A Modern & Attractive Light Industrial Investment Opportunity

 

SUMMARY

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

LOCATION

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.

SITUATION

SITUATION

The property is positioned on the northern outskirts of Quedgeley, a large an 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

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.

The property occupies a site totalling 1.45 acres (0.59 of a hectare) with a site cover of 38.2%.

TENANCY

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.

TENURE

The property is held Freehold.

 

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PROPOSAL

VAT

The property is elected for VAT and it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

PRICE

Offers in excess of £2,880,000 (Two Million, Eight Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT
A purchase at this level reflects a Net Initial Yield of 7.24%.

MISREPRESENTATION ACT 1997 & DECLARATION

Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

BROCHURE

BROCHURE

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