Infinity Park RFP Response - Cushman & Wakefield

A PROPOSAL FOR

PROPERTY CONSULTANCY APPOINTMENT RESPONSE TO REQUEST FOR PROPOSAL FOR

PREPARED FOR NOVEMBER 2014

INFINITY PARK, DERBY

TABLE OF CONTENTS EXECUTIVE SUMMARY INTRODUCTION

4

THE PROJECT

4

INFINITY PARK, DERBY – SWOT ANALYSIS

5

CUSHMAN & WAKEFIELD LLP

6

COMPANY DETAIL

6

COMPANY OVERVIEW

6

YOUR TEAM

11

TRACK RECORD

17

MANUFACTURING / TECHNOLOGY / R&D

17

OFFICE SECTOR

21

MARKETING

22

MISSION STATEMENT / VISION

22

OBJECTIVES

22

IMPLEMENTATION

22

MARKETING CAMPAIGN

24

WHY APPOINT CUSHMAN & WAKEFIELD

30

OUR CORPORATE CONNECTIONS

31

MARKET KNOWLEDGE

32

OUR CLIENT / PROJECT FOCUS

37

OUR SYSTEMS

38

REFERENCES

38

FEE PROPOSAL

39

SOLE AGENCY

39

JOINT AGENCY

39

MARKETING COSTS

39

TERMS OF ENGAGEMENT

39

CONCLUSION

40

Appendix A – CVs Appendix B – Terms and Conditions

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EXECUTIVE SUMMARY Cushman & Wakefield (C&W) are delighted to have been invited to tender to the joint owners and developers of Infinity Park, Derby Ltd (Cedar House Investments, Wilson Bowden, Peveril Securities, Derby City Council, Harper Crewe, Rolls Royce) for the marketing of this development. In this document we have set out why our strong levels of experience and expertise make C&W the best firm to work with you to raise the park’s profile and obtain the national and global reach that you require.

The highlights of our offer are summarised below. 

Our track record is superior to our competition. We have significant experience in the advanced manufacturing, technology and logistics fields. Our track record proves that we have the skills, expertise, market penetration and contacts to promote Infinity Park to the key decision makers, both nationally and globally.



We can leverage our global platform and focus it at a local level. Our influence and reach across the globe allows us to open many doors to key decision makers. A significant attribute in a globalised world.

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Our corporate connections – we act for a large number of the world’s leading companies, many of whom are operating in the target sectors of advanced manufacturing, technology, transport and logistics.



Our retail connections – C&W is known for its extensive expertise in the retail sector and was voted Property Week Retail Team of the Year in 2014 and Estates Gazette Retail Team of the Year in 2013.

Retailers form a large part of the logistics sector and we are able to open doors to many of the key decision makers, both nationally and across the globe.



Our market coverage and knowledge – our activities in the offices, advanced manufacturing, industrial and logistics sectors give us unrivalled market information on activity and deals, allowing us to keep you updated on the most recent activity. C&W were crowned Industrial Agency of the Year at the 2014 Property Awards.



Our proposed marketing campaign, if implemented, will raise awareness of Infinity Park nationally and globally.

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A highly focused team which focuses on the advanced manufacturing, technology, logistics and office market. We act like a niche team but with the support network of a global organisation.

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Significant support services – behind us is a network of industry expertise in:



−

Advanced manufacturing, technology, and logistics organisations both nationally and globally

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Marketing and promotional activity

−

Transaction execution and management

Our focus on the project – we have no relevant conflicts of interest.

These qualities set us apart from our competitors. By appointing C&W you will be appointing an agency team that has unparalleled expertise in your target sectors and has deep connections in corporate organisations in your target markets. Furthermore, the team is very often advising occupiers in your target markets.

Our global connections can be leveraged to raise awareness of the scheme across our network, with our clients, and within the target markets.

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INTRODUCTION Within this document we will: 

Present our proposals on how to achieve the key objectives of the stakeholders.



Provide more information about C&W and how our unique place in the market will complement and enhance the marketing of the development and how by working in partnership with other key stakeholders this will be achieved.

We have undertaken a site visit and reviewed the publicly available material for the development in order to understand the current placement in the market and how this can be substantially enhanced and presented to a global audience. We have also given consideration to the relevant target sectors, and a marketing campaign to promote Infinity Park to target this market on a national and international basis.

We are delighted to provide our proposal as follows.

THE PROJECT Infinity Park, Derby – “The UK Capital for Innovation” is a 250 acre gross and 86 acre developable site capable of accommodating 1.8m sq ft of offices, warehousing/logistics, manufacturing and high tech space together with ancillary hotel, retail and supporting services. The sites will be accessed by a new link road which will provide a direct connection onto the A50.

Initially 50% of the development is to be reserved for occupiers operating in the advanced engineering / manufacturing sectors whilst the remainder of the site will be available to a cross section of occupiers within the B1/B2/B8 use classes. Within the centre of the scheme, a 9 acre site is to be preserved for the creation of an Innovation Hub, the first phase of which will comprise a 45,000 sq ft Innovation Centre which will be completed and open for March 2015.

The key stated aim for Infinity Park is to build on Derby’s heritage in advanced engineering and its growing presence in the logistics sector. Infinity Park aims to attract companies from these sectors, both nationally and internationally.

The key objective of the appointed consultant is to work in partnership with the stakeholders and associated organisations in raising the profile of Infinity Park, so that it becomes the first choice for companies within the advanced engineering and logistics sector, both on a national and global scale. The appointed consultant is to be fully engaged with key influencing bodies and agencies. In meeting these key aims and objectives the joint development stakeholders require the following services: 

Play a major role in developing the marketing strategy for Infinity Park, Derby.



Influence the knowledge and awareness that occupiers have for Infinity Park, Derby and ensure its availability is widely publicised.



Work in partnership with Marketing Derby and the Innovation Hub to ensure a joined up and efficient approach to marketing activity.

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INFINITY PARK, DERBY – SWOT ANALYSIS

STRENGTHS • • • •

•

• •

Excellent location.

Direct connection to A50.

A skilled, motivated and competitive workforce.

Exceptional support of all major stakeholders.

Full range of property opportunities available, from the smallest office suite to the largest manufacturing/logistics facilities.

Deliverability.

Well-funded and highly respected development team.

OPPORTUNITIES •

•

•

• • • •

Create a nationally and internationally recognised business park for advanced manufacturing and logistics.

Secure occupiers for the site and to attract and retain thousands of jobs in Derby.

To significantly raise the profile of the site both nationally and internationally.

Provide readily available development plots.

Tackle sustainability.

Influence key decision makers.

Financial assistance.

WEAKNESSES •

The current awareness of the brand/scheme nationally and internationally.

THREATS • • •

Demand.

Competing sites.

Ongoing uncertainty in global occupier investment.

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CUSHMAN & WAKEFIELD LLP COMPANY DETAIL UK HQ Cushman & Wakefield LLP 43/45 Portman Square London W1A 3BG BIRMINGHAM OFFICE Cushman & Wakefield LLP 9 Colmore Row Birmingham B3 2BJ COMPANY STATUS Limited Liability Partnership REGISTRATION NUMBER Registration Number – OC328588 NUMBER OF EMPLOYEES Global – 16,000 UK – 674 ANNUAL TURNOVER

LLP Turnover (£million)

2013

2012

2011

2010

140,277

118,415

120,783

119,048

COMPANY OVERVIEW C&W is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a pre-eminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments.

Founded in 1917, it has approximately 250 offices in 57 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal.

The firm has nearly $4 billion in assets under management globally.

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A recognised leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

VISION To be the world’s preferred real estate firm, providing the most creative and innovative services on a consistent basis to drive meaningful value to our clients. To be the best at what we do.

VALUES CLIENT FIRST Our ethos is putting the client at the heart of everything we do.

INTEGRITY & RESPECT Our foremost standards of conduct.

COLLABORATION & TRUST A culture of collaboration, trust and sharing of information.

CONFIDENCE Confidence in each other to deliver the most creative and innovative services to our clients.

MENTORSHIP Attract and develop the most talented professionals.

STRATEGIC PLAN 

Global alignment of management

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Consistent service mix across regions

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Efficient operations

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Client prioritisation

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TOP 200 GLOBAL CLIENT LIST

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OUR MAJORITY SHAREHOLDER, EXOR S.P.A EXOR S.p.A. is one of Europe’s leading investment companies and is controlled by the Agnelli Family. With a NAV (Net Asset Value) of over Euros 8.5 billion, EXOR sums up an entrepreneurial story based on more than a century of investments.

EXOR’s goal is to beat the MSCI World Index in Euros in the long term through the increase in its Net Asset Value (NAV). EXOR makes long-term investments in different sectors, mainly in Europe and in the United States, focusing on few global companies.

EXOR is a responsible owner, combining its entrepreneurial approach with a sound financial discipline. It focuses on the development of its companies, improving their competitive position and profitability. It maintains a constant dialogue with the management of the companies in which it invests, while fully respecting their operating autonomy.

Cushman & Wakefield Inc. is a private corporation with operations in North and South America, EMEA and Asia Pacific.

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BIRMINGHAM OFFICE LOCAL SERVICE LINES  National Logistics & Industrial 

Office Agency



Project Management & Consultancy



Property & Asset Management



Retail

RECENT HIGHLIGHTS  Let 730,000 sq ft to Amazon in Rugeley for a regional distribution centre. 

Let 224,000 sq ft to Continental Tyres in Rugby.



Let 165,000s qft to Jaguar Land Rover in Birmingham.



Let 121,000sq ft to Plastic Omnium At Hams Hall.



Advised Jaguar Land Rover on the acquisition of 40 acres of land and 6,000 car parking spaces on various sites in Birmingham.



Recently appointed marketing agents for: −

Iport Rossington South Yorkshire – On behalf of Verdion/ HOOPP a 6.6million sq ft strategic rail freight terminal

−

Rugby Gateway J1 M6 Rugby – On behalf of Roxhill/ SEGRO a 1.8 million sq ft industrial and logistics development.



Advised Ericsson on the disposal of 136,000 sq ft to Sainsburys and acquired 52,000 sq ft on behalf of Ericsson in a coterminous transaction.



Letting agents on Colmore Plaza (310,000 sq ft) on behalf of Carlyle Group.

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Insider Deal of the Year 2012 – Ericsson / Sainsburys Ansty Business Park, Coventry.



Leading Midlands Shopping Centre Leasing Agents – 19 existing instructions.



EGi West Midlands Retail most active Deal Winners 2012.

KEY MIDLANDS ACTIVE CLIENTS – OCCUPIERS  Jaguar Land Rover



Centrica



GE Aviation



Infor



BAE Systems



Virgin Media



United Technologies Corporation



Ernst & Young



PCC Group/ SPS Technologies



GAP



Sheffield Insulations Group



Ericsson



Experian

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Sainsburys



Grontmij



Marks & Spencer



Wolseley



Everything Everywhere



Royal Sun Alliance



Homes & Communities Agency



Magna Automotive

KEY STATISTICS  8 Partners, 8 Associates, 5 Senior Surveyors, 3 Surveyors, 5 Assistant Surveyors and support staff. 

First opened in 2007 – now 89 staff in Colmore Row, Birmingham.



Experienced senior team.

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Balanced occupier and landlord representation.

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Focussed approach – we only work where we can add value.

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OUR GLOBAL PLATFORM AND LOCAL APPROACH It can be seen from our global coverage that we are represented in 250 offices across 57 countries. At a local level this allows us to reach out across the globe, where required, for the benefit of our client. We use this network for our clients to open doors, make new contacts and seek to influence key decision makers in our target areas.

