THE POMPEY CENTRE - PRIME MIXED USE INVESTMENT - Cushman & Wakefield
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
THE POMPEY CENTRE
PORTSMOUTH | PO4 8SL
PRIME MIXED USE INVESTMENT
2 l THE POMPEY CENTRE THE POMPEY CENTRE l 3
KEY INVESTMENT
CREDENTIALS
¬¬ The City of Portsmouth is predominantly located ¬¬ A rare opportunity to acquire a mixed use scheme
on Portsea Island on the south coast in Hampshire, including Trade Park, Industrial, Hotel, Retail,
approximately 19 miles east of Southampton and Leisure and Restaurants.
70 miles south-west of London.
¬¬ The Pompey Centre is let to a leading mix of national
¬¬ Portsmouth is the 27th largest population centre tenants including; B&Q, McDonald’s, Safestore,
in the UK with a resident population of 215,000 and KFC, Topps Tiles, Accor Hotel,
is the only city in the UK whose population density Lloyds Pharmacy and the NHS.
exceeds that of London.
¬¬ Total scheme income of £4,040,445 per annum
¬¬ The Pompey Centre benefits from being located in the (including guarantees) of which the majority is let to
centre of Portsea Island adjacent to Fratton Park just ‘Very Low Risk’ covenants with a WAULT of
off the A2030 Goldsmith Avenue, the principal route 8 years to expiry.
leading west towards the city centre.
¬¬ Immediate potential rental uplifts on some outstanding We are instructed to seek offers in the region of:
¬¬ A well-established modern purpose built scheme reviews, lease renewals and lettings.
£56,000,000
developed in 2003 on 24.1 acres totalling approximately
290,956 sq ft with 1,033 car spaces. ¬¬ Asset Management opportunities to add value and
floorspace over the medium term.
¬¬ Predominantly Freehold.
(Fifty-Six Million Pounds) subject to contract and exclusive of VAT.
An acquisition at this level would reflect a Net Initial Yield of 6.76%
“The Pompey Centre is exceptionally well established rising to approximately 6.9% within two years (owing to expected
in Portsmouth, being adjacent to Fratton Park and a uplifts at rent review, renewal and RPI) assuming purchaser’s costs
successful Tesco Extra store” of 6.8%.
4 l THE POMPEY CENTRE
A303
A39 A3
HIGHLY Tourism
In 2015 Portsmouth and Southsea ranked in the top 20
Rail
Portsmouth is served by three rail stations; Portsmouth & M3
ACCESSIBLE most visited towns and cities in the UK. Portsmouth has
an abundance of tourist attractions predominantly focused
around its maritime history and the Naval Base.
Southsea to the west, Fratton located centrally and Hilsea
to the north. Fastest journey times from Fratton Station:
Salisbury Winchester
A31 Haslemere
LOCATION
Chichester 19 minutes
Leading attractions that help contribute significantly towards
the local economy include HMS Victory, The Mary Rose
Southampton Central 38 minutes Petersfield
Museum, HMS Warrior, Spinnaker Tower, Royal Navy London Waterloo 1 hour 24 minutes
Submarine Museum as well as Charles Dickens Birthplace A272
Portsmouth is predominantly located on Portsea
Museum and the D Day Museum. Eastleigh
Island on the south coast in Hampshire, approximately
Road
A3
19 miles south-east of Southampton and 70 miles The highly successful Gunwharf Quays, in the top 3 Designer
south-west of London. Outlets in the UK, has an exciting array of shopping and
The scheme has strong road communications with the
A338
dining which adds to the significant spend from outside
A2030 providing direct access to the A3 approximately
The City has one of the strongest marine and maritime economies in Portsmouth’s catchment.
