8 FENCHURCH PLACE - Allsop

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The Amundi Collection

8 F E N C H U R C H

P L A C E L O N D O N E C 3

8 Fenchurch Place is located in a prime EC3 City of London location, in the heart of the world’s largest insurance district.

Comprehensively refurbished in 2012.

98,647 sq ft of highly specified office and ancillary accommodation arranged over lower ground, ground, mezzanines and five upper floors.

Fully let on effective full repairing and insuring terms to a diverse mix of five tenants from the insurance, professional services and charitable sectors.

Secure income with a WAULT of just under 9 years to lease expiries and 7 years to tenant break options.

Current passing rent of £4,399,900 per annum, equating to an attractive low rent of only £44.60 per sq ft overall, compared to prime City rents which are currently

in excess of £65.00 per sq ft.

Reversionary income profile with five upcoming rent reviews occurring in 2019 and 2020.

Held on a long leasehold interest from Network Rail Infrastructure Limited (originally British Railways Board) for a remaining term of circa 169 years at a peppercorn rent.

Potential asset management opportunities in the short to medium term to add value and enhance the running yield.

Offers are invited in excess of £78,600,000, subject to contract and exclusive of VAT, for our client’s Long Leasehold interest in 8 Fenchurch Place. This represents an attractive net initial yield of 5.50% and a capital value of £797 per sq ft, assuming acquisition costs of 1.80%

through the purchase of the Luxembourg SARL.

INVESTMENT SUMMARY

8 Fenchurch Place – London

2 | 38 Fenchurch Place – London

LOCATION

Although in the heart of the insurance district, 8 Fenchurch Place is also in a prominent location for occupiers from a variety of sectors, with several major transport hubs being situated in the vicinity.

The immediate location has also been enhanced through the provision of a growing and diverse range of retail, leisure and hotel amenities. This includes the historic Leadenhall Market with a unique boutique retail offering, iconic London landmarks such as the Tower of London and Tower Bridge and a range of high end hotels such as the Four Seasons Hotel, Grange City Hotel and the Hilton Hotel Tower of London.

The building itself is located directly above Fenchurch Street station and fronts a landscaped square which hosts a bustling street food market. 70 Mark Lane, occupied by Zurich Insurance and Miller Insurance, and AIG’s owner occupied headquarters at 58 Fenchurch Street, also border the square.

8 Fenchurch Place is situated in London’s premier business district in the heart of the City of London and in a core EC3 location being only a 3 minute walk from Lloyd’s, the world’s leading insurance market.

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Lombard Street Fenchurch Street

Aldgate High Street

Bevis Marks

Houndsditch

Throgmorton Street

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King William

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Gresham StreetLothbury

Queen Victoria Street

Poultry

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Threadneedle Street

CornhillLeadenhall Street

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Great Tower Street

Eastcheap

Mansell Street

Minories

Upper Thames Street

Lower Thames StreetByward Street

Tower Hill

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Cannon Street

Crutched Friars

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CannonStreet

Tower Hill

TowerGateway

LiverpoolStreet

LLOYD’SBUILDING

LondonBridge

Monument

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The connectivity of 8 Fenchurch Place will be further enhanced when Crossrail (The Elizabeth Line) becomes operational in late 2018. This east-west rail link will span across Central London, significantly reducing journey times from Reading and Heathrow in the west to Abbey Wood and Shenfield in the east. The Crossrail station at Liverpool Street will provide the City with direct access to Heathrow within 35 minutes, the West End within seven minutes and Canary Wharf within six minutes.

8 Fenchurch Place has unrivalled connectivity being situated above Fenchurch Street station and within a short walk of multiple underground and national rail stations.

