services lift (800kg);• male and female WC facilities on all floors; and• a dedicated ground floor reception area.

The property provides the following net internal floor areas:

Floor Use NIA IPMS

Sq. Ft. Sq. M. Sq. Ft. Sq. M.

Fourth Office 4,028 374.2 4,145 385.1

Third Office 4,168 387.2 4,275 397.2

Second Office 4,179 388.2 4,295 399.0

First Office 4,138 384.4 4,253 395.1

Ground Office 3,083 285.9 3,131 291.0

Ground Reception 913 85.3 918 85.0

Lower Ground Office 3,296 306.2 3,331 309.5

Total 23,805 2,211.4 24,348 2,261.9

The property has been measured by Arena Property Services Limited in accordance with the RICS Code of Measuring Practice (sixth edition). Copies of the measured survey are available upon request.

1 GILTSPUR STREET

15

1 GILTSPUR STREET

14

LOWER GROUND FIRST FLOOR

GROUND FLOOR FOURTH FLOOR

Not to scale for indicative purposes only. Not to scale for indicative purposes only.

17

1 GILTSPUR STREET 1 GILTSPUR STREET

16

FLOOR PLANS FLOOR PLANS

PLANT

UP

UP

LIFT LIFT

LIFT

WC WC

LOBBY

PLANT

PLANT

PLANT

PLANT

PLANT

Kitchen

Canteen

ChangingRooms

Storage

Storage

Store

Circulation

ServerRoom

LIFT LIFT

LIFT

WC

WCWC

LOBBY

CU

PB

OA

RD

CU

PB

OA

RD

CU

PB

OA

RD

CU

PB

OA

RD

CU

PB

OA

RD

Kitchen

Storage

Roof

Core

ELEC ELEC

LIFT LIFT

LIFT

WC

WCWC

PLANT

CU

PB

OA

RD

BIN STORAGE

Core

Reception

Kitchen

Sta� Room

Circulation

LIFT LIFT

LIFT

WCWC

WC

LOBBY

Kitchen

Storage

Core

1 GILTSPUR STREET

19

1 GILTSPUR STREET

18

TENURE

The property is held long leasehold from The Mayor and Commonalty of the City of London and registered under the title number NGL712809.

The lease is for a term of 150 years from 24 June 1991 expiring 23 June 2141, providing an unexpired term of approximately 123 years.

The head rent equates to 7.50% of rack rental value and is subject to upward only reviews every five years.

The next review date is 29 September 2021. The current head rent is £71,648 per annum.

A summary of the key provisions are shown at Appendix 1.

The total site extends to an approximate area of 0.17 acres (0.07 hectares).

VACANT POSSESSIONVacant possession will be provided no later than 31st August 2019.

Should completion of the transaction occur prior to this date the vendor will remain in occupation on terms to be agreed.

Not to scale for indicative purposes only.

This official copy is incomplete without the preceding notes page.

1 GILTSPUR STREET

21

1 GILTSPUR STREET

20

CITY OF LONDON MARKET COMMENTARY Occupational MarketWe have seen five consecutive years of take-up exceeding 5.5Mn sq. ft. in the City of London market. This trend looks set to continue as take-up in Q3 reached 1.7Mn sq. ft. across 107 transactions taking the level for the year (as at the end of Q3) to 5.1Mn sq. ft., which is 1% down on this point last year but 18% up on the 10-year average for the first three quarters. The Insurance & Financial services sector has been the most active sector in the City accounting for 20% of take up, followed closely by the Tech & Media sector with 19% and the serviced office sector with 12% of take-up.

There is currently 7Mn sq. ft. of available supply, equating to a vacancy rate of 5.6%, which is both down on the five year average of 5.7% and the ten year average of 6.7%.

Set against a backdrop of somewhat subdued rental growth, the average prime rent in the City was £79.69 per sq. ft., which is 6.5% up on the same point last year and the average grade A rent has also risen by 0.4% and is currently at £61.25 per sq. ft. as at the end of Q3.

Address Tenant Area Floor Headline Rent (£per sq. ft.)

Term (Break) Date

20 Farringdon Street, EC4The Berkeley Partnership LLP

6,951 9 £75.00 10 Sep 2018

One Bartholomew Close, EC1 The Trade Desk 54,26111 10 9

£84.00 £85.50 £84.00

15 (10) Jun 2018

Forum St Paul’s, 33 Gutter Lane, EC2

Epiris LLP 5,807 7 £77.50 10 May 2018

Herbal House, 10 Back Hill, London, EC1

IDEO 8,553 5 & 6 £80.00 10 Apr 2018

25 Charterhouse Square, EC1 Hudson Sandler 6,575 2 £75.00 10 (5) Jan 2018

80 Clerkenwell Road, EC1 Solus Ceramics 4,057 G & LG £81.00 15 Dec 2017

Investment Market2018 saw a muted start to the year with total Q1 turnover of £1.37Bn, across 20 transactions, however, with June investment volumes reaching £3.04Bn across 15 transactions, Q2 turnover reached a record £4.06Bn. Appetite for City offices has remained strong and Q3 saw £3.2Bn transacted, which is the second highest Q3 turnover on record.

Overall investment for 2018 has therefore reached £8.63Bn across 94 transactions, which is broadly in line with the same point last year, which saw £8.67Bn transacted over 94 deals as well. At the end of Q3, there are currently over £2.0Bn of transactions under offer, compared with only £900Mn in 2017 at this point.

