Top Banner
newstead riverpark 5,882m 2 Development Site Information Memorandum wyandra st 58
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
  • n e w s t e a d r i v e r p a r k

    5,882m2 Development Site Information Memorandum

    wyandra st58

  • Site


    SkyriNg TerraceTeNeriffe ferry TermiNal

    TeNeriffe cafe & reSTauraNT PreciNcT

    Park by mirvac

    Pier by mirvac emPorium

    c b D JameS STreeT PreciNcT

    gaS workS NewSTeaD rNa ShowgrouNDS mixeD-uSe reDeveloPmeNT

    Outline Indicative Only

  • The first mixed-use development site to be offered for sale within Brisbanes exclusive riverside masterplan

    Newstead Riverpark

    rNa ShowgrouNDS mixeD-uSe reDeveloPmeNT

    briSbaNe royal hoSPiTal

    boweN hillS TraiN STaTioN

  • 3Table of ContentsIntroduction & Agent Contact Details 4

    Executive Summary 5

    The Opportunity 7

    Location 9

    Property Overview 13

    Development Options 15

    Waterfront Newstead 17

    Residential Apartment Market Study 19

    Market Overview 21

    Offers to Purchase 23

    Sale Matters 24

    Disclaimer 27

  • 4CapLand Real Estate Advisors are delighted to present, as exclusive marketing agents, the most exciting inner-city development opportunity in Brisbane.58 Wyandra St, Newstead is a 5,882m2 development site, located within the prestigious Newstead Riverpark precinct located 2km from Brisbanes CBD.


    Jeff Dolan Director

    Property Transactions CapLand Real Estate Advisors

    m: 0412 433 377 p: 07 3102 4600 e:

    James Walsh Director Property Transactions CapLand Real Estate Advisors m: 0431 712 211 p: 07 3102 4600 e:

    Expansive Brisbane river and city views

    Over $75 million already spent on parklands and public infrastructure

    Adjacent to Mirvacs Waterfront - Brisbanes most exclusive residential development

    Surrounded by significant retail and lifestyle amenity

    We look forward to working with you to assist with your assessment of this unique development site.

  • 5Address58 Wyandra Street Newstead, QLD 4006

    RPDLot 97 on SP229911

    LocationThe Subject is within the prestigious Newstead Riverpark precinct and is 700m* from Emporium and 900m* from the James Street lifestyle precinct, as well as within 2km* from Brisbane CBD

    OpportunityRare vacant development site allowing over 26,469m of GFA and up to 25 storeys in one of Brisbanes most desirable addresses

    Site Area*5,882m

    ZoningMulti-Purpose Centre MP2 zoning allowing a range of flexible mixed use development alternatives with an emphasis on high density residential

    For Sale ByOffers to Purchase

    Closing 4pm Thursday 12th April 2012 at Level 5, 26 Wharf Street, Brisbane

    *All distances and areas are approximate

    Executive Summary

    Waterfront neWstead

  • 6Executive Summary




    Under construction and due for completion early 2013

    By FKP

    Newstead Riverpark

    EnErgEx A-grAdE OfficEs

    FujitsuA-GrAde OFFices

  • 7The Opportunity

    Unprecedented Opportunity This is the only vacant development site

    to become available for sale within the prestigious Waterfront precinct of the $1 billion Newstead Riverpark Development

    The Subject comprises 5,882m of high density land with expansive views overlooking the Brisbane river and CBD

    Over $75 million worth of parklands and public infrastructure already constructed with convenient riverside walkways

    Brisbanes Premier Lifestyle Location Adjacent to FKPs Gasworks development

    which is proposed to include a Woolworths and stylish gourmet food market with, cafs, restaurants and specialty stores (Expected to open early 2013)

    Within 2 minutes to hundreds of cafes, restaurants and lifestyle amenities, including shopping and entertainment precincts in Teneriffe, James Street and Fortitude Valley

    Excellent public transport access with high frequency bus stops at the door and a comfortable walking distance to trains and ferries, and just minutes from the CBD

  • 8Significant Development Potential 'Code Assessable' for up to 26,469m of GFA and up to 25 storeys

