report & valuation - one touch property investmentreport & valuation 31-45 lower ashley...

October 2017

Report & Valuation

31-45 Lower Ashley Road, Bristol, BS2 9PZ

savills.co.uk

Executive Summary

Report & Valuation 31-45 Lower Ashley Road, Bristol, BS2 9PZ

October 2017 1

View north towards the site

Site Plan

Situation Plan


October 2017 2

Address 31-45 Lower Ashley Road, Bristol, BS2 9PZ

Use Proposed development of 78 studio flats of student accommodation.

Background

The site is currently occupied by a vacant office building, which is due to be demolished and replace with a 4-storey student accommodation building. We are instructed to report the completed value (GDV) only.

Location and Situation

The property is located on Lower Ashley Road, adjacent to the M32 and borded by Gordon Road and Conduit Road. The surrounding area comprises of mainly residential property, and the area is currently fairly poorly regarded although there is extensive development and regeneration occurring in the surrounding area.

Description The scheme will comprise a total of 78no. studio flats over four storeys.

Tenure We have valued the freehold and long leasehold interests in the completed development.

Valuations

Gross Development Value – Unencumbered Freehold - £7,700,000

Gross Development Value – Long Leasehold - £7,085,000 Market Value – Freehold (ground rent investment) - £607,000

Principal Valuation Considerations

- We have undertaken an investment appraisal to establish the freehold value of the whole block.

- We have then calculated the value of the freehold investment on the basis that individual units are sold on a long leasehold basis subject to a ground rent of £350 p.a.

- We have worked back from this to arrive at the value of the whole on a long leasehold basis.

- We have reported individual unit values, on the basis of long leasehold sale. We have seen examples in other cities, however however the market for individual long leasehold units within Bristol is not established.

- We are therefore less confident in the accuracy of the leasehold values reported, however these figures are underpinned by the unencumbered freehold value of the whole.


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1. Instructions and Terms of Reference

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1.1. Instructions and Basis Of Valuation

You have instructed us to provide our opinions of value on the following bases:

§ The Market Value of the completed units (the “Gross Development Value”) on the Special Assumption that all units are offered for sale on the private market.

§ We have reported the values on a freehold & long leasehold basis. 1.1.1. General Assumptions and Conditions

All our valuations have been carried out on the basis of the General Assumptions and Conditions set out in the relevant section towards the rear of this report.

1.1.2. Date of Valuation

Our opinions of value are as at the date of this report. The importance of the date of valuation must be stressed as property values can change over a relatively short period.

1.1.3. Definition of Gross Development Value

There is no RICS definition of Gross Development Value (GDV). Our interpretation of the GDV is:

“The aggregate of the capital receipts from the sale of all the units on the Special Assumption that the proposed development (as described in our report) has been completed and 100% sold at today’s date at current day values (whereby ‘today’s date’ / ‘current day’ is the date of valuation”

1.1.4. Purpose of Valuations

You instruct us that our valuation is required for your internal purposes.

1.1.5. Conflicts of Interest

We are not aware of any conflict of interest, either with the property or with the Borrower, preventing us from providing you with an independent valuation of the property in accordance with the RICS Red Book. We will be acting as External Valuers, as defined in the Red Book.

1.1.6. Valuer Details and Inspection

The due diligence enquiries referred to below were undertaken by Charlotte Kurobasa MRICS and Andrew Keay MRICS.

The property was inspected on 19th March 2017 by Charlotte Kurobasa MRICS. Due to boarding/secure fencing on site we were able to inspect the property from the southern boundary limited to those areas easily accessible or visible. The weather on the date of our inspection was sunny.

All those above with MRICS or FRICS qualifications are also RICS Registered Valuers. Furthermore, in accordance with VPS 3.7, we confirm that the aforementioned individuals have sufficient current local and national knowledge of the particular market and the skills and understanding to undertake the valuation competently.


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1.1.7. Extent of Due Diligence Enquiries and Information Sources

The extent of the due diligence enquiries we have undertaken and the sources of the information we have relied upon for the purpose of our valuation are stated in the relevant sections of our report below.

Where reports and other information have been provided, we summarise the relevant details in this report. We do not accept responsibility for any errors or omissions in the information and documentation provided to us, nor for any consequences that may flow from such errors and omissions.

