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LANGSTONE TECHNOLOGY PARK HAVANT


6229 - Langstone Technology Park_Stage 17.indd 1 29/09/2017 12:24

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› Large freehold site of c.39.5 acres held freehold.› Excellent connectivity via road and rail.› 481,772sq.ftofflexibleaccommodation.› Goodcarparkingprovisionandexcellenton-siteamenities.› Low average rent of £9.00 psf which reflects a substantial discount to the competing business parks. › Recentlettingsconfirmthepotentialtodriverentalgrowth.› Severely reduced supply in the south coast corridor.› Multiple business plansapplicabletotheproperty.› Offersinvitedinexcessof£x› Attractive net initial yield of x% assumingfull purchase costs of 6.75%. › Low capital value of £x per sq ft.

InvestmentSummaryLocationCatchmentDemographicsDescriptionBuilding 6000Building 7000Building 1000Building 5000Building 4000AmenitiesAccommodationTenureTenancyCovenantInformation&EPCOpportunities to Add ValueEstimateRentalValueSouthCoastOfficeMarketInvestmentMarketComparablesVATProposalFurtherInformation

CONTENTS INVESTMENT SUMMARY


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THE OFFICES HERE ARE BEAUTIFULLY PRESENTED AND HAVE A REAL ‘WOW’ FACTOR. TREVOR LINN, CEO, TURBULENT DESIGNS LTD.03

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6229 - Langstone Technology Park_Stage 17.indd 2-3 29/09/2017 12:24

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LANGSTONETECHNOLOGY PARK

A27

Apollo Fire Detectors

Lewmar

Solent Trade Park

Solent Retail Park

Beaver Industrial Estate

Scottish & Southern Electric

Langbrook Farm Pub & Premier Inn

Endeavour Business ParkCoopers Fire

Building 1000

Building 5000

Building 6000

Building 4000

Building 7000


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LOCATION

Langstone Technology Park is located on the south coast, close to the southern end of the A3(M) at its junction with the A27. TothewestlieSouthamptonandPortsmouth,andtotheeastChichester.TheA3(M)providesaccesstotheM25,andtheA27isthekeysouthcoastlinkroadextendingfromSouthamptonviaHavanttoBrightonandEastbourne.Havanttowncentreisa5minutewalk,witha wide range of retail provision and the train station.

LangstonecanbeaccessedfromtheA27,orthroughHartsFarmway,whichleadsdirectlyfromtheA3junctionthroughamixedcommercialareatothewestofthesubjectproperty.

Theimmediatevicinitycomprisesamixofuses.Totheeastthesiteisboundedbyresidentialdevelopment(some on land previously owned by IBM). To the westisHartsFarmWay,amixedcommercialestate.Tothenorth,overtheA27,liesSolentRetailPark(tenantsincludeTescoandNext)andHavanttowncentre.


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CATCHMENTDEMOGRAPHICSHampshire has a total population, including Southampton and Portsmouth, of 1,760,000 (Census 2011) which is witnessing steady growth. The economy is worth £46.5 billion, and the county is home to c.65,000 businesses. LangstoneTechnologyParkislocatedinthePorstmouthconurbationinbetweenthecityandHaylingIsland.Portsmouthhaswitnessedsignificantpopulationgrowthover the last 5 years.

HistoricallyanchoredbyalargeNavalpresence,morerecentlytheCityhasenjoyedthesuccessofthecommercialport,whichnowhandles3.5millionpassengers(withanewterminalopenedin2011)andover2milliontonnesoffreight(includingimportsandexports)todestinationsacrosstheglobe.

TheUniversityofPortsmouthhasgrownrapidly(nowover20,000students)andisdevelopingspecialismsinMarinescience.

ThecompletionoflargeregenerationprojectslikeGunWharfQuaysandtheSpinnakerTowerhaveaddedtotheamenityofferinthecityandcreatedadestinationtorivalSouthampton.

Portsmouth population

269,593

258,837

248,081

241,532

217,321

205,400

2016 est.

2015

2014

2013

2012

2011

PE TERSF

IELD

RO

AD

NEW ROAD PARK ROAD N

.

