4 5

INVESTMENT SUMMARY

Freehold multi-let office opportunity.

Attractive post-modern building situated on a prominent corner site fronting Road and .

Gateway building to .

Offices comprehensively refurbished in 2012 to Grade A specification.

High quality office accommodation totalling 24,990 sq ft (2,322 sq m) over ground and six upper floors with terraces on the fifth and sixth floors and 12 car parking spaces.

Located within circa 200 metres of Marylebone rail and Underground station. London Underground station is also 200 metres from the property.

The property will benefit from the arrival of Crossrail at station, 10 minutes walk to the west of the property.

BREEAM ‘excellent’.

Fully let to a diverse range of office tenants and currently producing a rental income of £1,192,146 pa, equating to a low rent of £48.93 per sq ft on total office net lettable area.

The most recent letting achieved within the building reflects £60 per sq ft on the fifth floor, therefore, proving significant reversion.

Opportunity to realise a significant increase in the rental income via numerous lease events in 2018 and 2019.

Low capital value of £1,040 per sq ft. WE ARE INSTRUCTED TO INVITE OFFERS IN EXCESS OF £26,000,000 SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT, BASED ON PURCHASERS All leases are outside the Landlord and Tenant Act 1954. COSTS OF 6.76%. THIS REFLECTS 4.45% NIY, AN EQUIVALENT YIELD OF 5.20% AND A LOW CAPITAL VALUE OF £1,040 PER SQ FT. ALTERNATIVELY, A DISPOSAL OF THE JPUT (SPV) WOULD BE CONSIDERED. the location 8 9

THE SHARD

EUSTON

BT TOWER OXFORD CIRCUS CAVENDISH SQUARE OXFORD STREET BOND STREET

MANCHESTER SQUARE PORTMAN SQUARE

BAKER STREET

MARYLEBONE ROAD REGENT’S PARK

DORSET SQUARE

LANDMARK HOTEL

MARYLEBONE

PADDINGTON CROSSRAIL STATION 10 MINUTES WALK 10 11

THE LOCATION

THE PROPERTY IS LOCATED WITHIN THE WORLD RENOWNED MARYLEBONE IN LONDON’S FASHIONABLE WEST END.

arylebone provides an extensive range of high quality restaurants, shops and leisure amenities, complementing Mthe diverse office tenant profile and affluent residential demographic. The area also houses a number of internationally renowned ‘high-end’ hotels including The Landmark, The Churchill, and the fashionable Chiltern Firehouse. As one of the most vibrant West End ‘villages’ Marylebone is bounded by Regent’s Park to the north, to the east, to the south and Paddington to the west. The area is home to a diverse range of major international occupiers including BNP Paribas, Li & Fung, Health Care of America, Fujitsu, Pimco and British Land. This tenant diversity is highlighted within the building itself with occupiers covering sectors including fintech, education, and construction. 12 13

local occupiers bars & restaurants 1. BNP Paribas 11. WeWork 1. Seashell 11. Chiltern Firehouse 2. Bacardi 12. Microsoft 2. The Landmark 12. Il Baretto 3. BHS 13. BDO LLP 3. Fischers 13. Ivy Café 4. 14. Brevan Howard 4. Orrery 14. Home House 5. Li & Fung 15. Fujitsu 5. The Temperance 15. The Churchill Hyatt Regency he property (248a ) is situated on a prominent 6. Health Care of America 16. BCG 6. Dinings 16. Texture corner site on the north side of Marylebone Road at its junction 7. Vodafone 17. Pimco 7. Duke of Wellington 17. The Grazing Goat with Lisson Grove and has excellent views down Seymour Place. SITUATION T 8. Statoil 18. Aramco 8. Galvin Bistrot de Luxe 18. Locanda Locatelli The surrounding area benefits from numerous amenities including the 9. NCR 19. Almacanter 9. Providores and Tapa Room 19. The Lockhart extensive retail and leisure offerings outlined below; 10. Marks & Spencer 20. British Land 10. L’Autre Pied 20. Vinoteca

A LL SO Y B P O GREAT O P 1 LA R C K S E 4 T PORTLAND G O

A PE N MARYLEBONE T STREET N B E F P O L A L A K H D C W 1 E AR S R T E BAKER REGENTS A R R E 2 S L WI E T E T R STREET Y PARK C E S K ET A T V R E E N E U T E G

