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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Urban&civic Plc | LSE:UANC | London | Ordinary Share | GB00BKT04W07 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 344.50 | 344.50 | 345.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMUANC
RNS Number : 3971U
Urban&Civic plc
28 March 2019
THIS ANNOUNCEMENT DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND NEITHER THIS ANNOUNCEMENT NOR ANYTHING HEREIN FORMS THE BASIS FOR ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SHARES OR OTHER SECURITIES IN THE COMPANY NOR SHALL IT FORM THE BASIS FOR ANY CONTRACT OR COMMITMENT WHATSOEVER.
28 March 2019
Urban&Civic plc
Notification of Transfer to the Premium Listing Segment
Urban&Civic plc ("Urban&Civic" or the "Company" and, together with its subsidiaries from time to time, the "Group") announces that it is proposing to transfer the listing category of its ordinary shares (the "Ordinary Shares") from the Standard Listing segment to the Premium Listing segment of the Official List of the Financial Conduct Authority (the "FCA") (the "Official List") under Rule LR5.4A of the Listing Rules issued by the FCA (the "Listing Rules") (the "Transfer").
The provision of a minimum 20 business days' notice (which period commenced by way of today's announcement) is required to effect the Transfer. No shareholder approval is required in connection with the Transfer. It is anticipated that the Transfer will take effect at 8.00am on 30 April 2019, conditional on the approval of the FCA.
1. Background to and reasons for the Transfer
Urban&Civic came to market as a result of the reverse takeover of Terrace Hill plc in May 2014 and the Ordinary Shares were admitted to the Standard Listing segment of the Official List on 22 May 2014 ("Admission"). In light of the recent changes to the Listing Rules that has resulted in the introduction of LR6.12, which provides a new concessionary route to a Premium Listing for property companies, the Company is now eligible for a Premium Listing.
It is anticipated that, subject to the Transfer becoming effective and other conditions being met, the Company will be considered for inclusion into the FTSE UK Index Series in due course.
The Company has therefore requested that the FCA approves the Transfer with effect from 8.00am on 30 April 2019. All of the Ordinary Shares in issue at such time shall be subject to the Transfer. As at 27 March 2019 (being the latest practicable date prior to this announcement), the Company had 145,116,606 Ordinary Shares in issue.
2. Effect of the Transfer
No changes to the business of the Group have been or are proposed to be made, in connection with the Transfer.
The board of directors of the Company (the "Board") believes that the Transfer will bring with it a number of benefits to the Company and its shareholders. In particular, the Board believes the Transfer will:
-- provide an appropriate platform for the continued growth of the Group, further raise its profile and allow exposure to a wider investor base, enhancing the liquidity of the Company's shares;
-- enable the Ordinary Shares to be considered for inclusion in the FTSE UK Index Series which are widely utilised investment benchmarks for institutional investors; and
-- benefit the Company's shareholders by illustrating its commitment to corporate governance of the highest standard through its adherence to Premium Listing standards which include governance, regulatory and reporting compliance requirements, although the Company already adopts many of the standards which apply to companies with a Premium Listing.
Following the Transfer, certain additional provisions of the Listing Rules, which since Admission have only applied on a voluntary basis, will apply to the Company. These provisions, set out in Chapters 6 to 13 (inclusive) of the Listing Rules, include the following matters:
-- the application of certain additional requirements that are specific to companies with a Premium Listing (Chapter 6);
-- the application of the Premium Listing Principles (Chapter 7); -- the requirement to appoint a sponsor in certain circumstances (Chapter 8);
-- the requirement to comply with various continuing obligations, including requirements relating to further issues of shares, to comply with all relevant provisions of the UK Corporate Governance Code (the "Code") (or to provide an explanation for any non-compliance in its annual financial report) and requirements relating to notifications and contents of financial information (Chapter 9);
-- the requirement to announce, or obtain shareholder approval for, certain transactions (depending on their size and nature) and for certain transactions with "related parties" of the Company (Chapters 10 and 11);
-- certain restrictions in relation to the Company dealing in its own securities and treasury shares (Chapter 12); and
-- various specific content requirements that will apply to circulars issued by the Company to its shareholders (Chapter 13).
3. Working capital
The Company is of the opinion that the working capital available to the Group is sufficient for its present requirements, that is for at least the next twelve months from the date of this announcement
4. Corporate governance
The Board is committed to, and recognises the importance and value of good corporate governance. Since Admission, the Board has based its corporate governance approach on voluntarily reporting its compliance with the Code. As at the date of this announcement, the Company complies fully with the Code. The annual report and accounts of the Group in respect of the financial year ended 30 September 2018 describes how the Company applied and complied with the provisions of the Code throughout that financial year. The annual report and accounts of the Group in respect of the financial year ended 30 September 2019 will also include such a statement. The Company acknowledges that a revised version of the Code was published in July 2018 and will apply to accounting periods beginning on or after 1 January 2019.
5. Further Listing Rule Requirements
Independent business
The Group's business focuses on large scale strategic sites where, as Master Developer, it is bringing forward in excess of 8,500 acres of land predominantly within 100 miles of London through a fully serviced land parcel model. In addition, the Group's business covers commercial developments as well as strategic land promotion through its subsidiary, Catesby Estates plc. The revenue created by these other business divisions allows the Group to reinvest further in its strategic site portfolio.
The Group operates its business in an independent capacity and the Company carries on an independent business as its main activity. The Group has strategic control over its ability to earn revenue and freedom to implement its business strategy.
In particular, the majority of the Group's consolidated revenues derive from the portfolio of strategic sites and properties that it owns, operates, or promotes. The residual balance of revenue currently arises from the Group's 50 per cent interest in the strategic site at Rugby Radio Station and an 82.2 per cent interest in a strategic site in Newark.
Control of the business
As detailed above, the Group's business focuses on large scale strategic sites. The Group has operational control over all of its strategic sites, save for Rugby Radio Station and Wintringham. Where the Group has operational control, it has 100 per cent ownership interests in all of these strategic sites, save for Newark in which it has an 82.2% controlling interest (after an additional priority position).
