Union St Bristol Bs1 2Df

15 f 33 UNION ST BRISTOL BS1 2DF

BRISTOL CITY CENTRE DEVELOPMENT / INVESTMENT OPPORTUNITY 15f33 Union Street, Bristol, BS1 2DF 2 EXECUTIVE SUMMARY

) Prominent development opportunity located to the western boundary of Broadmead.

) The property currently comprises a split level retail and leisure development of 63,125 sq ft over four floors with main road frontage to Union Street and at lower level Fairfax Street.

) The property is situated directly opposite the Galleries Shopping Centre which was acquired by LaSalle Investment Management in 2019 and will be one of Bristol’s major redevelopments. 15-33 Union St

) Strong tenant line up with the established covenants of Wilko, Subway and KFC accounting for 74% of the income.

) An opportunity to extend upper parts and convert from leisure to residential or other commercial use, including offices and hotel.

) Producing a net rent of £866,592 per annum including 12 months rent guarantee on the upper parts.

) Held long leasehold from Bristol City Council with 130 years unexpired and a current ground rent of £28,180 per annum.

) Bristol City Council are committed to facilitating the regeneration of Broadmead as retail space is repurposed to residential and alternative commercial uses. The Council are therefore open to amending lease terms that will enable such residential and commercial regeneration.

15f33 Union Street, Bristol, BS1 2DF 3 BRISTOL

Bristol is the 5th largest conurbation in the UK and the capital of the South West. It has an estimated population of 463,400, which is expected to increase by 95,100 (21%) by 2041, this is significantly higher than the national average of 12%. The larger urban area population is estimated to be 1.6 million and is amongst the most attractive, successful and culturally prestigious cities in the UK, enjoying a rising profile within Europe and beyond.

Bristol has a relatively young population profile with the median age of people living in Bristol standing at 32.5 years compared to 40 years in England and Wales. Bristol has a higher percentage (54%) than the UK average (51%) in socio economic groupings of higher, intermediate and supervisory Prominent development opportunity managerial, administrative and professional groups. Moreover, Bristol has a highly educated population with 49% located to the western boundary of having obtained a degree against a national average of 38%. Broadmead.

Not to scale. For indicative purposes only.

15f33 Union Street, Bristol, BS1 2DF 4 Economy & Employment Education & Culture

Bristol’s economy showed strong resilience during the The city benefits from two outstanding and significant recession, achieving the highest annual GVA growth rate of all universities, the University of Bristol and the University of core UK cities (1998-2017 2.4% per annum) and has remained the West of England, with the University of Bristol being the the most productive. The city’s economy is now worth £14.31bn second most targeted university by employers in the UK. up from £13.67bn in 2015 and has the second highest number These contribute to Bristol’s skilled labour pool, which has of business start-ups in the UK (81.7 per 10,000 working age one of the highest student retention rates in the UK. Most population). recently the University of Bristol incubator spin-out company Ziylo has been bought by global company Novo Nordisk for According to the 2019 Survey, Bristol has 247,100 working around $800 million. age residents, the equivalent to an employment rate of 77.6% which is the highest of all British Core Cities and 2.2% Combined, the universities have a population of 54,000 above the national average. In 2018 there were over 268,000 students and the University of Bristol has significant growth employee jobs in Bristol, an increase of 3.7% from 2016 levels projections and development has commenced on the and the 3rd fastest growing of all British Core Cities. University’s new £350 million Temple Quarter Enterprise Campus adjacent to Bristol Temple Meads station, which is Its success is based on its world class knowledge economy due to open in 2023. The new campus will include a digital based in aerospace, defence, engineering, ICT & electronics, innovation hub, a business school of the future and a new financial services, media, creative and environmental student village. industries, along with the global reach of its two universities. It is a popular relocation destination, supported by flourishing Bristol has been identified by NESTA as among the UK’s TMT, professional and financial services sectors. “creative hotspots”, promoting innovation and economic The city has benefited significantly from relocations and growth. expansion by companies including Dyson, Channel 4, Graphcore, OVO Energy, BT Plc, Airbus, MOD and the BBC. Bristol’s green credentials are market leading and it is the only UK city to have been named as a European Green Capital. In 2017 Bristol was named as the UK’s largest digital cluster outside of London.

