Prestigious Grade II listed office building with significant residential potential. Syndicated Commercial Property For Sale

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1 Syndicated Commercial Property For Sale Prestigious Grade II listed office building with significant residential potential. 23 Berkeley Square, Clifton, Bristol, BS8 1HP Two full repairing and insuring tenancies providing an initial net return of 6.73% per annum, distributed quarterly in advance and increasing to 6.90% in 2015, 7.00% in 2016 and 7.20% in 2017 Rougemont Limited is authorised and regulated by the Financial Conduct Authority. Ref No April 2014

2 Important Legal Notice This document describes an investment in a syndicated commercial property. An investment of this nature involves risk; it is illiquid in nature and may not be suitable for many investors (See Investors Eligibility page 7). Investors must be prepared to bear the risk of an investment in the property for an indefinite period and be able to withstand the loss of all or part of their investment. All reasonable care has been taken to ensure the information and illustrations contained within this document are true and accurate, but they should not be construed as advice on which reliance should be placed. Location Bristol is the largest centre of employment, education and culture in the South West of England. Historically, the city s prosperity was largely linked to its commercial port; however, in more recent years the economy has become far more dependent on the digital media, electronics and aerospace industries. Berkeley Square is located within the affluent and vibrant village quarter of Clifton, which is a five minute walk from Bristol s city centre and 500 yards from Park Street, one of Bristol s prime retail pitches. Clifton is the preferred location for a large number of professional, media and university led businesses. Clifton is also Bristol s most affluent and desirable residential area; this is due to its close proximity to the city centre, its attractive period architecture and its popular café culture lifestyle. Furthermore, the University of Bristol campus is also situated within Clifton and has a current student population of c. 20,000. The Property Park Street The Property The property occupies a prominent position overlooking the park within Berkeley Square. The Square comprises a number of Grade II listed former merchant s houses, which currently have a wide range of occupiers; 30% is commercial offices, which house professional and media industry tenants, 25% is occupied by Berkeley Square Hotel (and serviced apartments), 20% remains private residences, 15% is occupied by Bristol University Departments and 10% is made up of healthcare clinics, chiropractors and a spa. The property extends to 3,721 sq. ft. of office accommodation over five floors. All floors provide a single office to the front and rear, enabling the property to be let to multiple tenants. Each floor is independently metered for utilities and has the benefit of a kitchen and toilet facilities. To the rear is an attractive walled garden that is accessed via the lower ground floor. The property is in an excellent standard of repair and benefits from having still all of its original period features, including painted timber window shutters and a glass domed Georgian staircase. Rear garden of 23 Berkeley Square 2 23 Berkeley Square, Clifton, Bristol

3 Tenancy The freehold interest is being purchased with the benefit of three full repairing and insuring leases to two tenants. The following Tenancy Schedule details the current leasehold arrangements. Floor Tenant Sq Ft Lease Lease Mutual Annual Rental Notes Location Start End Break Option Rent Deposit Lower GSA UK Ltd 1,410 11/04/ /04/ /04/ ,250 10,125 Ground & Ground First Bluewire /04/ /04/ /04/2016 9,750 4,875 Technologies & Ltd (surety from 17/04/2018 Dr Adam Towler) Second Bluewire 1,510 17/04/ /04/ /04/ ,500 9,750 & Technologies & Third Ltd (surety from 17/04/2018 Dr Adam Towler) Fixed rental increase pattern: 9,750 (01/04/14-16/04/15) 10,125 (17/04/15-16/04/16) 10,500 (17/04/16-16/04/17) 10,875 (17/04/17-16/04/20) Fixed rental increase pattern: 19,500 (17/04/13-16/04/15) 20,250 (17/04/15-16/04/16) 21,000 (17/04/16-16/04/17) 21,750 (17/04/17-16/04/20) 3,721 49,500 24,750 All three leases are contracted out of the Landlord and Tenant Act 1954, which affords the landlord maximum flexibility to explore alternative uses at the expiration of the leases. There is an annual service charge, which is currently c. 20,000 per annum. This charge is fully recoverable from the tenants and is used to maintain the running of the building and its common areas. Should a tenant vacate the building, thereby creating a void period, then the syndicate will be liable for the percentage of the service charge applicable during the void; however, the service charge incorporates the services of a local agent to deal with routine day to day property management and to administer the service charge. Consequently, in the event of a tenant void period every effort would be made to minimise this cost. As the building is Grade II listed no Business Rates would be payable during any void period. Tenant Covenants The majority of commercial occupiers in Berkeley Square are typically small businesses looking for quality, attractive and flexible accommodation. The current