TWO LONGWALK ROAD...A320 A3 A309 A308 A30 A24 A316 A3 A406 A406 A312 A404 A4140 A24 A308 A205 J4B J4...
Transcript of TWO LONGWALK ROAD...A320 A3 A309 A308 A30 A24 A316 A3 A406 A406 A312 A404 A4140 A24 A308 A205 J4B J4...
1T W O L O N G W A L K R O A DS T O C K L E Y P A R K · U X B R I D G E · U B 1 1 1 B A
P R I M E L A N D M A R K H E A D Q U A R T E R O F F I C E I N V E S T M E N T
T W O L O N G W A L K R O A DS T O C K L E Y P A R K · U X B R I D G E · U B 1 1 1 B A
T W O L O N G W A L K R O A DS T O C K L E Y P A R K · U X B R I D G E · U B 1 1 1 B A
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INVESTMENT SUMMARY
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INVESTMENT SUMMARY
ArareopportunitytoacquireaprimeGreaterLondonheadquarterofficebuilding
ononeofEurope’spremierbusinessparks.
StockleyParkistheprincipalofficeparkintheThamesValleyenviablylocated
2milesnorthofHeathrowInternationalAirportandonly15mileswestof
CentralLondon.
TheparkishometoarangeofglobalbusinessesincludingMarks&Spencer,
Apple,GileadSciences,Kuehne&NagelandCanon.
2LongwalkisLucozade Ribena Suntory’s Headquarters comprising 48,724 sq ft
ofGradeAofficeaccommodationarrangedovergroundandfirstfloor.
ThepropertyisprominentlypositionedclosetotheentranceofStockleyPark,
borderingStockleyRoad.
Excellentcar parking ratio of 1:256 sq ft.
ThepropertyisentirelylettoLucozade Ribena Suntory Limiteduntil
11May2025.
Unexpired term of 8.7 years.
Overthepast18months,acomprehensive refurbishment programmehas
beenundertakenbythetenantwhichweunderstandtotaledintheregionof
£8.5m demonstratingtheirlong-termcommitmenttothebuilding.
Theleaseisguaranteed by Suntory Beverage and Food Limited,theworld’s third
largest soft drinks company,whoarelistedontheTokyoStockExchangeandhave
a Moody’s credit rating of A3 and market capitalisation of £9.76bn.
Totalpassingrentof£1,515,495 per annum equating to £31.50 per sq ft
(takinggroundfloorreceptionandfirstfloorlobbyareaat50%).
PrimerentsonStockleyParkhaveincreasedto£33.50persqft,withnew
quotingrentsrisingto£38.00persqft.
Thequalityoflocation,highoccupierretentionandthenewseriesofrefurbishments
isforecasttodrivetherentaltoneoftheParksignificantly,providinganexceptional
investmentopportunity.
Offersaresoughtinexcessof£23,000,000 (Twenty Three Million Pounds)
subjecttocontractandexclusiveofVAT.
Apurchaseatthislevelreflectsanet initial yield of 6.17%afterallowingfor
purchasercostsof6.75%andacapital value of £472 per sq ft.
INVESTMENT SUMMARY
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LOCATION
STOCKLEY PARK GOLF CLUB
IMG
CELGENE
CANON
APPLESHARP
CANON SAMSONITE
REGUS
REGUS
FISERV
MARKS & SPENCER
MSC CRUISE MANAGEMENT UK
HASBRO
KUEHNE & NAGEL
GILEAD SCIENCES
VOLGA DNEPR
IBMTOSHIBABIOCARE
LONDON PADDINGTON 21 MINUTES
READING 33 MINUTES
TO HEATHROW, M4 & M25
A408 STOCKLEY ROAD
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R O A D
5 THE SQUARE
THE BOWER
4 LONGWALK ROAD
THE ARENA VIRGIN ACTIVE HEALTH CLUB,
COSTA COFFEE, WETHERSPOON’S, SUBWAY, WH SMITH
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STOCKLEY PARK
StockleyParkisawell-establishedoutoftownbusinessparkandacorelocationforcorporateoccupiersintheThamesValleyregion.Occupying150acresoflandwithintheM25,theParkisstrategicallylocatedapproximately15mileswestofCentralLondonand 2milesnorthofHeathrowInternationalAirport. Itsreputationasapremierbusinessparkisreflectedinthequalityofthebuildings,theenvironmentandthetransportconnectivity,makingitanattractivelocationformajorinternationalcorporations.
