MERIDIEN HOUSE 69-71 Clarendon Road, Watford WD17 1DS

PRIME MULTI-LET SOUTH EAST OFFICE INVESTMENT 1 INVESTMENT SUMMARY 2

• Landmark office building on Clarendon Road, Watford’s prime office pitch, located overlooking atfordW Junction railway station • Watford is the largest office market in the northern M25 sector and home to a number of global occupiers • High quality Grade A accommodation developed in 2001 • The building extends to 59,977 sq ft arranged over ground and five upper floors with 177 parking spaces (1:339 sq ft) • Fully let to 8 tenants • AWULT to expiry of 8.0 years and 4.9 years to break • Low passing rent equating to only £19.91 per sq ft on the office accommodation • Prime rents in the Watford office market have reached £23.00 per sq ft • Freehold • Asset management opportunities to include the removal of existing break options and the regearing of leases to drive and capture future rental growth • Offers are sought in excess of £16,600,000 (Sixteen Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT • A purchase at this level reflects a Net Initial Yield of 6.75% after allowing for standard purchaser’s costs of 5.80%. This equates to a capital value of only £277 per sq ft

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 32 LOCATION D

E N To M25 T S O R P Junctions 2 T M 41 H E Watford is the major office centre in the north west sector 19 & 20 A W H

E SITUATION D S 1 A O T 1 R E of the M25. It is located 24km (15 miles) north west of 4 S R A N A N B L P A With its imposing frontage and design, Meridien House A V Central London. Hemel Hempstead is 10km (6 miles) to T. E S P

Watford A 4 is one of the landmark office buildings in Watford. It is the north and St Albans is 13km (8 miles) to the north 1 Junction

P P

prominently located at the top of Clarendon Road, opposite

A412 east of the town. A

D 1 MERIDIEN HOUSE

R 1

Watford Junction Railway Station. Clarendon Road,

Watford benefits from extensive transport communications D P N O E RPHA D A D NA R 08 R G 40 Watford’s prime office pitch, is home to a number of global O R E T A A T JUNCTION R E

R L D

L C T Y D A H R O A W 5 as detailed below. B I I U R N G E S O occupiers, attracted by the transport links and amenities of O

S E H E C T R

X C A S

S T C C H E

T H H R E

A N the town. KPMG, ACI Worldwide, TK Maxx, Ralph Lauren E P

N E P

G T P N Intu Watford Road E

G O S and the Inland Revenue all have offices on Clarendon Road. R Shopping

O P E R

V Centre H E The town has excellent motorway communications; O P

TE A KING ST P S D 08 0 A short walk to the south of Meridien House is the town

Junction 19 of the M25 is 6km (4 miles) to the north 8 7

1 W

4 W E centre and the intu Watford Shopping Centre. The shopping A BEDFORD

A S west and this provides access to the rest of the national T Birmingham T M1 E L E D W R R A A10 F R N centre is anchored by John Lewis, Marks & Spencer and BHS O I D motorway network. Junction 5 of the M1 is 3km (2 miles) Watford E A R H A5 L O

R I D A1 G L

14 High St S M L H A

A421 H and offers over 140 stores with a wide range of fashion, W N A E V

to the north east which provides a direct route southbound S D A L

H A6 A E T

N N

MILTONE G U clothing, homeware and restaurant operators represented. KEYNESG 10 E into Central London. The M1 northbound offers access I W 9 10 to Luton, which is 25km (16 miles) away, and the North of 1 A505 BLETCHLEY A41 Main retail area England. 9 A5 HITCHIN

7 Rail LEIGHTON STEVENAGE BUZZARD Stansted Airport DUNSTABLE LUTON Watford enjoys excellent rail links, being served by three 10 BISHOP’S 8 A418 A502 STORTFORD mainline stations; Watford Junction, North Watford and A1(M) 9 Watford High Street. At peak times, five trains per hour AYLESBURY WELWYN M11 GARDEN CITY A41 run from Watford Junction to London Euston, with a M1 A406 HEMEL 4 HARLOW fastest journey time of 16 minutes. HEMPSTEAD A10