tenants fall into this category and a description of each tenant s business is provided below. Financial information in the form of latest filed statutory accounts can be provided on request. Global Student Accommodation Group is an international student accommodation developer, operator and asset manager. The management team of GSA has a successful 20 year track record and has become a leading authority within the student accommodation market. GSA is led by its founder, Nicholas Porter, who pioneered the purpose built student accommodation industry in the UK creating industry standards in relation to; end-user research, university guarantees and partnerships, standard operating processes, space saving room layouts, online bookings, student integration and customer service levels. Previously, Nicholas Porter was the founder of The UNITE Group plc in Bristol, which he grew to become a FTSE 250 company. Bluewire Technologies is a specialist medical software development company founded in 2001 by Dr. Adam Towler. The company develops software packages for Hospital Trusts and is the creator of Epro which is a growing web-based clinical information management system that is currently operated by fourteen NHS Hospital Trusts. As both tenants are relatively new businesses and do not have strong balance sheets, in order to strengthen their leasehold commitment they have both provided a six month rental bond, totalling 24,750, which will be deposited in an escrow account on completion and held by the Syndicate s solicitor. These funds would be forfeited to the Syndicate in the event of a tenant default. Furthermore, the Bluewire owner and founder has provided a personal surety in respect his company s lease. 23 Berkeley Square, Clifton, Bristol 3

4 Rental and Capital Value Analysis The property is being acquired with the benefit of two new open market leases. Prior to these lettings, the building had previously been occupied by the same tenants for 10 years. We are aware that the landlord was able to secure an immediate letting following the previous tenant giving notice; the letting prospects for buildings within this location therefore appear to be good. The local tenant market is primarily driven by professional and financial services firms, as well as technology, media and telecommunications which, in total, accounted for 50% of the occupier activity within Bristol during 2013 (Source: Knight Frank, Bristol Office Market Update 2013). The passing rent of per sq. ft. reflects the open market rental value for quality, well maintained period office buildings within the city. In comparison, prime new modern office accommodation rents within the city are predicted to increase from per sq. ft. to per sq. ft. during This growth can be accounted for by the lack of new development over the last 6 years, which has created a shortage of quality offices, thereby improving both primary and secondary rental values. The Syndication Price reflects a capital value rate per square foot of 195. Bristol based Savills residential department has confirmed that the current vacant possession value, unconverted with a residential planning permission, currently reflects a capital value rate per square foot of in excess of 200 (ie: 750,000) highlighting the strong residential demand in Clifton. Syndicate Structure The Freehold interest in the property will be held by SG Hambros Trust Company Ltd acting as Professional Independent Custodian Trustee. Syndicate members will purchase a percentage holding within the Trust and will become the registered legal beneficial owner of their percentage share of the title. All substantive decisions will be taken by a majority representing 75% by value of the Syndicate Price. A Syndicate member may sell their holding at any point (see Individual Liquidity ). Syndicate Return The annual return to syndicate members inclusive of all Syndicate Fees is 6.73% per annum, distributed quarterly in advance, increasing to 6.90% in 2015, 7.00% in 2016 and 7.20% in Syndicate Price 735,000 (Seven hundred and thirty five thousand pounds). Funding This acquisition will be made entirely from the funds provided by Syndicate members. The minimum investment per syndicate member is 25,000. Consequently, there will be no borrowings attached to the Syndicate and no charges will be permitted to be taken over the property Berkeley Square, Clifton, Bristol

5 Proposed Strategy This property is being acquired with a strategy of maximising its medium term rental income, whilst bearing in mind the longer term residential conversion potential. The property s value is already underpinned by the increasing residential values within Clifton and the leases provide the flexibility to actively explore this alternative use when the existing tenancies expire in Rationale for the Purchase This is a rare opportunity to acquire a prime Grade II listed office building in Berkeley Square, with the Syndication price of 735,000 underpinned by a current vacant possession value (assuming a residential planning consent is obtained) of 750,000. Outside of London, Bristol has been predicted to benefit from the highest rate of UK residential growth between 2013 and 2018 (Source: DTZ Research Annual Property Outlook 2014). In addition, Bristol s average office and industrial values are viewed as undervalued in comparison to other major regional cities. It has therefore