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68 PETERBOROUGH COURT & DANIEL HOUSE 133-140 FLEET STREET LONDON EC4 APPENDIX I OCCUPATIONAL LEASE TERMS – SUMMARY The principal terms of the occupational lease can be summarised as follows: Original Landlord LDT Partners. Tenant Goldman Sachs International. Guarantor The Goldman Sachs Group, Inc. Premises All those buildings known as Peterborough Court, 133 Fleet Street and Daniel House, 140 Fleet Street, London EC4. Lease The initial lease was originally granted in 1992 for a term commencing 25 March 1991 and expiring 2016. The lease was varied by various deeds of variation. The term has effectively been extended by way of a reversionary lease to 20 June 2026. Option to Determine The Tenant may determine the reversionary lease on 29 September 2021 subject to providing at least 12 months written notice. Rent £17,769,793 per annum exclusive. The rent is payable quarterly in advance on the usual English quarter days. Rent Reviews Upwards only, subject to five yearly intervals. The next rent reviews are scheduled for 25 March 2011, 25 March 2016 and 25 March 2021. Rent Review Provisions The lease defines that the open market rent is the annual rent which would reasonably be expected to become payable in respect of the premises in the open market on the following basis: (i) as a whole; (ii) by a willing landlord to a willing tenant; (iii) with vacant possession; (iv) without taking any fine or premium; (v) for a term of fifteen years or, if longer, the then unexpired term. The rent review clause stipulates that the following are to be assumed: (i) that the premises have been constructed and completed by the Landlord in accordance with the rent review specification attached to the leases; (ii) that all mechanical and electrical plant and machinery has been tested and commissioned and that the air-conditioning system has been balanced, tested and commissioned; (iii) that all Tenant’s fixtures have been removed; (iv) that the premises are ready for immediate occupation; (v) that if the premises have been destroyed or damaged that they have been fully rebuilt and reinstated; (vi) that the covenants on the part of the Tenant have been performed and observed; (vii) that no work has been carried out to the premises which has diminished the rental value; (viii) that financial inducements relating to fitting out have been made and expired prior to the review date. The rent review clause stipulates that the following are to be disregarded: (i) the Tenant’s (or any sub-tenants) occupation; (ii) any effect on rent of the fact that the Tenant (or any sub-tenants) is the occupier of any adjoining building; (iii) any goodwill attached to the premises; (iv) any improvements to the premises; (v) any effect on the rent of the existence of the tunnel and bridges linking the buildings with the Tenants’ adjacent premises at River Court, 120 Fleet Street; (vi) any effect on the rent of the existence of the Tenant’s option to determine the lease; (vii) financial inducements relating to fitting out. (viii) any effect on the rent of the tenant being a tenant of any adjoining property.
Arbitration If there is no agreement 6 months before the rent review date, the matter is determined by a surveyor acting as an arbitrator. User Offices, storage, with ancillary accommodation. The retail units can be used for retail, offices or restaurant purposes. Repairs and Decoration The Tenant is to put and keep the premises (including all plant and machinery) in good and substantial repair and in working order. The exterior is to be redecorated every 3 years and the interior every 5 years. From June 2023 and after service of the notice to exercise the Tenant’s option to determine the lease, the Tenant is not required to repair damage caused thereafter by fair wear and tear. Insurance The Landlord insures the Premises and the Tenant reimburses the premium. Alterations and Reinstatement The Tenant may not undertake any alterations which affect either the exterior or height of the premises. Structural alterations may be undertaken but only with Landlord’s consent (not to be unreasonably withheld). Non-structural alterations are permitted without Landlord’s consent. The Tenant has no liability to reinstate alterations or additions undertaken prior to 8 February 2005, or any non-structural alterations. Tunnel and Bridge Licences By way of tunnel and bridge licences, dating 8 November 1999 and 2 February 2001, Goldman Sachs International (GSI) have been permitted to construct one tunnel and two bridge links between Peterborough Court and the adjoining Goldman Sachs building, River Court. The licences are personal to GSI and upon assignment, or ultimate lease expiry, GSI need to remove, make good and reinstate. Alienation The Tenant covenants: (i) not to assign part; (ii) not to assign the whole of the premises without the prior written consent of the Landlord (not to be unreasonably withheld) subject to conditions. Assignment is only permitted if an Authorised Guarantee Agreement (AGA) is provided by Goldman Sachs International. Subject to receiving Landlord’s consent (not to be unreasonably withheld) the Tenant can, subject to conditions: (i) Underlet the whole of the premises or entire floors or part floors (assuming the parts are self contained units); (ii) Underlet to no more than 2 occupiers per floor in Daniel House and 4 occupiers per floor in Peterborough Court at any one time. Under-lettings of part (for terms of 5 years or less) must be excluded from the security of tenure and compensation provisions of the Landlord & Tenant Act 1954. Under-lettings must be at the full open market rack rental value with provision for five yearly upwards only rent reviews. Goldman Sachs may carry on the business of a serviced office provider without the consent of the Landlord in Daniel House or one floor of Peterborough Court. VAT Unless required by statute, the Landlord covenants not to make a voluntary election for VAT. This is a personal covenant to Goldman Sachs. Disposals by Landlord Whilst the lease is vested in Goldman Sachs (save in certain specified circumstances), the Landlord may not sell or dispose of the Premises or the entity owning the Premises to any of eight financial competitors of Goldman Sachs or entities controlled by such financial institutions without the consent of Goldman Sachs. 69
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PETERBOROUGH COURT & DANIEL HOUSE 1
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INVESTMENT SUMMARY European Headqua
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LONDON IS HOME TO FOUR WORLD HERITA
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Page 19 and 20: CITY THAMESLINK PWC DELOITTE AXA DE
Page 21 and 22: A THIRD OF THE WORLD’S LARGEST CO
Page 23 and 24: Peterborough Court - a monument to
Page 25 and 26: HEATHROW AIRPORT HANDLES 67 MILLION
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Page 29 and 30: MIDTOWN HOSTS THE ROYAL COURTS OF J
Page 31 and 32: Fleet Street today - vibrancy epito
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Page 57 and 58: TENURE The property is held freehol
Page 71 and 72: Supply There was a marked reduction
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