LSQ LEICESTER SQUARE / LONDON WC2

Transcription

1 LSQ LEICESTER SQUARE / LONDON WC2

2 A rare freehold opportunity to develop a landmark site in the heart of London s West End Computer generated image

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4 CENTRE POINT SOHO CENTRAL ST GILES SHAFTESBURY AVENUE PICCADILLY CIRCUS THE W HOTEL LSQ NATIONAL GALLERY TRAFALGAR SQUARE THE SAVOY CHARING CROSS STATION CORINTHIA HOTEL HORSE GUARDS PARADE THE LONDON EYE OVERVIEW LSQ, London WC2 is offered for sale on the instructions of J Gershinson FRICS and S Davidson MRICS of Allsop LLP as Joint Fixed Charge Receivers and Tamarin Ltd / Real Estate Resolutions Ltd. Freehold site of 0.47 acres fronting Leicester Square in the heart of London s West End. Planning consent for a 227,000 sq ft (GIA) mixed use scheme - a 245 bedroom hotel, 33 residential apartments, a roof-top restaurant, restaurants / retail opening out on to the square and a state of the art cinema. Far reaching views of London s impressive skyline. Benefitting from the extensive remodelling and upgrading of Leicester Square which will provide one of London s finest public realm environments. Existing tenant income with vacant possession obtainable to suit the purchaser s timeframe. Potential for a range of alternative uses on site to match the purchaser s vision, subject to the necessary consents. Unconditional offers are invited for the freehold interest.

