60 & 68/70 GOSWELL ROAD, LONDON EC1

Transcription

1 1 BUILDINGS, LONDON EC1 and 60 & 68/70 GOSWELL ROAD, LONDON EC1 THREE PRIME HIGHLY REVERSIONARY MIXED-USE CLERKENWELL INVESTMENT OPPORTUNITIES

2 2 3 RARE OPPORTUNITY TO ACQUIRE THREE HIGHLY REVERSIONARY INVESTMENTS ALL WITH ASSET MANAGEMENT OPPORTUNITIES INVESTMENT SUMMARY THREE ADJACENT RETAIL AND OFFICE PROPERTIES COMPRISING THE FOLLOWING: 8 CHARTERHOUSE BUILDINGS, EC CHARTERHOUSE BUILDINGS, EC1 60 & 68/70 GOSWELL ROAD, EC1 - Freehold. - Prime Clerkenwell office and retail investments. - Excellent connectivity, benefitting from close proximity to Barbican, Old Street and Farringdon stations. - Total net internal floor area of 39,847 sq. ft. - Highly reversionary multi-let offices totalling 33,721 sq. ft., producing an annual income of 941,713.85, which equates to only per sq. ft. - Highly prominent reversionary retail units let to Starbucks, Pret A Manger and Costa. - AWULT of 4.76 years to expiries and 1.19 years to earliest breaks. A number of the office leases are outside the Act. - Numerous asset management opportunities to drive income in the short term and enhance returns. - Prime Clerkenwell rents are now in excess of per sq. ft. We are instructed to request offers for the properties as a whole or separately on the following basis: ADDRESS AREA SQ. FT. RENT P. A. ERV P. A. PRICE CAPITAL VALUE ( PSF) NET INITIAL YIELD REVERSIONARY YIELD (DATE) 8-10 Charterhouse Buildings, EC1 1 12, , , ,000, % 5.62% (2018) 60 & 68/70 Goswell Road, EC1 2 27, , ,089, ,000, % 5.10% (2016) Portfolio 3 39,847 1,056, ,748, ,000, % 5.28% (2018) 1 Yields calculated deducting purchaser s costs at 6.70%. 2 Yields calculated deducting purchaser s costs at 6.75%. 3 Yields calculated deducting purchaser s costs at 6.77%

3 4 5 clerkenwell Located in the heart of Clerkenwell, three buildings all occupying a highly prominent corner at the junction of Clerkenwell Road, Old Street and Goswell Road. Situated minutes from the new Farringdon Crossrail Station eastern ticket hall on Charterhouse Street, Clerkenwell is now the favoured location for media, design and fashion office occupiers, chic residential schemes, high quality restaurants and luxury hotels. Bordering the City of London and the exclusive West End, the area is considered one of the capital s most diverse and contemporary districts, providing a unique urban environment. Traditionally linked with design, furniture and media companies such as Zaha Hadid Architects, Knoll and ITN, Clerkenwell s tenant base has evolved in recent years, mainly due to the rapid growth of the UK TMT sector. Within close proximity to Old Street and the Silicon Roundabout, Clerkenwell is now home to a number of TMT companies, including Beats by Dre, Publicis Group, WPP and Airbnb, as well as fashion retailers such as Christian Louboutin, Agent Provocateur and Alexander McQueen. Against the backdrop of an evolving office occupier base and a growing residential environment, the restaurant and leisure provision in Clerkenwell is also constantly improving. The area now plays host to some of London s best restaurants and bars, including Granger & Co, Comptoir Gascon, St John, Bistro Bruno Loubet and Jason Atherton s new Sosharu. Clerkenwell is also home to a number of internationally renowned hotels such as The Zetter Hotel, The M Hotel and The Rookery.

