60 Promenade, Cheltenham
60 Promenade is a Grade II listed period building with frontage to Promenade. Accommodation is arranged over six levels with a ground floor sales area that also benefits from mezzanine trading space.
The gross frontage is 6.81 m (22 ft 4 in). The first and second floors provide ancillary accommodation currently used for storage and staff welfare facilities.
There is one car parking space included to the rear of the property, with access from Regent Street.
EPC: The building is listed and therefore believed to be exempt.
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 the various festivals and important race meetings which attract many visitors throughout the year.
The subject property occupies a prime location on the Promenade; Cheltenham's famous tree lined shopping street which connects the High Street to Montpellier. Nearby occupiers include Hotter Shoes, Jigsaw, Hotel Chocolat, Jo Malone, Molton Brown and House of Fraser.
The property is currently held on an existing full repairing and insuring lease of which Aurora Fashion Holdings Ltd (Company No. 06822133) is guarantor being a wholly owned subsidiary of Kaupting Bank, Iceland.
The lease expires July 2024 and the current passing rent is £129,500 per annum exclusive.
Alternatively, vacant possession may be able to be obtained.
The approximate net internal areas are as follows:
Ground Floor Retail 73.30 sq m (789 sq ft)
Upper Mezzanine Sales 30.29 sq m (326 sq ft)
Lower Mezzanine Sales 42.83 sq m (461 sq ft)
Basement Ancillary 12.26 sq m (132 sq ft)
First Floor Ancillary 70.89 sq m (763 sq ft)
Second Floor Ancillary 53.61 sq m (577 sq ft)
Total 283.18 sq m (3,048 sq ft)
Gross Frontage 6.81 m (22 ft 4 in)
Internal Width 5.79 m (19 ft)
Shop Depth 18.29 m (60 ft)
£1,450,000 for the freehold interest, subject to the existing lease. This represents an attractive net initial yield of 8.42% (allowing for purchaser's costs at 6.08% at this price level), based on the current rent passing.
Rateable Value: £132,000
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.
The property currently has a Class A1 retail consent. The property may suit alternative uses (subject to the necessary consents).
We are advised the property is currently exempt from VAT. Intending purchasers 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.
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