CONNECTIVITY


STATION WALKING DISTANCE

CONNECTIVITY

FENCHURCH STREET 1 min National Rail Services

TOWER HILL 3 mins District Line

Circle Line

MONUMENT 5 mins District Line

Circle Line

TOWER GATEWAY 5 mins DLR

ALDGATE 6 mins District Line

Circle Line

BANK 8 mins Central Line

Northern Line

Waterloo & City Line

DLR

LIVERPOOL STREET 9 mins Central Line

Hammersmith & City Line

Circle Line

Metropolitan Line

National Rail Services

Elizabeth Line

London Overground / TfL Rail

CANNON STREET 10 mins District Line

Circle Line


LONDON BRIDGE 15 mins Northern Line

Jubilee Line


PADDINGTON

SHENFIELDSTRATFORD

WHITECHAPELFARRINGDONBONDSTREET

ACTONMAIN LINE

WESTEALING

TOTTENHAMCOURT ROAD

LIVERPOOLSTREET

EALINGBROADWAY

HANWELL

SOUTHALL

CANARYWHARF

MAIDENHEAD

READING

CUSTOMHOUSE

ABBEYWOOD

WOOLWICH

LONDON CITY AIRPORT

HEATHROW33 MINS

7 MINS

10 MINS4 MINS

8 MINS

10 MINS

2 MINS

CGI of proposed Liverpool Street Crossrail station

8 F E N C H U R C H



In the surrounding area there are an abundance of renowned global insurance, professional and financial companies who are attracted to the area through the quality of the office accommodation, extensive local amenities and unrivalled transport connections.

LOCAL OCCUPIERS

I N S U R A N C E

1 Lloyd’s Register

2 Lancashire Holdings, Tokio Marine Kiln, Markel International, Ascot Underwriting, Allied World Assurance, RSA Insurance Group, Liberty Specialty Markets

3 Cunningham Lindsey

4 AIG

5 M&G

6 Gen Re

7 Marsh Inc

8 Chaucer Insurance, Munich Re, QBE Insurance, Aspen Re

9 Axis Insurance, Beazley Group

10 Howden Group

11 Allianz SE

12 AEGIS, Barbican Insurance Group

13 RFIB and XL Catlin

14 XL Catlin and Vitality Health

15 RKH Specialty

16 Willis Towers Watson

17 Aon, Amlin, Brit Insurance

18 Aviva

19 Mitsui Sumitomo Insurance

20 Asta

21 Swiss Re

22 Arthur J Gallagher & Co

23 Lockton, JLT Group

24 Tysers

25 Towergate Insurance

26 Hiscox

27 W.R. Berkley

28 AXA

29 Groupama Insurance Ltd, Chubb, BMS Group

30 Besso Insurance Group Ltd

31 Zurich Insurance, Miller Insurance

32 Hyperion, Enstar, Travelers

F I N A N C I A L

1 Sucden Financial

2 Standard Life, ION Trading

3 Westpac Banking Corporation

4 CMC Markets

5 Tradition, FSCS

6 LCH.Clearnet, Thomson Reuters

7 Société Générale

8 ICBC

9 Deutsche Bank

10 Tower Research

P R O F E S S I O N A L

1 DAC Beachcroft

2 Accenture

3 Kennedys

4 McDermott Will & Emery

5 Clyde & Co

6 Holman Fenwick Willan

7 Hunton & Williams LLP, Kirkland & Ellis LLP

8 Latham & Watkins LLP

9 White & Case LLP

10 Charles Taylor

Lombard Street Fenchurch Street

Aldgate High Street

Bevis Marks

Houndsditch

Throgmorton Street

Old

Bro

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treet

King William

Street

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rgat

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Gresham StreetLothbury

Queen Victoria Street

Poultry

Wal

broo

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Threadneedle Street

CornhillLeadenhall Street

Lim

e St

reet

Mar

k La

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Great Tower Street

Eastcheap

Mansell Street

Minories

Upper Thames Street

Lower Thames StreetByward Street

Tower Hill

Gra

cech

urch

Stre

et

Cannon Street

Crutched Friars

Lond

on B

ridge

CannonStreet

Tower Hill

TowerGateway

LiverpoolStreet

LLOYD’SBUILDING

LondonBridge

Monument

Aldgate

Bank

FenchurchStreet

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8 F E N C H U R C H


In the immediate vicinity of 8 Fenchurch Place, there has been a substantial amount of development activity, which further underlines the significance of the location within EC3. The completion of these developments will further enhance this area as one of the premier business districts within London.

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C O M P L E T E D D E V E L O P M E N T S

1 20 FENCHURCH STREET

Developer: Landsec /Canary Wharf GroupSize: 713,000 sq ftCompletion Date: 2014Major Tenants: Tokio Marine, RSA and Markel

2 THE LEADENHALL BUILDING

Developer: British Land /Oxford PropertiesSize: 607,224 sq ftCompletion Date: 2014Major Tenants: Aon, Amlin and Brit.

