Bedminster Parade, Bristol, BS3

Location
The property occupies a prominent position on Bedminster Parade, at the top of East Street-a busy thoroughfare just off Bedminster Bridge roundabout. This key junction connects to Redcliff Hill and York Road, providing convenient access to Temple Meads train station and the wider city centre.

Bedminster Parade benefits from high levels of passing traffic and footfall as a well-established commuter route. The property forms part of an attractive mixed-use offering serving the area's significant local population. Nearby occupiers include an Asda Superstore, McDonald's, Greggs, and a variety of independent retail and leisure businesses, which further enhance the location's appeal.

Description
The property comprises an attractive corner-terrace Grade II listed property arranged over ground and first floors. The property has been significantly improved by the tenant and provides a high-quality modern gymnasium providing a variety of fitness equipment and training areas.
A central entrance off Bedminster Parade leads to an open and bright ground floor which benefits from double height ceilings. The ground floor provides a reception area and smoothie bar, male and female changing and shower rooms, cardio machines, and two mezzanine floors providing a generous fitness suite/studio and fixed weight machine area.

A broad staircase (a retained period feature), grants access to the first floor which provides a dedicated weightlifting area, with further cardio machines on another mezzanine level. There is a separate 'spin booth' located towards the back of the room for spin classes.

Tenure
Freehold.

Tenancy
The property is let to Luxe Fitness SW Ltd for a term of 15 years from 20 December 2022. Salient terms include:
- £45,500 per annum passing rent.
- 5-yearly upward only review to the higher of passing rent, Open Market Rent (OMR) and RPI index (2-4% min/max).
- Tenant Break Option 30th December 2032.
- Tenant responsible for internal repairs.
- Landlord responsible for external repair and upkeep of structural elements subject to recovery from tenant via service charge.
- Permitted Use of a gymnasium within Use Class E.

EPC
Available upon request.

Rent Review
The January 2024 rent review remains outstanding. The rent will be reviewed to the higher of an indexed uplift (2-4% min/max) and OMR. The minimum uplift in line with the index provision will be to £47,320 per annum. We are of the opinion that the Estimated Rental Value of the subject property is in the order of £12 psf, reflecting c.£75,000 per annum.

Planning
We understand that the property benefits from consented application 17/05992/F for the change of use to a gym. Interested parties are requested to satisfy themselves as to the planning position.

Business Rates
We understand that the property has a rateable value of £32,500. Interested parties should confirm any rating matters directly with the Valuation Office Agency (VOA).

Legal Fees
Each party to be responsible for their own legal fees incurred in any transaction.

Viewing and Further Information
Viewings by appointment. Please contact Gordon Brothers, details provided overleaf.

Sale by Fixed Charge Receivers
- The property is offered for sale on behalf of the Fixed Charge Receivers.
- The Receivers offer no title or collateral warranties associated with this property or transaction.
- The Receivers act without personal liability.

Anti-Money Laundering
To comply with our legal responsibilities for Anti-Money Laundering, it will be necessary for the successful bidder to provide information necessary to complete these checks before the deal is exchanged.

Information will include;
- Corporate structure and ownership details.
- Identification and verification of ultimate beneficial owners.
- Satisfactory proof of the source of funds for the byers and funders.

Process and Price
- For sale by private treaty.
- Offers in excess of £600,000 are invited.
- A sale price of £600,000 reflects a reversionary yield of 12%, assuming an ERV of £12 is achieved on the outstanding January 2024 rent review (SDLT at the prevailing rate and 1.8% purchaser's fees).