TheParkiswidelyregardedasoneofthemostsuccessfulbusinessparksintheThamesValley.ThissuccesshasbeenfoundedonitslocationclosetoHeathrowInternationalAirport,accesstotheM4andM25,anditsraillinkstoCentralLondonandthewiderThamesValleymarket.TheintroductionofCrossrailin2019issettoimprovethetransportinfrastructuresignificantlyandbringinstronginwardinvestmenttotheareathroughtheopeningoftwostationsatHayes&HarlingtonandWestDrayton.
TheParktotalsover1.8millionsqftofGradeAofficeaccommodationacross26buildingsandisoftenusedasthebenchmarkfortheThamesValleyofficemarket.TheproximitytobothCentralLondonandHeathrowInternationalAirporthasattractedadiverserangeofmajorinternationalcompaniessuchasSharp,IMG,Hasbro,GlaxoSmithKlineandToshiba.
FARNBOROUGH
M4
M1
M40
M40
M3
M3
M25
M25
A1
HEATHROWAIRPORT
SLOUGH
MAIDENHEAD
BRACKNELL
WATFORD
UXBRIDGE
WOKING
SUTTON
FARNBOROUGH
A4010
A355
A355
A412
A308
A329
A320A3
A309
A308
A30
A24
A316
A3
A406
A406
A312
A404
A4140
A24
A308
A205
J4 J3J4B
J15
J16
J1AJ1
J14
J5
RICHMOND
HARROW
LONDON
SUTTON
STAINESSTAINES
KINGSTON
CHERTSEY
WEYBRIDGE
BATH ROAD BATH ROAD
GREAT SOUTH-WEST ROAD
THE
PARK
WAY
THE
PARK
WAY
THE
PARKWAY
STOC
KLEY ROAD
COW
LEY ROA
D H
IGH
ROAD
FALL I NG LANE
IVER LA N E
UXBRIDGE ROAD
UXBRIDGE ROAD
LON
G LAN
E
HORTON ROAD
BOTWELL COMMON ROADSTATION RO
AD
KINGSHILL AVENUE
DAWLEY RO
AD
HILLINGDON HILL
HAYES ROAD
M25
A40
A312
M25
M4
M4 M4
A30
A3113
J15
J14
J4BJ4
J3
HAYES &HARLINGTON
HEATHROWT2
T3T5
T4
WESTDRAYTON
BRUNELUNIVERSITY
LONDON
UXBRIDGE
HEATHROW AIRPORT
STOCKLEY PARK
LOCATION
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COMMUNICATIONS
BY ROAD
StockleyParkbenefitsfromexcellentroadcommunications,beingpositionedwithincloseproximitytotheM4andM25.Thepropertyislocated1.5milesfromJunction4oftheM4,providingeasyaccesstoandfromHeathrowInternationalAirportandCentralLondon.TheA408alsolinksdirectlytotheM40andJunction15oftheM25motorwaywhichprovidesquickaccesstotheUKmotorwaynetwork.
DISTANCE
LOCATION
BY AIR
HeathrowInternationalAirportislocatedonly2milestothesouthoftheParkandistheworld’sbusiestinternationalairport,cateringforapproximately75millionpassengersperyear.TheproximitytoHeathrowisamajorattractionforoccupierslookingtolocateonthePark,manyofwhomoperateonaglobalscale.
TheParkisideallylocatedclosetothenationalmotorwaynetworkwhichallowseasyaccesstoLondon’sothermajorairports,includingLondon,Gatwick,LutonandStansted.