been targeted by both occupiers and investors as a growth area. (Source: DTZ Research Annual Property Outlook 2014). This opportunity delivers an attractive initial annual return of 6.73% per annum, distributed quarterly in advance, increasing to 6.90% in 2015, 7.00% in 2016 and 7.20% in As previously mentioned, the nature of the accommodation lends itself more towards smaller business occupiers, who do not always have the strength of covenant that larger occupiers may benefit from; however, in this case the risk of a tenant default is mitigated by being spread between two tenants, both of whom have provided a six month rental bond. In addition, the Bluewire owner and founder has provided a personal surety in respect of his company s lease. As a Grade II listed building no Business Rates would be payable in the event of a tenant void period. In the event of a tenant void period the accommodation has the flexibility to be multi-let on a suite by suite basis, which could potentially deliver a significantly higher rental income although, conversely, this would incur higher maintenance and management costs, but these would be recoverable by an increased Service Charge. The Professional Team Managing Trustee & Syndicate Operator - Rougemont Estates ( Rougemont ) Rougemont is a niche property investment company which is authorised and regulated by the Financial Conduct Authority to promote and operate Non-Mainstream Pooled Investments, including syndicated commercial property investments. Rougemont is an Exempt CAD firm and has the permitted exception to transmit orders with Non-MIFID Independent Financial Advisors. Rougemont provides investors with the opportunity of purchasing a direct interest in a wide range of commercial property investments. In the case of this purchase Rougemont will act as the regulated operator and Managing Trustee. Further information can be found at Custodian Trustee - SG Hambros Trust Company Limited SG Hambros Trust Company Limited is a subsidiary of SG Hambros Private Banking and is an independent fiduciary and custodian company. The company is specifically regulated to hold in trust the assets of its private clients. In the case of this purchase SG Hambros Trust Company Limited will independently hold the legal title to the property in trust for the benefit of the Syndicate members. Syndicate Solicitor - Cartmell Shepherd Cartmell Shepherd offer a combination of skills and expertise covering tax, estate and succession planning, employment, dispute resolution, corporate and private businesses, family, land and property law. The firm operates from five offices within the North West of England. The firm s Penrith office will be acting on behalf of the Syndicate in relation to this acquisition. Property Management - Harlow Property Management ( HPM ) HPM is a company under common ownership with Rougemont and is regulated by the Royal Institute of Chartered Surveyors. HPM will undertake the day to day property management and administration for the Syndicate including, collection and distribution of rent and VAT reporting. In addition, DJ Foley Property Consultants, who are the existing local property manager, will be sub-contracted by HPM to deal with all on site matters and the administration of the Service Charge. 23 Berkeley Square, Clifton, Bristol 5

6 Individual Liquidity A Syndicate member can sell, or transfer, their holding to whosoever they wish, as long as the acquiring party qualifies as being a suitable Exempt Person (see page 7). A sale, or transfer, of a holding can occur at any point during a Syndicate member s ownership and does not require the sale of the whole property. As Managing Trustee, Rougemont is authorised to co-ordinate and assist in such sales by promoting the Syndicate holding on behalf of the member. An administration fee of 550 plus VAT (including all legal documentation) is payable for this service. Other than between Syndicate members and Rougemont s client base there is no established secondary market for the sale of a holding in any property purchased under these arrangements. There can be no guarantee that a holding will sell. As with any property, a holding can vary in value at any given time and will depend on factors such as; economic conditions, the price, strength of tenant covenant and the remaining length of lease. For further information regarding the above please see Investor Eligibility and How Syndicated Property Works please see on page 7. Syndicate Fees The following costs and fees have been used in calculating the annual Syndicate Return. Property Transactional Fees: Property transaction costs associated with the acquisition of the Property including, but not limited to, Stamp Duty, Legal & Professional fees, acquiring Agent s Fee, VAT registration and Building Survey fees. Managing Trustee & Operator Fee: Rougemont s fee, based on 4.00% of the Syndicate Price, payable on completion. No further Managing Trustee & Operator fees will be due payable during the life of the Syndicate, unless agreed in advance with the Syndicate. Custodian Trustee Fee: SG Hambros Trust Company Ltd Custodian Fee of 10,000 for the Initial Period, which will be from completion until 30th April Property Management Fee: Harlow Property Management s fees representing 4% of the annual rent (i.e. 2,000 per annum) for the Initial Period, which will be from completion until 30th