25 DOVER STREET DOVER STREET LONDON W1 PRIME MAYFAIR FREEHOLD OFFICE BUILDING

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1 25 DOVER STREET 1 DOVER STREET LONDON W1 PRIME MAYFAIR FREEHOLD OFFICE BUILDING

2 25 DOVER STREET 25 DOVER STREET 2 3 INVESTMENT SUMMARY RARE ATTRACTIVE PERIOD OFFICE BUILDING IN THE HEART OF PRIME MAYFAIR Rare prime Mayfair Freehold opportunity Dover Street is one of Mayfair s most vibrant streets boasting world class retail, top quality restaurants, 5-star hotels, Grade A offices and luxury residential Attractive recently modernised and upgraded Grade II listed period office building 5,904 sq ft ( sq m) NIA arranged over lower ground, ground and five upper floors Multi-let producing a total rental income of 412,050 per annum Low average passing rent of per sq ft Recent letting in the building at 120 per sq ft Opportunity to increase rent roll through well timed lease events Potential to part owner occupy with medium term opportunity to occupy the whole as an HQ office building Offers in excess of 13,900,000 NIY 2.78% (assuming purchaser s costs of 6.8%) Reversionary Yield 3.30% Capital Value - 2,354 psf

3 25 DOV ER STR EET HANOVER SQUARE CROSSRAIL SITE 25 DOVER ST REET CENTREPOINT REGENT STREET PICCADILLY CIRCUS T EE T STR N REGE D BON ET E STR BERKELEY SQUARE 25 D OV E R S T R E E T ALBEMARLE ST JAMES S STREET SQUARE HORSE GUARDS PARADE THE RITZ GREEN PARK

4 25 DOVER STREET 25 DOVER STREET 6 7 MAYFAIR MAYFAIR S FIVE-STAR AMENITIES, ATTRACTIVE ARCHITECTURE, GLOBAL REPUTATION AND FIRST CLASS TRANSPORT LINKS MAKE IT LONDON S MOST DESIRABLE OFFICE LOCATION With unparalleled amenities, Mayfair is internationally recognised as London s premier office location boasting a rich blend of attractive period office buildings alongside modern Grade A properties. As a result, Mayfair is home to numerous global powerhouses including Lazard, Blackstone, KPMG, Carlyle Group and SAB Miller. Dover Street lies parallel to Berkeley Street and Albemarle Street in the heart of Mayfair. Bond Street, one of the world s most famous retailing destinations is located moments away offering an exclusive mix of luxury boutiques and highend brands. Mayfair is home to some of the most globally renowned restaurants and acclaimed 5-star hotels including Nobu, Novikov, Cipriani, Cecconi s, Sexy Fish, La Petite Maison, Hakkasan, C-London, The Ritz, Claridges, The Connaught, Brown s, The Dorchester and The Westbury. Retailers represented on Bond Street include Prada, Cartier, Chanel, Asprey, Tiffany, Giorgio Armani, Burberry, Ralph Lauren and Louis Vuitton. The area is also synonymous for exclusive private members clubs including The Arts Club, 5 Hertford Street, Annabel s and George.