    Multi-Purpose Centre MP2 zoning allows for a range of mixed-use development options including residential, hotel, commercial and retail components (STCA)

    Potential to develop a multistaged project

    Prestige Branding & Price Point Mirvac has already established a premium brand

    for the Newstead Riverpark precinct, with several individual apartment sales in excess of $5 million and up to $14.25 million being achieved to date

    The average selling price of residential apartments within the Riverpark Precinct was $1,970,000 in 2011

  • 9Bowen Hills


    Kangaroo Point

    East Brisbane









    Spring Hill New FarmPaddington

    Brisbane CBD







    Location Overview58 Wyandra Street, Newstead is located c. 2km north-east of the Brisbane CBD. Newstead is Brisbanes most exclusive riverfront address for residential apartments, offering residents an abundance of lifestyle amenities, including:

    1 Opposite Mirvacs Pier development and parklands

    2 Adjacent to FKPs Gassworks development - which it is proposed, includes a new Woolworths and 25 other specialty retailers (due for completion in early 2013)

    3 250m to the Teneriffe CityCat and Ferry Terminal

    4 450m to Teneriffe Cafe and Dining Precinct

    5 600m to the Bulimba Cinema and Cafe Precinct (by Ferry)

    6 700m to the shopping and dining amenities of Emporium, HQ and Homemaker City Fortitude Valley

    7 900m to the shopping and dining amenities of the James Street district

    8 1km to Bowen Hills Train Station

    9 1.3km to the Fortitude Valley entertainment district

    10 1.8km to New Farm Park and Powerhouse (connected via riverside walkways)

    11 1.8km to the Royal Brisbane and Womens Hospital

    12 2.3km to the Racecourse Road Hamilton and Portside Wharf shopping and dining precincts

    13 4km to the Gateway Motorway for direct access to the Gold and Sunshine Coasts

    14 8km to the Brisbane Airport terminal

    * All distances are approximate and measured radially


  • 10

    Bowen Hills


    Kangaroo Point

    East Brisbane









    Spring Hill New FarmPaddington

    Brisbane CBD







  • 11

  • 12

    Lifestyle Location

    The Teneriffe Cafe and Dining Precinct adjoins Newstead Riverpark, while the popular James St and Emporium precincts are both less than 5 minutes from the subject site. The City Glider bus service stops out the front of the site every 10 15 minutes, providing immediate access to the city and the Teneriffe Ferry Terminal is located less than a 5 minutes walk, with regular City Cat services providing direct access to lifestyle precincts such as Bulimba, Hamilton and Southbank as well as the Brisbane CBD.

    The area is part of Brisbane City Councils urban renewal precinct with substantial investment already in parklands and riverfront walkways

    Newstead Riverpark provides easy access to the Gateway Motorway, linking directly to Brisbane Airport, Sunshine and Gold Coasts.

    Newstead Riverpark is Brisbanes ultimate lifestyle location. Residents are spoilt with an abundance of amenities, including hundreds of cafes, bars, restaurants and boutiques all within walking distance.

  • 13

    Property Overview










    Development Class Adopted chargefor sewerage

    network ($ per m2 of GFA)

    Adopted chargefor water supply

    network ($ per m2 of GFA)

    Adopted chargefor transport

    and communitypurposes networks($ per m2 of GFA)

    Adopted chargefor stormwater

    network ($ per impervious m2)

    Commercial (Bulk Goods) 24 12 104 10

    Commercial (Office) 24 12 104 10

    Commercial (Retail) 24 12 144 10

    LandThe Subject consists of an irregular shaped allotment with four street frontages to Wyandra Street, Skyring Terrace, Festival Place and Longland Street.

    The site is a single vacant freehold allotment totalling 5,882m described as Lot 97 on SP992211. This lot is not subject to any registered easements. Substantial excavation has been completed on site.

    Planning OverviewThe property is located within the Waterfront, Newstead masterplan, which comprises 10.4 Hectares that was approved in 2008 after having spent more than 7 years in planning and is now being developed by leading Australian listed developer, Mirvac.

