EXECUTIVE SUMMARY

Prime Mayfair comprehensive office refurbishment or redevelopment opportunity with the benefit

of a rare planning permission for a luxury residential led, mixed-use scheme.

Freehold;

Prominently located on Curzon Street with a dual frontage to Stratton Street providing views towards both Green Park and Berkeley Square;

Excellent transport connections with Green Park Underground station less than 150 metres from the property. The Elizabeth Line’s (Crossrail)

opening at Bond Street in 2018 will further improve connections;

The existing office provides 40,249 sq ft (3,739.3 sq m) of net internal area (NIA) and 53,169 sq ft (4,939.7 sq m) of gross internal area (GIA);

Vacant possession achievable in February 2017 enabling the repositioning of the building as either offices or residential;

Resolution to grant planning consent has been secured for demolition and redevelopment to create 32 private residential apartments totalling

44,498 sq ft (4,134 sq m) net saleable area (NSA), a retail and/or restaurant arcade totalling 8,503 sq ft GIA linking Stratton Street with

Curzon Street and 21 underground car parking spaces;

Pilbrow & Partners has undertaken detailed architectural studies on various office options including a new office led,

mixed-use scheme totalling 52,269 sq ft (4,856 sq m) NIA and a refurbishment scheme totalling 47,490 sq ft (4,412 sq m) NIA.

Offers are invited in excess of £80,000,000 (Eighty million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a capital value of £1,509 per sq ft on the consented area.

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CGI of the office redevelopment scheme from Curzon Street

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The RitzOld Bond Street

Green Park

Piccadilly Buckingham Palace

Stratton Street

65 CURZON STREET

Dover Street

Mount Street

Berkeley Square

Green Park Underground

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MAYFAIR: LONDON’S MOST EXCLUSIVE ADDRESS

65 Curzon Street is located in Mayfair, an area steeped in history and London’s most exclusive office and residential district, complemented by its unique luxury retail offer, high profile art galleries and world famous hotels.

With circa 60% of Mayfair controlled by five primary estates including The Grosvenor, Lancer, Pollen and The Crown, Mayfair has evolved into a distinctive and exclusive district which further emphasises the rarity of this freehold investment opportunity.

Mayfair’s unparalleled clustering of world class amenity has cemented its appeal as the place to live, work and play for the world’s wealthiest and most high profile individuals and accordingly represents London’s most sought after office and residential address.

The symbiotic relationship between the calibre of its amenity and profile of its residents has resulted in Mayfair becoming an ever more exclusive district and a major draw to the world’s most sophisticated and profitable businesses.

Mayfair is London’s, if not the world’s, premier luxury retail district and is home to some of the world’s most famous haute couture labels, jewellers, luxury goods brands and fine art galleries.

Bond Street, Dover Street and Mount Street represent the most established luxury retail pitches and are all within a short distance of the property. Alongside this, Mayfair is home to some of London’s most high profile restaurants with Berkeley Square and its surrounds a particularly sought after address.

Notable hotels in close proximity to the property include The Connaught, The Ritz and The Westbury. The property is situated immediately to the south of Berkeley Square and just a short distance from Grosvenor Square and Mount Street Gardens.

In addition the extensive open spaces provided by the Royal Parks of Hyde Park and Green Park that surround this quadrant of Mayfair provide added appeal and amenity for its occupiers and residents.

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LOCATION

The property is located at the heart of Mayfair, situated immediately to the south of Berkeley Square, on the south side of Curzon Street and adjacent to The May Fair Hotel.

With the benefit of a dual frontage to both Curzon Street and Stratton Street, the property is uniquely positioned, benefitting from two of Mayfair’s premier office and residential addresses with outlooks towards both Berkeley Square and Green Park.

Transport communications are excellent with Green Park (Piccadilly, Jubilee and Victoria lines) less than 150 metres from 65 Curzon Street. Green Park station also provides easy access to the mainline stations of Victoria, Paddington, Waterloo and Charing Cross, with Victoria and Paddington providing express rail services to Gatwick and Heathrow airports, respectively.

Hyde Park Corner, Piccadilly Circus, Bond Street and Oxford Circus Underground stations are all within a short walking distance, providing access

to the Piccadilly, Bakerloo, Central, Jubilee and Victoria lines.

The key arterial routes of Piccadilly and Park Lane are close to the property, further enhancing its connectivity via private car and bus.

The Elizabeth Line (Crossrail)

The Elizabeth Line is scheduled to open in 2018 and its arrival at Bond Street, just 650 metres to the north of the property, will greatly enhance the area’s connectivity. The new station at Bond Street is expected to increase passenger numbers to over 225,000 per day. Bond Street’s direct interchange with the Jubilee line further enhances the property’s proximity to the Elizabeth Line due to its proximity to Green Park Underground station.