WEST ST

EMSWORTH ROAD

NEW

LAN

E

HART S FARM WAY

HULBERT ROAD

BARNCROFT WAY

A27A27

A27

HAVANT

HAVANT

BEDHAMPTON

Solent Retail Park

BROAD LAKE

JUNCTION 5

JUNCTION 4

A3(M)

PORTSMOUTH & SOUTHAMPTON

BRIGHTON

TOWARDS LONDON

1

12

1110

8

9

7

54

4/14

5

4

3

2

1

M27

M27

M27

M3

A3(M)

PORTSMOUTH

GOSPORT

FAREHAMPORTCHESTER

HAYLING ISLAND

EMSWORTH

HORNDEAN

BISHOP’SWALTHAM

HAVANTSOUTHAMPTON

WATERLOOVILLE

PETERSFIELD

L A N G S T O N EH A R B O U R C H I C H E S T E R

H A R B O U R

T H E S O L E N T

T H E S O L E N T

I S L A N D O F W I G H T

A3023

A2030

A27

A27

A27

A32

A3

A3

A27

A259

A288

A272

A334

A32

A32

Langstone Technology Park

Destination Distance (miles) Journey TimePortsmouth 7 9 minsChichester 10 15 minsLondon 70 1 hr 40 minsA3(M) Junction 5 1 2 minsM25 Junction 10 44 49 mins

Airport Distance (miles) Journey TimeSouthamptonParkway 22 27minsLondon Gatwick 59 1hr21minsLondonHeathrow 65 1hr48mins

Train Station Fastest TrainChichester 12 minsPortsmouth 14 minsLondon Waterloo 1 hr 17 minsHavant railway station is 1 mile to the north providing direct trains to London Waterloo, Portsmouth and Chichester.

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DESCRIPTION

Langstone Technology Park comprises a 481,772 sq.ft. campus originally built by IBM in the 1970s. Themainbuildingsprovideamixofofficeandmanufacturingaccommodation,withthemajorityofthespacecurrentlyusedasoffices. The site is large, extending to a total of c.39.5 acres(16hectares),andprovides1,560surfacelevelcarparkingspaceswhichreflectsaratioof1:295 sq.ft.

Havingbeenestablishedsolong,andbeenassociatedwithIBM,thecampusisverywellknownintheregion,andbenefitsfromahighprofileinthelocalbusinesscommunity.Theparkhasbuiltupanenviablelevelofamenityprovision,includinghighqualityrestaurant/caféfacilitiesandacrècheandgym,whicharevaluableto the occupiers.

TheParkiscurrentlyhometoc.37companiesrangingfromlargemulti-nationalslikeSeagateandLockheedMartintolocalstart-upslikeJobsite.

ThePremierInnandfamilypubsituatedattheentrancetotheParkarenotwithintheownership,butareanimportantpartoftheamenityandweredevelopedinparttomeetdemandfromthepark’soccupiers.

Langstonebenefitsfromanupgradedpowersupplyof16 MVa which was originally installedbecauseofPeer1’srequirementsfortheirdatacentre.Thisincreasedpowersupplyisattractivetomanyoccupiers.Thesitehasthecapacityforthepowertobeincreasedbya further 16MVa.

470,000 sq.ft.

1,560car

spaces

THEY ALSO IMPRESS WITH THE WAY THEY ARE CONSTANTLY LOOKING TO IMPROVE THE FACILITIES HERE AND OFFER EXTRA VALUE ADD FOR ALL THE TENANTS.

Courtyard - Building 6000. Meeting room - building 4000. Car Park - 9am.

Courtyard - Building 4000.Courtyard - Building 4000.


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•ThisbuildingwastheoriginalIBMheadoffice,and provides129,238sq.ft.NIAofofficeaccommodation over 3 levels. • Occupiedby27tenants.• Theaccommodationbenefitsfromairconditioning.• KeytenantsincludeJobsiteandAT&T.• Fittedouttoprovideamixofsuitesizesand servicedaccommodation.• Currently 28,372 sq ft vacant.• Average rent passing is £12.40 per sq ft.• Latest letting agreed at headline rent of £15.00 psf.

