For Sale. Bristol House, Victoria Street, Bristol BS1 6BY. Office Investment Opportunity

Transcription

1 For Sale Bristol House, Victoria Street, Bristol BS1 6BY Office Investment Opportunity

2 Bristol House, Victoria Street, Bristol BS1 6BY 02 Investment Summary Prominent city centre location Freehold 32,641 sq ft of office accommodation Single-let to the strong covenant of Lyons Davidson Ltd for a further 10 years Current passing rent of 350,000 per annum ( per sq ft) 17 car parking spaces Offers sought in excess of 4,135,000 reflecting a net initial yield of 8.0% assuming purchasers costs of 5.8%.

3 20 1 NETWORK RAIL/ FUJITSU 2 BEACHCROFT LLP/ SMITH WILLIAMSON 3 KPMG/ BRISTOL CITY COUNCIL 4 BRITISH TELECOM 5 UK GOVERNMENT 6 REGUS 7 DELOITTE/ 3i/ HALCROW 8 UK GOVERNMENT 9 DELOITTE/ HSBC / CANADA LIFE 10 OVAL GROUP / COLLEGE OF LAW 11 OSBORNE CLARKE 12 BANK OF IRELAND 13 BURGES SALMON 14 RBS 15 BOND PEARCE/ RBS 16 NFU MUTUAL 17 THE PARAGON 18 HARTWELL HOUSE 19 ONE REDCLIFFE STREET 20 QUEEN SQUARE TEMPLE MEADS

4 Bristol House, Victoria Street, Bristol BS1 6BY 04 Location and Situation Location Bristol is the largest city in the south west of England and is located 192km (120 miles) west of London, 144km (90 miles) south of Birmingham and 70km (44 miles) east of Cardiff. Bristol is a commercial and industrial city benefitting from excellent links with the M4/M5 interchange to the north and the M32 connects the city centre with the M4 at junction 19. The city has two major railway stations, Bristol Temple Meads and Bristol Parkway, both providing regular services to London, the Midlands and North, South Wales and the South West. The journey time to London Paddington is approximately 90 minutes. It is anticipated that Network Rail will soon confirm that the London to Bristol line will be electrified by 2016, improving capacity by 20% and decreasing journey times. Situation Bristol House occupies a prominent corner position on the eastern side of Victoria Street, at the junction with Temple Street within Bristol s core CBD. The property is located within close proximity of Temple Meads railway station and Broadmead and Cabot Circus Shopping Centres are located a short distance to the north. The surrounding area is undergoing significant regeneration. Many of the nearby office buildings are subject to proposals for change of use from commercial to residential use under the revised Permitted Development Rights, thereby diminishing the supply of similar office accommodation in the city centre. Bristol airport is situated approximately 13km (8 miles) south west of the city centre via the A38. It is the fastest growing airport in the UK with circa 6 million passengers flying to over 110 scheduled destinations throughout the UK, Europe and US each year. The Bristol and Bath region is one of Europe s fastest growing sub-regions and Bristol has been voted as the European Green Capital for The city is consistently voted as one of the best places to live and work in the UK. Residents benefit from the mix of successful local and national employers and the thriving cultural scene. Bristol is well represented in law, defence, aerospace, engineering, financial services, IT and electronics. Major employers in the city include Osborne Clarke; Burges Salmon; Airbus; MOD; Rolls Royce; Axa Sun Life; KPMG; Deloitte and Hewlett Packard. The University of Bristol and the University of the West of England, two of the country s leading universities, provide Bristol with a skilled labour pool.

5 Bristol House, Victoria Street, Bristol BS1 6BY 05 Description and Accommodation Description The property was constructed in 1975 of reinforced concrete with single glazed aluminium windows and concrete cladding. The building has been constructed in two blocks with a central service core containing a lift, staircase and male and female toilets on each floor and the main entrance is from Temple Street. The block fronting Victoria Street is rectangular and set over 3 floors and the rear block has a curved frontage to Temple Street and is constructed over 5 floors. The basement car park is accessed via a ramp from Temple Street at the rear and provides 12 parking spaces with an additional 5 spaces available in the inner yard. Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6 th Edition) and provides the following approximate net internal floor areas: Use Area (sq ft) Area (sq m) Ground Floor 7, First Floor 8, Second Floor 8, Third Floor 4, Fourth Floor 4, Total 32,641 3,032.5 *Red Line plan above and throughout these details is for indicative purposes only.

6 Bristol House, Victoria Street, Bristol BS1 6BY 06 Tenancy and Covenant Information Tenure Freehold. VAT The property is VAT elected, however it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). Energy Rating The property has an energy rating of G (265). A copy of the EPC is available upon request. Covenant Information Lyons Davidson Group is a centrally funded associated group comprising Lyons Davidson Limited and The Injury Care Clinics Limited. The group employs approximately 1,750 staff and provides a range of legal and healthcare services. The legal division has significant joint venture/strategic arrangements with a number of leading insurers. Further financial information is available on request. Tenancy Let to Lyons Davidson from 26 July 2002 expiring on 31 October 2024 providing 10 years unexpired. The lease is drawn on FRI terms, subject to a schedule of condition. The passing rent is 350,000 per annum ( per sq ft) with five yearly upward only open market rent reviews.

7 Bristol House, Victoria Street, Bristol BS1 6BY 07 Contact and Viewing Arrangements Proposal Offers are sought in excess of 4,135,000 (Four Million, One Hundred and Thirty Five Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.0% assuming normal purchaser s costs at 5.8% Viewing Arrangements For further information or to arrange an inspection please contact the sole agents. Pembroke House 15 Pembroke Road Clifton Bristol BS8 3BA Oli Stretton ostretton@alderking.com Lucy Round lround@alderking.com Alder King Property Consultants SUBJECT TO CONTRACT & EXCLUSIVE OF VAT OJS/LR/September2014/78519 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.