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THE ESPLANADE ST HELIER JERSEY

Summary

Aerial


Summary

Overview


Summary

Liberty Wharf

Liberty Wharf is a unique waterfront mixed-use investment in the heart of St Helier’s prime office CBD, renowned as a hub for financial institutions. Developed in stages from 2007-2010, the island site is made up of four distinct elements comprising:

• �Liberation�House�and�Windward�House - Two prime modern offices blocks

• �Transportation�House - A serviced office operated by Regus and a 63 room five-star Apart Hotel

• Liberty�Wharf�Shopping�Centre - Anchored by Marks & Spencer

• �Jersey�Tourist�Office�- A five-storey office block

The four assets combine to present an exceptional real estate investment on a 3.71 acre site set in the most prominent location in St Helier. The investment provides asset management and value add opportunities underpinned by secure and diverse income streams across all four elements.

Income By Use

Transportation House

24%

25%

49%

2%

Liberty Wharf Shopping Centre

Liberation House & Windward House

Jersey Tourist Office

Income By Element

55% Office

21% Retail & Leisure

6% Serviced Office

17% Apart Hotel

1% Parking

Overview


Summary

Investment Rationale • 48% of income from offices fully let to blue chip tenants

• Prime CBD location in the heart of St. Helier

• International tenant base, including BDO, Ernst & Young and CPA Global

• One scheme providing four distinct elements

• Mixed-use asset comprising prime Grade A offices and serviced offices, luxury Apart Hotel, retail and leisure

• A 3.71 acre island site

• Prestigious waterfront Jersey investment

• Reversionary income streams offering excellent rental and capital growth prospects including the 3 yearly review pattern associated with Jersey office leases

• Average weighted unexpired lease term of 13.2 years to lease expiry and 6.7 to lease breaks

• Significant value add opportunities through strategic asset management

• Offers are invited in excess of £70,000,000 (Seventy Million Pounds) for the long leasehold interest of the property subject to contract

• A purchase at this level would reflect a net initial yield to 7.04% after allowing for purchaser’s costs of 6.50%

• Four SPVs are available to purchase, which would reflect a net initial yield of 7.39% after allowing for purchaser’s costs of 1.50%

InvestmentRationale


Summary


Transportation House Jersey Tourist Office


CASTLE S

TREET

LA ROUTE DE LA LIBERATION

ESPLANADE

Key

��Liberation�&�Windward�House

��Transportation�House

��Liberty�Wharf�Shopping�Centre

��Jersey�Tourist�Office

The Properties


Summary

The Properties

The property comprises a mixed-use scheme of offices, Apart Hotel and retail in buildings ranging from historic buildings to modern iconic office buildings.

Buildings vary in scale from ground floor warehouse conversions to modern six storey offices. The original historic buildings were constructed in the 1800s. The modern elements have all been constructed in the last 5-7 years.


Liberation House

Liberation House is a highly specified Grade A office building completed in 2007. The property is arranged over ground and five upper floors totalling 61,476 sq ft (5,711 sq m) offering open, spacious floor plates with exceptionally high levels of natural light. This prominent building, benefiting from spectacular views over St Aubin’s bay, is let in its entirety to Ernst and Young, Moore Management and CPA holdings.

Windward House

Windward House provides high quality Grade A office space having been completed in 2007. The property is arranged over ground and four upper floors totalling 23,501 sq ft (2,183 sq m). The fully occupied property, offers slightly smaller floors plates to that of Liberation house, appealing to the smaller office occupiers. The property is let to the well-known accountancy firm BDO who have subsequently sub-let four floors.


Liberty Wharf Apart Hotel

Liberty Wharf Apart Hotel provides 63 five-star serviced apartments designed for the business community as well as offering tourists a contemporary alternative to the island’s hotels. Bridge Street Worldwide manage the apartments which comprise a selection of studios, one- and two-bedroom apartments, some with balconies and views of the harbour and town. More information can be found at the website, www.libertyapartments.co.uk.

Regus

The Regus offering at Liberty Wharf is set out over one whole floor below Liberty Wharf Apart Hotel. The space totals 14,006 sq ft of office accommodation providing local businesses meeting and training rooms, conference and boardrooms, a business lounge, café and reception area, the facility also benefits from a 10,797 sq ft terrace area which can be used for external meetings and networking.


The retail centre of Liberty Wharf provides 45,133 sq ft of shops and restaurants housed within a covered shopping parade of 20 units and 13,047 sq ft of offices. The scheme is anchored by a Marks & Spencer Home Store plus established brands such as Costa Coffee and George but also a selection of boutique and independent retailers. More information can be found at the website, www.liberty-wharf.com.


Liberty Wharf houses the Jersey Tourist Office which is arranged in a self-contained building over ground and four upper floors totalling 6,198 sq ft (575 sq m), which is located at the natural entrance to the site when approaching along the Esplanade, the now established central business district in St Helier.

CASTLE S

TREET


ESPLANADE

Key

��Liberation�&�Windward�House

��Transportation�House

��Liberty�Wharf�Shopping�Centre

��Jersey�Tourist�Office

The Properties

www.liberty-wharf.com

www.liberty-wharf.com


Location

Location


Location

Jersey

Jersey is the largest of the Channel Islands and although it is classed as a Crown Dependency, it is self-governing and operates within its own tax and legal framework. Jersey’s local economy revolves around the finance industry, with many banks operating on the island, along with accountants, fund management businesses and law firms.

Jersey is situated off the north-west coast of France, 14 miles from Normandy and 85 miles from the south coast of England. It can easily be accessed via sea and air links, which mainly serve the UK, France and Switzerland.

Jersey is well served by frequent and regular flights from airports in the UK. Journey times for flights from London Gatwick Airport and London City Airport are 1 hour 20 minutes, and 1 hour respectively. Jersey Airport is located approximately 5 miles (8km) to the west of St Helier.

Fast ferries from the UK to Jersey operate a regular service from Poole, with fastest journey times of 3 hours 30 minutes. A limited number of ferries depart from Portsmouth, with a fastest journey time of 9 hours 30 minutes. Ferries from the UK dock in St Helier on arrival in Jersey.

The property is located on the south coast of Jersey, in St Helier, the island’s capital. St Helier is an affluent town, which although English-speaking, still has many French influences. The town has a population of approximately 28,000, accounting for 31% of Jersey’s entire population.

Jersey


Location

The Economy

Jersey is a renowned financial centre and has a strong and successful economy with a high standard of living. The island’s status as the pre-eminent location for trust management and fiduciary services is one of the main attractions for overseas capital and investment. As a result there are approximately 45 banks from all over the world based on the island.

