DEVELOPMENT & INVESTMENT OPPORTUNITY …...INVESTMENT SUMMARY • Currently producing a total gross...

glhearn.com

• Prime mixed-use development opportunity

• Prior approval for 29 flats converting the upper parts

• Accommodation comprising 31,839 sq ft NIA over basement, ground and three upper floors

• Existing income from 5 of the 6 retail units, one vacant.

DEVELOPMENT & INVESTMENT OPPORTUNITY FOR SALE

Alliance House2-12 Baldwin Street BristolBS1 1SA

https://www.glhearn.com/

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INVESTMENT SUMMARY • Currently producing a total gross income of £112,860 per

annum.

• Opportunity to acquire a mixed-use retail investment

property let to tenants including the Co-Operative and

Bella Italia.

• Existing building comprises 31,839 sq. ft. NIA across

basement, ground and three upper floors

• Bristol Local Planning Authority has granted a Prior

Approval application for the conversion of the upper

floors to 29 residential units.

• Proposed residential accommodation includes a mixture

of studios and 1 bedroom apartments.

• Extensive asset management opportunities.

• Building has potential for alternative uses, subject to

necessary consents.

LOCATIONBristol is a multicultural twin University City with a

population of approximately 459,300, of which 52,000 are

students. Bristol’s two universities: The University of West

England and the University of Bristol are consistently

ranked in the top 60 universities in the UK.

Bristol is the 8th largest city in the UK and is considered

one of the ten ‘Core Cities’. Today Bristol is recognised as a

cultural and social hub having won several awards of note

including: England’s first UNESCO Learning City, European

City of Sport in 2017, European Green Capital 2015 and the

UK’s smartest City. In 2017 Bristol was voted Best City to

Live in Britain (The Sunday Times) and in the top 10 happiest

cities to work in the UK (The Guardian).

Bristol City Centre has benefited from significant investment

and regeneration with recent projects including: Temple

Quay North, where the development proposals include 2

11 storey towers incorporating 255 flats with commercial

accommodation including a fitness centre and Café. Works

are also underway on the 2nd phase of Wapping Wharf,

which includes 250 new homes on the former car park site.

The city benefits from excellent transport links with both

Bristol Temple Meads and Bristol Parkway rail stations

providing direct links to London, Reading, Cardiff and the

Midlands. Bristol Airport provides flights internally across

the UK, throughout Europe and beyond. Bristol is well

connected to Britain’s road network with the M4 and M5

motorways being easy accessible and providing access to

from West to East and North to South respectively. Railway

journey times from Temple Meads station to London

Paddington are approximately 1 hour and 37 minutes.

PRIME MIXED-USE DEVELOPMENT OPPORTUNITY WITH RETAIL INVESTMENT Alliance House, 2-12 Baldwin St. Bristol, BS1 1SA

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1:7500 scale

LOCATION MAP: SUBJECT PROPERTY

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SITUATIONThe subject property is situated in the core of Bristol’s city

centre, within the Old City district. The property is located

in close proximity to Bristol’s harbour side entertainment

district which hosts a number of restaurants, bars, shops and

hotels.

A short walk from the property are local amenities including

Queen Street Park and Castle Park. A number of bars and

restaurants are situated on Baldwin Street including Opa

Luxury Hall and Giuseppe’s Italian Restaurant.

Bristol City Centre has been subject to several development

schemes and we note the following in the local vicinity:

13-21 Baldwin Street, involving the partial demolition and

conversion of a period building which is being redeveloped into

managed student accommodation comprising 92 no. studio

apartments with ground floor retail (A1) use. The scheme

is currently being built by McLaren Group with anticipated

completion for September 2019.

28 Baldwin Street is a new residential scheme of 53 Studio,

1 & 2 bedroom apartments. The scheme was built by West

One Development and is currently being marketed with

agents Savills.

DESCRIPTIONThe property comprises a period five storey building of brick

and masonry construction which we understand dates back

to the late 1800s. The building is arranged as a retail parade

on ground floor with ancillary basement accommodation.

The upper floors comprise vacant office space which benefits

from direct access onto Baldwin Street. We understand that

the building extends to approximately 31,839 sq. ft. NIA.

We understand the site measures approximately 0.23 acres/

0.093 hectares in size.

ACCOMMODATION SCHEDULE

Unit Fascia Demise Area (sq ft) Area (sq m)

1 Co-Op (Not in occupation) Ground Floor Basement 3,434 319

2 Bella Italia Ground Floor Basement 3,229 300

3 Hush Hair Dressing Ground Floor Basement 1,787 166

4 Off Centre Ground Floor Basement 2,486 231

5 London Camera Exchange Ground Floor 226 21

6 Vacant Bank Ground Floor Basement 2,390 222

First Floor Santander UK Plc 6,458 600

Second Floor Vacant Office 6,189 575

Third Floor Vacant Office 5,640 524

Sub Total 31,839 2,958

SIDE ELEVATION FROM BALDWIN STREET


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Unit Tenant Term (years)

Lease Start Lease End Rent

ReviewRent p.a. (gross)

1Somerset and Bristol Conv.