15f33 Union Street, Bristol, BS1 2DF 5 CONNECTIVITY  Road Destination Distance  Road London 118 miles Cardiff 44 miles Bristol is strategically located at the junction of the M4 and Birmingham 88 miles M5 motorways, 118 miles west of London. The city centre Manchester 169 miles benefits from excellent road communications being only 4 Bath 12 miles miles from the M4/M5 intersection. The M4 is the east-west axis from London to Cardiff, whilst the M5 is the north-south west axis from Birmingham to Exeter.  Train The M48 motorway and Second Severn Crossing provide Edinburgh strong road links to Cardiff and South Wales and the M32 Glasgow Destination Journey Time motorway spur links the M4 to Bristol City Centre. London 80 mins Cardiff 45 mins  Train Birmingham 1 hr 23 mins Manchester 2 hr 58 mins Bristol Temple Meads station is located centrally and within a Reading 1 hr 10 mins 8 minute walk of the property. It represents part of the Great Edinburgh 5 hr 52 mins Western Mainline, providing regular direct intercity services to the UK’s major cities and has recently undergone its largest Glasgow 5 hr 52 mins modernisation since completion. Manchester

The £5.5bn electrification of the Great Western Mainline  Air between London Paddington and Cardiff completed in December 2019, reducing the journey time between Bristol Birmingham Destination Flight Time Temple Meads and London Paddington by 14 minutes to 1hr Paris 65 mins 20mins and increasing capacity with an extra 15,000 seats during weekdays. Cardiff Madrid 115 mins Bristol Berlin 105 mins Amsterdam 70 mins  Air London Bath Reading Frankfurt 95 mins Bristol International Airport is located 8 miles south of the city Rome 135 mins centre and offers flights to over 120 domestic and international Brussells 70 mins locations. The airport is one of the fastest growing regional Dublin 50 mins airports in the UK handling 9m passengers per year. Belfast 45 mins

15f33 Union Street, Bristol, BS1 2DF 6 Bristol Temple Meads Railway Station

10 8 10 KEY 11 1 The Galleries Shopping Centre 2 Finzels Reach 7 3 St Mary Le Port 9 4 Castle Park View 5 Callowhill Court 2 6 BRI Old Building 7 Glassfields 8 Redcliff Quarter 4 9 Assembly 10 ND6 & ND7 3 11 Soapworks, Gardiner Haskins 12 Cabot Circus

15-33 Union St

15f33 Union Street, Bristol, BS1 2DF 7 KEY DEVELOPMENT SITES 5 Callowhill Court 10 ND6 & ND7 The proposed scheme, owned by Bristol Alliance Limited L&G PRS development. ND6 – 120 PRS units and 524 sq m Partnership (BALP), is a major mixed use redevelopment of flexible commercial floorspace. ND7 - 255 PRS units, 536 1 The Galleries Shopping Centre which will comprise over 1 million sq ft of retail, commercial, sqm of flexible commercial / community floor space. leisure and hospitality floor space together with up to 150 residential units. Planning permission was granted in July Situated directly opposite the property, The Galleries 11 Soapworks, Gardiner Haskins Shopping Centre was acquired by LaSalle Investment 2018. Management in 2019. The centre currently comprises 340,000 sq ft of retail space and includes a multi storey car 6 BRI Old Building Proposed redevelopment/conversion of the site by First Base park. The centre will be comprehensively redeveloped by for a mixed use development comprising 166 residential LaSalle as a mixed use scheme and will be one of Bristol’s dwellings, 6,258sqm GIA aparthotel, 3,208sqm GIA of new Development by Unite. Planning secured June 2020 for major development sites dramatically changing this part of flexible retail, leisure and commercial space in addition to development of 416 students beds and 62 residential flats. Broadmead. 15,507sqm GIA business space.