The Jersey Financial Services Commission is responsible for the regulation, supervision and, within its legal remit, the development of financial services industry on the island. More information can be found at their website, www.jerseyfsc.org.

The island’s other main income stream is from tourism, which accounts for just over 20% of GDP. The island attracts over 447,000 visitors per annum, with the vast majority coming from mainland Europe and the British Isles with increasing numbers of high value, short stay breaks

The Economy

www.jerseyfsc.org


Location

Liberty Wharf

Liberty Wharf was developed between 2007-2010 at the historic island site and is one of Jersey’s largest restoration projects in recent years. Liberty Wharf has been carefully rebuilt with the original roof structures used in a traditional 19th Century style appearance; enhancement of the existing granite wall structures and granite walkways; integration of new shop units and the refurbishment of the existing timber windows, doors and gates.

Liberty Wharf is a highly visible, physical manifestation of St Helier’s prosperity, linking the old town to the waterfront and forming a new addition to the office and retail landscape.

Comprising new prime offices, retail space, a new transportation centre, Apart Hotel and tourist office; Liberty Wharf serves the needs of the Esplanade’s burgeoning business population. Liberation House and Windward House form the core of the island site investment opportunity, with the two modern offices being let to blue chip covenants with WAULTs of 8.2 years to break and 15.2 years to expiry.

A cobbled, covered pedestrian mall provides a stylish shopping experience and captures the island’s traditional Anglo-French influences. Strategically located access points and distinctive structural features are designed to generate footfall and optimise trading conditions.

Nearby attractions include Liberation Square (with its celebrated sculpture), the waterfront leisure complex, the maritime museum and weighbridge.

Liberty Wharf


Location

QUEE

N ST

.

VICTORIA AVENUE A1 ESPLANADE A1 LA ROU

TE DE LA

A16

LIBERATION A1

LA ROUTE DU FORT

LA ROUTE DU FORT GEORGETOWN ROAD

B

AGOT ROAD

HAVRE DES PAS A4 S T. CLEMENT’S RD. A4 A4

PEIRSON ROAD YORK ST. BROAD ST.

ELIZA

BETH PL

. RO

UGE

BOUI

LLON

ROUGE BOUILLON

ST. S

AVIOUR’S HILL

TRIN

ITY

HILL

A8

QUEEN’S ROAD

LA COLOMBER I E

MOR

T M

ILLAI

S

M

ORT MILLA

IS

BA

GATE

LLE R

OAD

HILL ST. LA COLOMBERIE

NEW

STR

EET

VAL

PLAI

SANT

ESPLANADE ESPLANADE

CASTLE S

T.

GLOUCESTER ST.

SEATON PLACE

ANLEY

ST.

COMMERCIAL ST.

ST. S

AVIO

UR’S

RO

AD

OLD SAINT JOHN’S ROAD

KENSINGTON PL.

GREEN ROAD LA GRANDE ROUTE DE SAINT-CLEMENT

ST. AUBIN’S ROAD

VALLEE DES VAUX

St. Helier

ElizabethCastle

WestPark

St Clements Golfand Sports Centre

Le ColombierDe La Ville

LES

VAI

NES

RUE

DE

BEAU

VOIR

LES VAINES RU

E SAINT-THOMAS

Tunnel

Situation

Liberty Wharf is situated in the heart of St. Helier on the Esplanade, which is the prime CBD pitch in Jersey. The Esplanade is home to the main financial institutions and their professional advisers with immediate local occupiers including Jersey FSC, Capita, HSBC, Citibank, BNP Paribas, SG Hambros, Standard Chartered, Appleby, Lloyds Bank, Ogier, amongst others. The Island site links the CBD to the main tourist destination fronting St. Helier Marina on La Route de Liberation. To the east of the scheme lies Liberation Square and running along the north side, Liberty Wharf is only a 3 minute walk from St Helier’s other main shopping area, on King Street and Queen Street.

Access

The main vehicular access to the scheme is via the roundabout on Castle Street above La Route de la Liberation to the underground car park beneath Liberation House and Windward House (exit on to Castle Street) together with various lay-by service areas. Pedestrian access is available to all parts of the scheme but the principle connections are off the Esplanade via Castle Street, Liberation Square via Conway Street and La Route de la Liberation.

Not�to�scale

Situation


Location

Situation

MHW

Pond

Cinema

LibraryCenotaph

Fountain

Signal Sta

La frigateOpera House

Royal Square

Swimming Pool

Tourism Office

Central Market

States Offices

(Le Vier Marchi)

Weighbridge Place

Liberation Square

Magistrates Court

7.9

7.9

7.4

7.7

7.4

7.7

7.4

7.8

7.3

7.3

6.3

6.8

7.9

9.1

8.0

8.5

7.5

7.7

7.6

7.5

8.0

7.4

7.8

7.8

8.5

8.2

8.2

7.5

7.77.5

7.6

7.0

7.5

8.0

7.3

9.9

7.3

7.9

7.3

7.9

6.7

6.7

9.4

9.1

9.6

7.7

7.5

8.1

7.0

9.9

7.6

8.0

7.9

7.7

7.6

7.6

7.3

9.6

9.8

9.5

7.6

9.7

7.7

7.0

7.6

7.6

8.9

8.1

8.0

7.9

8.5

7.6

7.3

8.0

7.9

7.6

7.8

7.6

7.7

7.3

7.5

7.8

7.5

7.3

6.6

7.7

9.3

8.6

8.3

9.1

9.9

7.5

7.9

7.4

7.6

9.4

7.8

8.5

7.4

8.18.2

7.7

10.0

10.9

10.1

11.9

10.0

13.2

11.9

New

Cut

EsplanadeEsplanade

Esplanade

York Lane

Esplanade

Pier

Roa

d

New

Stre

et

Old Stre

et

Don

Stre

et

Hue Street

New

Stre

et

Hue

Stre

et

York Street

Seat

on L

ane

Payn

Stre

et

Sand Street

Pitt

Stre

et

King Street

King Street

Broo

k Sr

eet

Vine Street

Hope Street

Hill StreetBond Street

Hope Street

Uni

on C

ourt

Seale Street

Queen Street

Seaton Place

Anley

Stre

et

Broad Street

Broad Street

Wharf Street

Cross Street

Union Street

Union Street

Craig Street

Hal

kett

Plac

e

Wat

erlo

o La

ne

Castle S

treet

Dum

ares

q La

ne

Library Place

Church Street

Conway

Stre

et

Ordnance Yard

Burra

rd P

lace

Castle

Stre

et

Duh

amel

Pla

ce

Hal

kett

Plac

e

Burrard Street

Le G

eyt S

treetPatriotic Place

Hilgrove Street

Waterloo Street

Dum

ares

q S

treet

Dumar

esq S

treet

Cal

edon

ia P

lace

Mulcaster Street

Jardin de la Mer

Gloucester Street

Commercial Street

La Rue des Mielles

La Route de la Libération




A 9

A 1

A 8

A 1

A 4

B 72B 72

B 77

B 92

B 72

B 90B 90

B 7

7

B 92

Sand

Car Pk

Car Pk

Car P

k

Car Pk

Car Pk

Car Pk

Car Pk

Car Pk

Car Pk

Multi Car Pk

Hotel

Hotel

Hotel

Jetty

Jetty

Garage

Church

Church

(C of E)

