SOVEREIGNHOUSE2 1 0 - 2 2 6 S H A F T E S B U R Y A V E N U E

L O N D O N W C 2

F R E E H O L D I N V E S T M E N T O P P O RT U N I T Y

DRAF

T

INVESTMENT SUMMARY

• AFreeholdperiodbuilding

• A0.21 acrevirtualislandsitelocatedinoneofLondon’smostdynamicsubmarkets,CoventGarden

• Under200mfromTottenhamCourtRoad’snewElizabethLinestation(formerlyknownasCrossrail)

• ShaftesburyAvenuetobecomepedestrianiseddirectlyoutsidethepropertyaspartofCamden’sWestEndProject

• Letto13commercialtenantsunder15leaseswithatotalpassingrentof£931,433 per annumreflectinganaveragepassingrentofjust£34.74 per sq ftontheoffices

• WAULTof4.52yearstoexpiryand4.09yearstobreaks

• ThePropertyalsoincludes13residentialflatsarrangedoverfirsttofifthfloors

• Thereisasinkingfundofc.£250,000availablefortheexternalpartsoftheproperty

• Totals23,007 sq ft andcomprises17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloorswith115sqftofstorage

• Therearesevengroundfloorretailunitsandabasementbartotalling5,638sqftwithahighlydesirable43mfrontagetoShaftesburyAvenue

• TheretailunitsarepassingoffZoneArentsrangingfromjust£57persqftto£150persqft

• Weareinstructedtoseekoffersinexcessof£23,000,000 (Twenty Three Million Pounds),reflectinganet initial yield of 3.80%andalowcapitalvalueof£999persqft(assumingfullassetcosts).

2 3

DRAF

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British Museum

Holborn

Central Saint Giles

Kingsway

Seven Dials

Shaftesbury Avenue

Regent Street

Strand

Centre Point

Tottenham Court Road

Soho Square

Piccadilly Circus

St James’s Park

SOVEREIGNHOUSEL O N D O N W C 2

BLOOMSBURY

COVENT GARDEN

SOHO

ST JAMES’S

4 5

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TDR

AFT

LOCATION

SovereignHouseissituatedwithinoneoftheWestEnd’smostvibrantsubmarkets,CoventGarden.ThesubmarkethostssomeofLondon’smostdynamicretailprovisionaswellassomeofthecity’smostrecognisedoccupiersincludingRedbull,Twitter,GoogleandNBCUniversal.ItalsoprovidessomeofLondon’stoptouristattractionsincludingtheRoyalOperaHouse,TrafalgarSquareandCoventGardenPiazza.

ThebuildingisprominentlysituatedonShaftesburyAvenueclosetoitsjunctionwithNewOxfordStreetandbenefittingfromreturnfrontageontoGrapeStreet.SovereignHouseisstrategicallyplacedwithincloseproximitytomultipletransporthubsincludingHolbornUndergroundStationandTottenhamCourtRoadUndergroundStation,wherethenewElizabethLinewillopenlaterintheyear.

