CBXII. Midsummer Boulevard. milton keynes A major mixed use city centre building

Transcription

1 CBXII Midsummer Boulevard milton keynes A major mixed use city centre building

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3 CBXII Midsummer Boulevard milton keynes A major mixed use city centre building

4 investment summary Milton Keynes An opportunity to acquire a substantial and prominently located piece of real estate within Milton Keynes city centre office core adjacent to the HUB MK and close to Milton Keynes Central station. Milton Keynes is currently the 30th largest city in the UK. By 2031 it is estimated that it will be the 14th largest city in the UK. The Milton Keynes office market provides in excess of 7 million sq ft of accommodation. The outlook for the city is extremely positive with the Government outlining plans for 100,000 new jobs and 68,600 new homes in the area by Milton Keynes has now become a major retail and leisure destination with a catchment population of approximately 228,000. The city now provides a range of leisure and shopping facilities. These include thecentre:mk and Midsummer Place shopping centres, the hub: mk, the theatre district and Xscape Snowdome providing over 300 shops, cafes and restaurants between them and attracting over 52 million visitors each year. 75% of companies in Milton Keynes consider the town to be their UK headquarters. Employment in Milton Keynes increased by 17% between 1999 and million of enhancements at Milton Keynes Central station are currently underway. The project will provide an extra platform and realign the track to provide additional services, especially at peak times. Milton Keynes is one of the fastest growing city in the UK

5 CBXII Midsummer Boulevard CBXII milton keynes CBXII totals approximately 13,753 sq m (148,042 sq ft) of offices, retail and leisure accommodation. CBXII comprises three parts - Midsummer East and Midsummer West being constructed in the late 1980 s and Midsummer Court constructed in the mid 1990 s. Midsummer East and West are arranged over basement, ground and four upper floors. Midsummer Court is arranged over basement, ground and two upper floors. The building provides eight retail units and five leisure units. Four of the leisure units and one retail unit front Midsummer Boulevard with the remaining configured internally. The four upper floors over Midsummer East and West and the two upper floors over Midsummer Court provide flexible office accommodation arranged either as open plan accommodation or smaller business suites. CBXII has an impressive frontage to Midsummer Boulevard of some 160m (525 ft) and sits on a site of 2.24 acres ( hectares). The property has proved desirable to major companies and occupiers including Argos, Homes and Communities Agency, Regus and leisure operators such as Mitchells & Butler, JD Wetherspoon and Pizza Express. Recent activity within the office accommodation demonstrates the current tenant s commitment to the building. This includes the Homes and Communities Agency opting to renew their lease and by passing their break. Argos and Regus also recently bypassed their break options. The passing office rents show a generous discount to prime office rents in the city which are approximately 20 psf. Average office passing rents of psf in Midsummer East and West with recent rental evidence from the new HCA letting which equates to psf overall. Asset management opportunities include letting the vacant leisure and office accommodation, re-gearing the existing leases, implement the rolling refurbishment and maintenance programme to improve rental growth, re-configure entrance, reception and lobby areas and the possibility of extending the fourth floor office accommodation. Average weighted unexpired term certain on the office accommodation is 3.81 years giving numerous opportunities to implement an asset management programme. Average weighted unexpired term certain on the retail and leisure accommodation is years providing income security. Total passing rent of 2,094,513 per annum. We are instructed to seek offers in the region of 22,000,000 (Twenty Two million pounds), subject to contract and exclusive of VAT. Assuming purchaser s costs of 5.725%. o Net initial yield 9% o Reversionary yield 10.37% o Equivalent yield quarterly in advance 10.88% o Equivalent yield annually in arrears 10.21% o Reversionary yield in say March 2010 upon letting vacant units and imminent rent reviews 10.14% The property shows an attractive capital value of approximately 148 psf. Sector Income Split Leisure 18% Other 2% Retail 6% CBXII has attracted occupiers including Argos, Homes & Communities Agency, Regus, Mitchells & Butler, JD Wetherspoon and Pizza Express Office74%

