THAVIES INN HOUSE

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HOLBORN CIRCUSLONDON EC1

THAVIESINN HOUSE

THAVIES INN HOUSE

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LANDMARK SITE FRONTING

HOLBORN CIRCUS

THAVIES INN HOUSE

PROMINENT OFFICE AND RETAIL INVESTMENT

INVESTMENT SUMMARY

Landmark office and retail investment in the heart of Midtown.

Set to benefit from the Crossrail interchange at Farringdon Station (2018) situated within 400 metres.

Comprising two buildings arranged over basement, ground and 8 upper floors.

4,690.3 sq m (50,486 sq ft) of office and retail accommodation.

Multi let producing a gross passing rent of £1,572,041 p.a. reflecting only £31.14 per sq ft.

Long Leasehold – 119 years unexpired reviewed to 2% of ERV.

Numerous asset management opportunities including a rolling refurbishment or comprehensive redevelopment to increase space to 90,887 sq ft (GIA), subject to planning.

Rental levels in the area have recently achieved £70 per sq ft providing excellent prospects for growth.

Offers invited for our clients lease hold interest in excess of £38 million reflecting a net initial yield of 3.80% and a reversionary yield of 5.41% assuming purchasers cost of 5.80%. This price reflects a capital value of £753 per sq ft (including Lloyds Bank space).

05

THAVIES INN HOUSE

With substantial frontage to Holborn Circus, the confluence of six major routes, Thavies Inn House sits in one of the most prominent positions in Midtown within 400 metres from Farringdon Station.Comprising the historic central areas of Bloomsbury, Holborn and St Giles, Midtown encapsulates in one area London’s unique diversity. No longer seen as the gateway between the West End and City, the area has blossomed with substantial tenant demand drawn by its expanding amenity and unrivalled access.

Today the area benefits from a mixture of historic landmarks and state-of-the-art developments creating a thriving commercial district. Enjoying a rich business biodiversity and increasing popularity it is little wonder that The Mayor’s Plan has highlighted Midtown as a London area of growth over the next two decades.

Thavies Inn House is surrounded by some of the world’s most influential corporations from the Professional, Financial and Legal sectors. Due to its proximity to the Law Courts and Inns of Court, the area has been historically synonymous with the legal industry with Macfarlanes, Bird & Bird, Irwin Mitchell and Hogan Lovells all located nearby.

The headquarters of Amazon, Deloitte and Goldman Sachs are all within 300 metres. Goldman Sachs’ Headquarters is currently being developed which backs on to St Andrew Street and will total 1 million sq ft. In addition, the landmark 700,000 sq ft development of New Street Square is located immediately to the south, developed by Land Securities it is home to the headquarters of Deloitte and Taylor Wessing.

More recently tenants from the technology, media and telecommunications (TMT), advertising and public relations sectors have been attracted to the area by a combination of unique accommodation and cosmopolitan atmosphere. Tenants such as Mindshare, Dreamworks, Warner Brothers, Publicis Group, GDF Suez and Bell Pottinger have all moved in nearby.

This increasingly varied workforce has attracted a new breed of hoteliers and restauranteurs who have colonised the area in recent years. The majority have migrated from the fashionable areas of Shoreditch and Hoxton which illustrates the areas growing profile.

Further examples of Midtowns growing amenity is the inclusion of Bounce table tennis bar and restaurant located opposite, the ever popular Leather Lane market and the soon to open Gym Box on Leather Lane which will help further grow street activity and footfall.

LOCATION

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MIDTOWN - LONDON’S MOST EXCITING DISTRICT

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SITUATION

Thavies Inn House occupies a prominent site in the heart of Midtown overlooking Holborn Circus and sitting at the junction of New Fetter Lane and St Andrew Street. The property looks down the length of the world renowned Hatton Garden opposite, New Street Square development is immediately to the south and both Farringdon and Chancery Lane Stations are within 400 metres north east and 200 metres west respectively.

