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Chiswick Green. Prime West London Investment Sale

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Chiswick Green

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Chiswick Green offers an exceptional investment opportunity with

the following key characteristics:

● Newly developed prime Grade A office building completed in

February 2012

● Located in one of West London’s principal office districts,

5 miles (8 kms) from Central London and 8 miles (12.8 kms)

from Heathrow Airport

● Prominent position on Chiswick High Road, within 250 metres

of Junction 1 of the M4 and opposite Gunnersbury mainline

rail and underground station

● 82,307 sq ft (7,646.5 sq m) of highly specified flexible

accommodation arranged over ground and five upper floors

● Excellent sustainable credentials including rooftop

photovoltaic cells with a BREEAM ‘Excellent’ rating and an

EPC Rating of B

● Freehold

● 64% let to the secure covenant of Viasat for 15 years

on an effective FRI lease without break at £39.00 per sq ft

(£419.79 per sq m)

● Second and Third floors vacant and offered with a two year

rent, rates and service charge guarantee from BAM Properties

● Total rent passing of £3,178,420 pa (including guarantee on the

vacant floors and the income produced by the photovoltaic cells)

equating to £39.00 per sq ft (£419.79 per sq m) on the office space

● Substantial capital allowances available

● Offers are invited in excess of £48,067,000 (Forty Eight Million

and Sixty Seven Thousand Pounds) for the freehold interest,

subject to contract and exclusive of VAT

● A purchase at this level would reflect a net initial yield of 6.25%

after allowing for the usual purchaser’s costs of 5.80%.

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04—05

CHISwICk

Chiswick is one of west London’s principal

office districts.

It has become part of the London office market with the majority of occupiers having moved from central London locations.

The area is characterised by an affluent residential population, high quality office accommodation and a vibrant retail scene with a range of well known shops, cafes and restaurants.

Chiswick Green is prominently positioned on Chiswick High Road and well placed to benefit from retailers which include Marks & Spencer, Sainsbury’s, waitrose, Carluccio’s, Zizzi and Starbucks. The Crown Moran 4* Hotel is also adjacent to Chiswick Green and a Virgin Active Health Club is situated in neighbouring Chiswick Park.

Local attractions include kew Botanical Gardens, The Hammersmith Apollo and Earls Court, all accessible within 15 minutes on the undeground or rail networks.

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06—07 A 402 0 UXBRIDGE ROAD A4020 A3 16 GREAT WEST ROAD A4 0 WESTWAY A40 A5 01 A501 A 4 0 6 A 4 0 6 A205 A3 A3 A 3 A10 A 41 A 5 A2 02 A 307 A302 A402 A40 A3205 A 2205 A 42 00 A 400 A 404 A 4000 A 219 A30 6 A 308 A 214 A3 22 0 A3212 A 3212 A30 A315

CHISWICK HIGH ROAD

A 21 9 A 21 9 A408 A 3 1 2 A 312 A4 BATH ROAD A3 006 A 316 A 41 27 A 30 A4 GREAT WE ST ROAD A 205 Gunnersbury Park Richmond Park Hyde Park Green Park St James’s Park Regent’s Park Battersea Park Clapham Common CHELSEA KENSINGTON KNIGHTSBRIDGE MAYFAIR WESTMINSTER BATTERSEA FULHAM MARYLEBONE PADDINGTON HAMMERSMITH RICHMOND Kew Gardens EALING BRENTFORD UXBRIDGE TWICKENHAM FELTHAM HOUNSLOW Osterley Park Sion Park Hounslow Heath

M25

M25

M4

M4

RIVE R TH AMES RIV ER TH A M ES RIVER THAMES CHISWICK KEW MORTLAKE PUTNEY VICTORIA

Chiswick

Green

West End

Heathrow

The City

J4B J15 J2 J1 J14 J4 J4 J4A

COMMuNICATIONS

Chiswick is located five miles west of central London and eight miles east of Heathrow International Airport. It benefits from excellent road links as it is positioned at the intersection of the South Circular (A205), the North Circular (A406) and Junction 1 of the M4 Motorway providing quick access to central London, the south east and the rest of the country.