DISTANCE
Stansted Airport
Heathrow International Airport
Gatwick Airport
London City Airport
Luton Airport
2 miles
40 miles
25 miles
40 miles
70 miles
Uxbridge
Central London
M4 Junction 4
M25 Junction 15
1.5 miles
2 miles
3 miles
3.5 miles
15 miles
Heathrow International Airport
BY PUBLIC TRANSPORT
TheParkbenefitsfromseveralregularbusservices,linkingthe ParkdirectlywithHeathrowInternationalAirport,Uxbridgetowncentre,WestDraytonandHayes&HarlingtonStations.
TheLondonUndergroundcanbeaccessedatUxbridge Stationwhichissituatedapproximately3.5milestothenorth ofthepark,withthePiccadillyandMetropolitanlinesprovidingdirectconnectionstoCentralLondonandHeathrow InternationalAirport.
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COMMUNICATIONS
RAIL & CROSSRAIL
StockleyParkisstrategicallypositionedforaccesstobothHayes&HarlingtonandWestDraytonstations,situated3milestothesoutheastand1.5mileswestrespectively.BothstationsserveLondonPaddingtonandprovidefastlinkstotherestoftheUKrailnetworkviaReadingtothewest.JourneytimestoLondonPaddingtonareapproximately26minutesfromWestDraytonand21minutesfromHayes&Harlington.
TheParkwillbenefitfromtwoCrossrailstationsfromHayes&HarlingtonandWestDraytonin2019.TheservicewillfurtherenhancethePark’sconnectivitywiththelinerunningdirectlythroughthestationsfromReadingacrossLondonandintoEssex.Onceopenedtherewillbeupto16trainsperhourtoCentralLondon,withadirectjourneytoBondStreettakingjust20minutesandfurtherreducedjourneytimestonumerouslocations.
JOURNEY TIMES
FROM HAYES & HARLINGTON FROM WEST DRAYTON
HeathrowT1,T2&T3 11minutes 21minutes
HeathrowT4 17minutes 27minutes
LondonPaddington 21minutes 26minutes
Reading 37minutes 33minutes
Oxford 60minutes 80minutes
LOCATION
Source:www.crossrail.co.uk
HEATHROW AIRPORT
8 MINS
READING 33 MINS
HAYES & HARLINGTON
WEST DRAYTON
3 MINS
BOND STREET 20 MINS
CANARY WHARF 34 MINS
LONDON PADDINGTON
16 MINS
LIVERPOOL STREET 27 MINS
STRATFORD 36 MINS
CROSSRAIL ROUTE FROM HAYES & HARLINGTON
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SITUATION
2LongwalkoccupiesaprominentpositionclosetothePark’smainentrance,borderingtheA408(StockleyRoad).ThepropertyisaccessedviaLongwalkRoad,oneoftheprincipalestateroadsrunningthroughthepark.MajoroccupierswithintheimmediatevicinityincludeCelgene,Marks&Spencer,Kuehne&NagelandVolgaDnepr.
ThePark’slandscapeoflakes,footpathsandcycleroutesprovideanunparalleledandpleasantworkingenvironment,whilstanumberofamenitiesarealsowithincloseproximity.Thebuildingoccupiesoneoftheprimepositionsontheparkforaccesstothemainamenityforthepark,TheArena.Thisislessthana5minutewalkfromthepropertyandprovidesbarsandrestaurantssuchastheWetherspoon'sBaraswellasVirginActiveHealthClub,WHSmith,CostaCoffeeandSubway.Theparkalsoadjoinsan18holegolfcourseanda160acrecountrypark.
LOCATION
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DESCRIPTION
2LongwalkRoadisaprominentheadquarterofficebuildingcomprising48,724sqftofGradeAofficeaccommodationovergroundandfirstfloor.
Thebuildingwasoriginallyconstructedin1986andwascomprehensivelyrefurbishedin2013.Itisofasteelframeconstructionandisaccessedfromanimpressive double-heightreceptionareawithaglassfrontageandafeaturespiralstaircase.Internallythefloorsarearrangedaroundtwocentralatria,whichprovidewellconfiguredunbrokenfloorplatesandanexcellentlevelofnaturallight.