Corporate1. Weber Shandwick

2. De Beers

3. J Sainsbury PLC

4. Bechtel

5. GDF Suez

6. WSP Group

7. LexisNexis

8. Unilever

9. Thompson Reuters

10. Towers Watson

11. Capgemini

12. BT

13. BAT

Banking & Financial14. Deloitte

15. Child & Co

16. Goldman Sachs

17. AXA

18. Bank of New York Mellon

19. JP Morgan

20. Merrill Lynch/Bank of America

21. Banco Santander

22. London Stock Exchange

23. Allied Irish Bank

24. Investec

Professional & Others25. KPMG

26. Crowe Clark Whitehill

27. The Home Office

28. Dixon Wilson

29. Royal College of Surgeons

30. TMP Worldwide

Legal31. Hogan Lovells

LLP

32. Macfarlanes

33. Bird & Bird

34. Sullivan & Cromwell

35. DAC Beachcroft

36. The Law Society

37. Freshfields Bruckhaus Deringer

38. Charles Russell Speechlys

39. Jones Day

40. Baker McKenzie

41. Gibson, Dunn & Crutcher

42. Irwin Mitchell

43. Lewis Silkin

44. Taylor Wessing

45. Dechert

Media46. KARMARAMA

47. Media Force

48. Grey Advertising

49. Lastminute.com

50. Amazon

51. Skype/Microsoft

52. Austin Reed

53. Unilever Media

54. Hill+Knowlton

Leisure55. The Holborn

Dining Room

56. Chicken Shop

57. Modern Pantry

58. Club Gascon

59. Burger & Lobster

60. Polpo Smithfield

61. Smiths of Smithfield

62. Zetter Townhouse

63. The Rosewood Hotel

64. The Hoxton Holborn Hotel

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COMMUNICATIONSThe building is 200 metres west of Chancery Lane Underground Station (Central Line) and 400 metres south west of Farringdon Station.

Once Crossrail is completed in 2018, Farringdon Station will become one of the busiest interchanges in London providing a rare three-way connectivity to the London Underground (Piccadilly and Hammersmith & City lines), Thameslink and Crossrail services giving unrivalled access across the capital and commuter belts.

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GATWICK

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LONDON CITY

LUTON

STANSTED

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BUSNumerous bus routes operate along High Holborn including the 8, 25, 242 and 521 offering quick access across the capital.

INTERNATIONALAll five of London’s principle airports are located within a 1 hour journey time of Holborn. Situated a mile to the north, Kings Cross St Pancras International Station is one stop on either the Metropolitan, Hammersmith & City, Circle Underground lines in a journey time of 4 minutes.

SANTANDER BIKES

THAVIES INN HOUSE

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KINGS CROSS

TOTTENHAM COURT ROAD

Crossrail (from 2018) Circle Line Northern Line

City Thameslink District Line Piccadilly Line

Central Line Hammersmith & City Line Victoria Line

Metropolitan Line

CHANCERY LANE

HOLBORN

ST PAUL’S

BLACKFRIARS

THAVIES INN HOUSE

ST PANCRAS INTERNATIONAL

FARRINGDONBARBICAN

THAVIES INN HOUSE

“THE MIDTOWN BLOCK OF CENTRAL LONDON BETWEEN TOTTENHAM

COURT ROAD AND FARRINGDON ROAD

WILL BE BOOKENDED BY TWO OF THE BUSIEST

STATIONS ON ITS ROUTE.”

THAVIES INN HOUSE

017

Crossrail is Europe’s largest infrastructure project and will cost approximately £15 billion. Crossrail will directly connect all of London’s main business centres, linking Heathrow with Paddington, the West End, City and Canary Wharf with up to 24 trains per hour, each carrying 1,500 passengers during peak periods.

Due to open in 2018, Crossrail will increase London’s rail-based transport network capacity by 10% and dramatically cut journey times across the city with an estimated 200 million people travelling by Crossrail each year.

Farringdon Station is within 400 metres of Thavies Inn House and will uniquely provide three-way connectivity, namely London Underground, Thameslink and Crossrail, at an intersection of an east-west and north-south axis.

Once opened roughly one quarter of the population of England will be able to reach Farringdon Station within 45 minutes, this amounts to a staggering 13.25 million people. With over 140 trains per hour forecast to pass through the interchange, this location is expected to become an ever increasing business hub for occupiers seeking world class connectivity. Farringdon Station will provide a direct link to three of London’s five airports, with travel times to London destinations significantly reduced.

Two new ticket halls will be constructed, with the entrance to the western ticket hall on Cowcross Street.

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Midtown has attracted significant developer interest recently due to strong occupier demand, growing amenity and favourable building stock.

