<<

408-430 High Road

Mixed Use Investment/ Development Opportunity 408-430 Chiswick High Road London W4 5TF

Turnham Green

Chiswick High Road T o To M4

O ffice Tower & Retail

Essex Place

Acton Lane Sainsbury’s Supermarket

Chiswick Park For illustrative purposes only. Investment Considerations

- Prominent mixed use redevelopment/refurbishment opportunity in a core location. - Landmark building comprising office, retail and residential accommodation. - Located within Chiswick, a well established, fast growing office market and popular residential area. - Close to Chiswick Park, and underground stations, as well as Chiswick mainline station. - 2 miles from Acton Main Line station on the new Crossrail route. - Opposite Turnham Green, on Chiswick High Road close to A3 occupiers including Café Nero, Starbucks, and La Tasca, and A1 occupiers including Marks & Spencer, Waitrose, WHSmith, Vodafone, Whistles, United Colors of Benetton and Gap Kids. - Total Gross Internal Area of 6,383.70 sq m (68,714 sq ft) arranged over an 11 storey office tower, which is currently vacant, seven ground floor retail units and a one bed residential unit. - The retail accommodation provides 1,108.87 sq m (11,936 sq ft) on a Net Internal Area basis, the office accommodation totals 3,772.92 sq m (40,610 sq ft) on a Net Internal Area basis and the residential unit comprises 73 sq m (788 sq ft) on a Gross Internal Area basis. - Current gross passing rent of £114,500 per annum on the let retail space. - Excellent opportunity to drive performance and add significant value by active asset management through a refurbishment and reletting campaign. In 2012 Chiswick saw a record 353,000 sq ft of office take up, resulting in a vacancy rate of just 5.49% compared to a South East average of 14.97%. - Permitted Development Rights for conversion of existing office accommodation to residential. Residential prices in Chiswick have risen by 7% in the last twelve months. - Strong redevelopment potential in a prominent location for residential, mixed-use, hotel or office, subject to planning.

Proposal

Offers are sought for our client’s unencumbered Freehold interest, subject to contract and exclusive of VAT.

For further information please contact:

David Haynes Charles Howard Andrew Palmer Candice Matthews 020 3296 2097 020 3296 2098 020 3296 4033 020 3296 3988 [email protected] [email protected] [email protected] [email protected] Chiswick

Chiswick is one of the most sought after office locations in and one of the UK’s principal employment districts. It continues to attract an affluent population, served by high-quality residential developments and a vibrant retail and leisure offering along Chiswick High Road and around Turnham Green.

Located within the Borough of , Chiswick is located 2 miles west of , 7 miles west of Central London and 5 miles north of Richmond-Upon-Thames. Chiswick’s location benefits from excellent access to the M4, less than 1 mile to the west, connecting to the M25 and national motorway network.

Served by both underground and overground rail services, Chiswick’s transport links afford outstanding connectivity around London with direct services to a number of major Central London stations, including , Victoria, and Bank. This connectivity will see further significant improvements to the property in 2018 when Crossrail becomes operational. The nearest Crossrail station to the property will be Acton Main Line, situated approximately 2 miles to the north.

