Regional Mail Centre Breakwater Road, Plymouth PL9 7XX LONG DATED UNDOUBTED INCOME

Similar documents
EDF ENERGY 334 OUTLAND RD

SOUTH COAST : DAWLISH RETAIL & RESIDENTIAL INVESTMENT Piermont Place, Dawlish EX7 9PH

Freehold Car Dealership Investment FORD, VICARAGE LANE, BLACKPOOL, FY4 4ES

ENERGY CENTRE, SKYPARK, EXETER, DEVON E.ON UK PLC

LONG LET HEADQUARTERS OFFICE INVESTMENT KING EDWARDS COURT KING EDWARDS SQUARE SUTTON COLDFIELD BIRMINGHAM B73 6AY

14/20 SOUTH STREET WORTHING BN11 3AA

HIGH YIELDING CITY CENTRE OFFICE INVESTMENT WEST GLAMORGAN HOUSE ORCHARD STREET SWANSEA SA1 5AD

UNIT 2B NEW STATION WAY FISHPONDS, BRISTOL, BS16 3LD

For sale. Building 6 Drakes Meadow Business Park Swindon SN3 3LL. Modern Office Investment Opportunity

For Sale Retail Investment Portfolio. Aberdeen, Galashiels & Hawick

PRIME CAR SUPERMARKET INVESTMENT Motorpoint Birmingham, 2 Lichfield Road, Birmingham, B6 5SU

London Road Staines-Upon-Thames, TW18 4JQ Freehold Plant and Tool Hire Depot let to 5A1 Covenant on 1.3 acre site fronting the A30

OFFICE INVESTMENT FOR SALE KELVIN HOUSE BUCHANAN GATE BUSINESS PA RK STEPPS GL ASGOW G33 6FB

For Sale. Bristol House, Victoria Street, Bristol BS1 6BY. Office Investment Opportunity

87-91 Albion Street & 23 Butts Court, Leeds LS1 6AG. Prime Mixed use Investment with Asset Management Opportunities

Llys Castan Parc Menai Bangor North Wales. A well let investment opportunity Royal Mail & RSPB Unit 14 Llys Castan Parc Menai Bangor.

UNITS 3 & 4 NORTHPOINT BUSINESS CENTRE, HORTON ROAD WEST DRAYTON, GREATER LONDON UB7 8JL. Industrial Investment

High water House. Modern Offices in Prestigious Building

For Sale. 473 Newport Road, Cardiff CF24 1RQ. Leisure Investment Opportunity

UNIT 2 BRUNEL WAY. Segensworth East, Fareham, Hampshire PO15 5TX INVESTMENT SALE

90,000 sq ft UNIT 11D SOUTH MARSTON PARK BROADMOOR ROAD, SWINDON SN3 4WD NEWLY REFURBISHED UNIT AVAILABLE NOVEMBER 2016

PRELIMINARY PARTICULARS MODERN FREEHOLD OFFICE INVESTMENT OPPORTUNITY BELGRAVE HOUSE, MONUMENT HILL, WEYBRIDGE, SURREY KT13 8RN

51 Queen Street CARDIFF

540 BRISTOL BUSINESS PARK, BRISTOL, BS16 1EJ OFFICE INVESTMENT OPPORTUNITY

UNITS 1-9 CENTRE COURT

PRIME DISTRIBUTION WAREHOUSE INVESTMENT AAH PHARMACEUTICALS UNIT WOBURN ROAD, WINWICK QUAY WARRINGTON, CHESHIRE WA2 8UH

Olympia House Gelderd Lane Leeds LS12 6DD

Freehold Office Investment Opportunity. Riverside Court Guildford Road Leatherhead KT22 9DF

PRICE S CANDLES UK DISTRIBUTION CENTRE 16 HUDSON ROAD, ELMS FARM INDUSTRIAL ESTATE, BEDFORD MK41 0LZ

AN EXCITING OPPORTUNITY TO ACQUIRE. The Henley Hotel Tanworth Lane Henley-in-Arden B95 5RA

FOR SALE CAR SHOWROOM INVESTMENT

CEDAR HOUSE Spa Road, Gloucester, GL1 1XL SOUTH WEST OFFICE INVESTMENT WITH ASSET MANAGEMENT OPPORTUNITIES

For Sale. Lady Heyes Caravan Park and Craft Centre Kingsley Road Frodsham Cheshire WA6 6SU gva.co.uk/11947

