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PRIME FREEHOLD INVESTMENT OPPORTUNITYKNIGHTS QUARTER, 14 ST JOHN’S LANE, LONDON, EC1

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INVESTMENT SUMMARY

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THE OPPORTUNITY

Freehold.

Prime Farringdon location, one of the most diverse and vibrant sub markets in Central London.

The location benefits from exceptional connectivity being only 150 metres from the entrance to Crossrail ‘The Elizabeth Line’ at Farringdon Station.

Prominent corner building with natural light from three sides.

19,664 sq ft of office and ancillary accommodation over lower ground, ground and four upper floors with typical floor plates of approximately 3,700 sq ft.

Single let to Kingsley Napley LLP on a full repairing and insuring lease for a term of 15 years from 27th January 2005. The lease expired 26th January 2020 and the tenant is currently holding over. No notices for a new lease or for termination have been served by either party.

The current passing rent is £790,000 per annum which reflects a low overall average rent of £40.17 per sq ft.

Kingsley Napley have reportedly signed a new lease at 20 Bonhill Street which is due to PC in Q1 2021.

Significant asset management opportunities including full refurbishment, reconfiguration and extension. Prime rents in this location are in excess of £80 per sq ft for new and refurbished office accommodation.

The property also offers the opportunity to potentially agree a new lease with the existing tenant, or for owner occupation subject to vacant possession.

Offers are sought in excess of £17,000,000 (Seventeen Million Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.35% (assuming purchaser costs of 6.74%) and a low capital value of £864 per sq ft on the existing net area.

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FARRINGDON, LONDON

CANARYWHARF

CITY OFLONDON

SMITHFIELDMARKET

ST PAUL’S CATHEDRAL

FARRINGDONSTATION

FARRINGDON EAST CROSSRAIL

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THE LOCATION

Knights Quarter, 14 St John’s Lane, is located in the very heart of Farringdon. The area has become one of the most diverse and vibrant sub-markets of Central London attracting a wide range of businesses as well as becoming the centre of London’s world renowned Tech Belt and the hub for the creative industry in Europe.

The area has a unique blend of building stock and excellent transport links which has attracted some of the biggest global organisations such as LinkedIn, Amazon and Adidas.

The appeal will be further enhanced by the opening of Crossrail ‘The Elizabeth Line’ in 2022, which is expected to be the catalyst for additional growth to this exciting office market. Smithfield Market is located to the south and is set to be redeveloped into the new home for the Museum of London which will further enhance the immediate area.

14 St John’s Lane occupies a highly prominent corner position at the junction of St John’s Lane and Albion Place and moments from Farringdon Station.

FARRINGDON, LONDON

CULTURE MILE AND SMITHFIELDMARKET

The Culture Mile is a new home for contemporary culture in the ancient heart of London’s City district. It runs from Moorgate in the east to Farringdon in the West, finishing at Smithfield Market which is located to the south of St John’s Lane. Planning has been submitted to transform the market into a new food hall, concert venue and exhibition space of approximately 450,000 sq ft which will bring new life to the area.

The redevelopment will be complemented by the new Museum of London at West Smithfield and the Centre of Music on the site of the old Museum of London.

ABOVE: CGI of the new Concert Hall.Source: Diller Scofidio and Renfro (dsrny.com/project/london-centre-for-music)

ABOVE: CGI of the new Culture Mile development by Museum of London. Source: Stanton Williams (www.stantonwilliams.com/projects/museum-of-london-west-smithfield)

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COMMUNICATIONS

Knights Quarter, 14 St John’s Lane, is situated in one of London’s most well connected locations. The property benefits from exceptional connectivity being within 150 metres of Farringdon Station which is soon to benefit from the opening of Crossrail ‘The Elizabeth Line’. The station also provides access to the London Underground network and City Thameslink.

The Elizabeth Line is Europe’s largest infrastructure project and is set to transform Central London’s transport network with a high-speed rail link running beneath Central London, connecting Reading and Heathrow in the West to Canary Wharf and Shenfield in the east. Farringdon Station will be one of the busiest interchanges along the line and facilitate access to the West End in 4 minutes, Heathrow in 31 minutes and Canary Wharf in an 8 minute journey time. The line will offer a frequent service (every 2.5 minutes) both ways and is due to open in 2022.