A number of leading occupiers have been attracted to Chiswick by its location west of Central London outstanding transport communications and high-quality office supply. Many of these occupiers have relocated from Central London locations. Aker Solutions, QVC and the Discovery Channel are amongst companies occupying office accommodation at Chiswick Park. In addition, Harvey Nichols expanded from their head office to Chiswick High Road in 2009. GlaxoSmithKline, BBC, Sony, Walt Disney and BSkyB all have major headquarters Situation functions in close proximity. The property occupies a prominent position on Chiswick High Road (A315), the principal route through Chiswick and a popular retail destination. Major London districts, including Hammersmith and Shepherd’s Bush are located From a residential perspective, the area has also witnessed significant growth is recent years, with the strong 2 miles and 2.5 miles east and north east respectively and are accessed by Chiswick High Road. White City is investment and lifestyle attractions of Chiswick attracting widespread interest from owner occupiers and investors situated 3 miles north east. alike. With demand for high-quality residential accommodation now far outstripping supply, a number of major housebuilders including Berkeley Homes, Crest Nicholson, Linden, Bellway, Barratt, Countryside and St George have Chiswick High Road joins the M4 at Junction 1, approximately 0.5 miles to the west. The M4 is one of London’s completed developments in the area, and prices have increased accordingly. main entry routes from the west and intersects the M25 at Junction 15, providing coverage to the national motorway network. The A4 merges with the M4 at Junction 1 and runs parallel and to the south of Chiswick High Road, linking Hounslow to the west, with Central London to the east via the West End. Chiswick High Road also intersects both the North and South Circular at Junction 1 of the M4, providing excellent road communications around Inner London.

The property is situated on the junction of Chiswick High Road and Acton Lane, adjacent to The public house. Turnham Green, a public park, is located opposite the property. Turnham Green is an important feature of Chiswick’s community and a popular recreational attraction. Chiswick Town Hall is situated on the south side of Turnham Green.

A Sainsbury’s Superstore is located immediately to the north of the property on Essex Place. This is one of Sainsbury’s top performing stores in the UK and supplements the wide array of shops, bars and restaurants along Chiswick High Road, making it a premier retail centre which is attractive to its fast growing population. Marks & Spencer, Waitrose, Carluccio’s, Whistles, United Colors of Benetton and Gap Kids are amongst the key retail operators currently on Chiswick High Road.

Chiswick Park, a prime office park comprising 1.33m sq ft across 12 buildings, has attracted a large number of leading occupiers and is located less than 1 mile west of the property. The global tenant line up includes The Walt View of Turnham Green from the office tower Disney Company, Paramount Pictures International, Aker Solutions and QVC. Rents here have risen from £35 per sq ft to £46 per sq ft. Rail Bus

The property benefits from outstanding rail services served There are nine bus routes serving Chiswick High Road, by the and Overground network. There including routes 27 and 94 which operate 24-hour services, are three Underground stations within 1 mile of the property; all of which provide regular services in both directions. Chiswick Park, Gunnersbury and Turnham Green. All three stations are located on the , with the Piccadilly Chiswick Park, Hammersmith, the West End and Line also serving Turnham Green. Terminal 5 are amongst the popular destinations accessed by bus from Chiswick High Road. Acton Lane also offers a bus Chiswick mainline railway station is located 1 mile south of route which terminates at Piccadilly Circus via Shepherd’s the property and is served by South West Trains’ Weybridge/ Bush, Gate and Oxford Circus. London Waterloo service. The service operates over 100 trains daily to London Waterloo, calling at several major London stations including London Bridge, Air and Victoria, with a fastest journey time of 27 minutes to London Waterloo. To the west, Bridge mainline railway London’s major airports, Heathrow, Gatwick and City Airport, station is situated 1 mile from the property and is also are all easily accessible from the property by the excellent served by the Weybridge/ London Waterloo Service. Calling transport communications. points to Weybridge include , Staines and Chertsey, demonstrating Chiswick’s accessibility to the wider region. Train Times to London Airports This connectivity will be further improved in 2018 by Crossrail, the landmark infrastructure project which will Heathrow 30 minutes increase London’s rail network by 10 per cent and will link the principal business districts of London via 37 stations. City 55 minutes Each Crossrail train will have the capacity to serve up to 1,500 passengers and will operate 24 trains per hour. Acton Main Line will be the nearest Crossrail station to the property, Gatwick 60 minutes situated approximately 2 miles north and will link to Bond Street, Farringdon and . *Travel time by rail from Chiswick Park

Tube Map

Not to scale for indicative purposes only. Opportunity

The opportunity to acquire a prominent commercial investment which benefits from being located in a highly affluent West London location. The Chiswick location offers investors an established commercial and residential catchment area with strong potential for growth. The asset comprises three separate sites providing a total of 0.41ha (1.01 acres).