The Group has a 50 per cent interest in the strategic site at Rugby Radio Station; and a one-third interest in the site at Wintringham. No activity can be carried out at any of these sites without the Group's knowledge or control, save that, in relation to Rugby Radio Station and Wintringham, the Group is not able to vote on board matters in which it has a conflict of interest. The Company is the Master Developer on both of these sites and therefore pursuant to the development management agreements in place, it takes the leading role in all operational and strategic activities in respect of both of these joint ventures.
The lack of operational control at the strategic land sites at Rugby Radio Station and Wintringham is not deemed material in the context of the Group as a whole. For example, Rugby Radio Station accounts for approximately 19 per cent of the total consented and allocated homes for all strategic sites and Wintringham accounts for approximately 9 per cent. Similarly, Rugby Radio Station accounts for approximately 18 per cent of the Group's property portfolio as valued by CBRE Limited ("CBRE") as at 31 December 2018 (see paragraph 9 below); and Wintringham accounts for approximately 5 per cent.
The Group also has day-to-day operational control over, and 100 per cent ownership interests in, all of its commercial developments and strategic land promotion business (with the exception of a 50 per cent interest in Manchester New Square).
Constitutional arrangements
The Company has in place a constitution that allows it to comply with the rules and regulations relevant to a Premium Listing and, pursuant to the policies adopted by the Company, the Board shall be responsible for ensuring that the Company continues to comply with such requirements.
Hot Features
Premium
6. City Code on Takeovers and Mergers ("UK Takeover Code")
As the Company has its registered office in the UK and its Ordinary Shares are admitted to trading on the Main Market of London Stock Exchange plc, it is currently and, following the Transfer, will remain subject to the UK Takeover Code.
7. Appointment of sponsor
J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") is acting as sole sponsor to the Company in relation to the Transfer.
8. Financial information on Urban&Civic
The relevant pages of the documents listed below are incorporated by reference into this announcement and copies of the documents are available free of charge from the Company's offices at 50 New Bond Street, London W1S 1BJ from the date of this announcement up to and including the date of Transfer, and from the Company's website at www.urbanandcivic.com.
Information incorporated by Reference document Relevant pages
reference into this document in reference
document
Directors' report and
Directors' responsibility
statement
Independent auditor's
report 111 to 115
Consolidated statement
of 118 to 121
comprehensive income
122
Consolidated balance
sheet
123
Consolidated statement
of changes in equity 124
Consolidated cash flow
Financial information of the statement 125
Group for the financial year
ended 30 September 2016 and Notes to the consolidated
audit report thereon financial statements 126 to 163
Directors' report and
Directors' responsibility
statement
Independent auditor's
report 121 to 125
Consolidated statement 128 to 132
of
comprehensive income
133
Consolidated balance
sheet
134
Consolidated statement
of changes in equity 135
Consolidated cash flow
Financial information of the statement 136
Group for the financial year
ended 30 September 2017 and Notes to the consolidated
audit report thereon financial statements 137 to 171
Directors' report and
Directors' responsibility
statement
Independent auditor's
report 114 to 117
Consolidated statement
of 120 to 125
comprehensive income
126
Consolidated balance
sheet
127
Consolidated statement
of changes in equity 128
Consolidated cash flow
Financial information of the statement 129
Group for the financial year
ended 30 September 2018 and Notes to the consolidated
audit report thereon financial statements 130 to 165
------------------------------- ---------------------------- ---------------
9. Valuation of the Group's properties
As required by Rule LR6.12.1 of the Listing Rules, the Company has commissioned a valuation report of its properties to help demonstrate that it has three years of development of its real estate assets represented by increases of the gross asset value of such assets.
The freehold and leasehold assets held within the Group were independently valued as at 31 December 2018 by CBRE, acting in the capacity of External Valuers as defined in the RICS Red Book. The valuations accord with the requirements of IFRS 13, FRS 102 and the 2017 Edition of the RICS Valuation - Global Standards (incorporating the International Valuation Standards) (the "RICS Red Book"). A copy of the valuation report is set out in Annex to this announcement.
The Directors of the Company and CBRE confirm that as at the date of this report, they are not aware of any material changes to the properties which would affect the valuation between the effective date of the valuation and the date of the report provided in the Annex to this announcement.
10. Consents
J.P. Morgan Cazenove has given and has not withdrawn its written consent to the inclusion in this announcement of the references to its name in the form and context in which they are included.
CBRE has given and has not withdrawn its written consent to the inclusion in this announcement of the valuation report in the Annex to this announcement and the references thereto and to its name in the form and context in which they are included.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this announcement on behalf of the Company is Heather Williams, Company Secretary.
Enquiries
J.P. Morgan Cazenove
(Sponsor)
Bronson Albery / Tara Morrison 0207 742 4000
FTI Consulting
Dido Laurimore
0203 727 1000
IMPORTANT NOTICE
The contents of this announcement have been prepared by and are the sole responsibility of the Company. The Company is not offering any Ordinary Shares or other securities in connection with the proposals described in this announcement. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in the Company or securities in any other entity, in any jurisdiction, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.
J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove), which is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the Financial Conduct Authority (the "FCA") and the PRA, is acting exclusively for the Company and no one else in connection with the proposed Transfer, and will not regard any other person as a client in relation to the proposed Transfer, and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice, in relation to the proposed Transfer or any other matter referred to in this announcement.
Apart from the responsibilities and liabilities, if any, which may be imposed on J.P. Morgan Cazenove by the Financial Services and Markets Act 2000 ("FSMA") or the regulatory regime established thereunder, neither J.P. Morgan Cazenove nor any of its affiliates, directors, officers, employees, agents or advisers owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of J.P. Morgan Cazenove in connection with this announcement, any statement contained herein or otherwise, nor makes any representation or warranty, express or implied, in relation to, the contents of this announcement, including its accuracy, completeness or verification or for any other statement purported to be made by J.P. Morgan Cazenove, or on behalf of J.P. Morgan Cazenove in connection with the Company or the Transfer. J.P. Morgan Cazenove accordingly disclaims to the fullest extent permitted by law all and any responsibility or liability to any person who is not a client of J.P. Morgan Cazenove, whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this announcement or any such statement.
