Offers over
£1,500,000
(£199.10/sq. ft)
Property for sale48 Corn Street, Bristol BS1
7,534 sq. ft
About this property
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%.
The property comprises an attractive, period, Grade I listed building, providing retail accommodation across the ground floor and basement, with separately accessed office accommodation arranged over the three upper floors.
The building was constructed in the early 1800s of traditional masonry construction and is arranged beneath a part-pitched, tiled roof and part flat roof.
The property has undergone comprehensive internal refurbishment to provide the following:
- Suspended LED lighting
- 6-person passenger lift
- 2 x female and 1 x male communal WCs
- Showers
- Secure Bike Storage
Location
48 Corn Street is prominently located in the heart of Bristol city centre, within the historic commercial core. The area combines period architecture with established office, retail and leisure uses, benefiting from strong pedestrian footfall and excellent connectivity.
Bristol Temple Meads railway station is within walking distance, with local bus routes and key arterial roads providing wider accessibility. The surrounding area offers a diverse amenity mix of cafés, restaurants, bars and independent retailers, with the Harbourside also close by.
Nearby occupiers include Blame Gloria, London Cocktail Club, The Commercial Rooms, Cushman & Wakefield, Immediate Media Co and Wards Solicitors, alongside prominent office buildings including Taylor & Bond, The Fairfax and Whitefriars.
The property is also well positioned to benefit from ongoing city-centre regeneration, including the nearby St Mary Le Port development and proposed redevelopment of The Galleries Shopping Centre, which will further enhance the area’s commercial and retail offer.
Tenancy
The property is multi-let to four tenants with a WAULT of 3.83 years to expiry and 2.83 years to break, producing £141,866 per annum - £25.85 per sq ft on the offices and £20.10 per sq ft overall. The most recent letting, on the first floor, achieved £27.48 per sq ft.
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