Site Hectares Acres

Chiswick High Road 0.20 0.49

Essex Place 0.15 0.37

Acton Lane 0.06 0.15

Chiswick High Road - comprising ground floor retail and vacant 11 storey office tower, fronting Chiswick High Road and offers investors the opportunity to carry out a comprehensive refurbishment to take advantage of the lack of retail and office supply and provide attractive floor plates with views around a central core. Alternatively, the asset is well located for alternative uses including a conversion to residential, subject to planning.

Essex Place - a site situated to the north of Essex Place and adjacent to the Sainsbury’s supermarket which For illustrative purposes only currently provides car parking for the Chiswick High Road retail and office accommodation. A redevelopment of the site could incorporate this parking provision with upper floor alternative uses, subject to planning.

Acton Lane - a site which both fronts Acton Lane and sits opposite the entrance to the Sainsbury’s supermarket. The Acton Lane prominence and proximity to Chiswick Park station makes this an attractive opportunity for a redevelopment to accommodate a range of uses, subject to planning. A planning consent to redevelop the site to provide 14 residential units was granted in 2005 and resolution to renew was issued in 2011.

This is a unique opportunity to acquire a redevelopment opportunity in an extremely strong and affluent location which benefits from the potential to secure a range of uses, subject to planning. - The office sector has seen strong rental growth as a result of limited good quality supply and strong demand. Prime Chiswick rents stand at £47.75 per sq ft with good quality secondary also improving and currently at £34.00 per sq ft. - Chiswick has recently experienced extremely strong demand in the residential sector with an increasing number of sales ahead of practical completion predominantly from overseas buyers. Nearby schemes are currently quoting sales rates of between £600 and £1,100 per sq ft. - Hotel operators continue to seek prominent London sites with strong transport links into London and we are aware of a number of hotel operators who currently have requirements for Chiswick. - In addition to the above we also believe this opportunity is well placed to take advantage of demand for retail and student accommodation.

The ownership also includes Essex Place itself, which is an Adopted Road. Including Essex Place, the total site area is 0.55ha (1.36 acres). View of Central London from the office tower Description

The property comprises three elements; the retail and office block, a car park to the rear, and a car park at the junction of Acton Lane and Essex Place, along with Essex Place itself, which is an Adopted Road.

The retail and office block comprises a mixed-use building with ground floor retail accommodation, a landmark 11 storey office tower above and office accommodation at podium level. In addition, there is a one bedroom flat situated on the first floor. Externally and to the rear of the property are the service and car parking areas.

The ground floor retail accommodation comprises seven separate units ranging from 1,057-3,361 sq ft which run along Chiswick High Road and are split either side of the central office reception area. Each retail unit is regular in shape and benefits from floor to ceiling heights of between 2.75-3.60m. Internally the units are predominantly open plan with some partitioned office accommodation, kitchen and WC provisions to the rear of each unit. 426 Chiswick High Road which is currently let to Chapel Opticians also has access to additional first floor accommodation which is currently used as storage space.

The office element is accessed via a ground floor reception area which is situated centrally between the retail units and access to the office floors can be gained from Chiswick High Road or Essex Place. The offices are situated on ten upper floors. The first floor provides the largest office floor plate (totalling 7,505 sq ft) and provides part open plan and part partitioned office accommodation. The second to tenth floors, ranging from 3,680-4,869 sq ft, comprise broadly similar specifications of predominantly open plan offices throughout, with lift and WC facilities on each floor at the Chiswick High Road frontage and an additional stairwell on the rear elevation. The offices towards the top of the tower benefit from excellent views across London. The offices benefit from suspended ceilings with recessed strip lighting, perimeter trunking and a floor to ceiling height of circa 2.45m. The offices are currently unoccupied.