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6 25 DOVER STREET 25 DOVER STREET 10 OXFORD STREET OXFORD CIRCUS 11 SITUATION Dover Street is situated directly north of Piccadilly and lies parallel to Albemarle Street, Berkeley Street and Berkeley Square. 25 Dover Street is prominently positioned on the eastern side of the street close to its junction with Hay Hill and Grafton Street. OFFICE 1 Lazard 2 Blackstone 3 KPMG 4 Norges / Lombard Odier 5 Phillips 6 Kleinwort Benson 7 Qatar National Bank 8 Bank J.Safra Sarasin 9 Davidson Kempner RESTAURANTS 10 Nobu 11 Novikov RETAIL 25 Prada 26 Cartier 27 Chanel 28 Asprey 29 Tiffany 30 Giorgio Armani 31 Burberry 32 Ralph Lauren 33 Louis Vuitton PRIVATE MEMBERS CLUBS 34 The Arts Club 35 5 Hertford Street MARBLE ARCH MARBLE ARCH AMERICAN EMBASSY PARK LANE GROSVENOR SQUARE SOUTH AUDLEY STREET BOND STREET WESTERN TICKET HALL 22 MOUNT STREET BOND STREET 7 MAYFAIR CURZON STREET BERKELEY SQUARE 8 38 BOND STREET EASTERN TICKET HALL 30 NEW BOND STREET 17 BRUTON STREET HAY HILL GRAFTON STREET BERKELEY STREET DOVER STREET GREEN PARK CONDUIT STREET DOVER STREET ALBEMARLE STREET 20 9 SAVILE ROW 4 13 OLD BOND STREET REGENTS STREET BURLINGTON ARCADE ROYAL ACADEMY OF ARTS THEATRE DISTRICT CHINA TOWN PICCADILLY 6 ST JAMES S SQUARE 12 Morton s 13 Cecconi s 14 Sexy Fish 15 La Petite Maison 16 Hakkasan 36 Annabel s 37 George 38 Mark s HYDE PARK EMBASSY OF JAPAN PICCADILLY 17 Brown s 18 C-London 19 Isabel GREEN PARK HOTELS 20 The Ritz 21 Claridges THE MALL 22 The Connaught 23 The Dorchester 24 The Westbury HYDE PARK CORNER CONSTITUTION HILL HOUSES OF PARLIAMENT

7 25 DOV ER STR EET 12 N BI RO EY RL BI D OVER ST R EET, ALBEMA RLE S T RE E T A ND BON D STR EET MAK E UP T H E CO RE O F M AYFAIR S GLOBALLY RE N OW N E D RETAIL P ROV ISION B TS AR U CL A SP

8 25 DOVER STREET DOVER STREET 15 COMMUNICATIONS MOMENTS WALK FROM GREEN PARK STATION AND LESS THAN HALF A MILE FROM THE NEW BOND STREET CROSSRAIL STATION Dover Street benefits from Mayfair s excellent transport links including nearby Green Park (Victoria, Jubilee & Piccadilly lines), Piccadilly Circus (Bakerloo & Piccadilly lines) and Bond Street (Crossrail, Central & Jubilee lines) Underground Stations. Artist s impression of the proposed Bond Street Crossrail station on Hanover Square CROSSRAIL GREEN PARK 0.2 miles 3 minutes walk VICTORIA 1.7 miles 7 minutes by car PICCADILLY CIRCUS 0.5 miles 10 minutes walk PADDINGTON 2.5 miles 11 minutes walk BOND STREET 0.5 miles 11 minutes walk CHARING CROSS 1.0 miles 7 minutes by car OXFORD CIRCUS 0.5 miles 11 minutes walk ST PANCRAS 2.5 miles 12 minutes by car Crossrail / Elizabeth Line is Europe s largest infrastructure project costing approximately 15 billion once completed. Due to open in 2018, Crossrail will increase London s rail based transport network capacity by 10% and dramatically cut journey times across the city with an estimated 200 million people travelling by Crossrail each year. Once opened, roughly a quarter of England s population will be able to reach Oxford Street and Tottenham Court Road Station within 45 minutes amounting to over 13 million people. Crossrail will directly connect all of London s main business centres, linking Heathrow with Paddington, the West End, City and Canary Wharf with up to 24 trains per hour, each carrying 1,500 passengers during peak periods. STRATFORD SHENFIELD STANSTED BRUSSELS 2 hours 1 minutes PARIS 2 hours 16 minutes LYON 5 hours 2 minutes GENEVA 6 hours 32 minutes HAYES & HARLINGTON PADDINGTON TOTTENHAM COURT ROAD LIVERPOOL STREET ABBEY WOOD LONDON HELIPORT 4.1 miles 15 minutes by car LONDON CITY 9.5 miles 31 minutes by car LONDON HEATHROW 15.5 miles 28 minutes by car LONDON GATWICK 55 miles 96 minutes by car MAIDENHEAD 33 EALING BROADWAY BOND STREET FARRINGDON LUTON GATWICK WHITECHAPEL HEATHROW AIRPORT CANARY WHARF

