aurora pdf by jianghongl


									120 Bothwell Street Glasgow G2 7JS

 executive summary

• Landmark prime city centre office building within
  Glasgow’s Central Business District

• Completed in March 2006, to provide 16,151 sq m
  (173,858 sq ft) of Grade A office accommodation

• Let to Barclays Bank, BNP Paribas, Burness
  Solicitors, Aggreko Plc, Cushman & Wakefield
  and Knight Frank

• 77 secure car parking spaces

• Passing rental of £4,738,394 per annum with
  estimated rental value of £4,957,182 per annum

• Strong rental growth expected for Glasgow
  city centre

• Offers in excess of £94,000,000 adopting
  purchaser’s costs of 5.75% and exclusive of
  VAT produces the following net yield profile:




                                                                                          L                                                                                                  CC


                                                                                                                                     5                                     13

                                                                                                                               21                          2
                                                                                                                               19                                      8


                        22                                                                                        AA
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DD                                                             11
                                       7                                                                                                                                                 H

                                                                                                    4    16




     Companies represented within the vicinity of the building include:

     1    Abbey                                13   HBoS                             Infrastructure/Amenities                       Office Development Pipeline
     2    AIG                                  14   JP Morgan
                                                                                     A    M8 Junction 19                            AA Franborough House
     3    AON                                  15   Lloyds TSB
                                                                                     B    Queen Street Railway Station              BB Cuprum
     4    MOD                                  16   Morgan Stanley
                                                                                     C    Central Railway Station                   CC 1 George Square
     5    Barclays Bank                        17   NAG
                                                                                     D    Hilton Hotel                              DD Elphinstone Tower
     6    Resolution                           18   Jacobs Engineering
                                                                                     E    Habitat
     7    British Telecom                      19   Student Loans
                                                                                     F    Q Park
     8    Clydesdale Bank                      20   Maclay Murray & Spens
                                                                                     G    Marriott Hotel
     9    CGNU                                 21   Royal Sun Alliance
                                                                                     H    Radisson SAS Hotel
     10   Direct Line                          22   Biggart Baillie Solicitors
                                                                                     J    Malmaison Hotel
     11   Eagle Star                           23   Scottish Executive
                                                                                     K    Buchanan Galleries Shopping Centre
     12   esure
                                                                                     L    Sauchiehall Centre
             Location                                                                                                                               Glasgow
             Glasgow, the largest                                                                                                                   excellent
             city in Scotland                                                                                                                       communication links

Glasgow is the biggest city in Scotland and     Retail                                                                                                                               Road - The M8 motorway bisects the city centre
the third largest in the UK. It has a           Glasgow is Scotland’s retail capital and enjoys a world-class retail                                                                 providing access to Edinburgh to the east and
                                                scene with a choice including Zara, Mango, Ralph Lauren, Armani
population of approximately 630,000 and is                                                                                                                                           Glasgow Airport to the west. Aurora sits adjacent to
                                                and is widely recognised as the premier retail location in the UK
at the centre of a catchment population of                                                                                                                                           Junction 19. Links to the M73 and M74 motorways at
                                                outside of London’s West End.
over 3 million.                                                                                                                                                                      Junction 4 offer access to Carlisle and northern
                                                Leisure                                                                                                                              England and the M80 provides access to Stirling and
The city has the largest office centre in the   Restaurants, theatres, art galleries, museums and leisure clubs are                                                                  the north of Scotland.
UK outside London, and continues to             all within the city centre. Golf, hill walking, water sports and
experience significant growth driven in         numerous other activities are all within easy reach. Loch Lomond is                                                                  The Scottish Executive has announced plans for the
                                                within half an hour’s drive of the city centre.
particular by the banking, finance,                                                                                                                                                  completion of the M74 Motorway Extension which is
insurance and public sectors.                                                                                                                                                        due to open in 2011. This development will further
                                                                                                                                                                                     enhance Glasgow’s motorway accessibility.
                                                One of Glasgow’s real competitive advantages. Glasgow,
                                                                                                                                                                   Air travel time
The city has a vibrant and diverse local        Strathclyde, Caledonian and Paisley Universities ensure a high                    Glasgow                               1 Hr
economy. Glasgow is one of the fastest          quality graduate labour pool within the city conurbation in addition                  Edinburgh                                      Rail - Glasgow has two main railway stations. Central
growing employment centres in the UK,           to its many Colleges of Further Education.                                                                                           Station and Queen Street Station. In addition to local
having delivered a growth rate almost twice                                                                                           Newcastle                                      services throughout Central Scotland, GNER and
that of both Scotland and Britain as a          Housing                                                                                                                              Virgin also operate daily Inter-City services to the
whole since 1996. In the three years to         Glasgow has a wide range of residential accommodation, from                                                                          main centres throughout the United Kingdom. Queen
                                                stylish city centre flats, affordable family housing and prestigious                              Manchester
2005, some 19,000 high value managerial,                                                                                                                                             Street Station provides services to the major Scottish
                                                country homes. All of these are easily accessible from the city centre
technical, administrative and skilled jobs                                                                                                     Liverpool                             centres including Edinburgh, Aberdeen, Dundee and
                                                due to the integrated transport infrastructure.                          Dublin
were created (Glasgow Economic Review –                                                                                                                                              Inverness. Glasgow city centre is served by an
June 2006) demonstrating Glasgow’s              Population                                                                                            Birmingham                     underground and low level
diverse appeal across the financial and         Glasgow’s conurbation is home to 1.5 million people. Over 85% of                                                                     rail system which links the city centre to outlying
service sectors.                                jobs are in the service sector. 750 financial services companies have                                                                residential areas.
                                                a presence in the city.                                                                               London

