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48 Corn Street
TENURE
For Sale
SIZE
7,534 sq ft
GUIDE £
Offers in excess of £1,500,000
- Arranged over 5 floors and extending to 7,534 sq ft
- Held on a long-leasehold for a term of 125 years from 31 December 1986, expiring in 2111 at a passing rent of £5,461 per annum — reviewed five-yearly to 5% of open market rent
- Multi-let to 4 tenants with an attractive WAULT of 3.83 years to expiry, 2.83 years to break, with 100% of the income secured against companies with at least ‘low risk of business failure’
- Total gross passing rent of £141,850 per annum, equating to a low passing rent of £18.83 per sq ft and £25.85 per sq ft on the office accommodation
- The latest office letting took place at £27.48 per sq ft, evidencing proven reversionary potential
- Opportunity to let the vacant second floor rear to increase passing rent to £154,947 per annum, based on achieving £27.50 per sq ft.
- We are instructed to seek offers in excess of £1,500,000 (One Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
- A purchase at this level reflects a net initial yield of 8.57% and a low capital value of £199 per sq ft, assuming purchasers’ costs of 6.1%.
48 Corn Street, Bristol, BS1 1HQ
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