6 location BIRMINGHAM Network Rail M1 MILTON KEYNES Oxford Cambridge LONDON London Heathrow London Luton M25 London Gatwick London Stansted Milton Keynes is the centre point between London (53 miles south), Birmingham (69 miles north west), Oxford (40 miles south west) and Cambridge (44 miles north east). Its location makes it ideal for moving goods and people across the UK and Europe. Approximately 30% of the country s population can be reached within a 90 minute drive. Communications are excellent Road Rail Air Milton Keynes is served by excellent road communications located between junctions 13 and 14 of the M1 motorway with the A5 trunk road situated immediately to the west of the centre. Rail services are available from Milton Keynes Central which serves many destinations directly including London Euston (35 minutes) and Birmingham New Street (45 minutes) and Manchester Piccadilly (1 hour 48 minutes). Luton International Airport is located approximately 19.5 miles to the south east of the Milton Keynes. The airport currently serves over 30 destinations across 3 continents and handled almost 10 million passengers in 2007.

7 Midsummer Boulevard CBXII milton keynes milton keynes a place to locate and live Over 1 billion of private investment is currently translating into infrastructure, architecture and jobs. Continuing to attract businesses and people at a phenomenal rate on average 5 businesses per month move to or expand in Milton Keynes and 10 new people per day arrive in the town. In September 2008 the new University Centre Milton Keynes (UCMK) was founded in the city centre, other universities close by include Cranfield University, The Open University and University of Buckingham resulting in one third of the local working age population being skilled to at least degree level or higher. A recently commissioned study by English Partnerships (Homes and Communities Agency) sets a target for Milton Keynes to create 65,000 jobs by 2021 and more than 100,000 by 2031 together with 68,600 new homes to be built by Milton Keynes has successfully attracted a range of world class companies including Abbey National, BP, British Telecom, Argos, Volkswagon Group, Mercedes-Benz, Coca-Cola and the Foreign & Commonwealth Office.

8 CBXII Midsummer East Midsummer West Midsummer Court

9 situation Midsummer Boulevard CBXII milton keynes Crown Copyright reserved ES For identification purposes only. The subject property is prominently positioned in a prime business location on the southern side of Midsummer Boulevard, adjacent to the recently developed hub: mk. Midsummer Boulevard provides the main linkage between Milton Keynes Central Station, the Central Business District and Shopping Centres. The subject property is situated within 800m from Milton Keynes Central Station which is situated to the west of the property. The station is undergoing a 130m regeneration project.

10 West End CMK Phase 1 The hub:mk The hub:mk 2 CBXII Midsummer Boulevard For site identification purposes only Picture taken: Saturday 7th February 2009