Coventry St

reet

Drury Lane

Bloom

sbury

Way

Charing C

ross Road

Charing C

ross Road

Endell Street

Pall M

all

Chand

os Pla

ce

Hill S

treet

Charl

es St

reet

Berkeley Street

Curzon Street

Kingsw

ay

High Holborn

Jermy

n Stree

t

Picca

dilly

Regent Street

Duke Street

Cockspur Street Northumberland Avenue

Waterloo Bridge

Ald

wyc

h Stran

d

Grea

t Que

en S

treet

Wild Street

Russ

el S

treet

Frith Street

Greek Street

Rathbone Place

Charlotte Street

Cleveland Street

Gower Street

Bloomsbury Street

Store

Stree

t

Percy

Stree

t

New

man Street

Berners Street

Wells Street

Eastcastle

Street

Shafte

sbury A

ven

ue

Haym

arket

Great M

arlborou

gh Stree

t

Dean Street

Whitcom

b Street

Great Portland Street

Cond

uit S

treet

Piccad

illy

Henrietta

Place

Wigmore S

treet

Brook Stre

et

Albany S

treet

Outer Circle Warren

Street

New Cave

ndish Stre

et

Bruto

n Stre

et

New Bond Street

The M

all

Strand

Stran

d

Long

Acre

Harley Street

Outer Circ

le

Devonshir

e Street

Fitzroy Street

Ham

pstead Road

Wigmore S

treet

Harley Street

Devonshir

e St. Ros

eber

y Av

enue

Hunter Street

Bedfored Way

Coram St

reet

Marchm

ont Street

Grays Inn R

oad

Bernard S

treet

Guildfor

d Street

Great O

rmond

Street

Bedford R

ow

Doughy Street

Kings M

ews

Jockey’s FieldsG

rays Inn Road

John Street

SevenDials

Euston R

oad

Euston

Road

Euston Road

Marylebon

e Road

Marylebon

e Road

Great Titchfield Street

Great Ru

ssell Stre

et

Wardour Street

Brew

er Str

eet

Mortim

er Str

eet

Good

ge St

reet

Chandos Street

NationalGallery

TrafalgarSquare

BedfordSquare

RussellSquare

SohoSquare

HanoverSquare

BerkeleySquare

GoldenSquare

CavendishSquare

BritishMuseum

CentralSaint Giles

FitzroySquare

Regent S

treet

Portland Place

Oxford Street

New Oxford S

treet

Oxford Street

LeicesterSquare

RegentsPark Tottenham

Court Road

Tottenham Court Road

TOTTENHAMCOURT ROAD

PICCADILLYCIRCUS

GOODGESTREET

LEICESTERSQUARE

COVENTGARDEN

CHARINGCROSS

OXFORDCIRCUS

HOLBORN

TOTTENHAMCOURT ROAD

PICCADILLYCIRCUS

GREENPARK

GOODGESTREET

LEICESTERSQUARE

COVENTGARDEN

EMBANKMENT

CHARINGCROSS

OXFORDCIRCUS

HOLBORN

RUSSELLSQUARE

7 mins

SOVEREIGNHOUSEL O N D O N W C 2

7 mins

4 mins

6 7

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AFT

COMMUNICATIONS

SovereignHouseisstrategicallypositionedtobenefitfrommultipletransportlinksallwithineasywalkingdistance.TheseincludeTottenhamCourtRoad,Holborn,CoventGardenandOxfordCircuswhichallprovideundergroundservices,andtheareaisalsoservicedbymultiplebusroutes.

ELIZABETH LINE

SovereignHouseislocated200mfromTottenhamCourtRoadStation,whichwillhavetheElizabethLineopeningtowardstheendof2018.

TheElizabethLineisthemostsignificanttransportinfrastructureprogrammeforCentralLondon,estimatedtocarry200millionpassengersperyear.TheElizabethLinenetworkwillincreaseLondon’sexistingundergroundcapacityby10%andprovideupto24trainsperhourduringpeaktimesfromMaidenheadandHeathrowinthewesttoShenfieldandAbbeyWoodintheeast,viaFarringdonandMoorgateintheCity.

TottenhamCourtRoadStationhashada£1billionrefurbishmentbyTfLwhichwillincreasepassengercapacitybyover30%withtheopeningofthestationexpectedtobeDecember2018.

TottenhamCourtRoadwillbetheonlystationtohaveboththeElizabethLineandtheproposedCrossrailIIlineintersecting.

Reading

Twyford

Maidenhead

Brentwood

Harold Wood

Taplow Romford

Burnham

Slough

Langley

West Hayes & Drayton

Ealing

Bond Street

LiverpoolStreet

CourtTottenham

Road Farringdon Whitechapel Forest Gate

Chadwell

Goodmayes

Seven Kings

Ilford Iver Southall West

Acton

Main Line

Park

Wharf

Custom House for ExCeL

Terminal

Harlington

Ealing

Hanwell Broadway Paddington

Canary

Woolwich

Abbey Wood

Maryland

Stratford

Manor

Heath

Gidea Park

Shenfield

4

Terminals 2,3Heathrow

Heathrow

Tottenham Court Road London Underground / Crossrail scheme designed by Stanton Williams Architects

ROUTE MAP

8 9

DRAF

TDR

AFT

Shaftesbury Avenue closed at

High Holborn.