St Paul's

Evangelical

Parish Church of St Helier

PHPC

PO

PH

PH

PH

PO

PH

PH

PH

PH

PH

PH

PH

PH

Town Hall

States Buildings

El Sub

Sta

El Sub Sta

El Sub Sta

Ponds

Def W

ks

Def Wks

Def Wks

Def Wks

Mus

Obilisk

Monument

FB

FB

Business Occupiers

1

2

3

4

5

67

8

9

10

11

12

13

14

15

1617

18

22

19

20

21

1. HSBC

2. JerseyFinance

3. CareyOlsen

4. Ogier

5. UnionBancairePrivee

6. Citibank

7. KPMG,PwCandCollinsStewart

8. BNPParibas

9. FairbairnBank

10. C5Alliance

11. JerseyFinancialServicesCommission

12. Capita

13. StandardCharteredBank

14. SGHambrosBank&TrustCo.

15. HawksfordInternational

16. Appleby

17. LloydsTSBPrivateBanking

18. Santander

19. RoyalBankofCanada

20. RBSCoutts

21. Barclays

22. JerseyInternationalFinanceCentre

Summary Location Liberation House & Windward House



Liberty Wharf Tourist Office

Tenure, Tenancy & Covenant

MarketCommentary

AssetManagement

Proposal & Contact


L iberat ion House & Windward House



Description



Liberation House

Built in 2007, Liberation House is a modern, six-storey multi-let office building of concrete frame construction. The property provides some of the most expansive floor plates in Jersey making it an extremely attractive proposition for large occupiers. The design includes a single storey reception, air-conditioning, full accessed raised floors, suspended ceilings, generous floor to ceiling height and LG3 compliant lighting. There are 51 underground car parking spaces which provides a ratio of 1:1,205 sq ft.

Windward House

Windward House comprises a modern, five-storey office building of concrete frame construction built in 2007. The property provides smaller floor plates to that of Liberation House which appeals more to the smaller occupiers on the island. The design includes a single entrance area, air-conditioning, full accessed raised floors, suspended ceilings, generous floor to ceiling height and LG3 compliant lighting. There are underground 13 car parking spaces which provides a ratio of 1:1,808 sq ft.

CASTLE S

TREET


ESPLANADE

Description


Accommodation

Demise Occupier Area�(sq�ft)

Windward Hse - 4th Floor Sea Thrift Ltd (BDO) 4,694

Windward Hse - 3rd Floor Sea Thrift Ltd (BDO) 4,918

Windward Hse - 2nd Floor Sea Thrift Ltd (BDO) 4,809

Windward Hse - 1st Floor Sea Thrift Ltd (BDO) 4,918

Windward Hse - Grd Floor Sea Thrift Ltd (BDO) 4,162

Total 23,501

Liberation Hse - 5th Floor CPA Holdings Ltd 8,605

Liberation Hse - 4th Floor CPA Holdings Ltd 11,052

Liberation Hse - 3rd Floor CPA Holdings Ltd 11,052

Liberation Hse - 2nd Floor Ernst & Young Property (Jersey) Ltd 10,715

Liberation Hse - 1st Floor Ernst & Young Property (Jersey) Ltd 11,052

Liberation Hse - Grd Floor Moore Management Leasehold Ltd 8,653

Grd - Front Talbot Transport Ltd 347

Total 61,476

Accommodation


Accommodation


Floor Plans

Liberation House Typical Upper Floor Windward House Typical Upper Floor

OFFICE AREA OFFICE AREA OFFICE AREA

OFFICE AREA OFFICE AREA

OFFICE AREA

Liberation House Ground Floor Windward House Ground Floor

Floor Plans






MarketCommentary

AssetManagement

Proposal & Contact

Transpor tat ion House



to be outlined

Description


Description


Transportation House, developed in 2007, comprises the Liberation bus station located at ground level, a Regus serviced office operation, with a large picturesque terrace on the first floor and the Apart Hotel on floors two, three and four.

Demand for serviced offices and apartments in Jersey has increased over recent years, stimulated both by the island’s increasingly flourishing business and financial community and by an influx of affluent leisure travellers. Stylish, fully furnished offices and apartments in this location are thanks to Liberty Wharf’s coveted and convenient proximity to Jersey’s established amenity offerings.

CASTLE S

TREET


ESPLANADE


Regus

The Regus offering at Liberty Wharf is set out over one whole floor below Liberty apartments. The space totals 14,006 sq ft of office accommodation providing local businesses meeting and training rooms, conference and boardrooms, a business lounge, café and reception area, the facility also benefits from a 10,797 sq ft terrace area which can be used for external meetings and networking.

Liberty Wharf Apart Hotel

Liberty Wharf Apart Hotel, situated over floors two, three and four directly above the Regus, provides 63 five-star serviced apartments designed for the business community and offering tourists a contemporary alternative to the island’s hotels. In 2007, BridgeStreet entered into a 15 year contract to manage the apartments which comprise a selection of studios, one and two-bedroom apartments, some with balconies and views of the harbour and town.

Liberation Station

Liberation Station does not form part of the ownership at Liberty Wharf, but plays an important role in drawing in locals and tourists to the retail element of Liberty Wharf generating increased footfall. The station is situated directly below the apartments and Regus at an important transport axis between the marina and town centre, Liberty Wharf’s bus station is at the heart of St. Helier. Liberation Station, named by the Jersey residents, opened in September 2007, and is sited behind the weighbridge and HQ of the island’s former railway, dismantled at the end of the Second World War.

