PRIME, DOMINANT, SOUTH EAST SHOPPING CENTRE INVESTMENT
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
PRIME, DOMINANT, SOUTH EAST SHOPPING CENTRE INVESTMENT
INVESTMENT OVERVIEW
• Redhill is a highly affluent south-east commuter
town in the borough of Reigate & Banstead and in
the heart of Surrey, 21 miles due south of Central
London.
• The town benefits from exceptional transport links
with access to the M25 motorway within 2.5 miles
and a train journey time of 30 minutes to Central
London.
• Redhill is currently undergoing substantial
regeneration, with over 450 residential units
planned to be developed in the town centre and
major improvements to the town’s transport
infrastructure. Significant population growth is
forecast over the next 5 years.
• Held freehold, The Belfry shopping centre
dominates the town’s retail provision.
• Totalling 250,000 sq ft, the centre comprises
57 retail units over 2 trading levels, 2 office blocks,
4 residential flats and a 776 space car park.
• The asset is anchored by a 68,500 sq ft Marks &
Spencer department store and a new 20,650
sq ft store is currently being developed for a major
fashion multiple. Other key occupiers include WH
Smith, Topshop/Topman, JD Sport and New Look.
• The centre includes 57 retail units producing total
gross income of £3,797,918 per annum and a net
income after landlord shortfalls and marketing
expenditure of £3,593,247 per annum.
• Excellent income security: 66% of current income is
secured against national retailers and the WAULT is
4.09 years to expiry (3.19 years to break).
• A number of readily achievable asset management
initiatives.
• Offers are sought in excess of £43,500,000,
reflecting 7.73% NIY, 7.29% EY and 7.58% RY
assuming purchasers costs of 6.8%.
The Belfry shopping centre
totals 250,000 sq ft and is
anchored by Marks & Spencer,
completely dominating the town’s
retail provision
3
LOCATION AND COMMUNICATIONS
Redhill is a highly affluent commuter town, located 21 miles south of Central London and 11 miles
north of Crawley town centre. Neighbouring towns include Tunbridge Wells (25 miles) to the
south-east, Guildford (20 miles) to the west and Reigate (2 miles) to the west.
Situated just 2.5 miles from Junction 8 each year. The main line railway station A second runway at Gatwick airport is
of the M25 Motorway and 6.5 miles from provides frequent direct trains to both seen as a very deliverable option, and
the M23 Motorway, Redhill benefits from London Victoria (30 mins) and London Redhill and the surrounding area would
excellent transport links and offers direct Bridge (40 mins). There are also frequent benefit significantly as a result.
access to Greater London, Brighton and services to Gatwick Airport, Reading,
the rest of the South East. Tonbridge, Horsham and Bedford.
Redhill benefits from a well-connected Gatwick Airport, the UK’s second largest Excellent transport and
public transport infrastructure, which and busiest airport, is located within 7
is currently undergoing a significant miles south of the town and is accessed
communication links,
improvement funded by the local via the A23 or the M23. Gatwick Airport with a fastest journey
authority. Redhill station is among the top has been shortlisted for expansion as part
time in to Central
REDHILL
100 busiest stations in the UK, with over of London’s commitment to satisfy the
3.5 million passengers passing through it increasing demand for airport capacity. London of 30 minutes Redhill sits in the metropolitan borough of Reigate & Banstead, which is the largest borough
2 29 A127 in the county of Surrey. With a total population of 110,000 people, and significant population
A40 1 A4
1
growth expected over the next 5 years, the town makes a vital contribution to the county’s
1 6 economy, and that of the South East.
0
A4 CITY
M25
3
Maidenhead Uxbridge A13
A1
Slough Redhill is widely recognised for its over 45,000 businesses and £20.7 billion debate surrounding the expansion of a
7
LONDON 30 outstanding natural environment, being GDP, is one of the strongest regional London airport (including the addition
6 Woolwich located in the Surrey Hills Area of economies in the UK. of a 2nd runway at Gatwick) still to be
4 3 2 1 31 Tilbury Outstanding Natural Beauty, attracting a settled. Up to 32,600 new jobs could be
A4 Richmond wealthy commuter catchment population. Redhill’s proximity to Central London created in the Gatwick areas as a result
Windsor 14 HEATHROW A205 Dartford and major transport infrastructure has of the airport expansion, as well as the
13 A2 A2 2 Gravesend Furthermore, its strategic location allowed it to become a popular location improvement to the local infrastructure
0 A2
Kingston between Central London and Gatwick for business space occupiers. The borough needed to serve the airport. Regardless
Staines 1
Bracknell upon Thames Swanley Airport makes it an important location for is home to almost 5,700 businesses of the expansion decision, the airport will
Croydon business, and the town thrives as a result. and the area has attracted a host of continue to serve as a global hub, and a
multi-national companies which include:
11 Sutton A232 M20 Located at the heart of Reigate &
crucial part of Redhill’s local economy.
