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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 >

Regent’s Place, London NW1

Value £547m 114,100 sq m (1.3m sq ft) office, retail, leisure and residential accommodation 4.2 hectare (10.4 acre) site, West End of London Close to Euston mainline and four underground stations 2.0 hectares (4.9 acres) for further development at the North East quadrant and site to the West of the estate Community website: www.vicinitee.com   Mainly freehold 100% owned Average office passing rent £33.57 per sq ft Weighted average lease term including breaks 11.0 years, to expiry 14.0 years

Tenants include: Abbey Atos Origin Balfour Beatty Capital One Elexon General Medical Council HM Government Hodder Headline JP Morgan Chase Bank WS Atkins

This thriving West End business quarter has a major Euston Road frontage and excellent transport links.

During the year, the letting of a further 4,740 sq m (51,000 sq ft) in 350 Euston Road to the General Medical Council was completed at a rent equating to £39.00 per sq ft pa, and the last available office floor in 350 Euston Road of 1,440 sq m (15,500 sq ft) was let to Balfour Beatty at a rent equating to £39.50 per sq ft. As a result of these lettings, the offices at Regent’s Place are now 100% let and the passing rent of £28.5 million per annum is forecast to increase to £31.1 million per annum by July 2007, as rent free periods expire. This passing rent is slightly lower than last year (£28.9 million), principally as a result of the pre-agreed surrender of the University of Westminster lease in preparation for the further redevelopment of the North East quadrant.

Retail offers within Regent’s Place enhance the estate, including a Sainsbury’s convenience supermarket, Holmes Place Health Club, Starbucks and Prêt à Manger, a Davy’s Wine Bar, hairdressers and a large crèche. 350 Euston Road incorporates further retail units which are available for letting to a mix of tenants.

Based on the Regent’s Place Travel Plan, the transport initiatives at Regent’s Place are featured in Government best practice guidance documents on travel plans.

Triton Square, a large public open space in the heart of Regent’s Place, with a diverse collection of art, has won a Civic Trust Award. Broadgate Estates Limited continues to manage the external and common areas.