Description


Accommodation


Transportation Hse - 2nd, 3rd & 4th Floor

Apart Hotel (NOT MEASURED) Approximately

32,000

Transportation Hse - 1st Floor

Regus 14,006

TOTAL 46,006

Accommodation


Regus First Floor

3432 33

3536373839404142

43 44 4534

3639 38 3740

32 33

354142

314443 45 46

39

41

35

42

43

44

45

46

47

48

33

3438

37

36

40

342

1826

2023 22 2124

27 28 16 17

1925

23

29

21

22

24

18

20

28

19

27

26

17

25

15

20212223

28

25

27

24

171615

19

26 18

Apart Hotel Second Floor

Floor Plans

Floor Plans






MarketCommentary

AssetManagement

Proposal & Contact


L iber ty Whar fShopping Centre

L iber ty Whar f Shopping Centre

Description



Opened in 2010, the retail centre of Liberty Wharf provides 45,133 sq ft of shops and restaurants housed within a covered open air shopping mall of 20 units. The historic site has been transformed into a retail and leisure destination taking a similar form to that of Spitalfield or Covent Garden markets. The scheme is anchored by a Marks & Spencer Home Store plus established brands such as Costa Coffee, George fashion and Hotel Chocolat but also a selection of boutique and independent retailers. The leisure element dominates the eastern side of the scheme where there is a balanced mix of chain eateries, an upmarket restaurant with outdoor dining and a bar/nightclub.

Included within Liberty Wharf Shopping Centre are three vacant units of un-refurbished office space. The first two units are situated on the southern side of the scheme above Pasty Presto in the commonly referred to ’Old Tourism Office’. These upper units are currently un-refurbished totalling 2,936 sq ft. The vendor has experienced strong interest from potential occupiers. Further information is available on request.

The third piece of vacant office space, which provides a significant upside opportunity, is located above the Marks & Spencer unit totalling 7,267 sq ft. The vendor has recently secured planning consent for office use following strong interest from various office occupiers. Further information is available upon request.

CASTLE S

TREET


ESPLANADE

Description


��

Goad


Accommodation


Accommodation


Liberty Wharf Grd - 1a/2a/2c Sandpiper CI Retail Ltd (M&S) 12,168

Liberty Wharf Grd - 2b & 2d More Than Sport Ltd 975

Liberty Wharf Grd - 3 Under Offer 2,541

Liberty Wharf Grd - 4,5,6 Sandpiper CI Retail Ltd (George) 8,619

Liberty Wharf Grd - 7 Eclectic Ltd 618

Liberty Wharf Grd - 8 MoMo Ltd 462

Liberty Wharf Grd & 1st - 9 & 10 La Nautique Bar Restaurant Ltd 11,503

Liberty Wharf Grd - 11a Vacant 883

Liberty Wharf Grd - 11b Joe Delucci’s Jersey Ltd 346

Liberty Wharf Grd - 12 Sandpiper CI Retail Ltd (Costa) 1,393

Liberty Wharf Grd - 12a Sandpiper CI Retail Ltd (Costa) -

Liberty Wharf Grd - 13a Sandpiper CI Retail Ltd (Pasty Presto) 976

Liberty Wharf Grd - 13b Seafish Café (Jersey) Ltd 1,225

Liberty Wharf Grd - 14 Pearl Poetry Ltd 202

Liberty Wharf Grd - 14a Chantale Angeline Gosselin 422

Liberty Wharf Grd - 15 Lucas Bros 391

Liberty Wharf Grd - 16 Sandpiper CI Retail Ltd (Hotel Chocolat) 978

Liberty Wharf Grd - 17 Under Offer 1,431

Liberty Wharf 1st - 1 Vacant 7,267

Liberty Wharf 1st - 13c Vacant 1,930

Liberty Wharf 2nd - 13c Vacant 1,006

Harbour Office Grd Public of the Island of Jersey 1,220

Albert House 1st Castle Cleaning 664

Albert House Grd & 2nd Management Office 960

TOTAL 58,180

Accommodation






MarketCommentary

AssetManagement

Proposal & Contact


Jersey Tour i s t Of f ice

Jersey Tour i s t Of f ice


Liberty Wharf also houses the Jersey Tourist Office which is arranged over ground and four upper floors totalling 6,198 sq ft (575 sq m), which is located at the natural entrance to the estate when approaching from the Esplanade, the now established central business district in St Helier. The floor plates are ideally suited to the local occupational market.

CASTLE S

TREET


ESPLANADE


Tourism Office - 4th Floor Public of the Island of Jersey 1,095

Tourism Office - 3rd Floor Public of the Island of Jersey 1,331

Tourism Office - 2nd Floor Public of the Island of Jersey 1,339

Tourism Office - 1st Floor Public of the Island of Jersey 1,040

Tourism Office - Grd Floor Public of the Island of Jersey 1,283

TOTAL 6,088

Description/ Accommodation



T i t le, Tenure & Tenancy



Title

The ultimate freeholder is the Public of The Island of Jersey (Public) who entered in to a single long leasehold interest with the Waterfront Enterprise Board (now the State of Jersey Development Company (SoJDC)) over the island site for 150 years from 7th November 2003 at a peppercorn rent.

Tenure

The properties are held as four long sub-leaseholdInterests from SoJDC for terms of 148 years and 24 days expiring on the 6th November 2153 on a peppercorn rent.

Tenancy

Liberty Wharf is multi-let to 20 tenants, with over 89% of the income secured against strong industry names.

Tenants include BDO, Ernst & Young, Marks & Spencer and CPA Holdings. The estate produces a total rent of £5,249,429 per annum.

Just 5.20% of the estate is currently vacant by area. The vacant accommodation comprises 9,893 sq ft of unrefurbished offices and 857 sq ft of retail accommodation.

MHW

Weighbridge Place

Liberation Square

7.7

6.3

6.8

9.1

7.77.5

7.0

7.5

6.7

7.0

7.6

7.3

9.6

7.6

7.7

7.8

7.0

7.7

8.6

Esplanade

Castle

Stre

et

Commercial Street



A 1

A 8

A 1

B 92

Car Pk

Hotel

Liberation Bus Station

Ponds

Tenure & Tenancy

Liberty�WharfShopping�Centre

Jersey�Tourist�Office

Transportation�House

Liberation�&�Windward�House



Tenancy Schedule



Tenancy Schedule

The accommodation has been laid out in accordance with the schedules below and split by the four long leasehold elements. The areas are based on the measured surveys which have been undertaken.

Unit Component Type TenantArea�

NIA/GIA(sq�ft)

Passing�Rent(total)

Passing�Rent(psf)

Rent�Free�End Start�Date Expiry�Date Break�Date

Rent�Review�

Date

WALE�to�Break(yrs)

WALE�to�

Expiry(yrs)

Comment

Grd - Liberation Hse LW4 - Lib House Office Moore Management Leasehold Ltd 8,552** 227,828 26.64 25-Jan-08 24-Jan-32 24-Jun-23 25-Jan-14 8.0 16.6 2014 rent review outstanding.

