OPPORTUNITY. Landmark building comprising a mix of 78 newly converted residential units, office, hotel and retail accommodation.

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2 2 OPPORTUNITY Landmark building comprising a mix of 78 newly converted residential units, office, hotel and retail accommodation. Proposed scheme of two new build residential towers and refurbishment of existing tower to provide an additional 308 new residential apartments, 68 serviced apartments, refurbished office space and four new ground floor retail units. Situated within the Tolworth Area Plan regeneration zone near to Tolworth railway station and the Kingston Bypass (A3). Current gross rent of 2,848,691 per annum with opportunities to enhance significantly through letting vacant space. Freehold site extending to approximately 1.52 hectares (3.75 acres). 3

3 4 OVERVIEW Tolworth Tower is widely recognised as the focal landmark building for the area. This is formally acknowledged by its key role in the Tolworth Area Plan set out by the Royal Borough of Kingston Upon Thames. Apart from its towering presence at 23 storeys high, it forms the foundation for the local high street along The Broadway. The upper floors enjoy views over Hampton Court Palace, towards Richmond Park, Epsom Downs Racecourse and beyond. Tolworth Tower benefits from exceptional public transport links being in close proximity to Tolworth railway station, and has numerous bus routes running from the surrounding bus stops. The site sits on the roundabout where the A3 and A240 join directly linking it to the M25 to the south west and Central London to the north east. The site benefits from a resolution to grant planning permission for redevelopment and refurbishment of the Tolworth Tower complex to provide a further 308 residential apartments, 68 serviced apartments, 10,355 sq ft (962 sq m) of new retail accommodation, a basement parking extension, covered service yard, public realm and landscaping. 52,959 sq ft (4,920 sq m) of existing office space will be refurbished and 78 newly built residential apartments, a 132 bed Travelodge hotel and a Marks & Spencer foodstore are to be retained within the scheme throughout the development. 5

4 LOCATION

5 8 LOCATION TO CENTRAL LONDON TOLWORTH COOMBE LANE KINGSTON CLARENCE AVENUE Tolworth Tower is located at the heart of Tolworth in south west London within the Royal Borough of Kingston Upon Thames. It lies aproximately 11 miles (17.7 km) south west of Charing Cross. Tolworth is bisected from north east to south west by the Kingston Bypass (A3) with Tolworth Tower sitting at the centre of the western section. ROAD TO READING HAMPTON COURT PARK R I V E R A M E S T H SURBITON KINGSTON UNIVERSITY VILLIERS AVENUE KINGSTON UPON THAMES BERRYLANDS BERRYLANDS KINGSTON ROAD CROSSRAIL 2 NEW MALDEN NEW MALDEN NEW MALDEN A3 TO CROYDON The site benefits from excellent road connections, sitting directly on the roundabout connecting the Kingston Bypass (A3) and A420. The A3 leads from London to the north east, through to Guildford to the south west and offers access to Junction 10 of the M25. Surbiton, Esher, Long Ditton and Epsom all lie within 15 minutes driving distance. SURBITON TOLWORTH A3 MALDEN MANOR OLD MALDEN MALDEN ROAD RAIL Tolworth railway station lies 500 metres to the south east of the site with regular services running to Chessington (8 minutes), Wimbledon (12 minutes), Clapham Junction (21 minutes), Vauxhall (26 minutes) and London Waterloo (33 minutes). KINGSTON BYPASS HOOK ROAD BUS TOLWORTH Principal bus stops for the area are located on the roads that border the site with routes running in all directions including Surbiton, Kingston, Twickenham and Epsom. A3 TO M25 TOLWORTH STATION SURBITON WIMBLEDON KINGSTON CLAPHAM JUNCTION GUILDFORD HEATHROW GATWICK LONDON WATERLOO PORTSMOUTH 5 mins walking 7 mins by bus 12 mins by train 15 mins by bus 21 mins by train 25 mins by car 30 mins by car 30 mins by car 33 mins by train 1 hour by car 9

