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On Behalf of Fixed Charge Receivers

CRICKLEWOOD LANE NW2

PRIME MIXED USE INVESTMENT & DEVELOPMENT OPPORTUNITY PROPOSED DEVELOPMENT OF A 35,000 SQ FT PROPOSED DEVELOPMENT RAIL STATION UNIVERSITY HALLS ASDA SUPERSTORE AND OF GROUND FLOOR RETAIL (ST PANCRAS INTERNATIONAL OF RESIDENCE 100 RESIDENTIAL UNITS B&Q AND 44 RESIDENTIAL UNITS 11 MINS) (181 BEDROOMS) VIRGIN GYM

CHILDS HILL 0.9 MILES

CRICKLEWOOD LANE

A5

MARBLE ARCH 4 MILES

Site outline for indicative purposes only. CRICKLEWOOD LANE LONDON NW2

1-13 CRICKLEWOOD LANE INVESTMENT CONSIDERATIONS Mixed use property comprising: Retail: 17,280 sq ft NIA Office: 25,111 sq ft GIA (21,061 sq ft NIA) Residential: 15 flats (12,420 sq ft GIA) Comprising a total area of approximately 54,811 sq ft (5,012 sq m) Total site area of 0.91 acres (0.37 hectares) Freehold Current passing rent of £369,055 per annum Reversionary rent of £847,983 per annum Located in close proximity to the £4.5bn regeneration scheme Tenants include Co-Operative Foodstores Limited and Barndoc Healthcare Limited Prominent position close to Cricklewood Railway Station

DEVELOPMENT POTENTIAL The property provides a number of potential residential led development opportunities, subject to planning, including: Immediate conversion of the 1st and 2nd floor offices at the rear to residential through Permitted Development Rights Increase in the height and density of the existing buildings Comprehensive redevelopment

Offers are sought in excess of £12,000,000 DATAROOM (Twelve Million Pounds) subject to contract Further information is provided in the dataroom. and exclusive of VAT. A purchase at this level For access please register on the following website www.cricklewoodlane.com represents an overall capital value of only £219 psf and reversionary yield of 6.62% assuming purchaser’s costs of 6.76%. CRICKLEWOOD LANE LONDON NW2

BRITANNIA BUSINESS CENTRE

LOCATION

Cricklewood is a densely populated area of north- with an affluent catchment area in the , approximately 5.8 miles (9.3 km) northwest of . Cricklewood benefits from excellent communication links. The area is served by Thameslink providing regular services to London with a fastest journey time of 10 minutes to London St Pancras. Thameslink also serves a regular service to with a fastest journey time of 35 minutes. The area benefits from excellent road links being situated in close proximity to the A5 and the A41, M1 and other main routes into Central London.

SITUATION

The property is prominently located at the western end of Cricklewood Lane less than 50 metres from the A5 (Cricklewood Broadway). The area provides a wide variety of retailers with a mix of national and independent traders. These include Costa Coffee, Barclays, Santander, McDonalds, A505 Stevenage Burger King, KFC and Argos. Dunstable Stansted Luton Bishop’s A120 A418 Knebworth Stortford The property is situated adjacent to the Broadway Retail Park A5 A10 where occupiers include B&Q and Tile Depot. In the wider vicinity A1(M) A602 A44 M1 A131 A130 the area benefitsA34 from retail warehouse and leisureAylesbury occupiers Welwyn Garden including Matalan, Wickes, Virgin Gym and Travelodge. City A40 Hertford A414 M11 The property is conveniently located in close proximity to Harlow OXFORD BerkhamstedA41 Hemel A12 Cricklewood Railway Station, which is situated within a 2 Hempstead St Albans Hatfield A4142 Thame minute walk (0.1miles). M10 A414 Chelmsford A138 D