CHESHAM London Overground services run from both Watford 20 21 19 23 STOKENCHURCH 5 M25 Junction and Watford High Street with London AMERSHAM 18 25 27 WATFORD 1 WATFORD ENFIELD HIGH JUNCTION Underground services provided from Watford tube station BARNET WYCOMBE 3 M40 RICKMANSWORTH on the Metropolitan line. These lines provide direct links to 3 A406 2 1 Euston, Kings Cross and Liverpool Street stations. 1 ROMFORD M25 16 1 EUSTON MAIDENHEAD A40 SLOUGH UXBRIDGE CITY Air ALDGATE A13 8 6 M4 MARYLEBONE 31 Watford is located in close proximity to a number of 5 15 4 1 LONDON For indicative purposes only. A4 CLAPHAM JUNCTION DARTFORD international airports. HEATHROW M25 A2 STAINES A316 2 London Luton Airport is 27km (17 miles) to the north, 1 A24 A20 M3 A3 A23 12 WEYBRIDGE approximately a 25 minute drive from the town. Heathrow CROYDON 3 BROMLEY Metropolitan Line M20 Airport, 35km (22 miles) to the south, representing a drive 11 EPSOM Metropolitan Line time of circa 30 minutes. Gatwick Airport is situated 96km 12 (Extension Opens 2017) 9 A22 9 M26 (60 miles) to the south and can be accessed via the M25, London Overground 7 5 with an approximate journey time of 70 minutes. Stansted London Midland 8 7 15 M25 SEVENOAKS A25 Airport is circa 72km (45 miles) to the north east with a Southern Railways A21 Chiltern Railways 9a 9 journey time of under an hour. GATWICK Virgin Trains A24 10

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS M25 (J5) - 2 miles KEY 3 1 Hotel Development INTU WATFORD 2 Watford Community Housing Trust SHOPPING 3 ACI 4 EPSIIA CENTRE 5 Inland Revenue 6 Money, Debt & Credit Ltd 7 TK Maxx 8 Michelin Travel Publications, Angel TOWN CENTRE Business Communications and others 9 Jurys Inn Hotel 10 Sainsbury’s 11 NHS Professionals, Scottish Equitable, Corona Energy 11 9 12 TK Maxx 12 13 TK Maxx and Ralph Lauren 8 14 TK Maxx 13 7 15 Regus 14 6 16 KPMG 5 17 Gainsborough Morrison 15 18 Iveco 4 16 3 2 10 18 17 CLARENDON ROAD 1 WATFORD JUNCTION (London Euston MERIDIEN HOUSE 16 mins) A411

A412

A405 (North Circular) M25 (J19) - 4 miles 2.6 miles 4 DESCRIPTION

Meridien House was developed in 2001 and comprises a ACCOMMODATION high specification 6 storey office building with two levels of basement car parking. The total floor area of the building The property provides the following approximate net is approximately 5,572 sq m (59,977 sq ft). internal areas: The accommodation is provided in a rectangular floor Floor Area Sq m Sq ft plate around a central core with full height glazing to all elevations and tenant balconies to the rear elevation at Ground floor 1,233 13,272 1st, 2nd, 3rd and 4th floor levels. First floor 1,221 13,143 Second floor Suite 1 512 5,511 The office was developed to Grade A specification and Second floor Suite 2 525 5,651 includes: Third floor 852 9,171 Fourth floor 658 7,083 • Double height reception Fifth floor Suite 1 296 3,186 • Full height central atrium Fifth floor Suite 2 275 2,960 • 150 mm raised floors TOTAL 5,572 59,977 • Suspended ceilings with recessed lighting • Four pipe fan coil air conditioning TENURE • Tenant balconies Freehold. • Three x 10 person passenger lifts • Separate goods’ lift • Male, female and disabled toilets and shower facilities

Secure car parking is provided to the front of the building and on two undercroft levels providing space for 177 cars. This reflects an excellent town centre car parking ratio of 1:339 sq ft.