E R D G E E A W 3 T A 5 4 T P R REE O E E ST IR R R NSH O 2 EVO T A 6 D L D AD A E RO N EBON D YL MAR S T R 3 E E

T REET TH ST MOU WEY 5 G T R REE K ST E OR A Y 13 T 14 T I EDGWARE T 6 C R H ROAD E F 7 GE I ET E 9 RE L 8 7 8 ST N SH D DI T PADDINGTON 10 N E S AV S C T W T E RE 9 N R E E 11 E T T 12 P M O

R O 10 M T

N A M 11 T R A A Y N ET G 12 L STRE E U S E W NN B A E T N O EE R E U S Q E 15 L T N E BE R E T E H C E

IGH T 13 K S T

S R

TR E 16

E

17 E T

W E

E T

S

T

B

O

U 14 18

RNE

G T P

L E O O R

U R R

A C T

C 15 E E M C A S E ET L E P T R A A T TT E S E E RI N R R O N 16 M HE G T 17 S WI E D J R Q R U A U A K ME C A D E E 18 R A S S 19 E O R 19 T S OXFORD N R T E E R V ET A E CIRCUS R 20 E C T EET T STR UGH NNA S CO MARBLE N ET E 20 STRE D XFORD R ARCH O A G X SE BOND S EET U STR S OUR STREET SEYM

N E W BO PLACE PARK N HYDE D E S UAR T SQ R OR E EN E SV T GRO 14 15 1. BNP PARIBAS, 3. Marylebone Old town 5. Westar House, 139/151 10 HAREWOOD AVE, NW1 Hall, NW1 Marylebone Road, NW1 Use: Office Use: Educational Use: Office Size: 312,279 sq ft Size: 123,451 sq ft Size: c. 50,000 sq ft Own and occupy PC: Autumn 2016 PC: TBC 312,279 sq ft at 10 Harewood London Business School (LBS) Represents a comprehensive Avenue and a further acquired the building on a refurbishment or LOCAL DEVELOPMENTS & 80,424 sq ft at 7 Harewood 35-year renewable contract redevelopment opportunity. Avenue. BNP Paribas have from . refurbished both buildings LBS will restore and extensively 6. Westcourt House, 191 Old in recent years. refurbish the property at a cost Marylebone Road, NW1 MAJOR OCCUPIERS of c. £50,000,000. Use: Office 2. NCR House, 206 Size: 37,000 sq ft Marylebone Road, NW1 4. North West House PC: TBC Use: Office (BHS Building), 119-127 Whitbread recently purchased Size: c. 102,000 sq ft Marylebone Road, NW1 the property for £31,000,000 PC: TBC Use: Office to convert to a hotel subject Former National Cash Register Size: 42,000 sq ft to planning. HQ. Planning consent for PC: TBC residential, office and retail North West House was bought mixed-use building. by WELPUT in 2015 for its refurbishment / redevelopment potential. Vacant possession is available from 2017.

OTHER KEY LOCAL DEVELOPMENTS

Brunel Building, 55-65 Paddington Triangle, W2 Paddington Central, W2 North Wharf Road, W2 Use: Office Use: Office Use: Office Size: 235,000 sq ft Size: 146,000 sq ft + 210,000 sq ft Size: 240,000 sq ft PC: TBC PC: 2017 PC: 2019 Crossrail is working towards British Land is currently 3 Derwent London is set to start obtaining planning consent for constructing 146,000 sq ft at construction on this 240,000 sq ft the development of a 15-storey 4 Kingdom Street with a further 4 16 storey office building in early office building above the new 210,000 sq ft of consented future 1 2016. The canal side development Hammersmith & City line station development at 5 Kingdom Street. 2 is situated directly opposite at Paddington. the northern entrance to 5 Paddington station. 2 Merchant Square, W2 Use: Office / Retail 19-35 Baker Street, Size: 162,000 sq ft (office) 110 George Street & 4,400 sq ft (retail) 30 Gloucester Place, W1 PC: 2016 Use: Office / Retail One part of the six phase scheme Size: c. 250,000 sq ft (proposed) comprising Merchant Square PC: TBC developed jointly by Reuben Derwent London and The Portman Brothers and the Jarvis Family. 6 Estate are appraising a scheme that would increase the floor area of the existing building from 146,000 sq ft to c. 250,000 sq ft. 16 17

