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Gloucestershire Business News

Cheltenham's Gap store is set to close with staff unaware the shop is being advertised to new tenant

Cheltenham's Gap store is set to close with the prime Promenade premises already being marketed to new tenants.

The store is currently being listed to prospective new occupiers by chartered surveyors KBW and on commercial property listing sites Propertylink, Zoopla and Realla.

The advert for the £230,000-per-year rent store states in block capitals "CONFIDENTIALLY AVAILABLE - STAFF UNAWARE."

The advert is for a "large retail unit" in a "prime position on Promenade" in what is called the "prestigious shopping area of Cheltenham."

The premises at 106 Promenade is on the corner of Imperial Lane and is one of the largest stores on the street.

Across two sales floors it has around 650 square metres of retail space, while the basement and ancillary store room areas take the floor space to more than 1,000 square metres.

The sales material says: "106 Promenade is a Grade II listed period building that benefits from a highly prominent corner position to the Promenade with return frontage to Imperial Lane.

"It is arranged with retail sales at ground and first floors with ancillary accommodation to the second and third floors and the basement.

"The first-floor sales area provides an open galleried frontage above the main shop floor and is highly visible from the Promenade entrance.

"The property is regular in shape with an internal width of seven metres and full depth of almost 50 metres.

"At the rear of the property, the shop opens out into an L-shape increasing the width to 20 metres and benefits from the two roof lanterns.

"There is also a first-floor trading area which is again regular in shape and easily accessible from a centrally located customer staircase.

"Ancillary accommodation in the form of storage and staff facilities is found across all four storeys plus a small area within the basement."

The terms on the property are for retail use at a rent of £230,000 per annum and the rateable value at £234,000.

It is listed as being "available on a new fell repairing and insuring lease for a term of years to be agreed incorporating regular upward only rent reviews. Subject to vacant possession and timing."

The Gap will become the latest prime Promenade premises to bite the dust following the news that Karen Millen is set to close.

LK Bennett, which is just two doors down from the Gap on the Promenade is currently holding a closing down sale before it shuts its doors.

Punchline has requested a comment from the Gap, but was advised that their press office in California is only open between 9am and 5pm US Pacific time, which is eight hours behind BST.

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