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J19 J25 g d ne 5 in J27 d a M25 M d L a d i C d J T o o l o h w a C kle A n h o Cric 4 l r 1 d n a v s r e Cricklewood benefits from a low unemployment rate of 5% T t e e e r u M25 o m t n Watford r o e Enfield n A1 r v a o n A T 7 t c e n R 0 f e t 4 ro M1 M11 r o c r A130 High Rickmansworth R A o (source: 2011 Census). It has a total population of 79,476, with d a a H oa c o d South R e a A355 A413 le Billericay d Wycombe p F Brentwoodem a a significant young population reflected by the average age of T r d Oxney m a o J28 A d Wickford R Harefield a v t o H e f M40 R n o 36. The 5 year projected population growth from 2013-2018 a a u r r s d e c o s R t o M o A n p a H Harrow A10 5 s P R e G B is 6%. The area benefits from a majority of occupiers who rent A127 in o a A12 a Cricklewood e Brent e n ls J29 d BasildonR a L w L L o ic o a a d h r A404 J16 Cross d o f t rather than own. rc o ie h l y h w d R le R R o k o o A40 C a Benfleet ic a a e d Southend-on-Sear d d Ivy d C Henley-on-Thames Roa a d d r a A34 R o R o d Canvey Maidenhead a r d W Slough d fo a UNIVERSITY A13 M25 Stanford-le-Hopeh o e s s A R t COLLEGE s Island c ( ) d r A404 M London o n a f SCHOOL SPORTS l t O k li C J15 ve a A City Ro l GROUND ad O 5 o M4 LONDON s d e a e o v W Windsor e o R r A2 u e d G n d d s a h a r t e s o b a Heathrow v o A e R w Richmond A R M4 r d o e Dartford n S n e a CEMETERY

READING o H h R e n o e A316 r s o o l R t d w a W r o d s Staines a Gravesend d n R d k e Sheerness a ( ) Ashford t F W o A329 M D R c b 7 R e k le o e eli a e o f r n Egham l 0 e Kingston J2 a s d s M H 4 b t B d b w c A20 E d y r A a o S Bracknall o c A o R h ft s m A23 u m R C Upon Thames ad rd a a Wokingham Ascot on Ro ka o lo r li Ans a s a R J12 S d Swanley A e R o A309 5 o a A3 ad a d M3 o d J3 Gillingham R A322 Rochester u d nd Roa o Walton-on-Thames eyes R Bagshot A232 A21 M2 K Sutton M25 M20 Sandhurst M25 Epsom Sittingbourne Shoreham Snodland J10 Woking A217 Biggin Hill A339 A22 J9 J5 M26 M20 M3 Famborough Sevenoaks Fleet A331 A3 M25 Maidstone BASINGSTOKE J8 J7 J6 A34 Oxted Aldershot Reigate A26 GUILDFORD Dorking Redhill Famham A21 A24 Tonbridge A303 Godalming M23 Horley Royal Wood Staplehurst Alton Witley Gatwick Tunbridge Cranleigh A264 Wells A229 A31 Crawley North A264 Horsham

A23 Haywards Heath

Burgess Hill CRICKLEWOOD LANE LONDON NW2

DESCRIPTION

RETAIL BRITANNIA BUSINESS CENTRE RESIDENTIAL

The retail element of the property benefits from excellent frontage onto The Britannia Business Centre is a three storey office building located The residential element comprises a total of 14 x two bed and 1 x one Cricklewood Lane with loading accessed to the rear, via the car park. to the rear of the property and is accessed via a roadway to the east bed self-contained flats of which one is currently vacant. Unit 1, 3, 5 - Comprises a ground floor supermarket with first and second floor side of the property off 1-3 Cricklewood Lane. The property provides The flats are divided into two separate elements known as storage and ancillary accommodation. approximately 21,061 sq ft NIA and 25,111 sq ft GIA and benefits Kingsway Court and Queensway Court. from approximately 25 car parking spaces, some of which are Unit 7 – Comprises a ground floor retail unit with ancillary storage undercroft together with a six person lift serving all floors. Kingsway Court consists of three flats on first floor and four flats on currently trading as a public house. the second floor and is accessed from a ground floor entrance on The ground floor is fitted out as a walk-in medical centre and is let to Unit 9 – Comprises a ground floor retail unit with ancillary storage Cricklewood Lane. Queensway Court consists of eight flats over first Barndoc Healthcare Ltd. The ground floor external area is used for currently trading as a convenience store. and second floors and accessed to the rear of the property. the undercroft parking and accessed via the car park which leads to Unit 9 A & B – Comprises a vacant double ground floor retail unit the reception. The first and second floors are currently vacant. (former bathroom showroom), with ancillary storage facilities and two separate access points to the rear. CRICKLEWOOD LANE LONDON NW2

Retail Retail 1

200 Retail Retail

Retail

ch oa pr p t A po e D O a

219 1 4 8 4 a 8 d b a 4 4 6 o 6 R b rd 44 fo h Surface s 217 42 A car park 215 40 38 36 44a 211 34 211a Britannia Business Centre 32 38a 213 209 32a 192 207

