120NENEW CAVENDISH NE

ST. W1NEW CAVENDISH

ST. W1

120

LOCATIONLocated in the heart of London’s West Endforming one of the main thoroughfareslinking Marylebone High Street with Tottenham Court Road

DESCRIPTIONComprising an imposing corner officebuilding arranged over lower ground,ground and four upper floors providing32,481 sq ft (3,018 sq m) of net area

TENUREVirtual freehold with c.980 years unexpiredat a ground rent of £100 per annum

TENANCYMulti-let with 81% determinable on 6 months’ notice

DEVELOPMENTPotential for extension of the existing building and/or conversion to residential, subject to the necessary consents

VATElected

PRICEOffers in excess of £38,000,000

CAPITAL VALUE ON EXISTINGACCOMMODATION£1,170 psf

CAPITAL VALUE ON PROPOSED ACCOMMODATION£989 psf

InvestmentSummary

prime west end opportunity suitable for owner occupation, refurbishment or redevelopment

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LOCATIONNew Cavendish Street is located betweenthe thriving and fashionable districts ofMarylebone and Fitzrovia in the heart ofLondon’s West End and forms one of the mainthoroughfares linking Marylebone High Street and Tottenham Court Road. The property is located just north of theinternationally renowned retail destination ofOxford Street and walking distance from theindependent boutiques of Marylebone HighStreet and Fitzrovia. New Cavendish Street benefits from a highly diverse occupier base with office, retail,residential, showroom, university, bar andrestaurant occupiers all represented providinga diverse and captivating mix synonymouswith the submarkets of Marylebone andFitzrovia. Marylebone’s two largest landowners, ThePortman and The Howard De Walden Estates,have upheld the heritage of the area creating avibrant, fashionable and desirable commercialand residential location.

Centred around Marylebone Village, the areaprovides an alluring and eclectic mix of highend residential accommodation, boutiqueand designer retail shops, top qualityrestaurants and both modern and period officeaccommodation.

Marylebone is bounded by exclusive Mayfairto the south, Regent’s Park to the north,Soho to the east and Paddington to the west.Regent’s Park lies just 0.8 km (0.5 miles) tothe north and provides the largest area forsports in Central London. The park covers160 hectares (395 acres) and also offers anOpen Air Theatre, London Zoo, cafes andrestaurants.

Chiltern Firehouselocation

LOCATIONFitzrovia has witnessed sustained growth andregeneration over the past few years includinglandmark schemes such as The BBC HQ,Fitzroy Place and Great Portland Estate’sredevelopment of the former Post Office siteat Rathbone Place.

The area is brimming with fashionablerestaurants, hotels and boutiques with hoteloccupiers including The Sanderson, TheGrazing Goat, The London Edition and TheCharlotte Street Hotel.

Charlotte Street also plays host to restaurantsincluding Roka, Bambou, Shochu Lounge,Pied a Terre and Brasserie Blanc. Localoccupiers include fashion, media advertising,film and television industries. Other restaurantoccupiers throughout Marylebone andFitzrovia include Hakkasan, Riding HouseCafé, Archipelago and The Chiltern StreetFirehouse.

SITUATIONOccupying a prominent end of terrace positionon the south side of New Cavendish Street itsjunctions with Great Titchfield Street to theeast and Gosfield Street to the west. Theproperty benefits from a large 118 ft /36mfrontage to New Cavendish Street with returnfrontages of 67 ft / 20m on Gosfield Streetand Great Titchfield Street.