Our regional presence in the UK is established with offices in London’s West End and City, Thames Valley, Birmingham, Manchester, Glasgow and Edinburgh.

Each office provides: 

A comprehensive service for leasing and tenant representation.



Full understanding of occupier requirements and how this impacts on the development process.

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Collaborative working with our corporate clients, lease advisory and investment teams to deliver more intelligent real estate strategies for clients to maximise their advantage.

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Comprehensive and in-depth research and analysis capabilities enabling you to make truly informed decisions.

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Our national agency teams focus on all UK regions outside of central London and the Thames Valley. Our team of experts are unique in having many years real estate experience covering all regional centres backed with our international infrastructure.



By leveraging our global coverage at a local level we will provide you with the widest possible market coverage and support in marketing and raising the profile of the development, in the UK, EMEA, APAC and the Americas.

YOUR TEAM AT CUSHMAN & WAKEFIELD

STAKEHOLDERS

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MANUFACTURING, INDUSTRIAL & LOGISTICS – KEY PERSONNEL David Binks is the Partner in charge of our National Logistics & Industrial Agency, Birmingham office. He has over 22 years of industrial agency experience across the Midlands and has been involved in many key industrial developments including: 

Kingswood Lakeside Business Park, Cannock Staffordshire County Council a 100 acre business park.



Lymedale Business Park, Staffordshire Staffordshire County Council / Advantage West Midlands – 76 acre business park.



Nexus Point, Birmingham Wilson Bowden 39 acres Business Park



Primepoint J14 M6 Stafford Instructed by Blackbrook Valley Developments to advise on the marketing and disposal of this 128 acre site. Included the development and disposal of two speculative distribution buildings. −

115,000 sq ft let to Iron Mountain

−

170,000 sq ft let to Culina

−

The site (60 acres) was subsequently sold to Prologis for speculative development of three buildings ranging in size from 70,000 sq ft to 550,000 sq ft.



Manton Colliery Worksop 80 acres for East Midlands Development Agency – sold to B&Q.



Interlink Business Park, Leicestershire Wilson Bowden, 150 acre business park.



Ansty Business Park, Coventry Highbridge Properties & The Homes and Communities Agency.

Key current instructions include: 

Rugby Gateway J1 M6 Rugby Appointed by Roxhill Developments and SEGRO to advise on the disposal of this strategically located manufacturing and distribution hub with outline consent for 1.85million sq ft of manufacturing and distribution facilities.



IPort Rossington South Yorkshire Recently appointed by Verdion / HOOPP to act as joint agents on the disposal of this 6.6million sq ft strategic rail freight terminal.

LONDON REPRESENTATION We also propose that Mark Webster, Partner and Greg Cooper, Associate from our London team are involved to form a strong link with the London markets.

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OFFICE AGENCY Scott Rutherford is the Partner in charge of the Birmingham office of C&W and responsible for Office Agency activities across the East and West Midlands. Scott has in excess of 24 years office agency experience both in and out of town and current key instructions include: 

Ansty Business Park, Coventry 1.5 million sq ft – Highbridge Properties and Homes & Communities Agency.



Colmore Plaza, Birmingham – Carlyle Group 310,000 sq ft grade A offices.



Sherwood Park, Nottinghamshire Praxis Holdings



East Side Locks Birmingham – Goodman 900,000 sq ft mixed use development.

RETAIL & LEISURE Doug Tweedie is a member of the Midlands Retail Agency team based in the Birmingham office. Doug is a retail & leisure specialist with UK wide experience in dealing with agency, investment and professional matters and providing development advice.

Recent successes include:     

Voted 2013 Leisure Team of the Year at the Estates Gazette awards in December 2013.

Acting for Redevco in letting 25,000 sq ft to Easy Gym and expanding budget gym operation.

Acting for Burger King franchisee Caspian, KFC, and Karali Limited in Haymarket, Leicester, Cannock and Nottingham.

Acting for KFC Great Britain acquiring 0.75 acres in south Birmingham for a drive thru restaurant.

Landlord instructions include CSC (Capital Shopping Centres), Aviva, Peel, Hammerson

As well as having strong relationships with some of the best retail and leisure operators in the business (Travelodge, Whitbred, The Restaurant Group, McDonalds, KFC, Carluccio’s etc), Doug also advises the UK’s leading owners and occupiers: EMEA CO-ORDINATION

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Steven Watt is a Partner based in our Paris office and is responsible for co-ordinating occupier activity through our network of brokers across the EMEA. Steven will be our key link in ensuring maximum exposure of the development to our European brokers. In addition, Steven will also be responsible for raising the profile of the development with key corporate occupiers known to be considering cross border relocations throughout Europe.

INTERNATIONAL DESK Peter Victor is a US/British citizen who is based in our Portman Square office London and is responsible for the ‘International Desk’. His day to day activities include the co-ordination of occupier requirements across the globe from the Americas and APAC. Peter has insight into corporate activity and requirements, and is responsible for ensuring that corporate clients are put in touch with the best contacts in the local markets. With this intelligence Peter will assist in targeting occupiers with active requirements from across the globe.

CLIENT SOLUTIONS There are approximately 40 or so individuals who manage global corporate accounts of our major corporate clients. They work closely with these clients to provide solutions to their real estate issues, including transaction management. This gives us a detailed understanding of the business drivers and advanced knowledge of new requirements long before they come to the market. We will promote the scheme availability to key members and global account holders for discussion with their corporate clients.

TECHNOLOGY Cushman & Wakefield’s media and technology group produces a number of bespoke research reports and runs sector-led occupier events as well as advising developers on the key dynamics within the media and technology sector.

The specialist team is the leading adviser to a range of media and technology firms with mandates from companies including Amazon, EE, Ogilvy & Mather, Omnicom, WPP, TripAdvisor, Publicis, Microsoft and a number of successful start-ups, and has established strong relationships with East London’s business community including Tech City UK and Hackney Council.

C&W are also lead advisers on some of the Capital’s high profile tech projects and developments including: Here East, a 1 million sq ft state of the art digital campus encompassing TV/film production, incubator, exhibition and retail spaces at the former Olympic media and broadcasting buildings; and Derwent London’s White Collar Factory.

Juliette Morgan, head of property at Tech City UK, joined C&W’s London Markets group as a partner in March 2014. She works closely with the firm’s tech sector specialists in Silicon Valley, New York and other major global tech hubs. She recently became a member of the Pi Labs team, Europe’s first prop tech accelerator launched by Cushman & Wakefield and Spire Ventures.

Juliette runs a TechTalk blog, sharing her thoughts on property technology http://techtalk.cushmanwakefield.co.uk/.

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PI LABS Pi Labs is Europe’s first property-focused technology accelerator company. Founded by Faisal Butt (Founder and CEO of Spire Ventures, formerly known as Hamilton Bradshaw Real Estate) and Umesh Kumar (former Techstars and Oxygen Associate) Pi Labs was created to assist start-ups focused on property and technology innovation. The programme will accelerate the growth of these companies by providing them with access to investment, mentoring and business space. This move underlines Cushman & Wakefield’s commitment to support and drive innovation in property and tech hubs globally.

From October 2014, innovative property start-ups will be able to apply to join the Pi Labs accelerator programme which will be located within ‘Second Home’, a new iconic 20,000 sq. ft. space in Shoreditch.

Founded by Rohan Silva, former adviser to David Cameron and chief architect of London’s Tech City initiative, Second Home will set new global standards in the provision of stimulating private and social workplace environments supporting collaboration and co-working amongst creative and technology businesses.

Through its strategic partnership with Pi Labs, Cushman & Wakefield’s tech team led by Juliette Morgan, (Head of Property at Tech City UK) will relocate to Second Home and become an integral part of the accelerator programme. The Pi Labs programme was founded out of the realisation that a platform approach for property innovation would improve the success rate of budding ventures when compared to the isolated efforts seen today.

This unique initiative puts Cushman & Wakefield at the heart of the tech ecosystem working alongside worldclass entrepreneurs, tech innovators and creative companies while sharing the firm’s extensive range of industry sector specialisms, contacts and networking opportunities. For Spire Ventures, Pi Labs is a natural next step after the venture capital platform’s investment in eMoov (the UK’s largest online estate agent) and most recently, Spacious, positioning the firm as London’s most active investor in prop-tech start-ups.

SECTOR GROUPS Certain industries require expert sector knowledge to meet your needs. C&W have developed specialised sector groups, with members drawn from the best in our firm, with specific knowledge, experience and track record within the relevant industry sector.

Team members are appointed to a sector group based upon exceptional and sustained sector experience and expertise. Our specialist teams draw membership from all real estate disciplines including brokerage, account management, project management, capital markets, consulting, appraisal and property/facilities management.

This integration across multiple disciplines amplifies the team’s ability to deliver both strategic and tactical services in the sector specific manner. C&W sector groups comprise professionals from all relevant regions based upon their footprint of the sector. For example, sectors with local footprints such as manufacturing, transport and logistics have global membership and coverage. To maintain the value added within each sector group, all members partake in the following: 

Attend industry conferences and events



Conduct speaking engagements on topical matters at events and for the media



Publish white papers and periodical publications to share their intellectual capital



Track sector specific inventories and trends impacting the sector



Communicate and co-ordinate on monthly conference calls



Attain certifications and accreditations in the industry

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

Develop sector databases and web based applications



Secure strategic partners, such as architecture and engineering firms and research universities

In addition to their understanding of real estate assets specific to a sector, C&W sector group professionals maintain a nuanced sector specific understanding of the following: 

Business goals



Operational challenges



Product/service lifecycles



Regulatory considerations



Competitive pressures



Capital requirements and challenges

C&W sector groups focus on unique and often complex requirements for companies in select industries and/or with high technical real estate assets. Our sector groups are multidisciplinary, geographically diverse and representative of the firm’s elite professionals. The sector groups will combine and consolidate sector expertise to lead exploration and analysis of key trends affecting the industry. Our sector groups share best practice, research and knowledge from the real estate industry to assist in all aspects of a company’s real estate needs. Our network of local agents, experience and knowledge can help align property requirements with business objectives and help to keep you ahead of your competition.

For Infinity Park the most relevant sector groups that we provide are Transport & Logistics and Manufacturing, and Technology.

Recent activities in these groups include a presentation on the growth and impact of additive manufacturing (3D printing) in the real estate sector.

We will use these promotional events to raise awareness of the scheme with our clients.

The respective CVs of the key individuals are included in Appendix A. This team has the necessary innovation, skills, market knowledge, enthusiasm, time and resources to handle these instructions to ensure that the scheme profile is raised throughout the UK, EMEA, APAC and the Americas. In addition, the activities of our occupier representatives in EMEA and via the International Desk together with our sector group will ensure that the scheme is presented to the widest possible audience of our global corporate clients.

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TRACK RECORD MANUFACTURING, TECHNOLOGY SECTOR & R&D ANSTY BUSINESS PARK, COVENTRY, JUNCTION 2 M6/M69 (1.5MILLION SQ FT TECHNOLOGY PARK) Ansty Business Park is a 100 acre scheme immediately adjacent to Junction 2 of the M6 at its junction with the M69. Capable of accommodating 1.5million sq ft of accommodation, the park is specifically targeted at the manufacturing and technology sectors, specifically those with a strong research development bias. Successes to date include: 

136,000 sq ft let to Ericsson for their EMEA research and development centre (advised by C&W), subsequently vacated and re-let (also advised by C&W) to Sainsbury’s for their store support centre and now accommodates 800 jobs.



