PARK GATE - Realla
PARK GATE 2000 AZTEC WEST BRISTOL BS32 4TE
Prime Office Investment Opportunity
EXETER
M5
M4, WALES, MIDLANDS & LONDON
JUNCTION 16
A38
PARK GATE : 2000 AZTEC WEST
INVESTMENT SUMMARY • Headquarters office investment located on Bristol’s premier business park occupying a very prominent position at the entrance to the park • The property was constructed in 1991, comprehensively refurbished in 2013 and comprises 6,316 sq m (67,993 sq ft) of high quality office accommodation arranged over ground and two upper floors • The property is let in its entirety to EE Limited on a fully repairing and insuring lease expiring 23rd June 2027 providing an unexpired term of approximately 11.7 years • EE is the largest and most advanced digital communications company in the UK serving over 30 million customers. • 322 car spaces representing an exceptional car parking ratio of 1:211 sq ft • Current passing rent of £1,314,425 per annum, equating to £19.33 per sq ft overall • Freehold • Offers are sought in excess of £20,700,000 (Twenty Million, Seven Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 6.00% after purchaser’s costs of 5.80% Subject to Contract and exclusive of VAT.
3
PARK GATE : 2000 AZTEC WEST LOCATION
SITUATION
Bristol is the regional capital of the South West of England and one of the largest centres for banking, finance and insurance outside of London.
Aztec West Business Park is situated approximately 13km (8 miles) north of the city centre and adjacent to junction 16 of the M5 motorway and 1.6km (1 mile) from the M4/M5 motorway interchange. Bristol Parkway railway station serves Aztec West approximately 4km (2.5 miles) to the south with regular buses providing service to the park in 10 minutes.
M90
GLASGOW
Bristol benefits from two main-line railway stations with Temple Meads serving the city centre and Bristol Parkway serving the north of the city. Bristol Parkway currently offers the fastest journey time to London Paddington of 1hr 20 minutes. Bristol International Airport is located 13 km (8 miles) south of the city centre adjacent to the A38 and provides flights to UK, European and International destinations.
EDINBURGH
M8
A74(M)
NEWCASTLE
CARLISLE
A1(M)
M6
The city has two excellent universities, a highly skilled workforce and a resident population of 442,500. In 2008 the city was voted the UK’s most sustainable and Bristol is the European Green Capital 2015.
DURHAM A1(M)
M62
LIVERPOOL
LEEDS
M1
NOTTINGHAM
DERBY
M42
M6
EXETER
CAMBRIDGE IPSWICH
M5 SOUTH WEST
17
M11
OXFORD
BRISTOL
M4
A1(M)
READING
BATH
SOUTHAMPTON
Rail
Road
London
1h 20 mins
1h 50 mins
Birmingham
1h 15 mins
1h 20 mins
Cardiff
40 mins
40 mins
Exeter
1h 15 mins
1h 20 mins
M4
A38
M5 THE MALL AT CRIBBS CAUSEWAY
PATCHWAY B4057
AZTEC WEST
BRISTOL PARKWAY
A4147
AVO N
FILTON ABBEY WOOD A4018
19
RIN
G RD
1
M4 LONDON
M4
A4147
A38 A432
BATH
M32 A432
2
M1
M40
M5
M5
NORWICH
NORTHAMPTON
BIRMINGHAM
CARDIFF
LEICESTER
15/20 M5 BIRMINGHAM & MIDLANDS
16
MANCHESTER
M6
M4
M4 SOUTH WALES
B4 05 8
M9
Park Gate is situated in a very prominent position at the entrance to the park with quick and easy access to the motorway network.
B4058
The city is one of the most accessible in the UK served by both the M4 and M5 motorways and is situated approximately 192 km (120 miles) west of London, 136 kms (85 miles) south of Birmingham and 64 km (40 miles) east of Cardiff. The M32 provides a direct motorway connection between the M4 and Bristol’s city centre.
