BIRMINGHAM'S PREMIER LEISURE DESTINATION - Gerald Eve
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HOME THE PROPERT Y PHASE 1 PHASE 2 OV E R V I E W & P R I C I N G CO N TAC T
B I R M I N G HA M ’ S P R E M I E R LEISURE D E STINATION
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 2
Premier City Centre Secure Income - 92.45% Attractive Income Cineworld Five Ways
Leisure Scheme of the contracted Profile hosts the only IMAX and
income is derived from Long average weighted 4DX screens in Birmingham
Five Ways is the only
tenants considered a unexpired lease term of 14.89
designated leisure scheme
lower than average risk of years to break and 14.91 years
situated within Birmingham
business failure to expiry
City Centre
Birmingham Dominant Student City of Culture and Unrivalled Connectivity
is the largest shopping Population Tourism £6.5 billion The Metro Westside
destination outside Expansion will see the tram
Central London (PMA Promis)
75,600 students accounting
for 34.9% of the total
injected extended to Five Ways
with 1.3 million people within Birmingham population into the economy from improving connectivity to the
its primary catchment and tourism each year wider City Centre by 2021
over 3.3 million sq ft of retail
floorspace
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 3
THE PROPERTY
THE P RO P ERT Y
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 4
Bullring
Paradise Circus
Birmingham New Street/
Grand Central
Birmingham Library
Arena Central O2 Academy
Mailbox The Cube
Sea Life Centre
Barclaycard Arena
The ICC
Image number please?
Brindleyplace
Park Regis Hotel
Broadway Plaza
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 5
Investment Summary Investment Rationale
• Five Ways was built in 1998 and comprises 214,585 sq ft • Five Ways is Birmingham’s premier City Centre leisure asset • An opportunity to acquire one of Birmingham’s trophy assets
(19,935 sq m) across two phases. The scheme accommodates prominently located on Broad Street, the City’s principal and the only designated leisure scheme situated within the
a mix of leisure uses including; leisure location. inner City boundary.
A nationally operated 12-screen multiplex • The Scheme is set to benefit from £149 million Metro • Birmingham’s dominance as a leisure destination is highlighted
cinema (79,369 sq ft) extension due completion in 2021, with a new metro stop in the wealth of leisure amenity within the City Centre which
directly outside. attracts over 39 million visitors per annum.
• Fully let with key tenants including Cineworld Cinemas Ltd, • Five Ways benefits from considerable footfall given its
The Deltic Group Ltd, Pure Gym Ltd, Euro Car Parks Ltd and prominent location on Broad Street which will further
The City’s largest nightclub (37,027 sq ft)
Revolution Bars Ltd providing a total gross rental income of increase following the completion of the Metro Expansion.
£3,030,452 per annum.
• There are numerous asset management initiatives in the short
• Held under two separate long leaseholds with a total passing and medium term to be undertaken including:
head rent equivalent to the greater of £186,592 per annum
One of four City Centre casino’s (23,022 sq ft)
(6% of the annual income) or £125,000 per annum. This long
leasehold interest is for 99 years from 18th May 1998, with an • Executing a regear with Euro Car Parks Ltd to improve
option to extend for a further 51 years. the WAULT.
A budget operated gym (24,849 sq ft) • Strong and secure income profile with an average weighted • Benefit from embedded rental growth at the Pure Gym,
unexpired lease term of 14.91 years to expiry and 14.89 years Cineworld and Euro Car Parks unit through guaranteed rental
to breaks. increases via a combination of RPI and fixed uplifts.
• We are instructed to seek offers in excess of £44,700,000 • Entering into early discussions with Nando’s Chickenland Ltd
Seven food and beverage outlets (50,318 sq ft) subject to contract and exclusive of VAT for our clients long to improve the term certain.
leasehold interest. This equates to a low capital value of
£208 per sq ft.
• P
otential option of agreeing an early surrender with Pan Asian
Restaurants Ltd to benefit from active occupational demand
• A purchase at this level reflects a 6.25% net initial yield on and improve the rental tone of the unit.
751 car parking spaces (360,128 sq ft) the net rent of £2,843,860 per annum, assuming a sale of the
special purchase vehicle and costs of 1.80%.
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 6
Birmingham Inward Investment
and Infrastructure
The Engine • £56 billion investment in HS2
Driving the • £4 billion per annum estimated increase
in GDP
Midlands
• 50,000 new jobs created
The region has benefitted from a considerable
inward investment evidenced in the
Government Property Unit (GPU), Deustche
Bank, HS2 and HSBC’s relocation to the City.
Major improvements to the City’s transport and
infrastructure have seen Birmingham named the
best City in the UK and the second best City in
Western Europe for investment (according to
Site Selection). Five Way’s has benefitted from
this ongoing investment with a new metro stop
1
directly outside.
Vibrant Cultural Hub
• 39 million visitors per annum
• £30.5 billion per annum of retail spend
• £6.5 billion per annum of tourism spend
Birmingham is an established City of Culture
accommodating test cricket at Edgbaston,
music and theatre events at The National
Indoor Arena and Symphony Hall and has
recently been selected to play host to the
2022 Commonwealth Games. The City also
benefits from the largest concentration of
Michelin-starred restaurants outside of London
contributing to the diverse cultural offering
in Birmingham. This has led to the City’s
monumental growth that has helped establish
itself as the UK’s Second City and a cultural and
leisure hub for the UK.
1 The Bullring Shopping Centre
12
2 Centenary Square
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 7
Open for Business
• 30% increase in financial sector by 2020
• No.1 for start-up creation in UK
• £2 billion GDP from expanding digital sector
The City is built around its business offering
and is the largest City outside of London
for business and financial service sectors
providing around 130,000 jobs. Birmingham
accommodates over 112,000 companies and is
the regional home of entrepreneurialism with
over 78,000 new companies formed over the
five years to 2017, more than any other regional
City. These companies support a large leisure 4
and retail market as well as a large proportion
(40%) of the UK’s conference facilities.
