Riga Wharf Bristol Road

Size: px

Start display at page:

Download "Riga Wharf Bristol Road"

Tracey Norris
6 years ago
Views:

1 Riga Wharf Bristol Road Freehold multi-let industrial estate Gloucester Gloucestershire GL2 5DH Riga Wharf, Bristol Road, Gloucester Gloucestershire GL2 5DH Executive Summary Location Situation Description & Tenancy Schedule Covenant Information Tenure, VAT & Proposal Further Information

Executive Summary Freehold multi-let industrial/trade estate situated in a very prominent site on Bristol Road, one mile south of Gloucester Town Centre.

2 Executive Summary Freehold multi-let industrial/trade estate situated in a very prominent site on Bristol Road, one mile south of Gloucester Town Centre. Provides a total of 33,657 sq ft of industrial/trade accommodation comprising of five units on a site with a low site density of only 35%. Flexible unit sizes of 4,800-14,353 sq ft. Cost effective rents providing significant opportunities for future rental growth. Roadside location with very low site coverage with scope for further development and enhancement of trade or other road side uses. Opportunities to increase values through active management of existing tenants, and settling existing rent reviews with obvious reversions. Producing 177,235 per annum, with a potential reversion to 200,725 pa. We are instructed to seek offers in excess of 2,000,000 reflecting a net initial yield of 8.34%, with a potential reversion to 9.44%, assuming purchase costs at 6.28%.

Location Gloucester is the administrative capital of Gloucestershire and it is located 40 miles (63 km) north of Bristol, 51 miles (87km)

Gloucester has excellent communication links with the M5 motorway running immediately to the east of the city with access from Junctions 11A

The A419 provides, dual carriage way link to Junction 15 of the M4 motorway at Swindon, which is approximately 36 miles (58 km) to the east.

3 Location Gloucester is the administrative capital of Gloucestershire and it is located 40 miles (63 km) north of Bristol, 51 miles (87km) south west of Birmingham and 10 miles (16km) west of Cheltenham. London is approximately 91 miles (142 km) to the east. Gloucester has excellent communication links with the M5 motorway running immediately to the east of the city with access from Junctions 11A and 12. The A419 provides, dual carriage way link to Junction 15 of the M4 motorway at Swindon, which is approximately 36 miles (58 km) to the east. The city also benefits from direct rail services to Bristol Road and London with fastest journey times to Paddington of 1 hour 53 minutes. Gloucester provides an established distribution and industrial location with occupiers benefiting from excellent motorway access to Bristol, Birmingham and London.

industrial, retail and motor trade occupiers. The premises back on to the Gloucester and Sharpness Canal which presents a very pleasant vista.

4 Situation Riga Wharf lies approximately 1 mile to the south of Gloucester City Centre on Bristol Road. The property occupies a very prominent roadside location on Bristol Road which is a very busy through road that benefits from numerous industrial, retail and motor trade occupiers. The premises back on to the Gloucester and Sharpness Canal which presents a very pleasant vista. There are a significant number of retail and trade users in the immediate vicinity with nearby occupiers including McDonald s, Renault, Pets at Home, Wickes, Proton, Ford, Bristol Street Motors and ESSO.

Description The property was developed in the early 1980s, and comprises five industrial units arranged in a linear configuration with direct prominence along the main road.

5 Description The property was developed in the early 1980s, and comprises five industrial units arranged in a linear configuration with direct prominence along the main road. Units 1A, 1B, 2A and 2B are arranged in two terraces, and have parking to the front of the units, and Unit 3A is a separate stand alone industrial unit with a large secure yard area. The units are of a steel frame construction and typically have brick and steel clad elevations rising to asbestos roofs. Generally specification for each unit includes a minimum eaves from 4-5 metres, roller shutter loading door, WC facilities and offices. Each unit has demised parking and the estate also benefits from a number of other visitor spaces. Riga Wharf totals 33,657 sq ft and is situated on an overall site of hectares (2.095 acres) reflecting a very low site coverage of only 35%. Tenancy Schedule The estate is let in accordance with the following Tenancy Schedule: Unit Tenant Area (sq ft) Lease Start Lease Expiry Rent Review Break Rent pa Rent sq ft ERV pa ERV psf Comments 1A Plumbase Limited 4,891 30/06/ /06/ , , B German Swedish& French Car Parts Limited 4,813 30/03/ /03/ /03/ , , Rent review outstanding 2A Halfords Autocentre Ltd 4,800 14/10/ /10/ , , B 360 Automotive Limited (under offer) 4,800 30, , year lease, 5 year break, the 1st years rent is 22,500 which will be topped up by the vendor to 30,000. 3A ARRK Europe Limited 14,353 28/10/ /10/ /10/ /10/ , , Rent review outstanding Total 33, , ,725