COMMUNICATION CROSSRAIL

CROSSRAIL IS EUROPE’S LARGEST INFRASTRUCTURE PROJECT AND IS SCHEDULED FOR COMPLETION IN 2018.

ommunications are excellent with Marylebone (Bakerloo provides direct services to the Home Counties rossrail will provide a new high frequency, high capacity east / The construction of Crossrail has been a catalyst for large-scale line), Baker Street (Bakerloo, Hammersmith & City, Circle, and the Midlands including Birmingham. Paddington station, used by west rail link servicing London and the South East. An estimated regeneration works in Paddington with the surrounding area currently CMetropolitan and Jubilee lines), Edgware Road (Bakerloo, circa 70 million passengers per annum, provides services to the west C200 million passengers are expected to travel on Crossrail each undergoing extensive commercial development, enhanced public District, Circle and Hammersmith & City lines) and Paddington and south west including direct access to Heathrow Airport via the year, with London’s rail capacity set to increase by 10% as a result. spaces and improved local amenities. (Bakerloo, Hammersmith and City, Circle and District lines) Heathrow Express within 15 minutes. Additionally, numerous bus Paddington station is currently used by over 60,000 passengers every Underground stations all within a 10 minute walk of the property. routes operate locally providing onwards access to both central day and this is set to increase with the arrival of Crossrail. In anticipation and . of this increase in passenger numbers, Paddington station is set to benefit from extensive improvement works and the construction of a Approximate travel time from Paddington via Crossrail. new Hammersmith & City line station.

BOND STREET 2 minutes

TOTTENHAM COURT ROAD 4 minutes

FARRINGDON 7 minutes

LIVERPOOL STREET 9 minutes STRATFORD Central CANARY WHARF 16 minutes Jubilee FOREST LIVERPOOL STRATFORD 17 minutes DLR GATE ROMFORD SHENFIELD STREET PADDINGTON Northern EALING Circle TOTTENHAM Central MARYLAND MANOR BROADWAY Hammersmith & City COURT ROAD Circle PARK HAYES & Central Bakerloo Northern Hammersmith & City HARLINGTON HANWELL District Jubilee Central Metropolitan

MAIDENHEAD SOUTHALL WEST ACTON BOND FARRINGDON WHITECHAPEL EALING MAINLINE STREET Circle Hammersmith & City CUSTOM Central Hammersmith & City District HOUSE ABBEY Jubilee Metropolitan Overground DLR WOOD

HEATHROW CANARY WOOLWICH AIRPORT WHARF Piccadilly Jubilee DLR the building 20 21

THE BUILDING

THE ENTIRE BUILDING WAS COMPREHENSIVELY REFURBISHED IN 2012 TO CREATE MODERN OFFICE ACCOMMODATION THROUGHOUT.

he property is arranged over ground and six upper floors fronts Marylebone Road. The office accommodation is mainly open and provides 24,990 sq ft (2,321 sq m) of Grade A office plan regular floorplates with glazed partitioning to suit individual tenant Taccommodation benefitting from natural light on three sides. requirements on the majority of floors. The refurbished double height reception area features a prominent There are two passenger lifts accessed via the reception area. One lift hand painted graphic and wallpaper by the renowned designer provides access for floors one through to five, whilst the second lift Morag Myerscough supergrouplondon.co.uk accesses all upper floors including an express function to the sixth floor. The office accommodation has also benefited from a full programme The property provides 12 car parking spaces accessed from Lisson of refurbishment works. The ground floor unit is accessed via a separate Grove via a ramp. entrance fronting Lisson Grove, while floors one through to six are accessed via the stunning double height main reception area that

floor use area sq ft (NIA) area sq m (NIA) 6 Office 2,365 219.7

5 Office 3,278 304.5

4 Office 3,912 363.4

3 Office 4,274 397.1

2 Office 4,332 402.5

1 Office 3,925 364.6

Office 2,278 211.6 G Reception 626 58.2 CONTEMPORARY LG Car parking (12 spaces) ARTWORK IN THE DOUBLE

TOTAL 24,990 2,321.6 HEIGHT RECEPTION AREA

These areas represent the measured survey undertaken by Plowman Craven in accordance with the 6th Edition of the RICS Code of Measuring Practice. This survey is available on the data site. 22 23

FLOOR PLANS KEY: OFFICE RECEPTION LIFT Floor plans not to scale. For indicative purposes only.