1.9 miles to the north west, and from there the M275
M27
the UK as well as being home to the Royal Navy. Global giants in the
advanced manufacturing, defence, technology and aerospace are
and wider motorway network. Southampton M3(M)
located in the city including BAE Systems, IBM, Babcook, QinetiQ, The M275 provides the main connecting link to Southampton A31 Havant
Airbus and PALL Europe. Portsmouth’s Growth Agenda along the M27 to the west and Chichester along the A27 to
Hythe
Portsmouth is the 27th largest population centre in the UK which Major initiatives include:
the east. Ringwood Fareham
currently stands at 215,000 and is projected to grow to 250,000 Central London can be accessed by the A27 and A3(M)
Tipner & Horsea Gateway via Guildford.
by 2050, also accommodating 18,000 new homes by 2034. The
New
city’s working population is 4% higher than the national average. Funding has been secured as part of the Government’s Portsmouth benefits from being extensively covered by
Milton Lymington
Portsmouth Bognor
Regis
The University of Portsmouth is ranked within the top 50 with a City Deal to kickstart this prominent waterfront site the First bus network currently running within the city,
student population of 23,000. The first University Technical College bordering the M275. Up to 2,730 homes and business with approximately 50 bus routes in Portsmouth,
opened in 2017 in the city to boost regional employment and to space to accommodate more than 3,700 permanent jobs Fareham and Gosport.
supply a highly skilled advanced workforce. is planned over the next decade. Bournemouth
City Centre
Significant investment is planned to reshape the City Ferry
“Portsmouth has exceptionally Centre including provision of accommodation to house
4000 students together with new road and Public Realm Portsmouth offers direct ferries to France in under three
strong population and employment improvements. The University is intending to create a world hours, with routes to Cherbourg, Caen and Le Havre
leading City Centre Campus over the next decade. amongst the destinations.
growth projections”
6 l THE POMPEY CENTRE THE POMPEY CENTRE l 7
A3(M) HIGH DENSITY
CATCHMENT &
DEMOGRAPHIC
Southwick
Purbrook
Boarhunt
Westbourne
A3(M)
¬¬ Population – According to CACI Limited an estimated 160,885 people
A3
live within a 10-minute drive-time of the property, increasing to over
230,383 people within a 15-minute drive.
Havant
Portchester ¬¬ Strong Growth – The population of Portsmouth has seen above
average growth of 0.68% per annum between 2011 – 2017 (PROMIS).
A27 ¬¬ Comparatively Affluent – Over 54% of the 10-minute catchment
A27 Langstone
M27 Cosham population are classified within categories AB (in higher or intermediate
Farlington
managerial/admin/professional careers) and C1 (in supervisory, clerical,
junior managerial/admin/professional careers), which is higher than the
12 A27
UK average.
A3
¬¬ Within a 10-minute drive time, those considered to be within the
Hilsea Northney “Rising Prosperity” and “Comfortable Communities” Acorn categories
M275 account for 42.5% of the profile.
A2030
Portsmouth ¬¬ Portsmouth benefits from large scale touristic spending with Visit
A32 Stoke Britain estimating an annual injection of approximately £39 million
A3
between 2014 and 2016.
Landport
A2047
¬¬ Average house prices in Portsmouth increased by 7.6% between Q4
A3023
Fratton 2016 and Q4 2017, 3.3% more than the PROMIS average.
A2030
Hayling Island
A3
A32
A2030 A3023
Gosport
“Portsea Island has the highest population
A288
South Hayling density in the UK, ahead of London”
Southsea Eastoke
10-minute drive-time 15-minute drive-time
8 l THE POMPEY CENTRE THE POMPEY CENTRE l 9
2
A27
A397 A2030
M27
4
A27 Limited Retail Competition:
PORTSMOUTH 12
1
Ocean Retail Park, PO3 5HH
RETAILING &
A3
The 175,000 sq ft scheme has wide bulky goods consent.
Retailers on the scheme include Currys PC World, M&S
INDUSTRIAL
Foodhall, TK Maxx, Tapi Carpets, McDonald’s, Halfords
A2047 and Carpetright. Rental tone £25 psf for 10,000 sq ft units.
Homebase has recently closed.