Berners Tavern Inn

location

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St Jame

Regent’s Park

Marylebone

Hyde Park

Mayfair

Soho

St James’s

Covent Garden

Bloomsbury

REGENT’SPARK

BAKERSTREET

GREAT PORTLANDSTREET

WARRENSTREET

EUSTONSQUARE

GOODGESTREET

TOTTENHAMCOURT ROAD

OXFORDCIRCUS

BONDSTREET

GREENPARK

PICCADILLYCIRCUS

LEICESTERSQUARE

CHARINGCROSS EMBANKMENT

MARBLEARCH

Fitzrovia

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LOCAL OCCUPIERS 01 Grazing Goat02 The London Edition03 Charlotte Street Hotel04 Roka05 Bambou06 Shochu Lounge07 Sanderson Hotel08 Pied a Terre09 Brasserie Blanc10 Hakkasan11 Riding House Café12 Archipelago13 The Chiltern Street Firehouse14 Elena's L'Etoile15 Gaucho 16 Villandry17 The Wallace Collection

BUSINESS OCCUPIERS18 Dennis Publishing19 BBA Aviation20 Ziff Brothers Investment21 Aspect Capital22 ZenithOptimedia23 Freemantle Media & Talkback Thames24 Gardiner & Theobald25 Hit Entertainment 26 Make Architects27 Aegis28 Estée Lauder29 Boston Consulting Group30 Riba31 Double Negative32 Chevron33 Coller Capital34 Freud Communications35 Arup36 Adobe37 BT38 HOK International

Communication New Cavendish Street benefits from excellenttransport links with 10 London UndergroundStations located within less than a mile of theproperty providing unrivalled access acrossLondon.

1 Great Portland Street Circle, Metropolitan, Hammersmith & City lines 0.5 km north (0.3 miles) 2 Oxford Circus Central, Bakerloo & Victoria lines 0.6 km south (0.4 miles)

3 Goodge Street Northern line 0.6 km east (0.4 miles)

4 Regent’s Park Bakerloo line 0.6 km north west (0.4 miles)

5 Warren Street Northern & Victoria lines 0.8 km north east (0.5 miles)

6 Euston Square Circle, Metropolitan, Hammersmith & City lines 1.0 km north east (0.6 miles)

7 Tottenham Court Road Central & Northern lines, Crossrail 1.1 km south east (0.7 miles)

8 Bond Street Central & Jubilee lines, Crossrail 1.1 km south east (0.7 miles)

9 London Euston Northern & Victoria lines, Mainline Rail Services 1.3 km north east (0.8 miles)

10 Baker Street Bakerloo, Circle, Jubilee, Hammersmith & City, Metropolitan lines 1.3 km north west (0.8 miles)

11 Marylebone Bakerloo line, Mainline Rail Services 1.8 km north west (1.1 miles)

RailMainline national rail services are accessiblefrom London Marylebone & LondonEuston (both within a mile) which provideregular services across the country.London Marylebone provides fast accessto destinations including High Wycombe,Wembley Stadium, Warwick, Birmingham Moor Street & Birmingham Snow Hill. LondonEuston, the sixth busiest railway station inthe UK, is also the southern terminus of theWest Coast Main Line with direct servicesto Birmingham, Manchester, Liverpool &Glasgow.

London Euston is also the preferred southernterminus of the proposed HS2 (High Speed2) line which will provide London with anew state of the art high speed rail link toBirmingham in just 49 minutes.

CrossrailDue for completion in 2018, Crossrail willprovide a new high speed train serviceproviding thousands of commuters quickaccess into and across London. This £16billion infrastructure enhancement is thelargest in Europe and will provide London andthe south east with a world leading inner-cityrailway. Once completed, the nearby BondStreet Station will have two new ticket hallsand two new platform tunnels. The new linewill link 37 stations and 2 London airports(Heathrow and City Airports) with journeytimes reduced by up to half. 200 millionpassengers are forecast to travel on Crossraileach year resulting in a 10% increase inLondon’s rail capacity and bringing 1.5 millionadditional people within 60 minutes reach ofthe capital’s key business districts.

Both Bond Street & Tottenham CourtRoad Underground Stations are currentlyundergoing major transformations to becometwo of the key hubs of the Crossrail network.At present Bond Street Station carries 155,000passengers per day and once completed thestation will have two new ticket halls andtwo new platform tunnels with capacity andfootfall forecast to increase to 225,000 peopledaily with commuters being able to travel fromHeathrow Airport to Bond Street in just 26minutes.