April, VAT The property purchase will be undertaken by way of a transfer of a going concern ( TOGC ) therefore a new VAT registration for the Syndicate will be applied for. HPM will be responsible for the registration of the Syndicate with HMR&C. It will also be responsible for administering the Syndicate s on going VAT returns. Rental payments will therefore be distributed exclusive of VAT and all VAT payments will be accounted for to HMR&C. Rental Distribution and Taxation Rental income will be distributed quarterly in advance. Syndicate members are responsible for their own tax arrangements and a quarterly rental remittance advice, detailing each distribution, will be provided by HPM. Annual Valuation It is the intention to have the property independently valued (annually) by a firm of independent Chartered Surveyors. The cost of this valuation, estimated at 500 plus VAT, will be deducted from the annual rent. Disclosure The vendor of the property is an existing client of Rougemont and has owned the property for 20 years. Rougemont has chosen to purchase a holding within the Syndicate. This holding will not represent a significant percentage and accordingly it will not compromise any decision making within the Syndicate Berkeley Square, Clifton, Bristol

7 How Syndicated PropertyWorks A syndicated commercial property investment is one where a number of private individuals, corporate entities, or pension funds collectively pool their capital to acquire a specific tenanted commercial property. Syndicate members own a percentage of the legal beneficial interest in the property pro-rata to the amount of their investment. In return members receive their share of the rental income and future capital growth. Rougemont s operating structure has received approval from a number of major SIPP and SSAS Pension Trustee/ Administrators; however, investors should contact their own pension fund advisors to ascertain whether such an investment is permissible within the rules of their own pension fund. FCA authorised Independent Financial Advisors should be aware that Rougemont is an Exempt CAD firm to which MIFID applies, except that it can receive and transmit orders in relation to one or more financial instruments, or in relation to investment advice. Accordingly, Rougemont is permitted to transmit orders with Non-MIFID Independent Financial Advisors and Professional bodies. As with any investment, syndicated property of this type carries the risk that the investment may fail to increase in value or may depreciate. Rental returns may not materialise. Your attention is drawn to the Important Legal Notice in this document and the need to take independent legal and investment advice. In summary the arrangements are as follows: 1. Properties are normally office, retail or factory premises let to a tenant with a good covenant strength on a long term lease. 2. An Independent Professional Custodian Trustee will hold the legal freehold/leasehold title to the property as Custodian Trustee. Syndicate members become beneficial owners of the property, as tenants in common, in direct proportion to their investment. 3. Syndicate members are entitled to receive their pro-rata rental income from the property together with their share of the capital receipt upon a sale of the Property. 4. A full legal pack containing a detailed Structure Note, a Syndicate Contract, Trust Deed and a Property Administration Agreement will be provided once a potential Syndicate member has made a formal reservation by completing the form at the back of this document. Any other relevant material will be available upon request. Potential Syndicate members must then arrange to receive advice from other independent advisors as necessary. 5. Acquisition of the property will take place only when sufficient Syndicate members have provided monies to fund the acquisition. Should insufficient funds be received the acquisition will not progress and any funds received will be returned immediately to Syndicate members. 6. An Initial Period is set by Rougemont at the outset and in this instance the Initial Period will run from the Completion Date until 30th April Rougemont is the appointed Managing Trustee and will co-ordinate the purchase and handle routine decisions in relation to the property. The Syndicate members will retain control of major decisions such as, providing consent to assign leases, or deciding to carry out structural alterations to the property. These decisions will be taken by a majority representing 75% (by value) of the Syndicate Price. Syndicate members will also employ a management company, Harlow Property Management Limited, to carry out services such as collection and distribution of rent and the provision of caretaking duties. However, if the Syndicate members collectively decide to instruct Harlow Property Management Limited to provide any non-core services then additional remuneration will be payable in respect of such services. Prior to the expiry of the Initial Period Harlow Property Management Limited will provide a quote for a continuation of its services. 