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10 25 DOVER STREET 25 DOVER STREET DESCRIPTION 25 DOVER STREET COMPRISES A STRIKING MAYFAIR OFFICE BUILDING SET BEHIND AN ATTRACTIVE GEORGIAN FAÇADE Originally constructed as an 18th Century terraced house, 25 Dover Street comprises an attractive Grade II listed period office building with a grey brick façade. Totalling 5,904 sq ft NIA, the building is arranged over lower ground, ground and five upper floors benefitting from high levels of natural light from large fenestration to the front and rear. Recently finished to an exceptionally high standard, the building is accessed via a prominent entrance on the eastern side of Dover Street and internally comprises office accommodation arranged as suites, split front and rear, situated around a central stair core with 6 person passenger lift. Specification and amenities include: Newly modernised High quality hardwood chevron flooring in part Fully air conditioned Raised floors (1st/2nd/3rd) Strip LED lighting Fitted kitchenettes with stone work surfaces 6-person passenger lift Excellent natural light to the front and rear Fully cabled

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12 25 DOVER STREET 25 DOVER STREET ACCOMMODATION GROUND FLOOR 25 Dover Street has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas: FLOOR SQ FT SQ M 5th th rd nd st Ground Basement 1, Total 5, SECOND FLOOR BASEMENT FOURTH FLOOR Not to scale. Indicative only.

13 25 DOV ER STR EET 25 DOVER ST REET T ENU R E F REEHOL D RK CO ST ET RE ST M W NE EW S ND BO RE ST A GR ON FT ET Royal Institution B AL EM AR LL HI ST RE ET Y LE HA 25 Brown's Hotel RD FO AF ST R ST T EE VE DO R ST EY E RE EL RK BE T RE ST 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 reserved

14 25 DOVER STREET DOVER STREET 27 TENANCY Multi-let in accordance with the schedule below producing a total topped up rental income of 412,050 per annum. UNIT USE SQ FT SQ M TENANT RENT PA ( PSF) ERV PA ( PSF) LEASE TERM BREAK COMMENTS 5th Floor Office S&M Capital Limited 26,945 ( 90.72) 26,730 ( 90.00) 09/06/ /06/ /06/2020 Outside the 1954 Act 4th Floor Rear Office Breather Products UK Ltd 22,140 ( 90.37) 22,050 ( 90.00) 12/01/ /01/2022 Outside the 1954 Act 4th Floor Front Office Breather Products UK Ltd 38,070 ( 90.00) 38,070 ( 90.00) 25/01/ /01/2022 Outside the 1954 Act 3rd Floor Rear Office Typhoon Investments Ltd 43,265 ( 93.85) 43,265 ( 93.85) 14/03/ /03/ /09/2018 Outside the 1954 Act 3rd Floor Front Office Montrose Capital Ltd 13,680 ( 29.61) 46,200 ( ) 20/12/ /12/2011 Holding over, S25 notice served Inside the 1954 Act 2nd Floor Rear Office Vacant 40,050 ( 87.06) 41,400 ( 90.00) Vendor to provide a 12-month rental top up 2nd Floor Front Office Mr D D Pattinson and Mr NJ Pattinson 14,000 ( 31.18) 49,390 ( ) 02/06/ /06/2018 Inside the 1954 Act 1st Floor Rear Office Vacant 40,500 ( 89.60) 40,680 ( 90.00) Vendor to provide a 12-month rental top up 1st Floor Front Office RGA Jewels and Arts Limited 53,400 ( ) 53,880 ( ) 12/05/ /05/2022 Outside the 1954 Act Ground Floor Office Senesi Contemporanea Limited 70,000 ( 71.21) 73,725 ( 75.00) 17/05/ /05/2022 Outside the 1954 Act Basement Rear Office Park Chinois Limited 50,000 ( 40.88) Basement Front Office ,035 ( 45.00) 04/09/2022 Outside the 1954 Act TOTAL 5, ,050 ( 69.79) 490,425 ( 83.07)

