CENTRAL BRISTOL RESIDENTIALAND COMMERCIAL DEVELOPMENT/INVESTMENTOPPORTUNITY - 3-11 FAIRFAX STREET & 15-18 NELSON STREET, BRISTOL, BS1 2JY
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Central Bristol Residential and Commercial Development / Investment Opportunity 3-11 Fairfax Street & 15-18 Nelson Street, Bristol, BS1 2JY
I NV E S TM E NT S UM M ARY A rare opportunity to acquire a prominent mixed use retail and leisure investment in the centre of Bristol’s Broadmead district. In summary: • Located in the heart of Bristol City Centre • Prominent location on the Western edge of Broadmead • Situated close to Cabot Circus, Bristol’s premier retail destination • Held long leasehold with 35 years unexpired and a ground rent of £1,576 per annum • The location has been identified as a major regeneration area and the site has significant development potential in the mid-term subject to receipt of relevant planning consents • Seven retail units with music venue above, comprising a total of 31,883 sq ft • Multi let producing a gross income of £206,308 per annum • Net income of £204,732 per annum
LO CATI O N Bristol is the regional capital of the South West of England and is one of the UK’s fastest growing cities. Regeneration of the city centre, a strong employment rate and a vibrant cultural scene have made Bristol a popular place to live and work. A number of commercial, residential and mixed use schemes have come forward in recent years as the focus has shifted to city centre living and working. Notable schemes such as Finzels Reach, Wapping Wharf and Harbourside have and still are rejuvenating areas of the city and creating new communities. S I TUATI O N A prominent location in the heart of Bristol City Centre on the Western edge of Broadmead close to Cabot Circus, Bristol’s premier retail destination. The site is within a short walk from the Galleries shopping centre, Castle Park and the Finzels Reach development beyond. It is also a ten minute walk to the University of Bristol. To the east of the site the remainder of the city block comprises ground floor retail units with a cinema above. To the south and west is an NCP car park with offices beyond and to the north is the listed former Bridewell Police Station, now a creative arts and event space hub. The location has been identified as a major regeneration area and the site has significant development potential. The area around the site is in the process of being transformed with a number of notable development and conversion projects underway or complete including the Courtrooms, new Bridewell, Lewins Place, Froomsgate House and Westgate. RAIL The city has two mainline rail stations at Bristol Temple Meads and Bristol Parkway. The closest station is Bristol Temple Meads which can be reached in approximately 15 minutes walk. Train times from Bristol to major destinations are listed below: London Paddington 1hr 40 mins Birmingham New St 1hr 20 mins Exeter St David's 1hr ROAD Bristol is well located at the Junction of two of the UK’s busiest motorways, the M4 and M5. this provides excellent vehicular access to the Midlands to the north, London to the east and South Wales to the West. The site itself is easily accessed from the M32/A4032 (which leads north to the M4) and has plentiful on and off street parking with an NCP car park adjacent to the property. DESCRIPTION The property comprises a substantial corner property arranged as two retail parades on Nelson and Fairfax Street with a two storey nightclub above, accessed off Nelson Street. There are three retail units fronting onto Nelson Street and a further four retail units fronting Fairfax Street. The property was constructed in the 1960s, the upper floors were purpose built as a ballroom and have been occupied as a nightclub and more latterly a music venue since then. The music venue, trading as SWX, is accessed at ground floor level at 15 Nelson Street and occupies the first and second floors of the property. The service yard to the rear of the property is demised to the music venue and provides parking for five cars during the day, and the smoking area for the venue in the evening . The total site area comprises 0.35 acres.