3 e 1- g 190 od 2050 E L 6 lm 2 lm E 188 28 203 G a 205a 4 ro 3 201 186 4b v 1 e 184 199 6 Retail 182 197 20 8 5 180 195 18 1-13 Cricklewood Lane 7 1 16 5 178 1 10 193 1 6 3 14 1 176 4 1 9 1 12 1 12 a 2 9 9 174 10 1 1a 0 11 172 8 7 8 14 5 Retail 6 6 191a 170 e 4 3 d n 16 a a 4 a o 189 L 2 1 16 d 2 R oo Retail s 191 w d e 1 187 l a n k -1 8 ic b 1 la r a k 189 C 18 a 185 2b O 8 16 20 8a 183 16 a 5 8 c Retail 1 5 m 8 iu 2 1 166 d 181 22 a Commercial 179 4 164 177 24 6 179a 160 158 26 H o 8a 175 3 17 Commercial w 30 a 17 rd R o a 156 a

d d 2 b C 2 a r 1 o i b c 154 3 0 3 k 17 1a 7 R © Crown Copyright, ES 0004. For identification purposes only. 7 l 1 e 2 1 4 e w 1 3 l o 52 15 2a e o Retail 1 © UKMap Copyright The GeoInformation Group 2016 Licence No. LANDMLh ON100003121118. Plotted Scale -d 1:1250

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TOTAL SITE AREA

The property has a total site area of 0.91 Acres (0.37 hectare). CRICKLEWOOD LANE LONDON NW2

PLANNING

Local Planning Authority London Borough of Barnet Tel: 0208 359 3000 Web: www.barnet.gov.uk We have been advised that the property is neither situated in a Conservation Area nor Listed.

PLANNING CONTEXT

Importantly the property is located in the area covered by the Brent Cross regeneration scheme (see page 11). The Barnet Housing Needs Assessment (HNA) estimates that 27,000 new homes will be required between 2015 and 2025. The has tasked Barnet with delivering 28,000 new homes, although the recent alterations have recommended raising this to 31,000. In order to provide some guidance on the potential for development, the Vendor has commissioned a planning report, a copy of which is available for inspection within the data-room (www.cricklewoodlane.com). Notable comments from the report are as follows: As the site is previously developed `brownfield’ land and is located within an established urban area the site represents an in principle opportunity for conversion or redevelopment. The principle of further development of land within the locality is further evidenced by the fact that in Illustrations for identification purposes only. planning terms the site lies within a recognised Opportunity Area. ADDITIONAL DEVELOPMENT POTENTIAL (Subject to obtaining all necessary consents) CURRENT PLANNING POSITION

Britannia Business Centre totals 20,876 sq ft (GIA) of Residential and Commercial: vacant B1 office accommodation situated over 1st and Potential to extend to the Potential to increase the Potential to implement 2nd floors. A prior application notice under permitted rear of the retail units above height and density of the Permitted Developments development rights was approved on the 19 December the existing single storey property. The Local Policy Rights; within the planning 2013 (Application Number: F/05093/13) for the rear commercial extensions. makes reference to the report it is estimated that potential for courtyard the 1st and 2nd floor of the ‘change of use from B1 office (first & second floor) to C3 The first and second floors blocks of 3-8 storeys within Britannia Business Centre residential (18 units). (currently used by Co-op) the regeneration area. could be converted to in could potentially be excess of 34 residential converted into residential. Potential to infill the flats (50% 1 bed 2 person undercroft car parking. Potential to add another and 50% 2 bed 3 person). floor above the existing residential units fronting Cricklewood Lane. CRICKLEWOOD LANE LONDON NW2

RETAIL - 1-13 CRICKLEWOOD LANE, LONDON NW2 1ET

Unit Tenant Floor NIA Lease Rent Lease Expiry Passing Rent ERV Comments Area Area Start Review (ITZA/psf) (ITZA/psf) (sq m) (sq ft) Forecourt Co-operative Foodstores Limited 25/10/1994 - 24/12/2026 Peppercorn of No. 1 Guaranteed by Co-operative Group Food Limited 1 Co-operative Foodstores Limited Ground Floor Sales 570.0 6,135 25/12/1963 - 24/12/2026 £110,000 £140,400 FRI Terms, inside the L&T 54 Act. Guaranteed by Co-operative Group Food Limited (£9.63) (£12.30) ERV assumes headline rent of £16 psf on sales area and half Ground Floor Storage 19.6 211 rate on remainder. First Floor Storage 156.0 1,679 Second Floor Storage 314.80 3,389 & Offices 3 Co-operative Foodstores Limited Ground Floor Sales 89.06 958 25/10/1994 25/10/2019 24/12/2026 £19,600 £28,250 FRI Terms, inside the L&T 54 Act. Guaranteed by Co-operative Group Food Limited (£35 ZA) (£50 ZA) (ITZA) 52.49 565