THAVIES INN HOUSE

1) Smithfield QuarterCreation of a new Museum

of London by 2021Developer: City of London

Corporation

2) 61-65 Holborn Viaduct116,250 sq ft of

redeveloped Grade A office246 Bedroom hotel

Developer: CitizenM/CHIL

3) Farringdon Station207,000 sq ft of

redeveloped grade A office with retail units

Completion due 2018Developed: Crossrail/

Cardinal Lysander

4) Barts Square, EC1236 high quality

apartments230,000 sq ft of

retail/restaurant/café accommodation

Under ConstructionDeveloper: Helical Bar

5) 60 Holborn Viaduct212,000 sq ft of

redeveloped Grade A office

CompleteDeveloper: AXA Real Estate

6) Charterhouse Place165,764 sq ft of

redeveloped Grade A office 15,069 sq ft of retail

accommodationDeveloper: TIAA Henderson

7) 12-14 New Fetter Lane, EC4

147,171 sq ft of redeveloped Grade A office

Pre-let to Bird & Bird LLPDeveloper: Great Portland

Estates

8) Goldman Sachs Headquarters, EC41,000,000 sq ft of

redeveloped Grade A officeCompletion due 2017/18

Developer: Goldman Sachs Campus

9) 1&2 New Ludgate, EC4 352,000 sq ft of

redeveloped Grade A office30,000 sq ft of retail

accommodationDeveloper: Land Securities

10) 40 Chancery Lane, WC2 101,800 sq ft of

redeveloped Grade A office Completed

Developer: Derwent

11) 1 New Street Square, EC4

266,000 sq ft of redeveloped Grade A

office 5,000 sq ft of retail accommodation

Completion due Q3 2016Developer: Land Securities

12) 98 Fetter Lane, EC458,342 sq ft of redeveloped

Grade A office Pre-let to Macfarlanes

Completion due Q3 2016Developer: Brookfield

019

LOCAL DEVELOPMENTS

Thavies Inn House comprises two office buildings which form the entire southern side of the major junction of Holborn Circus.

Constructed in the 1950’s, the properties are of steel frame construction with brick facing upper floors and stone facing elevations to the lower levels. Comprising a total of 4,690.3 sq m (50,486 sq ft), the office and retail accommodation is arranged over part basement, ground and 8 upper floors.

Thavies Inn House is accessed from an attractive arch way to the eastern side of the building into a large reception housing the main core with two lifts serving all floors.

The floorplates are rectangular in shape to the upper floors and form an L-shape from the 4th floor down. Benefiting from windows to three elevations in addition to two light wells, the accommodation provides excellent natural light throughout.

In its current configuration the floors offer a mix of open plan and cellular layouts. Given the position of the core the accommodation also provides valuable flexibility with easily divisible floor plates.

The front building, known as 5 Holborn Circus, is let to a college which provides accommodation set around a central core benefitting from excellent natural light from its dual elevations and an internal light well.

Office specification:

Two x 8 person passenger lifts serving all floors A large central core Raised floors throughout Suspended ceilings Category II lighting Gas fired central heating Male and female WCs on each floor Air conditioned – tenant installed apart from the 1st floor

Excellent natural light throughout

Basement and ground floors comprise two A3 restaurant/café units fronting St Andrew Street and New Fetter Lane, and in addition a substantial double height banking hall with prominence to Holborn Circus.

DESCRIPTION

THAVIES INN HOUSE

021

HIGHLY REVERSIONARY OFFICES WITH ASSET

MANAGEMENT OPPORTUNITIES

THAVIES INN HOUSE

FLOOR AREA (SQ FT) AREA (SQ M)

8th 2,200 204.4

7th 2,295 213.2

6th 2,295 213.2

5th 4,060 377.2

4th 5,963 554.0

3rd 6,105 567.2

2nd 5,831 541.7

1st 4,783 444.4

Ground 1,091 101.4

Ground Floor Retail 7,982 741.6

Roof Storage 100 9.3

Basement Storage 1,420 131.9

College, 5 Holborn Circus 6,361 591.0

TOTAL 50,486 4,690.3

ACCOMMODATIONApproximate net internal floor areas are as follows:

023

DIVERSE OCCUPIER MIX IN ONE OF LONDON’S

MOST EXCITING MARKETS

Long Leasehold for a term of 135 years from March 2000 (c.119 years unexpired). The current passing head rent is £18,610 p.a. reviewed 5 yearly to 2% of the full rack rental value. An additional £27,500 p.a. is payable for the licence fee for the car parking spaces to the freeholder and there are no provisions for review.

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THAVIES INN HOUSE

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.

025

THAVIESINN HOUSE

THAVIES INN HOUSE

Floor/ Unit Tenant Use Area (sq ft)

Lease Start

Lease Expiry

Next Review

Rent (£ pa)

Rent (£ psf)

ERV (£ pa)

ERV (£ psf)

Comment

Thavies Inn House 8th ISC Institutional Service Centre Ltd Office 2,200 11/11/2013 10/11/2018 £82,800 £37.64 £104,500 £47.50 Outside 1954 LTA.

7th Delva Patman Redler LLP Office 2,295 30/03/2012 29/03/2022 30/03/2017 £75,145 £32.74 £109,013 £47.50 LL development break on or anytime after 01/06/2016 on 6m. TBO on 30/03/2018 on 6m. Outside 1954 LTA.Basement Storage 385 £3,850 £10.00

6th Cumberland Place Financial Management Ltd

Office 2,295 04/08/2014 03/08/2019 £90,780 £39.56 £109,013 £47.50 MBO 03/08/2018 on 9m. Outside 1954 LTA.

5th Elkington & Fife LLP Office 4,060 24/06/2013 23/06/2018 £94,723 £22.24 £192,850 £47.50 Outside 1954 LTA.

Basement Storage 200 £2,000 £10.00

Part 4th Ogletree Deakins International LLP Office 3,005 03/09/2009 02/09/2019 £108,000 £35.94 £142,738 £47.50 Took assignment of the lease 19/12/2012. Outside 1954 LTA.