Proposed taxi rankrelocated from

outside theShaftesbury Theatre

Remove two pay anddisplay parking spaces

Make High Holborntwo-way between

Drury Lane and Shaftesbury Avenue

Loading bay

Make Shaftesbury Avenue for all

traffic two-Way.

NOT TO SCALE

NMU

SEU

M STR

EE

T

MU

SEU

M STR

EE

T

CO

PTIC

STRE

ET

HIGH HOLB

ORN

DR

UR

Y

LAN

E

WE

ST CE

NTR

AL STR

EE

T

GR

AP

E STR

EE

T

BLO

OM

SBU

RY

STRE

ETNEW OXFORD STREET

BUCKNALL STR

EET

DY

OTT STR

EE

T

SHAF

TESB

URY

AVEN

UE

SHAF

TESB

URY

AVEN

UE

EN

DE

LL S

TRE

ET

OASIS SPORTSCENTRE

PUB

PUB

SHAFTESBURYTHEATRE

CENTRAL ST GILESDEVELOPMENT

PUB

DIP BAY

BLOOMSBURYCENTRAL BAPTIST CHURCH

Direct pedestrian crossings with cycle access.

Make Endell Streettwo-way for cycling

New cycle crossing at Coptic Street

Stepped cycle track

Improved cycle accessto and from

Endell Street.

Stepped cycle track

New trees

Existing trees

Pavements laid with granite

Princes Circus proposals: Key

Change proposed in response to consultation

Shaftesbury Avenueclosed off

New Oxford Street

Loading bay8:30am - 6:30pm

Monday - Saturday

Public space with new seats and planting.

Princes Circus ProposalsNew public space with trees and seats

THE WEST END PROJECT

InlinewiththeopeningoftheElizabethLinelaterthisyearCamdenCouncilisundertakinganinfrastructureimprovementprojectcalledtheWestEndProject.

TheWestEndProject(WEP)isthelargestpublicrealmprojecttheCouncilhaseverundertaken,investing£35mtoimprovetheTottenhamCourtRoadarea.Muchofthismoneyisexternallyfunded.WorksonthisprojectcommencedinMarchthisyearandwillfocusonimprovingtheroadnetworkandexpandingpedestrianwalkways.

Part of the West End Project will be upgrading the traffic flow surrounding Sovereign House and the Princes Circus area. This will include closing off Shaftesbury Avenue from New Oxford Street, and pedestrianising the road directly outside the retail units.

Details of this can be found by following the link below;

SOVEREIGNHOUSEL O N D O N W C 2

SOURCE

https://consultations.wearecamden.org/culture-environment/wep/results/appendix-f--vi--princes-circus-proposals.pdf

10 11

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https://www.camden.gov.uk/ccm/navigation/transport-and-streets/transport-strategies-and-plans/west-end-project/;jsessionid=DE2A7E4F70D90236F45570099C5023F9https://www.camden.gov.uk/ccm/navigation/transport-and-streets/transport-strategies-and-plans/west-end-project/;jsessionid=DE2A7E4F70D90236F45570099C5023F9

