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Details of the above property under contract at £11,000,000 which represents an 8.2% yield it has secured income for a further 14 years

1.      The property is situated on Selsdon Way approximately ½ mile to the south of Canary Wharf and on the opposite side of the river to the 02 Arena. Please click on the link for a map reference:

2.      The Northern & Shell Tower is a substantial detached office building constructed in 1982 and arranged over seven floors. 3.      The GIA constitutes 53,757 sq ft (4,994 sq m).

3.      The GIA constitutes 53,757 sq ft (4,994 sq m).

4.      The building is offered on a tenure of 999 years less 10 days from 19th November 1997. The annual Ground Rent is £100.

5.      The Tenancy is with Northern & Shell PLC (further details below) and was granted for a period of 25 years on the 19th November 1997. There is no break clause.

6.      The rent was reviewed on the 19th November 2007 and an increase was settled at £909,000 per annum. This was an increase from the previous rent of £761,500 per annum. The next rent review is scheduled for 19th November 2012. The Tenancy only allows for an upward review.

7. There is long term potential for future change of use/redevelopment (Subject to Planning and usual Consents).

Northern & Shell PLC is a company that specializes in magazine publishing. It is a subsidiary of Northern & Shell Network Limited. The primary holding company, through group companies, is engaged in newspaper publishing and printing, magazine publishing and television broadcasting. It owns the Daily Express and Daily Star newspapers, OK magazine, New magazine and Star magazine. Through its Portland TV subsidiary the group operates its television broadcasting arm. Please find a brief financial summary of 2006 and 2007 performance below (source / Vendor):

We are not retained and would require a fee to be agreed further information is available

on receipt of a Letter of Interest and a signed Fee agreement.

 

Northern & Shell plc

31 December 2007 (£000’s)

31 December 2006 (£000’s)

Turnover

72,281

64,756

Pre-tax profit

20,450

1,548

Shareholder’s funds

29,517

12,886

 

 

Northern & Shell Network Ltd

31 December 2007 (£000’s)

31 December 2006 (£000’s)

Turnover

484,974

460,527

Pre-tax profit

56,764

9,185

Shareholder’s funds

31,945

(22,507)