Paintworks is a unique development on the edge of Bristol city centre, close to Temple Meads. This attractive self-contained property comprises three units which have been combined to form one single open plan space. The accommodation comprises a total of 6,640 sq ft (616.93 sq m) net approx.
Location
Bristol is the UK’s 5th largest city and the capital of the South West. It has an estimated population of 550,000 and a larger urban zone of 1.6 million residents. Bristol is amongst the most attractive, successful and culturally prestigious cities in the UK and a highly recognised city across the globe. The City has a relatively young population profile with the median age of people living in Bristol standing at 32.5 years. Bristol has two leading universities and a highly educated population with 49% having obtained a degree against the national average of 38%.
Accommodation
The property comprises 6,640 sq ft of self-contained industrial style studio/office space with 8 car parking spaces.
Terms
TENURE 999 year long leasehold from 25 March 2005 subject to a ground rent of £1,000 per annum which is subject to RPI linked rent reviews every 25 years.
TENANCY The property is single let to Sponge UK Limited on a 10 year lease from 07 September 2022 expiring on 05 September 2032, subject to a tenant break option on 15 November 2027 with a 3 month break penalty. Therefore leaving approx. 9.5 years to expiry and 4.75 years to break. The lease is drawn on FRI terms, subject to a schedule of condition. The headline rent is £155,000 per annum reflecting £23.34 per sq ft subject to upward only market review at year 5. The f irst two years are at half rent, which will be topped up by the vendor at the point of completion. £155,000pa 9.37 years to expiry £23.34psf 4.56 years to break
DATA RooM Access to the data room is available on request.
SERVICE CHARGE There is a service charge is currently running at £1.85 per sq ft and is recoverable from the tenant under the terms of the lease. Further information is available in the data room.
EPC The property has an EPC rating of 85 D. A copy of the EPC is available to download from the data room.
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 PROPOSAL Offers are sought in the region of £1,600,000 (One Million Six Hundred Thousand Pounds) reflecting a Net Initial Yield of 9.07% (assuming purchasers costs of 6.22%). A purchase at this level would reflect a capital value of £241 per sq ft. Further information A successful purchaser will be required to provide relevant information to satisfy the AML requirements when Heads of Terms are agreed.