Balmoral & Waverley House, Cathedral Walk, Bristol, BS1 5LN

Multi-let ground floor retail and leisure investment in Bristol City Centre
Investment Summary
Located in Bristol city centre, the commercial and financial capital of the South West of England
Well situated in Canon's Marsh on the north side of Bristol's floating harbour
Multi-let ground floor Retail and Leisure investment comprising 12,775 sq ft (1,187 sq m) split between six units
The property produces a current rental income of £210,675 per annum (£15.79 per sq ft overall)
WAULT of 10.19 years to lease expiry and 5,57 years to break
Offers in excess of £2,370,000 (Two Million Three Hundred And Seventy Thousand Pounds) subject to contract and excusive of VAT
This reflects an attractive Net Initial Yield of 8.00%

The property comprises of two buildings that are situated in an attractive landscaped environment on either side of Cathedral Walk and maintain an important view of Bristol Cathedral andBristol Harbourside. The buildings were built in 2003 and comprises of 8 storeys, with retail and leisure on the ground floor and residential apartments on the remaining upper floors. The retail and leisure component of the buildings comprises six units totalling 12,775 sq ft (1,187sq m) Gross Internal Area, a more detailed breakdown of the individual unit sizes is contained within the tenancy schedule below. The residential apartments are not included in the investment sale.Tenancy ScheudleTenant NameUnitTotal Area (sq ft)Lease StartLease ExpiryNext ReviewBreak OptionCurrent Rent (pa)Rent Rate (per sq ft)CommentsSteak of the ArtUnit 1 Balmoral House3,98308/07/201308/07/202808/07/201808/07/2018£58,350£14.65Tenant’s break subject to 6 months notice. 5 yearly rent reviews to OMV.InPlayGolfUnit 2 Balmoral House3,55219/12/201319/12/202819/12/2018 £42,000£13.30Fixed rent increases: £52,500 from 12/2017. Rent deposit £13,320. Five yearly rent reviews to higher of 2% pa or RPI annually compounded.FriskaUnit 1 Waverley House1,80025/12/201425/12/202925/12/201924/12/2017£27,000£15.00Five yearly rent reviews to OMV. Tenant break on 6 months notice, tenant to benefit from 8 months’ rent free period if break option not activated.Shutter & FlashPt Unit 1 Waverley House89808/07/201508/07/202508/07/2020 £16,500£18.37Rent review to higher of 2% pa or RPI. 10 year term.Starks Fitness & NutritionUnit 2a Waverley House1,56901/09/201501/09/202501/09/2020 £28,250£18.01Five yearly rent review fixed to RPI (capped at 2% pa).Countrywide Estate Agents (t/a Chappell & Matthews)Unit 2 Waverley House97330/08/201230/08/202230/08/2017 £24,325£25.00Five yearly rent review to OMV. TOTAL 12,775TOTAL 12,775    £201,675£15.79  TenureThe property is held Long Leasehold for 999 years from 1st January 2004 at a peppercorn rental.VATThe property is elected for VAT and therefore VAT will be payable on the purchase price. We would anticipate the sale to be dealt wit by way of a Transfer of Going Concern (TOGC).

Location