The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop

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The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
The
Epworth                         EC1

 Shoreditch
                        25 City Road

Landmark Newly Developed Long Let

Shoreditch Investment Opportunity
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Executive
    Summary

A landmark 1930s Art Deco building beautifully
modernised for the creative industries by
award-winning architects Buckley Gray Yeoman.

 62,789 sq ft (5,833 sq m) of newly developed
‘best in class’ Grade A office space arranged
  over lower ground, ground and six upper floors.

Virtual Freehold interest (subject to a fixed
ground rent of £830 per annum).
                                                        01

Situated just a few hundred metres from

                                                        London EC1
Old Street Roundabout and Tech City, at
 the heart of London’s thriving creative and
 technology cluster.

 he forthcoming Elizabeth Line (Crossrail) at
T
Liverpool Street/ Moorgate is located within
a five minute walk to the south east. Old Street
station is located less than 300 metres to
the north.

 ong term income stream, securely let to NTT
L
Data UK Consulting and IT Solutions Limited
and Spaces with a WAULT of over 13 years.

Gross rental income of £3,872,722 per annum
(£61.68 per sq ft overall).

Offers are sought in excess of £78,000,000
for the shares in the UK company which holds
the property, subject to contract and exclusive
of VAT.

A purchase at this level reflects a net initial yield
of 4.85% allowing for purchaser’s costs of 2.30%.
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
The Epworth

              02
              03

London EC1
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Perfectly                                                                                 The
                                         Old Spitalfields                                  Finsbury   Epworth
                  placed                     Market         Liverpool Street   Broadgate    Square
                                                                                                       Shoreditch                  Moorgate   The HAC   Barbican

04                                                                                                                                                                 05

                                                                                                                                                                   London EC1
The Epworth

                                                                                              Old Street                White Collar
                   Principal Place   The Nobu Hotel                                          Roundabout    Old Street    Factory       The Bower
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
London, Europe’s
                 leading techology hub                                                                                                                                   Newly created sectors such as ‘Fintech’,
                                                                                                                                                                         where financial services meet with
                                                                                                                                                                         technology, require offices located near
                                                                                                                                                                         to their clients but in order to attract
                                                            London is not only the birthplace
                                                                                                                                                                         the highest calibre workforce, such
                                                                                                                                                                         organisations must provide a creative
                                                            of the cultural, legal and business
                                                                                                                                                                         working environment which does not
                                                                                                                                                                         undermine their credibility alongside
                                                            practices that define global trade,                                                                          mature financial organisations.

                                                            but it is also a powerful media                                                                              The movement of creative businesses
                                                                                                                                                                         from their traditional base of Soho began
                                                            and technology hub and major                                                                                 in Clerkenwell. Shoreditch has followed
                                                                                                                                                                         more recently and benefits from the
                                                            advertising centre                                                                                           extensive infrastructure available to the
                                                                                                                                                                         City of London, particularly at Moorgate
                                                                                                                                                                         and Liverpool Street stations, yet provides
                                                            London is regarded as Europe’s leading                                                                       attractive Victorian warehouse buildings
                                                            technology centre with over 3,000                                                                            with exposed brick and cast iron columns
                                                            new businesses (according to Start-up                                                                        finishes synonymous with the creative
                                                            Genome Project) as well as Google’s                                                                          districts of New York.
                                                            largest office outside Silicon Valley.                                                     Finsbury Square

                                                            London is the capital of digital media
06                                                                                                                                                                                                                     07
                                                            driving the annual £120 billion UK internet
                                                            economy whilst digital job growth is now

                                                                                                                                                                                                                       London EC1
The Epworth

                                                            outperforming all other sectors. Although
              Alphabeta
                                                            the Financial and Insurance sectors
                                                            remain key drivers, the Technology, Media
                                                            and Telecommunications (TMT) sector has
                                                            now overtaken these sectors in terms of
                                                            office take-up in Central London.

