For Sale Office Investment. Imperial Chambers, Longsmith Street, Gloucester, GL1 2HT

Transcription

1 For Sale Office Investment Imperial Chambers, Longsmith Street, Gloucester, GL1 2HT

2 Imperial Chambers, Longsmith Street, Gloucester 02 Investment Summary Freehold office investment opportunity. Strategically positioned to benefit from the redevelopment of Gloucester City centre. Current rent 124,000 per annum exclusive. Future re-development potential subject to planning. 1,100,000 exclusive net reflecting a net initial yield of 10.6% allowing for purchaser s costs of.8%.

3 Imperial Chambers, Longsmith Street, Gloucester 03 Location and Situation Location The Cathedral City of Gloucester is located approximately 104 miles west of London, miles south of Birmingham, 34 miles north of Bristol and 8 miles to the south west of Cheltenham. The City has excellent road communications from the A40/A38 with direct access to the M at Junctions 11, 11A and 12. The M provides a continuous motorway link to the M4, M0, M6 and M42. These road links have been improved recently with the South West Bypass. Gloucester is also well served by rail services with a minimum journey time of approximately 1 hour 4 minutes to London Paddington. There are also local services to Cheltenham, Bristol and Cardiff. Bristol International Airport and Birmingham International Airports can be reached in just over 1 hours drive. Situation The property occupies a corner location on the junction of Longsmith Street and Ladybellegate Street, a short distance from the historic Gloucester Docks. This locality is the principal city centre office area and is close to the prime retailing area of Eastgate Street of Kings Walk. Further west on Longsmith Street is the Police and Magistrates Court complex. Imperial Chambers is located close to the Blackfriars and the Greyfriars areas, two of the seven key areas identified for redevelopment within the City.

4 Imperial Chambers, Longsmith Street, Gloucester 04 Accommodation and Description Accommodation The property provides the following approximate net internal areas: Description Sq m Sq ft No s Ground Floor ,602 First Floor ,93 Sub Total ,37 No s 4 47 Ground Floor ,234 First & Second Floors 43. 4,882 Sub Total 661 7,116 Total 1, ,63 Description Imperial Chambers was constructed in 198 of part steel frame and part load bearing masonry construction beneath a pitched tiled roof. The property comprises two interconnecting office buildings of two and three stories. The office accommodation benefits from perimeter trunking, gas fired central heating and suspended ceilings with part category II lighting and ceiling mounted fluorescent strip lights. WC facilities are provided in both buildings. Externally and to the rear of the building there is a car park with approximate 18 spaces, providing a parking ratio of approximately 1 to 809 sq ft. Surface level and multi-storey car parks are located opposite.

5 Imperial Chambers, Longsmith Street, Gloucester 0 Tenure and Tenancy Proposal The property is offered for sale freehold, and offers are invited in the region of 1,100,000. Subject to Contract and exclusive of VAT reflecting a net initial yield of 10.6 % allowing for purchasers costs of.8 % Tenure Freehold. Tenancies Tenant Area sq ft Rent Per annum exclusive Lease Term Expiry Break Turning Point 6,828 6,301 ( 8.2 per sq ft) Calton Atlantic Travel & Events 2,194 20,000 ( 9.12 per sq ft) Quatro Design Architects 4,29 36,004 ( 8.38 per sq ft) Farm Fries Limited 1,336 11,69 ( 8.7 per sq ft) Total 14,63 124,000 per annum exclusive Tenant break option March None Notice period expired Notice period expired EPC The property has been assessed to have an energy performance rating of C.

6 Imperial Chambers, Longsmith Street, Gloucester 06 Viewing Arrangements For further information or to arrange an inspection please contact the sole agent: Alder King Property Consultants Brunswick House Gloucester Business Park Gloucester GL3 4AA John Hawkins SUBJECT T O CONTRACT AND ALL COSTS ARE EXCLUSIVE OF VAT JH/LDG/N May 2014 Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties which are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.