540 BRISTOL BUSINESS PARK, BRISTOL, BS16 1EJ OFFICE INVESTMENT OPPORTUNITY

Transcription

1 540 BRISTOL BUSINESS PARK, BRISTOL, BS16 1EJ OFFICE INVESTMENT OPPORTUNITY

2 Inestment Summary Located on Bristol Business Park with excellent transport links to M4/M5 Modern office building comprising 7,582 sq ft ( sq m) NIA Excellent parking ratio of 1:185 sq ft Strong coenant of Capita IT Serices Limited (4A1 D&B Rating) with oer 9 years unexpired on the lease Passing income of 130,000 per annum, reflecting only psf Offers in excess of 1,825,000, subject to contract and exclusie of VAT Net Initial Yield of 6.71%, allowing for purchase costs of 6.22%

3 Location Bristol is the UK s 5th largest city and represents the regional and business capital of the South West. The city enjoys excellent road connections located at the intersection of the M4 / M5 motorways which in turn proide easy access to Wales, the South West, Birmingham and London. Nearby commercial centres include: London 192 km (120 miles) Birmingham 136 km (85 miles) Cardiff 64 km (40 miles) Exeter 120 km (74 miles) Reading 128 km (80 miles) Bristol Business Park The M32 proides a direct motorway connection between Bristol s city centre and Junction 19 of the M4. Bristol has two main line railway stations with Temple Meads sering the city centre and Bristol Parkway sering the north of the city. Serices from both stations to London are frequent with departures eery 30 minutes. Bristol International Airport lies 13 km (eight miles) south of the city centre adjacent to the A38 and proides flights to UK, European and international destinations.

4 Situation Bristol Business Park Bristol Business Park is located approximately fie miles north east of the city centre and adjacent to the Aon Ring Road (A4174). Motorway connections are excellent with Junction 1 of the M32 less than one mile away connecting the city centre with the M4 motorway at Junction 19. Bristol Business Park is located 1.5 miles from Bristol Parkway mainline railway station which proides regular direct serices to London Paddington in 1 hour 20 minutes and Cardiff in 40 minutes and there is a regular bus serice connecting the station with Coldharbour Lane. Scholar s Chase Deelopment Bristol Business Park sits opposite the main campus of The Uniersity of the West of England (UWE). The Land East of Coldharbour Lane (LECHL), preiously used as a car park for UWE, was sold to deeloper Taylor Wimpey in January 2016 to progress with their scheme Scholar s Chase. The scheme will include a range of housing, open space, associated infrastructure and smallscale commercial and community facilities. The housing deelopment will include approximately 284 new homes from a collection of 2-5 bedroom houses and 1 & 2 bedroom apartments. Other nearby major occupiers in the area include the MOD s Abbeywood Procurement Headquarters, Friends Life, BAE Systems and Rolls Royce. Nearby occupiers on the Park include a number of defence related companies such as Quinetiq, Thales, and Babcock, together with other companies such as Motability, UWE and Du Pont.

5 Description 540 Bristol Business Park was constructed in 2000 and comprises a modern detached office building on ground and first floor leels. The property is of steel frame construction with brick eleations under a pitched tiled roof. Internally, the property proides open-plan office accommodation which includes raised floors, suspended ceilings incorporating recessed strip lighting, gas fired central heating, double glazing and a 10 person (800kg) lift. Male and female WC s are proided on each floor and a shower room on the ground floor. The tenant has installed air conditioning to the building. The property proides 41 car parking spaces, giing an excellent ratio of 1:185 sq ft. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and totals 7,582 sq ft ( sq m) NIA. Floor Sq m Sq ft Reception Ground Floor Office ,601 First Floor Office ,732 Total ,582

6 Tenure Freehold. Tenancy The whole property is let to Capita IT Serices Limited on a 10 year full repairing and insuring lease from 25 December The lease is subject to 5 yearly upward only rent reiews, the next being in December A reduced rental of 65,000 per annum was agreed at the lease renewal and this will be topped up by the endor until 25 December The property therefore has an income of 130,000 per annum which equates to only psf oerall, allowing for a half rate on the reception area. Coenant Capita IT Serices Limited hae a strong coenant with a D&B Rating of 4A 1 which represents a minimum risk of business failure. The company forms part of the Capita Group, one of the UK s leading proiders of business process management and integrated professional support serice solutions, with 75,000 dedicated staff across the UK, Europe, South Africa and India. Capita Group acquired Call Centre Technology (CCT) Limited in March 2011, who were based in the building from its construction in /12/ s 31/12/ s 31/12/ s Turnoer 127, , ,767 Pre-tax Profit 8,046 11,265 8,314 EPC The property has an EPC rating of C66 VAT The property is elected for VAT and therefore VAT will be payable on the purchase price. We would anticipate the sale to be dealt with by way of a Transfer of a Going Concern (TOGC). Tangible Net Worth 19,619 10,920 16,592

7 Proposal We are instructed to seek offers in excess of 1,825,000 (One Million Eight Hundred and Twenty Fie Thousand Pounds), subject to contract and exclusie of VAT. A purchase at this leel reflects a Net Initial Yield of 6.71%, after allowance for purchase costs at 6.22% Further Information For further information or to arrange an inspection please contact the sole agents; Simon Bennett +44 (0) simon.j.bennett@eu.jll.com Olier Paine Tel: olier.paine@eu.jll.com Michael Aquadro Tel: michael.aquadro@eu.jll.com Rose Gentle Tel: rose.gentle@eu.jll.com Disclaimer for themseles and for the endors or lessors of this property whose agents they are, gie notice that:- a. the particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract; b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are belieed to be correct, but any intending purchasers, tenants or third parties should not relyon them as statements or representations of fact but satisfy themseles that they are correct by inspection or otherwise; c. no person in the employment of has any authority to make or gie any representation or warranty whateer in relation to the property; d. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.