Large and Talented
1
Student Population
The UK’s Dominant •
•
75,600 students
Five major universities
Regional Economy • 45% of population under 30
Birmingham is the largest centre of higher
• £24.8 billion of GDP and growing education outside of London and benefits from
• 4.4% growth in GDP in 2017 a strong student population of 75,600 students
• UK’s fastest growing private sector across five Universities (Aston University,
Birmingham City, University of Birmingham,
Birmingham is the UK’s Second City in terms University College Birmingham and Newman
of both population and national GDP and University College). The City is the youngest
2
the administrative and commercial centre of across Europe with 40% of the population
The Midlands. The Midlands forms the largest under 25 years old, demonstrating Birmingham’s
regional economy in the UK contributing attraction to young professionals with
£222 billion, with Birmingham accounting for employment forecast to increase by 6.4% over
£24.8 billion growing 15.40% in the five years the next 10 years. Birmingham is also the most
preceding 2017. The catchment is affluent, prominent regional centre for people leaving
growing and able to support premier leisure London with 25,000 people moving to the City
offerings such as Five Ways. from 2013–2016. Five Ways caters perfectly for
1 The National Exhibition Centre
this growing demographic.
2 The National Indoor Arena
3 International Conference Centre
3
4 University of Birmingham Campus
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 8
A34
JEWELLERY
A41
QUARTER
Location JEWELLERY
A38
A41
QUARTER Aston
University
Birmingham is situated at the epicentre of St Paul’s
Square
the UK’s transport network and is surrounded A457
by an outstanding multi-modal integrated Birmingham City
transport infrastructure providing connectivity University
to 80% of the UK population within four hours BIRMINGHAM City Centre Campus
SNOW HILL
and fast, affordable access to Europe and rest Thinktank Birmingham
Science Museum
of the world. University
College Birmingham The
Square
Birmingham
Paradise Museum & Art CITY Hotel
Situation A4540
Barclaycard
Arena
Birmingham
Repertory Theatre
Gallery
Birmingham
CENTRE
La Tour
Town Hall Odeon
National Symphony BIRMINGHAM
Sea Life Centre Cinema
Hall MOOR STREET
Five Ways is well serviced by the immediate Brindley Selfridges
BIRMINGHAM The
surrounds with the area comprising the 6 Place NEW STREET Bullring
highest concentration of hotels in the City and 8 New
et
5 The
Electric
re
Alexandra Cinema
over 12,000 workers within a five-minute walk
St
Mailbox Theatre O2
d
oa
Institute
of Five Ways. Birmingham is a thriving tourist
Br
3
and business destination where many major 4 Hippodrome
hotel brands have a presence in the market 7 Theatre
Broadway
including Travelodge, Hotel Du Vin, Adagio, Plaza 2 O2
Academy
Premier Inn and Stay City. The popularity of Birmingham
the City is largely attributable to its growing A456
1
leisure segment, rebranding the City’s image
Sunset Park
as a modern leisure location where hotel
FIVE WAYS
occupancy rates now stand at an excellent
74.70%. Five Ways is ideally located at the A4540 Moonlit Park
Birmingham City The White
centre of this active catchment. Room Studios
University
City South Campus
HOTELS
Birmingham
1 Marriott Hotel Botanical
Gardens
2 Park Regis Hotel A38
3 Hampton by Hilton Hotel
4 Premier Inn
University of
5 Novotel Birmingham
The Vale
EDGBASTON
6 Hilton Garden Inn
PROPOSED METRO EXTENSION
Calthorpe
7 Travelodge Park EXISTING METRO
8 Jurys Inn Edgbaston
Golf Club
THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 9
1
2
Birmingham International Airport
Curzon St Station CGI
Road HS2
3 New Street Station CGI
Birmingham’s central location provides HS2 is the UK’s most significant infrastructure
unrivalled connectivity to the national motorway project at a total cost of £56 billion. Scheduled
network with the M5, M6 and M42 motorways to be operational by 2026, Phase I of the high
forming an orbital boundary to the City. speed rail link will see London connected to
Each of the major motorways surrounding the Birmingham City Centre’s new Curzon Street
City can be accessed via the Aston Expressway Station with a fastest journey time of just 49
1 A38(M), the City’s main arterial route. From minutes and a double train capacity between
here, access to the M1, M54, M40 and wider the UK’s two major cities. Phase II will connect
national motorway network can be easily Birmingham to the north with major terminus’ at
accessed. the East Midlands Hub, Manchester and Leeds
with an anticipated delivery date of 2033.
Birmingham’s new Curzon Street Station will
require £1 billion of investment with the project
anticipated to create and estimated additional
26,000 jobs for the region and increase its
economic output by around £4 billion pa.
2
Rail Air
The City Centre is currently served by three Birmingham International Airport is the
primary stations; New Street, Moor Street and UK’s third largest airport outside of London
Snow Hill. The principal station, New Street, situated eight miles to the south east of
underwent a £650 million refurbishment in 2015 Birmingham City Centre. Birmingham
transforming the station into one of the UK’s International is easily accessible via road and
busiest stations with over 42 million passengers rail connections with a fastest journey time
per annum. of 10 minutes from New Street station.
New Street Station provides direct access to During 2017 Birmingham International
Central London into London Euston with a experienced a footfall of 13 million
fastest journey time of 1 hour 23 minutes via passengers, an 11% year on year increase.
Virgin Trains West Coast Line. Snow Hill and Birmingham International has undergone
Moor Street Stations also provide direct access a £40 million runway extension facilitating
to Central London via London Marylebone. additional capacity and enabling more flights
to long haul destinations including India, the
USA and the UAE.
3THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 10
Birmingham offers Road Rail Air
a world class multi-
modal infrastructure Edinburgh Edinburgh Delhi
platform providing 4 hours 50 minutes 4 hours 7 minutes 8 hours 30 minutes
unrivalled connectivity
to the UK’s major London Leeds New York
Cities, Europe and the 2 hours 10 minutes 1 hour 57 minutes 8 hours 15 minutes
rest of the world
Leeds Manchester Dubai
1 hour 50 minutes 1 hour 28 minutes 7 hours 10 minutes
Manchester London Geneva
1 hour 40 minutes 1 hour 23 minutes 1 hour 45 minutes
Bristol Bristol Edinburgh
1 hour 30 minutes 1 hour 23 minutes 1 hour 15 minutes
Birmingham International Birmingham International Paris
Airport Airport 1 hour 15 minutes
20 minutes
9 minutes
Amsterdam
1 hour 15 minutesTHE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 11
The West Midlands Metro A38(M)
BIRMINGHAM WESTSIDE METRO EXTENSION
The Birmingham Westside Metro Extension is the next phase of works following the Metro
Jewellery Quarter
extension from St Chads to Grand Central. The £149 million two-phase project will see a
further five stops added to the existing line connecting New Street Station to Edgbaston.
Jewellery
Phase 2 of the Westside Metro Extension will see the tramway extended from Centenary
A38
Quarter St. Pauls
A457
SPR
ING Square along Broad Street to Hagley Road in Edgbaston incorporating a stop directly
HILL
METRO outside Five Ways.
St. Chads
SU
M 7
M
ER A4 The works are due to complete in 2021 and will provide vastly improved connectivity from
0
HILL Birmingham
Five Ways to the rest of the City and reduce the travel times considerably.
54
RD
A4
Snow Hill
Bull Street
BIRMINGHAM
BARCLAYCARD CITY CENTRE
ARENA
A3
EDGBASTON Corporation Street
8
RESERVOIR
PROPOSED Victoria Square Grand Central
METRO EXTENSION Birmingham
Centenary Square Moor Street
Projected travel times from Five Ways
Birmingham
ST
Brindleyplace New Street
AD
A4 O
5 Five Ways BR
40
W
RO Journey times to New Street Station reduced by over 60%.
TH
Edgbaston BA
HAGLEY ROAD A45 6
17
New Street Station
B42
7 mins
Five Ways PROPOSED METRO EXTENSION
BIRMINGHAM 18 mins
L ST
EXISTING METRO
CITY UNIVERSITY
Centenary Square
TO
BRIS
3 mins 9 mins
ROTTON PARK RD
Victoria Square
RD
2 mins
CH
UR
UNIVERSITY OF CH 15 mins
41
BIRMINGHAM
A4
8
A3
RD
N
PARK Paradise Circus
2 mins
SOME RS
PRIO
TO
D ET R
D
16 mins
S
NFI ELD R
BA
GREE
RY
G
ED
RO
AD WARWICKSHIRE
COUNTY CRICKET Brindleyplace
CLUB
1 min 5 mins
QUEEN ELIZABETH
HOSPITAL UNIVERSITY OF
BIRMINGHAM 54 Hagley Road
University
1 min 13 mins Anticipated Journey Time
Current Journey Time
CGI of the new Five Ways Metro stop Future anticipated journey times upon completion of works. Estimated journey times are based on existing
metro links and include walking times from metro stations to the destination.THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 12
Description Floor Plans
Five Ways is Birmingham’s premier leisure destination and was Not to scale, indicative only.
constructed in 1998 in two blocks, Phase 1 and Phase 2 either
side of Bishopsgate Street. Each block comprises a mix of Phase 1 Phase 2
leisure accommodation over basement, ground and first floors
and benefits from 751 car parking spaces providing a total area First Floor
CINEWORLD
of 214,585 sq ft. DELTIC
CINEWORLD
DELTIC
CINEWORLD
DELTIC
P P
P P FIRST FLOOR
P P FIRST FLOOR
FIRST FLOOR
DEL V I L LDAEGLGVIIO
Ground Floor PURE GYM
DELTIC DELTIC DELTIC
PURE GYM
G CASIN
L LDA
RESTAURREASNTT
REVOR
PAN ASP
EGLG
VI O
PURE GYM
L L AG GIO
GOCASIG
EAST ZEAST
FIVE GUYS
NANDOS F FFLorem ipsum
F
LE
I AAN
UVTO
N ASPI AN ASI AN
CINEWORLD
AURREASN
NO
IR
FIVE FIVE
EASTZEAST
NANDOS
O
F FFLorem ipsum
CASINO
F
LEU
JAVAN
NVTOI O
TA
CINEWORLD
TURANT
GUYSGUYS
NANDOS
EASTZ EAST
F FFLorem ipsum
F
LU
JAVAN
NT I O N
CINEWORLD
P JAVAN
1 P
5 LEVELS
P
5 LEVELS
P
P
5 LEVELS GROUND FLOOR
5 LEVELS
5 LEVELS P GROUND FLOOR
5 LEVELS
GROUND FLOOR
Lower Ground
PURE GYM
Floor
PURE GYM
PURE GYM
RESTAURREASNTT
PAN ASP
GROSVENOR
CASINO
I AAN
GROSVENOR
N ASPI AN ASI AN
AURREASN
CASINO
GROSVENOR
TA
TURANT
CASINO
2 3
BASEMENT
BASEMENT
1 Revolution
Phase 1 Phase 2 BASEMENT
2 Pure Gym
3 CineworldTHE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 M6 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 13
Wolverhampton
Walsall
Five Ways benefits from two
multi-storey car parks with 751 M6 TOLL
spaces and sits at the centre M6
of a strong primary catchment A34
with a population of 38,989 M5 Perry
A38
within a 5-minute drive time Common M42
West Handworth
Dudley Bromwich Wood
Birmingham is Europe’s youngest major City with 40% of the
M6
population under the age of 25 years and 30% of the population A38(M)
under 20 years, providing a strong catchment area for Five Ways.