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Travel Times From Bond Street station minsPaddington station 3Farringdon station 4Liverpool Street station 7Whitechapel station 10Canary Wharf station 13Heathrow Airport 26

Crossrail Map

CGI of Tottenham Court Road Station

CGI of Bond Street Station

DESCRIPTIONConstructed in 1997 by Great PortlandEstates, the property sits on an imposingvirtual island site and is arranged overlower ground, ground and four upper floors.Built around a steel frame incorporating atraditional attractive red brick and stonefaçade with large windows to all sidesproviding excellent levels of natural light.All floors benefit from a central core withrectangular floor plates allowing flexible andeasily divisible accommodation with theentrance on New Cavendish Street and oneparking space accessed from Great TitchfieldStreet.

SPECIFICATIONLarge ground floor reception area

Functional regular floorplate

2 x 10 person Express passenger lifts serving all floors

Raised floors with 150mm void

Male and female WCs on every floor

Metal tiled suspended ceilings with inset fluorescent lighting

Single enclosed parking space accessed from Great Titchfield Street

Fan coil air conditioning

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Reception

Garage

Total

32,481 sq ft / 3017.73 sq m

4th floor4,557 sq ft / 423.40 sq m

2nd floor6,122 sq ft / 568.76 sq m

3rd floor5,543 sq ft / 514.99 sq m

1st floor6,143 sq ft / 570.73 sq m

Ground floor4,899 sq ft / 455.10 sq m

253 sq ft / 23.55 sq m (Storage)658 sq ft / 61.11 sq m (Reception)

Lower ground floor4,258 sq ft / 395.59 sq m

48 sq ft / 4.50 sq m (Storage)

120 New Cavendish Street has beenmeasured in accordance with the RICS Codeof Measurement Practice (6th edition) and provides the following net internal area:

TENUREHeld virtual freehold from Great PortlandEstates on a 999 year lease from the 25thMarch 1995 (c. 980 years remaining) at acurrent ground rent of £100 per annum. The headlease is non-restrictive onredevelopment, alterations, alienation, repair or user provisions and incorporates a pre-emption right expiring in 2016 in favourof the leaseholder to acquire the freehold.

accommodation

TENANCYMulti-let in accordance with the schedule below.

Reception

Garage

Ground Floor

Typical Upper

existing floor plansFloor Tenant Area Lease Lease End Next Annual Comment (sq ft) Start Review Rent (psf)

4th SD & Group Co 4,557 Licence with the vendor Determinable on 6 months notice

3rd Sweat Shop 5,543 Licence with the vendor Determinable on 6 months notice

2nd Phee Farrer 6,122 03.01.11 23.01.19 03.01.16 £231,000 Jones (£37.73)

1st Vacant 6,143

Ground Mysale Group 2,450 15.09.14 14.09.16 £60,800 Determinable on 6 (East) (£25.00) months notice

Ground Vacant 2,449 (West)

Ground Reception 911 (Reception/ storage)

Lower Ground SD & Group Co 4,306 Licence with the vendor Determinable on 6 months notice

Total 32,481 291,800

typical floor

RESIDENTIAL120 New Cavendish Street presents the opportunityto create an exceptional residential development ina prime central London location. There are a numberof potential development options that could beconsidered including conversion and extension of theexisting building or wholesale redevelopment of the siteto create a new build scheme.

Argent Design has produced a conceptual residentialscheme comprising a total of 27 luxurious apartments.It is anticipated that an additional two storeys ofsetback accommodation could be added to the existingbuilding, subject to the necessary consents. Theresulting scheme is set over ground plus 6 storeys witha lower ground floor.

