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8 Portland Place
Bristol, BS2 8RH

Price on Application

10,944 SqFt
  • Commercial development or residential / student conversion opportunity
  • Vacant office for sale with 9 car parking spaces
  • Freehold Grade II Listed office - constructed circa 1990
  • Prominent position opposite Cabot Circus Shopping Centre & M32
  • Offers in excess of £1.5million (low capital value £137 per sq ft)

Location

Bristol is the regional and business capital of the South West and one of the UK’s major commercial and financial centres. It is the UK’s 5th largest city with an urban zone population of 1.6m residents and an estimated internal population of 550,000. Bristol is ranked the third highest GDP per capita after London and has one of the lowest unemployment rates in the country. Bristol was recently voted Sunday Times ‘Best Place to live’ in Britain 2014. This vibrant part of the city centre has been enhanced over recent years through significant investment and capital values across all property sectors have increased. Many of Portland Square’s Grade I listed Georgian buildings have been developed into luxury apartments, One Brunswick Square has been refurbished into a 52,000 sq ft Grade A creative office hub and the arrival of the new 238 bedroom Marriott Moxy Hotel on neighbouring Newfoundland Circus will further enhance the local area.

Description

Berkeley House is prominently situated on the corner of Pritchard Street and Newfoundland Street (A4044), opposite the Cabot Circus Shopping Centre. The property was constructed circa 1990 and is arranged over five floors. The property benefits from two entrances, one on each frontage and is served by an 8 person passenger lift. To the rear are 9 car parking spaces accessed from Norfolk Avenue within a secure gated car park. City Centre Office Market Commentary Annual take up in Bristol city centre reached 782,938 sq ft, exceeding the level recorded during 2015 and 29% above the 5 year average of 604,860 sq ft. Permitted Development Rights (PDR) has removed a considerable proportion of secondary office stock from the market resulting in strong demand and significant rental growth across Grade B stock. The current market rent for this office is between £16.50 - £19.50 per sq ft depending on the refurbishment specification. Anticipated lease terms would be 10 year terms with 5th year tenant break clauses and rent reviews. The property is owned Freehold. The 9 parking spaces are held on a 999 year long leasehold from 25th July 1988 at a fixed rent of £9 per annum.

* Currencies are changed from British Pound (GBP) to either Euro (EUR) or US Dollar (USD). Rates updated daily at approximately 01:00 hours.

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