BONHILL BUILDING LONDON EC2

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BONHILL BUILDING LONDON EC2
BONHILL BUILDING
    LONDON EC2
BONHILL BUILDING LONDON EC2
BONHILL BUILDING
             15 BONHILL STREET
                   LONDON EC2

LONDON                               10
L O C AT I O N / S I T U AT I O N    12
LOCAL OCCUPIERS                      14
LOCAL DEVELOPMENTS                   16
CONNECTIVITY                         18

DESCRIPTION                          22
S P E C I F I C AT I O N             24
A C C O M M O D AT I O N             30

TENURE                               34
TENANCY                              36
TENANCY SCHEDULE                     38
TENANT COVENANTS                     40
ASSET MANAGEMENT                     42
M A R K E T C O M M E N TA R Y       44
F U R T H E R I N F O R M AT I O N   46
C O N TA C T S                       48
BONHILL BUILDING LONDON EC2
INVESTMENT
    SUMMARY

    •   Freehold
    •   Extremely well located approximately 500 metres from Liverpool
        Street and Moorgate Stations, providing excellent mainline and
        underground connectivity across Central London, additionally set
        to benefit from the opening of Crossrail in 2019
    •   This location attracts both traditional City occupiers and also the
        creative and tech industries more associated with the Shoreditch
        market, thus providing a wealth and depth of potential tenants
    •   Comprises 114,543 sq ft (10,641 sq m) of Grade A offices, data
        centre, retail and ancillary accommodation arranged over lower
        ground, ground and six upper floors
    •   Highly flexible and efficient floorplates ranging from 6,600 sq ft
        to 16,500 sq ft, with attractive terracing on the 4th, 5th,
2       and 6th floors                                                         3

    •   Wired Certified Gold, demonstrating its superb digital
        infrastructure and connectivity

    •   All office floors, reception and common parts have benefited
        from high quality rolling refurbishments, finalised in 2017
    •   100% let to seven tenants including Nexmo Limited, Iomart
        Group Plc and Crabtree & Evelyn
    •   The property provides a rental income of £6,147,708 per annum
        equating to an overall reversionary rent of £54.47 per sq ft
    •   Weighted average unexpired lease term of approximately 8 years
    •   There are numerous asset management opportunities to increase
        the rental income and a longer term potential to add additional
        massing, subject to planning
    •   Further information available at bonhillbuilding.com

    Offers are invited in excess of £110,000,000 (One Hundred and
    Ten Million Pounds) for the freehold interest, subject to contract and
    exclusive of VAT. An asset purchase at this level reflects an attractive
    net initial yield of 5.23%, net of full standard purchaser’s costs of
    6.79%, and a low capital value of only £960 per sq ft.
BONHILL BUILDING LONDON EC2
L I V E R P O O L ST R E E T

4                                       M O OR GAT E   5

    O L D ST R E E T
BONHILL BUILDING LONDON EC2
6   7
BONHILL BUILDING LONDON EC2
THE
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                                    CONNECTIVITY

B R O A D G AT E E S TAT E
BONHILL BUILDING LONDON EC2
LEADING GLOBAL OCCUPIERS WHO ARE
                                                                                                                COMMITTING LONG TERM TO LONDON INCLUDE:

                                            LONDON

        LONDON IS ONE OF EUROPE’S MAJOR GATEWAY CITIES, AND IS ONE OF THE
           WORLD’S MOST RECOGNISABLE CULTURAL AND FINANCIAL CENTRES.

                                                                                                     70% OF FTSE 100
                            GFCI 23                 GFCI 22
     CENTRE          RANK         RATING     RANK         RATING
                                                                                                and 100 of Europe’s largest companies
     London           1               794     1               780                                   are headquartered in London           London’s Stock Exchange is the world’s
     New York         2               793     2               756                                                                         3rd largest exchange with a market
     Hong Kong        3               781     3               744
     Singapore        4               765     4               742
                                                                                                                                          capitalisation of £6.2 trillion
     Tokyo            5               749     5               725
10   Shanghai         6               741     6               711                                                                                                                  11
     Toronto          7               728     7               710
                                                                     London is also Europe’s
     San Francisco    8               726     17              693       leading media and
     Sydney           9               724     8               707
                                                                    technology hub, with over
     Boston           10              722     19              690
     Beijing          11              721     10              703   300,000 people employed
     Melbourne        12              720     13              696          in the sector                  London is the only Global              LONDON OFFICE HOURS
                                                                                                          City with two of the top 10
     London is consistently at the centre of global capital                                                                                          OVERLAP WITH
                                                                                                          globally ranked universities.
     flows with The Global Financial Centres Index in 2018
                                                                                                          (QS World University                99% OF GLOBAL GDP
     ranking London and New York as the world’s two leading
                                                                                                          Rankings 2019)
     financial centres with 750,000 people in financial and
     related professional services
BONHILL BUILDING LONDON EC2
OLD STREET / SHOREDITCH

                                           L O C AT I O N
                                                                                                                                                                                                  FINSBURY SQUARE

                         THE BONHILL BUILDING IS LOCATED IN LONDON’S
                EC2 POSTCODE, ONE OF THE CITY’S MOST DIVERSE AND ATTRACTIVE
                  LOCATIONS, SPREADING FROM THE CITY CORE AT THE BANK OF                                                  S I T U AT I O N
                ENGLAND TO OLD STREET’S ‘SILICONE ROUNDABOUT’ IN THE NORTH.

