Investment summary Located in Bedminster 0.5 miles from Bristol City Centre and close to Bristol Temple Meads station Freehold mixed use block well situated in an established industrial area in Bedminster Comprising in total 26,370 sq ft of office and industrial accommodation Let to two tenants with a current rental income of 96,000pa 75% of the income from the undoubted covenant of Bristol City Council Offers are sought in the region of 750,000 reflecting a net initial yield of 12.1% assuming normal purchaser s costs at 5.8%
Location Situation Description The city of Bristol is the commercial capital of the southwest of England. It is located approximately 120 miles west of London, 80 miles south of Birmingham and 40 miles to the east of Cardiff. Bedminster is a popular residential suburb to the south of Bristol City Centre. The property comprises a mixed use block dating from the 1970s, sub divided into two parts: The property is situated within the established industrial area of Bedminster; the site is bordered by Princess Street, Victoria Grove and Whitehouse Place and is approximately 0.5 miles south of the city centre, with Bristol Temple Meads station nearby. Unit 1 A two storey office building, with small warehouse element, fronting Princess Street. The offices benefit from 15 surface level car parking spaces fronting Princess Street and a service yard area. Bristol benefits from excellent road communications with the M4/M5 interchange situated to the northwest of the city, providing access to the remainder of the motorway network. Bristol also benefits from two mainline rail stations, with regular services to London Paddington. Other occupiers on the estate include Eastmand & Co Timber Merchants, Structural Soils Ltd, Remed and SB Automotive Academy. Units 2 & 3 A low bay warehouse with northlight roof accessed from Victoria Grove, with a separate single storey office adjacent. The warehouse benefits from a yard area accessed from Victoria Grove. The total site area is approximately 0.35 hectares (0.86 acres) and site coverage is approximately 65%. The red line shows an indicative split of the demised areas and is for identification purposes only. click to enlarge Investment Summary Location/Situation & Description Accommodation, Tenure & Tenancy Covenant, VAT, Proposal & Contact Details
Accommodation We understand the property provides the following approximate floor areas: Unit Description Sq m (NIA) Sq ft (NIA) Ground Floor Office 343 3,691 1 First Floor Office 343 3,691 Warehouse 247 2,658 Sub total 933 10,040 Unit Description Sq m (GIA) Sq ft (GIA) Office 61 656 2 & 3 Warehouse 1,456 15,674 Sub total 1,517 16,330 Total 2,450 26,370 Tenancy The property is let to two tenants generating 96,000pa in accordance with the tenancy schedule below: Unit Tenant Description Area (sq ft) Term (years) Start Expiry Break Rent pa Rent psf Comments 1 GF Office 3,691 The City Council First Floor Office 3,691 Repairing liability 3 24/06/2013 24/06/2016 24/06/2015 72,000 7.17 limited by a schedule of Bristol Warehouse 2,658 of condition Sub total 10,040 Office 656 2 & 3 Robert Hood Warehouse 15,674 8 01/01/2006 31/12/2013 n/a 24,000 1.47 Limited repairing liability Sub total 16,330 Total 26,370 Total Income 96,000
Tenure Freehold. Covenant information 75% of the income is from The City Council of Bristol which offers undoubted covenant strength. Units 2 & 3 are let to a Robert Hood t/a CJS Autos and we are unable to provide financial information for this tenant. VAT We understand the property is elected for VAT. Proposal We are seeking offers in the region of 750,000 (Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.1% assuming purchaser s costs at 5.8%. EPC EPCs for the two units are available on request. Unit 1 achieved a rating level C and Unit 2 & 3 achieved a rating level C. Further information For further information or to arrange an inspection please contact the sole agents. Oli Stretton Tel. 0117 3171121 Alder King LLP Permbroke House 15 Pembroke Road Clifton Bristol BS8 3BA Gemma-Jane Ogden Tel. 0117 3171108 Subject to contract and exclusive of VAT. Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation 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, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues. Designed and produced by www.kubiakcreative.com September 2013 09-13 130489