2 Finzels Reach 7 Glassfields 12 Cabot Circus

Within a short walk, crossing the new Castle Bridge, Finzels Mixed use development by Royal London Asset Developed in 2008, the £500m shopping centre is Reach is an award winning development by Cubex Land Management consisting of approximately 250,000 sq ft of Bristol’s largest city centre regeneration programme and / Fiera providing a mix residential, offices, cafes, bars and offices and a 200 bed hotel (under construction with PC comprises 120 shops, including 15 major flagship stores in restaurants. Dec 2020). approximately 1 million sq ft of retail and leisure space. The mixed-use development offers visitors 25 restaurants, a 13 screen cinema and 260 residential units, along with a multi- Phase 2 is currently under construction and will comprise 8 Redcliff Quarter story car park for over 2,600 cars. 110,000 sq ft office, 65% pre let to Osborne Clarke and 300 residential units. Development by Change Real Estate. Phase 2 Blocks A&B under construction and forward sold to A2 Dominion for 118 3 St Mary Le Port units. The remainder of Phase 2 benefits from full planning for 211 residential units, 236 bed hotel, 22,077 sq ft café / restaurant and retail floor space, 23,670 sq ft foodhall, Key development site acquired by Hermes in 2018 for a 16,942 sq ft of offices. major commercial led mixed use scheme. 9 Assembly 4 Castle Park View Assembly is a major development comprising three office Currently under construction and comprises Bristol’s tallest buildings totalling 320,000 sq ft and circa 0.63 of public building at 26 storeys. Developed by Linkcity and M&G, realm. Phase 1 (Building A) is let in its entirety to BT PLC and Castle Park View will provide over 300 PRS units and 75 will comprise 201,201 sq ft of contemporary Grade A office affordable units. accommodation over 13 stories, with practical completion scheduled for December 2020. CGI of Castle Park View.

15f33 Union Street, Bristol, BS1 2DF 8 SITUATION

Situated on Union Street, the building occupies a prominent position at the western boundary of Broadmead, Bristol’s prime city centre retailing and leisure location. Union Street itself is a busy road with high pedestrian 15 f 33 footfall and a stopping point for many of the buses serving the city centre.

In addition to excellent public transport links, Union Street is within an 8 minute walk from Temple Meads railway station and two miles from the M32 which in turn links to the M4.

Directly opposite the property is the Galleries Shopping Centre which, following its acquisition by LaSalle Investment Management in 2019, is set to be one of Bristol’s major regeneration projects and is likely to be repurposed for residential, offices and leisure uses.

Within ½ mile is Cabot Circus which opened in 2008 and comprises Bristol prime retail destination including numerous leisure outlets, cafes and restaurants. Bristol - Broadmead

Not to scale. For indicative purposes only.

The property is situated directly opposite the Galleries Shopping Centre which was acquired by LaSalle Investment Management in 2019 and will comprise one of Bristol’s major redevelopments.

Not to scale. For indicativeExperian purposes Goad Plan only. Created: 17/04/2020 Created By: Knight Frank 50 metres Copyright and confidentiality Experian, 2020. © Crown copyright and database For more information on our products and services: rights 2020. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011

15f33 Union Street, Bristol, BS1 2DF 9 Responsibility is not accepted for errors made by others in scaling from this drawing. Responsibility is not accepted for errors made by others in scaling from this drawing. All construction information should be taken from figured dimensions only. All construction information should be taken from figured dimensions only. 0mm 50mm 100mm 0mm 50mm 100mm

Fire Exit

DESCRIPTION Fire Exit

N N

The property was constructed in 2001 and comprises a purpose built split-level retail / leisure development over four floors

(basement, ground, first and second). The property has road Service Doors

Unusable area due to opposing faces of a distance frontage to both Union Street and Fairfax Street at a lower level less than 0.25m. [3.20] to the rear. Step Up to raised platform

Staircase A

t e e r t S

x a The development is arranged as four well configured retail f r i a F units together with a leisure unit on the second floor previously Fire Exit

Escalators Escalators Fire Exit Assumed tenant Fitout operated as a gym. There is a rear service yard serving the Assumed tenant Fitout

Lift Lift property which is accessed via Fairfax Street at lower level. Retail Wilko Basement (awaiting survey)

PL P06 07/10/19 Pre-app Issue PL P06 07/10/19 Pre-app Issue Wilko Ground Floor STATUS REV DATE DESCRIPTION STATUS REV DATE DESCRIPTION CLIENT REVISED BY CLIENT REVISED BY (awaiting survey) JR JR Melburg Capital Fire Exit Melburg Capital CHECKED BY Step Up to Up Step platform raised CHECKED BY TJ The upper floors have a prominent entrance at ground floor TJ ORIGINATOR NO ORIGINATOR NO 152338 152338 CONSULTANT Set of steps up to street level CONSULTANT

level with full height glass atrium which is accessed off Union S teps tost reet level www.stridetreglown.com © Stride Treglown Limited 2018 www.stridetreglown.com © Stride Treglown Limited 2018 PROJECT PROJECT Union Street Fire Exit Union Street Street. This entrance was comprehensively refurbished in 2012. Bristol Bristol Step Up to Up Step platform raised Fire Exit

