32 St Thomas Court, Bristol BS1 6JG

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1 32 St Thomas Court, Bristol BS1 6JG Bristol City Centre Office Investment Long Leasehold Located in the heart of Bristol City Centre. Modern office accommodation Let to Arts Council England until June Current rent 41,625 p.a. reflecting psf. Offers are sought in excess of 441,000, reflecting a net initial yield of 9% and a capital value of 156 per sq ft, assuming normal purchasers costs of 4.8%. April 2015

2 Location Bristol is the 5 th largest conurbation in the UK and the South West s major commercial and retail centre. The city benefits from good strategic road links, located at the intersection of the M4 and M5 motorways providing access to the South West, South Wales, the Midlands and South East England. The M32 connects the city centre with the M4 at Junction 19. Bristol is located 120 miles west of London, 90 miles south of Birmingham and 44 miles east of Cardiff. The city is consistently voted as one of the best places to live and work in the UK. Bristol has a strong banking and service sector with world class knowledge economy bases in Aerospace, Defence, Engineering, ICT, Electronics, Financial Services, Media, Creative and Environmental industries. The city s two Universities, Bristol University and the University of the West of England, contribute to the skilled labour pool and Bristol accommodates more than 50,000 students in total. Page 1

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4 Situation The property is located on Thomas Lane, accessed off Redcliffe Street in the Redcliffe area of Bristol. The properties are directly opposite Bristol County Court and close to Victoria Street, which forms the principal route linking the city centre and Bristol Temple Meads railway station. The area around Victoria Street is Bristol s prime office location with occupiers attracted by the proximity to the retail and leisure facilities of the city centre and the fact the station is within walking distance. The character of the area will be enhanced by the mixed use development, Redcliffe Square, on the land between St Thomas Street and Redcliffe Street, just to the south of St Thomas Court. The 3 acre site has recently been acquired by developers for a high quality, residential-led mixed use development. The site has existing flexible planning consent which includes 164 residential apartments, 200 bed hotel, retail provision and office buildings. Description Unit 32 comprises 2,834 sq ft on the third floor of St Thomas Court, part of an office building developed in The office unit is accessed from Thomas Lane via the ground floor entrance lobby which includes a passenger lift. The office is fitted out to a modern specification including:- Exposed metal ceilings Conduit, low glare lighting Gas fired central heating Part comfort cooling The property includes 1 car parking space in a secure ground floor car park. Page 3

5 Tenure The property is held by way of a long leasehold interest for 999 years from 1 July 2003 at a peppercorn rent. Tenancy The property is let to Arts Council England on a 3 year lease expiring 23 June 2018, at a rent of 41,625 pa ( psf). The lease is on fully repairing and insuring terms, subject to a schedule of condition. The lease is outside the 1954 Act. The Arts Council England is a Non Departmental Government Body and is funded through the Department for Culture, Media and Support. Further information is available at The tenant offers undoubted covenant strength. Management The tenant is responsible for paying a fair proportion of the service charge. For the service charge year ending 31 March 2015 the budget for Unit 32 reflected 5.33 psf. The lease contains a service charge cap of 6.50 psf, rising annually in line with RPI. Further details for the service are available on request. Planning Opportunity Under the leasehold structure the permitted user includes residential use, subject to planning permission first being obtained. EPC The unit has an EPC rating of C. A copy of the EPC is available on request. Page 4

6 VAT The building has been registered for VAT and it is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC). Proposal We are seeking offers in excess of 441,000 (Four Hundred and Forty One Thousand Pounds) reflecting a net initial yield of 9% and a capital value of 156 per sq ft, assuming normal purchaser s costs of 4.8%. Viewings and Enquiries For further information or to arrange an inspection of this property, please contact: Gemma-Jane Ogden Ian Lambert T: T: F: F: E: gemma-jane.ogden@htc.uk.com E: ian.lambert@htc.uk.com Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn. Page 5