Coventry St

reet

Drury Lane

Bloom

sbury

Way

Charing C

ross Road

Ch

Endell Street

Sackville Street

Pall M

all

Chand

os Pla

ce

Hill S

treet

Charl

es St

reet

Berkeley Street

Curzon Street

Kingsw

ay

High Holborn

Jermy

n Stree

t

Picca

dilly

Regent Street

Duke Street

Cockspur Street Northumberland Avenue

Lancaster Place

Waterloo Bridge

Ald

wyc

h Stran

d

Whitehall

Horse Guards R

oad

Grea

t

Wild Street

Russ

el S

treet

Frith Street

Greek Street

Rathbone Place

Charlotte Street

Cleveland Street

Gower Street

Bloomsbury Street

Store

Stree

t

Percy

Stree

t

New

man Street

Berners Street

Wells Street

Eastcastle

Street

Shafte

sbury A

ven

ue

Haym

arket

Great M

arlborou

gh Stree

t

Dean Street

Great Portland Street

Cond

uit S

treet

Piccad

illy

Henrietta

Place

Wigmore S

treet

Brook Stre

et

Albany S

treet

Outer Circle

Out

er C

ircle

Warren

Street

New Cave

ndish Stre

et

Bruto

n Stre

et

New Bond Street

Vict

oria

Emba

nk

ment

John

Adam

Stree

t

Savoy Street

Villiers Street

The M

all

The M

all

Strand

Stran

d

Long

Acre

Harley Street

Outer Circ

le

Devonshir

e Street

Fitzroy Street

Ham

pstead Road

Wigmore S

treet

Harley Street

Devonshir

e St.

Par

limen

t Str

eet

Shepherd St

reet

Queens W

alk

Rose

bery

Ave

nue

Hunter Street

Bedfored Way

Coram St

reet

Marchm

ont Street

Grays Inn R

oad

Bernard S

treet

Guildfor

d Street

Great O

rmond

Street

Bedford R

ow

Doughy Street

Kings M

ews

Jockey’s FieldsG

rays Inn Road

John Street

SevenDials

Euston R

oad

Euston

Road

Euston Road

Marylebon

e Road

Marylebon

e Road

Longford St.

Great Titchfield Street

Great Ru

ssell Stre

et

Wardour Street

Brew

er Str

eet

Albemarle Street

Dover Street

Mortim

er Str

eet

Good

ge St

reet

Chandos Street

NationalGallery

TrafalgarSquare

BedfordSquare

RussellSquare

SohoSquare

HanoverSquare

BerkeleySquare

GoldenSquare

St James’sSquare

CavendishSquare

BritishMuseum

CentralSaint Giles

FitzroySquare

GordonSquare

TavistockSquare

Regent S

treet

Portland Place

Oxford Street

New Oxford S

treet

Oxford Street

LeicesterSquare

RegentsPark

Great PortlandStreet

WarrenStreet

Tottenham Court Road

Tottenham Court Road

TOTTENHAMCOURT ROAD

PICCADILLYCIRCUS

GREENPARK

GOODGESTREET

LEICESTERSQUARE

COVENTGARDEN

EMBANKMENT

CHARINGCROSS

OXFORDCIRCUS

HOLBORN

RUSSELLSQUARE

LOCAL DEVELOPMENTS

The Post Building, Museum StreetBrocktonCapital/OxfordProperties300,000sqftofofficesandretailCompletionQ42018

Castlewood House, New Oxford StreetRoyalLondonAssetManagementPlanningfora230,000sqftofficedevelopmentplusaffordablehousing.Potentialdelivery2021/2022

St Giles CircusConsolidatedDevelopments200,000sqft,comprisinganartgallery,musicauditoriumandoffice,residentialandhotelaccommodation.CompletionQ42018

Centre PointAlmacantar82luxuryresidentialapartments41,780sqftofretailandnewpublicsquareCompletionQ42018

1 Oxford StreetDerwentLondon275,000sqftofficeandretailplusa350seattheatre.Completion2020/2021

73–89 Oxford Street and 1 Dean StreetGreatPortlandEstates-nowownedbyNBIM90,000sqftofficeandretail.PotentialDelivery2020

76 Oxford StreetGreatPortlandEstates55,000sqftofofficesandretailconsentedCompletionexpected2020

Crossrail Tottenham Court Road WesternTicketHallCrossrail71,000sqftofresidentialand10,000sqftofretailPotentialdelivery2020

127-143 Oxford StreetFreshwater85,000sqftofofficesandretailPotentialdelivery2020

Ilona Rose House, Charing Cross RoadSohoEstates300,000sqftmixedusedevelopmentincludingoffices,retail,restaurants,residentialandpublicrealmPotentialDeliveryQ12020

1

4

8

3

2

1

5

69

10

6

2 7

73 8

4 9

5 10

The new Elizabeth Line is acting as a catalyst for significant transformation in the surrounding area.

