THE BUILDING 154A PENTONVILLE ROAD KING S CROSS LONDON N1 ENTER

THE BUILDING 154A PENTONVILLE ROAD KING S CROSS LONDON N1 A N O U T S TA N D I N G O F F I C E I N V E S TM E N T O P P O R T U N I T Y ENTER

15,636 SQ FT (1,452.6 SQ M) 13 ONSITE PARKING SPACES

INVESTMENT SUMMARY: Situated on the north side of Pentonville Road, equidistant between Angel and King s Cross St. Pancras underground and mainline stations. A highly prominent and characterful self-contained office building constructed from new in 1991 and comprehensively refurbished in 2012 to an excellent standard. The property extends to a net internal area of 15,636 sq. ft and has the benefit of 13 onsite car parking spaces. Single let to Eviivo Limited on an FR&I lease for a term of 10 years from 30th March 2012. Held long leasehold for a term of 150 years from 6th March 2013. The current head rent payable is 89,375 per annum, being 12.50% of either rents received or open market rental value. Current net passing rent of 625,625 per annum. We are instructed to seek offers in excess of 11,725,000 subject to contract and exclusive of VAT for the benefit of our client s long leasehold interest. A purchase at this level would reflect a capital value of 750 per sq. ft and a NIY of 5% after the deduction of the ground rent and standard purchaser s costs. Current passing rent of 715,000 per annum reflecting only 45.73 per sq. ft overall. Prime rents in King s Cross and Angel have exceeded 65 per sq. ft and as such we believe that the property has strong reversionary potential.

LOCATION: THE PROPERTY IS LOCATED IN THE CENTRE OF THE PENTONVILLE ROAD, EQUIDISTANT BETWEEN UPPER STREET ISLINGTON AND KING S CROSS. The property is located in the London Borough of Camden, on the edge of the King s Cross Growth Area. The Kings Cross area has been subject to extensive regeneration in recent years most notably the substantial new development at King s Cross Central. King s Cross Central is a 67 acre development site which, when complete, will provide 8 million sq. ft of mixed use accommodation to include 3.4 million sq. ft of offices, 500,000 sq. ft of retail and leisure space, 2,000 new homes and serviced apartments, 650 student accommodation units, and 10 new public parks and squares, as well as theatres, cinemas, hotels and up to 50 arts and music venues. Angel has also undergone significant change and has now become an established office location, moving away from its traditional residential base. Landmark developments including Derwent London s the Angel Building and 10-4 Pentonville Road, both of which have provided an ongoing impact as evidenced by the arrival of a new extensive range of local attractions and amenities, all adding to the growing appeal of the area. The property is located in the centre of the Pentonville Road, equidistant between Upper Street Islington and King s Cross, the immediate surrounds benefit from a variety of restaurants, coffee shops and bars which enhance a thriving working environment. ROYAL COLLEGE ST CAMDEN ST TOTTENHAM COURT ROAD Goodge Street CAMDEN RD ST PANCRAS W AY EVERSHOLT STREET Euston EUSTON ROAD Tottenham Court Road GOWER STREET MIDLAND RD YORK WAY TAVISTOCK SQUARE H IG H Park GOODSWAY St. Pancras Inter l King s Cross St. Pancras JUDD ST HUNTER ST YORK WAY NORTHAMPTON ROW CALEDONIA N R D Coram s Fields Russell Square G RAY S INN RD BLOOMSBURY WAY THEOBALDS RD THE DRIVE Holborn Caledonian Road & Barnsbury PENTONVILLE ROAD FARRI N GDON RD Chancery Lane Bernard Park ROSEBURY AVE HOLBORN HIGH HOLBORN ERPOOL ROAD HATTON GARDEN Highbury & Islington LIVERPOOL ROAD ST JOHN ST SKINN ROSEBU RY AVENUE FARRINGDON RD UPPER STREET UPPER STREET Angel GOSWELL RD ER ST A1 CLERKENWELL RD ST JOHN ST CANNO N BURY RD ISLINGTON GREEN SPENCER ST Farringdon Essex Road CITY ROAD GOSWELL RD Barbican CHARTERHOUSE ST ALDERSGATE ST LEVER ST EAGLE WHARF RD SHEPHERDESS WALK BATH ST BURNHILL ROW SMITHFIELD BEECH ST HOLBORN VIADUCT NEW NORTH RD OLD STREET ESSEX ROAD Old St Moorgate LONDON WALL NEW NORTH RD EAST RD CITY RD MOORGATE

