PORTFOLIO SUMMARY PORTFOLIO SUMMARY CHELTENHAM 219 & 221 223 HIGH STREET CHELTENHAM THE ROTUNDA, MONTPELLIER STREET ABERYSTWYTH 24 GREAT DARKGATE STREET KINGSTON-UPON-THAMES 46 CLARENCE STREET 2 A PORTFOLIO OF FOUR, WELL SECURED AND FULLY LET, RETAIL PROPERTIES IN STRONG RETAILING TOWNS THROUGHOUT THE UK Four retail & five residential tenancies Total floor area of 30,941 sq ft (2,874.57 sq m) Prime well secured income stream Excellent reversionary prospects COMBINED TENANCY SCHEDULE Address Tenant Lease Start Lease End Rent Review Break Current Rent (PA) Zone A 219 & 221 223 High Street, Cheltenham 219 High Street Greggs plc 15.11.2012 14.11.2022 15.11.2017 15.11.2017 63,000 71.50 221 223 High Street Jacobs & Turner Ltd 25.12.2012 24.12.2017 60,000 67.00 Flat 1, 221 High Street Andrew Jowett 28.06.2014 27.06.2015 5,562 Flat 2, 221 High Street Farah Fassi 03.07.2015 02.01.2016 5,700 Flat 3, 221 High Street Sam Phillips 01.08.2009 Rolling* 5,100 Flat 4, 221 High Street Cameron Westwood 10.08.2014 09.08.2015 5,556 Flat 5, 221 High Street Mr Hill 01.08.2009 Rolling* 5,100 The Rotunda, Montpellier Street, Cheltenham The Rotunda Lloyds Bank plc 01.12.2010 30.11.2020 01.12.2015 125,000 22.50 (psf) 24 Great Darkgate Street, Aberystwyth 24 Great Darkgate Street Poundland Ltd 24.07.2009 23.07.2019 130,000 54.00 Total passing rent of 490,018 Freehold 46 Clarence Street, Kingston-upon-Thames 46 Clarence Street TFS Stores Ltd (T/A The Fragrance Shop) 27.10.2014 26.10.2024 27.10.2019 26.04.2016 85,000 161.00 Total 490,018
219 & 221 223 HIGH STREET STREET CHELTENHAM 219 & 221 223 HIGH STREET PRIME WELL SECURED FREEHOLD RETAIL INVESTMENT 3
219 & 221 223 HIGH STREET STREET Existing Aerial View SUBJECT PROPERTY SUBJECT PROPERTY Existing Location Plan SUBJECT PROPERTY Proposed Phase II Location Plan 4 INVESTMENT SUMMARY Cheltenham is a strong retail centre with an extremely affluent catchment Prime and prominent trading location on High Street Let to the undoubted covenants of Greggs plc and Jacobs & Turner Ltd Excellent reversionary prospects THE SOPHISTICATED TOWN IS ALSO THE GATEWAY TO THE COTSWOLDS, AN AREA OF OUTSTANDING NATURAL BEAUTY CHELTENHAM RETAILING IN CHELTENHAM LOCATION Cheltenham town centre dominates the Cotswold area and serves an extensive primary catchment with an estimated population of 388,000 people. There are approximately 460,000 staying visitors and 5.6M day trippers to Cheltenham every year contributing an estimated 235M to the local economy. Cheltenham s catchment population is very affluent; this is demonstrated by the overrepresentation of the most affluent social group, AB. The prime retailing pitch is focused on pedestrianised High Street and Promenade. The town also boasts two covered shopping centres. Regents Arcade is the larger of the two with over 185,000 sq ft of retail floor space and is anchored by BHS and H&M. Beechwood Shopping Centre is approximately 127,000 sq ft and is anchored by Debenhams. It has been reported that John Lewis are in advanced discussions with Blackrock, the owners of Beechwood Shopping Centre, to take a new store in place of the Cheltenham is an affluent and attractive regency spa town and home to some of the world s most famous festivals; Horse Racing, Jazz, Science, Literary and Music. The sophisticated town is also the gateway to the Cotswolds, an area of outstanding natural beauty. Cheltenham is situated 95 miles west of London, 40 miles north of Bristol & 9 miles east of Gloucester. The historic town benefits from excellent road connections with the M5 providing fast access south to Bristol and Exeter, and north to Birmingham. The A40 also provides a direct route to Oxford to the east and London via the M40. Direct rail services to London Paddington take 2 hours 15 minutes. Debenhams department store at lease expiry. This further endorses retailers confidence in Cheltenham. The subject