The rail network in the area provides regular services into central London and surrounds via Gunnersbury mainline and underground station (District Line and Overground), Chiswick Park underground station (District Line) and kew Bridge mainline railway station. Regular bus services also serve the local area and a boat service runs along the River Thames from kew Pier.

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A 402 0 UXBRIDGE ROAD A4020 A3 16 GREAT WEST ROAD A4 0 WESTWAY A40 A5 01 A501 A 4 0 6 A 4 0 6 A205 A3 A3 A 3 A10 A 41 A 5 A2 02 A 307 A302 A402 A40 A3205 A 2205 A 42 00 A 400 A 404 A 4000 A 219 A30 6 A 308 A 214 A3 22 0 A3212 A32 12 A30 A315

CHISWICK HIGH ROAD

A 21 9 A 21 9 A408 A 3 1 2 A 312 A4 BATH ROAD A3 006 A 316 A 41 27 A 30 A4 GREAT WE ST ROAD A 205 Gunnersbury Park Richmond Park Hyde Park Green Park St James’s Park Regent’s Park Battersea Park Clapham Common CHELSEA KENSINGTON KNIGHTSBRIDGE MAYFAIR WESTMINSTER BATTERSEA FULHAM MARYLEBONE PADDINGTON HAMMERSMITH RICHMOND Kew Gardens EALING BRENTFORD UXBRIDGE TWICKENHAM FELTHAM HOUNSLOW Osterley Park Sion Park Hounslow Heath

M25

M25

M4

M4

RIVE R TH AMES RIV ER TH A M ES RIVER THAMES CHISWICK KEW MORTLAKE PUTNEY VICTORIA

Chiswick

Green

West End

Heathrow

The City

J4B J15 J2 J1 J14 J4 J4 J4A

Fastest train travel times Minutes

 Richmond 6

 Ealing Broadway 7

 Victoria 22

 west End (Green Park) 24

A

Heathrow (Terminals 1, 2 & 3) 37

Information provided by Transport for London

Location of stations Minutes walk

 Gunnersbury (Overground & District) 1  kew Bridge (South west Trains) 10

 Chiswick Park (District) 10

 South Acton (Overground) 15

 Acton Town (Piccadilly & District) 15

By road Distance – miles/km

Chiswick Roundabout (to M4) 200 yds/0.2

Central London 5/8

A

Heathrow Airport 8/13

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08—09 N O R T H C IR C U LA R R O A D A 40 6

A315 CHISWICK HIGH

ROAD A315 CHISWICK HIG H ROAD T H O R N EY H ED G E R O A D NORT H CI RCUL AR RO AD A 205

WELLESLEY ROAD A3000 WE

LLESLEY ROAD A3000

GREAT W EST R OAD A4 A C TO N LA N E BO LLO LAN E BO LLO LANE CHISWICK PARK GUNNERSBURY LEISURE CENTRE KEW BRIDGE CHISWICK PARK SOUTH ACTON GUNNERSBURY PARK RIVER THAMES CHISWICK ROUNDABOUT TURNHAM GREEN CHISWICK VIRGIN ACTIVE J1 J2 M4 TO KEW/RICHMOND A316 / M3 % TO HEATHROW ! " TO HAMMERSMITH/ CENTRAL LONDON TO A40 / M1 $

Chiswick

Green

Local occupiers

SITuATION

Chiswick Green is situated approximately 250m from the Chiswick Roundabout and opposite Gunnersbury mainline and underground station, both of which provide easy access to central London and Heathrow International Airport.

The property is less than 100m away from Chiswick Park, the UK’s premier urban office park which comprises over 1.1m sq ft of prime office space and includes additional amenities such as a health club, crèche facilities and various restaurants/coffee shops.

The rise of Chiswick as an office location has attracted high calibre tenants who want to benefit from the skilled labour force and its proximity to central London.

Consequently, many global institutions have chosen to locate their headquarters in the area with major employers including GlaxoSmithkline, BSkyB, Starbucks, The Discovery Channel, Paramount, Tullow Oil and universal Music.