                                                                                                          Substantially

                                                            3,000                   Europe’s leading

                                                                                    tech centre
                                                                                                          improved transport

                                                            NEW BUSINESSES                                infrastructure

                                                                                                          Substantial improvements to the locality’s
                                                                                                          transport infrastructure continue to attract                                 £50 Million upgrade
                                     White Collar Factory                                                 major organisations from the financial and
                                                                                                          corporate sectors in addition to the traditional                             to Old Street station
                                                                                                          media and tech companies. The location is set
                          Digital media brings                                                            to improve further upon the delivery of major
                                                                                                          forthcoming infrastructure projects including
                                                                                                          the Liverpool Street and Moorgate entrances
                          UK internet economy to
                                                                                                          to the Elizabeth Line (Crossrail) and a £50m
                                                                                                          upgrade to Old Street station.
                          £120 billion per annum
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Shoreditch and
              Tech City have
              become distinct
              as London’s
              new centre of
              creativity and
              innovation

                                Shoreditch, London’s centre of

  08                            creativity and communication                                                              09

                                                                                                                          London EC1
The Epworth

                                The Epworth occupies a prominent corner
                                site at the heart of Shoreditch, an area
                                which is home to the third largest cluster
                                of tech and web companies in the world.
                                The ‘Tech City cluster’ surrounding
                                Old Street Roundabout is located just
                                a few hundred metres to the north of
                                The Epworth and has strong Government
                                support aimed at making the UK “the best     An unprecedented influx of technology,
                                place to start and run a digital business”   media, and telecommunication companies
                                via The Digital Charter manifesto.           (TMT) to Shoreditch and the area
                                                                             surrounding Old Street Roundabout in
                                                                             recent years has secured its position as
                                                                             a major global technology hub. Shoreditch
                                                                             and Tech City have become distinct
                                                                             as London’s new centre of creativity
                                                                             and innovation.

                                                                             The area serves as an incubator for start-
                                                                             ups in fintech, media, and technology,
                                                                             fashion, music and art industries, with
                                                                             the landmark Google ‘Campus London’
                                                                             within a few hundred metres to the south
                                                                             on Bonhill Street. Being the pre-eminent
                                                                             location for tech occupiers in London,
                                                                             Shoreditch is home to the leading brands
                                                                             within the industry including Amazon,
                                                                             Google ‘Campus London’, Silicon Valley
                                                                             Bank, Yammer, Inmarsat, Adobe Systems,
                                                                             Lowe Group (Interpublic), and QuidCo.
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Local
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                   Developments
                  Shoreditch is one of London’s fastest

                  growing sub-markets and has been                                                                                                                                                                                                                                         Arnold, 21-33 Great Eastern Street,                                                                              1 Mark Square,                                   Finsbury Tower, 103-105 Bunhill Row,   Principal Place, 111-113 Worship Street,
                                                                                                                                                                                                                                                                                           London EC2                                                                                                       London EC2                                       London EC1                             London EC2
                  subject to unprecedented development                                                                                                                                                                                                                                     • The Property Trust                                                                                             •    EPIC                                        • Finsbury Tower Estates (CIT)         •    ENPAM (Developed by Brookfield)
                                                                                                                                                                                                                                                                                           • 75,000 sq ft                                                                                                   •    62,718 sq ft                                • 12 storey extension providing        •    642,000 sq ft and 301 residential units
                  activity in recent years, with a pipeline                                                                                                                                                                                                                                • Completion Q2 2018                                                                                             •    100% pre-let to Wework                        289,151 sq ft offices and 25         •    100% pre-let to Amazon
                                                                                                                                                                                                                                                                                                                                                                                                            •    Completion 2018                               affordable residential units         •    Completed Q3 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                             • Completion 2021
                  to suggest this will continue
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                  This is largely being driven by occupational demand
                  from rapidly growing tenants within the tech and
                  creative sectors which have made Shoreditch the
                  international ‘tech hub’ that it is today.

