GREENWICH VIEW PLACEL O N D O N E 1 4

CENTRAL LONDONINVESTMENT OPPORTUNITY LET TO BLOOMBERG

EXECUTIVE SUMMARY

• The property is held on a Long Leasehold interest for a term of 198 years from 29th September 1984 (168 years unexpired) at a peppercorn rent.

• Low density development on a site of 1.0 acre forming part of the Greenwich View Place Estate.

• The office property is currently used as a data centre and disaster recovery operation and provides 34,875 sq ft (3,240 sq m) of accommodation arranged over two storeys with 30 car parking spaces.

• Let to Bloomberg LP for a term of 15 years from 29th September 2014 until 28th September 2029 with a rolling tenant only option to determine from the 25th September 2025, subject to 12 months’ prior written notice.

• Current rent passing of £975,000 per annum (£27.96 per sq ft).

2

8 GREENWICH VIEW PLACE

• The lease is subject to guaranteed fixed uplifts throughout the term on:

29th September 2019 - £1,180,000 per annum (£33.83 per sq ft)

29th September 2024 - £1,359,000 per annum (£38.97 per sq ft)

• Medium term asset management and redevelopment opportunities with the building having a very low site density.

• The vendor is seeking offers in excess of £18.43m for their Long Leasehold interest, subject to contract and exclusive of VAT. Allowing for purchasers costs of 5.8%, this reflects a net initial yield of 5.0% and a low capital value of £528 per sq ft.

A purchase at this level will generate the following revisionary yields:

• September 2019: 6.05%• September 2024: 6.97%

3

8 GREENWICH VIEW PLACE

AERIAL

MILLWALL OUTERDOCK

4

8 GREENWICH VIEW PLACE

Header

soiehfiosh dfospjposd

CROSSHARBOUR

MILLWALL INNERDOCK

SOUTHQUAY

CANARYWHARF

5

8 GREENWICH VIEW PLACE

LOCATION

8 Greenwich View Place is located in the heart of the Isle of Dogs in London’s Docklands, an area located to the immediate south of Canary Wharf and 3.5 miles east of the City of London. Canary Wharf is one of London’s three key business districts, along with the City and West End, and boasts a 97 acre estate comprising approximately 14 million square feet of commercial space.

It is home to many of the world’s leading companies across a diverse range of sectors including banking, law, professional services, public sector, technology, retail, media and communications and energy.

Since the creation of the Canary Wharf Estate, the Isle of Dogs has been a primary focus of business development in East London including a high concentration of datacentres and disaster recovery operations. In recent years there have been a number of large scale residential developments, transforming the Isle of Dogs into a vibrant and highly sought after residential location.

6

8 GREENWICH VIEW PLACE

Not to scale.Indicative only.

RailCrossharbour and South Quay Docklands Light Railway stations are situated 300 metres to the north and 550 metres to the east and provide direct services to Bank and Tower Gateway Stations in the City, Stratford in the north and London City Airport and Beckton to the east. It is currently undergoing a Capacity Enhancement Programme across the network to increase passenger capacity. The Jubilee line at Canary Wharf offers direct access into central London via London Bridge and London Waterloo national train stations to the west, and Stratford to the east.

RoadThe A1206 and Marsh Wall are the main arterial routes running through the Isle of Dogs and provide direct access to the A12 and A13. These in turn offer access to the Olympic Stadium and M11 to the north, central London to the west and the M25 and M20 to the east and south. Bus routes 135, D3, D7 and N550 offer a 24 hour service to central London and the surrounding area. AirLondon City Airport is situated 3 miles to the east and offers direct flights to 34 national and international destinations including New York, Luxembourg, Amsterdam, Paris and Edinburgh.

COMMUNICATIONS

7

8 GREENWICH VIEW PLACE

1

3

4

7 16

14

12

5

119

615

13

8

10

LOCAL DEVELOPMENTS

Key

Application

Under Construction

Completed

2

8

8 GREENWICH VIEW PLACE

2 | Glengall BridgeMixed-use scheme - 3 towers up to 45 storeysUnits 525Developer Glengall Bridge

HoldingsStatus Application

Submitted

3 | South Quay PlazaMixed-use scheme include a 68-storey towerUnits 950Developer Berkeley

HomesStatus Application

Approved

5 | Wood WharfMixed-use residential, retail, office schemeUnits 3,000Developer Canary Wharf

GroupStatus Consented

7 | Lincoln Plaza, Indescon Court, Canary Wharf22 storey residential tower and adjoining hotelUnits 340Developer GalliardStatus Under

