SBC GLOUCESTER - Buchanan Bond...SBC GLOUCESTER OLYMPUS PARK I QUEDGELEY I GLOUCESTER I GL2 4AL A MODERN & ATTRACTIVE LIGHT INDUSTRIAL INVESTMENT OPPORTUNITYLocation The historic Cathedral

SBC GLOUCESTEROLYMPUS PARK I QUEDGELEY I GLOUCESTER I GL2 4AL

A MODERN & ATTRACTIVE LIGHT INDUSTRIAL INVESTMENT OPPORTUNITY

SBC GLOUCESTER OLYMPUS PARK I QUEDGELEY I GLOUCESTER I GL2 4ALA MODERN & ATTRACTIVE LIGHT INDUSTRIAL INVESTMENT OPPORTUNITY

Investment Summary

• A modern Light Industrial Investment located in Quedgeley, an affluent suburb of Gloucester

• Developed in 2009, the park comprises 5 separate terraces, offering a total of 53 units (five of which have been sold)

• The remaining 48 units range from 357 to 721 sq ft, offering a total area of 24,134 sq ft (GEA) on a site of 1.45 acres (38.2% site cover)

• Flexible use class including B1, B2 & B8 (Town and Country Planning Act 1990)

• Freehold

• Each unit benefits from an eaves height of 5.5 metres, 77 designated unit and visitor parking spaces, mains electricity (with Smart Meters) and Telecommunications (including fibre-optic broadband)

• Currently let to 41 tenants with a gross rental income of £297,800 and a net income of £222,030, reflecting £9.20 per sq ft (GEA), with a high occupancy rate of 95%

• Significant asset management opportunities, including: potential to increase rental income through the letting of the three vacant units and to convert the existing licence income to longer-term leases

• Offers are invited in excess of £2,880,000 subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.24% and a capital value of £119 per sq ft taking into consideration of standard purchaser’s costs of 6.44%

• Unit sub-sales on the estate have recently achieved in excess of £168 per sq ft (GEA)


Location

The historic Cathedral City of Gloucester is the administrative centre of Gloucestershire and considered one of the principal commercial centres of the south west of England. Gloucester is situated on the River Severn and lies close to the Welsh Border, approximately 32 miles (51 km) to the north east of Bristol, 45 miles (72 km) south west of Birmingham and 94 miles (150 km) west of London.

The town benefits from excellent road communications, being located at the intersection of the A40 and A438, providing a direct link to the M5 at Junctions 11, 11A and 12. The M5 provides further links to the national motorway network including the M4, M50, M6 and M42.

Gloucester’s railway station provides regular services to London (Paddington) with a fastest journey time of approximately 114 minutes. Direct services also operate to Bristol (54 minutes), Birmingham (55 minutes) and Cardiff (63 minutes).

Gloucester Airport is located within 9 miles (14 km) of the city centre, which offers services to Belfast, Jersey and the Isle of Man as well as private charters. Additionally, Bristol International Airport lies approximately 35 miles (63 km) south of Gloucester, and offers a wealth of domestic and international flights.

BR

ISTO

L R

OA

D

SEV

ERNVALE DRIVE

BR

IST

OL

ROAD

A430

A43

0

ST

RO

UD

RO

AD

TRIER WA Y

EASTGATE STREET

PAIN

SWIC

K ROAD

STO

CK

LE

Y R

OA

D

ST

RO

UD

RO

AD

A4173

HUCCLECOTE ROAD

ABBEYM

EAD AVE

BR

ISTOL

ROA

D

OLY

MP

US

PA

RK

A38

A38

A38 COLE AVE

EAST

ERN

AVE

CORINIUM AVE

A417

A38

PAINSW

ICK R

OAD

Gloucester

M5

JUNCTION 12

JUNCTION 11A

GLOUCESTER

THE PROPERTY

TescoQuedgeley District Centre

Painswick Golf Course

QUEDGELEYQUEDGELEY

M5

M5

M5

M40

M40

M42

M1

M49

M50

M48

M4

M5 M4

10

11

12

STROUD

CHEPSTOW

CIRENCESTER

WITNEY

SWINDON

CHIPPENHAM

MARLBOROUGHNEWBURY

BASINGSTOKE

TROWBRIDGE

BRISTOL

ANDOVER

ABINGDON

BANBURY

CHELTENHAMCHELTENHAM

TEWKESBURY

ROSS-ON-WYE

HEREFORD

LEOMINSTER

KIDDERMINSTER

REDDITCH

BROMSGROVE

COVENTRY

RUGBY

NORTHAMPTONDAVENTRY

EVESHAM

STRATFORD-UPON-AVON

GLOUCESTER

OXFORD

WORCESTER

Proximate to junctions 11a & 12 of the m5 motorway

London Paddington fastest journey 1 hour 54 minutes

gloucester airport 9 miles & bristol airport 35 miles

Situation

The property is positioned on the northern outskirts of Quedgeley, a large and affluent suburb of Gloucester located 3.5 miles (5.6 km) southwest from the City Centre.

