Description

The Investment Opportunity spans Buildings 8 and 11, with various occupiers across ground and first floor levels.

A strong line-up of national leisure, food and beverage operators benefits from high footfall generated by the Bristol Harbourside location.

Building 8

Building 8 comprises a multi-storey building with glazed construction. The hotel provides 182 guest bedrooms operated under the Ibis brand and trading as a 3-star hotel. Guest facilities include a 24-hour reception, restaurant and bar with an outdoor terrace, and complimentary Wi-Fi throughout. The hotel attracts high levels of footfall due to its proximity to the city centre and prominent harbourside setting.

Both Pizza Express and Jamaya are located on the ground floor of Building 8 and benefit from the strong footfall through Millennium Promenade.

Building 11

Building 11 is a substantial multi-let leisure and hospitality scheme located prominently between Canons Way and Millennium Square. The building comprises ground and upper floor accommodation beneath a part green roof.

BrewDog, Lane 7 and Slug & Lettuce occupy the ground floor retail units fronting onto Millennium Promenade. Locked In A Room, Double Diamond Gaming and PureGym occupy the upper floors with customer entrances via Explore Lane.

Q-Park provides conveniently located parking for customers wanting to be within walking distance from Bristol’s harbourside. The car park offers 605 parking spaces (23 disabled and 2 electrical charging points) with 24/7 access. The entrance and exit to the car park is via Canons Way with pedestrian access from Cathedral Walk.

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Attributes

Asking price

SEK 464,771,000

Building area net

25,949 m²

WAULT

16.87 years

Total Annual Rent

SEK 41,501,665.09

Media

Investment Highlights

Opportunity to purchase Bristol's leading Waterside Leisure Scheme

Prominent site on Harbourside, located within Bristol's vibrant mixed-use development, home to a thriving mix of bars, shops and restaurants
67% of income secured against national covenants including BrewDog, PureGym, Pizza Express, Lane7 and Ibis
The property extends to 279,312 sq ft across Building 8 and Building 11
Combined site area of 1.827 acres (0.739 hectares)
Annual passing rent of £3,177,244 pa. Upon the imminent completion of the new leases, the contracted rent will be £3,125,327 pa, with 85% of income to be index-linked.
Recent lease renewals producing an attractive WAULT of 16.87 years
Unit 2A is Under Offer and, upon completion, the scheme will be fully let to 11 tenants
Strong track record of long-term tenant success and retention
Freehold

Proposal

We are instructed to seek offers in excess of £35,000,000 (Thirty Five Million Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 8.36% (assuming purchaser's costs of 6.77%). This equates to a capital value of £125.31 per sq ft.