block a whittle square gloucester - rapleys · a pedestrianized area of whittle square which is...

COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S • GREGGS

BLOCK A WHITTLE SQUAREGLOUCESTER

Gloucester Business Park I GL3 4AAPrime Retail Parade Investment

COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS

EXECUTIVE SUMMARY

– Prime6unitretailparadeinvestmentfullylettoestablishednationalbrands

– SituatedontheestablishedGloucesterBusinessParkadjacenttoasubstantialTescoExtrafoodstore(withPetrol),VirginActiveGym&RacketsClub,BrewersFayrePub&PremierInnhotel

– Virtualfreehold-999yearlongleaseholdatpeppercorn

– Providing6,696sqftofrecentlydevelopedretailaccommodation(schemecompletedMay2011)

– IncomesecuredagainstCosta Coffee,Ladbrokes,Subway,Greggs,Domino’s Pizza &Reflections Hair & Beauty

– Averagetermtoleaseexpirycirca13years,WAULT7.5years

– Totalincome£153,859perannum

Weareinstructedtoseekoffersinexcessof£1,940,000

(One Million Nine Hundred & Forty Thousand Pounds)

providingthepurchaserwithanet initial yield of 7.5%

afterallowingfornormalcostsofacquisitionof5.8%.


A4A4

A346

A34

A419A429

A46

A417

A44

A44

A449

A40

A40

A49

A438

A429A435

A417

A417

A435

A38

A48

M4

M5

M5

M42

M40

M50

M32

J15

J11A

A40

A38

A38

J11

Kidderminster

Droitwich

Worcester

Hereford

Tewkesbury

Bromsgrove

Coventry

Birmingham

Cheltenham

Cirencester

Swindon

Stroud

ChippenhamBristol

Bath

Abergavenny

Chepstow

Oxford

GloucesterG

BristoltolB i t ltBristo

gham

Newport

Upon-AvonStratford -

M5

A417

J11A

Link

Roa

d

To the Midlands

To Cheltenham & M4, J15To Gloucester

T s

To Bristol

Travel distances

Time DistanceGloucester 18 mins 4.5 milesCheltenham 18 mins 6 milesTewkesbury 20 mins 14 milesCirencester 25 mins 15 milesSwindon 44 mins 29 milesBristol 44 mins 38 milesBath 61 mins 50 milesBirmingham 69 mins 58 milesLondon 127 mins 108 miles

Source: AA Route Planner

GLOUCESTER

Location

Gloucester Business Park, which is owned, developed and managed by global property group Goodman surrounds the Whittle Square development. The scheme is easily accessible situated approximately 1 mile from Junction 11a of the M5 motorway, and approximately 6 miles from Gloucester City centre.

Sitting alongside the M5 and A417 dual carriageway the park provides fast access to destinations in the Midlands, North, Wales, South West and the South East.

Situation

Situated on Gloucester Business Park adjacent to a substantial Tesco Extra foodstore (with petrol offering), Virgin Active Gym & Rackets Club, Brewers Fayre Pub and a Premier Inn hotel.

Gloucester Business Park now occupies the site which was originally the Gloster Aircraft Company’s Brockworth Airfield, the site where the first British jet aircraft was designed and built. The E28 Gloster Whittle- designed and built at Gloucester Business Park and powered by Sir Frank Whittle’s turbo jet engine.

The park, which was officially opened in September 2000 is now home to over 58 companies including Direct Wines, Beverage Brands, Horizon Nuclear Power, Messagelabs, Fortis, NHS Gloucestershire, Takao Europe and Detica.

To London & Heathropw airport

Sat Nav: GL3 4AA


PROPOSED RESIDENTIAL

GLOUCESTER BUSINESS

PARK

DESCRIPTION

Block A was developed by the Frontier Key Fund in 2011. Its contemporary design features the use of glass, metal, and natural materials to create an attractive and functional building. It sits within a pedestrianized area of Whittle Square which is finished with high quality materials supplemented by street furniture and public art all of which create a local destination point. The building is divided into six retail units with A1, A3 and A5 planning uses all of which have been fitted out to high standard by the occupants.