ACCOMMODATIONFloor Type Number of Area Total Terraces Apartments sq m (sq ft) sq m (sq ft)

5&6

2 Bed Duplex 1 363 6th 78.0 (3,907) 745 floor (839)

3 Bed Duplex 1 382 (8,018) 5th 192.7 (4,111) floor (2,074)

4 3 Bed 3 460 460 25.8 (4,951) (4,951) (277)

3 2 Bed 4 548 548 20.4 (5,898) (5,898) (219)

2

1 Bed 5 332 (3,573) 563 2 Bed 2 231 (6,059) (2,486)

1

1Bed 5 332 (3,573) 563 2 Bed 2 231 (6,060) (2,486)

LG&G

1 Bed 2 160 (1,722) 691 3 Bed Duplex 2 531 (7,437) (5,715)

Total 27 3,573 (38,423)

developmentopportunity

Computer generated image

SWITCH ROOMCH 3000

BOILER ROOMCH 3000

RISER

STORE STORE

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StorageSUBSTATION

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3 Bed Duplex

Lower Ground1 Bed 2 Bed

First

1 Bed 2 Bed

SecondGround3 Bed Duplex 1 Bed

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Fifth3 Bed Duplex 2 Bed Duplex

Third2 Bed

Fourth3 Bed

Sixth3 Bed Duplex 2 Bed Duplex

Computer generated image

View from 120 New Cavendish Street

OFFICEPotential to carry out a major officerefurbishment with the addition of 2extra floors subject to planning consentcreating Grade A offices.

A total net internal area of 3,415.49 sq m(36,764 sq ft) of office floorspace could beprovided on the basis of identical massing tothe residential scheme produced by ArgentDesign.

Alternatively the additional floors could form anew penthouse apartment above the existing offices.

PLANNING The property is located within the City ofWestminster and is situated within the EastMarylebone Conservation Area. The buildingis not Listed nor is it identified as a building ofmerit in the Council’s Conservation Area Audit.Westminster’s planning policy does not seekto protect office use and change of use toresidential is acceptable in principle.

The property is situated outside the CoreCentral Activities Zone and the namedopportunity areas/streets, which will beafforded protection from change of use inemerging Westminster planning policy.

A detailed planning appraisal prepared bySavills Planning Team is included in thedataroom. This planning appraisal considersthe key issues in both redeveloping andextending the property, setting out thedetailed design matters that will be relevant inany planning application.

Argent’s proposal is based upon a detailedplanning appraisal and a rights of lightmassing study.

developmentopportunity

INVESTMENT2014 produced record transaction volumes as turnover reached £8.97 billion (exceeding 2013’s level of c.£8.8 billion) with performance driven by a persistence of demand for primestock outstripping supply, creating yield compression and capital value growth. IPD reported a rise of c.20% in capital values over the 12 months to January 2015 with averagevalues now above the previous cycles peak of2007. Prime yields stand at a historic low of 3.25% and are not anticipated to rise in 2015.

Overseas investors continue to perceive London as a safe haven for capital due to its transparent and competitive investmentmarket, established legal system, political stability and strong growth prospects. UK purchasers increased their presence in

2014 and were the largest investor group, accounting for c.43% of West End investment by volume. Prime residential conversion opportunities within the West End remain sought after assets and continue to attract interest from both foreign and domestic investors. However, Westminster is looking to tighten their historically favourable planning policies for office to residential conversions which more recently have had the effect of narrowing the gap between prime residential and commercial values.

Below we set out some recent investment transactions:

Address Tenure Area Price NIY Capital Value Date Comments sq ft psf

Oracle House VFH 6,409 £10.60m 5.% £1,653 Jan-15 Head lease restricts conversion to 8-12 Wellbeck Way, W1 residential Sale and lease back for 3.5 years

13-16 Jacobs Well Mews FH 9,803 £12.61m 2.66% £1,647 Dec-14 Income until April 2016 (GIA) Capital value based off consented areas Planning consent for 6 apartments

Samvo House FH 19,692 £24.00m N/A £1,218 Nov-14 Short term sale and leaseback Marylebone Road, W1

52 Poland Street, W1 FH 20,489 £26.00m 2.5% £1,300 Aug-14 Short income until June 201514

140–142 Great Portland St FH 12,876 £15.00m n/a £1,164 Jul-14 Two buildings part interlinked and & 110 Bolsover Street, W1 majority vacant with residential planning consent Off market.