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 5 TENANCY

Demise Area Tenant Lease Lease Break Months Rent Current 1954 Act Car Service £psf Comments (sq ft) Start Expiry Option of Notice Review rent parking Charge spaces Cap Ground 13,272 i2 Office Ltd 01/01/2014 31/12/2028 01/01/2024 9 01/01/2019 £289,190 Outside 37 car None 21.79 01/01/2024 spaces First Galderma (UK) Ltd 17/01/2011 16/01/2021 16/01/2016 6 17/01/2016 £262,860 Inside 43 car £8 per 20.00 If the tenant does not sq ft per exercise their break 13,143 spaces option they will be granted annum 6 months rent free. subject to annual RPI increases Part 5,511 Engage Partners 27/03/2012 26/03/2022 27/03/2017 6 27/03/2017 £68,493 Outside 16 car £6 per 12.43 Rent reviewed to the higher of OMV or £123,310 pa. Second Ltd spaces sq ft per The tenant (where the annum original tenant) will subject to receive 2 months rent free commencing on the 4th annual RPI anniversary of the term. increase Part 5,651 Bathstore.com 29/08/2006 28/08/2016 £113,140 Inside 18 car None 20.02 Second Ltd (tenant) and spaces Wolseley UK Ltd (guarantor) Third 9,171 Rontec Watford 06/11/2012 05/11/2022 06/11/2017 9 06/11/2017 £183,000 Outside 25 car None 19.95 Rent commencement date of 1 July 2014. Ltd (tenant - Jersey spaces The tenant will receive company) Rontec 12 months rent free Investments LLP commencing on 5th anniversary of the term. (guarantor) Fourth 7,083 Elavon Financial 09/10/2009 08/10/2019 £148,743 Outside 20 car None 21.00 Rent deposit of £163,300. Break option removed Services Ltd spaces via Deed of Variation and (Irish company) tenant in rent free. Rent commencement date 29/09/2014. This will be topped up by the vendor. Part 3,186 James Hallam Ltd 01/03/2007 28/02/2017 Outstanding £67,053 Inside 8 car None 21.05 Fifth from 2012 spaces Part 2,960 Modis 22/03/2007 21/03/2017 Outstanding £62,118 Inside 10 car None 20.99 Fifth International Ltd from 2012 spaces 59,977 £1,194,597 Service charge shortfall £9,864 Total net rent £1,184,733

In addition to the above, there is a Substation lease to Eastern Power Networks plc on a lease expiring 28 September 2062.

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 6 COVENANT

i2 Ofﬁ ce Ltd (company number 05374141) is a serviced offi ce provider. Since launching in Engage Partners Ltd (company number 6737449) is provider of teacher recruitment solutions 2009 i2 has grown to occupy 25 buildings in the UK located in prime locations in major city based in the UK, Ireland, Canada and Australia. centres with 7,500 workstations across approximately 300,000 sq ft. Engage Partners Ltd has a Dunn & Bradstreet rating of G2 representing a lower than average i2 Offi ce Ltd has a Dunn & Bradstreet rating of 2A1 representing a minimum risk of business risk of business failure and account for 6% of the income. failure and account for 24% of the income. Further information can be found at www.engageeducation.co.uk and the company has Further information can be found at www.i2offi ce.co.uk and the company has reported the reported the following accounts: following accounts: Engage Partners Ltd Fiscal Fiscal Fiscal i2 Ofﬁ ce Ltd Fiscal Fiscal Fiscal Non consolidated GBP Non consolidated GBP Non consolidated GBP Non consolidated GBP Non consolidated GBP Non consolidated GBP 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s) 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s) Tangible Net Worth 14,524 (46,352) (71,721) Tangible Net Worth 2,374 2,230 1,125 Net Current Assets (49,918) (87,841) (99,261) (Liabilities)

