UK cross sector outlook - Savills
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UK Residential, Commercial & Rural – 2019
S P OT L I G H T
UK cross sector
Savills Research
outlook
Investment trends and forecasts for 2019 across the residential, commercial and rural sectorsCross sector focus Cross sector focus
Spotting the winners and losers that may
arise from the shift away from the EU
and towards global trade will be key
Welcome to the 2019
edition of our annual Cross
Sector Outlook. Our three
heads of research, Emily
Norton, Lucian Cook and
Mat Oakley, present their
forecasts for the coming
year and give their hot picks
for out-performance in 2019
and beyond.
With Brexit uncertainty
imminent, calling the
market for 2019 is no easy
task. The autumn budget
confirmed that there is
slack in the system to
support a shock to the
economy, but political
change and regulatory
reform remain key risk
factors. In this uncertainty,
a flight to real-estate assets
could be expected, but
with capital growth lacking
in the short term, seeking
the best rental growth
prospects means finding
Looking forward: three
niches and meeting
In the residential sector, the current commercial and rural assets. This is regional employment is more important
changing expectations.
Housing Minister’s Twitter mantra of expected to lead to the development of than ever. A more liberal global trade agenda
Attractive investment #MoreBetterFaster only hints at a wider more mixed-use portfolios. remains a key driver for post-Brexit Britain.
ways markets are evolving
opportunities are still policy shift towards more diverse housing The rising influence of corporate investors Spotting the winners and losers that may
coming to the market. delivery that is more closely linked to need. in Build to Rent also reflects this. Corporates arise from the shift away from the
This Spotlight helps Much of that is being channelled through are now creating diversified products that EU and towards global trade will be key.
identify where the best a planning system under ongoing reform. better integrate green space and energy Of course, social, environmental and
value can be found across Navigating an era of widespread uncertainty and social This comes at a time when major house accountability. The economies of scale financial performance are the central pillars
the various asset classes upheaval will require a focus on the long-term drivers builders have been put on notice that Help in these developments pave the way for of any sustainability plan, but they are also
in the rural, commercial to Buy only has a limited life, the pioneers of enhanced well-being, stronger community the central tenets of business resilience.
and residential sectors
of success rather than reacting to short-term trends Build to Rent have developed the models that and better design. Critically, from a Measuring and managing risks across these
to inform your future will underpin the future expansion of this financial perspective this should create categories, with a renewed focus on the
investment decisions. In an era of political uncertainty and social media has created a new way for the sector, and providers of affordable housing a marketing advantage. human and environmental aspects, has never
Our expert knowledge technological innovation, it is easy to become people to hold those in power to account. have been given more support to deliver been more important in spotting synergies
and insight across all reactive and risk averse. But it’s not just We see enhanced social responsibility on their development aspirations. 3. Planning long-term and new opportunities, and thus for creating
sectors are a tangible political infighting and regulatory change across multiple property investments as a The third strand brings the others together: successful long-term investment plans.
benefit to our clients, that is causing uncertainty. It’s also the huge result. Office space has to offer a people-first 2. Environmental gains financial resilience, which we predict will be
and – especially at times upheaval in society enabled by technological environment. For rural places, welcoming Driven by regulatory changes in rural land based on lower capital appreciation and a
of uncertainty – our real- innovation. There is no certainty about visitors remains a good way to diversify use, we predict that ‘net environmental gain’ renewed focus on income generation than
how well-established markets will react, income streams, but the experience is and ‘offsetting’ will be the buzzwords in land in previous years. Despite stellar rises over
estate expertise has never
so picking winners for 2019 won’t be simple. more important than the view. For both use for 2019. The 25 Year Environment Plan the past 10 years, the uncertainties over the
been more important.