Midori House FH 9,905 £17.25m 1.76% £1,742 Jul-14 Single let to Winkreactive Limited 1 Dorset Street, W1 until November 2020 Quoting price was £8m

33 Golden Square, W1 FH 17,198 £23.10m 3.29% £1,343 May-14 Short term income

35 Marylebone High Street VFH 56,624 £75.00m n/a £1,325 Apr-14 Vacant possession with planning & 22 Beaumont Mews consent for a mixed use residential led scheme

Jaeger House FH 24,909 £30.75m 2.71% £1,234 Mar-14 Vacant possession on 9 months’ 57 Broadwick Street, W1 notice

91 New Cavendish St, W1 FH 13,859 £16.55m n/a £1,194 Nov-13 Vacant offices above retail with residential planning consent

OCCUPATIONALWest End take up reached 4.2 million sq ft in 2014, which is 22% ahead of the long term average and up on 2013’s take-up of 4.1 million sq ft. Lettings within the 5,000 –10,000 sq ft bracket dominated 2014 take-up,accounting for 37% of deals with continued demand expected to emanate from this occupier bracket.

Constrained supply is forecast to continue in 2015, with 30% of this years completions already let. The West End continues to attract

high profile tenants from all business sectors with the TMT sector looking to dominate tenant activity. Average Grade A rents reached up to £98.86 per sq ft in 2014, an 8.7% increase on the previous year, as occupiers continue to compete for limited space. An example of this is Amsprop’s 44-45 Great Marlborough Street where FT Advisors have leased offices at £88.75 per sq ft on the best space. Below we set out some recent occupationaltransactions:

Address Area Tenant Transaction Rent Date sq ft psf

1-2 Stephen Street, W1 12,000 Confidential Open Market Letting £82.50 Q1 2015

44-45 Great Marlborough 4,200 FT Advisors Open Market Letting £88.75 Q3 2014Street, W1

1 Stephen Street, W1 28,000 Freud Communications Open Market Letting £65.00 Q3 2014

5 Welbeck Street, W1 5,867 Confidential Open Market Letting £75.00 Q1 2014

66-68 Seymour Street, W1 11,500 Nera Economic Consulting Open Market Letting £72.50 Q3 2014

10 Portman Square, W1 6,500 Independent Franchise Partners Open Market Letting £90.00 Q3 2014

10 Portman Square, W1 18,500 Arrowgrass Open Market Letting £90.00 Q2 2014

20 Bentinck Street, W1 21,800 TDR Capital Open Market Letting £71.00 Q2 2014

Fitzroy Place, W1 144,000 Estee Lauder Open Market Letting £90.00 Q2, 2014

10 Midford Place, W1 2,400 Confidential Open Market Letting £79.50 Under Offer Q1 2015

33 Charlotte Street, W1 6,312 Spencer Ogden Open Market Letting £75.00 Q4 2014

Wells & More, 45 Mortimer Street, W1 15,673 Lionsgate Films Open Market Letting £75.00 Q3 2014

RESIDENTIALThe prime Central London residential markethas witnessed strong sustained capital valuegrowth in recent years. This market remainsa key focus of overseas and domesticinvestment with solid long term growthprospects, which will be bolstered by majorinfrastructure improvements such as Crossrailwhich is due to open in 2017.

Growth in prime Central London slowed over the past year to circa 4% and despite uncertainty regarding taxation, the medium term market forecasts remain positive with average increases of 25.5% projected over the 5 years from 2015 – 20191. Research suggests even greater increases in property values around key Crossrail Stations with Tottenham Court Road Station forecast to experience 43% price growth between 2013 – 2018 and 39% around Bond Street Station over the same period2.

The Marylebone and Fitzrovia areas haverisen in popularity over the last few yearsto become some of central London’s mostdesirable neighbourhoods. These areas have seen sustained growth and outperformance of the core super prime markets with Marylebone experiencing average growth of 8% per annum over the past 3 years.