Part 4th JD Law LLP Office 2,958 02/10/2012 01/10/2017 02/05/2014 £104,230 £35.24 £140,505 £47.50 Outside 1954 LTA.

3rd Pageant Media Limited Office 6,105 31/10/2012 30/10/2017 £240,600 £39.41 £289,988 £47.50 Outside 1954 LTA.

2nd Bonas and Co. Ltd Office 5,831 25/03/2011 24/03/2021 25/03/2016 £140,000 £22.76 £276,973 £47.50 Inside 1954 LTA.


1st Wilson Wright LLP Office 4,783 30/11/2009 29/11/2019 £152,848 £31.96 £215,235 £45.00 Outside 1954 LTA.

Ground Wilson Wright LLP Office 1,091 19/02/2014 29/11/2019 £33,000 £30.25 £49,095 £45.00 Outside 1954 LTA.

Retail Retail Unit – St Andrews Street

RGF Holborn Ltd Retail 1,702 13/02/2013 12/02/2023 13/02/2015 £55,000 £32.31 £76,590 £45.00 Outside 1954 LTA.

Retail Kiosk – New Fetter Lane

RGF Holborn 2 Ltd Retail 225 01/04/2015 31/03/2020 £11,500 £51.11 £11,500 £51.11 LBO 01/04/2016 - rolling break for redevelopment. Outside 1954 LTA.

Retail Unit – St Andrews Street

Mr S S & Mrs P Chohan Retail 452 29/09/2014 28/09/2024 29/09/2019 £18,500 £40.93 £22,600 £50.00 Outside 1954 LTA.

Banking Hall – 5 Holborn Circus

Lloyds Bank Plc Bank 5,603 26/09/1958 23/09/2057 £9,250 £1.65 £9,250 £1.64 True ERV. £252,135 pa. Inside 1954 LTA.

College, 5 Holborn Circus


Interactive Pro Limited D1 6,361 18/12/2013 17/12/2023 18/12/2018 £181,289 £28.50 £286,245 £45.00 MBO 17/12/2018 on 6m. Outside 1954 LTA.

Thavies Inn House Basement

Basement Pageant Media Limited Storage 165 31/10/2012 30/10/2017 £1,650 £10.00 £1,650 £10.00 Outside 1954 LTA.

Basement Ogletree Deakins International LLP Storage 351 03/09/2009 02/09/2019 £3,915 £11.15 £3,510 £10.00 Outside 1954 LTA.

Roof Roof ISC Institutional Service Centre Ltd Storage 100 24/10/2014 10/11/2018 01/09/2015 £1,314 £13.14 £1,000 £10.00 Outside 1954 LTA.

Antenna Cornerstone Telecommunications Antenna 05/03/2012 04/03/2022 05/03/2017 £23,000 £23,000 MBO on or anytime after 05/03/2017 on 18m.

Antenna Hutchinson 3G Ltd Antenna 16/05/2002 31/12/2021 16/05/2017 £23,427 £23,427

Antenna EE Limited Antenna 30/08/2012 31/02/2015 £22,500 £22,500 Lease expired and holding over on Tenancy at Will - T wishes to decommission site.

Antenna Airwave Solutions Ltd Antenna 17/06/2010 16/06/2020 17/06/2015 £17,000 £17,000

Antenna O2 UK Ltd Antenna 20/04/2004 19/04/2024 £18,000 £18,000 T break 20/4/2018.

Antenna T-Mobile (UK) Ltd Antenna 06/03/2006 05/03/2026 06/03/2016 £20,000 £20,000 MBO for redevelopment on 12m notice.

Antenna UK Broadband Ltd Antenna 11/09/2013 10/09/2025 11/09/2016 £12,500 £12,500 MBO for redevelopment on 12m notice.

Car Parking Car Space 1 Vacant Car Parking £0.00 £3,000

Car Space 2 Bonas and Co. Ltd Car Parking 06/12/1991 24/03/2021 £2,750 £3,000 Rolling contract / MBO 3m notice / No review

Car Space 3 Wilson Wright LLP Car Parking 30/11/2009 29/11/2019 £3,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.

Car Space 4 RGF Holborn Ltd Car Parking 01/02/2013 12/02/2023 £2,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.


Car Space 6 Pinnacle Housing Ltd Car Parking 01/01/2010 31/12/2015 £3,548 £3,000 Rolling contract / annual RPI increase / MBO 3mths LL or 1m Tenant notice.


Car Space 8 Delva Patman Redler LLP Car Parking 30/03/2012 29/03/2022 £3,223 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.

Car Space 9 TVG Ltd Car Parking 06/07/2015 05/07/2016 £4,250 £3,000 Rolling contract / annual RPI increase / MBO 1m notice.

Car Space 10 Bonas and Co. Ltd Car Parking 01/01/2011 24/03/2021 £2,750 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.