THE ELIZABETH LINE (Crossrail)

SITUATED IN ONE OF LONDON’S MOST WELL CONNECTED LOCATIONS.

TRANSPORT & COMMUNICATIONS

BELOW: CGI of the new Farringdon Station (www.crossrail.co.uk).

CROSSRAIL

8 MINS

PADDINGTON

8 MINS

BOND STREET

4 MINS

TOTTENHAM COURT ROAD

2 MINS

MOORGATE

2 MINS

LIVERPOOLSTREET

2 MINS

CANARY WHARF

8 MINS

STRATFORD

10 MINS

THAMESLINK

LUTON AIRPORT

35 MINS

HEATHROWAIRPORT

KING’S CROSS ST PANCRAS

3 MINS

BLACKFRIARS

4 MINS

GATWICKAIRPORT

39 MINS

FARRINGDON

BAKERLOO CENTRAL

DISTRICT HAMMERSMITH & CITY

METROPOLITAN NORTHERN

PICCADILLY DLR

OVERGROUND CIRCLE

CROSSRAIL

JUBILEE

NATIONAL RAIL

EUROSTAR

VICTORIA

AIRPORT

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LOCAL DEVELOPMENTS AND OCCUPIERS

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LOCAL DEVELOPMENTS (EC1)

LOCAL OCCUPIERS LOCAL DEVELOPMENTS

THE RAYDEVELOPER: VIRIDS

AREA: 100,000 sq ftSTATUS: Completed in 2019. Fully pre-let to LinkedIn. Achieved rents in excess of £80 per sq ft.

FARMILOE BUILDINGDEVELOPER: ABERDEEN STANDARD INVESTMENTS

AREA: 64,500 sq ftSTATUS: Completed in 2019. Fully pre-let to Live Nation. Overall rent £82.50 per sq ft.

KALEIDOSCOPEDEVELOPER: HELICAL

AREA: 88,500 sq ftSTATUS: Completed in December 2019. Guiding rents in late £80s per sq ft.

33 CHARTERHOUSE STREETDEVELOPER: HELICAL / ASHBY CAPITAL

AREA: 196,000 sq ftSTATUS: New development due to complete in 2022.

THE STILLSDEVELOPER: CITY OF LONDON CORPORATION

AREA: 45,000 sq ftSTATUS: New development due to complete in 2020. Entirety under offerto J A Kemp.

BLOOM CLERKENWELLDEVELOPER: HB REAVIS

AREA: 145,000 sq ftSTATUS: New development due to complete in 2021.

100 ST JOHN STREETDEVELOPER: ABERDEEN STANDARD

AREA: 31,000 sq ftSTATUS: Completed in September 2019. Achieved rents in excess of £80 per sq ft.

MUSEUM OF LONDONDEVELOPER: CITY OF LONDON CORPORATION

AREA: 440,000 sq ftSTATUS: Consented planningpermission for new Museum ofLondon due to open in 2024. Work is yet to commence.

17 CHARTERHOUSE STREETDEVELOPER: M&G / DE BEERS

AREA: 145,600 sq ftSTATUS: New development due to complete in 2020. De Beers’ new HQ.

1. Alexander Mcqueen2. Deloitte Digital3. Unilever4. Zaha Hadid Architects5. Ennismore6. Grimshaw Architects7. Publicis Groupe8. Airbnb9. Allford Hall Monaghan

Morris10. Fred Perry11. Solus12. LinkedIn (Microsoft)13. Adidas14. Photobox15. IDEO16. Ben Sherman17. Splash Worldwide18. Macmillan Publishers19. AKQA (WPP)20. Save The Children21. LiveNation22. Tesco Digital23. Clerkenwell Worshops24. GoCardless25. Yelp

26. Hill+Kowlton Strategies27. Kurt Geiger28. Amazon29. Hogan Lovells30. Eventbrite31. Indeed32. De Beers33. Sainsbury’s PLC34. Trade Desk35. Grey Communications