LONDON M3
M20 M23
Bristol International Airport
M25
55 mins
A4
BRISTOL CITY CENTRE
3 A420
CHIPPENHAM
BRISTOL TEMPLE MEADS
DOVER
FOLKESTONE
BRIGHTON
4
PARK GATE : 2000 AZTEC WEST DESCRIPTION Park Gate was constructed in 1991 and comprehensively refurbished in 2013 providing a 3-storey headquarters building arranged in an ‘H’ shape configuration and provides 6,316 sq m (67,993 sq ft) of high quality office space. The property benefits from the following specification: • • • • • • • • •
Raised floors Suspended ceilings VRV air conditioning Excellent natural light Two 13 person (1,000 kg) passenger lifts Central core with male, female and disabled WCs Shower amenities 322 car parking spaces providing an excellent ratio of 1:211 sq ft. EPC rating of E (108)
The property has recently undergone a comprehensive refurbishment by the tenant which demonstrates their commitment to the building and Aztec West. The works included a new air conditioning system, a new generator, new suspended ceilings and lighting, new WC and shower amenities and a modernisation and branding of the reception area. The works were completed in July 2013.
5
PARK GATE : 2000 AZTEC WEST ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following approximate Net Internal Areas: Demise
Use
sq m
sq ft
Second Floor
Offices
1,644
17,698
First Floor
Offices
2,375
25,566
Ground Floor
Offices/Reception
2,297
24,729
Total
6,316 67,993
TENURE Freehold.
Ground floor
6
PARK GATE : 2000 AZTEC WEST SITE The property extends to approximately 1.56 hectares (3.85 acres). 00 17
Shelter
Posts
Posts
Gas Gov ESS's 20 00
Shelter
3 2b 2a
4
1
5
The Aztec
240
75m
7
50m
220
25m
6
0m
nk Ba
Centre
200
For indicative purposes only. Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1480
7
PARK GATE : 2000 AZTEC WEST TENANCY The property is let in its entirety to EE Limited for 15 years from 24th June 2012 on fully repairing and insuring terms expiring 23rd June 2027 providing 11.7 years unexpired. The rent is currently £1,314,425 per annum, equating to £19.33 per sq ft overall. The lease is subject to 5 yearly upward only rent reviews, with the next due on 24th June 2017.
TENANT EE (formerly Everything Everywhere) is the largest and most advanced digital communications company in Britain, delivering mobile and fixed communications services to consumers, businesses, government and the wholesale market. EE has approximately 13,000 full time employees and 580 retail stores, serving more than 30 million customers across its mobile, fixed and wholesale businesses. EE runs the UK’s biggest, fastest and most reliable mobile network, pioneering the UK’s first superfast 4G mobile service in October 2012. Today EE’s 4G network reaches 90% of the population. EE was formed in April 2010 following the merger of the world renowned T-Mobile and Orange businesses and is now the largest mobile communications operator in the UK. The business is a 50/50 joint venture between Deutsche Telekom and France Telecom. EE Limited is rated N1 by Dun and Bradstreet indicating a minimum risk of business failure and their most recent financial information is listed below. 31 Dec 2014 (000’s)
31 Dec 2013 (000’s)
31 Dec 2012 (000’s)
Sales Turnover
£6,327,000
£6,482,000
£6,657,000
Profit/ (Loss) Before Taxes
(£255,000)
(£101,000)
(£249,000)
Tangible Net Worth
(£868,000)
(£661,000)
(£179,000)
Shareholders Funds
£8,921,000
£9,733,000
£10,317,000
Further information can be found at www.ee.co.uk.
