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27 Poultry Final Particulars - July 2009[1]

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London EC2 27-35 Poultry & 5 Princes Street
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Page 1: 27 Poultry Final Particulars - July 2009[1]

1

LondonEC2

27-35 Poultry&

5 Princes Street

Page 2: 27 Poultry Final Particulars - July 2009[1]

1

A unique freehold building,

at the heart of one of the world’s leading financial centres,

with planning consent for a luxury hotel development

and suitable for various alternative uses

subject to the necessary consents.

On the instructions of Malcolm Shierson and Jamie Toynton

Joint Administrators of Poultry Development Limited (in Administration)

27-35 Poultry&

5 Princes Street

London

EC2

Page 3: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

3

Executive Summary

Former London headquarters for Midland Bankand subsequently HSBC Bank

•Adjacent to the Bank of Englandin the heart of the City of London

•Rare freehold occupying a site of

just under one acre•

GIA of circa 27,088 sq m(291,571 sq ft)

•Planning consent for a 181 bedroom luxury hotel,with associated facilities, of circa 30,249 sq m

(325,630 sq ft) GIA•

Office and mixed use planning consent (lapsed)for partial redevelopment and extension ofcirca 30,285 sq m (325,985 sq ft) GIA

•Alternative and mixed use potentialsubject to the necessary consents

•Unique original features including the double height marble-lined

banking hall, a safe depository and original boardrooms•

Exceptional safe depository, which featured in theJames Bond film “Goldfinger”

Substantial offers are invited for the freehold and999 year leasehold interests

27-35 Poultry - Image taken in 2006

Page 4: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

5

THREADNEEDLESHOTEL

APEX LONDONWALL HOTEL(DUE TO OPEN

NOVEMBER 2009)

THEBANKOF

ENGLAND

THEROYAL

EXCHANGE

BANK

DLRTHE

MANSIONHOUSE

LLOYD'SOF

LONDON

FENCHURCHSTREET

LIVERPOOLSTREET

CANNONSTREET

ANDAZHOTEL

LIVERPOOLSTREET

Page 5: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

27-35 Poultry and 5 Princes Street ispositioned on a prime site at the veryheart of the City of London, the financialcapital of Europe, opposite andoverlooking the Bank of England.

The property’s frontages to both Poultryand Princes Street provide access to twoof the most prestigious addresses withinthe City and benefit from substantialinternational recognition. Both streetsrun from the Bank junction, leading toMoorgate to the north and Cheapside tothe west, both major City thoroughfares.

Bank station, which is adjacent to theproperty, is one of the most central andbest connected London undergroundstations providing access to six railservices including the Central Line, DLRand Waterloo & City Lines. MansionHouse, Cannon Street, Monument, St.Paul’s, Moorgate and Liverpool Streetstations are all within easy walkingdistance.

Location

Area hatched red is held freehold together with 999 year leasehold. There is the benefit of a right of way over the area hatched

dark blue. The areas shaded in light blue are also within the freehold/leasehold title, but only in respect of the vaults.

Retailon

Cornhill

Bank

Junctionfrom

Poultry

Ward Bdy

BPs

BPs

Ward Bdy

BP

BPs

Ward Bdy

War

dBd

y

13.5m

12.2m

13.1m

0m

12.6m 14.0m

12.4m

13.1m

12.3m

Exchange

Box

LB

Letter

Royal

War

Statue

Steps

Memorial

PTP

Statue

TCBs

Subway

Subway

Subway

REDERICK'S PLACE

Pope

'sH

ead

Alle

y

MANSION HOUSE STREET

STM

ILD

RED

'SC

T

BUCKLERSBURY

PRINCE'SSTREET

POULTRY

BARTHO

LOM

EWLAN

E

OLD

JEW

RY

GR

OC

ERS'

HAL

LC

OU

RT

LOTHBURY

ROOK

QUEEN VICTORIA STREET

5

Bank

12

1

15to22

k

1

3

26

9

Man

sion

Hou

se

Bank Station

1to6

71

80

62

36

82

7

Royal Exchang

1

Probation

1 to 3

41

12

Gro

cers

' Hal

l

6to

8

(LRT)

1

10

35

1

8

Bank

Bank

Magistrates Court

1

Bank

Bank

8

11

73 to 77

37

81 to 82

Bank

27 to 32

14

1

Bank

Bank27

to32

Offices

Bank

Bank of England

8

36 to 38

1

1

9

0m 25m 50m 75m

© Crown Copyright 2009. All rights reserved. Licence number 100020449. Plotted Scale - 1:1577

