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AUTUMN – WINTER 2015

SECTION ONE • 04 London Development Portfolio

SECTION TWO • 24 An Investor Guide

SECTION THREE • 42 About Cushman & Wakefield

RESIDENT LONDON

THE NEW HOMES EDITION

When introducing this edition of Resident London, it seems only appropriate to headline with this pertinent quote from John F. Kennedy, who wisely reminds us of the need to embrace change and look forward to capture the wealth of opportunities it can present.

At the new Cushman & Wakefield, we pride ourselves in transforming the way people work, shop and live. The firm’s combined 43,000 employees in more than 60 countries enable us to provide deep local and global insights that we can use to advise our buyers and developer clients from around the world.

The complementary residential teams of our legacy firms enable us to bring together experts across new homes, development, investment and valuation to offer a unique combination of strong local market knowledge with significant scale in the major global gateway cities. To use a mantra of our firm – we are lucky enough to be confidently global, expertly local.

It is truly a new era of opportunity for Cushman & Wakefield. But it is also a new era for London. Our dynamic City has never seemed faster paced or more progressive. It is now as recognised for technology and innovation as it is for finance, cultural and education. Europe’s largest construction project – Crossrail – is underway and on schedule, and come 2019 will have a transformative effect on connectivity and commuting around the Capital. A clear General Election result ended months of uncertainty in the market and we enter a new parliamentary term with housing and development

“Change is the law of life. And those who look only to the past or present are certain to miss the future.”

at the absolute forefront of the political agenda. With more people living in the Capital than ever before, and a million additional residents expected by 2020 (equivalent to the current population of Birmingham), the City is evolving at pace. Our skyline is transforming, with plans for iconic residential towers and vibrant mixed use communities of a scale never before seen in the UK.

As Kennedy inferred, with all change comes opportunity, and at Cushman & Wakefield, we believe there has never been a better time to invest in this great city. Working with the UK’s leading house builders and developers, our residential portfolio showcases properties to suit every need. Whether you are looking for a new primary residence, a pied-à-terre, investment property or second home, we are committed to offering properties of outstanding specification and reliable after sales care.

No matter if you have bought a property before, or are looking to take your first step onto the property ladder, we understand that purchasing a property is an important decision. Our dedicated development sales team are on hand to guide you through the process and at the back of this portfolio, we have included a basic investors guide to start you on your journey.

If you are interested in any of the enclosed properties or would like further advice, please contact a member of our sales team.

FROM THE EDITOR

On 1st September, DTZ and Cushman & Wakefield experienced historic change for both organisations, merging to become one of the largest real estate services firms in the world.

CANDICE MATTHEWS, HEAD OF RESIDENTIAL

ARTICLES

02MY LONDON… MEET THE C&W SALES TEAM

04LONDON DEVELOPMENT PORTFOLIOThe East London Collection

The Central London Collection

The South London Collection

24AN INVESTOR GUIDE10 Benefits Of New Build

An A To Z Of Reasons To Invest

Q&A With C&W

Practical Steps To Buying An Off Plan Home

Buying For Rental Investment: Landlord’s Guide

42ABOUT CUSHMAN & WAKEFIELDC&W Residential

New Homes

International Project Marketing

Land and Development

Valuation

Investment and PRS

18 | SOUTH LONDON COLLECTION

04 | LONDON DEVELOPMENT

PORTFOLIO

38 | BUYING FOR RENTAL INVESTMENT

42 |C&W RESIDENTIAL

26 | AN A TO Z OF REASONS TO INVEST

36 | PRACTICAL STEPS TO

BUYING AN OFF PLAN HOME

THE NEW HOMES EDITION I 01

MY LONDON…MEET THE C&W SALES TEAMI LOVE LONDON’S...

PARKS AND OPEN SPACESThey say that 47 per cent of London is green space, which I think is amazing for a city of London’s population and density. From the huge Royal Parks, to the small garden squares scattered throughout the city centre, I find the parks a fantastic place to escape and unwind. Being a music fan, I think it’s great that they are able to double up as large events space and accommodate festivals such as Lovebox in Victoria Park, and Wireless in Finsbury Park, not to mention all the incredible facilities of the new Olympic Park.

CHRIS HOLDERSenior Sales Negotiator

[email protected]+44 (0)20 3296 3824

Lives in: West Hampstead

HISTORY AND TRADITIONEver since I was small, I have always admired the history that clearly defines London and makes it not only one of the most fascinating cities in the world to live but also one of the most progressive. London takes enormous pride in its traditional heritage and this is still very much prevalent today. It is the Royal Family, the Palace’s, Westminster Abbey, the ‘Square Mile’, the array of bridges that span the River Thames, coupled with a growing blend of old and contemporary architecture that make London the iconic City it is today.

JULIAN COTTONDevelopment Sales Manager

[email protected]+44 (0)20 3296 4046

Lives in: Archway

SKYLINE OF REGENERATIONI commute into London and every day pass the vast sea of cranes towering over Nine Elms, Victoria and the Southbank. Within a relatively short period, these areas have been absolutely transformed, and in a further few years will be virtually unrecognisable with incredible new retail, leisure and housing. Add to this the radical transformation of areas such as Woolwich, Elephant and Castle, Kings Cross, Wembley and Greenwich Peninsula, and London’s development scene has never seemed more exciting.

MIKE BICKERTONHead of New Homes

[email protected]+44 (0)20 3296 3837

Lives in: Reigate

HIGH RISE BUILDINGSI’m originally from China where living in high-rise buildings is the norm. Over the past couple of years, there has been a sudden wave of new towers in London, and I find it amazing that there are close to 40 new 40 storey towers due to be built in the next 10 years. For me, these make the city feel really modern and exciting. I love the architecture and the facilities provided in many of these are better than five star hotels. Gyms and swimming pools are no longer found in basements, but on upper levels where residents can also enjoy sky gardens, relaxation areas and business facilities.

NICOLE WANGHead of China Desk

[email protected]+44 (0)20 3296 3964

Lives in: Letchworth

02 I RESIDENT LONDON

POP UP CULTURELondon has become such an evolving and diverse place that many businesses don’t want to trade from one location anymore. I love the increasing number of pop up restaurants and shops that London has to offer like the House of Peroni on Brick Lane each November, and the amazing food at Pop Brixton. This culture seems to be increasingly popular including unconventional art, supper clubs, clothing, cocktails, cinemas, crafts and gigs; each adding to London’s individuality which I love being a part of.