1, 2 - Liberation Hse LW4 - Lib House Office Ernst & Young Property (Jersey) Ltd 21,978** 615,384 28.00 11-Dec-07 10-Dec-31 11-Dec-22 11-Dec-16 7.5 16.53, 4, 5 - Liberation

Hse LW4 - Lib House Office CPA Holdings Ltd 30,782** 861,896 28.00 01-Oct-07 30-Sep-28 01-Oct-23 01-Oct-16 8.3 13.3

CP Grd - Liberation Hse LW4 - Lib House Parking Moore Management Leasehold Ltd 6 18,000 3,000.00 25-Jan-08 24-Jan-32 24-Jun-23 25-Jan-17 8.0 16.6

CP1 - Liberation Hse LW4 - Lib House Parking Ernst & Young Property (Jersey) Ltd 10 30,000 3,000.00 11-Dec-07 10-Dec-31 11-Dec-22 11-Dec-16 7.5 16.5

CP2 - Liberation Hse LW4 - Lib House Parking CPA Holdings Ltd 20 60,000 3,000.00 01-Oct-07 30-Sep-28 01-Oct-23 01-Oct-16 8.3 13.3

CP - Parking LW4 - Lib House Parking Surplus Parking Licences 15 45,000 3,000.00 01-Sep-15 0.2 0.2 All car park licences can be terminated on 3 months written notice.

Grd - Kiosk LW4 - Lib House Retail Peter Michael Nowell & Natalie Jane Nowell 960** 23,500 21.88 25-Mar-13 24-Mar-22 01-May-16 6.8 6.8 2016 rent review will be the higher of

£25,000 and Jersey RPI reviewed rent.

Grd - Front LW4 - Lib House Retail Talbot Transport Ltd 315 5,000 15.87 01-Apr-14 31-Jul-17 2.1 2.1

1 - Windward Hse LW4 - Windward House Office Sea Thrift Ltd (BDO) 24,081** 672,448 27.92 01-Sep-08 31-Aug-32 31-Aug-24 01-Sep-17 9.2 17.2

CP1 - Windward Hse LW4 - Windward House Parking Sea Thrift Ltd (BDO) 10 30,000 3,000.00 01-Sep-08 30-Aug-32 31-Aug-24 01-Sep-17 9.2 17.2 Standard car parking spaces within the

basement car park.

CP2 - Windward Hse LW4 - Windward House Parking Sea Thrift Ltd (BDO) 3 4,500 1,500.00 01-Sep-08 30-Aug-32 31-Aug-24 01-Sep-17 9.2 17.2 Double stacked car parking spaces

within the basement car park.

TOTAL 86,668 2,591,156 8.2 15.2

1 - Transportation Hse

LW1 - Apart & Regus Hotel Liberty Wharf Apart Management Ltd

(Rent) 32,000 600,000 01-May-08 30-Apr-17 1.9 1.9Area is approximate, the Apart Hotel provides 63 rentable units at a base rent of £600,000 per annum.


LW1 - Apart & Regus Hotel Liberty Wharf Apart Management Ltd

(Revenue) 300,000 01-May-08 30-Apr-17 1.9 1.9

Revenue based on projected 2015 income receipts. 2015 budget figure is £350,000 and the receipts to date are ahead to budget target. 2014 revenue reached £260,000 . Further information available on request.


LW1 - Apart & Regus

Serviced Office Regus Jersey Ltd 14,000** 330,337 23.60 26-Jan-09 25-Jan-39 25-Oct-25 26-Oct-15 10.4 23.6

Rental figure based on 2014 revenue.The Regus agreement has a range of income receivable based on a revenue linked rent mechanism. There is a base rent with a floor of £227,500 per annum and a cap of £350,000 per annum, plus a top up rent of 20% of gross revenues in excess of £175,000 per quarter. More information available on request.The area includes the terrace of 10,797 sq ft which is not rentalised.

TOTAL 56,797 1,230,337 4.2 7.7

*�Denotes�area�stated�in�the�lease�on�a�Gross�Internal�basis.�**�Denotes�area�stated�in�the�lease�on�a�Net�Internal�basis.

TenancySchedule



Unit Component Type TenantArea�

NIA/GIAsq�ft

Passing�Renttotal

Passing�Rentpsf

Rent�Free�End Start�Date Expiry�Date Break�Date

Rent�Review�

Date

WALE�to�Break

yrs

WALE�to�

Expiryyrs

Comment

Grd - 1a/2a/2c LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (M&S) 12,621* 290,552 23.02 18-Aug-10 17-Aug-35 18-Aug-20 18-Aug-15 5.2 20.2 Open Market or Jersey RPI linked rent

review.

Grd - 2b & 2d LW2 - Shopping Centre Retail More Than Sport Ltd 1,004* 8,000 7.97 12-Dec-12 11-Dec-21 11-Dec-17 12-Dec-15 2.5 6.5 Fixed rental uplift to £9,000 from 12

December 2015.

Grd - 3 LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (Moss Bros) 2,547 55,000 21.59 31-Mar-16 22-Jun-15 21-Jun-24 22-Jun-18 9.0 9.0

Grd - 4,5,6 LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (George) 8,079* 161,580 20.00 30-Mar-12 30-Mar-37 22-Mar-22 30-Mar-17 6.8 21.8 Open Market or Jersey RPI linked rent

review.

Grd - 7 LW2 - Shopping Centre Retail Eclectic Ltd 403* 22,018 54.64 06-Jul-10 05-Jul-19 06-Jul-16 4.1 4.1

Grd - 8 LW2 - Shopping Centre Retail MoMo Ltd 467* 21,615 46.28 08-Mar-11 07-Mar-20 08-Mar-17 4.7 4.7 Open Market or Jersey RPI linked rent

review.

Grd & 1st - 9 & 10 LW2 - Shopping Centre Retail La Nautique Bar Restaurant Ltd 9,267* 250,000 26.98 26-Jul-11 25-Jul-35 25-Jul-26 26-Jul-14 11.1 20.1 Open Market or Jersey RPI linked rent

review.

Grd - 11a LW2 - Shopping Centre Retail Vacant 857 - - - -

Grd - 11b LW2 - Shopping Centre Retail Joe Delucci’s Jersey Ltd 323* 15,000 46.44 01-Aug-11 31-Jul-20 31-Jul-16 01-Aug-14 1.1 5.1 Open Market or Jersey RPI linked rent

review.