Corporate Occupiers

01 Man GLG 02 Mittal Group 03 Varde Partners 04 Alliance Bernstein 05 Blackstone Group 06 Lazard 07 Glencore 08 Lansdowne Partners 09 Davidson Kempner 10 Caxton 11 Blain Southern

Restaurants

12 Sexy Fish 13 Nobu 14 The Square 15 Hakkasan 16 Scott’s 17 The Greenhouse 18 Novikov 19 Gymkhana 20 Coya 21 The Wolseley 22 Cipriani 23 Alain Ducasse

Hotels & Clubs

24 The Ritz 25 The May Fair 26 Brown’s Hotel 27 Arts Club 28 The Park Lane Hotel 29 The Dorchester 30 The Westbury 31 The Connaught 32 The Dunhill Club 33 Morton’s 34 Annabel’s 35 5 Hertford Street

View of Berkeley Square from the fifth floor

HYDE PARK

GREEN PARK

SOHO

MARYLEBONE

BERKELEYSQUARE

GROSVENOR SQUARE

HANOVERSQUARE

SELFRIDGES

UPPER BROOK STREET

BROOK STREET B

ROOK STREET

HANOVER ST

SOUTH

AUDLEY STREET

REEVES MEWS ADAM’S ROW

MOUNT ROW

PARK STREET PARK STREETN

ORTH

AUDLEY STREET

DAVIES STREET D

AVIES STREET

MOUNT STREET

WEIGHHOUSE STREET

BROOK’S MEWS

CARLOS PLACE

NORTH ROW

GREEN STREET

WOODS MEWS

UPPER GROSVENOR STREET

GROSVENOR STREET

CULROSS STREET

NEW BOND STREET OLD BOND STREET

ALBEMARLE STREET

DOVER STREET

GROSVENOR HILL

CONDUIT

STRE

ET

CORK STREETSAVILE ROW

WOODSTOCK STREET

DERING STREET

PRINCES STREET

SOUTH MOLTON STREET

SACKVILLE STREET

BRUTON PLA

CE

BRUTON STREET

BERKELEY STREET

STRATTON ST

HILL STREET

STANHOPE GT.

SHEPHERD STREET

BOLTON STREET

CLARGES STREET

CHESTERFIELD HILL

CHARLE

S STREET

CURZON STREET

CURZ

ON

STRE

ET

HALF MOON STREET

FARM STREET

HILL STREET

HAYS MEWS

BOURDON STREET

OLD PARK LANE

HERTFORD STREET

BRICK STREET

BRU

TON

LA

NE

REGENT STREET

OXFORD STREET

OXFORD STREET

PARK LANE PARK LANE

P

ICCADILLY

PICCADILLY

VIGO STREET

BOND STREETMARBLE

ARCH

GREEN PARK

BONDSTREET(2018)

OXFORD CIRCUS

BONDSTREET(2018)

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DESCRIPTION

65 Curzon Street currently provides 40,249 sq ft (3,739.3 sq m) NIA of office and ancillary accommodation arranged over lower ground, ground and six upper floors.

The property was redeveloped as offices in 1987 by Elsom Pack & Roberts, retaining its original red brick Stratton Street façade, which dates back to 1893, when it formed part of a residential building designed by Robert James Worley.

Due to its dual frontage it benefits from excellent levels of natural light throughout.

The property’s principal access is via a main reception off Curzon Street, but also benefits from a secondary access from Stratton Street.

The current specification provides:

• Primary reception accessed off Curzon Street;

• 3 x 10-person passenger lifts;

• VAV air conditioning;

• Male and Female WCs to all floors;

• Primary stair within the lift core and second escape stair;

• Fully accessible raised floors;

• Metal tile suspended ceiling with integrated lighting; and

• Plant located at roof and basement levels.

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Lower Ground

Ground

First

Second

Third

Fourth

Fifth

Sixth

Not to scale, for indicative purposes only.

ACCOMMODATION

The property has been measured by Lane & Frankham in accordance with the RICS Code of Measuring Practice, 6th edition, and provides the following areas:

Floor NIA GIA sq m sq ft sq m sq ft

Sixth 426.1 4,587 547.1 5,889

Fifth 490.6 5,280 598.0 6,437

Fourth 533.5 5,742 641.2 6,902

Third 533.6 5,743 639.7 6,886

Second 531.5 5,721 638.9 6,877

First 530.8 5,714 641.9 6,909

Ground 365.4 3,934

627.0 6,749Ground (reception) 85.6 921

Ground (ancillary) 25.7 276

Lower Ground 216.6 2,331 570.1 6,137

Sub-Basement — — 35.6 383

Totals 3,739.3 40,249 4,939.7 53,169

The property has also been measured in accordance with the RICS Property Measurement 1st edition, May 2015, incorporating the International Property Measurement Standards (IPMS 3 - Offices).

Assignable measured surveys are available on the dataroom.

