BLOCK A WHITTLE SQUARE GLOUCESTER - Gloucester Business Park I GL3 4AA Prime Retail Parade Investment - Rapleys
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BLOCK A
WHITTLE SQUARE
GLOUCESTER
Gloucester Business Park I GL3 4AA
Prime Retail Parade Investment
COSTA CO F F E E • L A DB R O K E S • SUBWAY • REFLECTI ONS HA IR & B E AU T Y • DOMINO’S • GRE GGS
EXECUTIVE SUMMARY – Prime 6 unit retail parade investment fully let to established national brands – Situated on the established Gloucester Business Park adjacent to a substantial Tesco Extra foodstore (with Petrol), Virgin Active Gym & Rackets Club, Brewers Fayre Pub & Premier Inn hotel – Virtual freehold - 999 year long leasehold at peppercorn – Providing 6,696 sq ft of recently developed retail accommodation (scheme completed May 2011) – Income secured against Costa Coffee, Ladbrokes, Subway, Greggs, Domino’s Pizza & Reflections Hair & Beauty – Average term to lease expiry circa 13 years, WAULT 7.5 years – Total income £153,859 per annum We 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%. COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
GLOUCESTER To the Midlands
T s Birmingham
gham
Kidderminster M42 Coventry
Location To Gloucester J11A To Cheltenham & M4, J15 A449
Bromsgrove
Droitwich
Gloucester Business Park, which is owned, developed
A417
oad
Worcester
and managed by global property group Goodman Stratford -
kR
Upon-Avon
surrounds the Whittle Square development. The
Lin
A44
scheme is easily accessible situated approximately A438
M5
M40
Hereford
1 mile from Junction 11a of the M5 motorway, and
M5
approximately 6 miles from Gloucester City centre. A49
M50
Tewkesbury
A435
A417 A38 A429
A40 G
Gloucester J11 Cheltenham A44
Sitting alongside the M5 and A417 dual carriageway J11A
the park provides fast access to destinations in Abergavenny
A435
A40 Oxford
A417
the Midlands, North, Wales, South West and the A40
Stroud
South East. To Bristol A48
Cirencester
Sat Nav: GL3 4AA Chepstow
A38
A417
Newport A429 A419
A46
M5
Situation Swindon
M4 J15
A34
Situated on Gloucester Business Park adjacent M32 Chippenham
A346
to a substantial Tesco Extra foodstore (with Bristo
Bristol
B i ttoll
A4
A4 To London &
A38 Bath Heathropw airport
petrol offering), Virgin Active Gym & Rackets
Club, Brewers Fayre Pub and a Premier Inn hotel.
Travel distances
Gloucester Business Park now occupies the site
which was originally the Gloster Aircraft Company’s Time Distance
Brockworth Airfield, the site where the first British Gloucester 18 mins 4.5 miles
jet aircraft was designed and built. The E28 Gloster Cheltenham 18 mins 6 miles
Whittle- designed and built at Gloucester Business Tewkesbury 20 mins 14 miles
Park and powered by Sir Frank Whittle’s turbo Cirencester 25 mins 15 miles
jet engine. Swindon 44 mins 29 miles
Bristol 44 mins 38 miles
The park, which was officially opened in September Bath 61 mins 50 miles
2000 is now home to over 58 companies including
Birmingham 69 mins 58 miles
Direct Wines, Beverage Brands, Horizon Nuclear
London 127 mins 108 miles
Power, Messagelabs, Fortis, NHS Gloucestershire,
Takao Europe and Detica. Source: AA Route Planner
COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
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 PROPOSED
occupants. RESIDENTIAL
GLOUCESTER
BUSINESS
PARK
COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
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 Not to scale COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
TENURE & TENANCY
Tenure
The 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 Break Options
Review
Life Coffee Cafes Ltd 19/12/2011 18/12/2026 15 yrs £35,109 5 yr OMV T break at
anniversary of 10th
(Costa Coffee) 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 08/09/2011 07/09/2031 20 yrs £28,250 5 yr OMV T break at exp of
11th yr with
(Dominos Pizza) 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 & 10/05/2011 09/05/2026 15 yrs £27,500 5 yr OMV T break at exp of
10th yr with
Beauty) Ltd 6 months notice
Ladbrokes Betting 25/10/2011 24/10/2026 15 yrs £20,000 5 yr OMV T break at exp of
10th yr with
and Gaming Ltd 6 months notice
Total Income £153,859 per annum
AY
T LEW
T
WHI
Ordnance Survey © Crown Copyright 2013. All rights reserved. Licence number 100020449. Plotted Scale - 1:500
0m 5m 10m 15m
FURTHER INFORMATION
Covenants
Life Coffee Cafes Ltd (Costa Coffee)
Subway Realty
DP Realty Ltd (Dominos Pizza)
Greggs PLC
House of Clive Ltd (Reflections Hair and Beauty)
Ladbrokes Betting and Gaming Ltd
Further financial information is available on request.
VAT
The 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.
Proposal
We are instructed to seek offers in excess of For further information or to make arrangements for a viewing, please contact:
£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 Jonny Doulton Rick McIntosh-Whyte Martin Carey
acquisition of 5.8%. 020 7255 8099 020 7255 8064 020 7255 8085
jdd@rapleys.co.uk rdmw@rapleys.co.uk mic@rapleys.co.uk
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.
COSTA COFFEE • LADBROKES • SUBWAY • REFLECTIONS HAIR & BEAUTY • DOMINO’S PIZZA • GREGGS
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