The most notable recent schemes have witnessed huge demand with exceptional sales rates both domestically and overseas. The ever expanding offering continues to underpin the popularity of these areas and coupled with the retail offering on Oxford and Regent Street, create the perfect environment for central London living.

1 Savills ‘Prime London Residential Research’2 Knight Frank (2013) ‘Action Stations: The impact of Crossrail on residential property in Central London’

market commentary

FITZROY PLACEDeveloper: Exemplar & AvivaScheme: New build scheme with part façaderetention to deliver 235 private residentialapartments and approximately 100,000 sq ftof commercial and retail floorspace.

RATHBONE SQUAREDeveloper: Great Portland EstatesScheme: New build scheme of approximately412,000 sq ft which will deliver 162 privateapartments and commercial and retailfloorspace.

THE CHILTERNS

THE CHILTERNS Developer: Galliard HomesScheme: New build scheme comprising60 residential units (10 affordable) with arestaurant and other retail led uses at groundfloor and a health and fitness suite.

CHILTERN PLACEDeveloper: Ronson Capital PartnersScheme: New build scheme set over 15storeys comprising 56 private residential unitsand restaurant use at ground / first floor.

91 NEW CAVENDISH STREETDeveloper: Oakmayne Scheme: Redevelopment behind a retainedfaçade to provide a mixed use schemecomprising 8 residential flats above A1 retailand the addition of a fifth floor mansard roofextension.

MOXON STREET CAR PARKDeveloper: Private DeveloperScheme: Redevelopment of existing carpark to provide c.40,000 sq ft of retailaccommodation and 60,000 sq ft of privateluxury residential accommodation.

80 CHARLOTTE STREETDeveloper: Derwent LondonScheme: Redevelopment of Saatchi &Saatchi’s headquarters to provide newbuild office and residential scheme totallingc.380,000 sq ft with completion scheduled forsecond half of 2017.

1-2 STEPHEN STREETDeveloper: Derwent LondonScheme: Refurbishment and redevelopmentto provide 267,300 sq ft of office space andretail (40,000 sq ft) accommodation with theretail units extended to create a double-heightfrontage to Tottenham Court Road. The officeelement is already pre-let to tenants includingFreud Communications and BrandOpus.Completion is due in 2015.

localschemes

CAPITAL ALLOWANCECapital allowances in the order of c.£20,000 will be made available to a purchaser.

EPC120 New Cavendish Street has an EPC rating of D (84).

A copy of the certificate is provided in theonline data room.

VATThe building is elected for VAT and thereforeVAT will be payable on the purchase price. It is proposed that the sale will be structured as aTransfer of a Going Concern.

DATA ROOMFurther information can be found online atwww.120newcav.co.uk

FURTHER INFORMATIONFor further information or to arrange aninspection, please contact:

Mark Shipman Direct Line: 020 7529 5708 markshipman@michaelelliott.co.uk

Scott ListerDirect Line: 020 7529 5704scottlister@michaelelliott.co.uk

Peter NgDirect Line: +65 6733 3212peterng@michaelelliott.co.uk

Residential Development

Andrew Boyd Direct Line: 020 7409 9993 aboyd@savills.com

Harry de LotbiniereDirect Line: 020 7016 3852hdelotbiniere@savills.com

Commercial Investment

Paul CockburnDirect Line: 020 7409 8788pcockburn@savills.com

www.120newcav.co.uk

Misrepresentation Act 1967 & Declaration:

Michael Elliott and Savills (UK) Limited for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as generaloutline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to conditionand necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely onthem as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employmentof Michael Elliott and Savills (UK) Limited has any authority to make or give any representations or warranty whatever in relation to this property. March 2015

PROPOSALOffers in excess of £38,000,000 for thebenefit of our client’s virtual freehold interestreflecting a capital value of £1,170 psf on the existing accommodation and just £989 psf on the proposed residential accommodation.