LATERAL SWEET STREET LS11 9AT

PRIME GOVERNMENT LET CITY CENTRE OFFICE INVESTMENT OPPORTUNITY

LATERAL

INVESTMENT SUMMARY

Prominently located within the City Walk development, providing immediate access to Junction 3 of the M621 Motorway

A significantly improving micro and macro location subject to significant, recent and continuing public infrastructure and private investment

Modern Grade A office building extending to 95,317 sq ft* across ground and four upper floors with an excellent city centre car parking ratio of 1:745 sq ft

Highly flexible and divisible floor plates

Constructed to BREEAM ‘Excellent’ (2005)

Let by way of two co-terminus leases to The Secretary of State for Communities and Local Government and Highways Company Limited, expiring 28 September 2021 providing unexpired lease terms of circa 5.65 years

Lateral is utilised as a Government hub facility for Leeds, fully occupied and home to nine government departments and agencies who continue to invest heavily in the building

Current passing rent of £2,003,365 per annum equating to a low overall rent of only £18.67 psf, circa 32% below prime Leeds headline rents within a continually improving Leeds office occupational market

Freehold

Asset management opportunities by way of upcoming rent reviews and excellent prospects for longer term lease restructuring or renewing

Offers sought in excess of £27,060,000, reflecting a net initial yield of7.00% , after the deduction of standard purchaser’s costs of 5.80% and a low capital price of £284 psf

*All references to floor areas within these particulars relate to NIA in accordance with the RICS Code of Measuring Practice (6th Edition) unless otherwise stated.

3 LEEDS

Leeds is the principal city of the Yorkshire and Humber region and is located 180 miles north of , 40 miles north-east of and 120 miles north of Birmingham. Benefiting from excellent access to regional and national markets and an estimated population of 751,500, Leeds is both the third largest and one of the fastest growing cities in the UK.

COMMUNICATIONS

ROAD RAIL

Leeds benefits from excellent road communications with the With 38 million passengers per year, Leeds City station is the busiest M621 providing immediate access to the wider national motorway in northern England and passenger numbers are forecast to double network. The M62, running east to west just south of Leeds, over the next 30 years. It is served by the East Coast Main Line which provides a direct link to Manchester, Liverpool and Hull, whilst provides access to London King’s Cross, whilst also offering direct the M1 connects the city to London and the Midlands. services to a host of regional cities including Manchester, Sheffield and Newcastle.

DISTANCE BY ROAD JOURNEY TIMES FROM LEEDS TO UK MAJOR RAIL DESTINATIONS

Destination Approximate distance Destination Approximate journey time London 180 miles London King’s Cross 1 hour 59 minutes Leeds Airport 9 miles Sheffield 40 minutes Sheffield 35 miles Manchester Piccadilly 49 minutes Manchester 40 miles Newcastle 1 hour 21 minutes LiverpoolGlasgow Edinburgh 73 miles Birmingham New Street 1 hour 47 minutes BirminghamM8 120 miles A1 Edinburgh 205 miles Edinburgh 2 hours 55 minutes M74

A69 Newcastle Carlisle

A1(M) A74(M)

A65

LEEDS Hull

M62 M180 Manchester Liverpool M18 M56 Sheffield A635

M6 A6 A46 M1 A1 A5 Norwich Leicester M54 A47 A43 A10 A49 Birmingham A11 A43 A14 Northampton Cambridge M1 Ipswich A12 Milton M40 A1(M) M11 A40 Keynes A40 Colchester M5 Reading M4 LONDON M4 Cardiff Bristol M2 A34 M25 M3 M20 Dover M23 A3 A303 A23 M27 A27 A27 Southampton Brighton A35 Exeter

New Southern entrance to Leeds City station

4 HS2 will put Leeds at the heart of an economy worth close to £300bn, stretching from Newcastle to Birmingham and Liverpool to Hull

HS2 AIR

The proposed HS2 line will be a huge boost for the city, reducing Leeds Bradford International Airport lies 9 miles north of the journey times to London to around 1 hour 23 minutes. Current city centre and is serviced by a dedicated coach link. It offers proposals, released at the end of 2015, show the new platforms scheduled flights to seven destinations throughout the UK and to all are to adjoin the existing station to create the largest station in the of the major European economies including; Spain, Italy, Germany, North of England. The preferred location for the new platforms is to France and Holland. the south of the existing station and this will provide further critical mass to the south of the city and mean the HS2 terminal will only be FLIGHT TIMES FROM LEEDS BRADFORD INTERNATIONAL a short walk from Lateral. AIRPORT