3 THE LLOYD’S BUILDING

Developer: Lloyd’sSize: 350,000 sq ftCompletion Date: 1986Major Tenants: Lloyd’s.

4 30 ST MARY AXE

Developer: Swiss ReSize: 520,000 sq ftCompletion Date: 2004Major Tenants: Swiss Re and Kirkland & Ellis.

5 TEN TRINITY SQUARE

Developer: ReignwoodSize: 461,372 sq ftCompletion Date: 2017Major Tenants: Four Seasonshotel, spa and restaurants as well as 41 private residences.

6 CREECHURCH PLACE

Developer: Helical Bar / HOOPPSize: 271,569 sq ftCompletion Date: 2016Major Tenants: Hyperion, Enstar, Travelers and Dell.

7 PLANTATION PLACE

Developer: British LandSize: 525,000 sq ftCompletion Date: 2004Major Tenants: Accenture, QBE and Aspen.

8 THE WILLIS BUILDING

Developer: British LandSize: 490,000 sq ftCompletion Date: 2007Major Tenants: Willis Towers Watson.

9 THE MINSTER BUILDING

Developer: IvanhoeCambridge / GreycoatSize: 287,849 sq ftCompletion Date: 2017Major Tenants: Charles Taylor, Spaces, Make It Cheaper and Tower Research.

10 ONE FENCHURCH COURT

Developer: Generali Real Estate /Core / GreycoatSize: 389,000 sq ftCompletion Date: Q1 2018Major Tenants: M&G.

11 70 MARK LANE

Developer: Mitsui Fudosan / StanhopeSize: 181,223 sq ft Completion Date: 2014Major Tenants: Zurich Insurance, Miller Insurance.

P O T E N T I A L

20 40 LEADENHALL STREET

Developer: TH Real EstateSize: 905,000 sq ftCurrent Position: Planningpermission granted.

21 1 UNDERSHAFT

Developer: Aroland HoldingsSize: 957,500 sq ftCurrent Position: Planningpermission granted.

22 51 EASTCHEAP

Developer: WeWorkSize: 91,000 sq ftCurrent Position: Weworkhave purchased the site fortheir own occupation.


Developer: Aviva and PSPSize: 320,000 sq ftCurrent Position: Planningpermission granted.

LOCAL DEVELOPMENT ACTIVITY

U N D E R C O N S T R U C T I O N

12 THE SCALPEL

Developer: WRBC Development (W.R.Berkley)Size: 386,300 sq ftCurrent Position: Under construction, estimatedcompletion in Q2 2018Letting Position: W.R. Berkley will occupy part of the building on completion.

13 100 BISHOPSGATE

Developer: BrookfieldSize: 948,000 sq ftCompletion Date: Due forcompletion in Q2 2019Letting Position: 90% pre-let to tenants Royal Bank of Canada, Freshfields and Jefferies.

14 22 BISHOPSGATE

Developer: AXA led consortiumSize: 1,367,817 sq ftCompletion Date: Under constructionwith estimated completion in Q4 2019Letting Position: Available.

15 70 ST MARY AXE

Developer: TH Real EstateSize: 340,600 sq ftCompletion Date: Under constructionwith estimated completion in Q4 2018Letting Position: 30% pre-let to Sidley Austin.

16 WALSINGHAM HOUSE,

35 SEETHING LANE

Developer: London OrientalSize: 80,000 sq ftCompletion Date: Q3 2018Letting Position: Available.

17 ONE LEADENHALL

Developer: BrookfieldSize: 403,000 sq ftCompletion Date: 2022+Letting Position: Available.

18 6–8 BISHOPSGATE, 150

LEADENHALL STREET

Developer: Stanhope / MitsubishiSize: 560,000 sq ftCompletion Date: 2023+Letting Position: Available.


Developer: Partners Groupand ExemplarSize: 247,000 sq ftCompletion Date: 2020+Letting Position: Available.

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8 F E N C H U R C H


The principal office entrance is from Fenchurch Place which leads into an impressive triple height reception and the main core of the building with three passenger lifts serving all floors. A second reception is accessible from Crutched Friars on the southern elevation, which provides access to a further two passenger lifts which also serve all floors. The ground floor reception areas comprise 1,866 sq ft in total.