This announcement may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "anticipates", "targets", "aims", "continues", "projects", "assumes", "expects", "intends", "may", "will", "would" or "should", or in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Group's result of operations, financial condition, prospects, growth strategies and the industries in which the Group operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation: conditions in the markets, market position, the Company's earnings, financial position, return on capital, anticipated investments and capital expenditures, changing business or other market conditions and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this announcement based on past trends or activities should not be taken as a representation that such trends or activities will continue in the future.
The contents of this paragraph relating to forward-looking statements are not intended to qualify the statement made as to the sufficiency of working capital in this announcement.
Subject to the Company's regulatory obligations, including under the Listing Rules, the Disclosure Guidance and Transparency Rules, the EU Market Abuse Regulation (EU) No 596/2014 and the FSMA, neither the Company nor J.P. Morgan Cazenove undertakes any obligation to update publicly or revise any forward looking-statement whether as a result of new information, future events or otherwise. None of the statements made in this announcement in any way obviates the requirements of the Company to comply with its regulatory obligations.
The timetable to Transfer set out in this announcement is subject to change and amendment. There can be no assurance that the Transfer will become effective in the timeframe set out in this announcement or at all.
Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this announcement.
ANNEX
VALUATION REPORT
In respect of:
Urban&Civic plc Property Portfolio
On behalf of:
J.P. Morgan Securities plc and Urban&Civic plc
Date of Valuation: 31 December 2018
Date of Report: 28 March 2019
Valuation Report
Report Date 28 March 2019
Addressee J.P. Morgan Securities plc
25 Bank Street
London E14 5JP
(in its capacity as sponsor to Urban&Civic)
Urban&Civic plc ("Urban&Civic")
50 New Bond Street
London W1S 1BJ
(together, the Addressees)
The Properties
See Schedule of Properties below.
Instruction To value the unencumbered freehold and leasehold
interest in the Properties on the basis of Market
Value as at the Valuation date in accordance with
the terms of engagement entered into between CBRE
and J.P. Morgan Securities plc and Urban&Civic
plc dated 23 November 2018.
Valuation Date 31 December 2018.
Capacity of Valuer External Valuer, as defined in the RICS Valuation
- Global Standards 2017.
Purpose We understand that our Valuation is required for
inclusion in an announcement to be issued by Urban&Civic
28 March 2019 ("Announcement") in connection with
Urban&Civic's proposed transfer of the listing
category of its ordinary share capital from the
Standard Listing Segment to the Premium Listing
Segment of the Official List of the Financial Conduct
Authority ("Purpose").
The effective date of our Valuation is 31 December
2018.
Market Value of GBP559,520,000 (Five Hundred and Fifty Nine Million,
Urban&Civic's Interest Five Hundred and Twenty Thousand Pounds) exclusive
in the Properties of VAT, as shown in the Schedule of Capital Values
set out below.
We have valued the Properties individually and
no account has been taken of any discount or premium
that may be negotiated in the market if all or
part of the portfolio was to be marketed simultaneously,
either in lots or as a whole.
Where a property is owned by way of a joint tenancy
in a trust for sale, or through an indirect investment
structure, our Valuation represents the relevant
apportioned percentage of ownership of the value
of the whole property, assuming full management
control. Our Valuation does not necessarily represent
the 'Market Value' (as defined in RICS Valuation
- Global Standards 2017) of the interests in the
indirect investment structure through which the
Property is held.
Our opinion of Market Value is based upon the Scope
of Work and Valuation Assumptions attached, and
has been primarily derived using comparable recent
market transactions on arm's length terms.
We hereby confirm that as at the date of this report,
we are not aware of any material changes to the
Properties which would affect our Valuation between
the effective date of the Valuation and the date
of this report.
Compliance with The Valuation has been prepared in accordance with
Valuation Standards the RICS Valuation - Global Standards 2017 which
incorporate the International Valuation Standards
and the RICS Valuation - Professional Standards
UK January 2014 (revised April 2015) (the "Red
Book"). The Valuation has been prepared for a Regulated
Purpose as defined in the Red Book.
We confirm that our Valuation and report have been
prepared in accordance with the relevant provisions
of the Listing Rules of the Financial Conduct Authority
and paragraphs 128 to 130 of the ESMA update of
the Committee of European Securities Regulators'
recommendations for the consistent implementation
of the European Commission Regulation (EC) no.
809/2004 implementing the Prospectus Directive.
We confirm that we have sufficient current local
and national knowledge of the particular property
market involved, and have the skills and understanding
to undertake the Valuation competently.
Where the knowledge and skill requirements of the
Red Book have been met in aggregate by more than
one valuer within CBRE, we confirm that a list
of those valuers has been retained within the working
papers, together with confirmation that each named
valuer complies with the requirements of the Red
Book.
This Valuation is a professional opinion and is
expressly not intended to serve as a warranty,
assurance or guarantee of any particular value
of the subject property. Other valuers may reach
different conclusions as to the value of the subject
property. This Valuation is for the sole purpose
of providing the intended user with the valuer's
independent professional opinion of the value of
the subject property as at the Valuation date.
In accordance with the Red Book, we have made certain
disclosures in connection with this valuation instruction
and our relationship with Urban&Civic.
Assumptions The Property details on which each Valuation are
based are as set out in this report. We have made
various assumptions as to tenure, letting, taxation,
town planning, and the condition and repair of
buildings and sites - including ground and groundwater
contamination - as set out below.
If any of the information or assumptions on which
the Valuation is based are subsequently found to
be incorrect, the Valuation figures may also be
incorrect and should be reconsidered.
Variation from None.
Standard Assumptions
Verification We recommend that before any financial transaction
is entered into based upon these Valuations, you
obtain verification of any third-party information
contained within our report and the validity of
the assumptions we have adopted.
We would advise you that whilst we have valued
the Properties reflecting current market conditions,
there are certain risks which may be, or may become,
uninsurable. Before undertaking any financial transaction
based upon this Valuation, you should satisfy yourselves
as to the current insurance cover and the risks
that may be involved should an uninsured loss occur.