8
PARK GATE : 2000 AZTEC WEST
OCCUPATIONAL MARKET AZTEC WEST BUSINESS PARK Aztec West is Bristol’s premier out of town office park having been developed in phases over the last thirty years. The Park extends to over 64 hectares (158 acres) and provides 2.1m sq ft of predominantly office accommodation. Occupiers benefit from the Park’s on site amenities including a 4 star hotel, retail and leisure facilities. Aztec West is home to over 100 companies including some of the UK’s best known businesses including GE, Atkins, Virgin, Babcock, Regus, Aardman, Allianz and Taylor Wimpey. Recent occupiers to relocate to the Park include Broadcom, Skanska and Alcatel Lucent. Prime rents on the park now stand at £21.00 per sq ft as evidenced by the recent letting at 740 Aztec however it is widely accepted that rents will be higher when new development occurs. We anticipate that new development at Aztec West will be forthcoming either in the redevelopment of existing accommodation or new development at Hempton Court, a 4 hectare (10 acre) site at the rear of the park. The subject property comprises one of the best known and most prominent buildings on the park and the passing rent of £19.33 per sq ft provides genuine scope for rental growth.
TAKE UP & SUPPLY North Bristol’s office stock totals approximately 5.5m sq ft and availability across all quality bands in the prime area around the Northern fringe is c 447,000 sq ft representing a vacancy rate of 8.9%. Out of town take up over the last 5 years has been as follows:
2010
401,343 sq ft
2011
272,756 sq ft
2012
251,373 sq ft
2013
229,858 sq ft
2014
429,676 sq ft
Within the 2014 take up figures there was only one Grade A letting with L3 expanding into the ground floor of Aztec 920. The lack of take up in Grade A is symptomatic of a near absence of such space currently available. There is no speculative development on-going or imminent and there is currently no Grade A space available at Aztec West.
9
PARK GATE : 2000 AZTEC WEST INVESTMENT MARKET The total volume of regional investment transactions for the first half of 2015 was £2.09 BN, which is the strongest first half since 2007. Bristol, Manchester and Birmingham were the clear focus of investment activity, accounting for over half of total investment turnover. Prime yields have hardened throughout 2015 in core regions and cities such as Bristol and Leeds have retained their premium over the UK’s other core markets at 5.00% Investment activity in Bristol during the first six months has already exceeded the total achieved over the whole of 2014. Although investment volumes have increased, there remains a shortage of good quality stock.
Key Investment Transactions Transaction Date
Address
Vendor / Purchaser
Tenant
Term Certain
Price
NIY
Capital Value (psf)
Aug 2015
440 Bristol Business Park, Bristol
Private Investor
Motability Operations Ltd
11.25 years
£6,800,000
5.75%
£324
Aug 2015
Velocity, Weybridge
Orchard Street Investment Management
Multi-Let
12.2 years
£56,100,000
5.70%
£527
Aug 2015
Templeback, Bristol
Orchard Street Investment Management
Multi-Let
4.0 years
£58,300,000
5.30%
£469
Jun 2015
66 Queen Square, Bristol
AVIVA Investors
KPMG (85%)
15.0 years
£32,780,000
4.94%
£533
Mar 2015
Natwest Court, Bristol
Direct Line Group
DL Insurances Service Limited
18.5 years
£17,000,000
5.50%
£145
Feb 2015
RAC Control Centre, Bristol
Blackrock
RAC Motoring Services Limited
27.5 years
£24,220,000
5.05%
£380
Oct 2014
Walton Green, Walton-on-Thames
Blackrock
KIA Motors
13.2 years
£16,325,000
5.25%
£527
10
PARK GATE : 2000 AZTEC WEST VAT We understand that the property will be treated as a Transfer of a Going Concern for VAT purposes.
PROPOSAL Offers are sought in excess of £20,700,000 (Twenty Million, Seven Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 6.00% after purchaser’s costs of 5.80%
CONTACTS For further information or to arrange an inspection please contact the following: Shaun Roy E: [email protected] T: +44 (0)20 7861 1222 M: +44 7957 342 285
Steve Oades E: [email protected] T: +44 (0)11 7917 4548 M: +44 7920 807 796
Freddie Owen E: [email protected] T: +44 (0)20 7861 1225 M: +44 7725 650 802
Nick Thurston E: [email protected] T: +44 (0)117 9174536 M: +44 7752 375 002
Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. Compiled October 2015.