4 6 7 transport links CROSSRAIL The properties benefit from excellent transport links with a number of Underground and National Rail stations situated within close proximity providing easy access to the capital s extensive transport network. Barbican (Circle, Metropolitan and Hammersmith & City Lines), Old Street (Northern Line) and St Paul s (Central Line) Stations are located approximately 200, 800 and 900 metres respectively from the properties. Farringdon Station is also within close proximity, being situated 600 metres south west of the properties. Farringdon Station is serviced by a number of London Underground lines (Circle, Metropolitan and Hammersmith & City) as well as high speed National Rail (Thameslink) services to Bedford and Brighton (via London Gatwick and Luton Airports). Multiple bus routes operate along Goswell Road, Old Street and Clerkenwell Road with services across Central London. Due to complete in 2018, Crossrail (Elizabeth Line) is a new, world class, high speed east-west rail link across London, connecting 37 stations and two of London s major international airports (Heathrow and London City). This 16 billion infrastructure project is the largest in Europe and upon completion will increase London s rail capacity by 10%. Crossrail is forecast to carry 200 million passengers a year and will bring an additional 1.5 million people within 60 minutes of London s key business districts. Farringdon Crossrail Station, located 600 metres from the premises, will be Central London s best connected transport hub with over 140 trains per hour. It will be the only station on the London Rail and Underground network with a threeway interchange between Thameslink, Crossrail and London Underground services. When Crossrail opens in 2018 approximately one quarter of the population of England will live within a 45 minute journey time of Farringdon Station. This improved connectivity will further enhance Clerkenwell s appeal to occupiers and increase demand for both residential and commercial accommodation. Farringdon Station, Eastern Ticket Hall STRATFORD HAYES & HARLINGTON BOND STREET FARRINGDON WHITECHAPEL PADDINGTON TOTTENHAM COURT ROAD LIVERPOOL STREET CUSTOM HOUSE HEATHROW AIRPORT CANARY WHARF WOOLWICH NOT TO SCALE. INDICATIVE ONLY.

5 8 9 LOCAL DEVELOPMENTS 1. Herbal House, 10 Back Hill Developer: Allied London & Aerium Architect: Buckley Gray Yeoman Scheme: 120,000 sq. ft. mixeduse refurbishment comprising offices, retail, art gallery and residential units. 40,000 sq. ft. has already been pre-let to Soho House at per sq. ft. Status: Under construction Delivery: Q Barts Square Developer: Helical Bar PLC Architect: Sheppard Robson Scheme: 236 apartments, 246,000 sq. ft. of Grade A offices and 25,000 sq. ft. of retail and restaurant accommodation Status: Under construction Delivery: Farringdon Road Developer: Viridis Real Estate Architect: Allford Hall Monaghan Morris Scheme: Proposed demolition and redevelopment to provide 100,000 sq. ft. of Grade A offices Status: Consented 4. Farringdon Station Eastern Ticket hall Developer: Crossrail Architect: PLP Architecture Scheme: 74,000 sq. ft. of Grade A offices and retail accommodation Status: Under construction Delivery: Clerkenwell Road Developer: 100 Clerkenwell Ltd Architect: Stephen Reinke Architects Scheme: 225-room hotel and 5 apartments Status: Consented 6. Charterhouse Place Developer: TH Real Estate Architect: Lifschutz Davidson Sandilands Scheme: 165,000 sq. ft. of Grade A offices and 30,000 sq. ft. of retail Status: Under construction 7. Farringdon Station Western Ticket Hall Developer: Cardinal Lysander Architect: John Robertson Architects Scheme: 207,000 sq. ft. of Grade A offices, 25,000 sq. ft. of retail and restaurant accommodation Status: Under construction Delivery: Farringdon Road Developer: Endurance Land Architect: Sheppard Robson Scheme: 171 bedroom hotel, 32,000 sq. ft. of offices and 4,400 sq. ft. of retail Status: Planning application submitted May Blake Tower, 2 Fann Street Developer: Redrow London Architect: Conran & Partners Scheme: Internal refurbishment of existing iconic tower comprising 74 high quality apartments Status: Under construction Delivery: Sutton Yard, Goswell Road, EC1 Developer: Chesham Capital Architect: Archer Architects Scheme: 75,000 sq. ft. speculative development of modern, industrial style offices Status: Completed Q NOT TO SCALE. INDICATIVE ONLY.