                                                                                                                          The Bonhill Building is situated on the north side of Bonhill Street
                                                                                                                          and benefits from frontages onto both Bonhill Street and Epworth
           Already one of London’s most dynamic markets,         The property benefits from being close to                Street. The property is within close proximity to both Finsbury
          the area is set to be further enhanced by the          The Broadgate Estate, a 32-acre estate which is          Square and the Broadgate Estate and is also situated within a short
          opening of The Elizabeth Line (Crossrail) during       one of the largest pedestrianised master planned         walking distance of Old Street’s “Silicon” roundabout, the heart of
          2019 at Liverpool Street and Moorgate Stations,        office led schemes in central London. The Estate         London’s thriving tech scene.
          both of which are situated approximately 500m          totals approximately 4.85 million sq ft, and is a
                                                                                                                          Upon completion in 2020, the adjacent building 20 Bonhill Street
          from the property. This location is therefore          vibrant mix of offices, retail, restaurants, bars,
                                                                                                                          will be the latest high profile office scheme within the immediate
          expected to be one of the principle areas for future   gyms and other leisure uses.
                                                                                                                          location following the likes of Principal Place, 70 Wilson Street and
          rental growth in Central London.
12                                                               The Bonhill Building is located within close proximity   C-Space. This development is set to further enhance Bonhill Street
          Being located close to the border of the Core City     to Old Street Roundabout which, in 2019, will            and the micro location.
          with Shoreditch, the area attracts companies from      undergo a major public realm overhaul set to
          the traditional financial, legal and professional      dramatically transform the area. This will create
          sectors including RBS, Deutsche Bank and Mayer         a new public space with better pedestrian access
                                                                                                                                            B R O A D G AT E E S TAT E
          Brown. However, the occupier base is wide and          to Old Street station via a new main entrance.
          diverse due to the “Tech Belt” and “Crossrail”
          effect with major tech tenants such as Google,
          Amazon and Microsoft within close proximity
          to The Bonhill Building.

     BANK OF ENGLAND                                                             100 LIVERPOOL STREET
BONHILL BUILDING LONDON EC2
11/01
14                           Winter/Spring 2014
                                                                           15

     The Connected           INsIde

                             Why We Launched the

     Future is Now
                             R/GA Connected devices
                             Accelerator

                             designing For Google
                             Glass: six Things To
                             Consider

                             Retail Goes Hyperlocal

                             Mindful datapoints and
                             The Lost Art of Restraint

     Features:

     Quantified Self,
     Qualified Life

     Design Considerations
     for Wearable Tech

     Building Connected
     Ecosystems
     The Value Of Big Data

                                                         LOCAL OCCUPIERS
BONHILL BUILDING LONDON EC2
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                                  Developer: British Land & GIC                                                                   C L E                                                                                                                             S TREET, EC2                                                                                                      Burial Grounds
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                                                                                                                                                                                                     Completion: Q2 2019                                            Completed: Q3 2017                                                                                                                                                                 9                                              8
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                                Developer:   McLaren Property                                                             Developer: Workspace                                                                                               Size: 700,000 sq ft office scheme                                                                                                                                                                    Circus

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                                accommodation and offices                                                                 Completed: 2018                                                            Size: 90,000 sq ft Office SchemeOF LONDON
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                                                                                                                                                                                                                                                                       ONE NEW   73- 75                                                                               EPW ORTH HOU S E,                                                              ONE CROW N PLACE, EC2                                                                 W HI TE C OL L A R                                                                                                                   T H E BOW ER ,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          THE LEADENHALL
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                                                                                                                                                                                                                                                                                                                                                                      25 CI TY ROAD,                                         ROYAL                                                                                              FACTO
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 BUILDINGRY,             1 OL D                                                                                                                 207 OL D S T R EET, EC 1
                                                                                                                          EC2                                                                                                                                                                                                                                           LTR                                                EXCHANGE                                                                                                       ESNTREET
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                                Developer: Threadneedle                                                                                                                                                                                                                                                                                                                                                                                              Developer:
                                                                                                                                                                                                                                                                                                                                                                                                                                                             C O RAlloyMTD
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  NH IL L                                                                                         R E                                                              E T

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                S T R E
                                                                                                                                                                                                                             S T . PAU Lʼ
                                Size: 70,000 sq ft office scheme                                                                                                                                     Developer: Max Barney Estate
                                                                                                                                                                                                                               CH
                                                                                                                                                                                                                                  URC
                                                                                                                                                                                                                                          S                         Developer: Cain Hoy Enterprises                                                                         ET
                                                                                                                                                                                                                                                                                                                                                                      Developer:
                                                                                                                                                                                                                                                                                                                                                                         RE      London & Regional                                                   Size: 246 resident units,                                                             LLOYDS                                                                                                                               Developer: Helical
                                                                                                                                                                                                                                      H                                                                                                                               ST                                                                                                                                                              OF LONDON
                                Completed: 2017                                                                           Developer: Resolution                                                      Size: 80,000 sq ft office schemeY A R D                        Size: 220,000 sq ft of commercial                                                         OR
                                                                                                                                                                                                                                                                                                                                                                 IA   Size: 62,789 sq ft office scheme
                                                                                                                                                                                                                                                                                                                                                                       MANSION                                                                       160,000 sq ft of offices                                                                 Developer: Derwent London                                                                                                         Size: 175,000 sq ft office scheme
                                                                                                                                                                                                                                                                                                                                                           CT
                                                                                                                                                                                                                                                                                                                                                        VI                HOUSE Q2 2018                                                              Completion: Q1 2021