SOVEREIGNHOUSEL O N D O N W C 2

12 13

DRAF

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AFT

50 metres

Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885

PRET A

MANGER

GODIVA

VAPIANO

BLACK

SHEEP

RHUBAR

DIN TAI

FUNG

SUSHI

SAMBA

CASTLEWO

OD

HOUSE

WHICH

WHICH

FUSHAN

JAPANESE

GOAD PLAN

14 15

DRAF

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AFT

DESCRIPTION

SovereignHouseisanattractiveperiodbuildingona0.21acreislandsite.Thepropertytotals23,007sqftandprovides17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloors,sevengroundfloorretailunitsandabasementbartotalling5,638sqft.Thereisafurther115sqftofstorage.ThePropertyalsoincludes13residentialflatsinKingEdwardMansionsaccessedfromGrapeStreetthathavebeensoldoffonasinglelongleaseholdexpiringDecember2076.

16 17

DRAF

TDR

AFT

OFFICE ACCOMMODATION

SovereignHousecomprises17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloors.ThemajorityoftheofficesareaccessedviaareceptiononShaftesburyAvenue,howevertherearealsotwoself-containedgroundandmezzaninelevelunitsaccessedfromtheGrapeStreetfrontage.TheofficesprovideuniquespacewhichisideallysuitedtoCoventGardenTMToccupiers.Thereisafurther115sqftofstoragewhichisnotlet,butisusedasacleaner’scupboard.

S H A

F T E S B U R Y A

V E N U

E

G R A P E S T R E E T

S H A

F T E S B U R Y A

V E N U

E

G R A P E S T R E E T

2 4

RETAIL ACCOMMODATION

Thepropertyincludesthreesingleretailunits,twodoublefrontageretailunitsandalowergroundfloorbar.

RESIDENTIAL

KingEdwardMansionscomprise13residentialflatsarrangedoverfivefloorsaccessedviaacommunalstaircasefromGrapeStreet.

The1stfloorcontainsfourflats.UnitsA,B,andCare1-bedandUnitDis2-bed.

The2nd,3rdand5thfloorscontaintwoflats.UnitAis4-bedandUnitBis3-bed.

The4thfloorcontainsthreeflats.UnitAis3-bed,andUnitsBandCare1-bed.

Tenant Mezzanine28.2 sq m304 sq ft

Stairs

Toilets

Tenant Mezzanine11.9 sq m128 sq ft

G R A P E S T R E E T

Stairs

Pipe

Stairs

Toilets

Stairs

G R A P E S T R E E T

Stairs

Stairs

G LG

MID FLOOR

GROUND FLOOR LOWER GROUND FLOOR

UPPER FLOOR

FLOOR sq ft sq m

Fifth 1,822 169.3

Fourth 2,987 277.5

Third 3,028 281.3

Second 2,997 278.4

First 3,130 290.9

Ground 1,828 169.9

LowerGround 1,462 135.89

Storage 115 10.7

TOTAL 17,369 1,613.6

UNIT sq ftZone A

sq ft

210ShaftesburyAvenue

Ground 480 441

LowerGround 490

Subtotal 970

214ShaftesburyAvenue

Ground 385 314

LowerGround 267

subtotal 652

216ShaftesburyAvenue

Ground 374 297

LowerGround 222

Subtotal 596

220ShaftesburyAvenue

Ground 739 677

LowerGround 753

Subtotal 1,492

222ShaftesburyAvenue Ground 259 239

224ShaftesburyAvenue&4/6GrapeStreet

Ground 618 434

226ShaftesburyAvenue

Ground 85

LowerGround 966

Subtotal 1,051

TOTAL 5,638

18 19

DRAF

TDR

AFT

TENURE

ThepropertyisheldFreeholdundertitlenumber;61629.

PLANNING

ThepropertylieswithintheBoroughofCamden,aswellastheBloomsburyConservationArea.

ThebuildingisGradeIIlisted.

TENANCY

Thecommercialpartofthepropertyismulti-letto13tenantswithatotalpassingrentof£931,433perannumreflectinganaveragepassingrentofjust£34.74persqftontheofficesand£58.09persqftontheretail.