North Street, Bedminster, Bristol, BS3 1JJ

WELL-SECURED FOODSTORE & RETAIL INVESTMENT OPPORTUNITY. Sainsbury s and Majestic, Haddricks Mill Road, South Gosforth, Newcastle-Upon-Tyne NE3 1SR

Matalan, St Thomas Street, Scarborough YO11 1DY. Highly Secure Long Income Investment Opportunity

PRIME RETAIL RESIDENTIAL DEVELOPMENT OPPORTUNITY

PRIME HIGH STREET RETAIL INVESTMENT OPPORTUNITY

MERCURY HOUSE 1 DOVE WYND STRATHCLYDE BUSINESS PARK ML4 3AL

Advantage One. Modern Freehold Industrial Warehouse Investment Opportunity ENTER. Third Avenue, Bletchley Milton Keynes, MK1 1DR

PRIME SINGLE-LET INDUSTRIAL INVESTMENT OPPORTUNITY

Neilston Road, Paisley, PA2 6NE. Prominent Convenience Store Investment

For Sale. Hunts Court, Corporation Street, Taunton, Somerset. Leisure Investment Opportunity

81 STATION ROAD ASHFORD, KENT TN23 1PJ OFFICES TO LET - 1,000 17,260 SQ FT

Retail Warehouse Investment Opportunity

Xchanging Block C, Fulwood Park, Caxton Road, Fulwood, Preston PR2 9NZ

PENTLAND HOUSE, EDINBURGH QUALITY OFFICE INVESTMENT

FOR SALE. Zeus Packaging, Central Park, Mallusk, Newtownabbey, BT36 4FS. Investment Opportunity - Modern, Fully Let Industrial Facility

MARLOW HIGH STREET, MARLOW. 100% PRIME INVESTMENT IN AN AFFLUENT MARKET TOWN High Street, Marlow, SL7 1AW MARLOW: HIGH STREET

Prime Car Showroom and Motor Trade Investment Units 1a, b & c, The Drive, Gatwick Road, Crawley, West Sussex

PRIVATECLIENT ADDRESS HIGH STREET, RYDE, ISLE OF WIGHT, PO33 2HT PROMINENT HIGH STREET, RETAIL INVESTMENT

PRIME RETAIL/MIXED USE INVESTMENT. 33 & 37 High Street, Lyndhurst, SO43 7BE

PRIME INVESTMENT OPPORTUNITY PROMINENT LOCATION FRONTING A38

For sale - A mixed residential and holiday park in a prime location on

194,196 & 198 COMMERCIAL ROAD PORTSMOUTH

DFS SWANSEA NEATH ROAD, MORRISTON, SA6 8ER LONG INCOME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY

211 HIGH STREET CHELTENHAM

PRIME RETAIL WAREHOUSE INVESTMENT OPPORTUNITY. Unit 1 Southampton Road Salisbury SP1 2LE

25 Clarendon Road, Redhill Freehold M25 Office Investment

Well Let Premier Inn Hotel Investment. Premier Inn, Castlegate Business & Leisure Park, Castlegate Way, Dudley DY1 4TA

Prime Industrial Investment

INVESTMENT SUMMARY. Freehold property situated on an island site within Bishop s Stortford s prime retailing pitch.

For sale. Development Opportunity. Land At High Street Semington Trowbridge Wiltshire BA14 6JR

St Marks House, Bourne End. An opportunity to purchase a fully fitted office building offering a fantastic investment and owner occupier proposition.

1-8 MOORFIELD INDUSTRIAL ESTATE GATEHEAD ROAD, KILMARNOCK KA2 0BA HIGH YIELDING UK DISTRIBUTION HQ LET TO OFFICE HOLDINGS LTD FOR A FURTHER 7.