In addition to the above, a one bedroom flat is situated on the first floor access from the rear of the property, off Essex Place. The flat is currently unoccupied.

There are also 13 car parking spaces in the area behind the retail units and office tower. Accommodation The separate car parking area situated to the north of Essex Place extends to 0.37 acres and provides approximately 68 car parking spaces for the benefit of the office and retail accommodation. This area is accessed via a single The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and entrance and exit point off Essex Place. provides the following Areas:

The third element to the property comprises an ancillary car park for 17 cars, extending to 0.15 acres, which is Net Internal Net Internal Gross Internal Gross Internal Description between Acton Lane and Essex Place. Area (sq m) Area (sq ft) Area (sq m) Area (sq ft)

Retail 1,108.87 11,936 1,164.07 12,529

Residential 64.22 691 73.23 788

Office 3,857.56 41,521 5,146.40 55,397

Total Accommodation 5,030.65 54,148 6,383.70 68,714

A full breakdown of the floor areas is available on request. Office Accommodation

The office tower provides the following individual floor areas:

Net Internal Net Internal Description Area (sq m) Area (sq ft)

414 - Ground Floor Reception 84.64 911

414 - 1st Floor Office 600.30 6,462

414 - 2nd Floor Office 267.19 2,876

414 - 3rd Floor Office 361.80 3,894

414 - 4th Floor Office 362.90 3,906

414 - 5th Floor Office 363.73 3,915

414 - 6th Floor Office 363.38 3,911

414 - 7th Floor Office 363.45 3,912

414 - 8th Floor Office 364.31 3,921

414 - 9th Floor Office 363.36 3,911

414 - 10th Floor Office 362.50 3,902

414 - 11th Floor Plant Room

Total Office 3,857,56 41,521 Tenure

The property is held Freehold. Typical Floor Plan Service Charge

Following a decommissioning of the office tower services, the property benefits from low running costs. For the year ending 24 March 2014 the Service Charge Budget has been estimated at £63,680 which equates to £1.18 per sq ft based on the Net Internal Area. The decommissioning was carried out in June 2013 and included switching off the lift and air conditioning services and much of the electrics save for emergency lighting and general services in line with Health and Safety requirements.

Chiswick High Road Rates Payable

The property has a total Rateable Value of £1,092,000. For the year 1 April 2013 - 31 March 2014, the rates payable will be £529,912, which equates to £9.79 per sq ft. Further information is available on request.

Not to scale Tenancy Schedule

Area Gross Rent Gross Rent Tenant Unit Lease Start Lease Expiry Break Comments (sq ft) (pa) (psf) Retail

Vacant 408 Ground Floor 971 - - - - -

Demise includes the right to use one car space. Rolling mutual breaks after the break date, subject to 6 months prior notice. Rent TS Real Estate 1973 Ltd 410-412 Ground Floor 1,503 £35,000 £23.29 06/09/2013 28/09/2016 28/03/2015 increases to £40,000 in year 2 and £45,000 in year 3. Outside the Act.

Vacant 416 Ground Floor 1,178 - - - - -

Vacant Lease, on assignment from Lombok Ltd, remains in place. Demise (Angora (2009) Limited in 418-422 Ground Floor 2,056 £0 - 02/10/1998 01/10/2013 - includes the right to use 3 car spaces. administration)

Crest Nicholson Operations 424 Ground and First Floor 1,393 £25,000 £17.95 26/11/2012 25/11/2013 - Outside the Act. Lease is subject to a Schedule of Condition. No Limited obligations to contribute to building structure or exterior works.

27/09/2013 break option on current lease exercised. Discussions ongoing for a new 3 year lease, with rolling mutual breaks, at Chapel Opticians Limited 426 Ground and First Floor 3,099 £22,000 £7.10 - - - £22,000 inclusive of business rates and insurance. New lease to be Outside the Act.