Covenant Information The Estate accommodates a range of businesses including: Plumbase Ltd Plumbase Ltd have a D&B credit rating of 2A which represents a undermined risk of business failure based

German Swedish & French Car Parts Limited German Swedish & French Car Parts Limited have a D&B credit rating of 3A1 which represents a minimum risk of business failure based upon the following

6 Covenant Information The Estate accommodates a range of businesses including: Plumbase Ltd Plumbase Ltd have a D&B credit rating of 2A which represents a undermined risk of business failure based upon the following information: Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) 31 Dec Dec Dec 2012 (52) (56) (79) 2,050 2,102 2,158 5,213 5,265 5,321 German Swedish & French Car Parts Limited German Swedish & French Car Parts Limited have a D&B credit rating of 3A1 which represents a minimum risk of business failure based upon the following information: 31 Dec Dec Dec 2012 Sales Turnover 85,015,540 83,568,282 85,777,521 Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) 1,598,377 1,161,904 1,735,480 10,494,501 58,362,853 6,728,594 14,819,447 13,195,246 9,472,830

Covenant Information Halfords Autocentre Ltd Halfords Autocentre Ltd have a D&B credit rating of 4A1 which represents a minimum risk of business failure based upon the following information: 03

10,599 11,509 113,199 ARRK Europe Limited ARRK Europe Limited have a D&B credit rating of 3A1 which represents a minimum risk of business failure based upon the following information: 31 Dec

7 Covenant Information Halfords Autocentre Ltd Halfords Autocentre Ltd have a D&B credit rating of 4A1 which represents a minimum risk of business failure based upon the following information: 03 Apr Mar Mar 2013 Sales Turnover 150, , ,787 Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) 2,203 1,754 3,522 33,788 31,971 30,941 10,599 11, ,199 ARRK Europe Limited ARRK Europe Limited have a D&B credit rating of 3A1 which represents a minimum risk of business failure based upon the following information: 31 Dec Dec Dec 2012 Sales Turnover 60,030 50,219 49,468 Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) 1,966 (51) 300 8,519 5,996 2,557 4,867 3,594 1,995

Tenure Freehold VAT The property has been opted to tax for VAT purposes. Subject to the conditions of VAT Notice 700/9, the sale may be eligible to be treated as a transfer of a going concern (TOGC).

9 Tenure Freehold VAT The property has been opted to tax for VAT purposes. Subject to the conditions of VAT Notice 700/9, the sale may be eligible to be treated as a transfer of a going concern (TOGC). Proposal We are instructed to seek offers in excess of 2,000,000 reflecting a net initial yield of 8.34% will a potential reversion to 9.44% assuming purchasers costs at 6.28% and a capital value of only 59 sq ft.

10 Further information For further information please contact: Richard Howell Bilfinger GVA St Catherine s Court Berkeley Place Bristol, BS8 1QB gva.co.uk/10156

11 Published by GVA 10 Stratton Street, London W1J 8JR 2016 Copyright GVA GVA is the trading name of GVA Grimley Limited and is a principal shareholder of GVA Worldwide, an independent partnership of property advosirs operating globally gvaworlwide.com GVA Grimley Limited Conditions under which Particulars are issued GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: 1.) The particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. 2.) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. 3.) No person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. 4.) All rentals and prices are quoted exclusive of VAT. Reproduced by courtesy of the Controller of HMSO. Crown Copyright reserved. Licence No If applicable, with consent of Chas E Goad, Cartographers, Old Hatfield, Geographers A-Z Map Co Ltd and/or The Automobile Association. For identification purposes only. September gva.co.uk/10156 Riga Wharf, Bristol Road,Gloucester, Gloucestershire GL2 5DH

Unit 5 Langthwaite Grange Industrial Estate,

A Bilfinger Real Estate company For Sale High Yielding Industrial Investment with redevelopment potential Unit 5 Langthwaite Grange Industrial Estate, South Kirkby, Pontefract WF9 3AP Investment Summary