Car Space 11 Ogletree Deakins International LLP Car Parking 19/12/2012 02/09/2019 £4,000 £4,000 Rolling contract / annual RPI increase / MBO 3m notice.

Sub-Station Sub-Station London Electricity Board Sub-Station 29/09/1958 28/09/2018 £1 £1 Inside 1954 LTA.

Gross Rent £1,572,041 £31.14 £2,221,720 £44.01

Ground Rent and Car Parking Licence Fee 50,486 £46,110 £46,110 Car parking licence fee of £27,500 per annum

Net Rent £1,525,931 £30.22 £2,175,610 £44.01

Thavies Inn House is a multi-let producing a total gross passing rent of £1,572,041 per annum reflecting a low overall base rent of £31.14 per sq ft. The income reflects an AWULT to expiry of 4.5 years and 3.4 years to break. TENANCIES

027

Floor/ Unit Tenant Use Area (sq ft)

Lease Start

Lease Expiry

Next Review

Rent (£ pa)

Rent (£ psf)

ERV (£ pa)

ERV (£ psf)

Comment

Thavies Inn House 8th ISC Institutional Service Centre Ltd Office 2,200 11/11/2013 10/11/2018 £82,800 £37.64 £104,500 £47.50 Outside 1954 LTA.

7th Delva Patman Redler LLP Office 2,295 30/03/2012 29/03/2022 30/03/2017 £75,145 £32.74 £109,013 £47.50 LL development break on or anytime after 01/06/2016 on 6m. TBO on 30/03/2018 on 6m. Outside 1954 LTA.Basement Storage 385 £3,850 £10.00

6th Cumberland Place Financial Management Ltd

Office 2,295 04/08/2014 03/08/2019 £90,780 £39.56 £109,013 £47.50 MBO 03/08/2018 on 9m. Outside 1954 LTA.

5th Elkington & Fife LLP Office 4,060 24/06/2013 23/06/2018 £94,723 £22.24 £192,850 £47.50 Outside 1954 LTA.


Part 4th Ogletree Deakins International LLP Office 3,005 03/09/2009 02/09/2019 £108,000 £35.94 £142,738 £47.50 Took assignment of the lease 19/12/2012. Outside 1954 LTA.

Part 4th JD Law LLP Office 2,958 02/10/2012 01/10/2017 02/05/2014 £104,230 £35.24 £140,505 £47.50 Outside 1954 LTA.

3rd Pageant Media Limited Office 6,105 31/10/2012 30/10/2017 £240,600 £39.41 £289,988 £47.50 Outside 1954 LTA.

2nd Bonas and Co. Ltd Office 5,831 25/03/2011 24/03/2021 25/03/2016 £140,000 £22.76 £276,973 £47.50 Inside 1954 LTA.


1st Wilson Wright LLP Office 4,783 30/11/2009 29/11/2019 £152,848 £31.96 £215,235 £45.00 Outside 1954 LTA.

Ground Wilson Wright LLP Office 1,091 19/02/2014 29/11/2019 £33,000 £30.25 £49,095 £45.00 Outside 1954 LTA.

Retail Retail Unit – St Andrews Street

RGF Holborn Ltd Retail 1,702 13/02/2013 12/02/2023 13/02/2015 £55,000 £32.31 £76,590 £45.00 Outside 1954 LTA.

Retail Kiosk – New Fetter Lane

RGF Holborn 2 Ltd Retail 225 01/04/2015 31/03/2020 £11,500 £51.11 £11,500 £51.11 LBO 01/04/2016 - rolling break for redevelopment. Outside 1954 LTA.

Retail Unit – St Andrews Street

Mr S S & Mrs P Chohan Retail 452 29/09/2014 28/09/2024 29/09/2019 £18,500 £40.93 £22,600 £50.00 Outside 1954 LTA.

Banking Hall – 5 Holborn Circus

Lloyds Bank Plc Bank 5,603 26/09/1958 23/09/2057 £9,250 £1.65 £9,250 £1.64 True ERV. £252,135 pa. Inside 1954 LTA.



Interactive Pro Limited D1 6,361 18/12/2013 17/12/2023 18/12/2018 £181,289 £28.50 £286,245 £45.00 MBO 17/12/2018 on 6m. Outside 1954 LTA.

Thavies Inn House Basement

Basement Pageant Media Limited Storage 165 31/10/2012 30/10/2017 £1,650 £10.00 £1,650 £10.00 Outside 1954 LTA.

Basement Ogletree Deakins International LLP Storage 351 03/09/2009 02/09/2019 £3,915 £11.15 £3,510 £10.00 Outside 1954 LTA.

Roof Roof ISC Institutional Service Centre Ltd Storage 100 24/10/2014 10/11/2018 01/09/2015 £1,314 £13.14 £1,000 £10.00 Outside 1954 LTA.

