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Principal Investment Properties The Broadgate Centre, London EC2Meadowhall Shopping Centre, SheffieldSupermarkets portfolioOut of town retail warehouses portfolioRegent’s Place, London NW1Other PropertiesThe Broadgate Centre, London EC2Broadgate is the premier City of London office estate. The assembly of the entire estate into British Land’s ownership was completed by the acquisition in March 2003 of the virtual freehold interest at 1 Appold Street. Since then, we have continued to invest in the development of the Estate. Works to enhance the public spaces providing new landscaped areas, retail amenities, improved lighting and signage in Broadgate Circle, the Octagon and Finsbury Avenue Square are complete. The lighting scheme at Finsbury Avenue Square has won three international awards.Construction of 10 Exchange Square, adding a further 15,180 sq m (163,400 sq ft) to the Estate has recently completed (May 2004). 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. Broadgate Estates Limited, a wholly owned subsidiary of British Land, manages the estate and maintains the external and common areas. 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 5 years thereafter. EBRD were granted a 3 years and 5 months nil rent period from June 2003, with rent to be paid again from November 2006. Rents increased by £2.14 million per annum over the year as a result of rent reviews and leasing activity on a total of 44,200 sq m (476,000 sq ft) of office and retail accommodation. The total rent passing of £151.7 million per annum will revert to £170.7 million per annum upon expiry of the EBRD’s nil rent period in November 2006. Rents will further increase upon: rent reviews (with minimum uplifts); the letting of the 4,650 sq m (50,000 sq ft) of vacant accommodation at 6 Broadgate and 155 Bishopsgate (3,590 sq m/38,600 sq ft under offer); and letting of the 15,180 sq m (163,400 sq ft) becoming available at 10 Exchange Square, of which 4,110 sq m/44,200 sq ft is contracted with Herbert Smith, solicitors.  10 Exchange Square, Broadgate  Back to top
Value £2.7bn 360,000 sq m (3.9m sq ft) office, retail and leisure accommodation 13 hectare (34 acre) site Adjoins Liverpool Street station (mainline and underground) Distinctive environment for some of the world’s largest corporations and leading professional practices Approximately 30,000 employees based at Broadgate Community website www.vicinitee.com Freehold/virtual freehold 100% owned Rent passing £151.7m pa Average office passing rent £46.15 per sq ft Weighted average lease term including breaks 12.5 years, to expiry 14.8 years Tenants include: ABN AMRO Holdings Allianz Dresdner Ashurst Morris Crisp Barclays Bank Baring Investment Services Calyon Deutsche Bank European Bank for Reconstruction & Development (EBRD) F&C Management Henderson Administration Herbert Smith ICAP Lehman Brothers Norinchukin Prebon Marshall Yamane Royal Bank of Scotland Société Générale Sumitomo Trust Tokyo Mitsubishi UBS Williams de Bröe The Broadgate Club Back to top
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