Toyota, Pfizer, Canon, Towers Watson,
3 4 Banstead, Redhill is a key priority town AXA, Fidelity Investments and Balfour
M25 Epsom
M25
for the Borough Council, highlighted in
10 REDHILL
2
3 4 its strategic vision for 2020. As such, the
Beatty. The service sector is the dominant
Redhill’s thriving
A23
industry in the town, accounting for 83%
9 M26
4
4 Woking
A2
business environment
A2
town is undergoing a major regeneration. of total employment, whilst 36% of total
5
2
9
8
The town centre has been allocated
2
Leatherhead 7 employment is within the financial and
A2
M25 Sevenoaks resources to transform its image, boosting is well-positioned for
A3
business services sector which is above
8 6 the road network, local amenities and the UK average.
6 future growth
A2
Dorking Oxted A2 public realm, which will all be improved.
1
Reigate Redhill also benefits from its location The potential for future growth in the
Guildford
within the Gatwick Diamond, which with region is enormous, with the continuing
A31 M23 Tonbridge
A2
Godalming
A24
2
5
GATWICK 9 East
Grinstead
A26
Crawley 10 4 Tunbridge Wells
A
CATCHMENT AND DEMOGRAPHICS
£
REDHILL WILL OUTPERFORM THE
Top 3
UK AVERAGE IN GDP GROWTH, ACORN GROUPS EXTREMELY
CONSUMER SPENDING, EMPLOYMENT, REPRESENTED IN REDHILL: MOBILE POPULATION:
WORKFORCE GROWTH, DISPOSABLE AFFLUENT ACHIEVERS (31%) 85% HAVE 1 OR MORE CARS
INCOME AND TOTAL POPULATION RISING PROSPERITY (26% (UK AVERAGE OF 74%)
GROWTH (2015-2020) COMFORTABLE COMMUNITIES (21%) (CACI)
(OXFORD ECONOMICS) (CACI)
68%
OF REDHILL’S POPULATION
IS CLASSED WITHIN THE ABC1 EXTENSIVE TOTAL CATCHMENT
TOTAL COMPARISON ACORN PROFILE POPULATION OF
GOODS EXPENDITURE:
447,200
(UK AVERAGE OF 53% ABC1)
£317 MILLION (CACI)
(PMA) (CACI)
Redhill has an extensive KINGSTON UPON THAMES
STAINES UPON BROMLEY
catchment with a total THAMES Redhill is forecast to outperform both the UK and the Surrey region in all of the
Ascot
population of 447,200 people. CROYDON economic indicators, as highlighted in the graph below.
The catchment extends SUTTON
beyond the M25 motorway
REDHILL GROWTH (FORECAST 2015 - 2020)
to Purley in the north and the EPSOM
metropolitan centre of Crawley 6.00%
Average Annual Year on Year Growth (2015 - 2020)
in the south. The catchment 5.20% UK Surrey Redhill
also extends towards WOKING
5.00%
Sevenoaks in the east, and to Bookham Oxted
Westerham
Guildford in the west. 4.00%
GUILDFORD Godstone 4.00%
3.60%
Dorking
REDHILL
3.00%
Edenbridge 2.40% 2.60%
Retail Footprint - Catchments Bramley
2.00% 1.70% 2.00%
1.80%
Primary Lingfield 2.00% 1.60% 1.50% 1.50%
Copthorne
Secondary 0.90%
Cranleigh 1.00% 0.70%
Tertiary CRAWLEY
Quaternary Broadfield Forest Row 0.00%
Haslemere
t
ng
e
th
es
g
th
uc
at
in
w
w
m
di
nd
tR
od
ro
ro
co
en
Horsham
pe
Pr
G
G
en
Retail Footprint - Centres
In
Sp
ce
n
lS
m
tic
e
io
er
bl
or
oy
ai
es
at
si
m
Primary Centres
et
kf
pl
ul
om
po
su
or
R
Cuckfield
m
p
Po
is
W
on
D
ne
D
Major Centres
ss
C
Billingshurst
U
al
ld
ro
t
O
ho
To
G
IL
se
Metropolitan Centres Uckfield
ou
Burgees Hill
H
Source: Oxford Economics
7
Source: CACI
RETAILING IN REDHILL
Redhill is the premier shopping destination for a large
catchment population that stretches north of the M25 towards
Central London, as far east as the Surrey Hills, and west to
the M23.