6 10 THE LONDON LIFESTYLE SURROUNDED BY GREEN SPACES 11

7 12 TOLWORTH PROPOSED AREA PLAN CROSSRAIL 2 Crossrail 2 is a major rail project that is proposed to run across London. Tolworth is one of 47 proposed Crossrail 2 stations and, should permission be granted, construction is expected to start in 2023 with the new line opening in the early 2030s. M25 M25 CRO SSR AIL 2 M1 Tolworth is a popular commuter link and Crossrail 2 would provide the following benefits: EUSTON ST PANCRAS Increased frequency of services and connectivity to and from central London The Tolworth Area Plan will guide the nature of development that should be encouraged and ensure that individual developments collectively contribute to delivering the vision for Tolworth. Tolworth Tower has already been identified as a key component of the regeneration process. Greater capacity and reduced overcrowding The aims of the Tolworth Area Plan are: Improved station accessibility with step free access To present a vision for Tolworth s future Creation of jobs during construction, supporting apprenticeships and training opportunities To identify areas for strategic intervention by the council, GLA, TfL and other partners To identify opportunities for change, development and improvement in the short, medium and long term To present ideas that illustrate how Tolworth s existing assets and structures can be strengthened To inform the emerging Royal Borough of Kingston upon Thames Local Plan VICTORIA M4 CITY AIRPORT HEATHROW AIRPORT CLAPHAM JUNCTION 3 M WIMBLEDON Greater London Authority (GLA), Transport for London (TfL) and Kingston Council have jointly commissioned We Made That, a consultancy company, which will advise on an Area Plan for Tolworth. The Tolworth Area Plan will set out a vision and strategy to guide the regeneration of Tolworth and create a thriving centre improving the amenity offering for local residents and stimulating growth in the local economy. TOLWORTH A3 GATWICK AIRPORT CROSSRAIL 2 MAIN STATIONS NEW SOUTHGATE SHEPPERTON KINGSTON HAMPTON COURT WIMBLEDON CHESSINGTON SOUTH TOLWORTH BALHAM CLAPHAM JUNCTION TOOTING BROADWAY VICTORIA WOOD GREEN EUSTON ST PANCRAS TOTTENHAM ANGEL COURT ROAD CHESHUNT TOTTENHAM HALE WALTHAM CROSS EPSOM 13

8 EXISTING BUILDING

9 16 TOLWORTH TOWER DESCRIPTION Tolworth Tower is an iconic mixed use building combining office, residential, retail and hotel accommodation. The building was designed by Richard Seifert and was constructed in It comprises three principal components: the Tower, the North Wing and the retail parade. The Tower comprises a 23 storey block reaching 81 metres in height. 20 floors are in use as office accommodation with suites ranging from 120 sq ft to entire floors of 8,400 sq ft. There is an ongoing refurbishment plan and so specification varies between floors. The North Wing is an eight storey podium block that is linked to the Tower and multistorey car park. It comprises 78 residential units which were recently constructed and hotel accommodation occupied by Travelodge. The hotel opened in 2005 and contains 132 bedrooms. A Marks & Spencer supermarket extends across the ground floor of the property to the rear of the Tower and to the west of the North Wing. The unit is predominantly fitted out as a food supermarket with limited clothing provision with loading located on the ground floor of the North Wing and ancillary accommodation on the first floor. Tolworth Broadway Parade extends to two storeys and was refurbished in 2003/4. It is currently divided into five retail units. Tolworth Tower benefits from substantial car parking at basement, surface and two upper levels, providing a total of approximately 654 spaces. 17

10 18 E X I S T I N G ACCOMMODATION TOWER Mechanical & Electrical USE BUILDING NO. UNITS GIA NIA SQ M SQ FT SQ M SQ FT Residential 78 3,862 41,566 3,149 33,893 North Wing Hotel (Travelodge) 4,439 47,777 KEY Hotel Office Vacant Arqiva No 2 Ltd Part Vacant Saybest Ltd Part Vacant Vacant 5,374 57,849 Tower Office 20, ,048 14, ,156 TOTAL 34, ,240 18, ,049 Residential Vacant Secretary of State for the Environment Secretary of State for the Environment Please note the GIAs stated above have not been confirmed by the vendor or the professional team. 14 Vacant 13 Vacant NORTH WING 12 Vacant 11 Frederickson International Ltd 10 Frederickson International Ltd 9 Frederickson International Ltd Travelodge Hotel Ltd Residential Units 8 Tenkin International, Cortes Ltd, Connoco Ltd, Fine Foods Ltd, Morton Hale Part Vacant Travelodge Hotel Ltd Residential Units 7 Vacant Travelodge Hotel Ltd Residential Units 6 Vacant Travelodge Hotel Ltd Residential Units 5 Vacant Travelodge Hotel Ltd Residential Units 4 Vacant Travelodge Hotel Ltd Residential Units 3 Frederickson International Ltd Travelodge Hotel Ltd Travelodge Hotel Ltd 2 Cleaners Store, Centrepoint Computer Services Ltd, Management Suite Part Vacant Marks & Spencer Plc Wizard Inns Ltd Garners Funeral Service Ltd PMG Ltd Tala & Maya Boots Marks & Spencer Plc UNDERGROUND CAR PARK Not to scale. For indicative purposes only. 19