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             E L L
                                                                                                                          Size: 245,000 sq ft Office Scheme                                          Completion: 2020                                               space and 412 residential units                                               N                   Completed:                                                                                                                                                              Size: 237,000 sq ft office scheme                                                                                                 Refurbished: Q3 2018

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                                                                                                                                                                                                                                                                    Completion:
                                                                                                                                                                                                                                                                              N N Q4 2021                                                   QU
                                                                                                                          Completed: 2015                                                                                                                                                                                                                                                                                                                                                                                                     Completed: Q3 2017

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CANARY WHARF

  CONNECTIVITY
                                                                                                                                       LIVERPOOL STREET

                                                                                                                                                                                                              MOORGATE

                                                                                                                                                                                                                                        TOTTENHAM                               HEATHROW
                                                                                                                                                                                                                                        COURT ROAD   BOND STREET   PADDINGTON    AIRPORT

                            THE BONHILL BUILDING IS SITUATED IN ONE OF
                                                                                                                                                          THE ELIZABETH LINE (CROSSRAIL)
                            LONDON’S MOST WELL CONNECTED LOCATIONS.

                                                                                                                          OLD STREET                      The location is set to be greatly enhanced by the opening of the
                            The property benefits from exceptional connectivity, being within close                        4 minutes                      Elizabeth Line in Q4 2019. This new high speed train line can be accessed
                            proximity to Liverpool Street, Moorgate and Old Street underground and
                                                                                                                                                          at both Moorgate and Liverpool Street Stations which are both within
                            mainline stations. Liverpool Street Station is already one of London’s major
                                                                                                                                                          close proximity. This will provide direct links to the West End (7 mins),
                            transport hub’s servicing over 67 million travellers a year, which is set to
                                                                                                                                                          Canary Wharf (6 mins) and London Heathrow (33 mins).
                            increase further following the completion of Crossrail.
                                                                                                                                                          The Elizabeth Line is Europe’s largest infrastructure project and is set to
                            PUBLIC TRANSPORT ACCESSIBILITY                                                                                                transform Central London’s transport network with a high speed rail link
                            LEVEL (PTAL)                                                                                                                  running beneath Central London, connecting Reading and Heathrow in
                                                                                                                                                          the West to Canary Wharf and Shenfield in the east. Moorgate Station
                            The Bonhill Building benefits from the highest possible
                                                                                            MOORGATE                                                      and Liverpool Street Station will be a major interchange between
                                                                                               5 minutes
                            PTAL rating of 6b, indicating the building’s excellent                                                                        Crossrail, London Underground and National Rail services.
                            access to local public transport connections.

                                                                                                                                                                                                               STRATFORD
                                                                                                                          LIVERPOOL                                                                               8 minutes
                                                                                                                            STREET
                                                                                                                           6 minutes

HEATHROW      PADDINGTON             BOND STREET               TOTTENHAM                  FARRINGDON                                                 WHITECHAPEL
 (AIRPORT)     10 minutes                7 minutes             COURT ROAD                     2 minutes                                                   2 minutes
 33 minutes                                                        4 minutes

                                                                                                                                                                                                           CANARY WHARF
                                                                                                                                                                                                                  6 minutes
THE
BUILDING
                              21
     DESCRIPTION
   S P E C I F I C AT I O N
 A C C O M M O D AT I O N
DESCRIPTION

     THE BONHILL BUILDING PROVIDES
     APPROXIMATELY 114,543 SQ FT OF
     REFURBISHED OPEN PLAN MODERN
     OFFICE ACCOMMODATION ARRANGED
     OVER LOWER GROUND, GROUND AND
     SIX UPPER FLOORS.

     The office floors have all been fully refurbished and fitted
22   out to a modern Grade A standard. All floors benefit from         23
     excellent levels of natural light from all sides with typical
     upper floorplates ranging from 6,600 sq ft to 16,500 sq ft.

     The fourth, fifth, and sixth floors benefit from large terraces
     and offer impressive views across the City of London and
     Shoreditch. The fifth floor office is further enhanced by an
     attractive winter garden.

     The property benefits from an impressive newly refurbished
     reception area which looks out over a landscaped central
     courtyard that houses Dolcezza, a boutique coffee shop
     with an outside seating area.
S P E C I F I C AT I O N

     Following the completion of the rolling refurbishment programme finalised
     in 2017, a specialist mechanical and electrical survey suggests lifespans
     of between 10 to 20 years remaining across the major components.

     The specification includes the following:
     •   Grade A office floors of between 6,600 to 16,500 sq ft
     •   2.70 metre floor to ceiling heights, 4.4 metres on the 6th floor
     •   Modern VRF air conditioning
     •   150mm fully accessible raised flooring
     •   5 x 13-person passenger lifts, 1x goods lift
     •   Wired score certified “Gold”
     •   Bike storage and shower facilities
     •   12 secure gated parking spaces
24                                                                                                                                                                                 25
     •   Excellent levels of natural light
     •   Roof terraces on 4th, 5th and 6th floors