5 . Not to scale and for identification purposes only. THE OW SQ. S A40 STREET SEYMOUR PLACE B A Y S W A T E R R O A D MARBLE ARCH RI NG Victoria & Albert Museum GARDENS URLO E PLACE South Kensington ELHAM ST. Edgware Road OLD MARYLEBON E D G W A R E R O A D THE RING SOUTH C AR R IA GE S E R P E N T I N E DRIVE R O A D KENSINGTON ROAD K N I G H T S B R I D G E Knightsbridge SLOANE AVENUE B R O M P T O N R O A D CU M B ERLAND GATE Hyde Park The Serpentine Knightsbridge Brompton DRAYCOTT Harrods G L O U C E S T E R P L A C E S L O A N E S T R E E T PONT ST. B A K E R S T R E E T GEORGE STREET PLACE Marble Arch Saatchi Gallery Marble Arch One Hyde Park LOWER SLOAN P A R K L A N E P A R K L A N E LGR BE A MARYLEBONE HIGH STREET S EATON GATE QUAR E NEW CAVENDISH WIGMORE ST. GROSVENOR ST. SOUTH AUDLEY ST. The Grosvenor Hyde Park Corner Sloane Square VE Bond Street D A V I E S S T R E E T Mayfair The Dorchester G R O S V E N O R UPPER BELGRAVE STREET CU RZO N BELGRAVE PL. ECCLEST ON ST. EATON SQUARE ELIZABETH ICO ROAD P L ACE NEW BOND STREET SQUARE BERKELEY S T R E ET P I C C A D I L LY C O N S T I T U T I O N H I L L ECCLESTON BR. ST. BERKELEY ST. S T R E E T R E G E N T BELGRAVE ROAD NEWMAN ST. S T R E E T PALL MALL B I R D C A G E W A L K PETTY U R T R O A D WARDOUR STREET O X F O R D S T R E E T O X F O R D S T R E E T P L A C E STREET Victoria Coach Station LSQ Belgravia BUCKINGHAM PALACE ROAD LANGHAM PL PORTLAND STREET REGENT CONDU IT ST. Buckingham Palace BRESSENDEN The Ritz Green Park Green Park WILTON ROAD Victoria PL. Oxford Circus GREAT MARLBOROUGH ST Royal Academy of Arts VICTORIA Pimlico P I C C A D I L LY B Goodge Street NOEL ST Soho Cafe Royal Palace Theatre BREWER ST REGENT St. James s Palace HAYMARKET T H E M A L L FRANCE V I C T O R I A S T R E E T Westminster Cathedral Tottenham Court Road Piccadilly Circus ST GREYCOAT DEAN ST BLOOMSBURY ST. CHARING SHAFTESBURY AV. ST ALBANS ST JERMYN ST CARLTON ST RUPERT ST St. James s Park PL. VA U X H A L L B R I D G E WHITCOMB ST COVENTRY ST NORRIS ST SOHO SQUARE FIRTH ST OXENDON ST GREEK ST OLD COMPTON ST ORANGE ST PALL MALL LISLE ST LEICESTER SQUARE WHITCOMB ST ORANGE ST GT. SMITH ST. NEW OXFORD STREET MONMOUTH S T. SHAFTESBURY AVE. CROSS R O A D Trafalgar Square National Galleries Horse Guards St. James s Park Westminster MARSHAM STREET H O R S E F E R R Y RO A D SLIP ST. British Museum W H I T E H A L L Westminster Abbey HIGH H OLBORN Covent Garden Leicester Square LO NG ACRE M I L L B A N K Tate Britain MPTON ROW BLO WAY OMSBURY Covent Garden Covent Garden Piazza GARRICK ST BEDFORD ST CHANDOS PL S T R A N D THEOB KINGSWAY A L D W Y C H WESTMINSTER BRIDGE M I L L B A N K DRURY LANE Corinthia Hotel BOW ST Royal Opera House Holborn Westminster LAMBETH BR. M B A N K M E N T St. Thomas Hospital LAMBETH HIGH HOLBORN S T R A N D Southbank Centre (Royal Festival Hall) London Eye Houses of Parliament Victoria Tower Gardens DRURY LANE Millbank Millennium Pier WELLINGTON ST EXETER ST The Savoy KEMBLE ST CHARING CROSS Savoy Pier Embankment London Aquarium INN RD. CHANCE RY L A. VICTORIA EMBANKMENT WATERLOO BRIDGE footbridge PALAC E Inn Gardens Lincoln s Inn Fields Holborn Somerset House R O AD Royal Courts of Justice WESTMINSTER L A MB E T H R O A D South West Trains Temple London IMAX H O L B O R N Chancery Lane Gabriel s Wharf RIVER THAMES Waterloo WATERLOO Royal National Theatre BAYLIS K E N N I N GT ON Lambeth RO A D K NEW UPPER ARDEN LN. FETTER SHOE LANE F L EE T S T R E E T W AT E R L O O R O A D ROAD OXO Tower Wharf BRID GE GROUND STAMFOR Waterloo East Lambeth North Imperial War Museum HOLBORN VIADUCT ROAD FARRINGDON ST. Ludgate Circus D STREET Southwark The Old Vic Theatre NEW BR. ST. LAMBETH RD. S T. G EORGE G T O N CHARTERHOUSE BLACKFRIARS BRIDGE City Thameslink B L A C K F R I A R S R O A D OLD BAILEY LUDGATE S ROAD L A N E NEWGATE ST. GILTSPUR ST. HILL LONDON RD. R K R O A D Smithfield Market St. Bartholomew s Hospital Old Bailey St. Paul s St. Paul s Cathedral UN ION G AT E Museum of London LONDON WALL CHEAPSIDE S O U T H W A R K S T R E E T BOROUGH ROAD NEWINGTON NEW STREET CHANGE QUEEN VICTORIA BLACKFRIARS U Millennium Bridge Bankside Pier Shakespeare Globe Museum & Theatre Tate Modern Southwark CAUSEWAY C A N N O N S T R E E T N E W Elephant & Castle HEYGATE ST. W A L W Mansion House MOORGATE SOUTHWARK BRIDGE STREET POULTRY BOROUGH HIGH STREET K E N T BANK STREET G R E AT R OD N E Y P R I N C E S ST. CANNON Cannon STREET Street D O V E R R O A D DLR ROAD FINSBURY CI R CU S LONDON WALL MOORGATE Southwark Cathedral City Bank of England KING WILLIAM ST. OLD BROAD THREADNEEDLE ST. CORNHILL LONDON BRIDGE ST. MAS S Guy s Hospital S T R E E T ELDON ST. GR ACECHURCH ST. THOMAS ST LONG LIVERPOOL ST. STREET EASTCHEAP B I S H O P S G AT E LEADENHA FENCHURCH FENCHURCH LOWER THAMES London Dungeon L AN E E GREA TOWER ST. London Bridge City Pier LONDON BRIDGE TOW R O L D T STREET London - A Global City London has long been established as one of the world s most influential and dynamic cities. It has an enviable reputation as a leading international centre of both commerce and culture that makes it one of the finest places to live and work. With a population in excess of 12 million and more than 250 languages spoken, it can consider itself a truly global city. London is a destination for the world s major corporate and non-corporate organisations as well as being home to some of the worlds finest cultural, recreational and retail attractions.