City Institutions

1. Guildhall

2. Lloyd’s of London

3. The Bank of England

4. Mansion House

Banking & Finance

5. RBS

6. JP Morgan Chase

7. Allianz Cornhill

8. NM Rothschild & Sons

9. UBS Investment Bank

10. JP Morgan Cazenove

11. Legal & General

12. Royal & Sun Alliance

13. Friends Provident

14. Bank of Japan

15. Fortis Bank

16. Dresdner Kleinwort Wasserstein

17. Standard Chartered Bank

18. West LB AG

19. BNP Paribas

20. ING

21. Deutsche Bank

22. HBOS

23. Credit Agricole

24. Commerzbank

25. Lloyd’s TSB

26. Schroders

27. Nomura

28. Fidelity

29. Morley

30. Barclays

31. Aberdeen Asset Management

32. Aviva

33. Swiss Re

34. Willis

35. Brown Shipley

Professional

36. Clifford Chance

37. Eversheds

38. Accenture

39. White & Case

40. Smith & Williamson

41. SJ Berwin

Corporate

42. Hewlett Packard

43. British Telecom

44. National Power

Local occupiers

27

43

28

31

42

6

6

2335

2526

25

3716

30

38

32

29

11

4

5

8

9

7

2438

12 2

39 333

2221

20

10

193617

1813

40

41

34

1

15

14

44

27-35 Poultry &5 Princes Street

7

Aerialshot

of27

Poultry

Page 6: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

9

The ground floor provides access to numerous service coreswith lifts and staircases to the upper and lower floors. Theprincipal core provides three lifts serving all floors, with 14lifts in total, including the bullion lift to the rear.

The upper floors vary in layout, but the majority of the netfloor area is open plan accommodation stretching from thePoultry to the Princes Street façade. The fourth and fifthfloors retain elements designed by Sir Edwin Lutyens includingwood panelled offices, boardrooms and meeting rooms. Thefirst, second and third floors do not contain elementsspecifically designed by the architect and provide more flexibleand open plan accommodation with good fenestration to bothfrontages, and internal light wells.

A typical upper floor provides approximately 2,100 sq m(22,600 sq ft) of accommodation with natural light from allfaçades together with a number of internal light wells andaccess yards.

The lower ground floor level incorporates a safe depositorywhich provides 3,818 private boxes of varying sizes, rangingfrom small lockers to “walk-in” rooms. The substantial rounddoor to the safe provides exceptional security, and is one ofonly two examples of its kind (the other being in Switzerland).The safe was featured in the 1964 James Bond film,“Goldfinger”.

At ground floor level the building benefits from an access roadfrom Poultry into Grocers Hall Court as well as shared accessover St Mildred’s Court.

Description

27-35 Poultry and 5 Princes Street is a substantial Grade I listedCity building, originally constructed in the 1920’s, andsubsequently refurbished to provide approximately 27,088 sq m(291,571 sq ft) gross internal and 16,245.1 sq m (174,886 sq ft)current net internal of office and banking hall accommodationarranged over ground and six upper floors, together with somemezzanine and below ground levels. The building occupies a siteof approximately 3,872.8 sq m (41,686 sq ft) being just less thanone acre.

Designed by the famous British architect, Sir Edwin Lutyens, theproperty has two substantial and imposing Portland stone façadesfronting Poultry and Princes Street. The ground floor of theproperty provides a unique and impressive 2,514.1 sq m (27,061sq ft) marble banking hall stretching between Poultry andPrinces Street. The main building has been added to over theyears, with the rear section of the building towards PrincesStreet having been added in the late 1960’s.

Safe

Depository

Fourthfloor

Hallw

ay

Marble

Staircase

ThirdFloor

Lutyens Boardroom

Lutyens Dining Room

Page 7: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

11

Banking Hall - Historic Image taken in 2006

Page 8: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

13

THREADNEEDLESTREET

POULTRY

PRINCESSTREET

SIXTH FLOOR

FIFTH FLOOR

FOURTH FLOOR

THIRD FLOOR

SECOND FLOOR

FIRST FLOOR

GROUND FLOOR

LOWER GROUND FLOOR

BASEMENT LEVEL 1

BASEMENT LEVEL 2

ExistingisometricfloorLayouts

accommodation

The building provides the following approximate areas. Plowman Craven Associates have providedthe net internal areas, and the gross internal areas have been scaled by architects, KSS DesignGroup from plans.