Destination Approximate flight time

London Heathrow 1 hour 5 minutes Belfast 1 hour Dublin 1 hour Glasgow 1 hour 5 minutes Jersey 1 hour 15 minutes Amsterdam 1 hour 15 minutes Paris 1 hour 30 minutes Dusseldorf 1 hour 30 minutes LATERAL Barcelona 2 hours 20 minutes Rome 3 hours

Source: The Yorkshire Hub: An interim report on the redevelopment of Leeds City station, High Speed Two (HS2) Limited (30 November 2015)

ECONOMY & RETAILING

The wider Leeds City Region represents the largest economy outside of London with a GVA of £60.5bn and the city’s economy has grown by almost 40% in the past decade alone. The city is the second largest centre in the UK for financial and legal services, employing 46,000 people across the professional services sector as a whole, and is host to 20 FTSE 100 company HQs and in excess of 30 national and international banks.

Leeds benefits from a diverse private sector economic base but the public sector is an important driver of the local economy. In fact there are nearly 250,000 people employed in the public sector in Leeds City Region, the highest number of any of the city regions and this represents 19% of the total workforce. With two large universities, and 120,000 students, the city also provides a strong pool of skilled labour.

The city is currently ranked as the UK’s fifth largest shopping location, which was consolidated in March 2013 with the opening of Land Securities’ one million square foot Trinity Shopping Centre in the heart of the city centre. The Leeds retail offer is set to be enhanced further with the opening of Hammerson’s Victoria Gate scheme later this year. Along with its flagship John Lewis store, the scheme will provide over a million square feet of additional retail and leisure accommodation, attracting a number of new occupiers to the city, which is already home to world renowned brands and retailers like Harvey Nichols, Apple, Mulberry and Vivienne Westwood.

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JUNCTION 3

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1. Clayton Hotel 10. City One Site 20. Princes Exchange - 28. Zurich 2. 2 City Walk - AECOM, Portal 11. Sweet Street Site DLA Piper, Regus 29. No 1 Whitehall Riverside - Chantham LLP, William Hill 12. The Interchange 21. New Southern Entrance Bank of New , FDM Group, 3. 1 City Walk - Jacobs, Telereal 13. Asda House 22. Leeds City Railway Station Handlesbanken, Grant Thornton Trillium, Harrison Goddard 14. KPMG HQ 23. Double Tree Hilton 30. 3 Sovereign Square - Foote 15. No 1 Embankment 24. City House Addleshaw Goddard 4. Yorkshire Bank 16. Direct Line 25. BT 31. Trinity Shopping Centre 5. Medical Protection Society 17. - 26. 1 City Square - 32. Broadgate - Yorkshire Building 6. Lloyds Bank Plc Eversheds, BDO Stoy Hayward, Deloitte, Mills & Reeve, Society, KPMG 7. Enact Ernst & Young, DWF Watson Burton 33. First Direct Arena 8. Manor Mills 18. Investec 27. 2 Whitehall Quay - 9. The Mint - Asda, Jet2 19. Hilton Hotel RBS, Baker Tilly, BPP Law

7 SITUATION

A PROMINENT GATEWAY LOCATION N With frontage to Sweet Street, Lateral occupies an exceptionally prominent site towards the south of the city centre. Junction 3 of the M621 lies less than 400 metres from the building and provides unrivalled vehicular access.

The property is situated to the south of Leeds City station and set within an established office environment adjacent to Nos 1 & 2 City Walk, with Bridgewater Place a short distance to the north. These buildings are home to a number of corporate occupiers including Eversheds, DWF, Ernst & Young, AECOM and William Hill. Bridgewater Place also provides a varied ground floor amenity offer, including a Tesco Express, Philpotts, Juici Sushi and an Anytime Fitness gym. LATERAL Lateral is now within a 6.5 minute walk from Leeds City station, via its new £20 million southern entrance which opened in January this year. This is providing a huge boost for all commercial occupiers south of the station by reducing travel times whilst also providing an attractive waterside commuter experience.