Address Area Tenure Tenancy Pricing Date Purchaser

17 St Helens Place, EC3

23,986LLH 133 years 10%

Multi-let to six tenants. The majority of the accommodation is let to Brookfiled. Vacant Possession is obtainable in September 2018.

£16.00M 3.92% £667

Oct 2018

Under Offer

Defoe Court, 44 Featherstone Street, EC1

43,146 FH

Multi-let to five tenants with 2 floors vacant. The vendor will be providing a rental guarantee. WAULT of 1.06 years.

Q.£32.50M 4.56% £753

Sep 2018

Under Offer

Dunstan House, St Cross Street, EC1

13,557 FHMulti let to six tenants including Contagious Communications and Digirati. WAULT of 2.2 years.

£13.05M 4.53% £963

May 2018

Private UK investor

4 -6 Throgmorton Avenue, EC2

11,359LLH 119 years 10.00%

Multi let to six tenants including Fox & Partners LLP, Federation of Oils Seeds and Fats, BMS Sales LLP & Trintech (UK) Ltd

£8.75M 5.50% £770

May 2018

LaSalle Investment

Management

89-91 Gresham Street, EC3

14,499LLH 138 years 5.00%

Multi let on a floor by floor basis to tenants including Sumitomo Asset Management, Stoneshot Ltd and Greenwich Associates. 2 vacant floors, which weren’t topped up.

£13.75M 3.19% £948

Aug 2017

Aviva

9.0mQ1 Q2 Q3 Q4 1-year Avg

SQ

FT

8.0m

8.0m

8.0m

8.0m

8.0m

8.0m

8.0m

8.0m

0m

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

2010

2011

2012

2013

2011

2015

2016

2017

2018

Q1 Q2 Q3 Q4 10-year Avg

£M

0

5,000

10,000

15,000

20,000

25,000

2018

2017

2016

2015

2014

2013

2012

2011

2010

200

9

200

8

200

7

200

6

200

5

200

4

200

3

200

2

200

1

200

0

199

9

199

8

199

7

199

6

199

5

City take-up by quarter Central London turnover by quarter

1 GILTSPUR STREET

23

1 GILTSPUR STREET

22

ADDITIONAL INFORMATIONPLANNINGThe Property is located in the City of London and situated within the Smithfield Conservation Area.

The ‘Golden Boy of Pye Corner’ statue, which is attached to the south eastern corner of the building, is Grade II listed.

VALUE ADDED TAX (VAT)The Property is not elected for Value Added Tax (VAT).

ENERGY PERFORMANCE CERTIFICATE (EPC)The Property has an Energy Performance Certificate (EPC) rating of D (84).

CAPITAL ALLOWANCESCapital allowances may be available to a purchaser by way of separate negotiation.

DATA ROOMAccess to the legal data room can be provided upon request.

PRICINGWe are instructed to seek offers in excess of £17 million (Seventeen Million Pounds), subject to contract and exclusive of VAT, for the long leasehold interest, reflecting a low capital value of £714 per sq. ft.

APPENDIX: HEAD LEASE SUMMARY

CONTACTSFor further information or to arrange an inspection of the property, which must be undertaken strictly by appointment only, please contact the vendor’s joint agents Savills and Daniel Watney.

Robert Buchele +44 (0) 20 7409 8007 +44 (0) 7834 631292 rbuchele@savills.com

Nick Scott +44 (0) 20 7578 7579 +44 (0) 7870 999291 nicholas.scott@savills.com

Will Richards +44 (0) 20 7409 8059 +44 (0) 7776 227907 wrichards@savills.com

Richard Garner +44 (0) 20 3077 3455 +44 (0) 7775 806335 rgarner@danielwatney.co.uk

Lucy Cooper +44 (0) 20 3077 3458 +44 (0) 7922 584901 lcooper@danielwatney.co.uk

Important Notice

Savills, their clients and any joint agents give notice that:

1. They 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. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

2. Any areas, measurements or distances are approximate. The 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 Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

Designed and Produced by Savills Commercial Marketing: 020 7499 8644 | October 2018

1 GILTSPUR STREET

25

1 GILTSPUR STREET

24

Lessor The Mayor and Commonalty of the City of London

TermThe lease is for a term of 150 years from 24 June 1991 expiring 23 June 2141, providing an unexpired term of approximately 123 years.

Current Ground Rent£71,648 per annum.

Calculation of Annual RentThe head rent equates to 7.50% of rack rental value and is subject to upwards only reviews every five years. The next review date is 29 September 2021.

Rack Rental Value DefinitionRack Rental Value is a term defined in detail in the lease, however it is essentially the best annual rent at which the premises may let as a whole in the open market for a term of 25 years with vacant possession.

AlterationsProvided the tenant supplies the landlord full details of the proposed alteration / improvement, and with the prior written consent of the landlord, the tenant may carry out certain structural works of refurbishment and improvement to the Premises.

RedevelopmentProhibited.

Permitted UseFirst to fourth floors: B1 (Offices), ground floor: A3 (Retail and/or Restaurant), or B1 (Offices), lower ground floor: B1 (Offices) and/or ancillary office use, as defined under the Town and Country Planning (Use Classes) Order 1987.

Alienation• Assignment of the whole is permitted• Underletting of the whole is permitted• Share the building with a Group Company

is permitted