94-96 is an end of terrace four storey building of brick/block construction, with rendered painted elevations under pitched tiled roof. The ground floor incorporates a single glazed timber framed shop frontage.

The building has predominantly timber framed windows with double glazed sky lights at third-floor level. The ground floor retail space benefits from a single storey extension to the rear which has a steel profile roof.

The accommodation is split to provide retail premises at ground and lower ground floors. A 6 -bedroom HMO is located on the upper floors of the property which is approached via an alleyway which runs down the right-hand side of the building from the main high street.

Location:

The property is located in the Spa town of Cheltenham. 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.

The property is situated in the pedestrianised area of Cheltenham's High Street, close to its junction with Bath Road. This is a well-established retail location and major occupiers include a Sainsburys Convenience Store, Shoe Zone, Subway and Iceland. In addition, there are a number of public houses and cafes in the immediate area.

Accommodation:

(Approx net internal)

Ground floor

Retail Unit: 52.97 sq m (569 sq ft)

Rear Store: 23.12 sq m (248 sq ft)

Kitchen / Office: 10.76 sq m (115 sq ft)

Basement: 43.27 sq m (465 sq ft)

Total: 130.09 sq m (1,400 sq ft)

Rent: £17,000 p.a.

Occupied.

First Floor

(Approx gross internal)

Flat 1: 18.87 sq m (203 sq ft)

Rent: £565 pcm

Occupied.

Flat 2: 16.12 sq m (173 sq ft)

Rent: £525 pcm

Occupied.

Second Floor

Flat 3: 18.45 sq m (198 sq ft)

Rent: £600 pcm

Occupied.

Flat 4: 24.19 sq m (260 sq ft)

Rent: £565 pcm

Occupied.

Third Floor

Flat 5: 20.29 sq m (218 sq ft)

Rent: £565 pcm

Occupied.

Flat 6: 14.51 sq m (156 sq ft)

Rent: £550 pcm

Occupied.

Total area: 242.52 sq m (2,610 sq ft)

Total income including quoted rents: Rent: £57,940 p.a.

Price:

£650,000

Rates:

The Rateable Value for the shop and premises on the Valuation Office Agency website is £22,500.

The current council tax for the HMO is currently running at £1,971.80 for the year 2024/2025.

Planning:

The ground floor has been used as retail premises within Class E of the Use Classes Order 1987. The current HMO Licence for the premises expires on 20th September 2024 and is available on request.

Terms:

The property is offered freehold subject to the occupational tenancies in place. Offers in excess of £650,000. A purchase at this level reflects a gross yield of 8.91 %. net yield of 8.49% after the purchaser's costs. This is based on the HMO being fully let at the current rental figures quoted.

VAT:

The property is not elected for VAT purposes.

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