15 25 DOVER STREET DOVER STREET 29 MARKET COMMENTARY INVESTMENT The Central London investment market remains resilient in the wake of the UK s vote to leave the European Union and continues to see strong demand from both domestic and overseas investors looking to capitalise on the wealth preservation characteristics of prime assets and the strength of the occupational market. With a perceived weakness of sterling, landlord friendly leases and political stability demand for opportunities in the capital continues unabated. Investor sentiment for the West End remains very strong with turnover to the end of Q3, 2017 reaching 5.29bn, a 16% increase on the 10-year average. Global equity has once again proved particularly diverse with buyers from Continental Europe accounting for c.25%, Middle East c.22%, UK c.19%, Asia Pacific c.12% and North America c.16%. Below we set out some recent comparable investment transactions: DATE ADDRESS TENURE AREA (SQ FT) PRICE CAPITAL VALUE ( PSF) 25 Dover Street FH 5, m 2,354 COMMENTS Available 28 St George Street FH 22, m 3,071 Single let until 2022 May St. George Street, W1 VFH 1, m 3,140 Vacant possession May Grosvenor Street, W1 LH 3, m 2,978 Vacant possession Jun Sackville Street, W1 FH 7, m 2,482 Vacant possession Oct 16 1 & 2 Berkeley Square, W1 FH 3, m 2,893 Vacant possession Apr Berkeley Square LH 5, m 3,856 Vacant possession Feb Grosvenor Street LH 11, m 2,951 Vacant possession *the above information has been provided by 3rd parties and is subject to verification OCCUPATIONAL MAYFAIR IS UNDOUBTEDLY LONDON S PREMIER OFFICE ADDRESS The Central London office market as a whole has continued to perform well throughout This year, the West End take-up has already surpassed its 2016 s total with September recording the second highest monthly take up figure on record. Mayfair remains London s premier office location providing an attractive mix of period style buildings generally with smaller floor plates and more modern properties with larger floor plates. Mayfair office demand remains robust with takeup in % above the 5-year average and extremely low current vacancy rates of c.1.4% Below we set out some recent comparable leasing transactions: DATE ADDRESS AREA (SQ FT) TENANT FLOOR TERM (YEARS) RENT ( PSF) 25 Dover Street 5,593 AVERAGE RENT May Albemarle Street, W1 1,908 Smurfit Kappa 3rd Apr Savile Row, W1 1,950 EG Capital 3rd Apr Albemarle Street, W1 835 Partners Investment Company 2nd Oct Savile Row, W1 1,905 Reyl & Co 4th Apr Jermyn Street, SW1 3,000 PMM 5th Feb Savile Row, W1 1,707 Korean Air 1st *the above information has been provided by 3rd parties and is subject to verification

16 25 DOVER STREET 25 DOVER STREET FURTHER INFORMATION VAT VAT elected It is anticipated that the transaction will be conducted as a Transfer of Going Concern (TOGC). PROPOSAL Offers in excess of 13,900,000 for the benefit of our client s freehold interest reflecting a net initial yield of 2.78% (assuming purchaser s costs of 6.8%), a reversionary yield of 3.30% and a capital value of 2,354 psf CONTACT For further information or to arrange an inspection, please contact: Mark Shipman markshipman@michaelelliott.co.uk Scott Lister scottlister@michaelelliott.co.uk Peter Ng peterng@michaelelliott.co.uk Misrepresentations Act 1967 & Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline 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 condition and 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 on them 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 employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property. November (Q3901)

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