730 Aztec West Waterside Drive Bristol Bs32 4Ue
Total Page：16
File Type：pdf, Size：1020Kb
730 AZTEC WEST WATERSIDE DRIVE BRISTOL BS32 4UE PRIME FREEHOLD MULTI LET OFFICE INVESTMENT INVESTMENT SUMMARY • Bristol is the regional and business capital of the South West of England. • Situated on Aztec West, Bristol’s premier business park. • Freehold. • Comprises a modern three storey office building totalling 38,301 sq ft NIA. • Excellent car parking ratio of 1:176 sq ft. • Comprehensively refurbished in 2016. • Let to four tenants including Taylor Wimpey UK Ltd, Verex Insurance Services Ltd, Integral UK Ltd and Ceva Ltd. • 12 month rent, rates and service charge guarantee on the vacant suite totalling 5,577 sq ft. • WAULT of 7.5 years to expiry and 5 years to break. • Currently producing £766,219 per annum which equates to £20.00 per sq ft overall. • We are instructed to seek offers in excess of £9,900,000 reflecting a net initial yield of 7.25%, assuming purchaser’s costs of 6.69%. • A purchase at this level reflects a low capital value of £258 per sq ft. LOCATION Road Bristol is the UK’s 5th largest conurbation Aztec West is prominently located and the business capital of the South West. adjacent to Junction 16 of the M5 Motorway and within one mile of the The city is the UK’s largest banking, insurance M4/M5 Interchange, providing great York and financial services centre outside of London. In access links to London, South Wales, Blackpool Leeds Hull addition to financial services,Preston the city has a world class South West and the Midlands. The reputation in the aerospace and defence industries Business Park is located 7 miles from M62 M1 M18 Scunthorpe being home to the MOD Procurement Centre, Airbus, Grimsby Bristol City Centre via the A38. Doncaster Rolls-Royce and BAE. MANCHESTER Liverpool Rail A631 Holyhead The city is located approximately 120 miles westSheffield of Bristol Parkway railway station is located London, 85 miles south of Birmingham and 40 miles Chester A6 M1 Lincoln less than three miles to the south east Bangor M6 Skegness east of Cardiff. A617 A6 of the property and provides regular A17 A45 Wrexham Stoke-on-Trent high speed inter-city services to major Boston Nottingham A487 A50 Derby Grantham A52 A52 UK destinationsCromer with a journey time Oswestry BS32 4UE A17 to London Paddington of 1 hour 25 Dolgellau A42 minutes. Shrewsbury M6 M1 King’s Lynn Welshpool A1175 CAR TRAVEL TIMES / DISTANCES Leicester Norwich A47 Network Rail are investing over £2 Peterborough Great Yarmouth City Distance in miles Travel Time Machynlleth BIRMINGHAM billion into the electrification of the A49 A11 London 116 2h 16m A483 Kettering Coventry ThetfordGreat Western route. This will result A140 Birmingham 90 1h 30m in faster and more frequent services M5 Cambridge A487 A456 Cardiff 36.5 44m Llandrindod Bury St between Bristol and London. The rail A421 Wells Edmunds Swansea 72 1h 20m electrification completes this year and Cardigan M40 Hereford Milton Keynes will shortenFelixstowe journey times to London A483 Brecon M50 Fishguard Cheltenham A131 by 20 minutes bringing the journey Carmarthen A40 M11 Harwich A40 Colchester Haverfordwest A40 A470 time down to 1hr 5 mins from Bristol Oxford Merthyr A417 Chelmsford M5 Parkway. Equally important is the Tydfil A449 M25 A34 Pembroke Newport Swansea Swindon frequency of trains between the two M4 M4 Reading LONDON cities which will double to four per hour. BRISTOL CARDIFF Bath A350 A346 Air Weston-super-Mare A37 A36 M25 M3 Bristol International Airport lies eight Bridgwater A31 A39 A303 miles toDover the south of the city centre Barnstaple A39 A303 Winchester Salisbury Folkestone Taunton and is one of the UK’s fastest growing Yeovil A354 A360 A350 A338 airports serving over 4.6 million Southampton A37 Worthing Hastings passengers a year. Portsmouth A30 A35 Exeter A35 Bournemouth Isle of Wight Weymouth Torquay OCCUPIERS 1 730 AZTEC WEST SITUATION Occupiers in the area include: 2 Alcatel-Lucent 730 Aztec West is located on Bristol’s premier Business Park. Aztec West extends to approximately 158 3 Broadcom acres and attracts a wide range of national and international companies from sectors including manufacturing, 4 Atkins electronics, banking, public utilities, insurance and engineering. There are over 100 companies represented 5 Aardman Animation 6 Co-op on the park including EE, Atkins, Virgin, Aardman, Babcock and Allianz. 