Old Market Street, Old market, Bristol

£550,000 - Sold Subject to Contract

  • CITY CENTRE LOCATION
  • 6.7% GROSS YIELD
  • OFF STREET PARKING

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Telephone: 0117 973 4940

Email: admin@maggsandallen.co.uk

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The above is offered for indicative purposes only and should not be relied upon. Rates will vary lender to lender and subject to the customer’s specific circumstances. Fee’s may also apply.

Property Details

Opportunity to purchase 2x Grade II listed commercial investments fully let producing £37,000 per annum. The property is let to Bristol Mind on a 9 year lease from 2016, and ADP Dental Company on a 15 year lease from 2010 on effectively fully repairing and insuring terms. The accommodation benefits from gas central heating, air conditioning, partial double glazing and off street parking to the rear. The property is situated in a central location providing easy access to the City Centre, Bristol Temple Meads train station and the M32 Motorway.

DESCRIPTION -

Two substantial Grade II listed, 3 storey investment properties let producing £37,000 per annum, to two established tenants, Bristol Mind and ADP Dental Company Ltd. Benefits include Gas Central Heating, Air-Conditioning, Double Glazing and allocated parking to the rear.

LOCATION -

Situated in a central location on Old Market Street, directly opposite the Old Market Bus stop providing easy access to the City Centre, and the M32 Motorway. The property is also conveniently located for Temple Meads railway station (approx. 15 minutes on foot), and the Temple Quay business district.

ACCOMODATION -

Bristol Mind (SHADED BLUE ON PLAN) occupy part ground, part first and second floor - approximately 2,800sqft.
ADP Dental Company Ltd (SHADED PINK ON PLAN) occupy part ground, and part first floor- approximately 1,300sqft.
In addition the tenants benefit from allocated parking to the rear.

LEASE DETAILS -

BRISTOL MIND -

Let on a 9 year lease from August 2016 on an effectively Full Repairing and Insuring basis recovered by way of a service charge, at a current passing rent of £22,000 per annum, increasing to £23,000 per annum in August 2019, and £24,000 per annum in August 2022. The lease is excluded from the The Landlord & Tenant Act 1954, and is subject to tenant break clauses at 2019 and 2022.

Bristol Mind Charity No. 1085171 reported income of £641,284 for the year ending March 2018. The charity provide a range of high quality services which are reflective and relevant to the needs of the mental health service user community.

ADP DENTAL COMPANY LIMITED -

Let on a 15 year lease from June 2010 at £15,000 per annum subject to 5 yearly tenant breaks and rent reviews. The lease reflects effectively Full Repairing and Insuring terms recovered by way of a service charge. The lease is excluded from the The Landlord & Tenant Act 1954.

We understand that ADP Dental Company Limited is now known as IDH Limited Company No. 00243708. For the year ending 31 March 2018 IDH Limited Company reported a turnover of £43,353,000.

ENERGY PERFORMANCE CERTIFICATE -

Rating: E

JOINT AGENTS -

Quintons Chartered Surveyors, Shane Prater MRICS - 01635 262510

FLOOR PLAN -

The floor plan is provided for indicative purposes only and should not be relied upon.

VAT -

All figures quoted are exclusive of VAT unless otherwise stated.

CONTROL OF ASBESTOS -

As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.

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Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.