Unit K was built in 2014 and formed part of the final phase of development of Quedgeley West Business Park and comprises a high quality, modern, detached industrial warehouse building located on a self-contained plot. The property provides excellent accommodation and includes the following specification
Location
Gloucester is the administrative centre of the county of Gloucestershire and is one of the principal commercial centres in the South West of England. The historic cathedral city is located close to the border between England and Wales and is approximately 28 miles from Worcester, 32 miles from Bristol and 94 miles from Birmingham. The city benefits from excellent road communications with access to the M5 via junctions 11, 11a and 12. The A417/9 also links the city to junction 16 of the M4 at Swindon. Gloucester Railway Station provides a direct link to London Paddington with a journey time of approximately 1 hour 50 minutes as well as direct links to Bristol (54 minutes), Birmingham (55 minutes) and Cardiff (63 minutes)
Accommodation
Main Warehouse 3,097.8 sq m (33,344 sq ft )
Ground & 1st floor office/amenity 349.8sq m ( 3,766sq ft )
TOTAL 3,447.6sq m ( 37,110sq ft )
Tenant mezz 94.7sq m ( 1,019sq ft )
Total including tenant mezz 3,542.3sq m (38,129sq ft )
Terms
Tenure The property is held long leasehold on a 250 year lease from 27 March 2014 at a peppercorn rent, offering approximately 242 years unexpired.
Tenancy The property will be let on a new FRI lease for a term of 20 years without break from completion to Vision Profiles Ltd. The initial rent will be £278,325 per annum, reflecting £7.50 per sq ft, subject to five yearly rent reviews linked to RPI (2-4%).
ERV We are of the opinion that the Estimated Rental Value of the property is £7.50 per sq ft, in line with the proposed rental of £278,325 per annum.
Quoting rents on comparable new stock at St Modwen Park are now £8.25 per sq ft.
VAT We understand that the property is elected for VAT which will therefore be payable on the purchase price.
Proposal Seeking offers in excess of £5,450,000 (Five Million Four Hundred and Fifty Thousand Pounds) reflecting a net initial yield of 4.75% assuming purchaser’s costs of 7.61% and a capital value of £147 per sq ft
Specification
- Prime location on an established and successful business park
- Prominently situated adjacent to major arterial route
- Modern warehouse building of 37,110 sq ft
- 250 year long leasehold from 27 March 2014
- New 20 year FRI lease without break to Vision Profiles Ltd
- Initial rent of £278,325 per annum (£7.50 per sq ft)
- 5 yearly RPI linked rent reviews (2-4%)
- Seeking offers in excess of £5,450,000 reflecting a net initial yield of 4.75% and a capital value of £147 per sq ft, assuming purchaser’s costs of 7.61%