AMY MILTONGraduate Surveyor

[email protected]+44 (0)20 3296 4543

Lives in: Ladywell

SHOPPINGI absolutely love to shop and for me, London offers some of the best retail in the world. With thousands of shops dotted all around the capital, from tiny pop-up fashion boutiques to flagship stores on Oxford Street and world-famous department stores Harrods, Selfridges and Fortnum and Mason, there really is something for everyone. More recently, the new Westfield centres in White City and Stratford have provided even more choice, and I think that with the launches of the Westfield Hammerson shopping centre in Croydon and the new high street at Battersea Power Station, London will be an even more exciting place to shop going into the 2020’s.

EFFIE CHIALondon China Desk

[email protected]+44 (0)20 3296 3994

Lives in: Canary Wharf

RIVER THAMESIt’s not in every global city that you can leave the office in the summer and within 10 minutes be sitting by the river having a glass of Pinot Grigio. There is something uniquely serene about being by the water, and I think that’s why Londoners are so drawn to the river and why riverside properties will forever carry a premium, be they in Woolwich, Wandsworth or Westminster. Living in Richmond myself, the river was a big reason why I chose the location. I also love the fact that with all the new development going on, the river provides a constant in London’s ever changing skyline.

MATTHEW STARKOWSKIDevelopment Sales Manager

[email protected]+44 (0)20 3296 3986

Lives in: Richmond

NEW CROSSRAIL ROUTEThere is a lot of hype about the ‘Crossrail effect’ but personally, I believe the scale of its impact is still underestimated. With travel times to Central London set to half from the outer extremities of the route, I see London’s commuter ring being radically widened, with places like Woolwich and Southall becoming within 20 minutes of the West End. Even within Central London I think it’s likely to mean big change, with a stop at Tottenham Court Road already rejuvenating the retail offer in midtown. There is no doubt that Crossrail is essential to supporting growth in London, and I love that the city has been bold enough take on new infrastructure of this scale.

CANDICE MATTHEWSHead of Residential

[email protected]+44 (0)20 3296 3988

Lives in: Wapping

MY LONDON... MEET THE C&W SALES TEAM I 03

West Fringe

Knightsbridge & Chelsea

KensingtonGardens

HollandPark

Regent’sPark

Queen Mary’sGarden’s

HydePark

St James’sPark

Victoria

City Fringe

City

Southwark

Midtown

West End – Mayfair

West End – St James’s

Noho

LONDON DEVELOPMENT PORTFOLIOTHE EAST LONDON COLLECTION01 FIFTY SEVEN EAST

02 ONE COMMERCIAL STREET

03 DALSTON CURVE

04 ROYAL ARSENAL RIVERSIDE

05 CATFORD GREEN

THE CENTRAL LONDON COLLECTION06 SOHO 13

THE SOUTH LONDON COLLECTION07 SNOWSFIELDS YARD

08 TWO FIFTY ONE

09 BATTERSEA EXCHANGE

10 COOMBE CROSS

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West Fringe

Knightsbridge & Chelsea

KensingtonGardens

HollandPark

Regent’sPark

Queen Mary’sGarden’s

HydePark

St James’sPark

Victoria

City Fringe

City

Southwark

Midtown

West End – Mayfair

West End – St James’s

Noho

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LONDON DEVELOPMENT PORTFOLIO I 05

THE EAST LONDON COLLECTIONThe East London sub-market, which extends out from the City fringes to include locations such as Dalston, Bow, Poplar and Canary Wharf, as well as Deptford, Lewisham and Woolwich is without doubt the fastest changing part of the Capital.

Following the 2012 Olympics, the perception of East London has been transformed, with new development resulting in a changed demographic and fresh desirability. It is an area alive with development and regeneration potential, with new developments to suit every possible requirement.

While change is ongoing, at the heart of East London remains its reputation for creativity and innovation. Some 7,000 artists live and work in the wider East End, according to Whitechapel Art Gallery. An expanding cluster of digital companies, including Google and Amazon alongside numerous start-ups, many of which are situated around the Governments ‘tech city’, Old Street roundabout.

It has become a location where bankers and bohemian designers live side by side; a creative playground filled with an ever growing collection of independent shops, cafes, theatres, bars and restaurants.

With transport connections continuing to be improved, the East has truly become a choice location to set up home and invest.


DALSTON CURVE, E8

A stylish collection of 106 apartments located in the heart of Dalston, arranged across two distinct residential blocks.

Prices from TBC

Developer Taylor Wimpey East London

Completion Mid 2016

Amenities Retail on ground floor

Tenure Leasehold: 135 years

Service charge TBC

Parking Not available

Nearest station Dalston Junction/Kingsland High Street Overground

Reservation fee £3,000

Payment terms » 10% on exchange of contracts (within 21 days) » 90% on completion

THE EAST LONDON COLLECTION

DEVELOPMENT PORTFOLIO PROPERTIES


Four exceptional penthouses with incredible views and vast accommodation, set within a high quality residential development on the City fringes.

Prices from £2,250,000

Developer Redrow London

Completion Build complete

Amenities 24 hour concierge and parking


Service charge Est. £3.62 per square foot

Parking Including 2 secure basement parking spaces per apartment

Nearest station Aldgate East Underground



ONE COMMERCIAL STREET, E1


An iconic new residential tower in Dalston rising to 15 storeys and enjoying distant views over London.




Prices from £565,000

Developer Taylor Wimpey Central London

Completion Late 2017

Amenities Concierge, landscaped gardens




Nearest station Kingsland High Street


Payment terms » 10% on exchange of contracts (within 21 days) » 5% 6 months after exchange » 5% 12 months after exchange » 80% on completion

FIFTY SEVEN EAST, E8


CATFORD GREEN, SE6

A key part of the extensive area regeneration comprising 588 new one, two and three bedroom apartments on the site of the former greyhound racing stadium.


Developer Barratt London

Completion 2015 onwards

Amenities Retail space and landscaped gardens


Service charge » 1 bed from £1,700 per annum » 2 bed from £1,950 per annum » 3 bed from £2,900 per annum

Parking Available by separate negotiation

Nearest station Catford/Catford Bridge Overground






One of London’s largest riverside regeneration projects, comprising around 5,000 new homes within a new community incorporating extensive retail and leisure amenities.


Developer Berkeley Homes

Completion 2015 onwards

Amenities Resident’s gym, pool, 24 hour concierge and landscaped gardens



Parking Secure underground parking by separate negotiation

Nearest station Woolwich Arsenal Overground and DLR



ROYAL ARSENAL RIVERSIDE, SE18


The most popular museums and galleries are in the West End and include The National Gallery, The National Portrait Gallery, The Royal Academy of Arts and the London Transport Museum.