Redhill is estimated to have approximately is currently undergoing redevelopment to
480,000 sq ft of town centre retail include an enlargement of the Sainsbury’s
floorspace. to three times its current size, a 70 bed
Travelodge hotel & The Gym Group gym,
At 250,000 sq ft, the Belfry shopping and increased parking provision plus a
centre completely dominates the retail new facia and entrance to the Harlequin
provision in the town and is considered Theatre.
to be the prime retail pitch. This extends
out of the scheme’s main entrance onto The Harlequin Theatre is located directly
Redhill High Street where Wilko, Argos adjacent to the Warwick Quadrant
and Poundland are located. shopping centre. The Harlequin is
a popular theatre and cinema with
Historically, the pre-recessionary prime capacity for 768 people, hosting live
rent in the town stood at £85 per sq ft shows, muscials and comedy. The theatre
ITZA. Prime rents in the town are now ensures that Redhill has a lively night time
closer to £70 per sq ft ITZA, and the trade and benefits the local restaurants
prime pitch is within the Belfry on the surrounding it. The proposed cinema
lower level, accessed via the High Street. which forms part of the Marketfield Way
development will further enhance Redhill’s
Surrounding the Belfry are a number of
night-time economy.
complementary retail pitches, including
Station Road, High Street and Warwick There are currently three retail-led
Quadrant. Station Road has a strong development projects either in planning or
tenant line-up and houses a number underway to improve the retail provision
of banks, cafés and pharmacies let to in Redhill, which include: Marketfield Way,
Natwest, Greggs and Boots. The High where a cinema-
Street pitch includes the fashion retailer led development
Bonmarché, and Argos amongst other will include retail,
national occupiers. restaurant and café
units; proposals
The secondary scheme in the town,
for Redhill Station
Warwick Quadrant (The Harlequin
including a Waitrose
Centre), is anchored by a Sainsbury’s
supermarket and
superstore. The parade includes a number
the aforementioned
of complementary service-led operators
Warwick Quadrant.
and continues down High Street to where
Poundland and McDonalds are located. It
9
INVESTMENT IN AND AROUND THE BELFRY
REDHILL SUSTAINABLE REDHILL BALANCED WARWICK QUADRANT
TRANSPORT PACKAGE NETWORK SCHEME
• Sainsburys / Aviva Investors
WA
• Pedestrian and cycle • Regional connectivity • Enlargement of existing
RW
access improvements improvements food store to 80,000 sq ft
IC
• £4.9 million • £4 million superstore. 70 bed Travelodge
K
RO
• Completed 2014. • Completed 2015. Hotel and “The Gym Group” gym.
AD
GLOU
TREET CEST • Completion 2017
NORTH S ER RO
AD
D
OA
PR ER
IN OK
R
CE
DB
SS
LA
W
CLAR
AY
E NDON
ROAD
D
ON R
BA
WAR
LOND
TT
S
FU
HI
WIC
RZ
LL
EH
E IL
K RO
AN L REDHILL
L
25 BUS STATION
LD
AD
LINKFIE A
D OME
WAY
WAY
ENS
WAY
QUE
T AN
OXFO
QUADR
R D ROA
ESS
E
L D
IL
IV
H HARLEQUIN
DR
TS
INC
BAT
CIK
THEATRE
’S
NE
WARW
PR
AN
ST
STATION RO
A25 STATION ROAD AD
STATION
RO
N ROAD
AD
STATIO
ST M AT
IV E
E DR
NOK
TH
A2
5 5
A2
EW
LIN REDHILL STATION
REET
KF
’S R
IE L
DS FAI AX AVENUE
HIGH ST
ET
TR E
D
RF • Kier/Network Rail
REDSTONE
• Residential and
AD food store development
UE
RO
AY
Redhill will be S • £50m “Platform 0” AD
FAIRFAX AVEN
HIL
DISH RO
DW
ND CROMWELL RD for LondonVEN
A CA bound trains
L
HL
transformed with the TC SE
IEL
BAX
CLO
• Commencement 2017-18
HA T ER
AVE ND
HO LLA
E TF
FE CHARMA NU
N
enormous scale of N ROA
D E
CRO
GA
RK
A 25
TES
MA
development taking
SSL
STREET
RD
A
T
place in the town
ND
HIGH S
ROA
LINKFIELD
D
23
A
FENGATES CHAPEL R
RD OAD
OAKDEN
E OAKDENE RD
RD QUEENSGATE PUBLIC REALM MARKETFIELD WAY PHOENIX PLAZA
Over 450 residential IMPROVEMENTS
• Lodge Crest • Reigate & Banstead Borough • Rainier Developments
units are being built in • Office to • Completed 2014. Council/CoPlan Estates • Residential and convenience
Redhill town centre residential
