121 Winterstoke Road, , Bristol, BS3 2LL

Summary

Headquarter Sale & Leaseback Opportunity

Location

The property is located off the busy Winterstoke Road within the city of Bristol which is accessed off the A370 and lies south west of the city. Winterstoke Road offers excellent accessibility to the national motorway network, A4 Portway and the M32.

Executive Summary

• Imperial Brands flagship Headquarters office building within the city of Bristol
• Let in its entirety on a single 20 year FRI lease, to Imperial Tobacco Limited guaranteed by Imperial Brands PLC
• Consumer Price Index (CPI) linked, five yearly upwards only rent reviews, with a collar of 0% per annum and a cap of 4% per annum
• The asset benefits from an investment grade guarantor Imperial Brands PLC (S&P: BBB / Moody: Baa3)
• A four storey building totalling 94,911 sq ft (8,818 sq m) IPMS3, comprising offices, canteen , café, gym with full changing and shower facilities
• The building provides high quality office accommodation, 338 car parking spaces, providing a ratio of 1:278 sq ft
• An award winning building constructed in 2013 to BREEAM ‘Excellent’
• Freehold interest occupying a site of 5.06 acres acres (2.05 hectares)
• The passing rent will be set at £2,597,306 per annum which equates to a passing rent of £27.50 per sq ft
• Offers are sought in excess of £53,500,000 (Fifty Three Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT

A purchase at this level reflects an attractive net initial yield of 4.5% assuming purchasers costs at 7.8% 121 Winterstoke Road provides an excellent opportunity to acquire a high quality office headquarters within Bristol city centre, let to a covenant who have been based in Bristol for over 100 years.

Property Description