Curzon Street façade

Reception

Typical office floor

Stratton Street façade

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STRATTON STREET

BOLTON STREETCLARGES STREET

PICCADILLY

DOVER STREET

BERKELEY SQUARE

CHARLES STREET

HILL STREET

HAY’S MEWS

CURZON ST

REET

CURZON STREET

BERKELEY STREET

GREENPARK

GREEN PARK

TENUREFreehold.

PLANNINGThe property is not listed but lies within the Mayfair Conservation Area.

The property is currently used as offices (Class B1) with the benefit of a residential and retail consent (15/07627/FULL).

TENANCIES The property is multi-let to eight tenants at a current rent of £1,731,964 per annum, with vacant possession achievable by the end of February 2017, please refer to the tenancy schedule that is available in the dataroom.

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RESIDENTIALPilbrow & Partners has designed a landmark scheme which for the first time connects Curzon Street and Stratton Street via a pedestrian retail arcade. The private residential scheme has conceived well designed apartments with views towards both Berkeley Square and Green Park.

The scheme provides: 32 private residential apartments with an NSA of 44,498 sq ft (4,134 sq m); retail/restaurant accommodation totalling 8,503 sq ft (790 sq m) GIA at ground and lower ground (B1) floors; and 21 underground car parking spaces.

Further information on the scheme is provided within the Residential section.

OFFICEPilbrow & Partners has undertaken detailed architectural studies into both a comprehensive refurbishment and a redevelopment of the property allowing them to present two outstanding office schemes with retail and/or restaurant space over the lower floors. Both schemes have been conceptualised principally within the planning envelope established by the residential consent, as follows:

COMPREHENSIVE REFURBISHMENT: 47,490 sq ft (4,412 sq m) NIA of Grade A office accommodation including a new seventh floor and a retail unit at ground floor.

REDEVELOPMENT: 52,269 sq ft (4,856 sq m) NIA of new build Grade A offices over ground and eight upper floors together with a stunning retail/restaurant arcade at ground floor connecting Curzon Street with Stratton Street, with further retail/restaurant space at lower ground.

Further information on the schemes is provided within the Office section.

THE OPPORTUNITY

65 Curzon Street: Resolution to grant planning permission to deliver a landmark, high calibre private residential led scheme has been secured. Alternatively the existing office can be either comprehensively refurbished or completely redeveloped as new build office accommodation, subject

to the necessary consents.

Mayfair has the unique position of being both a prime residential and office location, capable of achieving the highest capital values and rents anywhere in London and The World. The potential to explore these various development outcomes

makes 65 Curzon Street a rare freehold Mayfair opportunity.

On the following pages the consented residential scheme and the conceptual office schemes are outlined in detail.

There is also a dedicated website, which contains further technical and legal information relating to the property and sales process, which can be accessed at:

www.65curzonst.com

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CGI of the consented residential scheme from Stratton Street

RESIDENTIAL

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RESIDENTIAL DEVELOPMENT INTRODUCTION

On 26th January 2016 resolution to grant planning permission was granted for the ‘demolition of existing building and redevelopment, including excavation, to create up to three basement storeys, ground and eight storeys to be used for up to 32 residential flats, creation of a ground floor arcade link between Stratton Street and Curzon Street for use as retail and/or restaurant uses (Classes A1 and A3), provision of up to 21 car parking spaces over the basement level, basement and rooftop plant areas. Creation of terrace/balcony areas on both elevations’ (15/07627/FULL).

This planning permission has crystalised a change of use from office (B1) to residential (C3), making it a rare opportunity to create a landmark scheme, following the implementation of Westminster’s new planning policy that will restrict future planning applications that seek a change of use from office to residential.

The scheme provides:

• 32 private residential apartments;

• Secure underground car parking (21 spaces);

• Pedestrian arcade for retail and/or restaurant use.

Section 106 Agreement

The conditional planning permission will be subject to a Section 106 agreement to provide the following:

a) Provision of £32,000 per annum (index linked) towards monitoring the construction project by the City Council’s Environmental Inspectorate;

b) Unallocated car parking;

c) Car Club Membership for 25 years for all the apartments;

d) Walkway Agreement;

e) Car Lift Maintenance;

f) Highways alterations required for the development to occur (at no cost to the City Council); and

g) The costs of monitoring the Section 106 Agreement.

Affordable Housing

There is no requirement to provide affordable housing under the terms of the Section 106 Agreement and furthermore, there is no provision for a financial contribution in lieu of affordable housing.

Community Infrastructure Levy (CIL)

The implementation of the January 2016 planning permission (ref: 15/07627/FULL) will give rise to a payment of £132,050 towards Mayoral CIL (subject to inflation if the scheme is implemented after February 2017).