The Manufacturing Technology Centre MTC – 120,000 sq ft shared user facility for those in the manufacturing, technology and R&D sectors. Users of this facility include Rolls Royce, Aero Engine Controls and ABB. In addition a new training academy is now on under construction.



Aviation Technology Centre – Currently under construction and extending to 100,000sq ft, this is the second phase of the MTC doubling the size of the facility and focusing on those companies in the aviation sector.



University of Birmingham High Temperature Research Centre – A joint venture between The University of Birmingham and Rolls Royce has recently acquired 3 acres for the development of a 60,000 sq ft facility.

GRANTA PARK, CAMBRIDGE Instructed by Bio-Med, the United States largest owner of science parks, Granta Park is a 120 acre development targeted at offices and laboratories for the smallest organisations to the largest companies.

To date we have prelet two sites on the scheme totalling 100,000 sq ft.

In addition to our disposal work we have, on behalf of a variety of companies, undertaken a number of technology acquisitions for the following: 

Cambridge Silicon Radio (wireless technology solutions) – 50,000 sq ft acquisition in Cambridge.



Maths Work (developer of computing science) – 20,000 sq ft acquisition in Cambridge.

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MEDIACITY, MANCHESTER C&W are instructed by Peel Holdings on MediaCity, Manchester. Phase 1 is regenerating a 36 acre site delivering 700,000 sq ft of office accommodation, a 250,000 sq ft studio block, 80,000 sq ft of retail/leisure space, 378 apartments, split between two residential towers and a 218 bed Holiday Inn hotel.

The home to BBC North’s new headquarters and Salford University’s new higher education centre, MediaCityUK will flourish as a hot bed for developing talent. Add Northwest Vision & Media and a brand new Media Enterprise Centre, to the offer and a mix of academic excellence, private enterprise and public sector emerges.

LOGISTICS IPORT ROSSINGTON, SOUTH YORKSHIRE Recently appointed by Verdion / HOOPP to act as joint agents on the disposal of this 6.6million sq ft strategic rail freight terminal.

RUGBY GATEWAY, JUNCTION 1 M6 Appointed by Roxhill Developments and SEGRO to advise on the disposal of this strategically located manufacturing and distribution hub with outline consent for 1.85million sq ft of manufacturing and distribution facilities.

Our involvement and track record in the developments described above prove that we have a deep understanding of not only the advantaged engineering, manufacturing and logistics sectors but also pharma/bio life sciences and media technology which should also be explored and may also be of benefit to Infinity Park.

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OCCUPIER REPRESENTATION MARKS & SPENCER PLC – UK E-COMMERCE DISTRIBUTION FACILITY THE BRIEF

C&W was appointed by Marks & Spencer Plc (M&S) to identify opportunities in the Midlands to accommodate a 1,000,000 sq ft national E-Commerce distribution centre in order to serve its future needs as a result of an expanding Multi Channel retail platform, SOLUTION

C&W carried out a search of appropriate development opportunities based on detailed transport metrics provided by M&S that resulted in preliminary negotiations being undertaken with a number of developers and land owners in the Midlands.

The preliminary enquiries factored heavily upon the deliverability of a sustainable option and the ability for M&S to benefit from a dedicated rail hub.

CONCLUSION

Our advice and involvement resulted in an agreement to lease being entered into subject to planning on a 950,000 sq ft BREEAM Excellent facility at the East Midlands Distribution Centre (EMDC) in Derby.

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JD SPORTS FASHION PLC – KINGSWAY BUSINESS PARK, ROCHDALE THE BRIEF

JD Sports Fashion Plc (“JD”) wished to consolidate its northern distribution facilities into a single site that would become its main national distribution facility. They had already identified a site which would meet their occupational requirements and were in discussions with the developer. JD had the choice to either purchase the site and fund construction (using their own internal cash resources) or enter into a long term lease with the developer. JD wanted an advisor that could advise them on development structuring. Whilst gaining a full understanding of JD’s requirements, C&W introduced a third option to JD, being a tri-party forward funding solution.

SOLUTION

C&W carried out an options analysis which evaluated the three options available to JD. The options analysis included: 

Financial analysis including the cash flow and P&L effects.



Risks and key considerations which covered construction.



Development, execution and financial considerations.



A market assessment of the pricing that may be achieved.



Accounting implications.

A tri-party forward funding solution was selected.

C&W was instructed to run a structured sales process and identify an investor and negotiate a transaction to achieve the objectives of the business.

CONCLUSION

JD successfully agreed a deal with a leading institution to forward fund the development of a c860,000 sq f facility which they would occupy from practical completion on a long term lease. The building was delivered on time, both legally and practically, which minimised the disruption to their supply chain. The transaction exchanged and completed in just four months.

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OFFICE SECTOR EAST SIDE LOCKS, BIRMINGHAM Eastside Locks is a 13 acre regeneration project creating a vibrant new quarter with retail, leisure, living and business all working together to form a new community. Stunning landscaping forms an integral part of the design with the canal creating a unique waterfront destination. The development will consist of over 720,000 sq ft of Grade A office accommodation, 350,000 sq ft of residential combined with retail and leisure facilities, only a short walk to Birmingham’s vibrant city centre.

Office: 670,000 sq ft of Grade A office space benefiting from a broad range of accommodation options and able to accommodate large floorplate headquarters style premises to smaller scale, ‘own front door’ lower density buildings.

Office space for small and medium sized enterprises: 50,000 sq ft detailed planning submitted.

Hotel: A quality hotel with 185 rooms and amenities including a restaurant, bar and gym, spread across 95,000 sq ft.

Retail and leisure: 95,000 sq ft of restaurants, café bars, brasseries and convenience retail.

Residential: 353,000 sq ft of residential space in a mix of styles.

COBALT BUSINESS PARK, NEWCASTLE UPON TYNE Cobalt Business Park is a 2.25 million sq ft office park and one of the most important office parks in the UK. Developed by Highbridge Properties, the scheme provides high quality office accommodation.

C&W have been involved since the schemes inception. In addition, support services on site include Hotels, Crèche and community services for business and residents.

Current occupiers include Proctor & Gamble, GE and Everything Everywhere, Newcastle City Council, Santander.

Furthermore, Highbridge properties have speculatively developed two purpose built data centres.

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MARKETING MISSION STATEMENT / VISION To work in partnership with the developers, land owners and key stakeholders of Infinity Park to understand our targets and to raise the profile of the development regionally, nationally and globally, and to secure new occupiers for the development from target markets.

OBJECTIVES 

To work in partnership with the key stakeholders to raise the profile of the development on a regional, national and global basis.



To establish and continually promote Infinity Park, Derby as the natural first choice for companies within the advanced engineering and logistics sectors.



To establish the credibility and deliverability of the development.



To establish and promote the key unique selling points of Infinity Park.



To access and influence key decision makers in our target markets.



To establish a credible delivery process for occupier requirements.

IMPLEMENTATION ESTABLISH KEY UNIQUE SELLING POINTS Working with the key stakeholders to establish the unique selling points and target markets, including but without limitation as follows: 

Location



Deliverability/Credibility



Connectivity



Availability



Demographics



Business Support



Skills

DELIVERABILITY AND SUSTAINABILITY  Location – It is key to sell a location to an occupier, both its geographical location connectivity but also availability of skilled workforces and cost relative to other geographic areas. 

Physical characteristics – Occupiers will need to know how their requirements can be accommodated.



Deliverability – These facilities will be essential to customers’ business operations. Cast iron deliverability is key. Prove: −

Undoubted planning environment

−

Developer expertise in delivering developments of this scale to budget and on time

−

Availability of plans and specifications in multiple sizes and formats. Use pictorial specifications

−

Cast iron delivery timescale – review with your contractors timescales for delivery, seek improvements where possible. The aim is to match or beat the competition.



Minimal risk – Prove that the site is not subject to third party risks e.g. flooding, geo-technical or environmental risks.



Labour availability – Commission appropriate reports into availability and cost of labour relative to the competition.

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

Sustainability – This is of increasing importance to manufacturers and logistics organisations in their property portfolios, not only to meet their corporate social responsibility requirements & carbon reduction commitments but more importantly, to minimise operational costs of their property holdings.

We recommend that sustainability issues are addressed and promoted to our target markets. This would require the adoption of target BREAAM ratings in the specifications of the buildings. We recommend a very minimum of BREAAM Very Good. This should be promoted within the marketing of the development. In addition seek to identify a local network power generation facility for the site.



Fit out packages – Design standard fit out packages that are commercially viable and promote their availability as part of the marketing campaign.



Address these issues and promote these in the marketing information. Have the information instantly available.

TARGET SECTORS ADVANCED MANUFACTURING/ R&D

Key sectors for targeting would include but are not limited to: 

Aviation supply chain



Automotive supply chain



Advanced manufacturing / engineering



Media Tech



Pharma / Bio Tech

TECHNOLOGY INSTITUTIONS

In addition to the above key sectors we would also propose to target key educational institutions, universities and colleges that are proactive in the advanced engineering, supply chain and logistics field.

Recent successes at Ansty Business Park have been in direct partnership with institutions including Birmingham University.

LOGISTICS

Key sectors in the logistics environment will include but are not limited to: 

End users from the advanced manufacturing and retailing sectors



Third party logistics organisations



Distribution and warehouse companies

OCCUPIER TARGETING We have suggested key sectors to target for potential occupiers for Infinity Park. C&W will work in partnership with the stakeholders to: 

Identify potential targets, and make approaches to those target occupiers on a national and international basis. Nationally this will include establishing lists of companies in our target markets – aviation, automotive and supply chain.



Devise an appropriate marketing campaign and associated material for distribution to these organisations.



Respond to active requirements known within the market and pursue these to the best of our ability to promote the awareness of Infinity Park and attract them to the development.



Utilise our EMEA and International Desk to selectively target those organisations within the target sectors and C&W corporate client base that we know are pursuing relocation projects and promote the availability of Infinity Park to them.

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LEASE EVENT TRACKING C&W have a simple and effective system of monitoring lease events in key buildings and markets around the country by cross referencing these events with our target market lists. This will be of significant benefit to the marketing process by regularly reviewing lease events around the country in an effort to target and identify forthcoming customer requirements.

EXCERPT FROM LEASE EVENT TRACKING DATABASE

BRING FORWARD MONTH

TENANT

PROPERTY ADDRESS

EVENT

EVENT DATE

REASON

December 2013

ABB Ltd

Hams Hall 28, Coleshill, Birmingham

Break Date

11/07/2016

£140,000 @ £5 27,946 sq ft

December 2013

Mettler – Toledo Ltd

64 Boston Road, Gorse Hill IE, Leicester

Lease Renewal

08/12/2015

£129,500 @ £4.84 26,744 sq ft

December 2013

Toyota (GB) Plc

Plot 2200, Magna Park, Lutterworth

Rent Review

25/12/2015

£995,530 194,678 sq ft

SECTOR GROUPS Using the skills and reach of our sector groups in Manufacturing, Technology, Transport & Logistics we will seek to promote the availability of Infinity Park and discuss potential requirements with our internal clients, both nationally and globally, and with other external organisations.

MARKETING CAMPAIGN A key part of our proposals will be to raise the awareness of Infinity Park to the external market and our internal corporate clients on a national and global basis. We will instigate a comprehensive and high quality marketing campaign as follows: BRANDING The Infinity Park branding is strong brand, and we recommend that this is kept. We will work with your internal marketing professionals to work with this branding to create styles that will be targeted at our markets. In addition we will ensure that branding is driven through all material to maintain consistency.