11 Midsummer Boulevard CBXII milton keynes Milton Keynes Central Station The Pinnacle Midsummer Boulevard

12 description The property comprises three buildings which are Midsummer East and Midsummer West, linked by ground floor lobby and retail areas and Midsummer Court which is effectively self contained. Midsummer East and West were built in the mid 1980 s and provide ground floor retail and leisure accommodation totalling approximately 1,515 sq m (16,304 sq ft) and office accommodation on four floors, including a mezzanine floor, totalling some 8,850 sq m (95,261 sq ft). Midsummer Court was built in the mid 1990 s and provides for ground floor leisure accommodation totalling approximately 1,317 sq m (14,175 sq ft) and office accommodation on two further floors extending to approximately 2,072 sq m (22,302 sq ft). Midsummer East and West comprise a mix of open plan and cellular office accommodation with each building having their own entrances and lobby areas. The lobbies are each served by 2 x Kone 16 person passenger lifts (4 in total). The accommodation benefits from air conditioning, perimeter heating units, raised floors, suspended ceilings with recessed lighting, and a floor to ceiling height of 3.5m (slab to slab). The fourth floor of Midsummer East has been comprehensively refurbished to include new carpets, refurbished WC s, motion sensored recessed lighting and redecoration thoughout. The ground floor comprises eight retail and two leisure units predominately centred round an open mall area, two of which front Midsummer Boulevard. The Pizza Express unit is served by a goods lift. Midsummer Court, a self contained building, benefits from a separate entrance and lobby area with an 8 person passenger lift serving each floor. The office accommodation is arranged as cellular offices and each floor has a break out area. The office accommodation benefits from air conditioning, central heating, raised floors, suspended ceilings, recessed lighting and a floor to ceiling height of 4.12m (slab to slab). The ground floor comprises three leisure units, all fronting Midsummer Boulevard. Two separate goods lifts serve the leisure accommodation. site The site extends to 2.24 acres ( hectares) and benefits from a 160m (525 ft) frontage to Midsummer Boulevard. tenure Freehold. car parking The property benefits from excellent car parking which is provided in a 12 level multi-storey car park located to the rear of Midsummer Court. The multi-storey car park is held freehold and provides 590 car spaces of which 199 are sold off on a long lease to Frontier Estates, leaving the remaining 391 to CBXII. There are an additional 69 spaces provided in the service road of which 59 are demised to various tenants and 10 which are currently unallocated. There are a further 7 spaces provided to the front of the building which are also let to various tenants. The service road which runs underneath the multi-storey car park also provides access to the good lifts and storage areas. A car parking schedule is available upon request. accommodation table Floor Tenant Allsop Area (sq ft) Use Car parking Midsummer East Ground Black and White 441 Retail 0 Ground Hensmans Hair 736 Retail 0 Ground Marcello s 2746 Leisure 1 Ground Pizza Express 4170 Leisure 2 1st Homes & Communities Agency Office 40 2nd Homes & Communities Agency Office 108 3rd Homes & Communities Agency Office 4th VACANT 6344 Office 28 Midsummer West Ground + first Appledore Clinic 1661 Healthcare 0 Ground Cash-a-Cheque 1205 Retail 0 Ground MEM recruitment 694 Retail 1 Ground Hammond and Dummer 2528 Retail 1 Ground PHC 420 Retail 0 Ground + first Vinci Park Services 1703 Retail 0 Mezzanine Argos Ltd 6682 Office 30 1st Argos Distributors Ltd Office 70 2nd Argos Distributors Ltd Office 3rd Regus (UK) Ltd Office 40 4th Regus (UK) Ltd 3822 Office Part basement Vacant 672 storage Licence Regus (UK) Ltd Car Park 15 Licence MEM recruitment Car Park 3 Midsummer Court Ground + first JD Wetherspoon 3919 Leisure 2 Ground + first VACANT 4795 Leisure 0 Ground All Bar One 5461 Leisure 0 1st United Business Centres Office 80 2nd United Business Centres Office Licence United Business Centres Car Park 22 CBXII* VACANT Car Park 14 Totals 148, *There are 10 further car parking spaces used by various tenants by way of an informal agreement. A total of 117,563 sqft of offices and a total of 30,479 sqft of leisure and retail accommodation. An exceptional office car parking ratio of 1:281 sqft.