Valuer The Properties have been valued and inspected by
a valuer who is qualified for the purpose of the
Valuation in accordance with the Red Book.
Independence CBRE currently value the Properties as part of
a wider mandate for financial reporting purposes
on behalf of Urban&Civic.
CBRE have also undertaken valuations for Homes
England for loan security purposes in connection
with Alconbury Weald, Houlton and Wintringham Park.
The total fees, including the fee for this assignment,
earned by CBRE Ltd (or other companies forming
part of the same group of companies within the
UK) from the Addressees (or other companies forming
part of the same group of companies) is less than
5.0% of the total UK revenues.
Responsibility We are responsible for this report and accept responsibility
for the information contained in this report and
confirm to the best of our knowledge (having taken
all reasonable care to ensure that such is the
case), the information contained in this report
is in accordance with the facts and contains no
omissions likely to affect its import.
This report will be relied upon by J.P. Morgan
Securities plc and Urban&Civic plc. No reliance
may be placed upon the contents of this report
by any other third party for any purpose other
than in connection with the Purpose.
Publication Neither the whole nor any part of our report nor
any references thereto may be included in any published
document, circular or statement nor published in
any way without our prior written consent.
Such publication of, or reference to this Valuation
Report will not be permitted unless it contains
a sufficient contemporaneous reference to any departure
from the Royal Institution of Chartered Surveyors
Appraisal and Valuation Standards or the incorporation
of the special assumptions referred to herein.
Yours faithfully Yours faithfully
Rupert Driver MRICS Jason Hardman MRICS
Senior Director Executive Director
RICS Registered Valuer RICS Registered Valuer
For and on behalf of For and on behalf of
CBRE Limited CBRE Limited
T: +44 2071822550 T: +44 2071822802
E: rupert.driver@cbre.com E: jason.hardman@cbre.com
CBRE UK (London - Residential)
Henrietta House
Henrietta Place
London
W1G 0NB
T: +44 2071822000
Schedule of Values
Freehold - Properties held for Investment and Development
Address Tenure Market Value Urban&Civic Market Value
(100% interest) % Ownership Urban&Civic
Interest
1. Alconbury Weald, Alconbury Freehold GBP270,200,000 100% GBP270,200,000
--------- ----------------- ------------- ---------------
2. Houlton, Rugby Freehold GBP207,000,000 50% GBP103,500,000
--------- ----------------- ------------- ---------------
3. Wintringham Park, St Freehold GBP77,600,000 33.3% GBP25,866,667
Neots
--------- ----------------- ------------- ---------------
4. Priors Hall, Corby Freehold GBP57,700,000 100% GBP57,700,000
--------- ----------------- ------------- ---------------
5. Middlebeck, Newark Freehold GBP56,080,000 82.2% GBP46,100,000
--------- ----------------- ------------- ---------------
6. Manchester New Square, Freehold GBP52,900,000 50% GBP26,450,000
Manchester
--------- ----------------- ------------- ---------------
7. Deansgate, Manchester Freehold GBP22,500,000 100% GBP22,500,000
--------- ----------------- ------------- ---------------
8. Land at Armadale, Scotland Freehold GBP750,000 100% GBP750,000
--------- ----------------- ------------- ---------------
Total (say) GBP553,070,000
----------------- ------------- ---------------
Leasehold - Properties held for Investment and Development
Address Tenure Market Value Urban&Civic Market Value
(100% interest) % Ownership Urban&Civic
Interest
9. Hudson Quay, Middlesbrough Leasehold GBP3,900,000 100% GBP3,900,000
---------- ----------------- ------------- -------------
10. Canningford House, Leasehold GBP2,550,000 100% GBP2,550,000
Bristol
---------- ----------------- ------------- -------------
Total (say) GBP6,450,000
----------------- ------------- -------------
Portfolio Total
Market Value
Urban&Civic
Interest
Total (say) GBP559,520,000
------------ ---------------
Overview of the Strategic Sites held for Development
Alconbury Weald, Alconbury 3/4 Located approximately 3.5 miles north west of Huntingdon town centre in Cambridgeshire, 65 miles north of London. Alconbury Weald comprises two adjoining sites, the former 'Alconbury Airfield' site and 'Grange Farm', which in total extend to approximately 1,431 acres. The Property is held freehold and Urban&Civic have 100% ownership. 3/4 Huntingdon District Council granted outline planning consent in September 2014 for the redevelopment of the Property with a residential led mixed use scheme called Alconbury Weald comprising 5,000 dwellings and circa 3 million sq ft of B1, B2 employment space, together with open space and community uses. Circa 370 acres of land on the former Alconbury Airfield site was already designated as an Enterprise Zone. This was granted in 2011 for 25 years. 3/4 The Property benefits from excellent transport links via road with the A1 and A14, and via rail with the East Coast Mainline from Huntingdon, with journey times of 50 minutes into London. These strategic routes provide linkages to Huntingdon, Cambridge, Peterborough and into London. 3/4 Infrastructure funding from Homes England is in place and being utilised to accelerate the delivery of infrastructure including the link road at the eastern end of the development through Grange Farm. Extensive infrastructure work has been carried out to bring forward the first key phases of commercial and residential development at Alconbury Weald and to service the wider site. Infrastructure costs (including Section 106 costs) spent to date total circa GBP80.3 million and outstanding costs as at 31 December 2018 total approximately GBP227.37 million. 3/4 Approximately 33.2 acres (net developable) of commercial land in three transactions to IKO, M&M and JAT have completed, with land receipts of approximately GBP9.12 million received. A further 1.5 acres has been transferred to iMet for their new training facility which will act as a catalyst and deliver advanced
technical skills in manufacturing, engineering and technology
at Alconbury Weald. We understand that a further 2 acres of commercial
land have recently exchanged to Magpas air ambulance (Magpas).
Moreover, Magpas is due to rent a further acre. Completed commercial
buildings onsite include the Incubator Building, which is fully
let; Incubator 2 and the Club Building, which provides a residents'
gym.