Grd - 12 LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (Costa) 1,460* 36,500 25.00 17-Sep-10 16-Sep-35 16-Sep-25 17-Sep-15 10.3 20.3 Open Market or Jersey RPI linked rent

review.

Grd - 12a LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (Costa) 289* 12,000 41.52 01-Jan-14 16-Sep-35 01-Aug-15 01-Jan-15 0.1 20.3

Annual licence review paid on a monthly basis, the licence can be terminated in line with the payment profile on a monthly basis.

Grd - 13a LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (Pasty Presto) 1,560* 39,000 25.00 31-Mar-10 30-Mar-35 30-Mar-25 31-Mar-15 9.8 19.8 Open Market or Jersey RPI linked rent

review.

Grd - 13b LW2 - Shopping Centre Retail Seafish Café (Jersey) Ltd 1,490* 45,000 30.20 20-Dec-12 19-Dec-21 20-Dec-18 20-Dec-15 3.5 6.5

Grd - 14 LW2 - Shopping Centre Retail Pearl Poetry Ltd 218* 16,452 75.47 29-Sep-10 28-Sep-19 29-Sep-16 4.3 4.3 Open Market or Jersey RPI linked rent

review.

Grd - 14a LW2 - Shopping Centre Retail Chantale Angeline Gosselin 411* 18,000 43.80 25-Mar-11 24-Mar-20 25-Mar-17 4.8 4.8

Grd - 15 LW2 - Shopping Centre Retail Lucas Bros 425* 18,000 42.35 01-Apr-14 31-Mar-23 01-Apr-17 - 7.8 Open Market or Jersey RPI linked rent

review.

Grd - 16 LW2 - Shopping Centre Retail Sandpiper CI Retail Ltd (Hotel Chocolat) 1,068* 26,700 25.00 17-Sep-10 16-Sep-35 16-Sep-25 17-Sep-15 10.3 20.3 Open Market or Jersey RPI linked rent

review.

Grd - 17 LW2 - Shopping Centre Retail Under Offer 1,411 30,000 21.26 31-Dec-15 01-Aug-15 31-Jul-24 01-Aug-16 9.1 9.1

Under offer to a local occupier Fixed uplifts - Year 2: £32,500 - Year 3: £38,000. 3 yearly review pattern with higher of Open Market or Jersey RPI linked.

1st - 1 LW2 - Shopping Centre Office in negotiations/rent guarantee 7,640 220,000 - 01-Jul-15 29-Dec-16 1.6 1.6 Rent Guarantee. Change of use granted

to offices, notice available.

1st - 13c LW2 - Shopping Centre Office Vacant 1,482 - - - -

2nd - 13c LW2 - Shopping Centre Office Vacant 771 - - - -

Grd - Harbour Office LW2 - Shopping Centre Office Public of the Island of Jersey 1,674* 5,000 2.99 27-Sep-13 26-Sep-34 27-Sep-16 19.3 19.3 Open Market or Jersey RPI linked rent

review.

Grd - Albert House LW2 - Shopping Centre Office Management Office 1,004 - - - -

Grd - Albert House LW2 - Shopping Centre Office Castle Cleaning 625 12,000 21.12 01-Jul-14 30-Jun-17 2.1 2.1

TOTAL 57,096 1,302,417 6.6 15.2

Grd - Tourism Bldg LW5 - Tourism Office Office Public of the Island of Jersey 6,198** 125,519 20.25 01-Jul-07 30-Jun-28 01-Jul-16 1.1 13.1 2016 rent review is the greater of Open

Market or Jersey RPI rent.

TOTAL 6,198 125,519 20.25 1.1 13.1

GRAND TOTAL 206,759 5,249,429 6.67 13.2

TenancySchedule

*�Denotes�area�stated�in�the�lease�on�a�Gross�Internal�basis.�**�Denotes�area�stated�in�the�lease�on�a�Net�Internal�basis.



Covenant



Covenant

Sea Thrift Limited (BDO)

Operating as a member of BDO, they are one of the leading independent firms of chartered accountants in Jersey and provide the range of services that you would expect from a member of one of the world’s largest accounting organisations. BDO LLP is the world’s fifth largest accountancy and business advisory firm. BDO LLP employs over 55,000 people worldwide, in over 1,200 offices, operating in over 138 countries. For the year ending April 2013, the company had a turnover of £312 million and a 10% growth in revenue. BDO LLP is the UK member firm of the BDO International Group which posted a combined fee income for the year ending 30 September 2013 of $6.45 billion.

BDO is one of the leading independent firms of chartered accountants in Jersey offering core Audit and Tax services.

CPA Global

CPA Global is the world’s leading intellectual property (IP) management and IP software specialist, and an international provider of outsourced legal services. With offices across Europe, the United States and Asia Pacific, CPA Global support many of the world’s best-known corporations and law firms with a range of IP and broader legal services, helping them to manage risk, cost and capacity.

Founded in Jersey, in 1969, CPA Global today employs over 2,000 people, serving clients’ needs in 200 jurisdictions through their offices and an extensive agent network.

Ernst & Young (LLP)

Ernst & Young Global Limited is a multinational professional services firm headquartered in London founded in 1989 through the merger of Ernst & Whinney and Arthur Young & Co with the oldest component dating back to 1849. It is one of the “Big Four” audit firms and is the third largest professional services firm in the world by aggregated revenue in 2014.

The organisation operates as a network of member firms which are separate legal entities in individual countries. It has 190,000 employees in over 700 offices around 150 countries in the world.

EY in the Channel Islands provides assurance, tax, transactions and advisory services.

Covenant



Moore Management

Moore Management are an established provider of independent administration and corporate governance services for institutional and corporate clients, ranging from major investment banks to boutique, alternative asset managers located in the major financial centres.

In January 2013, First Names Group, a trust and corporate services provider acquired the business and integrated its entire fund administration offering, which had been in operation since 2007, under the Moore Management brand.Moore now operates from offices in Jersey, Guernsey, Tokyo, Singapore, Isle of Man and Bermuda.