11
Prime Office Investment Opportunity
EXETER
M5
M4, WALES, MIDLANDS & LONDON
JUNCTION 16
A38
PARK GATE : 2000 AZTEC WEST
INVESTMENT SUMMARY • Headquarters office investment located on Bristol’s premier business park occupying a very prominent position at the entrance to the park • The property was constructed in 1991, comprehensively refurbished in 2013 and comprises 6,316 sq m (67,993 sq ft) of high quality office accommodation arranged over ground and two upper floors • The property is let in its entirety to EE Limited on a fully repairing and insuring lease expiring 23rd June 2027 providing an unexpired term of approximately 11.7 years • EE is the largest and most advanced digital communications company in the UK serving over 30 million customers. • 322 car spaces representing an exceptional car parking ratio of 1:211 sq ft • Current passing rent of £1,314,425 per annum, equating to £19.33 per sq ft overall • Freehold • Offers are sought in excess of £20,700,000 (Twenty Million, Seven Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 6.00% after purchaser’s costs of 5.80% Subject to Contract and exclusive of VAT.
3
PARK GATE : 2000 AZTEC WEST LOCATION
SITUATION
Bristol is the regional capital of the South West of England and one of the largest centres for banking, finance and insurance outside of London.
Aztec West Business Park is situated approximately 13km (8 miles) north of the city centre and adjacent to junction 16 of the M5 motorway and 1.6km (1 mile) from the M4/M5 motorway interchange. Bristol Parkway railway station serves Aztec West approximately 4km (2.5 miles) to the south with regular buses providing service to the park in 10 minutes.
M90
GLASGOW
Bristol benefits from two main-line railway stations with Temple Meads serving the city centre and Bristol Parkway serving the north of the city. Bristol Parkway currently offers the fastest journey time to London Paddington of 1hr 20 minutes. Bristol International Airport is located 13 km (8 miles) south of the city centre adjacent to the A38 and provides flights to UK, European and International destinations.
EDINBURGH
M8
A74(M)
NEWCASTLE
CARLISLE
A1(M)
M6
The city has two excellent universities, a highly skilled workforce and a resident population of 442,500. In 2008 the city was voted the UK’s most sustainable and Bristol is the European Green Capital 2015.
DURHAM A1(M)
M62
LIVERPOOL
LEEDS
M1
NOTTINGHAM
DERBY
M42
M6
EXETER
CAMBRIDGE IPSWICH
M5 SOUTH WEST
17
M11
OXFORD
BRISTOL
M4
A1(M)
READING
BATH
SOUTHAMPTON
Rail
Road
London
1h 20 mins
1h 50 mins
Birmingham
1h 15 mins
1h 20 mins
Cardiff
40 mins
40 mins
Exeter
1h 15 mins
1h 20 mins
M4
A38
M5 THE MALL AT CRIBBS CAUSEWAY
PATCHWAY B4057
AZTEC WEST
BRISTOL PARKWAY
A4147
AVO N
FILTON ABBEY WOOD A4018
19
RIN
G RD
1
M4 LONDON
M4
A4147
A38 A432
BATH
M32 A432
2
M1
M40
M5
M5
NORWICH
NORTHAMPTON
BIRMINGHAM
CARDIFF
LEICESTER
15/20 M5 BIRMINGHAM & MIDLANDS
16
MANCHESTER
M6
M4
M4 SOUTH WALES
B4 05 8
M9
Park Gate is situated in a very prominent position at the entrance to the park with quick and easy access to the motorway network.
B4058
The city is one of the most accessible in the UK served by both the M4 and M5 motorways and is situated approximately 192 km (120 miles) west of London, 136 kms (85 miles) south of Birmingham and 64 km (40 miles) east of Cardiff. The M32 provides a direct motorway connection between the M4 and Bristol’s city centre.