This is largely attributable to Birmingham’s student population
(approximately 75,600 students), accounting for 34.9% of the Smethwick Saltley
City’s total population spanning five Universities providing the City Aston
with a deep talent pool and leading research and development Stechford
capabilities. Five Ways caters perfectly for this demographic. Bearwood
Birmingham is ranked second by population within the primary
Stourbridge
retail catchment at 1,276,000 and first by retail floorspace at
an estimated 3,380,000 sq ft making it the largest shopping
A456
Quinton Edgbaston BIRMINGHAM BIRMINGHAM
AIRPORT
A45
destination in the country outside of Central London (PMA Promis). Halesowen
Sparkhill
Frankley Bournville
M5 A41
Cotteridge
M42
A38 Solihull
A435
A34
5-minute drive time
15-minute drive time
A441
30-minute drive time
1
M42
1 Five Ways Euro Car ParkTHE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 14
Income Analysis
INCOME BY TENANT INCOME BY USE SECURITY OF INCOME (D&B)
£51,500 £40,000
£62,750
00 2%
£64,500 £130,0 2%
£70,000 32 3%
5,7
£19
00
,5
12
£1
0
,70
0
00
25
0,
£2
£13
Cineworld
21%
The Deltic Group
Cinema
732
Euro Car Parks
£1,3
£195,
Grosvenor Casinos Restaurant Minimum
04,616
Pure Gym Nightclub Lower than Average
£1,304,616
£378,134
Revolution Bars Higher than Average
Car Park
Five Guys
Pan Asian Restaurants Casino High
,700
East Z East Gym N/A
£225
Nando’s Chickenland
Bar
Del Villaggio
Javan Global
72
%
0
00
4
,13
5,
78 9
£3 £3
£395,000 £401,250
INCOME PROFILE TO BREAKS
3,500,000
3,000,000
2,500,000
Nando’s Chickenland
Javan Global
2,000,000 Pure Gym
Euro Car Parks
Euro Car Parks
1,500,000 Grosvenor Casinos
Revolution Bars
Pan Asian Restaurants
1,000,000 Five Guys
East Z East
Del Villaggio
500,000 The Deltic Group
Cineworld
0
Jan 32
Jan 27
Sep 18
Feb 19
Jul 19
Dec 19
May 20
Oct 20
Mar 21
Jun 22
Feb 24
Jul 24
Dec 24
May 25
Oct 25
Mar 31
Apr 33
Sep 33
Feb 34
Jul 34
Dec 34
May 35
Mar 36
Jan 37
Jun 37
Nov 37
Feb 39
Jul 39
Dec 39
Jan 22
Mar 26
Jun 27
Feb 29
Jul 29
Dec 29
Oct 30
Apr 23
Sep 23
Aug 26
Apr 28
Sep 28
May 30
Nov 22
Jun 32
Nov 32
Apr 38
Sep 38
Nov 27
Aug 36
Oct 35
Aug 21
Aug 31
*Created using Oxford Economics RPI forecast May 40THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 15
Unit Tenant Total Area Breakdown of Areas Rent Lease Rent Break Lease
Comments
(sq ft) (sq ft) (£pa) Start Review Option Expiry
Phase 1
Fixed uplifts: £1,405,422 (2020),
£1,541,060 (2025), £1,613,073
Ground 26,415 Ground Mezzanine 3,452 (2030), £1,757,129 (2035). Tenant has
Cinema Cineworld Cinemas Ltd 79,369 1,304,616 24/06/2000 24/06/2020 23/06/2040
First 44,987 First Mezzanine 4,515 recently signed a reversionary lease
extending the expiry from 2025 to
2040.
RPI reviews in 2020 subject to 2%
Units 1, 2 & 3 Pure Gym Ltd 24,849 Ground 8,325 Basement 16,524 195,732 08/11/2010 08/11/2020 07/11/2025 collar and 4% cap. Service charge
cap.
Cyrus Khazaei t/a Del
Unit 4 4,844 Ground 2,719 First 2,125 51,500 06/01/2012 06/01/2022 05/01/2032 £12,220 rent deposit (+ VAT).
Villaggio
Unit 5A Nando's Chickenland Ltd 3,688 Ground 3,151 First 537 60,000 24/06/2000 24/06/2020 23/06/2025 Service charge cap.
Unit 5B Javan Global Ltd 3,609 Ground 1,880 First 1,729 40,000 24/11/2017 22/10/2018 22/10/2023 23/06/2025 £10,000 rent deposit (+ VAT).
Annual rental uplifts to the higher of
Car Park RPI or a turnover based calculation
Euro Car Parks Ltd - 231,711 24/06/2000 24/06/2020 23/06/2025
1st-5th floor (available on request) plus 5 year
OMR.
Fire Corridor Nando's Chickenland Ltd - 2,750 04/03/2011 24/06/2020 23/06/2025
Sub-Station PPC Midlands Ltd - 10 11/01/2000 30/09/2096
Sub Total 116,359 1,886,319 17.30 years 17.43 years
Phase 2
Unit 6 Five Guys JV Ltd 7,543 Ground 7,543 112,500 16/11/2015 16/11/2020 15/11/2030 £37,500 rent deposit (+ VAT).
Mezzanine was a 2001 tenant
Unit 7 Revolution Bars Ltd 8,314 Ground 5,135 Mezzanine 3,179 130,000 20/04/2001 20/04/2021 19/04/2026
improvement.
Ground 2,468 Basement Mezzanine 3,743
Unit 8 Grosvenor Casinos Ltd 23,022 225,700 25/03/2001 25/03/2021 24/03/2026 GIA of 18,500 for review purposes.
Basement 16,811
Ground 1,830 Basement Mezzanine 7,806
Unit 9 Pan Asian Restaurants Ltd 17,341 70,000 24/01/2014 24/01/2023 23/01/2028
Basement 7,705
5 year reversionary lease in place until
Unit 10 East Z East Ltd 4,979 Ground 4,029 Mezzanine 950 64,500 19/11/2010 19/11/2020 18/11/2030
2030.
Unit 11 The Deltic Group Ltd
Aerial TBC
37,027
Ground 1,720 First 25,171
395,000 11/09/2013 26/01/2023 10/09/2033
Second 10,136
Annual rental uplifts to the higher of
Car Park RPI or a turnover based calculation
Euro Car Parks Ltd - 146,423 20/04/2001 20/04/2021 19/04/2026
Ground - 6th floor (available on request) plus 5 year
OMR.
