WWW.BRITISHLAND.COM PADDINGTON CENTRAL Property Tour 23 SEPTEMBER 2014
INTRODUCTION Tim Roberts Head of Offices and Residential 2
KEY OFFICE AND RESIDENTIAL HIGHLIGHTS • Strengthening leasing performance – Successful letting particularly across our recently completed West End developments • Successful completion of all our 2010 West End developments – Plus 605,000 sq ft at The Leadenhall Building • Well timed acquisitions of Paddington and Shoreditch – Third major London campus at Paddington – Adding significant development potential • Achieved important milestones at Clarges – Landmark development, on-site, pre-launched with £210m of residential pre-sold • Progressing our long-term vision at Broadgate – New JV partnership with GIC – Crossrail a game changer – Broadgate Circle 3
LEASING ACTIVITY ACROSS OUR OFFICE PORTFOLIO • Strengthening letting interest in recent months • Over 200,000 sq ft leasing activity completed/under offer in Q1 including at Leadenhall and 10 Portman Square • Further leasing successes since Q1 announcement, including at 10 Portman Square, Marble Arch House, 39 Victoria Street and Paddington Central Completed/under FY to 31 March offer since March* Leasing Activity sq ft Sq ft Broadgate 225,190 82,300 Leadenhall 106,920 13,600 Regent’s Place 196,480 36,600 Portman Village 18,300 62,000 Paddington Central 30,210 6,300 Other 54,900 16,600 Total 632,000 217,400 * As per Q1 announcement 4
PADDINGTON CENTRAL OVERVIEW • 11 acre mixed-use estate in London’s West End acquired in July 2013 • 1.2m sq ft, comprising 7 modern buildings, and a retail and leisure cluster • 610,000 sq ft income generating properties – Occupied by high quality tenants including AstraZeneca, Nokia, Statoil and Accor • Weighted average lease length of 10.1 years • Occupancy currently 94% - since acquisition 40,000 sq ft of leasing activity • Contracted rent on existing properties £23m, rising to £25m on letting of vacant space and minimum uplifts • Average office rent £50 per sq ft, with good prospects for rental growth • 435,000 sq ft development potential, including 355,000 sq ft of consented offices, and 80,000 sq ft of mixed use (occupied by Crossrail until 2018) • Opportunities to improve estate through more active asset management leveraging successes at Regent’s Place and Broadgate 5
PADDINGTON CENTRAL CAMPUS Key: BL ownership Non BL ownership Multi-let offices Multi-let offices 268,000 sq ft 143,000 sq ft 200 residential units Development sites sold on long leases; (355,000 sq ft) + retail at ground floor Crossrail box below (80,000 sq ft) FOUR KINGDOM STREET FIVE KINGDOM New Hammersmith STREET ONE & City line station KINGDOM ONE and access to STREET SHELDON SQUARE Crossrail 206 room 4-star 88,000 sq ft retail hotel (111,000 sq ft) Non BL ownership (16 units) around Sheldon Square 6
ASSET MANAGEMENT INITIATIVES David Lockyer Head of West End Asset Management 7
PROGRESS TO DATE – 1 YEAR ON • Detailed master-plan developed to form long term vision for the campus and its immediate environment. – Improved existing planning consent for 4 KS and redesigning 5 KS – Significant upgrade works to public realm with next phase due to start early 2015 – Improved connectivity to surroundings with much improved arrival experiences – Introduction of a greater variety of uses and occupiers, with increased amenities and improved ‘sense of place’ – Refresh of branding underway around a new vision for the campus • Good progress on active asset management and plans to improve the estate – Good leasing progress with 34,810 sq ft offices and 5,480 sq ft retail units, let or re-geared since acquisition – Increased occupancy to 94% – Phase 1 public realm improvements delivered; amphitheatre, events, big screen, vehicular entrance, landscaping, upgraded management – Improvements to buildings underway to ensure ‘future proofed’ for today’s occupiers needs • Already increased in value by 11% in 8 months to March 2014 8
PUBLIC REALM IMPROVEMENTS – “QUICK WINS” Short-term of objective was to inject life into the campus through summer of sport, film festivals, gigs, food markets, promotions etc to de-sterilise and de-corporatise Before After 9