1.1.8. Liability Cap

Our letter confirming instructions at Appendix 1 includes details of any liability cap.

1.1.9. RICS Compliance

This report has been prepared in accordance with Royal Institution of Chartered Surveyors’ (“RICS”) Valuation – Professional Standards January 2014 (the “RICS Red Book”) published in November 2013 and effective from 6 January 2014, in particular in accordance with the requirements of VPS 3 entitled Valuation reports and VPGA 2 Valuations secured lending.

Our report in accordance with those requirements is set out below.

1.1.10. Verification

This report contains many assumptions, some of a general and some of a specific nature. Our valuations are based upon certain information supplied to us by others. Some information we consider material may not have been provided to us. All of these matters are referred to in the relevant sections of this report.

We recommend that you satisfy yourself on all these points, either by verification of individual points or by judgement of the relevance of each particular point in the context of the purpose of our valuations. Our valuations should not be relied upon pending this verification process. 1.1.11. Confidentiality and Responsibility

Finally, in accordance with the recommendations of the RICS, we would state that this report is provided solely for the purpose stated above. It is confidential to and for the use only of the party to whom it is addressed only, and no responsibility is accepted to any third party for the whole or any part of its contents. Any such parties rely upon this report at their own risk. Neither the whole nor any part of this report or any reference to it may be included now, or at any time in the future, in any published document, circular or statement, nor published, referred to or used in any way without our written approval of the form and context in which it may appear.

1.2. Background

The property has outline planning consent for demolition of the existing building and erection of a four storey mixed use student accommodation development. We understand that the developer is proposing to submit a reserved matters application for a scheme of 78no. student studio flats. For the purpose of our valuation, as instructed, we have provided our opinion of Gross Development Value of the completed units on the Special Assumption that reserved matters consent is in place.


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2. The Property, Statutory & Legal Aspects


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2.1. Location

The city of Bristol is the capital of the south wet region, and has developed a strong service sector becoming one of the largest employment bases for banking, finance and insurance outside London. In recent years it has seen higher rates of economic growth and lower unemployment rates than many of the other core cities of the UK and it is a popular relocation destination and consistently scores well in studies/surveys of the best places to live. There are two well-regarded universities and significant student population. Lower Ashley Road is located within the Bristol West constituency. Located to the north east of the city centre of Bristol, the site is within the Ashley ward and more specifically within the St. Pauls area of Bristol. Bristol is the sixth largest city in England (by population) and the eighth largest in the United Kingdom, with a population of just under 450,000. The Ashley ward has a total of 16,871 people (2011 Census). We enclose below a General Location Map showing the location of the Property in its regional context.

Location Plan


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2.2. Situation

Lower Ashley Road lies adjacent to the M32 and the site in question is borded by Gordon Road and Conduit Road and fronting onto Lower Ashley Road. There is a strip of grassed area to the front of the site with several large deciduous trees, leading to an existing lay-by parking area. The surrounding area comprises of mainly residential property, terraced housing is the dominant form, however, there is a block of three storey flats to the rear of the property. The majority of the commercial units in the area are clustered to the west of the site where Lower Ashley Road meets Ashley Road (B4051). There is an additional cluster of commercial units opposite the site but at the time of the report the majority of the units were vacant and undergoing refurbishment, with one unit open and operating as an oriental bistro. The neighbouring site to the west of the land in question has a planning application currently pending consideration for the construction of a 4 storey block of flats to provide a total of 37 units. (planning ref 17/01898/F). We have provided a Local Street Map below.

Situation Plan


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2.3. Description

2.3.1. Overview

The property is a brownfield site to the west of the M32 and borded by Lower Ashley Road, Gordon Road and Conduit Road. There is an existing single storey building located upon the site of brick construction, which we understand was formerly a Council office building that is now vacant and boarded up. There was a hand car wash using the site at the time of our inspection, we have no further details on this and we have assumed for the purpose of our valuation that the site is being sold with the benefit of vacant possession. The site benefits from outline planning consent for the removal of the existing single storey brick structure and the provision of a four storey mixed use building to provide office accommodation at ground floor level (1,969 sq ft) and student accommodation above. We understand that a reserved matters application is to be submitted for a purely student accommodation scheme of 78no. studio apartments. Our valuation is on this basis. Photographs of the property taken on the date of our inspection are provided below:

View from Tudor Road View across the western elevation

Rear of the property and access from Gordon Road Neighbouring Land


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2.3.2. Site Area

The land is irregular in shape and broadly level across. The southern boundary of the site is lined with several large deciduous trees, leading to an existing lay-by parking area. The remaining boundaries are walled or fenced.