Galderma (UK) Ltd (company number 715401) is the UK operating arm of the global dermatology company Galderma. The company has 33 wholly-owned affi liates and a worldwide Bathstore.com Ltd (company number 02240475) is the country’s leading specialist bathroom network of distributors, approximately 5,000 employees and an extensive product portfolio retailer employing around 500 people with 172 stores across the UK. The lease is guranteed by available in 80 countries. Wolseley UK Ltd (company number 636445). Galderma (UK) Ltd has a Dunn & Bradstreet rating of N3 representing a greater than average Bathstore.com Ltd has a Dunn & Bradstreet rating of 2A3 representing a greater than average risk of business failure and account for 22% of the income. risk of business failure and account for 10% of the income. Wolseley UK Ltd has a Dunn & Further information can be found at www.galderma.co.uk and the company has reported the Bradstreet rating of 5A1 representing minimum risk of business failure. following accounts: Further information can be found at www.bathstore.com and the company has reported the following accounts: Galderma (UK) Ltd Fiscal Fiscal Fiscal Non consolidated GBP Non consolidated GBP Non consolidated GBP 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s) Bathstore.com Ltd Fiscal Fiscal Fiscal Non consolidated GBP Non consolidated GBP Non consolidated GBP Sales Turnover 50,404 40,701 36,784 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s)

Pre-Tax Profi t (Loss) 309 (995) 3,825 Sales Turnover 98,903 90,443 94,033

Tangible Net Worth (850) 679 2,679 Pre-Tax Profi t (Loss) (765) (4,255) 2,199

Tangible Net Worth 4,122 5,301 8,482

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 7 COVENANT

Rontec Watford Ltd (company number 108486) with guarantee from (Rontec Investments LLP James Hallam Ltd (company number 01632840) is a leading privately owned, independent company number OC 365421) is part of the Rontec Group and is one of the leading players in Insurance Broker and Risk Manager based in several locations across the UK. the UK forecourt industry. Rontec Investments LLP was formed in June 2011, by a consortium James Hallam Ltd has a Dunn & Bradstreet rating of 2A1 representing a minimum risk of made up of GMR Capital, Investec and Grovepoint Capital. The company was formed to business failure and account for 6% of the income. acquire the assets of Total Oil UK. Rontec is led by Gerald Ronson. Further information can be found at www.jameshallam.co.uk and the company has reported Rontec Investments LLP has a Dunn & Bradstreet rating of 5A2 representing a lower than the following accounts: average risk of business failure and account for 15% of the income.

Further information can be found at www.rontec.com and the company has reported the James Hallam Ltd Fiscal Fiscal Fiscal following accounts: Non consolidated GBP Non consolidated GBP Non consolidated GBP 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s) Rontec Investmets Fiscal Fiscal plc Non consolidated GBP Non consolidated GBP Sales Turnover 7,323 7,416 6,198 30 Sep 2013 (000’s) 30 Sep 2012 (000’s) Pre-Tax Profi t (Loss) 674 1,015 728 Sales Turnover 613,245 813,750 Tangible Net Worth 2,649 2,188 1,650 Pre-Tax Profi t (Loss) 12,153 21,281

Tangible Net Worth 67,970 52,421 Modis International Ltd (company number 01625479) is an IT recruitment agency specialising in fi nance, banking and insurance, retail and aerospace sectors.

Elavon Financial Services Ltd (Irish company number 418442) is a payment processing Modus International Ltd has a Dunn & Bradstreet rating of 3A2 representing a lower than company. Based in Atlanta, Elavon is wholly owned by U.S. Bancorp (NYSE: USB). As at average risk of business failure and account for 5% of the income. December 2012 U.S. Bancorp has assets of $354bn, deposits of $249bn and loans of $223bn. Further information can be found at www.modis.co.uk and the company has reported the Elavon Financial Services Ltd account for 12% of the income. Further information can be found following accounts: at www.elavon.com and the company has reported the following accounts: Modis International Fiscal Fiscal Fiscal Ltd Non consolidated GBP Non consolidated GBP Non consolidated GBP Elavon Financial Fiscal Fiscal 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) 31 Dec 2010 (000’s) Services Ltd Non consolidated GBP Non consolidated GBP 31 Dec 2012 (000’s) 31 Dec 2011 (000’s) Sales Turnover 77,118 85,298 66,772