5 Co-operative Foodstores Limited Ground Floor Sales 86.27 929 25/10/1994 25/10/2018 24/12/2026 £21,000 £27,400 FRI Terms, inside the L&T 54 Act. Guaranteed by Co-operative Group Food Limited (£38 ZA) (£50 ZA) (ITZA) 50.91 548

Goods Hoist Co-operative Foodstores Limited 01/05/2002 24/12/2026 £5,000 £5,000 FRI Terms, inside the L&T 54 Act. Guaranteed by Co-operative Group Food Limited 7 Mr AC Patel Ground Floor 95.2 1,025 25/03/2002 25/12/2017 24/03/2018 £22,500 £29,600 FRI Terms, inside the L&T 54 Act. (£38 ZA) (£50 ZA) (ITZA) 54.99 592

9 Ismail Sahin Ground Floor 84.8 913 £18,750 £28,200 FRI Terms, inside the L&T 54 Act. (£33 ZA) (£50 ZA) On assignment. (ITZA) 52.39 564 25/03/2002 25/12/2021 24/03/2022

9A/B Vacant Ground Floor 181.7 1,956 £0 £57,450 (£50 ZA) (ITZA) 106.74 1,149

Ground Floor Storage 7.9 85

Ad Hoarding JCDecaux UK Limited £11,500 £11,500 Tenant holding over - new 7 year lease proposed by tenant.

Sub Station Eastern Electricity Board 15/11/1963 15/11/2023 £1 £1

Total 1,605 17,280 £208,351 £327,801 CRICKLEWOOD LANE LONDON NW2

RESIDENTIAL - QUEENSWAY COURT AND KINGSWAY COURT, CRICKLEWOOD LANE, LONDON NW2 1ET

Unit Tenant Floor GIA Bedrooms Lease Start Lease Expiry Passing Rent ERV Comments Area Area (ITZA/psf) (sq m) (sq ft) Flat 1, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 2, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 68.91 742 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured Paradigm Housing Group Frays Charitable Housing Association Limited, part of the 70.42 758 Two 16/11/2013 15/11/2016 £9,336 £18,000 Flat 3, Queensway Court First Floor Inspected/ Measured Paradigm Housing Group Flat 4, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 66 710 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 5, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 6, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 7, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 66 710 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 8, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 1, Kingsway Court Frays Charitable Housing Association Limited, part of the First Floor 70 753 One 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 2, Kingsway Court Frays Charitable Housing Association Limited, part of the First Floor 102 1098 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 3, Kingsway Court Vacant First Floor 102 1098 Two £0 £18,000 Area from EPC Flat 4, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 67.69 729 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured Paradigm Housing Group Flat 5, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 102 1098 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC Paradigm Housing Group Flat 6, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 80 861 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured Paradigm Housing Group Flat 7, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 78.81 848 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured Paradigm Housing Group Total 1153.83 12,420 £130,704 £270,000

OFFICE - BRITANNIA BUSINESS CENTRE, 2 CRICKLEWOOD LANE, LONDON NW2 1DZ

Unit Tenant Floor GIA NIA Lease Start Lease Expiry Passing Rent ERV Comments Area Area Area Area (Break) (psf) (psf) (sq m) (sq ft) (sq m) (sq ft) Britannia Barndoc Ground Office 285.58 3,074 257.6 2,773 31/12/2015 30/12/2020 £30,000 £33,276 Mutual break option: Tenant on 6 months notice, landlord Business Centre Healthcare Ltd (30/06/2017) (£9.75) (£12.00) on 12 months notice conditional on section F of s.26 of 54 Act being satisfied. Inside the L&T Act. S/C capped at £13,500 for 1st year then RPI adjusted thereafter. Vacant Ground Reception 107.86 1,161 39.5 425 £2,550 (£6.00) Vacant First Floor 1064.7 11,460 927.2 9,980 £119,760 (£12.00) Vacant Second Floor 874.8 9,416 732.4 7,883 £94,596 (£12.00) Total 2,332.94 25,111 1,956.7 21,061 £30,000 £250,182