                                                                                                                                                                                     Air - Glasgow Airport is located approximately 9 miles
                                                                                                                                                                                     west of the city centre at Junction 28 of the M8
                                                In the last 2 years alone, Glasgow has seen take-up from the
                                                following organisations resulting in significant new employment in
                                                                                                                                                                                     motorway offering regular domestic, European and
                                                the city; O2, Dell, Morgan Stanley, Barclays Bank, ACE Insurance,                                                                    Trans-Atlantic flights. Glasgow Airport is the sixth
                                                Royal Bank of Scotland and HBoS.                                                                                                     busiest airport in the UK and has a current annual
                                                                                                                                                                                     passenger turnover in excess of 8 million people.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  prime office location
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  within the IFSD

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Bothwell Street is a prime office location situated at the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  heart of the traditional office core, within Glasgow’s
                         Edinburgh                                                                                                                                                                                                                                                                                                                                                                                                                                                                International Financial Services District.
                          60 mins                                                                                                                                                                                                                                                                                                                                                                                                                 IFSD Boundary

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Aurora occupies one of the most prominent island sites on
                                    CHARING X
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the north side of Bothwell Street between Blythswood Street
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                                                                                                                                                                                                                                                                         Stree                                                                                                                                                                                                                    The location is characterised by large office developments
                                                                     India St.

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                                                                                                                                                                                                                                           We s t                                                                                                                                                                                       Buchanan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  including both the headquarters of Resoluton Asset

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  provide 16,072 sq m (173,000 sq ft) of new Grade A office

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                                                                                                                                                                                                                                                                                                                                                                                                 St. Vin                                                                                          accommodation, further underpinning Bothwell Street as a


                                                                                                                                                                                                                                                                                                                                                                                                         ce            nt Pla
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                                                                                                                                                                                                           et                                                                                                                                                                                                                                                                                     prime city centre business address.


                                                                                                                                                                                                                                                                                                                           Gordon Street                                                                                                                     Coch
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                                                                                                                                                                                                                                                                                                                                        Union Street
                       sswa                                                                                                                                                                  gan S                                                                                                                       H

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Bothwell Street also provides a mix of retail and leisure

                                                                                                                                                                                                                                                                                                                                                                               S t re e
                              y                                                                                                                                                                    tree        t
                                          J19                                                                                                                                                                                                                                                                    Central Hotel


                                                                                                                                                                                                      Holm                                                                                                                                                                                                                                                                                        facilities. Retailing occupiers include Habitat, Marks &






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                                                                                                                                                                                                                                                                                                                                                                   Mi t c h e l l
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Spencer, Sainsbury, Superdrug, Prêt à Manger and Costa


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    ford S
                                                                                                    H Menzies                                                                                             Street                                                                                               CENTRAL                                                                                           Square


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Coffee. Leisure occupiers include Grill On The Corner and




                                                                                                                                                      Brown St


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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  JD Wetherspoon.