11 20 TENURE & WARREN DRIVE NORTH TENANCY EWELL ROAD TITLE The entire freehold interest Title Number SGL is being made available for sale as a single purchase. TENANCIES The property is currently let to 19 tenants, providing a gross rental income of 2,848,691 per annum. Please refer to the detailed Tenancy Schedule in the Knight Frank data room for further information. Marks & Spencer and Travelodge are both proposed to be retained within the proposed development on the following lease terms. Tolworth Tower TENANT GIA (SQ FT) LEASE START Marks & Spencer Plc 41,184 05/05/ /12/2007 Travelodge Hotels Ltd LEASE EXPIRY 04/05/ /05/2027 RENT (PA) 731,570 47,777 03/10/ /10/ ,440 COMMENTS Let on 2 leases both expiring May 2027 Rent reviewed every 5 years The remaining leases will terminate upon expiry, if prior to commencement of development, or a surrender will need to be negotiated. TOLWORTH BROADWAY KINGSTON BYPASS The 78 residential apartments in the North Wing are currently vacant. OPTION An Option Agreement exists for the Lender to acquire the Travelodge and the Marks & Spencer premises for 92.5% of Market Value. So far as we are aware no option deed or agreement has been entered into by the Lender. Further information can be found on the dataroom. 21

12 22 A MIXED USE ICONIC BUILDING 23

13 A LOOK TO THE FUTURE PLANNING

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15 28 FUTURE PLANNING Tolworth Tower lies within the jurisdiction of the Royal Borough of Kingston Upon Thames and benefits from both permitted development to convert the North Wing from office to residential use and a resolution to grant planning permission for a more comprehensive development. The site benefits from permitted development (reference number: 14/16878/PNO) dated 14 January 2015 for Proposed change of use of floors 37 of Section A of the North Wing from an office use (Use Class B1a) to residential use (Use Class C3) to provide 78 residential units (48 x 1bed and 30 x 2bed). This development is nearing completion. The site benefits from a resolution to grant planning permission (reference number: 15/16356) dated 12 January This involves the Redevelopment and refurbishment of the Tolworth Tower complex comprising the part change of use of the existing Tower to create 68 Serviced Apartments (Use Class C1) (floors 710), and 108 residential units (Use Class C3) (floors 11 to 22) and the erection of new 5 storey, 12 storey, 15 storey and 19 storey buildings to provide 962 sq m of commercial (A1/A2/A3/A4) units at ground floor level with 200 residential units (Use Class C3) above with associated changes to parking, access, basement parking extension, covered service yard, public realm and landscaping. A Section 106 Agreement has not yet been signed. The affordable housing provision is yet to be agreed, however the scheme must incorporate 10 intermediate units. The other key obligations will be as follows: Item Amount Timing Off site affordable housing 3,000,000 50% prior to commencement 50% prior to first occupation Bus service 375,000 Upon commencement Traffic monitoring 50,000 Upon commencement Overage admin 7,500 Upon 80% occupation Overage TBC Upon 80% occupation 29

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17 32 PROPOSED ACCOMMODATION STATUS FLOOR G 18 NEWBUILD RESIDENTIAL APARTMENTS FLOOR G 7 TRAVELODGE FLOOR APARTMENTS Planning permission FLOOR RESIDENTIAL ACCOMMODATION Retained USE BUILDING GIA NIA SQ M SQ FT SQ M SQ FT Residential Tower , ,722 8,041 86,553 Residential Podium , ,716 13, ,489 Tower 68 3,936 42,367 2,692 28,977 Tower 4,920 52,959 3,191 34,348 Podium ,355 (Marks & Spencer) Tower 3,826 41,184 Residential North Wing 78 3,862 41,566 3,149 33,893 4,439 47,777 51, ,646 30, ,260 Serviced apartments Office (refurbishment) Hotel (Travelodge) North Wing TOTAL NO. UNITS Please note the GIAs stated above have not been confirmed by the vendor or the professional team. FLOOR 7 10 SERVICED APARTMENTS FLOOR 2 6 REFURBISHED OFFICE SUITES M&S FOODHALL AND IMPROVED SERVICING ARRANGEMENTS A NEW COMMUNITY 33