                  With one of the lowest vacancy rates across
                  Central London, developers are competing to
                  capture this strong occupational demand.                                                                                                                                                                                                                                 White Collar Factory, 1 Old Street Yard,                                                                         The Bower, 207-211 Old Street,                   C Space, 37-45 City Rd,                1 Fairchild Place,
                                                                                                                                                                                                                                                                                           London EC1                                                                                                       London EC1                                       London EC1                             London EC2

                                                                                                                                                                                                                                                                                           •            Derwent London                                                                                      • Helical Plc                                    •    62,000 sq ft                      • Highgate Holdings
     10                                                                                                                                                                                                                                                                                    •            237,000 sq ft                                                                                       • Phase 1: 140,000 sq ft offices and retail,     •    Helical Plc                       • 101,000 sq ft and 200 bed hotel              11
                                                                                                                                                                                                                                                                                           •            Completed Q3 2017                                                                                     100% pre-let                                   •    75% pre-let to Mullins Lowe       • Completion 2021 or beyond
                                                                                                                                                                                                                                                                                                                                                                                                            • Phase 2: 180,000 sq ft offices, with retail,   •    Completed 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   London EC1
    The Epworth

                                                                                                                                                                                                                                                                                                                                                                                                              a third pre-let to Wework
                                                                                                                                                                                                                                                                                                                                                                                                            • P1 completed 2016, P2 scheduled Q3 2018

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                                                                              11                                                                                                                                                                                                                                                                                                                            The Stage, 73-75 Scrutton Street,                20 Bonhill Street,                     Spectrum, 160 Old Street,
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                                                                                                                                                                                                                                                                                                                                                                                                            •    220,000 sq ft and 412 residential units     • 70,000 sq ft                         • 153,000 sq ft offices, with café
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                                                                                                                                                                                                                                                                                                                                                                                                            • British Land                                   • 71,550 sq ft offices                 • Sinar Mas Land
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                                                                                                                                                                                                                                                                                                                                                                                                            • 355,000 sq ft offices, 38,000 sq ft            • Completed Summer 2017                  (Developed by Resolution)
                                                                                                                                                                                                                                                                                                                                                                                                              retail & 40 apartments                                                                • 244,661 sq ft
                                                                                                                                                                                                                                                                                                                                                                                                            • Completion 2021 or beyond                                                             • Completed in 2015
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The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
There are a number of leading hotels within the

                                                                                            immediate vicinity, with more under construction

                                                                                            to satisfy increasing demand

                                                                                            Montcalm Royal London House       The Hoxton                            Nobu Hotel
                                                                                            Finsbury Square, EC2              81 Great Eastern Street, EC2          10-50 Willow Street, EC2
              Shoreditch and the surrounding
                                                                                            Completed in 2016, this luxury    This 208 room contemporary            The luxury Nobu brand opened
              area has evolved over the last                                                hotel overlooks Finsbury Square   hotel, with exposed brick             their first London 5 star Nobu
  12                                                                                        and has 256 rooms, a spa and a    features and an American              Hotel in 2017. It provides 148        13

              ten years into one of the most                                                high quality restaurant.          style grill restaurant operated       bedrooms, and Nobu’s newest
                                                                                                                              in conjunction with the Soho          luxury restaurant, and spa.

                                                                                                                                                                                                          London EC1
The Epworth

                                                                                                                              House Group, is a landmark
              vibrant and exciting retail and
                                                                                                                              in the local area.

              leisure destinations in London,

              and now has international

              status attracting established

              global brands

                                                With the growth in residential
                                                development, the area has become a
                                                seven day trading destination serving       M by Montcalm Shoreditch          The Curtain                           South Place Hotel
                                                an increasingly affluent population.        153-157 City Road, EC1            37-49 Curtain Road, EC2               3 South Place, EC2
                                                The type of local workers, visitors and
                                                residents present a unique opportunity      A 269 room five star hotel,       A Five-Star hotel, restaurant, live   Situated 150 yards to the south
                                                to retailers, cafés, bars and restaurants   situated north of Old Street      music venue and members club.         of Finsbury Square is the City of
                                                as, in general, these consumers want        Roundabout, which opened          Centred around 120 guest rooms        London’s leading contemporary
                                                a different experience to the typical       in October 2014. The hotel        and suites, there is a rooftop        hotel comprising 80 rooms. The
                                                brands present on most UK high streets.     offers a spa, pool, two bars      pool and lounge, 24-hour gym,         hotel is operated by D&D London
                                                Boxpark, London’s first pop-up mall         and a 17th floor restaurant       treatment rooms, co-working           and provides two restaurants,
                                                situated adjacent to Shoreditch High        with a Michelin starred chef.     space and 6,000 square feet           three bars and five private dining/
                                                Street station, features a continuously                                       of event space, with a ballroom       meeting rooms.
                                                changing line-up of retailers and is an                                       and screening room.
                                                example of how a pioneering trading
                                                format can succeed.
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Meet the
               neighbours

