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Gloucestershire Business News

£450,000 investment opportunity in Cheltenham

The property comprises a Grade II listed building dating from the mid-19th Century and was originally the Lodge for Arle Court. It is of Cotswold stone construction under a stone tile roof and has a porch over the main entrance.

The office accommodation is over 2 floors with a bathroom and kitchen also provided. The offices have painted plastered ceilings and walls, carpet and they are heated by way of an oil-fired central heating system.

It is set within a mature landscaped site and the main access is from Hatherley Road.

TENANCY

The property is let to Richmond Care Villages Holdings Ltd for a term of 20 years from 29/06/17 on a full repairing basis. The passing rent is £30,000 per annum and the lease includes 5 yearly rent reviews to be based on the greater of market value and RPI. The landlord is responsible for paying the utilities and buildings insurance.

For the year ending 31/12/19, Richmond Care Villages Holdings Ltd reported a turnover of £30,978,000, pre-tax profits of £3,891,000 and shareholder's funds of £59,390,000. They have a Creditsafe Rating of 67 which is deemed a 'low risk'.

A copy of the lease is available upon request.

Location:

The property is located north of Hatherley Lane, approximately ¼ mile south from its junction with the A40 at the 'Golden Valley' roundabout.

The A40 provides arterial road access to the centre of Cheltenham some 3 miles to the northeast and the M5 motorway Junction 11 some 1½ miles to the west.

There are excellent road communications with the M5 motorway lying on the Western fringes of the town and the main A40 road providing access to the West Country, Oxford, and London to the East. There is in addition a main line railway station in the town forming a link to London Paddington with a journey time of just under two hours.

It is located within a mixed-use area with an adjacent Ultra Electronics production facility, Manor By The Lake Wedding venue, the new Richmond Villages BUPA Care Home, Nuffield Private Hospital, Travelodge Hotel, KFC restaurant, Harvester Restaurant, Cotswold BMW dealership, GCHQ and ASDA Superstore.

Accommodation:

(Approximate Net Internal area)

Ground Floor

Front office: 16.19 sq m (174 sq ft)

Rear office: 12.03 sq m (129 sq ft)

Kitchen: 3.51 sq m (38 sq ft)

Subtotal: 31.73 sq m (341 sq ft)

First Floor

Front office: 14.99 sq m (161 sq ft)

Rear office: 12.35 sq m (133 sq ft)

Bathroom

Subtotal: 27.34 sq m (294 sq ft)

Total: 59.07 sq m (635 sq ft)

Price:

£ 450,000

Planning:

The property has been used as offices which fall within Class E of the Use Classes Order 1987.

Terms:

The property is offered freehold subject to the occupational tenancy in place at a price of £450,000. A purchase at this level based on a net rental income of £28,000 per annum would represent a gross yield of 6.22% or net yield of approximately 5.88% after purchaser's costs. (*) The costs of the utilities and buildings insurance are approximately £2,000 per annum.

VAT:

The property is not elected for VAT.

Legal costs:

Each party to bear their own legal costs incurred in the transaction.

Contact:

Ash & Co 

Simon McKeag: 07737 691453

Harry Pontifex: 01242 255242

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