6 Leicester Square Leicester Square is the home of UK cinema hosting more than fifty film premieres every year and is the heart of London s West End. Up to 35 million people pass through the square every year and it has more than 25 restaurants, 15 bars and 7 cinemas. It also houses London s collection of handprints of the stars. The Square is the focal point of nine side streets creating the ideal meeting point in the West End. An ideal meeting point is also an ideal place to stay as a visitor to London, as seen by the successful opening of the W Hotel at the north west corner of the Square. Leicester Square is currently undergoing a major refurbishment programme around the garden square that will significantly enhance the built environment and public realm. It is anticipated that the new look square will not only maintain its position as the UK home of cinema but expand this to attract further high end restaurants and hotels.

7 THE SAVOY STRAND LEICESTER THE CHARING CORINTHIA LONDON TRAFALGAR WHITEHALL HOUSES OF PARLIAMENT WESTMINSTER ABBEY SQUARE W HOTEL CROSS HOTEL EYE SQUARE STATION LSQ At the heart of this vibrant city...

8 AT THE HEART OF LONDON S WEST END... Leicester Square is exceptionally well connected by London s public transport system. Within a short walk of the site are Underground Stations at Leicester Square (Northern & Piccadilly lines), Piccadilly Circus (Piccadilly & Bakerloo lines), Charing Cross (Northern & Bakerloo lines) and Tottenham Court Road (Northern & Central lines). When it opens in 2017, Crossrail will be accessible from Tottenham Court Road station which will make it possible to travel across London and to surrounding areas in record time. Heathrow will be directly accessible in under 30 minutes. The location is also extremely well served by buses and taxis. From Leicester Square by public transport: Mins Not to scale and for identification purposes only. Bond Street Oxford Circus Green Park LSQ Tottenham Court Road Piccadilly Circus Covent Garden Leicester Square Charing Cross Holborn Temple Embankment RIVER THAMES Blackfriars UNDERGROUND / RAIL Charing Cross Station 2 King s Cross 14 Victoria 12 St Paul s 14 Knightsbridge 7 City Airport 35 Heathrow Airport 40 Gatwick Airport 50 Stansted Airport 70 CROSSRAIL Leicester Square (Tottenham Court Road) to Heathrow 28 Route Map Surface line Tunnel Portal (tunnel entrance and exit) LSQ A bustling central location with easy access to London s transport connections Stratford Forest Gate Ilford Goodmayes Romford Harold Wood Shenfield Hyde Park Corner St James s Park Westminster Waterloo Southwark Central District Northern Piccadilly Victoria Waterloo & City Jubilee Bakerloo Circle Taplow Maidenhead Burnham Slough Langley Iver West Drayton Hayes & Harlington Heathrow Airport Southall Hanwell West Ealing Ealing Broadway Bond Street Farringdon Whitechapel Acton PaddingtonTottenham Liverpool Main Line Court Road Street Maryland Canary Wharf Custom House Manor Park Woolwich Abbey Wood Seven Kings Chadwell Heath Gidea Park Brentwood