                                                                                 WIRED CERTIFICATION PROVIDES THE GLOBAL BENCHMARK
                                                                                 FOR DIGITAL CONNECTIVITY IN COMMERCIAL OFFICE BUILDINGS.
                                                                                 Highlights include:
                                                                                 The Bonhill Building has five independent Fibre providers
                                                                                 • Why this matters - this provides substantial choice for occupiers around their own (existing
                                                                                   or potential) service and options for backup provision. It also creates a competitive pricing
                                                                                   environment providing occupiers with access to the best available rates.
                                                                                 Two diverse points of entry
                                                                                 • Why this matters - this reduces the risk of single points of network failure and provides
                                                                                   occupiers with resiliency. This will allow sophisticated occupiers to occupy the building.
                                                                                 Telecommunications equipment kept in a secure location
                                                                                 • Why this matters - this mitigates the risk of physical damage or unauthorised access
                                                                                   to equipment and tenant data. Physical security of a building’s telecoms equipment
                                                                                   is a key consideration for occupiers.
26   27
THE FOURTH, FIFTH AND SIXTH FLOORS BENEFIT FROM EXTENSIVE TERRACES
OFFERING IMPRESSIVE VIEWS ACROSS THE CITY OF LONDON AND SHOREDITCH.

                                                                      THE FIFTH FLOOR BENEFITS FROM A
                                                                      VERY ATTRACTIVE WINTER GARDEN.
A C C O M M O D AT I O N
                                                                                                                                                          2ND FLOOR

     The building has been independently measured by Plowman Craven in accordance with the RICS Code of
     Measuring Practice 6th edition and comprises the following net internal areas. The property has also been
     measured in accordance with the International Property Measurement Standards IPMS3, details of which
     are available in the data room.

     THE NET INTERNAL AREAS ARE AS FOLLOWS:
     F L OOR                          US E                                              ARE A (SQ M)                         A RE A ( S Q F T ) N IA
     Sixth                            Office                                                      613.3                                       6,601

     Fifth                            Office                                                     1,200.8                                     12,925

     Fourth                           Office                                                     1,254.1                                     13,499

     Third                            Office                                                     1,508.6                                     16,238

     Second                           Office                                                     1,510.3                                     16,257

     First                            Office                                                     1,537.0                                     16,544

     Ground                           Reception                                                    99.8                                       1,074

     Ground                           Retail                                                       41.9                                         451

     Ground                           Data Centre                                                1,339.8                                    *14,422

     Lower Ground                     Data Centre                                                1,504.2                                    *16,191

     Lower Ground                     B.M.A                                                        31.7                                         341

30   TOTAL                                                                                       10,641                                     114,543
                                                                                                                                                                                                                31
     *Areas subject to further verification by Plowman Craven

     Note: There is an additional 1,927 sq ft of exclusive tenant plant room located in the courtyard on which there may be a longer term
     opportunity for alternative use. (Area subject to final verification by Plowman Craven).

              6TH FLOOR

                                                                          TERRACE

                                                                          TERRACE

                                                                                                                                                       Plowman Craven survey available on bonhillbuilding.com
TENURE
           TENANCY
  TENANT COVENANTS                   33
 M A R K E T C O M M E N TA R Y
F U R T H E R I N F O R M AT I O N
          C O N TA C T S
TENURE

                                  The Bonhill Building is held freehold under title number LN191763 and
                                  occupies a substantial site of approximately 0.66 acres (0.27 hectares).

                                                                                           62 to

                                                                                                                                                                                                                                          54 to 60
                                                                                           72

                                                                                                                                                                                                                                                                 Victoria

                                                                                                                                                                                                                                                     3 to 29
                                                                                                                                                                                                                                                               Chambers
                                                                                                                                                                                                                                                                            2 to 11
                                                                                                                                                                                                                                                                 1

                                                                                                                                                                                                                47
                                                                                                                              CR
                                                                                                                                                                         17   18                     20
                                                        41

                                                                 ET

                                                                                                                                                                                                                                                                                    41
                                                                                                                       BP
                                                            TRE

                                                                                                                                          CLERE STREET
                                                                            60

                                                                                                                                                                                                                                     52
                                                            ES

                                                                                                                                                                                                                                     50
                                                        AC L

                                                                        52 to

                                                                                                                                                                                                                                                                                                          BON
                                                                                                                               1 to 15

                                                                                                                                                                                                                                     44 to 48
                          ent
                    Monum
                                                                    58
                                                     ERN

                                                                                                                                                                                                                                                                                                             HILL
                                                                                                                                                                                                                                                                                                                    STRE
                                            39

                                                 T AB

                                                                           PLA
                                                                                 TINA                                                                                                                                                                                                                                    ET

                                                                                                                                                                                          37 to 45
                                                                                          STR
                                                                46 to

                                                                                                EET

34
                                                               50

                                                                                            El Sub Sta

                                                                                                                                                                                                                              32
                            29
                           to
                          37

                                                                                                                                                                                                                                                                      FB
                                                                                                                                                                                                       LB
                                             36 to

                                                                                                                                                                                                                             28
                                                                                                                                                                                                                              PH
                                             44

                                                                                                                   13 to 17

                                                                                                                                                                                                                             30
                                                                                                                                                                                                                                           3
                                                 Training
                                                  Centre

                                                   EET
                                                                                                                                                                24
                                       EPWORTH STR
                                                                                                                                                                                       35

                                                                                                                                                                                                                         26

                                                                                                                                    16 to 22                                                                                                          2 to 8
                  18.5m
                                                                                                                                                                                                                                                                              to 16
                                                                                     10
                                                                                                                                                                                                                         24

                                                 8
                                       34

           PH
                                                                                                                                                                                                                         22
                                  32

                                                                                                                                                                                       27 to 33
                                30

                                                                                     12
         25
        21 to

                                                                                                                                                                                                                        20
     19a

                                                                                                                                                                                                      PAUL STREET
                                                                                                                                                                                   11 to 21

