A collection of three very prominent buildings fronting Temple Way, Temple Back and the Floating Harbour directly opposite Temple Quay.
The property is held freehold under title numbers AV154293 (DAS House), BL76297 (South Quay House) and AV178349 (North Quay House).
The property is let to five tenants: DAS Services Limited, DAS Law Limited, Unite Integrated Solutions plc, Development Initiatives Poverty Research Limited and LIGS Limited with a weighted average unexpired lease term of 4.43 years to expiry and 4.26 years to break.
The contracted passing rent is £1,833,781 per annum, equating to an overall rent of £19.43 per sq ft.
The passing rents range from £16.02 per sq ft to £22.11 per sq ft.
The leases to DAS Services Limited and DAS Law Limited contain no yielding up provisions, as such the tenants are not required to put the property in any better condition than evidenced in the Schedules of Condition. At lease expiry, the tenants will only be required to remove those items not itemised within the lease documentation.
Further information can be found in the Schedule below.
DAS Services Limited
DAS can trace its origins back to the Le Mans motor racing event in 1917, when a mutual company was set up under the name Defence Automobile et Sportive (DAS), offering insurance for motor accidents, fire and theft. Today DAS has grown to employ over 700 people across five UK locations and in 2018 wrote 7 million insurance policies. In addition to a team based in Bristol, DAS UK Group has sales offices in London and Manchester and a claims office in south Wales.
DAS UK Group is part of the international network of DAS companies owned by the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. They, in turn, have been specialising in legal expenses products and services for more than 80 years.
DAS Services Limited (Company No: 03457887) has a Dun and Bradstreet rating of N1 which represents a minimum risk of business failure despite having negative financial strength.
DAS Law Limited
DAS Law Limited (Company No: 05417859) is part of DAS UK Group. DAS Law employs over 200 people and provides legal advice and support across a wide spectrum of issues ranging from employment matters and personal injury litigation, to commercial disputes.
DAS Law Limited has a Dun and Bradstreet rating of N1 which represents a minimum risk of business failure despite having negative financial strength.
Unite Integrated Solutions plc
Unite Integrated Solutions plc (Company No: 02402714) is the largest manager and developer of purpose built student accommodation, supporting the country's world leading higher education sector. The company provides over 50,000 students with accommodation each year in around 130 properties across 22 leading university towns and cities across the UK.
The largest fund managed by the company is the Unite UK Student Accommodation Fund (USAF) which is currently valued at £2.2bn.
Unite Integrated Solutions plc has a Dun and Bradstreet rating of N1 which represents a minimum risk of business failure despite having negative financial strength.
Development Initiatives Poverty Research Limited
Development Initiatives Poverty Research Limited (Company No: 06368740) is an independent international development organisation that focuses on the role of data in driving poverty eradication and sustainable development. Founded in the south west of England in 1993, they now have partnerships across the world with over 70 people working in Brazil, Kenya, Uganda, UK and USA.
The company's operations are funded through private foundations. These include the Bill and Melinda Gates Foundation, the William and Flora Hewlett Foundation and Omiduyar.
Development Initiatives Poverty Research Limited has a Dun and Bradstreet rating of N3 which represents an average risk of business failure and negative financial strength.
LIGS Limited (Company No: 00182469) was incorporated on 16th June 1922 with the registered office located in London. LIGS Limited is part of the Lockton Group which is the world's largest privately held independent insurance broker.
LIGS Limited has a Dun and Bradstreet rating of 4A1 which represents a minimum risk of business failure.
DAS House and North Quay House are not subject to an option to tax and as such VAT will not be payable on the purchase price. South Quay House is subject to VAT and therefore VAT will be payable upon the purchase price.
We are instructed to seek offers in excess of
£25,000,000 (Twenty-Five Million Pounds), subject to contract and exclusive of VAT for our client's freehold interest.
A purchase at this level would reflect an overall net initial yield of 6.87%, assuming standard purchasers costs of 6.76%. This reflects an overall capital value of £260 per sq ft.