BUILDING6000

OUR BUSINESS HAS GROWN EXPONENTIALLY, STAFF COUNT HAS DOUBLED AND THE FASSET MANAGEMENT TEAM AT LANGSTONE HAVE REALLY EASED THIS PROCESS WITH A FLEXIBLE AND DYNAMIC RESPONSE TO OUR EVER-EVOLVING NEEDS

JOBSITE13



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LIFT

JOBSITE

JOBSITE

JOBSITE

SERVICEDOFFICES

TELEPLAN

TELEPLAN

TELEPLAN

MIXEDUSE

TELEPLAN

TELEPLAN

TEMPLELIFTS

LOCKHEED

LOCKHEED

FAST

OS

GLORYGLOBAL

VACANT PROPERTY DEPARTMENT

THIS DOCUMENT IS THE PROPERTY OF fasset business property solutions CAND MUST NOT BE COPIED OR DISCLOSED TO A THIRD PARTY

WITHOUT PRIOR CONSENT OF THE OWNER

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TENANT SPACEBD 6000 (26)

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LTP-Tenant plan.dwgB14

131,051 sq.ft.

BUILDING6000

Jobsite.

Courtyard. Typical floor plan.



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• 63,296sq.ft.ofofficeaccommodation over 3 levels. • FullylettoLockheedMartin.• Highlysecurefacility.• Thetenantrefurbishedthepropertyand regeared the lease in 2015. • Rentpassingequatestojust£9.00 per sq ft.

BUILDING7000

PLANT

(A)ROOM

ROOMPLANT

(B)

LOCKHEED

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LTP-Tenant plan.dwgB

Typical floor plan.


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BUILDING7000

63,296 sq.ft.

Main entrance.


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• Thisbuildingwasoriginallyaproductionunitand comprises149,943sq.ft.GIAoveronelevel.• Theaccommodationbenefitsfromahighfloorto ceilingheightandlargeflexiblefootprint.• Threeseparateentrances-fromBuilding4000 and at western and eastern elevations.• Thebuildingismulti-letatanaveragerentof£9.40 per sq.ft.• Latest letting agreed at headline rent of £13.50 psf.• Thespaceprovidesmainlyofficeaccommodation, with ancillary datacentre and storage facilities.• The largest tenant, Seagate, is vacating their accommodationin28thFebruary2018.Thisspacewill offerthelargestcontiguousfloorplateavailableintheM27 corridor,andcouldattractinterestfromawiderangeof occupiers.

BUILDING1000

151,377 sq.ft.

Seagate Reception.

6858

V V V V V V V

D D D D D D D DD

V V V V

V V VV V V V V

MANHOLE

SMOKINGSHELTER

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(23)(22) (24)

1000

3000 4000

1000 100010001000(21)

Gas Gov

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AREA 1AREA 2AREA 3AREA 4

6858

DK DK

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D D D D D D D DDV V VV V V V V

MANHOLE

SMOKINGSHELTER

MOTORCYCLES

V D

A27 TRUNK ROAD EASTBOUND CARRIAGEWAYA27 TRUNK ROAD WESTBOUND CARRIAGEWAY

VISITORS PARKING NINE BAYS DISABLED PARKING TEN BAYS DROP KERBPermiable Blocks over Soakaway Trench Construction

Permiable Blocks Construction

Cycle StandsSMOKINGSHELTER

SEAGATE SEAGATE SEAGATESEAGATE

LOCKHEED

LOCKHEED

RAYTHEON

MIXED USE

LOCKHEED

LOCKHEED

LOCKHEED

SACKE

PIRAMAL

MICROSECK

BATTELLE JOBSITE

BATTELLE

SEAGATE

PROPERTY DEPARTMENT





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FIRST FLOOR

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LTP-Tenant plan.dwgA

Typical floor plan.


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BUILDING1000

Images of existing Seagate fitout and loading bay. This page and overleaf - architects images showing refurbishment option for Seagate accommodation.

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BUILDING1000


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• 100,381 sq.ft. NIA.• Originallybuiltasahighbaywarehouse.• MajorityoccupiedbyPeer1foraDatacentre at a very low rent of £4.95 psf. •Onefloorofofficesandamezzanine production area.• Average rent £4.93 psf• Current vacancy of 14,372 sq.ft.• Latest letting at headline rent of £13.50 psf.

BUILDING5000

99,183 sq.ft.

Reception.

View from main car park.SSE meeting room.SSE offices.


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• 32,535sq.ftofofficeandamenity accommodation.• Thisblockactsasthecommunityhubforthe scheme.Thereisalargecafé/restaurantarea and shop.• Meetingroomsandalargerconferenceroom areavailabletoalltenants.• Courtyardareashavebeenlandscapedto provideattractiveamenityforoccupiers.• Average rent passing is £7.80 per sq ft.

BUILDING4000 18,509

sq.ft.

Conference facility.

Typical meeting room.

Restaurant.