Thereareatotalof13residentialunits.Eightflatshavebeensublet,sixofwhichsubleaseshavebeenextendeduntil20.12.2166.Therearetwoflats(3Band4B)heldonleasesexpiringon20.12.2076whichhaveyettobeextended.

Theremaining5flatsremainheldundertheoriginalCamdenheadleaseexpiringon24.12.2076.

INCOME BREAKDOWN

(% total passing rent)

BREAKDOWN OF OFFICE INCOME

(Passing rent per sq ft)

Swimming Pool

25.4m

TCB

TCBs

D Fn

LBD Fn

TCBs

Turntable

SHAF

TESB

URY

AVEN

UE

BLOO

MSBU

RY

WEST CENTRAL

STRE

ET

COPTIC STREET

NEW

BUCKNA

LL STRE

ET

DYOTT STREET

RY STREET

OXFORD

MUSEUM

STREET

STREET

STEDHAM PLACE

Princes Circus

GRAPE STREET

WAY

ST GILES

204

3

7

41 to 4658 to 63

13

5

239

167

PH

14

Theatre

49

16b241

PH

6 to

18BaptistChurch

2 to 8

243

16

17

53 249

166

202

43

41

3

52 to 56

200

45

18

41

234

5

222

178

31

27

33

76 to 78

79

91 to 93

PH

54 to 56

235

83

6 to

22

BloomsburyCentral

10

Inst

12

44 to 50

233

9

Dudley

s Club

51

Court

38

Hotel

42

Shaftesbury

168 to 173

10

1081

65

214

PH

237

220

39

22824

219

to 2

29

36

11

34 to 3

0

232

245

11

210

Berkshire

House

2 to

5

40

47

House

174 to 177

25

1

Sove

reig

n Ho

use

16a

The Place

0m 10m 20m 30m

This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. © Crown Copyright. All rights reserved. Licence Number LIG0074.

Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

0.1%Residential

Office

Retail

35.3%

64.5%62%

8.50%

29.50%

£25.00-£30.00

£30.00-£35.00

£35.00-£40.00

20 21

DRAF

TDR

AFT

Tenant Use Demise Net Internal Area (sq ft) ITZALease Start

DateLease End

DateTerm

Inside / Outside the 1954 Act

Next Review Break ClauseAnnual Rent

(pa)Rent

(psf) / ITZAComments

EMGMediaandMarketingLimited Office Suite5.1,5thFloor,212ShaftesburyAvenue 1,822 03-Sep-11 02-Sep-21 10yrs Outside £50,750 £27.85AssignmentfromnamedequitypartersofOHParsons.

ToasterLtd Office Suite4.2,4thFloor,212ShaftesburyAvenue 828 15-Sep-16 14-Sep-19 3yrs Outside £30,400 £36.71

Vacant Office Suite4.1,4thFloor,212ShaftesburyAvenue 2,159 £80,963 £37.50 Vendorrentaltopupfor12months.

PJMWatts/MSBrooks/DBMatkins/DPWheeler(t/aBournerBullockCharteredAccountants)

Office Suite3.2,3rdFloor,212ShaftesburyAvenue 812 20-Jan-12 19-Jan-22 10yrs Inside £30,850 £37.98

InternationalHouseTrustLtd Office Suite3.1,3rdFloor,212ShaftesburyAvenue 2,216 06-Feb-12 05-Feb-22 10yrs Inside £81,000 £36.55AssignmentfromnamedequitypartnersofOHParsons

ToasterLtd Office Suite2.2,2ndFloor,212ShaftesburyAvenue 985 15-Sep-16 14-Sep-19 3yrs Outside £38,900 £39.49

TamocoLtd Office Suite2.1,2ndFloor,212ShaftesburyAvenue 2,012 03-Apr-18 02-Apr-21 3yrs Outside 03-Apr-20 £70,420 £35.00 RentFreeuntil03/09/2018

PJMWatts/MSBrooks/DBMatkins/DPWheeler(t/aBournerBullockCharteredAccountants)

Office Suite1,1stFloor,212ShaftesburyAvenue 3,130 20-Jan-12 19-Jan-22 10yrs Inside £112,650 £35.99