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2

3

4

7

1

5

6

Nearby locations 1 Chiswick Green 2 Chiswick moran Hotel 3 Gunnersbury station 4 Chiswick Park 5 Chiswick High road 6 Chiswick Park station 7 West end

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PROPERTy OVERVIEw

Chiswick Green is a highly specified and newly developed office building, completed in February 2012.

The property is arranged over ground and five upper floors totalling 82,307 sq ft (7,646.5 sq m) including an impressive reception area of 1,027 sq ft (95.4 sq m). It is a steel framed construction, glass clad on two sides with a rendered and glazed rear elevation. The upper floors benefit from views across Chiswick Park and to central London. 35 self contained secure parking spaces are provided to the rear of the building.

PLANNING

Chiswick Green is situated within the London Borough of Hounslow. The property is not listed or within a conservation area and is approved for B1 use over the ground and upper floors. The ground floor also has consent for A1 (Retail), A2 (Financial) and A3 (Restaurant) uses. Planning reference: 00248/610-624/P34. Viasat applied for planning permission for the installation of rooftop telecommunications equipment and plant which was granted on 09/08/12. The judicial review period expires on 09/11/12. Planning reference: 00248/610-624/P35.

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SPECIFICATION

A full summary of the specification can be found at

www.cushmanwakefieldinvestmentsales.com/cw/chiswickgreen

The main features include:

● BREEAM ‘Excellent’ (2008) rating

● Renewable energy from photovoltaic panels

● EPC rated B (2010)

● Heating and cooling via a 4 pipe fan coil system

● 35 car parking spaces within a secure car park

● 34 bicycle stands

● 3 x 13 person lifts

● 1 x 8 person goods/fire fighting lift

● Impressive reception

● Fully DDA compliant

● Shower and locker facilities

● Floor to ceiling height of 2.7m on floors 1–5 and 3.4m

on the ground

● Full access raised floors – 150mm overall

● Proprietary metal suspended ceiling system

● Dimmable LG7 compliant lighting with motion

and daylight sensing

● Heat recovery from extract air

● Reduced solar gain via high performance glazing

● Water conservation measures (flow limiters/

dual flush)

● Rainwater harvesting

● Low NOx condensing boilers

● BMS controls and zoning with intuitive control

● Internal width 16.5m, 1500mm planning grid.

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SuSTAINABILITy

Chiswick Green not only meets today’s sustainable requirements but is designed to anticipate the demands of the future. It benefits from some of the very latest technology resulting in a more efficient building for both landlord and occupier. The building’s ‘green’ credentials include the following:

● BREEAM Excellent

Our Building Research Establishment BREEAM rating of ‘Excellent’ is independent recognition of the building’s green credentials.

● On-site renewable energy

Provided by photovoltaics on the roof which reduces carbon emissions by 15%.

● Energy-efficient design

Significant investment has been made in the design of the building envelope so that both solar gain and heat leakage are minimised – one of the best ways to make a building energy-efficient.

● Automatic energy conservation

The lighting system incorporates PIR detection and daylight sensing, which automatically dims to take account of the level of natural light coming into the office and also turns off when the office is unoccupied.

● Energy Certificate ‘B’

Intelligent building design is reflected in an Energy Performance Certificate rating of B.

● Cost saving for occupiers

Chiswick Green is designed to reduce the total carbon emissions required to run the building by approximately 50% compared to the target emission rate (TER) of the 2006 Part L Building regulations.

● Reduced water usage

Chiswick Green also reduces water consumption. The toilets flush using rainwater collected in a 27,000 litre harvesting tank.

● Sustainable travel plan

Bus it. Tube it. walk it. Or Cycle. The building has showers, lockers and 34 bicycle stands.