LEEDS SOUTH SIDE: THE OBVIOUS CHOICE FOR THE FUTURE DEVELOPMENT OF THE CITY

The southern area of Leeds is a transforming and exciting environment with the likes of KPMG and Addleshaw Goddard recently committing to flagship new office schemes at No1 and No3 Sovereign Square respectively.

Burberry have recently announced their plans for a new £50 million headquarter facility to the west of Sweet Street (targeting completion by 2019) and other key development schemes south of the station include Urban Village, South Bank and and Hinterland.

The locality will be boosted hugely by the completion of HS2 as its terminus is currently expected to be situated within Leeds’ south side, close to Lateral.

8 LATERAL

Lateral was constructed in 2005 to a BREEAM ‘Excellent’ standard and provides 95,317 sq ft (NIA) of Grade A office accommodation arranged over ground and four upper floors.

The building has an impressive double height entrance/reception and the ground to third floors are arranged over two wings around a centrally located core. The fourth floor is smaller and arranged over a single wing, but all of Lateral’s floor plates are flexible and can be easily and efficiently divided, providing excellent potential for multiple occupancy.

Lateral was constructed to the following specification:

Four pipe fan coil comfort cooling/ Fully accessed raised access floors heating (150mm void) Suspended ceilings throughout Three 13-person passenger (predominantly metal tiled) (1,000 kg) lifts LG3 lighting landlord installation Recently installed shower and cycle Floor to ceiling heights of 2.8 metres facilities

The tenants have invested heavily in the building. In 2013 The Environment Agency carried out significant refurbishment and fit-out works to ground, second and part third floors and in 2014 completed a light refurbishment, including an LED lighting upgrade, to the third and fourth floors.

The building provides 128 parking spaces delivering an excellent city centre parking ratio of 1:745 sq ft.

9 ACCOMMODATION

The property has been measured by Plowman Craven Associates The property has also been measured in accordance with the RICS in accordance with the RICS Property Measurements (1st Edition), Code of Measuring Practice (6th Edition) and provides a total net which incorporates the new International Property Measurement internal floor area (excluding reception) of 95,317 sq ft. Standards (IPMS) and became effective on 1 January 2016. On this basis Lateral has a lettable floor area (excluding reception) of 100,028 sq ft.

Floor Use IPMS (sq ft) IPMS (sq m) Floor Use NIA (sq ft) NIA (sq m)

Ground Reception 1,591 147.8 Ground Reception 1,574 146.2

Ground Offices 18,301 1700.3 Ground Offices 16,687 1,550.3

First Offices 22,434 2,084.2 First Offices 21,826 2,027.7

Second Offices 23,447 2,178.3 Second Offices 22,808 2,118.9

Third Offices 23,441 2,177.8 Third Offices 22,488 2,089.2

Fourth Offices 12,405 1,152.5 Fourth Offices 11,508 1,069.1

Total 101,619 9,440.9 Total 96,891 9,001.4

Total (excluding reception) 100,028 9,293.1 Total (excluding reception) 95,317 8,855.2

The measured survey can be viewed in the data room, is capable of being assigned and can be relied upon by the purchaser.

GROUND FLOOR PLAN N

Sweet Street Not to scale

10 TYPICAL UPPER FLOOR PLAN N

Sweet Street Not to scale

FOURTH FLOOR PLAN N

Sweet Street Not to scale

11 LATERAL

12 13 TENURE El Sub Velocity South N Sta

Lateral is held freehold D A 6 O under title number R

S K WYK737393 as delineated A AL B W Y in red on the plan. A IT N C

R

A B 8

T S 7

Hotel

LATERAL

El Sub Sta

SWEET STREET

TENANCY For identification purposes only. 0m 10m 20m30m

Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:750 The property is let by way of two co-terminus leases expiring 28 September 2021 as summarised below and provides an unexpired lease term in excess of 5.65 years.

The leases are drawn on effective fully repairing and insuring terms and the rent equates to a rate of only £18.67 psf, assuming an allocation of £1,750 per car parking space.