CGI of the consented residential scheme from Curzon Street (also showing a CGI of the proposed scheme at 60 Curzon Street in the background)

CGI of the retail arcade and residential entrance from Stratton Street

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CGI of the consented residential scheme penthouse apartment

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RESIDENTIAL DEVELOPMENT ACCOMMODATION

CGI showing the new retail and restaurant arcade

Residential Accommodation

Apartment Floor Beds Balcony/Terrace Aspect NSA

sq m sq ft

1 First 1 Curzon Street 64 689

2 First 1 Curzon Street 94 1,012

3 First 2 Curzon Street 105 1,130

4 First 2 Stratton Street 119 1,281

5 Second 1 Curzon Street 64 689

6 Second 2 Curzon Street 106 1,141

7 Second 2 Stratton Street 111 1,195

8 Second 2 Stratton Street 136 1,464

9 Second 3 Curzon Street 163 1,755

10 Third 1 Curzon Street 64 689

11 Third 2 Curzon Street 106 1,141

12 Third 2 Stratton Street 111 1,195

13 Third 2 Stratton Street 136 1,464

14 Third 3 Curzon Street 163 1,755

15 Fourth 1 Curzon Street 64 689

16 Fourth 2 Curzon Street 106 1,141

17 Fourth 2 Stratton Street 111 1,195

18 Fourth 2 Stratton Street 136 1,464

19 Fourth 3 Curzon Street 163 1,755

20 Fifth 1 Curzon Street 64 689

21 Fifth 2 Curzon Street 106 1,141

22 Fifth 2 Stratton Street 111 1,195

23 Fifth 2 Stratton Street 136 1,464

24 Fifth 3 Curzon Street 163 1,755

25 Sixth 2 Balcony Stratton Street 106 1,141

26 Sixth 2 Stratton Street 135 1,453

27 Sixth 3 Balcony Curzon Street 166 1,787

28 Sixth 3 Balcony Curzon Street 156 1,679

29 Seventh 3 Terrace Curzon Street 143 1,539

30 Seventh 2 Terrace Curzon Street 138 1,485

31 Seventh 3 Terrace Stratton Street 208 2,239

32 Eighth 4 Terrace Both 380 4,090

Totals 4,134 44,498

Retail / Restaurant Unit Mix

A1 Retail A3 Food & DrinkTOTALS

Retail Unit 1 Retail Display Retail Unit 2 Restaurant

Floor NIA GIA NIA GIA NIA GIA NIA GIA NIA GIA

sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft

Ground 109 1,173 110 1,184 52 560 53 570 85 915 86 926 43 463 44 474 289 3,111 293 3,154

B1 490 5,274 497 5,350 490 5,274 497 5,350

Schedule of Accommodation

Floor Retail / Restaurant

Gym Meeting Room

Residential Terraces Car Park

TOTALS

NIA NIA NIA NSA NSA / NIA GIA

sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft sq m sq ft

Eighth 380 4,090 70 753 380 4,090 452 4,865

Seventh 489 5,264 75 807 489 5,264 574 6,178

Sixth 563 6,060 16 172 563 6,060 651 7,007

Fifth 580 6,243 580 6,243 673 7,244

Fourth 580 6,243 580 6,243 673 7,244

Third 580 6,243 580 6,243 673 7,244

Second 580 6,243 580 6,243 673 7,244

First 41 441 14 151 382 4,112 382 4,112 527 5,673

Ground 289 3,111 289 3,111 546 5,877

Totals 289 3,111 41 441 14 151 4,134 44,498 161 1,732 4,423 47,609 5,442 58,577

B1 490 5,274 490 5,274 684 7,363

B2 7 84 904 618 6,652

B3 14 168 1,808 618 6,652

Totals 779 8,385 41 441 14 151 4,134 44,498 21 5,165 55,595 7,362 79,243

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CarLift

Kitchen

Retail/Restaurant

Retail Unit

Retail Unit

Residentia

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Lobby

Retail Arcade

Retail/RestaurantCarLift

BASEMENTLEVEL 1Restaurant/Retail: 490 sq m

GROUND FLOORRetail: 289 sq m

Residential Lobby: 58 sq m

CarLift

Plant Room

CarLift

BASEMENTLEVEL 314 Parking Spaces

BASEMENTLEVEL 27 Parking Spaces

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Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

RESIDENTIAL DEVELOPMENTFLOOR PLANS

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THIRD FLOOR1 Bed: 64 sq m (Apt 10)

2 Bed: 106 sq m (Apt 11)

2 Bed: 111 sq m (Apt 12)

2 Bed: 136 sq m (Apt 13)

3 Bed: 163 sq m (Apt 14)

FOURTH FLOOR1 Bed: 64 sq m (Apt 15)