Floor Use Gross Internal Area Net Internal Area

sq m sq ft sq m sq ft

6th Offices 1,511 16,264 969 10,432

5th Offices 1,914 20,602 997 10,755

4th Mezzanine Offices 63 678 57 617

4th Offices 2,383 25,650 1,084 11,665

3rd Offices 2,651 28,535 1,952 21,012

2nd Offices 2,745 29,547 2,103 22,639

1st Offices 2,773 29,848 2,138 23,009

Mezzanine Offices 887 9,548 371 3,992

Ground Banking Hall 3,154 33,949 2,514 27,061

Lower Ground Safe Depository 3,361 36,177 1,062 11,432

Lower Ground & Ancillary 606 6,521

Basement 1 Meeting Rooms 3,361 36,177 1,829 19,686

Basement 2 Ancillary 2,285 24,596 563 6,065

Total 27,088 291,571 16,245 174,886

Guildhall

Not to scale, for identification purposes only

5Princes

Street

frontagefrom

RoyalE

xchange

30St.M

aryAxe

OnePoultry

tenure

Freehold of whole, together with 999 year leasehold of whole.

tenancies

The property is offered for sale with vacant possession save two electricity substations atbasement levels, let on leases to London Electricity Board and London Electricity PLC for60 years from 29th September 1966 and 60 years from 22nd April 1991, respectively.

Planning Summary

The property was Grade I listed on 5th June 1972 and lies within the Bank ConservationArea.

We understand that the most sensitive elements of the building are essentially those partsspecifically designed by Sir Edwin Lutyens, such as the banking hall, ‘principal offices’,board and ‘function’ rooms. These elements are principally incorporated within the lowerground (safe depository), ground, fourth and fifth floors.

Hotel Scheme

Planning consent was granted on 12th November 2008 for refurbishment of the property,demolition and extension of part of the basement to sixth floor, change of use from bank (A2use) and offices (B1 use), to provide a hotel (C1 use), with ancillary uses including shops,food and drink, drinking establishment, a health club (D2 use) and a private members club(sui generis). Listed building consent for this scheme was granted on 1st July 2008. Thisscheme provides a total GIA of approximately 30,249 sq m (325,630 sq ft).

Office Scheme

Planning and Listed Building Consent were granted on 8th April and on 12th June 2003respectively, for refurbishment, alteration and part demolition and extension to provideoffice, retail, health club and/or gym uses. The scheme provided a total GIA of approximately30,285 sq m (325,985 sq ft) which provided approximately 18,503.6 sq m (199,171 sq ft)total net internal area. This consent expired on 7th April 2008. In the opinion of planningconsultants, DP9, it is likely that the local planning authority would support this consent ifthe necessary applications were made.

Alternative Uses

In addition, there is the potential for alternative and mixed uses, including hotel, servicedapartments, retail and leisure uses, subject to the necessary consents.

Please refer to the website www.knightfrankhotels.net/poultry, for further detail on planningaspects, such as the listing and the consented scheme, and opportunities for alternative usesfor the building.

Page 9: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

15

the Hotel Consent

The consented scheme makes provision for a luxury hotel with 181 bedrooms and suites, with verysignificant support and ancillary facilities. Many of the proposed public areas and rooms are located withinthe fine listed areas of the property.

The business case for a luxury hotel is strong. This landmark building offers an opportunity to create theCity of London's foremost luxury hotel.

The combination of its unique location in the heart of the City of London and the spectacular nature of theprincipal rooms within the building will combine to ensure delivery of high rate room business and strongfood, beverage and other incomes. The location, adjacent to the Bank of England and surrounded by someof London’s most distinguished and influential occupiers, will ensure strong weekday business. The opulenceand architectural merit of the building lends itself to a luxury hotel scheme which will undoubtedly help todrive weekend and leisure business.

Room supply in the City core remains relatively low and future supply seems likely to remain restricteddue to the lack of suitable or viable new build or conversion opportunities.

Subject to the necessary consents, there is the opportunity to increase the bedroom count, without dilutingthe high bedroom to suite ratio and improve the general layout of the consented scheme to suit the brandrequirements of most major luxury hotel operators.

