Barley House, Oakfield Grove, Bristol, BS8 2BN

Summary

Reversionary Freehold Office Investment Opportunity

Location

Barley House is located within the affluentareaof Clifton approximately 1 mile to the east of Bristol city centre. Clifton is renowned for having some of the most iconic spotsin Bristol, including Brunels famous Suspension Bridge, the Observatory, Bristol Zoo and the Durdham Downs. The area is also home to several upmarket retailers, cafes, pubs and restaurants.

The property is located on Oakfield Grove and is conveniently positioned between Whiteladies Road and Clifton Village. The area surrounding the property is predominantly high value residential and there is a lack of office supply in this location, largely due to the implementation of Permitted Development Rights. Nearby occupiers include the BBC, Handlesbanken, Bristol Lido Spa, Starbucks and The Ivy.

Investment Summary

• Located in the affluent area of Clifton. Georgian office building arranged over ground and two upper floors totalling 14,499 sq ft.
• Freehold.
• Fully let to strong covenant The University of Bristol until 1st November 2024.
• Highly reversionary.
• Low base rent of £220,000 per annum (£15.17 psf) with an anticipated uplift at Novenber 2019 review.
• Offers are sought in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT.
• A purchase at this level reflects a net initial yield of 5.16% and a reversionary yield of 5.95% based upon our ERV, after purchaser's costs at 6.54%.
• Capital value of £276 psf.

Description

The property comprises an 'L' shaped Georgian office building arranged over ground and two upper floors. The property was built in circa 1936 adn the specification includes:

• Perimeter trunking
• Central heating with wall mounted radiators
• Suspended tile ceiling
• Recessed fluorescent strip lighting
• Carpeted floors

Externally, there is provision for 23 car parking spaces to the front of the building reflecting a good overall parking ratio of 1:630 sq ft.  Barley House has been altered to interconnect to the University's adjoining building Oakfield House that is under separate ownership.