    The property zoning is Multi Purpose Centre Major Centres (MP2) and is within the Riverpark Precinct of the Newstead and Teneriffe Waterfront Neighbourhood Plan

    The zoning allows for a range of mixed-use development options including residential, hotel, commercial and retail components, with up to 25 storeys allowed for residential apartments (STCA).

    No public notification is required and development of the property is code assessable for a plot ratio of up to 4.5, allowing 26,469m of GFA to be constructed on the site.

    Brisbane City Council Infrastructure Charges Schedule

    Infrastructure ChargesIn July 2011 the Queensland State Government adopted the Sustainable Planning (Housing Affordability and Infrastructure Charges Reform) Amendment Act 2011. This allows the State to establish a State Planning Regulatory Provision (SPRP) detailing the maximum charges local governments can apply to various development types. The tables below outline the infrastructure charges caps as adopted by Brisbane City Council.



  • 14










    Development class No of bedrooms per dwelling unit

    Sewerage networkcharge

    (per dwelling unit)

    Water supply network charge

    (per dwelling unit)

    Transport, community purposes and stormwater networks total

    charge (per dwelling unit)

    Total Adopted charge

    (per dwelling unit)

    Residential 1 or 2 $6,700 $3,300 $8,000 $18,000

    3 or more $9,380 $4,620 $12,000 $26,000

    Accommodation (Short Term) 1 or 2 $3,350 $1,650 $3,000 $8,000

    3 or more $4,690 $2,310 $5,000 $12,000

    4 or 5 Star Hotel Nil Nil Nil Nil

    Brisbane City Council Infrastructure Charges Schedule


    The numbers on the buildings represent the number of storeys

    allowed to be developed under the Newstead Teneriffe Waterfront

    Neighbourhood Plan (Code Assessable)


    EnErgEx A-grAdE OfficEs

    FujitsuA-GrAde OFFices


  • Development Options

    Noel Robinson Architects have provided two development options that would be Code Assessable under the Newstead Teneriffe Waterfront Neighbourhood Plan.

    Mid Rise Level

    Mid Rise Level

    Option TwoOne Tower: 25 storeys

    Total GFA: 26,685m2

    Total Number of Units: 312

    Product: One and two bedroom units

    Option OneTwo Towers: 17 storeys each

    Total GFA: 26,969m

    Total Number of Units: 322 (161 each)

    Product: One and two bedroom units

  • 16

    View North East

    View to the CBD

    View South East


    s fr

    om le

    vel 1

    7 of


    siteOption 1

    Option 2

  • Waterfront Newstead

    This unique development site is located within one of Brisbanes most prestigious riverside address, Waterfront, Newstead. This exclusive master planned precinct is being developed by Mirvac, within Newstead Riverpark.

    To date Mirvac have invested over $75 million in parklands and public infrastructure within Waterfront, in addition to over $200 million constructing the exclusive Pier and Park developments. This masterplan will incorporate a

    mixture of retail and alfresco dining amenity flowing freely onto the expansive parklands, similar to Mirvacs Arbour on Grey development at South Bank Parklands.

    This area is set to further transform with the new Woolworths Shopping Centre, Gourmet Food Market, Restaurants, Bars, Cafes and Boutiques scheduled to commence opening in early 2013, directly opposite the site within The Gasworks precinct of Newstead Riverpark.

    Energex A-Grade Offices


    Over $75 million of parkland and public infrastructrure already constructed




    Waterfront Newstead

  • 18

    PierRevenues over $13,000/m2 of net GFA

    The Pier development by Mirvac comprises 99 luxury apartments within a five and eight storey building that are now completely constructed. These buildings are located opposite the subject development site, with frontage to the Brisbane River.

    Sale prices achieved to date range from $1.95 million up to $14.25 million, being the highest price ever achieved for a residential dwelling in Brisbane. The average price within this project is $3.5 million and includes a French Twist cafe on the ground floor. With sales continuing to be achieved including several sales over the last quarter, this iconic project is Brisbanes most exclusive residential development.