SITE SIGNAGE We propose a comprehensive package of site signage to include: 

Main site boards – providing an overview of availability, site mission statement and CGI visuals.



Individual plot availability boards – to be erected at appropriate locations in front of individual plots describing size and use.

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BROCHURE We propose a suite of brochures that would highlight the availability across relevant property sectors. The brochures will be produced in both hard and soft copy in sufficient numbers to allow penetration of the target sectors. The brochure content will include scheme plans, demographic / location information, developer credibility, information on grants and funding, connectivity to the UK and globe, and CGI images of the proposed developments.

VISUAL IMAGES We recommend preparation of a suite of CGI’s to bring the scheme to life for occupiers. This would also include moving CGI video presentations of the scheme.

INTERNET PRESENCE We propose the following: 

Existing website – Enhance and add to the existing website detail regarding the wider scheme to provide detailed information for the rest of the development. −

Website content to include similar information to the brochure but also to include download centres for additional material for instance standard specification, scheme plans, demographic information stakeholder contacts and business support information etc.



Infinity Park will be included on the C&W global website and links to the development site will be included.



Establish the presence of Infinity Park on social media – Twitter, LinkedIn, Facebook, and YouTube and work with the stakeholders to ensure these are kept up to date.



C&W operate internal video presentations to promote availability of globally significant instructions to our global teams, known as CWTV. This is a piece of internal software that will display a reminder on all C&W employees’ computer screens when an internal news story is released. This includes videos and other promotional pieces such as the desktop pop up on the next page.

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

Create tablet and smart phone enabled content such as applications and quick recognition systems for the scheme.



In addition we would ensure that details of the scheme are registered on key property listing websites including: −

EGi

−

Nova Loca

−

Estates Agents Clearing House

−

Focus

−

Logistics Manager

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PRESENTATION & EVENTS We recommend: 

An on-site marketing suite (potentially in the Innovation Centre) which will include both digital and hard copy interactive presentations of the scheme and the unique selling points of the development, creating a quality environment to bring occupiers to.



Presentation of the development at sector specific events including:







−

Advanced Manufacturing Show

−

Logistics Link Live

−

Internet and E-commerce Retailing Show

Attending specific occupier events to ensure national and global exposure of the development including: −

MIPIM

−

CoreNet

−

IAMC

−

Expo Real

Partnering with key business associations −

CBI

−

Chamber of Commerce

−

IOD

−

Department for Business Innovation and Skills, and relevant supporting partners

−

UKTI

−

Homes & Communities Agency

Partnering with key sector specific organisations −

Institute of Advanced Engineering & Science

−

Manufacturing Technologies Association

−

Engineering Industries Association

−

International Warehouse & Logistics Association

These are just a small selection of relevant organisations. Working with you we will identify the most appropriate organisations to target. We will assist in the creation of suitable presentation material. 

Working with regional and national agents active in the office, technology and manufacturing/ logistics sectors.



Hosting on-site launches with presentation lunches/breakfasts.



Becoming key sponsors of local and regional events or sector specific events.

DIRECT MAILINGS Implement a campaign of direct mailing to target sectors, relevant organisations, and bodies on a regional, national and international scale, using both hard copy and digital material.

The target lists would include, but are not limited to: 

Key regional and national occupiers within the target sectors, for instance, −

top 500 UK manufacturers

−

top 200 warehouse and logistics organisations



FTSE 100 organisations



Undertake, with the assistance of a specialist telesales company, a telesales campaign to follow up direct mailings

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ADVERTISING Implement a targeted advertising campaign focused on key publications in our target sectors, to include but not limited to: 

Logistics Manager



UK property press



−

Estates Gazette

−

Property Week

Sector specific journals −

Aerospace Manufacturing

−

International Journal for Advanced Engineering Technology



Other relevant engineering and advanced manufacturing journals to be identified



Billboard advertising in key relevant infrastructure locations around the country and globe. Stations, airports etc.

OTHER MARKETING ACTIVITIES  Hold regular competitions both for the agency community and wider business community to maintain awareness. 

Provide regular news updates via the website, social media and newsletters.

The proposed implementation and marketing campaign, both nationally and internationally, will significantly raise the profile of the development and assist in attracting new occupiers to the park.

PRESS RELATIONS Promote the development’s key selling points, by the use of press releases, newsworthy items and successes in the key target media.

In addition, we retain the services of Leapgate PR, a local firm of journalists who are well known to local publications and have a significant track record of placing press commentary and editorial in relevant publications. They can assist in identifying appropriate journals, writing press releases and liaising with journalists.

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SITE INFORMATION PACK Prepare a pack of information which provides the following detail: 

Planning consents



Sustainability



Product specification



Indicative racking layouts



Timescales



Local stakeholder information



Environmental and geo-technical information



Planners



Plans



Economic development



Construction team



Business support services



Fit out shopping lists



Labour availability (recruitment assistance)

PROMOTIONAL ITEMS Use quality promotional items e.g. branded stationary etc, with longevity to build brand awareness.

SPECULATIVE DEVELOPMENT Consulting with the key stakeholders, we will provide advice, recommendations and analysis on the prospects for speculative development.

We believe this is an important part of generating activity at the development, particularly at this stage in the market where supply is short and demand continues to grow.

KEY PERFORMANCE INDICATORS Key performance indicators for our activities in the marketing of the development would include, but not exclusively, the following: 

The amount of square footage transacted on an annual basis.



The number of new organisations relocating to the park and jobs created.



The amount of press coverage, measured by the number of column centimetres produced referring to the park.



Website traffic/Google rankings.



The number of new contacts made annually.



The number of presentations concluded.



The number of direct meetings with relevant occupiers.

The above KPIs will serve as a measure of our success; the parameters of which are to be agreed.

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WHY APPOINT CUSHMAN & WAKEFIELD 

Our track record is superior to our competition. We have significant experience in the advanced manufacturing, technology and logistics fields. Our track record proves that we have the skills, expertise, market penetration and contacts to promote Infinity Park to key decision makers, both nationally and globally.



We can leverage our global platform and focus it at a local level. Our influence and reach across the globe allows us to open many doors to key decision makers. A significant attribute in a globalised world.



Our corporate connections – we act for many of the world’s largest companies, many of whom are operating in our target sectors of advanced manufacturing, technology, transport & logistics.



Our retail connections – C&W is known for its extensive expertise in the retail sector and voted Property Week Retail Team of the Year in 2014 and Estates Gazette Retail Team of the Year in 2013. Retailers form a large part of the logistics sector and we are able to open doors to many of the key decision makers, both nationally and across the globe.



Our market coverage and knowledge – our activities in the office, advanced manufacturing, industrial and logistics sectors give us unrivalled market information on activity and deals allowing us to keep you updated on the most recent activity. C&W were crowned Industrial Agency of the Year at the 2014 Property Awards.



Our proposed marketing campaign, if implemented fully, will raise awareness of Infinity Park nationally and globally.



A highly focused team which focuses on the advanced manufacturing, logistics and office market. We act like a niche team but with the support network of a global organisation.



We are vertically split which means we all work together for the benefit of our client. We all benefit from the effort we make across the country. We are a single profit centre.



Significant support services - behind us is a network of industry expertise in: −

Advanced manufacturing, technology, and logistics organisations both nationally and globally

−

Marketing and promotional activity

−

Transaction execution and management



Our focus on the project – we have no relevant conflicts of interest.



Our systems – we have a number of well maintained internal systems that allow us to stay up to date with our clients’ activities, who knows who and who is seeing who.

These qualities set us apart from our competitors. By appointing C&W you will be appointing an agency team that has unparalleled expertise in your target sectors but has deep connections in corporate organisations in your target markets. Further, the team is very often advising occupiers in your target markets.

Our global connections can be leveraged to raise awareness of the scheme across our network, with our clients, and within the target markets.

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OUR CORPORATE CONNECTIONS We are retained by or have preferred supplier status with over 141 international companies across EMEA and over 200 corporations globally. We have been actively working with these organisations represented below.



We are trusted consultants.



Our deep connections mean your potential customers will take our calls.



We are able open to doors to key decision makers.



We know how they think, what drives them and how they analyse their choices.

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MARKET KNOWLEDGE 

We pride ourselves on our market knowledge. Our niche approach to the market means that we have the very best understanding of what is happening in the market, on a regional, national and global level and we will use this information to your advantage.



Our tenant representation means that we are frequently making the market rather than following it.



Our national vertically organised team and integration with key players in our global network means that we can co-ordinate market knowledge, requirements, deals, viewings across the country and the globe.



We monitor a number of key elements of the market.



Enquiries – we are able to analyse enquiries by tenure, size and volume. We can track levels on a month by month basis and in size bandings. This allows us to provide accurate demand advice and assess which parts of the market are proving most active and advise you on how to adapt your marketing to take advantage of these changes.

NATIONAL LOGISTICS INDUSTRIAL AGENCY, UK-WIDE ENQUIRIES ANALYSIS December 2012

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SUPPLY We monitor the availability of both existing buildings and competing sites across the market both regionally and nationally. We are able to analyse these by size, age and tenure for existing buildings and for sites by availability and ability to accommodate buildings. This allows us to provide up to date advice on competing availability to ensure that Infinity Park is offered in the most competitive way.

SITE AVAILABILITY SCHEME NAME

DEVELOPER/ OWNER

SIZE (SQ FT)

REMAININ G (SQ FT)

Derby Triangle Chaddesden

St Modwen

750,000

750,000a

EMDC,

Clowes Developments

2.5 million

1.3 million

Goodman

2 million

2 million

Castle Donnington Derby Commercial Park,

INFRAS LARGEST TRUCT UNIT URE

480,000

RENT (PER SQ FT)

SPECIFICATION/ COMMENTS

No

TBC

Design & Build mix of office and business space. Masterplan being prepared.

Yes

£5.75

Design and Build.

900,000 sq ft pre let to Marks & Spencer

1,400,000 Yes

£5.50

New scheme for up to 2 million sq ft.

3 plots available

Derby

170,000, 373,300 & 550,504sq ft KNDL 600,000 sq ft INFINITY PARK, DERBY LTD

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SITE AVAILABILITY SCHEME NAME

DEVELOPER/ OWNER

Castlewood Clowes Business Park Developments

SIZE (SQ FT)

REMAININ G (SQ FT)

INFRAS LARGEST TRUCT UNIT URE

RENT (PER SQ FT)

2.2 million

1.6 million

471,000

£5.50

Yes

Nottingham

SPECIFICATION/ COMMENTS UDG 225,000sq ft acquired on a design and build basis.

Co-op pre-let of 480,000 sq ft

Nottingham Junction 26 M1

IM Properties / First Industrial

55 acres

Henry Boot Developments

61 acres

55 acres

900,000

Yes

£4.75

Infrastructure currently being constructed

Nottingham Markham Vale East

Planning for B1, B2 and B8 use

40 acres

585,000

Yes

£4.75

Junction 29A M1

Detailed consent for 585,000 sq ft Ready for immediate development Potential rail Connection

EXAMPLE BUILDING AVAILABILITY ANALYSIS GRADE

GIA AVAILABLE

NUMBER OF UNITS

% OF TOTAL

AVERAGE SIZE

A

2,301,277

10

9

230,128

B

5,182,909

29

26

178,721

C

11,727,126

73

65

160,646

19,211,312

112

Total

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EXAMPLE AVAILABILITY BY SIZE

SIZE RANGE (SQ FT)

NUMBER OF UNITS

%

100,000 - 150,000

61

150,000 - 200,000

NUMBER OF UNITS BY GRADE A

B

C

55%

2

18

41

24

22%

3

4

17

200,000 - 250,000

8

7%

1

2

5

250,000 - 300,000

8

7%

1

1

6

300,000 - 400,000

7

6%

1

2

4

400,000 - 500,000

2

2%

1

1

0

500,000 - 600,000

1

1%

0

1

0

600,000 plus

0

0%

0

0

0

9

29

73

111

DEALS We track and record as many deals as we can across the country and we are also able to analyse these by size, tenure, age, price and use class. This covers not only the occupational market but investment transactions as well. This will allow us to provide you with a variety of intelligence to ensure that the Infinity Park offer is market competitive and that terms presented to potential occupiers are also the most competitive.