Store (Co-operative Group Food Limited - not in occupation)

20 31/01/2003 30/01/2023 £41,000

2 Bella Italia Restaurants Ltd 10 24/06/2011 23/06/2021 £35,000

3 Mark Andres And Glen Holmes 10.5 29/10/2014 28/04/2025 29/10/2019 £15,000

4 Keith Dunn And Susan Ann Dunn 10 12/09/2005 11/09/2015* £13,500**

5 London Camera Exchange Ltd 10 01/10/2009 30/09/2019 01/10/2014 £8,360

6 Vacant Bank - 0

First Floor Santander UK Plc - 0

Second Floor Vacant Office - 0

Third Floor Vacant Office - 0

£112,860

* Tenant is currently holding over on their existing occupational lease.** The vendor is currently accepting a reduced rent of £13,500 per annum and there is an asset management opportunity for the incoming purchaser to

review the rent. Please note the contractual rent is £23,372 per annum.We estimate the WAULT to expiry to be 2.8 years. We understand that Bella Italia are paying rent on a monthly basis and the other tenants are paying on a quarterly basis.

TENANCY SCHEDULEINTERNAL PHOTO - UNIT 5 (BELLA ITALIA)

INTERNAL PHOTO - VACANT OFFICES

INTERNAL PHOTO - UNIT 3 (HUSH HAIRDRESSING)

VIEW OF BALDWIN STREET FROM ALLIANCE HOUSE


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TENANT COVENANTCO-OPERATIVE GROUP FOOD LIMITED

The Co-op Group currently trades from approximately 2,500 food stores around the UK. Co-

operative Group Food Limited is a subsidiary of the parent company and a number of the Co-op

convenience stores trade under this limited company. The subsidiary has a Dun & Bradstreet

Rating of 1 representing minimum risk. We note the following from their latest submitted

accounts (2016): £6,475,500,000 Turnover; £1,385,500,000 Tangible Net Worth; -(£413,900,000)

Pre-tax Profits.

BELLA ITALIA RESTAURANTS LTD

Bella Italia is an Italian Restaurant chain forming part of the Casual Dining Group which

owns well established restaurant brands including Café Rouge and Las Iguanas. Bella Italia

Restaurants Limited has been operating for approximately 25 years formed by the merge of two

small restaurant chains collectively known as Bella Pasta. The company operates across the UK

and has over 90 stores. We understand the company has a Dunn & Bradstreet score of 5A3 and

we note the following financial highlights as per their annual accounts submitted to companies’

house:

YE 28/05/2017 YE 29/05/2016 YE 31/05/2015

Turnover £101,644,000 £88,097,000 £74,554,000

Pre-tax Profits £27,000 -£1,568,000 £6,214,000

Total Equity/Tangible Net Worth £85,836,000 £86,127,000 £88,118,000

LONDON CAMERA EXCHANGE LTD

London Camera Exchange is a photographic sales company which specialises in second hand

camera sales as well as selling optical equipment which includes binoculars, telescopes and

provides a photo processing service. The chain has 29 stores across the UK and can trace its

origins back to the 1950s when the first branch opened up in Tunsgate, Guildford. London

Camera Exchange Ltd has been trading from the Bristol store since late 2009. We understand

the company has a Dunn & Bradstreet score of 2A1 and we note the following financial highlights

as per their annual accounts submitted to companies’ house:

YE 25/03/2018 YE 26/03/2017 YE 27/03/2016

Turnover £32,576,982 £31,694,598 £26,036,070

Pre-tax Profits £1,215,437 £1,016,592 £683,712

Total Equity/Tangible Net Worth £4,151,609 £3,147,172 £2,330,610

MARK ANDRES AND GLEN HOLMES (T/A HUSH HAIRDRESSING & BEAUTY)

Hush Hairdressing are a local hairdressers and beauticians whom have been in occupation of the

store since October 2014 and have a history of operating in Bristol.

KEITH DUNN AND SUSAN ANN DUNN (T/A OFF CENTRE CAFÉ LOUNGE)

The Off Centre Café and Lounge is a local boutique café/coffee shop serving a range of breakfast

and lunch options as well coffees and teas. The tenant has been trading from the store since May

2013 when they took occupation. We understand the tenant currently benefits from a reduced

rent of £13,500 whilst holding over on their lease. The Dunn’s have brought in Hamid Parast as a

new director whom we understand is currently running the business.