    ParkRevenues over $9,000/m2 of net GFAThe Park development by Mirvac comprises 102 residential apartments within a building ranging in height from 9 to 16 storeys with ground floor retail. Built overlooking the new parklands and with views to the river, this development offers residents the exclusive address and lifestyle location of Waterfront, Newstead at a more affordable price point compared to Pier. Cafes and restaurants are expected to lease the ground floor retail and deliver residents additional amenity at their door step.

    Prices range from $460k to over $2 million, averaging $1 million. Sales continue to be achieved as construction is scheduled for completion around mid 2012. All of the 1 bedroom apartments within this development are sold out.

  • 19

    Residential Apartment Market Study












    Outline Indicative Only

  • 20

    Market Study TableActive Competing Apartment Projects (Source CapLand)

    There are currently zero apartments available for sale within Newstead Riverpark below $600,000

    Project Name

    Developer Project AddressTotal Units

    Unit Mix (1-2-3 bed)

    Expected Construction Completion


    StatusNo. of

    Units Sold

    No. of Units

    Available for Sale

    % Sold

    Average Unit Prices Available Unit Sizes

    (m2 - Internal) Balcony

    Sizes (m2)1 Bed & Studio

    Avg. $/m2 of net GFA

    2 Bed (all 2 bed config)

    Avg. $/m2 of net GFA

    3 Bed Avg. $/m2 of net GFA

    Average Average

    $/m2 of net GFA

    1 Bed

    2 Bed

    3 Bed

    Newstead & Teneriffe Developments - Primary Competition

    1 Waterfront - Pier Mirvac1 Newstead Tce,

    Newstead 9978(3 Bed)21(4 Bed) Complete Complete 53 46 54% N/A N/A N/A N/A $2,800,490 $14,361 $3,500,000 $13,258 N/A N/A 195 29-400

    2 Waterfront - Park MirvacCunningham

    Street, Newstead 102 5-65-32 Late 2012Under

    Construction 41 51 40% $514,000 $9,179 $814,538 $8,951 $1,485,156 $10,459 $937,898 $9,736 56 91 142 11-53

    3 Como Cavcorp 47-53 Wyandra Street, Teneriffe 93 18-67-8 Mid 2012Under

    Construction 90 2 97% $408,761 $6,540 $572,205 $5,942 $1,241,000 $8,633 $598,101 $6,242 63 96 144 21

    4 Aris***Brisbane Housing


    19-21 Masters Street, Newstead 95

    11 (studio)-61-23 Complete Complete 65 30 68% $375,551 $7,364 $503,590 $6,626 N/A N/A $408,461 $7,166 51 76 N/A 13

    5 Hyde Apartments Kenlynn41 Beeston

    Street, Teneriffe 44 1-38-5 Earl 2013Under

    Construction 24 20 55% Sold Out N/A $679,211 $9,703 $981,000 $10,113 $830,105 $9,941 51 70 97 27

    Fortitude Valley & New Farm Developments - Secondary Competition

    6 Duo Butterfield Projects21 Dixon St, New

    Farm42 11-24-7 Early 2012

    Under Construction

    15 27 36% $482,500 $8,042 $672,500 $7,472 $1,150,000 $10,550 $702,321 N/A 60 90 109 21-42

    7 Alex Perry Residential Chrome

    Properties959 Ann Street, Fortitude Valley

    131 69-56-6 Late 2013 Pre-Sale 70 61 53% $380,000 $7,755 $599,000 $8,557 $1,200,000 $11,321 $726,333 $9,684 49 70 106 8

    8 Brooklyn on BrookesMetro

    Property Development

    128 Brookes Street, Fortitude

    Valley191 91-100 Early 2014 Pre-Sale 40 151 21% $423,560 $7,628 $599,320 $7,814 N/A N/A $511,909 $7,756 48 72 N/A 1

    9 M & A Lang ORouke825 Ann Street, Fortitude Valley

    234 114-120 2013Under

    Construction163 71 70% $407,716 $7,964 $623,486 $8,282 N/A N/A $477,124 $8,095 51 75 N/A 6

    10 Mosaic LeightonsCnr Ann & East Street Fortitude

    Valley191 91-100 2013

    Under Construction

    119 72 62% $490,945 $8,115 $645,269 $7,734 N/A N/A $542,387 $7,861 60.5 86 N/A Alfresco

    Average 122 $450,067 $8,289 $629,577 $7,951 $1,226,789 $10,132 $660,551 $8,474 54 81 132

    Total 1,222 676 546 55%

    *Note: Market study has been prepared using price lists provided by developers, project marketers and sales agents. **Overall averages exclude Waterfront Pier by Mirvac. ***Contains affordable housing component.