COMMUNICATIONS: The property is well served by transport links, being situated within a 5 minute walk of King s Cross St. Pancras station, which provides access to mainline national rail services as well as London underground services and the Eurostar terminal. King s Cross St. Pancras underground station is served by six London underground lines (the Circle, Hammersmith and City, Metropolitan, Northern, Piccadilly and Victoria lines). Kings Cross St. Pancras is now considered one of the best connected transport hubs in Europe and together with nearby Euston delivers over 120 million passengers annually. Plus, in 2018 Crossrail (The Elizabeth Line) will commence its service into Farringdon which is not far away. Eurostar connections from St. Pancras International Destination Calais Lille Brussels Paris Best time 55 mins 1 hour 22 mins 2 hours 1 min 2 hours 16 mins source: eurostar.com Click here to view tube map Overground connections from King s Cross / St. Pancras Destination London Luton Airport Gatwick Airport Peterborough Leicester Derby Nottingham Sheffield York Newcastle Best time 20 mins 56 mins 45 mins 1 hour 8 mins 1 hour 31 mins 1 hour 44 mins 2 hours 5 mins 3 hours 21 mins 4 hours 38 mins source: nationalrail.co.uk

SITUATION: EUSTON ST. PANCRAS RENAISSANCE HOTEL ST. PANCRAS INTERNATIONAL ST. PANCRAS SQUARE THE COURTYARD THE BUILDING ANGEL ISLINGTON The property is situated on the north side of Pentonville Road, approximately 0.5 miles from Angel underground station and King s Cross St. Pancras underground and mainline stations, which lie to the east and west respectively. BRITISH LIBRARY NIDO KING S CROSS GRANARY SQUARE REGENT QUARTER ANGEL BUILDING The surrounding area comprises a mix of commercial, residential and retail/leisure uses. The property is bound by a small public park.

SITE: The site benefits from a principal frontage of approximately 119 feet (36 metres) onto Pentonville Road. We calculate that the total site area for the property is approximately 0.25 acres. WESTON RISE Playground Originally on the site was the Church of St James which dated back to 1778 and served as the Pentonville Chapel. From 1854 the church served as the official church of the International Circus Clown s Club and the legendary Joseph Grimaldi was buried in the grounds. Playground Playground PENTONVILLE ROAD A501 CUMMING STREET Playground COLLIER STREET PENTON RISE JOSEPH GRIMALDI PARK RODNEY STREET DONEGAL STREET

DESCRIPTION: A new office building was built in 1991 and was comprehensively refurbished to an excellent standard in 2012. The building is arranged over lower ground, ground and three upper floors extending to a net internal area of 15,636 sq. ft (1,453 sq. m). The specification includes carpeted floors, solid ceilings with fluorescent strip lighting units, aluminium framed double glazed windows and air conditioning provided via Mitsubishi ceiling mounted cassettes. The floorplates are relatively column free and all floors (including the lower ground) benefit from excellent levels of natural daylight from both side elevations. There is also a small courtyard accessed from the lower ground floor level. All floors are served by a 13 person, 1,000 kg passenger lift. The property is entered from Pentonville Road via a floating ramp leading to a reception area. The property benefits from car parking for approximately 13 vehicles to the front of the building.

ACCOMMODATION: Schedule of Areas Floor sq ft sq m Lower Ground floor 3,224 299.5 Ground floor 3,136 291.3 First floor 3,676 341.5 Second floor 3,524 327.4 Third floor 2,076 192.9 Total 15,636 1,452.6 Lower Ground floor Ground floor First floor Second floor Third floor

PLANNING: The permitted use of the property is within Class B1 (office use). The current statutory plan covering planning policy and development control for the area is the Islington Core Strategy, which was adopted on 17 February 2011. The property is neither Listed nor situated within a Conservation Area. It is designated on the Proposals Map as lying within a Rail Safeguarding Area for Crossrail and within a protected Local Views area.