5
PROVISION
A2030
M275 Portsmouth Retail Park, PO6 4FB
2
The 42,341 sq ft park has A1/A3/D1 and D2 consent.
3 1
Total out of town retail supply in Portsmouth including food A3 Portsmouth Retailers include Home Bargains, Jollyes, Decathlon,
Pure Gym, The Vet, Greggs, Subway and Costa.
provision is estimated at 667,000 sq ft.
The provision is of a very mixed quality with Ocean Retail Park, being the
only good quality modern scheme on Portsea Island. Due to the high Burrfields Retail Park, PO3 5HH
density of development and lack of suitable sites, the Out of Town retail 3
A2047 The 25,000 sq ft units scheme has restricted A1 consent.
supply has always been low for a City the size of Portsmouth. Retailers are Pets at Home and Office Outlet.
There are no other modern, dedicated Trade Parks on Portsea Island.
A2030
The majority of the supply of industrial, distribution and manufacturing
accommodation is located towards the north of Portsea Island. Fitzherbert Road Retail Park, PO6 1RR
4
B&Q is now the only dedicated DIY store on Portsea Island A3 A2030 Comprises 81,772 sq ft Sainsbury’s with petrol filling
following the recent closure of the 43,000 sq ft Homebase on station and solus 33,054 sq ft B&M with Garden Centre.
Ocean Retail Park. A32
The Range, PO3 5RR
5
A3 A2030 The 32,025 sq ft solus unit located on an industrial estate
“The Pompey Centre is a thriving and has bulky goods consent.
business and retailing hub benefiting A288
from proximity to Fratton Park and B2/B8 Areas
Portsmouth commercial areas includes industrial,
a new Tesco Extra” distribution and manufacturing.
10 l THE POMPEY CENTRE THE POMPEY CENTRE l 11
TENURE 3-1
THE POMPEY
Scheme Configuration Scheme Construction 3-2a
The scheme was developed in 2003 and is of the 3-2b
The property was developed in 4 distinct phases that
6
CENTRE
comprise the following: following construction: 2- 3-3
2d 2-
7
Predominantly Freehold -8
3-4a
Trade Park: Steel portal frame construction with steel profile 2c 2
3-4b
Phase 1: 9
sheet cladding and pitched roofs incorporating roof lights. The property is to be sold encompassing the extent of 2-
Site Area: 15.6 acres the titles shown on the adjacent plan. The site is spilt 10
3-4d
3-4c
Internally the units have an eaves height of 6m, up and over 5 2-
GIA Floorspace: 180,074 sq ft into phases allowing greater flexibility and liquidity. 2-
shutter doors and WC facility. Each tenant has fitted out with 4 11
Car Parking Provision: 829 spaces 2- 2-
The Pompey Centre is exceptionally well established in units according to specific business needs, with some sale 3
Planning Uses: A1 (Restricted), A3, D1, D2, B8
Part of Phase 4 is held on 999 year leases. 2-
Portsmouth being adjacent to Fratton Park and having and storage mezzanines. 2
2-
been a leading Business orientated location for 15 years. Occupiers: Safestore, KFC, McDonald’s, B&Q, Bensons,
1
Better Gym, Krazy Kaves Retail / A3 / Gym: Steel portal frame construction with Scheme Configuration 2-
steel panel elevations and partially glazed frontages. The
Key attributes Phase 2: units house external canopies overhanging the glazed Phase 1 (180,074 sq ft)
Site Area: 3.4 acres entrance points.
¬¬ The only modern, purpose built Trade Park in Portsmouth, GIA Floorspace: 41,107 sq ft Safestore, KFC, McDonald’s, B&Q, Bensons,
together with a number of industrial units. Car Parking Provision: 126 spaces Industrial / NHS / Self Store: Steel portal frame construction Better Gym and Krazy Kaves
Planning Uses: B2, B8 with steel profile sheet cladding with some partially and fully
¬¬ The only dedicated DIY provision on Portsea Island. glazed frontages. Roller shutters access doors.