DRAWING TITLE DRAWING TITLE Existing Ground Floor Plan Existing Basement Plan

SUITABILITY STATUS SCALE The building is a concrete reinforced frame construction with SUITABILITY STATUS SCALE PL : PLANNING 1 : 100 @ A1 PL : PLANNING 1 : 100 @ A1

Responsibility is not accepted for errors made by others in scaling from this drawing. Responsibility is not accepted for errors made by others in scaling from this drawing. All construction information should be taken from figured dimensions only. All construction information should be taken from figured dimensions only.

0mm 50mm 100mm 0mm 50mm 100mm

Responsibility is not accepted for errors made by others in scaling from this drawing. All construction information should be taken from figured dimensions only.

0mm 50mm 100mm

N N Strong tenant line up with the established covenants of Wilko, Subway and KFC accounting for 74% of the income.

FFL +28.520 ROOF Wilko First Floor FFL +27.520 THIRD FLOOR (awaiting survey)

PL P06 07/10/19 Pre-app Issue S2 P01 13/05/201 First Issue 9 PL P06 07/10/19 Pre-app Issue STATUS REV DATE DESCRIPTION STATUS REV DATE DESCRIPTION FFL +22.020 CLIENT REVISED BY Gym area CLIENT REVISED BY SECOND FLOOR Melburg Capital JR (awaiting survey) Melburg Capital JR CHECKED BY CHECKED BY TJ TJ

ORIGINATOR NO ORIGINATOR NO 152338 152338 CONSULTANT CONSULTANT FFL +18.260 FIRST FLOOR

www.stridetreglown.com © Stride Treglown Limited 2018 www.stridetreglown.com © Stride Treglown Limited 2018 PROJECT PROJECT Void over Ground Floor Union Street Union Street Bristol Bristol PL P06 07/10/19 Pre-app Issue STATUS REV DATE DESCRIPTION CLIENT REVISED BY JR Union Street FFL +13.480 Melburg Capital DRAWING TITLE DRAWING TITLE GROUND FLOOR CHECKED BY Void TJ Existing First Floor Plan Existing Second Floor Plan

ORIGINATOR NO 152338 Down SUITABILITY STATUS SCALE SUITABILITY STATUS SCALE CONSULTANT PL : PLANNING 1 : 100 @ A1 PL : PLANNING 1 : 100 @ A1 Fairfax Street FFL +9.590

DRAWING TITLE Existing East Elevation

SUITABILITY STATUS SCALE PL : PLANNING 1 : 100 @ A1

The property is held long leasehold from Bristol City Council on the basis of a 150 year lease Bristol City Council (the Freeholder) is supportive of regeneration within Broadmead as traditional from 20th April 2000 (130 years unexpired) at a rent of £28,180 per annum. retail properties are repurposed to commercial and residential uses where there is demand. The Council is open to discussions to amend lease terms and act as an enabler to new investment The ground rent is 4% of net rent received or a basic rent of £14,000 whichever is higher. The and development in this location. basic rent is reviewed every 20 years to the higher of the then current basic rent or 1.5% of open market value.

TENANCY SCHEDULE

The property is let to four principle tenants in accordance with the tenancy schedule outlined below, and produces a total annual gross rent of £894,772 per annum, which after the deduction of ground rent results in a net rent of £866,592 per annum. The WAULT is 5.70 years to expiry.