TENANCY SCHEDULE

Tenant Floors NIA (sq ft) Car spaces Rent (pa) Rent (psf) Lease Start Lease Expiry Rent Review

The Secretary of State for Ground, 29/09/111 Communities first & 61,321 82 £1,289,771 £18.693 29/09/06 28/09/21 29/09/16 & Local second Government

Highways England Third & 33,996 46 £713,5942 £18.623 29/09/06 28/09/21 29/09/16 Company fourth Limited

95,317 128 £2,003,365

1. Rent review remains outstanding. 2. Tenant to benefit from a rent free period between 24 June and 23 December 2016. 3. Assuming car parking at £1,750 per space per annum.

14 Lateral is an integral building within the local regional Government estate, providing an exceptional opportunity to restructure or regear the current occupational leases

TENANT COVENANTS

Both leases were originally granted to The Secretary of State for HIGHWAYS ENGLAND Communities & Local Government, but the lease over the third and COMPANY LIMITED fourth floors was transferred to Highways England Company Limited (Company No: 9346363) in April 2015 by way of a transfer scheme Highways England Company Limited is a wholly owned Government made by the Secretary of State under section 15 of the Infrastructure company which looks after the operation and maintenance of Act 2015. England’s national motorway and major A road network. This includes modernising and maintaining the highways and the THE SECRETARY OF STATE FOR management (and prevention) of incidents on England’s motorways COMMUNITIES & LOCAL through the Traffic Officer service. GOVERNMENT Further information on Highways England Company Limited can be The Secretary of State for Communities & Local Government found at www.gov.uk/government/organisations/highways-england/ provides an undoubted government tenant covenant. about

OCCUPIERS OCCUPATION BY GOVERNMENT DEPARTMENT/AGENCY*

1.3% 0.3% 5.4% Lateral is intensively occupied by nine Government departments and 6.0% agencies via a number of MOTO agreements, therefore operating 1.2% as a Government hub, integral to their occupation in Leeds. The departments which currently occupy Lateral are set out adjacent. 8.0% 38.0%

Leeds has been identified as the location for the West Yorkshire civil hub which will involve a consolidation of Government real estate into the city. The key requirement for a Government hub is for well 8.9% located, accessible office buildings that are modern, sustainable and cost efficient. The Government Property Unit (GPU) recently identified Lateral as a key asset, suitable for occupation by multiple agencies and departments and the building has proven to be very popular with its occupants, providing confidence that the building is part of their long term property strategy. 31.0%

In addition to the strong building fundamentals, the two leases Environment Agency Department for Communities & Local Government held at Lateral represent two of the longest within the region’s Highways England Government estate. The tenant has chosen not to exercise their Natural England Home Office option to break the lease over the third and fourth floors in Homes & Communities Agency Cabinet Office September 2016, committing them to the whole building for at least Health & Safety Executive Equalities & Human Rights another five years. This presents a very realistic opportunity for lease renewal or restructure. *Accurate at the time of going to print (12 February 2016).

SERVICE CHARGE

The building is subject to a service charge which runs on a typical between the landlord and tenants that allows the latter to provide budget and reconciliation basis. The current service charge year some of their own services via their chosen FM provider (currently ends on 30 September 2016 and the current budget totals £380,450 Amey). The most notable services that are included here are security, and equates to £3.99 psf. common area cleaning and waste management.

The occupational leases allow for the landlord to provide additional The current service charge budget and recent reconciled certificates FM services to those that are provided on-site and within the lease are available within the data room. service charge provisions. However, there is a verbal agreement

15 Prime headline office rents in Leeds are the lowest of all the ‘Big 6’ regional office markets, making them attractive to occupiers

LEEDS OFFICE MARKET

HEADLINE RENTS ‘BIG 6’ PRIME HEADLINE OFFICE RENTS

Prime headline rents in Leeds are currently £27.50 psf, the £33.00 lowest of all the ‘Big 6’ regional office markets. Equivalent rents in Manchester and Edinburgh are now approximately £32.00 £32.00 psf and £32.50 psf respectively, circa 16% and 18% greater than £31.00 those in Leeds and over 71% and 74% ahead of the current £30.00 £psf passing rent at Lateral. £29.00

£28.00 Cushman & Research forecast that prime headline £27.00 rents within Leeds will reach £29.00 psf by 2019. This, along with a continued tightening of tenant incentives, will therefore £26.00 continue to apply upwards pressure on the city’s net effective £25.00 Leeds Bristol Glasgow Birmingham Manchester Edinburgh rents.