Sub-Station PPC Midlands Ltd - 10 13/02/2001 30/09/2096
Sub Total 98,226 1,144,133 10.92 years 10.92 years
Gross Rent 214,585 3,030,452
Leasehold @6% - 186,592
Net Rent 2,843,860THE P RO P ERT Y
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 16
The site extends to
approximately 3.14 acres
(1.272 hectares)
Tenure
90
19
20
0
to
2
20
9
alk
W
eld
dfi
oa
94
4
20 1
20
2
95
19
The property is held under two separate long leasehold ce
9
ra
er
rT
no
19
ve
interests from the Trustees of the St Martin’s in the Bull Ring
os
5
Gr
to
19
8
Trust for a term of 99 years from 18th May 1998, with an
12 19
4
3
19
Cumberland House
option to extend for a further 51 years, at a rent equating to ET
19
2
10
RE
ST
D
OA
the greater of 6% of the annual passing rent or £125,000 per 10
0
BR
annum.
ET
18
5
RE
13 5
13
ST
6
Grosvenor Casino
T
AN
7
NN
13
15
TE
The current ground rent payable is £186,592 per annum.
8
13
1
A full summary of the head lease is available on request. Multi-storey Car Park RA
KE
W
AY 1
Service Charge Cinema
38
PH
32
31
27
28
26
23 25
The schedule below provides details of service charge BIS
HO
P SG
22
24
AT
budgets for each building for the year ending 31st December
E
ST
RE
E T
2018. Multi-storey Car Park 72
Shelter Regal Court
Synagogue
Scheme Size (sq ft) SC (£psf) Total (£pa) ST
M AR
TI
N 'S
34
ST
RE
28 to
83
E T 89
84 to
Phase 1 116,359 £0.55 £60,132 33
Y
WA
17
27
7 to
ND
26
E LA
19
20 to
ROS
21
25
T
EE
FB
R
31
Phase 2 98,226 £1.72 £161,892
19
ST
23 to
T
AN
32
NN
to
TE
40
33
35
to
30
45
47
49
Total 214,585 £2.27 £222,024
28
51
to
61
2
63
16
to
26 84 to
74 76
72
14 70
0 to
58 6
12
* Currently there is no service charge shortfalls across the estate Not to scale, indicative only.
56
56
2 to
to 64
10
66
54
1 Javan Global
2 Five GuysTHE P RO P ERT Y HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 17
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 18
PHASE 1THE
P HASPERO
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 19
1 P ERT YP HAS E 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 20
Key Information Key Facts
• Developed in 1998
• 116,359 sq ft
• Located at the heart of Birmingham’s vibrant Broad Street
• 116,359 sq ft of high-quality leisure accommodation including;
a 12-screen cinema, gym and three restaurants
• Six tenants
• Fully let to six tenants
• Rent £1,886,319 per annum
• Anchored by Cineworld who have recently extended their
lease until June 2040 providing a further 22 years unexpired
(£16.21 psf) 1
term
• Long term income to strong covenants with 17.43 year average • Net rent £1,769,585 after
unexpired lease term leasehold payaway
• 91.82% of income subject to fixed or RPI linked reviews
• 95.15% of income rated minimum risk (D&B) •9
1.82% of income subject to fixed
• Rent passing £1,886,319 per annum equating to a low average or RPI linked reviews.
rent of £16.21 psf
• Fully sharia compliant income • 95.15% of income rated
• 481 on-site car parking spaces minimum risk (D&B)
2
1 Pure Gym 2 Nando’s
JAVANP HAS E 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 21
WAULT / Income Analysis
INCOME BY TENANT INCOME BY USE SECURITY OF INCOME (D&B)
£51,500 £40,000
2% 3%
,000 2
£60 5,73 £23
£19 1,71
1
2
73
5,
19
£
5 0
,2
54
£1
Cineworld
1
Cinema
£231,71
Euro Car Parks
Restaurant Minimum
Pure Gym
Gym Higher than Average
Nando’s Chickenland
Car Park NA
Del Villaggio
Javan Global
£1
,3
0
4,
61
6
£1,
30
4,6
16
95 %
INCOME PROFILE TO BREAKS
2,500,000
2,000,000
1,500,000 Nando’s Chickenland
Euro Car Parks
Javan Global
1,000,000
Pure Gym
Del Villaggio
500,000 Cineworld
0
Jan 32
Jan 27
Sep 18
Feb 19
Jul 19
Dec 19
May 20
Oct 20
Mar 21
Jun 22
Feb 24
Jul 24
Dec 24
May 25
Oct 25
Oct 30
Mar 31
Apr 33
Sep 33
Feb 34
Jul 34
Dec 34
May 35
Mar 36
Jan 37
Jun 37
Nov 37
Feb 39
Jul 39
Dec 39
Jan 22
Mar 26
Jun 27
Feb 29
Jul 29
Dec 29
Apr 23
Sep 23
Aug 26
Apr 28
Sep 28
May 30
Jun 32
Apr 38
Sep 38
Aug 36
Nov 32
Nov 27
Oct 35
Aug 21
Nov 22
Aug 31
May 40
*Created using Oxford Economics RPI forecastP HAS E 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 22
Phase 1 Tenancy Schedule Floor Plans
Not to scale, indicative only.
Total Area Breakdown of Areas Rent Lease Rent Break Lease
Unit Tenant Comments
(sq ft) (sq ft) (£pa) Start Review Option Expiry
First Floor
Fixed uplifts:
£1,405,422 (2020),
£1,541,060 (2025),
Ground 26,415 £1,613,073 (2030), CINEWORLD
Cineworld Ground Mezz 3,452 £1,757,129 (2035). GATECRASHE
Cinema 79,369 1,304,616 24/06/2000 24/06/2020 23/06/2040
Cinemas Ltd First 44,987 Tenant has recently
First Mezz 4,515 signed a reversionary
lease extending the
expiry from 2025 to
2040.
