Office - Gordano House, Marsh Lane, Easton-in-Gordano Bristol, BS20 0NE

Easton-in-Gordano, Bristol BS20 0NE, UK

Facilities
  • 24 hr Access
  • Offices
Description

Long leasehold interest available to purchase for office space at Gordano House, Marsh Lane, Bristol.
Refurbished office building extending to 14,778 sq ft arranged over ground and first floor.
◆ Substantial 1.71 acre site, providing 110 secure car parking spaces (1:134 sq ft).
◆ Single let to Etex Building Performance Ltd, on a full repairing and insuring lease expiring December 2026, providing an unexpired term of 6.9 years.
◆ Etex Building Performance Ltd has a Creditsafe Rating of 99A (very low risk).
◆ Tenant committed to location with existing 600,000 sq ft Siniat manufacturing facility and new proposed £140m facility adjacent.
◆ Rent passing £236,000 per annum.
◆ Long leasehold at a peppercorn rent expiring 24th August 2141 (121 years unexpired).
◆ Offers sought in excess of £2,861,000 (Two Million Eight Hundred and Sixty One Thousand Pounds) representing an attractive net initial yield of 7.75%, assuming purchasers costs of 6.43%.
BRISTOL
Bristol is the fifth largest conurbation in the UK and the capital of the south west, with an estimated population of 456,000 and a larger urban zone population of 1.6 million. It is one of the most culturally significant cities in the UK, being named as Britain’s best place to live in 2014 and 2017 by the Sunday Times.
DEMOGRAPHICS
Bristol’s total population increased by 9.7% between the 2001 and 2011 census, the 3rd largest growth rate of all core cities in the UK. Employment rate is 70.6%, and with a combined student population of 52,000 from both Bristol University and University of the West of England, contributing to Bristol’s skilled labour pool has one of the highest retention rates in the UK. Bristol University’s proposed £350m Temple Quarter Enterprise Campus will further improve Bristol’s standing as the second most targeted university by employers in the UK, and is due to open in 2022. Bristol has a flourishing TMT, professional and financial service sector, with a world class knowledge economy based in aerospace, defence, engineering, ICT and electronics, media and creative and environmental industries.
Further information is available at www.investinbristol.com
CONNECTIVITY
Bristol is strategically located at the junction of the M4 and M5 motorways, 118 miles west of London. The M4 is the east-west axis from London to Cardiff and the M5 the north-south west axis from Birmingham to Exeter. The M48 motorway provides a direct link to Cardiff and South Wales. Bristol Temple Meads and Parkway railway stations provide direct regular intercity services to London Paddington and now part of the electrification of the railway has been completed, journey times from Parkway to London Paddington are only 71 minutes. Bristol’s International Airport lies 8 miles south of the city centre, serviced by a dedicated coach line. It offers direct flights to over 123 destinations throughout the UK, and the USA.
SITUATION
Gordano House is situated in Portbury, approximately 6.5 miles west of Bristol city centre and adjacent to J19 of the M5 motorway.
Portbury is a well established distribution location, and Royal Portbury Docks is one of the UK’s largest ports, now owned by the Bristol Port Company, benefi tting from direct access to the national motorway networks, rail connections and deepwater port.
The property is located on Marsh Lane, which itself provides immediate access to the Royal Portbury Dock Road which leads directly to J19 of the M5. The location is home to predominantly distribution and car import/export companies including Apetito, Wincanton, Bunzl, A-Gas, and Brakes. Siniat, a subsidiary company of the tenant, also occupies a 600,000 sq ft manufacturing facility further along Marsh Lane and in December 2019 announced plans to build a new £140m plasterboard factory adjacent to their existing plant, maximising its ability to import raw materials sustainably along the Bristol Channel. Both Avonmouth and Portbury Dock are rail connected and located immediately off J19 of the M5, granting excellent national access.
The Port reaches the largest proportion of the population within 250km of all ports, making it recognised as the most economical destination for distribution in the UK. Bristol Portbury Dock currently has the largest sea dock in the UK and handles vessels up to 130,000 dwt. Avonmouth Dock currently handles 40,000 dwt. There is over 2 million sq ft of industrial warehousing at a 2,600 acre estate and over 10 million sq ft located within 30 minutes, making it a desired location for industrial occupiers.
Occupiers located within 30 minutes of the site include; Tesco, Asda, Morrison’s, John Lewis, Dixons, Yankee Candle, Marks and Spencer and Acolade.
The dock handles 2 million tonnes of bulk liquid each year and 25% of all UK imports of aviation fuel, delivering to airports such as Gatwick and Heathrow. One of the most important trades in the dock is the import and storage of vehicles, in which they have 538 aces and in excess of 600,000 cars per annum handled by the port.
The area is supported by the West of England Industrial Strategy, promoting growth of industrial use within the area. Since privatisation of the port in 1991, over £500m has been invested to modernise and increase the quality of the dock and supply chain.
DESCRIPTION
The property comprises a detached office building constructed in 1992, arranged over ground and first floors. The office benefits from a double height glazed atrium and open reception area leading to stairs and a suspended walkway linking east and west wings, and a 4 person passenger lift serving both floors.
The accommodation provides letting fl exibility, arranged in four suites effectively two per floor.
The specifi cation includes raised fl oors, carpeting, suspended ceilings, LED lighting and male and female WCs on each floor and wing.
The property sits on a site of 1.71 acres and benefits from 110 car spaces and five visitor and disabled spaces at the front of the building. A part of the site extending to 0.45 acres is included in the demise and until 2019 benefitted from planning consent for a further circa 12,000 sq ft of offices.
ACCOMMODATION
The property provides the following net internal floor areas:
Floor Use NIA (sq ft) NIA (sq m)
Ground Reception 800 74.3
Ground Floor West Office 4,032 374.6
Ground Floor East Office 2,970 276
First Floor West Office 4,030 374.4
First Floor East Office 2,946 273.7
Total 14,778 1,373
TENURE
TENANCY
Long leasehold. The property is held on a lease for a term of 150 years less 3 days from 27th August 1999 expiring 24th August 2141 (121 years unexpired) at a peppercorn rent.
The entire property is let by way of a lease renewal to Etex Building Performance Ltd on a full repairing and insuring lease for a term of years from 18th December 2019, expiring 24th December 2026. The agreed rent is £212,000 per annum increasing to £236,000 per annum on 29th September 2021. The vendor will provide a top up to £236,000 p.a. from day of completion.
EPC
Gordano House has an EPC rating of D 76. A Copy of the EPC is available on request.
VAT
The property is registered for VAT and we anticipate the transaction will be treated as a TOGC.
PROPOSAL
We are instructed to seek offers of £2,861,000 (Two Million Eight Hundred and Sixty One Thousand Pounds) for the long leasehold interest, refl ecting an attractive net initial yield of 7.75%, assuming purchasers costs of 6.43%.

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