The Epworth Shoreditch - Landmark Newly Developed Long Let Shoreditch Investment Opportunity - Allsop
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The
Epworth EC1
Shoreditch
25 City Road
Landmark Newly Developed Long Let
Shoreditch Investment Opportunity
Executive
Summary
A landmark 1930s Art Deco building beautifully
modernised for the creative industries by
award-winning architects Buckley Gray Yeoman.
62,789 sq ft (5,833 sq m) of newly developed
‘best in class’ Grade A office space arranged
over lower ground, ground and six upper floors.
Virtual Freehold interest (subject to a fixed
ground rent of £830 per annum).
01
Situated just a few hundred metres from
London EC1
Old Street Roundabout and Tech City, at
the heart of London’s thriving creative and
technology cluster.
he forthcoming Elizabeth Line (Crossrail) at
T
Liverpool Street/ Moorgate is located within
a five minute walk to the south east. Old Street
station is located less than 300 metres to
the north.
ong term income stream, securely let to NTT
L
Data UK Consulting and IT Solutions Limited
and Spaces with a WAULT of over 13 years.
Gross rental income of £3,872,722 per annum
(£61.68 per sq ft overall).
Offers are sought in excess of £78,000,000
for the shares in the UK company which holds
the property, subject to contract and exclusive
of VAT.
A purchase at this level reflects a net initial yield
of 4.85% allowing for purchaser’s costs of 2.30%.
The Epworth
02
03
London EC1
Perfectly The
Old Spitalfields Finsbury Epworth
placed Market Liverpool Street Broadgate Square
Shoreditch Moorgate The HAC Barbican
04 05
London EC1
The Epworth
Old Street White Collar
Principal Place The Nobu Hotel Roundabout Old Street Factory The Bower
London, Europe’s
leading technology hub Newly created sectors such as ‘Fintech’,
where financial services meet with
technology, require offices located near
to their clients but in order to attract
London is not only the birthplace
the highest calibre workforce, such
organisations must provide a creative
of the cultural, legal and business
working environment which does not
undermine their credibility alongside
practices that define global trade, mature financial organisations.
but it is also a powerful media The movement of creative businesses
from their traditional base of Soho began
and technology hub and major in Clerkenwell. Shoreditch has followed
more recently and benefits from the
advertising centre extensive infrastructure available to the
City of London, particularly at Moorgate
and Liverpool Street stations, yet provides
London is regarded as Europe’s leading attractive Victorian warehouse buildings
technology centre with over 3,000 with exposed brick and cast iron columns
new businesses (according to Start-up finishes synonymous with the creative
Genome Project) as well as Google’s districts of New York.
largest office outside Silicon Valley. Finsbury Square
London is the capital of digital media
06 07
driving the annual £120 billion UK internet
economy whilst digital job growth is now
London EC1
The Epworth
outperforming all other sectors. Although
Alphabeta
the Financial and Insurance sectors
remain key drivers, the Technology, Media
and Telecommunications (TMT) sector has
now overtaken these sectors in terms of
office take-up in Central London.
Substantially
3,000 Europe’s leading
tech centre
improved transport
NEW BUSINESSES infrastructure
Substantial improvements to the locality’s
transport infrastructure continue to attract £50 Million upgrade
White Collar Factory major organisations from the financial and
corporate sectors in addition to the traditional to Old Street station
media and tech companies. The location is set
Digital media brings to improve further upon the delivery of major
forthcoming infrastructure projects including
the Liverpool Street and Moorgate entrances
UK internet economy to
to the Elizabeth Line (Crossrail) and a £50m
upgrade to Old Street station.
£120 billion per annum
Shoreditch and
Tech City have
become distinct
as London’s
new centre of
creativity and
innovation
Shoreditch, London’s centre of
08 creativity and communication 09
London EC1
The Epworth
The Epworth occupies a prominent corner
site at the heart of Shoreditch, an area
which is home to the third largest cluster
of tech and web companies in the world.
The ‘Tech City cluster’ surrounding
Old Street Roundabout is located just
a few hundred metres to the north of
The Epworth and has strong Government
support aimed at making the UK “the best An unprecedented influx of technology,
place to start and run a digital business” media, and telecommunication companies
via The Digital Charter manifesto. (TMT) to Shoreditch and the area
surrounding Old Street Roundabout in
recent years has secured its position as
a major global technology hub. Shoreditch
and Tech City have become distinct
as London’s new centre of creativity
and innovation.
