Office - Wyndham Court, 12-20 Pritchard Street, Bristol City Of Bristol, BS2 8RH

Pritchard Street, Saint Paul's, Bristol BS2 8RH, UK

Facilities
  • 24 hr Access
  • Air conditioning
  • Kitchenette
  • Lift Access
  • Offices
  • Parking
Description

Bristol office for sale Wyndham Court - Pritchard Street
Office to let at Wyndham Court, Pritchard Street, Bristol.
City centre office building occupying a prominent position at the end of the M32, opposite Cabot Circus, Bristol’s prime retail and leisure destination.
• Long leasehold from Bristol City Council at a peppercorn rent expiring 27 July 2114 (94 years unexpired).
• The property extends to 29,242 sq ft arranged over ground and four upper floors.
• 28 secure car parking spaces. • Single let to Direct Response Ltd, on a full repairing and insuring lease expiring March 2025, providing an unexpired term in excess of 5 years.
• Rent passing £351,912 per annum, reflecting £12.33 psf on offices and £6.08 psf on reception.
• March 2020 rent review.
Estimated rental value at review £627,880 per annum, equating to £22 psf adopting a half rate on reception.
Offers sought in excess of £6,286,000 (Six Million, Two Hundred and Eighty Six thousand Pounds) subject to contract and exclusive of VAT, representing a net initial yield of 5.25%, a reversionary yield of 9.37%, and a capital value of £215 psf

• City centre office building occupying a prominent position at the end of the M32, opposite Cabot Circus, Bristol’s prime retail and leisure destination.
• Long leasehold from Bristol City Council at a peppercorn rent expiring 27 July 2114 (94 years unexpired).
• The property extends to 29,242 sq ft arranged over ground and four upper floors.
• 28 secure car parking spaces.
• Single let to Direct Response Ltd, on a full repairing and insuring lease expiring March 2025, providing an unexpired term
in excess of 5 years.
• Rent passing £351,912 per annum, reflecting £12.33 psf on offices and £6.08 psf on reception.
• March 2020 rent review. Estimated rental value at review £627,880 per annum, equating to £22 psf adopting a half rate on reception.

Occupying a strategic location at the foot of the M32, the property lies at the junction of Bond St (A4044) and Pritchard Street.
The property sits in a mixed use location, surrounded by predominantly office occupiers, with a number of hotels in Bond Street, and residential buildings in nearby Brunswick and Portland Square.
Cabot Circus lies opposite the property, including Showcase Cinema de Lux. A new 214 room Moxy hotel (Marriott) is planned to open in 2021, a short distance from the property.

DESCRIPTION &
ACCOMMODATION
The property comprises a 5 storey detached office building of steel frame construction with brick elevations, built in 1991 and comprehensively refurbished in 2015 prior to Direct Response's occupation.
Specification Includes:
• Open plan accommodation
• Raised floors
• Double height reception
• Suspended ceilings
• Air conditioning

BRISTOL CITY CENTRE
OFFICE MARKET
Bristol city centre office stock totals circa 13.5m sq ft, with prime rents now standing at £37.50 psf, and vacancy rates at a historic low of 3.5%.
Bristol has witnessed the highest rate of rental growth of all the major cities during the past 18 months at 23% for Grade A rents. With lack of available quality accommodation we expect further compression between Grade A and Grade B rents, with Grade A rents driving above £37.50 psf and Grade B above £30 psf during 2020.
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 of The Assembly, which increased take up by 200,000 sq ft.
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 Big 6 cities. Headline Grade A rents at £37.50 psf is an increase of 8.57% on the previous year.

Accommodation
Open plan office accommodation
The property provides the following net internal floor areas:
• Male, female and disabled W/C facilities
• 2x 10 person passenger lift • 28 secure parking spaces
accessed from Pritchard Street

Area
sq ft
Rooms
1
Car Parking Spaces
Yes
Shower Facilities
No
For Sale price
£Price On Application
Location
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