2 Bed: 106 sq m (Apt 16)

2 Bed: 111 sq m (Apt 17)

2 Bed: 136 sq m (Apt 18)

3 Bed: 163 sq m (Apt 19)

FIRSTFLOOR

Gym: 41 sq m

Meeting Room: 14 sq m

1 Bed: 64 sq m (Apt 01)

1 Bed: 94 sq m (Apt 02)

2 Bed: 105 sq m (Apt 03)

2 Bed: 119 sq m (Apt 04)

SECOND FLOOR

1 Bed: 64 sq m (Apt 05)

2 Bed: 106 sq m (Apt 06)

2 Bed: 111 sq m (Apt 07)

2 Bed: 136 sq m (Apt 08)

3 Bed: 163 sq m (Apt 09)

RESIDENTIAL DEVELOPMENT FLOOR PLANS

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MeetingRoom

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Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

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SEVENTH FLOOR3 Bed: 143 sq m (Apt 29)

2 Bed: 138 sq m (Apt 30)

3 Bed: 208 sq m (Apt 31)

EIGHTH FLOOR4 Bed: 380 sq m (Apt 32)

FIFTH FLOOR

1 Bed: 64 sq m (Apt 20)

2 Bed: 106 sq m (Apt 21)

2 Bed: 111 sq m (Apt 22)

2 Bed: 136 sq m (Apt 23)

3 Bed: 163 sq m (Apt 24)

SIXTH FLOOR

2 Bed: 106 sq m (Apt 25)

2 Bed: 135 sq m (Apt 26)

3 Bed: 166 sq m (Apt 27)

3 Bed: 156 sq m (Apt 28)

RESIDENTIAL DEVELOPMENT FLOOR PLANS

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2931

30

32

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Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

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RESIDENTIAL MARKET COMMENTARY

Since the inception of Savills Prime index in 1979, prime London house prices have consistently outperformed mainstream London and the rest of the UK in real terms. The trend rate of real house price growth across prime London over this period has averaged 4.3% per year. Real house price growth across Greater London has averaged 3.6% above inflation annually over the same period, compared to the UK average of 2.1%. Prime London has been driven by both domestic and international equity and is regarded as one of the premier world cities in which to both live and invest.

Residential property values in the well established prime location of Mayfair have increased significantly over the past decade. In nominal terms, the area has seen price growth of 130% over the last 10 years, outpacing the 113% growth seen across wider prime Central London.

Annual growth as at Q4 2015 in Mayfair saw a small correction of -3.7%, which reflects the adjustment that the market made following the stamp duty land tax (SDLT) reform in December 2014. However, Mayfair has still outperformed other prime Central London locations such as Knightsbridge, South Kensington and Notting Hill over the last year.

In terms of transactions, there has been a notable increase in the number of prime Central London new build £5m+ sales during 2015, with transactions up 48% compared with 2014.

Whilst the increase in new build market share is in part a function of more top end new build stock coming to the market, it also indicates that there is considerable appetite for best in class product.

Looking forward, Savills expects prime Central London house prices to remain flat throughout 2016 as the market absorbs the 2014 SDLT reform and the recently announced 3% SDLT surcharge on additional homes, which takes effect from April 2016. However, the fundamentals of global wealth generation will support a return to positive rates of price growth over the medium term. Over the five years to the end of 2020 Savills is forecasting total price growth of 21.5% in the prime Central London market.

Restaurants

The consented scheme includes a rare planning permission for 6,750 sq ft (627 sq m) GIA of restaurant accommodation mostly arranged at basement level. The space benefits from a substantial ground floor entrance and excellent ceiling heights throughout. This address is considered prime for restaurants. Nearby operators include Sexy Fish, 5 Hertford Steet, Novikov and Annabel’s to name just a few. It is well documented that the London restaurant property market is thriving, buoyed by huge tourist numbers and sustained domestic demand; nowhere is this more pronounced than in prime Mayfair, which benefits from a very wealthy, multi-national local catchment.

Supply is consistently held back by a lack of new A3 planning consents, which ensures demand remains very high, fuelling continued rental growth. Similar to the prime luxury retail market in Mayfair, leasehold restaurants change hands for significant premium payment.

Caprice Holdings, the holding company of restaurants including Scott’s and The Ivy, acquired a unit on Berkeley Square at the end of 2014 at £190 per sq ft, in addition to a reported £10 million premium payments, setting a new benchmark.

New build apartment sales over £5m have increased significantly over the last year

20152014201320122011201020090

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£5m+ new build market share is increasing

New build apartments New build apartments

£5-£10M £5-£10M £10-£15M £15-£20M £20M+£10M+

2015201420132012201120100%

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CGI of the consented residential scheme and retail arcade from Curzon Street

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Aerial CGI of the office redevelopment scheme on Curzon Street

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REFURBISHMENT

CGI of the office refurbishment scheme reception

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OFFICE REFURBISHMENT INTRODUCTION

Pilbrow & Partners, in conjunction with Structural Engineers, AKT, and M&E specialists, Grontmij, have produced an office-led commercial scheme focusing on a comprehensive refurbishment of the existing building. Key elements of the scheme include a new façade to Curzon Street, a remodelled reception off Curzon Street, an additional seventh floor and a new retail unit to the ground floor, also fronting Curzon Street. This scheme has been developed within the envelope established by the residential consent.