6 10 CANARY WHARF 11 SHARD SHOREDITCH HIGH STREET SPITALFIELDS MARKET LIVERPOOL STREET MOORGATE THE CITY BANK OF ENGLAND OLD STREET ST PAUL S BARBICAN FARRINGDON EAST TICKET HALL 60 & 68/70 GOSWELL ROAD 8 CHARTERHOUSE BUILDINGS SMITHFIELD MARKET OLD STREET 9-10 CHARTERHOUSE BUILDINGS GOSWELL ROAD CLERKENWELL ROAD FARRINGDON

7 12 13 THE BUILDINGS 8 CHARTERHOUSE BUILDINGS 9-10 CHARTERHOUSE BUILDINGS 60 & 68/70 GOSWELL ROAD

8 14 15 The Charterhouse Buildings DESCRIPTION Comprising two attractive and prominent mixed-use Victorian terrace buildings arranged over lower ground, ground and four upper floors, providing a total of 12,693 sq. ft. (1,179.2 sq. m.) of retail and office accommodation. Both properties benefit from large glazed retail frontages of circa 25 metres to Goswell Road with the upper floors accessed from two dedicated entrances. 8 CHARTERHOUSE BUILDINGS 9-10 CHARTERHOUSE BUILDINGS 8 Charterhouse Buildings comprises a highly prominent retail unit fitted to the corporate style of Starbucks who occupy the lower ground and ground floors with media style offices on the upper floors, which benefit from their own separate entrance. The offices have the following high specification: Wall mounted air-conditioning Perimeter trunking Six person passenger lift Unisex WC s on each floor Recessed lighting Excellent natural light Video entry system Kitchenette on each floor Accommodation Approximate net internal floor areas are as follows: 9-10 Charterhouse Buildings comprises a highly prominent retail unit re-fitted in 2014 to the corporate style of Pret A Manger who occupy the lower ground and ground floors with media style offices on the upper floors accessed from a separate street level entrance. The offices benefit from the following high specification: Wall mounted air-conditioning Perimeter trunking Suspended lighting Kitchenette on each floor Wall mounted heating and under floor heating in part Wood strip flooring Entry phone system Accommodation Approximate net internal floor areas are as follows: FLOOR USE AREA AREA SQ. FT. SQ. M. Fourth Offices Third Offices Second Offices First Offices Ground Retail (ITZA) Lower Ground Ancillary/Vaults Total 4, (625) 76.8 (58.1) FLOOR USE AREA AREA SQ. FT. SQ. M. Fourth Offices 1, Third Offices 1, Second Offices 1, First Offices 1, Ground Retail (ITZA) Lower Ground Storage/Vaults 1, Total 7, ,159 (839) (77.9)