Occupiers: Topp Tiles, CEF, Bathstore, Elliotts,
Phase 2 (41,107 sq ft)
¬¬ Strong mix of Alternatives – Hotel, NHS & Self-Storage. Global Furniture Express, Plumblink Plumbing Supplies Ltd,
Hotel: Steel portal frame construction with steel cladding flat
Portsmouth Plumbing Supplies, Tile Giant, C.Brewer & Sons, Topp Tiles, CEF, Bathstore, Elliotts, Global
roof and double-glazed windows. Partially glazed entrance.
¬¬ Leading A3 Restaurants – McDonald’s & KFC. Formula One Automotive Furniture Express, Plumblink Plumbing Supplies
Car Parking: A combination of paving, concrete slabs and Ltd, Portsmouth Plumbing Supplies, Tile Giant,
¬¬ Close to Fratton Park, home to Portsmouth FC as well Phase 3: tarmac with black top finish. C.Brewer & Sons, and Formula One Automotive
as a new Tesco Superstore adjacent.
Site Area: 2.1 acres
¬¬ The site, developed in 2003 extends to approximately GIA Floorspace: 37,765 sq ft
Car Parking Provision: 52 spaces Phase 3 (37,765 sq ft)
24.1 acres (9.7 hectares) and totals approximately Scheme Access
290,956 sq ft of accommodation and 1,033 car spaces. Planning Uses: A1, B2, B8, D1
Mr Clutch, Sue Ryder, Sally Salon, Lloyds
Occupiers: Mr Clutch, Sue Ryder, Sally Salon, ¬¬ Vehicle access is from the Pompey Centre Estate road
Pharmacy, Sunnyside Surgery and NHS 4-1
Lloyds Pharmacy, Sunnyside Surgery, NHS. just off the A2030 Goldsmith Avenue. 4-2
“The Pompey Centre is the leading Phase 4: ¬¬ Servicing for the B&Q unit is via a concrete yard to the
rear of the property accessed from Dickinson Road,
Phase 4 (32,010 sq ft)
4-3
complimentary mixed use scheme Site Area: 3 acres
4-5
just off Fratton Way. Ibis, Subway and Inhealth Ecotech Ltd
GIA Floorspace: 32,010 sq ft
on Portsea Island catering for a Car Parking Provision: 26 spaces ¬¬ There is a regular bus service to The Pompey Centre Fratton
Station
4-3
Planning Uses: A1, C1 from the city centre and surrounding areas. 4-3
significant catchment” Occupiers: Ibis, Subway, Inhealth Ecotech Ltd
For indicative purposes only.
12 l THE POMPEY CENTRE THE POMPEY CENTRE l 13
LEADING TENANT LINE UP
There has been an exceptionally low level of tenant turnover since the scheme was developed – very few have left the scheme and there has historically been little or no vacancy level.
The property is let to a strong mix of leading UK operators producing a total current net income of £4,040,445 pa with an average weighted unexpired lease term of 8 years to lease expiries.
GIA Lease Term Lease Next Rent GIA Lease Term Lease Next Rent
Unit Tenant Trading Fascia Rent pa psf Comments Unit Tenant Trading Fascia Rent pa psf Comments
(sq ft) Start (years) Expiry Review (sq ft) Start (years) Expiry Review
Phase 1 Phase 3
1 B&Q Plc B&Q 131,830 13/12/2002 25.0 12/12/2027 13/12/2022 £1,779,705 £13.50
3/1 Sue Ryder Sue Ryder Furniture 6,240 20/10/2014 10.0 19/10/2024 20/10/2019 £60,000 £9.62
On assignment from Fitness First Clubs Limited (March 2017). Previous rent
2d Greenwich Leisure Ltd Better Gym 12,350 13/12/2002 25.0 12/12/2027 13/12/2022 £130,000 £10.53
£110,844 p.a. 3/2a CI (Holdings) Ltd Mr Clutch 4,064 24/01/2005 15.0 23/01/2020 £45,923 £11.30
2c Krazy Kaves Ltd Krazy Kaves 5,001 26/06/2003 20.0 25/06/2023 £53,750 £10.75 Previous rent £47,700 p.a.