LONDON M3
M20 M23
Bristol International Airport
M25
55 mins
A4
BRISTOL CITY CENTRE
3 A420
CHIPPENHAM
BRISTOL TEMPLE MEADS
DOVER
FOLKESTONE
BRIGHTON
4
PARK GATE : 2000 AZTEC WEST DESCRIPTION Park Gate was constructed in 1991 and comprehensively refurbished in 2013 providing a 3-storey headquarters building arranged in an ‘H’ shape configuration and provides 6,316 sq m (67,993 sq ft) of high quality office space. The property benefits from the following specification: • • • • • • • • •
Raised floors Suspended ceilings VRV air conditioning Excellent natural light Two 13 person (1,000 kg) passenger lifts Central core with male, female and disabled WCs Shower amenities 322 car parking spaces providing an excellent ratio of 1:211 sq ft. EPC rating of E (108)
The property has recently undergone a comprehensive refurbishment by the tenant which demonstrates their commitment to the building and Aztec West. The works included a new air conditioning system, a new generator, new suspended ceilings and lighting, new WC and shower amenities and a modernisation and branding of the reception area. The works were completed in July 2013.
5
PARK GATE : 2000 AZTEC WEST ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) and provides the following approximate Net Internal Areas: Demise
Use
sq m
sq ft
Second Floor
Offices
1,644
17,698
First Floor
Offices
2,375
25,566
Ground Floor
Offices/Reception
2,297
24,729
Total
6,316 67,993
TENURE Freehold.
Ground floor
6
PARK GATE : 2000 AZTEC WEST SITE The property extends to approximately 1.56 hectares (3.85 acres). 00 17
Shelter
Posts
Posts
Gas Gov ESS's 20 00
Shelter
3 2b 2a
4
1
5
The Aztec
240
75m
7
50m
220
25m
6
0m
nk Ba
Centre
200
For indicative purposes only. Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1480
7
PARK GATE : 2000 AZTEC WEST TENANCY The property is let in its entirety to EE Limited for 15 years from 24th June 2012 on fully repairing and insuring terms expiring 23rd June 2027 providing 11.7 years unexpired. The rent is currently £1,314,425 per annum, equating to £19.33 per sq ft overall. The lease is subject to 5 yearly upward only rent reviews, with the next due on 24th June 2017.
TENANT EE (formerly Everything Everywhere) is the largest and most advanced digital communications company in Britain, delivering mobile and fixed communications services to consumers, businesses, government and the wholesale market. EE has approximately 13,000 full time employees and 580 retail stores, serving more than 30 million customers across its mobile, fixed and wholesale businesses. EE runs the UK’s biggest, fastest and most reliable mobile network, pioneering the UK’s first superfast 4G mobile service in October 2012. Today EE’s 4G network reaches 90% of the population. EE was formed in April 2010 following the merger of the world renowned T-Mobile and Orange businesses and is now the largest mobile communications operator in the UK. The business is a 50/50 joint venture between Deutsche Telekom and France Telecom. EE Limited is rated N1 by Dun and Bradstreet indicating a minimum risk of business failure and their most recent financial information is listed below. 31 Dec 2014 (000’s)
31 Dec 2013 (000’s)
31 Dec 2012 (000’s)
Sales Turnover
£6,327,000
£6,482,000
£6,657,000
Profit/ (Loss) Before Taxes
(£255,000)
(£101,000)
(£249,000)
Tangible Net Worth
(£868,000)
(£661,000)
(£179,000)
Shareholders Funds
£8,921,000
£9,733,000
£10,317,000
Further information can be found at www.ee.co.uk.