Area Schedule – Consented Scheme

Allimages

arecom

putergenerated

Gross Internal Areas (GIA) (In m2)

Floor Private Hotel Retail Leisure & Restaurant Total GrossMembers Use Use Spa Use Class ExternalClub Class C1 Class Use Class A3 Area (GEA)

A1/A2 D2 (In m2)

Basement 3 1,589 1,451 3,040 3,298

Basement 2 50 1,352 1,747 3,149 3,285

Basement 1 50 2,402 998 3,450 3,608

Ground 96 3,037 125 35 9 3,302 3,428

Mezzanine 744 744 810

First 2,823 2,823 3,036

Second 2,784 2,784 2,976

Third 2,766 2,766 2,953

Fourth 2,668 2,668 2,907

Fifth 1,450 1,007 1,007 2,457 2,743

Sixth 1,961 1,961 2,196

Seventh 1,081 1,081 1,268

Eighth 24 24 35

Total 1,785 24,543 125 3,787 1,016 30,249 32,543

Classic Superior Deluxe Suite TOTAL

25m² - 32m² 36m² - 50m² 57m² - 66m² 66m² - 260m²

Bedroom with Classic Room Open plan living Separate bedroom Note: All roomsen-suite bathroom, facilities in larger area and bedroom to additional living have been counteddesk, occasional space /better views / facilities accommodation in their smallest

chair listed features and possibleadditional furnishings configuration

Mezzanine 2 3 0 0 5

Level 1 10 17 3 6 36

Level 2 10 17 3 6 36

Level 3 10 18 2 5 35

Level 4 11 12 6 3 32

Level 5 10 4 0 0.5 14.5

Level 6 10 10 2 0.5 22.5

Total 63 81 16 21 181

Bedroom Type Summary – Consented Scheme

Source: EPR Architects

Source: EPR Architects

Page 10: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

17

HotEL ConSEntED PLanS - ExamPLE fLoorS

Ground Floor

First Floor

Fifth Floor

Sixth Floor

Not to scale, for identification purposes only

Source: EPR Architects

Page 11: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

19

LonDon HotEL marKEt CommEntary

Introduction

London is the capital of the United Kingdom and one of theworld's most important business, financial and culturalcentres. Central London is home to more than half of the UK'stop 100 listed companies and over 100 of Europe's 500largest companies. The City has a dominant role in severalinternational financial and insurance markets and theeconomy of the Metropolitan area generates approximately30% of the UK's GDP. London is also a major touristdestination for both domestic and overseas visitors, withannual expenditure by tourists of around £15 billion.

Hotel Market Performance

The London hotel market has traditionally achieved one of theworld’s highest occupancy and room rates, and the marketfundamentals have held up well in 2008 resulting in anincrease of 3% in Revenue Per Available Room (RevPAR). Thelatest STR Global figures for May 2009 show that Londonoutperforms its European peers with the lowest decline inRevPAR of any of the European capital cities. The outlook forthe London hotel market, as Europe’s leading gateway cityand the host of the 2012 Summer Olympic Games, remainsamongst the most upbeat in Europe.

London Luxury Hotel Market Segment

Over the last 10 years, the London Luxury segment hasoutperformed the overall London hotel market and continuesto do so in the downturn, in part because the corporatesegments are more exposed to fluctuations in trade due

to their greater exposure to the Corporate and MICE markets.The ARRs achieved in the Luxury segment in the last downcycle remained relatively constant and growth in the up cyclehas been exceptionally strong.

Hotel Property Market

Hotel transaction activity in Europe remained subdued in2008 with the total amount of hotel transactions down by60% from the previous year, although there were severalsignificant transactions in the London luxury segment. So farin 2009, transactional activity throughout Europe hasremained low, however there is a clear increase in investorand operator interest for assets in prime locations like Londonand Paris. Investor sentiment is improving, in particular fromlower leveraged, long term investors looking for opportunisticacquisitions.

Yields have been moving out for all commercial property, butwith the flight to quality, yields for prime hotel opportunitieshave remained fairly stable in locations such as London andParis. In fact, many international investors believe that thisis an opportune time to buy with attractive capital value levelsand favourable exchange rates. London’s relative resilienceand the prospect of a sustained recovery make London one ofthe most sought after hotel property markets.

There is a considerable quantum of proposed developments inthe London luxury and 5 star sectors. Although some debtproviders have returned to the market, the current financialrestrictions on new development and the top prices paid at thepeak of the last cycle, lead us to believe that a large numberof these developments should be considered at risk and thatbedroom supply growth will remain limited in the short andmedium terms.

A group of major international luxury hotel operators arereaching out to set a new performance benchmark level,aiming to distinguish themselves through a superior qualityof service with increased room sizes and superior fit out andfacilities in their properties. This may further improve theprofile of the London luxury hotel market and create roomfor performance growth.