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CLIENT

STRUCTURAL ENGINEER

SERVICES ENGINEER

CONSULTANT

KEY PLAN

NOTES:

P1 11.01.19 FIRST ISSUE FOR COMMENTS ST NH

ALLIANCE HOUSEBRISTOL

EXITING BASEMENT

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DO NOT SCALE. FIGURED DIMENSIONS ONLY TO BE TAKEN FROM THISDRAWING. CHECK DIMENSIONS ON SITE AND REPORTDISCREPANCIES TO THE ARCHITECT.

THIS DRAWING IS PROTECTED BY COPYRIGHT.

ALL AREAS HAVE BEEN MEASURED FROM CURRENT DRAWINGS. THEYMAY VARY BECAUSE OF (EG) SURVEY, DESIGN DEVELOPMENT,CONSTRUCTION TOLERANCES, STATUTORY REQUIREMENTS ORRE-DEFINITION OF THE AREAS TO BE MEASURED.

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P1 11.01.19 FIRST ISSUE FOR PLANNING ST NH


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EXIT FROM UPPER LEVELS OFBUILDING P2 26.04.19 BIKE STORAGE AND REFUSE

STORAGE REVISEDLB NH

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EXITING BASEMENT

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PLANS ILLUSTRATING THE OPPORTUNITY TO REDEVELOP THE UPPER FLOORS TO RESIDENTIAL.


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glhearn.com 10

50 metres

Bristol - Baldwin Street

For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011

Experian Goad Plan Created: 15/03/2019Created By: G L Hearn

Copyright and confidentiality Experian, 2019. © Crown copyright anddatabase rights 2019. OS 100019885

EXPERIAN GOAD PLAN - BALDWIN STREET

(FOR INDICATIVE PURPOSES ONLY)


Important Notice1. This information is intended as a general outline only for the guidance of intending purchasers and does not constitute an offer or contract, or part of an offer or contract.2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct. Intending purchasers should not, however, rely on them as statements

or representations of fact but satisfy themselves by inspection or otherwise as to their correctness.3. No person in the employment of GL Hearn Ltd has any authority to make or give any representation or warranty whatsoever in relation to any of these properties.4. Unless otherwise stated, prices or rents quoted are exclusive of VAT.

PLANNINGBristol Local Planning Authority has granted consent to the

vendor’s Prior Approval application as of 17.05.19 for the

conversion of the upper floors from office use (class B1) to

residential (class C3) Ref. 19/00974/COU. The application

includes 29 self-contained flats and comprises a mixture

of studios and 1 bedroom units. The accommodation is

split across three floors which are currently offices; the

proposed unit sizes range from 398 - 705 sq. ft NIA.

The building is not statutorily listed but is locally listed

by Bristol City Council. This means that it is particularly

valued by the community as a distinctive element of

the local historic environment which will be a material

consideration for any future planning applications.

GL Hearn recommends that potential purchasers make

their own enquiries to the local authority regarding

planning matters: https://www.bristol.gov.uk/planning-

and-building-regulations

DEVELOPMENT / ASSET MANAGEMENT OPPORTUNITIES• Develop upper parts for residential as per Permitted

Development Rights application

• Alternatively refurbish upper floors to let as offices

• Let vacant bank unit

• Renew / re-gear existing leases to reversionary rents to improve income stream and WAULT

June 2019

• Negotiate surrender premium for Co-op and re-let.

• Longer term reconfiguration of retail units.

TENURE The Vendor is selling the freehold interest in the property

which is held under separate titles registered BL43683

and BL139826.

The upper floors will be sold with vacant possession and

the retail units are subject to existing tenancies. The

property is subject to a Wayleave Agreement between

Virgin Media Ltd. and Santander UK PLC relating to the

laying of electronic communication apparatus under, or

over the subject property, further detail on request.

VATThe property is elected for VAT.

LEGAL COSTSEach party is to be responsible for their own legal costs

incurred in the transaction.

TERMSThe property is offered for sale via informal tender, with

the bid deadline to be provided in due course.

VIEWINGSViewings are strictly by appointment through GL Hearn.

For further information please contact sole agents:

For Development Enquiries: Tom Mason T +44 (0)7753 223 030E [email protected]

For Retail Enquiries:Adam HanlineT +44 (0)7584 800 930E [email protected]

Jonny Stevenson T +44 (0)7710 379 006E [email protected]

https://www.bristol.gov.uk/planning-and-building-regulations

https://www.bristol.gov.uk/planning-and-building-regulations

mailto:adam.hanline%40glhearn.com?subject=

mailto:tom.mason%40glhearn.com?subject=

mailto:jonny.stevenson%40glhearn.com?subject=

mailto:adam.hanline%40glhearn.com?subject=

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