Javelin House was designed to Grade A standards and extends to a Net Internal Area of 52,626 sq ft arranged over ground, first and second floors. The building is of steel frame construction with external elevations being a combination of brick and metal rain screen cladding. The windows are polyester powder coated aluminium.
Location
Gloucester Business Park sits between Gloucester and Cheltenham, adjacent to the M5 Motorway (Junction 11A) and the A417 Gloucester Swindon trunk road; the two major arterial routes for the region. The Park extends to approximately 275 acres and was developed by Arlington, one of the UK’s major specialist business park developers. The site opened in 1998 and was quickly established as the region’s premier business location, unique in providing unrivalled accessibility, a superb environment and a full range of on-site retail and leisure amenities.
The site was formerly the factory and test airfield for the Gloster Aircraft Company, famous for building the Hawker Hurricane during the 1940s and the Gloster Javelin during the 1950s. The airfield ceased to be operational in 1965 and Arlington began developing the Park in the early 1990s based on a mixed use outline planning consent allowing for the delivery of various uses.
Accommodation
27 Fleet Street & 65 Lionel Street 94,475 (office)
70 Redcliff Street 19,790 sqft
One Brindleyplace 68,192 sqft
Morgan Stanley, 122 Waterloo Street 156,980 sqft
Imperial Brands, 121 Winterstoke Road 85,394 sqft
St Paul's House 29,203 sqft
KIA UK HQ 30,933 sqft
Terms
Proposal We are instructed to seek offers in excess of £17,600,000 for the freehold interest, subject to contract and exclusive of VAT. Assuming purchaser’s costs of 6.74%, an acquisition at this level reflects an attractive net initial yield of 8.50%, and a low capital value of £271 per sq ft on Javelin House only.
VAT The property is elected for VAT and it is, therefore, anticipated that the sale will be structured as a Transfer of a Going Concern.
Environmental Credentials The property benefits from EPC B(35) and BREEAM Very Good ratings.
Capital Allowances Capital allowances may be made available to a qualifying purchaser by way of separate negotiation. Further information can be made available on reques
Specification
• Headquarters office building constructed in 2015, benefiting from strong environmental credentials.
• Totalling approximately 52,626 sq ft (NIA), with flexible floorplates arranged over ground, first and second floors.
• Javelin House and Car Park B are both fully let to EDF Energy Nuclear Generation Ltd on full repairing and insuring terms until 20th September 2032, providing 7 years unexpired.
• Passing rent of £1,600,451 per annum reflecting a low overall rent of £24.56 per sq ft across the office accommodation and £1,000 per space for Car Park B.
• Highly reversionary with prime office rents on the park now reaching £30 per sq ft.
• Javelin House benefits from 307 car parking spaces within its immediate demise (1:171 sq ft).
• A further 308 spaces are provided at Car Park B which is included in the sale and is situated approximately 200m south of Javelin House thereby providing an overall ratio of 1:86 sq ft