The area serves as an incubator for start-
ups in fintech, media, and technology,
fashion, music and art industries, with
the landmark Google ‘Campus London’
within a few hundred metres to the south
on Bonhill Street. Being the pre-eminent
location for tech occupiers in London,
Shoreditch is home to the leading brands
within the industry including Amazon,
Google ‘Campus London’, Silicon Valley
Bank, Yammer, Inmarsat, Adobe Systems,
Lowe Group (Interpublic), and QuidCo.
Local
1 3 4 5
Developments
Shoreditch is one of London’s fastest
growing sub-markets and has been Arnold, 21-33 Great Eastern Street, 1 Mark Square, Finsbury Tower, 103-105 Bunhill Row, Principal Place, 111-113 Worship Street,
London EC2 London EC2 London EC1 London EC2
subject to unprecedented development • The Property Trust • EPIC • Finsbury Tower Estates (CIT) • ENPAM (Developed by Brookfield)
• 75,000 sq ft • 62,718 sq ft • 12 storey extension providing • 642,000 sq ft and 301 residential units
activity in recent years, with a pipeline • Completion Q2 2018 • 100% pre-let to WeWork 289,151 sq ft offices and 25 • 100% pre-let to Amazon
• Completion 2018 affordable residential units • Completed Q3 2017
• Completion 2021
to suggest this will continue
2 6 7 8
This is largely being driven by occupational demand
from rapidly growing tenants within the tech and
creative sectors which have made Shoreditch the
international ‘tech hub’ that it is today.
With one of the lowest vacancy rates across
Central London, developers are competing to
capture this strong occupational demand. White Collar Factory, 1 Old Street Yard, The Bower, 207-211 Old Street, C Space, 37-45 City Rd, 1 Fairchild Place,
London EC1 London EC1 London EC1 London EC2
• Derwent London • Helical Plc • 62,000 sq ft • Highgate Holdings
10 • 237,000 sq ft • Phase 1: 140,000 sq ft offices and retail, • Helical Plc • 101,000 sq ft and 200 bed hotel 11
• Completed Q3 2017 100% pre-let • 75% pre-let to Mullins Lowe • Completion 2021 or beyond
• Phase 2: 180,000 sq ft offices, with retail, • Completed 2015
London EC1
The Epworth
a third pre-let to WeWork
• P1 completed 2016, P2 scheduled Q3 2018
9 10 11
City R
oad
Bath Stree
6 eet Rivington Street
Str
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Shoreditch High Street
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11 The Stage, 73-75 Scrutton Street, 20 Bonhill Street, Spectrum, 160 Old Street,
Stre
Old London EC2 London EC2 London EC1
Leonard Street
Featherstone Street 3
• Cain Hoy Enterprises • The Estate Office • Great Portland Estates + BP Pension Fund
et
Stre
• 220,000 sq ft and 412 residential units • 70,000 sq ft • 153,000 sq ft offices, with café
t
Paul Stree
et
tre
Bun
rS
acle
nne Luke Street
Ba • Office 100% pre-let • Completion 2020 or beyond and restaurants
Wh
hill R
9 G
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itec
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at • Completion Q2 2019 • Completion Q1 2018
Tab
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ow
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Bunhill Fields
City Road
7
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Epworth Str St
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The Worship Street Shoreditch
5
Bunhill Row
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Lamb’s Pas
HAC
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The Shoreditch Estate, Blossom Street, Be Wilson, 70 Wilson Street, Alphabeta, Finsbury Square,
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London EC2 London EC2 London EC2
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• British Land • 71,550 sq ft offices • Sinar Mas Land
Sho
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• 355,000 sq ft offices, 38,000 sq ft • Completed Summer 2017 (Developed by Resolution)
retail & 40 apartments • 244,661 sq ft
• Completion 2021 or beyond • Completed in 2015
ne
Brushfield Street
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Moorgate Artillery Ln
There are a number of leading hotels within the
immediate vicinity, with more under construction
to satisfy increasing demand
Montcalm Royal London House The Hoxton Nobu Hotel
Finsbury Square, EC2 81 Great Eastern Street, EC2 10-50 Willow Street, EC2
Shoreditch and the surrounding
Completed in 2016, this luxury This 208 room contemporary The luxury Nobu brand opened
area has evolved over the last hotel overlooks Finsbury Square hotel, with exposed brick their first London 5 star Nobu
12 and has 256 rooms, a spa and a features and an American Hotel in 2017. It provides 148 13
ten years into one of the most high quality restaurant. style grill restaurant operated bedrooms, and Nobu’s newest
in conjunction with the Soho luxury restaurant, and spa.