A 0–25 B 26–50 C 51–75 D 76–100 E 101–125 F 126–150 G Over 150

35

A+

Energy Performance Asset Rating More energy efficient

Net zero CO² emissions

Less energy efficient Technical information Main heating fuel: Natural Gas Building environment: Air conditioning Total useful floor area (m²): 8240 Building complexity (NOS level): 5 Building emission rate (kgCO²/m²): 17.74

Benchmarks

Buildings similar to this one could have ratings as follows:

47

127

If newly built If typical of the existing stock This is how energy-efficient Chiswick Green is

Bicycle stands Photovoltaic Cells

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Floor Sq ft NIA Sq m NIA Fifth 11,657 1,083.0 Fourth 13,402 1,245.1 Third 14,720 1,367.5 Second 14,711 1,366.7 First 14,722 1,367.7 Ground 12,068 1,121.1 Reception 1,027 95.4 Total available 82,307 7,646.5

All areas have been measured by Plowman Craven in accordance with the Sixth Edition (September 2007) of the RICS Code of Measuring Practice.

Office Reception Entrance Ground floor Office First/Second/Third Office Terraces Fourth floor Office Terrace Fifth floor

ACCOMMODATION

Chiswick Green provides highly flexible, open plan floorplates which are designed to appeal to a whole spectrum of occupiers. Each floor is arranged around a central core which includes the reception, passenger lifts, stair well, wC’s and showers.

Office

Entrance Reception

Chiswick High Road Th or ne y H ed ge R oad Benchmarks

Buildings similar to this one could have ratings as follows:

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Tenant Floors Area (Sq Ft) Area (Sq M) Rent Term Rent Review Comments

Fifth 11,657 1,083.0 £454,623 15 years* Five yearly Effective FRI lease

Fourth 13,402 1,245.1 £522,678 open market guaranteed by

First 14,722 1,367.7 £574,158 reviews Modern Times Group

Ground 12,068 1,121.1 £470,652 MTG AB

Subtotal 51,849 4,816.9 £2,022,111

Third 14,720 1,367.5 £574,080 2 years** N/A Viasat has a pre-emption

Second 14,711 1,366.7 £573,729 right over the two

Guarantee vacant floors***

Subtotal 29,431 2,734.2 £1,147,809

N/A Reception 1,027 95.4 £0.00 N/A N/A

Photovoltaic N/A N/A £8,500**** 25 years from N/A

cells on roof 12/04/2012

Total 82,307 7,646.5 £3,178,420

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TENANCy

*Viasat Term Commencement & Rent Free

The lease will complete on 12/11/2012. Viasat have the option to occupy earlier for fit out purposes in which case the lease term and rent free period will commence on the date of occupation.

**BAM Properties Guarantee

BAM Properties will offer a guarantee on the two vacant floors for up to two years until the floors become income producing. The guarantee will comprise the rent (£39.00 per sq ft), the business rates (£8.50 per sq ft) and the service charge (£6.75 per sq ft) if actually charged. The cash equivalent will be placed in an ESCROw account which can be drawn down on a quarterly basis. If the building becomes income producing within the two years then any remaining balance will be returned to BAM Properties.

***Viasat’s Pre-emption Right

Viasat have the following option/pre emption rights in respect of the second and third floors.

1 A call option for a period of 12 months from 3rd August 2012. If exercised the leases shall be co-terminus and on same terms as the principal lease reserving rents of £573,729 (second floor) and £574,080 (third floor) with a proportionate rent free period. If the value of the incentive is over and above the balance remaining in the ESCROw account on the trigger date, BAM Properties will indemnify the buyer the difference.

2 A right of pre-emption for a period of 12 months from 3rd August 2012 if the landlord wishes to grant occupational leases of the second and third floors. If exercised lease terms will be as in the call option above.

3 A second right of pre-emption for a period of 12 months from 3rd August 2013 if the landlord wishes to grant occupational leases of the second and third floors, lease terms if exercised to be as offered to a third party.

Should Viasat occupy the entire building they will take occupation of the reception area by way of licence contracted out from security of tenure at a fee of £20,026 pa. **** EDF Energy Agreement

There is a contract in place with EDF Energy for a 25 year fixed term which states that EDF Energy will purchase power at a rate of £0.19 kw/h. It is estimated that the cells will generate 43,290 kw/h resulting in a projected income of £8,500 per annum.

TENuRE

Freehold

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2011 2010 2009 Turnover £ 538,707,665 £ 495,326,010 £399,373,350 Pre-tax Profit £ 81,127,815 £81,866,345 £70,507,955 Net worth £391,426,695 £331,772,870 £273,037,695 The uk accounts are reported in Swedish krona. For illustrative purposes we have converted the figures from SEK to GBP at an exchange rate of 0.095.