18 34 THE TOWER TYPICAL FLOOR PLAN The Tower is a 23 storey building and at 81m in height, it is the largest and most prominent element of the development. The planning permission proposes an office refurbishment on the second to sixth floors. The seventh to tenth floors will be converted into 68 serviced apartments. The 11th to 21st floors will become 108 private residential apartments with residential amenities on the 22nd floor. The residential accommodation will comprise a mixture of studios, one bed, two bed, three bed and four bed units. The Marks & Spencer foodstore will be retained on the ground and first floors. TOWER PROPOSED ACCOMMODATION KEY Office Core Lift NORTH Floor plan not to scale. For indicative purposes only. USE NO. UNITS GIA NIA SQ M SQ FT SQ M SQ FT Residential , ,722 8,041 86,553 Serviced Apartments Office* (Refurbishment) * (Marks & Spencer) 68 3,936 42,367 2,692 28,977 4,920 52,959 3,191 34,348 3,826 41,184 TOTAL 24, ,232 13, ,878 THE TOWER THIRD FLOOR * Existing accommodation. 35

19 36 TYPICAL THE FLOOR PLAN PODIUM The Proposed Podium will comprise four new build towers arranged as two buildings which will extend above the existing three storey car park. Ranging from 12 to 19 storeys in height, the towers will incorporate 200 private residential units including a mixture of studios, one bed, two bed and three bed units. The ground floor will incorporate 4 retail units in addition to the existing Marks & Spencer foodstore. PODIUM PROPOSED ACCOMMODATION USE Residential TOTAL NO. UNITS 200 KEY Residential Units Core Lift NORTH GIA NIA SQ M SQ FT SQ M SQ FT 17, ,716 13, , ,355 18, ,071 13, ,489 Floor plan not to scale. For indicative purposes only. THE PODIUM THIRD FLOOR 37

20 38 THE NORTH WING TYPICAL FLOOR PLAN The North Wing is an eight storey building that adjoins the Tower. All of the existing accommodation will be retained. The building is divided vertically into residential accommodation to the south east and a hotel to the north west. The 78 residential apartments are close to completion on third to seventh floors and include a mixture of studios, one bed and two bed units. The 132 bed hotel is arranged over ground to seventh floor and is let to Travelodge on a 25 year lease until NORTH WING EXISTING ACCOMMODATION USE NO. UNITS GIA NIA SQ M SQ FT SQ M SQ FT Residential* 78 3,862 41,566 3,149 33,893 Hotel* (Travelodge) 4,439 47,777 TOTAL 8,300 89,343 3,149 33,893 KEY Residential Units Core Lift NORTH Floor plan not to scale. For indicative purposes only. * Existing accommodation. THE NORTH WING THIRD FLOOR 39