Unit Use Tenant Area Lease Start Lease Expiry Rent Review Rent Rent Comments (Sq Ft) (per annum) (per sq ft) LSU 1, 15-29 Union Street Retail Wilko Retail Ltd 35,469 17/09/2001 16/09/2026 17/09/2021 £480,000 £13.04 Retail unit over basement, ground and first floor. LSU 2, 15-29 Union Street Leisure Vacant 18,122 £190,260 £12.00 12 months rent guarantee to be provided by the Vendor. Units 1 & 2, 15-29 Union Retail Kentucky Fried Chicken 4,970 17/09/2001 16/09/2026 17/09/2021 £149,000 £30.16 Street (Great Britain) Ltd 31 Union Street Retail Subway Realty Ltd 981 13/11/2012 12/11/2022 £32,500 £30.92 33 Union Street Retail Kemps Ltd 3,583 29/09/2013 28/09/2023 £40,000 £10.57 Service Yard Easement Other Derbyshire CC 13/03/2002 16/12/2046 £2,000 Car Park Other Kemps Ltd 01/07/2014 28/09/2023 £12 Licence for whole underground car park (5 spaces) Air Con Licence Other Wilko Retail Ltd 12/02/2014 16/09/2026 £1,000 Sub-Total 63,125 Gross Rent £894,772 Headlease Freeholder Bristol City Council 20/04/2000 31/03/2150 Head Rent £28,180 (130 years unexpired) Total Net Rent £866,592

15f33 Union Street, Bristol, BS1 2DF 11 COVENANTS

Kentucky Fried Chicken (Great Britain) Limited (Reg No: 00967403) is an Wilko Retail Limited (Reg No: 00365335) is a British high-street chain which American fast food restaurant chain headquartered in Louisville, Kentucky. sells homewares and household goods. The company was founded in The company specialises in fried chicken and is the world’s second-largest Leicester by James Kemsey Wilkinson in 1930, and remains in the hands of restaurant chain after McDonald’s, with 22,621 locations globally in 136 the founding family today. The company has over 14,000 Wilko products that countries. account for over half of annual sales. They have over 400 stores in the UK and are rapidly growing their e-commerce platform with over 200,000 products Fame rate the company as ‘93 out of 100 and Secure’. available online.

Latest published financial information is as follows: Fame rate the company as ‘97 out of 100 and Secure’.

23/12/2018 24/12/2017 04/12/2016 Latest published financial information is as follows: Turnover £207,398,000 £445,783,000 £479,870,000 Pre Tax Profit £138,391,000 £186,160,000 £58,992,000 02/02/2019 03/02/2018 28/01/2017 Net Tangible Assets £357,471,000 £443,112,000 £137,004,000 Turnover £1,508,690,000 £1,619,577,000 £1,512,763,000 Shareholders Funds £348,271,000 £434,745,000 £132,873,000 Pre Tax Profit £25,049,000 (£65,030,000) £5,198,000 Net Tangible Assets £212,024,000 £205,157,000 £252,318,000 Shareholders Funds £109,922,000 £104,949,000 £146,438,000

Subway Realty Limited (Reg No: 04174473) is an American privately held restaurant franchise that primarily sells submarine sandwiches and salads. It is one of the fastest-growing franchises in the world and as of October 2019 Kemps Limited was established in 1889 and specialise in jewellery (new and had 41,512 locations in more than 100 countries. second-hand) as well as clocks and antiques. www.kempsltd.co.uk

Fame rate the company as ‘86 out of 100 and Secure’.

Latest published financial information is as follows:

31/12/2018 31/12/2017 31/12/2016 Turnover £35,107,808 £35,424,835 £33,266,345 Pre Tax Profit £1,530,929 £1,741,628 £1,385,920 Net Tangible Assets £1,745,672 £4,601,258 £3,219,323 Shareholders Funds £1,574,725 £4,337,408 £2,933,924

15f33 Union Street, Bristol, BS1 2DF 12 BRISTOL OFFICE MARKET Bristol City Centre Office Availability 2009 - 2019 250,000

Bristol is the most significant office market in the South West. The market comprises approximately 12.5 million sq ft of total stock in the city centre and 5.5m sq ft of total stock out of town. 200,000

The city centre market represents the majority of the city’s annual take up. Bristol has witnessed the highest rate of rental growth of all the major cities during the past 18 months at 23% for Grade 150,000 A rents. With a lack of available quality accommodation we expect further compression between Grade A and Grade B rents, with Grade A rents increasing above £37.50 per sq ft and Grade B above £30 per sq ft during 2020. 100,000

Take up levels in 2019 totalled 693,908 in the city centre, a 30% increase on the previous year, aided by the pre-letting to BT Plc at The Assembly. 50,000