Antenna Cornerstone Telecommunications Antenna 05/03/2012 04/03/2022 05/03/2017 £23,000 £23,000 MBO on or anytime after 05/03/2017 on 18m.

Antenna Hutchinson 3G Ltd Antenna 16/05/2002 31/12/2021 16/05/2017 £23,427 £23,427

Antenna EE Limited Antenna 30/08/2012 31/02/2015 £22,500 £22,500 Lease expired and holding over on Tenancy at Will - T wishes to decommission site.

Antenna Airwave Solutions Ltd Antenna 17/06/2010 16/06/2020 17/06/2015 £17,000 £17,000

Antenna O2 UK Ltd Antenna 20/04/2004 19/04/2024 £18,000 £18,000 T break 20/4/2018.

Antenna T-Mobile (UK) Ltd Antenna 06/03/2006 05/03/2026 06/03/2016 £20,000 £20,000 MBO for redevelopment on 12m notice.

Antenna UK Broadband Ltd Antenna 11/09/2013 10/09/2025 11/09/2016 £12,500 £12,500 MBO for redevelopment on 12m notice.

Car Parking Car Space 1 Vacant Car Parking £0.00 £3,000

Car Space 2 Bonas and Co. Ltd Car Parking 06/12/1991 24/03/2021 £2,750 £3,000 Rolling contract / MBO 3m notice / No review

Car Space 3 Wilson Wright LLP Car Parking 30/11/2009 29/11/2019 £3,000 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.





Car Space 8 Delva Patman Redler LLP Car Parking 30/03/2012 29/03/2022 £3,223 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.

Car Space 9 TVG Ltd Car Parking 06/07/2015 05/07/2016 £4,250 £3,000 Rolling contract / annual RPI increase / MBO 1m notice.

Car Space 10 Bonas and Co. Ltd Car Parking 01/01/2011 24/03/2021 £2,750 £3,000 Rolling contract / annual RPI increase / MBO 3m notice.

Car Space 11 Ogletree Deakins International LLP Car Parking 19/12/2012 02/09/2019 £4,000 £4,000 Rolling contract / annual RPI increase / MBO 3m notice.

Sub-Station Sub-Station London Electricity Board Sub-Station 29/09/1958 28/09/2018 £1 £1 Inside 1954 LTA.

Gross Rent £1,572,041 £31.14 £2,221,720 £44.01

Ground Rent and Car Parking Licence Fee 50,486 £46,110 £46,110 Car parking licence fee of £27,500 per annum

Net Rent £1,525,931 £30.22 £2,175,610 £44.01

THAVIES INN HOUSE

Lloyds Bank Plc

Lloyds Bank Plc is one of the UK’s largest retail and commercial banks.

Accounts to the 31st December 2014 show the company made a pre-tax profit £2,289,000,000 with a turnover of £40,761,000,000 and a tangible net worth of £44,691,000,000. The company has a D&B Rating of 5 A 1.

www.lloydsbank.com

Interactive Pro Limited

Interactive Pro Limited was established in 2008. Since its incorporation the company has formed partnerships for the provision of online education with some of the world’s most respected academic and professional institutions, including universities and business schools in the USA, Italy, Switzerland and the UK.

Accounts to the 31st May 2014 show the company made a pre-tax profit £48,892 with a turnover of £43,310,713 and a tangible net worth of £2,854,929. The company has a D&B Rating of 2A 1.

www.studyinteractive.org

Bonas and Co Limited

Bonas and Co Limited is the longest established Diamond Broking and Consultancy firm in the world.

Accounts to the 7th April 2014 show the company made a pre-tax loss of £323,198 with a turnover of £5,243,701 and a tangible net worth of £20,725,033. The company has a D&B Rating of 4A 1.

www.bonasgroup.com

ISC Institutional Service Centre Limited

ISC Institutional Service Centre Limited is a wealth management business whose clients include entrepreneurs, families and corporations.

Accounts to the 31st March 2015 show the company has a tangible net worth of £169,146. The company has a D&B Rating of C 2.

www.iscgroup.co.uk

Delva Patman Redler LLP

Delva Patman Redler LLP is a recognised national specialist firm for surveying related to neighbour law, particularly rights of light, daylight and sunlight, party walls and boundary disputes.

Accounts to the 30th April 2015 show the company has a tangible net worth of £10,000. The company has a D&B Rating of G2.

www.delvapatmanredler.co.uk

Cumberland Investment Services LLP

Cumberland Investment Services LLP offer investment management and advisory services.

Accounts to the 31st March 2014 show the company made a pre-tax profit £0 with a turnover of £1,987,361 and a tangible net worth of £0. The company has a D&B Rating of H 1.

www.cumberlandplace.co.uk

COVENANTINFORMATION

029

Elkington & Fife LLP

Elkington & Fife LLP are a leading firm of patent attorneys.