ST NICHOLAS N AT W E S T
MARKET COURT
HARBOURSIDE
BRISTOL
R O YA L
I N F I R M ARY
OLD CITY
FINZELS REACH
DEVELOPMENT
BRISTOL
SHOPPING
CASTLE
QUARTER
PA R K
FAIRFAX / NELSON
C A S T L E PA R K V I E W ST SITE
DEVELOPMENT
THE GALLERIES
SHOPPING
CENTRE
PLANNING AND DEVELOPMENT The existing lawful use of the site is currently a nightclub (Sui Generis) and ground floor retail (A use classes). The site is identified within the Council’s adopted Development Plan as being within the Bristol Shopping Quarter Primary Shopping Area, Secondary Shopping Frontage and subject to Central Area Plan Policy BCAP36 which seeks to focus retail, restaurant and other uses alongside new homes on upper floors in this part of the City. Redevelopment of sites within this policy area for retail and retail -led mixed uses are also encouraged. In addition, the Council’s emerging Local Plan Review document locates the site within a potential new City Centre Framework and policy area that seeks to be a focus for a significant proportion of new homes alongside commercial and cultural uses. The draft Local Plan Review proposals also state that tall buildings in the right setting and of the right design will be appropriate in this location as part of the overall approach to development .
TENURE
The property is held on a long leasehold from Bristol City Council for a
period of 90 years from 1 January 1964. The lease expires 21 December
2054 providing an unexpired term of approximately 35 years unexpired.
The current ground rent is £1,576 per annum. There are no rent reviews
within the headlease and this rent is therefore fixed until expiry.
TENANCY
The current gross income is £206,308 per annum which after deduction of
ground rent is a net income of £204,732 per annum.
The property is multi-let in accordance with the tenancy schedule below.
Area Rent
Address Tenant Lease Start Lease Expiry Comments
sq ft pa
First floor - 13,307 sq ft / Second Floor - 11,172 sq ft
Unit 15 Nelson St Harewood Bristol Ltd (t/a SWX) 24,480 25/03/1963 12/12/2054 £112,000
Lease guaranteed by Harewood Operations Ltd.
Unit 16 Nelson St GTR Barber Co. Limited 849 03/05/2017 02/05/2021 £15,000
Unit 17 Nelson St L Northey Ltd (t/a Cococheno) 810 28/09/2011 27/09/2021 £14,000
Unit 18 Nelson St 5 Pointz Ltd 1,606 20/08/2007 19/02/2020 £20,000
Pamela Casali and Peter Polledri (t/a Soup 'n'
Unit 3 Fairfax St 622 24/12/2014 24/12/2019 £7,708
Sandwich)
Unit 5-7 Fairfax St William Hill Organization Ltd 1,811 25/03/2010 24/03/2020 £19,600
Unit 9 Fairfax St Wengs Group Ltd 814 30/06/2017 29/06/2020 £9,000 £1,000 rent deposit
Unit 11 Fairfax St Thomas Hall 891 11/06/2019 30/06/2020 £9,000
31,883 £206,308
METHOD OF SALE FURTHER INFORMATION
This opportunity is being offered for sale Further information is available via a dedicated
by private treaty, with offers to be extranet site, login details for which can be made
submitted to the agent. Please note offers available upon request.
must be on an unconditional basis.
VIEWING
VAT
The site may be inspected by prior appointment
The property is VAT elected, however, it is through the Vendor’s Sole Selling Agent, Knight
anticipated the sale will be treated as a Frank LLP.
Transfer of a Going Concern (TOGC).
Prospective purchasers should be aware that
inspections are made entirely at their own risk and
LEGAL FEES neither the Vendor nor their Agent accept liability.
Each party to be responsible for their own
legal costs.
CONTACT
SERVICES
NICK MORE
Interested parties should make their own 0117 945 2631
enquiries regarding services for the site. nicholas.more@knightfrank.com
EPC NICK THURSTON
0117 917 4536
Copies of EPC certificates for the property nick.thurston@knightfrank.com
are available on request.
Important Notice
1.Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or
by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any
joint agent has any authority to make any representations about the property, and accordingly any information given is entirelywithout responsibility on
the part of the agents, seller(s) or lessor(s).
2.Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances
given are approximate only.
3.Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or
other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that
all information is correct.
4.VAT: The VAT position relating to the property may change without notice.
Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street,
London W1U 8AN, where you may look at a list of members’ names.
September 2019
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