The building was originally constructed in 1986 and is of steel frame construction on an acoustic raft. The refurbishment works in 2012 were undertaken by PMB Holdings and Ares Management and designed by ORMS Designers & Architects. The 2012 refurbishment included extensive works to the air conditioning system, a comprehensively remodelled reception area including a prominent white limestone facade around the Fenchurch Place entrance, and the renewal of all internal office finishes including new metal tile suspended ceilings, fully accessible raised floors and new lighting fittings throughout.

DESCRIPTION

8 Fenchurch Place was comprehensively refurbished in 2012 providing a high quality office building in the heart of the City of London. The building provides 98,647 sq ft of Grade A office and ancillary accommodation arranged over lower ground, ground, three floors of mezzanine and five upper floors with flexible floorplates ranging between 11,556 sq ft and 23,707 sq ft and excellent levels of natural light.

8 Fenchurch Place – London 12 | 13

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• Two impressive ground floor office reception areas, comprising 1,866 sq ft in total

• Ceiling mounted 4 pipe fan coil air conditioning system

• Ceilings are finished with white accessible perforated ceiling tiles comprising 1,200mm x 300mm planks with fully integrated lighting and an exposed grid system

• Fully accessible medium duty 600m x 600m tile raised floor system

• 3 x 13-person passenger lifts which serve the Fenchurch Place reception

• 2 x 13-person passenger lifts which serve the Crutched Friars reception

• Typical slab to slab ceiling heights of 3.70 metres with 3.85 metres on the first floor

• Typical floor to ceiling height of 2.70 metres

• 13 showers, of which 7 have recently been completed and include integrated changing cubicles

• 42 bicycle spaces

• 8 car parking spaces

8 Fenchurch Place benefits from a Grade A specification which includes the following:

SPECIFICATION


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The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floors areas:

ACCOMMODATION

FLOOR USE NIA NIA

(SQ FT) (SQ M)

Level 5 Office 11,556 1,073.6

Level 4 Office 15,043 1,397.5

Level 3 Office 18,718 1,739.0

Level 2 Office 21,865 2,031.3

Level 1 Office 23,707 2,202.4

Mezzanine 3 Office 1,068 99.2



SUB TOTAL 94,147 8,743.0

8 Fenchurch Place Reception 1,083 100.6

Crutched Friars Reception 783 72.7

Building Management Offices 1,502 139.5

Tenant Storage 1,132 105.2

SUB TOTAL – ANCILLARY 4,500 418.0

TOTAL 98,647 9,161.0


The property has also been measured in accordance with IPMS. A copy of the report is held on the data room.

K E Y

OFFICES

CORE

K E Y

OFFICES

CORE

F I R S T F L O O R 23,707 sq ft

T H I R D F L O O R 18,718 sq ft

FLOOR PLANS

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S E C O N D F L O O R 21,865 sq ft

F O U RT H F L O O R 15,043 sq ft

CRUTCHED FRIARS

CRUTCHED FRIARS

CRUTCHED FRIARS

CRUTCHED FRIARS

Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request.



K E Y

OFFICES

CORE

RECEPTION

STORAGE

STATION CONCOURSE

BUILDING MANAGEMENT OFFICES

BICYCLE SPACES

F I F T H F L O O R 11,556 sq ft

G RO U N D F L O O R

FLOOR PLANS

FEN

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UR

CH

PLA

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06

08 07

05

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PARKING

CRUTCHED FRIARSRECEPTION

CHILLER ROOM

SHOWERS

ELECTRICALINTAKE SWITCHROOM

MECHANICALSERVICES/BOILER ROOM

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ROO

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GEN. FUELSTORE

FRENCHORDINARYCOURT

COLD WATERSTORAGE/SPRINKLERTANK ROOM

FEN

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PLA

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FEN

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UR

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PLA

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L O W E R G RO U N D F L O O R CRUTCHED FRIARS

CRUTCHED FRIARS

STATIONENTRANCE

STATION CONCOURSE

FENCHURCH PLACE RECEPTION

MEZZANINE 2

MEZZANINE 1




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TENURE

8 Fenchurch Place is held on a long leasehold interest from Network Rail Infrastructure Limited (originally British Railways Board) for a term of 200 years from 24 June 1987 expiring on 23 June 2187, providing an unexpired term of approximately 169 years. The headlease is subject to an annual rent of a peppercorn.

