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Gloucestershire Business News

Unit 1a Barnett Way, Barnwood, Gloucester

Investment Summary

  • Industrial investment opportunity in accessible location with access onto the A417 and M5 Motorway at Junctions 11 and 11a.
  • 20-year term without breaks, subject to 3 yearly upwards-only open market rent reviews
  • Passing rent of £72,000 per annum, devalues to £5.50 per sq ft.
  • The tenant APiC UK Ltd has been trading since 2006, have 78 staff and turnover reported to 31 December 2021 was in excess of £16,000,000.

The property comprises a modern light industrial building, originally constructed in 1985 and extended to the rear in 1988 and to the side in 2000.

The building is of contemporary design with a two-storey front office section, being almost fully glazed with large, tinted windows with a projecting canopied reception.

It is constructed of cavity brick walls with facing brick outer skin, a concrete block inner leaf and insulated metal cladding to the upper elevations and roof.

The steel portal frame to the main building supports a low pitch insulated cement sheet roof with translucent panels and the eaves height is approximately 5.5 meters.

The 1998 rear extension has a block work inner leaf to the full height of the building and the dividing wall between the original building and the extension has been retained. The 2000 side addition was constructed by enclosing a former open storage area and both the walls and roof are of insulated metal cladding.

There are loading doors to the front and side elevations.

The total site area is approximately 0.202 hectares (0.5 acres).

An EPC is being prepared.

Tenancy

The property is let to APiC UK Ltd (by way of an assignment) for a period of 20 years from 1st January 2018 at a rent of £72,000 per annum on a full repairing and insuring basis.

The lease includes rent reviews on every 3rd anniversary of the term.

Location:

The property is located on the western side of Barnett Way at the southwestern corner to the Barnwood Fields Business Park located off the A417 2½ miles east of Gloucester City centre and 1½ miles west of Junction 11A of the M5 motorway.

Other occupiers in the immediate vicinity include Vodafone, Virgin Mobile, Barclays Bank, EDF Energy and Sainsburys.

Accommodation:

Approximate gross internal areas

Original Building

Ground Floor: 532.68 sq m (5,734 sq ft)

Projecting reception office: 8.80 sq m (85 sq ft)

First Floor

Offices and cloakrooms: 88.40 sq m (952 sq ft)

Sub Total: 629.88 sq m (6,780 sq ft)

Rear Extension: 311.85 sq m (3,357 sq ft)

Side Extension: 276.29 sq m (2,974 sq ft)

Approx Total Gross Internal Floor Area: 1,218.02 sq m (13,101 sq ft)

Rates:

The Rateable Value appearing on the Valuation Office Agency website is £64,500.

Planning:

The property has been used as a workshop and for storage which fall within Classes E and B8 of the Use Classes Order 1987.

Terms:

We are instructed to seek offers in the region of £1,100,000 if the Holding Company is purchased or alternatively £1,200,000 for the freehold interest in the property, subject to the tenancy outlined.

Further information available from the agents. Based on a rental income of £70,000 per annum, a purchase at £1,100,000 would reflect a gross yield of approximately 6.55% and net initial yield of approximately 6.18% after purchaser's costs of 5.85%.

VAT:

The property is not elected for VAT purposes.

Legal costs:

Each party to bear their own legal costs incurred in the transaction.

Contact:

Ash Chartered Surveyors 

Simon McKeag: 07737 691453

Harry Pontifex: 01242 255242

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