properties footfall, and consequently the quality of the pitch, is set to be transformed with the Brewery Phase II development at 233-269 High Street (the subject property is highlighted in the above plans). The development will create a direct pedestrianised link from High Street to the Brewery and extend prime to the western end of High Street where the subject property is located. This significant 30M investment in Cheltenham by NFU Mutual Insurance demonstrates their confidence in Cheltenham, and specifically the vital role that High Street has to play in the overall regeneration of the western part of High Street. For further information regarding the Brewery Phase II redevelopment, please visit: www.thebrewerycheltenham.co.uk/phase_ii/
219 & 221 223 HIGH STREET STREET SITUATION The subject property is situated in a busy location at the western end of the pedestrianised High Street, in close proximity to Primark and Superdry. Additional multiple retailers in close proximity include Boots, Pandora, Patisserie Valerie and Caffe Nero. The property benefits from a high level of footfall from the surrounding streets and shopping centres; Promenade, Clarence Street, Regents Arcade and Beechwood Shopping Centre. Additionally, the properties footfall will be further enhanced due to the proposed Brewery Phase II redevelopment. DESCRIPTION The two properties fronting High Street comprise of a three storey mid-terraced retail parade of frame construction with a brick rendered elevation. The units are fitted out in the tenants high specification corporate style. 219 High Street (Greggs) comprises sales accommodation on the ground floor and ancillary accommodation at first floor. 221-223 High Street (Jacobs & Turner Ltd T/A Trespass) comprises sales and ancillary accommodation over both ground and first floor. The building also contains five self-contained flats, subject to AST s, arranged over the first and second floors. ACCOMMODATION The property provides the following approximate areas and dimensions: 5 219 High Street (Greggs plc) Gross Frontage 26.1 ft 7.95 m Net Frontage 21.4 ft 6.50 m Ground Floor 1,570 sq ft 145.82 sq m ITZA 817 Units First Floor Ancillary 1,278 sq ft 118.72 sq m Total NIA 2,848 sq ft 264.59 sq m 221 223 High Street (Jacobs & Turner Ltd T/A Trespass) Gross Frontage 25.1 ft 7.65 m Net Frontage 21.2 ft 6.45 m Ground Floor 1,441 sq ft 133.86 sq m ITZA 780 Unitsv First Floor Sales 1,158 sq ft 107.62 sq m Total NIA 2,599 sq ft 241.48 sq m The Residential Accommodation has not been measured. TENURE Freehold.
219 & 221 223 HIGH STREET STREET TENANCIES The property is let on two occupational leases on the retail element, and five Assured Shorthold Tenancies on the residential accommodation: Address Tenant Lease Start Lease End Rent Review Break Current Rent (PA) Zone A 219 High Street Greggs plc 15.11.2012 14.11.2022 15.11.2017 15.11.2017 63,000 71.50 221 223 High Street Jacobs & Turner Ltd 25.12.2012 24.12.2017 60,000 67.00 Flat 1, 221 High Street Andrew Jowett 28.06.2014 27.06.2015 5,562 Flat 2, 221 High Street Farah Fassi 03.07.2015 02.01.2016 5,700 Flat 3, 221 High Street Sam Phillips 01.08.2009 Rolling* 5,100 Flat 4, 221 High Street Cameron Westwood 10.08.2014 09.08.2015 5,556 Flat 5, 221 High Street Mr Hill 01.08.2009 Rolling* 5,100 Total 150,018 RENTAL COMMENTARY In arriving at our Zone A, we have applied A/10 for first floor sales and A/20 for first floor ancillary. It is our view that while the property is currently rack-rented, with rents having been rebased, there are excellent prospects for rental growth. VAT The property is elected for VAT and we anticipate it will be sold by way of a TOGC. EPC An EPC is available upon request. *Flat 3 and Flat 5 have been in occupation since August 2009 and are subject to a rolling one month notice period. 