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AMENITIESGYM NURSERY

•Previouslyoperatedinthebasementofbuilding 7000.•Newlargerfacilitybuiltinthecarparkin2015.•Wellequippedgymwithexperiencedoperator.•Importantpartoftheamenityforstaffonsite.

•Wellusedbystaffonsite.• New lease signed in 2011.


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BUILDING SUMMARY

Building Total Area (Sq Ft) Total Area (Sq M) Let Area (Sq Ft) Let Area (Sq M) Vacant Area (Sq Ft) Vacant Area (Sq M)

1000 149,943 13,930 143,620 13,343 6,323 587

4000 32,535 3,023 18,109 1,682 - -

5000 100,381 9,326 83,761 7,782 14,372 1,335

6000 129,238 12,007 99,348 9,230 28,372 2,636

7000 63,296 5,880 63,296 5,880 - -

Other 6,379 593 6,379 593 - -

Total 481,772 44,758 414,513 38,509 49,067 4,558

ACCOMMODATION

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TENUREThe property is held freehold.

TENANCIESThepropertyismulti-letinaccordancewiththescheduleprovided.Thecurrentnetoperatingincomeisc.£4,234,112perannum.WeunderstandthatSeagatearevacatingtheiraccommodationinFebruary2018,atwhichpointthenetoperatingincomewilldroptoc.£2,100,000perannum.

ThecurrentWAULTacrosstheparkis1.7years.

SERVICE CHARGETherearecurrentlytwoservicechargesinoperationatthepark.ThefirstisahistoricalFacilitiesManagementChargewhichisalegacyoftheIBMownershipofthesite.ThesecondisastandardservicechargewhichwasintroducedbyourclientsinApril2017.

FacilitiesManagementCharge-Thebudgetforthey/eNovember2016was£4,700,000,andforthey/eNovember2017is£3,744,000.Theseratesequatetoc.£10.50 per sq.ft. and £8.00 per sq.ft. respectively.

ServiceCharge-Theservicechargebudgetforthey/e??????is£3,013,000,whichequates to c.£6.50 psf.

SinceApril2017alllettingshavebeendoneonthestandardarrangement.Howevercurrentlybyfloorarea385,000 sq.ft.remainsletonhistoricalleasesundertheFacilitiesManagementregime.

Fullservicechargeschedulesareavailableonrequest.

EPCAllthebuildingsatLangstoneTechnologyParkare currentlyratedD.

COVENANTINFORMATION Lockheed Martin 2016 2015

Turnover $47,248,000(NetSales) $46,132,000

PreTaxProfit $5,302,000(NetEarnings) $3,605,000

Net Assets $47,806,000(totalassets) $49,128,000

At&T Global Network Services

2015 2014

Turnover £270,960,000 £238,900,000

PreTaxProfit £2,276,000 £1,486,000

Net Assets £163,560,000 £167,679,000

Jobsite 2016 2015

Turnover £30,382,000 £31,416,000

PreTaxProfit £5,652,000 £8,276,000

Net Assets £9,439,000 £15,115,000

HGST Europe Ltd 2016 2015

Turnover £13,599,000 £13,791,000

PreTaxProfit £1,507,000 £586,000

Net Assets £5,534,000 £4,531,000

Teleplan 2015 2014

Turnover £3,984,000 £2,320,000

PreTaxProfit (£530,000) (£1,635,000)

Net Assets £3,868,000 £4,493,000

Advanced Resource Managaers Limited

2016 2015

Turnover £44,930,000 £53,689,000

PreTaxProfit £261,000 £513,000

Net Assets £2,923,000 £2,326,000


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OPPORTUNITIES TOADDVALUE Weareoftheopinionthattheparkoffersmultiple different business plans to investors.

OPTION 1 - MANAGE THE EXISTING REAL ESTATE AND OCCUPIER BASE • 80%oftheaccommodationiscurrentlyletunderthehistoricalregime,which meansaninflatedservicechargeandlowrent.Astheseleasesexpiretenants canbebroughtintothenewservicechargeregime,andrentalupliftssecured.

• There is currently c.49,000 sq.ft.ofvacantaccommodation,whichisimmediately availableforoccupation.

• InMarch2018theSeagateleasesexpireandweunderstandthecompanywillbe vacatingallitsaccommodation.Thisaccommodationisinbuilding 1000,inalargecontiguousfloorplateofc.100,000sq.ft.Thisspaceoffersself storage, education or datacentre.potential for a variety of usesincludingoffices, high tech production, or datacentre.