Sandpiper CI

Sandpiper CI are the largest company in the Channel Islands and have an established working relationship with M&S, Iceland, Hotel Chocolat, Costa, Pasty Presto, Greggs, Jack Wills, Crew Clothing, George and Moss Bros. They operate on an established franchise basis and allow brands to enter the Channel Islands allied to a knowledgeable and established retail operator. The 48 year old relationship with M&S lies as a foundation for the operations, adding Costa and Iceland Foods in 2009, followed by Hotel Chocolat and Pasty Presto and in late 2011 the first Crew Clothing and Jack Wills joined them on the Island.www.sandpiperci.com

Regus Jersey Limited

Regus Plc is a multinational corporation that operates in 100 countries with over 2,000 business centres, making it the world’s largest provider of flexible workspace. Regus provides serviced offices, virtual offices, meeting rooms, and video conferencing to clients on a contract basis. The Company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

BridgeStreet

BridgeStreet Global Hospitality is the leading international provider of serviced apartment experiences. BridgeStreet offer luxury living at exclusive properties in the heart of the city, to great value accommodation in fantastic locations, the BridgeStreet family of brands gives the customer a wide range of choices to suit their needs and budget. BridgeStreet and its Alliance members offer over 50,000 corporate apartments in 60 countries across the globe. BridgeStreet operate the ApartHotel under a management agreement with the Liberty Wharf Apart Management Limited, operating the 63 bedroom facility.

Covenant


MarketCommentary

Market Commentary


MarketCommentary

Market Commentary

The Jersey economy has been remarkably resilient to the global downturn and is now showing real and tangible signs of growth as the Island shakes off the last remnants of recession.

Despite the recent and prolonged recession the Jersey economy continues to thrive. It has an innate ability to flatten out the peaks and troughs of the UK and worldwide cycles despite being commercially intertwined with these sectors through its offshore financial services industry. Jersey is increasingly gaining stature as a mature, well regulated and sophisticated international player and has recently been awarded a AA+ rating by Standard and Poors.

Offices

Prime office rents have, over the past decade, demonstrated a steady upward trend avoiding the downturns experienced elsewhere. A robust planning regime, geographical constraints and a lack of speculative development have combined to make for a tight supply of prime space which has traditionally been supplied on a pre-let basis.

Headline�Rents�-�Jersey�vs�UK

In addition to the consistently benign market conditions investors are also able to benefit from:-

• Longer than average lease duration

• UK mainland style commercial leases

• Multiple 3 yearly, upward only OMV or JRPI linked indexed rent reviews

• An absence of security of tenure and complex landlord & tenant legislation

• A predominance of international covenants and UK backed tenancies

• Nominal property rates, usually recoverable

• A pool of first class professional expertise

St Helier’s prime Esplanade and associated Waterfront is the location of choice for many occupiers within the international finance arena with a plethora of well-known businesses occupying state of the art space. Both the government and its various marketing agencies continue to work strenuously to attract new business to local shores with particular emphasis on forging links with the Middle East and Far East.

70.00

65.00

60.00

55.00

£ pe

r sq

ft (

Lond

on)

£ pe

r sq

ft (

UK

& J

erse

y)

50.00

45.00

40.00

35.00

30.00

31.00

29.00

35.00

33.00

27.00

25.00

23.00

21.00

19.00

17.00

15.00

2000

2001

2001

2002

2003

2004

2004

2005

2006

2007

2007

2008

2009

2010

2010

2011

2012

2014

Jersey (LHS) Central London Average (RHS) Big 6 UK Regional Cities (LHS)

LettingMarket


MarketCommentary

Jersey Letting Market

Rental growth has been achieved, even in the poor economic climate of recent times, due to a tight planning regime, limited speculative development and occupier appetite from better quality offices arising due to re-locations, consolidations, mergers and acquisitions.

No 37 Esplanade was instrumental in driving rental rates forward. The property was part pre-let setting a new benchmark and the remaining “speculative” element presented a much needed opportunity for a number of businesses seeking quality offices in prime. Demand was such that the developer was able to achieve rents of £32-34 per sq ft (net effective circa £30 per sq ft). This rental rate is expected to be further enhanced following completion of the 80,000 sq ft pre-let to Royal Bank of Canada at 68-72 Esplanade which is due within the next two years.

Liberation House and Windward House are now let at £28 psf reflecting the market rent as at last reviews in 2013/14. The next Reviews are due from October 2016 where further rental increase are anticipated to move in line with current net effective rental levels of £30.00 psf.

Of St Helier’s estimated office stock of 2.8m sq ft, less than 160,000 sq ft, (5.7% of the total) is vacant, much of this stock being second-hand space. True prime Grade A stock is now severely limited following the letting of 37 Esplanade and there is now limited availability of good quality accommodation until completion of 68-72 Esplanade scheme anchored by the 80,000 sq ft pre-let to The Royal Bank of Canada which is due to be delivered within the next two years. The lack of supply coupled with anticipated demand is putting pressure on headline rents indicating that rents in Jersey have the potential to increase further once the occupier demand improves.

The majority of occupier demand is for good quality, Grade A accommodation in close proximity to the Esplanade and Waterfront. At present we are aware that a number of major, local financial occupiers are discussing pre-lets which should provide the catalyst for these developments.

The demonstrable tone of the list for prime rents in Jersey is currently £32.00 per sq ft, having grown consistently over the past few years. However, a high of £34.00 has been achieved and thus pre-let rents are being discussed at this level for new, high quality office space. Therefore rents are expected to continue to grow in the short and medium term.

Recent�Transactions

Address Date Tenants Headline�Rent�per�sq�ft

68-72 Esplanade May-14 Royal Bank of CanadaEst £32 -£34 (pre let details to be confirmed)

37 Esplanade

Nov-13 First Names (Jersey) Ltd £27 rising to £38

Nov-13 Breven Howard £33 rising to £35

Sep-13 Volaw Group Services Ltd £31-£32

June-12 Collins Stewart £34.00

Aug-12 KPMG £32.00

Nov-12 PWC £32.00

LettingMarket


MarketCommentary

Office Investment Market

The Jersey investment market has seen significant activity over the past 12 months although, like the leasing market, the supply of stock is relatively stable and as such you do not experience the significant peaks and troughs associated with oversupply as is experienced on the mainland.

The most recent sales of 18-22 Grenville Street, Ogier House at 44 Esplanade and 26 New Street point to a strong appetite for high quality assets, backed by high quality covenants. However transactional activity has been limited as landlords are reluctant to part with well performing assets against a background of the rental growth that is now in evidence since the recent deals at 37 Esplanade and 68-72 Esplanade.

18-22�Grenville�Street,�St�Helier,�Jersey

• The property sold in Q4 2014 for £17,500,000, reflecting a NIY of 8% after usual purchaser’s costs.

• The property comprises a 49,115 sq ft freehold office building which is single let to Mourant Ozannes LP on two FRI leases expiring in April 2025, therefore providing 10.5 years unexpired. The passing rent is £1,401,844 pa (between £26.00 and £28.50 per sq ft).

• The property is considered to be in a secondary location on the island.

• The property was purchased by Apache Capital.