3/4 Residential land with capacity for 874 dwellings is under
contract with four housebuilders (Hopkins Homes, Morris Homes,
Redrow and Crest Nicholson) through a combination of joint ventures
and build licences. To date there have been 182 completions. Urban&Civic,
through its Civic Living operation, is also developing 138 dwellings,
which are currently under construction.
3/4 At the date of valuation, approximately 262.3 acres (net)
with capacity for 3,988 dwelling remained unsold.
Houlton, Rugby
3/4 Located approximately 3.0 miles south east of Rugby town
centre, the application site extends to approximately 1,168 acres
and has the benefit of outline planning consent for 6,200 dwellings;
together 3 primary schools, a secondary school, 31,200 sq ft of
community buildings, circa 77 acres of employment, circa 60 acres
of formal open space and sports pitches and 507 acres of open
space.
3/4 The freehold interest of the Property, now known as Houlton,
is held in a 50:50 Partnership between Urban&Civic and AVIVA.
The Partnership owns the freehold of approximately 1,120 acres
of land within the application site, estimated with capacity for
up to circa 5,950 dwellings.
3/4 Infrastructure funding from Homes England is in place and
being utilised to accelerate the delivery of infrastructure including
construction of the link road which connects Houlton to the town
centre.
3/4 Extensive infrastructure work has been carried out to bring
forward the first key phases of residential development at Houlton
and service the wider site. Infrastructure costs (including Section
106 costs and land assembly costs) spent to date total circa GBP96.1
million and outstanding costs as at 31 December 2018 total approximately
GBP145.6 million.
3/4 The Tuning Fork cafe and Visitor Centre at Dollman Farm are
open to the public. The first primary school opened in September
2018.
3/4 Residential land with capacity for 860 dwellings is under
contract with four housebuilders (Davidson Homes, Morris Homes,
Crest Nicholson and Redrow) through build licences. There had
been 96 completions at the date of valuation.
3/4 At the date of valuation, approximately 294.8 acres (net)
of residential land with capacity for approximately 5,092 dwelling
remained unsold.
Wintringham Park, St Neots
3/4 Located in St Neots in Cambridgeshire approximately 55 miles
north of London, 17 miles west of Cambridge. The Property comprises
a greenfield site of approximately 400 acres, formerly made up
of agricultural fields. At the date of valuation construction
of infrastructure works had commenced.
3/4 Urban&Civic acquired a one third partnership stake in the
freehold interest of the Property with Nuffield Dominions Trust
and the Nuffield Oxford Hospitals Fund in April 2017. The Property
is designated in Huntingdon District Council's Core Strategy and
following the submission of a planning application in October
2017, in March 2018 Huntingdon District Council resolved to grant
planning permission for the development of the site with up to
2,800 dwellings, two new primary schools and 680,000 sq ft of
new employment space. The Section 106 Agreement and outlined consent
was approved in November 2018.
3/4 The strategy of Urban&Civic in its capacity as a Master Developer
will be to undertake the key infrastructure works and fulfil the
principal S106 obligations to facilitate 'serviced land' transactions
to a range of national, regional and local housebuilders (either
through build licence agreements or land sales). We understand
that Urban&Civic may also undertake some development parcels itself
under its Civic Living operation.
3/4 The total infrastructure budget (including S106 and CIL costs
but excluding operational fees) totals GBP153 million, with costs
of approximately GBP4.36 million spent to date. We understand
the Partnership has secured GBP26 million of infrastructure funding
from Homes England.
3/4 We understand that a build licence has been secured with
Cala for 222 dwellings, and heads of terms agreed with a housebuilder
on a second parcel of land with capacity for 233 dwellings.
Priors Hall, Corby
3/4 Located in Corby in Nottinghamshire approximately 80 miles
north of London, 60 miles east of Birmingham and 20 miles north
east of Nottingham. The Property is held freehold and Urban&Civic
have 100% ownership.
3/4 The Property extends to approximately 907 acres (not including
woodland) across two Local Authority areas, Corby Borough and
East Northamptonshire District. Priors Hall has the benefit of
an existing outline planning consent for 5,100 dwellings, some
of which has been sold to housebuilders and is in the process
of being built out. The development is split into three residential
phases (Zone 1, 2 and 3) with the new homes set within lakes,
open parkland and forests. Urban&Civic is seeking to increase
the density up to approximately 5,400 dwellings in total.
3/4 The scheme already has more than 1,000 homes; housebuilders
on site include Barratt David Wilson, Taylor Wimpey, Kier, Larkfleet
Homes, Jelson Homes and Francis Jackson Homes.
3/4 Priors Hall Primary School for 420 children had its first
intake in September 2016, and is adjacent to the Foster Associates
designed Corby Business Academy, which opened in 2008.
3/4 We understand the acquisition of Priors Hall was part funded
by Homes England, which is also making available additional facilities
to cover future forecast infrastructure spend. Outstanding infrastructure
costs (including S106 obligations) to deliver the scheme, at the
date of valuation total approximately GBP153.8 million.
3/4 Zone 1 - approximately 108.7 acres (net) of residential land
with contracts with housebuilders in place for 1,557 dwellings
with capacity for an additional 270 dwellings. At the date of
valuation, we understand that outstanding revenue including deferred
land payments, overages and other commissions totalling approximately
GBP5.68 million remained outstanding. 2.6 acres (net) with capacity
for 50 dwellings remains unsold; together with approximately 17
acres (net) of mixed use land parcels remain unsold.
3/4 We understand that Zone 2 and Zone 3 will have capacity for
approximately 249 net developable acres of residential land and
Urban&Civic will be seeking to obtain consent for delivery of
a further 3,577 dwelling across these two development zones.
Middlebeck, Newark
3/4 Located approximately 20 miles south west of Lincoln, 20
miles north east of Nottingham and 127 miles north of London.
3/4 The Property is situated approximately 1.2 miles south of
Newark-on-Trent town centre and the scheme forms an extension
of the existing settlement area of the town. Road communications
are good with the A1 running north to south and the A46 running
east to west. Rail journey times from Newark Northgate to London
King's Cross take approximately 1 hour 30 minutes. The Property
is held freehold and Urban&Civic own and control 82.2%, which
is subject to a collaboration agreement.