LucozadeRibenaSuntoryhavebeeninoccupationinthebuildingsince2013andcommittedtooccupythewhole ofthebuildingin2015forafurther10years.ThebuildingformsakeyroleinSuntoryHoldingsLimitedglobaloperationsandisrecognisedastheHeadquarters for Lucozade Ribena Suntory, European Headquarters for Suntory Beverage & Food and core South East office locationfor Beam Suntory.
THE BUILDING
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SPECIFICATION
Internallythepropertybenefitsfromthefollowinghigh qualityspecification:
4-pipefancoilair-conditioningsystem
Suspendedmetaltileceilings
Fullyaccessibleraisedfloors
Floortoceilingheightof2.7m
LG7compliantlighting
Double-heightfullyglazedreception
EPCRatingC(71)
12personpassengerlift
Male,femaleanddisabledWC
Thepropertyhasatotalof190carparkingspacesequating toanexcellentratioof1:256sqft.
TENANT REFURBISHMENT WORKS
LucozadeRibenaSuntoryhaveshownacontinuedcommitmenttothebuilding.Weunderstandtheyhavespentapproximately£8.5m on refurbishing the property overthepast18monthsincludinganinstallationofnewresearchanddevelopmentcentresfittedouttoahighspecificationandafully-fitted90-seaterstaffrestaurantwithkitchenfacilities.
THE BUILDING
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ACCOMMODATION
ThepropertyhasbeenmeasuredinaccordancewiththeRICSCodeof MeasuringPractice(6thEdition)andprovidesthefollowingnetinternalareas:
FLOOR SQ FT SQ M
First 24,223 2,250.4
FirstFloorLobby 217 20.1
Ground 23,275 2,162.4
Reception 1,009 93.7
TOTAL 48,724 4,526.6
GROUND FLOOR PL AN23,275 SQ FT · 2,162.4 SQ M
LIGHTWELL LIGHTWELL RECEPTION
LONGWALK
ROAD
THE SPACE
Forindicativepurposesonly,nottoscale.N
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THE SPACE TENANCY, COVENANT & TENURE
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THE SPACE
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THE SPACE
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TENANCY, COVENANT & TENURE
TENANCYThepropertyislettoLucozade Ribena Suntory Limited whooccupythebuildingastheirHeadquarters.
Theleaseisheldonafullrepairingandinsuringbasisforatermof10years,expiring11May2025,resultinginanunexpired term certain of 8.7 years.Therepairofthewatertankstotheeastoftheroofofpropertyislimitedbywayofscheduleofcondition.
Thepropertyproducesarentalincomeof£1,515,495 per annum equating to £31.50 per sq ft(takinggroundfloorreceptionandfirstfloorlobbyareaat50%).Thenextrentreviewisatthe5thyeardated12May2020.
Thetenantiscurrentlyinarentfreeperiodexpiringon31January2017whichwillbetoppedupbythevendor.
GUARANTEE AND RENT DEPOSITTheleaseisguaranteedbySuntory Beverage & Food,asubsidiaryofSuntory Holdings Limited. A rent deposit of £437,503.50isheldunderthetermsofarentdepositdeeddated12May2015.Therentdepositistobereleasedtothetenantatanytimeafter3monthsfrom17October2018ifthetenantcanprovide3consecutiveyearsofauditedaccountsshowinggrossprofitsat3timesannualrentplusVAT.
Theguarantorisreleasedonthelaterof(i)17October2018and(ii)thedateonwhichthetenantprovidesauditedaccountsshowingnetprofitsforthreeconsecutivecompletefinancialaccountingyearsofnotlessthan3timesannualrentplusVATandnettangibleassetvalueofnotlessthan10timestheannualrentplusVAT.
TENUREThepropertyisheldfreehold.
ESTATE CHARGEThefreeholderof2LongwalkRoadcontributestothecostsofprovidingtheestateservicesonStockleyPark.Furtherdetailsareavailableonrequest.
SITEThepropertyextendstoapproximately2.45acres(0.99hectares).