Sales Turnover 168,650 133,189 Pre-Tax Profi t (Loss) (2,124) (2,120) 2,505

Pre-Tax Profi t (Loss) 37,230 14,587 Tangible Net Worth 14,468 16,662 17,523 Tangible Net Worth 339,370 293,550

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 8 WATFORD OFFICE MARKET

OFFICE MARKET OVERVIEW

Watford is a major regional office centre in the North M25. It has the The 5 year average take up for Watford stands at 148,652 sq ft, with largest commercial base within the M1/M25 region with excellent train 2013 showing much improved occupier demand with take up of links into Central London, the Midlands and North West. 260,613 sq ft. Clarendon Road take up for 2013 was 81,591 sq ft, which represents 31% of all take up in the Watford market. Given the The prime office location in Watford is the Clarendon Road, which lack of supply on Clarendon Road, and assuming similar letting activity stretches north to south from Watford Junction railway station towards in 2014, there is approximately 15 months’ supply currently in the the High Street where Watford’s main retail provision is located. As market. the prime office location in Watford, the area is home to a number of high profile occupiers including retailer TJK (TK Maxx), who have their Improving occupier demand, supported by early 2014 lettings to i2 headquarters here, alongside KPMG, ACI Worldwide, Money Debt & Offices in Meridien House (13,272 sq ft), TK Maxx (50,000 sq ft) on Credit and Employment Tribunal Services. Clarendon Road and Kodak (20,000 sq ft) on Croxley Business park will continue to diminish existing supply and with a distinct lack of good Watford has an office stock of circa 5 million sq ft, with 393,512 sq refurbished or Grade A space in the market, rents for prime buildings ft (vacancy rate of 7.87%) currently available. Of this 192,129 sq ft on Clarendon Road should start to move towards historic prime rental is available in the town centre and 201,383 sq ft in the out of town levels in excess of £23 psf. market. On Clarendon Road only 101,882 sq ft is currently available and only 34,097 sq ft of this is Grade A accommodation. There is evidence of an overall decline in the quality of space available Current availability on Clarendon Road: in town, with a significant reduction in ‘New’ or ‘Refurbished Grade A’ space since 2003. The decline in quality space available stems from Address Sq ft Quoting Rent Grade ongoing occupier desire to secure the best quality space in the market, 24 Clarendon Road 5,344 £15.00 C together with the lack of available development sites in the town. 28 Clarendon Road 14,909 £21.00 Refurbished 30 Clarendon Road 2,050 £19.50 B Watford Take-up and Prime Rents 34 Clarendon Road 7,055 £20.00 Refurbished

300,000 £25.00 Edward Hyde Building 15,613 £21.00 B 38 Clarendon Road 250,000 39 Clarendon Road 4,307 £16.00 C 200,000 £20.00 45 Clarendon Road 6,793 £20.00 B 150,000 Victoria House 7,235 £18.00 B 100,000 £15.00 49 Clarendon Road 56 Clarendon Road 4,479 £20.00 B 50,000 64 Clarendon Road 34,097 £20.00 A – Refurbished - £10.00 2008 2009 2010 2011 2012 2013 TOTAL 101,882 Town Centre (sq ft) Out of Town (sq ft) Prime Rent (psf)