13 tenants covenants Midsummer Boulevard CBXII milton keynes Homes & Communities Agency (Commission for the New Towns/ English Partnerships) The Commission was established under the New Towns Act 1959 and was responsible for managing and disposing of the land and property assets of the defunct English development corporations. In May 1999 CNT merged with the corporation functions of the Urban Regeneration Agency to create English Partnerships, now the Governments national regeneration agency. They have recently changed their name to the Homes and Communities Agency. Argos Limited Argos forms part of the Home Retail Group who de-merged from its parent company GUS in October For the year ending 01/03/2008 Argos Limited reported a turnover of 4.099bn a pre-tax profit of 439,987m and a net worth of 1,381,659m. (ICC: 10/02/09). Regus (UK) Limited The Regus Group is the world s largest provider of serviced offices operating over 950 business centres across 400 cities in 70 countries. For the year ending 31/12/2007 Regus (UK) Limited reported a turnover of 114,604,000, a pre-tax loss of 5,512,000 and a net worth of 3,146,000 (ICC: 10/02/09). J D Wetherspoon Plc For the year ending 27/07/2008 J D Wetherspoon plc reported a turnover of 907,500,000, a pre-tax profit of 54,159,000 and a net worth of 176,130,000. (ICC: 10/02/09). Six Continents Retail Limited Six Continents Retail Limited were taken over by Mitchells & Butlers in Mitchells & Butlers Retail Limited For the year ending 29/09/2007 Mitchells & Butlers Retail Limited reported a turnover of 1,628bn, a pre-tax profit of 163m and a net worth of bn. (ICC: 12/02/09). United Business Centres plc United Business Centres is dedicated to providing serviced office accommodation and is the winner of two Business of the Year awards. The company currently operates in Birmingham, Glasgow, Gatwick, Manchester and Stansted with their headquarters based in Milton Keynes. Their major clients include Abbey National plc, TMP Worldwide, TNT and Exel plc. For the year ending 30/4/2007 United Business Centres plc reported a turnover of 4,689,000 a pre-tax loss of 677,000 and a net worth of 496,000. (ICC: 10/02/09). Barclays Bank Plc Barclays Bank Plc guarantee the United Business Centres Plc lease for the year ending 31/12/2007 Barclays Bank Plc reported a turnover of 40.2bn a pre-tax profit of 7.107bn and a net worth of bn Hensmans Salons Ltd For the year ending 31/01/2008 Henmans Salons Ltd did not report a turnover or pretax profits, however they reported a negative net worth of 211,000. (ICC 18/02/09) Pizza Express (Franchises) Ltd For the year ending 02/07/2006 Pizza Express (Franchises) Ltd reported a turnover of 765,000 a pre-tax profit of 40,000 and a net worth of 541,000. (ICC: 10/02/09). Marcellos Ristorante & Pizzeria Limited For the year ending 30/06/2007 Marcellos Ristorante & Pizzeria Limited did not report turnover or pre-tax profits, however they reported a net worth of 45,000. (ICC 13/02/09) Cash-A-Cheque (UK) Limited For the year ending 31/01/2008 Cash-A-Cheque (UK) Limited did not report turnover or pre-tax profits, however they reported a net worth of 136,000. Gary Paterson t/a PHC PHC was established in 1994 and is a recruitment specialist in the medical, health, social and childcare division of The Paterson Group. PHC operate from four high street branches across the south of England in Milton Keynes, Bicester, Oxford and Witney. Teresa Margaret Day T/A Appledore Clinic Appledore Clinic operates from two locations in the UK; Milton Keynes and Binfield. Both clinics were renamed in April 2008 due to changing from sole trader (Dr Teresa Day) to Limited companies they now trade as Appledore Dental Clinic Binfield and Appledore Dental Clinic Milton Keynes. Ranger Healthcare Ltd For the year ending 30/06/2008 Ranger Healthcare Ltd did not report turnover or pretax profits, however they reported a negative worth of 65,000.