Sally Hair & Beauty
3/2b Salon Services 2,945 18/10/2004 15.0 17/10/2019 £32,395 £11.00
Supplies Ltd
McDonald’s Restaurants
3 McDonald’s 3,095 25/10/2002 25.0 24/10/2027 25/10/2022 £106,500 £34.41 Previous rent £97,500 p.a.
Limited N&C Tiles and
3/3 Nicholls & Clarke Ltd 5,612 25/05/2007 15.0 30/04/2022 25/05/2017 £64,538 £11.50 Rent review outstanding. Small storage mezzanine.
Bathrooms
Kentucky Fried Chicken (GB)
4a KFC 3,167 29/11/2002 25.0 28/11/2027 29/11/2022 £96,900 £30.60 Previous rent £87,250 p.a.
Ltd
Fiona Sheila Moss, Catherine
Index Linked RR every 3 years, upwards only. Cap is 6% over each 3 year
Anne Lake, Jonathan Lake,
4 Steinhoff UK Properties Ltd Benson Beds 4,300 04/06/2008 15.0 03/06/2023 04/06/2018 £70,950 £16.50 2017 break not exercised. Would split. 3/4 Sunnyside Surgery 9,795 01/06/2005 25.0 31/05/2030 01/06/2020 £175,428 £17.91 period. Break Clause 01/06/2020 and 01/06/2025. Assigned to current
Sian Louise Slater t/a
tenants on 20.02.2018.
Sunnyside Surgery
Original lease expires 12.12.2022. New 20 year reversionary lease completed
Safestore Trading Ltd 06.02.2019. Previous rent £165,000pa. Rent reviewed to £200,000 pa at 2017 rent
6A Safestore 20,331 13/12/2002 20.0 12/12/2042 13/12/2022 £200,000 £9.84 Previous rent £34,381p.a. Break Clause 25/12/2024 on 14 days notice if
(Safestore plc as guarantor) review. T.B.O 12/12/2037 on 6 months notice, 12 months free from completion of 3/5 Lloyds Pharmacy Limited Lloyds Pharmacy 1,213 25/12/2004 25.0 24/12/2029 25/12/2019 £40,810 £33.64
NHS vacate unit 3/4.
reversionary lease. (Rent review to OMV or 120% B8 use).
Portsmouth City Teaching Index Linked RR every 3 years. Mutual rolling breaks on 6 months notice
Phase 2 3/4c
Primary Care Trust.
Solent NHS Trust 3,795 01/06/2007 18.0 29/06/2025 30/06/2020 £69,518 £18.32
– from November 2011.
Previous rent £56,330 p.a. Terms agreed for a 10 year lease with T.B.O at year 5. Rent
TP 1 Multi Tile Ltd Topps Tiles 5,025 18/11/2018 10.0 17/11/2028 18/11/2023 £70,350 £14.00 Portsmouth City Teaching
review 5 yearly. Rents paid monthly. 3/4b Solent NHS Trust 4,101 30/06/2005 20.0 29/06/2025 30/06/2020 £73,160 £17.83 Index Linked RR every 3 years. LL Break 30/06/2020.
Primary Care Trust.
Previous rent of £33,910. Storage mezzanine. Tenant offered a 15 year lease with
TP 2 City Electrical Factors Ltd CEF 3,026 08/07/2003 15.0 07/07/2018 £42,364 £14.00 Phase 4
T.B.O’s at years 5 & 10. Rent reviews 5 yearly.
TP 3 Elliott Brothers Ltd Elliotts Tool Centre 3,487 25/02/2011 15.0 24/02/2026 25/02/2021 £39,230 £11.25 Break Clause 25/12/2021. Storage mezzanine. RPI Lease – Annual RPI increases based on November index value.