9 THE FUTURE OF LEICESTER SQUARE A redesign of Leicester Square to regenerate it in line with its international status and reputation commenced at the end of The 15 million project will transform the Square into a destination address designed for people to enjoy the West End s principal meeting point. Included within the scheme is improved seating, high quality public art and imaginative lighting all aimed at encouraging people to spend time in the Square. The refurbishment will also maintain the intrinsic English landscape qualities of the gardens at the centre of the Square. It is anticipated that the reinvention of the Square as a destination address will attract significant investment from a number of high profile retailers and hoteliers as witnessed by the success of the W Hotel. Michael Wale, senior vice president of Starwood, compared the launch of the W Hotel Leicester Square with that of the W Hotel Times Square, New York City, in 2001: At that point it was at the same stage as Leicester Square and we were one of the anchor projects to accelerate its regeneration. Artist impressions of the future of Leicester Square. (Courtesy of Burns + Nice)

10 THE EXISTING PROPERTY A. ODEON WEST END, LEICESTER SQUARE Situated on the corner of Leicester Square, the Odeon cinema building is a two screen cinema and office building over basement, ground and 6 upper floors totalling 44,572 sq ft (GIA). B. 42 LEICESTER SQUARE Office and retail premises totalling 8,762 sq ft (NIA). Ground and part basement is currently occupied by BetFred. The upper office parts are vacant. Two Natwest ATMs are also located at ground level. C. BROADMEAD HOUSE & WESTCOMB HOUSE Broadmead House comprises a vacant six storey office building of 8,762 sq ft (NIA). Westcomb House is fully vacant with a basement and ground floor restaurant and five storeys of offices above (totalling 6,814 sq ft (GIA). D. THE HAND AND RACQUET, 48 WHITCOMB STREET A vacant public house situated on the corner of Whitcomb and Orange Street. 3,165 sq ft (NIA) arranged over basement, ground and three upper floors with the third floor providing residential accommodation. A/B A C A C D A

11 Westminster Reference Library View from neighbouring building towards the south east TENURE Gardens 48 eet The 0.47 acre site is offered on a freehold basis. Panton Street 42 Saint Martins Street Further information on the existing tenancies can be found at t Newton Institute Whitcomb Street 19 Huguenot House 0m 10m 20m 30m Leicester Square Car Park Orange Street Street UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON Plotted Scale - 1: View from neighbouring building towards the south west

12 THE CONSENTED SCHEME Planning consent was granted in October 2008 by Westminster City Council for a MAKE Architects designed 227,734 sq ft (GIA) mixed use development that would provide: A 245 bedroom luxury hotel A roof-top restaurant with skyline views of London 33 high quality residential apartments with views over Leicester Square, Trafalgar Square and beyond 18,234 sq ft (GIA) of restaurant / retail space that opens out on to the Square A state of the art cinema in the basement levels The accommodation is designed over three basement levels, lower ground, upper ground and nine upper floors. A distinctive curved layout will mark the entrance to the cinema and an iconic frontage of mirrored stainless steel will bring fresh focus to the south west corner of Leicester Square. Full information is available on the sale website and from Westminster City Council (ref: 08/03016/FULL). Gross External Area Gross Internal Area Units Sq M Sq Ft Sq M Sq Ft Residential 6,266 67,444 5,307 57, residential units Hotel 8,687 93,507 8,434 90, hotel bedrooms Cinema 1,632 17,562 1,584 17, seats Retail / Restaurant 1,745 18,781 1,694 18,234 4 restaurant / retail units Ancillary / Plant 4,262 45,878 4,138 44,541 - Total 22, ,172 21, ,734 - Areas provided by E.C.Harris Computer generated image

13 RESIDENTIAL HOTEL CINEMA RETAIL / RESTAURANT RADISSON EDWARDIAN EXCLUDED FROM SALE 9th - 13,024 sq ft 8th - 15,468 sq ft 7th - 16,124 sq ft 6th - 17,072 sq ft 5th - 17,760 sq ft Residential Entrance 4th - 17,674 sq ft 3rd - 17,427 sq ft 2nd - 17,276 sq ft Hotel Entrance 1st - 16,759 sq ft Upper Gnd - 15,791 sq ft Lower Gnd - 18,826 sq ft B1-17,588 sq ft B2-12,389 sq ft B3-14,553 sq ft Total (GIA) 227,734 sq ft UPPER GROUND Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website:

14 RESIDENTIAL HOTEL CINEMA RETAIL / RESTAURANT RADISSON EDWARDIAN EXCLUDED FROM SALE Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website: TYPICAL HOTEL FLOOR - 5th TYPICAL RESIDENTIAL FLOOR - 7th Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website:

15 3DREID ARCHITECTS ALTERNATIVE PROPOSAL 2011 As a further study architects 3DReid have been commissioned to establish what could be possible on site within the broad parameters of the consented bulk and massing of the MAKE designed scheme. This has resulted in a residential led development, broadly rectangular in shape with the cinema located at basement level, retail on ground and first facing onto Leicester Square and residential accommodation from lower basement to 10th floor. A summary of the proposed accommodation is set out below with a schedule of areas: Use Gross Internal Area sq m sq ft Residential / Other 14, ,665 Cinema & Plant 1,359 14,628 Leisure / Plant 1,058 11,388 Restaurant / Retail 2,546 27,404 Core / Communal 2,016 21,700 Total GIA 21, ,785 Roof Terrace 1,154 12,421 Total area including roof terrace 22, ,206 Please note that this exercise is purely an illustrative one and carries no planning status and has not been presented to the London Borough of Westminster. Computer generated image

16 RESIDENTIAL / OTHER CINEMA / LEISURE / PLANT RESTAURANT / RETAIL LEICESTER SQUARE ORANGE STREET LEICESTER SQUARE Cinema Entrance 10th - 12,421 sq ft Restaurant / Retail Residential Entrance 9th - 16,111 sq ft 8th - 16,111 sq ft 7th - 16,819 sq ft 6th - 16,819 sq ft 5th - 16,819 sq ft Residential Entrance 4th - 16,819 sq ft 3rd - 16,819 sq ft 2nd - 16,819 sq ft 1st - 16,819 sq ft Gnd - 14,681 sq ft B1-7,438 sq ft B2-14,239 sq ft Residential / Other B3-12,131 sq ft B4-16,920 sq ft Total (GIA) 227,785 sq ft ORANGE STREET GROUND Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website:

17 RESIDENTIAL / OTHER CINEMA / LEISURE RESTAURANT / RETAIL LSH EXCLUDED TYPICAL FLOOR PENTHOUSE FLOOR Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website: Plans for illustrative purposes only. Not to scale. A full set of floor plans and elevations can be downloaded from the website:

18 CENTRAL LONDON HOTELS MARKET COMMENTARY CENTRAL LONDON RESIDENTIAL MARKET COMMENTARY One of the great world cities, London benefits from a vibrant hotel market commensurate with the city s international image. It is Europe s business hub and is the most visited city in the world attracting 26 million visitors each year. It appeals to high spending business and leisure visitors as a result of the city s desirability as a cultural and commercial destination. During 2010 the UK hotel market demonstrated a strong recovery from the global recession. Tri HotStats reported London rooms occupancy and ARR increased in 2010 by 2% and 8.9% respectively over the previous year. The increase in occupancy to 82.1% and the recovery in ARR to led to a room RevPAR performance of , an increase of 11.5%. Whilst 2010 was bolstered by events such as the Farnborough Air Show and the Wimbledon Championships growth has continued strongly into HotStats have reported an extraordinary occupancy level of 92.4% for July 2011 which is a 0.6% year on year increase in room occupancy following the staggering 91.8% achieved in July ARR at for the month is the highest recorded. London RevPAR, ARR and Occupancy H JAN 11 FEB 11 MAR 11 APR 11 MAY 11 JUN 11 JUL 11 Source: HotStats % 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0 RevPAR ARR Occupancy London s housing market has continued to follow a very different path to that seen in the wider UK market. Prime London property prices rose by 0.9% alone in August, taking the annual increase to over 10%. Indeed, prices have been rising strongly since April 2009, and are now 4% higher than their previous peak in March 2008 (a 35% increase in total). In contrast to the mainstream market, sales activity in the prime central London market has been strong in recent months, with a rise in new instructions and a subsequent rise in transactions. But supply is still not meeting the pent-up demand in the market. Buyer demand for prime properties in the capital looks set to continue, signalling a further rise in prices throughout the rest of the year, albeit at a more modest pace. The strength of this demand is largely attributed to the strength of the Euro and Dollar compared to the Sterling with the two currencies enjoying relative discounts of 10% and 18% respectively. In addition, the low UK base rate has given greater incentive for buyers to acquire in the safe haven of the London property market. Monthly Price Change Prime central London average residental price change Monthly % change A S O N D J F M A M J J A Source: Knight Frank Residential Research The prospects for a continued growth in the capital look strong. The start of the 2012 Olympics is under a year away and estimated visitor numbers produced by Visit Britain forecast a continued growth in leisure travellers from Europe, North America and BRIC, all taking advantage of the relative weakness in the pound. London is one of the world s leading financial and cultural centres exerting a powerful influence over worldwide commerce, politics, education, media, fashion and the arts, which all contribute to its status as a global city and prime leisure and business destination. There have been several high profile hotel openings in 2011 to include the W London, Leicester Square, Corinthia Hotel and Renaissance St Pancras all of which have added to the reputation of London as a top international destination. London and Provincial RevPAR and ARR ARR RevPAR ARR RevPAR ARR RevPAR UK Total London Provinces 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% % % Despite becoming a more expensive market to buy into Prime London property continues to attract domestic and global wealth. Such purchasers are attracted by the potential to achieve capital growth at least at, or ahead of, income growth. This means that total returns on investments of between 8% - 10% could be achievable, before gearing and also before profits from development. Going forward, we forecast that prices will rise by 6% next year and 7% in Month and 3 Month Price Change 12 month % change Prime central London average residential price change Three monthly % change Hotel transaction activity in London remains limited driven by the very restricted supply of available property and strong underlying trading fundamentals. London s relative resilience and the prospect of a sustained recovery make the capital one of the most sought after hotel property markets. Source: HotStats Variance Difference ASOND J FMAM J J ASOND J FMAMJ J A month change Three monthly % change Source: Knight Frank Residential Research

19 CENTRAL LONDON OFFICE MARKET COMMENTARY All market indicators suggest that the Central London office market is well on the road to recovery. Increasing demand and diminishing supply is resulting in revived market confidence amongst occupiers and investors alike. The supply squeeze combined with an extremely tight pipeline of Grade A offices, presents a strong case for significant rental growth over the next 3-4 years. Take up in the second quarter of 2011 rose to 1.2m sq.ft. and remained above trend for the seventh successive quarter. Take-up increased for all types of accommodation, particularly new space, and the second quarter also saw a return of pre-lettings. The amount of space currently under offer suggests that take up will stay strong. Availability has dropped to its lowest level in three years driven by a sharp decline in the supply of second hand and new space under construction. Over the last two years, West End leasing activity has recovered steadily from the downturn and rents have remained firm. Prime rents have stayed at per sq ft in the West End. Spurred by the imbalance between supply and demand, forecasts paint a positive picture with prime rents expected to reach 130 per sq ft by million sq ft West End Availability Q Q Q2 Secondhand New Completed New Under Construction 2003 Q Q2 2004Q Q Q Q Q Q Q Q Q Q Q Q Q Q2 CENTRAL LONDON RESTAURANTS AND RETAIL MARKET COMMENTARY Restaurant accommodation is in high demand in the West End of London from top end Michelin starred destinations to more mainstream brands with substantial premiums being paid to secure quality sites. Leicester Square is a world renowned location and as such there will be wide range of operators that are seeking the type of exposure this location can provide. We would anticipate that the ground floor operator would be able to benefit from the high footfall and the rooftop would be a more discerning operator / international brand able to trade at a higher price point. Recent activity nearby includes The Spice Market at the W Hotel, the Hippodrome redevelopment with Café Rouge adjacent and Busaba Eathai on Panton Street. The Central London Retail market continues to perform for retailers and investors alike. The core West End streets (Oxford, Regent and Bond) have seen increasing rental tone as Zone A s have been pushed to new levels in most areas. Quality space is hard to find across the West End with levels of demand increasing on all streets. Prime Zone A Rents 1, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Having moved out from 3.5% at their prime in the summer of 2007, prime office yields in the West End have recovered to circa 4%. Completion levels are set to dip in 2011 with only 1.9m sq ft scheduled for completion this year it could be one of the lowest on record for development completions. Completion rates will improve next year with 3.1m sq ft expected to complete and this figure is set to rise in West End Development Pipeline million sq ft Completed Under Construction Let/Under Offer Under Construction Available Proposed Available Luxury brands maintain Bond Street s position as the most expensive space in London with a mixture of rental and premium deals on new space. Retailers appetite for space on Oxford Street continues despite the disruption caused by work on the new Crossrail link. Regent Street continues to go from strength to strength, anchored by some of the world s leading brands. It continues to improve both the quality of its retailers and its retail breadth. The creation of what will become one of Burberry s major UK flagships is a massive benefit to the southern end of the street and with the delivery of the Quadrant development and other recent changes will truly extend the locations retail power. Leicester Square itself has seen the recent opening of the first M&M store outside of the USA, taking advantage of the high footfall through the Square and its association with the leisure and entertainment markets. Central London s ability to weather the storm lies in the diverse tenant mix and sheer scale of the retailing offer. Stable demand together with supply constraints is expected to see rental growth of 2.3% per annum over the next three years (to 2014) outperforming all other regions in the UK. % Change Y-on-Y Bond Street Oxford Street West Rental Value Growth Oxford Street East Regent Street Central London All High Street Shops