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 9 WATFORD OFFICE MARKET

WATFORD AREA LETTING TRANSACTIONS 2013-2014

Date Address Size (sq ft) Rent (psf) Lease details Tenant

Jan 14 40 Clarendon Road 50,000 £20.00 5 year lease TK Maxx (Unrefurbished) 15 months rent free Jan 14 Meridien House 13,272 £21.79 15 year lease I2 Offi ces 69-71 Clarendon Road 10 year break Jan 14 Building 8, 19,906 £22.00 10 year lease Kodak Croxley Green Business Park 5 year break 10 months rent free Dec 13 Building 8, 20,000 £23.00 15 year lease Howdens Croxley Green Business Park 30 months rent free Joinery Dec 13 28 Clarendon Road 4,912 £19.00 10 year lease Mace Macro 5 year break 12 months rent free Dec 13 Link House, Colonial Way 27,652 £16.50 15 year lease Wickes (Unrefurbished) 10 year break 30 months rent free Nov 13 51 Clarendon Road 3,579 £21.00 5 year lease SIG 3 year break 10 months rent free Oct 13 51 Clarendon Road 8,200 £20.00 3 year lease JSA 9 months rent free Oct 13 34 Clarendon Road 2,837 £21.00 5 year lease Sabien 6 months rent free Technology Mar 13 Radius House, 8,700 £20.00 10 year lease Hillier Hopkins 51 Clarendon Road 31 months rent free Mar 13 41/43 Clarendon Road 10,700 £20.00 Lease to February TK Maxx 2018 with tenant breaks 6 months rent free Mar 13 46 Clarendon Road 11,280 £20.00 Lease to December TK Maxx 2015 18 months rent free

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 10 WATFORD INVESTMENT MARKET

KEY INVESTMENT TRANSACTIONS

Date Address Size (sq ft) Tenant WAULT Price NIY CV per Purchaser sq ft March 2014 Hollywood House, Woking 43,440 Multi-let 5 years U/O at £14.95m 6.45% £344 Under Offer

January 2014 Richmond Riverside, Richmond 132,965 Multi-let 5.5 years £64.5m 5.9% £485 Orchard Street

January 2014 Beaufort House, Uxbridge 43,438 Multi-let 2.62 years £14.85m 6.50% £327 Tesco Pension Fund

December 2013 Vision Park, Cambridge 89,945 Multi-let 7.5 years £28.50m 6.00% £317 RLAM

December 2013 Mount Pleasant House, Cambridge 41,614 Multi-let 1.8 years £10.5m 6.67% £252 Howard Group

October 2013 Braywick Gate, Maidenhead 36,609 Multi-let 1.7 years £17.25m 6.25% £436 BP Pension Fund

December 2013 Gloucester Place, Brighton 37,721 Multi-let 3.8 years £11.025m 6.66% £292 RLAM

Sept 2013 Oriel House, Richmond 24,574 Multi-let 5 years £9.00m 6.81% £366 AVIVA

August 2013 Capital Court, Uxbridge 58,853 Multi-let 8.8 years £21.20m 5.96% £360 Royal London

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS 11

SERVICE CHARGE The service charge budget for the year ending 31st December 2014 is £489,278. This equates to a rate of £8.15 per sq ft. Based on the service charge cap the anticipated rental shortfall for the year ending 31st December 2014 will be £9,864.

EPC The property has an EPC rating of E and a score of 119. A copy of the EPC is available on request.

VAT The property has been elected for VAT purposes. It is anticipated that this will be a TOGC (Transfer of a Going Concern).

PROPSAL Offers are sought in excess of £16,600,000 (Sixteen Million Six Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects aNet Initial Yield of 6.75% after allowing for standard purchaser’s costs of 5.80%. This equates to a capital value of only £277 per sq ft.

SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT.

MERIDIEN HOUSE 69-7169-71 CLARENDON Claren ROAD,don WATFORD WD17 1DS MERIDIEN HOUSE 69-71 Clarendon Road, Watford WD17 1DS

James Archibald T: 020 3362 4357 M: 07979 746 791 Consumer Protection Regulations E: [email protected] (1) Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Bray Fox Smith Ltd in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Bray Fox Smith Ltd has no authority to make any rep- Sim Khatkar resentations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). (2) Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. (3) T: 020 3362 4347 Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has M: 07896 940 047 been obtained. A buyer or lessee must fi nd out by inspection or in other ways that these matters have been properly dealt with and that E: [email protected] all information is correct. (4) VAT: The VAT position relating to the property may change without notice. April 2014.