Cheltenham wine bar and offices property sold
By Matt Hall | 14th November 2018
Property including a wine bar, shop and offices in Cheltenham's fashionable Montpellier area has been sold.
The Grade II listed site was bought for £875,000 by a private investor, represented by commercial property experts Hartnell Taylor Cook.
The freehold interest comprises two ground floor shop units, one let to linen retailer Cologne & Cotton, and the second unit, which is a prominent corner unit, trades as a wine bar let to independent wine & spirit merchant, Jon Gordons (Cheltenham) Ltd. On the upper two floors, there are two self-contained office suites.
The block on Montpellier Arcade is ideally located overlooking Montpellier Gardens and nearby occupiers include The Ivy Brasserie, Brasserie Blanc, Mandarin Stone, Wesley Barrel and Fired Earth.
The investment currently generates an annual income of £59,500 per annum.
The sale at a price of £875,000 reflects a net initial yield of 6.44%.
The new owners, Helmsley Securities Ltd pride themselves on focusing "on buying quality property in prime locations with long leases and tenant covenant strength".
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