SOUTH STREET ST ANDREWS KY16 9QD

Prime Well Let Retail Parade. Inverness 41/47 High Street

British Midland Airways Limited Stockley Close, West Drayton Near Heathrow, London

Secure Supermarket & Gym Investment Opportunity HIGH STREET, SELSEY, NR CHICHESTER PO20 0QG

TO LET MODERN WAREHOUSE UNITS WITH OFFICES & CAR PARKING IN ALTENS INDUSTRIAL ESTATE

RETAIL OPPORTUNITY. A new retail destination. Riverside Building Riverside Way, Nottingham NG2 1DP

Wicker House, Eagle House & Chandlers Yard

LONG LET RETAIL INVESTMENT WITH ALTERNATIVE USE POTENTIAL

LEAMINGTON SPA. 519,704 sq ft (48,282 sq m) FOR SALE / TO LET HARRISON WAY UK HEAD OFFICE & NATIONAL DISTRIBUTION CENTRES

OVER 75% LET RG7 4PN. Brand new warehouse development 1,119 sq ft to 9,264 sq ft TO LET

FOR SALE VAT FREE EDINBURGH RETAIL INVESTMENT

SOUTH EAST FREEHOLD OFFICE INVESTMENT LET TO EDF ENERGY PLC ATLANTIC HOUSE HAZELWICK AVENUE CRAWLEY RH10 1QQ

Freehold Industrial Investment Opportunity. Holmethorpe Industrial Estate Holmethorpe Avenue, Redhill RH1 2NB

BUILDING 220 BRISTOL BUSINESS PARK COLDHARBOUR LANE BRISTOL BS16 1EJ SINGLE LET OFFICE INVESTMENT OPPORTUNITY

For sale. The Richwood Torquay Devon TQ2 5BZ gva.co.uk

and Office Investment

Seven Castle Street Edinburgh

The Old Palace Little St John Street Chester, Cheshire CH1 1RB

SOPER OF LINCOLN-BMW & MINI CAR SHOWROOM ROMAN WAY, SOUTH HYKEHAM, LINCOLN LN6 9UH CAR SHOWROOM INVESTMENT

DUTTON FORSHAW PEUGEOT & CITROEN (PART OF LOOKERS PLC) SEVEN STILES AVENUE, NEWPORT, GWENT. Prime Freehold Car Dealership Investment

Woodland House, Park House, Maple House & Beech House

TO LET. Unit 3, 9 Heron Avenue, Sydenham Business Park, Belfast, BT3 9LF. Superb self contained office building with onsite car parking

GREEN AYRE PUBLIC HOUSE & DW SPORTS

St James House 20 Bedford Road Guildford GU1 4SJ TOWN CENTRE RESIDENTIAL INVESTMENT

Development Site Opportunity. East Street Shopping Centre, Southampton, SO14 3HX. For Sale (Long Leasehold) gva.co.uk/8771

NCP KINGSGATE Crawley RH10 1EN Freehold Town Centre Car Park investment with Annual Rent Increases

St Leonards Shopping Centre East Kilbride, G74 2AU

65/71 Lewisham High Street, London SE13 5JX

lomondhousenewbury.co.uk Refurbished grade A offices to let 13,481 sq ft (1,252 sq m) Newbury RG14 2PZ LOMOND HOUSE NEWBURY BUSINESS PARK

Former Monarch Airlines HQ. Percival Way London Luton Airport LU2 9PA

HIGH YIELDING PRIME RETAIL INVESTMENT MURRAYGATE AND ALBERT SQUARE, DUNDEE, DD1 2BB

FREEHOLD OFFICE INVESTMENT FOR SALE. Strata House, Castle Street, Poole BH15 1BQ

FOR SALE RADIO STUDIO/OFFICE INVESTMENT

UnitOne FOR SALE PRIME SINGLE-LET INDUSTRIAL INVESTMENT BALLIOL BUSINESS PARK, LONGBENTON, NEWCASTLE UPON TYNE NE12 8EW.

PRIME HIGH STREET SUPERMARKET INVESTMENT EAST MAIN STREET BROXBURN EH52 5EQ. Sheridan Property Consultants

Transcription:

Regional Mail Centre Breakwater Road, Plymouth PL9 7XX LONG DATED UNDOUBTED INCOME

Investment Summary this Regional Mail Centre comprises three separate buildings; a purpose built Sorting Centre/Delivery Office, a Call Centre and a Vehicle Maintenance Unit totalling 199,130 Sq ft (18,500 Sq m). all the buildings are mission critical to Royal Mail s operation in the South West. a substantial self-contained site that benefits from excellent access to Plymouth City centre and the A38. the Mail Sorting Centre/Delivery Office comprises a purpose built distribution warehouse constructed in 1999 benefiting from an 8m minimum eaves height, a secure yard area and two storey office accommodation. let to Royal Mail Group Limited on leases expiring on the 5 March 2032, hence an unexpired term of just under 15 years. the Royal Mail is the principal postal service company in the United Kingdom. Royal Mail Group Limited has a Dun & Bradstreet credit rating of 5A1. Current rent of 1,205,096 pa, reducing to 1,095,099 pa on 20 March 2020, with a fixed increase to 1,209,077 pa on 20 March 2025, followed by an open market rent review on 20 March 2030. the Sorting Centre covers West Devon & Cornwall and the Delivery Office serves Plymouth City Centre and surrounds. the property offers substantial long term development potential to take advantage of adjoining marina facilities and surrounding residential areas. offers are sought in excess of 17,350,000 (Seventeen Million, Three Hundred and Fifty Thousand Pounds), representing a Net Initial Yield of 6.50%, based on acquisition costs of 6.74%.