Construction

10 | Dollar Bay, E14Single Residential TowerUnits 120Developer London

Newcastle / One Housing

Status Under Construction

1 | Westferry Printworks15 acre mixed-use site containing 5-30 storey buildingsUnits 800Developer Northern and

ShellStatus Application

Submitted

12 | Indescon SquareResidential and commercial developmentUnits 1,064Developer GalliardStatus Completed

16 | Ability Place, 37 MillharbourResidential scheme with with 24-hour concierge, spa, gym and barUnits 600Developer The Ability

PlaceStatus Completed

8 | Baltimore Tower45 storey residential towerUnits 330Developer GalliardStatus Under

construction

14 | Pan Peninsula, Canary Wharf, E14Two towers (40/50 storeys) of luxury apartmentsUnits 762Developer Ballymore

PropertiesStatus Completed

9 | Providence Tower – New Providence Wharf, E1443 storey residential towerUnits 389Developer BallymoreStatus Under

construction

11 | Horizons, Canary Wharf, E14First phase development of schemeUnits 131Developer Telford HomesStatus Under

construction

13 | Baltimore WharfPhase 1 waterside developmentUnits 91Developer GalliardStatus Completed

15 | The Landmark East & West Tower, E14Two towers and two low rise buildings around a courtyardUnits 804Developer Chalegrove

Properties LtdStatus Completed

6 | Arrowhead QuayTwo residential towers (47 & 52 storeys)Units 1,500Developer BallymoreStatus Application

Approved

4 | 2 Millharbour7 mixed-use building including a 50 storey towerUnits 990Developer GalliardStatus Application

Submitted

9

8 GREENWICH VIEW PLACE

SITUATION

The Property is situated within the low rise office development known as Greenwich View Place and is enviably positioned at the southern end of Millharbour and adjacent to Millwall Inner Dock.

The Docklands Light Railway stations are a short distance to the north (South Quay) and east (Crossharbour) and provide direct services to Bank and Tower Gateway Stations in the City, Stratford in the north and London City Airport and Beckton to the east. Canary Wharf underground station (Jubilee Line) is a short walk to the north, as well as the Canary Wharf Crossrail Station, which will provide direct access to the City of London and West End.

10

8 GREENWICH VIEW PLACE

DESCRIPTION

8 Greenwich View Place comprises a self-contained two storey building constructed in 1988 to comprise approximately 3,240 sq m (34,875 sq ft) of air conditioned office accommodation, currently used for data storage and disaster recovery. The property provides for 30 open car parking spaces.

Greenwich View comprises an estate of eight buildings bounded by Millharbour Outer Dock to the east, Millharbour to the north and Greenwich View to the west. The entire Estate covers a site area in excess of 1 acre.

The property is of steel portal framed construction with a shallow pitched, profiled steel covered roof.

The property currently provides data centre and disaster recovery operations for Bloomberg LP and provides the following specification:

• A thirteen person goods and passenger lift

• Four pipe fan coil air conditioning

• Enhanced electrical supply

• Standby generators

11

8 GREENWICH VIEW PLACE

2.2m

Bollards

WAY

TILLER ROAD

STARBOARD WAY

STARBOARD

Play

Area

Play Area

Tiller Centre

1 to 16

House

ElS

ub

Sta

1 to 40

Win

ch

House

Works

Alexander House

Kedge

The

80

16

6

13

32010

7

17

69 to 7761 to 67

Hammond Court Contessa Court

CD

ock

Ward

Bdy

Millwall Outer Dock

3.8m

Bridge

Crane

Crane

Landing Stage

Crane

Landing Stage

Glengall

Bollard

s

P

MUIRFIELD CRESCENT

PEPPER STREETMIL

LH

AR

BO

UR

GR

EE

NW

ICH

VIE

WP

LA

CE

OM

EG

AC

LO

SE

TILLER ROAD

El Sub Sta

Play Area

13

14 12

El Sub Sta

53

1

16

El Sub Sta

3339

6

55

49

4

5

59

19

10

17

15

16 15

4

7

8

2

7

1 to 6

Works

8

3

8

6 4

21

12

2

71

1

11

6 12

31

89 to 9779 to 87

Holystone Court

23

El Sub Sta

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

TENURE

TENANCY

The property is held on a Long Leasehold interest for a term of 198 years from 29th September 1984 at a peppercorn rent.

The Freehold is owned by GLA Land and Property Limited.

Site Area: 1.0 acre.

The property is let to Bloomberg LP for a term to expire on the 28th September 2029, subject to a tenant only option to determine from 25th September 2025 on a rolling basis, subject to 12 months’ prior written notice. The current rent passing is £975,000 per annum, equating to a low passing rent of £27.96 per sq ft.

