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INVESTMENT OPPORTUNITY FOR SALE CHARLES FOX HOUSE, 48 QUEEN CHARLOTTE STREET, BRISTOL, BS1 4HX
LARGE A4 BAR PREMISES IN ESTABLISHED CITY CENTRE LOCATION
CLOSE TO BALDWIN STREET, THE WATERFRONT, KING STREET AND QUEEN SQUARE
FULLY LET INVESTMENT PRODUCING £28,119 PER ANNUM
SEEKING OFFERS IN THE REGION OF £325,000 REFLECTING A NET INITIAL YIELD OF 8.65 %
LOCATION The property is located on Queen Charlotte Street in the heart of Bristol City Centre. It is in close proximity to bars and restaurants of King Street, Welshback and Baldwin Street. The Waterfront, Cabot Circus, Queen Square and Bristol Temple Meads are all within easy walking distance of the premises and the unit occupies a strong position in an increasingly popular night time leisure and entertainment area in the heart of the city. DESCRIPTION The property comprises the ground and first floor of a large modern residential accommodation block. The premises benefits from large concertina windows to the ground floor with a large bar and open plan seating area. The first floor incorporates another good size bar and seating area, kitchen and ancillary staff areas. ACCOMODATION All areas are approximate and for guidance only:Ground Floor Bar: 1689 sq ft Ground Floor Stores: 77 sq ft 1st Floor Bar: 448 sq ft 1st Floor Cellar: 209 sq ft st 1 Floor Office: 64 sq ft st 1 Floor Staff Room: 169 sq ft Total: 2656 sq ft
(156.92 sq m) (7.14 sq m) (47.11 sq m) (19.42 sq m) (5.91 sq m) (15.67 sq m) (252.17 sq m)
TENURE The property is held by an effectively full repairing and insuring long lease from Bristol City Council for a term of 125 years from 4th March 1982, with approximately 92 years remaining until lease expiry. The ground rent is £11,881 pax, reviewed 5 yearly (from 24th June 1985) based on 21.6 % of the total rent received for the ground and first floors. TENANCIES Tenant
Lease start date BB Bristol Ltd 17/09/2014
Lease terms
Break Option
Rent
20 years effectively FRI subject to Schedule of Condition
14/08/2018 subject to 3 months prior notice
£40,000 per annum, subject to 5 yearly upward only rent reviews.
N.B. Net income £40,000 pax less £11,881 pax (ground rent) equating to £28,119 pax. PROPOSAL Offers for the long leasehold interest are sought in region of £325,000 providing an attractive net internal yield of c 8.65 %. Control of Asbestos at Work Regulations 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.
VAT All prices quoted are exclusive of VAT if applicable. LEGAL COSTS Each party is to be responsible for their own legal costs incurred in this transaction. EPC Rating = D (92) VIEWING AND FURTHER INFORMATION All enquiries strictly through the sole agents, Burston Cook:FAO: Charlie Kershaw MRICS or Julian Cook FRICS Tel: Fax:
0117 934 9977 0117 930 0633
SUBJECT TO CONTRACT MAY 2015
Control of Asbestos at Work Regulations 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.
LARGE A4 BAR PREMISES IN ESTABLISHED CITY CENTRE LOCATION
CLOSE TO BALDWIN STREET, THE WATERFRONT, KING STREET AND QUEEN SQUARE
FULLY LET INVESTMENT PRODUCING £28,119 PER ANNUM
SEEKING OFFERS IN THE REGION OF £325,000 REFLECTING A NET INITIAL YIELD OF 8.65 %
LOCATION The property is located on Queen Charlotte Street in the heart of Bristol City Centre. It is in close proximity to bars and restaurants of King Street, Welshback and Baldwin Street. The Waterfront, Cabot Circus, Queen Square and Bristol Temple Meads are all within easy walking distance of the premises and the unit occupies a strong position in an increasingly popular night time leisure and entertainment area in the heart of the city. DESCRIPTION The property comprises the ground and first floor of a large modern residential accommodation block. The premises benefits from large concertina windows to the ground floor with a large bar and open plan seating area. The first floor incorporates another good size bar and seating area, kitchen and ancillary staff areas. ACCOMODATION All areas are approximate and for guidance only:Ground Floor Bar: 1689 sq ft Ground Floor Stores: 77 sq ft 1st Floor Bar: 448 sq ft 1st Floor Cellar: 209 sq ft st 1 Floor Office: 64 sq ft st 1 Floor Staff Room: 169 sq ft Total: 2656 sq ft
(156.92 sq m) (7.14 sq m) (47.11 sq m) (19.42 sq m) (5.91 sq m) (15.67 sq m) (252.17 sq m)
TENURE The property is held by an effectively full repairing and insuring long lease from Bristol City Council for a term of 125 years from 4th March 1982, with approximately 92 years remaining until lease expiry. The ground rent is £11,881 pax, reviewed 5 yearly (from 24th June 1985) based on 21.6 % of the total rent received for the ground and first floors. TENANCIES Tenant
Lease start date BB Bristol Ltd 17/09/2014
Lease terms
Break Option
Rent
20 years effectively FRI subject to Schedule of Condition
14/08/2018 subject to 3 months prior notice
£40,000 per annum, subject to 5 yearly upward only rent reviews.
N.B. Net income £40,000 pax less £11,881 pax (ground rent) equating to £28,119 pax. PROPOSAL Offers for the long leasehold interest are sought in region of £325,000 providing an attractive net internal yield of c 8.65 %. Control of Asbestos at Work Regulations 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.
VAT All prices quoted are exclusive of VAT if applicable. LEGAL COSTS Each party is to be responsible for their own legal costs incurred in this transaction. EPC Rating = D (92) VIEWING AND FURTHER INFORMATION All enquiries strictly through the sole agents, Burston Cook:FAO: Charlie Kershaw MRICS or Julian Cook FRICS Tel: Fax:
0117 934 9977 0117 930 0633
SUBJECT TO CONTRACT MAY 2015
Control of Asbestos at Work Regulations 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.