P P
RPI reviews in 2020
Ground 8,325 subject to 2% collar
Units 1, 2 & 3 Pure Gym Ltd 24,849 195,732 08/11/2010 08/11/2020 07/11/2025
Basement 16,524 and 4% cap. Service
charge cap. BRO
AD
STR
E ET
Ground Floor
Cyrus Khazaei Ground 2,719 £12,220 rent deposit BRO
Unit 4 4,844 51,500 06/01/2012 06/01/2022 05/01/2032 AD
DEL V I L L AG GIO
t/a Del Villaggio First 2,125 (+ VAT). STR
E ET
PURE GYM
G ATEC RASHER
Nando's Ground 3,151
G CASINO
Unit 5A 3,688 60,000 24/06/2000 24/06/2020 23/06/2025 Service charge cap.
SHIMLA PI NKS
RESTAURANT
REVO LUT I O N
BISHOPSGATE STREET
Chickenland Ltd First 537
NANDOS
CINEWORLD
Javan Global Ground 1,880 £10,000 rent deposit
Unit 5B 3,609 40,000 24/11/2017 22/10/2018 22/10/2023 23/06/2025 JAVAN
Ltd First 1,729 (+ VAT).
Annual rental uplifts P
to the higher of RPI P
Car Park Euro Car Parks a turnover based 5 LEVELS
- 231,711 24/06/2000 24/06/2020 23/06/2025 5 LEVELS
1st-5th floor Ltd calculation (available
on request) plus 5 year
OMR. TENNANT STREET TENNANT STREET
Nando's
Fire Corridor - 2,750 04/03/2011 24/06/2020 23/06/2025 Lower Ground Floor
Chickenland Ltd
PURE GYM
PPC Midlands
Sub-Station - 10 11/01/2000 30/09/2096
Ltd
Gross Rent 116,359 1,886,319 17.30 years 17.43 years G CASINO
Leasehold -116,734
Net Rent 1,769,585P HAS E 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 23
Tenants
CINEWORLD CINEMAS LTD – PURE GYM LTD – EURO CAR PARKS LTD –
01915767 06690189 01270612
Unit: Cinema Rent: £1,304,616 D&B Rating: 5A1 Unit: 1,2 & 3 Rent: £195,732 D&B Rating: 3A1 Unit: Car Park Phase 1 Rent: £231,711 D&B Rating: 2A1
Cineworld Cinemas Ltd, post the acquisition of the Regal Pure Gym Ltd is one of the two major players in the budget gym Euro Car Parks Ltd operation is vital to the continued success of
Entertainment Group in the US, are the second largest cinema market whose business model is focussed around long term leases Five Ways leisure scheme providing affordable, secure accessibility
chain globally. As at 30th June 2018 the company had 792 sites with fixed income growth provisions. to the schemes mixed leisure offering. Euro Car Parks Ltd’s on site
and 9,542 screens. presence adds considerably to the schemes wider appeal through
The past three years has seen some consolidation in this sector, the convenience it provides for Five Ways customers. In addition
The company posted 123 million admissions in the six months firstly with Pure Gym Ltd’s acquisition of the former LA Fitness to this Five Ways parking provision benefits from the scheme’s
ended 30th June 2018 posting revenues of $1,863 million in the business further strengthening its position within the market. The prominent location on Broad Street with very few parking
six months ending 30th June 2018; up 10.8% on the previous six budget gym market shows no sign of slowing and remains one the alternatives of scale in close proximity, where demand remains
month period. In addition to this, on a constant currency basis, fastest growing sectors within the leisure market. buoyant.
adjusted EBITDA was up 14.1% in the six months ended 30th June
2018.P HAS E 1
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 24
DEL VILLAGGIO RESTAURANT - NANDO’S CHICKENLAND LTD – JAVAN RESTAURANT LTD -
10669430 02580031 10156724
Unit 4 Rent £51,500 D&B Rating O Unit 5A Rent £60,000 D&B Rating N1 Unit 5B Rent £40,000 D&B Rating H3
Del Villaggio is an independent family-run Italian restaurant which Nando’s is a global fast casual restaurant operator with almost 400 Javan Global Ltd (T/A Javan Restaurant) took occupation of the
has traded from this site for over five years. The restaurant is well outlets across the UK. The brand is highly popular for eat-in and unit in early 2016. The restaurant serves a range of Middle Eastern
established having won a “PAPA independent Italian Restaurant takeaway custom and attracts a broad mix of clientele. Nando’s cuisine and trades over ground and first floor levels.
Award” in 2017 and relies on passing trade from the adjoining D2 select their sites carefully and rarely in the past have they closed
users along with regular clientele. or sold units so there is a relatively small underperforming “tail” This unit is at the rear of the Phase I building and a destination
of sites. Nando’s perform particularly well near cinemas and other eatery, dependant on its established client base and some passing
high footfall leisure generators so the proximity of the Cineworld trade.
multiplex as well as the other D2 and gaming operators at Five
Ways is a positive factor for them as for the other A3 occupiers.
JAVANHOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 25
PHASE 2THE
P HASPERO
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 26
2 P ERT YP HAS E 2
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 27
Key Information Key Facts
• Developed in 1998
• Built: 1998
• Located at the heart of Birmingham’s vibrant Broad Street.
• 98,226 sq ft of wet led leisure accommodation including; a • Area: 98,226 sq ft
nightclub, casino, restaurants, bars and car parking.
• Fully let to seven tenants
• Seven tenants
• Anchored by Deltic Group who spent £1.4 million refurbishing
the unit in 2016.