EXAMPLE DEALS ANALYSIS MONTHLY TAKE-UP (MIDLANDS) MONTH

ANNUAL TAKE UP BY SIZE

NUMBER OF DEALS

FLOOR AREA (SQ FT)

SIZE RANGE (SQ FT)

DEALS DONE

January

2

516,415

100,000 - 150,000

5

February

3

448,391

150,000 - 200,000

5

March

0

0

200,000 - 250,000

2

April

1

303,047

250,000 - 300,000

0

May

1

104,014

300,000 - 400,000

5

June

6

1,894,345

400,000 - 500,000

0

July

2

790,025

500,000 - 600,000

1

August

1

165,200

600,000 plus

2

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EXAMPLE DEALS ANALYSIS MONTHLY TAKE-UP (MIDLANDS) MONTH

NUMBER OF DEALS

FLOOR AREA (SQ FT)

September

3

527,358

October

1

1,000,000

20

5,748,795

ANNUAL TAKE UP BY SIZE SIZE RANGE (SQ FT)

DEALS DONE

November December Total Birmingham Take Up:

20

TOTAL VOLUME OF TRANSACTIONS (SUM OF FLOOR AREAS) TOTAL NUMBER OF TRANSACTIONS

5,748,795 20

We believe that these systems will allow us to provide you with the very latest market intelligence, ensuring that the Infinity Park offer is competitive and adapts to changes in the market.

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OUR CLIENT / PROJECT FOCUS At C&W we focus our niche teams with clients and on projects where we can add the most value. We are selective about what we do which means we: 

Have the resources to work collaboratively and closely with our clients and focus significant effort into projects to ensure the best possible outcome.



Limit our conflicts of interest – we are focused on securing the best outcome for our client.

In this instance we do not believe we have any relevant conflicts of interests regionally but have listed below relevant current projects to enable you to assess if there are any conflicts.

RELEVANT CURRENT PROJECTS SCHEME

SIZE

CLIENT

Ansty Business Park Coventry

60 acres

Highbridge Developments

Phase II Centrum West,

30 acres

Goodman

Burton upon Trent

Can accommodate one single building of 400,000 sq ft.

Alfreton Road,

15.2 acres

Derby

Old manufacturing facility

Prysmian Cables (strong interest and soon to be placed under offer). Sold for redevelopment

Rugby Gateway J1 M6 Rugby

90acres

Roxhill/ SEGRO

Planning for 1.8million sq ft IPORT Rossington

6.6million sq ft strategic rail freight terminal

Verdion/ HOOPP

We believe that our involvement in schemes such as Ansty Business Park, Rugby Gateway, Iport Rossington or others do not conflict with Infinity Park and will give us a detailed insight into national and regional enquiries.

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OUR SYSTEMS At C&W we use our technology to assist us in staying up to date with our clients’ activities. This allows us to be fully informed of their thinking and activities which we are then able to utilise for our client’s benefits.

Systems of note are: 

Salesforce – This is an online internal C&W environment that all C&W brokers across the globe update with client meetings and summaries of client activity. It details who we work for, their current activity and main contact list. We can use this to open the doors to our corporate clients across the country and globe.



Agents’ enquiry and property database – This allows us to monitor, update, target and analyse requirements and competing properties regularly.

These systems provide us with the resources that our competitors do not have. They allow us to remain up to date on market activity and our client activity which means we can use this information to open doors, influence key decision makers, inform and enhance our marketing activities.

REFERENCES Steve Holland, Homes & Communities Agency Mark Harris, Carlyle Group

Prior to seeking references, please contact David Binks at Cushman & Wakefield.

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FEE PROPOSAL SOLE AGENCY FREEHOLD Up to £1million Between £1million & £2million Above £2million

1.5% 1.25% 1%

of the freehold transaction price for each transaction.

LEASEHOLD 10% of the first year’s rental income ignoring rent free or other financial incentives.

JOINT AGENCY Assuming the appointment of two joint agents our fees would be as follows: FREEHOLD For freehold we propose that the sole agency scale is multiplied by 2 and divided equally between the joint agents.

LEASEHOLD 15% of the first year’s rental income ignoring rent free or other financial incentives. Fees to be shared equally between the joint agents.

All fees are quoted exclusive of VAT. MARKETING COSTS Marketing costs will be in addition to these fees and will be charged separately in the month in which they are incurred.

TERMS OF ENGAGEMENT Attached at Appendix B is a copy of our standard terms of engagement for your consideration.

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CONCLUSION We would like to thank you for asking us to respond to your Request for a Proposal. We hope that we have demonstrated: 

Our track record



How we will assist the key stakeholders in marketing the scheme



How we will reach key decision makers and raise awareness of the scheme



How we will educate occupiers in the market as to the benefits of Infinity Park, Derby



How we can bring the resources of a global advisor to a local market in a niche style



That corporate relationships and understanding of their key drivers are at the heart of your target market and that no other organisation has the same connections



The proposed team, our collaborative approach and our significant expertise and experience together with supporting resource can be brought to your benefit and are a best in class service.



We have detailed market knowledge and are frequently market makers rather than followers



We are one of the most active agents specialising in the manufacturing, logistics and technology sectors and have an enviable track record of completing some of the biggest deals in these sectors in the UK



We have complementary instructions that will not cause conflicts of interest or distract us from providing you with best in class service



We have systems in place that allow us to remain up to date in a fast changing environment on a national and global basis



We are very enthusiastic and excited by the prospect of becoming involved in this project. We hope that you will agree with us and look forward to hearing from you with your decision at your earliest convenience.

DAVID BINKS

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APPENDIX A – CVs

DAVID BINKS PARTNER | NATIONAL LOGISITCS & INDUSTRIAL AGENCY

ROLE & RESPONSIBILITIES David Binks is a Partner within the National Logistics & Industrial team and has 25 years experience in industrial development and agency in the West Midlands. David is Head of Industrial Agency at the Birmingham office with responsibility for identifying work in the Midlands region.

WORK EXPERIENCE After starting his career with Connell Wilson (now Lambert Smith Hampton), David went on to work for King Sturge for 10 years as Head of Industrial and then North Rae Sanders before joining C&W in October 2007. David has 25 years experience of acting for landlords and occupiers of industrial and warehouse / distribution space in the Midlands. 

Opus Blueprint – Instructed by Opus land and the St Francis Group to market and identify occupiers on a build to suit basis for this 22 acre site adjacent to J9 of the M6 and capable of accommodating 475,000sq ft of industrial/ warehouse space.



Centrum 415, Burton Upon Trent – Instructed by Goodman Developments to market and identify occupiers on a build to suit basis for this 25 acre site adjacent to the A38 in Burton Upon Trent and capable of accommodating 415,000sq ft of industrial/ warehouse space.



Instructed by Henry Boot Developments to advise on the development, marketing and disposal of Markham Vale, Derbyshire. Extending to 232 acres the site will be one of the largest development sites in the East Midlands. Capable of accommodating large distribution buildings up to 1 million sq ft together with other ancillary uses.



Advice to Blackbrook Valley Developments on the marketing and disposal of the 128 acre site at Primepoint, Stafford. Included the development and disposal of two speculative distribution buildings of 115,000 sq ft let to Iron Mountain and 170,000sq ft



Advice to Staffordshire County Council and Advantage West Midlands on the marketing disposal of 76 acre former colliery at Lymedale Business Park, Stoke on Trent.



Instructed by East Midlands Development Agency to dispose of 90 acres of reclaimed Colliery, which was subsequently sold to B&Q for an 850,000sq ft distribution facility.

KEY ASSIGNMENTS

EDUCATION, MEMBERSHIPS AND AWARDS



Opus Blueprint, Wednesbury



MRICS



Centrum 415, Burton on Trent



IAS West Midlands Branch



Rugby Gateway Rugby



IPORT Rossington South Yorkshire



Royal Oak Way Site, Daventry

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COLIN LAWRENCE-WATERHOUSE ASSOCIATE | NATIONAL LOGISITCS & INDUSTRIAL AGENCY

ROLE & RESPONSIBILITIES Colin Lawrence-Waterhouse is a member of our Industrial Agency Team in Birmingham, having recently relocated from the Edinburgh office. Colin concentrates primarily on the Midlands and Scottish industrial markets acting for a variety of developers, landlords and occupiers.

WORK EXPERIENCE Colin is a graduate of Heriot-Watt University in Edinburgh, where he gained a BSc (Hons) in Estate Management. He joined C&W's Industrial Agency team in September 2007. Since joining the firm, Colin has been involved with a number of acquisitions and disposals, along with many rent reviews, valuations and purchase reports for properties across the UK, for example: 

Acting on behalf of Aggreko UK Ltd, Colin is currently retained on the freehold acquisition of a 16 acre site in Dunbarton, Scotland. Following completion of works, the site will provide a manufacturing facility extending to approximately 160,000 sq ft, which will focus on the production of containerised generators.



Acting on behalf of SIG Trading Ltd, Colin is currently retained on the acquisition of a number of sites across the UK totalling approximately 242,500 sq ft. Following the acquisitions, the sites will be used for a variety of uses including distribution and trade counter premises in locations such as Leicester, Manchester, Wolverhampton and Luton.



Acting on of behalf of Big Yellow Self Storage, Colin has been involved with the freehold acquisition of a 1.2 acre former car dealership site at 6 Bankhead Avenue, Sighthill, Edinburgh. The site, which was acquired for redevelopment into a self storage warehouse, comprised an 18,176 sq ft car showroom, which Colin subsequently let short term to the UK Car Group T/A Carcraft whilst planning was sought.



Acting of behalf of BTC Activewear Ltd, Colin has assisted on the acquisition of a new 105,474 sq ft distribution facility at Opus 9, Point 1, Wednesbury.



Acting on behalf of Wolseley, Colin has provided advice on the acquisition of approximately 300,000 sq ft of sites including distribution and trader counter premises. His involvement has been UK wide in locations including Nottingham, Cardiff and M5 corridor.

KEY ASSIGNMENTS

EDUCATION, MEMBERSHIPS AND AWARDS



ProLogis



MRICS



SIG Trading Ltd



BSc (Hons)



Metro Asset Management

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SCOTT RUTHERFORD PARTNER | BIRMINGHAM OFFICE AGENCY

ROLE & RESPONSIBILITIES Scott is responsible for establishing and co-ordinating C&W’s Office Agency and Development team in Birmingham and the Midlands. He is also responsible for the C&W office in Birmingham.

WORK EXPERIENCE Scott has 23 years experience of the provincial office leasing and development market. Having gained a BSc (Hons) in Estate Management from Oxford Polytechnic in 1989, Scott became a member of the Royal Institution of Chartered Surveyors as well as the Office Agents Society and British Council for Offices.

In 1989, he joined Gooch & Wagstaff as a graduate in London working within the out of town office agency department and becoming an Associate Partner in 1995 and an equity holding Director of Gooch Webster in 1998.