                                                                                                                                                                                                                        18

                                                                            14
                               28
                               to
                                16

                                                                            17                                16                    15                    14                                                                                                                             EPW
                                                                                                                                                                                                                                                                                            ORT
                                                                                      BONHILL STREET
                                                                                                                                                                                                                                                                                               H ST
                                                      1 to 3
                                                                                                       4 to 8
                                                                                                                                           9
                                                                                                                                                                                                                                                                                                   REET
                                              Govt
                                                                                                                                                                    11
                                                                                                                                                                                                                                  Hotel
                                                                                                                                                                               9

                                            Offices
                                                                                                                                                                               7
         4 to 1
        4

                                                                                                                                                                              3

                                                                                                           Chy
                                                                                                                                                                                                     CR

                                                                                                                                                                                                                    6
                                                                                                                                                                                        LB Bdy
                                                                                                                                                                                     Boro Const &

                                                                                                                                                                                                                    4

                  Henry Thomas House

     1 to 3                5 to 11                   13 to 17                                                                  31 to 41                  Ciena House
                                                                                21                    25
                                                                                                                                                                                                                2

                                                                                                                                                               43
                                                                                                                                                                                                                                    59 to 65                    65a            67 t

                                                                                     WORSHIP STREET

                                                                                                   20 to 26                   28    30              34
                                                                                                                                                                                                                              44
                                                                                                                                                                                                                                                                               50
                                                                                                                                                                                                           72

         * For indicative purposes only.
                                                                                                                                                                     69
TENANCY

     The property is multi-let to five office tenants, one retail tenant and one data centre operator at a total rent of £6,147,708
     per annum equating to an average passing rent of only £54.47 per sq ft overall. The building provides an average weighted
                        unexpired lease term of approximately 8 years to expiries and 5.65 years to breaks.

                 LEVEL 6                                          ITRS GROUP LIMITED

                 LEVEL 5                                          C R A B T R E E & E V E LY N

                 LEVEL 4                                           M I N D C A N D Y LT D

                 LEVEL 3                                                N E X M O LT D

                 LEVEL 2                                                N E X M O LT D

36               LEVEL 1                                     M E R R I L L C O R P O R AT I O N LT D                                                     37
               G R O U ND     C A R PA R K I N G                  I O M A RT G R O U P P L C                                   C AFÉ

             BASEMENT                                             I O M A RT G R O U P P L C

                                                     ITR S GR OUP LTD
                                                   (6.4% of rental income)

              M I ND C A NDY LI M I T ED
                   (13.0% of rental Income)                                                                               NEXMO LTD
                                                                                                                          (31.6% of the rental income)

         CR A BT REE & EVELYN
              (OVERS EA S ) LT D
          (14.1% of rental income)

                                                                                                       IOMART GR OUP P LC
        MERRI LL C ORPORAT I ON LI M I T ED                                                            (19.5% of the rental income)
                   (15.3% of the rental income)
TENANCY SCHEDULE

     FLO O R                           SIZE                TE N A N T                           L E A S E S TA RT   RENT REVI EW   B REAK       L EAS E EXP I RY        RENT PA    P ER S Q FT   COMMENTS

     6th + 2 CPS                       6,601               ITRS Group Limited                   20/02/2015          20/02/2020     -            19/02/2025             £395,400       £59.90