But the tips in this Spotlight are based on commercial and rural trading for the UK should be brought into legislative medium term mean capital growth cannot
a deep understanding of the fundamentals investments, focusing on meeting effect during 2019 via an Environment Bill. be taken for granted. Longer term, we
of our markets’ economics. Not the reactive customer expectations in generating secure It will set out the environmental principles remain confident that the underlying market
trends, but on the long-term drivers of success. trading or rental income is essential. and governance that will guide all land fundamentals will remain strong, but a
During this process, we identified three Getting the service element right in retail use in the UK. Climate regulation and the clear plan for riding out short- to mid-term
common themes. should be a central focus of commercial ongoing attempt to meet the COP21 Paris instability is essential. The Treasury remains
property investors in 2019. Online commitments will act as drivers in policy confident of its key performance indicators
James Sparrow
CEO, UK & Europe
1. Societal need competition is a threat, but one need only making and corporate social responsibility. around employment and growth in any
020 7409 8854 The most dominant trend for investment ask, “What can Amazon not do?” to start Demand from corporate landlords and Brexit scenario. But as we reach a stage
jsparrow@savills.co.uk success in 2019 is around meeting the basics generating interesting and investable tenants for renewable energy and on-site of trade uncertainty post-Brexit, keeping
of human needs. Across the spectrum, concepts for trading enterprises. energy points to more interaction between an eye on broader demographic trends in
savills.com/research 2 3Cross sector forecast Investment focus
5.9% Five-year annualised
capital growth in
Our key investment
urban logistics
Growing pains opportunities
Despite economic and political unpredictability, attractive Where to find value across various asset classes
investment opportunities are still coming to the market
Our projections of five-year investment Urban logistics sits at the top of the pile, That said, investment levels from
returns for different asset classes have driven by the weight of money attracted wealthy overseas buyers of prime central
a similar shape to last year. If anything, to what has become the darling of the London property are expected to improve
there is now even more emphasis on the commercial property sector on the back of over our forecast period. Assuming the
fundamentals of supply and demand to structural change and strong rental growth. outlook becomes more certain, we expect
support secure income streams and greater In the residential sector, a continued buyers to increasingly take advantage of
reliance on rental growth to deliver undersupply of homes for rent underpins the price adjustments seen in this market
capital appreciation. This reflects the our expectation of continued rental growth. since 2014, albeit not to the same degree
uncertainty surrounding the economic Restrictions on the tax relief available to as in previous cycles.
and political backdrop. mortgaged buy to let investors make it Uncertainty over the shape of future
To arrive at our numbers we have had more difficult to compare returns against agricultural policy and the impact of
to make assumptions as to the outcome other asset classes, or indeed the growing prospective trade deals on commodity
of Brexit. First, we have assumed it will build to rent sector. prices indicate that price growth on
occur. Second, we have assumed that This less-attractive investment rural assets will be confined to more Residential top picks Rural top picks Commercial top picks
whatever the outcome it will not signal environment for private investors will diversified holdings or those where Development land in demand Diversified income New London developments
the end of uncertainty, which will limit the stock hitting the rental market, amenity value is a key component of value. The sweet spot in the A key aspect to future-proof rural The strong occupational trends
persist through the first few years of the particularly in the lower-yielding markets While the returns on this asset class look development-land market businesses remains diversification and falling levels of development
forecast period. That should mean that where it is more difficult for them to make uninspiring, demand is likely to continue appears to be for smaller sites of enterprises. Estates in the South activity in the London office
interest rates will continue to gradually the maths work. This will generally shift to be underpinned by the tax benefits of in local authorities with high East of England profit from greater market look like they will leave the
rise through the forecast period, investment focus further north where house ownership and the need for those looking housing targets who may residential, commercial and trading capital with a severe undersupply
essentially meaning that we have seen price growth prospects are greater, now to expand their landholding to enter the struggle to meet the housing enterprise demand than those in of Grade A office space in 2021
the end of widespread yield compression that we have entered the second half of market as and when a scarcely traded delivery test. Demand will come other parts of the UK. This reduces and beyond. However, some large
across the sectors. the housing market cycle. asset comes to the market. from better-financed small and their exposure to returns from new development opportunities
medium sized house builders farming. Analysing the demographic will come to the market in 2019,
and Housing Associations. context of an investment is crucial and we expect them to be
Comparative returns chart The next five years: outlook for annual income and capital growth to understanding income growth strongly contested.
12.0% Urban investment potential and capital value stability.