4FrontDesignLtd Office 10/18GrapeStreet

Ground 1,828

03-Feb-12 02-Feb-27 15yrs Inside 03-Feb-22 £107,500 £32.67 Unithasbeensub-lettoToasterLtdLowerGround 1,462

Sub-Total 3,290

Vacant Storage 115 £0 £0.00

Office Sub-total 17,369 £603,433 £34.74

TheLondonPrintCorporationLtd Retail 210-212ShaftesburyAvenue

Ground 480

441 29-Sep-08 28-Sep-18 10yrs Inside £35,000 £57.14LowerGround 490

Sub-Total 970

EatFreshEnterprisesLtd(t/aSubway)

Retail 214ShaftesburyAvenue

Ground 385

314 14-Oct-17 13-Oct-27 10yrs Inside 14-Oct-2225-Mar-2014-Oct-22

£44,500 £126.31

Thesedetailsshownewleasewhichisclosetocompletion.Rentsyears1+2tobe£44,500pa[Vendortopupavailable].Tenantcurrentlyholdingoveratpassingrentof£28,000pa

LowerGround 267

Sub-Total 652

PrimeGelatoLtd Retail 216ShaftesburyAvenue

Ground 374

297 05-Jul-17 04-Jul-27 10yrs Outside 05-Jul-22 £50,000 £156.64LowerGround 222

Sub-Total 596

FaustoBirri&SandraBirri(t/aSilvia’sSandwiches)

Retail 218-220ShaftesburyAvenue

Ground 739

677 22-Jun-11 21-Jun-21 10yrs Inside £72,000 £84.11LowerGround 753

Sub-Total 1,492

GelateriaDanieliLtd(t/aCoffeeTree)

Retail 222ShaftesburyAvenue Ground 259 239 16-Mar-12 15-Mar-22 10yrs Outside £29,500 £129.60Tenanthasrequesteda5yearextensionwhichisbeingnegotiated.

GustoHairLimited Retail 224ShaftesburyAvenue&4/6GrapeStreet Ground 618 434 19-Dec-16 18-Dec-26 10yrs Outside 19-Dec-21 £55,000 £133.06

TheLondonCocktailClubLtd Bar BasementUnit,226ShaftesburyAvenue

Ground 85

18-Nov-11 17-Nov-26 15yrs Inside 18-Nov-21 £41,000 £39.01LowerGround 966

Sub-Total 1,051

RetailSub-total 5,638 £327,000 £58.00

LondonBoroughofCamden Residential KingEdwardMansions,8GrapeStreet 25-Dec-77 24-Dec-76 99yrs 25-Dec-27 £1,000 - GroundRentdoublesevery25years.

TOTAL 23,007 £931,433 £40.44

TENANCY SCHEDULE

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OCCUPIER MARKET

SovereignHouseislocatedintheheartofCentralLondonunder200mawayfromTottenhamCourtRoadStation,withtheElizabethLineopeninginDecember2018.ItisalsostrategicallyplacedatthecentreoffouroftheWestEnd’skeysubmarkets–Soho,Bloomsbury,CoventGardenandFitzrovia.ThesesubmarketshaveaccountedforthevastmajorityofleasingactivitywithinCentralLondonin2017&2018.

Highlightsinclude;

In2017theWestEndsawoneofthehighestlevelsoftake-uponrecordat4.4millionsqft(33%higherthan10yearaverageof3.3millionsqft).

VerylowsupplypipelineandaGradeAvacancyrateofjust2.9%acrossSoho,CoventGarden,FitzroviaandBloomsbury,(withtheWestEndoverallvacancyrateof4.4%).

OCCUPATIONAL EVIDENCE

Date Address Size (sq ft) Tenant Rent (psf)

Q22018 9Kingsway,WC2-5thFloor 3,800 U/O-Intermusical £50.00

Q22018 SovereignHouse,WC2-2ndfloor 2,012 Tamoco £35.00

Q12017 77Kingsway,WC2 1,855 BeaufortShipping £67.50

INVESTMENT MARKET

LondonisthesecondmostvisitedcityintheworldandhasthelargestGDPforanyEuropeancity.Ithasseenconsistentlevelsofinvestmentinthepastfewyearswith£18.1billioninvestedin2017acrossthecapital,withtheWestEndaccountingfor£6.7billion.Internationalinvestorsremainactivewithapproximately68%oftheWestEnd’stotalinvestmentcomingfromoverseasbuyersfor2017.