6 COVENANT STATUS Jacobs & Turner Limited (T/A Trespass) is one of the UK s most successful outdoor clothing retailers with over 150 stores across the UK. Jacobs & Turner Limited is rated Very Low Risk by Experian. Their latest financial figures are set out below: Jacobs & Turner Ltd 29.06.2014 31.06.2013 24.06.2012 Turnover 86,168,808 75,276,427 64,856,802 Pre-Tax Profit 4,225,933 4,008,001 2,405,049 Net Worth 46,591,961 43,827,272 41,263,237 Greggs plc is the UK s leading bakery food-on-the-go retailer with 1,650 shops, nine regional bakeries and 19,500 employees. Greggs plc is rated Very Low Risk by Experian. Their latest financial figures are set out below: Greggs plc 03.01.2014 28.12.2013 29.12.2012 Turnover 804,000,000 762,379,000 734,502,000 Pre-Tax Profit 49,700,000 33,152,000 53,342,000 Net Worth 235,165,000 226,646,000
THE ROTUNDA, MONTPELLIER STREET CHELTENHAM THE ROTUNDA, MONTPELLIER STREET GRADE I LISTED PRIME FREEHOLD RETAIL INVESTMENT 7
THE ROTUNDA, MONTPELLIER STREET INVESTMENT SUMMARY 8 Cheltenham is a strong retail centre with an extremely affluent catchment Prime and prominent trading location on Montpellier Street Banking covenant of Lloyds Bank plc CHELTENHAM LOCATION Cheltenham is an affluent and attractive regency spa town and home to some of the world s most famous festivals; Horse Racing, Jazz, Science, Literary and Music. The sophisticated town is also the gateway to the Cotswolds, an area of outstanding natural beauty. Cheltenham is situated 95 miles west of London, 40 miles north of Bristol and 9 miles east of Gloucester. The historic town benefits from excellent road connections with the M5 providing fast access south to Bristol and Exeter, and north to Birmingham. The A40 also provides a direct route to Oxford to the east and London via the M40. Direct rail services to London Paddington take 2 hours 15 minutes. Excellent reversionary prospects Planning Permission for A3 Restaurant THE ATTRACTIVE SUBURB IS HOME TO ONE OF THE UK S BEST SELECTIONS OF INDEPENDENT RETAILERS, TRENDY CAFES AND BOUTIQUE HOTELS RETAILING IN CHELTENHAM Cheltenham town centre dominates the Cotswold area and serves an extensive primary catchment with an estimated population of 388,000 people. There are approximately 460,000 staying visitors and 5.6M day trippers to Cheltenham every year contributing an estimated 235M to the local economy. Cheltenham s catchment population is very affluent and this is demonstrated by the overrepresentation of the most affluent social group, AB. The prime retailing pitch is focused on the pedestrianised High Street and Promenade. The stylish Montpellier quarter where the subject property is located, is set at the end of the Promenade approximately 0.5 miles south of the town centre. The attractive suburb is home to one of the UK s best selections of independent retailers, trendy cafes and boutique hotels.
THE ROTUNDA, MONTPELLIER STREET SITUATION The subject property is situated in the boutique Montpellier district of Cheltenham. The prominent building sits at the southern end of Montpellier Street fronting both Montpellier Walk and Montpellier Street. The Grade 1 listed property is the focal point for Montpellier Street sitting adjacent to the Co-Op. Additional multiple retailers include Barclays, Strada and O Neils. DESCRIPTION The Grade I listed property comprises imposing Regency style banking premises with a feature dome roof. The stone built building provides an impressive period banking hall on the ground floor with storage and staff accommodation at basement and first floor level. The unit is fitted out in the tenants high specification corporate style. ACCOMMODATION The property provides the following approximate areas and dimensions: The Rotunda Ground Floor Banking Hall 3,847 sq ft 357.40 sq m Offices 2,591 sq ft 240.71 sq m First Floor 9 Ancillary/Offices 1,612 sq ft 149.76 sq m Basement Storage 520 sq ft 48.31 sq m Total NIA 8,570 sq ft 796.18 sq m TENURE Freehold.