conversion and
• £40 Million
• 153 Residential Units,
store development
redevelopment 6 Screen Cinema, 11 Retail /
of ground Restaurant Units
floor retail units • Planning 2016
• Completion 2017
11
PHOTOLABS
AD
WILKO
HOUSEHOLD GOODS
AVAILABLE BY
SEPARATE NEGOTIATION
TO BE
A MAJOR
FASHION
MULTIPLE
U/O BARNES & FADDEN
O2
MUFFIN
BREAK
GIFTS
U/O
ROBERT DYAS
TOP
CARD FA
CTORY
THE BELFRY SHOPPING CENTRE GROUND FLOOR THE EAGLES NEST
The Belfry is located at the heart of Redhill, benefitting from an unrivalled
location in the town and accessed via both the busy pedestrianised High Street
and Station Road. First opened in 1991, the scheme dominates the retail offer in
the town and has benefitted from a comprehensive refurbishment in 2007.
The Belfry is highly accessible fashion multiple on a 15 year term; The prime pitch in the scheme
with an imposing and highly opening is due Q1 2017. This will is on the main mall at the lower
Completely
visible entrance to the centre reinforce the scheme’s position as level, where a rental tone of dominant
from the pedestrianised high the catchment’s principal fashion approximately £65 Zone A
street, which has recently been offer. is established. Footfall is at
and let to
VACANT
upgraded through public realm its highest here, with 40% of a host of
improvements and new street The strong tenant line-up drives shoppers entering the scheme
furniture. footfall of approximately 5.1 million through the entrance from High
fashion and PITCH
VACANT
BLUE
people per annum. Year to date Street serving this level. The upper convenience
The centre comprises figures for 2016 show that the level offers a discount where
approximately 250,000 sq ft of Belfry experienced an increase in the rental tone is £45 Zone A.
retailers
covered retail accommodation footfall of 1% year-on-year, bucking Direct access to this level is from
24-26
arranged over 2 trading levels. The the national trend in this measure. Station Hill where rents are further TOY BARNHOUSE
scheme is anchored by a 68,500 discounted to approximately
sq ft M&S which is let on a long The scheme also benefits
£27.50 Zone A. TO BE
lease at a peppercorn rent. from a second frontage on to A MAJOR
FASHION
Station Road in a landscaped The scheme’s 776 space, landlord MULTIPLE
The lower level of the scheme street environment. This parade operated car park attracts over
The Belfry
FRAMED
comprises Redhill’s fashion offer, sits opposite a large, modern 527,500 users per annum and is
VACANT
let to retailers including JD Sports, residential development and is the town’s main and largest car will be
Burton/Dorothy Perkins and occupied by national multiples park. Acting as a key anchor and
Clarks. This is complemented by including Barclays Bank and HSBC. footfall generator, access is via two
transformed
other major national occupiers
Also within the ownership are
entrances, on Cromwell Road and by the
such as Boots, WH Smith and St Matthew Road. The car park
Waterstones. two office blocks, Priory House
has recently undergone a minor
creation
and Tower House. These sit
BENSONS FOR BEDS
The upper level of the scheme is above the scheme (accessed
refurbishment with new barriers of a new,
and a “pay on foot” system
also extremely well let, to national via Station Road and Cromwell
installed.
dual level
occupiers including New Look, Road respectively) and provide
Topshop/Topman, Pep & Co and approximately 16,125 sq ft of office
anchor unit
Servicing to the scheme is via
The Body Shop. accommodation over two levels. an underground basement level
The ownership also includes four accessed via St Matthews Road.
The scheme will be transformed by residential dwellings, which are FIRST FLOOR
the creation of a new 20,650 sq ft located on Station Road.
dual level MSU, to be let to a major 13
INCOME PROFILE/ANALYSIS 1%
The centre offers a WAULT of 4.09 years to expiry and
3.19 years to first break options. 66% of the asset’s total income
14%
is secured against national covenants.