Accor UK Economy Formula RR = R x (1+ (0.85 A/B -1)) Equivalent to 85% of the RPI
Hotel Ibis 26,210 23/12/2008 17.0 22/12/2025 23/12/2019 £383,545 £14.63
Lease renewal completed to franchisee at £42,000 p.a. No rent free. T.B.O’s at years Hotels Ltd annual increase. Guaranteed by Accor invest Group S.A. Previous rent
TP 4 MPW Bathrooms Ltd Bathstore 3,018 15/09/2018 15.0 14/09/2033 15/09/2023 £42,000 £13.92
5 & 10. Partial sales mezzanine. £373,418 p.a. 120 bedrooms. Actual rent £383,545.43.
Previously let at £44,950 p.a. 4 months rent free on new letting now expired. 62
TP 5 Plumbing Supplies Ltd 4,010 03/07/2018 15.0 02/07/2033 03/07/2023 £57,143 £14.25 Sellar Properties
Sales and storage mezzanine. Goldsmith 1,000 29/02/2012 9.0 13/03/2021 23/12/2018 £15,500 £15.50 OMV reviews. Management office – buyer to create their own lease.
(Coventry) Ltd
Ave
TP 6 Global Furniture Express Ltd 3,508 29/09/2012 15.0 28/09/2027 29/09/2022 £49,112 £14.00 Rent review agreed at £14.00 psf. Break clause 29/09/2022.
64
Portsmouth Plumbing Supplies Goldsmith Echotech Limited 800 14/03/2011 10.0 13/03/2021 £13,500 £16.88 Previous rent £12,000pa, 2 car spaces.
TP 7 3,026 03/10/2018 15.0 02/10/2033 03/10/2023 £42,364 £14.00 Lease renewal completed at £14.00 psf. 15 year lease with T.B.O’s at years 5 & 10.
Ltd Ave
Travis Perkins (Properties) Ltd Previous rent £34,799. Terms agreed (subject to Board Approval) for 15 year lease Unit 12 Vacant 2,500 £40,000 £16.00 Two year rent, rates & service charge guarantee.
TP 8 Tile Giant 3,003 11/07/2008 10.0 10/07/2018 £42,042 £14.00
t/a Tile Giant with T.B.O’s at years 5 & 10. Rent reviews 5 yearly.
TP 9 C Brewer & Sons Ltd 3,025 21/07/2018 15.0 20/07/2033 21/07/2023 £41,594 £13.75 Lease renewal completed at £13.75 psf. 15 year lease with a break at year 10. Tenant break on 2 months notice subject to (a) £40k surrender and (b)
Unit 13 Subway Realty Ltd Subway 1,500 23/12/2008 15.0 22/12/2023 £24,000 £16.00
no arrears. In occupation since 2009.
Vacated. Quoting rent £14.50 psf. Two year rent, rates & service charge guarantee
TP 10 Vacant 3,650 £51,100 £14.00
at £14.00 psf.
Formula One ISH: 15 year lease at £13.75 psf with T.B.O at year 10. No rent free.
Total 290,956 £4,040,445
TP 11 Formula One Auto Centres Ltd 6,329 04/08/2018 15.0 03/08/2033 £87,024 £13.75
Autocentres Previous rent £70,950 p.a. Lease date TBC.
14 l THE POMPEY CENTRE THE POMPEY CENTRE l 15
SECURE INCOME FUTURE INCOME
PROFILE ENHANCEMENT
The scheme is let to a diverse mix of national operators, the The positive attributes to drive future performance include:
majority of which are dominant in their sectors of the market. ¬¬ Trade Park – conclude the last two renewals in light of improved rental tone
44% of the scheme income is secured to B&Q until 2027, and let the one remaining vacant unit on the park to set a new benchmark
with a further 25% secured for over 5 years. Headline Rent.