9 16 17 The Charterhouse Buildings Tenancies Fully let to 10 tenants in accordance with the tenancy schedules below producing a highly reversionary total rental income of 451, per annum. 8 Charterhouse Buildings: Multi-let to 5 tenants in accordance with the tenancy schedule below producing a current rental income of 159,505 per annum Charterhouse Buildings: Multi-let to 5 tenants in accordance with the tenancy schedule below producing a current rental income of 292, per annum. TENANT FLOOR USE AREA SQ. FT. LEASE TERM BREAK DATE RENT REVIEW PASSING RENT PA ( PSF) ERV PA ( PSF) COMMENTS TENANT FLOOR USE AREA SQ. FT. LEASE TERM BREAK DATE RENT REVIEW PASSING RENT PA ( PSF) ERV PA ( PSF) COMMENTS Fare Network Ltd Fourth Office /07/12-24/07/17 JWFK Ltd Third Office /12/15-20/12/20 Nicholas Anthony Henry Brecker T/A Caldwell & Braham Second Office /02/12-16/02/17 KPP Search Ltd First Office /02/14-06/02/19 Starbucks Coffee Company (UK) Ltd Ground Lower Ground Retail (ITZA) Ancillary/ Vaults 827 (625) /07/13-09/07/23 21,996 ( 24.30) 23/07/18 20/12/16 29,084 ( 34.21) 20,925 ( 24.91) 07/02/17 07/02/17 32,500 ( 37.79) 25/07/18 25/07/18 55,000 ( ZA) TOTAL OFFICE 3, ,505 ( 30.25) 49,775 46,750 46,200 47,300 ( ,875 ( ZA) 190,025 Outside the Landlord and Tenant Act 1954, Rent deposit held of 5, Outside the Landlord and Tenant Act Mutual break option on 23/07/18 on 6 months prior written notice. Rent increases to 36,531 ( per sq. ft.) on 20/12/16. Discounted rent due to scaffolding. Outside the Landlord and Tenant Act 1954, Rent deposit held of 5, Outside the Landlord and Tenant Act Mutual break option on 07/02/17 on 6 months prior written notice. Sublet to Jobscience at 39,000 per annum ( per sq. ft.) expiring 01/02/17. Rent deposit held of 19, Tenant break option on 6 months prior written notice Kaizenge Group Red Stone Design Ltd Student Money Saver Ltd Buzzispace UK Ltd Pret A Manger (Europe) Ltd Fourth Office 1,365 17/07/15-16/07/20 Third Office 1,465 05/06/13-04/06/18 Second Office 1,340 25/06/14-23/07/19 First Office 1,300 01/12/11-30/11/16 Ground Retail (ITZA) 1,159 (839) 15/02/00-14/02/20 17/07/18 72, ( 52.84) 23/07/17 23/07/18 39,875 ( 27.22) 60, ( 44.93) 60,000 ( 46.15) 15/02/15 60,000 ( ZA) Lower Storage 1,076 Ground TOTAL OFFICE 5, , ( 42.45) 75,075 80,575 73,700 71,500 96,485 ( ZA) 300,850 Outside the Landlord and Tenant Act. Mutual break option on 6 months prior written notice. Rent deposit held of 24, Outside the Landlord and Tenant Act months rent free from 05/06/16. Rent deposit held of 9, Outside the landlord and Tenant Act Mutual break option on 6 months prior written notice. Rent deposit held of 36, Outside the Landlord and Tenant Act Rent deposit held of 30, Third party appointed. TOTAL RETAIL 1,533 55,000 ( ZA) 71,875 ( ZA) TOTAL RETAIL 2,235 60,000 ( ZA) 96,485 ( ZA) GRAND TOTAL 4, , ,900 GRAND TOTAL 7, , ,335 *Blowup Media UK Limited has a short term licence to erect an advertising hoarding over the external façade of 8-10 Charterhouse Building. The license, which is outside the Landlord & Tenant Act 1954, expires 31/07/2016 and generates a minimum income of 100,000 per annum. Service charge The Service Charge budget for the year ending 31 December 2016 is estimated to be 7.48 per sq. ft. Service charge The Service Charge budget for the year ending 28 September 2016 is estimated to be 3.61 per sq. ft.

10 18 19 The Charterhouse Buildings Covenant information The first Starbucks was opened in 1971 in Seattle. Over the next 14 years the chain grew, opening stores throughout America before going public in 1985 (SBUX). Since then, Starbucks has gone from strength to strength and is now the largest roaster, marketer and retailer of specialty coffee in the world, operating in 65 countries with over 21,000 stores. The latest set of accounts for Starbucks Coffee Company (UK) Limited report as follows: Tenure Freehold Epc 8 Charterhouse Buildings: The building has an EPC rating of D (95) 9-10 Charterhouse Buildings: The building has an EPC rating of D (88) 27 SEPT SEPT SEPT 2013 Sales Turnover 405,641, ,721,070 N/A Pre Tax Profit/(Loss) 34,216,739 1,988,333 N/A Tangible Net Worth 45,030,069 48,181,743 63,561,912 Further information can be found at: PLANNING Neither property is listed but they are situated within the Hat & Feathers Conservation Area within the London Borough of Islington. Pret A Manger opened their first store in London in Over the last 30 years it has grown substantially to over 350 outlets around the world. The company focuses on creating handmade, natural food and 100% organic drinks without expiry dates, with unused stock at the end of each day being donated to charity. The company was founded by Julian Metcalfe and Sinclair Beecham, who remain substantial shareholders. European private equity firm Bridgepoint acquired the majority stake in the company in 2008, transforming Pret from a domestic to a global business. The latest set of accounts for Pret A Manger report as follows: Site Area Dimensions The approximate extent of the freehold ownership is shown outlined in orange for indicative purposes only. The site area extends to approximately 0.05 acres (0.02 hectares) with a frontage onto Goswell Road of 25 metres (82 ft.). 01 JAN JAN JAN 2013 Sales Turnover 470,393, ,140, ,015,000 Pre Tax Profit/(loss) 49,526,000 41,157,000 40,187,000 Tangible Net Worth 99,336,000 89,110,000 74,168,000 Further information can be found at Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved. Asset Management Opportunities Pret A Manger Starbucks HUT Architects have prepared a development option to create an additional storey providing two luxury penthouse apartments, totalling 2,035 sq. ft. (189 sq. m.) GIA. Details of the scheme are available upon request. Residential values in the area are upwards of 1,500 per sq. ft. Alternatively, an opportunity exists to create additional offices on the roof top area. Potential to amalgamate the office floors at every level, creating larger floor plates with a single dedicated office entrance on the Charterhouse Buildings and providing lift access throughout. Highly reversionary offices, with all the leases outside the Landlord and Tenant Act Highly reversionary retail, with an outstanding rent review in respect of the Pret A Manger unit.