3% National
Total Income
5% by Covenant Type Regional
1%
Offices
11%
Commercialisation
14% Car Park
Residential
3%
66%
National
5% Regional
Offices
11%
Commercialisation
Car Park
Residential
66%
Retail and Office Income Expiry Profile (Excluding Breaks)
9%
0 - 2 Years
36%
20%
2 - 5 Years
5 - 10 Years
10 - 15 Years
9%
0 - 2 Years
36%
20%
35%
2 - 5 Years
5 - 10 Years
10 - 15 Years
29% of the asset’s contracted income is secured for in excess of
5 years and 35% for between 2-5 years. The asset also boasts a
vacancy rate of just
35% 2.3% by ERV.
Top 10 Tenants by Income
(Excluding Residential, Car Park and Commercialisation)
Tenant Name Expiry (Break) Current Rent (pa) Income %
TENURE To be a Major Fashion Multiple 2032 (Year 7, 2024) £195,000* 6.3%
Boots UK Ltd 21/11/2016 £178,500 5.8%
The asset is held freehold.
New Look Retailers Ltd 10/07/2020 £159,500 5.2%
Waterstones Booksellers Ltd 23/06/2018 £135,000 4.4%
Superdrug Stores Plc 28/09/2016 £125,000 4.0%
TENANCIES WH Smith Retail Holdings Ltd 24/06/2022 £100,000 3.2%
The property is let on let on 67 leases to 56 retail, Burton/Dorothy Perkins 28/09/2016 £91,000 2.9%
7 office and 4 residential tenants as detailed in the C & J Clark International Ltd 23/06/2019 £86,250 2.8%
tenancy schedule.
Linens Direct Ltd 28/09/2018 £86,000 2.8%
Including income from commercialisation activities, Robert Dyas Holdings Limited 22/06/2026 £80,000 2.6%
the asset is currently producing a gross income of
£3,797,918 per annum. After the deduction of landlord’s *Turnover rent of 5% of gross turnover.
shortfalls and the landlord’s contribution to marketing, 40% of the total income, excluding residential, car park and commercialisation, is secured against these top 10 tenants
the net income is £3,593,247 per annum. by passing rent. 43% of the income from the top 10 tenants is secured in advance of three years and against national
covenants such as New Look, WH Smith and Robert Dyas.
15
TITLE PLAN ASSET MANAGEMENT INITIATIVES
57 to 65
69 67
1
51 to 53 39 25
49
Office accommodation fronting
Improve A3 offer on Upper Level
STATION ROAD Station Road 38a Station Road – this parade has two
mall accessed via Station Road –
82.9m LB storeys of office accommodation
footflow through this area will be
50
TCB 60 40 38
36 34
which could be better served with
2a
greatly improved on the back of the
1
TCB a change of use to either residential
Redhill
49 22 PH
2b
72
letting to a major fashion multiple.
84 82 76 74 66 64a 64
or hotel. The public realm in this
86
Chambe
There is also the opportunity to
2c
area has been greatly improved as a
rs
relet the prominent Unit 22 fronting
2d
result of the residential development
Station Road to an A3 operator.
et
High Stre
Posts which fronts on to the road.
2
3-7 High Street
4
45
3
ST
M
8
CR
Source: PRP
AT
e
LB
ne Hous
TH
EW
1 to 10
Marylebo
'S
12
42B 27 The Wilko unit (3-7 High Street) is
RO
41 42A 29 30 Service yard between Boots and
11
9
13
AD
The Belfry being sold as part of a separate sale,
Wilko, High Street – there is the
being run simultaneous to the sale of
potential to create out of hours
18
15
the Belfry. The incoming purchaser
31
access to the car park through
20
20a
20b
Multistorey Car Park (over) has the opportunity to acquire the
this yard, given the cinema and
17
19
40 asset and benefit from an unexpired
32 restaurant development on
36
lease term of 8 years to a national
21
Marketfield Way, to increase the
covenant, improving the income
26
El revenue generated from the car park.
Sub Sta PC profile of the shopping centre asset.