A summary of the headlease can be found in this brochure and in the data room.


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The Navy Office

The House of Crutched Friars

London Tavern(site of)

(site of)

(site of)

Ward Bdy

13.9m

12.3m

13.0m

14.2m

LBs

Savage

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L LOYD'S AVE NUE

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P E P Y S S TR E E T

HAR T S TR E E T

St K

atherine 's Row

C R UTC HE D F R IAR S

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St Olave's

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Church

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Hotel

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Hotel

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House

Lloyd's Registry

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St Katherine s

Marlow

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WalsinghamHouse

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SutherlandHouse

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New London House

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15.6m

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Friary Court

109

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68 to 71

Row

0m 10m 20m 30m

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

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

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TENANCY S E C U R E A N D D I V E R S E I N C O M E P RO F I L E

T E N A N C Y S C H E D U L ERENT

TENANT FLOOR USE AREA (SQ FT) LEASE START BREAK LEASE EXPIRY REVIEW £ PER ANNUM £ PER SQ FT COMMENTS

Gemserve Ltd 5 Office 11,556

24/05/2014 23/05/2024 24/05/2019£543,132 £47.00 Outside of the 1954 Act

Lease provides for a total rent of £569,381.50 per annum.5

Mezzanine 3 Office 1,068 £26,249.50 £24.58

Resolute Management Ltd

4 Office 15,043

01/12/2015 01/12/2022 30/11/2025 01/12/2020

£767,193 £51.00 Outside of the 1954 Act Lease provides for a total rent of £770,193 per annum.

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6 months’ additional rent free if break is not exercised. The tenant is required to give a minimum of 6 months’ notice to exercise the break. Lease Guaranteed by NGR Victory Reinsurance Limited.

Car Parking Space Car Parking £3,000

Pembroke Managing Agency Ltd 3 Office 18,718

29/09/2015 28/09/202730/09/2020 30/09/2025

£889,105 £47.50 Outside of the 1954 Act Lease provides for a total rent of £892,605 per annum.

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Lease Guaranteed by Ironshore Inc.Car Parking Space Car Parking £3,500

Alzheimer’s Society

2 Office 21,86501/12/2015 30/11/2025 01/12/2020

£1,038,588 £47.50Lease provides for a total rent of £1,044,588 per annum.

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Lower Ground Storage 893 £6,000 £6.72

Mezzanine 1 Office 1,060 01/12/2015 30/11/2025 01/12/2020 £50,350 £47.50

etc.venues Ltd 1 Office 23,707

12/08/2015 11/08/2025 11/08/203012/08/2020

3, 4

12/08/2025

£1,007,632.50 £42.50 Lease provides for a total rent of £1,048,197.50 per annum.5

6 months’ additional rent free if break is not exercised. The Tenant is required to give a minimum of 6 months’ notice to exercise the break.Mezzanine 2

1 Office 1,130 £40,565 £35.90

8 Fenchurch Place Reception2

1,083

Crutched Friars Reception 783

Building management offices 1,502

Vacant Lower Ground Floor Storage 239 £3,585 £15.00 18 month rental top up.

Vacant 6 Car Spaces Car Park - £21,000 18 month rental top up at £3,500 per space per annum.

TOTAL 98,647 £4,399,900 £44.60

1 etc.venues Ltd has sublet Mezzanine 2 to Resolute Management until 30 November 2018 at a rent of £47,700 per annum.2 Executive Channel Europe Limited enjoys advertising rights on digital screens at the Building, for which a licence fee is reserved.3 Cap and collar at first rent review for the 1st floor of £46.50 per sq ft and £43.50 per sq ft. 4 Cap and collar at first rent review for Mezzanine 2 of £36.00 per sq ft and £38.00 per sq ft.5 Split rents for separate office, ancillary and car parking areas have been estimated where only a total rent is provided in the lease.