We understand the site extends to approximately 0.248 acres (0.1 ha).

We attach a site plan showing the proposed layout below:

Site Plan

2.4. Environmental Considerations

2.4.1. Informal Enquiries

As instructed, we have not carried out a soil test or an environmental audit. Following informal enquiries, we understand that the property was previously a Council office building. On the basis of these informal enquiries, it would appear unlikely that land contamination exists. It should be noted that the land next door was a former filling station, however we assume that if there is contamination present in the neighbouring site due to its historic use that this has had no impact upon the property is question. This comment is made without liability.

2.4.2. Assumption

As our informal enquiries have suggested that land contamination is unlikely, we have valued the property on the basis that it has not suffered any land contamination in the past, nor is it likely to become so contaminated in the foreseeable future. However, should it subsequently be established that contamination exists at the property, or on any neighbouring land, then we may wish to review our valuation advice.


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2.4.3. Flooding

We have made enquires with regard to potential flooding at the Environment Agency website, www.environment-agency.gov.uk and note that the property is located within a Flood Zone 1 at low risk (0.1%-1%) from flooding from rivers or sea.

2.5. Town Planning

2.5.1. Statutory Background

The local planning authority is Bristol City Council. The Core Strategy is the key planning policy document for Bristol, setting out the general location of development, its type and scale, as well as protecting what is valued about the area. The Core Strategy was adopted June 2011. The property is not listed, nor is it located within a Conservation Area. 2.5.2. Planning History

We have inspected the website of the Local Planning Authority to ascertain the planning history of the property. Planning permission was granted for ‘the errection of combined three/four storey building accommodating 24 flats with basement car/cycle parking accessed off Conduit Road and 420 square metres of office floor space (Use Class B1) with ground floor cycle parking accessed off Gordon Road’ under planning ref: 06/04740/P. We understand this was not implemented and has now expired. The property was granted outline planning consent in February 2016 for ‘proposed removal of existing single storey office building and provision of four storey mixed use development, comprising office areas to ground floor and student accommodation above’ under planning ref: 15/05530/P. Under this application there are 20 student accommodation units proposed for the site, made up of twelve one-bed flats and eight cluster flats. There will also be 1,969 sq ft. of office floor space. We understand that the developer intends to submit a reserved matters application for a scheme of 78 studio apartments, excluding the office space. This has yet to be submitted to the LPA, however our valuation is provided on the Special Assumption that this consent has been granted and the scheme completed. During the course of our inspection of the property, we did not observe anything which would indicate that the above planning permission was being contravened. In valuing the property we have assumed that the completed units are to be used in accordance with their lawful uses and comply with current planning laws and building regulations and that they will not be subject to any adverse proposals or possible enforcement actions.

2.6. Taxation

2.6.1. Council Tax

Student accommodation is exempt from Council Tax.

http://www.environment-agency.gov.uk


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2.6.2. VAT

Our valuation is exclusive of VAT.

2.7. Tenure

We understand that the property is currently owned on a freehold basis. We have not been provided with a copy of a Report on Title and have not seen copies of the title deeds. We have assumed that full rights of access are enjoyed and that no third parties enjoy any rights over the Property. Your solicitors should confirm that there are no onerous restrictions or obligations as part of the due diligence process.

It is assumed for valuation purposes that the property is not subject to any onerous or unusual covenants which are likely to affect the valuations herein provided.

In reporting our opinions of value we have reported the freehold value of the whole block as an investment. We understand that the units will be sold on a long leasehold basis. In reporting our opinions of value of the proposed development, we have been instructed to value the completed student flats on the basis that they are sold on a leasehold basis, assuming a minimum lease term of 125 years at a ground rent of £350 per annum.

We would strongly advise that your legal advisors confirm our understanding to be correct and to ensure that there are no further elements, restrictions or charges contained which are likely to have a detrimental effect upon the valuations as herein reported.

