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| Value £2.8bn |
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| 360,000 sq m (3.9m sq ft) office,
retail and leisure accommodation |
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| 13 hectare (34 acre) site |
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| Adjoins Liverpool Street station
(mainline and underground) |
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| Distinctive environment for
some of the world’s largest corporations and leading professional
practices |
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| Approximately 30,000 employees
based at Broadgate |
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| Community website www.vicinitee.com |
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| Freehold/virtual freehold |
| 100% owned |
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| Rent passing £168.5m pa |
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| Average office passing rent
£45.75 per sq ft |
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| Weighted average lease term
including breaks 14 years, to expiry 15.8 years |
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| Tenants include: |
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| ABN AMRO Holdings |
| Allianz |
| Ashurst Morris Crisp |
| Barclays Bank |
| Baring Investment Services |
| Crédit Lyonnais |
| Deutsche Bank |
| European Bank for Reconstruction & Development
(EBRD) |
| F&C Management |
| Henderson Administration |
| Herbert Smith |
| Lehman Brothers |
| Norinchukin |
| Prebon Yamane |
| Royal Bank of Scotland |
| Société Générale |
| Sumitomo Trust |
| Tokyo Mitsubishi |
| UBS Warburg |
| Williams de Bröe |
| The Broadgate Club |
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Broadgate is the premier City of London office estate.
Our interest in Broadgate dates back more than 20 years and the
assembly of the entire estate into British Land ’s ownership
was finally completed by the acquisition in March 2003 of the virtual
freehold interest held by Deutsche Bank at 1 Appold Street. The
offices and ancillary accommodation of 17,200 sq m (185,100 sq
ft) was leased back to the bank for a period of 15 years, without
break. Earlier in the year the 50% holding of 201 Bishopsgate not
already owned was purchased for £40.25 million. This site
has a resolution to grant an improved planning permission for a
69,500 sq m (747,800 sq ft) office development.
In April 2003, the lease to EBRD of the 34,100 sq m (367,000
sq ft) building at One Exchange Square was restructured. The tenant
’s break clause in 2006 was removed and the new lease extended
from 2016 to December 2022. The office rent has been maintained
at £18,975,000 (£52.50 per sq ft) per annum with upward
only rent reviews, next in 2006 and every five years thereafter.
There will be a three years and five months nil rent period from
June 2003. There are no take-backs or put options.
The external and common areas of the estate are being further enhanced
by a major improvement programme to provide new landscaped areas,
retail amenities, improved lighting and signage. Broadgate Circle
and the Octagon are complete, with new lettings to a variety of
retailers, and the works underway in Finsbury Avenue Square are
due to complete at the end of this year. Broadgate Estates Limited,
a wholly owned subsidiary of British Land, manages the estate and
maintains the external and common areas.
Construction of the new 10 Exchange Square is expected to be completed
in spring 2004, adding 15,180 sq m (163,400 sq ft) to the Broadgate
Estate. As for all other buildings at Broadgate, its frame and mechanical
and electrical services are designed to permit ongoing flexible
updating of tenants’ space as technology and operating requirements
change.
The total rent passing of £168.5 million per annum is subject
to upward only rent reviews. The weighted average unexpired lease
term, including breaks, for the whole of Broadgate incorporating
1 Appold Street and the recent agreement with EBRD, has increased
from 12.2 years to 14.0 years. The weighted average lease length
to expiry has increased from 15.2 years to 15.8 years.
1 Appold Street, Broadgate
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