Paintworks is a unique development on the edge of Bristol City Centre, close to Temple Meads Station Paintworks is an exciting development comprising a mixture of former brick built workshops and new build accommodation which encompasses Bristol's creative quarter. Unit 5.6 is an attractive self contained mid terrace industrial style office building forming part of the second phase of development at Paintworks.
Location
Located on the A4 Bath Road on the South East side of the City Centre and approximately 1.4 miles from Temple Meads Railway Station, this development provides great transport connections within a creative environment. The property is located within a short drive to a number of facilities within the City Centre and extensive retail park facilities within the Brislington area which is less than 1 mile away.
Accommodation
Dental Surgery Totalling 668 sq ft net
Terms
VAT The property is elected for VAT and it is therefore envisaged that the sale will be treated as a Transfer Of a Going Concern (TOGC).
AML A successful bidder will be required to provide relevant information to satisfy the AML requirements when Heads of Terms are agreed.
Proposal We are seeking offers in excess of £XXX (One Hundred and Ninety Thousand Pounds). This reflects a Net Initial Yield of 7.65% assuming purchaser’s costs of 2.22%Tenure 999 year long leasehold from 2006, subject to a ground rent of £XXX per annum which is subject to RPI linked reviews every 25 years.
Tenancy The unit is let to Toothworks Limited (Company number – 06858339) on a 10 year lease from 1 January 2023 expiring on 31 December 2032, subject to a tenant option to break on the 5 th anniversary on 6 months notice.
The lease is excluded from sections 24-28 of the Landlord and Tenant Act 1954. There is a rental deposit of £XXX The current passing rent is £XXX per annum (£XXX per sq ft), rising to £XXX per annum (£XXX per sq ft) on 25 March 2025 to 24 March 2028, then an upward only rent review at March 2028. The net rent after deducting the ground rent is £XXX per annum.