83 Broadmead, Bristol BS1 3DX
Prime Retail Investment
 Excellent location in Bristol’s core retail
area, opposite Marks & Spencer
 Well configured retail unit
 Let to AG Retail Cards Ltd, t/a Clintons, until
September 2022, 6.5 years unexpired
 Current net rent £81,487 per annum
 Long leasehold (93 years unexpired)
 Seeking offers in excess of £1,100,000
reflecting a net initial yield of 7.0%, allowing
for purchaser’s costs at 5.8%
February 2016
BRISTOL - 83 Broadmead BS1 3DX
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Location
Bristol is the 5th largest conurbation in the UK and the South West’s major
commercial and retail centre. The city benefits from excellent strategic road links,
located at the intersection of the M4 and M5 motorways. The M32 connects with
the city with the M4 at junction 19. Bristol is located 120 miles west of London, 80
miles south of Birmingham, 78 miles north east of Exeter and 50 miles east of
Cardiff.
The city is served by two mainline railway stations, Temple Meads in the city centre
and Parkway 5 miles north of the city centre. The fastest journey time to London
Paddington from Temple Meads is 1 hour 40 minutes which will improve further
once electrification of the railway occurs by 2017.
Bristol International Airport is situated 5 miles south of the city centre.
Demographics
Bristol has an estimated shopping population of 495,000 and a total primary
catchment area population of 962,000 persons. The city is forecast to see above
average growth in population over the period 2015-2020.
Bristol city centre draws shoppers and spending beyond its primary catchment area
and is an important tourist destination attracting visitors throughout the year. Visit
England estimates there were 1.51 million visitors in 2013, generating an estimated
spend of £252 million.
Bristol has the second strongest economy in England outside London, based on
GDP per head (source: Barclays). Bristol also has the highest employment rate of
all major cities outside London and the greatest population of highly qualified
workers of comparable English cities.
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BRISTOL - 83 Broadmead BS1 3DX
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Retailing in Bristol
Bristol’s central shopping area comprises an estimated two million sq ft of retail floor space,
ranking the city 16th in the UK on this measure. Major occupiers include Primark, BHS,
Debenhams, Marks & Spencer and Tesco Metro.
The city’s central shopping area was enhanced by Cabot Circus which opened in 2008
providing in excess of one million sq ft of modern retail and leisure accommodation. Situated
to the east of Broadmead, Cabot Circus is anchored by House of Fraser, a 13 screen
Showcase De Lux Cinema and a small format Harvey Nichols department store. Occupiers
include a large variety of national retailers; French Connection, Joules, The White Company,
Apple, Crew, Hugo Boss and Reiss.
The Galleries, at the western end of Broadmead, is the other main shopping centre in the city
centre and comprises 330,000 sq ft over 3 levels. Occupiers include Boots, WH Smith, 99p
Stores, Waterstones and TK Maxx.
Situation
Situated in a prime retail location at the western of pedestrianised Broadmead, the property
is close to the junction with Union Street, directly opposite Marks & Spencer and adjacent to
the entrance to The Galleries Shopping Centre. Other national retailers in this pitch include
Tesco Metro, Carphone Warehouse, Sainsbury’s, Boots, Pret A Manger, Accessorize and
H&M.
The area is already benefitting from a number of new residential and student developments.
Completed schemes include:
- Prime Student Living’s St Lawrence House; 166 studio flats
- Watkin Jones’ Courtrooms; 348 student beds
- Watkin Jones’ New Bridewell, due to complete summer 2016; 499 student beds
BRISTOL - 83 Broadmead BS1 3DX
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Description
The property comprises a purpose built three storey building. The property provides
open plan sales at ground floor with first, second and third floor ancillary
accommodation.
Accommodation
Area
Ground floor sales
Ground floor ITZA
First floor ancillary
Second floor ancillary
Third floor ancillary
Sq ft
1,583
710
744
768
782
Tenancy
The property is let to AG Retail Cards Ltd expiring 28 September 2022.
The current rent is £85,000 per annum and there are no provisions for a rent review
before the expiry date.
Tenure
The property is held by way of a long leasehold interest for a term of 125 years from 23
November 1984 (93 years unexpired).
The ground rent is geared at 2.5% of rents receivable based on open market rental value
and is currently £3,513 per annum. Reviews are upwards only and on a five yearly basis.
BRISTOL - 83 Broadmead BS1 3DX
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Covenant Information
Clintons was founded in 1968 and is a leading retailer of greeting cards, gifts and
gift wrap. There are currently over 400 stores across the UK as well as a
transactional website. The company is now owned by AG Retail Ltd who acquired
Clintons in 2012.
EPC
A copy of the EPC certificate for the property is available on request.
VAT
The property is elected for VAT. It is anticipated that the sale is treated as a
transfer of a going concern.
BRISTOL - 83 Broadmead BS1 3DX
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Proposal
Proposal
We are seeking offers in excess of £1,100,000 (One Million One Hundred Thousand
Pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 7.0%
assuming normal purchaser’s costs of 5.8%.
Viewings and Enquiries
For further information or to arrange an inspection of this property, please contact:
Gemma-Jane Ogden
T: 0117 946 4529
F: 0117 923 9237
E: [email protected]
Ian Lambert
T: 0117 946 4525
F: 0117 923 9237
E: [email protected]
Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that:
 These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract;
 All descriptions, dimensions, photographs, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but intending purchasers or lessees should
not rely on them as statements or representations of fact and must satisfy themselves as to their correctness;
 No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or
lessor;
 Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction;
 All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation;
 No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn.
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