20 THE PROPOSITION LSQ presents an unrivalled real estate opportunity to: Acquire a prominent 0.47 acre site in one of the world s most recognised destinations. Benefit from an existing planning consent offering a substantial mixed use scheme and which sets a benchmark for bulk and massing. Deliver a significant development in the heart of the West End, in one of the world s foremost capital cities. Benefit from an existing income stream with flexibility to suit the purchaser s timing. Fulfil the purchaser s own development vision in place of the consented scheme if so desired with the potential for a wide range of uses to be considered, subject to the necessary consents. The freehold site is offered for sale on an unconditional basis. Computer generated image

21 HORSE GUARDS PARADE TRAFALGAR SQUARE ST JAMES S PARK BUCKINGHAM PALACE ONE HYDE PARK PICCADILLY CIRCUS REGENT STREET LSQ FURTHER INFORMATION Full information is available on the marketing website at: CONTACT For further sale information, please contact the joint agents: Paul Nicholls Peter Burns T: +44 (0) T: +44 (0) M: +44 (0) M: +44 (0) E: paul.nicholls@cbre.com E:peter.burns@cbre.com Matthew Prout T: +44 (0) M: +44 (0) E: matthew.prout@cbre.com Justin Gaze Dominic Mayes T: +44 (0) T: +44 (0) M: +44 (0) M: +44 (0) E: justin.gaze@knightfrank.com E: dominic.mayes@knightfrank.com James Keegan T: +44 (0) M: +44 (0) E: james.keegan@knightfrank.com Aerial view looking west

22 Important Notice i. Particulars These particulars are not an offer or contract nor part of one. You should not rely on statements by CB Richard Ellis or Knight Frank LLP in the particulars or by word of mouth or in writing as being factually accurate about the property, its condition or its value. Neither CB Richard Ellis nor Knight Frank LLP has any authority to make any representations about the property or development and accordingly any information given is entirely without responsibility on the part of the agents, sellers or lessors. ii. iii. Images photographs and other information Any computer generated images, plans, drawings, accommodation schedules, specification details or other information provided about the property ( information ) are indicative only. Any such information may change at any time and must not be relied upon as being factually accurate about the property. Any photographs are indicative of the quality and style of the development and location and do not represent the actual fittings and furnishings at this development. Regulations Any reference to alterations to the property or use of any part of the development is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending purchaser. Designed & produced by The Looking Glass Design & E-Media. T: October 2011

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