From 2003 Scott became the Office Leasing Director at Colliers CRE, where his role was to advise clients on the disposal and acquisition of offices within the London and South East area.

Scott relocated to Birmingham to head office leasing and development in April 2006 and he joined C&W in June 2007 and was appointed as Head of C&W Birmingham in February 2008. 

Scott manages a number of key clients dealing with a cross-section of aspects relating to their property holdings in Birmingham and the Midlands.



Currently, Scott is responsible for office agency advice relating to the letting of Colmore Plaza on behalf of the Carlyle Group, which comprises over 310,000 sq ft of prime new offices in Central Birmingham which completed in early 2008.



He is also advising Goodman in terms of development and agency advice on Eastside Locks, a proposed mixed-use development of more than 1,000,000 sq ft with the East side area of Central Birmingham.



Marketing advice is also being provided by Scott and his team to Highbridge for a minimum 300,000 sq ft office park at Ansty Park, Coventry. He was responsible for the largest single office transaction in 2012 in the Midlands totalling 189,000 sq ft on behalf of Ericsson at Ansty Park and Ashbrook Court in Coventry.



In the East Midlands he is currently advising Virgin Media on the disposal of the 52,000 sq ft Diamond Plaza, Nottingham and the most recent phase of Sherwood Park at Junction 27 of the M1.

KEY ASSIGNMENTS

EDUCATION, MEMBERSHIPS AND AWARDS



Colmore Plaza, Birmingham



MRICS



Ansty Park, Coventry



BSc (Hons)



Eastside Locks, Birmingham



Office Agents Society



British Council for Offices

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DOUG TWEEDIE SENIOR SURVEYOR | MIDLANDS RETAIL AGENCY

ROLE & RESPONSIBILITIES Doug is a member of the Midlands Retail Agency Team based in the Birmingham office.

Doug is a retail specialist with UK wide experience in dealing with agency, investment, professional matters and providing development advice.

WORK EXPERIENCE Doug joined from Lambert Smith Hampton as a senior surveyor with over 6 years experience working in the local and national property market and has worked on behalf of funds, investors and occupiers alike.

Doug’s recent successes include: 

Acting on behalf PPG (Mansfield) Ltd, agreement of a new 10 year lease to Martin Wilkinson Ltd t/a Pandora.



Acting on behalf Wesleyan Assurance, agreement of four new leases in 2013 in Kings Heath to CEX, Warwickshire & Northants Air Ambulance, Cash Converters and Cafe Blend.



Acting on behalf of Headway RamarLLP, agreement of a new 10 year lease to AG Retail Cards Ltd t/a Clinton Cards.key assignments.

CURRENT CLIENTS INCLUDE: 

M&G Real Estate



Wesleyan Assurance



Dunelm (Soft Furnishings) Ltd



Mapeley Columbus



Premier Property Group



KFC



Redevco



Burger King



Next PLC



Deutsche Bank



Oakam Limited



EE



Legal & General

CURRENT SHOPPING CENTRE LEASING INSTRUCTIONS INCLUDE: 

Sutton Coldfield, Gracechurch Centre



Mansfield, Four Seasons Shopping Centre



Northampton, Grosvenor Shopping Centre



Nuneaton, Ropewalk Shopping Centre



Market Harborough, St Mary’s Place

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STEVEN WATT PARTNER | HEAD OF PAN-EUROPEAN LOGISTICS & INDUSTRIAL

ROLE & RESPONSIBILITIES Steven has over 25 years real estate experience, 13 years experience of managing cross-border transactions and 10 years experience of living and working in Continental Europe. Steven delivers Real Estate solutions across EMEA working with 70 dedicated brokers in 16 markets. Steven is responsible for business development and account / relationship management of key Pan-European clients to ensure C&W exceed client expectations at all times WORK EXPERIENCE Management of recent Logistics & Industrial transactions, for Occupier/Developer/Investor clients, with a value in excess of €300 million. Examples include: 

Preferred Advisor to Tech Data Corporation on their global warehouse and office portfolio totalling 708,000m² (7.62million Ft²)



Advising Tech Data Corporation on recent/ongoing projects totalling approx 250,000m2 across Europe.

These include major distribution facility re-locations / lease re-negotiations in: Spain, Italy, Poland, UK, Czech Rep and Benelux



Advising a Global FMCG group on the centralisation of their Real Estate Function and managing transactions totalling 176,000m² in Switzerland, France and Baltic states



Advising TNT Express on the acquisition of 2 strategic distribution hubs close to Paris. These projects are now being used by TNT Globally as a ‘best practice’ case study

KEY CLIENTS 

Tech Data Corporation



Philip Morris International



Flextronics



TNT Express



CTP Invest



SEGRO



P3



Goodman

EDUCATION, MEMBERSHIPS AND AWARDS 

BA (Hons) in International Business and Marketing

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NIGEL COLEMAN ASSOCIATE | ACCOUNT MANAGEMENT, LONDON

ROLE & RESPONSIBILITIES Nigel is an Associate within C&W’s CIS Account Management team. He joined C&W in 2011 having been at DTZ for 5 years most recently within their Global Corporate Services Team. He has been working in the real estate industry for over 8 years a WORK EXPERIENCE Nigel has worked with a number of multinationals during his career including Danfoss, TNT, Maersk, BT, Ericsson, UTi, WSP, TMF Group and Unipart Group of Companies.

Nigel’s expertise lies in providing Account Management services to multinational corporate occupiers with a mixed portfolio of properties. He is an experienced real estate professional with a proven track record in corporate account management and a background in industrial and office landlord and tenant negotiations.

Nigel’s recent successes include: 

Unilever Leading Global FMCG – Holding a “Special Opps” role whereby Nigel is tasked with proactively identifying opportunities within the global portfolio that can release value for Unilever.

Working with the C&W teams, Unilever Real Estate and Business Units to bring these opportunities to life.



TNT – Global Logistics Company – Managed and delivered the renegotiation of 20 leases in Brazil, generating savings for TNT in the order of £2.5m over 3 yrs. Most recently Nigel has managed the acquisition of 2 key distribution facilities fir TNT in Paris, the result derived by his team generated year 1savings in the order of €750,000.



Danfoss – Global Manufacturing Company – As C&Ws account manager for Danfoss Nigel is responsible for the delivery of all C&W services across the globe. Recent completions include the sale of freehold manufacturing facilities in France & Norway and lease renegotiations in Belgium, Estonia, The Netherlands and Chile.



Maersk – Global Shipping and Logistics Company – Account Manager coordinating instructions globally covering across, acquisitions, disposals, lease restructuring & valuation.

KEY CLIENTS

EDUCATION, MEMBERSHIPS AND AWARDS



Danfoss



MRICS



TNT



MA in Property Valuation and Law, 2005



Ericsson



Unilever



Maersk



TMF Group

“Nigel provided a highly professional and client focused service. He is committed to service delivery, willing to help with any request, no matter how urgent the deadline or difficult the challenge. Nigel’s personable nature compliments his sound knowledge of property portfolio management issues and very quickly integrated into the client team” Shirley Watson, Head of Real Estate, WSP GROUP INFINITY PARK, DERBY LTD

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ANNA POTENZA PARTNER | ACCOUNT MANAGEMENT

ROLE & RESPONSIBILITIES Anna has been in charge of several Global and Regional Accounts over the past 6.5 years managing and supporting Unilever, British Airways, Glaxo Smith Kline, General Electric, Discovery and Cantor Fitzgerald.

She is responsible for delivering corporate real estate solutions across Europe, Middle East, and Africa regions. 

Leading acquisitions, disposals and management of a wide range of real estate products; industrial, commercial, retail properties and facilities.



Implementation of systems and procedures for client’s reporting on global portfolios.



Primary point of contact between Client, C&W Partners and C&W regional managers.



Focusing on optimisation of property portfolio to achieve year-on-year improvement in total cost of ownership.



Extensive knowledge of niche markets in emerging and challenging markets in EMEA region.

WORK EXPERIENCE Anna joined Cushman & Wakefield in August 2007 from Delta Air Lines where she was Head of International Corporate Real Estate with responsibilities for EMEA, LATAM and APAC. She has 16 years of experience in strategic real estate for corporate occupiers developing and implementing projects, systems and solutions around the world.

KEY ASSIGNMENTS 

Unilever – EMEA account



General Electric – EMEA account



GSK – global account



Discovery – EMEA account



Cantor Fitzgerald – global account



British Airways – global account



Teradata – global account

EDUCATION, MEMBERSHIPS AND AWARDS 

BA (Hons)



NEBOSH



TOEFL & CAM post grads

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PETER VICTOR SENIOR MANAGING DIRECTOR | HEAD OF INTERNATIONAL DESK, EMEA

ROLE & RESPONSIBILITIES Primary point of contact for international occupier and landlord business within EMEA. Liaises with brokers to support multi-market tenant rep requirements and drive business development efforts with EMEA landlords, with particular focus on leveraging our international platform.

Also managing multiple key client relationships including UBS Asset Management, Starwood Capital and GE Capital, among others.

KEY ASSIGNMENTS 

UBS Global Asset Management



Starwood Capital



GE Capital



Infor Global Solutions



Getty Images



Omnicom



Salesforce.com



Unicredit

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JULIETTE MORGAN PARTNER| MEDIA AND TECHNOLOGY TEAM – LONDON MARKETS

ROLE & RESPONSIBILITIES Juliette Morgan, joined Cushman & Wakefield to further grow it’s the company’s East London business. Juliette works within a team of dedicated media and tech specialists at Cushman & Wakefield who have built a market leading position in London’s fastest growing sector.

WORK EXPERIENCE As Head of Property at Tech City UK, Juliette was responsible for advising the UK Government on its property strategy and policy initiatives to accelerate growth in tech start-ups in East London. An expert in assembling creative teams to deliver product that is attractive to tech and R&D occupiers, Juliette has advised a growing number of private sector companies. Juliette is also continuing her current role with Tech City UK on a part-time secondment from Cushman & Wakefield.

KEY CLIENTS  Tech City UK  Delancey  London Borough of Hackney  Derwent London  Microsoft  Resolution Property RECENT KEY ASSIGNMENTS  Here East, a 1 million sq ft state of the art digital campus encompassing TV/film production, incubator, exhibition and retail spaces at the former Olympic media and broadcasting buildings  Derwent London’s White Collar Factory

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APPENDIX B – TERMS AND CONDITIONS 1.

PRELIMINARY

1.1

These terms and conditions (the "Terms of Business") shall apply to all agency services provided

by Cushman & Wakefield LLP, a limited liability partnership under the Limited Liability Partnerships Act 2000 with registered number OC328588 and having its registered office at 43-45 Portman Square, London, W1A 3BG (“C&W”, “we” or “us”) to the client to whom a fee confirmation letter (the “Fee Letter”) is sent (“you”).

1.2

The Terms of Business are to be read in conjunction with the relevant Fee Letter. In the event of any ambiguity or conflict between the Fee Letter and these Terms of Business, the provisions in the relevant Fee Letter shall prevail. These Terms of Business and any Fee Letter may only be varied in writing by agreement between the parties. It is our practice to review and upgrade our Terms of Business frequently and new versions will be sent to you and agreed with you.

2.