21 MARKET COMMENTARY

22 42 MARKET COMMENTARY FOODSTORE MARKET The food store property investment sector remains one of the most attractive asset classes to invest in. The strong balance sheets of the foodstore operators, continued excellent trading, long secure income streams and attractive planning permissions make the foodstore market highly sought after by investors. UK institutions remain the key buyers for prime properties whilst overseas buyers continue to dominate the secondary market. Yields reflect the split in the market with prime assets at c.4.50% and secondary stores at 5.75% 6.25%. KEY LOCAL FOODSTORE COMPARABLES DATE LOCATION OCCUPIER PRICE NIY UNEXPIRED TERM Jun17 Ferndown Tesco 26m 5.65% 12 years Jun17 Ashford Sainsbury's 80m 4.50% 21 years May17 Hemel Hempstead Sainsbury's 12.65m 4.65% 24 years Nov16 Burgess Hill Tesco 70m 5.40% 14 years Mar16 Portsmouth Tesco 35m 5.00% 20 years Dec15 Bursledon Tesco 60m 5.10% 11 years OFFICE OCCUPATIONAL MARKET Tolworth s main office pitch is primarily focused around Tolworth railway station, including Tolworth Tower itself, and is within close proximity to the town s retail amenities situated along The Broadway. Tolworth lies within the south west quadrant of the M25 and forms part of the Greater London office market. Despite disruption from the political arena, at the end of Q total office takeup for the year had increased to 1.6m sq ft, 4% above the 10 year average for an H1 period. Comparable prime rents range across the south west M25 submarket from Croydon at per sq ft to Heathrow at per sq ft to Chiswick at per sq ft. Rental values across these local markets have increased by 18%, 1% and 2% respectively. OFFICE INVESTMENT MARKET Investment volumes for M25 offices at the midyear point stood at 973m, 7.4% above the long term average for the period. Interestingly, 49 deals have completed in 2017, almost double the number recorded during the equivalent period in Average lot size in 2017 has been lower with no sales above 100m completing so far this year. However, this position does not reflect the high levels of investor appetite with the weight of capital seeking deployment remaining significant. Prime office yields remain at 5.25%. As opportunities to secure prime assets remain scarce, aggressive bidding will continue in the short term. As such, yields remain under pressure and are forecast to tighten to 5.00% in the coming months. Investors continue to be attracted to good quality secondary office accommodation, with yields in the region of 6.50%. We expect this pricing could harden particularly where recent rental growth has led to significant reversions. HOTEL MARKET The UK fixed lease hotel investment market has strengthened over the past year. This is a result of increased appetite for index linked long income let to secure covenants, which provide stable returns for investors. The demand for secure income reflects increased uncertainty in the wider economy. The volume of transactions of long let built stock are being suppressed by the requirement of many investors to invest further equity into this area of the market rather than to dispose of any of their existing ownerships. This is creating increased demand on fewer assets in the market place, which has driven pricing up in recent months. KEY LOCAL HOTEL COMPARABLES DATE ADDRESS TENANT BEDS TERM CERTAIN REVIEWS PRICE NIY PRICE PER BED U/O Travelodge Tower Bridge Travelodge Hotels Ltd U/O Oct17 Aug17 Jul17 Apr17 Jul16 Jun16 Mar16 Travelodge Chertsey Travelodge Brighton Seafront Premier Inn, Birmingham City Centre Travelodge London Central Southwark Travelodge, SunburyonThames Travelodge Liverpool Street Travelodge Royal Scots, Kings Cross Premier Inn, Wollwich Arsenal Travelodge Hotels Ltd Travelodge Hotels Ltd Whitbread Group Plc Travelodge Hotels Ltd Travelodge Hotels Ltd Travelodge Hotels Ltd Travelodge Hotels Ltd Whitbread Group Plc years years years 5 yearly RPI (uncapped) 5 yearly RPI (uncapped) 5 yearly RPI (uncapped) in excess of 45m 3.75% 236, m 4.75% 98, m 3.75% 147, years 5 yearly RPI 28.66m 4.10% 188, years years years 5 yearly RPI (uncapped) 5 yearly RPI (uncapped) 5 yearly RPI (uncapped) 55.00m 3.34% 272, m 4.57% 97, m 4.58% 297, years 5 yearly RPI 70.30m 4.19% 172, years 5 yearly CPI (0% & 4%) 21.20m 4.10% 165,625 43