  • 21

    Market Overview

    Residential Unit Market OverviewThere are currently no new units for sale off the plan within Newstead Riverpark below $600,000.

    Bis Shrapnel has forecasted that residential prices in Brisbane will show strong price growth, averaging 5% to 6% per annum in the three years to June 2014.

    New Apartment Sales - BrisbaneThere have been a total of 480 unconditional residential units transacted off the plan in the Brisbane city fringe market (within 5 kilometres of the CBD) for the quarter ending December 2011. This is an increase of 54% compared to the previous quarter and 12% based on same period in 2010. Off the Plan sales for the year ending December 2011 totalled 1278, which is the strongest performance since the GFC. (Source: Place Research)

    Newstead ProjectsCurrently there are only five active residential apartment projects selling within the Newstead suburb, including:

    Como (Cavcorp) Almost Sold Out, with only two penthouse units remaining.

    Pier (Mirvac) Average $3.5M riverfront apartments and penthouses

    Park (Mirvac) Average $1M apartments overlooking parklands

    Aris (Brisbane Housing Company) 30 units remaining for sale. Social housing units included in this project

    Hyde (Kenlynn) - Only 20 units remaining for sale all priced over $600,000.

    Rental VacancyRental vacancy in Newstead remains very low, being just 1.8% in December 2011 (SQM Research), relative to the rest of the Brisbane City Fringe (within 5km of the CBD) which is 2.7% for the same period.

    Local agents have indicated rental rates within Newstead and surrounding areas typically range between $400 to $600 per week for 1 bedroom units, $600 to $800 per week for two bedroom units and $800 to $1,000 for three bedroom units.

    As at 20 February 2012 there are only 15 apartments or units listed for rent in Newstead, the majority of which are located in older buildings. (Source:

    There are currently only 15 apartments listed for rent in Newstead the majority of which are located in older buildings.









    Remainderof Brisbane


    Gold Coast Rest of Queensland







    e (%


    Queensland Average

    Residential Unit Vacancy Rates

    Source: OESR, November 2011

  • 22

    Office Market OverviewUrban Renewal Precinct Summary

    The PCA defines the Urban Renewal Precinct as Fortitude Valley, Newstead and Bowen Hills. The commercial office space within this precinct has rapidly expanded since 2007, increasing by an incredible 86% between July 2007 and July 2011 to a total of 386,000m (Source: PCA).

    This additional supply was evidently well received by the market, with net absorption since January 2007 totalling 159,469m, even exceeding the office space absorbed within Brisbanes CBD in the same period (158,215m). Although this surge in supply did increase vacancy in the Urban Renewal Precinct to 13.9% in July 2010, although it has since fallen to 6.6% as at January 2012 (Source: PCA).

    There are currently two projects under construction within the Urban Renewal Precinct McLachlan & Ann and the refurbishment of Spotless on 15 James Street, Fortitude Valley.

    Tenant Demand & Rents

    The Urban Renewal Precinct has become a popular location for campus-style tenants. Examples of high profile tenants to have recently moved within this precinct include Energex, Virgin Australia, Bechtel and Leighton.

    Tenant demand in Brisbanes fringe has improved significantly since late 2010, spurred predominantly by infrastructure related tenants. As in the CBD, there is increasing stratification between prime and secondary stock in Brisbanes urban renewal precinct, with the prime vacancy rate now 4.3% as of July 2011 compared to 12.4% vacancy in secondary stock (Source: PCA).