Office 2,278 SQ FT / 211.6 SQ M g Reception 626 SQ FT / 58.2 SQ M 5 Office 3,278 SQ FT / 304.5 SQ M

1 Office 3,925 SQ FT / 364.6 SQ M 6 Office 2,365 SQ FT / 219.7 SQ M 24 25 SPECIFICATION

The Grove was comprehensively refurbished in 2012 to include: A rating of BREEAM ‘excellent’.

New four pipe fan-coil air conditioning.

New raised floors – Ground to 5th floors - 150mm.

New LG7 compliant Zumtobel lighting.

Terraces on 5th and 6th floors.

Two new Kone passenger lifts.

Two showers at ground floor level, bicycle racks & drying room.

Fully DDA compliant.

New windows – high performance glazing throughout.

Typical floor has four unisex WCs including one DDA compliant WC. 26 27 28 29

TENURE TENANCY SCHEDULE

FREEHOLD. THE PROPERTY IS FULLY LET TO SEVEN TENANTS ON SEVEN SEPARATE LEASES.

Floor Lease Expiry Floor Area Floor Area Rent Rent Demise Tenant Name Lease Start (Break Date) Next Review (sq ft) (sq m) (per annum) (per sq ft) Comments Galliford Try 13/06/2023 6 14/06/2013 14/06/2018 2,365 219.7 £106,425 £45.00 Outside the 1954 Act. Guaranteed by Galliford Try Plc. Services Limited (14/06/2018)

Leonard Curtis & Co 30/03/2026 Outside the 1954 Act. Guaranteed by Leonard Curtis Recovery Limited. 5 31/03/2016 31/03/2021 3,278 304.5 £196,680 £60.00 (1) (31/03/2021) 6 months’ rent free (to be topped up by the vendor).

Fitness First Clubs 13/03/2023 4 14/03/2013 08/03/2018 3,912 363.4 £190,436 £48.68 Outside the 1954 Act. Guaranteed by Fitness First Limited. Limited (1) (2) (14/03/2018)

Prism Financial 15/07/2023 Outside the 1954 Act. An additional rent net period of 3 months will be granted 3 16/07/2013 16/07/2018 4,274 397.1 £213,700 £50.00 Products LLP (15/07/2018) to the tenant should break options not be exercised.

Outside the 1954 Act. Authorised Guarantee Agreement from Intermune UK & I The Pew Charitable 2 14/05/2013 13/05/2023 14/05/2018 4,332 402.5 £205,770 £47.50 Limited - guaranteed by Intermune Inc. An additional rent net period of Trusts 3 months will be granted to the tenant should break options not be exercised.

Bellerbys Educational 1 17/05/2013 16/05/2018 3,925 364.6 £176,625 £45.00 Outside the 1954 Act. Guaranteed by Study Group Limited. Services Ltd

The Embassy of the 02/01/2014 01/01/2019 2,278 211.6 £102,510 £45.00 Outside the 1954 Act. G Rep. of Latvia Reception 626 58.2

Jerome Dalton Properties House 20/02/2014 28/09/2204 20/02/2039 - - £10,300 - Head rent doubles every 25 years to and including 2089. Limited (Residential)

8 car parking spaces let on licences at £3,000 pa per space. 1 car parking space Car ------£33,001 - let on a licence at a peppercorn rent. 3 vacant car parking spaces to be topped parking up by the vendor at £3,000 per space.

TOTAL 24,990 2,321.6 £1,235,447

(1) Agreement for the lease of the 5th floor and surrender and variation of lease of the Fitness First Clubs Limited lease over both 4th and 5th floors. Contracts exchanged for this surrender and variation on 3 February 2016 with completion due on 31 March 2016. (2) Fitness First has underlet the 4th floor to EZ Bob Limited for a term commencing 1st April 2016 and expiring 10th March 2018. (3) Electricity substation lease for 99 year term from 07/07/1989 at a rent of £0.05 per annum (if demanded). 30 31

COVENANTS

GALLIFORD TRY SERVICES LTD PRISM FINANCIAL PRODUCTS LLP Galliford Try is a FTSE 250 homebuilding and construction company. Prism Financial Products LLP, founded in 2013 is a business providing Founded in 1908 the company provides a range of services including trade execution and arranging services in regulated investments, housebuilding, commercial construction, investment, affordable with associated financial analysis, for eligible counterparties or housing and facilities management. professional clients. Prism’s clients include hedge funds, pension funds, asset managers and investment banks. For the year ending 30 June 2015 Galliford Try Services Ltd showed a turnover of £17,940,000 and a pre-tax profit of £19,413,000. Galliford For the year ending 31 March 2015, the company showed a turnover Try has a Dun & Bradstreet Rating of 4A1. The lease is guaranteed by of £2,219,853 and a tangible net worth of £4,535,629. Prism has a Galliford Try Plc. Galliford Try Plc reported a pre tax profit in 2015 of Dun & Bradstreet rating of 2A1 representing a minimum risk of £114,000,000. business failure.