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                            Local Occupiers                                                                                                                                                                               Tech Occupiers

                            1            UBS                                                                   11               Herbert Smith Freehills                                                                      1        Central Working Shoreditch                                                                                              11                     Fund Apps
                            2            Deutsche Bank                                                         12               Pinsent Masons                                                                               2        Google ‘Campus London’                                                                                                  12                     WeWork
                            3            ICAP                                                                  13               Charles Stanley Group                                                                        3        Mind Candy                                                                                                              13                     Morning Star
                            4            Royal Mail Group                                                      14               Invesco                                                                                      4        Pivotal Software                                                                                                       14                      Interactive Data
                            5            Royal Bank Of Scotland                                                15               Grant Thornton                                                                               5        EMAP                                                                                                                    15                     TSYS
                            6            EBRD                                                                  16               London Metal Exchange                                                                        6        BOX                                                                                                                    16                      FactSet
                            7            Allianz                                                               17               Simmons & Simmons                                                                            7        University of Liverpool                                                                                                 17                     Cass Business School
                            8            Hill Dickinson                                                        18               Slaughter & May                                                                              8        Inmarsat                                                                                                               18                      SAS
                            9            Ashurst                                                               19               Linklaters                                                                                   9        Amazon                                                                                                                  19                     ING-Media
                            10           Mayer Brown                                                          20                HSBC                                                                                       10         Stock Exchange                                                                                                        20                       I-AM
The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
Connectivity
              The Epworth benefits from exceptional                               Angel                                                 Shoreditch
              transport connectivity being located                                                                                      High Street
              a short distance from the following                                   7 minutes
              Underground and Mainline stations:                                   11 minutes                                               3 minutes
                                                                                  21 minutes                                                8 minutes

                                                                                                           Old Street

                                                                                                                 < 1 minute
                                                                                                                   1 minute

              Old Street roundabout /

              station upgrade

              Old Street station is to undergo a £50m
              upgrade which will convert the existing
              1970s roundabout into an attractive new
              pedestrianised public space, including
              seating and trees. It will see the north-
                                                                                                           Moorgate                                                                                                                                                         Stratford
              western ‘arm’ of the junction by City Road                                                                                                                                                                                                                          8 mins
              closed and two-way traffic reintroduced                                                                                                    Reading              Heathrow               Bond Street            Farringdon            Whitechapel
                                                                                                                 2 minutes
              to the gateway to Tech City as it becomes                                                                                                   61 mins              33 mins                  7 mins                 2 mins                 2 mins
 16                                                                                                              6 minutes                                                                                                                                                                 17
              a new hub for the thousands of people
              who live, work and socialise nearby.                             Barbican                                               Liverpool Street

                                                                                                                                                                                                                                                                                           London EC1
The Epworth

              39 architects were invited to submit their
              proposals for the roundabout, and four
                                                                                    4 minutes                                               3 minutes               Slough               Paddington              Tottenham              Liverpool
              have been shortlisted. The winning design
                                                                                   10 minutes                                              10 minutes               37 mins                10 mins               Court Road              Street
              will be selected soon, and the roundabout
                                                                                   16 minutes                                                                                                                      4 mins                                                Canary Wharf
              will likely provide advertising space to                                                                                                                                                                                                                            6 mins
              rival that at Piccadilly Circus, at the
              heart of Tech City.                                            All journey times taken from the building. Source: TfL

                                                                                                                                                         The Elizabeth Line (Crossrail)

                                                                                                                                                         Crossrail is Europe’s largest infrastructure
                                                                                                                                                         project and is set to transform London’s
                                                                                                                                                         transport network. It is estimated that the
                                                                                                                                                         new rail line will bring an extra 1.5 million
                                                                                                                                                         people to within 45 minutes of Central
                                                                                                                                                         London. Services are due to commence in
                                                                                                                                                         December 2018 with Liverpool Street set to
                                                                                                                                                         become one of the key hubs which is located
                                                                                                                                                         approximately 800 metres from The Epworth.
                                                                                                                                                         Liverpool Street Crossrail will provide direct
                                                                                                                                                         links to the West End, Canary Wharf and
                                                                                                                                                         London Heathrow.