The scheme provides:

• 47,490 sq ft (4,412 sq m) of accommodation arranged across lower ground, ground and seven upper floors;

• New feature seventh floor with large roof terraces;

• A net internal area of 46,296 sq ft (4,301 sq m) of office and ancillary space and 1,195 sq ft (111 sq m) of retail;

• Enlarged floor plates of up to 6,049 sq ft (562 sq m);

• Office accommodation will benefit from excellent levels of natural light throughout and views towards Berkeley Square and Green Park;

• Enlarged reception to Curzon Street and potential for self-contained entrance from Stratton Street;

• Typical finished floor to ceiling heights of 2.7m;

• 3 x 10-person passenger lifts linking the lower ground to sixth floors;

• 4 x Male and Female WCs per floor;

• Cycle parking spaces and showers at basement level;

• New façade to Curzon Street and partial new façade to Stratton Street.

Once refurbished and extended the building will provide exceptional accommodation, capable of attracting top Mayfair rents.

CGI of the office refurbishment scheme from Curzon Street

CGI of typical refurbished office floor

CGI of the office refurbishment scheme from Stratton Street

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Aerial CGI of the office refurbishment scheme on Curzon Street

CGI of the new seventh floor with terraces within the refurbished office scheme

OFFICE REFURBISHMENT ACCOMMODATION

OFFICE REFURBISHMENT FLOOR PLANS

Office

Plant

CycleStorage

Reception

Retail Unit Office

LOWERGROUND FLOORNIA: 197 sq m / 2,120 sq ft

GROUND FLOORNIA: 536 sq m / 5,769 sq ft

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Not to scale, for indicative purposes only.

Floor Use NIA GIA

sq m sq ft sq m sq ft

Seventh Office 369 3,972 386 4,155

Sixth Office 507 5,457 587 6,318

Fifth Office 555 5,974 635 6,835

Fourth Office 562 6,049 641 6,900

Third Office 562 6,049 641 6,900

Second Office 562 6,049 641 6,900

First Office 562 6,049 641 6,900

Ground Office 247 2,659522 5,619

Ground Reception 178 1,916

Ground Retail 111 1,195 113 1,216

Lower Ground Office 197 2,120 610 6,566

Totals 4,412 47,490 5,417 58,308

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OFFICE REFURBISHMENT FLOOR PLANS

Terrace

Terrace

Office

Office

SEVENTH FLOORNIA: 369 sq m / 3,972 sq ft

Office

Office

FIFTHFLOOR

NIA: 555 sq m / 5,974

SIXTHFLOORNIA: 507 sq m / 5,457 sq ft

TYPICAL UPPER

FLOOR(First to fourth floor)

NIA: 562 sq m / 6,049 sq ft

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Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

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REDEVELOPMENT

CGI of the office redevelopment scheme reception

OFFICE REDEVELOPMENT INTRODUCTION

Pilbrow & Partners, in conjunction with Structural Engineers, AKT, and M&E specialists, Grontmij, have developed an office-led commercial scheme, which involves a redevelopment of the existing property. The scheme will provide new accommodation across lower ground, ground and eight upper floors, incorporating a retail arcade at ground floor linking Curzon Street and Stratton Street, providing extensive retail space at lower ground floor. This scheme has been developed principally within the envelope established by the residential consent.

The scheme provides:

• 52,269 sq ft (4,856 sq m) of accommodation across lower ground, ground and eight upper floors;

• A net internal area of 46,532 sq ft (4,323 sq m) of office space and 5,737 sq ft (533 sq m) of retail and restaurant accommodation within a new retail arcade;

• Floor plates of up to 6,286 sq ft (584 sq m) with extensive roof terraces on the seventh and eighth floors;

• Office accommodation will benefit from excellent levels of natural light throughout and views towards Berkeley Square and Green Park;

• Impressive office reception off Curzon Street and Stratton Street;

• Typical finished floor to ceiling heights of 2.7m;

• 3 x 10-person passenger lifts providing access to all floors;

• Male and Female WCs to all floors;

• Stunning retail and restaurant arcade providing a direct link from Stratton Street through to Curzon Street, revolutionising the streetscape in this corner of Mayfair.

Once completed this scheme would be amongst the best mixed-use properties in Mayfair, attracting top restaurant, retail and office rental values.

