Location

Bath is listed as one of the top performing urban areas outside of London and was recently ranked as the UK's Most Productive Tech City and Best UK City to Live.

Bath is an attractive and historic city within the county of Somerset. The city centre is designated by UNESCO as a World Heritage Site and is internationally recognised for its Georgian architecture. The city's major tourist attractions include the Roman Baths, The Pump Room, natural hot springs and the city's rugby ground at The Rec, which attract around 4.6m visitors a year.

Bath has a primary catchment population of 458,000, with an estimated shopping population of 223,000. The catchment population is one of the most affluent and educated in the UK with an above average population of adults within the most affluent AB social group. The population is also supported by the 22,000 strong student population that attend either University of Bath or Bath Spa University. The city benefits from excellent road communications, being situated 8 miles (13 km) south of the M4 motorway and 20 miles (32 km) east of the M5 motorway, making it very accessible from Bristol (13 miles/21 km to the west) and London (116 miles/186 km to the east).

Bath Spa Railway Station provides a regular mainline connection to Bristol Temple Meads and London Paddington with journey times likely to reduce in December 2019 to approximately 12 and 75 minutes respectively.

Bristol International Airport is located 19 miles (31 km) west of Bath city centre and is serviced by a dedicated coach link from Bristol Temple Meads. It offers direct flights to over 125 destinations throughout the UK, all of the major European economies and also the USA.

Situation

The property is well located 2 miles (3.2 km) south west of the city centre on Clarks Way, which has direct access to the A367. The A367 links to the A36, A4, A46, the city centre and Bristol.

The property is situated in a predominantly residential location with the residential areas of South Down and The Oval to the north and Odd Down to the south. Directly east of the property is Gracewell Care Home which was completed in 2017.

Site

The property occupies a site of approximately 1.73 acres (0.69 hectares).

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Description

Crescent Office Park

Crescent Office Park was built in 2008 to a high specification and comprises a multi let office park of 25,528 sq ft over two buildings, known as Unit 1 and Unit 2.

Unit 1 totals 9,588 sq ft over ground and first floor levels and Unit 2 is the larger of the two totalling 15,940 sq ft over ground, first and second floors.

Both buildings provide open plan and flexible floor plates and are all finished to the following high specification:

• Double glazed windows
• Passenger lift (Unit 2 only)
• Perimeter trunking
• VRV/VRF heating and cooling system
• Suspended ceilings
• Cat 2 and LED lighting
• Glazed entrance and reception area
• Floor to ceiling height minimum of 2.7m

The property includes 91 surface car parking spaces which provides an excellent ratio of 1:281 sq ft.

Accommodation

Crescent Office Park provides a total net internal area of approximately 25,528 sq ft, with flexible floor plates ranging from 2,365 sq ft to 5,331 sq ft.

A schedule of accommodation can be viewed within the link below.

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Tenure

The property is held freehold under the title ST317031.

Overage. We understand that there are overage arrangements dating back to the property's sale as a development site back in 2006, however the overage only applies if there is a development for a use other than B1 office or D1 non-residential institutions. The overage obligation ends on 26 November 2031.

Further details are available upon request.

Tenancy

The property is let to three tenants in accordance with the tenancy schedule set out in the link below, providing a total rental income of £466,500 per annum. The AWULT to expiry is 6.98 years and 5.63 years to break option.

A schedule of tenancies can be viewed within the link below.

Covenant Information

Touchstone Corporate Property Services Limited
(Company No. 04695692)

Touchstone Corporate Property Services Limited is one of the largest property management companies in the UK, with over 140,000 properties in ownership or under management and assets in excess of £3 billion. Touchstone is backed by Places for People Group, one of the largest regenerations, development and property management businesses in the UK.

Touchstone Corporate Property Services Limited has a Dun and Bradstreet rating of 2A1 which represents a minimum risk of business failure.

Further information can be found at: www.touchstoneresi.co.uk

Jelf Limited
(Company No. 02975376)

Jelf Limited is an award winning financial consultancy and insurance broker, founded in 1889. The company was acquired by Marsh & McLennan in 2015 for £258m and will be rebranded March Commercial in Q1 2020. In 2016 Jelf was joined by Bluefin Group, which also became part of MMC, one of the largest insurance brokers in the world (based on revenue). Jelf & Bluefin have a strong local presence and the combined business works out of 80 offices across England, Wales, Scotland and Northern Ireland, with almost 3,000 employees.

Jelf Limited has a Dun and Bradstreet rating of 4A1 which represents a minimum risk of business failure.

Further information can be found at: www.jelf.com

Wood for Trees Limited t/a MyLife Digital Limited
(Company No. 06373723)

Wood for Trees Limited is an independent marketing services provider established in 2007 and is part of MyLife Digital Group of Companies. The company is headquartered in Bath and provides charities of all sizes with a wide array of products and services that include data processing and hygiene, data analysis, strategic reporting and consulting, building marketing databases and database analysis software. The company was awarded the overall 'Supplier of the Year' at the Institute of Fundraising Insight Awards in June 2019 for the third year running.

Within the MyLife Digital Group of Companies are: 'Concentric' a software as a service platform which enables data owners to manage consent, preferences & permissions in accordance with GDPR regulation and 'Insight' a world class sports performance analysis service helping professional athletes, teams and organisations achieve their goals. They have, for example, supplied data analytics to the British and Irish Lions rugby team. MyLife Digital Limited has recently completed a £6m funding round, with investment from the Business Growth Fund and Founders in order to achieve the firm's growth ambitions of £120m turnover by 2022.

Wood for Trees Limited has a Dun and Bradstreet rating of 4A4 which represents a higher risk of business failure.

Further information can be found at: www.woodfortrees.net & www.mylifedigital.co.uk

OCCUPATIONAL MARKET

Further information can be found within the marketing particulars.

INVESTMENT MARKET

Further information can be found within the marketing particulars.

VAT

We understand that the property is elected for VAT and the sale will therefore be treated as a TOGC.

Service Charge

Crescent Office Park has a single service charge account which covers the entire park.

The service charge accounts for the year ending 24 June 2019 were £45,675 reflecting £1.81 per sq ft.

The service charge budget for the year ending 24 June 2020 is £44,382 reflecting £1.75 per sq ft.

The tenant's power and utilities are charged separately and dealt directly by the tenants.

EPC

The Energy Performance of the property has been assessed as follows: Unit 1 (C52) and Unit 2 (C53). Energy Performance Certificates available upon request.

Proposal

We are instructed to seek offers in excess of £6,475,000 (Six Million, Four Hundred and Seventy-Five Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would equate to a net initial yield of 6.75%, subject to purchaser's costs of 6.64% and reflects a capital value of £254 per sq ft.

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