14 tenancy schedule Midsummer Court Midsummer West Midsummer East Floor Tenant Accommodation Current Rent PA (sq ft) (sq m) ( psf) Ground Soliddisk Technology Ltd 11, (t/a Black and White) (26.06) Ground Hensmans Salons Ltd ,000 (20.38) Ground Marcello s Ristorante 50, Pizzeria Ltd (18.75) Ground Pizza Express (Franchises) Ltd ,500 (17.39) 1st Homes & Communities Agency ,000 (13.17) 2nd, 3rd and Part Base Homes & Communities Agency ,026 (14.23) Lease Start Lease Expiry Date Next Review Date Tenant Break Date Years Term Certain (yrs.mths) 14/06/ /06/ /06/ /12/ /12/ /12/ /02/ /02/ /02/ /03/ /03/ /03/ /04/ /04/ /04/ /04/ /01/ /12/ /01/ /12/2011& 31/12/2016 4th VACANT (0.00) 0 Sub Total 53, Ground and 1st Theresa Margaret Day (t/a Appledore Clinic) Ground Cash-a-Cheque (UK) Ltd Ground Agency 2000 Ltd (t/a MEM recruitment) ,300 (14.03) 20,500 (17.02) 16,000 (23.07) 23/05/ /05/ /05/ /09/ /09/ /03/ /09/ /09/ /09/ /09/ car spaces Agency 2000 Ltd 3,150 18/09/ /09/ ,150 Ground Ground Ranger Healthcare Ltd (t/a Hammond & Dummer) Gary Paterson Limited (t/a PHC) Ground and 1st Vinci Park Services (UK) Ltd Mezzanine (Unit No 382) Argos Ltd st and 2nd Argos Distributors Ltd rd and 4th Regus (UK) Ltd ,000 (15.43) 10,000 (23.81) 24,000 (14.09) 90,000 (13.47) 346,000 (13.01) 212,000 (12.79) /07/ /07/ /07/ /10/ /10/ /10/ /10/ /09/ /09/ /03/ /12/ /08/ /12/ /10/ /10/ car spaces Regus (UK) Ltd 15,570 01/01/ /12/ ,570 Part basement VACANT (0.00) 0 Sub Total 58, Ground and 1st JD Wetherspoon PLC ,000 (22.96) 24/06/ /06/ /06/ /06/ Ground and 1st VACANT (0.00) 2.0 Ground Mitchells & Butler Retail Ltd (t/a All Bar One) st and 2nd United Business Centres plc ,000 (19.41) 388,707 (17.43) 24/01/ /01/ /01/ /05/ /05/ /05/ /05/ car spaces United Business Centres plc 19,250 01/01/ /12/ ,250 ERV ( psf) 10,600 (24.00) 17,700 (24.00) 51,500 (18.75) 78,200 (18.75) 180,700 (14.00) 372,100 (14.23) 95,200 (15.00) 24,500 (14.70) 28,900 (24.00) 16,700 (24.00) 60,700 (24.00) 10,100 (24.00) 23,700 (14.37) 93,500 (14.00) 372,300 (14.00) 232,100 (14.00) 1,680 (2.50) 90,000 (22.96) 110,100 (22.96) 125,400 (22.96) 379,100 (17.00) Notes Lease sublet to David and Daniel Casey t/a Black and White. Rent deposit of 4, held. The rent for the 4th year of the term will increase to 17,000 p.a. and for the 5th year to 18,500 p.a. Assigned from ESP (Milton Keynes) Ltd. A rent deposit of 37,500 is held. Two separate co-terminus leases at a rent of 51,500 p.a. and 21,000 p.a. respectively. The April 2009 break option has not be exercised. Service charge cap of 222,479 relating to 2nd & 3rd floor and 11, relating to basement area for the year ending 31/03/09. The service charge is recalculated annually linked to RPI. Stepped rental increases from 03/03/09 to 02/03/10-22,000. From 03/03/10 to 02/03/11-24,000 p.a. From 03/03/11 to 02/03/12-25,000 p.a. Service charge is capped at 10,245 p.a. up to the 5th year. The lease is contracted outside the Landlord & Tenant 1954 Act. Rent deposit of 13, is held. Proposed rent of 43,000 p.a. for the rent review dated 14/07/07. Formerly used as storage space Intrest from a number of A3 operators. All rental payments including service charge and insurance up to 388,707 reserved in the Lease are guaranteed by Barclays Bank plc Sub Total 36, CBXII Electricity Sub-Station East Midlands Electricity PLC 25/10/ /10/ Electricity Sub-Station Powergen Energy PLC 10 11/05/ /05/ Totals 148,042 sqft 13,753 sqm 2,094,513 2,412,760 1 Guaranteed by Barclays Bank Plc

15 CBXII Midsummer Boulevard milton keynes Ground Floor Hensmans Salons Pizza Express Vinci Park Services Appledore Clinic MEM Recruitment Cash-a-Cheque Vacant All-Bar-One Reception & Lift Lobby JD Wetherspoon plc Marcello s Ristorante Pizzeria Black & White Reception & Lift Lobby Stairs PHC Reception & Lift Lobby Hammond & Dummer

