Elmbridge Court, Gloucester, GL3 1JZ
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Acquisition of Elmbridge Court office investment, on behalf of Archimedes Real Estate Investment LLP, c/o M7.
The business park extends to 44,000 sq. ft. comprising 25 office buildings, which range in size from 1,250 sq ft to 3,100 sq ft. The site is located in a prominent position adjacent to the A40 between Cheltenham and Gloucester, within 1.5 miles of Junction 11 of the M5 motorway.
The estate was 92% let on 21 FRI leases with a WAULT of 3.5 years to expiries and 2.17 years to breaks. The total rental income was £566,919 per annum, an average of £12.88 per sqft.
The vendor had invested around £400,000 installing photovoltaic roof panels across the site, this ultimately reduced the building’s carbon emissions by 60%, while also cutting tenants’ energy bills by 50%. There was a 25 year Feed-in Tariff in place which produced an annual income of circa £61,000.
The estate was purchased for £6,020,000 – 9.86%.
The vendor was represented by Savills & Alder King.
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