2.8. Description Of Proposed Development

The proposed development comprises a scheme of 78 no. studio apartments set across 4 storeys totalling a net area of 18,552 sq ft. We have not been provided with a proposed internal specification for the scheme. We have assumed the completed units will be finished to a good standard and specification commensurate with new build development in this location. We emphasise that the specification and finish of a new development is crucial to achieving a premium above competing second hand stock and to achieve premium rents going forward.

A full schedule of accommodation along with our pricing is attached at Appendix 2.


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3. Market Commentary


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3.1. National Student Accommodation Market

We attach at Appendix 3 a copy of our Savills Research National Market Overview. 3.2. Student Accommodation Market Overview in Bristol

Bristol is home to two prestigious universities, the University of Bristol and the University of West of England. As a result there are approximately 51,000 full time students in Bristol. The University of Bristol is ranked 9th in the UK according to the Times Higher Education League Tables (And the University of West of England is ranked 67th). Consequently Bristol has seen historic and continued demand for student accommodation, providing a prime opportunity for developers. The city centre is a prime pitch for student accommodation. The University of Bristol will be undergoing a vast expansion in the coming years and plans for the University’s ‘transformational’ new campus were unveiled in November 2016. The £300 million project will sit at the heart of the Temple Quarter Enterprise Zone. The Temple Quarter Campus will be built near Bristol Temple Meads train station and will be at the centre of one of the largest urban regeneration projects in the UK, giving this area of the city a new lease of life. It is anticipated that the campus will open in time for the start of the 2021/22 academic year and will grow student numbers from 20,000 to 26,000 within he next decade, which will in turn impact upon the accommodation provision within the city. A development league table ranking city’s in the order of demand for student accommodation is set out below. Bristol is considered a first class location in terms of development demand in this sector.


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3.3. Lettability and Market Demand

Lower Ashley Road is a somewhat untested location for purpose built student accommodation and is typically considered a lower value area of the city. Properties in the immediate area are generally in poorer condition and there are signs of vandalism, reflective of the lower value area. Despite this, the St Pauls area of Bristol has improved significantly over recent years, with areas such as Portland and Brunswick Square seeing much residential and student development due to their proximity to the centre. This regeneration is moving its way outwards and we have no doubt that the area surrounding the property will improve in the future with the development of major sites in Stokes Croft and Dove Lane proposed over the next few years.

The location of the property is less than 1 mile from Cabot Circus and less than 1.5 miles from the city centre and Bristol University Campus, however at present there are some issues with permeability and transport/access to the city from this particular location.

We understand that the proposals are to gain a reserved matters consent for a scheme of 78 studio units, all of which will have en-suite and kitchen facilities and due to new build condition will be finished to a good specification, which has been reflected in the rental values derived.

As mentioned previously, the market is generally untested in this location and there are issues surrounding the attractiveness of the immediate. Student demand and investor demand in the city is such that at the correct price point, there is likely to be consistent occupancy and market interest at the property, however we maintain that the location is likely to be sensitive to its price point and from a rental and sales, until regeneration and improvement of the area occurs. We are confident that the future performance prospects of rental tone and investor demand will be good.

It is reasonable to expect that the property will be fully occupied by the next academic year, however we have allowed a nominal void rate within our calculations.

3.4. Investment Market

Investor demand for the student accommodation sector has been strong for a number of years and is expected to remain so for some time. Well located schemes provide a relatively low risk investment with an expectation of a sustained income stream and rental growth. Institutional investors are actively seeking to increase their exposure to the student accommodation sector, albeit concentrated on the larger, purpose built schemes. As a consequence, prime yields have been driven down to 5.50% for the best regional locations. The marketability of smaller schemes has improved over the last 18-24 months as property companies have sought to enter the sector and take advantage of the sector’s profit potential. This has resulted in a compression in yields. Yields for smaller lot sizes of below £10 million are now at around 5.75% to 6.5%.


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We have provided below details of student accommodation investments and note that the yields range from 5.58%, achieved in June 2015, in respect of the sale of Holly Court, St Michael’s Hill, Bristol, to 5.99% achieved in August 2016 with the sale of Isca Lofts, Exeter, 6.7% achieved for the student element of Stonebridge House, Colston Avenue, Bristol, in January 2015 and 7.15% achieved in July 2014 with the sale of Pipe Lane.

Address Date and type of transaction.