TENANCY: TENURE: The entire property is let to Eviivo Limited for a term of 10 years from 30th March 2012 on FR & I terms. The current gross passing rent is 715,000 per annum devaluing to only 45.72 psf overall. Eviivo Limited s principal activity is the development and licensing of software products, and the provision of revenue management services to independent hotels and guest houses. The property is held long leasehold from the Church Commissioners for England for a term of 150 years from the 6th March 2013. The current head rent payable is 89,375 per annum. The rent payable defined in the head-lease is 12.50% of rents received or market rent. The ground rent is reviewable upwards only on a 5 yearly basis in line with RPI. Please note, the ground floor is sub-let to Sagacity Solutions Limited expiring March 2018. For further information, please visit www.eviivo.com Covenant 31st Mar 2016 31st Mar 2015 31st Mar 2014 Sales Turnover 14,129,000 12,564,000 11,967,000 Profit/(Loss) Before Taxes 9,217,000 8,937,000 9,166,000 Shareholders Fund 1,605,000 2,242,000 2,867,000

MARKET COMMENTARY: The Grimaldi building benefits from being located equidistant from King s Cross and Islington. Both areas have undergone significant transformation, with some landmark residential, office, and retail led developments having been constructed. These include Argents ongoing redevelopment of King s Cross Central, Manhatten Lofts mixed use development of St. Pancras and Derwent London s Angel Square scheme. Due to the regeneration of the surrounding area and major works to King s Cross Central, the area has recently, and will continue to attract a large and diverse tenant audience. King s Cross connectivity to the rest of London, the UK and Europe is extensive, boasting 6 tube lines and Eurostar travel links at St. Pancras International making it more accessible that any other Central London district. Local occupiers include: Google The Guardian Media Group BUPA YouTube Universal Music Louis Vuitton Cancer Research Vevo Eurostar Macmillan Publishing BPP Grant Thornton Ticketmaster Expedia Havas Unison

COMPARABLE INVESTMENT TRANSACTIONS: FREEHOLD Sept 2017 Instrument House, 207 Kings Cross Road, London, WC1 Size 12,232 sq ft Price 14.2m (quoting price) NIY 5% Capital Value 1,160.89 psf * circa 99 years unexpired LONG LEASEHOLD* Dec 2016 Pivotal, 123 Pentonville Road, London, N1 Size 25,751 sq ft Price 23.7m (quoting price) NIY 5.25% Capital Value 920.35 psf FREEHOLD Jun 2016 Lancaster House, 31-37 Islington High Street, London, N1 Size 15,061 sq ft Price 21.9m NIY 4.06% Capital Value 1,454.09 psf FREEHOLD Mar 2016 Marcello House, 236-240 Pentonville Road, London, N1 Size 19,944 sq ft Price 17.5m NIY 4.04% Capital Value 877.46 psf

COMPARABLE LEASING TRANSACTIONS: May 2017 2 Pancras Square, London, N1C Tenant RS Components Size 15,381 sq ft Rent 80.00 April 2017 Instrument House, 207 Kings Cross Road, London, WC1 Tenant CC Group Size 3,331 sq ft Rent 66.50 Mar 2017 The Lighthouse, 297 Pentonville Road, London, WC1 Tenant Vevo Size 16,292 sq ft Rent 74.00 Nov 2016 21 Caledonian Road, London, N1 Tenant Emarsys Size 8,836 sq ft Rent 67.00

PRICE: We are instructed to seek offers in excess of 11,725,000 subject to contract and exclusive of VAT for the benefit of our client s long leasehold interest. A purchase at this level would reflect a capital value of 750 per sq. ft and a NIY of 5% after the deduction of the ground rent and standard purchaser s costs. VAT: The property has been elected for VAT and therefore it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

THE BUILDING CONTACT: www.burlingtongreen.co.uk +44 (0)20 7434 8780 Adam Velleman adam@burlingtongreen.co.uk T +44 (0)20 7434 8781 M +44 (0)7879 477710 Alex Green alex@burlingtongreen.co.uk T +44 (0)20 7434 8782 M +44 (0)7930 313949 Toby Leaman toby@burlingtongreen.co.uk T +44 (0)20 7434 8783 M +44 (0)7702 796852 Misrepresentation Act Whilst every effort has been made to ensure accuracy, no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No representation or warranty whatever is made or given either during negotiations or in particular by the vendor, lessors or agents Burlington Green Partners. All figures are exclusive of rates, service charge, VAT and all other outgoings. All floor areas are approximate. Designed and produced by Zest Design & Marketing 020 7079 3090. November 2017 (01849).