1. The Ray2. Farmiloe Building3. 100 St John Street4. Kaleidoscope5. The Stills6. Bloom Clerkenwell7. 17 Charterhouse Street8. 33 Charterhouse Street9. Museum of London

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28

9

11

1012

1314

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2227

26

25

2423

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8

20

2

19

67

1

5

18

17

1668

9

4

3

FARRINGDON

HOTELS

1. Citadines2. Malmaison3. The Rookery4. The Rosebery5. The Zetter Townhouse6. Yotel7. The Bryson

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29

30

31

32

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34

35BARBICAN

CHANCERY LANE

CITY THAMESLINK

ST PAUL’S

MOORGATE

7

2

1

5

4

6

3

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DESCRIPTION

14 St John’s Lane was constructed in the late 1980s and comprises 19,664 sq ft (1,826.8 sqm) of office and ancillary accommodation over lower ground, ground and four upper floors. The floorplates are regular with a central core and excellent levels of natural light from three elevations. The reception area and meeting rooms have recently been upgraded and present well.

The entrance is located on the corner of St John’s Lane and Albion Street and benefits from exceptional prominence. A secondary core is located on the west elevation of the property and provides a second entrance to street level.

The base specification includes the following:

ACCOMMODATION

The building has been independently measured by PlanLondon in accordance with the RICS Code of Measuring Practice (6th edition) and comprises the following net internal areas:

Four pipe fan coil air conditioning

Fully accessible raised flooring

Two 8-person passenger lift

Male and female WC’s on each floor

Three showers located at basement level

Bike racks

Garage parking space

Suspended ceilings

Average floor to ceiling height of 2.6m

FLOOR USE AREA (SQ M) AREA (SQ FT) NIA

4th Floor Office 299.7 3,226

3rd Floor Office 341.3 3,674

2nd Floor Office 341.2 3,673

1st Floor Office 341.2 3,672

Ground Floor Office 254.3 2,737

Basement Office / Ancillary 249.1 2,681

TOTAL 1,826.8 19,664

ACCOMMODATION

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BASEMENT

INDICATIVE FLOOR PLANS INDICATIVE FLOOR PLANS

GROUND FLOORBASEMENT

ALBION PLACE

ST. J

OH

N'S

LA

NE

LIGHTWELL

LIGHTWELL

LIGHTWELL

LIG

HTW

ELL

LIG

HTW

ELL

NO ACCESS AT TIME OF SURVEY- ASSUMED EXTENT.

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

UP

UP

CUPBOARD(STAIRSOVER)

CUPBOARD(STAIRSOVER)

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

(INCLUDED IN GIACALCULATIONS)

PLANT ROOMS

SUB-STATIONNO ACCESS AT TIME OF SURVEY

- ASSUMED EXTENT.(INCLUDED IN GIACALCULATIONS)

GROUND FLOOR

VOID

VOID

ALBION PLACE

ST. J

OH

N'S

LA

NE

VOID

VOID

VOIDRISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

ENTRANCE

UP

UP

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

STORE

FIRST FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

STAIR 2

UP

RISER

WC

WC

FOURTH FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

RISER

WC

WC

THIRD FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

RISER

STAIR 2

UP

WC

WC

SECOND FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

UP

RISER

ALBION PLACE

WC

WC

BASEMENT

ALBION PLACE

ST. J

OH

N'S

LA

NE

LIGHTWELL

LIGHTWELL

LIGHTWELL

LIG

HTW

ELL

LIG

HTW

ELL

NO ACCESS AT TIME OF SURVEY- ASSUMED EXTENT.

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

UP

UP

CUPBOARD(STAIRSOVER)

CUPBOARD(STAIRSOVER)

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

(INCLUDED IN GIACALCULATIONS)

PLANT ROOMS

SUB-STATIONNO ACCESS AT TIME OF SURVEY

- ASSUMED EXTENT.(INCLUDED IN GIACALCULATIONS)

GROUND FLOOR

VOID

VOID

ALBION PLACE

ST. J

OH

N'S

LA

NE

VOID

VOID

VOIDRISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

ENTRANCE

UP

UP

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

STORE

FIRST FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

STAIR 2

UP

RISER

WC

WC

FOURTH FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

RISER

WC

WC

THIRD FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

RISER

STAIR 2

UP

WC

WC

SECOND FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

UP

RISER

ALBION PLACE

WC

WC

FIRST FLOOR

FOURTH FLOOR

BASEMENT

ALBION PLACE

ST. J

OH

N'S

LA

NE

LIGHTWELL

LIGHTWELL

LIGHTWELL

LIG

HTW

ELL

LIG

HTW

ELL

NO ACCESS AT TIME OF SURVEY- ASSUMED EXTENT.