Accounts to the 30th April 2015 show the company made a pre-tax profit £0 with a turnover of £9,672,749 and a tangible net worth of £178,000. The company has a D&B Rating of C 1.

www.elkfife.com

Ogletree Deakins International LLP

Ogletree Deakins International LLP is a specialist labour and employment law firm.

Accounts to the 31st December 2014 show the company made a pre-tax loss of -£446,783 with a turnover of £2,238,968 and a tangible net worth of -£1,132,243. The company has a D&B Rating of N 2.

www.ogletreedeakins.co.uk

JD Law LLP

JD Law LLP is a multi-disciplined law company operating across a range of sectors including construction, employment and family law to name but a few. The company has a D&B Rating of A 2.

www.jd-law.co.uk

Pageant Media Limited

Pageant Media Limited is an independent publishing company.

Accounts to the 28th February 2015 show the company made a pre-tax profit £2,272,908 with a turnover of £8,678,743 and a tangible net worth of negative £1,090,570. The company has a D&B Rating of N 2.

www.pageantmedia.com

Wilson Wright LLP

Wilson Wright LLP is an accountancy firm, the company acts for a diverse range of clients who operate in a multitude of sectors both in the UK and internationally. The company has a D&B Rating of 1A 2.

www.wilsonwright.co.uk

RGF Holborn Limited

RGF Holborn Limited trading as Nosh Café is an independent café.

RGF Holborn 2 Limited

RGF Holborn 2 Limited trading as Guido’s Mangia Italiano is an independent sandwich bar.

Mr S S & Mrs P Chohan

Mr S S & Mrs P Chohan trading as Cortina Sandwich Bar is an independent Italian takeaway.

THAVIES INN HOUSE

Thavies Inn presents a rare opportunity to deliver a new build scheme into the heart of Midtown benefitting from strong tenant demand and an area suffering from a lack of suitable supply.

Robin Partington & Partners have designed a scheme for the pre-app stage which involves the demolition and redevelopment of the existing building. The Grade A scheme more efficiently uses the site with large rectangular floor plates extending to the full depth of the site on every floor, unlike the existing building which is set back on 5th to 8th floors.

Through infilling and upsizing, the scheme would create a new 84,976 sq ft (GIA) building arranged over basement, ground and 8 upper floors including three fully glazed retail units on ground equating to 5,911 sq ft (GIA) fronting Holborn Circus and one unit on to St Andrews Street.

A new scheme would improve the presence and prominence of the property and would offer the opportunity to achieve rental levels of up to £70 per sq ft in addition to attracting a diverse tenant mix.

The office entrance has been re-worked and moved to the Holborn Circus elevation to create a double height and imposing reception. The design provides extensive use of glazing to the elevations with terracing to the upper floors.

DEVELOPMENT

031

SIGNIFICANT DEVELOPMENT POSSIBILITIES IN ONE OF LONDON’S FASTEST GROWING MARKETS

ASSET MANAGEMENT

THAVIES INN HOUSE

Thavies Inn House also provides an opportunity to significantly refurbish and re-let the office accommodation on a floor by floor basis to take advantage of the area’s record low vacancy rates and growing rental levels.

Entrance lobby/reception can be expanded and improved. The right of way needs to be retained however there is scope to re-work the reception and insert a glass box into the arches to improve the buildings presence and branding.

The building has numerous flat roofs which provide excellent potential to build out additional accommodation or utilise as terracing, subject to the necessary consents.

Within the existing building, the floorplates offer open plan accommodation benefiting from excellent levels of natural light. As the floor heights are level, there is potential to combine Thavies Inn House and 5 Holborn Circus to create larger, more uniform floors. If this were achieved there is further scope to relocate the entrance to the Holborn Circus elevation and therefore increase the building’s prominence as a business address.

Potential to explore a regear of the Lloyds banking unit.

033

THAVIES INN HOUSE

OCCUPATIONALEarly reports show central London take up reached almost 15 million sq ft in 2015, one of the highest on record and significantly above the long term trend.

Together with the wider central London market, Midtown has continued in the same vein throughout 2015, namely increasing tenant demand and an acceleration in take up against a back drop of limited supply.

With a Grade A vacancy rate of only 3.3% and with the shortage of suitable office space in the West End, together with the high total occupancy costs, there is now an established trend of occupiers looking to Midtown as an attractive alternative.

Midtown has long been an established location for Professional, Financial and Legal occupiers especially the latter due to its proximity to the Law Courts and Inns of Court.

However, numerous high quality developments have led to an influx of occupiers from the City and West End. In particular tenants from the technology, media and telecommunications (TMT), advertising and public relations sectors attracted by the combination of unique accommodation and cosmopolitan atmosphere.

With the arrival of Crossrail in 2018, combined with a diverse and improving amenity, strong rental growth is widely expected as evidenced by a growth rate of 5% over the last 12 months.