Ogier�House,�St�Helier,�Jersey

• The property transacted in Q1 2015 for £27,000,000 reflecting a NIY of 7.5% after usual purchaser’s costs. Standard Life Investments bought the freehold interest.

• The property comprises a 75,946 sq ft headquarters office building arranged over basement, ground and five upper floors, with floor plates of c.11,000 sq ft.

• The building is let to Ogier Esplanade Limited with a guarantee from Ogier Fiduciary Services Holding Company Limited on a 24 year FRI lease which expires in November 2033. However there are tenant only break options in 2021, 2025 and 2029, the first of which is subject to a penalty to the equivalent of 6 months’ rent. The total passing rent is £2,155,639.30, equating to £28.50 per sq ft.

Sir�Walter�Raleigh�House,�St�Helier,�Jersey

• Valad European Diversified Fund (Jersey) 13 Ltd bought the property in an open market transaction during Q1 2015 for £6,450,000.

• The sale reflects a NIY of 7.75% after usual purchaser’s costs.

• The property extends to 21,114 sq ft over basement, ground and four upper floors. The property is 50% vacant and currently produces £323,250 pa. The leases within the building expire in 2020 all of which are subject to break options in 2016.

26�New�Street�and�Dumaresq�House,�St�Helier,�Jersey

• The property was bought in Q1 2015 by Hailsham Investments Limited in an open market transaction for £14,270,000. The sale reflects a yield of 7% after usual purchaser’s costs.

• The property is let on two leases to Bedells Lawyers/Trust, on a new 21 year lease from October 2014 at a rent of £1,044,024 pa.

• The building is in a good Grade B building in a reasonable location. It comprises two interconnecting buildings.

• The property was originally marketed at 6.75%.

InvestmentMarket


MarketCommentary

Retail Market

The retail market of Jersey is by Global standards a very small market place due to the limited land mass, a tight planning regime and relatively small population. However low levels of personal tax and high levels of disposable income has led to a very strong retail presence by many of the multiple retailers and continued but unfulfilled demand from many UK European and US multiples.

The main retail focus for Jersey is the Capital, St Helier. The island benefits from a pedestrianised prime retail zone fronting on to King Street and Queen Street in St Helier and supported by secondary retail zones such as Liberty Wharf.

The rapidly evolving Waterfront has now delivered retailing opportunities at Liberty Wharf and Castle Quay.

Vacancy rates in the prime areas remain at almost 0%. The balance of supply and demand has remained steady with the consequence that rental rates have held up though a nominal increase in supply will alleviate some of the pent up demand would result in rental rates increasing beyond their current levels. The low vacancy rates have also ensured that prime headline rentals remain reasonably static at around £145 per square foot (30ft zones).

St Helier is also the leisure capital of the islands boasting a wealth of night clubs, restaurants & bars and facilities such as sports centres, museums and cinemas. Jersey’s principal business hotels are also located within the town of St Helier. With the lower exchange rate with the Euro, the Channel Islands, as a tourist destination, is experiencing a revival particularly when focused on short stay, high spend breaks which reflect well within the retail market as well as the tourism industry itself.

Office�&�retail�unit,�St�Helier,�Jersey

• The property sold in Q1 2015 for £5,950,415, reflecting a NIY of 7% after usual purchaser’s costs.

• The property comprises a 19,925 sq ft freehold office retail unit which is single let to New Look Retailers (CI) Limited on a FRI lease expiring in August 2027, therefore providing 12 years unexpired. The passing rent is £462,500 pa .

• The property is considered to be in a secondary location on the island.

• The property was purchased by Rougemont Limited.

RetailMarket

Retail Investment Outlook

The retail investment market has generally remained steady through the economic downturn though typified by a lack of investment stock. Prime yields have generally remained unchanged though secondary yields have moved out but this is countered by typically longer lease terms and a more stable economy coupled with a population with higher than average disposal income.


AssetManagement

Asset Management


AssetManagement

Asset Management Opportunities

Liberty Wharf provides a number of value add opportunities to increase income streams and lease terms as well as reducing operational void costs.

These opportunities include:

• First Floor Unit 1 of Liberty Wharf Shopping Centre which is being considered by a local office occupier.

• The Old Tourist Office which is due to be refurbished and receiving expressions of interest

• Unit 17 of Liberty Wharf Shopping Centre which is being considered by a local retailer

• Multiple rent review opportunities in next 3 years including open market and JRPI linked uplifts

• Tourist Office lease event in 2016 providing the opportunity to increase rents in line with market tone


Proposal & Contact

Proposal & Contact


Proposal & Contact

Capital Allowances

Capital allowances are available. Please contact the agents for further information.

VAT

VAT is not applicable in Jersey. Goods and Services Tax (@ 5%) may be applicable. All figures quoted in this brochure are exclusive of GST and we would recommend that prospective purchasers make their own enquiries as to liability.

Proposal

Offers are invited in excess of £70,000,000 (Seventy Million Pounds) for the long leasehold interest of the property subject to contract.

A purchase at this level would reflect a net initial yield to 7.04% after allowing for purchaser’s costs of 6.50%.

Four SPVs are available to purchase, which would reflect a net initial yield of 7.39% after allowing for purchaser’s costs of 1.50%.

Contact

For further information or to arrange an inspection please contact:

MISREPRESENTATION ACT 1967. Cushman & Wakefield LLP nor Buckley & Company (and their joint agents if appointed) for themselves and for vendors of lessors of this property whose agents are, give notice that: (1) The particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract. (2) No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatever in relation to this property. (3) This property is offered subject to contract unless otherwise stated, all rents are quoted exclusive of VAT. (4) Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services and facilities are in good working order. (5) Unless stated otherwise, no investigations have been made regarding pollution or potential land, air or water contamination, Interested parties are advised to carry out their own investigations if required. June 2015.

PJ�Thibault�

020 7152 [email protected]

Josh�Beebee


Will�Prewer


Cushman & Wakefield43-45 Portman SquareLondon W1A 3BG

Simon�Buckley


Buckley & CompanyOne EsplanadeSt Helier, Jersey

04568 / 020 7355 2500 / taylerreid.co.uk

mailto:pj.thibault%40eur.cushwake.com?subject=Liberty%20Wharf

mailto:joshua.beebee%40eur.cushwake.com?subject=Liberty%20Wharf

mailto:william.prewer%40eur.cushwake.com?subject=Liberty%20Wharf

http://www.cushmanwakefield.co.uk

mailto:simon%40buckleyandcompany.co.uk?subject=Liberty%20Wharf

http://www.buckleyandcompany.co.uk

http://www.taylerreid.co.uk

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