8. An individual Syndicate member may sell their stake at any time. The Syndicate members may decide by a majority to sell the property at any time. However, an individual Syndicate member cannot force a sale of the whole of the property until the expiry of the Initial Period and must have attempted to sell their individual stake before making such a request. However, if a Syndicate member, being a pension fund, has beneficiaries who die during the Initial Period forcing the pension fund to be liquidated then the trustees of the pension fund have the right to force a sale of the property within 24 months of the death of the member in the event that the member s interest in the property remained unsold. Investor Eligibility All syndicated commercial property investment opportunities promoted by Rougemont constitute an Non-Mainstream Pooled Investment (NMPI) as defined in the Financial Services and Markets Act 2000 ( FSMA ). Rougemont is authorised by the UK Financial Conduct Authority ( FCA ) to establish, operate and wind up NMPI (Reg. No ). In receiving this document you acknowledge and accept the following disclaimer: This document contains important information. It is being sent to you as a category of person falling within The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 ( the Order ). The sole purpose of this document is to assist the recipient in deciding whether they wish to proceed with further investigation. Recipients should review this document having first considered the arrangements. The description of the arrangements contained within this document constitutes a summary of the arrangements. A detailed description of the syndicated structure is provided to potential Syndicate members with the legal purchasers pack which will be provided should a potential Syndicate member wish to proceed. Exempt Persons falling within the Order include: Investment Professionals, who are Authorised FCA Persons and who are defined, according to the Financial Services and Markets Act 2000, as having professional experience of participating in a NMPI for the purpose of their business. Certified Sophisticated Investors who are defined as investors who are self-certified, or who have been certified by an FCAAuthorised Person as being sufficiently knowledgeable to understand the risks associated with participating in a NMPI and who have signed a requisite Certified Sophisticated Investor Declaration in accordance with Article 23 of the Order. Certified High Net Worth Individuals, who are defined as investors who have self-certified or who have been certified by an FCA Authorised Person confirming that during the financial year immediately preceding the date on which the certificate was signed, held an annual income of not less than 100,000, or net assets of not less than 250,000, excluding their primary residence and benefits from life policies. A High Net Worth Company, which is defined as a corporate entity with called-up share capital or net assets of either (a) in the case of a company with more than 20 members, or which is a subsidiary of a company with more than 20 members, not less than 500,000 or, (b) in the case of any other body corporate, not less than 5 million. Existing Investors in similar NMPI as detailed in COB 4.12 of the FCA Handbook. Confirmation of prospective clients investor status must be received by Rougemont in advance of any information or promotional material in respect of an investment opportunity being provided. Bristol University behind Berkeley Square

8 Important Legal Notice 1. Syndicated investment opportunities that are promoted by Rougemont qualify as Non-Mainstream Pooled Investment Schemes and may only be promoted to; Investment Professionals, Certified High Net Worth Individuals/Companies, Certified Sophisticated Investors and Existing Investors in similar schemes as detailed in COB 4.12 of the FCA Handbook ( Exempt Persons ). The protections normally afforded by the FSMA and compensation entitlements under the UK Financial Services Compensation Scheme may not apply. 2. No contract is formed by the provision of this material or any subsequent oral or written communication between Rougemont and an Exempt Person. A contract is only formed on the completion of a valid Syndicate Contract in a form approved by Rougemont and executed by both parties. The Syndicate Contract forms the entire Agreement between the parties unless the Syndicate Contract is expressly varied by the parties. 3. Commentary and other materials provided to you in any manner are not intended to amount to advice on which reliance should be placed. Rougemont therefore disclaims all liability and responsibility arising from any reliance placed on such materials or by anyone who may be informed of any of its contents. Rougemont does not provide or hold itself out as permitted to provide specific investment advice. Potential syndicate members should consult with an FCA regulated Independent Financial Advisor (authorised to provide such advice under the FSMA) as to the suitability of any investment opportunity promoted by Rougemont and the risks associated with it. You are also advised to take independent legal advice. 4. Rougemont has taken all reasonable care to ensure that the information provided in any material supplied to you, or in any written or oral communication with you, is true and accurate. However, all information is capable of independent verification and we advise you to seek such verification. Copies of any documents referred to or source material are available for inspection at Rougemont s Offices. While all reasonable care has been taken no liability or responsibility is accepted for any errors and omissions within this prospectus. 