                                                                                                                                                                         James Watt

                                                                                                                              Carrick St

                                                                                                                                                                                                       York St

                                                                                                                                                                                                                                              Robertson Stre

                                                                                                                                                                                                                                                                           Oswald Street

                                                                                                                                                                                                                                                                                                                                                                                    ST ENOCH



                                                                                                                                                                                                                                                                                                                                                                                                         St Enoch Centre
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Glasgow qualifies for a full range of financial and training
                                  Kingston Bridge


                                                                                                                                                    Broomielaw                                                                                                                                                                                                                                                                                orn                                                 Assisted Area grants and Regional Selective Assistance.


                                                                                                                                                                                                                                                                                                                                                                                                                a rd
                                                                                                                                                                                                                                                                                                                                                                                                                       S t re
                          M8                             Airport
                                                        10 mins                                                                               River Clyde
Market Commentary

Occupational Market
The total occupier take-up for Glasgow City Centre in 2006 was 58,668 sq m                     Further to the transactions concluded in 2006, the market understands that
(631,500 sq ft) and in 2005 occupier take-up was 78,776 sq m (847,945 sq ft), both             4 Atlantic Quay developed by Wilson Bowden is partially under offer and that the
well in excess of the 10 year average annual take-up for the city of 38,784 sq m               proposed new building by PPG directly opposite Aurora at 141 Bothwell Street
(417,470 sq ft). Prime office rents in Glasgow City Centre are set at £296.01 sq m             has pre-let 3,716 sq m (40,000 sq ft).
(£27.50 sq ft) and we anticipate that prime office rentals will increase in 2007/2008
                                                                                               Early deals in 2007 will maintain market sentiment established through 2005 and
to £306.75 sq m (£28.50 sq ft) due to the high level of demand and shortage of
                                                                                               2006 and deliver rental growth into 2007 and 2008.
available stock.

Aurora was the only new development to complete in 2006. 110 St Vincent Street
                                                                                               Investment Market
(due for completion in June 2007) has been pre-let to HBoS. There are no other new
buildings due to complete until mid 2007 when 4 Atlantic Quay being developed by               Glasgow is one of the UK’s established regional office markets. A wide spectrum of
Wilson Bowden is due for completion. The Glasgow vacancy rate for all city centre              investors are present including domestic and foreign institutional investors, pension
offices is circa 5% as of Quarter 1 2007.                                                      funds, property companies and private investors. The office market within the city is
                                                                                               particularly strong at present. 22 transactions totalling £375million were concluded
Principal City Centre Letting Transactions                                                     within the city core boundary in 2005 and a further 19 transactions with a total
                                                                                               investment value of approximately £335million concluded in 2006. The level of
Address             Occupier                      Size               Rental          Date
                                                                                               investor demand can in part be explained because there is at present a shortage of
                                             (sq m)   (sq ft)    (sqm)    (sq ft)
                                                                                               Grade A office accommodation within the central business district. This coupled
6 Atlantic Quay     Royal Bank of Scotland    7,288    78,448   £231.00    £21.50   Sep 2005
                                                                                               with strong levels of occupier demand has resulted in market conditions that are
200 Broomielaw      Atkins Ltd                3,325    35,790   £231.00    £21.50   Jan 2006
                                                                                               conducive to rental growth.
Atrium Court        Teekay Shipping           1,657    17,836   £204.50    £19.00   Feb 2006
Waterloo Street
Sentinel            Morgan Stanley            1,679    18,073   £252.95    £23.50   Feb 2006
Waterloo Street
200 Broomielaw      Ace Insurance             4,071    43,820   £231.00    £21.50   Apr 2006
123 St Vincent St   Money Quest               1,441    15,511   £269.10    £25.00   Apr 2006
Aurora              Barclays Bank             7,146    96,208   £279.86    £26.00   Nov 2006
120 Bothwell St     plc
Aurora              Knight Frank             566.15     6,094   £252.95    £23.50   Nov 2006
120 Bothwell St
110 St Vincent St   HBoS                      8,901    95,810   £290.60    £27.00   Nov 2006
Aurora              Burness Solicitors        1,619    17,431   £263.72    £24.50   Dec 2006
120 Bothwell St
Guildhall           News International        2,028    21,829   £177.60    £16.50   Dec 2006
57 Queen Street
Aurora              BNP Paribas               1,793   19,1299   £279.86    £26.00   Feb 2007
120 Bothwell St     Securities Services
Aurora              Aggreko plc              789.67     8,500   £296.01    £27.50   May 2007
120 Bothwell St
Aurora              Cushman Wakefield        789.67     8,500   £296.01    £27.50   May 2007
120 Bothwell St
Principle City Centre Investment Transactions