London EC1
The Epworth
House Group, is a landmark
vibrant and exciting retail and
in the local area.
leisure destinations in London,
and now has international
status attracting established
global brands
With the growth in residential
development, the area has become a
seven day trading destination serving M by Montcalm Shoreditch The Curtain South Place Hotel
an increasingly affluent population. 153-157 City Road, EC1 37-49 Curtain Road, EC2 3 South Place, EC2
The type of local workers, visitors and
residents present a unique opportunity A 269 room five star hotel, A Five-Star hotel, restaurant, live Situated 150 yards to the south
to retailers, cafés, bars and restaurants situated north of Old Street music venue and members club. of Finsbury Square is the City of
as, in general, these consumers want Roundabout, which opened Centred around 120 guest rooms London’s leading contemporary
a different experience to the typical in October 2014. The hotel and suites, there is a rooftop hotel comprising 80 rooms. The
brands present on most UK high streets. offers a spa, pool, two bars pool and lounge, 24-hour gym, hotel is operated by D&D London
Boxpark, London’s first pop-up mall and a 17th floor restaurant treatment rooms, co-working and provides two restaurants,
situated adjacent to Shoreditch High with a Michelin starred chef. space and 6,000 square feet three bars and five private dining/
Street station, features a continuously of event space, with a ballroom meeting rooms.
changing line-up of retailers and is an and screening room.
example of how a pioneering trading
format can succeed.
Meet the
neighbours
City
4
Road
Bath Stree
eet Rivington Street
12 Str
et Old G
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Charlotte Road
Stre
t
hell at
Mitc
8 Ea
Shoreditch High Street
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Old St Old Street 20
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St
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Stre
Leonard Street
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Str
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Featherstone Street 12
Old 13
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City Road
Curta
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Bonhill Street
et 2 1
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Whitecross
Shoreditch
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Worship Street
17 The
Lamb’s Pas
9
Bunhill Row
HAC High Street
16
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Wilson St
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London EC1
Ste
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The Epworth
Str
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Barbican Arts and
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Conference Centre
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Str
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Wal
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14
2
13
Local Occupiers Tech Occupiers
1 UBS 11 Herbert Smith Freehills 1 Central Working Shoreditch 11 Fund Apps
2 Deutsche Bank 12 Pinsent Masons 2 Google ‘Campus London’ 12 WeWork
3 ICAP 13 Charles Stanley Group 3 Mind Candy 13 Morning Star
4 Royal Mail Group 14 Invesco 4 Pivotal Software 14 Interactive Data
5 Royal Bank Of Scotland 15 Grant Thornton 5 EMAP 15 TSYS
6 EBRD 16 London Metal Exchange 6 BOX 16 FactSet
7 Allianz 17 Simmons & Simmons 7 University of Liverpool 17 Cass Business School
8 Hill Dickinson 18 Slaughter & May 8 Inmarsat 18 SAS
9 Ashurst 19 Linklaters 9 Amazon 19 ING-Media
10 Mayer Brown 20 HSBC 10 Stock Exchange 20 I-AM
Connectivity
The Epworth benefits from exceptional Angel Shoreditch
transport connectivity being located High Street
a short distance from the following 7 minutes
Underground and Mainline stations: 11 minutes 3 minutes
21 minutes 8 minutes
Old Street
< 1 minute
1 minute
Old Street roundabout /
station upgrade
Old Street station is to undergo a £50m
upgrade which will convert the existing
1970s roundabout into an attractive new
pedestrianised public space, including
seating and trees. It will see the north-
Moorgate Stratford
western ‘arm’ of the junction by City Road 8 mins
closed and two-way traffic reintroduced Reading Heathrow Bond Street Farringdon Whitechapel
2 minutes
to the gateway to Tech City as it becomes 61 mins 33 mins 7 mins 2 mins 2 mins
16 6 minutes 17
a new hub for the thousands of people
who live, work and socialise nearby. Barbican Liverpool Street
London EC1
The Epworth
39 architects were invited to submit their
proposals for the roundabout, and four
4 minutes 3 minutes Slough Paddington Tottenham Liverpool
have been shortlisted. The winning design
10 minutes 10 minutes 37 mins 10 mins Court Road Street
will be selected soon, and the roundabout
16 minutes 4 mins Canary Wharf
will likely provide advertising space to 6 mins
rival that at Piccadilly Circus, at the
heart of Tech City. All journey times taken from the building. Source: TfL
The Elizabeth Line (Crossrail)
Crossrail is Europe’s largest infrastructure
project and is set to transform London’s
transport network. It is estimated that the
new rail line will bring an extra 1.5 million
people to within 45 minutes of Central
London. Services are due to commence in
December 2018 with Liverpool Street set to
become one of the key hubs which is located
approximately 800 metres from The Epworth.