• Increased data centre provision. The potential exists to create further datacentre facilitieswithintheexistingbuildings.

Astheabovebusinessplanisimplemented,theincomeprofilecouldlookasfollows.

goingfrom£4.2millto£2.2millto£6mill.

OPTION 2 - PHASED REDEVELOPMENT Thesiteextendstonearly40acresandisveryprominentlysituatedadjacenttotheA27dualcarriageway.Itthereforewouldsuitamixeduseredevelopmentcomprisingoffices,retailwarehousing,residentialorindustrialuses.Primerentsintheareaarecurrently at the following levels

Office £20.00psf+RetailWarehousing £32.50psfIndustrial £8.00psf+TradePark £13.50psf+

LangstoneisoneofthemostimportantemploymentsitesinHavantBorough,andweunderstandthecouncilwouldbesupportiveofawiderangeofusesaspartofaredevelopmentofthefacility.

OPTION 3 - DATA CENTRE HUBThegrowingdemandfordatastoragecreatedbytechnologicaladvancesmeansthataregionaldemandforhubsisgrowing.Therearetwodatacentresonthesitealready,lettoPeer1andLockheedMartin.

Thecurrentpowerprovisionis16MVa,andiscapableofbeingupgradedtobetween30and40MVa.Combinedwiththeexcellentfibreconnectivity,thismeanthatthereissignificantpotentialtoincreasethedatacentreprovisiononthesite.

OurclienthastakenspecialistadviceonthepotentialofLangstone,andtheimageoppositeshowshowthesitecanbeextended.


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TheSouthCoastofficemarketisundergoingamajortransformation,withsignificantpublicandprivatesectorinvestmentinnewinfrastructure,amenitiesandmixed-usecommercialdevelopment.AlliedPropertieshasundertakenamajorresidentialledmixed-usedevelopmentinOceanVillageandHarbourHotelisduetoopena5-starhotelinOctober2017.HammersonhascompletedthedevelopmentofanewshoppingandleisuredevelopmentatWestQuayWatermarkandthereisalsoanew£400mretailandresidentialschemeproposedatMayflowerPark,Southampton.

WithsignificantinvestmenttakingplacealongtheSouthCoast,businessesarefocusingontakingadvantageofacquiringaccommodation.However,therecentriseinoccupierdemand,coupledwiththereductioninsupply,partlybroughtaboutbyachangetoplanninglegislation,meansthatthereisalackofqualityofficesinthecitycentre.Withlittleprospectofdevelopersundertakingspeculativeofficedevelopmentthedemandforrefurbishedspacewillcontinuetoincrease.LandlordsinBournemouthappeartobemakingthefirstmoveindevelopingthreebrandnewGradeAoffices.

SOUTH COAST OFFICEMARKET

ThefirstofwhichwillbeavailableinSpring2018.LymingtonisleadingthewayinGradeAdevelopmentwithStirleyHouse(circa13,500sqft)whichcompletedMay2017.ThreebrandnewGradeAofficesarealreadybeingdevelopedinBournemouth,withthefirstbeingavailableinSpring 2018.

Wehavewitnessedanumberofpropertiesexceedingrental expectations. One Insurance took Grade A space at GatewayHouse,achievingaheadlinerentof£21.00persqft.DaisyWholesaleisduetocompleteatNatwestHouseona10-yearleaseatarentof£19.75persqft.RadcliffetookGradeBrefurbishedspaceatMeridiansHouseachieving£18.00persqftona10-yearleasewithabreakatyearfive.PWCachievedastraight10-yearleaseatarentof£19.25persqft.Smith&Williamson,atCumberlandHouse,achieved a rent of £19.50 per sq ft, which was quoting £17.50 per sq ft in 2015.

AtLakeside,whichisdirectcompetitiontoLangstone,takeuphascontinuedtobestrongin2017.ThemostrecentlettingwasinMarch17,whenSPBacquired8,090sq.ft.inBuilding3000ona5yeartermataheadlinerentof£18.00psf.

Thesoutheastofficemarkethasseencontinuedhighlevelsofactivityduring2017,withjustover£2billiontransactedbytheendofSeptember.Anunusuallyhighlevel,c.75%,comprisedbusinessparkassets.ThislevelhasbeenskewedbyseverallargerdealsincludingaportfoliosalebyOaktreetoFrasersandtheacquisitionoftheABBPportfoliotoTPGRealEstate.