5. To maximise returns, Syndicate members may need to hold their investments on a long-term basis. As a consequence the arrangement is not suitable for short-term investment. 6. Other than between other Syndicate members and Rougemont s approved client base there is no established secondary market for the sale of a holding in any properties purchased under the arrangements and therefore there can be no guarantee that you will be able to readily dispose of your holding, or sell it at a particular price. 7. Property values may fall as well as rise and purchasers should be aware that property values are a matter of valuer s opinion and are subject to market forces. There can be no guarantee as to future performance. Tenants may default, thus leaving a void in rental income, rates and service charge payments that may need to be covered by Syndicate members until such default is remedied or the property is sold/re-let. There may also be costs incurred in dealing with any default, re-letting, improvement or repair works or irrecoverable costs relating to the damage or destruction of the property which the Syndicate members will be responsible for. 8. Syndicate members should appreciate that the value of property is dependent upon a range of factors many of which are outside the control of Syndicate members; these include but are not limited to, fluctuations in land prices, construction costs, interest rates, changes in taxation, changes in supply and demand, and environmental factors. The financial strength and standing of a tenant can change at any time. 9. You are only entitled to use any promotional materials provided by Rougemont for your own use. Such materials are expressly not intended for distribution to any other party. Reproduction of the whole or any part of any materials provided is strictly prohibited. Complaints 1. Should you wish to make a formal complaint concerning the services provided by Rougemont then please contact, in the first instance, Rougemont Limited, The Elms, Oakwood Park, Bishop Thornton, Harrogate, North Yorkshire HG3 3JN tel and a copy of the company s Complaints Handling Procedure will be issued to you immediately. 2. Once a complaint has been made to us we will acknowledge receipt within 14 days and seek to resolve the issue. Rougemont Limited is regulated by the FCA and in certain circumstances you may be eligible to refer complaints to the Financial Ombudsman Service. Availability The property is available for syndication with a minimum investment of 25,000. Interested parties are therefore invited to review the above Important Legal Notice and make a formal reservation by completing the Reservation Form on page 9&10. On receipt of a Reservation Form Rougemont will issue a purchase pack for completion. The Elms, Oakwood Park, Bishop Thornton, Harrogate, North Yorkshire HG3 3JN T: +44 (0) F: +44 (0)

9 Berkeley Bristol Syndicate I confirm I have read and understand the How Syndicate Property Works section on page 7 and the Important Legal Notice on page 8. I would like to acquire a syndicate holding within the Berkeley Bristol Syndicate and would like to be issued with a purchase pack. Please reserve a holding in the above Syndicate in the sum of: (NB. Minimum holding 25,000) Investor Details: I confirm I wish to make this investment in the name of: (Full Name in Block Capitals (pension funds should provide a list of all Trustees/signatories names and addresses in full)) Following the completion of the Syndicate I wish all future correspondence and rental remittances to be sent for the attention of: At the following address: Postcode: Financial Advisers Details: Please provide details of your financial adviser (the adviser ) where applicable. If this is not applicable please tick this box then proceed to signing the Declaration. and Name of Adviser Contact: Name of Adviser Firm: Adviser Firms FCS reference number: Address of Adviser Firm Postcode: of Adviser Telephone 23 Berkeley Square, Clifton, Bristol 9

10 Berkeley Bristol Syndicate Financial Advisers Details continued: By signing this Reservation Form, I instruct you to pay the named adviser, the fees (if any) indicated below. Single Advice Fee (including any VAT chargeable by the adviser) payable following completion, for advice related to this investment. Annual Advice Fee (including any VAT chargeable by the adviser) payable quarterly in arrears following completion. The Annual Advice Fee is to be deducted from my/our rental payments and paid to the adviser for undertaking annual reviews of my/our investment in the Syndicate. I hereby instruct Rougemont to deduct the Single Advice Fee and/or the Annual Advice Fee from my/our rental payments and to remit the sums to my/our adviser. I confirm that I have read and understand the terms and conditions attached to this promotion. I have considered the risk involved in proceeding with this purchase and have sought all the recommended advice required. I confirm that I qualify as Exempt Persons (as defined within Investor Eligibility on page 7) and I would like to be issued with the purchase pack. Signature Date Name (BLOCK CAPITALS) Please return this form to: Rougemont Estates, The Elms, Oakwood Park, Bishop Thornton, Harrogate, North Yorkshire, HG3 3JN Tel: , Fax: jcraven@rougemontestates.co.uk or nsmillie@rougemontestates.co.uk Berkeley Square, Clifton, Bristol