MASTERPLAN AND VISION The masterplan focuses on improving connectivity and permeability to the campus so that it better relates to it’s surroundings and feels part of Central London 10
MASTERPLAN AND VISION Improvements to public realm focused around 7 key areas, as well as the development of 4 and 5 Kingdom Street, are a key factor in delivering the physical elements of the masterplan and Vision 11
NEXT 12 MONTHS – PROGRESSING MASTERPLAN • Start on site with 4 Kingdom Street • Submit planning application for next phase of public realm works which will be focused on the canal-side, the two pedestrian approaches from H&C line exit and Little Venice and the amphitheatre • The rebrand of Paddington Central to be launched together with associated signage and on line media • Plans to be progressed for the future phases of significant public realm improvements planned • Continued advancement of ‘place-making’ strategy through events, culture and art to improve perception and underline attractions of Paddington as a location 12
PADDINGTON CENTRAL – CROSSRAIL • Paddington will be one of only three Crossrail stations in London’s West End with direct access to City and Docklands • New access point to Crossrail will be opposite the entrance to Paddington Central, off Bishop’s Bridge Road • As part of these works, reconstruction of Hammersmith & City line station with new public square fronting canal recently completed. Approximate Crossrail journey times from Paddington to Key Central London stations Bond Street 2 minutes Tottenham Court Road 4 minutes Farringdon 7 minutes Liverpool Street 9 minutes Canary Wharf 16 minutes 13
IMPROVEMENTS TO SHELDON SQUARE • Replace existing harsh ‘stadium lighting’ • Improve shop fronts • Upgrade public realm • Improve circulation areas and use of amphitheatre 14
IMPROVING THE CANAL SIDE ENTRANCES • Upgrade lighting • Introduce art installations • Introduce signage • Widen approaches • Improve finishes • Underpin attractions of canal 15
IMPROVING THE CANAL SIDE ENTRANCES • Upgrade lighting • Introduce art installations • Introduce signage • Improve sightlines and visibility • Improve finishes • Incorporate underutilised areas to create activity 16
IMPROVEMENTS TO KINGDOM STREET • Re-balance the priorities between pedestrians and vehicles • Reduce scale to ‘humanise’ the space • Improve the landscaping to soften the feel
ALSO UPGRADING THE BUILDINGS • Improving the reception of 2 Kingdom Street to meet occupier needs and their ways of working
DEVELOPMENTS Nigel Webb Head of Developments 19
WE HAVE A STRONG TRACK RECORD IN SUCCESSFULLY DELIVERING DEVELOPMENTS • Largest Central London office developer: over 4.5m sq ft completed since 2004 • High quality buildings with strong environmental record 199 BISHIOPSGATE 10 & 20 TRITON YORK HOUSE WILLIS BUILDING 201 BISHOPSGATE & ROPEMAKER PLACE (REFURBISHMENT) (SOLD) STREET (SOLD) BROADGATE TOWER COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED 10-30 BROCK 39 VICTORIA STREET THE LEADENDHALL 5 BROADGATE EC2 10 PORTMAN MARBLE ARCH STREET SQUARE (REFURBISHMENT) BUILDING HOUSE EARLY 2015 COMPLETED COMPLETED COMPLETED COMPLETED COMPLETED
PROGRESSING OUR NEW LONDON DEVELOPMENTS • Added 1.1m sq ft of new potential development • Estimated profit of c£375m; of which c£290m to come • Expect to commit to 4 Kingdom Street later this year • Progressing 5 Kingdom Street and Shoreditch plans; retain optionality BLOSSOM ST CLARGES THE ALDGATE YALDING 4 KINGDOM 5 KINGDOM MAYFAIR HEMPEL PHASE 1 HOUSE STREET SHOREDITCH STREET CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION COMMITTING ANTICIPATE UNDER UNDER UNDER UNDER STAGE DESIGN STAGE DESIGN RECENTLY COMMITTED NEAR TERM PIPELINE 708,000 sq ft 555,000 sq ft 21
PADDINGTON CENTRAL – DEVELOPMENT SITES • Secured revised planning consent for • Situated below existing Crossrail deck • 210,000 sq ft of offices (as consented) improved 145,200 sq ft building at ground level (80,000 sq ft) • 14 floors • 9 floors • 8 metre clear slab • Plan to redesign scheme and add • Anticipated start: Christmas 2014 • Possession by 2018 additional floor space • Anticipated delivery: 2016/17 • Assessing options for potential retail, • Anticipated delivery: 2018/19 leisure, storage or parking 4 KINGDOM STREET “CROSSRAIL BOX” 5 KINGDOM STREET 22 22
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