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Property Review

Principal Investment Portfolios

Central London Offices

The Broadgate Centre, London EC2 >
Plantation Place, London EC3 >
Regent's Place, London NW1 >

Plantation Place, London EC3

Value £499m 65,300 sq m (703,000 sq ft) offices and retail accommodation 1.0 hectare (2.4 acre) site in the City of London Close to Fenchurch Street and Cannon Street mainline stations and six tube stations   Freehold 100% owned Rent passing £1.7 pa Contracted rents £26.7m pa Average office passing rent £52.05 per sq ft Weighted average lease term including breaks 20.6 years, to expiry 21.4 years

Tenants include: Accenture Aspen Re Chez Gerard (Bertorellis) Davy’s Wine Bar Ernest Jones Lady of Leisure Molton Brown Next Royal & SunAlliance Wachovia Bank NA

The Plantation Place Estate includes two newly completed office buildings: Plantation Place and Plantation Place South located on a strategic site in the centre of the insurance district of the City of London.

Plantation Place is the larger of the two buildings, with 48,150 sq m (518,000 sq ft) of office and ancillary accommodation and a further 2,200 sq m (24,000 sq ft) of retail accommodation. It was completed to shell and core in April 2004. The office accommodation is fully let to Accenture, Wachovia Bank, Aspen Re and Royal & SunAlliance. All but three of the retail units (650 sq m/7,000 sq ft) are also let to a range of first-class high street retailers, restaurants and bars, such as Next, Molton Brown, Ernest Jones and Chez Gerard. Passing rents will rise to £26.6 million per annum by November 2007 on expiry of rent free periods.

Plantation Place South comprises 14,670 sq m (158,000 sq ft) of office and ancillary accommodation and a further 280 sq m (3,000 sq ft) of retail space. It was completed to shell and core in the summer of 2004 and brought to the market in the autumn. The retail unit has been let to Davy’s Wine Bar whilst the office accommodation is currently available for letting.