Key Average annual income return Average annual income return (See note) 5-year annualised capital growth
There is potential for buyers Contra-cyclical
10.0% to stretch loan-to-income ratios Quality shines through investment in retail
in second tier cities and towns in The top-performing farms in The unremittingly negative news
8.0% the Midlands and the North that the UK have been forecast to about retail has led to sharp (and
Percentage per annum
5.9% are well connected to major thrive under any potential Brexit unscientific) repricing of the sector
6.0% 4.0% regional centres or have a diverse scenario. Where structural issues, across the UK. Prime assets will
2.3% 2.8% 1.6% 1.1% 0.2% local employment market. They such as soil quality and location, remain prime, and opportunistic
2.0%
are likely to offer investors a inhibit this performance, values investors would do well to run
4.0%
2.4% 1.3% 0.9% less-crowded marketplace may be affected. However, for a forensic eye over UK retail to
compared with, for example, good-quality land and certain identify good assets that could
2.0% 4.1% 4.4% 4.5% 4.0% 4.1% 4.5% 5.0% 4.9% 5.0% 2.4% 4.0% Manchester and Birmingham. livestock enterprises, productivity be bought comparatively cheaply.
3.0% 3.0%
2.3% and market alignment mean that
0.0%
1.1% 1.1% 1.1%
performance should be resilient
-0.6% -0.5% to the evolving policy and trade
-2.0% -3.6% environment. Structurally sound
but poorly managed rural assets
-4.0% could be an attractive pick.
Urban
logistics
North West
buy to let
UK build
to rent
UK buy
to let
Central London
offices
Prime central
Regional
logistics
UK student
housing
Retail
warehouse
Regional
offices
London buy to let
Central London
retail
London
buy to let
Amenity
farmland
Shopping
centres
All
farmland
Commercial
farmland
Note In a world of data, it is surprisingly difficult to arrive at comparative income returns for different asset classes. For residential buy to let investments, our model uses a
combination of data from the valuation office, the Land Registry and Rightmove. We have then had to take into account that while commercial property income streams
will often be underpinned by full repairing and insuring leases, in the residential markets these are the responsibility of the landlord. Agricultural tenancy obligations sit
somewhere in the middle. For consistency, we provide figures net of all irrecoverable costs in line with IPD industry standards. No account has been taken of the restricted
tax relief available to private buy to let investors using mortgage finance (which would reduce effective income returns for some investors). Source Savills Research
savills.com/research 4 5Commercial forecast Commercial forecast
6.2%
is the vacancy
rate in both industrial
and retail property
Back to basics Commercial outlook: six trends for 2019
It’s human nature to be attracted to the next big thing.
But don’t take your eye off the essentials of your sector
During the past two years, the commercial 70% say noise and temperature are a problem and always will. However, prime retail is
property market has been in countless in their office. Perhaps we need to focus less not a one-size-fits-all designation, it varies
discussions about co-working, company on what is new, and more on fi xing these basic from catchment to catchment. A luxurious SHOP
voluntary arrangements (CVAs) and issues that have been around for decades. experiential mall will trade badly in a modest
Brexit, and rather too little about market In the retail property sector, people are yet catchment regardless of how fabulous it is.
fundamentals and what customers want. again announcing the death of the high street. My rule of thumb for what defines prime
Mat Oakley
The most successful investors will be However, in retail more than any other sector, retail remains something that is dominant
Head of
Commercial Research
those who look beyond the noise and focus change is continual as each new generation and fits its catchment.
020 7409 8781 on the underlying signals. Key questions for changes its values and behaviours. As Steve Even in the logistics sector, there is CUSTOMER CARE GLOBAL CAPITAL RETAIL REPURPOSING
moakley@savills.com commercial property investors must always Dennis of Forbes magazine says: “Physical arguably too much focus on drones and robots The growth of workspace London remained the Not all retail is prime, and
be around how a building aligns with a retail is not dead; boring retail is.” when the basic challenges that distributors as a service, co-working world’s most popular a major theme for 2019
tenant’s needs, and what drives those needs. Retailers and retail environments often face are more about staffing and fuel costs. and serviced offices was destination for cross- and beyond will be what
In the office market, we should question fail because they don’t deliver what the Successful locations will continue to be the talk of the commercial border investment into you do with a vacant shop.
why businesses are drawn to ‘workspace as customer wants. Shoppers have always those where people want to be, and successful property markets from 2016 real estate in 2018 and We expect retail landlords
a service’, and what we can learn from that. wanted experiences and convenience, workplaces will be those that enable people to 2018. Its growth reflected we do not expect this to to look harder at mixing
Is it about the rise of tech companies? Brexit- to do their work as painlessly as possible. a need for a better customer change in 2019. Yields are uses and bringing more
related insecurity? Or is it a rejection of the Looking ahead, the smart investor in experience for tenants. high in the UK compared services into their schemes.