LOCATION Plymouth is the largest city in the South West of England on the border of Cornwall and Devon. It has excellent road communications both from the A38 and the A30 dual carriageways providing access to the national motorway network at junction 31 of the M5 motorway at Exeter. There are direct rail services from London Paddington (approximately 3 hours 20 minutes), Bristol Temple Meads (approximately 2 hours) and Exeter (approximately 55 minutes). Plymouth is home to Brittany Ferries providing ferries to Roscoff in France and Santander in Spain, the Torpoint and Cremyll Ferries provide direct links to Cornwall. Exeter International Airport is approximately 50 minutes drive away; this has major flights to a number UK cities, Europe and North America. NEWQUAY A39 TRURO A39 FALMOUTH BRISTOL CHANNEL A30 A391 A39 A39 EXMOOR NATIONAL PARK BARNSTAPLE A361 A39 A377 A386 A30 EXETER LAUNCESTON A395 A386 EXMOUTH DARTMOOR A380 NATIONAL PARK A39 A30 A388 A386 A38 PLYMOUTH PLYMOUTH ENGLISH CHANNEL A38 TORQUAY A385 DARTMOUTH BRIDGE WATER M5 TAUNTON WELLINGTON A303 M5 A30 A35 EXETER Plymouth is the centre of tourism in Devon and Cornwall with over 330 million spent annually and in excess of 8 million tourist days generated. There is a resident population of 245,000 and a primary retail catchment of 457,000, which ranks Plymouth 19th in the UK on this measure. Plymouth is one of the finest harbours in Europe, and its superb waterfront location provides extensive opportunities for a wide range businesses. Over the last decade there has been significant inward investment into a number of major waterside developments including Millbay, Sutton Harbour, Royal William Yard, and South Yard that have all significantly improved the Cities overall offer. For further information please go to http://www.visitplymouth.co.uk/invest

ALMA RD. HOME PARK PEVERALL PARK RD. SALTASH RD. MANN AMEAD RD. NORTH HILL TOTHILL MANNAMEAD AVE. ALEXANDRA RD. PLYMOUTH O LD LAIRA RD. EMBANKMENT RD. CRABTREE PLYMOUTH RD. DEVON EXPRESSWAY A38 MERAFIELD RD. SITUATION The property is situated on Breakwater Industrial Estate approximately 2 miles (3.2 kilometres) east of Plymouth City Centre in an established mixed commercial / residential area on Breakwater Road to the south of Billacombe Road (A379). The area benefits from excellent access to the City Centre and the A38, by way of the A374 dual carriageway, that provides the perfect base for Royal Mail to service the City and beyond. UNION ST. PLYMOUTH THE CRESENT MOUNT BATTEN GDYNIA WAY CATTEDOWN BILLACOMBE RD. ROYAL MAIL CENTRE BILLACOMBE RD. POMPHLETT RD. BILLACOME ELBURTON RD. STANBOROUGH RD. Royal Mail has over 35 regional Mail Centres, 8 Regional Distribution Centres and around 1,350 delivery offices. Each Mail Centre serves a large geographically defined area of the UK and together they form the backbone of the mail and distribution operation. The Plymouth Mail Centre serves all the PL postcodes, which incorporates a significant area including West Devon and East Cornwall, with the nearest alternative Mail Centres being situated in Truro and Exeter. Abutting the property is Yacht Haven Quay, which is one of the region s leading marinas and boat yards, and it houses one of Europe s largest dry stack boat storage facilities. The Quay is home to numerous other marine related industries, and other amenities include a restaurant, shower blocks, boat sales and numerous sailing schools. Major occupiers in the area include Morrisons, The Range, Aggregate Industries, MacDonalds, Honda, Sugar Mill Retail Park, Howdens and ARC. Subject to necessary planning consents the property offers substantial long term development potential to take advantage of adjoining marina facilities and surrounding residential areas.