COVENANT

Viasat Broadcasting uk Ltd (Viasat) are a wholly owned subsidiary of Modern Times Group MTG AB. The company is an international provider of entertainment broadcasting with operations that span four continents. Viasat operates free-TV and pay-TV channels, which are available on Viasat’s own satellite platforms and third party networks. It also distributes TV content over the internet.

Dun & Bradstreet have allocated Viasat Broadcasting uk Ltd a 5A1 rating (Minimum Risk of Business Failure) and provide the following financial information about the company:

Viasat Broadcasting UK Ltd. Company number: 2228654

Parent Company Guarantee

Modern Times Group are a leading international entertainment broadcasting group with the largest geographical broadcast footprint in Europe. They offer 28 free-TV channels in 11 European countries and its 37 pay-TV channels are available in 32 countries. It is listed on the Nasdaq OMX Stockholm stock exchange. In 2011 The Modern Times Group MTG AB reported a turnover of SEk 13,473,000,000 (£1,279,935,000) and total assets of SEk 11,281,000,000 (£1,071,695,000).

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wEST LONDON

OCCuPIER MARkET

Chiswick forms an important part of the west London office market and is strategically located between Heathrow airport and London’s west End. The other key centres within the west London market include Paddington, kensington, Hammersmith, Ealing, Brentford and uxbridge.

Demand and Take Up

Demand in west London remains strong for Grade A office space with take up exceeding 425,000 sq ft so far this year. Chiswick is a key performer and has accounted for 70% of this take up. This is mainly focused around Chiswick Park which is located within 100 metres of Chiswick Green.

Supply

Chiswick has a total office stock of approximately 3.0 million sq ft accounting for 18% of the west London market. Total Grade A availability in Chiswick currently stands at 51,800 sq ft, of which Chiswick Green accounts for 29,431 sq ft. This reflects an extremely low Grade A vacancy rate of 1.73%.

In May 2012 the owners of Chiswick Park commenced speculatively developing Building 6 (213,000 sq ft) which is due to complete in Q4 2012. During construction they let the whole building to Aker Solutions demonstrating the strength of the Chiswick market.

Rents

Chiswick, like the west End, is one of the few centres in the uk where rents have increased. Prime rents in Chiswick have grown from £33.00 per sq ft to £47.75 per sq ft in the past 24 months, but are still on average 52% less than the west End.

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Date Property Company Size Term Rent

(sq ft) (£ per sq ft)

Aug–12 Chiswick Green Viasat 51,849 15 years £39.00

Chiswick High Road

Jun–12 Grove House, Hammersmith winton Capital 62,000 10 years £35.00

May–12 Building 4, Chiswick Park Absolut 7,846 10 years with £42.50

a break at 5

May–12 Building 6, Chiswick Park Aker Solutions 213,000 15 years £44.00–

£47.75

Feb–12 Building 4, Chiswick Park Swarovski 16,896 10 years with £41.00

a break at 6

Jan–12 The Vineyard, 44 Brook Green BBC Magazines 52,500 15 years £34.50

Oct–11 Building 4, Chiswick Park International 42,622 15 years with £38.50

SOS a break at 10

Sept–11 Building 11, Chiswick Park Aker Solutions 25,100 10 years with £39.50

a break at 5

west London Leasing Transactions

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OFFICE INVESTMENT

MARkET

The year to date has seen continued demand for prime, high quality office investments in strong centres, let to institutional covenants with long unexpired terms. This is particularly prevalent in the Thames Valley and west London markets where there has been a notable pick up in overseas money targeting higher returns than are on offer in central London.

The London investment market continues to attract a wide range of investors, both domestic and overseas, who are looking to capitalise on a number of factors including the liquidity of the London property market, the strength of the occupational market and the wealth preservation characteristics of prime assets within the area. This demand combined with a shortage of good quality investment stock has maintained prime yields and reinforces London’s position as a relative safe haven amid the current economic uncertainty.