7 EE 8 GE Capital 9 Regus 10 Babcock To Exeter & the South West AMENITIES 1 Aztec Centre Occupiers on the Park benefit from a 2 Lodge on the Park 1 2 3 number of excellent amenities including 3 Starbucks 4 Aztec Hotel & Spa the Aztec Hotel and Spa, Starbucks Coffee 5 Living Well Health Club 4 House and the Aztec Centre. Further 5 6 Hilton Hotel shopping facilities are located at the Mall M5 at Cribbs Causeway and the Willow Brook Centre in Bradley Stoke. 1 6 7 2 Almondsbury 20 3 15 M4/M5 4 interchange 9 B4055 16 M4 M5 8 10 Aztec West Bradley Stoke Way 7 Brook Way Gloucester Road Road Gloucester Bradley Stoke Way 5 Coniston Road A38 6 Bradley To M4, Midlands Stoke & South Wales J16 BS32 4UE Patchway DESCRIPTION 730 Aztec West provides 38,301 sq ft of high quality office accommodation over ground, 1st and 2nd floors, arranged in wings either side of the central core providing flexible, open plan space. The offices benefit from a large secure car park with 217 car parking spaces. The car parking ratio at 1:176 sq ft is one of the best on the business park. 0 t o 7 1 5 The property was constructed in 1992 and ESS underwent a comprehensive refurbishment 0 4 in 2016. It now provides the following 7 B specification: F 7 2 Pond 0 • New 3 pipe VRF air conditioning system • 150mm full access raised floors Pond Southern • New LED lighting within metal tile Lakes suspended ceiling • Enlarged and remodelled reception area 7 3 Almondsbury • Male and female WC facilities on each 0 20 15 floor M4/M5 interchange • New shower block with five showers (including a fully accessible shower and B4055 16 M4 changing room/locker facilities). M5 • Secured external covered bike racks for Aztec West Bradley Stoke Way 32 bikes El Sub Sta • 2 x 13 person lifts Brook Way Tu nn el Gloucester Road Gloucester • New landscaping to the front of the Coniston Road A38 Tu building nn el Bradley Stoke 0m 10m 20m 30m Patchway Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 ACCOMMODATION The property has been measured in accordance with the RICS Code of measuring practice (6th edition) and provides the following net internal floor areas: ACCOMMODATION SIZE (SQ FT) SIZE (SQ M) Ground Floor 11,379 1,057.11 First Floor 13,514 1,255.45 Second Floor 13,408 1,245.60 TO TA L 38,301 3,558.16 Site Layout WATERSIDE DRIVE Typical Upper Floor TENURE Ground Floor Freehold. TENANCY SCHEDULE The property is let in accordance with the tenancy schedule below and provides a WAULT of 7.50 years to expiry and 5 years to break. CAR SIZE LEASE LEASE RENT BREAK PASSING PASSING 1954 FLOOR TENANT COMMENTS PARKING (SQ FT) START EXPIRY REVIEW DATE RENT (PA) RENT(PSF) ACT SPACES Taylor Wimpey Ground 11,379 20/01/17 27/02/27 28/02/22 £204,822 £18.00 65 Inside UK Ltd Verex Insurance Part 1st 5,137 28/09/17 27/09/27 28/09/22 28/09/22 £98,887 £19.25 9 months notice on break. Service charge cap at 29 Outside Services Ltd £8.00 per sq ft subject to RPI increases. Floor area subject to final measurement. 10 year lease, 5 year break. 9 months rent free to Part 1st U/O to Ceva Ltd 2,800 £61,600 £22.00 be topped up by the vendor. Break penalty of 4 16 Outside months rent. 6 months notice on break. Part 1st Vacant 5,577 £122,694 £22.00 12 months rent, rates and service charge guarantee. 31 Integral UK Ltd Break penalty of 12 months rent. 9 months notice 2nd (Guarantor Jones 13,408 29/03/19 28/03/29 29/03/24 28/03/24 £278,216 £20.75 on break. Service charge cap at £8.00 per sq ft 76 Inside Lang LaSalle Ltd) subject to RPI increases. 38,301 £766,219 £20.00 217 COVENANT INFORMATION 31/12/2018 31/12/2017 31/12/2016 Taylor Wimpey UK Limited (Reg No: 01392762) is one of the largest homebuilders Turnover £3,979,800,000 £3,857,825,000 £3,566,543,000 in the UK, operating from 24 regional offices across England, Scotland and Wales. Pre Tax Profit £751,200,000 £609,385,000 £663,144,000 Net Tangible Assets £2,962,900,000 £2,736,208,000 £2,712,110,000 Fame rate the company as ‘92 out of 100 and Secure’. Shareholders Funds £2,148,800,000 £2,093,881,000 £2,044,221,000 Verex Insurance Services Limited (Reg No: 05686831), previously known as Original 30/06/2018 30/06/2017 30/06/2016 Insurance Services Limited, has a 30-year history in the automotive sector and brings major innovation to the UK motor insurance and vehicle manufacturer accident aftercare sectors. Turnover £7,703,570 - £4,396,716 The company currently operates 18 vehicle manufacturer affinity insurance and accident Pre Tax Profit (£135,327) - £442,879 aftercare schemes, with over 1,700 franchise dealers and 1,200 approved repairers. Net Tangible Assets £3,059,952 £3,153,860 £3,901,790 Shareholders Funds £3,107,778 £3,243,105 £2,704,624 Fame rate the company as ‘27 out of 100’.