3/4 Newark and Sherwood District Council granted outline planning
consent in November 2011 for the development of up to 3,150 dwellings;
two local centres; including retail and commercial premises (classes
A1 to A5), a 60-bed care home (class 2), 2 primary schools, day
nurseries/creches, multi-use community buildings including a medical
centre (class D1); a mixed use commercial estate of up to 50 hectares
comprising employment uses (class B1, B2 and B8) and a crèche
(class D1). This application also included the construction of
a southern link road.
3/4 A revised outline planning consent was signed on 4 February
2015 (ref: 14/01978/OUTM). We understand that the updated consent
has resulted in a change in the number of Affordable Housing units
required and a reduction in the level of S.106 obligations. We
understand that all the commercial space is designated for B8
use.
3/4 The site in its entirety extends to a total gross area of
approximately 694 acres which is comprised of the following net
acreage; Residential - up to 183.7 net developable acres including
local neighbourhood centres (A1 to A5 and B1(a) uses); Employment
(B8) - 110 net developable acres.
3/4 Infrastructure works totalling approximately GBP30.94 million
have been spent to date, although U&C have historically received
a cash payment of GBP3.13 million from the utilities company Western
Power for an easement right, which has been utilised against infrastructure
costs.
3/4 There have been two residential transactions to housebuilders
- Avant (build licence) and Bellway (land sale subject to deferred
payments), as summarised below.
Avant - 16.1 acres (net developable) - 173 dwellings (100% private)
- build licence agreement in which the consortium will receive
a proportion of the sales values upon completion.
Bellway - 4.2 acres (net developable) - 64 dwellings (100% private)
- straight land sale but subject to deferred land payments.
Valuation Movement between 30 September 2018 and 31 December 2018
Address Market Value Market Value Reasons for Change
(Urban&Civic (Urban&Civic
Interest) Interest)
As at 30 Sep As at 31 Dec
2018 2018
1. Alconbury GBP266,500,00 GBP270,200,000 Strategic development site
Weald under construction. Capital
expenditure on infrastructure
works of approximately GBP2.4
million in Q4 2018. Value
uplift reflecting ongoing
progress, unwinding of cashflow
discount, and sales in the
period. No material change
to underlying serviced land
values.
--------------- --------------- ---------------------------------------
2. Houlton GBP99,500,000 GBP103,500,000 Strategic development site
under construction. Capital
expenditure on infrastructure
works of approximately GBP8.182
million in Q4 2018. Value
uplift reflecting ongoing
progress, unwinding of cashflow
discount and sales over the
period. No material change
to underlying serviced land
values.
--------------- --------------- ---------------------------------------
3. Wintringham GBP23,833,000 GBP25,866,667 Outline planning consent
Park granted with Section 106
Agreement signed. Build licence
to Cala Homes completed.
Bids received from several
Registered Providers for
the Affordable Housing in
key phase 1 showing an uplift
above Q3 valuation assumptions.
Infrastructure works have
commenced with capital expenditure
(including DM and operator
fees) over the period of
approximately GBP1.746 million.
Uplift in value reflect the
material progress outlined
above.
--------------- --------------- ---------------------------------------
4. Priors Hall GBP55,000,000 GBP57,700,000 Strategic development site
under construction. Capital
expenditure of approximately
GBP3.3 million over Q4 2018.
Zone 1 land sales secured
with Electric Corby and Kier.
House sales evidence over
Q4 2018 demonstrating house
price inflation. Services
land values on Z2 increased
from GBP980,000 to GBP1m
per net acre. Uplift in value
reflect the material progress
outlined above, and sales
over the period.
--------------- --------------- ---------------------------------------
5. Middlebeck GBP46,100,000 GBP46,100,000 Strategic development site
under construction. Limited
capital expenditure in infrastructure
in Q4 2018. Value uplift
reflecting ongoing progress,
unwinding of cashflow discount
and sales over the period.
No material change to underlying
serviced land values.
--------------- --------------- ---------------------------------------
6. Manchester GBP20,050,000 GBP26,450,000 Development under the course
New Square of construction. Construction
cost expenditure of approximately
GBP12.8 million in Q4 2018.
Increase in value reflects
the capital expenditure with
no change to the revenue
assumptions.
--------------- --------------- ---------------------------------------
7. Deansgate GBP22,500,000 GBP22,500,000 No material change over Q4
2018.
--------------- --------------- ---------------------------------------
8. Land at Armadale GBP750,000 GBP750,000 No material change over Q4
2018.
--------------- --------------- ---------------------------------------
9. Binhamy Retail GBP6,300,000 - Sold
Park
--------------- --------------- ---------------------------------------
10. Hudson Quay GBP3,900,000 GBP3,900,000 No material change over Q4
2018.
--------------- --------------- ---------------------------------------
11. Canningford GBP2,550,000 GBP2,550,000 No material change over Q4
House 2018.
--------------- --------------- ---------------------------------------
GBP546,980,000 GBP559,520,000
--------------- --------------- ---------------------------------------
Sources of Information and Scope of Works
Sources of Information We have carried out our work based upon information
supplied to us by Urban&Civic, which we have assumed
to be correct and comprehensive. Set out below is
a summary of the information provided and relied
upon in connection with the principal strategic
sites within the portfolio.
Alconbury Weald, Alconbury
3/4 Confirmation of land uses and plot densities
prepared by David Lock Associates.
3/4 Environmental Reports prepared by Environ in
respect the Alconbury Airfield site and Grange Farm,
dated October 2009 and February 2011, respectively.
We have also been provided with a copy of the Environment
Review prepared by Environ dated February 2014,
in respect of both sites.
3/4 Alconbury Weald Cost Plan Framework (no.11
Version 2), prepared by Davis Langdon and dated
25 February 2014. Together with infrastructure and
planning cost updates as at 31 December 2018 prepared
by Urban&Civic, which we have relied upon.
3/4 In terms of infrastructure costs spent between
the project start and the date of valuation, we
have relied upon cost information provided by Urban&Civic.