LEONARD CURTIS & CO EMBASSY OF THE REPUBLIC OF LATVIA Leonard Curtis & Co is a company focused on business rescue The property houses the consular section of the Latvian embassy. and recovery. Services include business review, administration, Services include passports, citizenship registration and emergency Company Voluntary Arrangements (CVAs), administrative receivership travel arrangements. and liquidation. As a government organisation there is no financial data available For 2014, Leonard Curtis & Co showed a turnover of £16,000,000, however Dun and Bradstreet reports that the tenant represents a a pre tax profit of £2,100,000 and net assets valued at £9,500,000. minimum risk of business failure. Dun & Bradstreet reports that the tenant represents a below average risk. THE PEW CHARITABLE TRUSTS The Pew Charitable Trusts is an independent non-profit public charity BELLERBY’S EDUCATIONAL SERVICES LIMITED based in Philadelphia. It is the sole beneficiary of seven charities established between 1948 and 1979. The charity primarily focuses on Bellerby’s Educational Services Limited is incorporated within The Study improving public policy, supporting scientific research and working with Group, a global leader in preparing international students for study major health and social services to assist disadvantaged communities. abroad. The Study Group operates colleges, both independently and with partners, in the UK, Europe, North America and Australasia. The Pew Charitable Trusts has net assets totalling £438,000,000. For the year ending 31 December 2014 Bellerby’s Educational Services INTERMUNE UK & I LIMITED Limited showed a turnover of £105,695,128 and a pre-tax profit of STUNNING MODERN OFFICE £38,058,181. The company has a Dun & Bradstreet rating of 5A1. (Guarantor to The Pew Charitable Trusts) ACCOMMODATION Intermune UK & I Limited is an American based biotechnology FITNESS FIRST CLUBS LIMITED company that specialises in research, development and innovation. Founded in 1993 Fitness First is a global premium fitness club operator Intermune was bought by Roche in 2014 and has Dun & Bradstreet with circa 360 clubs in 16 countries worldwide spanning Europe, The rating of 4A2. For the year ending 31 December 2014 the Intermune Middle East, Asia and Australia. For the year ending 31 October 2014 had a turnover of £10,328,331 and a tangible net worth of £23,233,194. the company showed an annual turnover of £73,320,000. 32 33

WEST END OFFICE INVESTMENT MARKET COMMENTARY MARKET COMMENTARY

he West End office market is experiencing strong levels of BNP Paribas are a major occupier in the immediate vicinity of The he investment market remains one of the most THE WEST END INVESTMENT MARKET take-up driven by the economy and occupier confidence. Grove – they own and occupy two buildings on Harewood Avenue, sought after and liquid real estate markets in the world. The West End investment volumes in 2015 totalled c. £9.3bn, a 12.6% more than c. 400,000 sq ft – having recently undertaken an extensive strong fundamentals of an established legal system, excellent TQ4 2015 saw the highest levels of take up in 12 years, with T increase on 2014 levels. With the forecast of strengthening occupational refurbishment of one of their properties. They also occupy 36,500 sq ft transport communications and infrastructure, unparalleled leisure and 1.4m sq ft of space taken, including Facebook confirming its pre-let markets and restricted occupational supply, it is anticipated that the at Woolworth House, Marylebone Road. retail amenities, a skilled labour pool and excellent global positioning of 217,000 sq ft at Rathbone Square. A high level of pre-letting activity West End investment market will continue to witness strong levels of attract occupiers from across the world. This is evidenced by the (30% of total take-up) has meant that the West End has outperformed The significant development pipeline within Marylebone and demand as 2016 progresses. The market continues to show strong majority of Fortune 500 and FTSE 100 companies locating headquarters all other UK markets in the final quarter of 2015. This breadth of Paddington is also a factor in forward-thinking businesses looking to demand for high quality assets in central London locations, particularly within London. The diverse occupier base within the capital, combined underlying demand is reflected in the West End vacancy rate of just relocate to this area with the arrival of Crossrail in 2018 at Paddington for multi-let assets offering strong rental growth prospects and asset with a limited supply of investment opportunities, consistently attracts 2.9%, a 15 year low. The average West End Grade A rent currently and Bond Street stations proving a big pull. management opportunities. This, combined with the weight of capital, a wide range of both domestic and international buyers, including stands at £77.50 per sq ft. competition for assets and forecast rental growth has increased investor institutional, corporate and private investors, who perceive London appetite to move up the risk curve in order to boost returns. Sustained Marylebone is a popular location for a diverse range of office as a safe-haven for their equity. This has resulted in London being the demand for the key West End sub-markets coupled with limited supply, occupiers, who are attracted not only by the discount to core world’s most traded city over the past four years. are expected to continue to place pressure on prime yields which Mayfair and St James’s but also by the various amenities offered currently stand at c. 3.50%. and the atmosphere of Marylebone Village.