Indian Ocean Trading Lease is subject to a Schedule of Condition and Landlord responsible Company Limited 430 Ground Floor 1,736 £32,500 £18.72 01/10/2011 27/09/2013 - for roof repairs where leaks arise. Outside the Act. Rent inclusive of business rates, service charge (if any) and insurance.

Residential

Vacant Flat 420 691 - - - - -

Offices

Vacant Ground-10th Floor 41,521 - - - - -

Southern Electric Power - - - 25/03/1982 24/03/2081 - Distribution Plc

Total 54,148 £114,500

Total Deduction for All Inclusive Rents £58,198.33

Total Current Net Rent Income £56,301.67 Office Market Commentary Recent Occupational Transactions Chiswick plays a major role in the buoyant West London office market which has strong supply and demand characteristics and low vacancy rates in a market with total office stock of 3.43 million sq ft. Over the Date Property Tenant Size Term Certain Rent (per sq ft) Rent Free past 5 years, annual take up has averaged approximately 221,000 sq ft and in 2012, Chiswick saw the record level of take-up, with a total of 353,000. In Q2 2013, the vacancy rate of Chiswick was reported to Lyric House, 149 Hammersmith Road, June 2013 Satmetrix 3,412 5 years £33.25 10 months be 5.49%, which is significantly lower than the South East average of Hammersmith 14.97%.

The current lack of supply has prompted the speculative development May 2013 1 King Street, Hammersmith DrugDev Ltd 5,764 3 years £32.50 4 months of Building 7, Chiswick Park, which will provide 333,720 sq ft of Grade A office accommodation. With Chiswick Tower now fully occupied, the Lyric House, 149 Hammersmith Road, Diligent Broadbooks May 2013 3,767 5 years £30.00 9 months development of Building 7 will not counteract the disparity between Hammersmith Ltd demand and supply and further reflects the characteristics of the Chiswick office market. 5th Floor, 80 Hammersmith Road, April 2013 Priory Group 6,927 5 years £38.00 8 months Hammersmith Current prime office rents in Chiswick stand at £47.75 per sq ft, an increase of 14.46% over the last 12 months. Beyond Chiswick Park Colet Court, 100 Hammersmith Road, Gambit Research April 2013 1,385 2.5 years £30.00 0 months and Grade A accommodation, rents for second hand space have Hammersmith LLP benefitted from occupational market improvements and are currently £34.00 per sq ft, as demonstrated by recent lettings at Chiswick Tower. Hythe House, 200 Shepherds Bush, March 2013 Maruho Europe Ltd 4,539 5 years £30.00 10 months Hammersmith The evident lack of good quality office accommodation provides a strong basis for further rental growth following a comprehensive Berry Appleman February 2013 12th Floor Chiswick Tower, Chiswick 2,771 5 years £34.00 10 months refurbishment of the property to provide Grade A office and Leiden Ltd accommodation.

December 2012 Building 4, Chiswick Park, Chiswick Pepsi 3,400 5 years £45.00 8 months

November 2012 Building 5, Chiswick Park, Chiswick Nakano 6,061 5 years £44.00 6 months

ViaSat August 2012 Chiswick Green 52,000 15 years £39.00 26 months Broadcasting UK

July 2012 11th Floor, Chiswick Tower, Chiswick Air China Ltd 2,800 5 years £32.50 9 months

June 2012 Building 6 Chiswick Park, Chiswick Aker Oil 211,860 15 years £47.75 24 months

March 2012 15th Floor Chiswick Tower, Chiswick Openmarket Ltd 2,771 5 years £31.50 9 months

Ferrovial Agroman December 2011 9th Floor Chiswick Tower 2,771 5 years £30.00 9 months UK Ltd West London Residential Market Commentary Recent Investment Transactions The London residential market has remained extremely robust over recent months and years. The Greater London office investment market is characterised by a shortage of prime institutional grade stock with According to Molior London, the capital has seen average price growth of 27% during the last 3.5 years and this strong location and property fundamentals. Prime assets are in strong demand and the market is highly competitive, continued strength in the sales market, coupled with a severe shortage of land opportunities, has resulted in with considerable interest from UK institutions and overseas investors. exceptionally strong interest for development sites.