Property                       Purchaser                  Price       Net Initial      Date

Sentinel Building              Oppenheim               £38,520,000      4.78%          April 2006

Atrium Court                   Hermes                  £37,130,000      4.8%           April 2006
Waterloo Street

Exchange House                 WG Mitchell/AWG         £29,250,000      5.3%           June 2006

200 Broomielaw                 F&C Asset               £35,760,000      4.66%          July 2006

Grosvenor Building             Resolution              £20,250,000        5%           November 2006
Gordon Street                  Asset

Princes House                  Private Irish           £24,450,000      4.52%          December 2006
West Campbell

  Rental Growth - Glasgow
                                                                                    £296.01    (£28.50)
                                                                      £279.86       (£27.50)
                                               £247.50     (£25.00)
                                   £226.00     (£23.00)
                  £204.52           (£21.00)
    £188.37         (£19.00)

     1998            1999            2001       2003        2005       2006          2007           2008
                 A spacious, double height entrance foyer leads to five
                                                                                                           typical upper floor
The building     high speed passenger lifts taking staff to all levels of the
                 16,449 sq m (177,079 sq ft) of fully air conditioned

designed from    accommodation.

the inside out   Designed from the inside out with the occupier in mind at
                 all times, Aurora provides large, open plan floor plates of
                                                                                FEM   LOBBY


                 up to 1,795 sq m (19,316 sq ft) which ensures maximum
                 flexibility for modern space planning.

                 Specified to the highest of standards throughout, Aurora
                 is capable of meeting the most demanding occupational
                 requirements of modern business users.

                 Aurora was designed to equal the best office
                 developments in the city of London.
                                                              1,619 sq m (17,431 sq ft)    9

                                                               1,617 sq m (17,400 sq ft)   8
Specification Summary

• Stunning double height entrance.

• 5 x 21 person high speed passenger
  lifts serve all floors.
                                                               1,780 sq m (19,159 sq ft)   7
• The car parking levels are served by 4 high speed
  car lifts.

• Minimum 2.75 metres clear floor to ceiling height.           1,765 sq m (19,000 sq ft)   6
• 150mm full access raised floors.

• Perforated metal suspended ceilings with
  recessed low energy light fittings providing
  up to 500 lux at desktop height.                              1,791 q m (19,279 sq ft)   5
• Four pipe fan coil system for heating and cooling.

• High quality male, female and accessible
  toilet and showering facilities on each floor.

• Building Management Services will monitor
                                                                1,795 q m (19,316 sq ft)   4
  and control the major functions of the
  Engineering Services in the building.

• Dedicated on-site tenants’ storage facilities available.

• Diversely routed resiliant telecom provision
                                                               1,794 sq m (19,314 sq ft)   3
  with multiple incomers’ containment ducting.

• Full DDA compliance with access to all floors.