strictures of the traditional lease, where We need to focus less on what is new, commercial property could do a lot worse The best landlords and with most of Europe and Residential, hotels and even
everything is the tenant’s problem and the and more on fixing basic issues that than ignore the hype and ask themselves buildings will be those that Asia, and the possibility warehouses will be popping
landlord does as little as possible? Arguably, whether the asset they are buying or look after their customers of more opportunistic up in retail schemes across
commercial property may be the last sector
have been around for decades delivering is something that someone best, whether they want a deals will bring some North the country.
to grasp that customer care is a differentiator. wants to pay for – and keep paying for. six-month or 15-year lease. American buyers back into
There are other, more basic, issues we have Chasing trends and reacting to events the market in 2019.
yet to address. For example, it is astonishing is difficult, taking the time to talk to and
that only 58% of workers say their workplace understand your customer is much easier,
enables them to work productively, and that and all too often ignored.
Investor appeal Changes in commercial property yields by sector
6.5
Key October 2017 October 2018
Are increasingly
6.0 Secure
low industrial
yields driven by income
rental growth to remain
5.5 popular in
prospects or
investor demand? uncertain
times
THE RISE OF LONDON IN DEMAND REGIONAL GROWTH
Prime yield (%)
5.0 LOGISTICS London was seen as being The major regional
Logistics is already the most exposed to Brexit, cities are generally
most popular commercial but the strength of tenant undersupplied with new
4.5 Further yield property asset class, and demand for London offices office development,
softening to come,
yields have fallen below has contradicted this view. and are forecast to see
but schemes
4.0 those of offices and retail With only a year’s supply of continued employment
that match their
for the first time in history. office space in the City and growth. This, combined
catchment are
defensive and Occupier and investor the West End, investor’s with a stronger house price
3.5 may be a bargain demand will remain strong, eyes will turn towards and consumer confidence
and industrial developers how to capitalise on this. story than the South East,
will start to build upwards will keep them high on
3.0 to satisfy demand in the investors’ wish lists in 2019.
High-street
retail
Shopping
centres
Retail warehouse
(restricted)
Retail warehouse
(Open A1)
Offices
Leisure parks
M25
Provincial
offices
Industrial
distribution
Industrial
multi-let
West End offices
City offices
Regional
hotels
Foodstores
(OMR)
most constrained locations. Mixed-use development, in
particular, looks interesting
in these markets.
Source Savills Research
savills.com/research 6 7Residential forecast Residential forecast
478%
total pipeline growth
of build to rent stock
over the past five years
New kids on the block Residential outlook: six trends for 2019
Purpose-built, institutionally owned build to rent stock has
become a significant component of new housing delivery
Until recently, small-scale private landlords Quintain, Long Harbour and Grainger, The number of operational build to rent
dominated the residential property market, purpose-built, institutionally owned build units remains a tiny fraction of the nation’s
with a small number of large-scale private to rent stock has become a significant and private rented stock. And, while the range
and institutional investors sitting on increasingly important component of new of investors has grown, some of the largest
legacy portfolios. housing delivery. owners of multi-family in the US remain
Around 2000, buy to let investment To put this into context, in the year to noticeable by their absence in the UK,
Lucian Cook
ballooned, driven primarily by the promise the end of September 2018, the number of as do the big pension funds.
Head of
Residential Research
of inflation-busting house price growth. outstanding buy to let mortgages grew by just The focus has also shifted from an
020 7016 3837 An income return was the icing on the cake. 1.1%. The number of build to rent units either investment perspective. In this new SENTIMENT TO REGIONAL FOCUS ON INCOME
lcook@savills.com At its peak, in 2007, more than 183,000 complete or under construction rose by 30%. age of residential property investment, HOLD SWAY REBALANCING With the potential for
mortgages were granted for the purchase There has been innovation in planning, the emphasis has shifted to delivering In 2019, house price Evidence suggests we house price growth
of buy to let stock. That represented an design, delivery, management and branding, a competitive long-term income stream. movements are more have moved into the limited by the prospect
increase of 22% in the number of such laying the foundations for future growth. Since 2011, there has been a healthy margin likely to be dictated by second part of the current of increasing interest rates
mortgages in existence – in just one year. Equally, there appears to be plenty of capacity over gilts, though achieving that has required buyer confidence than housing cycle where the and mortgage regulation,
After the Global Financial Crisis (GFC), for an increasingly diversified offering. investors to take on the risks inherent with affordability. Uncertainty markets of the Midlands we expect investors to
the number of buy to let mortgages granted developing and delivering a new product regarding what final Brexit and North of England pay closer attention to the
fell and private cash investors became the and matching that to demand. negotiations mean for outperform those of income stream delivered
dominant player. While the number of There has been innovation With interest rates and gilt yields household finances is likely London and the South. by their residential
households in the private rented sector in planning, design, delivery, expected to rise gradually over the next five to result in continued buyer We expect this to be investment. This is expected
continued to grow at the rate of between years, all property asset classes will see some caution, providing little reflected in investor to be accompanied by
200,000 and 250,000 per year, larger
management and branding upward pressure on yields. Even though there impetus for house price focus through 2019 a shift from private to
institutions looked on. While they understood are acknowledged risks around regulation, growth at a national level. and the next five years. corporate investment.