Rents are now achieving up to £70.00 per sq ft for prime Grade A accommodation. With a passing net rent reflecting only £30.22 per sq ft, Thavies Inn House offers an ideal opportunity to take advantage of expected growth.

MARKET COMMENTARY

ADDRESS DATE AREA(SQ FT)

RENT (£ PSF)

TENANT

ALDWYCH HOUSE, 71-91 ALDWYCH, WC2

Q1 2016 20,856 £69.50 WASSERMAN EXPERIENCE LIMITED

120 HOLBORN, EC2 Q4 2015 11,752 £65.00 NORTH HIGHLAND

120 HOLBORN, EC2 Q4 2015 19,026 £65.00 SECRET ESCAPES

DIAMOND HOUSE, 36-38 HATTON GARDEN, EC1

Q3 2015 2,736 £65.45 WE ARE LONDON LIMITED

COMPTON COURTYARD, EC1 Q2 2015 6,262 £63.00 AIR BNB

1 KINGSWAY, WC2 Q1 2015 13,470 £65.00 LSE

THE WALBROOK, EC4 Q1 2015 9,996 £75.00 TBC

10 BLOOMSBURY WAY, WC1 Q4 2014 33,547 £68.14 CRITEO

Below we set out some recent leasing transactions:

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INVESTMENTCentral London investment transactions reached £20.5 billion in 2014 making it one of the most active years on record and significantly higher than the 10 year annual average. Results from 2015 show that this level is set to be exceeded as London continues to remain the world’s number one destination for real estate investment.

London is perceived as a safe haven for overseas investors due to a transparent and competitive market, established legal system and political stability. Investors have been eager to secure London assets offering excellent rental and capital growth prospects.

Current estimates indicate that the weight of global capital seeking deployment in Central London is almost £40bn. Despite stock availability having grown, the current levels are still unable to satisfy demand especially for value add assets in areas of strong forecasted rental growth.

Against this backdrop and limited supply, demand from international and UK investors has remained extremely strong especially for larger lot sizes in areas set to benefit from strong infrastructure injections and improving occupational sentiment.

ADDRESS DATE TENURE AREA (SQ FT)

PRICE NIY CAPITAL VALUE

PURCHASER

HOLBORN GATE, 330 HIGH HOLBORN & 26 SOUTHAMPTON BUILDINGS, WC1

Q1 2016 FH 159,265 £138M 4.94% £866 WESTMOUNT REAL ESTATE

HOLBORN HALL, 100 GRAY’S INN ROAD, WC1

Q1 2016 FH 45,009 £39.8M 4.24% £884 DEERBROOK

6-7 HATTON GARDEN, EC1 Q4 2015 FH 10,783 £9.35M 3.79% £867 TIAA HENDERSON

5 FLEET PLACE, EC4 Q4 2015 FH 130,000 £147M 3.90% £1,131 POLY REAL ESTATE

ALPHABETA, 14 FINSBURY SQUARE, EC2

Q3 2015 FH 238,649 £280M 3.90% £1,173 SINAR MAS

16 OLD BAILEY EC4 Q2 2015 FH 75,000 £78M 4.35% £1,040 NAN FUNG GROUP

THE WALBROOK Q2 2015 FH 450,000 £575M 4.00% £1,278 CATHAY LIFE

150 HOLBORN EC1 Q1 2015 FH 93,240 £80M VP* £858 DAR AL-HANDASAH

THAVIES INN HOUSE, HOLBORN CIRCUS, EC1

AVAILABLE LLH 119

50,486 £38M 3.80% £753

*VP - Vacant possession

Below we set out some recent investment transactions:

THAVIES INN HOUSE

THAVIES INN HOUSE

The buildings are not Listed and do not lie within a Conservation Area.

Thavies Inn House has an EPC Rating of C (65). Certificate available on request.

A dedicated dataroom has been created providing more detailed information. Access available on request.

There are no unclaimed capital allowances available. The vendor will sign a Section 198 election for £1 on sale in relation to any unclaimed capital allowances.

PLANNING

EPC

DATAROOM

CAPITAL ALLOWANCES

CONTACT

VAT

PROPOSAL

The property is elected for VAT and it is proposed the transaction will take place by a Transfer of Going Concern (TOGC).

Offers are sought in excess of £38,000,000 reflecting a net initial yield of 3.80% and a reversionary yield of 5.41% (assuming purchaser’s costs of 5.80%). This represents a capital value of only £753 per sq ft.

For further information or to arrange an inspection of the property, please contact:

Dominic Rowe +44 (0)20 7529 5706 [email protected]

David Harrison +44 (0)20 7529 5705 [email protected]

Mark Shipman +44 (0)20 7529 5708 [email protected]

Richard Carter +44 (0)20 7529 5707 [email protected]

Misrepresentations Act 1967 & Declaration:Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property. February 2016

FURTHER INFORMATION

www.cube-design.co.uk (Q3347)

THAVIES INN HOUSE

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