23 Promenade, Cheltenham
The subject premises form part of a Grade II listed Regency period building with a timber framed and glazed shop front with central entrance door.
The premises comprise the ground floor and basement of 23 Promenade with a first-floor mezzanine store.
The ground floor is largely open plan currently fitted with a centralised bar and rear visible kitchen.
The previous occupier has installed booth seating around the ground floor as well as air conditioning, wood effect flooring and is decorated to their corporate colour scheme. The basement provides customer WCs as well as staff welfare facilities.
EPC: The property has an energy rating D (80). A copy of the Energy Performance Certificate can be made available upon request.
With a population of around 120,000, Cheltenham is an important regional shopping location serving an extensive catchment area. The town is renowned for its range and quality of shopping and its various festivals attract many visitors throughout the year.
The building occupies a prominent position on Promenade, directly opposite Cavendish House. Nearby occupiers include a varied mix of retailers including Space NK, Huffkins, Waterstones, Natwest, Oliver Bonas, Royal Bank of Scotland and House of Fraser.
The approximate net internal floor areas are as follows:
Ground Floor Restaurant: 175.03 sq m (1,884 sq ft)
Mezzanine Ancillary: 15.24 sq m (164 sq ft)
Basement Ancillary: 88.07 sq m (948 sq ft)
Total: 278.34 sq m (2,996 sq ft)
Available on a new effectively full repairing and insuring lease for a term of years to be agreed incorporating regular upward only rent reviews.
£70,000 per annum exclusive.
The property has most recently been used as a restaurant falling within the new 'Class E' use class. Class E includes a range of uses including retail, restaurant, office, financial & professional services, medical & health and some leisure.
Rateable Value: £97,000
The above information was obtained from the Valuation Office website. Interested parties should make their own enquiries of the billing authority (Cheltenham Borough Council) to verify the current rates payable.
Code for Leasing Business Premises (2020):
All tenants should be aware of the Code for Leasing Business Premises and are recommended to seek professional advice relating to this, or any, commercial property letting transaction.
VAT may be payable on the rent or any other charges or payments detailed. All figures quoted are exclusive of VAT and intending lessees must satisfy themselves as to the VAT position by taking appropriate professional advice.
Each party to bear its own legal costs incurred in the transaction.
01242 244 744
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