Given the strong West London location and excellent demand and supply characteristics, the property presents the There are reportedly 27,900 units currently under construction in London, 15% higher than at the peak of the opportunity for investors to undertake a significant refurbishment programme and capitalise on investors’ desire for market in 2007. In the first half of 2013, 8,800 units were under construction, representing a 55% rise over the prime assets as demonstrated by the transactions below: last 12 months. 60% of all units under construction are sold prior to development commencing, which is largely a result of strong demand from overseas investors. Date Property Tenant Term Certain Price NIY Purchaser Chiswick has long been regarded as one of the most upmarket and appealing London suburbs, with strong communication links and a long standing demand for high quality residential accommodation. Over the last 12 8 Chiswick Park, Under Offer QVC 19.7 years c.£71.50m 4.70% Standard Life months property prices in Chiswick have risen by 7% and it is widely reported that demand far outstrips supply. Chiswick Consequently, in recent years both the major house builders and niche developers alike have been attracted to good quality development sites in Chiswick and there are currently over 1,000 units under construction within 1 The Stanza Nexen Petroleum Under Offer 12 years c.£44.12m 5.65% NFU mile of the property. Building, UK New build developments in the locality are asking prices between £600 and £1,100 per sq ft, reflecting the 3 Longwalk Road, Marks & Spencer Under Offer 13.5 years c.£34.16m 6.00% Private significant latent demand for high quality residential accommodation in the area. Stockley Park Plc Examples of nearby new developments include: Fresh & Wild Ltd 1 Eton Street, August 2013 (retail unit) 5.29 years £28.63m 5.80% Standard Life Richmond 2 year guarantee on Approximate Marketing Property Developer Description vacant office Prices

Capital Court, St. Peters Place, 33 apartments and c. £900-£1,100 per sq ft August 2013 Multiple 8.8 years £21.13m 5.98% Royal London Crest Nicholson Uxbridge 405 King Street 8 townhouses (currently marketing)

Syward Place, Burlington Green, One Housing Group/ 54 residential apartments c. £600-£650 per sq ft August 2013 ADP Ltd 6.78 years £12.40m 6.97% CCLA Chertsey Bollo Lane Shanly Homes and ground floor retail (all sold by end 2012)

Ealing Cross, , Mixed-use development c. £1,000 per sq ft June 2013 Multiple 4.88 years £37.75m 6.08% Benson Elliot St George Part vacant Kew Bridge Road including 313 apartments (currently marketing)

80 Hammersmith Cording May 2013 Road, Multiple 5 years £20.70m 6.85% Capital Hammersmith

Kings Place & Conquest House, May 2013 Saipem 11 years £30.95m 6.90% Aberdeen

December Chiswick Green, Multiple 15 years £48.07m 6.25% M&G 2012 Chiswick Guarantee on vacancy View of Central London from the office tower Planning EPC