23 44 MARKET COMMENTARY PRIVATE RESIDENTIAL MARKET Despite a backdrop of tax changes and political strife, signs of stability have returned to the residential market and appear to be enduring. Lower pricing and a weakened pound have spurred both UK and international buyers into action and developers to adopt a more optimistic view of the London residential market. Where realistic asking prices have been set, transaction volumes are improving. The Tolworth private residential market benefits from its location within London s commuter belt, which makes it an attractive proposition to buyers moving out of the capital in search of more space, a change of lifestyle, or for schooling for their children. A relatively short journey to Heathrow and Gatwick Airport adds a global appeal, especially for those working for one of the bluechip companies located nearby. Furthermore, the proposition of Tolworth becoming a Crossrail 2 station provides the potential for future capital growth. The residential element of the scheme proposed at Tolworth Tower comprises an appropriate mixture of efficiently sized units within an attractively designed and cohesive mixed use development. Residents will benefit from a leisure facility on the 22nd floor as well as ground floor retail amenities and basement car parking. Units on the upper floors within the Tower will have far reaching views. SERVICED APARTMENTS MARKET London leads the way in the supply boom of the UK serviced apartment sector, which is firmly establishing itself as a competitor to the UK hotel market. Evidence of this is highlighted by a compound annual growth rate of 6.8% per annum between 2013 and the forecast year end supply for 2017, with total units rising to over 21,500. As the sector continues to grow a number of firms are cementing their presence within the market. The basic premise of an aparthotel product is that with a longer average length of stay, the impact of room vacancies is reduced. Based upon data provided by STR, the RevPAR performance for a sample of London serviced apartments achieves a significant uplift in performance compared to a sample set of London upscale and upper upscale hotels. This enhanced performance is achieved through strong occupancy and a significant premium in the average room rate. In particular, serviced apartments benefit from the high yielding corporate market and stability throughout the entire week in the average daily rate achieved. The willingness of specialist operators to offer leases combined with the perception of improved covenant strength associated with increased brand awareness and the potential of the sector s high margin / low cost operating model to generate attractive income and capital returns serve to deliver increased investment appetite from institutional and private equity investors seeking to diversify their portfolios. PRS MARKET The UK PRS market continues to grow exponentially and remains one of the most exciting subsectors of the UK real estate market. The proportion of households living in the Private Rented Sector (PRS) has doubled in the last ten years or so, and it is expected to continue to grow by the end of 2021 nearly one in four households will be living in rental accommodation. This market, which has only emerged in force in the UK in recent years, is now worth an estimated 25 billion and is forecast to increase to almost 70 billion by KEY LONDON PRS STATISTICS 44% OF TENANTS CHOSE THEIR RENTING DESTINATIONS BASED ON TRANSPORT AND CONNECTIVITY 63% DETERMINE AFFORDABILITY AS THE KEY CRITERIA FOR RENTING DECISIONS SOME 68% OF RENTERS STILL EXPECT TO BE LIVING IN THE RENTAL SECTOR IN THREE YEARS TIME The site has excellent potential as a bespoke PRS development for numerous reasons: 1) Opportunity for a developer to create a distinct product in an area with a shortage of professionally managed, highquality residential product orientated toward the professional renter. 2) Position immediately adjacent to excellent transport connections makes the site an attractive proposition from both an investor and tenant s perspective. 3) Potential to create a scheme tailored towards the investment market with bespoke amenity, shared living space and other features that will attract and retain tenants. 4) The on site retail offering will provide convenient amenities for tenants and reduce the necessity for high cost services within the building itself. We believe a highquality PRS scheme at Tolworth Tower represents an opportunity to set the pace in the PRS market for the area and set benchmark residential rents in Tolworth. 45

24 46 FURTHER INFORMATION On behalf of the Joint Receivers, Simon CarvillBiggs and Freddy Khalastchi, of Menzies LLP, Knight Frank welcomes bids using the Bid Proforma found on the data room. The dataroom which contains extensive supporting documentation can be found on the dedicated website To obtain a password for the website and for information relating to the sales process please contact Daniel Ward at Knight Frank LLP. RESIDENTIAL DEVELOPMENT JUSTIN GAZE FRICS DD +44 (0) M +44 (0) E justin.gaze@knightfrank.com DANIEL WARD MRICS DD +44 (0) M +44 (0) E daniel.ward@knightfrank.com CHARLES DUGDALE MRICS DD +44 (0) M +44 (0) E charles.dugdale@knightfrank.com COMMERCIAL SHAUN ROY MRICS DD +44 (0) M +44 (0) E shaun.roy@knightfrank.com HUW HOLMAN MRICS DD +44 (0) M +44 (0) E huw.holman@knightfrank.com PRS NICK PLEYDELLBOUVERIE MRICS DD +44 (0) M +44 (0) E nick.pleydellbouverie@knightfrank.com IMPORTANT NOTICE (a) 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 any property, its condition, its value or its ownership structure. Knight Frank LLP does not have any authority to make any representations about any property, and accordingly any information given is entirely without responsibility on the part of ourselves, the seller(s) or lessor(s). (b) 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. (c) 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. 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. (d) Any guide prices quoted or discussed are exclusive of VAT. The VAT position relating to the property may change without notice. (e) Knight Frank LLP is not authorised by the Financial Conduct Authority (or any equivalent body, anywhere in the world) to undertake regulated activities and/or offer investment advice. Knight Frank LLP is acting as sales agent in respect of real estate property interests only. This communication is not intended to be an invitation or inducement to engage in investment activity by unauthorised persons, and should not be construed as such. In all instances you should seek your own independent advice in relation to any acquisition structures (including the possible sale of units in the fund by current investors). Knight Frank LLP is not responsible for any information or opinions provided in respect of any such sale or purchase. (f) Knight Frank LLP is a limited liability partnership registered in England with registered number OC Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members names. October BROCHURE DESIGNED & PRODUCED BY SAENTYS +44 (0) INFO@SAENTYS.COM

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