Rent £ per annum

Purchase price / Price per

bed Asking terms Description

Isca Lofts, Longbrook Street, Exeter Long leasehold. Net income of £302,059

per annum. £4,730,000

£66,620 per bed 71 bed student scheme converted in

2008. Aug-16 Fully let for the 2015 / 2016 academic year. NIY 5.99%

31 – 33 Corn Street and 21 – 23 Clare Street, Bristol:

Long leasehold investment sale Net income of £202,735

per annum from student accommodation element plus £15,000 per annum for the retail element at

Clare Street, let unit January 2023, subject to

a break in the fifth anniversary

£3,450,000

£78,409 per bed

Corn Street: Grade II Listed building, converted to provide three, eight

bedroom cluster flats. (Ground floor retail unit not part of the demise).

Clare Street: A new development of four, five bedroom cluster flats and a

café on the basement and ground floor

Aug-15 NIY of 5.93%

Holly Court, St Michaels Hill, Bristol:

Long leasehold investment sale

Fully let for 2014 / 2015 on 51 and 52 week

tenancies with a gross income of £478,899 per

annum

£5,800,000 £128,900 per bed

45 studio apartments and one bedroom flats. Jun-15 Net income of £345,311

per annum NIY of 5.58%

Stonebridge House, Colston Avenue, Bristol:

Freehold investment sale

Unknown

£5,500,000 £94,900 per bed

(excluding commercial

element)

58 beds arranged in five en-suite cluster flats and 33 studios. Ground floor retail unit of 240 sq m (2,583 sq

ft)

Jan-15 NIY of 6.7% on

the student element only

Pipe Lane, 1-8 Pipe Lane, Bristol: Freehold investment sale Unknown £2,350,000

£65,000 per bed Purpose built student

accommodation scheme comprising eight, three to six bed cluster flats.

Jul-14

NIY of 7.15% assuming

purchasers costs of 2.8%

Due to the untested nature of the location we have adopted a yield of 7% for our valuation.


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3.5. Marketability of the Property

At the right price point, we expect the Property to generate good demand from investors going forward. The property at 78 units is likely to be too large for high net worth individuals and too small for large institutional investors, so would appeal to smaller investment firms or local developers. We understand that the business model is for sale of individual units to investors, which we have not observed in the Bristol market to date, although we are aware that this approach has been taken in other cities, notably Plymouth and Exeter. It is reasonable to expect that the capital value performance and scheme’s marketability will improve as the area is regenerated. We would expect a sale of the whole to be achieved within six months of marketing. 3.6. Rental Value

There is a variety of accommodation across Bristol, ranging from studios to cluster flats, ensuites to shared facilities and catered or self catering accommodation, with a range from 40 to 52 week tenancies. The Property comprises privately managed cluster flats, a common model in the Bristol student market. As a consequence, we have considered rents of a range of unit types. University of Bristol The University of Bristol provides circa 3,988 bed spaces, offering a mixture of non-en-suite and en-suite cluster flats and studio units. A summary is shown below:

• Bed Numbers: 3,988 • Number of Residence: circa 22 • Rental Range £ per week:

Standard (Non en-suite) - £106 - £155 or catered £150 - £186 En-suite - £145 - £155 or catered £150 - £186 Shared - £83 - £91 or catered £125 - £135 Term – 42 weeks

The University West of England The University of the West of England provides circa 2974 bed spaces, offering a mixture of non-en-suite and en-suite cluster flats and studio units. A summary is shown below:

• Bed Numbers: 2974 • Number of Residence: circa 5 • Rental Range £ per week:

Standard (Non en-suite) - £95 - £158 En-suite - £103 - £177 Shared - £89 Studio – £130

Superior rooms - £124 Term – 40 - 45 weeks


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PBSA Rental Profile – Wider Bristol (£ per week) Direct Let Cluster £87.47 - £194 43- 52 weeks

Direct Let Cluster ENS £103.87-£263 43- 52 weeks

Direct Let Studio ENS £124.50 - £250 43- 52 weeks

HMO Market The HMO market in Bristol varies on a similar spectrum to Students lets, the rent reflecting the size, location, specification, bills included, en-suite and so on. Location will be the prime factor influencing the rent with the highest rents achieved in Clifton, city centre, Redland and St Andrews. Rents range from £70 to £150 per week. We expect private purpose built halls to command higher rents generally as they are often finished to a higher standard and provide extra facilities, such as included gym or flat screen TVs. Many private halls are also developed to a higher standard to appeal to international students, who are prepared to pay the highest rents. Studio developments generally achieve a premium in comparison to cluster units.