3/4 Report on Title - relating to the Airfield
Site, Reservoir, and Smith Land, prepared by Nabarro
and dated 30 October 2009.
3/4 Short Form Report on Title - relating to Alconbury
Airfield, Smith Land and Grange Farm, prepared by
Nabarro and dated 25 January 2013.
3/4 Section 106 Agreement dated 30 September 2014,
prepared by Mills & Reeve.
3/4 Tenancy schedule for the Incubator building
prepared by Urban&Civic.
3/4 Construction costs for the Civic Living Parcel
4 prepared by Urban&Civic.
3/4 Copies of the Build Licence agreements and
heads of terms, together with accommodation schedules
- source Urban&Civic.
3/4 Housebuilder plot sales schedules for Hopkins
Homes, Morris Homes and Redrow, prepared by Urban&Civic.
Houlton, Rugby
3/4 Confirmation of land uses and net developable
acreage for the masterplan, prepared by David Lock
Associates.
3/4 Red Flag Environment report prepared by Environ
and dated 3 March 2014.
3/4 Infrastructure costs plan prepared by Gardiner
and Theobald. Together with infrastructure and planning
cost updates as at 31 December 2018 prepared by
Urban&Civic, which we have relied upon. In terms
of infrastructure costs spent between the project
start and the date of valuation, we have relied
upon cost information provided by Urban&Civic.
3/4 Section 106 Agreement dated 21 May 2014.
3/4 Real Estate Report prepared by Nabarro dated
April 2014.
3/4 Copies of the Build Licence agreements and
heads of terms, together with accommodation schedules
- source Urban&Civic.
3/4 Housebuilder sales schedules for Davidsons,
Morris Homes and Crest Nicholson, prepared by Urban&Civic.
Wintringham Park, St Neots
3/4 Development cashflow prepared by Urban&Civic
dated 11 September 2018.
3/4 Wintringham Park Central Parcel Heads of Terms
- source Urban&Civic
3/4 Wintringham Cost Model prepared by Exigere
dated 24 November 2017.
3/4 Summary of the S106 Agreement key obligations
(amounts, triggers and timings) prepared by Urban&Civic.
3/4 Development Specification and land use schedule
prepared by David Lock Associates.
3/4 Ground Investigation Interpretive Report -
The Shadbolt Group.
Priors Hall, Corby
3/4 Infrastructure and S106 cost budget prepared
by Urban&Civic.
3/4 Copy of the financial model prepared by Urban&Civic.
3/4 Section 106 Agreement (East Northamptonshire)
dated February 2012.
3/4 Planning decision notices dated March 2007
and February 2012.
3/4 Housebuilder plot sales tracker prepared by
Urban&Civic.
Middlebeck, Newark
3/4 Certificate on Title prepared by Wragge Lawrence
Graham prepared 17 March 2015.
3/4 Confirmation of land uses and net developable
acreage for the masterplan, prepared by Barton Willmore.
3/4 A Geo Environmental Factual Report and a Phase
1 Desk Study prepared by Rodgers Leask and dated
10 December 2013 and 10 October 2013 respectively.
3/4 We have been provided with revised Infrastructure
and S106 costs prepared by Urban&Civic as at 31
December 2018, which we relied upon.
3/4 In terms of infrastructure costs spent between
the project start and the date of valuation, we
have relied upon cost information provided by U&C.
3/4 Section 106 Agreement dated 21 January 2015.
3/4 A Collaboration Agreement dated 9 September
2011.
3/4 Revised parameter and density plan prepared
by JTP.
The Properties Our report contains a brief summary of the Property
details on which our Valuation has been based.
Inspection Over the course of December 2018 and January 2019.
Areas We have not measured the Properties but have relied
upon the floor areas provided to us by Urban&Civic
as set out in this report, which we have assumed
to be correct and comprehensive. We have been advised
that these areas have been calculated using the
Gross Internal Area (GIA)/Net Internal Area (NIA
measurement methodology as set out in the RICS Code
of measuring practice (6th edition).
Environmental Matters Unless otherwise stated above, we have not undertaken,
nor are we aware of the content of, any environmental
audit or other environmental investigation or soil
survey which may have been carried out on the Properties
and which may draw attention to any contamination
or the possibility of any such contamination.
We have not carried out any investigations into
the past or present uses of the Properties, nor
of any neighbouring land, in order to establish
whether there is any potential for contamination
and have therefore assumed that none exists.
Services and Amenities We understand that all main services including water,
drainage, electricity and telephone are available
to the properties. None of the services have been
tested by us.
Repair and Condition We have not carried out building surveys, tested
services, made independent site investigations,
inspected woodwork, exposed parts of the structure
which were covered, unexposed or inaccessible, nor
arranged for any investigations to be carried out
to determine whether or not any deleterious or hazardous
materials or techniques have been used, or are present,
in any part of the Properties. We are unable, therefore,
to give any assurance that the Properties are free
from defect.
Town Planning We have made verbal planning enquiries only. Information
supplied to us by planning officers is given without
liability on their part. We cannot, therefore, accept
responsibility for incorrect information or for
material omissions in the information supplied to
us.
Titles, Tenures Details of title/tenure under which the Properties
and Lettings are held and of lettings to which it is subject
are as supplied to us. We have not generally examined
nor had access to all the deeds, leases or other
documents relating thereto. Where information from
deeds, leases or other documents is recorded in
this report, it represents our understanding of
the relevant documents. We should emphasise, however,
that the interpretation of the documents of title
(including relevant deeds, leases and planning consents)
is the responsibility of your legal adviser.
We have not conducted credit enquiries on the financial
status of any tenants. We have, however, reflected
our general understanding of purchasers' likely
perceptions of the financial status of tenants.
Valuation Assumptions
Capital Values The Valuation has been prepared on the basis of
"Market Value", which is defined in the Red Book
as:
"The estimated amount for which an asset or liability
should exchange on the Valuation date between a
willing buyer and a willing seller in an arm's-length
transaction, after proper marketing and where the
parties had each acted knowledgeably, prudently
and without compulsion."