The West End also contains some of London’s finest shopping streets, such as Oxford Street, Regent Street, Bond Street and St Christopher’s Place with big-name flagship stores such as Selfridges and Hamleys.

When shopping in Soho, you’ll find the famous mock Tudor department store, Liberty, close to excellent boutique shopping areas such as Berwick Street, Carnaby Street and Kingly Court.

London’s West End is perhaps most famous for its thriving theatre scene. Alongside Broadway in New York, West End theatre represents the highest quality theatre in the world. There are around 40 theatres in London’s ‘Theatreland’ with performances of musicals, classic plays and comedies.

To live in Central London is to live in the heart of London. Residents benefit from ultimate accessibility, with 24 hour world class dining and entertainment on their doorstep.

London’s West End is famous for its fantastic range of theatres, tourist attractions, hotels and shopping. There’s always something happening on these iconic central London streets.

THE CENTRAL LONDONCOLLECTION


“I enjoy the scale of London as well as the ease of getting around. Heading from brunch in Soho to a walk on Hampstead Heath is easy, as is taking in a museum or two during my lunch break.”SOPHIA, WEST END


THE CENTRAL LONDON COLLECTION



SOHO 13, W1

A spectacular development of just 13 individual two and three bedroom penthouses, finished to an exacting specification and located in the heart of Soho.

Prices from £2,995,000

Developer Barratt London/United House

Completion Early 2016

Amenities Concierge, secure basement parking and private terraces



Parking Secure basement by separate negotiation

Nearest station Oxford Circus Underground


Payment terms » 10% on exchange of contracts (within 21 days)

» 10% 6 months after exchange » 80% on completion


SOUTH LONDON COLLECTIONSouth of the river, the opportunities are endless. From the vibrancy of the Southbank to the remarkable transformation of Elephant and Castle and Nine Elms, South London is home to a collection of truly inspirational regeneration stories.

With prices traditionally discounted compared to north of the river, South London has swung steadily into fashion as more people have discovered its excellent value homes, relaxed atmosphere and high speed connectivity to the City and West End.

In the area around London Bridge, local landmarks including Borough Market, Borough High Street, More London and the Cut, sit alongside internationally renowned restaurants and of course, The Shard. The vibrant Southbank is home to the Royal Festival Hall, the Royal National Theatre alongside swathes of eateries and fascinating art galleries.

Further south, incredible towers mark the ‘new’ Elephant and Castle, whilst westward, the Vauxhall to Battersea area is benefiting from a swathe of quality development, including a new US Embassy, the redevelopment of Battersea Power Station, and two new underground stations at Battersea and Nine Elms.


A new residential and retail quarter, located at the western gateway to the Nine Elms regeneration area, comprising 290 units ranging from studio apartments to generous three bedroom townhouses.


Developer Taylor Wimpey Central London

Completion Early 2017

Amenities Resident’s gym, concierge, extensive new retail and landscaped gardens

Tenure Leasehold: 999/125 years



Nearest station Battersea Park/Queenstown Road Overground



BATTERSEA EXCHANGE, SW8

THE SOUTH LONDON COLLECTION



A new landmark 41 storey tower in a Zone 1 location, comprising 330 residential apartments with extensive resident amenities.


Developer Oakmayne Properties/Lonestar Real Estate Fund III


Amenities 24 hour concierge, residents gym/spa, cinema, business lounge, private dining room, relaxation area and landscaped gardens




Nearest station Elephant and Castle Underground and Overground


Payment terms » 5% on exchange of contracts (within 21 days) » 5% 6 months after exchange » 10% 9 months after second payment » 80% on completion

TWO FIFTY ONE, SE1


A boutique development of just 28, one, two and three bedroom apartments, located moments from the Shard.

Prices from TBC

Developer Crest Nicholson

Completion Mid 2016

Amenities Concierge

Tenure Leasehold

Service charge TBC


Nearest station London Bridge Underground and Overground

Reservation fee £5,000 up to £1m purchase price, £10,000 over £1m purchase price


SNOWSFIELDS YARD, SE1

THE SOUTH LONDON COLLECTION



A superb development of compact one and two bedroom apartments ideal for first time buyers, located in the centre of Croydon and within walking distance of all amenities.


Developer Inspired Homes


Amenities Residents lounge and roof terrace (Green Dragon House)


Service charge TBC

Parking Available by separate negotiation

Nearest station South/East Croydon Overground


Payment terms » 10% on exchange of contracts (within 21 days) » 90% on completion » Discounts available for larger deposits

COOMBE CROSS, CR1


AN INVESTOR GUIDE


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1New homes come with brand new electrical appliances, each offering their own warranties to protect the buyer from unforeseen costs and repairs.

There are no upward chains to consider when buying a new build home, making the process quick and hassle free.

When buying a new home, the purchaser can move in as soon as it’s finished. There’s no need to spend money or time on redecoration or repairs.

The average new home is up to four times more energy efficient than a second hand property. With excellent insulation and the latest energy saving devices, new homes have low running costs compared to traditional housing stock.

New build homes tend to offer increased security and safety in comparison to the second hand market. Many contain high specification alarm systems, as well as being designed with electrical and fire safety in mind.

Many new build developments offer on site concierge or porter services, on hand for help with day to day conveniences. Others offer a range of luxury resident only amenities inducing fitness suites, swimming pools, spa areas, residents lounges or business facilities.

New homes are untouched by previous owners, providing the buyer with a blank canvas on which to stamp their own style and personality from day one.

Within a new development, buyers will be able to choose from a variety of units which best suit their preferences and budget. This will include options of different sizes, layouts, and aspects. In some cases, buyers will also have the option to choose from a range of interior palettes and add upgrades to the standard specification of their unit.

All new build homes benefit from 10 year warranties, issued by organisations such as the National House-Building Council. This insures new properties against any structural defects from the date of construction, giving the buyer complete peace of mind.

HIGH SPECIFICATION, LOW MAINTENANCE

NO ONWARD CHAINS

READY TO LIVE IN OR RENT

ENERGY EFFICIENT WITH LOW RUNNING COSTS

SAFE & SECURE

RESIDENTS SERVICES AND AMENITIES

8New build homes are purpose designed to optimise the use and efficiency of the floor space. This means that every inch of every room can be utilised to its maximum potential.

