Building 360 is strategically located in the centre of Bristol Business Park
Location
Bristol is the fifth largest conurbation in the UK and the capital of the south west of England. The city is regarded as the commercial centre of the south west of England, with a wealth of cultures and a population increasing at a higher rate than comparable UK cities, currently estimated at 480,000. It is the fastest growing of all the core cities in England and Wales over the past decade. Bristol has a skilled workforce with a high proportion of graduates and students living in the city.
Bristol’s two universities boast a student population of over 68,000, meaning a higher than UK average proportion of the population are qualified to degree level. Bristol ranks amongst the most attractive, successful and culturally prestigious cities in the UK. It is a popular relocation destination and is frequently named as being the best British city to live in. Bristol is the gateway to business in the south west and one of the main financial hubs outside of London.
Accommodation
8,045 sq ft (747.4 sq m)
Terms
Tenure Freehold.
Tenancy The property is fully let on FRI terms to Leonardo UK Ltd on a 10 year lease from 19 August 2024 expiring 18 August 2034, subject to a tenant break option at year 5. The rent passing is £68,382.50 pa rising to £136,765 pa on 18 November 2025 and is subject to review at year 5. The vendor will top up the rent to £136,765 pa reflecting £17.00 per sq ft
The property has an EPC of B 39 rating. A copy of the certificate is available in the data room.
VAT The property has been elected for VAT. We anticipate that the transaction will be treated as a transfer of a going concern (TOGC). Dataroom Access to the data room is available on request.
Proposal Offers are sought in excess of £1,430,000 (One million four hundred and thirty thousand pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 9% (allowing for purchaser’s costs at 6.03%) and a capital value of £178 per sq ft.
Specification
- Freehold office investment located in a prominent position on Bristol Business Park
- Single let to Leonardo UK Ltd on a 10 year full repairing and insuring lease from 19 August 2024
- 100% of the income is secured to an excellent covenant with 5A1 D&B Rating Unexpired term of approximately 9.3 years to expiry
- The property extends to 8,045 sq ft arranged over ground and first floor
- Excellent car parking provision of 40 car parking spaces (1:201 per sq ft)
- Topped up rent of £136,765 pa, reflecting £17.00 per sq ft
- Subject to upward only rent review and tenant break option at year 5