16 new Milton Keynes developments and market commentary Milton Keynes is set for significant future growth with plans for the city to double in size and is projected to become the 14th largest city in the United Kingdom by With total office accommodation of over 7 million sq ft Milton Keynes has suffered from a lack of supply, especially in terms of Grade A accommodation. With it s restricted supply and the on-going expansion of the City, it is expected that rents at all levels will increase over the medium term. This restricted supply and increasing demand has seen a number of developments across all sectors. A number of comparable transactions are listed below. The hub:mk which is a new and substantial mixed use development built by Frontier Estates is located immediately adjacent to the subject property on Midsummer Boulevard. There were two notable office pre-lets agreed in May 2007 when 848 sq m (9,130 sq ft) was pre-let to Davis Langdon LLP and 687 sq m (7,395 sq ft) was pre-let to HSBC both for 15 year terms at rents equating to 215 per sq m ( 20 per sq ft). The development provides 75,000 sq ft of retail and leisure accommodation and 100,000 sq ft of office accommodation and also includes two hotels, Jurys Inn and Encore and 400 high quality plus affordable residential units. Due to its success it has attracted leisure operators such as Brasserie Blanc, Loch Fyne, Café Rouge, DimT, Zizzi and Nando s. The catering units within the hub:mk have been consistently achieving between per sq ft over the ground floor and 10 per sq ft for trading at 1st and mezzanine floors. The latest letting was to The Living Room where 30 per sq ft on the ground floor and 10 per sq ft on the 1st floor was achieved within the past 12 months. Frontier Estates are currently working on hub:mkii, the second phase to the adjacent scheme. The development will be located to the rear of CBXII and is planned to provide office and residential accommodation. The Pinnacle is a new Grade A flagship office development developed by Hampton Brook, located on Midsummer Boulevard, it is expected to be completed by summer It will provide the largest office development in Milton Keynes for 25 years. The scheme will provide a 18,850 sq m (200,000 sq ft) office building. Two pre-lets have been agreed accounting for 40% of the total space to international professional service occupiers at rents equating to 188 per sq m ( per sq ft). Other lettings in and around Milton Keynes: The Rok Developments scheme at Eastlake Park, located to the east of Milton Keynes city centre comprises approximately 13,935 sq m (150,000 sq ft) of office accommodation. Valois UK Ltd recently took accommodation on the park at 188 per sq m ( per sq ft), with other transactions regularly achieving 177 per sq m ( per sq ft). Wavendon Business Park is a new business park development. A pre-let was signed in May 2007 by Electronic Data Systems who will fully occupy the park. The park comprises approximately 13,000 sq m (140,000 sq ft) and the rent agreed equates to 183 per sq m ( 17 per sq ft). Jury s Inn Hotel and Encore Hotel at the hub: MK adjacent to CBXII Woodlands Business Park, situated in Linford Wood which is approximately 6.4 km (4 miles) to the north west of central Milton Keynes provides approximately 11,150 sq m (120,000 sq ft) of high specification offices. We understand that achieved rents are approximately 183 per sq m ( 17 per sq ft). Other developments: West End CMK phase I, will front Witon Gate and Avebury Boulevard. The development will provide two public squares and approximately 650 homes, a new school, community facilities and a range of commercial and leisure uses.

17 CBXII Midsummer Boulevard milton keynes asset management opportunities The building provides numerous asset management opportunities these include: Let the vacant office and leisure accommodation Re-gear existing leases in both the office and retail accommodation Re-configure entrance, lobby plus reception areas Implement a rolling refurbishment program of the common parts and office accommodation Continue the ongoing maintenance programme Utilise lobby areas by introducing additional amenity space Possibility of extending fourth floor office accommodation

18 service charge The building is also currently undergoing major refurbishment renovations. In 2008 the roof of Midsummer East and West underwent major works and significant works for 2009 include: Midsummer East and West will see the replacement of one of the atriums this year and one next year. Two sets of boilers located in Midsummer East and West will be replaced. Tenders are currently being reviewed for the refurbishment of all 8 lifts within CBX II. For the year ending 31 March 2009 the service charge budget is as follows: Midsummer Court Office: 3.73 psf Leisure: psf Midsummer East & West Office: Leisure & Retail: For the year ending 31 March 2010 the service charge budget is estimated to be as follows: Midsummer Court Office: 2.47 Leisure: 2.29 Midsummer East & West Office: Leisure & Retail: For the year ending 31 March 2010 the service charge budget excluding exeptional items is estimated to be as follows: Midsummer Court Office: 2.43 psf Leisure: 2.29 psf Midsummer East & West Office: Leisure & Retail: 6.50 vat The property is elected for VAT and therefore VAT will be payable on the purchase price.

19 CBXII Midsummer Boulevard milton keynes proposal We are instructed to seek offers in the region of 22,000,000 (Twenty Two million pounds), subject to contract and exclusive of VAT. A purchase at this level reflects an attractive capital value of 148 psf and the following yield profile after allowing for purchaser s costs of 5.725%. o Net initial yield 9% o Reversionary yield 10.37% o Equivalent yield quarterly in advance 10.88% o Equivalent yield annually in arrears 10.21% o Reversionary yield in say March 2010 upon letting vacant units and imminent rent reviews 10.14% contacts Scott Tyler scott.tyler@allsop.co.uk Andy Pointon andy.pointon@allsop.co.uk Will Dalton william.dalton@allsop.co.uk 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