Industrial/warehouse unit located on the Barnwood Fields Business Park.
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.
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.
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.
The Rateable Value appearing on the Valuation Office Agency website is £64,500.
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) |
The property has been used as a workshop and for storage which fall within Classes E and B8 of the Use Classes Order 1987.
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 £72,000 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%.
The property is not elected for VAT purposes.
Each party to bear their own legal costs incurred in the transaction.
ASH Chartered Surveyors for themselves and for the vendors or lessors of this property for whom they act, give notice that:
Code of Practice for Commercial Leases in England and Wales
You should be aware that the Code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licenced conveyancer before agreeing or signing a business tenancy agreement. The Code is available through professional institutions and trade associations.
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