The valuation represents the figure that would appear
in a hypothetical contract of sale at the valuation
date. No adjustment has been made to this figure
for any expenses of acquisition or realisation -
nor for taxation which might arise in the event
of a disposal.
No account has been taken of any inter-company leases
or arrangements, nor of any mortgages, debentures
or other charge.
No account has been taken of the availability or
otherwise of capital based Government or European
Community grants.
Rental Values Unless stated otherwise rental values indicated
in our report are those which have been adopted
by us as appropriate in assessing the capital value
and are not necessarily appropriate for other purposes,
nor do they necessarily accord with the definition
of Market Rent in the Red Book, which is as follows:
"The estimated amount for which an interest in real
property should be leased on the Valuation date
between a willing lessor and a willing lessee on
appropriate lease terms in an arm's-length transaction,
after proper marketing and where the parties had
each acted knowledgeably, prudently and without
compulsion.".
The Properties Where appropriate we have regarded the shop fronts
of retail and showroom accommodation as forming
an integral part of the building.
Landlord's fixtures such as lifts, escalators, central
heating and other normal service installations have
been treated as an integral part of the building
and are included within our Valuations.
Process plant and machinery, tenants' fixtures and
specialist trade fittings have been excluded from
our Valuations.
All measurements, areas and ages quoted in our report
are approximate.
Environmental Matters In the absence of any information to the contrary,
we have assumed that:
a) the Properties are not contaminated and are not
adversely affected by any existing or proposed environmental
law;
b) any processes which are carried out on the Properties
which are regulated by environmental legislation
are properly licensed by the appropriate authorities.
c) in England and Wales, the Properties possess
current Energy Performance Certificates (EPCs) as
required under the Government's Energy Performance
of Buildings Directive - and that they have an energy
efficient standard of 'E', or better. We would draw
your attention to the fact that under the Energy
Efficiency (Private Rented Property) (England and
Wales) Regulations 2015 it became unlawful for landlords
to rent out a business premise from 1st April 2018
- unless the site has reached a minimum EPC rating
of an 'E', or secured a relevant exemption. In Scotland,
we have assumed that the Properties possess current
Energy Performance Certificates (EPCs) as required
under the Scottish Government's Energy Performance
of Buildings (Scotland) Regulations - and that they
meet energy standards equivalent to those introduced
by the 2002 building regulations. We would draw
your attention to the fact the Assessment of Energy
Performance of Non-domestic Buildings (Scotland)
Regulations 2016 came into force on 1st September
2016. From this date, building owners are required
to commission an EPC and Action Plan for sale or
new rental of non-domestic buildings bigger than
1,000 sq m that do not meet 2002 building regulations
energy standards. Action Plans contain building
improvement measures that must be implemented within
3.5 years, subject to certain exemptions;
d) the Properties are either not subject to flooding
risk or, if they are, that sufficient flood defences
are in place and that appropriate building insurance
could be obtained at a cost that would not materially
affect the capital value; and
e) we assume that invasive species such as Japanese
Knotweed are not present on the Properties.
High voltage electrical supply equipment may exist
within, or in close proximity of, the Properties.
The National Radiological Protection Board (NRPB)
has advised that there may be a risk, in specified
circumstances, to the health of certain categories
of people. Public perception may, therefore, affect
marketability and future value of the property.
Our Valuation reflects our current understanding
of the market and we have not made a discount to
reflect the presence of this equipment.
Repair and Condition In the absence of any information to the contrary,
we have assumed that:
a) there are no abnormal ground conditions, nor
archaeological remains, present which might adversely
affect the current or future occupation, development
or value of the Properties;
b) the Properties are free from rot, infestation,
structural or latent defect;
c) no currently known deleterious or hazardous materials
or suspect techniques have been used in the construction
of, or subsequent alterations or additions to, the
Properties; and
d) the services, and any associated controls or
software, are in working order and free from defect.
We have otherwise had regard to the age and apparent
general condition of the Properties. Comments made
in the property details do not purport to express
an opinion about, or advise upon, the condition
of uninspected parts and should not be taken as
making an implied representation or statement about
such parts.
Title, Tenure, Unless stated otherwise within this report, and
Lettings, Planning, in the absence of any information to the contrary,
Taxation and Statutory we have assumed that:
& Local Authority a) the Properties possess a good and marketable
requirements title free from any onerous or hampering restrictions
or conditions;
b) the buildings have been erected either prior
to planning control, or in accordance with planning
permissions, and have the benefit of permanent planning
consents or existing use rights for their current
use;
c) the properties are not adversely affected by
town planning or road proposals;
d) the buildings comply with all statutory and local
authority requirements including building, fire
and health and safety regulations, and that a fire
risk assessment and emergency plan are in place;
e) only minor or inconsequential costs will be incurred
if any modifications or alterations are necessary
in order for occupiers of the properties to comply
with the provisions of the Disability Discrimination
Act 1995 (in Northern Ireland) or the Equality Act
2010 (in the rest of the UK);
f) all rent reviews are upward only and are to be
assessed by reference to full current market rents;
g) there are no tenant's improvements that will
materially affect our opinion of the rent that would
be obtained on review or renewal;
h) tenants will meet their obligations under their
leases, and are responsible for insurance, payment
of business rates, and all repairs, whether directly
or by means of a service charge;
i) there are no user restrictions or other restrictive
covenants in leases which would adversely affect
value;
j) where more than 50% of the floorspace of the
Properties are in residential use, the Landlord
and Tenant Act 1987 (the "Act") gives certain rights
to defined residential tenants to acquire the freehold/head
leasehold interest in the Properties. Where this
is applicable, we have assumed that necessary notices
have been given to the residential tenants under
the provisions of the Act, and that such tenants
have elected not to acquire the freehold/head leasehold
interest. Disposal on the open market is therefore
unrestricted;
k) where appropriate, permission to assign the interest
being valued herein would not be withheld by the
landlord where required;
l) vacant possession can be given of all accommodation
which is unlet or is let on a service occupancy;
and
m) Stamp Duty Land Tax (SDLT) - or, in Scotland,
Land and Buildings Transaction Tax (LABTT) - will
apply at the rate currently applicable.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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