Bond St
Bristol BS1 3LG
Spectrum · Office Property For Sale
INVESTMENT HIGHLIGHTS
- Landmark city centre office providing high quality accommodation over lower ground, ground and 4 upper floors
- The office has excellent connectivity, with immediate access to the inner city ring-road, positioned along a main city wide cycle route
- Positioned on a large 1.75 acre site the property has exceptional redevelopment potential for residential and student uses
- Highly prominently position on Bond Street, directly opposite Bristol’s main shopping destination with an abundance of amenities
- Excellent parking and ample cycle provision
EXECUTIVE SUMMARY
Spectrum provides open-plan accommodation arranged in five interconnecting suites off two central cores. The building extends over lower ground, ground and four upper floors, with stepped tiered roof terraces.
Offers are invited in excess of £12,000,000 (Twelve Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 19.36% and a Triple Net Yield of 17.06%, based on topped up income and assuming purchaser’s costs of 6.71%. This reflects a low capital value of £105 per sq ft.
The property is held as two long leasehold titles(AV135816 & BL137143). AV135816 is held from 25 December 1986 for a term of 125 years (87 years unexpired).
The ground rent is linked to 7.50% of the occupational rents received. The rent for the year ending 24th December 2023 was £155,366, which has reduced to a budgeted figure of £148,497 based of forecast rents for the year ending 24th December 2024 (rent to be reconciled at the end of each financial year).
BL137143 is held from 31 October 2014 for a term of 97 years expiring (87 years unexpired) at a peppercorn rent.
Offers are invited in excess of £12,000,000 (Twelve Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 19.36% and a Triple Net Yield of 17.06%, based on topped up income and assuming purchaser’s costs of 6.71%. This reflects a low capital value of £105 per sq ft.
The property is held as two long leasehold titles(AV135816 & BL137143). AV135816 is held from 25 December 1986 for a term of 125 years (87 years unexpired).
The ground rent is linked to 7.50% of the occupational rents received. The rent for the year ending 24th December 2023 was £155,366, which has reduced to a budgeted figure of £148,497 based of forecast rents for the year ending 24th December 2024 (rent to be reconciled at the end of each financial year).
BL137143 is held from 31 October 2014 for a term of 97 years expiring (87 years unexpired) at a peppercorn rent.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Long Leasehold
Building Size
113,374 SF
Building Class
B
Year Built/Renovated
1985/2016
Price
£12,000,000
Price Per SF
£105.84
Net Initial Yield
19.36%
NOI
£2,323,200
Percent Leased
79%
Tenancy
Multiple
Number of Floors
6
Typical Floor Size
18,896 SF
Building FAR
1.42
Lot Size
1.83 AC
AMENITIES
- 24 Hour Access
- Bus Route
- Raised Floor
- Security System
- Accent Lighting
- EPC - E
- Atrium
- Bicycle Storage
- Common Parts WC Facilities
- DDA Compliant
- Reception
- Secure Storage
- Shower Facilities
- Suspended Ceilings
- Air Conditioning