The positive occupational dynamics of the new build grade A office market in the city has allowed good quality standing stock to benefit from underlying rental growth, whilst still offering a modest discount to brand new stock. As such, quoting rents LEEDS ANNUAL OFFICE TAKE-UP within the immediate vicinity of Lateral are now offered at the likes of City Walk and The Mint at £23.00 to £25.00 psf. 900,000 800,000 700,000 TAKE UP & REQUIREMENTS 600,000 500,000 The Leeds office market enjoyed an extremely active end to 2015 Sq ft 400,000 with Q4 take-up of 267,000 sq ft, the highest quarterly volume since Q1 2000. This was driven by existing occupiers looking to 300,000 expand or improve their workspace as well as new businesses 200,000 locating in the city. The strong end to the year took annual take- 100,000 up for the city to 680,000 sq ft, the second highest volume on - 2011 2012 2013 2014 2015 record. Year

Leeds continues to be targeted by a number of large office requirements from occupiers targeting the city. Cushman & Wakefield are aware of at least five 100,000 sq ft requirements for Leeds targeting occupation within the next five years. ‘BIG 6’ OFFICE AVAILABILITY Q4 2015

AVAILABILITY & DEVELOPMENT 2,500,000

2,000,000 Grade A availability within Leeds remains exceptionally low, representing less than six months supply at current take-up rates. Sq ft 1,500,000

Developers have responded to this acute shortage of Grade A 1,000,000 supply and there are currently five schemes under construction that are due to complete by the end of 2016. Significant pre- 500,000 letting activity throughout construction is already diminishing future availability and the space which will be delivered - Leeds Bristol Birmingham Edinburgh Glasgow Manchester speculatively provides an excellent opportunity to grow the city’s headline rents. Grade A Other

16 Offices out performed all other mainstream property sectors in 2015

UK COMMERCIAL PROPERTY INVESTMENT MARKET

TRANSACTIONAL VOLUMES & RETURNS

2015 transaction volumes within the UK commercial real estate market were 4% ahead of 2014 at £62bn, resulting in the highest annual total ever recorded. The strong performance of the office sector meant that investment within it accounted for approximately 43% of the total. Also IPD office total returns out-performed all other mainstream property sectors in 2015 at 18.2%.

UK TRANSACTIONAL INVESTMENT VOLUMES: 2010-2015 IPD PROPERTY RETURNS: 2015

20 60 18 50 16 14 40 12 £bn % 10 30 8 20 6 4 10 2 0 0 2010 2011 2012 2013 2014 2015 All Property Retail Office Industrial

Year Sector

UK REGIONAL OFFICE INVESTMENT

Regional office investment transactional volumes totalled £4.9bn in 2015, driven by the higher yield returns available to investors outside of Central London and the South East, a trend which is anticipated to continue through 2016 and buoyed by positive occupational market dynamics. The weight of money targeting the market is continuing to apply downwards pressure to prime yields in the South East, further exaggerating the yield arbitrage between the South East and the UK’s regional office markets. This makes regional office centres such as Leeds increasingly attractive to investors.

RELEVANT REGIONAL OFFICE INVESTMENT TRANSACTIONS

We have set out below a schedule of relevant regional office investment transactions.