Liverpool Street Crossrail will provide direct
links to the West End, Canary Wharf and
London Heathrow.
The Liverpool Street and Moorgate entrances
to the Elizabeth Line are approximately a five
minute walk to the south east of the property
and will provide access to Bond Street and
Canary Wharf within seven minutes and
Heathrow within 33 minutes, from late 2018.
One of the four shortlisted designs - Gpad London’s proposal New Elizabeth Line entrance at Liverpool Street station
for the redevelopment of Old Street Roundabout and station.An iconic
building
with a
rich history
The name Epworth comes from the In the 1930s there were three stages of
rebuilding the properties acquired in the
small town in Lincolnshire where 19th century until it became the building
prior to the current renovation. During
John and Charles Wesley, Founders the war, the building suffered heavy
damage together with all the surrounding
of Methodism, were born and raised buildings. It was for a time commandeered
by the Honourable Artillery Company
situated opposite. In 1940 a Field Library
More recently the name Epworth has also was operated from the property sending
been used as the imprint for Methodist parcels of books to the chaplains at
books and is intimately linked with Wesley’s the Front for the use of the soldiers.
Chapel (just to the north at 49 City Road)
and to the predecessor building, the In the 1980s the Methodist Publishing
18 Foundery. The name Foundery comes from House moved out of the building, first 19
the disused cannon foundery, which was to Wimbledon and then to Peterborough.
Their work is now done in-house at the
London EC1
damaged in an explosion in the early 18th
The Epworth
century and was repaired and occupied by company Headquarters Building on
John Wesley as his London Headquarters. Marylebone Road.
It was used until the current, New Chapel
at 49 City Road, was opened in 1778. There
The Building
is a Museum in the basement of the Chapel
which outlines this history.
Beautifully modernised landmark The rear half of the building has been
demolished and rebuilt as a new steel
1930s Art Deco building frame behind the beautifully retained
Art Deco facade. Two upper partial floors
have been removed and replaced by three
The Epworth comprises a landmark 1930s new floors, with the 5th and 6th benefiting
Art Deco building beautifully modernised from substantial roof terraces. Along both
for the creative industries by award winning City Road and Epworth Street, new double
architects Buckley Gray Yeoman in 2018. height voids have been formed
to link the ground and lower ground.
The project involved the substantial
refurbishment and reconstruction of three The office floor plates provide high quality
separate buildings to provide approximately space sympathetically restored with a
62,789 sq ft (5,833 sq m) of ‘best in class’ sophisticated industrial aesthetic. Typical
Grade A office accommodation arranged floor plates comprise approximately
over lower ground, ground and six 9,000 sq ft (836 sq m) and benefit from
upper floors. exceptional levels of natural light. The
offices are accessed via a prominent
entrance fronting City Road, leading to
a dramatic full height atrium featuring
balconies for tenant interaction.“The challenge was to
breathe new life into
the building – and its
mix of architectural
styles – whilst also
remaining sensitive
to the site’s prominent
urban setting.”