Space Business Centre is situated on Olympus Park, parallel to the A38 dual carriageway which runs through Quedgeley, linking Gloucester the City Centre and the M5 motorway at junction 12.

The surrounding area comprises several industrial and business parks with occupiers such as Royal Mail, Yodel, Arrk Europe, Warners Retail, Geotechnical Engineering.

At the nearby retail park, Quedgeley District Centre, notable tenants include Next, Brantano, Matalan, Boots and an Aldi superstore.


Description

The Business Centre comprises 5 separate terraces, with 6 units in the smallest terrace, 9 units in second, 15 units in the third, 7 units in the fourth and 16 units in the largest terrace.

The units are all of modern construction being completed in 2009. The unit sizes range from 357 to 721 sq ft. Excluding the sold off units, the total accommodation is 24,134 sq ft. The eaves height across the estate is approximately 5.5 metres. The estate also benefits from approximately 77 car parking spaces, including 4 disabled car parking spaces, two bicycle racks and a lay-by.

Each unit is front loading.

The units are suitable for industrial, workshop, project space, warehouse, storage and office use.

The property includes two amenity blocks which boast kitchen and shower facilities. The site is protected by CCTV and a security barrier. 24/7 access is available.

1

1 2 3 4 5 61 2 2 3 4 4 4 5 5 6

7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15

22

39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

30

31

32

33

34

35

36

37

38

29

28

27

26

25

24

23

222121202019

18

17

16

vvvvv

cycles

cycles

7 8 9 10 11 12 13 14 15

16

23

24

25

26

27

28

29

30

39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

38

37

36

35

34

33

32

31

17

18

19

20

21

22


The Site

The site totals 1.45 acres (0.59 of a hectare) with a site cover of 38.2%

* Please note: The properties are let on a Gross External Area (GEA) basis.

Asset Management

There are number of available asset management opportunities to drive value on the estate. The purchaser could:

• Pursue the sale of individual units to occupiers and investors. A schedule of recent unit transactions is available upon request.

• Continue developing the flexible lease operation of the site, increasing the net operating income.

• Target potential capital growth associated with the movement from all-inclusive rents to a traditional, income secure lease structure.

n Completed Sale

Unit 39-43 Sold in Q1 2017 for £322,500, reflecting £168 per sq ft.

Tenure

Freehold. Title number GR262917.

Planning

All estates have planning permission for B1, B2 and B8 uses in accordance with the Town and Country Planning Act 1990.

Measurements

All measurements are GEA (Gross External Area) and have been taken from the Space Business Centre Website. Those areas do not account for any of the common facilities.

Unit 5 Unit 1


Tenancy

The estate comprises a total of 53 units (four have been sold), of which 46 are currently income producing, providing a total gross income of £297,800 per annum, which equates to an average overall rent of £12.34 per sq ft.

The estate attracts a diverse tenant mix including occupiers from the following trades; Engineering, Electrics & Design, General Retailers and Lifestyle & Leisure providers.



Dataroom

A virtual dataroom is available, which contains information relating to:

• Service charge• Rateable values• Details of estate expenditure • Full tenancy schedule

Please contact CBRE or Buchanan Bond to arrange access.

VAT

The property is elected for VAT and it is intended that the transaction will be structured as a Transfer of Going Concern (TOGC).

Energy Performance Certificates

Unit Rating

1-6 D100

7-5 D81

16-22 D88

23-38 D97

39-53 D90

CBRE and Buchanan Bond for themselves and for the vendors or lessors of the property whose agents they are give notice that: (i) these particulars are given without responsibility of CBRE and Buchanan Bond or the vendors or lessors as a general outline only for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) CBRE and Buchanan Bond cannot guarantee the accuracy of any descriptions, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and any prospective purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of each of them; (iii) no employee of CBRE and Buchanan Bond (and their joint agents where applicable) has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; (iv) VAT may be payable on purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; (v) except in respect of death or personal injury caused by the negligence of CBRE and Buchanan Bond, its employees or servants, CBRE and Buchanan Bond will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars save to the extent that any statement made in these particulars has been made fraudulently. July 2018. Designed and produced by Creativeworld Tel: 01282 858200


Proposal

‘We are instructed to seek offers in excess of £2,880,000 (Two Million Eight Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.24% and a capital value of £119 per sq ft (GEA)’

Contacts

Peter Kirk T: 020 7182 8301 M: 07786 638 228 E: [email protected]

Alex Saint T: 020 7182 3627 M: 07464 516 937 E: [email protected]

William Ikin T: 020 7042 6003 M: 07775 728 772 E: [email protected]

Oliver Taylor T: 020 7042 6001 M: 07773 773 790 E: [email protected]

Documents

SBC GLOUCESTER - Buchanan Bond...SBC GLOUCESTER OLYMPUS PARK I QUEDGELEY I GLOUCESTER I GL2 4AL A MODERN & ATTRACTIVE LIGHT INDUSTRIAL INVESTMENT OPPORTUNITYLocation The historic Cathedral