In addition, in 2010, the London Mayor introduced new minimum space standards for the size of new properties in London, as well as guidance on the amount of private outdoor space, natural light and ceiling heights. This means that buyers can be confident that new properties will be suitable for modern living requirements.

EFFICIENT SPACE PLANNING AND STANDARDS TO MEET MODERN LIVING REQUIREMENTS

A BLANK CANVAS

CHOICE OF UNITS

GUARANTEED BUILD QUALITY

10 BENEFITS OF NEW BUILD

WHY NEW BUILD?

AN INVESTOR GUIDE I 25

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AN A TO Z OF REASONS TO INVESTLondon is served by six international airports, providing access to 14 domestic and 396 international destinations.

This new high-speed rail service due to open in 2018 will not only provide millions with increased connectivity into the capital, but has already triggered significant land purchases, development activity and seismic price growth along its route. A second phase is planned for the South East which could be operational by 2030.

Despite a substantial increase in new development activity, research forecasts that supply will fail to keep pace with demand for the foreseeable future. While the London Mayor targets the construction of 42,000 new homes per annum, the existing five year pipeline predicts an average delivery of just 32,000.

The UK’s annual GDP forecasts were recently increased from 2.5% to 2.6%, reflecting a strong economic outlook for the capital. Over the short-term, London represents a comparative safe market with much lower dependency on primary industries (e.g. oil and gas, mining and minerals) than many other advanced economies, insulating it from the impacts of China’s lower import demand for these resources.

Of the 250 biggest companies with a European HQ, two in five have bases in London. The UK’s business friendly environment, highly skilled workers, competitive tax regime, global links and a supportive stance for innovation all combine to make London a leading employment centre.

IRPORTS

ROSSRAIL

EMAND /SUPPLY IMBALANCE

CONOMIC STABILITY AND GROWTH

USINESS FRIENDLY ENVIRONMENT

WHY LONDON?


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HMortgage market conditions continue to support demand with the base rate remaining at a historic low of 0.5%. While the prospect of an interest rate rise remains, many economists predicts that the Bank of England could keep rates static for the whole of 2016.

The prospect of further house price growth in the capital looks promising with all major research houses forecasting steady five year price increases. Average predictions equate to annual rises of 5%, or 27% between now and 2019.

Billions of pounds continue to be invested to improve London’s infrastructure. Over the next 5 years, £1bn will be invested in healthcare and by 2050, there will be 600 more schools and colleges, high speed digital connectivity and a 50% increase in public transport capacity. Plans for new train and tube lines include Crossrail 2, HS2, and an extension to the Bakerloo Line, each of which have the potential to open up new parts of the City for development.

The Chancellor of the Exchequer and Mayor of London have identified 20 new housing zones which will be transformed to deliver 50,000 new homes. This adds to a raft of regeneration initiatives designed to improve the Capital’s housing stock and bring redundant brownfield land back into productive use.

INANCING COSTS

ROWTH POTENTIAL

NFRASTRUCTURE IMPROVEMENTS

OUSING ZONES


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KLondon’s unemployment rate has fallen sharply in the past year to just 6.2%; a sign of continued economic prosperity in the Capital.

London benefits from one of the most liquid residential markets in the world. Global demand for housing is such that even in difficult market conditions, investors retain the flexibility of considering an exit, providing options and opportunities against less fluid markets.

The size of London’s new build housing stock is improving, following guidance from the Mayor on minimum unit sizes, as well as corridor widths and other fundamental aspects of modern living. These standards are widely implemented and are ensuring London’s homes are truly fit for the next generation.

London is fast establishing itself as a leading City for technology and innovation. More than half of Britain’s 100 fastest-growing tech companies are based here, with Vodafone, Google, Facebook, Intel, Twitter, Amazon and Pinterest among the leading names already in residence. A raft of measures have been introduced by the Government to improve the climate for technology and entrepreneurialism, with a focus on creating new jobs, diversifying the economy and supporting sustainable economic growth.

OB MARKET

IQUIDITY AYORAL SPACE STANDARDS

NOWLEDGE AND TECHNOLOGY


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London’s population is expected to grow by a further million people by 2020. This being the equivalent to the current population of Birmingham (the UK’s second largest City), an underlying pressure on housing and house prices is expected to remain.

All building work in the UK must comply with statutory Building Regulations, meaning that developments must be delivered to a high standard by qualified professionals. Furthermore, home builders generally offer purchasers 10 year warranties to insure against structural defects from the date of construction.

Billions of pounds of public and private sector investment are transforming vast areas of previously underdeveloped land into dynamic new districts of London. The largest of these (and Europe’s biggest city regeneration scheme) is Nine Elms but other notable examples include Elephant and Castle, Kings Cross and Colindale. Each will bring about new homes, employment, retail and leisure, creating quality destinations for the next generation.

London has always been a multicultural metropolis and attracted interest from a global marketplace. For many, the quality of life and English language make it an attractive place to invest and work, with others already having strong cultural or colonial links as well as a working knowledge of assets and strategy either directly or from contemporaries.

EW ATTRACTIONS AND ENTERTAINMENT

OPULATION GROWTH

UALITY CONTROL

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VERSEAS FRIENDLY


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The UK has some of the best independent schools in the world, an excellent range of state-run facilities and several leading international campuses. It is also home to four of the world’s top ten universities, the highest number of leading MBA courses in Europe, and 10% of the world’s international students.

The UK offers an investor friendly regulatory framework and tax regime to overseas investors with no barriers to real estate ownership and the transfer of funds in and out of the country. It also offers long leasehold interests for new build property when compared to many other global cities – generally 150, 250 or 999 years in length.

London’s underground system is the oldest and one of the busiest in the world, providing quick and easy access around the capital for 1.265 billion passers per year. The network has expanded to 11 lines and serves 270 stations. Although it is already regarded as one of the best in the world, it is being continually extended and upgraded to improve the travel experience around London.

CHOOLING AND EDUCATION

AX AND TENURE

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Beyond the Capital’s financial districts exist a vast array of vibrant and creative suburbs. Areas such as Dalston, Deptford, Hackney and Peckham have undergone creative revolutions to become some of London’s most eclectic and vibrant living destinations, buzzing with independent boutiques, markets, restaurants and bistros.

London’s position as a top financial centre for international business and commerce provide it with an attractive level of economic resilience. Coupled with its reputation for political stability, the capital is viewed by many as having rare ‘safehaven’ qualities.

While the sterling has strengthened in recent months, it remains at historically low levels against many overseas currencies including the Hong Kong Dollar and Chinese Yuan Renminbi. On currency alone, for example, property is over 11% cheaper for Hong Kong Chinese than in mid 2014. Coupled with the attraction of investing out of ‘riskier’ currencies, we expect this to continue to support strong investment demand from overseas.

