The property is a three-storey building of concrete frame construction with two self-contained retail units on the ground floor with residential above.

The residential accommodation has recently been refurbished and comprises 5 single bedrooms, a communal kitchen/dining/living area, 3 WCs and 2 shower rooms.

Location:

The property is located on Longsmith Street close to the junction with Southgate Street and a short distance from Gloucester Cross.

It is situated just outside the pedestrianised area close to the Eastgate Centre and occupiers in the area include Tesco, Barclays Bank, Greggs and Subway.

Gloucester Docks, which is only a short distance away, has undergone a significant transformation with the development of Gloucester Quays and creation of new and refurbished apartments along with leisure and retail facilities.

Accommodation:

Unit 6

Tenant: Nicole Pestridge

Terms: For a term to expire 31-10-25.

Rent (per annum): £6,500

Rent Review: 01-11-24

EPC: TBC

Rates/Council Tax: £5,400

Unit 8

Tenant: Miles Mann Limited

Terms: For a term to expire 31-12-28.

Rent (per annum): Years 1 & 2-£8,000 pa

Year 3 £8,750

Rent Review: 01-01-25

EPC: TBC

Rates/Council Tax: £6,800

Unit 10

Tenant: Clearsprings Ready Homes Limited

Terms: For a term to expire 01-09-26.

Rent (per annum): £27,000

Rent Review: N/A

EPC: E-47

Rates/Council Tax: Band C

TOTAL RENT: £41,500

Planning:

The property has been used for retail and residential.

Terms:

We are instructed to seek offers in the region of £500,000 for the freehold interest in the property, subject to the tenancies outlined. A purchase at this level would reflect a gross yield of 8.3% or net initial yield of 7.95% after purchaser's costs of 4.4%.

VAT:

The property is not elected for VAT.

Legal costs:

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

Contact:

Ash Chartered Surveyors 

Simon McKeag: 07737 691453

simon@ashproperty.co.uk