5 Ormond Terrace, Regent Street, Cheltenham
5 Ormond Terrace comprises a Grade II Listed Regency mid terrace property with accommodation over lower ground, ground, first, second and third floors.
The accommodation is currently configured to suite a healthcare business, with vinyl flooring and sink units in the majority of the individual offices at ground, first and second floors.
The accommodation at lower ground and third floor levels is presented for office use. Natural light is primarily provided by timber framed sash windows to the front and rear elevations, with the third floor including velux style windows and skylight towards the rear of the lower ground floor.
Surface mounted fluorescent strip lighting is provided throughout the majority of the accommodation.
Mains gas and electricity supplies are present, with a gas fired central heating system throughout. There is a kitchen facility at lower ground level along with male and female WCs. Further WCs are provided at ground floor and mezzanine level between ground and first floors.
Six parking spaces are allocated in the rear car park along with a rear personnel entrance.
EPC: Exempt as a listed building.
With a population of around 120,000, Cheltenham is an important regional centre within the heart of the Cotswolds. The town serves an extensive catchment area and is renowned for its range and quality of shopping and its various festivals attract many visitors throughout the year.
The town benefits from good transport connections to the Midlands and South West with Junctions 10 & 11 of the M5 motorway located approximately 4 miles to the West of the town centre providing direct access to Bristol and Birmingham. The A417/9 (dual carriageway) provides good access to the M4 motorway and London. Cheltenham has regular train services to London Paddington (1 hour 55), Birmingham (40 mins) and Bristol (45 mins).
The subject property is centrally located on the part of Regent Street known as Ormond Terrace, with the town's Promenade shopping parade, High Street and Regent Street entrance to the Regent Arcade Shopping Centre in close proximity. Regent Street and in particular Ormond Terrace is popular with recruitment agencies, solicitors, hair salons as well as numerous cafes.
Public parking is available nearby on both Rodney Road and within the Regent Arcade multi storey car park directly opposite.
The approximate net internal floor areas are as follows:
Lower Ground Floor:
Front (partitioned into two rooms): 25.97 sq m (280 sq ft)
Middle/Rear (partitioned into two rooms): 28.89 sq m (311 sq ft)
Total Lower Ground Floor: 54.86 sq m (591 sq ft)
Front/Reception: 19.01 sq m (205 sq ft)
Rear: 15.42 sq m (166 sq ft)
Total Ground Floor : 34.43 sq m (371 sq ft)
Front: 25.11 sq m (270 sq ft)
Rear: 15.84 sq m (171 sq ft)
Total First Floor: 40.95 sq m (441 sq ft)
Front: 23.50 sq m (253 sq ft)
Rear: 15.78 sq m (170 sq ft)
Total Second Floor: 39.28 sq m (423 sq ft)
Third Floor 16.48 sq m (177 sq ft)
Total Net Internal Area: 186 sq m (2,002 sq ft)
The property is available by way of an assignment of an existing full repairing and insuring lease dated 24 September 2013 for a term of 10 years, expiring 23 September 2023. The passing rent is now £33,846.76 per annum exclusive.
The lease permits cosmetic surgery, dentistry and other associated uses falling within Use Class D1 and/or offices falling within Use Classes B1 and A2 of the Town and Country Planning (Use Classes) Order 1987.
There are 2no. rating assessments listed for the building as follows;
Basement - £3,550
Ground - Third Floors - £14,000
The above information was obtained from the Valuation Office website. Interested parties should make their own enquiries of the billing authority Cheltenham Borough Council (01242 262626) to verify the current rates payable.
VAT may be payable on the rent and/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 and split the cost of obtaining head landlord's consent to an assignment 50/50.
KBW Chartered Surveyors
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