    Prime face rents are now being reported between $450 to $550 psm gross within the Urban Renewal Precinct and between $520 to $550 psm within Newstead. (Source: Local leasing agents)

    Hotel Market OverviewSuburb Overview

    With tightening hotel vacancy rates in the Brisbane market at present, Newstead presents a prime location to capitalise on current levels of undersupply. Some of the key advantages of the Newstead location include the potential to leverage off both proposed and existing surrounding amenity, proximity to the CBD and Brisbane Airport and a growing number of companies within the mining and infrastructure sectors moving to the Urban Renewal precinct, thus presenting Newstead as an ideal location for development of short term accommodation.

    Room Occupancy and RevPAR

    Brisbane occupancy rates reached 81% in September 2011, a level not recorded since November 2008 (Source: ABS, annual moving average). RevPAR has risen to $134.56 in June 2011 from a low of $117.19 in January 2010 (Source: ABS, annual moving average). These figures indicate that despite the difficulties occurring in the tourism industry and high AUD, the Brisbane Hotel Market is experiencing strong growth from pre-GFC levels.

    BCC Infrastructure Charges Moratorium

    In response to limited supply of short term accommodation within the Brisbane market, Brisbane City Council are currently offering a moratorium on Council infrastructure charges (excluding Urban Utilities infrastructure charges) for new 4 and 5 star hotel developments that are approved form 1 July 2011 to 30 June 2014 and are constructed within two years of the approval.
























































    cy (%


    RevPAR Occupancy


    Source: ABS Catalogue 8635.0, October 2011

    Occupancy Rates vs RevPARBrisbane (C) Hotel Sector, 12 Month

    Moving Average to June 2011

    Prime office vacancy rate of 4.3% within the Urban Renewal Precinct including Newstead.

    Prime face rents within Newstead are being reported between $520 to $550/m2 Gross.

  • 23

    58 Wyandra St, Newstead is being offered FOR SALE, By Formal Offers to Purchase, Closing 4pm 12 April 2012.Offers are to be submitted at the offices of:

    It is strongly recommended that interested parties complete their investigations to submit an offer to the Agents by the closing date.

    CapLand Real Estate AdvisorsLevel 5, 26 Wharf StreetBrisbane Qld 4000

    Offers to Purchase

    Jeff Dolan Director

    Property Transactions CapLand Real Estate Advisors

    m: 0412 433 377 p: 07 3102 4600 e:

    James Walsh Director Property Transactions CapLand Real Estate Advisors m: 0431 712 211 p: 07 3102 4600 e:

    Or via email to one of the following marketing agents:

  • 24

    TimelineThe timetable which must be met by prospective purchasers is as follows:

    All communications with respect to this sale process must be made through the Agents. Where necessary the Agents will arrange contact with consultants and staff. During the sale process prospective purchasers may wish to clarify issues with the Agents.

    Prospective purchasers are requested to receive consent from the Agents prior to conducting inspections, contacting agents, consultants, customers or suppliers of the Vendors to discuss any matter in connection with the sale process or this Information Memorandum.

    Due DiligenceThe due diligence process will include access to additional information concerning the development.

    Potential purchasers will be provided with access to a Due Diligence CD which will contain additional detailed due diligence information on the property and other matters concerning Newstead Riverpark. CD access will be provided at the discretion of the Agents.

    The Vendor and Agents advise that additional information may be forthcoming during the sales process from time to time and potential purchasers will be advised of this by email.

    Requests for further information must be directed in writing to the Agents and provision of this information is at the discretion of the Agents and subject to the availability of the requested information. Any additional information requested by one potential purchaser may also be made available to other potential purchasers.

    Responsibility for CostsThe Vendor and Agents are not liable to reimburse or compensate any party or any of their representatives for any costs or expenses incurred by any party or its representatives in conducting their review and evaluation of the Information Memorandum, submitting a binding offer, undertaking due diligence, making the final unconditional offer or otherwise in connection with the proposed sale of the assets.