Investordemandhasremainedstrong,reflectingcontinuedstrongperformanceoftheeconomy,whichgrew1.8%in20216.Thisgrowthcamedespitethereferendumresult,andtheBankofEnglandispredictinggrowthtobe1.9%in2017.LocalAuthoritieshaveremainedactive,althoughfocusedonprimeassetsorthosesituatedwithintheirownjurisdictions.TheInstitutionshavebeenwatchingthemarketcarefully,withsomeconcernovershorttermperformance.Howeverasthesummerhaspastanumberhavebeenactive,againfocusingontheprimeendofthemarket,andselectinglargerlotsizes.

Thesecondarymarkethasseenreducedlevelsofactivity,withc.£150millofsub-£10millionpropertiestradedinthesoutheast.Investordemandremainsstrong,butatpricinglevelswhichoffervalue.

INVESTMENT MARKETCOMPARABLES

DATE ADDRESS TENANT TERM CERTAIN

PRICE NIY CAPITAL VALUE (PSF)

AUG 17 CAPITAL PARK, LEEDS MULTI-LET 4.5 YEARS £18.225M 8.9% £200

JUL 17 MARLOW INTERNATIONAL MULTI-LET 6.8 YEARS £68.5M 7% £320

JUN 17 CAPABILITY GREEN MULTI-LET 4.75 YEARS £19.9M 7.5% £230

SEPT 16 THE FORUM, SOLENT BP MULTI-LET 5.3 YEARS £42M 7.5% £166

MAR 16 FUSION 1/2/3 SOLENT BP MULTI-LET 5 YEARS £34.7M 7.6% £200

ESTIMATE RENTAL VALUEThehistoricFMregimehadtheeffectofsuppressingrental levels across the park, so the average rent passing equatestojustbelow£9.00 psfperannum.

Thelatestlettingsofstandardofficesuitesacrosstheparkaresignificantlyaheadofthislevel,atheadlinerentsof £14.50 - £15.00 psf. At these levels, Langstone still offersarentaldiscounttothecompetingbusinessparks.Seemapopposite.

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

ANNUALISEDNOI

Inbuilding1000termshavebeenagreedwithBatelleforexpansionintoafurther7,000sq.ft.tocreatelaboratoryaccommodation,andthislettingreflectsaheadlinerentof £13.50 psf.

Our client has taken specialist advice on the data centre, and their opinion of ERV is £15.00 psf.

Applying the latest levels across the park shows that the ERV is c.£6,000,000perannumatanaveragerentof c.£12.75 psf.ThegraphbelowshowshowtheNetoperatingincomewillimproveastheaccommodationislet at full ERV.


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VATWeunderstandthatthepropertyiselectedforVATandthereforeVATwillbepayableuponthepurchaseprice,andthesalewillbebywayofaTOGC.

PROPOSALWeareinstructedtoseekoffersinexcessof£xx subjecttocontractandexclusiveofVATforourclient’sfreeholdinterest.

This would equate to a net initial yield of xx% net of purchasers costs of xx%, and an attractive capital value of £xx psf(beforeacquisitioncosts).

ThepropertyisheldinanSPVwhichcouldbeacquired.Furtherdetailsavailableuponrequest.

FURTHERINFORMATIONTim WillsDD:02036678405M: 07789690863E: [email protected]

Andrew DobsonDD: 020 3667 8402M: 07789690753E: [email protected]

Tom SteadmanDD: 020 3667 8406M: 07904276239E: [email protected]

BCMStChristopher’sHouse,StChristopher’sPlace,LondonW1U1NZ

Misrepresentation Act: These particulars are issued, without responsibility on the part of the vendor, BCMRE, or any of their respective employees or agents and serve only as an introductory guide to the premises. No part of them constitutes a term of a contract or a statement or representation upon which any reliance can be placed. Any person with an actual or prospective interest in the premises must satisfy themselves as to any matter concerning the premises by inspection, independent advice or otherwise. Neither BCMRE, nor any of their employees or agents have authority to make or give any representation or warranty as to the premises whether in this report or otherwise. Unless otherwise stated all figures quoted are to be considered exclusive of VAT. The plans are published for convenience of identification only, and although believed to be correct, their accuracy is not guaranteed and does not form part of any contract. October 2017.Design and produced by PLP London T:020 3137 3079 • plplondon.com


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