                                                                                                                                                         The Liverpool Street and Moorgate entrances
                                                                                                                                                         to the Elizabeth Line are approximately a five
                                                                                                                                                         minute walk to the south east of the property
                                                                                                                                                         and will provide access to Bond Street and
                                                                                                                                                         Canary Wharf within seven minutes and
                                                                                                                                                         Heathrow within 33 minutes, from late 2018.
              One of the four shortlisted designs - Gpad London’s proposal                                                                                                                                              New Elizabeth Line entrance at Liverpool Street station
              for the redevelopment of Old Street Roundabout and station.
An iconic
              building
              with a
              rich history
              The name Epworth comes from the                In the 1930s there were three stages of
                                                             rebuilding the properties acquired in the
              small town in Lincolnshire where               19th century until it became the building
                                                             prior to the current renovation. During
              John and Charles Wesley, Founders              the war, the building suffered heavy
                                                             damage together with all the surrounding
              of Methodism, were born and raised             buildings. It was for a time commandeered
                                                             by the Honourable Artillery Company
                                                             situated opposite. In 1940 a Field Library
              More recently the name Epworth has also        was operated from the property sending
              been used as the imprint for Methodist         parcels of books to the chaplains at
              books and is intimately linked with Wesley’s   the Front for the use of the soldiers.
              Chapel (just to the north at 49 City Road)
              and to the predecessor building, the           In the 1980s the Methodist Publishing
  18          Foundery. The name Foundery comes from         House moved out of the building, first                                                                                                     19

              the disused cannon foundery, which was         to Wimbledon and then to Peterborough.
                                                             Their work is now done in-house at the

                                                                                                                                                                                                        London EC1
              damaged in an explosion in the early 18th
The Epworth

              century and was repaired and occupied by       company Headquarters Building on
              John Wesley as his London Headquarters.        Marylebone Road.
              It was used until the current, New Chapel
              at 49 City Road, was opened in 1778. There

                                                                                                          The Building
              is a Museum in the basement of the Chapel
              which outlines this history.

                                                                                                          Beautifully moderised landmark                 The rear half of the building has been
                                                                                                                                                         demolished and rebuilt as a new steel
                                                                                                          1930s Art Deco building                        frame behind the beautifully retained
                                                                                                                                                         Art Deco facade. Two upper partial floors
                                                                                                                                                         have been removed and replaced by three
                                                                                                          The Epworth comprises a landmark 1930s         new floors, with the 5th and 6th benefiting
                                                                                                          Art Deco building beautifully modernised       from substantial roof terraces. Along both
                                                                                                          for the creative industries by award winning   City Road and Epworth Street, new double
                                                                                                          architects Buckley Gray Yeoman in 2018.        height voids have been formed
                                                                                                                                                         to link the ground and lower ground.
                                                                                                          The project involved the substantial
                                                                                                          refurbishment and reconstruction of three      The office floor plates provide high quality
                                                                                                          separate buildings to provide approximately    space sympathetically restored with a
                                                                                                          62,789 sq ft (5,833 sq m) of ‘best in class’   sophisticated industrial aesthetic. Typical
                                                                                                          Grade A office accommodation arranged          floor plates comprise approximately
                                                                                                          over lower ground, ground and six              9,000 sq ft (836 sq m) and benefit from
                                                                                                          upper floors.                                  exceptional levels of natural light. The
                                                                                                                                                         offices are accessed via a prominent
                                                                                                                                                         entrance fronting City Road, leading to
                                                                                                                                                         a dramatic full height atrium featuring
                                                                                                                                                         balconies for tenant interaction.
“The challenge was to
                                                                                                        breathe new life into
                                                                                                        the building – and its
                                                                                                        mix of architectural
                                                                                                        styles – whilst also
                                                                                                        remaining sensitive
                                                                                                        to the site’s prominent
                                                                                                        urban setting.”