KEY OFFICE LEASING COMPARABLES KEY INVESTMENT COMPARABLES

Date Property area (sq ft) rent tenant floor Capital Value Date Property Price NIY Comments (£ per sq ft) The Grove, 248a Marylebone Feb 16 3,278 £60.00 Leonard Curtis & Co 5 Road, NW1 Quoting price - Available. Refurbishment / Mar 16 21-23 Dorset Square, NW1 £15,000,000 £994 2.38% redevelopment opportunity. Dec 15 21 Gloucester Place, W1 2,929 £70.00 London Exectutive Offices Entire building Feb 16 28 Dorset Square, NW1 £31,000,000 £1,355 3.56% Quoting price - Available. Nov 15 16-18 Connaught Place, W2 3,164 £72.50 Bregal Capital LLP 2 Dec 15 30 Haymarket, SW1 £40,500,000 £1,660 3.50% Freehold. Multi-let. Oct 15 55 Baker Street, W1 5,668 £68.00 ISAM Services (UK) 4 Dec 15 81 Piccadilly, W1 £23,775,000 £1,410 3.99% Long leasehold. Multi-let. Sep 15 55 Blandford Street, W1 2,180 £80.00 New Look 4 Nov 15 Davidson Building, WC2 £66,900,000 £1,515 3.84% Freehold. Multi-let. 72-75 Marylebone High Mar 15 1,640 £63.00 Optegra (UK) Ltd 3 Street, W1 Fitzroy House, 355 Euston Sep 15 £45,000,000 £1,057 4.51% Freehold. Multi-let. Road / 45 Warren Street Feb 15 7 Portman Mews South, W1 2,929 £60.00 Confidential 2 North West House, 119-127 Freehold. Comprehensive refurbishment / May 15 £38,280,000 £914 n/a Marylebone Road, NW1 redevelopment opportunity. 34

FURTHER INFORMATION

VAT For further information or to make arrangements for viewing please contact: The property is elected for VAT which will be chargeable on the purchase price. It is anticipated that the transaction is to be treated Ben Blinston-Jones as a transfer of going concern (ToGC). 020 7543 6716 Energy Performance Certificate [email protected] The property has been classified as having an EPC rating of ‘B’. Nick Pemberton Planning 020 7543 6775 [email protected] The property is not listed and does not lie within a conservation area. Piers Glover Capital Allowances 020 7543 6810 Capital allowances may be available to a purchaser by [email protected] separate negotiation. Mark Ibbotson Data Room 020 7543 6879 Please contact Allsop for password protected access to the data room. [email protected] SPV The asset is currently held in a Jersey Property Unit Trust (JPUT). Interested parties are requested to refer to their own advisors for accounting, legal, regulatory, tax or other advice in this respect.

Proposal WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF £26,000,000 (TWENTY SIX MILLION POUNDS) SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT, REFLECTING AN ATTRACTIVE NET INITIAL YIELD OF 4.45%, AN EQUIVALENT YIELD OF 5.20% AND A LOW CAPITAL VALUE OF £1,040 PER SQ FT AFTER ALLOWING FOR PURCHASERS COSTS OF 6.76%. Alternatively a disposal of the JPUT would be considered.

disclaimer

Misrepresentation 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representative of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. March 2016.

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