     5th + 2 CPS                       12,925              Crabtree and Evelyn (Overseas) Ltd   04/04/2018          04/04/2023     -            03/04/2028             £863,119       £66.78     Guarantee from Nan Hai Corporation.
                                                                                                                                                                                                 Rent deposit - £1,035,743
                                                                                                                                                                                                 Initially 12 months’ rent free, then 15 months’ half rent (£431,559 pa).
                                                                                                                                                                                                 9 months’ half rent after the rent review.
                                                                                                                                                                                                 Vendor to top up initial rent free
     4th                               13,499              Mind Candy Limited                   15/09/2012          -              -            14/09/2022             £777,572       £57.60     Rent deposit - £669,815
                                                                                                                                                                                                 Mind Candy have sub let part of the 4th floor to Lantum, a medical recruitment
                                                                                                                                                                                                 and networking company.
     3rd                               16,238              Nexmo Limited                        04/01/2017          04/01/2022     04/01/2022   03/01/2027             £966,637       £59.53     Guarantee from Vonage Holdings Corp.
                                                                                                                                                                                                 Rent deposit - £289,991
                                                                                                                                                                                                 The tenant benefits from an additional 7 months’ rent free if the break option
                                                                                                                                                                                                 is not operated.
     Part 2nd + 1 CPS                  10,039              Nexmo Limited                        02/07/2018          04/01/2022     04/01/2022   03/01/2027             £625,642       £62.32     Guarantee from Vonage Holdings Corp.
                                                                                                                                                                                                 Rent deposit - £187,693
38                                                                                                                                                                                                                                                                                      39
                                                                                                                                                                                                 The tenant benefits from an additional 11 months’ rent free if the break option
                                                                                                                                                                                                 is not operated.
     Part 2nd                          5,959               Nexmo Limited                        19/05/2017          04/01/2022     04/01/2022   03/01/2027             £350,812       £58.87     Guarantee from Vonage Holdings Corp.
                                                                                                                                                                                                 Rent deposit - £105,244
                                                                                                                                                                                                 The tenant benefits from an additional 8 months’ rent free if the break option
                                                                                                                                                                                                 is not operated.
     1st + 2 CPS                       16,544              Merrill Corporation Ltd              24/03/2016          24/03/2021     24/03/2021   23/03/2026             £942,827       £56.99     Guarantee from Merrill Communications LLC.
                                                                                                                                                                                                 Rent Deposit - £565,696
                                                                                                                                                                                                 Tenant Break Option subject to a tenant’s 7 month rent penalty.
     Ground & Basement + 3 CPS         30,613              Iomart Group plc                     04/04/2007          24/06/2025     -            23/06/2030            £1,200,000      £39.20     Rent deposit - £783,870.
                                                                                                                                                                                                 Reinstatement deposit - £2,000,000
                                                                                                                                                                                                 The current passing rent is £940,000. The tenant has signed a reversionary
                                                                                                                                                                                                 10 year lease from 24/06/2020 at £1,200,000 per annum, subject to an RPI linked
                                                                                                                                                                                                 rent review in 2025, collared and cap at 2% - 4%.
                                                                                                                                                                                                 Vendor to top up rent to 2020 rental level
     Ground courtyard – café           451                 Dolcezza Bonhill Limited             10/02/2014          10/02/2019     25/12/2020   31/12/2025               £20,000      £44.35     Mutual Break Option at 25/12/2020 on 3 months’ notice for the tenant
                                                                                                                                                                                                 and 6 months’ notice for the Landlord. Landlord must pay tenant an amount equal
                                                                                                                                                                                                 to twice the yearly rent if exercised. The February 2019 rent review is outstanding.
     1 car space                       1                   Mind Candy Limited                   21/12/2012          21/12/2018     -            14/09/2022             £2,807.41   £2,807.41     The initial licence fee of £2,500 is subject to annual RPI increases on 21 December
                                                                                                                                                                                                 each year. The December 2018 rent review is outstanding.
     1 car space                       1                   Mind Candy Limited                   04/10/2012          10/10/2019     -            14/09/2022             £2,891.90   £2,891.90     The initial licence fee of £2,500 is subject to annual RPI increases on
                                                                                                                                                                                                 10 October each year.
     Electricity Sub-Station           -                   London Power Networks Plc            25/12/1962          -              -            24/12/2022                   £0         £0.00

     Total                             112,869                                                                                                                     £6,147,708.31      £54.47

     * All leases are granted outside of the provisions of the 1954 Landlord & Tenant Act.
TENANT
                                          COVENANTS

     NEXMO LIMITED                                   IOMART GROUP PLC                              MERRILL CORPORATION                          CRABTREE & EVELYN                           MIND CANDY LIMITED                             ITRS GROUP LIMITED
     (31.6% of the rental income)                    (19.5% of the rental income)                  LIMITED                                      (OVERSEAS) LTD                              (13.0% of rental Income)                       (6.4% of rental income)
                                                                                                   (15.3% of the rental income)                 (14.1% of rental income)

     Nexmo Limited is a subsidiary of Vonage         Iomart Group Plc was established in                                                                                                    Mind Candy is a British entertainment          ITRS Group Limited was founded in 1997
     Holdings Corp and was established in            1998 and was one of the first companies       Merrill Corporation was established in       Crabtree & Evelyn was established in        company established in 2004. Mind Candy        and provides real-time insight into the
     2010. Nexmo develops and markets                to deliver cloud computing in the UK.         1967 and is a leading global Software as     Massachusetts, USA in 1972 and are an       creates cartoon brands with online gaming      end-to-end health, performance, and
     communication application programming           Named the Megabuyte 2018 ‘Best                a Service (SaaS) provider for participants   internationally recognised beauty brand     at their heart. Moshi Monsters is their        capacity of business transaction workflow
08
40                                                                                                                                                                                                                                                                                     41
     interfaces (APIs) to enable developers and      Performance Company – Data Centre &           in the M&A lifecycle, with over 13,000       that specialises in fragrances for the      flagship brand which has over 100 million      for investment banks such as Citi and JP
     businesses to rapidly innovate the way          Hosting Services’, they are accredited at     clients in over 170 countries.               home and personal beauty products. The      registered users across digital products and   Morgan, wealth managers, exchanges and
     they communicate with their customers.          Tier 1 partner level by all the major cloud                                                company have a reported 4,000 retail        services; whilst the product has expanded      trading venues, hedge funds, brokers, and
                                                     vendors including Microsoft, VMware, EMC      With offices in New York, London and         outlets in addition to running an online    into best-selling books, magazines, toys,      data vendors worldwide.
                                                     and AWS.                                      Hong Kong, the company has over 500          website shipping worldwide.                 trading cards, music albums and a movie.
                                                                                                   employees.                                                                                                                              ITRS is headquartered at The Bonhill
                                                     Iomart employs over 200 technical                                                          Crabtree & Evelyn was recently acquired     Mind Candy is headquartered at The Bonhill     Building and has five additional offices
                                                     consultants and engineers and has             For year-end January 2018, Merrill           for $175m by Nan Hai Corporation, a         Building, with approximately 50 employees.     worldwide employing approximately 500
     Vonage Holdings Corp is the guarantor on                                                      Corporation Limited reported revenues
                                                     4 locations across the UK including                                                        Hong Kong conglomerate which are listed                                                    people.
     the Nexmo lease and is listed on the NYSE                                                     of £64 million and net profits of £10.2                                                  For year-end December 2017, Mind Candy
                                                     Manchester, London, Glasgow and an                                                         on the Hong Kong Stock exchange.
     with a market capitalisation of $2.3 billion.                                                 million.                                                                                 reported revenues of £3.5 million and          In 2018 ITRS Group Limited reported
                                                     office in Florida.
                                                                                                                                                                                            gross profits of £1.9 million.                 revenues of £22.8m and net profits
     Headquartered in New Jersey, Vonage                                                           Merrill Communications LLC, based in
                                                     For year-end March 2018, Iomart reported                                                                                                                                              of £8.7 million.
     Holdings Corp has 9 offices worldwide,                                                        Saint Paul, Minnesota, are a subsidiary                                                  Further information:
                                                     revenues of £97.8 million and net profits
     including San Francisco, New York, London,                                                    of Merrill Corporation Ltd and provide                                                   www.mindcandy.com                              Further information:
                                                     of £12.4 million.
     and Tel Aviv with over 1,000 employees                                                        a guarantee on the lease. The company                                                                                                   www.itrsgroup.com
     worldwide.                                      Further information:                          was established in 1999 and employ over
                                                     www.Iomart.com                                5,200 people.
     Further information:
     www.nexmo.com                                                                                                                              Nan Hai Corporation is the guarantor on
                                                                                                   Further information:
                                                                                                                                                the lease and has a market capitalisation
                                                                                                   www.merrillcorp.com                                                                      (Sublease of Mind Candy)
                                                                                                                                                of $HK 11.67 billion.