the fundamentals of a mismatch in supply and what sets build to rent apart is a potential
demand, they fretted over the entry barriers. for rental value growth underpinned by
That is no longer the case. Pioneered structural change in how we live, and
by the likes of M&G, Delancey, Sigma, compression of the risk premium as the
sector evolves and matures.
On the rise Build to rent continues to gather momentum
45,000
Key September 2015 September 2016 September 2017 September 2018
40,000
Number of build to rent homes
35,000
30,000 BOOST FOR PRESSURE ON DIVERSITY ON
BUILD TO RENT PLANNING LARGE SITES
25,000 By the end of Q3 2018, Measures to standardise A slowing housing market
there were 15 institutional the calculation of housing in areas of highest housing
20,000 41,870 build to rent schemes with delivery targets and hold need will mean greater
plans to deliver more than local authorities to account diversity tenures will
15,000 31,553 1,000 homes each. We for the homes built in their need to be delivered to
25,665 expect large-scale investors area through the planning meet housing targets. As
10,000 20,401 20,942 who are keen to exploit system are likely to highlighted by the Letwin
14,039 operational economies of gradually feed through into Review, this could include
5,000 11,957 scale to deliver more large, more planning consents in more build to rent product
6,613 but increasingly diversified, areas of high housing need. and affordable housing.
0 offerings to the private
rental market.
Complete Construction
Source Savills Research using BPF, Molior
savills.com/research 8 9Rural forecast Rural forecast
£11.9bn
The natural capital valuation
of Forestry Commission
England’s woodland (2015)
Natural selection Rural outlook: six trends for 2019
The importance of natural capital will require
farmers and landowners to prioritise sustainability
Natural capital is gaining credence as the The 25 Year Environment Plan is Bill, unlike the Common Agricultural Policy
future foundation of public investment significant. It is expected to be the basis (CAP). So, we predict that some farming
in land management. The concept offers of the forthcoming Environmental Bill businesses are likely to receive less in the
a broader range of possibilities for landowners and, based on the Government’s ambition, way of public support in the future. Instead,
than public money alone, with new offerings in could create an entirely new baseline in the proposal in the Agriculture Bill is for
private finance for green investments coming environmental regulation for the UK. The public money to be invested in classes of
Emily Norton
to the market with increasing frequency. Plan sets out three key principles for the natural services that would not otherwise
Head of
Rural Research
The concept of natural capital has future of all land management in the UK: be supplied privately, such as climate
020 7016 3786 gained a foothold in the UK rural economy public money for public goods, the ‘polluter mitigation and biodiversity. REGULATORY CHANGE EXPERIENTIAL COMMODITY
emily.norton through the work of influential academics pays’ principle, and a net environmental There have been a number of well- The new agricultural and DIVERSIFICATION STRENGTH
@savills.com such as Professor Dieter Helm, chair of the gain on all new developments. publicised partnerships between water environmental regulatory Appetite for countryside In 2018, there were big
Natural Capital Committee, which advises Despite lobbying efforts, it has been made companies and land managers that have paid landscape will impact rural fun remains solid, but think increases in farmgate
the Government on its environmental clear that food (or food security) is not farmers to change their farming practices businesses in 2019 and of experiences rather than prices for UK cereals
performance. The natural capital concept considered to be a public good, and there is no to avoid causing pollution. However, one beyond. Preparing for life shows and events. Park crops. An increasing global
underpins the 25 Year Environment Plan, mention of income support in the Agriculture concern is that a strict application of the without, or with reduced, runs, flower fields, Frisbee population means that
and the ‘public money for public goods’ ‘polluter pays’ principle would undermine public subsidies means golf and Halloween fright commodity consumption
elements of the Agriculture Bill. the viability of this fledgling ‘market in that a focus on business nights all make the most of is not predicted to abate
Natural capital can be defined as the The concept of natural capital avoided costs’. Certainly, this type of private resilience is vital and the available space, unique any time soon. Subject to
stock of natural assets, including geology, has gained a foothold in the investment implies a perverse incentive to natural capital may become landscapes and atmosphere careful management of
soil, air, water and all living things. From pollute. Avoiding flooding and mitigating an important income of country estates, while trading and market risk,
these assets we derive the goods and
UK rural economy consumer and trade pollution through water generator. The impact competing for the attention such as exchange rates,
services that make human life possible, filtration services remain areas to consider. on the performance of let of cash-pressed, image- the outlook for commodity
including food, drinking water, building What is clear is that government is looking land will be one to watch. conscious millennials. prices is positive.
