8 properties located on The Runnings with a total Gross Internal Area (GIA) of approximately 46,440 sq ft (4,314 sq m).

Lot 1: Units 2, 3 and 4 Shaftesbury Industrial Estate and Former Vibixa.

Lot 2: Cafe and Staff Shop & Offices, The Runnings.

Lot 3: Units 1 and 2/3 The Runnings

The units are a combination of terraced, semi-detached and detached buildings of mostly steel portal frame construction with a combination of brick and clad elevations.

The existing occupier has upgraded the buildings to provide more office and creative studio space, along with storage accommodation. Some of the buildings are currently interconnected with the majority having their own kitchen and WC facilities.

All buildings have their own parking and loading facilities.

EPCs:

Unit 2, Shaftesbury - B (37)

Unit 3, Shaftesbury - B (37)

Unit 4, Shaftesbury - B (32)

Cafe and Staff Shop - B (29)

Former Vibixa - B (38)

Unit 1, The Runnings - B (33)

Units 2/3, The Runnings - C (64)

Investment summary:

Freehold industrial estate in an established commercial location, available as a whole portfolio or three separate lots

Good access to the M5 Junction 10, close to the town's major retail and trade parks.

Lot 1: Four units to be let on new 10-year leases.

Lot 2: Two units to be let on new 10-year leases.

Lot 3: Two units to be offered with vacant possession with scope for redevelopment / refurbishment.

Total floor area from 11,575 sq ft - 46,440 sq ft (1,075 sq m - 4,314 sq m) GIA approx.

Passing rents reflecting an average rent of £7.50 per sq ft.

Good occupational demand in this location.

KBW Property Consultants are seeking offers as follows for our client's interest, subject to contract and exclusive of VAT:

Lot 1: £1.93 million

Lot 2: £1.22 million

Lot 3: £960,000

Covenant:

Superdry is a globally recognised lifestyle brand characterised by high-quality garments, innovative and distinctive design and value for money. The business was founded in Cheltenham by Julian Dunkerton who is the current CEO of SuperGroup PLC.

Superdry is the trading name of C-Retail Ltd. The existing and proposed leases will be taken by C-Retail Ltd. C-Retail Ltd is the operation of Superdry stores in the UK a company selling own brand clothing, shoes and accessories incorporated in January 2010.

Tenancy summary:

New lease agreements are proposed on the units known as:

Unit 2 Shaftesbury Industrial Estate, The Runnings, Cheltenham, GL51 9NH

Unit 3 Shaftesbury Industrial Estate, The Runnings, Cheltenham, GL51 9NH

Unit 4 Shaftesbury Industrial Estate, The Runnings, Cheltenham, GL51 9NH

Cafe: The Runnings, Cheltenham, GL51 9NH

Superdry Staff Shop and Offices, The Runnings, Cheltenham, GL51 9NH

Vibixa: Former Vibixa site, Runnings Road, Cheltenham, GL51 9NQ (part)

Units 1 & 2/3 The Runnings, Cheltenham, GL51 9NW are offered with vacant possession.

Location:

The Runnings is located within the established Kingsditch area of the town approximately 2 miles west of Cheltenham town centre in close proximity to the town's primary retail parks.

Cheltenham is a spa town located in Gloucestershire, famous for its Regency architecture as well as various festivals that attract visitors throughout the year. It is also home to the UK's intelligence, security, and cyber agency; GCHQ (Government Communications Headquarters).

Well connected, junction 10 of the M5 motorway is approximately 3 miles to the west and junction 11 approximately 3.5 miles to the south. Cheltenham is located approximately 42 miles from Bristol, 68 miles from Birmingham and 100 miles from London. Cheltenham Spa Railway Station provides direct services to London, Bristol, and Birmingham.

Approximate journey times:

Birmingham (1hr 10min)

Bristol (1hr)

Oxford (1 hr 10min)

London (2hr 30min)

Tenancy schedule:

A proposed sale and leaseback to C-Retail Ltd on terms as follows:

Lot 1

Unit 2 Shaftesbury Industrial Estate

2,860 sq ft

Passing rent: £20,020 pax proposed.

Rent PSF: £7 psf

Unit 3 Shaftesbury Industrial Estate

2,912 sq ft

Passing rent: £20,384 pax proposed.

Rent PSF: £7 psf

Unit 4 Shaftesbury Industrial Estate

6,338 sq ft

Passing rent: £41,197 pax proposed.

Rent PSF: £6.50 psf

Former Vibixa site

9,388 sq ft

Passing rent: £70,410

Rent PSF: £7.50 psf

Lot 2

Cafe: The Runnings, Cheltenham

3,912 sq ft

Passing rent: £31,296 pax proposed

Rent PSF: £8 psf

Staff offices & shop, The Runnings, Cheltenham

7,663 sq ft

Passing rent: £65,136 pa

Rent PSF: £8.50 psf 

A new 10-year lease term proposed for all available units, with tenant break options available at 3 and 5 years.

Two units to be sold with vacant possession on completion:

Lot 3

Unit 1, The Runnings, Cheltenham

9,003 sq ft

To be sold with vacant possession.

Estimated rental value: £54,018 pax (£6 per sq ft)

Unit 2/3, The Runnings, Cheltenham

4,364 sq ft

To be sold with vacant possession.

Estimated rental value: £21,820 pax (£5 per sq ft)

Proposal:

KBW Property Consultants are seeking offers for the whole portfolio of £4,110,000 for their client's interest, subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 7.4% when fully let, and a capital value of £88 per sq ft assuming purchasers costs of 6.55%. Alternatively, the portfolio is available in 3 separate lots with guide prices as follows:

Lot 1: £1.93 million

Lot 2: £1.22 million

Lot 3: £960,000

Data room:

Access to the data room is available upon request. To include proposed lease terms, existing leases, title plans and EPCs

Anti-money laundering:

The successful bidder will be required to provide relevant information to satisfy the AML requirements when Heads of Terms are agreed.

VAT:

The properties are elected for VAT.

Contact:

KBW Property Consultants 

Richard Knightley

07917 155 760

richard.knightley@kbw.co.uk 

Laura Hatten

07769 254 158

laura.hatten@kbw.co.uk