Subject Property Sugar Mill Retail Park Morrisons Yacht Haven Quay Yacht Haven Marina Mount Batten Peninsula Laira Bridge Retail Park Friary Retail Park Aquarium Royal Citadel Sutton Harbour The Barbican The Hoe Drakes Circus New George Street Plymouth University Derrys Cross

DESCRIPTION The property is one of Royal Mail s principal Regional Mail Centres, and is one of the largest employers in the area with over 1000 staff employed from this facility; all the buildings are mission critical to Royal Mail s operation on this site. This Regional Mail Centre comprises three separate buildings; a purpose built Sorting Centre/Delivery Office, a Call Centre and a Vehicle Maintenance Unit, situated on a self-contained site of 20.69 acres (8.37 hectares) providing a very low site density of just 22%. Sorting Centre/delivery office The property comprises a detached purpose built distribution warehouse with ancillary offices that was constructed in 1999 that totals 134,589 sq ft (12,504 sq m). The warehouse currently houses a range of sorting machines for the sorting and despatch of letters and parcels. The property benefits from the following specification: a steel portal frame construction with profile steel cladding. a clear eaves height to the underside to the haunch is approximately 8m (26.2 ft) 11 loading doors including 10 dock level loading doors. a canopy area with three entry level loading doors. halogen lighting, gas fired warmer heaters, and a minimum floor loading capacity of 30kn/m 2 and a wet pipe automatic sprinkler head system in the warehouse areas. the warehouse includes a substantial mezzanine floor that houses the existing plant and machinery. offices, staff canteen, male and female toilets, and gym arranged over ground and first floors. Substantial staff car parking spaces. externally, the site benefits from extensive yard area on both sides of the building providing parking for HGVs / vans as well as loading and circulation space. There is also an HGV refuelling station. the offices have a reception area, aluminium framed double glazed windows, passenger lift, air-conditioning and raised floors at first floor and suspended ceilings. the site is secured with palisade fencing and access is via a gated security hut.

The Call Centre The original call centre building was built in 1980 and was comprehensively refurbished and extended in 1990. The building comprises a single storey call centre containing offices, a canteen and warehouses facilities that totals 49,416 sq ft (4,591 sqm) The main office area is made up of a call centre and benefits from the following specification: Steel frame design, with concrete clad columns, large coloured glass window units set within metal frame fenestration, beneath a steel profile clad roof. Solid concrete floors. air conditioning and suspended ceilings to the main office areas. Meeting rooms, staff canteen, male and female toilets and locker rooms. to the rear of the property there is the comms area and warehouse facility that is accessed via a single roller shutter door and is covered by a canopy. The Vehicle Maintenance Unit The Vehicle Maintenance Unit was originally built in 1980 as a purpose built repair centre and later refurbished in 1989 that totals 15,126 sq ft (1,405 sq m). The building comprises workshop facilities for the repair and maintenance of Royal Mail s fleet and houses numerous vehicles ramps. The property benefits from the following specifications: Steel frame construction with solid concrete floors, brick and glass cladding under a flat sheet metal roof. a clear eaves height to the underside to the haunch is approximately 5m (16.4 ft). 9 entry level loading doors. Fluorescent strip lighting. there are also a number of block mezzanine areas accessed via permanent staircases. Substantial yard areas for parking and a vehicle wash facility.