CGI of the office redevelopment scheme from Curzon Street

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CGI of typical office floor within the office redevelopment scheme

OFFICE REDEVELOPMENT ACCOMMODATION

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CGI of the office redevelopment scheme from Stratton Street

Floor Use NIA GIA

sq m sq ft sq m sq ft

Eighth Office 384 4,133 456 4,908

Seventh Office 470 5,059 576 6,200

Sixth Office 566 6,092 667 7,180

Fifth Office 584 6,286 685 7,373

Fourth Office 584 6,286 685 7,373

Third Office 584 6,286 685 7,373

Second Office 584 6,286 685 7,373

First Office 390 4,198 491 5,285

Ground Reception 177 1,905 263 2,831

Lower Ground Office Ancillary – – 378 4,069

Ground Retail/Restaurant 274 2,949 300 3,229

Lower Ground Retail/Restaurant 259 2,788 273 2,939

Totals 4,856 52,269 6,144 66,133

Restaurant

Retail

Retail

Reception

Retail Arcade

OFFICE REDEVELOPMENT FLOOR PLANS

TYPICAL FLOOR(Second to fifth floors)

NIA: 584 sq m / 6,286 sq ft

GROUND FLOOR

NIA: 451 sq m / 4,854 sq ft

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FIRST FLOORNIA: 390 sq m / 4,198 sq ft

LOWER GROUND

FLOORNIA: 259 sq m / 2,788 sq ft

Office

Office

Retail/Restaurant

Works

CycleStorage

Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

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OFFICE REDEVELOPMENT FLOOR PLANS

EIGHTH FLOORNIA: 384 sq m / 4,133 sq ft

SEVENTH FLOOR

NIA: 470 sq m / 5,059 sq ft

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SIXTH FLOOR

NIA: 566 sq m / 6,092 sq ft

Office

Terr

ace

Terra

ce

Terra

ce

Terra

ce

Office

Office

Terrace

Terr

ace

Not to scale, for indicative purposes only. Not to scale, for indicative purposes only.

CGI of top floor within office redevelopment scheme

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MAYFAIR & ST JAMES’S OFFICE MARKET COMMENTARY

The office market is experiencing one of its most sustained periods of rental growth.

Unwavering demand boosted by increased employment and improving business confidence, coupled with acute supply shortages, has resulted in the occupational market experiencing its lowest vacancy rates since 1989.

This has resulted in strong rental growth and falling incentives illustrating how firmly today’s market aligns itself with landlords. The market has witnessed continued optimism during 2016 as a number of high profile schemes have become fully let.

We list opposite a number of recent transactions:-

Address Tenant Floor Size (sq ft) Lease Start Date Lease (years) Rent (£ psf) Rent free (mths)

1 New Burlington Place Accel 6th 9,602 10/02/2016 10 years £132.50 Confidential

3 St James’s Square Silver Ridge Asset Management UK 8th 1,810 04/01/2016 10 years £160.00 9

3 St James’s Square Astorg Partners UK 6th 2,196 04/01/2016 10 years £150.00 12

8 St James’s Square Point72 AM 1st 7,116 20/08/2015 10 years £147.50 15

10 Grosvenor Street ABF 3rd 11,184 01/08/2015 10 years £110.00 15

1 New Burlington Place Davidson Kempner 3rd 16,490 01/06/2015 10 years £115.00 15

8 St James’s Square Helly Nahmad Gallery 6th 2,959 01/05/2015 15 years £185.87 8

8 St James’s Square Société Générale 5th 7,888 01/03/2015 11 years £150.00 13

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1 New Burlington Place8 St James’s Square 3 St James’s Square10 Grosvenor Street

MAYFAIR & ST JAMES’S OFFICE MARKET COMMENTARY

Supply & Demand

There are very positive signs for continuing rental growth and falling incentives in light of the increasing supply and demand shortages that are occurring across all West End sub-markets, particularly in Mayfair:

• During 2015, 430,000 sq ft (39,947 sq m) was let in Mayfair, which continues to indicate healthy demand for all grades of office space;

• Absorption of good quality second-hand accommodation accelerated sharply in Q3 2015;

• Availability in Mayfair currently stands at 474,000 sq ft (44,035 sq m), significantly below the 10-year average of 795,000 sq ft (73,856 sq m);

• The vacancy rate currently stands at 4.0%, substantially below the 10-year average of 7.4%. Vacant space has reduced by over 20% in 2015 and into 2016.

Development Pipeline

Within the core markets of Mayfair & St James’s there is only 920,000 sq ft of office space set to complete between now and 2019. This compares to a long term average annual take-up of 950,000 sq ft (88,255 sq m).

This shortage of forecast supply and rising rental levels has resulted in more pre-leasing activity in the West End since the start of 2014 than in the previous 10 years combined.

With increasing demand and such limited supply, rental growth prospects are at their highest for a decade.

The West End Investment Market

West End investment volumes exceeded £8.5 billion in 2015, 35% above the 10 year average.

With a record of £990 million of investment turnover recorded in January 2016 and with February 2016 volumes alone being approximately 200% ahead of the same month last year, commercial sentiment remains extremely positive for the year ahead supported by persisting record low interest rates and government bonds.