The levels of take up could be higher with demand levels outpacing the level of supply in the market, especially for Grade A stock, illustrated by the lowest vacancy level across the UK’s 0 Big 6 cities at sub 4%. Headline Grade A rents at £37.50 per sq ft is an increase of 8.57% on the 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 previous year. t Obsolete t Poor Quality Secondhand t Medium Quality Secondhand t High Quality Secondhand t New t Under Refurbishment t Under Construction Grade A supply remains restricted. With The Assembly at Temple Quay now pre let to BT there remains only 93,000 sq ft available at Glassfields, which is under construction and due for completion in 2020. Looking forward the demand and supply imbalance will continue as demand continues to outstrip supply and the development pipeline remains constrained. Bristol City Centre Office Quarterly Office Take Up 2008-2020 Office Rental Comparables 900,000 800,000 Date Address Size (sq ft) Tenant Rent Q1 2020 Halo, 7th Floor 11,771 Osborne Clarke £36.50 700,000 Q1 2020 Halo, 3rd - 6th Floors 61,890 Osborne Clarke £35.50 600,000 Q4 2019 Assembly 200,700 BT Plc £32.50 Q4 2019 The Landings 6,088 Paxport Group UK Ltd £38.00 500,000

Q4 2019 Templeback 13,002 Bishop Flemming £34.00 400,000 Q4 2019 22-24 Queens Sq 3,820 Shaw & Co £37.50 Q3 2019 Fermentation 3,273 Channel 4 £35.00 300,000 Q3 2019 Fermentation 5,934 Historic England £34.50 200,000 Q1 2019 Templepoint, 4th Floor 6,680 Turner and Townsend £31.00 100,000 Q4 2018 Aurora, 3rd Floor 15,522 Parmenion £33.75 Q4 2018 3 Temple Quay 8,298 Brunel Professional £33.00 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q3 2018 Aurora 3,194 Amdaris Group £35.13 Q3 2018 Aurora 5,002 Experis £34.00 t Q1 t Q2 t Q3 t Q4

15f33 Union Street, Bristol, BS1 2DF 13 RESIDENTIAL MARKET

The Bristol residential market has outperformed many of the core UK cities over the last 10 years. This growth has been driven by robust underlying factors such as a strong employment market, high retention of university students, location within the south west and a Local Authority positive towards city centre regeneration and development.

The popularity of the city is illustrated by recent statistics which show that nearly 2,900 people a month are moving to Bristol from elsewhere in the UK with some 16% of these from London. The highest levels of migration were seen from those in their 20s, which accounted for 51% of all movers.

Bristol’s performance is evidenced by figures for April 2020 which showed that Bristol’s prices were growing at 2.4% per annum in-line with the UK average. Values are being supported by robust activity, both from buyers looking to upsize locally as well as those moving to the area. Demand for housing is still outstripping supply and low interest rates will continue to make mortgages attractive. The city centre will remain a key focus for residential development to satisfy the increased demand CGI of Castle Park View for indicative purposes only. for city living. Nearby major schemes include: \ City centre values typically range from £425 - £550 per sq v Millwrights Place and Coopers Court v The Soapworks ft and Knight Frank would expect high quality residential Cubex/Fiera development of 231 PRS units and 66 Proposed development by First Base on the former apartments in this location to achieve £450-£475 per sq ft. affordable units over two blocks ranging from 10-16 Gardiner Haskins warehouse to comprise 200,000sq ft of storeys which will form the next phase of their Finzels commercial space, 159 bed hotel and 166 residential units. The Bristol rental market also continues to perform strongly Reach scheme. due to the high influx of overseas and UK professionals into v Natwest Court the city and a move towards city centre living. Studio and one v Castle Park View Development by Artisan developments for a mixed use bed flats in particular are sought after by investors and renters Linkcity development with M&G comprising 300 PRS units scheme to include a 255 bed hotel and two blocks of alike. This is having a positive impact on the emergence of and 75 affordable units with up to 26 storeys. residential. the Private Rented Sector in Bristol with a number of schemes underway or in the pipeline. v Boxmakers Yard v Wapping Wharf Development by L&G in the Temple Quay area for a total Development by Umberslade and Muse of over 600 City Centre rental values for modern purpose built of 376 PRS flats over two buildings and up to 11 storeys. dwellings in this new harbour quarter development. accommodation are typically in the region of £750-£850 pcm Phase 1 now complete with Phase 2 underway. for studio flats, £900-£1,100 pcm for 1 bed flats and £1,200- v Redcliff Quarter £1,500 for 2 bed flats depending on size and specification. Proposals for 211 units on the balance of Phase 2 of the scheme.

