Summary
Single Let, Detached Office Building with 49.6 years Unexpired (10.8 years to only break) of Government Income
Location
Twyver House occupies a prominent site fronting Station Road and Bruton Way, a dual carriageway which forms part of Gloucesters Inner Ring Road. The property is located with easy access to the M5 motorway via the A40 and A417.
The subject property is situated very close to the historic Gloucester Cathedral and the heart of the retail/business centre. Gloucesters mainline rail station is directly opposite the property. Gloucester Bus Station is located immediately to the north west.
Investment Summary
A gateway site sitting adjacent to the key Gloucester regeneration scheme
Fronting Station Road and Bruton Way, a dual carriageway which forms part of Gloucester’s Inner Ring Road, with easy access to the M5 motorway via the A40 and A417
A detached 1960’s five storey city centre building totalling 75,654 sq ft
Total site area of 3.2 acres with a very low site coverage of 25%
The property is let in its entirety to the Secretary of State for the Environment for a term of 99 years with 49.6 years unexpired (10.8 years until break)
Very low passing rent of £705,000 per annum (£9.32 per sq ft)
An exceptionally high number of car parking spaces providing a ratio of 1:257 sq ft
Freehold
We are instructed to seek offers in excess of £11,000,000 (Eleven Million Pounds) subject to contract and exclusive of VAT, for our clients freehold interest
A purchase at this level reflects an attractive net initial yield of 6% and a low capital value of £145.40 per sq ft, exclusive of purchasers’ costs
Description
Twyver House is a headquarter style, five storey building totalling 75,654 sq ft with a car park providing 294 spaces.
The building was constructed in 1968 and is of concrete frame construction, with external concrete panels and glazed elevations.
The building specification includes;
- Suspended ceilings
- Category II recessed lighting
- Double glazing
- Perimeter trunking
- Perimeter heating
- 2 electric roller doors accessing loading deck
- Disabled facilities on ground, first and fourth floors
- Male and female WC facilities to all floors
- Male, female and disabled shower facilities
- On site gym
- Exceptional car parking ratio of 1:257 sq ft
The external elevations have been subject to repair and refurbishment over the past 10 years, including replacement of all windows to double glazing units and replacement roofs.
The tenant has undertaken a number of improvements in recent years including the installation of new carpets, replacement of suspended ceilings, installation of comfort cooling, new radiators and a new lighting system (all in part).