                                                                                                        Matt Yeoman

                                                                                                        Director at Buckley Gray Yeoman

 20                                                                                                                                       21

                                                                                                                                          London EC1
The Epworth

              Specification
              A detailed specification is available         •   Four pipe fan coil air conditioning;
              within the data room, but in summary:-
                                                            •   Unisex WCs and accessible WCs
              •	Refurbished external façade,                   located at every floor;
                 white painted 1930s faience tiles
                                                            •	A block of seven showers, including
                 and refurbished and new textured
                                                               one accessible shower, located on
                 red brick;
                                                               basement level accessed directly
              •   Audio visual door system providing           from the main core and served by
                  24 hour access;                              an integral changing area with
                                                               storage lockers along each wall;
              •   White painted plasterboard
                  ceilings with exposed concrete            •	70 secure bicycle spaces, discreetly
                  soffit under stairs;                         accessed via the Tabernacle Street
                                                               entrance to the rear;
              •   New suspended LED lighting;
                                                            •   Substantial terraces to the 5th
              •   Attractive ‘warehouse style’ double
                                                                and 6th floors;
                  glazed black Crittal windows;
                                                            •	Excellent environmental credentials,
              •	Three new 12 person lifts within rebuilt
                                                               having been awarded a BREEAM
                 lift shaft serving all floors (basement
                                                               rating of ‘Very Good’.
                 only served by one);
Accommodation
                Sophisticated industrial aesthetic with                   Floor                     Use             NIA sq ft      NIA sq m

                 exceptional levels of natural light                      6th                       Office               5,039         468

                                                                          5th                       Office                7,552        702

               The property has been independently measured               4th                       Office                9,024        838
               by Plowman Craven in accordance with the RICS              3rd                       Office                9,101        845
               Code of Measuring Practice 6th Edition and
               provides the following Net Internal Areas:-                2nd                       Office                9,087        844

                                                                          1st                       Office               9,063         842

                                                                          Ground                    Office               6,880         639

                                                                          Ground                    Reception             1,417*        132

                                                                          Lower Ground              Office                5,626        523

                                                                          Total                                          62,789       5,833

                                                                      * The reception area is not included in NIA

 22
              Floor Plans                                                                                                                                                                                                                         23

                                                                                                                                                                                                                                                  London EC1
The Epworth

                Ground Floor                                                      Typical Upper Floor                                           5th Floor                        6th Floor

                6,880 sq ft / 639 sq m                                            9,024 sq ft / 838 sq m                                        7,552 sq ft / 702 sq m           5,039 sq ft / 468 sq m

                                                                                                                                              Epworth Street

                                                                                                                                                                               Epworth Street
              Epworth Street

                                                                                Epworth Street

                                        City Road                                                            City Road                                             City Road                           City Road
                                                                                                                                                                                                                                              N

                               Floor   Core         Reception   Terrace                                                                                                                         For indicative purposes only. Not to scale.
Tenure                                                                                   Wesley’s                                              Tenancy
                 & Site
                                                                                                       Chapel

              Virtual Freehold                                                                                                                               100% pre-let ahead of
                                                                                                       Street
                                                                                             Epworth                                                         practical completion
              The property is held Virtual Freehold
              under title number NGL570603 for

                                                                                                                        reet
              a term of 999 years from 25 March                                                                                                              The Epworth was 100% pre-let                    The 4th, 5th and 6th floors are               £2,393,769 per annum (£60.21 per

                                                                                                                         le St
              1902 (883 years unexpired) from                                                                                                                ahead of practical completion                   let to NTT Data UK Consulting                 sq ft). The lease is guaranteed by
              Epworth Street Investments Ltd, at a

                                                                                                                     rnac
                                                                                                                                                             to two tenants in accordance                    and IT Solutions Limited on three             Regus Plc on a capped basis as
              fixed ground rent of £830 per annum.                                                                                                           with the tenancy schedule set                   seperate leases for a term of                 set out in the Covenants section.