15f33 Union Street, Bristol, BS1 2DF 14 RESPONSIBILITY IS NOT ACCEPTED FOR ERRORS MADE BY OTHERS FROM SCALING FROM THIS DRAWING. ALL CONSTRUCTION INFORMATION SHOULD BE TAKEN FROM FIGURED DIMENSIONS ONLY

0mm 50mm STATUS REV DATE DESCRIPTION S0 P03 07/06/19 Revision 4

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Std Room RESPONSIBILITY IS NOT ACCEPTED FOR ERRORS MADE BY OTHERS FROM SCALING FROM THIS DRAWING. ALL CONSTRUCTION INFORMATION SHOULD BE TAKEN FROM FIGURED DIMENSIONS ONLY BoH store Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room 17.22 m² Std Room 0mm 50mm STATUS REV DATE DESCRIPTION S0 P03 07/06/19 Revision 4

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Lobby Proposed hotel 2nd floor plan. BRISTOL HOTEL MARKET Std Room Non-Std Room "Gallery" space Bristol receives 13.5 million visitors each year, and is the UK’s seventh most popular destination for foreign tourists. This demand is driven largely by key tourist attractions including Brunel’s famous Clifton Std Room

Suspension Bridge and SS Great Britain, the large variety of museums Std Room Std Room APARTMENT and art galleries and its City Centre shopping quarter. Bristol also has ROOM Std Room BoH a thriving food and drink scene and a generous offering of visual arts, Std Room music, and performance venues. The City additionally benefits from CIRCULATION Std Room NON-STANDARD its close proximity to surrounding attractions such as the Mendip Hills, ROOM Std Room Cheddar Gorge and the Cotswolds. Std Room Non-Std Room STANDARD ROOM

Std Room Std Room In terms of overnight stays, the latest figures released by Bristol City Std Room TITLE: BLOC Hotel - 2nd Floor OPTION B REVISED BY: TJ SUITABILITYViews STATUS: from S0: WORK additional IN PROGRESS rooms over existing servicePROJECT yard - andORIGINATOR rooftops - ZONE - LEVEL - TYPE - ROLE - CLASS. - NUMBER Council show that there are 1.8m domestic staying trips and 598,000 Std Room PROJECT: UnionStd Street Room CHECKED BY: GM SCALE: 1 : 200 @ A2 152338-STL-00-ZZ-DR-A-XXXX-SK022 overseas staying trips per annum from a combination of leisure and CLIENT: Melburg Capital Std Room ORIGINATOR NO: 152338 REVISION: P03 Std Room www.stridetreglown.com © Stride Treglown Limited 2017 corporate visitors. Std Room

Std Room According to statistics from AM:PM Hotels, the Bristol market has Std Room Std Room experienced strong and stable average occupancy rates over the past Std Room Std Room three years at around 80% to 81%. The Bristol market has therefore Std Room outperformed the wider UK market which averaged 77%-80% over the same period. In addition the average daily room rate has continually Std Room Std Room Std Room increased year on year since 2015, peaking at £78 per room per night Existing lift overrun Std Room BoH store in 2018. Std Room 16.86 m²

Std Room Overall this demonstrates the stability of the Bristol hotel operational Std Room Std Room market, which has experienced stable average occupancy and daily Courtyard garden Std Room rates over the past two to three years. Std Room at 2nd Floor Std Room In comparison to other UK markets, Bristol’s supply and pipeline is Std Room considerably smaller. Bristol currently has a supply in the region of Std Room Std Room 6,400 bedrooms and a pipeline of 600 beds for delivery in the period Std Room until 2023. This pipeline equates to just 9.4% of existing supply. In BoH store Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room Std Room 17.22 m² comparison the pipelines for Manchester and Birmingham relative to Std Room supply are 30.8% and 24.2% respectively.

