BUILDING 220 BRISTOL BUSINESS PARK COLDHARBOUR LANE BRISTOL BS16 1EJ SINGLE LET OFFICE INVESTMENT OPPORTUNITY
INVESTMENT SUMMARY Single let office building located on Bristol Business Park with excellent transport links to the M32, M4/M5 Modern building totalling 10,098 sq ft NIA Comprehensively refurbished in 2015 Excellent car parking provision of 1:210 sq ft Let to the strong covenant of Babcock Integrated Technology Ltd Rental income of 196,236 per annum ( 19.43 per sq ft) Offers are sought in excess of 2,390,000 (Two Million, Three Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT A purchase at this level would reflect a net initial yield of 7.72% after allowing for purchaser s costs of 6.36%. This equates to a capital value of 237 per sq ft.
LOCATION Bristol is the UK s fifth largest city and represents the regional and business capital of the south west. The city enjoys excellent road connections being located at the intersection of the M4 / M5 motorways which in turn provide easy access to Wales, the south west, Birmingham and London. Nearby commercial centres include: London 120 miles Birmingham 85 miles Cardiff 40 miles Exeter 74 miles Reading 80 miles The M32 provides a direct motorway connection between Bristol s city centre and Junction 19 of the M4. Bristol has two mainline railway stations with Temple Meads serving the city centre and Bristol Parkway station serving the north of the city. Services from both stations to London are frequent with departures every 30 minutes. Bristol International Airport lies 8 miles south of the city centre adjacent to the A38 and provides flights to UK, European and international destinations. SWANSEA A30 BUILDING 220 EXETER PLYMOUTH NEWPORT CARDIFF STOKE-ON-TRENT BIRMINGHAM GLOUCESTER OXFORD CHELTENHAM M5 M6 M5 BRISTOL A36 SOUTHAMPTON BOURNEMOUTH DERBY M6 SWINDON M1 M40 M4 NOTTINGHAM LEICESTER NORTHAMPTON MILTON KEYNES READING M3 M40 A3 A1 M1 LUTON GATWICK PORTSMOUTH PETERBOROUGH M25 LONDON HEATHROW M23 BRIGHTON CAMBRIDGE M11 STANSTED M20 A14 NORWICH FELIXSTOWE HARWICH LONDON GATEWAY M2 DOVER FOLKESTONE SAT NAV BS16 1EJ
SITUATION Bristol Business Park is now established as the city s premier business park location, being situated just to the south west of Junction 1 of the M32, within 2 miles of Junction 19 of the M4 and 4 miles of the city centre. Bristol Business Park is located 1.5 miles from Bristol Parkway mainline railway station which provides regular direct services to London Paddington in 1 hour 20 minutes and Cardiff in 40 minutes. A regular bus service connects the station with Coldharbour Lane. Bristol s new major transport infrastructure project, the MetroBus is currently under construction with completion anticipated in summer 2017. Works are underway to create a new MetroBus stop on Coldharbour Lane, near Bristol Business Park and the entrance to UWE s Frenchay Campus which will further improve connectivity. Nearby facilities include the Filton Holiday Inn Hotel, Abbey Wood Retail Park, Hambrook Golf Driving Range, Shield Retail Park, a Sainsbury s supermarket and a B&Q store. M5 A38 AZTEC WEST GLOUCESTER ROAD FILTON ABBEY WOOD A38 J16 STATION ROAD BRISTOL PATCHWAY Almondsbury BRADLEY STOKE WAY B4057 COLDHARBOUR LANE M32 BRISTOL PARKWAY 220 M4 J20 M4 AVON BIRMINGHAM B4427 J1 B4427 M32 RING ROAD B4058 J19 BRISTOL CITY CENTRE B4057 B4058 A4174 SAT NAV BS16 1EJ
BRISTOL BUSINESS PARK Bristol Business Park is considered to be Bristol s premier out of town Business Park. The park was developed by Bristol & England from the mid 1990 s with the final phase being completed in 2007. The park provides a total of circa 420,000 sq ft in 29 buildings. Bristol Business Park has been carefully masterplanned and is managed and maintained to a high standard. The landscaped surroundings provide an attractive working environment that is popular with occupiers. The park thrives on its close proximity to the Ministry of Defence s Abbey Wood HQ, which continues to expand and is situated adjacent to the UWE campus. This has established a high representation of defence related occupiers within the park. CLICK TO VIEW AERIAL CLICK TO VIEW OCCUPIER SITE PLAN
DESCRIPTION Building 220 was fully refurbished in 2015 at a cost exceeding 400,000, including but not limited to: New air conditioning New lighting and ceiling grids New WC s & shower accommodation New carpets and tiling throughout Redecoration throughout The property comprises a self-contained office building with 48 on site car parking spaces, forming one of the later phases of development of the park. The building is arranged over two floors and is prominently situated on a corner plot, fronting the main park road with surrounding self-contained parking. The building benefits from the following specification: Open plan floor plates Raised access floors VRF air conditioning Suspended ceilings with LG7 lighting Reception area Passenger lift WC s to each floor including disabled WC Shower facilities 48 on-site car parking spaces Cycle store
ACCOMMODATION The property has been measured in accordance with the new RICS Property Measurement (1st Edition), which incorporates the new International Property Measurement Standards (IPMS) and provides the following floor areas: Sq m Sq ft Reception 19.27 207 Ground floor 452.18 4,867 Ground Floor Layout Plan First floor 453.11 4,877 First floor balcony 13.70 147 TOTAL 938.26 10,098 Total Car Parking Spaces 48 First Floor Layout Plan
TENURE COVENANT Freehold. TENANCY The property is single let to Babcock Integrated Technology Ltd on a new ten year full repairing and insuring lease, subject to a schedule of condition, from 19 February 2016 expiring on 19 February 2026. The rent is 196,236 per annum reflecting 19.43 per sq ft. The lease includes a tenant option to break on expiry of the third (19 February 2019) and fifth anniversaries (19 February 2021) of the term, subject to nine months prior written notice. If the tenant serves notice to break on the expiry of the third year of the term, the rent penalty is nine months rent. Babcock are currently mobilising tenant fit out works and are planning to be in occupation in early summer 2016. Babcock Integrated Technology Limited is a subsidiary of Babcock International Group PLC. Babcock is a major international provider of systems and full life cycle engineering support and delivers specialist naval and defence systems engineering, design, supply, integration, and through-life support and equipment management. Headline financial details for Babcock Integrated Technology Ltd are below: Year to Date Turnover Pre Tax Profit Shareholder Funds 31/03/2015 78,681,000 20,385,000 54,835,000 31/03/2014 77,425,000 12,793,000 60,150,000 31/03/2013 72,772,000 5,512,000 48,009,000 For further information, please visit www.babcockinternational.com
FURTHER INFORMATION EPC The property has an EPC rating of B49. An EPC report can be provided on request. For further information or to arrange an inspection please contact: VAT The property has been elected for VAT and therefore VAT will be payable on the purchase price. We anticipate that the transaction will be treated as a Transfer of a Going Concern (TOGC). Proposal Offers are sought in excess of 2,390,000 (Two Million, Three Hundred and Ninety Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.72% after allowing for purchaser s costs of 6.36%. This equates to a capital value of 237 per sq ft. Oliver Stretton 0117 317 1121 Lucy Round 0117 317 1108 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. March 2016, Subject to contract & exclusive of VAT. Designed and produced by www.kubiakcreative.com 162019 04/16