LON
GW
ALK
RO
AD
For indicative purposes only.N
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TENANCY, COVENANT & TENURE
COVENANT INFORMATION
LUCOZADE RIBENA SUNTORY LIMITED (08603549)
LucozadeRibenaSuntoryLimitedisaUKlegalentityincorporatedinJuly2013.ThecompanywasformedwhenJapaneseglobalbeveragecompany,SuntoryBeverage&FoodLimited,acquiredLucozadeandRibenafor£1.35bnfromGlaxoSmithKline.Itsprincipleactivityistoproduce,marketanddistributevariouspopularbrandsofbeveragesinnon-alcoholicbeveragecategoriesincludingLucozade,Ribena,Orangina,VEnergyandTrueNopal.
LucozadeRibenaSuntoryhavebeeninoccupationsince2013andre-committedtooccupythewholeofthebuildingin2015foranadditional10years.Overthepast18months,weunderstandthatthetenanthasupgradedandrefurbishedthepropertyforapproximately£8.5m,suggestingexcellentprospectsfortenantretentiongoingforward.
D&BRating:N1
DEC 2015 DEC 2014
Turnover £424,914,000 £489,207,000
Pre-TaxProfit £72,219,000 £15,934,000
NetWorth (£326,951,000) (£387,989,000)
SUNTORY BEVERAGE & FOOD LIMITED (71-545-1514)
TheleaseisguaranteedbySuntoryBeverage&FoodLimited,whoaretheworld'sthirdlargestsoftdrinkscompanywithadiverseportfolioofglobalsoftdrinkbrandsincludingPepsi,SchweppesandMountainDew.SuntoryBeverage&FoodisregisteredinJapanandisasubsidiaryofSuntory Holdings Limited.Thecompanywasestablishedin2009andislistedontheTokyoStockExchangeandtheyhaveaMoody’s credit rating of A3 and a market capitalisation of ¥1.28trillion (£9.76billion).
SuntoryHoldingsLimitedacquiredBeamIncinJanuary2014for£12.19billiontoformtheworld'sthirdlargestpremiumspirits company Beam Suntory.2LongwalkRoadhasbeenelevatedtobecomeSuntoryBeverage&Food’sEuropeanHeadquartersofficefollowingrelocationsfromtheirpreviousofficesinBarcelonaandCentralLondon(StJames)respectively.
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STOCKLEY PARK MARKET
STOCKLEY PARK MARKET
TAKE UP
StockleyParkisapremierbusinessdestinationwithintheThamesValleyofficemarket,drivenby itsofferingofhighqualityofficeaccommodationsetwithinauniquecampusenvironment, withexcellentconnectivitytoCentralLondonandHeathrowInternationalAirport.
ThePark’ssuccessinattractingmajorcorporatecompaniesisevidentinthesignificantincrease intake-upvolumesexperiencedin2015whichtotalled181,140sqft,a93%increaseon2014. Akeydriverofthisactivitywastheregearandlettingof97,720sqftat2RoundwoodAvenue. ThistransactiondemonstratesthePark’sabilitytoattractandretainoccupierslookingforanunrivalledcorporateheadquarterofficelocation,withGileadScienceshavingalreadybeeninoccupationinthebuilding;adecisionmirroredbyotheroccupiersontheParksuchasKuehne&NagelandLucozadeRibenaSuntory.
SUPPLY & DEMAND
ThemajorityoftheParkwasconstructedinthelate1980’sand1990’s,withnonewbuildingsbeingbuiltsince2001.Consequently,demandhascontinuedtooutstripsupplywhichhasledtohistoricallylowvacancyratesonthePark,currentlystandingat3.69%.Thissupply/demandimbalancehasledtoconsistentrentalgrowth,atrendthatissettofurtherincreaseasoccupiersfactorthebenefitsofthearrivalofCrossrailin2019intotheirdecisiontorelocatetothePark,improvingconnectivityandreducingtraveltimestoCentralLondon.