Yeartodateinvestmentvolumesin2018,£1.31billion,havecontinuedthistrendwithinternationalbuyersaccountingfor56%oftransactions.

Date Address Price NIYCapital Value

(psf)Tenure Purchaser

Q12018 41Kingsway,WC2 £19.50m VP £1,270 Freehold PrivateInvestor

Q42017 55DruryLane,WC2 £36.00m 4.81% £1,264 Freehold KasamarHoldings

Q4 2017 25-26 Poland Street, W1 £13.00m 3.21% £1,369 Freehold Crown Properties

Q4 2017 9 Poland Street, W1 £14.00m 3.16% £2,014 Freehold Private Investor

Q32017 41-44GreatQueenStreet,WC2 £24.90m 3.62% £1,339 Freehold Artmax

Q12017 CravenHouse,WC2 £23.00m 3.54% £1,054 Freehold PrivateInvestor

Q12017 110TottenhamCourtRoad,W1 £24.57m 4.00% £1,503 Freehold PrivateInvestor

Q42016 160-162DruryLane,WC2 £11.10m 4.66% £1,176 Freehold PrivateInvestor

SovereignHouseisprominentlysituatedwitha43mfrontagetoShaftesburyAvenue.Thelocalretailprovisioniscontinuallyimprovingwitharangeofdevelopmentscurrentlyunderwayorrecentlycompleted.CentrePointislocated150mawayfromSovereignHousewhichwillprovide44,000sqftofretailandrestaurantspaceincludingabrandnewpiazzaopeninginthesummerof2018.

Address Landlord Total retail space (sq ft) Timing Stage

CentralCross,CharingCrossRoad

Shaftesbury32,000retail13,500restaurant

Developmentcomplete

Leasing

1BedfordAvenue,TottenhamCourtRoad

Exemplar/AshbyCapitalBedfordEstates

14,000retailDevelopment

complete

LeasingundertakentoOle&Steen,CathKidson,Samsonite,Hema

ThePostOfficeBuilding,MuseumStreet

BrocktonCapital&OxfordProperties

25,000retailandrestaurant Late2018 Construction

1OxfordStreet DerwentLondon 40,000retailand350seattheatre Late2020 Construction

IonaRoseHouse,113-119CharingCrossRoad

SohoEstates49,400retail,12,160restaurantalongwithnightclubandartgalleryfacility

Late2020 Construction

CentralStGilesCircusConsolidatedDevelopments

Digitalmarketing,Galleryandflagshipspace Late2020 Planningapproved

RETAIL OCCUPATIONAL EVIDENCE

Date Address Size (sq ft) Tenant Rent (ITZA)

Q32017 SovereignHouse,WC2 596 PrimeGelatoLtd £157

Q42016 SovereignHouse,WC2 618 GustoHair £133

OFFICE MARKET OVERVIEW RETAIL MARKET OVERVIEW

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FURTHER INFORMATION

TENURE

Freehold.

VAT

ThepropertyiselectedforVAT.ThetransactionwillbetreatedasaTransferofaGoingConcern.

EPC

ThebuildinghasanEPCratingofD(93).

PROPOSAL

Offersareinvitedinexcessof£23,000,000 (Twenty Three Million Pounds),exclusiveofVAT,forthefreeholdinterest–SubjecttoContract.

Apurchaseatthislevelwillreflectanet initial yield of 3.80%andacapital value of £999 per sq ft(assumingpurchaser’scostsof6.80%).

OpportunitytoacquirethesharesintheholdingSPV.Detailsuponrequest.

CONTACT

Forfurtherinformationandtoarrangeaninspectionpleasecontact;

Francesca Spiller

+44(0)2070875569

francesca.spiller@eu.jll.com

Oscar Matthews

+44(0)2070875907

oscar.matthews@eu.jll.com

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. June 2018. Design by Tayler Reid.

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