There are currently two main providers of Higher Education in Bristol, The University of Bristol and The University of the West of England. There is a shortfall of student accommodation in Bristol by circa 33% and limited voids. We would expect Bristol to fall into a Prime Regional centre for student accommodation. Bristol has had a strong student market for the past five years. As university’s intake is uncapped we would expect strengthening of the yield for student accommodation. In underetaking our valuation we have adopted an average rental value of £160 per studio flat per week. This is relatively low compared to city centre apartments, reflecting the location, but higher than rates in the HMO market.


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4. Valuation Advice


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4.1. Principal Valuation Considerations

The principal matters that impact on the value of the property are as follows:

Advantages

- The critical mass of the site will assist with establishing the scheme, in the market. - The scheme will benefit from relative affordability in comparison to other more expensive parts of the city. - The location is well located for access to the city centre and both universities.

Disadvantages

- The Lower Ashley Road location is currentrly poorly regarded. - Road noise from Lower Ashley Road. - The future performance of the scheme will inevitably be heavily dependant upon the regeneration of the local area.

4.2. Valuation Approach

In arriving at our opinion of value we have reviewed relevant investment comparables and adopted an investment approach, capitalising the net income at an appropriate yield, reflecting the risk profile of the asset.

On the basis of an average rental value of £160 per room per week for a 52 week term, the gross rental income for the property would be in the order to £649,000 per annum. From this we have deducted management costs at 15% and a void allowance of 5% to arrive at a net rental income of £519,168, which when capitalised at 6.75%, equates to £7,691,000 say £7,700,000 or £98,700 per bed space before purchasers costs.

Leasehold Calculation

You have asked us to provide a long leasehold value for the property based on a £350 per annum ground rent per annum for 30 years. Capitalising at 5% this equates to a ground rent investment value/freeholder value in the order of £546,000, which is discounted from the unencumbered freehold value reported above.

Freehold value £7,691,000

Less ground rent investment value £607,000

Leasehold Value £7,085,000


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4.3. Gross Development Value (Freehold)

We have carefully considered the Property, as described in this report, and we are of the opinion that the Market Value of the freehold interest in the Property, on the Special Assumption that planning consent has been obtained for the proposed scheme of 78 units and the construction is completed, as at the date of valuation is:

£7,700,000

(SEVEN MILLION AND SEVEN HUNDRED THOUSAND POUNDS)

The value reflects a net initial yield of 6.75% and is gross of purchaser’s costs.

4.4. Gross Development Value (Leashold)

We have carefully considered the Property, as described in this report, and we are of the opinion that the Market Value of the long leasehold interests in the Property, on the Special Assumption that planning consent has been obtained for the proposed scheme of 78 units and the construction is completed, as at the date of valuation is:

£7,085,000

(SEVEN MILLION AND EIGHTY FIVE THOUSAND POUNDS)

In both cases we consider that a period of up to six months is a reasonable period within which to negotiate completion of a sale by private treaty at the level of our valuation, taking into account the nature of the Property, the marketing background and the state of the market.


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5. General Assumptions & Conditions to Valuations


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5.1. General Assumptions and Conditions

5.1.1. General Assumptions

1. Unless otherwise stated in this report, our valuations have been carried out on the basis of the following General Assumptions. If any of them are subsequently found not to be valid, we may wish to review our valuations, as there may be an impact on it/them.

2. That the property is not subject to any unusual or especially onerous restrictions, encumbrances or outgoings

contained in the Freehold Title. Should there be any mortgages or charges, we have assumed that the Properties would be sold free of them. We have not inspected the Title Deeds or Land Registry Certificates.

3. That we have been supplied with all information likely to have an effect on the value of the property, and that the

information supplied to us and summarised in this report is both complete and correct. 4. That the completed units will be converted and used in accordance with all statutory and bye-law requirements, and

that there are no breaches of planning control. Likewise, that any future construction or use will be lawful (other than those points referred to above).

5. That the property is not adversely affected, nor is likely to become adversely affected, by any highway, town planning

or other schemes or proposals, and that there are no matters adversely affecting value that might be revealed by a local search, replies to usual enquiries, or by any statutory notice (other than those points referred to above).