ThePark’sabilitytoattractandretainlargeinternationalcorporationshasledtostronginwardinvestmentthroughthedeliveryofcirca315,000sqftofhighqualityGradeAaccommodationoverthenext18months,includingthecomprehensiverefurbishmentsof4LongwalkRoadandTheBower.TheseschemeswillassistindrivingrentsforwardwhilstfurtherreinstatingthePark'sstatusasa majorcorporateheadquarterofficelocation.
RENTS
Primeheadlinerentshaveincreasedto£33.50persqftin2016whereK2MUKLimitedareunderofferon7,804sqftonthegroundfloorat1RoundwoodAvenue.RentsareexpectedtoincreasefurtherasaresultofthedeliveryofthespeculativelyrefurbishedschemetothePark,whichisforecasttopushrentsintothehigh£30’spersqft.
AscheduleofthemostrecentlettingtransactionsontheParkareoutlinedbelow:
PROPERTY TENANT SQ FT DATE RENT PSF LEASE
1RoundwoodAvenue K2MUKLimited 7,804 U/O £33.50 5years
3RoundwoodAvenue VolgaDnepr 22,000 Jan2016 £33.00 10years
4TheSquare Hikvision 5,000 Dec2015 £32.00 10years
4TheSquare Hasbro 5,400 Dec2015 £32.00 7.5years
1RoundwoodAvenue Kuehne&Nagel 16,650 Jul2015 £31.75 10years
2LongwalkRoad LucozadeRibenaSuntory 48,724 May2015 £31.50 10years
2RoundwoodAvenue GileadSciences 97,720 Jan2015 £30.00 10years
ThesupplyconstraintsandsubstantialrentalgrowthdemonstratedintheThamesValleyhasseenanincreasedlevelofinterestinStockleyPark,withoccupierskeentominimisetheiroccupationalcostsandexploitthesub-market'sexcellentconnectivity.ThetablebelowhighlightsprimeheadlinerentsacrosscompetingThamesValleyofficemarkets,demonstratingtheopportunityforrentalgrowthonthePark:
CURRENT PRIME THAMES VALLEY HEADLINE RENTS PSF
£60.00
£50.00
£40.00
£30.00
£20.00
£10.00
£0.00
£33.50S
TO
CK
LEY
P
AR
K
£37.50
MA
IDE
NH
EA
D
£45.00
RIC
HM
ON
D
£58.00
CH
ISW
ICK
£59.00
HA
MM
ER
SM
ITH
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SOUTH EAST OFFICE INVESTMENT MARKET
TheSouthEastofficeinvestmentmarketcontinuedtostrengthenthroughout2015,withinvestmentvolumestotalling£3.4bn,representinga49%increaseon2014’stotalvolumesof£2.27bn. Themarket’ssuccesshasbeendrivenbystronginvestorappetiteduetostrengtheningoccupierdemandbalancedbyalowdevelopmentpipeline,reducedvacancyratesandsustainedrentalgrowth.
Demandhasbeenparticularlystrongforprimesecureinvestmentopportunitiesinunder-suppliedSouthEasttownswhichareconsideredtobebestplacedtobenefitfromfurtheryieldcompressionandrentalgrowth.Thisdemandcombinedwithashortageofgoodqualityinvestmentstockhasmaintained
primeyields,aidedbyinvestorspursuingopportunitiesfurtheroutsideCentralLondoninsearchforthehigherreturnstheyrequire.
TheweightofcapitaltargetingopportunitiesonStockleyParkhasremainedrobustoverthepast18months,withtheParkcontinuingtoberecognisedashavingasafehavenstatusbyinvestors.InvestmentopportunitiesontheParkarelimited,however,whenprimeopportunitiesdobecomeavailabletherecontinuestobeadepthofdemandandstrongcompetitionduetoanimprovingoccupiermarket.