DEFINITIONS AND INTERPRETATION

2.1

We are required by the Estate Agents Act 1979 and subsequent regulations to define our agency involvement with your property which will also be specified in the relevant Fee Letter. If not so specified, you appoint us as your “Sole Agent”. The following definitions and terms apply to the relevant type of appointment: (i)

If we have “Sole Selling Rights”, you will be liable to pay our fees, in addition to any other costs or charges agreed, in each of the following circumstances: (a) if contracts for the sale of the property or the assignment of the lease are exchanged in the period during which we have sole selling rights, even if the purchaser or lessee was not found by us but by another agent or any other person, including you; (b) if unconditional contracts for the sale of the property or the assignment of the lease are exchanged after the expiry of such period with a purchaser or lessee who was introduced to you during that period or with whom we had negotiations about the property or the lease during that period.

(ii)

If we are appointed as your “Sole Agent”, you will be liable to pay our fees, in addition to any other costs or charges agreed, if at any time unconditional contracts for the sale of the property or the assignment of the lease are exchanged: (a) with a purchaser or lessee introduced by us during the period of our sole agency or with whom we held negotiations about the property or lease during that period; or (b) with a purchaser or lessee introduced by another agent during that period.

(iii)

Where we act on your behalf as sole agent where you are a potential “Purchaser or Lessee” of any interest in property, then unless agreed otherwise in the relevant Fee Letter, you will be liable to pay our fees, in addition to any other costs or charges agreed in each of the following circumstances: (a) if unconditional contracts for the acquisition of a lease or any other interest in the property are exchanged in the period during which we are appointed as agent, even if the property was not found by us, but by another agent or by any other person, including you; or (b) if unconditional contracts in respect of the acquisition of a lease or any other interest in the property are exchanged after the expiry of such period, but the property was either introduced to you or negotiations occurred during the period of our appointment.

(iv)

Where we act as “Joint Agent”, references to "Sole Agent" and "Sole Selling Rights" in this clause 2.1 will be deemed to be made to "Joint Agent" and "Joint Selling Rights".

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2.2

Where agency services are provided in relation to leases, references to "property" and "sale of the property" in this clause 2.1 and any other clause of these Terms of Business shall be deemed to be made to "lease" and "sale / assignment / surrender of the lease" respectively.

Where shares in a company owning the property are sold pursuant to any relevant Fee Letter, references to “property” and “sale of the property” shall be deemed to be made to the sale of all or a substantial part of such shares.

2.3

Where conditional contracts are exchanged we agree that such contract will be deemed to be unconditional on the day on which the relevant condition(s) is or are satisfied or waived or, if earlier, on the date of completion of the transaction.

2.4

Where the relevant transaction is completed without the prior exchange of contracts, we agree that completion day will be deemed to be the date of exchange of unconditional contracts.

3.

BASIS OF FEES

3.1

The basis of our fees for agency services is set out in the relevant Fee Letter.

3.2

Subject to the provisions in the Fee Letter and these Terms of Business, you shall pay our fees upon completion of contracts.

We may agree with you that our fees (or a proportion thereof) be paid upon exchange of contracts. In such circumstance you shall not be entitled to ask for a refund of all or any part of the fees in the event that, for any reason whatsoever, the contract shall not be completed. Payment is due within 15 days of our invoice date.

3.3

If you do not dispute with us an invoice or any part thereof within 15 days of the date of such invoice, you shall be deemed to have accepted the invoice in its entirety.

3.4

If we are required by you to undertake any additional work in relation to an instruction, you shall pay additional fees based upon our usual rates. We shall notify you of the amount of such additional fees.

3.5

You shall pay all applicable VAT in addition to any fees and disbursements at the applicable rate.

3.6

Where, in relation to agency services for leases, our fees are calculated as a percentage of one year's annual rent, such rent will be calculated as the average annual rent agreed, without taking into account any rent free or concessionary rental periods.

3.7

Where an existing lease is to be assigned or acquired, in addition to the fee calculated on the basis of the passing rent (i.e. the current rent payable), you shall be obliged to pay a fee, calculated at the rate specified in the relevant Fee Letter, on any positive or negative premium given or received.

3.8

Where you exchange contracts for the sale or grant/assignment of a lease over a property which is to be constructed, completed or refurbished prior to completion of the sale or letting or enter into a development agreement relating to the forward purchase or funding of a property, you shall pay one half of the fees on exchange of contracts or upon entering into the development agreement and the balance on completion of the sale or lease or upon occupation of the property, whichever is earlier. In the event that the purchaser or tenant refuses to complete the contract as a consequence of the works not having been properly and/or timely completed, you shall be obliged to pay the fees in full, as if the contract had been completed in accordance with its terms, at the time when the contract is terminated. In the case of development agreements, you shall be obliged to pay the fees in full notwithstanding that retentions may be held beyond the completion date in line with retentions made under the building contracts or otherwise.

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3.9

Where a capital receipt is to be obtained by you from a property, you agree that your solicitor shall deduct the fees and costs plus VAT payable hereunder from the sale proceeds and remit the same directly to us on completion, upon our request.

3.10

Where we are instructed to provide agency services to one of your subsidiaries or associate/related entities or should you subsequently request that another entity be substituted for you at a later stage in a transaction and we are unable to seek or obtain payment of any outstanding monies for whatever reason, you shall remain primarily liable to pay those outstanding monies if the subsidiary, associate/related or other entity does not meet its liabilities in relation to the instruction.

3.11

Where a transaction or project does not fully complete due to you withdrawing for whatever reason, you shall pay us an abort fee (on a quantum meruit basis) forthwith upon the cessation of our services unless specifically agreed otherwise.

4.

INTEREST You shall pay interest on the amount of any invoice for fees, marketing costs or other disbursements that remains unpaid for 15 days after the date of the invoice. Interest shall be payable at the rate of 4% over the base rate of Barclays Bank PLC from the date of the invoice until payment is made whether after or before judgement.

5.

DISBURSEMENTS You shall pay all disbursements incurred by us in the provision of our services at least quarterly in arrears from the date they were incurred. Disbursements include, but are not limited to: maps, plans, research, photography, copying of documents or plans, messenger delivery, costs of obtaining external information on companies, properties, demographic or other similar information, any reproduction, copying or other royalties incurred, additional bound copy reports, costs of external information/references obtained and key cutting, travel and subsistence expenses at their actual cost and car mileage at the standard AA scales.

6.

MARKETING COSTS

6.1

We will inform you of any proposed marketing costs that we will incur on your behalf. We will provide cost estimates for any initial marketing campaign at the time of taking instructions and of further proposals if additional marketing is required.

6.2

Cost estimates will be either best estimates or based on actual quotations from our suppliers.

Final costs may differ from estimates provided. Advertising and printing rates provided will be from the publishers' rate cards current at the date of our marketing proposals. You shall be liable to pay any additional sum charged by the suppliers for the correction of mistakes in artwork or other advertising material which are not caused by them. The individual printer or supplier's terms and conditions will apply to all of your work placed with it. All costs are gross and we will retain the usual trade discounts offered by newspapers, periodicals or other media suppliers.

6.3

We may require advance payment of any marketing or other anticipated costs in whole or in part to be incurred on your behalf. Alternatively you may choose to instruct the suppliers directly.

Where the sum advanced by you for marketing costs exceeds the actual marketing costs incurred, such excess shall be repaid to you, without interest, once all our invoices and accounts have been finalised and settled. Where the marketing costs exceed the sum advanced by you, you shall pay the amount of any difference to us immediately on request.

6.4

You shall reimburse all marketing costs incurred on your behalf as and when the costs are incurred, irrespective of completion of the transaction to which our services relate.

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7.

INFORMATION ON THE PROPERTY

7.1

You will provide us with all material information relating to the property, any buildings, building services and/or property services. Where you provide any such information to enable us to provide our services properly, you acknowledge that we will rely on the accuracy, completeness and consistency of any information supplied by you or on your behalf and, unless otherwise specifically instructed in writing, we will not carry out any investigation to verify such information. We accept no liability for any inaccuracy or omission contained in information disclosed by you or on your behalf, whether prepared directly by you or by a third party, and whether or not supplied directly to us by that third party and you shall indemnify us should any liability arise.

7.2

You shall be responsible for checking that the property particulars and description that we prepare in relation to the property are accurate and not in any way misleading. You shall notify us immediately should any such particulars or description be or become in any way inaccurate.

7.3

Unless otherwise advised by you in writing, we will provide our services on the following assumptions: (i)

information provided as to the extent of and ownership of the property is complete and correct and that there are no encumbrances or unduly onerous or unusual easements, restrictions, outgoings or conditions attaching to the property save as specifically notified to us;

(ii)

there are no environmental matters (including but not limited to actual or potential land, air or water contamination, or by asbestos or any other harmful or hazardous substance) that would affect the property, any development or any existing buildings on the property in respect of which the services are provided or any adjoining property, and that we shall not be responsible for any investigations into the existence of the same and that you are responsible for making such investigations;

(iii)

the property and any existing buildings are free from any defect whatsoever;

(iv)

all the building services (such as lifts, electrical, gas, plumbing, heating, drainage and air conditioning installations and security systems) and property services (such as incoming mains, waste, drains, utility supplies, etc) are in good working order without any defect whatsoever;

(v)

any building, the building services and the property services comply with all applicable current regulations (including fire and health and safety regulations);

(vi)

the property and any existing building comply with all planning and building regulation, have the benefit of appropriate planning consent or other statutory authorisation for the current use and no adverse planning conditions or restrictions apply (which includes but is not limited to, threat of or actual compulsory purchase order);

(vii)

appropriate insurance cover is, and will continue to be, available on commercially acceptable terms for any building incorporating types of construction or materials which may pose an increased fire or health and safety risk, or where there may be an increased risk of terrorism, flooding or a rising water table; and

(viii)

items of plant and machinery that usually comprise part of the property on an assumed sale are included in the property but items of plant and machinery that are associated with the process being carried on in the property or tenants trade fixtures and fittings are excluded from the property.

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8.

MEASUREMENTS

8.1

Where we are required to measure a property we will generally do so in accordance with the RICS Code of Measuring Practice. However, you should specifically note that the floor areas contained in any report we may publish are approximate and if measured by us will be within a 3% tolerance either way. In cases where the configuration of the floor plate is unusually irregular or is obstructed, this tolerance may be exceeded.

8.2

We will not be able to measure areas which we are unable to access. In these cases we may estimate floor area from plans or by extrapolation. Where we are required to measure land or site areas, the areas will be approximate and will be measured from plans supplied or from Ordnance Survey plans. They will not be physically checked on site.

9.

MANAGEMENT OF THE PROPERTY We shall not be responsible for the management of the property nor have any other responsibility (such as maintenance or repair) in relation to the property. We shall not be liable for any damage that may occur while the property is unoccupied. The property shall be your sole responsibility.

10.

CONFLICTS OF INTEREST AND ANTI-CORRUPTION

10.1

We have conflict management procedures designed to prevent us acting for one client where there is or could be a conflict with the interest of another client for whom we are acting. If you are aware or become aware of a possible conflict of this type, please raise it immediately with us. If a conflict of this nature arises, then we will decide, taking account of legal constraints, relevant regulatory rules and your and the other client’s interests and wishes, whether we can continue to act for both parties (e.g. through the use of separate teams with appropriate Chinese Walls), for one only or for neither. Where we do not believe that any potential or actual conflict of interest can be managed appropriately, we will inform you and consult with you as soon as reasonably practicable as to the steps to take.

10.2

You acknowledge that we may earn commissions, referral fees and may charge handling fees connected to the services that we perform and agree that we shall be entitled to retain them without specific disclosure to you. We will not accept any commissions or referral fees in circumstances where we are of the reasonable belief that they would compromise the independence of any advice that we provide to you.