6. That on completion the buildings are structurally sound, and that there are no structural, latent or other material

defects, including rot and inherently dangerous or unsuitable materials or techniques, whether in parts of the buildings we have inspected or not, that would cause us to make allowance by way of capital repair (other than those points referred to above).

7. That the property is connected, or capable of being connected without undue expense, to the public services of gas,

electricity, water, telephones and sewerage. 8. That the property has not suffered any land contamination in the past, nor is it likely to become so contaminated in the

foreseeable future. We have not carried out any soil tests or made any other investigations in this respect, and we cannot assess the likelihood of any such contamination.

9. That the property does not suffer from any risk of flooding. We have not carried out any investigation into this matter. 10. That the property does not suffer from any ill effects of Radon Gas, high voltage electrical supply apparatus and other

environmental detriment. 5.1.2. General Conditions

Our valuations have been carried out on the basis of the following general conditions:


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1. We have made no allowance for any Capital Gains Tax or other taxation liability that might arise upon a sale of the property.

2. Our valuations are exclusive of VAT (if applicable).

3. No allowance has been made for any expenses of realisation.

4. Excluded from our valuations is any additional value attributable to goodwill, or to fixtures and fittings which are only of value in situ to the present occupier.

5. Our valuations are based on market evidence which has come into our possession from numerous sources. That from other agents and valuers is given in good faith but without liability. It is often provided in verbal form. Some comes from databases such as the Land Registry or computer databases to which Savills subscribes. In all cases, other than where we have had a direct involvement with the transactions, we are unable to warrant that the information on which we have relied is correct although we believe it to be so.


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Appendices

Report & Valuation

Appendix 1

Report & Valuation

Appendix 2

Appendix 2 - Schedule of Accomodation

Floor Studio Unit Number Area Sq M Area Sq Ft

Ground G1 21.09 227Ground G2 21.09 227Ground G3 21.09 227Ground G4 21.09 227Ground G5 21.09 227Ground G6 21.09 227Ground G7 21.09 227Ground G8 21.09 227Ground G9 21.09 227Ground G10 21.09 227Ground G11 21.09 227Ground G12 21.09 227Ground G13 21.09 227Ground G14 21.09 227Ground G15 32.30 348

First Floor F1 21.09 227First Floor F2 21.09 227First Floor F3 21.09 227First Floor F4 21.09 227First Floor F5 21.09 227First Floor F6 21.09 227First Floor F7 21.09 227First Floor F8 21.09 227First Floor F9 21.09 227First Floor F10 21.09 227First Floor F11 21.09 227First Floor F12 21.09 227First Floor F13 21.09 227First Floor F14 21.09 227First Floor F15 21.09 227First Floor F16 21.09 227First Floor F17 21.09 227First Floor F18 21.09 227First Floor F19 21.09 227First Floor F20 32.30 348First Floor F21 32.30 348

Second Floor S1 21.09 227Second Floor S2 21.09 227Second Floor S3 21.09 227Second Floor S4 21.09 227Second Floor S5 21.09 227Second Floor S6 21.09 227Second Floor S7 21.09 227Second Floor S8 21.09 227Second Floor S9 21.09 227Second Floor S10 21.09 227Second Floor S11 21.09 227Second Floor S12 21.09 227Second Floor S13 21.09 227Second Floor S14 21.09 227Second Floor S15 21.09 227Second Floor S16 21.09 227Second Floor S17 21.09 227

Appendix 2 - Schedule of Accomodation

Second Floor S18 21.09 227Second Floor S19 21.09 227Second Floor S20 32.30 348Second Floor S21 32.30 348

Third Floor T1 21.09 227Third Floor T2 21.09 227Third Floor T3 21.09 227Third Floor T4 21.09 227Third Floor T5 21.09 227Third Floor T6 21.09 227Third Floor T7 21.09 227Third Floor T8 21.09 227Third Floor T9 21.09 227Third Floor T10 21.09 227Third Floor T11 21.09 227Third Floor T12 21.09 227Third Floor T13 21.09 227Third Floor T14 21.09 227Third Floor T15 21.09 227Third Floor T16 21.09 227Third Floor T17 21.09 227Third Floor T18 21.09 227Third Floor T19 21.09 227Third Floor T20 32.30 348Third Floor T21 32.30 348

Totals 78 1723 18552

Report & Valuation

Appendix 3

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