Matt Yeoman
Director at Buckley Gray Yeoman
20 21
London EC1
The Epworth
Specification
A detailed specification is available • Four pipe fan coil air conditioning;
within the data room, but in summary:-
• Unisex WCs and accessible WCs
• Refurbished external façade, located at every floor;
white painted 1930s faience tiles
• A block of seven showers, including
and refurbished and new textured
one accessible shower, located on
red brick;
basement level accessed directly
• Audio visual door system providing from the main core and served by
24 hour access; an integral changing area with
storage lockers along each wall;
• White painted plasterboard
ceilings with exposed concrete • 70 secure bicycle spaces, discreetly
soffit under stairs; accessed via the Tabernacle Street
entrance to the rear;
• New suspended LED lighting;
• Substantial terraces to the 5th
• Attractive ‘warehouse style’ double
and 6th floors;
glazed black Crittal windows;
• Excellent environmental credentials,
• Three new 12 person lifts within rebuilt
having been awarded a BREEAM
lift shaft serving all floors (basement
rating of ‘Very Good’.
only served by one);Accommodation
Sophisticated industrial aesthetic with Floor Use NIA sq ft NIA sq m
exceptional levels of natural light 6th Office 5,039 468
5th Office 7,552 702
The property has been independently measured 4th Office 9,024 838
by Plowman Craven in accordance with the RICS 3rd Office 9,101 845
Code of Measuring Practice 6th Edition and
provides the following Net Internal Areas:- 2nd Office 9,087 844
1st Office 9,063 842
Ground Office 6,880 639
Ground Reception 1,417* 132
Lower Ground Office 5,626 523
Total 62,789 5,833
* The reception area is not included in NIA
22
Floor Plans 23
London EC1
The Epworth
Ground Floor Typical Upper Floor 5th Floor 6th Floor
6,880 sq ft / 639 sq m 9,024 sq ft / 838 sq m 7,552 sq ft / 702 sq m 5,039 sq ft / 468 sq m
Epworth Street
Epworth Street
Epworth Street
Epworth Street
City Road City Road City Road City Road
N
Floor Core Reception Terrace For indicative purposes only. Not to scale.Tenure Wesley’s Tenancy
& Site
Chapel
Virtual Freehold 100% pre-let ahead of
Street
Epworth practical completion
The property is held Virtual Freehold
under title number NGL570603 for
reet
a term of 999 years from 25 March The Epworth was 100% pre-let The 4th, 5th and 6th floors are £2,393,769 per annum (£60.21 per
le St
1902 (883 years unexpired) from ahead of practical completion let to NTT Data UK Consulting sq ft). The lease is guaranteed by
Epworth Street Investments Ltd, at a
rnac
to two tenants in accordance and IT Solutions Limited on three Regus Plc on a capped basis as
fixed ground rent of £830 per annum. with the tenancy schedule set seperate leases for a term of set out in the Covenants section.
Tabe
City Ro
out below. The leases are drawn ten years at a passing rent
Bonhill Street on effective full repairing and of £1,478,953 per annum The total gross passing rent
ad
insuring terms and provide (£68.42 per sq ft). equates to £3,872,722 per annum
exceptionally long term secure (£61.68 per sq ft overall) with a
income with a weighted average The lower ground to 3rd floors are net rent passing of £3,871,892
unexpired term of over 13 years. let on a single lease to Spaces per annum after deduction of
at an overall passing rent of head rent.
24 25
Tenancy
London EC1
Schedule
The Epworth
This plan sets out the approximate position of the property and is for identification purposes only.
We make no warranty, express or implied, nor accept any responsibility or liability for its accuracy
or completeness.
Tenant Floor Use Area Area Lease Lease First Rent Rent Comments
Sq ft Sq m Start Expiry Review £PAX £PSF
NTT Data UK 6th Offices 5,039 468 £357,769 £71.00 • Rent deposit equivalent
Consulting and to 9 months rent plus
31/05/18 30/05/28 31/05/23
IT Solutions VAT held.
Limited 5th Offices 7,552 702 £521,088 £69.00
• Lease held outside the
Security of Tenure and
Compensation Provisions
of the Landlord & Tenant
4th Offices 9,024 838 31/05/18 30/05/28 31/05/23 £600,096 £66.50
Act 1954 Part II
(as amended).
London Epworth 3rd Offices 9,101 845 • Lease held inside the
House Centre Security of Tenure and
Ltd (Spaces) Compensation Provisions
2nd Offices 9,087 844 of the Landlord & Tenant
Act 1954 Part II
1st Offices 9,063 842 (as amended).