• Rent: £1,144,133 per annum
1
• Long term income to strong covenants with 10.92 year average
unexpired lease term. (£11.64 psf)
• 88.24% of income rated lower than average risk (D&B)
• Rent passing £1,144,133 per annum equating to a low average
• Net rent £1,074,275 after
rent of £11.64 psf. leasehold payaway
• 270 on-site car parking spaces
• 88.24% of income rated lower
than average risk (D&B)
2
1 Grosvenor Casino 2 Pryzm
Pan Asian Restaurants LtdP HAS E 2
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 28
WAULT / Income Analysis
INCOME BY TENANT INCOME BY USE SECURITY OF INCOME (D&B)
0
£64,50 0 6%
0,00
£13
00 £2
0,0 47 6%
£7 ,0
00
23
6,4
32
00
£14
£3
%
2,5
95
£11
,00
0
The Deltic Group
Grosvenor Casinos Nightclub
Minimum
Euro Car Parks Casino
Lower than Average
Revolution Bars Car Park
Higher than Average
Five Guys JV Bar
0
£130,00
High
Pan Asian Restaurants Restaurant
East Z East
0
5,70
£22
£3
23 95
,4 ,0
46 00
£1 %
£2 56
25,
700
INCOME PROFILE TO BREAKS
1,400,000
1,200,000
1,000,000
Grosvenor Casinos
800,000 Revolution Bars
Euro Car Parks
600,000 Pan Asian Restaurants
East Z East
400,000 Five Guys JV
The Deltic Group
200,000
0
Jan 32
Jan 27
Sep 18
Feb 19
Jul 19
Dec 19
May 20
Oct 20
Mar 21
Jun 22
Feb 24
Jul 24
Dec 24
May 25
Oct 25
Apr 33
Sep 33
Jan 22
Mar 26
Jun 27
Feb 29
Jul 29
Dec 29
Oct 30
Mar 31
Apr 23
Sep 23
Aug 26
Apr 28
Sep 28
May 30
Nov 22
Jun 32
Nov 32
Nov 27
Aug 21
Aug 31
*Created using Oxford Economics RPI forecastP HAS E 2
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 29
Phase 2 Tenancy Schedule Floor Plans
Not to scale, indicative only.
Unit Tenant Total Area Breakdown of Areas Rent Lease Rent Break Lease Comments
(sq ft) (sq ft) (£pa) Start Review Option Expiry
First Floor
Five Guys JV Ground 7,272 £37,500 rent deposit
Unit 6 7,543 112,500 16/11/2015 16/11/2020 15/11/2030
Ltd Mezzanine 481 (+VAT).
CINEWORLD
CINEWORLD
DELTIC
DELTIC
Revolution Ground 5,135 Mezzanine was a 2001
Unit 7 8,314 130,000 20/04/2001 20/04/2021 19/04/2026
Bars Ltd Mezzanine 3,179 tenant improvement.
Ground 2,229
P P
Grosvenor Basement GIA of 18,500 for P P
Unit 8 23,022 225,700 25/03/2001 25/03/2021 24/03/2026
Casinos Ltd Mezzanine 3,743 review purposes.
FIRST FLOOR
Basement 16,811 FIRST FLOOR
BRO
BR AD
OA
Ground 1,830 STR
DS
Pan Asian Ground
TREEETFloor
ET
Basement
Unit 9 Restaurants 17,341 70,000 24/01/2014 24/01/2023 23/01/2028
Mezzanine 7,806 BRO
Ltd BROAD
DEDLEVLIV
Basement 7,705 AD STR
STREET
PURE GYM EET
LILLALGAG
PURE GYM
DELTIC
GIG
DELTIC
5 year reversionary
OIO
GGCA
East Z East Ground 4,041
RERSETSATU
RR
BISHOPSGATE
PAPN
Unit 10 4,979 64,500 19/11/2010 19/11/2020 18/11/2030 lease in place until
EE
CSAIS
BISHOPSGATESTREET
Ltd Mezzanine 950
VO
AN
NIO
2030.
VO
ASAIS
EAST
FIVE
AR
NANDOS
NO
F FFLorem ipsum
F
EASTZ ZEAST
LU
UARN
FIVEGUYS
NANDOS F FFLorem ipsum
AIN
F
LU
AN
CINEWORLD
ATNT
TT
CINEWORLD
IO
TIGER
GUYS
IO
EAST
TIGER
NN
BILLS
Ground 1,720 BILLS
The Deltic
Unit 11 37,027 First 25,171 395,000 11/09/2013 26/01/2023 10/09/2033
STREET
Group Ltd
Second 10,136
P
P
P
Annual rental uplifts 5 LEVELS
5 LEVELS P
to the higher of RPI 5 LEVELS
5 LEVELS
Car Park GROUND FLOOR
Euro Car a turnover based GROUND FLOOR
Ground - 6th - 146,423 20/04/2001 20/04/2021 19/04/2026
Parks Ltd calculation (available
floor TENNANT STREET
on request) plus 5 year TENNANT STREET TENNANT STREET
TENNANT STREET
OMR.
PURE GYM Lower Ground Floor
PURE GYM
PPC
Sub-Station - 10 13/02/2001 30/09/2096
Midlands Ltd
RERSETSATU
GROSVENOR
PAPN
GROSVENOR
AN
Gross Rent 98,226 1,144,133 10.92 years CASINO
ASAIS
CASINO
ARUARN
AIN
AN
ATNT
Leasehold -69,858
Net Rent 1,074,275
BASEMENT
BASEMENTP HAS E 2
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 30
Tenants
DELTIC GROUP LTD - EURO CAR PARKS LTD - GROSVENOR CASINOS -
07870512 01270612 00877080
Unit 11 Rent £395,000 D&B Rating 2A Unit: Car Park Phase 2 Rent: £146,423 D&B Rating: 2A1 Unit 8 Rent £225,700 D&B Rating 5A1
Deltic is a privately owned company and well respected within the Euro Car Parks Ltd operation is vital to the continued success of Owned by The Rank Group Plc, Grosvenor Casinos is the UK’s
late night sector as the leading nationwide operator of nightclubs Five Ways leisure scheme providing affordable, secure accessibility largest multi-channel casino operator, by number of venues and by
and late bars, having 57 venues across England, Scotland and to the schemes mixed leisure offering. Euro Car Parks Ltd’s on-site revenue. With a finite number of casino licences in issuance and
Wales. Deltic took an assignment of the lease of Unit 11 in 2016, presence adds considerably to the schemes wider appeal through the high capital costs of building casinos, Grosvenor is well placed
and subsequently spent £1.45 million refurbishing and rebranding the convenience it provides for Five Ways customers. In addition with regards to venue-based gaming in the UK.