                                                                                                                 Tabe
                                                                                 City Ro
                                                                                                                                                             out below. The leases are drawn                 ten years at a passing rent
                                                                                                                                 Bonhill Street              on effective full repairing and                 of £1,478,953 per annum                       The total gross passing rent

                                                                                        ad
                                                                                                                                                             insuring terms and provide                      (£68.42 per sq ft).                           equates to £3,872,722 per annum
                                                                                                                                                             exceptionally long term secure                                                                (£61.68 per sq ft overall) with a
                                                                                                                                                             income with a weighted average                  The lower ground to 3rd floors are            net rent passing of £3,871,892
                                                                                                                                                             unexpired term of over 13 years.                let on a single lease to Spaces               per annum after deduction of
                                                                                                                                                                                                             at an overall passing rent of                 head rent.

   24                                                                                                                                                                                                                                                                                                 25

                                                                                                                                                             Tenancy

                                                                                                                                                                                                                                                                                                      London EC1
                                                                                                                                                               Schedule
The Epworth

                                                      This plan sets out the approximate position of the property and is for identification purposes only.
                                                      We make no warranty, express or implied, nor accept any responsibility or liability for its accuracy
                                                      or completeness.

                                                                                                                                                              Tenant           Floor    Use          Area    Area      Lease     Lease       First        Rent   Rent    Comments
                                                                                                                                                                                                     Sq ft   Sq m      Start     Expiry    Review        £PAX    £PSF

                                                                                                                                                              NTT Data UK      6th      Offices     5,039     468                                     £357,769 £71.00    • Rent deposit equivalent
                                                                                                                                                              Consulting and                                                                                               to 9 months rent plus
                                                                                                                                                                                                                     31/05/18 30/05/28    31/05/23
                                                                                                                                                              IT Solutions                                                                                                 VAT held.
                                                                                                                                                              Limited          5th      Offices      7,552    702                                     £521,088 £69.00
                                                                                                                                                                                                                                                                         • Lease held outside the
                                                                                                                                                                                                                                                                           Security of Tenure and
                                                                                                                                                                                                                                                                           Compensation Provisions
                                                                                                                                                                                                                                                                           of the Landlord & Tenant
                                                                                                                                                                               4th      Offices     9,024     838 31/05/18 30/05/28       31/05/23   £600,096 £66.50
                                                                                                                                                                                                                                                                           Act 1954 Part II
                                                                                                                                                                                                                                                                           (as amended).

                                                                                                                                                              London Epworth 3rd        Offices      9,101    845                                                        • Lease held inside the
                                                                                                                                                              House Centre                                                                                                 Security of Tenure and
                                                                                                                                                              Ltd (Spaces)                                                                                                 Compensation Provisions
                                                                                                                                                                             2nd        Offices      9,087    844                                                          of the Landlord & Tenant
                                                                                                                                                                                                                                                                           Act 1954 Part II
                                                                                                                                                                               1st      Offices     9,063     842                                                          (as amended).
                                                                                                                                                                                                                     06/06/18 05/06/33 06/06/23 £2,393,769 £60.21
                                                                                                                                                                                                                                                                         • Lease guaranteed
                                                                                                                                                                                                                                                                           by Regus Plc on
                                                                                                                                                                               Ground   Offices     6,880     639                                                          a capped basis.

                                                                                                                                                                               Lower    Offices      5,626    523
                                                                                                                                                                               Ground

                                                                                                                                                                               Ground   Reception    1,417     132

                                                                                                                                                              Total                                 62,789 5,883                                     £3,872,722 £61.68

              Spaces Business Club
Covenants

              Spaces                                             Regus Plc                                                NTT Data UK Consulting and IT Solutions

              (London Epworth House Centre Ltd)                  The Guarantor                                            Limited (38% of total income)