06/06/18 05/06/33 06/06/23 £2,393,769 £60.21
• Lease guaranteed
by Regus Plc on
Ground Offices 6,880 639 a capped basis.
Lower Offices 5,626 523
Ground
Ground Reception 1,417 132
Total 62,789 5,883 £3,872,722 £61.68
Spaces Business ClubCovenants
Spaces Regus Plc NTT Data UK Consulting and IT Solutions
(London Epworth House Centre Ltd) The Guarantor Limited (38% of total income)
(62% of total income)
The Spaces lease is guaranteed by parent NTT DATA is a global IT services provider and Dun & Bradstreet provides NTT Data UK Consulting
company Regus Plc who is the largest provider of innovation partner which is headquartered in Tokyo, and IT Solutions Limited with a rating of 3A1
Spaces provides shared workspace communities flexible workspace solutions in the world, founded with over 76,000 employees working at business representing a ‘minimum risk of business failure’.
and services for its members which include small in Brussels, in 1989. Regus Plc’s network includes operations in over 40 countries. The company aims
and medium enterprises, freelancers, start-ups, nearly 3,000 business centres across almost to develop innovative business and IT solutions for
NTT Data UK Consulting Accounts as at
established companies, mobile workers 900 cities in 120 countries and is listed on the companies in the private and public sectors across
and IT Solutions Ltd 31/03/2017
and entrepreneurs. London Stock Exchange. areas such as cloud solutions, business intelligence,
consulting, big data, and analytics. Turnover 35,637,353
Originating in Amsterdam, the business now has In November 2016, Regus Plc rebranded as
over 140 centres in 32 countries, across seven International Workplace Group (IWG) and moved NTT DATA UK is headquarted at the nearby Royal Profit (Loss) before taxes (92,509)
continents. The business is currently undergoing its headquarters to Switzerland. Spaces comprises Exchange at the heart of the City of London, with
an expansion drive to meet the demand of the one of their wide range of office formats, as they the other UK office in Birmingham. The company Tangible Net Worth 8,675,222
modern office occupier, with other recent London continue to grow their mobile, virtual office and aims to use information technology to create
workplace recovery business, enabling customers paradigms and values, which help contribute to Net Current Assets 7,518,288
locations at City Point, Fitzrovia, Teddington,
Park Royal, and forthcoming locations confirmed maximum flexibility in terms of their business a more affluent and harmonious society. Some
26 27
in Chiswick and Oxford Circus. The brand offers environment. of their more high profile clients include leading www.uk.nttdata.com
a full-service workspace from tech support, software vendors such as Microsoft, SAP, TIBCO
London EC1
The Epworth
office furnishing, bicycle hire, dry cleaning, Regus Plc provides a Parent Company Guarantee and Genesys.
and secretarial support. The majority of these to the Space lease as follows:
services can be booked via smart phone on
the Spaces app. Term (Years) Months
www.spacesworks.com 1-5 60
6-8 48
9 - 14 36
15 12
Dun & Bradstreet provides Regus Plc with a rating of
1A1 representing a ‘minimum risk of business failure’.
Regus Plc Accounts as at
31/12/2017 (000’s)
Turnover 2,341,700
Profit (Loss) before taxes 167,200
Profit after tax 131,600
EBITDA 388,600
www.regus.co.ukPlanning Contact
For further information, access to the data
The property is located in the
room or to arrange a viewing please contact:
London Borough of Islington. It is
not listed, but is situated within the
Bunhill Fields and Finsbury Square
Conservation Area.
James Abrahams
020 7588 4433
james.abrahams@allsop.co.uk
VAT Matthew Millman
020 7588 4433
The property is elected for VAT. matthew.millman@allsop.co.uk
Christopher Room
020 7588 4433
EPC christopher.room@allsop.co.uk
A copy of the property’s EPC
certificate can be found on the
online data room and is available
upon request.
28 29
Proposal
London EC1
The Epworth
Offers are sought in excess of
£78,000,000 for the shares in
the UK company which holds the
property, subject to contract and
exclusive of VAT.
A purchase at this level reflects a
net initial yield of 4.85% allowing
for purchaser’s costs of 2.30%.
Data Room
Further information can be found on
the online data room. Please contact
the vendor’s agents to request access.
DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: 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. 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. No person in the employment of Allsop LLP has any authority to make any
representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. June 2018.
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