Post on 07-Jul-2020
transcript
glhearn.com
• Prime mixed-use development opportunity
• Prior approval for 29 flats converting the upper parts
• Accommodation comprising 31,839 sq ft NIA over basement, ground and three upper floors
• Existing income from 5 of the 6 retail units, one vacant.
DEVELOPMENT & INVESTMENT OPPORTUNITY FOR SALE
Alliance House2-12 Baldwin Street BristolBS1 1SA
glhearn.com 2
INVESTMENT SUMMARY • Currently producing a total gross income of £112,860 per
annum.
• Opportunity to acquire a mixed-use retail investment
property let to tenants including the Co-Operative and
Bella Italia.
• Existing building comprises 31,839 sq. ft. NIA across
basement, ground and three upper floors
• Bristol Local Planning Authority has granted a Prior
Approval application for the conversion of the upper
floors to 29 residential units.
• Proposed residential accommodation includes a mixture
of studios and 1 bedroom apartments.
• Extensive asset management opportunities.
• Building has potential for alternative uses, subject to
necessary consents.
LOCATIONBristol is a multicultural twin University City with a
population of approximately 459,300, of which 52,000 are
students. Bristol’s two universities: The University of West
England and the University of Bristol are consistently
ranked in the top 60 universities in the UK.
Bristol is the 8th largest city in the UK and is considered
one of the ten ‘Core Cities’. Today Bristol is recognised as a
cultural and social hub having won several awards of note
including: England’s first UNESCO Learning City, European
City of Sport in 2017, European Green Capital 2015 and the
UK’s smartest City. In 2017 Bristol was voted Best City to
Live in Britain (The Sunday Times) and in the top 10 happiest
cities to work in the UK (The Guardian).
Bristol City Centre has benefited from significant investment
and regeneration with recent projects including: Temple
Quay North, where the development proposals include 2
11 storey towers incorporating 255 flats with commercial
accommodation including a fitness centre and Café. Works
are also underway on the 2nd phase of Wapping Wharf,
which includes 250 new homes on the former car park site.
The city benefits from excellent transport links with both
Bristol Temple Meads and Bristol Parkway rail stations
providing direct links to London, Reading, Cardiff and the
Midlands. Bristol Airport provides flights internally across
the UK, throughout Europe and beyond. Bristol is well
connected to Britain’s road network with the M4 and M5
motorways being easy accessible and providing access to
from West to East and North to South respectively. Railway
journey times from Temple Meads station to London
Paddington are approximately 1 hour and 37 minutes.
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 3
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
1:7500 scale
LOCATION MAP: SUBJECT PROPERTY
glhearn.com 4
SITUATIONThe subject property is situated in the core of Bristol’s city
centre, within the Old City district. The property is located
in close proximity to Bristol’s harbour side entertainment
district which hosts a number of restaurants, bars, shops and
hotels.
A short walk from the property are local amenities including
Queen Street Park and Castle Park. A number of bars and
restaurants are situated on Baldwin Street including Opa
Luxury Hall and Giuseppe’s Italian Restaurant.
Bristol City Centre has been subject to several development
schemes and we note the following in the local vicinity:
13-21 Baldwin Street, involving the partial demolition and
conversion of a period building which is being redeveloped into
managed student accommodation comprising 92 no. studio
apartments with ground floor retail (A1) use. The scheme
is currently being built by McLaren Group with anticipated
completion for September 2019.
28 Baldwin Street is a new residential scheme of 53 Studio,
1 & 2 bedroom apartments. The scheme was built by West
One Development and is currently being marketed with
agents Savills.
DESCRIPTIONThe property comprises a period five storey building of brick
and masonry construction which we understand dates back
to the late 1800s. The building is arranged as a retail parade
on ground floor with ancillary basement accommodation.
The upper floors comprise vacant office space which benefits
from direct access onto Baldwin Street. We understand that
the building extends to approximately 31,839 sq. ft. NIA.
We understand the site measures approximately 0.23 acres/
0.093 hectares in size.
ACCOMMODATION SCHEDULE
Unit Fascia Demise Area (sq ft) Area (sq m)
1 Co-Op (Not in occupation) Ground Floor Basement 3,434 319
2 Bella Italia Ground Floor Basement 3,229 300
3 Hush Hair Dressing Ground Floor Basement 1,787 166
4 Off Centre Ground Floor Basement 2,486 231
5 London Camera Exchange Ground Floor 226 21
6 Vacant Bank Ground Floor Basement 2,390 222
First Floor Santander UK Plc 6,458 600
Second Floor Vacant Office 6,189 575
Third Floor Vacant Office 5,640 524
Sub Total 31,839 2,958
SIDE ELEVATION FROM BALDWIN STREET
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 5
Unit Tenant Term (years)
Lease Start Lease End Rent
ReviewRent p.a. (gross)
1Somerset and Bristol Conv.