Excluding two vacant units, the income risk is limited with 91% of the ¬¬ Opportunity to improve WAULT by undertaking renewals, lease extensions
scheme’s income secured against tenants rated by Experian as having and removal of any tenant break clauses – industrials, A3 units & Hotel
a ‘Very Low Risk’ of business failure.
¬¬ Exploit potential to carve up Bensons into smaller units for A3 use and
Further information on the tenants’ recent accounts are available drive rental tone.
on request.
¬¬ There are outstanding requirements for retailers such as Dunelm, Matalan
(relocation), Home Bargains and Aldi amongst others to be accommodated
in Portsmouth. Potential for The Range relocation.
Tenant Income Spread Income Expiry Profile
¬¬ Subject to B&Q consent to develop out small pods in the car parks.
¬¬ Enjoy RPI based uplifts on 13% of the income.
2%
5% 5%
10%
7% 15%
PLANNING
B&Q
Trade Park
9% D2 / Self Storage 0-5 years
Hotel 5-10 years Outline planning permission was granted in May 2001,
44%
for the construction of Fitness Centre, Class B1/B8
9% NHS / Surgery 10-20 years
units, Class A1 Retail Unit, Class A3 Food & Drink unit
A3 / Retail 20 years + and Class B8 units with associated parking, landscaping
Industrial 70% and access roads.
10%
Miscellaneous Unit 1 (B&Q) is subject to the following restrictions: Non-food bulky
retail limited to DIY and/or garden goods; furniture, furnishings
14% and textiles, carpets and floor coverings; camping, boating and
caravanning goods; motor vehicle and cycle goods; electrical
goods including computers; and pet supplies.
16 l THE POMPEY CENTRE THE POMPEY CENTRE l 17
We are instructed to seek offers in the region of:
FURTHER £56,000,000
INFORMATION (Fifty-Six Million Pounds) subject to contract and exclusive of VAT.
An acquisition at this level would reflect a Net Initial Yield of 6.76% rising
SERVICE CHARGE to approximately 6.9% within two years (owing to expected uplifts at rent
The property operates a service charge relating to the 4 phases review, renewal and RPI) assuming purchaser’s costs of 6.8%.
with further information available on request.
EPCS
Certificates for all units are available on request.
SURVEYS
A phase 1 environmental risk assessment is being undertaken and
will be made available on request.
VAT
We understand the property has been elected for VAT and it is
anticipated that the transaction will be treated as a transfer of a
going concern.
DATAROOM
A dataroom is available with supporting documents and further
information. Please contact Cushman & Wakefield for access.
CONTACTS
Patrick Knapman Charles Howard
T: 020 7152 5019 T: 020 7152 5364
M: 07768 825 666 M: 07810 631 409
43/45 Portman Square E: patrick.knapman@cushwake.com E: charles.howard@cushwake.com
London W1H 6LY
Graham Collison Dominic Barnard
T: 020 7152 5140 T: 020 7152 5970
M: 07770 921 388 M: 0797 076 1972
E: graham.collison@cushwake.com E: dominic.barnard@cushwake.com
Cushman & Wakefield, as agent for the vendors or lessors of this property, gives notice that: (i) These particulars are set out as a general outline for guidance only. They do not form any part of an offer or contract and must not be relied upon as statements or
representations of fact; (ii) All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should
not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; (iii) No person acting on behalf of Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to this
property. Cushman & Wakefield accepts no responsibility for any statement made in these particulars; (iv) Any areas, measurements or distances given are approximate. Unless otherwise stated, all purchase prices, any rents or outgoings are correct at the date of
publication, and unless otherwise stated, are quoted exclusive of VAT; (v) Images may be computer generated. Photographs show certain parts of this property as they appeared at the time they were taken; and (vi) Any descriptions given of this property cannot be
taken to imply this property is in good repair, has all necessary consents, is free of contamination, or that the services and facilities are in working order. Intending purchasers or lessees are advised to carry out their own investigations. May 2019.
Produced by THE GROUP www.completelygroup.com Job no. 16517.002You can also read
