About the property
Material information
Property description
Council Tax A fee submitted to your local authority to cover expenses related to local amenities such as schools, libraries, and waste management. The payment amount is determined based on the property's value. Read our glossary page :
Tenure Explains the various forms of property ownership, including freehold, leasehold, and commonhold, and how they determine your rights and responsibilities as a property owner. Read our glossary page :
Ground Rent A recurring payment issued by the tenant to the landlord or property management firm. Read our glossary page
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Ground Rent Review Period When will your ground rent be assessed and how frequently will it be reviewed. Read our glossary page
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Annual Service Charge An estate's shared area expenses, such as building insurance, lighting, cleaning, and maintenance, are typically covered by a periodic payment that is commonly made on a yearly basis. Read our glossary page
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Length of Lease The duration of time you have acquired the leasehold, or the right to reside in a property. Read our glossary page
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Size The size of a property or land refers to its physical extent or area. Read our glossary page
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Use Class A commercial use class refers to a classification system that categorises buildings based on their intended commercial purposes, such as offices, retail spaces, or industrial facilities. Read our glossary page
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The property itself comprises a ground floor modern office suite constructed circa 2010. The offices form part of a predominantly residential building.
Internally the offices have painted plaster walls, raised floor, suspended LED lighting and air conditioning installed.
There is no parking on site.
LOCATION
The property is located on the junction of King Square Avenue and Stokes Croft (A38), a central area of Bristol within short walking distance of Broadmead and Cabot Circus. This is a fashionable area of Bristol city centre with a range of modern restaurants and bars within close proximity. The A38 is a main arterial route into Bristol provides easy access to the M32/M5/ M4 motorway network.
DESCRIPTION
The property itself comprises a ground floor modern office suite constructed circa 2010. The offices form part of a predominantly residential building.
Internally the offices have painted plaster walls, raised floor, suspended LED lighting and air conditioning installed.
There is no parking on site.
ACCOMMODATION
The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) the property comprises the following (approx.) areas:-
Description Sq m Sq ftGround Floor 159.1 1714
TOTAL NET INTERNAL AREA 159.1 1714
TENURE
The property is held on a lease for a term of 999 years at an initial rent of £500 per annum from 1 December 2005.
The premises is let to The E Cancer Global Foundation, Company Number CE012685, a charitable incorporated organisation registered with Charity Number 1176307. The lease is for a term of 5 years at an initial rent of £12,000 per annum, rising to £30,000 per annum in years 2-5 on effectively full repairing and insuring terms from 14 August 2024. There is a tenant only break clause on 14 August 2027 subject to 12 months prior notice. The lease is excluded from the Security of Tenure Provisions of the Landlord & Tenant Act 1954.
ASKING PRICE
£325,000.00 subject to contract, (net initial yield of 8.91%), plus VAT.
BUSINESS RATES
The Valuation Office Agency website states the premises are currently assessed for Business Rates as:
Offices & Premises
Rateable Value: £19,250
Interested parties are advised to make their own enquiries with Bristol City Council to ascertain the exact rates payable.
COSTS
Each party to bear their own legal costs incurred in the transaction.
VAT
All prices are quoted exclusive of VAT whether or not chargeable. We believe VAT is chargeable and this will be confirmed.
PLANNING
We have not made any enquiries with Bristol City Council with regards to the current planning consent, however, we have assumed that the property has planning for Class E use use under the Town & Country Planning (Use Classes) Order 1987 (Amended Sept 2020).
The property has been used as an office building a number of years. Interested parties are advised to make their own enquiries to ensure their proposed use would be permitted.
ENERGY PERFORMANCE CERTIFICATE (EPC)
The EPC for this property has been commissioned.
VIEWING & FURTHER INFORMATION
Through sole agents Bladen Commercial Property Consultants Ltd:-
Julian Bladen MRICS SUBJECT TO CONTRACT
0117 287 2006 November 2024
Contact
Based in Bristol and Chepstow, Monmouthshire we are an independent practice specialising in commercial property and development land sales.
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