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Gloucestershire Business News

Investment - Buildings 2, 4 & 5 Olympus Park Business Centre, Gloucester

Olympus Park was constructed in 1987 and comprises a range of office and warehouse/industrial buildings together with retailing facilities.

Buildings 2, 4 and 5 comprise three, two storey, pavilion style self-contained office buildings set in landscaped surroundings.

Buildings 2 and 4 are arranged as a horseshoe around a central courtyard area and Building 5 is situated separately and adjacent to the main estate access road.

The buildings are of concrete frame construction with reinforced concrete floors and brick elevations beneath pitched tiled roofs. Each building is arranged over ground and first floors and provides open plan accommodation, which can be divided into cellular offices.

Internally, the offices are finished to a similar specification as follows:

• Fully accessible raised carpeted floors

• Suspended ceilings with integral light fittings

• Double glazed aluminium framed windows

• Steel framed glazed entrance lobbies

• Gas fired central heating

• 8-person (630 kg) lift in each building

• Freehold

• Set in mature landscaped surroundings.

• Potential for alternative uses such as residential - existing hotel and residential uses adjacent.

Male and female WC facilities on ground and first floors in each building. Disabled WC's on the ground floor of each building

The properties benefit from attractive car parking ratios with 108 car parking spaces in total. Building 2 has 27 spaces; Building 4 has 37 spaces and building 5 has 44 spaces

EPC Ratings:

Building 2: C62

Building 4: B43

Building 5: C58

Reports are available on request.

Location:

The property occupies a prominent corner location at the junction of Bristol Road and Olympus Park. Occupiers close by include Kier Group, The Orchid Hotel, Royal Mail, Next, Boots, SA Europe, Yodel and Geo Technical.

Olympus Park Business Centre is an established office park situated approximately three miles north of junction 12 of the M5 Motorway via the A38, and two miles south of Gloucester city centre.

Quedgeley provides an established commercial location due to its proximity to the city centre and motorway. Access from the motorway is via the A38 dual carriageway and Olympus Park Business Centre is situated at the junction of the A38 and A430. The subject site occupies a prime position, fronting onto the A38. Occupiers on the nearby retail park include Next, Brantano, Matalan, a Harvester public house, Tesco superstore/petrol filling station and the county library.

Accommodation:

Three detached office buildings totalling circa 28,298 sq ft.

Building 2: 698.8 sq m (7,521 sq ft)

Building 4: 838.1 sq m (9,020 sq ft)

Building 5: 1,092.4 sq m (11,757 sq ft)

Total: 2,629.3 sq m (28,298 sq ft)

Rent:

Total rental income of £332,324 per annum including a vendor 12 month rent, rates and service charge guarantee on the vacant building 5.

Price:

Seeking offers in excess of £3,565,000 reflecting a net initial yield of 8.75%assuming purchasers' costs of 6.5%. This reflects a capital value of £125 per sq ft.

Rent:

Building 2: £83,000

Occupied by Dutypoint Ltd until 17th May 2020.

Tenant repair obligation limited by reference to schedule of condition attached to the lease.

Building 4: £108,240

Occupied by The Diocese of Gloucester Academies Trust until 31st January 2024 with lease break options for 31st October 2020 and 31st October 2021.

Tenant fitting out for occupation in September 2019.

Unit will be used as a primary school under permitted rights. Tenant repair obligation limited by reference to schedule of condition attached to the lease. Excluded from Landlord and Tenant Act 1954.

Building 5: £141,084

Vendor to provide a rent, rates and service charge guarantee for a period of 12 months from completion of sale.

VAT:

The property has been elected for VAT and this will be payable on the purchase price or dealt with by way of a TOGC.

Contact:

Alderking Chartered Surveyors 

Oli Stretton

Ostretton@alderking.com

0117 317 1121

07990 891 024

Lucy Costain

lcostain@alderking.com

0117 317 1108

07990 891 019

Adrian Rowley

Arowley@alderking.com

01452 627 133

0777 187 4175

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