                                                                                                                                                Further information:                        Lantum, formally known as Network
                                                                                                                                                www.crabtree-evelyn.com                     Locum, was established in 2012 and
                                                                                                                                                                                            provides an online platform for healthcare
                                                                                                                                                                                            professionals and providers to connect,
                                                                                                                                                                                            while allowing clinicians to book and
                                                                                                                                                                                            organise their own shifts.

                                                                                                                                                                                            Lantum is headquartered on the fourth
                                                                                                                                                                                            floor of the Bonhill Building with over 40
                                                                                                                                                                                            employees and is currently used by 1 in 3
                                                                                                                                                                                            of the UK’s primary care practices.

                                                                                                                                                                                            Further information: www.lantum.com
ASSET
                              MANAGEMENT

     ASSET MANAGEMENT INITIATIVES

     The Bonhill Building offers strong future rental growth potential, based on a moderate average passing rent
     of only £54.47 per sq ft.

     The various opportunities include:

     •   From June 2020, Iomart Group’s rent will be subject to 5 yearly rental increases linked to RPI
         (cap 4%, collar 2%)

     •   Increase rental income via forthcoming rent reviews on 6th, 3rd, 2nd and 1st floors in the next 1-3 years

     •   Re-gearing leases / removal of breaks to increase and improve rental income streams

     •   Longer term opportunity to increase on site massing by around 36% subject to planning
42

                                                                                                                     Increased Massing

                                                                                                                                         FUTURE REDEVELOPMENT OPPORTUNITY

                                                                                                                                         The Bonhill building is a high quality, Grade A office building, highly suited to long-term continued use in its
                                                                                                                                         current configuration. Recent mechanical and electrical surveys suggest a 10-20 year lifespan for most of the
                                                                                                                                         major components. However, the building provides a long-term redevelopment opportunity.

                                                                                                                                         Specialist advice has been sought from a rights of light consultant who has recommended that the additional
                                                                                                                                         floor area would be feasible from both a daylight & sunlight and rights of light perspective. The suggested
                                                                                                                                         massing carefully considers both the residential and commercial receptors located in the immediate context
                                                                                                                                         of the site and has been set back to respect the neighbouring amenity, particularly at 10-14 Epworth Street.
                                                                                                                                         The study suggests a potential uplift of approximately 36% additional massing (subject to planning and
                                                                                                                                         necessary consents).

                                                                                                                                         Watch our massing study film at bonhillbuilding.com
CITY OF LONDON

              M A R K E T C O M M E N TA R Y

     OCCUPATIONAL MARKET                                                           YEAR            R E N TA L G ROWTH FORECAS T      INVESTMENT MARKET

                                                                                   2019                       2.50%
     • Over 2 million sq ft of office space was pre-let in 2018 with                                                                 City investment volumes in 2018 were robust reaching £11.6 billion, the highest annual total since 2015.
                                                                                   2020                       4.00%
       transaction levels more than double the ten year average.                                                                     Overseas purchasers ended the year accounting for 78% of investment volumes with 67% deriving from Asia Pacific.
                                                                                   2021                       3.50%
     • This has led to over 80% of space under construction and due
       for completion in 2019 to be pre-let and approximately 50%                  2022                       3.00%
       of space due for completion in 2020.

     • In terms of tenant take up, Media and Tech (25%) continue
       to lead the way with the financial sector a close second                                                                      RECENT INVESTMENT TRANSACTIONS:
       at around 20%.