WAULT/Unexpired Rent Capital Price Date Property NIA (sq ft) Tenant Purchaser Price NIY Term (years) (psf) (psf) 2 City Walk, 5.95 years to expiry Jun-15 63,790 Multi let £21.69 Kames Capital £19.370m 6.75% £304 Leeds (4.34 years to break) 3 & 4 Callaghan 8.80 years to expiry Jan-16 112,024 Multi let £18.61 DAWM £32.125m 6.13% £287 Square, Cardiff (7.70 years to break) Imperial House, 4.70 years to expiry Jan-16 60,014 Multi let £18.36 DTZ IM £16.500m 6.50% £275 Birmingham (3.70 years to break) 1 Kingsway, 6.50 years to expiry Jan-16 68,372 Multi let £18.98 DAWM £18.150m 6.58% £287 Cardiff (4.30 years to break) Meridian Court, The Scottish Private Overseas Dec-15 65,822 8.00 years to expiry £22.88 £23.850m 6.01% £362 Glasgow Ministers Investor Central Square, 8.80 years to expiry Standard Life Dec-15 72,389 Multi let £18.55 £21.580m 6.42% £298 Newcastle (8.20 years to break) Investments Wellbar Orchard Street 7.00 years to expiry Dec-15 Central, 117,679 Multi let £21.76 Investment £40.080m 6.04% £341 (5.38 years to break) Newcastle Management 10.05 years to expiry Under Offer No 1 Leeds 121,863 Multi let £19.37 Confidential £37.000m 6.40% £304 (5.62 years to break)

17 UK commercial real estate continues to look exceptionally attractive when compared with other asset classes INVESTMENT RATIONALE

UK: INVESTMENT SAFE HAVEN UK COMMERCIAL PROPERTY RETURNS: YIELD MARGIN VS BONDS & GILTS The UK commercial property investment market continues to be viewed as a safe haven for investment, particularly in light of A combination of slowdown in global growth, GDPs and benign recent global political and economic instabilities. In addition, UK inflationary pressures has resulted in expectations that interest commercial real estate has continued to outperform other asset rates will remain lower for longer. As such corporate bond and gilt classes with the IPD All Property Index return for the 12 months to rates are expected to follow suit, meaning real estate returns and December 2015 at 13.8%, which was in stark contrast to the -4.2% associated income yields continue to look exceptionally attractive returned by the FTSE 100 Index and -24.3% by the Bloomberg to investors, which we believe will continue for UK commercial real Commodity Index. estate throughout 2016.

Investors continue to target UK commercial real estate and, as such, the UK accounted for 25% of all European commercial property LATERAL, LEEDS: AN OUTSTANDING INVESTMENT investment in 2015. Cushman & Wakefield Research shows that OPPORTUNITY there has been an increasing amount of global capital targeting the UK, with the strongest investment volume growth present within the The property provides an opportunity to acquire a prime Grade UK regions. A Government let office building let at a rent over 32% below current prime headline rents in Leeds, and over 40% below those EUROPEAN COMMERCIAL PROPERTY INVESTMENT: 2015 in Manchester and Edinburgh. It is situated within a continually

3% improving gateway location which has seen, and will continue to see 4% significant private and public investment. 6% Lateral provides an intensively occupied government hub facility 34% UK 9% Germany to which its tenants continue to demonstrate their commitment Nordics through ongoing capital investment and the passing of the break France clause within the lease of the third and fourth floors. Periphery Benelux Positive occupational market dynamics provide an opportunity to 11% Rest of Europe achieve a rental uplift at the upcoming rent reviews in October 2016. CEE

11% 22%

18 EPC

Lateral has an EPC rating of D(79) which is valid for a further 10 years. A copy of the certificate and recommendation report can be found within the data room.

CAPITAL ALLOWANCES

Significant capital allowances remain unclaimed and are available to be transferred to a purchaser by way of negotiation. Further information in relation to capital allowances is available within the data room.

VAT

The property is subject to an option to tax and VAT will therefore be payable upon the purchase price. However, it is anticipated that the sale can be treated as the transfer of a going concern (TOGC).

DATA ROOM PROPOSAL

Further information is available via the data room. Please contact We are seeking offers in excess of £27,060,000 (Twenty Seven Cushman & Wakefield to arrange access. Million and Sixty Thousand Pounds) for our client’s freehold interest, exclusive of VAT. A purchase at this level reflects a net initial yield of 7.00%, after the deduction of standard purchaser’s costs of 5.8% and a low capital price of £284 psf.

FURTHER INFORMATION

JAMES LAWLOR TIM CAMERON-JONES [email protected] [email protected] 020 7152 5339 0113 233 8833

JEREMY BECKETT RICHARD BROOKE [email protected] [email protected] 020 7152 5341 0113 233 8879

Disclaimer Important Notice

Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1.These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4.The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact.

February 2016 04659 / 020 7355 2500 / taylerreid.co.uk

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