10 Year RevPAR Index

2008 2008 2008 RevPAR RevPARARR ARO RevPAR Change* Change*

€ € Full Year 2008 YTD May 2009

London 146 80% 117 3% -8%

Paris 181 78% 141 5% -17%

Berlin 88 70% 61 4% -14%

Madrid 112 64% 71 -7% -31%

Rome 155 65% 100 -10% -16%

European Capitals Hotel Market Performance

Source: STR Global, Knight Frank*in local currency

Source: STR Global, Knight Frank

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

1.75

1.5

1.25

1

0.75

Luxury Segment All Segments

London Luxury Segment Performance

Source: STR Global, Knight Frank

* After development ** Before development Source: Knight Frank

2002 2003 2004 2005 2006 2007 2008

ARR ARO

450

400

350

300

250

85

80

75

70

65

60

£ %

Property Location Room Buyer Year Operator Site Price Per room Tenure CommentCount* in Million £ £

Café Royal Soho 171 Alrov Group 2008 TBA 90 526,000 Leasehold Includes retail(development) units

Metropole Whitehall 296 IHI 2008 Corinthia 130 439,000 Freehold Includes 12(development) residential units

Two Thistle Hotels Kensington 638 ** Lancer 2008 TBA 320 502,000 Freehold(development)

Normandie House Knightsbridge 81 HNWIs 2007 TBA Confidential Confidential Freehold Includes 5(development) residential units

27 Poultry City 181 Private 2007 N/A 72 398,000 Leasehold(development) (Now Freehold)

Four Seasons Mayfair 200 Premier Group 2006 Four 75 375,000 Leasehold(redevelopment) Seasons

Grosvenor House Mayfair 133 Kuwaiti 2006 TBA 145 1,090,000 LeaseholdApartments Consortium(redevelopment)

10 Trinity Square City 121 Thomas 2006 TBA 104.5 863,636 Majority Includes 30(development) Enterprises Freehold residential units

The Savoy Strand 263 Kingdom 2005 Fairmont 230 875,000 Freehold(redevelopment) Hotels

Central London Development and Redevelopment Transactions

Page 12: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

21

Existing Hotels

1 The Savoy, London, WC22 Strand Palace Hotel, London, WC23 One Aldwych, London, WC24 The Waldorf Hilton, London, WC25 Kingsway Hall Hotel, London, WC26 Renaissance Chancery Court, London, WC17 Citadines Apart’hotel London Holborn

- Covent Garden, London, WC18 Swissôtel The Howard, London, WC29 Crowne Plaza London The City, London, EC410 The Zetter, London, EC1

11 The Rookery, London, EC112 Club Quarters St. Pauls, London, EC413 Malmaison, London, EC114 Grange St. Pauls, London, EC415 Citadines Apart’hotel Barbican, London, EC116 Threadneedles Hotel, London, EC217 Club Quarters Gracechurch, London, EC318 Andaz Liverpool Street, London, EC219 Apex City of London Hotel, London, EC320 Travelodge London Liverpool Street Hotel, London, E121 Hotel Novotel London Tower Bridge, London, EC322 Grange City Hotel, London, EC323 The Chamberlain Hotel, London, EC3

24 Travelodge London Tower Bridge Hotel, London, E125 Hotel Ibis London City, London, E126 The Tower, London, E1

Proposed Hotels

27 Somerset House, London, WC228 Hotel Silken London, London, WC229 2-6 Southampton Row, London, WC130 Apex Temple Court Hotel, London, EC431 2 Puddle Dock, London, EC432 26 Old Bailey, London, EC4

33 Millennium Bridge, London, EC434 Queensbridge House, London, EC435 The Former Whitbread Brewery, London, EC136 BT Exchange, London, EC237 Apex London Wall Hotel, London, EC238 Staple Hall, London, EC339 50 Lower Thames Street, London, EC340 10 Trinity Square, London, EC341 City Inn Tower of London, London, EC342 Aldgate High Street, London, EC343 Middlesex Street / Goulston Street, London, E144 Jumeirah Hotel, London, SE1

LonDon HotEL maP

27-35 Poultry &5 Princes Street

Not to scale, for identification purposes only

Page 13: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

23

aLtErnatiVE SCHEmE:offiCE/mixED uSE rEDEVELoPmEnt

The situation of the property at the verycentre of the City of London means itwill always be a highly sought afteraddress for office users. The buildingprovides two main access points, fromPoultry and Princes Street, and animpressive entrance hall as the officereception.