     • There are currently c.9.2m sq ft of active City and Central London               CITY OF LONDON                               DATE        P ROP ERTY                    TENU RE    WAULT         PRICE    PURCHA SER                N IY   CV (PSF )
                                                                                                                                                                                         ( EXP I RY)
       office requirements.                                                             GRADE A AVERAGE RENT
                                                                                                                                                 Epworth House,
                                                                                        IS PROJECTED TO REACH                        Available                                   FH         13         £78.0m    -                        4.85%    £1,242
     • The City of London vacancy rate currently stands at 5.4%,                                                                                 25 City Road, EC1
       however the Grade A rate is substantially lower at around 4.5%.                  £79.50 PER SQ FT                                         The Steward Building,
                                                                                                                                     Dec-18                                      FH         9.8        £95.0m    Private Middle Eastern   4.23%    £1,641
44   • The high levels of demand combined with the low vacancy rate                     BY 2022                                                  20-28 Brushfield Street, E1
                                                                                                                                                                                                                                                              45
       will result in further substantial rental growth within the City.                                                                         Cannon Green,
                                                                                                                                     Dec-18                                      FH        12.1        £120.0m   Kiwoom (Korean)          5.01%    £1,089
                                                                                                                                                 27 Bush Lane, EC4

     CITY OFFICE TAKE-UP BY GRADE 2015-2018                                                                                          Dec-18      1 Bartholomew Lane, EC2         FH          5         £107.0m   Private South African    3.92%    £1,340
                                                                                                                                                                                                                 Private Client of
     2.5                                                                                                                             Dec-18      21 Wilson Street, EC2           FH         5.5        £40.2m                             4.08%    £1,056
                                                                                                                                                                                                                 BNP Paribas
     2.0                                                                                                                             Jul-18      30-34 Moorgate, EC2             FH         15         £46.2m    KanAm                    4.19%    £1,502

     1.5                                                                                                                                         C Space,
                                                                                                                                     Dec-17                                      FH         12         £74.0m    Meadow Partners          4.60%    £1,164
                                                                                                                                                 37-45 City Road, EC1
     1.0

     0.5

     0.0
               Q2     Q3      Q4      Q1       Q2      Q3     Q4     Q1      Q2     Q3       Q4       Q1     Q2       Q3       Q4
              2015   2015    2015    2016     2016    2016   2016   2017    2017   2017     2017     2018   2018     2018     2018

                                            Pre-let     Grade A        Grade B          Grade C

     DAT E                  PR O PERT Y                                      TE NA NT                              RENT ( P S F)

     Dec-18                 The Bower, EC1                                   Travelex                              £83.00
     Nov-18                 The Bower, EC1                                   Infosys                               £72.00
     Oct-18                 Broadgate Tower, EC2                             Trade Tech Alpha                      £69.50
     Sep-18                 160 Old Street, EC1                              Robert Bosch Limited                  £66.00
     Jun-18                 70 Wilson Street, EC2                            The Bio Agency                        £72.00
     Jun-18                 70 Wilson Street, EC2                            WeWork                                £70.00
     May-18                 Epworth House, EC1                               NTT                                   £71.00
FURTHER
     I N F O R M AT I O N

     PLANNING                                     EPC

     The property is located in the London        The building has an overall EPC rating
     Borough of Islington. It is not listed nor   of D81. However the individual office
     is it situated in a conservation area.       floors have significantly higher ratings
                                                  as follows:
46                                                                                           47
     VAT                                           FLOOR                 RATING
                                                   6th                   B40
     The property has been elected for             5th                   B27
     Value Added Tax (VAT). It is anticipated      4th                   C74
     that the sale will be structured as a         3rd                   C67
     Transfer of Going Concern (TOGC).
                                                   2nd                   A19
                                                   1st                   A22
     CAPITAL ALLOWANCES                           The Energy Performance Certificate
                                                  is available in the data room.
     Capital allowances may be available
     subject to separate negotiation.
                                                  DATA ROOM
     Further information is available
     upon request.
                                                  Further information is available in the
                                                  online data room. Please contact the
                                                  Vendor’s agents to request access.

                                                  Website including massing film
                                                  available at bonhillbuilding.com
PROPOSAL

     Offers are invited in excess of £110,000,000 (One Hundred and Ten Million Pounds) for the freehold interest, subject
     to contract and exclusive of VAT. An asset purchase at this level reflects an attractive net initial yield of 5.23%, net of
     standard purchaser’s costs of 6.79%, and a low capital value of only £960 per sq ft.

     C O N TA C T S

48   DOMINIC AMEY                                           JAMES NICHOLLS                                         TOM SWANSON                                            JACK HARRISON

     Tel: +44 20 7344 6604                                  Tel: +44 20 7487 1930                                  Tel: +44 20 7487 1877                                  Tel: +44 20 7344 6724
     Mob: +44 7811 944024                                   Mob: +44 7566 289790                                   Mob: +44 7889 706580                                   Mob: +44 7720 073231
     dominic.amey@colliers.com                              james.nicholls@colliers.com                            tom.swanson@colliers.com                               jack.harrison@colliers.com

     COLLIE RS DE BT ADV ISO RY
     LAUREN C E RIC H ARDSO N

     Tel: +44 15 3476 7600
     Mob: +44 7829 880140
     laurence.richardson@colliers.com

     MISREPRESENTATION ACT
     Colliers International gives notice to anyone who may read these particulars as follows:
     1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part
        of an offer or contract;
     2. Any information contained herein (whether in text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact;
     3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise not that any services or facilities are in good working order;
     4. The photographs appearing in these particulars show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the
        photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs;
     5. Any areas, measurements or distances referred to herein are approximate only;
     6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be
        a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser;
     7. Descriptions of a property are inevitably subjective and the descriptions contained herein are in good faith as an opinion and not by way of a statement of fact;
     8. Any intending purchaser should satisfy themselves as to the presence of any deleterious materials that may exist, or have been used in the construction of the property;
     9. The seller provides no warranty as to the precise location of the boundary of the property;
     March 2019

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