Rents in London are expected to continue to rise as demand outstrips supply and domestic buyers struggle to get on the housing ladder. The average age of a first time buyer in London is now 31 and 30% of households are renting. The strengthening London economy and continued expansion of sectors such as technology and telecommunications support forecasts for continued rental growth of circa 3 to 5% per annum.

Demand is more equally spread across London’s Transport Zones than ever before. Prime Central London continues to attract interest for its accessibility, tradition, architecture and environment. In the meantime, London’s outer zones have experienced a sharp renaissance and stronger price growth on an annual basis, offering more affordable price points, lower buying costs and attractive rental yields. As a City of 33 boroughs, there are choices for everyone.

IBRANT AND CREATIVE SUBURBS

ORLD FINANCIAL CENTRE

- CHANGE RATES

IELDS AND RENTAL DEMAND

ONE BY ZONE OPTIONS


Q&A WITH C&W

Recent evidence shows record increase in house prices across London, fuelled by global buyer demand for investment property. London has long been a prime choice for overseas purchasers who recognise the Capital’s stable economy, high employment levels and excellent further education establishments. The last few years have also seen a return in confidence from UK investors for new build product and this combined demand for limited stock continues to push selling prices upwards.

The last two years have seen a vast increase in housing starts and for the first time in five years, we are now seeing completed developments with unsold units. Rather than being a signal for concern however, in many ways, this simply represents a return to normal trading conditions and not a bursting of the bubble.

With interest rates still at a historically low level, we fully expect the market to continue at its current pace for the foreseeable future and whilst we may see interest rates start to climb over the next year or so, this is likely to be a gradual process and not a sudden shock hike so as to minimise the pain for buyers and property owners.

London remains a great place to invest, and we see the prospect of continuing strong capital growth in the medium to long term. Whilst undoubtedly, prime central London has seen a cooling in activity levels, many areas within Zones 2 and outwards still offer huge potential through large scale regeneration and factors such as the forthcoming Crossrail 1 and 2 improving travel times into the centre of the capital.

IS LONDON AT RISK OF A HOUSING BUBBLE?

MIKE BICKERTONHEAD OF NEW HOMES

WHY NOW?


WHAT IS THE FIVE YEAR OUTLOOK?

Following the financial crisis in 2008, London’s prime postcodes of Mayfair, Knightsbridge, Kensington and Chelsea became the number one focus for investors, helping to drive capital values well beyond the peak of the market in 2007. However, combined with a number of new taxes, the traditional Prime Central London market appears to have reached a price plateau, and this looks set to persist into 2016.

Nevertheless, within Zone 1 there are still areas enjoying growth, most notably Soho, the South Bank (stretching from London Bridge west to Battersea Power Station), Elephant and Castle, as well as the City Fringe. We believe house prices in these emerging areas could rise by as much as 27% over the next five years, while rental value will see growth averaging 3.5% per annum.

Inner London, covering Zones 2 and 3 remains a key and incredibly diverse market for investors, boosted by a growing supply of new, large scale residential developments offering a number of on-site facilities. Areas currently undergoing or set for regeneration such as Greenwich, Dalston, Woolwich and Docklands are proving particularly popular and continue to outperform the wider London property market. We foresee this continuing over the next five years, with house prices potentially growing by as much as 30%. Due to the imbalance of London’s population growth relative to housing supply, the strain on the rental market is also likely to increase further in coming years, despite the rise of purpose-built private rented stock. As a result, we believe rental values in inner London are likely to rise by 20% by the end of 2020.

Finally, outer London remains popular with families looking for larger homes while remaining in Greater London. Meanwhile, with greater availability of lower value land and in certain locations, improved transport links thanks to Crossrail and the extension of the London Overground, investors are branching out into these zones attracted by the potential of higher rental yields. This market, comprising Zones 4 to 6, is expected to be less susceptible to political and global factors than inner and central London and so we see a more stable property market with annual price growth between 4.5% and 5.0% over the next five years. Furthermore, rental values are set to rise by 3.0% to 3.5% year-on-year over the same period.

DAVID RAMSDALERESEARCH ANALYST


Much of choosing a development is very personal - the location, aspects, desired completion date and finish, for example. In broader terms, however, I would advise buyers to consider some of the following before choosing a development in which to invest:

» Developer performance: Who is the developer, and do they have a track record of delivering other projects of this type/size? Ask for details of other schemes completed in recent years to ensure that you are buying from an experienced and reputable party.

» Developer warranties: Does the developer offer any warranties over and above the standard National House Building Council 10-year structural guarantee (or similar) to cover appliances or fixtures, for example? Additional developer guarantees can be useful for reducing unexpected outgoings.

» Assignment provisions: Are you able to sell on the contract before completion if you wish to? While buyers should always make sure that they have the funds in place to complete the transaction, assignment provisions can provide useful flexibility, particularly when purchasing several years in advance of completion.

» Annual development charges: How much are the service charges/ground rent and how might these change over time? The service charge will obviously be highest where development facilities such as a 24 hour concierge service, gym, business centre or swimming pool are provided but buyers should make sure they account for these outgoings, and if buying as an investment the forecast rental levels are sufficient to justify these. Buyers should also take account of how service charges are calculated and how/when the ground rent will be inflated.

» Surrounding building works: Are there any neighbouring building works underway or due to start imminently which may impact on the future appeal or value of the property? Sometimes short-term inconvenience can lead to longer-term gain through improvements to the surrounding area but make sure that you are aware of exactly what is planned. It may influence your choice of unit or orientation if nothing else.

» Future resilience: What is the pipeline of future competition for the development and how does this compare to your property in terms of price and quality? In areas undergoing regeneration, there will likely be a number of new schemes completing within a few years of each other. Put yourself in the mindset of your prospective future tenant or buyer and make sure there is sufficient reason for your property to stand out.

WHAT KEY THINGS SHOULD I LOOK FOR WHEN CHOOSING A DEVELOPMENT?

MATTHEW STARKOWSKIDEVELOPMENT SALES MANAGER


SELECTING A UNIT?

Having decided which development to buy into, selecting the right apartment will be crucial in determining the performance of your property. Whether you are buying for your own residence or as a rental investment, there will be different considerations.