The majority of the net accommodationis open plan, particularly at the first tothird floors, and could provide modern,well-serviced, flexible office space in apremier location. The fourth and fifthfloors contain individual offices andmeeting rooms. As envisaged in thelapsed scheme, the office use aboveground could be enhanced with a retailelement at ground level and asubstantial wine bar below ground.

This alternative scheme was drawn upby KSS architects. It envisages a mixeduse part refurbishment and partredevelopment scheme, requiring afurther planning consent but within theoverall massing and sensitivity of thelapsed scheme. As well as gainingadditional net area, the scheme providesa completely new lift core throughoutthe building and involves demolishingand redeveloping the 1960’s extensionto the rear (as envisaged by the lapsedscheme). The specification includes newraised floors, suspended ceilings andfour pipe fan coil air conditioningthroughout.

The impressive ground floor of thebuilding provides over half an acre ofstunning, double height, banking hallspace, with marble floors and columns.With the success of other City retailschemes, such as The Royal Exchange,House of Fraser and Marks andSpencer, there is potential for groundfloor piazza-style shopping, oralternatively, a selection of larger retailor restaurant units. The lapsed consentprovided for A1, A2 or A3 use on theground floor. Elements of the upperfloors may also work well as restaurantor club uses.

Cheapside and Poultry remain the primelocation for retail in the City, and withfurther schemes in the pipeline, thecritical mass of the area as adestination retail location is set toimprove still further.

Ground Floor Typical First – Third Floor

Fifth Floor

Not to scale, for identification purposes only

Floor Use Gross Int. Area Net Internal Area

sq m sq ft sq m sq ft

7th Offices 978 10,527 596 6,415

6th Offices 2,235 24,057 1,620 17,438

5th Offices 2,629 28,298 1,709 18,396

4th Offices 2,836 30,526 1,445 15,554

3rd Offices 2,933 31,571 2,441 26,275

2nd Offices 2,933 31,571 2,441 26,275

1st Offices 2,963 31,893 2,471 26,598

Mezzanine Offices 914 9,838 634 6,824

Ground Offices/Retail/ 3,229 34,757 2,521 27,136Restaurant

Lower Ground Safe 3,058 32,916 1,091 11,743Depository

Lower Ground Wine Bar/ 966 10,398Restaurant

Basement 1 Wine Bar/Club 3,395 36,543 2,458 26,458

Basement 2 Storage 2,285 24,596 351 3,778

Total 30,388 327,093 20,744 223,288

Source: KSS Design GroupNB - Net areas do not include corridor space; 407 sq m on 4th floor, 280 sq m on 5th floor and 66 sq m on 6th floor.

Page 14: 27 Poultry Final Particulars - July 2009[1]

27-35 PouLtry & 5 PrinCES StrEEt EC2

25

Important notice

1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP

in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or

its value. Knight Frank LLP do not have any authority to make any representations about the property, and accordingly any

information given is entirely without responsibility on the part of the agent, seller(s) or lessor(s). Particulars dated July 2009.

2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas,

measurements and distances given are approximate only. Photographs dated 2006 to 2009.

3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, listed

building, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that

these matters have been properly dealt with and that all information is correct.

4. VAT: The VAT position relating to the property may change without notice.

Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is

55 Baker Street, London W1U 8AN, where you may look at a list of members' names.

Hippo

-020

89689292

Sale

The property is offered for sale by Poultry Development Limited (in administration) acting by itsjoint administrators Malcolm Shierson and Jamie Toynton both of Grant Thornton.

Proposal

Substantial offers are invited for the freehold and 999 year leasehold interests

Website and Data room

For further information, including a Data Room, please visit the website www.knightfrankhotels.net/poultry

The Data Room contains the following :

Sales ParticularsPlansPlanning DocumentationBuSurveysLegalCity of London Hotel Development DocumentPhotographs and Computer Generated ImagesEPC

Contacts

Knight Frank Hotels55 Baker StreetLondonW1U 8AN

www.knightfrankhotels.com

Dominic Mayes +44 (0) 20 7861 1086 [email protected]

Knight Frank City Office4 Coleman StreetLondonEC2R 5BG

www.knightfrank.com

Stephen Clifton +44 (0) 20 7861 1312 [email protected] Braybrook +44 (0) 20 7861 1309 [email protected]

Sales ParticularsPlansPlanning DocumentationBuilding SurveyM&E SurveyMeasured SurveyPhase 1 Environmental ReviewEnergy Performance CertificateLegal including Certificate of Title and Draft ContractCity of London Hotel Development DocumentPhotographs and Computer Generated Images


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