RETAIL, RESIDENTIAL AND OFFICE TOTALS: TOTAL SQ M - 5,092 TOTAL SQ FT - 54,811 TOTAL PASSING RENT - £363,555 PER ANNUM TOTAL ERV - £847,983 PER ANNUM CRICKLEWOOD LANE LONDON NW2

COVENANTS

Barndoc Healthcare Limited Barndoc was established in August 1996 operating initially from Memorial Hospital with 7 practices and 24 principal GPs. Barndoc now has 70 GPs and 60 nurses that provide out of hours care to over 1 million residents of Barnet, Enfield, Haringey and parts of Brent.

Frays Charitable Housing Association Limited part of the Paradigm Housing Group Paradigm Housing Group was established in April 1999 and provides a wide range of housing and support services throughout the South, East Midlands and West London. Frays Charitable Housing Association was founded in 1992 by the London Borough of to meet the homelessness needs of the Hillingdon area of . It joined Paradigm Housing Group in April 2000 and continued to expand into neighbouring boroughs.

Co-Operative Foodstores Limited The Co-operative Group is the fifth largest food retailer in the with a 6.1% market share operating just over 2,800 grocery outlets employing over 62,000 people. During 2015 the Co-op refurbished 264 stores and opened 97 new locations with a further 100 new convenience stores target in 2015 CRICKLEWOOD LANE LONDON NW2

BRENT CROSS CRICKLEWOOD LOCAL MARKET COMMENTARY REGENERATION ZONE 180 ACRES In 2010 the Development Partners 7,500 HOMES secured planning permission for a 15 million sq ft £4.5bn NORTH CIRCULAR 4M SQ FT OFFICES masterplan. The development includes 7,500 homes, 27,000 (A406) RETAIL PARK 0.5M SQ FT RETAIL SHOPPING CENTRE jobs, three re-built schools, new parks and community facilities, 500,000 sq ft of retail, 4m sq ft of offices and a new town centre. This new town centre will have at its heart a transformed Brent Cross Shopping Centre. It will have a wider range of shops alongside a new evening entertainment offer to provide the area with a thriving night time economy, a new cinema, dining options and a network of covered streets and spaces. Major improvement works to public transport including a refurbished tube station and brand new on the as well as new bus routes and much better walking and cycling connections. Further information is available at www.brentcrosscricklewood.com

RESIDENTIAL COMMENTARY Recent developments within the vicinity include Fairview’s scheme on Claremont Road called `Claremont Village’. The 2 bed flats are priced between £395,000 - £455,000 with an average of £630 psf. Claremont Village will comprise 135 units of which 51 are houses and remainder being 84 flats. Current schemes under planning consideration close by are: 1. 112-132 Cricklewood Lane with a proposed scheme for 122 units. 2. A Council scheme is being considered for a ‘Pocket Development’ of the land fronting B &Q, which will deliver 42 intermediate-affordable units with retail space on the ground floor. 3. Cricklewood Square (adjoining subject property) - Asda has announced plans to deliver a new foodstore and c.100 apartments, on a 0.44 hectare (35,000 sq ft) site. SUBJECT PROPERTY The local letting market is strong with limited supply and high demand, values are in the region £1,500 pcm which is in line with London average for new lets of £1,575pcm.

Site outline for indicative purposes only. TENURE EPC VAT

Freehold. The EPC is available on request. The property is elected for VAT and it is anticipated that the transaction will be treated as a transfer of a going concern (TOGC).

DATAROOM

Further information is provided in the dataroom. For access please register on the following website www.cricklewoodlane.com

PROPOSAL Offers sought in excess of £12,000,000 (Twelve Million Pounds) subject to contract and exclusive of VAT. A purchase at this level represents an overall capital value of only £219 psf and reversionary yield of 6.62% assuming purchaser’s costs of 6.76%.

For further information or to make arrangements for viewing please contact:

Commercial Residential Alex Butler Mark Dansky Michael Linane James Hood 020 7543 6722 020 7543 6813 020 7344 2623 020 7344 2637 [email protected] [email protected] [email protected] [email protected]

Liam Stray Richard How 020 7543 6769 020 7344 2652 [email protected] [email protected] www.allsop.co.uk

This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives 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 representations 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. Design: CommandD www.commandHQ.co.uk 09.16