The rent is subject to the following guaranteed fixed uplifts throughout the term:

• 28th September 2019 - £1,180,000 per annum (£33.83 psf)

• 28th September 2024 - £1,359,000 per annum (£38.97 psf)

Bloomberg is the leader in global business and financial information delivering data news and analytics through a variety of innovative technology. Bloomberg employs over 15,500 employees in 192 locations to deliver business and financial information, news and insight around the world. Bloomberg LP clients include the world’s central banks, investment institutions, commercial banks, government offices and agencies.

Founded in 1982 it is estimated that the Bloomberg Professional Service is used by more than 320,000 business and financial professionals worldwide.

Dun & Bradstreet has reported that Bloomberg LP has a credit rating of 1R3, which represents a low risk of business failure.

Further information can be found at:www.bloomberg.com

COVENANTINFORMATION

12

8 GREENWICH VIEW PLACE

DEVELOPMENT POTENTIALAND PLANNING

Greenwich View Place is situated within the Isle of Dogs in a location that The London Borough of Tower Hamlets and the Greater London Authority support high density residential led mixed use development.

The local developments section of this brochure shows the transformation of the Isle of Dogs through residential led development which is due to continue with substantial scheme such as the Printwork and Glengall Bridge adjacent to the property set to further enhance the immediate location.

The vendor has instructed Rolfe Judd to provide a feasibility and planning overview considering the potential commercial and residential redevelopment opportunities at lease expiry. The full reports are contained in the data room however in summary the planning overview has the following summary:

• Policy DM15 in the newly adopted Managing Development DPD includes more flexibility for the loss of active employment floorspace in Site Allocations which would assist in presenting a case to support the provision of predominately residential floorspace (with active uses at the ground level);

• LBTH and the GLA are likely to strongly support the principle of a high density residential led mixed-use development at the site. This will accord with the Millennium Quarter Site Allocation within the Managing Development DPD;

• there is ‘in principle’ policy support for the inclusion of taller buildings within any future development proposal subject to developing a high quality architectural design and detailing how the proposal would come forward within a wider masterplan for the immediate area;

• Policy DM3 of the Managing Development DPD provides greater flexibility in terms of the provision of affordable housing on the site;

Rolfe Judd believe that within the context of the planning report, summarised above, that subject to planning and third party issues the schemes above, would adhere to current planning policies. The mixed use residential and commercial scheme, option 1, provides a total of 157 one, two and three bed apartments and 7,500 sq ft of commercial accommodation arranged over basement, ground and 20 upper floors.

Further feasibility studies outlining commercial redevelopment opportunities are available upon request.

Birdseye View 1 Proposed Floor Plan

Not to scale.Indicative only.

13

8 GREENWICH VIEW PLACE

VAT EPC

PROPOSAL

CONTACT

The property is registered for VAT and it is envisaged a sale will be treated as a TOGC.

8 Greenwich View Place has an EPC rating of D(88)The full energy performance certificate is availableon request.

The vendor is seeking offers in excess of £18.43m for their Long Leasehold interest, subject to contract and exclusive of VAT. Allowing for purchasers costs of 5.8%, this reflects a net initial yield of 5.0% and a low capital value of £528 per sq ft.

A purchase at this level will generate the following revisionary yields:

• September 2019: 6.05%• September 2024: 6.97%

For further information, please contact:

Nick Braybrooknick.braybrook@knightfrank.com020 7861 1309

Oliver Sadleroliver.sadler@knightfrank.com020 7861 1324

Christopher Kingchris.king@knightfrank.com020 7861 1318

Shaun Royshaun.roy@knightfrank.com020 7861 1222

James Abrahamsjames.abrahams@allsop.co.uk020 7330 1979

John Fairhalljohn.fairhall@allsop.co.uk020 7543 6769

MisrepresentationAllsop and Knight Frank give notice to anyone who may read these particulars as follows: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. 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. 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. The photographs appearing in this brochure show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore, no assumptions should be made in respect of parts of the property which are not shown in the photographs. Any areas, measurements or distances referred to herein are approximate only. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser. Descriptions of a property are inevitably subjective and the descriptions contained herein are in good faith as an opinion and not by way of statement of fact. Any intending purchaser should satisfy themselves as to the presence of any deleterious materials that may exist, or have been used in the construction of the property. The vendor provides no warranty as to the precise location of the boundaries of the properties. January 2015 (Q3030)

020 7588 4433

14

8 GREENWICH VIEW PLACE

020 7588 4433