The strength of most rental investments is measured by two factors; rental yield and capital growth and choosing the right unit can help to produce the optimum balance of the two. In order to understand this, buyers need to understand a little of a developers pricing strategy. In general terms, the price for any particular unit type will rise by a small percentage, floor by floor within a block. Developers will also add a premium for views, aspect and layout, with other items such as parking and private outside amenity space also having an impact. It will be important to consider all of these factors carefully as it is likely that the optimum solution for you, may be different if you intend to live in the property or are simply looking for a good rental prospect.

Firstly, consider floor price premiums; for example, chances are, the price of an eighth floor apartment will be higher than the same apartment on the fifth floor. But the achievable rent may be identical for both, meaning that a higher yield can be generated by the lower unit. This becomes particularly salient in a high rise development, where, often the view from, say, floor twenty, may not be appreciably different to that gained from floor 25, yet the price may be 10% higher. For this reason, seasoned investors tend to prefer lower to mid floor units. If you intend to live in the apartment however, the improved views on offer from an upper floor may outweigh a small price premium.

Layout is undoubtedly one of the most crucial considerations. Whilst most developers try to optimise internal living space, look out for over long corridors and compromised room shapes that can reduce habitable area. Experienced investors tend to look for well-proportioned living rooms and even sized bedrooms, where ideally all will accommodate a double bed. This works well in attracting professional sharers and a commensurately attractive rental return.

Finally, aspect and outlook are very important considerations, after all, a view of the river is better than a view of the railway and chances are, will be easier to rent!

JULIAN COTTONDEVELOPMENT SALES MANAGER


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PRACTICAL STEPS TO BUYING AN OFF PLAN HOMEThe Cushman & Wakefield team will help guide you through the buying process from start to finish, ensuring that your transaction is as smooth and hassle free as possible.

RESERVATION AND APPOINTING SOLICITORS

Once you have selected your unit, you will be asked to complete a reservation form and pay a reservation fee (typically between £2,000 and £10,000 depending on the value of the property).

This will reserve your new home and during this ‘reservation period’ the property will be withdrawn from the market and will not be subject to any price increases.

At this point, you will be asked to confirm which solicitors you intend to use to handle the legal aspects involved with buying your property. In some instances, a legal subsidy (generally £1,000 inclusive or exclusive of VAT) will be available for using a ‘Recommended Purchase Solicitor’ who will have pre reviewed all documentation connected to the development but there is no obligation for you to do so. Legal fees will vary depending on the size and value of your chosen property and the team are happy to advise on what it is reasonable to expect. At the point of instructing solicitors, if you are buying as an individual you will need to provide copies of the following documents:

» Original current passport or driving licence or » Original identity card (overseas buyers only) and » Two current utility bills or utility bill and bank statement (not more than 3 months old) showing the buyers name and home address.

Additional documentation is required for corporate purchases and your solicitors will be able to advise on this.

If for any reason you decide to cancel the reservation or withdraw from the purchase before exchange, the reservation fee is generally refunded, less a reasonable administration fee which will be retained by the developer towards their legal and administrative expenses. We would advise you to carefully read the terms and conditions of the reservation form in this regard.

HOW?


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EXCHANGE OF CONTRACTS

INTERIM PAYMENTS

COMPLETION

Once the reservation form has been signed and the reservation fee paid, you will then need to exchange contracts and pay your first deposit, usually within 21 or 28 days of the date of reservation. At this stage you will enter into a legally binding contract to complete the purchase of the property and will be unable to cancel your reservation.

The quantum of the initial deposit will vary by development but will typically be around 10% of the purchase price (less the reservation fee you will already have paid).

Second and third deposit sums may be required, subject to the terms of the reservation form.

All monies will need to be paid to the Sellers solicitors.

When you reserve your property, you will be provided with an estimated completion date for your new home.

The developer will keep you informed of construction progress and once building works have been completed, you will receive a ‘Notice to Complete’, requiring legal completion within a certain time period.

At this point, the balance of the purchase price will need to be transferred to the Sellers solicitors.

At this stage you will also be required to pay:

» Stamp Duty » Land Registry fees » Legal fees » Any other outstanding costs.

The progressive stamp duty bands are as follows:

CUSHMAN & WAKEFIELD ADVICE:

» Always ensure you read the reservation form thoroughly before signing. Ask our team if you are unsure about any of the terms and conditions

» Plan ahead for your exchange, interim and completion monies and ensure you are able to meet the timescales required

» While formal mortgage offers cannot generally be obtained more than six months prior to completion, if you are not planning on buying cash make sure you have checked your eligibility for finance prior to reservation

» Don’t be afraid to ask questions, buying a property is a significant investment. The Cushman & Wakefield team are here to help.

New SDLT bands Rate

£0 - £125,000 0%

£125,001 - £250,000 2%

£250,001 - £925,000 5%

£925,001 - £1,500,000 10%

£1,500,000+ 12%


BUYING FOR RENTAL INVESTMENT: LANDLORD’S GUIDEThe Cushman & Wakefield team would be delighted to share our expertise and wealth of knowledge to help guide you through the rental and management of your property. We are here to assist in making sure your new home is a profitable and easy to manage part of your portfolio, recommending rental agents, furniture pack providers and mortgage advisors to suit your needs.


BASICS OF UK LETTINGS

TYPE OF TENANCYThe most common form of tenancy agreement in the UK is an Assured Shorthold Tenancy (AST). Despite its name, the agreement does not have to be short and can continue for as long as both parties are happy for it to do so. There is no minimum term specified, although the tenant has the right to remain in the property for at least six months.

There are specific requirements linked to an AST that include:

» The tenant(s) must be an individual » The property must be the main home of the occupant

» The property must be let as separate accommodation

» The rent must be less that £100,000 per annum.The landlord is normally obliged to provide the tenant with two months’ notice if they want to terminate the agreement.

Where the above does not apply, for example the tenant is an incorporated body (e.g. a limited company, limited liability partnership (LLP) etc), a Company Let Agreement will apply. The Cushman & Wakefield team will be happy to advise on this as required.

TENANT DEPOSITSIt is common practice to request a deposit from the tenant prior to them moving in to protect you from damage caused by the tenant beyond normal wear and tear, or in the case that your tenant leaves without paying the rent.

This is usually equivalent to one month or six weeks rent and is taken along with the first/second month’s rent in advance.

Your agents will usually handle this on your behalf, and ensure that the money is registered with one of the governments approved landlord deposit schemes.


UNDERSTANDING YOUR COSTS AS A LANDLORD

To calculate the net return likely to be produced by your property, you will need to consider which costs you as a Landlord will be responsible for. To the right is an overview of some of the main items to consider.