11 & 68/70 GOSWELL ROAD DESCRIPTION Two interlinked office and retail buildings, which were comprehensively refurbished in 1996, comprising 24,796 sq. ft. (2,303.6 sq. m.) of well specified office accommodation, arranged over ground and five upper floors in 60 Goswell Road, and four upper floors in 68/70 Goswell Road. Typical office floors extend to circa 3,200 sq. ft. (297.3 sq. m.) and offer flexible, efficient space. The office benefits from the following modern specification: Central heating Comfort cooling Typical floor to ceiling height of 2.70m Six person passenger lift Suspended and plastered ceiling Recently refurbished reception and lower ground floor client suite Two car parking spaces Courtyard garden/terrace at lower ground floor 68/70 Goswell Road has a prominent retail unit arranged over ground and lower ground floors totalling 2,358 sq. ft. (219.1 sq. m.). Accommodation 60 GOSWELL ROAD Approximate net internal floor areas are as follows: FLOOR USE AREA SQ. FT. Fifth Offices 2, Fourth Offices 3, Third Offices 3, Second Offices 3, First Offices 3, Ground Offices 1, Ground Reception Ground Storage Lower Ground Offices 2, Lower Ground Ancillary/Storage Total 21,270 1,976.1 AREA SQ. M. 68/70 GOSWELL ROAD Approximate net internal floor areas are as follows: FLOOR USE AREA SQ. FT. Fourth Offices Third Offices Second Offices First Offices First Office Storage Office Total 3, Ground Retail (ITZA) Lower Ground Retail Storage 1, Retail Total 2, Total 5, ,140 (878) AREA SQ. M (81.6)

12 & 68/70 GOSWELL ROAD TenancY Let in its entirety to Kingston Smith LLP, who have been in occupation since the property was built, by way of a single lease expiring 21 December 2021 with a tenant option to determine on 24 December 2016, subject to 6 months notice and a 12 month rent penalty. Tenure Freehold The current passing rent is 605,000 per annum, which equates to only per sq. ft. overall. The next rent review is due on 25 December Sub Tenancy The ground and lower ground floors of 68/70 Goswell Road have been sub-let to Costa Ltd for a term expiring 29 Sept The current passing rent is 72,500 per annum which equates to per sq. ft. ZA ( per sq. ft. overall). Covenant Information Kingston Smith LLP was founded in 1923 and is a top 20 UK audit and accountancy firm. They have 491 employees including 61 partners located in 6 offices across London and the South East. The firm was one of the founding members of KS International which has recently merged with Morison International to form a $1 billion association of accountants known as Morison KSi. The merged entity will have 1,201 partners, 8,990 professional staff and 375 offices in 88 countries. The merger will be effective as of 1 April Kingston Smith LLP latest accounts dated 30 April 2015 show a turnover of 43.2 million and a pre-tax profit of million. EPC Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved. The building has an EPC rating of E (104). PLANNING The property is not listed but is situated within the Hat & Feathers Conservation Area in the London Borough of Islington. Kingston Smith LLP has a RiskDisk (powered by Experian) score of 100 indicating they are very low risk*. * Source: 30 APRIL APRIL APRIL 2013 Sales Turnover 43,214,104 42,202,316 40,059,508 Pre Tax Profit/ (loss) Tangible Net Worth 15,423,160 14,923,133 13,223,507 13,371,294 12,634,077 11,390,594 Site Area Dimensions The approximate extent of the freehold ownership is shown outlined in blue for indicative purposes only. The site area extends to approximately 0.15 acres (0.6 hectares) with a frontage onto Goswell Road of 40 metres (131 ft.). Asset Management Opportunities Highly reversionary office investment with the opportunity to realise a substantial rental uplift in December 2016, based on a net effective rent of 1,089,168 per annum, equating to per sq. ft on the offices above ground. Potential to restructure the office lease in December 2016 removing the retail element while simultaneously agreeing a new longer lease to Costa.