the club to its “Pryzm” brand forming the largest night club in the to this Five Ways parking provision benefits from the scheme’s
More than 7 million visits were made to Grosvenor’s land-based
City Centre. Deltic reported a 4.9% increase in like for like sales prominent location on Broad Street with very few parking
casinos in the 2017/18 trading year with spend per visit rising
for the year ending February 2018 and has returned to turnover alternatives of scale in close proximity, where demand remains
more than 8% in the provinces following the group having focussed
and EBITDA growth. During the year the group spent a total of buoyant.
on targeted refurbishments aimed at maximising the returns from
£5.7 million across the estate and plans to invest a further
higher spending transactional customers as well as investment to
£5.5 million in the coming year to complete the ‘catch-up’
target younger casino players.
refurbishment programme.P HAS E 2
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 31
FIVE GUYS JV LTD - REVOLUTION BARS LTD - PAN ASIAN RESTAURANTS LTD - EAST Z EAST GROUP (UK) LTD
08185191 0883890 080903588 09702251
Unit 6 Rent £112,500 D&B Rating N2 Unit 7 Rent £130,000 D&B Rating 4A2 Unit 9 Rent £70,000 D&B Rating N4 Unit 10 Rent £64,500 D&B Rating H3
Five Guys JV Ltd is a relatively new entrant Revolution Bars Ltd is a nationally recognised Pan Asian Restaurants Ltd (t/a Varanasi East Z East is a small group of seven restaurants
to the UK Quick Service restaurant sector, listed bar operator with a premium drinks Restaurant) is an independently run Varanasi predominantly concentrated in the north west
having opened its first outlet in Central and strong food based offer. The company restaurant and one of Birmingham’s largest of England. The subject property is the group’s
London in 2013. Despite this, Five Guys JV now operates under two groups; Revolution Bar and restaurants in terms of capacity with over 700 only outlet in the Midlands and forms one of two
trades from 83 UK sites, including two others Revolution De Cuba and currently occupies 69 covers provided over three trading levels. The restaurants outside of the north west region.
in Birmingham City Centre, at the Bullring sites with the company planning to expand by restaurant benefits from passing trade from The restaurant operates at the mid-market
Shopping Centre and New Street Station. over 150 sites through organic growth. Broad Street and those from the adjoining A3 level and benefits from its proximity to the A3
Five Guy’s December 2016 accounts reflect operators. operators across Phases 1 and 2.
strong annual turnover of £86 million with
average sales of £1.46 million per site (recorded
across 59 outlets).
Pan Asian Restaurants LtdHOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 32
OVERVIEW & PRICINGOV E R V I E W & P R I C I N G
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 33
1 3
1 Cineworld
2 Creams
3 Nando’s
2 4 4 Grosvenor CasinoOV E R V I E W & P R I C I N G
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 34
EPC
Energy Performance Certificates are available on request.
Purchase Entity
The property is held in a single asset special purchase vehicle
(SPV), Valad European Diversified Fund (Jersey) 11 Limited. Further information is
available on request.
Data Room
Access to the marketing data room will be provided upon request.
Surveys
1
2018 Measured and Building surveys are available upon request and can be
assigned to the successful purchaser.
Proposal
We are instructed to seek offers in excess of £44,700,000 subject to contract
and exclusive of VAT for our clients long leasehold interest. This equates to a low
capital value of £208 per sq ft.
A purchase at this level reflects a 6.25% net initial yield assuming a sale of the
special purchase vehicle and costs of 1.80%.
1 Pure Gym
2
2 RevolutionOV E R V I E W & P R I C I N G
HOME T H E P RO P E R T Y PHASE 1 P H AS E 2 OV E R V I E W & P R I C I N G C O N TAC T 35
Contacts
For further information or to arrange a viewing please contact:
CHARLES BOYES ROSS CUTHBERT
T 020 3486 3472 T 012 1616 4834
M 07845 130359 M 07920 275600
E cboyes@geraldeve.com E rcuthbert@geraldeve.com
JOHN RODGERS RICHARD LINES
T 020 3486 3467 T 020 7333 6274
M 07810 307422 M 07825 721289
E jrodgers@geraldeve.com E rlines@geraldeve.com
Important Notice: Gerald Eve LLP for itself and for the vendors or lessors of this property for whom it acts, gives notice that the sole purpose of these
particulars is to provide outline information on this property to prospective purchasers or tenants (as applicable), who are solely responsible for making
their own investigations and seeking independent advice, including the costs of doing so, and forming their own view as to the condition of the property, its
fitness for their requirements and the accuracy and completeness of the statements herein. These particulars do not constitute any recommendation or
offer to enter into any contract regarding this property. Gerald Eve LLP does not guarantee the accuracy or completeness of any description, dimensions,
references to condition, necessary permissions for use and occupation and other details contained herein, and prospective purchasers or tenants must not
rely on them as statements of fact or representations.
Rents quoted in these particulars may be subject to VAT in addition. Neither Gerald Eve LLP nor the vendors or lessors of this property accepts any liability
or responsibility (whether in negligence or otherwise) for any loss arising from using or relying on these particulars. Any reference herein to any plant,
machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise expressly stated) as to its state
or condition or that it is capable of fulfilling its intended function. Neither Gerald Eve LLP nor any of its partners, employees or agents has any authority to
make, and does not make, any representation or warranty, or to enter into any contract, in relation to the property.
In this document references to Gerald Eve LLP are references to Gerald Eve LLP, the United Kingdom member firm of Gerald Eve LLP Touche Tohmatsu
Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. See www.geraldeve.com
for a detailed description of the legal structure of DTTL and its member firms. October 2018You can also read