                                                               1,792 sq m (19,269 sq ft)   2

                                                               1,094 sq m (11,774 sq ft)   1

                                                             1,141 sq m (12,286 sq ft)   Gr

                                                                            77 Car Spaces

  Floor           Tenant                 Lease             Break                Next                      Area               Storage Area    Car    Total Rental          Office Rent         Comments
                                         Period            Option            Review Date         sq m            sq ft       sq m    sq ft                              sq m       sq ft

  9th             Burness LLP          30/10/2006         30/10/2016          30/10/2011       1,619.38          17,431      14       146     8      £446,154.00      £263.72      £24.50     Penalty of £223,078
                                       29/10/2021      (9 months notice)                                                                                                                      payable if break exercised

  8th (East)      Aggreko plc          31/05/2007*        31/05/2017          30/05/2012        789.67           8,500                        4      £242,750.00      £296.01      £27.50     Penalty equating to 1/3 of annual
                                       30/05/2022      (9 months notice)                                                                                                                      rental payable if break exercised

  8th (West)      Cushman &            31/05/2007*            N/A             30/05/2012        789.67           8,500       14       147     4      £243,852.50      £296.01      £27.50
                  Wakefield EMEA       30/05/2022

  7th             Vendor rent                                                                  1,779.91          19,159                       8      £546,872.00      £296.01      £27.50     24 month rental guarantee to be
                  guarantee                                                                                                                                                                   provided @ £27.50 sq ft and
                                                                                                                                                                                              £2,500 per car space**

  6th             Barclays             20/11/2006         20/11/2016          20/11/2011       1,765.14          19,000      58       628     8      £516,710.00      £279.86      £26.00
                  Bank Plc             19/11/2021      (9 months notice)

  5th             Barclays             20/11/2006         20/11/2016          20/11/2011       1,791.06          19,279      55       594     8      £523,709.00      £279.86      £26.00
                  Bank Plc             19/11/2021      (9 months notice)

  4th             Barclays             20/11/2006         20/11/2016          20/11/2011       1,794.50          19,316      60       643     9      £522,466.00      £279.86      £26.00     No rental payable in respect of
                  Bank Plc             19/11/2021      (9 months notice)                                                                                                                      storage space

  3rd             Barclays             20/11/2006         20/11/2016          20/11/2011       1,794.31          19,314      12       131     9      £523,396.00      £279.86      £26.00
                  Bank Plc             19/11/2021      (9 months notice)

  2nd             BNP Paribas          28/02/2007         28/02/2017          28/02/2012       1,792.92          19,299      24       261     8      £521,730.00      £279.86      £26.00
                  Securities           27/02/2022      (9 months notice)
                  Services SA

  1st (West)      Vendor rent                                                                   513.84           5,531                        3      £159,602.50      £296.01      £27.50     24 month rental guarantee to be
                  guarantee                                                                                                                                                                   provided @ £27.50 sq ft and
                                                                                                                                                                                              £2,500 per car space**

  1st (East)      Vendor rent                                                                   579.99           6,243                        3      £179,182.50      £296.01      £27.50     24 month rental guarantee to be
                  guarantee                                                                                                                                                                   provided @ £27.50 sq ft and
                                                                                                                                                                                              £2,500 per car space**

  Ground (West) Vendor rent                                                                     575.25           6,192                        3      £162,300.00      £269.10      £25.00     24 month rental guarantee to be
                guarantee                                                                                                                                                                     provided @ £25.00 sq ft and
                                                                                                                                                                                              £2,500 per car space**

  Ground (East)   Knight Frank         27/11/2006         27/11/2016          26/11/2011        566.15           6,094       24       261     2      £149,669.00      £252.95      £23.50     Penalty equating to 1/3 of annual
                  LLP                  26/11/2021     (12 months notice)                                                                                                                      rent payable if break exercised

  Totals                                                                                      16,151.80      173,858.00   261.15 2,811.00    77     £4,738,393.50

NB All storage space rentalised at £7.50 sq ft. All car spaces rentalised at £2,250 per annum, unless specified otherwise.                         *Anticipated Date of Entry. Final floor area/rent subject to measurement exercise.

                                                                                                                                                                                    ** Together with vacant rates and service charge

A rental rate of £296.01 sq m (£27.50 sq ft) for office space and £80.73 sq m (£7.50 sq ft) for storage space in line
with recent lettings on the 8th floor have been adopted. A rate of £269.10 sq m (£25.00 sq ft) has been applied to the
ground floor. We expect these rents to improve in light of the lack of Grade A product and strong levels of occupier
demand, as highlighted in the market commentary. Car parking has been taken at £2,500 per annum per space.