K E Y

Gemserve Ltd

Resolute Management Ltd

Pembroke Managing Agency Ltd

Alzheimer’s Society

etc.venues Ltd

Vacant


8 Fenchurch Place is multi-let on effective full repairing and insuring leases to five tenants from the insurance, professional and charitable sectors.

The total passing rent is £4,399,900 per annum which equates to an overall rent of £44.60 per sq ft, an attractive level compared to prime City headline rents which are currently in excess of £65.00 per sq ft.

The property provides secure income secured against a diverse tenant mix with a weighted average unexpired lease term (WAULT) of approximately 8.7 years to expiries and 7 years to tenant breaks.

A small storage unit at lower ground level and 6 car parking spaces are currently vacant. The vendor will provide a rental guarantee in respect of these elements.

23.8%

0.6%

24.9%

12.9%

17.5%

20.3%

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TENANT COVENANTS ASSET MANAGEMENT INITIATIVES

G E M S E RV L T D

12.9% OF TOTAL CONTRACTED RENTAL INCOME

Gemserv is a specialist market design, governance and assurance service provider in the energy sector.

The Dun & Bradstreet rating of Gemserv is 3A 1, based on a net worth of £7.4 million and a minimum risk of business failure.

A L Z H E I M E R ’ S S O C I E T Y


Alzheimer’s Society is a charitable organisation that supports those affected by Alzheimer’s disease and funds the research of it.

The Dun & Bradstreet rating of the Alzheimer’s Society is 5A 1, based on a net worth of £47.1 million and a minimum risk of business failure.

E T C . V E N U E S L T D


etc.venues Limited provides and operates conference, training, meeting, exhibition and event venues in London, Birmingham and Manchester. During 2017 the organisation hosted 770,000 delegates and recorded a sales turnover of £46.0 million, up 8% from 2016 levels.

The Dun & Bradstreet rating of etc.venues Limited is 5A 1, based on a net worth of £42.5 million and a minimum risk of business failure.

P E M B RO K E M A N A G I N G A G E N C Y L T D


Pembroke Managing Agency Limited is a Lloyd’s Managing Agent that underwrites specialty insurance products and operates in six distinct markets: Financial Institutions, Professional Liability, Marine, Global Property, Select Specialist Lines and Accident and Health.

The Dun & Bradstreet rating of Pembroke Managing Agency is 3A 1, based on a net worth of £8.6 million and a minimum risk of business failure.

A guarantee is in place from Ironshore Inc. Ironshore Inc. were acquired by Liberty Mutual Insurance in 2017. Liberty Mutual Insurance is ranked at 68th on the Fortune 500 list of largest corporations in the United States based on 2017 revenues.

R E S O L U T E M A N A G E M E N T L T D


Resolute Management Limited is a member of the Berkshire Hathaway Group and has responsibility for the run off of the non-life liabilities of names, or Underwriters, at Lloyd’s.

The Dun & Bradstreet rating of Resolute Management Limited is 2A 1, based on a net worth of £5.2 million and a minimum risk of business failure.

A guarantee is in place from NRG Victory Reinsurance Ltd. NRG Victory Reinsurance Ltd has a Dun & Bradstreet rating of 5A 1, based on a net worth of £192.3 million and a minimum risk of business failure.

8 Fenchurch Place provides secure income with a number of potential asset management initiatives including the following:

All tenants are rated by Dun & Bradstreet as having a minimum risk of business failure.

TENANT FLOOR PASSING RENT (£ PER SQ FT)

RENT REVIEW DATE

Gemserve Ltd 5 £47.00 24/05/2019

Resolute Management Ltd 4 £51.00 01/12/2020

Pembroke Managing Agency Ltd 3 £47.50 30/09/2020

Alzheimer’s Society 2 £47.50 01/12/2020

etc.venues Ltd 1 £42.50 12/08/2020

I M P ROV I N G R E N TA L L E V E L S T H RO U G H T H E F I V E U P C O M I N G R E N T R E V I E W S I N 2 0 1 9 A N D 2 0 2 0 .

There are rent reviews for every tenant between May 2019 and December 2020, therefore providing an opportunity to seek to increase the rents within the building. The passing rental levels range from £42.50 per sq ft to £51.00 per sq ft,

compared to prime City headline rental levels which are currently in excess of £65.00 per sq ft.