13 24 25 MARKET COMMENTARY GOAD PLAN recent Leasing activity ADDRESS AREA SQ. FT. Herbal House, 10 Back Hill, EC1 40,000 RENT PER SQ. F.T u/o TENANT DATE Soho House Q Diamond House, Hatton Gardens, EC1 2, We Are London Q Bastwick Street, EC1 3, Harper Downie Creative Architecture Q The Warehouse, The Bower, EC1 12, Stripe Q The Corner Building, Farringdon Road, EC1 2, Cubic Transportation Systems Ltd Q Compton Courtyard,40 Compton Street, EC1 6, Airbnb Q Exmouth House, 3-11 Pine Street, EC1 3, Confidential Q Lector Court, 151 Farringdon Road, EC1 2, Ragged Edge Design Q recent Investment activity ADDRESS TENURE AREA SQ. FT. PRICE NIY CAPITAL VALUE (PSF) 8-10 Charterhouse Buildings, EC1 FH 12,695 11,000, % 867 Q & 68/70 Goswell Road, EC1 FH 27,154 20,000, % 737 Q The Corner Building, Farringdon Road, EC1 Klamath House, 18 Clerkenwell Green, EC1 Clerkenwell House, Clerkenwell Green, EC1 DATE FH 18,458 23,626, % 1,280 Q FH 15,003 15,800, % 1,053 Q FH 10,087 11,000, % 1,091 Q Farringdon Road, EC1 FH 4,700 4,250, % 904 Q Pear Tree Court,EC1 FH 14,343 15,000, % 1,046 Q Bowling Green Lane,EC1 FH 7,888 8,875, % 1,125 Q NOT TO SCALE. INDICATIVE ONLY.

14 26 27 investment rationale proposal - Three modern, adjacent mixed-use investments. - Freehold. - Highly reversionary passing office rent of only per sq. ft. Opportunity to significantly increase rents in the short term. Growth location close to Crossrail. - A number of the office leases are outside the Act. Circa 70% of income secured against Starbucks, Pret A Manger and Kingston Smith LLP. UK headquarters of Kingston Smith LLP. - Numerous asset management opportunities to drive income and capture returns. - Low capital value per sq. ft. compared with recent investment transactions. - Highly liquid lot size. Kingston Smith LLP have occupied 60 & 68/70 Goswell Road for over 20 years. We are instructed to request offers for the properties as a whole or separately on the following basis: BUILDING PRICE CAPITAL VALUE ( PSF) NET INITIAL YIELD REVERSIONARY YIELD (DATE) 8-10 Charterhouse Buildings, EC1 1 11,000, % 5.62% (2018) 60 & 68/70 Goswell Road, EC1 2 20,000, % 5.10% (2016) Portfolio 3 31,000, % 5.28% (2018) 1 Yields calculated deducting purchaser s costs at 6.70%. 2 Yields calculated deducting purchaser s costs at 6.75%. 3 Yields calculated deducting purchaser s costs at 6.77% Potential Reversion and Associated Yield (Assuming quoting price of 31 million) 2,000, % CONTACTS For further information or to arrange an inspection, please contact: 1,500, % 1,000, % 500, % Richard Goldstein Direct Line: [email protected] Sean Howes Direct Line: [email protected] * % Mark Shipman Direct Line: [email protected] Kyle Joss Direct Line: [email protected] * March 2016 Annual Rent Yield Nathan Sugar Direct Line: [email protected] James Willson Direct Line: [email protected] VAT All properties are elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be structured as a transfer of a going concern. DATA ROOM Full information can be found in the electronic Data Room, access to which is available upon request. Peter Ng Direct Line: [email protected] Misrepresentations Act 1967 & Declaration: Michael Elliott and Cushman & Wakefield for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott nor Cushman & Wakefield has any authority to make or give any representations or warranty whatever in relation to this property. March (Q3446)

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