Burness LLP is one of Scotland’s premier legal firms      Barclays Bank plc is a major global financial services        BNP Paribas Securities Services SA is a wholly
with offices in Glasgow and Edinburgh. Burness            provider engaged in retail and commercial banking,            owned subsidiary of the BNP Paribas Group and a
focuses on commercial clients in the private and public   credit cards, investment banking, wealth management           leading provider of securities services and investment
sectors throughout the UK and overseas. Burness has       and investment management services. Operating in              operations solutions to issuers, financial intermediaries
38 partners and employs over 230 people. D&B              over 60 countries and employing 123,000 people, the           and institutional investors. BNP Paribas Securities
information is unavailable due to the company being       bank lends, invests and protects money for over               Services handles over £3million of assets under
a limited partnership.                                    27,000,000 customers. Barclays Bank plc has a D&B             custody and administers £52billion of assets for 4,250
                                                          rating of 5A1.                                                Funds worldwide. BNP Paribas Securities Services has
                                                                                                                        a D&B rating of 5AA1.

Aggreko plc is a leading provider of power,               Cushman Wakefield EMEA was founded as a                       Knight Frank LLP is an independent business with no
temperature control and compressed air equipment in       property management company on 31 October 1917.               external shareholders. Group statistics for 2005 taking
a worldwide market with their HQ in Glasgow. From         Today it is the largest privately held real estate services   into account all associations, affiliates and franchises
diesel generators to portable air conditioners, Aggreko   firm. They have 11,000 employees operating from 158           although excluding figures from Newark, the US
equipment and services are consistently available 24/7    offices in 48 countries and six continents. They              partner, the Knight Frank Group employs in excess of
through a global network of depots and professional       represent multinational corporations, pension funds,          4,500 personnel. Around the UK Knight Frank has a
service centres. For the first half of 2006, Group        REIT’s, developers, entrepreneurs, financial institutions,    network of 50 offices dealing with all aspects of
revenue as reported was £238 million, 72.3% ahead of      etc worldwide. D&B information is unavailable due to          commercial and residential property and land. D&B
2005. Group profit before tax for the same period grew    the company structure.                                        information is unavailable due to the company structure.
by 78.4% to £29.6 million. Aggreko plc has a D&B                            
rating of 5A1.
The opportunity to acquire a trophy asset multi-let to
undoubted covenants with strong rental growth
prospects within Glasgow City Centre.

We are instructed to seek offers in excess of
£94,000,000 exclusive of VAT for our client’s heritable
interest in the property.

After allowances of purchaser’s costs at 5.75% this
reflects an initial yield of 4.75%, equivalent yield of
4.92% and a reversionary yield of 4.97%.

The property is elected for VAT. On this basis VAT will
be payable on the purchase price, however it is
anticipated that the sale can be effected by way of
a transfer of a going concern. (TOGC).

Capital Allowances
Crosher James have undertaken a desktop
exercise to calculate the capital allowances available
to a potential purchaser. This exercise has revealed
that there are unclaimed Capital Allowances of
£18 - £20 million dependant on the tax structure of a
potential purchaser. Further information on this can
be provided on request.
                                                                                             Further Information/Viewing

                                                 Further information on Aurora, 120 Bothwell Street, Glasgow can be obtained from the selling agents,
                                                          Jones Lang LaSalle and Ryden through whom all arrangements to view should be made.

                                                     Additional information including Leases, Title and building specification are available on request.

                                                                                                                                                                                                                                                    Designed and produced by POD Creative Design 0141 332 2777
                                                                           John MacBean 0141 567 6624                           Ian Dougherty 0141 270 3163
                                                                             Mark Wilson 0207 399 5874                           Steven Gay 0141 270 3135

The Agents for themselves and for the vendors and lessors of this property whose agents they are, give notice that: (1) The particulars are produced in good faith, are set out as a general guide only and do not constitute part of a contract,
(2) No person in the employment of The Joint Agents has any authority to make or give any representation or warranty whatsoever in relation to this property, (3) The images of the development are correct as at the date of publication and
                                                                                                   (4) All floor areas quoted are approximate.

                                                                                                                   April 2007

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