Blue Sky Planning has undertaken a review of the planning position of the The redevelopment/refurbishment of the ground and first floor Class A The property is assessed to have an Energy Performance rating of G. The property which reflects its three elements and has regard to prevailing accommodation fronting Chiswick High Road will be welcomed by the full Energy Performance Certificate is available on the Data Room. policy set out in the National Planning Policy Framework, the Council. Given the site’s location within the Primary Shopping Frontage, (2011), saved policies of the Hounslow Unitary Development Plan and ground floor accommodation should be maintained in Class A use, other local documents. A copy of their report is available on request. preferably A1 retail. The relationship with The Old Pack Horse Public House VAT to the west will be a consideration. The property as a whole is located within the Chiswick town centre The property has been elected for VAT purposes and VAT will be applicable boundary. The Chiswick High Road element sits within the Turnham Green In principle, the development of both the land at Acton Lane and Essex to the sale. The transaction is expected to be treated as a Transfer of a Conservation Area and the frontage to Chiswick High Road is identified as Place for residential accords with policy and should be acceptable to Going Concern. Primary Shopping Frontage. The adjacent Old Pack Horse is Grade the Council subject to matters of detail and compliance with prevailing II listed. standards, including in relation to S106 Obligations and the CIL (£35 per sq m). Design, including scale and height, will be Data Room The London Plan highlights the “pressing need” for more homes in material considerations. London with a target of 4,750 new homes in Hounslow by 2021. The plan All relevant documentation is available via the property’s Data Room. emphasises the need to deliver new homes by development of surplus Planning permission was granted in 2005 for a part 3 storey, part 4 Access details are available upon request. commercial capacity. storey 14 unit residential development on the Acton Lane site subject to a S106 Agreement. In 2011, the Council resolved to grant approval to an In Blue Sky’s opinion: application to extend the time period for the permission subject to entering Proposal The change of use of the existing office block on Chiswick High Road into a S106 Agreement. The approved schemes for the Acton Lane site will from B1 offices to residential could be undertaken under Permitted provide an indication of the scale and form of development acceptable to Offers are sought for our client’s unencumbered Freehold interest, subject Development Rights. It would fall within Class J of the Town and Country the Council at that location (00004/D/P2 and P3). to contract and exclusive of VAT. Planning Act (General Permitted Development) (Amendment) () Order 2013 and therefore be a permitted development not requiring Surveys planning permission subject to consideration of the required factors of: Further information a) The transport and highways impacts of the development; Cladding A Condition Report in relation to the Curtain Walling has been carried out b) contamination risks on the site; and For further information please contact: by Wintech, dated April 2012. The report confirms that the current cladding c) flooding risks on the site. was installed in the early 1980s. The Wintech report recommends a number of remedial works to maintain the cladding. A copy of the report is David Haynes Charles Howard DTZ Planning permission will be required for any material alterations to the contained on the Data Room. external appearance of the building. 020 3296 2097 020 3296 2098 One Curzon Street Measured [email protected] [email protected] London W1J 5HD The provisions of Class J will establish a fall-back position against which A Measured Survey has been undertaken by Woodfalls Surveying Services Ltd, dated July 2013. This is capable of being assigned to a Purchaser and any application for redevelopment will be determined. Andrew Palmer Candice Matthews DTZ can be viewed on the Data Room. Proposals for redevelopment or for changes to the external appearance of 020 3296 4033 020 3296 3988 125 Old Broad Street Environmental [email protected] [email protected] London EC2 N1A the existing building will raise the following key considerations: Waterman Group has undertaken a Phase I Environmental Assessment, - The effect of the proposals on the character and appearance of the dated July 2013. Waterman has assessed the site and, in its current form, Turnham Green Conservation Area. consider it to represent a low to medium risk. The benefit of this report can - The effect of the proposals on The Old Pack Horse Public House to the be assigned to a Purchaser and a copy of the Assessment is available on west which is listed Grade II. the Data Room.

MISREPRESENTATION CLAUSE. DTZ for themselves and for the vendors of this property, for whom they act, give notice that: i. These particulars are a general outline only, for the guidance of prospective purchasers, and do not constitute the whole or any part of an offer or contract; ii. DTZ cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. iii. Rents quoted in these particulars may be subject to VAT in addition. iv. DTZ will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and v. The reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended condition. Prospective purchasers should satisfy themselves as to the fitness of such items for their requirements. vi. No employee of DTZ has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. September 2013.

Tayler Reid Design no.04281 I 020 7355 2500 I www.taylerreid.co.uk