materials, climate regulation, flood defence for ways to attract private investment into
and pollination. Collectively, these are ecosystem services, and to blend this with
known as ‘ecosystem services’. public investment. Carbon credits and the
forestry agenda is an obvious case in point.
At present, this market is dysfunctional
GB farmland forecasts Divergence of potential and would benefit from reform to
Key GB supply GB supply forecast Average value GB farmland
facilitate investment. 2027
Straight commercial holdings value forecasts Amenity/lifestyle holdings value forecast The issue is that in many cases nobody
really owns the natural capital asset. That
£8,000
is indeed why these assets have been
250,000 exploited rather than preserved.
£7,000 What is it going to take for these new
Average farmland value (£/acre)
assets in natural goods and services to be
GB farmland supply (acres)
£6,000 200,000 valued and traded as commodities in their AGRITECTURE LAND VALUE CAPTURE INCREASED LIQUIDITY
own right? A regulated marketplace is key, Managing increased climatic Greenfield uplift values have The regulatory reform
£5,000 but certainty over property rights is more risks – both shock events to be competitive to position has announced
150,000 important. Blending public and private and seasonal fluctuations encourage landowners to the end of the Basic
£4,000 sources of investment will then be possible – could be the turning point bring land forward for Payment Scheme by
and perhaps crucial to developing valuable in the economic viability development, but land 2027. This means that
£3,000 100,000 multifunctional landscapes and income of controlled environment value capture remains many rural businesses
opportunities for land owners. growing systems, such as one to watch for 2019. ‘Net will be evaluating their
£2,000 hydroponics. There are environmental gain’ is 10-year succession plans.
50,000 options beyond commercial pitched as a way to extract We predict that this will
£1,000 scale too: integrating smart funding for environmental bring more land to the
growing systems into the offsetting from development, market than has been
£0 0 built environment offers but this sits alongside other the case recently.
engaging experiences measures that already
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2007
2008
2009
2010
2011
2012
2013
and enhanced well-being capture significant land
in residential spaces. value, including much-
Source Savills Research
needed affordable housing.
savills.com/research 10 11Savills Research
We’re a dedicated team with an unrivalled reputation for producing well-informed and
accurate analysis, research and commentary across all sectors of the UK property market.
Emily Norton Mat Oakley Lucian Cook James Sparrow Richard Rees
Head of Head of Head of CEO, Managing Director (UK),
Rural Research Commercial Research Residential Research UK & Europe Development Services
020 7016 3786 020 7409 8781 020 7016 3837 020 7409 8854 020 7499 8644
emily.norton@savills.com moakley@savills.com lcook@savills.com jsparrow@savills.co.uk rrees@savills.com
Andrew Harle Justin Marking James Gulliford Peter Allen
Head of UK Rural Head of Head of Head of Operational
01904 756 312 Global Residential UK Investment Capital Markets
aharle@savills.co.uk 020 7499 8644 020 7409 8711 020 7499 8644
jmarking@savills.com jgulliford@savills.co.uk pallen@savills.com
Savills plc: Savills plc is a global real estate services provider listed on the London Stock Exchange. We have an international network of more than 600 offi ces and associates throughout the Americas, the UK,
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purposes only. It may not be published, reproduced or quoted in part or in whole, nor may it be used as a basis for any contract, prospectus, agreement or other document without prior consent. While every effort has
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