Not to scale

ACCOMMODATION SCHEDULE

The accommodation has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following approximate area’s:

Unit Occupier sq ft sq m

1 Costa Coffee 1,502 139.54

2 Subway 803 74.6

3 Domino’s Pizza 1,228 114.08

4 Greggs 1,106 102.75

5 Reflections Hair and Beauty 1,098 102.01

6 Ladbrokes Betting and Gaming 959 89.09

Total 6,696 622.07

Block A

TENURE & TENANCY

TenureThe subject property is held as virtual freehold on a 999 year long leasehold at peppercorn.

Tenancy Schedule

Tenant Start date End date Term Rent Rent Review

Break Options

Life Coffee Cafes Ltd (Costa Coffee)

19/12/2011 18/12/2026 15 yrs £35,109 5 yr OMV T break at anniversary of 10th yr with 6 month notice

Subway Realty Ltd 13/07/2012 12/07/2027 15 yrs £17,500 5 yr OMV T break at anniversary of 10th yr with 6 month notice

DP Realty Ltd (Dominos Pizza)

08/09/2011 07/09/2031 20 yrs £28,250 5 yr OMV T break at exp of 11th yr with 6 month notice

Greggs PLC 08/11/2011 07/11/2021 10 yrs £25,500 5 yr OMV T break at exp of 5th yr with 6 month notice

House of Clive (Hair & Beauty) Ltd

10/05/2011 09/05/2026 15 yrs £27,500 5 yr OMV T break at exp of 10th yr with 6 months notice

Ladbrokes Betting and Gaming Ltd

25/10/2011 24/10/2026 15 yrs £20,000 5 yr OMV T break at exp of 10th yr with 6 months notice

Total Income £153,859 per annum

WHITTLE W

AY

A

0m 5m 10m 15m

Ordnance Survey © Crown Copyright 2013. All rights reserved. Licence number 100020449. Plotted Scale - 1:500


FURTHER INFORMATION

CovenantsLife Coffee Cafes Ltd (Costa Coffee)Subway RealtyDP Realty Ltd (Dominos Pizza)Greggs PLCHouse of Clive Ltd (Reflections Hair and Beauty)Ladbrokes Betting and Gaming Ltd

Further financial information is available on request.

VATThe property has been elected for VAT purposes and will be charged at the prevailing rate. We are advised that the transaction will be treated as a TOGC.

EPC The property has an EPC asset rating of D. A full EPC is available on request.

ProposalWe are instructed to seek offers in excess of £1,940,000 (One Million Nine Hundred & Forty Thousand Pounds) providing the purchaser with a net initial yield of 7.5% after allowing for normal costs of acquisition of 5.8%.

For further information or to make arrangements for a viewing, please contact:

Jonny Doulton020 7255 [email protected]

Rick McIntosh-Whyte 020 7255 [email protected]

Disclaimer: Rapleys LLP is registered as a Limited Liability Partnership in England and Wales. Registration No: OC308311. Registered Office at Falcon Road, Hinchingbrooke Business Park, HUNTINGDON PE29 6FG. A full list of Members is available on our website or at any of our offices during normal business hours. Rapleys LLP operates an Environmental Management System which complies with the requirements of ISO 14001:2004. Regulated by RICS. Any maps are for identification purposes only and should not be relied upon for accuracy. Reproduced by permission of Geographers A-Z Map Co. Ltd. Licence No. A0203. This product includes mapping data licensed from Ordnance Survey - © Crown Copyright 2001. Licence No. 100017302 and © Crown Copyright, All rights reserved. Licence No. ES 100004619. Misrepresentation Act: These particulars are produced in good faith and believed to be correct, however, neither Rapleys nor their client guarantees their accuracy nor are they intended to form any part of a contract. No person in Rapleys employment has authority to give any representation or warranty in respect of this property. All prices or rents are quoted exclusive of VAT. June 2013.

Martin Carey020 7255 [email protected]

block a whittle square gloucester - rapleys · a pedestrianized area of whittle square which is...

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