THE ROTUNDA, MONTPELLIER STREET TENANCY Address Tenant Lease Start Lease End Rent Review Current Rent (PA) The Rotunda Lloydsv Bank plc 01.12.2010 30.11.2020 01.12.2015 125,000 RENTAL COMMENTARY We devalue the passing rent to 22.50 per sq ft on the banking hall accommodation. In arriving at our devauleation, we have applied 15.00 per sq ft on the ground floor office, 5.00 per sq ft on the first floor office, 3.50 on the basement storage, and a 7.5% allowance for Grade 1 listing. It is our view that while the property is currently rack-rented, with the rents being rebased there are excellent prospects for rental growth. REDEVELOPMENT The property comes with the benefit of an outstanding planning permission for change of use from A2 Bank to A3 Restaurant to include internal and external works to include new plant on roof. The planning application, 09/00729/COU, was granted on 18 November 2010 for a period of five years. Given the overwhelming support from local groups on the planning application, including Heritage and Conservation, it would be envisaged that a further application or extension would be supported. COVENANT STATUS Lloyds Bank plc, dating back to 1765, has a network of nearly 1,300 branches across England and Wales with over 11 million customers. Lloyds Bank plc is rated Low Risk by Experian. Their latest financial figures are set out below: 10 Lloyds Bank plc 31.12.2014 31.12.2013 31.12.2012 Net Assets 49,990,000,000 44,086,000,000 49,086,000,000 Pre-Tax Profit 2,289,000,000 894,000,000 ( 474,000,000) Net Worth 39,827,000,000 34,109,000,000 36,793,000,000 VAT The property is elected for VAT and we anticipate it will be sold by way of a TOGC. EPC An EPC is available upon request.
24 GREAT DARKGATE STREET ABERYSTWYTH 24 GREAT DARKGATE STREET 100% PRIME FREEHOLD RETAIL INVESTMENT 11
24 GREAT DARKGATE STREET INVESTMENT SUMMARY 12 Prime freehold investment in the popular University town of Aberystwyth 100% prime retail pitch on Great Darkgate Street Let to the undoubted covenant of Poundland Ltd Exceptionally well secured unit with ground floor trading and ancillary at basement and first floors THE TOWN S COASTAL LOCATION AND VICTORIAN/EDWARDIAN HISTORY MAKES IT A STRONG TOURIST DESTINATION ABERYSTWYTH RETAILING IN ABERYSTWYTH LOCATION The historic market town of Aberystwyth is located on the western coast of Wales and serves as the main retailing and administrative centre for the county of Ceredigion. The town s coastal location and Victorian/Edwardian history makes it a strong tourist destination. Aberystwyth is located 73 miles north west of Swansea, 45 miles west of Shrewsbury and 99 miles north west of Cardiff. The town s train station offers direct services to Shrewsbury & Birmingham with journey times of 1 hour 50 minutes and 2 hours 55 minutes respectively. Rail services to London Euston via Birmingham have a journey time of 4 hours 30 minutes. Aberystwyth is estimated to have 0.44million sq ft of retail floorspace. The main retail offer within the town is focussed on prime Great Darkgate Street. Aberystwyth has a total catchment population of 57,000 people with a loyal shopping population of 40,000, above average for Small Towns (PROMIS). The annual comparison goods spending by the shopping population in Aberystwyth is approximately 104 million. The town is home to a number of multi-national retailers including New Look, Superdrug, Dorothy Perkins, Waterstones, JD Sports & Accessorize. The relatively affluent catchment is self-contained as the closest shopping areas of Carmarthen and Shrewsbury are both 1 hour and 30 minutes away.
