Office for sale in Unity Street, Bristol BS1

Key Points

Description

1 Unity Street comprises a Grade II Georgian terraced building set out over ground, three upper floors and basement. The configuration of the buildings provides for a front building, known as Block A facing Unity Street with a second interconnected building known as Block B accessed via an internal lightwell.

Fantastic opportunity to refurbish internally for a range of uses, subject to planning. The buildings have most recently been used as a part office and part clinic on the upper floors and are currently home to a Nightclub in the basement.

A unique aspect of the building is the presence of a Banksy mural*, visible from Park Street. The mural known as Well Hung Lover is one of Banksy's most famous works and gives the building a unique character.

Location

No.1 occupies a prominent position on Unity Street which supports a range of uses including office, retail and residential. The area is in close proximity to Bristol University and with direct access to Park Street offers access to a wide range of independent retailers, bars and restaurants. The building is within walking distance of Temple Meads Railway Station and provides easy access to the city centre and Clifton.

Terms

The site is to be sold by informal tender with offers. Best bids date tbc.
Offers to be sent to James Woodard / Natalie Bennett and should include the following information:

• Offer value.
• Conditions and due diligence associated with the offer.
• Timescales associated with the offer.
• Any approvals required and timescales.
• Proof of funding

Tenure

The accommodation is to be made available with vacant possession of the ground and upper floors. The basement is let to Forest Bars Ltd on a lease expiring 21/12/2032 at a current rental of £9,800 per annum. The rent is subject to 3 yearly upward only rent reviews, with the next being due in December 2021, which has not yet been actioned. Our clients will consider disposal of the premises on a long leasehold basis and offers are invited on the basis of a 125 year interest.

Our client’s intention is to generate both a capital receipt and a future income either by way of a ground rent or through retention of the income from the basement nightclub with a peppercorn being paid for the long leasehold of the remainder of the premises. A blend of both elements together with a capital receipt will also be considered.

Planning

1 Unity Street is Grade II listed and is located within a conservation area. The existing use is assumed to be offers within Class E of the Use Classes Order. Alternative uses may be permissible subject to consent. Interested parties should make their own enquiries with the local planning authority.

Status Of Artwork

There is no official bcc Policy with regard to street art, whether by Banksy or others as it is recognised that street art is created not as a permanent work of art but as a form of protest which is usually, but not always, created illegally and without the permission of the owner of the building. As such, the life of any image as a work of art will evolve and change over time depending on how the work weathers or indeed is subsequently painted over or removed.

Accordingly the purchaser will be required to accept a restrictive covenant in the lease ensuring that the image cannot be removed from the building, however, the vendor will not require a positive obligation on the purchaser to maintain the artwork or insure it for as long as it shall remain visible and in place on the building.