Tenancy ACCOMMODATION The property has been measured in accordance with the new RICS Property Measurement (1st Edition), which incorporates the new International Property Measurement Standards (IPMS) and provides the following Gross Internal floor areas. The site is broadly square in shape and totals approximately 20.69 acres (8.37 hectares) providing a site density of approximately 22%. Tenure Freehold. The property is let to Royal Mail Group Ltd on Full Repairing and Insuring terms for a term of 20 years commencing on 25 March 2000 and expiring on 19 March 2020. The current rent is 1,205,096 equating to an overall rent of 6.05 per sq ft. The tenant has entered into two new coterminous reversionary leases (one for the Call Centre and one for Mail Centre/Delivery Office & Vehicle Maintenance Unit) expiring on the 5 March 2032, providing just under 15 years unexpired. The rental obligations are summarised below, which includes a reduction in the combined income on 20 March 2020 to 1,095,099 pa, with an increase on 20 March 2025 to 1,209,077 pa, followed by an upwards only open market rent review in 20 March 2030. Building Demise Sq Ft Sq M Sorting Centre Warehouse 79,887* 7,422 Grnd Floor Offices 20,921 1,944 1st Floor Offices 20,534 1,908 Mezzanine / Plant Rooms 13,246 1,231 134,589 12,504 Call Centre Office / Canteen 38,685 3,594 Warehouse / Comms 10,730 997 49,416 4,591 Vehicle Maintenance Centre Warehouse 13,738 1,276 Mezzanine 1,388 129 15,126 1,405 Total 199,130 18,500 * Includes canopy of 3,136 sq ft VMU Mail Centre Demise Sq ft Current Rent Rent psf Rent 20/03/20 Rent psf Rent 20/03/25 Rent psf CALL Centre Mail Centre & Vehicle Lease 1 149,715 836,458 5.58 923,517 6.16 Maintenance Unit 1,205,096 Lease 2 Call Centre 49,416 258,641 5.23 285,560 5.77 Total 199,130 1,205,096 6.05 1,095,099 5.49 1,209,077 6.07 land totalling 0.37 acres (0.15 hectares) sold off to British Gas on a 199 year lease from 16/9/1997 at a peppercorn rent.

COVENANT Royal Mail Plc is the principal postal service company in the United Kingdom, originally established in 1516. The company subsidiary, Royal Mail Group Ltd operates the brands Royal Mail and Parcel Force Worldwide. Royal Mail Group Ltd includes UK Parcels, International Letters (UKPIL) which comprises the UK s group and international parcels and letter delivery business operating under the Royal Mail and Parcel Force Worldwide brands. Through the Royal Mail Core Network, the Group has the capability to deliver a one price goes anywhere, six days a week service on a range of letters and parcels to more than 30 million addresses across the UK. In October 2013 Royal Mail was privatised and listed on the London Stock Exchange and in December 2013 became a FTSE 100 Company. Royal Mail Group Limited has an excellent 5 A1 Dun & Bradstreet rating, which represents a minimum risk of business failure, a summary of the company s financial accounts for the last three years are shown below: Fiscal Non Consolidated GBP 27 Mar 2016 (000 s) Fiscal Non Consolidated GBP 29 Mar 2015 (000 s) Fiscal Non Consolidated GBP 30 Mar 2014 (000 s) Sales Turnover 7,675,000 7,772,000 7,782,000 Profit / (Loss) Before Taxes 99,000 415,000 1,519,000 Tangible Net Worth 3,686,000 3,400,000 1,958,000

EPC All three properties have been assessed with a D rating, copies of the EPCs are available upon request. Data Room Full access to the data room will be provided upon request. VAT The Property is elected for VAT which will therefore be payable upon the purchase price unless the sale can be treated as a Transfer of a Going Concern (TOGC). Proposal Offers are sought in excess of 17,350,000 (Seventeen Million, Three Hundred and Fifty Thousand Pounds), representing a Net Initial Yield of 6.50%, based on acquisition costs of 6.74%.

Further Information For further information or to arrange an inspection, please contact the sole agents on: Neil Dovey 0207 911 2168 neil.dovey@gva.co.uk Richard Howell 0117 988 5210 richard.howell@gva.co.uk Bart Holt-Smith 0207 911 2728 bart.holt-smith@gva.co.uk 65 Gresham Street London EC2V 7NQ www.gva.co.uk www.gva.co.uk/10234 GVA is the trading name of GVA Grimley Ltd an Apleona company. 2017 GVA. GVA hereby gives notice that the information provided (either for itself, for any joint agents or for the vendors lessors of this property whose agent GVA is) in this brochure is provided on the following conditions: (1) The particulars are set out as a general outline only, for the guidance of intending purchasers and/or lessees and do not constitute an offer or contract, or part of an offer or contract. (2) All descriptions, dimensions and references to this property s condition and any necessary permission for use and occupation, and any other relevant details, are given in good faith and are believed to be correct. However, any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves of their correctness by inspection or otherwise. (3) No person in the employment of GVA, or any joint agents, has any authority to make or give any representation or warranty whatsoever in relation to the property or properties in this brochure. (4) All prices quoted are exclusive of VAT. (5) GVA shall have no liability whatsoever in relation to any documents contained within the brochure or any elements of the brochure which were prepared solely by third parties, and not by GVA. GVA: April 2017 Produced by Barbican Studio 020 7634 9573