24 GREAT DARKGATE STREET SITUATION DESCRIPTION The property is located on the southern side of Great Darkgate Street, which is the town s principal retailing thoroughfare. This property offers over 15,400 sq ft with sales accommodation on ground floor and ancillary space at both basement and first floor levels. The retail unit is well configured and meets retailers requirements for modern, well configured large retail space. The property sits in the 100% prime retail pitch and is immediately adjacent to Card Factory. Other retailers within the immediate area include Savers, Holland & Barrett, Clarks and Clintons. ACCOMMODATION The property provides the following approximate areas and dimensions: Description 13 Gross Frontage 48.9 ft 14.87 m Net Frontage 41.4 ft 12.59 m Ground Floor 7,367 sq ft 684.42 sq m 1,952 Units Basement Ancillary 1,264 sq ft 117.43 sq m First Floor Ancillary 6,770 sq ft 628.95 sq m 15,401 sq ft 1,430.80 sq m ITZA Total NIA TENURE Freehold.
24 GREAT DARKGATE STREET TENANCY The whole property is let to Poundland Ltd for a term of 10 years, expiring on 23 July 2019. Poundland Ltd are paying an annual rent of 130,000. Address Tenant Lease Start Lease End Current Rent (PA) 24 Great Darkgate Street Poundland 24.07.2009 23.07.2019 130,000 RENTAL COMMENTARY We devalue the passing rent to 54 per sq ft Zone A. In arriving at our Zone A, we have applied 3.50 per sq ft for first floor ancillary accommodation and 1.00 per sq ft for basement ancillary accommodation. 14 COVENANT STATUS Poundland Ltd is the UK s leading discount retailer. In 2014, Poundland reported total sales for the year of 997m, an increase of 13%. Poundland opened 70 new stores in 2013/14, taking its total to 528 stores across the UK. In March 2014, Poundland listed on the London Stock Exchange and is in the process of acquiring 99p Stores Limited. Poundland Group plc is rated Very Low Risk by Experian. Their latest financial figures are set out below: Poundland Group plc 30.03.2014 31.03.2013 01.04.2012 Turnover 997,803,000 880,491,000 780,147,000 Pre-Tax Profit 41,017,000 34,313,000 32,022,000 Net Worth 96,235,000 119,042,000 90,342,000 VAT The property is elected for VAT and we anticipate it will be sold by way of a TOGC. EPC The property has been given an Energy Performance Rating of D89.
46 CLARENCE STREET KINGSTON-UPON-THAMES 46 CLARENCE STREET PRIME REBASED FREEHOLD RETAIL INVESTMENT 15
46 CLARENCE STREET INVESTMENT SUMMARY Located in the affluent Royal London Borough of Kingstonupon-Thames LOCATION Kingston-upon-Thames is one of the UK s leading retail and commercial centres and is the principal centre in South West London. 16 Situated in prime pitch on Clarence Street, the main retail thorougfare KINGSTON-UPON-THAMES Located approximately 13 miles south west of Central London, the town benefits from excellent road communications being in close proximity to the M25, M3 and A3. The town further benefits from regular rail services to London Waterloo with an approximate journey time of 28 minutes. Excellent reversionary prospects RETAILING IN KINGSTON Freehold KINGSTON-UPON-THAMES IS ONE OF THE UK S LEADING RETAIL AND COMMERCIAL CENTRES AND IS THE PRINCIPAL CENTRE IN SOUTH WEST LONDON The total population within Kingston s primary catchment area is 874,000, ranking the town 13 out of the PROMIS centres. Kingston attracts a total retail spend of 2.27 billion per annum, placing it 11th out of the top 200 PROMIS centres. The population includes a higher proportion of adults aged 25-44, the majority being commuters working in Central London and as such, per capita retail spending levels are significantly above average. Of the adult population, 77% are classed as ABC1 consumers. Kingston s prime retail pitch is focussed on the attractive, pedestrianised Clarence Street, which is centrally located and runs in an east to west direction. The western end of Clarence Street is anchored by a John Lewis department store with the eastern end anchored by two Marks & Spencer stores. Eden Walk is Kingston s second shopping centre and is earmarked for a major redevelopment in the near future. This will continue to drive footfall at the eastern end of Clarence Street with the main entrance to be located on Eden Street.