              (62% of total income)
                                                                 The Spaces lease is guaranteed by parent                 NTT DATA is a global IT services provider and           Dun & Bradstreet provides NTT Data UK Consulting
                                                                 company Regus Plc who is the largest provider of         innovation partner which is headquartered in Tokyo,     and IT Solutions Limited with a rating of 3A1
              Spaces provides shared workspace communities       flexible workspace solutions in the world, founded       with over 76,000 employees working at business          representing a ‘minimum risk of business failure’.
              and services for its members which include small   in Brussels, in 1989. Regus Plc’s network includes       operations in over 40 countries. The company aims
              and medium enterprises, freelancers, start-ups,    nearly 3,000 business centres across almost              to develop innovative business and IT solutions for
                                                                                                                                                                                   NTT Data UK Consulting           Accounts as at
              established companies, mobile workers              900 cities in 120 countries and is listed on the         companies in the private and public sectors across
                                                                                                                                                                                   and IT Solutions Ltd                31/03/2017
              and entrepreneurs.                                 London Stock Exchange.                                   areas such as cloud solutions, business intelligence,
                                                                                                                          consulting, big data, and analytics.                     Turnover                             35,637,353
              Originating in Amsterdam, the business now has     In November 2016, Regus Plc rebranded as
              over 140 centres in 32 countries, across seven     International Workplace Group (IWG) and moved            NTT DATA UK is headquarted at the nearby Royal           Profit (Loss) before taxes             (92,509)
              continents. The business is currently undergoing   its headquarters to Switzerland. Spaces comprises        Exchange at the heart of the City of London, with
              an expansion drive to meet the demand of the       one of their wide range of office formats, as they       the other UK office in Birmingham. The company           Tangible Net Worth                    8,675,222
              modern office occupier, with other recent London   continue to grow their mobile, virtual office and        aims to use information technology to create
                                                                 workplace recovery business, enabling customers          paradigms and values, which help contribute to           Net Current Assets                    7,518,288
              locations at City Point, Fitzrovia, Teddington,
              Park Royal, and forthcoming locations confirmed    maximum flexibility in terms of their business           a more affluent and harmonious society. Some
 26                                                                                                                                                                                                                                    27
              in Chiswick and Oxford Circus. The brand offers    environment.                                             of their more high profile clients include leading      www.uk.nttdata.com
              a full-service workspace from tech support,                                                                 software vendors such as Microsoft, SAP, TIBCO

                                                                                                                                                                                                                                       London EC1
The Epworth

              office furnishing, bicycle hire, dry cleaning,     Regus Plc provides a Parent Company Guarantee            and Genesys.
              and secretarial support. The majority of these     to the Space lease as follows:
              services can be booked via smart phone on
              the Spaces app.                                     Term (Years)                                Months

              www.spacesworks.com                                 1-5                                              60

                                                                  6-8                                              48

                                                                  9 - 14                                           36

                                                                  15                                               12

                                                                 Dun & Bradstreet provides Regus Plc with a rating of
                                                                 1A1 representing a ‘minimum risk of business failure’.

                                                                  Regus Plc                           Accounts as at
                                                                                                  31/12/2017 (000’s)

                                                                  Turnover                                 2,341,700

                                                                  Profit (Loss) before taxes                  167,200

                                                                  Profit after tax                           131,600

                                                                  EBITDA                                     388,600

                                                                 www.regus.co.uk
Planning                                                                     Contact
                                                                                           For further information, access to the data
              The property is located in the
                                                                                           room or to arrange a viewing please contact:
              London Borough of Islington. It is
              not listed, but is situated within the
              Bunhill Fields and Finsbury Square
              Conservation Area.
                                                                                           James Abrahams
                                                                                           020 7588 4433
                                                                                           james.abrahams@allsop.co.uk

              VAT                                                                          Matthew Millman
                                                                                           020 7588 4433
              The property is elected for VAT.                                             matthew.millman@allsop.co.uk

                                                                                           Christopher Room
                                                                                           020 7588 4433

              EPC                                                                          christopher.room@allsop.co.uk

              A copy of the property’s EPC
              certificate can be found on the
              online data room and is available
              upon request.

 28                                                                                                                                                                          29

              Proposal

                                                                                                                                                                             London EC1
The Epworth

              Offers are sought in excess of
              £78,000,000 for the shares in
              the UK company which holds the
              property, subject to contract and
              exclusive of VAT.

              A purchase at this level reflects a
              net initial yield of 4.85% allowing
              for purchaser’s costs of 2.30%.

              Data Room
              Further information can be found on
              the online data room. Please contact
              the vendor’s agents to request access.

              DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out
              as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without
              any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy
              themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any
              representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. June 2018.

              Designed and produced by Cre8te - 020 3468 5760 – cre8te.london
The
Epworth         EC1

 Shoreditch
        25 City Road
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