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Date Property Purchaser Tenant Unexpired Term Price Yield

u/O Queensberry House, w1 Sorente Group Multi Let 4.33 years £170m 4.76%

Jul–12 Princes House, Piccadilly The Crown Multi Let 5–10 years £87m 4.42%

May–12 22–23 Old Burlington Street Overseas Private Multi Let 2–5 years £10.42m 3.70%

May–12 6 Duke Street Overseas Private Multi Let 1–10 years £39.25m 4.45%

May–12 Stratton House, 5 Stratton Street Overseas Private Multi Let 10.54 years £166m 4.11%

Apr–12 66 St James’s Street uk Private Multi Let 2–8 years £10.5m 3.95%

Date Property Purchaser Tenant Unexpired Term Price Yield

Feb–12 1 Callaghan Square, Cardiff Capital Trust Eversheds LLP 10.3 years £25.5m 6.50%

Jan–12 65 woodbridge Road, Guildford Mayfair Capital Multi Let 6.5 years £12.11m 6.25%

Dec–11 Edinburgh One, Edinburgh Deka Scottish widows 9.3 years £23.75m 6.41%

Dec–11 Belvedere, Manchester Deka Multi Let 6.0 years £45.00m 5.75%

Dec–11 141 Bothwell Street, Glasgow Pramerica Multi Let 11.0 years £71.00m 6.17%

Aug–11 Davidson House, Reading Schroders Multi Let 6.8 years £42.85m 6.45%

Jun–11 Chiswick Park, Chiswick Blackstone Multi Let 6.2 years £480.00m 6.35%

May–11 Sir william Siemens Square, Frimley uSS Siemens Plc 11.0 years £42.35m 7.00%

May–11 CB1, 21 Station Road, Cambridge Orchard Street Microsoft Research 15.0 years £37.10m 6.00%

Feb–11 The Chelton Centre, Marlow Tritax Chelton Ltd 15.4 years £20.30m 6.40%

Nov–10 IHG Group HQ, Denham Gatehouse Bank Six Continents Ltd 11.5 years £32.65m 6.25%

Jul–10 Napp Buildings, Cambridge Science Park L&G Napp Pharmaceutical 9.7 years £36.00m 6.50%

Prime Regional Office Investment Transactions

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CAPITAL ALLOwANCES

All capital allowances are available to the purchaser.

VAT

The property has been elected for VAT and therefore VAT will be payable on the purchase price. It is possible that the sale could be treated as a Transfer of a Going Concern.

PROPOSAL

Offers are invited in excess of £48,067,000 (Forty

Eight Million and Sixty Seven Thousand Pounds)

for the freehold interest, subject to contract and

exclusive of VAT.

A purchase at this level would reflect a net initial

yield of 6.25% after allowing for the usual

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BAM PROPERTIES

BAM Properties is known for high quality commercial developments.

we are the commercial property development arm of BAM Construct uk Ltd, a major construction services company with a turnover exceeding £1 billion per annum. BAM Construct uk is part of the Royal BAM Group, a worldwide construction services company turning over almost €8 billion and listed on the Euronext Amsterdam. With staff based in offices throughout the UK, BAM Properties’ key strength is our nationwide reach combined with the detailed local knowledge of the market. Added to this is the backing and resources of the Royal BAM Group.

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FuRTHER INFORMATION

For further information, or to arrange an inspection of the property, please contact: Chris Lewis T: +44(0)20 7152 5554 E: Chris.Lewis@eur.cushwake.com Chris Hunt T: +44(0)20 7152 5255 E: Chris.Hunt@eur.cushwake.com Harriet Carter T: +44(0)20 7152 5004 E: Harriet.Carter@eur.cushwake.com Web access

More information can be found at

www.cushmanwakefieldinvestmentsales.com/chiswickgreen

Misrepresentation Act 1967 and Property Misdescriptions Act 1991 Cushman & Wakefield LLP (and their joint agents if appointed) for themselves and for vendors or lessors of this property whose agents they are, give notice that: (1) The particulars are produced in good faith, are set out as a general guide only and do not constitute any part of a contract. (2) No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatever in relation to this property. (3) This property is offered subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT. (4) Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order. (5) unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required.

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