International investors accounted for circa 65% of total West End investment in 2015, attracted by London’s defensive qualities together with the healthy capital returns on offer, driven in particular by the positive rental growth prospects.

London’s safe haven status looks set to continue as investors seek prime investments against a wider backdrop of global economic uncertainty.

Prime West End yields currently stand at 3.25%.

In a low interest rate environment yields are broadly considered to have stabilised albeit some commentators are speculating that there will be further rates reductions.

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95 Wigmore Street 14 St George Street15 Sackville Street 22 Hanover Square5–6 St James’s Square 7 Old Park Lane

Vacant Possession Evidence

Date Address Tenure Price Price (psf)

Q1 2016 21 Hanover Square FH £28,100,000 £3,609

Q1 2016 1 Welbeck Street FH £104,000,000 £1,891

Q4 2015 7 Old Park Lane FH £82,700,000 £1,932

Q4 2015 15 St George Street FH £35,000,000 £3,005

Q4 2015 3 Cavendish Square vFH £27,000,000 £2,553

Q1 2015 6 Grafton Street FH £36,000,000 £2,719

Investment Evidence

Date Address Tenure WAULT (BREAK) Price Price (psf) Initial Yield Comment

Q1 2016 8-10 Hanover Street FH 8 years £70,000,000 £2,600 3.30% New Build

Q1 2016 14 St George Street FH 4.2 years £121,700,000 £2,347 3.50% New Build

Q4 2015 Almack House, 28 King Street FH 8 years (7 years) £232,000,000 £2,381 3.49% Refurbishment

Q4 2015 9 Clifford Street FH 5.9 years £38,000,000 £2,872 1.88% Un-refurbished

Q2 2015 95 Wigmore Street FH 12.8 years (10.5 years) £222,400,000 £2,209 3.40% New Build

Q4 2014 5-6 St James’s Square FH 15 years £265,000,000 £2,265 3.89% Part New Build / Part Refurbishment

Q3 2014 15 Sackville Street FH 11 years (5.4 years) £83,060,000 £2,159 3.81% New Build

ALTERNATIVE USES

Subject to planning, 65 Curzon Street could be appropriate for a number of other uses including hotel and serviced apartments.

Hotels

As one of the great world cities, London benefits from a vibrant hotel market. Over the course of 2014 London received a record 17.4 million visitors, making it one of the most visited cities in the world. This is placing pressure on the restricted hotel room supply and as such is having a positive impact on the operational performance of London’s hotels. PWC forecast ADR to grow by 3.00% and RevPAR to grow by 4.60% in 2015 across the whole London market and this is set to continue during 2016.

The appetite for prime hotels in Central London is currently very strong and is principally being driven by demand from international buyers. London retained its status as the top European destination for hotel investment in 2015 and given the current high levels of demand we cannot foresee this changing over the course of 2016.

Within Mayfair there are a number of the world’s most famous hotels, including The Connaught, Claridge’s, Brown’s, The May Fair, The Beaumont, The Dorchester and Park Lane Hotel.

Serviced Apartments

Serviced Apartments are fast becoming a thriving sub-sector of the UK hotel market following the trend of the well established markets in the US and Asia Pacific.

Current supply in Central London stands at just above 10,700 units, reflecting 1.7 units per 1,000 business visitors, the primary users of serviced apartments.

This indicates significant under supply relative to other global financial centres such as New York and Hong Kong, where there are 5.7 and 5.1 units per 1,000 business visitors, respectively.

This relative under supply is apparent in operational performance, which tends to outperform the hotel market. London will continue to be the main focus for operator expansion going forward as investors, developers and lenders become increasingly comfortable with the sector and are likely to view it as an extension of the hotel sector.

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FURTHER INFORMATION

VAT

The building has been elected for VAT.

EPC

A copy of the EPC for the existing building is available on the dataroom.

Dataroom

A detailed suite of information can be found at: www.65curzonst.com

Proposal

Offers are invited in excess of £80,000,000 (Eighty million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects

a capital value of £1,509 per sq ft on the consented area.

Luke Hawkesbury lhawkesbury@savills.com

+44 (0)20 7409 9942

Simon Ewart-Perks seperks@savills.com +44 (0)20 7409 8003

Anastasia Hicks ahicks@savills.com

+44 (0)20 7299 3022

John Olney john.olney@colliers.com

+44 (0)20 7487 1768

Charlie Van der Gucht charlie.vandergucht@colliers.com

+44 (0)20 7487 1708

Ed Betts ed.betts@colliers.com +44 (0)20 7487 1745

CGI of the redeveloped office scheme

Misrepresentation Act 1967

Colliers International and Savills give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International or Savills have any authority to make any representation or warranty whatsoever in relation to this property. April 2016.

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