FURNISHINGSWhile it is possible to let your property either furnished or unfurnished, as a general rule tenants prefer properties which are ready to move into.

Cushman & Wakefield work closely with a number of the UK’s leading furniture pack providers and can arrange a quote for rental furnishings suitable for your property’s size, location and likely tenant profile.

SERVICE CHARGEAn annual service charge will be payable on all leasehold developments. This is based on an estimate prepared each year of the running costs of the development including items such as: building insurance, lighting, heating and cleaning of communal internal areas, window cleaning, lift maintenance, landscape maintenance and general repairs, as well as the upkeep of any residents amenities such a gyms, swimming pools, or on site concierge staff.

Unless specifically negotiated otherwise, this cost will be borne by the Landlord.


GROUND RENTLeasehold properties in England and Wales also attract a Ground Rent, payable to the owner of the Freehold or landlord of the property.

The rent will generally be quite low and is mostly in the region of £300 to £1,000 per year depending on the size and value of the property. This is sometimes paid in one instalment or may be payable half-yearly or quarterly. The lease will specify when the Ground Rent increases and by how much.

LETTINGS AND MANAGEMENT FEESMost landlords will instruct an agent to take responsibility for the rental and management of their property. Cushman & Wakefield have established partnerships with experienced rental agents and can arrange for independent rental estimates and services on your behalf.

Your rental agent can arrange for the snagging of your apartment prior to legal completion, attend the completion handover on your behalf, and coordinate with any interior designers or furnishing companies to ensure that your apartment is ready to market.

The agency will then introduce prospective tenants, negotiate terms between you, source references, and ensure the smooth commencement of your tenancy, arranging for the collection of rent and handling any management issues for the duration of the lease.

Fees for rental and management vary but you should typically allow for 10-15% of rent received for a full rental and management service.

COUNCIL TAXCouncil Tax is a tax on domestic property collected by your local council who use it to pay for local services such as schools, refuse collection, roads and street lighting.

It is calculated in bands depending on the value of your home, with each local council setting their own charges for each band.

It is the responsibility of the person living at the property to pay the Council Tax so once rented, this liability will be passed onto the tenant.

Where properties are vacant prior to letting, various discounts and exceptions can apply, subject to the specific allowance of individual councils.

UTILITY BILLSOnce your property is let, unless negotiated otherwise, your tenant will be responsible for all utility bills (e.g. gas, electricity, water).

CALCULATING YOUR RETURNTo calculate your basic gross return, the following formula can be used:

Total Annual Rent

Purchase Price

To calculate your basic pre-tax net return, the following will need to be deducted to your Total Annual Rent:

» Service charge » Ground rent » Lettings and Management Fees » Mortgage costs, where appropriate.

TAXRelevant taxes to be understood include:

» Annual Tax on Enveloped Dwellings » Capital Gains Tax » Inheritance Tax » Income Tax/Corporation Tax.

For further information on how these may affect you, it is recommended that you contact a UK tax specialist. Cushman & Wakefield would be delighted to provide recommendations to assist you in this regard.

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ABOUT CUSHMAN & WAKEFIELD


WHAT WE BELIEVEThe residential market is fast changing, fuelled by basic supply and demand dynamics, changes to planning policies, government initiatives to boost delivery, a constantly evolving international marketplace and a fundamental shift in attitudes to the sector as an asset and investment class.

This changing market place has led to significant growth and attention on the sector, as well as a number of new challenges and opportunities for our clients. At Cushman & Wakefield, our goal is to help landowners, developers, investors and private individuals identify, shape and deliver these opportunities. Our aim is to be involved in projects from the outset; helping our clients to extract maximum value from their assets, to deliver viable and marketable schemes, and to create end environments that enhance their reputations with final occupiers and stakeholders.

As part of a global multi discipline property consultancy, we are able to capitalise on an extensive network of offices and collaboration with colleagues throughout Cushman & Wakefield in the UK and globally. Our coverage across over 200 offices around the world provides our clients with the opportunity to benefit from the worldwide market for UK development at all stages from site to sale.

WHAT YOU CAN EXPECT FROM US » A strong bias for action » A rigorous focus on results » Value created through insight » The right people powered by the right platform.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion.

C&W RESIDENTIAL

ABOUT CUSHMAN & WAKEFIELD I 43

NEW HOMES

With over 50% of buyers for new development in London emanating from overseas, an ability to effectively target capital within the key global markets is fundamental to our client service.

Cushman & Wakefield benefit from a market leading global network with offices in over 200 cities and a trusted international brand. When buying off plan, reputation and track record are critical and Cushman & Wakefield pride ourselves in holding long term relationships with key investors, lending institutions and influential media across the leading sales centres in South East Asia, China and the Middle East.

To best leverage on our network, we have established dedicated ‘London Desks’ in key cities, complemented by a China desk in London staffed by native speakers able to conduct sales and after care in Mandarin, Cantonese and Malay.

Our approach is collaborative and we work with clients to ensure that the decision to market globally is well considered and unbiased; truly reflecting the individual qualities of the development and circumstances of the client. To reflect this, our service is also highly flexible and allows for multi-centre international roadshows, as well as discreet one-to-one marketing initiatives in specific geographies.

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INTERNATIONAL OFFICES ACROSS MORE THAN 60 COUNTRIESPROVIDING ACCESS BUYERS FROM AROUND THE WORLD

INTERNATIONAL PROJECT MARKETING

Our dedicated development sales team work with many of the UK’s leading residential and mixed use developers and investors in the marketing and sale of new homes.

We provide our clients with a range of buy-to-let and buy-to-live opportunities; Cushman & Wakefield currently has over 15,000 off-plan apartments and houses under instruction.

Our multi-disciplinary team includes surveyors, sales specialists, search agents, researchers and experts in international investment, all with the overarching aim to optimise value for our clients. Whether through design consultancy, accurately researched launch and pricing strategies, intelligent differentiation and market positioning, or the execution of the marketing campaigns, we tailor our advice to the specific circumstances of each instruction.

Coupled with Cushman & Wakefield’s investment and international capabilities, the team have the ability to transact both individual units, as well as bulk sales from domestic and international sources.

KEY SERVICES » Planning and design consultancy including multi-tenure, mixed use master planning, the incorporation of alternative uses, unit mix and typology, space planning and phasing

» Specification advisory » Advice on development branding and marketing collateral

» Unit by unit pricing appraisals » Advice on sales rates and cash flow implications » Launch and marketing advisory » Media and PR support » On site marketing capabilities » In house launch/exhibition space » Bespoke research including demand and supply trends, purchaser demographics and local competition.