RECENT OFFICE TRANSACTIONS ON STOCKLEY PARK
DATE ADDRESS SQ FT WAULT PURCHASE PRICE YIELD CAP VAL PSF PURCHASER
Dec-15 1RoundwoodAvenue 31,170 4.40 £14,790,000 6.00% £474 CCLA
Nov-15 3LongwalkRoad 108,788 11.00 £47,750,000 4.29% £439 CCLA
Jul-15 TheBower 137,500 - £27,500,000 - £200 Rockspring/Clearbell
Dec-14 2RoundwoodAvenue 97,204 10.00 £46,720,000 5.90% £480 Henderson
Aug-14 7RoundwoodAvenue 38,840 3.75 £15,800,000 7.73% £406 CCLA
Aug-14 4FurzegroundWay 39,072 11.30 £15,700,000 7.62% £402 Canada Life
RECENT OFFICE TRANSACTIONS IN THE SOUTH EAST
DATE ADDRESS SQ FT WAULT PURCHASE PRICE YIELD CAP VAL PSF PURCHASER
U/O WeyHouse,Guildford 46,000 10.50 £23,150,000 5.03% £503 GuildfordBoroughCouncil
Jun-16 SherardBuilding,Oxford 28,167 4.90 £9,000,000 6.05% £320 Private
May-16 AbbvieHouse,Maidenhead 55,958 11.50 £24,425,000 5.42% £436 Ramsala
Jan-16 TheBetaBuilding,Reading 27,162 10.30 £9,730,000 5.90% £358 MayfairCapital
Dec-15 54ClarendonRoad,Watford 29,830 4.70 £8,850,000 6.06% £297 Canada Life
Oct-15 MallardsReach,Maidenhead 37,544 5.00 £16,850,000 6.25% £449 KamesCapital
Sep-15 Velocity,Weybridge 106,400 12.20 £56,100,000 5.70% £527 Orchard Street
STOCKLEY PARK MARKET
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FURTHER INFORMATION
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FURTHER INFORMATION
CAPITAL ALLOWANCES
Furtherinformationisavailableonrequest.
VAT
WeunderstandthepropertywillbetreatedasaTransferofaGoingConcern.
PROPOSAL
Offersaresoughtinexcessof £23,000,000 (Twenty Three Million Pounds) subjecttocontractandexclusiveofVAT.
Apurchaseatthislevelreflectsa net initial yield of 6.17%afterallowingforpurchasercostsof
6.75%andcapital value of £472 per sq ft.
FURTHER INFORMATION
Forfurtherinformationortoarrangeaninspectionoftheproperty,pleasecontact:
CHRIS LEWIS 02071525554 [email protected]
MAX CLYNES 02071525710 [email protected]
IMPORTANTNOTICE:Cushman&Wakefieldgivesnoticetoanyonewhomayreadtheseparticularsas follows:1.Theseparticularsarepreparedfor theguidanceonlyofprospectivepurchasers.Theyareintendedtogiveafairoveralldescriptionofthepropertybutarenotintendedtoconstitutepartofanofferorcontract.2.Anyinformationcontainedherein(whetherinthetext,plansorphotographs)isgiveningoodfaithbutshouldnotberelieduponasbeingastatementorrepresentationoffact.3.Nothingintheseparticularsshallbedeemedtobeastatementthatthepropertyisingoodconditionorotherwisenorthatanyservicesorfacilitiesareingoodworkingorder.4Thephotographsappearinginthisbrochureshowonlycertainpartsandaspectsofthepropertyatthetimewhenthephotographsweretaken.Certainaspectsmayhavechangedsincethephotographsweretakenanditshouldnotbeassumedthatthepropertyremainspreciselyasdisplayedinthephotographs.Furthermorenoassumptionsshouldbemadeinrespectofpartsofthepropertywhicharenotshowninthephotographs.5.Anyareas,measurementsordistancesreferredtohereinareapproximateonly.6.Wherethereisreferenceintheseparticularstothefactthatalterationshavebeencarriedoutorthataparticularuseismadeofanypartofthepropertythisisnotintendedtobeastatementthatanynecessaryplanning,buildingregulationsorotherconsentshavebeenobtainedandthesemattersmustbeverifiedbyanyintendingpurchaser.7.Descriptionsofapropertyareinevitablysubjectiveandthedescriptionscontainedhereinareusedingoodfaithasanopinionandnotbywayofstatementoffact.September2016
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