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This comparatively smaller pipeline coupled with high demand for hotel Apartment Room Apartment Room Apartment Room Apartment Room Apartment Room Apartment Room

Lobby accommodation represents a significant opportunity for development Std Room of new hotel rooms.

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APARTMENT 15f33 Union Street, Bristol, BS1 2DF ROOM 15 BoH CIRCULATION NON-STANDARD ROOM STANDARD ROOM

TITLE: BLOC Hotel - 2nd Floor OPTION B REVISED BY: TJ SUITABILITY STATUS: S0: WORK IN PROGRESS PROJECT - ORIGINATOR - ZONE - LEVEL - TYPE - ROLE - CLASS. - NUMBER PROJECT: Union Street CHECKED BY: GM SCALE: 1 : 200 @ A2 152338-STL-00-ZZ-DR-A-XXXX-SK022 CLIENT: Melburg Capital ORIGINATOR NO: 152338 REVISION: P03 www.stridetreglown.com © Stride Treglown Limited 2017 RESPONSIBILITY IS NOT ACCEPTED FOR ERRORS MADE BY OTHERS FROM SCALING FROM THIS DRAWING. ALL CONSTRUCTION INFORMATION SHOULD BE TAKEN FROM FIGURED DIMENSIONS ONLY

0mm 50mm PLANNING STATEMENT STATUS REV DATE DESCRIPTION

Turley have undertaken a detailed planning appraisal dated There is also scope to carry out works to the external envelope May 2020 which can be found in the data room. We summarise of the existing building to accommodate different land uses the report as follows. and their specific requirements, subject to a satisfactory design approach. The site is currently occupied for use as retail shops (Use Class A1), food and drink (Use Class A3) and health and fitness use There have been informal discussions with Bristol City Council in (Use Class D2). respect of office development proposals on the site but no formal pre-application or planning application process has taken place. The Site lies to the east of the City and Queen Square Conservation Area. The Site is not a Listed Building and there are From 1st September 2020, Use Classes A1, A2, A3, B1, D1 and no Listed Buildings adjacent to the Site. The Odeon Cinema is D2, applicable to retail, office, non-residential institutions and Locally Listed (to the north) and the closest Listed Building is the assembly and leisure uses respectively, are removed and Central Police Station approximately 200 metres from the site. new use classes introduced in their place. The new Class E encompasses commercial, business and service. The asset has good planning prospects for a range of potential uses, which may include office, retail, residential (including In terms of PD rights, from 1st September 2020 onwards, if potentially ‘alternative’ forms of residential such as Co-Living) a building or other land is being used in a way falling within and hotel development. This is a direct result of the accessible Class A1 (shops), A2 (financial and professional services), A3 location of the site within the city centre. (restaurants and cafés) or B1 (business) then it will be treated as

TITLE: Axonometry REVISED BY: TJ SUITABILITY STATUS: S1: SUITABLE FOR CO-ORDINATION PROJECT - ORIGINATOR - ZONE - LEVEL - TYPE - ROLE - CLASS. - NUMBER PROJECT: Union Street CHECKED BY: GM SCALE: @ A2 152338-STL-SK07 though it is being used for a purpose specified in the newCLIENT: ClassMelburg Capital VAT ORIGINATOR NO: 152338 REVISION: www.stridetreglown.com © Stride Treglown Limited 2017 In addition to the prospects of achieving planning permission for E. Change of use to another use within Class E will be allowed the land uses contemplated above, it is considered that there is without the need for planning permission. scope to increase the height of the building through appropriate We understand the property is elected for VAT. It is anticipated upward extension, subject to design consideration and an that the transaction will be treated as a transfer of a going assessment of the effects associated with increased height. concern. DATA ROOM

Further information together with indicative residential and office schemes can be found in a data-room and access can be provided upon request.

15f33 Union Street, Bristol, BS1 2DF 16 CONTACTS

For further information please contact:

Steve Oades Nick Thurston Nick More

 [email protected]  [email protected]  [email protected]  0117 9174548  0117 9174536  0117 9452631

Knight Frank LLP

Tyndall House 17 Whiteladies Road Bristol, BS8 1PB

www.knightfrank.com

1. Particulars: Any property particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. 5. Website: Information on the web-site about a property is liable to be changed at any time. All details are correct as of SEPTEMBER 2020.

Adrian Gates Photography & Design 07710 316 991.