O P P O RT U N I T Y TO R E - G E A R A N D E X T E N D T H E L E A S E S A N D R E M OV E B R E A K O P T I O N S TO I M P ROV E T H E I N C O M E D U R AT I O N

Subject to negotiation in due course, there may be the potential to remove the break options within the leases to Resolute Management Ltd (break 1 December 2022) and etc.venues Ltd (break 11 August 2025) and regear other

leases in the building, increasing the duration of the income.


P L A N N I N G

8 Fenchurch Place is within the jurisdiction of the City of London. The property is located within the Fenchurch Street station Conservation Area and the period frontage to Crutched Friars is Grade II listed.

VA T

The property is elected for VAT.

S U S TA I N A B I L I T Y

8 Fenchurch Place has an Energy Performance Certificate of C (63) and has been certified as BREEAM ‘Very Good’.

C A P I TA L A L L O W A N C E S

It is anticipated that capital allowances may be available to qualifying parties. Further details of these, if applicable, are available in the online data room.

D A TA RO O M

Access to an online data room containing further information is available on request.

ADDITONAL INFORMATION

8 Fenchurch Place – London 28 | 29

D A T E

18 May 1992 (as varied by a deed of variation dated 13 August 1998) and Supplemental Lease dated 8 December 2012

F R E E H O L D E R

Network Rail Infrastructure Limited (originally British Railways Board)

L O N G L E A S E H O L D E R

Fenchurch Place Propco SARL

T E R M

200 years from 24 June 1987 to 23 June 2187

P R E M I S E S

The building above Fenchurch Street station known as 8 Fenchurch Place, including Part Lower Ground, Part Ground Floor (reception), Part Concourse, Part Mezzanine, the concrete raft the building is constructed over and all areas above the concourse at 1st, 2nd, 3rd, 4th, 5th and 6th (plant room) floors and roof, but excluding in part the airspace above the current building envelope.

U S E R

Offices, car parking and other ancillary uses. A license dated 12 August 2015 provides consent to etc.venues Limited with a permitted change of use of the 1st floor to the hire of meeting and conference space, ancillary storage and catering of offices.

R E N T

A peppercorn rent is payable annually.

A L I E N A T I O N

Not to assign part of the premises.

Not to assign the whole of the premises without the prior written consent of the Landlord, not to be unreasonably withheld or delayed.

Not to underlet the whole or any part of the demised premises unless the underlease shall comply with the provisions of the terms of the underlease within the deed of variation.

R E PA I R

The tenant shall repair and keep in good and substantial repair the premises demised to the Landlord’s reasonable satisfaction.

The tenant shall not repair the underside of the concrete raft or deck without the Landlord’s prior approval

A L T E R A T I O N S

The tenant shall not make any structural alteration or addition to the concrete raft or deck or any structural part thereof, or the foundations columns, piers, girders and supports beneath the raft.

The tenant shall not make any alteration or addition which will or may create any restriction, impact adversely on the operation and safety of the station or create additional or more onerous rights over the station or railway.

I N S U R A N C E

The tenant is responsible for keeping the premises insured at their sole expense in the joint names of the landlord and the tenant.

HEADLEASE SUMMARY


Important Notice

Cushman & Wakefield gives notice to anyone who may read these particulars as follows:

1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract.

2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact.

3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order.

4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it

should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs.

5. Any areas, measurements or distances referred to herein are approximate only.

6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning,

building regulations or other consents have been obtained and these matters must be verified by any intending purchaser.

7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact.

8. All photographs are for indicative purposes only.

June 2018

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PROPOSAL

Offers are invited in excess of £78,600,000, subject to contract and exclusive of VAT, for our client’s long leasehold interest in 8 Fenchurch Place.

This represents an attractive net initial yield of 5.50% and a capital value of £797 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL.

8 Fenchurch Place is part of the Amundi Collection of eight UK properties located in London, Glasgow and Cardiff. These assets are available individually or as a portfolio.

Full details can be found at www.amundicollection.com

CONTACTS

For further information or to arrange a viewing, please contact:

B E N C O O K

T: +44 (0)20 3296 3632

E: [email protected]

T H O M A S M I L L E R

T: +44 (0)20 3296 4598


A RG I E TAY L O R

M: +44 (0)7711 917 830



8 FENCHURCH PLACE - Allsop

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