Store (Co-operative Group Food Limited - not in occupation)
20 31/01/2003 30/01/2023 £41,000
2 Bella Italia Restaurants Ltd 10 24/06/2011 23/06/2021 £35,000
3 Mark Andres And Glen Holmes 10.5 29/10/2014 28/04/2025 29/10/2019 £15,000
4 Keith Dunn And Susan Ann Dunn 10 12/09/2005 11/09/2015* £13,500**
5 London Camera Exchange Ltd 10 01/10/2009 30/09/2019 01/10/2014 £8,360
6 Vacant Bank - 0
First Floor Santander UK Plc - 0
Second Floor Vacant Office - 0
Third Floor Vacant Office - 0
£112,860
* Tenant is currently holding over on their existing occupational lease.** The vendor is currently accepting a reduced rent of £13,500 per annum and there is an asset management opportunity for the incoming purchaser to
review the rent. Please note the contractual rent is £23,372 per annum.We estimate the WAULT to expiry to be 2.8 years. We understand that Bella Italia are paying rent on a monthly basis and the other tenants are paying on a quarterly basis.
TENANCY SCHEDULEINTERNAL PHOTO - UNIT 5 (BELLA ITALIA)
INTERNAL PHOTO - VACANT OFFICES
INTERNAL PHOTO - UNIT 3 (HUSH HAIRDRESSING)
VIEW OF BALDWIN STREET FROM ALLIANCE HOUSE
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 6
TENANT COVENANTCO-OPERATIVE GROUP FOOD LIMITED
The Co-op Group currently trades from approximately 2,500 food stores around the UK. Co-
operative Group Food Limited is a subsidiary of the parent company and a number of the Co-op
convenience stores trade under this limited company. The subsidiary has a Dun & Bradstreet
Rating of 1 representing minimum risk. We note the following from their latest submitted
accounts (2016): £6,475,500,000 Turnover; £1,385,500,000 Tangible Net Worth; -(£413,900,000)
Pre-tax Profits.
BELLA ITALIA RESTAURANTS LTD
Bella Italia is an Italian Restaurant chain forming part of the Casual Dining Group which
owns well established restaurant brands including Café Rouge and Las Iguanas. Bella Italia
Restaurants Limited has been operating for approximately 25 years formed by the merge of two
small restaurant chains collectively known as Bella Pasta. The company operates across the UK
and has over 90 stores. We understand the company has a Dunn & Bradstreet score of 5A3 and
we note the following financial highlights as per their annual accounts submitted to companies’
house:
YE 28/05/2017 YE 29/05/2016 YE 31/05/2015
Turnover £101,644,000 £88,097,000 £74,554,000
Pre-tax Profits £27,000 -£1,568,000 £6,214,000
Total Equity/Tangible Net Worth £85,836,000 £86,127,000 £88,118,000
LONDON CAMERA EXCHANGE LTD
London Camera Exchange is a photographic sales company which specialises in second hand
camera sales as well as selling optical equipment which includes binoculars, telescopes and
provides a photo processing service. The chain has 29 stores across the UK and can trace its
origins back to the 1950s when the first branch opened up in Tunsgate, Guildford. London
Camera Exchange Ltd has been trading from the Bristol store since late 2009. We understand
the company has a Dunn & Bradstreet score of 2A1 and we note the following financial highlights
as per their annual accounts submitted to companies’ house:
YE 25/03/2018 YE 26/03/2017 YE 27/03/2016
Turnover £32,576,982 £31,694,598 £26,036,070
Pre-tax Profits £1,215,437 £1,016,592 £683,712
Total Equity/Tangible Net Worth £4,151,609 £3,147,172 £2,330,610
MARK ANDRES AND GLEN HOLMES (T/A HUSH HAIRDRESSING & BEAUTY)
Hush Hairdressing are a local hairdressers and beauticians whom have been in occupation of the
store since October 2014 and have a history of operating in Bristol.
KEITH DUNN AND SUSAN ANN DUNN (T/A OFF CENTRE CAFÉ LOUNGE)
The Off Centre Café and Lounge is a local boutique café/coffee shop serving a range of breakfast
and lunch options as well coffees and teas. The tenant has been trading from the store since May
2013 when they took occupation. We understand the tenant currently benefits from a reduced
rent of £13,500 whilst holding over on their lease. The Dunn’s have brought in Hamid Parast as a
new director whom we understand is currently running the business.
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 7
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXITING BASEMENT
A11606 F 0099 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
BASEMENT FLOOR EXISTING PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXITING GROUND FLOOR
A11606 F 0100 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
GROUND FLOOR EXISTING PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
BASEMENT FLOOR PROPOSED PLAN (NO CHANGES HAVE BEEN MADE)
(FOR ILLUSTRATIVE PURPOSES ONLY).
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR PLANNING ST NH
ALLIANCE HOUSEBRISTOL
PROPOSED GROUND FLOOR
A11606 D 0100 P3
ST 10.01.2019 As Indicated
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
EXISTING VENTILATED DOORS
EXISTING GLAZED OPENING
PROPOSED VENTILATEDDOORS IN EXISTING OPENING
TO MATCH ADJACENT
EXIT FROM UPPER LEVELS OFBUILDING P2 26.04.19 BIKE STORAGE AND REFUSE
STORAGE REVISEDLB NH
P3 29.04.19 SECTIONS ADDED ST NH
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXITING BASEMENT
A11606 F 0099 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
GROUND FLOOR PROPOSED PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
PLANS ILLUSTRATING THE OPPORTUNITY TO REDEVELOP THE UPPER FLOORS TO RESIDENTIAL.