8
PARK GATE : 2000 AZTEC WEST
OCCUPATIONAL MARKET AZTEC WEST BUSINESS PARK Aztec West is Bristol’s premier out of town office park having been developed in phases over the last thirty years. The Park extends to over 64 hectares (158 acres) and provides 2.1m sq ft of predominantly office accommodation. Occupiers benefit from the Park’s on site amenities including a 4 star hotel, retail and leisure facilities. Aztec West is home to over 100 companies including some of the UK’s best known businesses including GE, Atkins, Virgin, Babcock, Regus, Aardman, Allianz and Taylor Wimpey. Recent occupiers to relocate to the Park include Broadcom, Skanska and Alcatel Lucent. Prime rents on the park now stand at £21.00 per sq ft as evidenced by the recent letting at 740 Aztec however it is widely accepted that rents will be higher when new development occurs. We anticipate that new development at Aztec West will be forthcoming either in the redevelopment of existing accommodation or new development at Hempton Court, a 4 hectare (10 acre) site at the rear of the park. The subject property comprises one of the best known and most prominent buildings on the park and the passing rent of £19.33 per sq ft provides genuine scope for rental growth.
TAKE UP & SUPPLY North Bristol’s office stock totals approximately 5.5m sq ft and availability across all quality bands in the prime area around the Northern fringe is c 447,000 sq ft representing a vacancy rate of 8.9%. Out of town take up over the last 5 years has been as follows:
2010
401,343 sq ft
2011
272,756 sq ft
2012
251,373 sq ft
2013
229,858 sq ft
2014
429,676 sq ft
Within the 2014 take up figures there was only one Grade A letting with L3 expanding into the ground floor of Aztec 920. The lack of take up in Grade A is symptomatic of a near absence of such space currently available. There is no speculative development on-going or imminent and there is currently no Grade A space available at Aztec West.
9
PARK GATE : 2000 AZTEC WEST INVESTMENT MARKET The total volume of regional investment transactions for the first half of 2015 was £2.09 BN, which is the strongest first half since 2007. Bristol, Manchester and Birmingham were the clear focus of investment activity, accounting for over half of total investment turnover. Prime yields have hardened throughout 2015 in core regions and cities such as Bristol and Leeds have retained their premium over the UK’s other core markets at 5.00% Investment activity in Bristol during the first six months has already exceeded the total achieved over the whole of 2014. Although investment volumes have increased, there remains a shortage of good quality stock.
Key Investment Transactions Transaction Date
Address
Vendor / Purchaser
Tenant
Term Certain
Price
NIY
Capital Value (psf)
Aug 2015
440 Bristol Business Park, Bristol
Private Investor
Motability Operations Ltd
11.25 years
£6,800,000
5.75%
£324
Aug 2015
Velocity, Weybridge
Orchard Street Investment Management
Multi-Let
12.2 years
£56,100,000
5.70%
£527
Aug 2015
Templeback, Bristol
Orchard Street Investment Management
Multi-Let
4.0 years
£58,300,000
5.30%
£469
Jun 2015
66 Queen Square, Bristol
AVIVA Investors
KPMG (85%)
15.0 years
£32,780,000
4.94%
£533
Mar 2015
Natwest Court, Bristol
Direct Line Group
DL Insurances Service Limited
18.5 years
£17,000,000
5.50%
£145
Feb 2015
RAC Control Centre, Bristol
Blackrock
RAC Motoring Services Limited
27.5 years
£24,220,000
5.05%
£380
Oct 2014
Walton Green, Walton-on-Thames
Blackrock
KIA Motors
13.2 years
£16,325,000
5.25%
£527
10
PARK GATE : 2000 AZTEC WEST VAT We understand that the property will be treated as a Transfer of a Going Concern for VAT purposes.
PROPOSAL Offers are sought in excess of £20,700,000 (Twenty Million, Seven Hundred Thousand Pounds). A purchase at this price would reflect a net initial yield of 6.00% after purchaser’s costs of 5.80%
CONTACTS For further information or to arrange an inspection please contact the following: Shaun Roy E: [email protected] T: +44 (0)20 7861 1222 M: +44 7957 342 285
Steve Oades E: [email protected] T: +44 (0)11 7917 4548 M: +44 7920 807 796
Freddie Owen E: [email protected] T: +44 (0)20 7861 1225 M: +44 7725 650 802
Nick Thurston E: [email protected] T: +44 (0)117 9174536 M: +44 7752 375 002
Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. Compiled October 2015.
11