10.3

It is not our policy to provide any services for financial gain either directly or through connected persons, to a prospective purchaser or tenant in respect of a property for which we are instructed as estate agents by the seller/owner, until unconditional contracts have been exchanged. We will notify you if we are instructed by a prospective purchaser or tenant to provide such services.

10.4

We confirm that we will not, and will procure that our employees will not, knowingly engage in any activity which would constitute a breach of the Bribery Act 2010 and that we have in place a compliance programme designed to ensure compliance with the terms of the Bribery Act 2010.

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11.

LIMITS OF OUR ADVICE FOR ACQUISITIONS

11.1

Where you are a prospective purchaser / tenant, you shall be responsible for ensuring that the property is suitable for your needs and fit for purpose and for carrying out such investigations and surveys as are necessary or convenient for this purpose and we will have no responsibility for this.

11.2

We will not carry out on behalf of a prospective purchaser/tenant any investigation as to the legal title to the property and, unless specifically instructed in writing, any investigation as to the environmental status of the property, the structural condition of any building, the condition of the building services and property services or compliance of the property with current regulations (including fire, health and safety, planning and building regulations) nor shall we investigate ground conditions, potential flood risks, or test that any services within or supplied to the property are in working order and are adequate for your purposes.

12.

APPOINTMENT OF THIRD PARTIES

12.1

We may need to appoint third party agents on your behalf if we think it desirable and we shall agree this with you in advance. References in the relevant Fee Letter and these Terms of Business to results being achieved through our agency services will include the situation where the results have been achieved in whole or in part through any such third party agents. On payment of our fees, we shall be liable for any commission payable to any such third party agents.

12.2

We shall procure an Energy Performance Certificate (“EPC”) on your behalf via a third party prior to the production of any marketing material unless you inform us in writing that you have instructed another party to provide the EPC. We shall not be responsible for any fines that result as a consequence of you failing to obtain an EPC where you have informed us that you have instructed a third party to obtain the EPC. In circumstances where we specifically agree to procure an EPC from a third party, we do so as agent on your behalf and are not responsible for the content or any delay in producing the EPC. You agree that you will be responsible for any third party costs associated with producing any EPC.

13.

TERMINATION BY NOTICE

13.1

Unless a fixed period has been agreed, either party may terminate our appointment as estate agents by giving 14 days’ notice in writing to the other party.

13.2

In the event of termination by notice, you shall be obliged to pay immediately all the fees accrued in relation to our services performed up to the date of termination (and any abort fee) and subsequently any further fees which would have been payable pursuant to clause 2 or if a transaction exchanges or completes between you and a third party (or related entity) introduced by us plus any expenses, disbursements or marketing costs incurred by us or to which we are committed at the date of termination.

14.

REFERENCES Where practicable, we will, if requested by you, obtain and supply to you appropriate references of a prospective tenant or assignee for a lease of a property. We shall not be responsible for the interpretation and verification of any references or accounts obtained. You and your advisors shall be responsible for assessing the financial strength of the proposed tenant or assignee.

15.

PERSONAL INTERESTS Under the Estate Agents Act 1979, we have a duty to disclose to a prospective purchaser or tenant any personal interest we have in a property to be sold or let. You shall notify us promptly on becoming aware that any of our members or staff might have any such an interest.

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16.

PROFESSIONAL LIABILITY

16.1

We shall not be liable to you in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of the services in respect of: (i)

any direct loss of profit;

(ii)

any indirect, special or consequential loss whatsoever howsoever caused including without limitation (a) indirect loss of profit; (b) loss of business; (c) loss of goodwill; (d) loss of use of money; (e) loss of opportunity, and we agree that the sub-clauses of this clause shall be severable.

16.2

We shall not be liable to you in negligence for pure economic loss arising in connection with the performance or contemplated performance of the services.

16.3

Nothing in these Terms of Business excludes or limits our liability: (i) for death or personal injury caused by our negligence; (ii) for any matter which it would be illegal for us to exclude or attempt to exclude our liability; or (iii) for fraud or fraudulent misrepresentation.

16.4

Where a third party has contributed to the losses, damages, costs, claims or expenses, we shall not be liable to make any contribution in respect of the liability of such third party.

16.5

Save in respect of third parties directly instructed by us and not on your behalf, we shall not be liable for the services or products provided by other third parties, nor shall we be required to inspect or supervise such third parties, irrespective of the third party services or products being incidental to or necessary for the provision of our services to you.

16.6

Our total aggregate liability (including that of our members and employees) to you in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of the services shall be limited to an aggregate sum not exceeding twenty times the fee paid for each instruction accepted.

16.7

We shall be released from our obligations to the extent that performance thereof is delayed, hindered or prevented by any circumstances beyond our reasonable control (examples being a strike, act of God or act of terrorism). On becoming aware of any circumstance which gives rise, or which is likely to give rise, to any failure or delay in the performance of our obligations, we will notify you as soon as practicable.

16.8

To cover any liability that might be incurred by us, we confirm that we will maintain professional indemnity insurance through the Lloyds and company insurance market, so long as such insurance is available at commercially acceptable rates and terms, with insurers of good standing and repute of not less than ÂŁ10 million on an each and every claim basis.

17.

COMPLAINTS If you wish to complain about the level of our service to you, in accordance with the requirements of the Royal Institution of Chartered Surveyors, we have a standard complaints procedure, a copy of which is available on request.

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18.

DATA PROTECTION

18.1

We and any of our relevant international partnerships, group companies and affiliated organisations are data controllers of all personal data collected during the provision of our services. We shall use such personal data and information we obtain from other sources for providing the agency services, for administration and customer services, for marketing and to analyse your preferences.

We may keep such personal data for a reasonable period for these purposes. We may need to share personal data with our service providers and agents for these purposes.

We may disclose personal data in order to comply with a legal or regulatory obligation and you may request, in writing and upon payment of a fee, a copy of the details held about you by us.

18.2

To help us to make credit decisions about you, to prevent fraud, to check identity and to prevent money laundering, we may search the files of credit reference agencies and we may also disclose details of how you conduct your account to such agencies.

18.3

We may share personal data within our international partnerships, group companies and affiliated organisations and with our business partners for marketing purposes, which may be to countries or jurisdictions which do not provide the same level of data protection as the country in which you are based, or we may send you and your employees information about other organisations' goods and services. We or any business partners may contact you and your employees, directly or via our agents, by mail, telephone, fax, email, SMS or other electronic messaging service with offers of goods and services or information that may be of interest. By providing us with your or your employees' personal data (whether that data is deemed sensitive or not) including fax numbers, telephone numbers or email addresses, you and your employees consent to being contacted by these methods for these purposes.

19.

MONEY LAUNDERING REGULATIONS In order to comply with all applicable money laundering legislation and regulation, we may be required to verify certain of your details and may ask you to assist us in complying with such requirements. Where such information is requested, you will provide such information promptly to enable us to provide our services. We shall not be liable to you or any other parties for any delay in the performance or any failure to perform our services which may be caused by our duty to comply with any such legal and regulatory requirements.

20.

FREEDOM OF INFORMATION Where you are a public authority for the purposes of the Freedom of Information Act 2000 (the "Act") as may be amended from time to time, you shall notify us within five business days of receiving a request pursuant to the Act requesting information which relates to the business arrangements between us and you and/or any information we have provided to you at any time. In recognition of the fact that we may be providing you with genuinely confidential or commercially sensitive information, you agree to consult us and seek our views on all such requests giving us reasonable notice to respond prior to making a decision on whether any information should be publicly disclosed.

21.

ELECTRONIC COMMUNICATIONS We may communicate with each other by electronic mail, sometimes attaching electronic data. By consenting to this method of communication, we and you accept the inherent risks (including the security risks of interception of, or unauthorised access to such communications, the risks of corruption of such communications and the risks of viruses or other harmful devices). In the event of a dispute, neither of us will challenge the legal evidential standing of an electronic document and our system shall be deemed to be the definitive record of electronic communications and documentation.

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22.

CONFIDENTIALITY

22.1

We owe you a duty of confidentiality. You agree that we may, when required by our insurers or other advisers, provide details to them of any engagement on which we act or have acted for you, and that we may also disclose confidential information relating to your affairs if required to do so for legal, regulatory or insurance purposes only.

22.2

Subject to clause 22.1, we both agree never to disclose sensitive details of transactions or our advice without the other’s consent. Unless we are expressly bound by a duty of confidentiality which otherwise overrides this, we both shall be entitled to mention to third parties (e.g. in the course of presentations, speeches or pitches) and/or publish (e.g. in brochures, marketing or other written material) that we provide our services to you.

22.3

We shall provide the services to you only for your sole use and for the stated purpose. We shall not be liable to any third party in respect of our advice. You shall not mention or refer to our advice, in whole or in part, to any third party orally or in annual accounts or other document, circular or statement without our prior written approval. The giving of an approval shall be at our sole discretion.

22.4

We will not approve any mention of our advice unless it contains sufficient reference to all the special assumptions (if any) to which our advice is subject. Our approval is required whether or not we are referred to by name and whether or not our advice is combined with others.

22.5

We may make the approval of any mention of our advice, or re-address to third parties our advice, subject to the payment of an additional fee to cover additional work and professional liability.

23.

INTELLECTUAL PROPERTY All intellectual property rights (including copyrights) in the documents, materials, records, data and information in any form developed or provided to you by us or otherwise generated in the provision of our services shall belong to us solely. You are granted an irrevocable, non-exclusive, royalty-free licence to use or copy such intellectual property rights for any purpose connected with the property.

24.

INSURANCE ACTIVITIES We are the appointed representative of Cushman & Wakefield Corporate Finance Limited (or other such subsidiary as is relevant from time to time) which is authorised and regulated by the Financial Services Authority under the Financial Services and Markets Act 2000 to make arrangements for general insurance cover on behalf of clients. We are not authorised to advise on or sell insurance policies. Where any insurance arrangements are to be made on your behalf, they will be undertaken by us under our appointed representative agreement with Cushman & Wakefield Corporate Finance Limited who will retain the responsibility to ensure that such arrangements meet the requirements set by the Financial Services Authority.

25.

ASSIGNMENT Neither party shall be entitled to assign this contract or any rights and obligations arising from it without the prior written consent of the other, such consent not to be unreasonably withheld.

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26.

GENERAL

26.1

If any provision of these Terms of Business is found by any court, tribunal or administrative body of competent jurisdiction to be wholly or partly illegal, invalid, void, voidable, unenforceable or unreasonable it shall to the extent of such illegality, invalidity, voidness, voidability, unenforceability or unreasonableness be deemed severable and the remaining provisions of these Terms of Business and the remainder of such provision shall continue in full force and effect.

26.2

Failure or delay by us in enforcing or partially enforcing any provision of these Terms of Business shall not be construed as a waiver of any of our rights under these Terms of Business.

26.3

No term of the relevant Fee Letter or these Terms of Business is intended to confer a benefit on or to be enforceable by any person who is not a party to them. The application of the Contracts (Rights of Third Parties) Act 1999 is expressly excluded.

26.4

All Fee Letters and these Terms of Business shall be governed by and be construed in accordance with English law. Any dispute arising out or in connection with the services shall be submitted to the exclusive jurisdiction of the courts of England and Wales.

26.5

References to “partners” of Cushman & Wakefield LLP are used to refer to a member of Cushman & Wakefield LLP or an employee or consultant with equivalent standing and qualifications. A list of the members of Cushman & Wakefield LLP and of the non-members who are designated as “partners” is open to inspection at our registered office, 43-45 Portman Square, London, W1A 3BG.

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