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 8
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXISTING LEVEL 1
A11606 F 0101 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
FIRST FLOOR EXISTING PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXISTING LEVEL 2
A11606 F 0102 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
SECOND FLOOR EXISTING PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
FIRST FLOOR PROPOSED PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
ALLIANCE HOUSEBRISTOL
PROPOSED LEVEL 2
A11606 D 1102 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
P1 06.02.19 FINAL ISSUE FOR COMMENTS ST NH
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
ALLIANCE HOUSEBRISTOL
PROPOSED LEVEL 1
A11606 D 1101 P1
ST 10.01.2019 1:100
PLANNING
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
P1 06.02.19 FINAL ISSUE FOR COMMENTS ST NH
SECOND FLOOR PROPOSED PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 9
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH
ALLIANCE HOUSEBRISTOL
EXISTING LEVEL 3
A11606 F 0103 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
THIRD FLOOR EXISTING PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
THIRD FLOOR PROPOSED PLAN
(FOR ILLUSTRATIVE PURPOSES ONLY).
CLIENT
STRUCTURAL ENGINEER
SERVICES ENGINEER
CONSULTANT
KEY PLAN
NOTES:
ALLIANCE HOUSEBRISTOL
PROPOSED LEVEL 3
A11606 D 1103 P1
ST 10.01.2019 1:100
PRELIMINARY
--
DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.
THIS DRAWING IS PROTECTED BY COPYRIGHT.
ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.
2 3 4 5 6 7 8 9 10 11 12 13 141
B
A
C
D
E
F
G
H
J
K
L
c
SANTANDER BANK
0 1m
8m1:100 2m
4m
P1 06.02.19 FINAL ISSUE FOR COMMENTS ST NH
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
glhearn.com 10
50 metres
Bristol - Baldwin Street
For more information on our products and services:www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
Experian Goad Plan Created: 15/03/2019Created By: G L Hearn
Copyright and confidentiality Experian, 2019. © Crown copyright anddatabase rights 2019. OS 100019885
EXPERIAN GOAD PLAN - BALDWIN STREET
(FOR INDICATIVE PURPOSES ONLY)
PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA
Important Notice1. This information is intended as a general outline only for the guidance of intending purchasers and does not constitute an offer or contract, or part of an offer or contract.2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct. Intending purchasers should not, however, rely on them as statements
or representations of fact but satisfy themselves by inspection or otherwise as to their correctness.3. No person in the employment of GL Hearn Ltd has any authority to make or give any representation or warranty whatsoever in relation to any of these properties.4. Unless otherwise stated, prices or rents quoted are exclusive of VAT.
PLANNINGBristol Local Planning Authority has granted consent to the
vendor’s Prior Approval application as of 17.05.19 for the
conversion of the upper floors from office use (class B1) to
residential (class C3) Ref. 19/00974/COU. The application
includes 29 self-contained flats and comprises a mixture
of studios and 1 bedroom units. The accommodation is
split across three floors which are currently offices; the
proposed unit sizes range from 398 - 705 sq. ft NIA.
The building is not statutorily listed but is locally listed
by Bristol City Council. This means that it is particularly
valued by the community as a distinctive element of
the local historic environment which will be a material
consideration for any future planning applications.
GL Hearn recommends that potential purchasers make
their own enquiries to the local authority regarding
planning matters: https://www.bristol.gov.uk/planning-
and-building-regulations
DEVELOPMENT / ASSET MANAGEMENT OPPORTUNITIES• Develop upper parts for residential as per Permitted
Development Rights application
• Alternatively refurbish upper floors to let as offices
• Let vacant bank unit
• Renew / re-gear existing leases to reversionary rents to improve income stream and WAULT
June 2019
• Negotiate surrender premium for Co-op and re-let.
• Longer term reconfiguration of retail units.
TENURE The Vendor is selling the freehold interest in the property
which is held under separate titles registered BL43683
and BL139826.
The upper floors will be sold with vacant possession and
the retail units are subject to existing tenancies. The
property is subject to a Wayleave Agreement between
Virgin Media Ltd. and Santander UK PLC relating to the
laying of electronic communication apparatus under, or
over the subject property, further detail on request.
VATThe property is elected for VAT.
LEGAL COSTSEach party is to be responsible for their own legal costs
incurred in the transaction.
TERMSThe property is offered for sale via informal tender, with
the bid deadline to be provided in due course.
VIEWINGSViewings are strictly by appointment through GL Hearn.
For further information please contact sole agents:
For Development Enquiries: Tom Mason T +44 (0)7753 223 030E tom.mason@glhearn.com
For Retail Enquiries:Adam HanlineT +44 (0)7584 800 930E adam.hanline@glhearn.com
Jonny Stevenson T +44 (0)7710 379 006E jonny.stevenson@glhearn.com