    Sale Matters

    Event Due Date

    Due diligence period (Access to a Due Diligence CD will be provided to qualified enquirers)

    1 March 2012 - 12 April 2012

    Distribution of a draft sale and purchase agreement

    15 March 2012

    Submission of offers (subject to receipt of final documentation)

    12 April 2012

    Execution of unconditional sale and purchase agreement

    27 April 2012

  • 25

  • 26

  • 27

    This Information Memorandum (IM) has been prepared to provide prospective

    purchasers with a preliminary understanding of the Subject Site, and to assist

    each recipient of the IM (Recipient) in making its own independent evaluation of

    the opportunity before submitting any offer.

    The Agents have compiled the information contained in this IM from the records

    of the Company which have been made available to the Agents, the Council

    and other publicly available information sources. As such, neither the Vendor or

    Agents take responsibility for the accuracy and completeness of the information

    contained in the IM.

    The IM does not purport to be complete or contain all the information that a

    prospective purchaser may require or desire for the purposes of their evaluation.

    Statements contained in this IM are given in good faith. Neither the Vendor or

    Agents have carried out an independent audit or have independently verified

    any of the information contained herein or any of the information upon which

    this IM is based.

    The receipt of this IM by any person and any information contained herein or

    subsequently communicated to any person in connection with this proposal

    is not to be taken as the giving of investment advice by the Vendor or Agents.

    The information contained in this IM has been prepared for general information

    purposes only and not as specific advice given to any particular Recipient or


    While all reasonable efforts have been made to ensure that the information

    contained in this IM is accurate and correct at the date of its issue, no

    responsibility for any errors in, or omissions from, this IM, whether arising out of

    negligence or otherwise, is accepted by the Vendor or Agents.

    Prospective purchasers of the Subject Site should make their own decision as to

    the sufficiency and relevance for its purposes of the information contained in this

    IM and should undertake their own independent investigation of the information

    provided, after taking all appropriate advice from qualified professional persons.

    By receiving this IM, the Recipient acknowledges and agrees that it will rely

    entirely upon its own due diligence and independent professional advice when

    submitting an offer to purchase the Subject Site.

    This IM is not, in whole or in part, to be reproduced, transmitted or made

    available to any other party.

    By receiving this IM, the Recipient acknowledges and agrees that, to the extent

    permitted by law, no representation or warranty is made (or will necessarily be

    made in any sale agreement) as to the accuracy, reliability or completeness of

    any information contained or referred to in this IM or provided either orally or

    in writing to a Recipient in the course of its evaluation of the Subject Site by the

    Vendor or Agents or any person who may be involved in the preparation of this

    IM or the sale process generally.

    To the extent permitted by law, no responsibility is accepted by the Vendor

    or Agents for any statement, opinion, information or matter, whether express

    or implied, arising out of or contained in or derived from, or for errors in, or

    omissions from, arising out of negligence or otherwise, this IM or any written

    or oral communications with the Recipient in the course of its evaluation of the

    Subject Site.

    Any prospective purchaser or Recipient contemplating the purchase of the

    Subject Site should make an independent assessment of the merits of pursuing

    the purchase, taking into account their own investment objectives, financial

    situation and particular needs and should consult their own professional

    advisers. Furthermore, they should make their own decision as to the sufficiency

    and relevance for their purpose of the information contained in this IM,

    and as to whether, and to what extent, to undertake their own independent

    investigation of the Subject after taking all appropriate advice from qualified

    professional persons. In particular, each person or Recipient should conduct its

    own investigations and inquiries regarding the assumptions, uncertainties and

    contingencies which may affect the Subject Site and the impact that a variation

    in future outcomes may have on the development in the future.

    The Vendor and Agents will not be liable for the payment of any commission,

    brokerage or other amounts of money to any Agents broker who may be

    responsible for introducing a purchaser for the purchase of the Subject Site. Any

    such Agents or broker must make his or her own arrangements for payment of

    any fees or expenses due to him or her with the intending purchaser.

    All inquiries in connection with this IM, or the disposal process in general, should

    be directed to the Agents as detailed on page one of this IM.


  • 28


    Teneriffe Cafes, Restaurants and Boutiques

  • n e w s t e a d r i v e r p a r k