MIKE [email protected]+44 (0) 20 3296 3837

CANDICE [email protected]+44 (0) 20 3296 3988

MIKE [email protected]+44 (0) 20 3296 3837

NICOLE [email protected]+44 (0) 20 3296 3994


24 NEW HOMES

DEVELOPMENTSUNDER INSTRUCTION,

WHICH TOGETHER WILL DELIVER IN EXCESS OF

15,000 UNITS WITH A GROSS DEVELOPMENT VALUE OF

APPROXIMATELY £7.5 BILLION

KEY SERVICES » Exhibition and one-to-one marketing » Access to HNW investor databases » Coverage across established and emerging markets including Hong Kong, Singapore, Kuala Lumpur, Jakarta, Shanghai, Beijing, Bangkok, Dubai and Doha

» Specialism in marketing across Mainland China with 20 offices across the region, alongside a dedicated China desk in London

» Network of overseas intermediaries, coordinated through senior management within the London team

» Access to overseas investors and funds through local and London based capital markets and investment teams

» Continued exploration of new markets to track emerging capital

» A one-stop-shop for investor services, with affiliated rental and management, furnishing and finance services

» Investor specific research updates and detailed buyers guides.


Cushman & Wakefield’s residential development team has an extensive track record of development consultancy, land disposals and acquisitions across London and the South East.

Advising a wide range of public and private sector clients including financial institutions, charities, UK/international developers, banks, receivers, government departments, high net worth individuals and owner-occupiers, the team has the expertise to advise on assets of all scales and circumstances including greenfield and brownfield sites, existing properties/sites with the potential for change of use and strategic land.

Our significant track record affords us direct market intelligence and visibility of the best performing buyers within a given area. In parallel, Cushman & Wakefield’s global network gives us the local knowledge and expertise to successfully track capital flows from overseas.

Our clients benefit from a fully integrated service, incorporating expertise from the wider Cushman & Wakefield business including planning, construction and commercial inputs, in addition to support from our dedicated research function and new homes, capital markets and investment/PRS specialists.

KEY SERVICES » Site and portfolio feasibility/options analysis » Development consultancy and financial modelling » Asset disposal services including pre marketing due diligence, targeted and open campaigns, joint venture structuring and development partner procurement

» Targeting of buyers across UK and international markets

» Acquisition services including team assembly and financial modelling

» Viability assessments and negotiations.

LAND AND DEVELOPMENT

Cushman & Wakefield’s residential valuation team provides its clients with market facing, well researched expert advice to support their investment and purchasing decisions.

The residential valuation team offers a full range of high quality consultancy services dedicated to meeting our clients’ needs, tailored to suit all residential valuation requirements.

The London based team comprises a core of expert professional Registered Valuers who have a detailed knowledge and understanding of the London and South East sub-markets. This is invaluable to our clients when making decisions either to lend against a property or whether to invest in the sector be it in Prime Central London, City Fringe, or the Suburbs. The team offers a comprehensive service, drawing upon the wide range of experience and expertise built up over many years of practicing in the residential sector.

KEY SERVICES » Single asset or portfolio valuations for secured lending

» Purchase reports for private clients » Valuation of large scale investment portfolios » Development appraisals of large mixed use schemes » Valuation of ground rent investment portfolios » Valuation of country houses and estates.

VALUATION

£900 MILLIONOF DEVELOPMENT LAND UNDER OFFER, SOLD OR MANDATED TO SELL, WITH A CAPACITY TO DELIVER APPROXIMATELY 16,000 UNITS

OVER £8 BILLIONOF RESIDENTIAL PROPERTIES VALUES, INCLUDING SINGLE UNITS, DEVELOPMENT SITES AND INVESTMENT PORTFOLIOS

ANDREW [email protected]+44 (0) 20 3296 4033

CANDICE [email protected]+44 (0) 20 3296 3988

JONATHAN [email protected]+44 (0) 20 3296 4438

LUCINDA [email protected]+44 (0)20 7152 5681


INVESTMENT AND PRS

£300 MILLIONOF RESIDENTIAL INVESTMENTS UNDER OFFER, SOLD OR MANDATED TO SELL INCLUDING BOTH PRS AND STANDING STOCK

Cushman & Wakefield’s Residential Investment team is one of the market leaders, providing consultancy and transactional advice in relation to PRS, Standing Stock, Funding and Structuring.

The Residential Investment team are fully immersed in the Private Rented Sector advising all types of investors whether they be institutions, Registered Providers, property companies or overseas investors. The team is based in London, working alongside specialists in our regional network to provide seamless advice and national coverage.

Our dedicated Residential Investment team at Cushman & Wakefield pride themselves on delivering exceptional results. Our key aim is to thoroughly understand our client’s needs and align the market to provide client led solutions in maximising value.

Our significant track record affords us direct market intelligence and visibility of the best performing buyers within a given area. In parallel, Cushman & Wakefield’s global network gives us the local knowledge and expertise to successfully track capital flows from international markets.

KEY SERVICES » Transactional advice in relation to sales and acquisitions

» Structuring advice in relation to forward funding and JV partnerships

» Consultancy » Valuation » Capital raising including debt and equity » Demographic and sub-market analytics.

JACK [email protected]+44 (0) 20 7152 5386

TOM [email protected]+44 (0) 20 7152 5132


CUSHMAN & WAKEFIELD AND DTZ. TOGETHER, A NEW FORCE IN GLOBAL REAL ESTATE.

WELCOME TO CUSHMAN &WAKEFIELD

cushmanwakefield.com

RESIDENT LONDO N

THE NEW HOMES EDITION

cushmanwakefield.com

Important Notice

Cushman & Wakefield and DTZ merged with effect from 1 September 2015 and both legacy groups adopted the Cushman & Wakefield branding. DTZ Debenham Tie Leung Limited gives notice to anyone who may read this document as follows: 1. This document is prepared for the guidance only of prospective purchasers. It is intended to give a fair overall description of the properties and proposed schemes within but is not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans, photographs or Computer Generated Imagery (CGI)) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. The photographs and CGI appearing in this document show only certain parts and aspects of the properties or proposed schemes and are for guidance purposes only. Furthermore no assumptions should be made in respect of parts of the property which are not represented through photographs or CGI. 4. Any areas, measurements or distances referred to herein are approximate only. 5. Descriptions of a property or proposed scheme are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. 6. No person in the employment of Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to any of the properties or proposed schemes included in this document. November 2015

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