46 CLARENCE STREET SITUATION The prime retailing pitch in Kingston is focussed on Clarence Street which is anchored by the Bentall Centre to the western end and Marks & Spencer to the eastern end. The subject property is located on the southern side of Clarence Street to the eastern end and benefits from footfall filtering down Clarence Street from the railway staion. The property sits directly adjacent to Superdrug and opposite Marks & Spencer. Further national multiple retailers in close proximity include Topman, Tiger, North Face, River Island, Pret a Manger and O2. DESCRIPTION The subject property comprises an in line retail unit with brickwork elevation and retail glazed frontage at ground floor level. The property is arranged over ground, first and second floors with the upper parts accessed via an external staircase to the rear of the property. The first and second floors are currently used as ancillary accommodation. ACCOMMODATION The property provides the following approximate areas and dimensions: 46 Clarence Street 17 Gross Frontage 14.11 ft 4.55 m Net Frontage 12.7 ft 3.84 m Ground Floor 680 sq ft 63.13 sq m ITZA First Floor Ancillary Second Floor Ancillary Total NIA TENURE Freehold. 497 Units 471 sq ft 43.76 sq m 372 sq ft 34.56 sq m 1,523 sq ft 141.52 sq m
46 CLARENCE STREET TENANCY Address Tenant Lease Start Lease End Rent Review Break Current Rent (PA) 46 Clarence Street TFS Stores Ltd (T/A The Fragrance Shop) 27.10.14 26.10.24 27.10.19 26.04.16 85,000 *There is a 6 month rent penalty payable by the tenant should the break option be exercised. 18 RENTAL COMMENTARY We devalue the passing rent to approximately 161.00 per sq ft Zone A. In arriving at our Zone A, we have applied 7.50 per sq ft for first floor ancillary accommodation and 3.50 per sq ft on the second floor ancillary accommodation Rental tone hit a high of 280 Zone A on this section of Clarence Street however, there have been a number of transactions that support the passing rental tone. This has been evidenced by lettings to Tiger, Pret a Manger and Waffelmeister respectively. The subject property is situated only a few shops from prime ( 280 Zone A) and let at a significant discount ( 161 Zone A). It is our opinion that the subject pitch should catch up with the rest of prime Clarence Street over the course of the next couple of years, offering excellent prospects for rental growth. COVENANT STATUS TFS Stores Limited (T/A The Fragrance Shop) are a privately owned, family run retailer of perfumes trading from 168 stores throughout the UK. Established in 1995, The Fragrance Shop also has a strong online presence. TFS Stores Limited is rated Below Average Risk by Experian. Their latest financial figures are set out below: TFS Stores Ltd 31.03.2014 31.03.2013 31.03.2012 Turnover 69,284,000 63,347,000 56,237,000 Pre-Tax Profit 6,601,000 6,534,000 5,374,000 Net Worth 18,926,000 13,831,000 8,942,000 VAT The property is elected for VAT and we anticipate it will be sold by way of a TOGC. EPC An EPC is available upon request.
PROPOSAL WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF 7,570,000, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT FOR OUR CLIENT S FOUR FREEHOLD INTERESTS. A PURCHASE AT THIS LEVEL WOULD SHOW AN INVESTOR A NET INITIAL YIELD OF 6.12%, ASSUMING NORMAL PURCHASER S COSTS OF 5.80%. OFFERS WILL ALSO BE CONSIDERED ON AN INDIVIDUAL BASIS. 19 CHARLIE NEIL T: 020 7182 2451 E: charlie.neil@cbre.com RICHARD LUNN T: 020 7182 2702 E: richard.lunn@cbre.com TIM SAULL T: 020 7182 2375 E: tim.saull@cbre.com Disclaimer: CBRE and TPF Retail on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of CBRE and TPF Retail has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. June 2015 13449.001 Designed and produced by THE GROUP www.completelygroup.com FURTHER INFORMATION CBRE Henrietta House Henritta Place London W1G 0NB CHARLIE NEIL T: 020 7182 2451 E: charlie.neil@cbre.com RICHARD LUNN T: 020 7182 2702 E: richard.lunn@cbre.com TIM SAULL T: 020 7182 2375 E: tim.saull@cbre.com Disclaimer: CBRE and TPF Retail on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of CBRE and TPF Retail has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all priced and rents are quoted exclusive of VAT. Designed and produced by THE GROUP www.completelygroup.com June 2015 13449.001