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

UP

UP

CUPBOARD(STAIRSOVER)

CUPBOARD(STAIRSOVER)

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

(INCLUDED IN GIACALCULATIONS)

PLANT ROOMS

SUB-STATIONNO ACCESS AT TIME OF SURVEY

- ASSUMED EXTENT.(INCLUDED IN GIACALCULATIONS)

GROUND FLOOR

VOID

VOID

ALBION PLACE

ST. J

OH

N'S

LA

NE

VOID

VOID

VOIDRISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

ENTRANCE

UP

UP

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

STORE

FIRST FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

STAIR 2

UP

RISER

WC

WC

FOURTH FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

RISER

WC

WC

THIRD FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

RISER

STAIR 2

UP

WC

WC

SECOND FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

UP

RISER

ALBION PLACE

WC

WC

BASEMENT

ALBION PLACE

ST. J

OH

N'S

LA

NE

LIGHTWELL

LIGHTWELL

LIGHTWELL

LIG

HTW

ELL

LIG

HTW

ELL

NO ACCESS AT TIME OF SURVEY- ASSUMED EXTENT.

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

UP

UP

CUPBOARD(STAIRSOVER)

CUPBOARD(STAIRSOVER)

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

(INCLUDED IN GIACALCULATIONS)

PLANT ROOMS

SUB-STATIONNO ACCESS AT TIME OF SURVEY

- ASSUMED EXTENT.(INCLUDED IN GIACALCULATIONS)

GROUND FLOOR

VOID

VOID

ALBION PLACE

ST. J

OH

N'S

LA

NE

VOID

VOID

VOIDRISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

ENTRANCE

UP

UP

WC

WC

WC - ASSUMEDTENANT FIT-OUT.

INCLUDED INCALCULATIONS

STORE

FIRST FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

STAIR 2

UP

RISER

WC

WC

FOURTH FLOOR

ALBION PLACE

ST. J

OH

N'S

LA

NE

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

RISER

WC

WC

THIRD FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1 UP

RISER

STAIR 2

UP

WC

WC

SECOND FLOOR

ALBION PLACE

ST. J

OH

N'S

LAN

E

RISE

RRI

SER

RISE

R

LIFT 1LIFT 2

STAIR 1

STAIR 2

UP

UP

RISER

ALBION PLACE

WC

WC

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The Farringdon market is characterised by a historically low level of speculative development combined with robust tenant demand. This has led to prime rents of over £80.00 per sq ft being consistently achieved for newly refurbished / developed buildings. Below are a list of recent leasing transactions in the sub-market that are similar to 14 St John’s Street:

MARKET COMMENTARY

OCCUPATIONAL MARKET

PROPERTY TENANT SIZE RENT (PSF) DATE

Corner Building, 91-93 Farringdon Road, EC1 GumGum 2,223 £76.50 Jun 20

55 Bartholomew Close, EC1 ShadowFall 1,041 £80.00 Feb 20

75 Farringdon Road, EC1 Blue Matter Consulting Ltd 2,590 c.£82.00 Dec 19

100 St John Street, EC1 Morgan Sindall Group 3,659 £82.50 Oct 19

90 Bartholomew Close, EC1 Peakon Ltd 4,675 £82.00 Oct 19

The Central London commercial property investment market is one of the most secure, transparent and liquid markets in the world and as a result attracts investors from all over the globe. The Farringdon market has seen particular investor interest over the past years due to the imminent arrive of Crossrail. Given the occupational dynamics of the sub-market, demand for assets has been strong which is shown by the recent transactions below:

INVESTMENT MARKET

PROPERTY SIZE TENURE WAULT PRICE PRICE (PSF) NIY CONDITION DATE

1 Great St Helens EC2 51,331 Freehold 2.5 yrs £50,000,000 5.62% £974 Unrefurbished Available

17-18 Haywards Place EC1 11,000 Freehold 7.3 yrs £15,600,000 4.21% £1,418 Refurbished Q3 2020

90 Bartholomew Close EC1 30,929 Freehold 8.2 yrs £48,500,000 3.92% £1,568 Refurbished Q2 2020

12-13 & 14 Greville Street EC1 14,747 Freehold 1 yrs £14,750,000 1.38% £1,000 Unrefurbished Q4 2019

102-108 Clerkenwell Road EC1 17,470 Freehold 2.2 yrs £17,450,000 3.86% £999 Unrefurbished Q3 2019

80 Clerkenwell Road EC1 12,387 Freehold 8.37 yrs £18,500,000 4.62% £1,494 Refurbished Q3 2018

MARKET COMMENTARY

TENURE

Knights Quarter, 14 St John’s Lane, is held freehold under title number NGL97674.

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. Stationary Office. Crown Copyright.

The property is single let on a full repairing and insuring lease to law firm Kingsley Napley LLP on a 15 year term from 27th January 2005. The lease expired on the 26th January 2020 and the tenant is currently holding over. The current passing rent is £790,000 per annum which reflects an overall reversionary rent of only £40.17 per sq ft.

No notices have been served by either the Landlord or tenant to renew or terminate the existing lease .

Kingsley Napley LLP is an internationally recognised law firm and has been practising law since 1937. The practice covers a wide range of disciplines including criminal litigation, dispute resolution, employment, family & divorce, public law and regulatory law. The firm has seen a significant expansion of its public inquiry practice, having recently been instructed by religious institutions, education bodies, police offices and other individuals to assist with a number of highly publicised inquires, such as the Grenfell Tower Inquiry and the Westminster Bridge Inquest.

Kingsley Napley LLP has a D&B rating of 3A1 minimum risk and has reported the following financials over the past three years:

TENANCY

FURTHER INFORMATION: www.kingsleynapley.co.uk

Ordnance Survey Crown Copyright 2020. All rights reserved.

Licence number 100022432.

Plotted Scale - 1:500. Paper Size – A4

30/04/2019 30/04/2018 30/04/2017

Turnover 42,712,550 40,161,241 35,964,369

Profit before Tax 12,366,782 11,386,794 9,722,205

Tangible Net Worth 12,329,386 11,358,935 9,630,271

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PRIME FREEHOLD INVESTMENT OPPORTUNITYKNIGHTS QUARTER, 14 ST JOHN’S LANE, EC1

MISREPRESENTATION ACTColliers International gives notice to anyone who may read these particulars as follows:

1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract; 2. Any information contained herein (whether in text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact; 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise not that any services or facilities are in good working order; 4. The photographs appearing in these particulars show only certain parts of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs; 5. Any areas, measurements or distances referred to herein are approximate only; 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by an intending purchaser; 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are in good faith as an opinion and not by way of a statement of fact; 8. Any intending purchaser should satisfy themselves as to the presence of any deleterious materials that may exist, or have been used in the construction of the property; 9. The seller provides no warranty as to the precise location of the boundary of the property; September 2020.

CONTACT

DOMINIC AMEY JACK HARRISON

DIRECT LINE +44 20 7344 6604MOBILE +44 7811 944024EMAIL Dominic.amey@colliers.com

DIRECT LINE +44 20 7344 6724MOBILE +44 7720 073231EMAIL Jack.Harrison@colliers.com

The property is located in the London borough of Islington. It is not listed however is situated in the Clerkenwell Green Conservation Area.

FURTHER INFORMATION

PLANNING

FURTHER INFORMATION

18

The property has been elected for the purposes of Value Added Tax (VAT). It is anticipated that the sale will be structured by way of a Transfer of Going Concern (TOGC).

VAT

Further information is available in the online data room. Please contact a member of the sales team to request access.

DATA ROOM

This can be made available upon request through the data room

EPC

Offers are sought in excess of £17,000,000 (Seventeen Million Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.35% (assuming purchaser costs of 6.74%) and a low capital value of £864 per sq ft on the existing net area.

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