75.9m
34
to
28
27
36
31
Ram
1to3 PH p
Ramp
40
39 Car Park (over)
33
PH
41
43
45
Def
44
42
78.3m
CROMWELL ROAD Benefit from the significant
LB
77.1m
MARKE
T FIELD regeneration of Redhill - the town
32 34to38 46 10 ROA The scheme has recently been
30 24to28 16
2
centre will see an influx of new
Knowles House rebased with a number of leasing
35
48 residents as well as complementary
6
12
0m 25m 50m 75m deals concluded at our prime
retail developments to boost the
rental tone of £65 Zone A. There is
profile of Redhill. An expansion
ASSET MANAGEMENT INITIATIVES HUNTINGDON ROAD
3-7 HIGH STREET
Wa
the opportunity for the incoming
of Redhill station is proposed to
purchaser to benefit from rental
cope with the increased volume of
Following the opening of the major fashion multiple within the scheme the following The Wilko unit is being sold as part of a growth from this low base.
passengers passing through the
will all be valid target tenants: Hotter Shoes, Superdry, Smiggle, Schuh, Jones Bootmaker, separate sale. This offers the chance to further station each day.
Paperchase, Tiger, Oliver Bonas, Footlocker. Each of these tenants would boost the profile increase the income profile of the asset.
of the scheme.
Continue to let up void units – it
is expected that there will be
increased leasing pressure on the
remaining vacant units as a result
Upper decks of multi storey car park
of a major fashion multiple entering
– there is an opportunity to grow
the scheme, and the boost to the
income from the upper decks which
local economy provided by the
are currently under-utilised.
ongoing regeneration. There is also
the opportunity to proactively
re-gear existing leases to enhance
the income profile of the asset.
Recreate PMS(from pdf )
17
ADDITIONAL INFORMATION
CAR PARKING FOOTFALL
The Belfry benefits from a popular landlord operated 776 space The year to date total footfall from January 2016 to August
multi-storey car park, accessed from St Matthew’s Road. It is 2016 is 3.26 million, a 1% increase from the same period in 2015.
located to the rear of the centre with pedestrian access points at The projected annual total is in excess of 5.1 million people. A
each level of the asset. significant increase in footfall is anticipated in 2017 once the new
fashion anchor opens for trade.
The Belfry offers the cheapest car park in the town centre and is
open from 7am–8pm Monday to Friday, 7am-7pm on Saturdays,
and 8.30am to 5.30pm on Sundays and Bank Holidays.
VAT
Car Parking Tariff Price
It is anticipated that the sale will be treated as a Transfer of
0-1 hour £1.00 Going Concern (TOGC). However, should this not be the case, the
1-2 hours £1.70 properties have all been elected for VAT and therefore VAT will
2-3 hours £2.20 be payable on the purchase price.
3-4 hours £2.80
4-5 hours £5.00
EPCS
All Day (5+ hours) £7.50
An EPC for the whole asset has been commissioned and will
be available upon request. A selection of individual unit EPCs is
SERVICE CHARGE available on the sales website.
The service charge budget runs from the 1st October until the
30th September annually. The budget for the year ending 30th
PROPOSALS
September 2016 is £1,320,930 which represents £5.36 per sq ft
on an overall basis. We are instructed to seek offers in excess of £43,500,000,
subject to contract. Assuming purchasers costs of 6.8% this
reflects the following yield profile:
MARKETING BUDGET
Net Initial Yield 7.73%
The marketing budget for 2016 is £132,000 per annum, Nominal Equivalent Yield 7.29%
unchanged from the previous year. In line with good Reversionary Yield 7.58%
management practice, the landlord currently funds 50% of the
marketing budget which equates to £66,000 per annum.
WEBSITE
Further information is held in a data room at:
www.the-belfry-redhill.co.uk
FURTHER INFORMATION
For further information please contact:
JAMES STRATTON CHRIS WHITE
T: 020 7152 5668 T: 020 7152 5735
E: james.stratton@cushwake.com E: chris.white@cushwake.com
PAUL MORTLOCK
T: 020 7152 5051
E: paul.mortlock@cushwake.com
MISREPRESENTATION ACT: Cushman & Wakefield gives notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or
lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility, and any intending purchasers, lessees or third parties should
TENANCY SCHEDULE
not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the
employment of Cushman & Wakefield as any authority to make any representation or warranty whatever in relation to this property. Purchase prices, rents or other prices
quoted are correct at the date of publication and, unless otherwise stated, exclusive of VAT. Intending purchasers and lessees must satisfy themselves independently as to
the incidence of VAT in respect of any transaction relating to this property. September 2016. Designed and Produced by Creativeworld Tel 01282 858200.You can also read
