Retail investment - 35 Westgate Street, Gloucester
The property is a mid-terrace building with accommodation over 2 floors.
It has been refurbished to a high standard throughout to provide a restaurant with a fully fitted commercial kitchen including extraction equipment, seating areas on both the ground and first floors with ancillary storage, an office and WC facilities.
All of the services have been upgraded and the property has been finished to a high specification throughout.
The retail unit has a fully glazed frontage and is accessed off Westgate Street with an entrance to the rear off Bull Lane.
The property is let to Hieu Van Pham, Dat Hong Nguyen & Nguyen Quang Auh for a period of 5 years from November 9, 2021, at a rent of £25,000 per annum on a full repairing and insuring basis.
The lease includes a rent review and break clause on the 3rd anniversary of the term. The lease includes a summary of the equipment that belongs to the landlord.
The property is situated in a prominent position on Westgate Street within close proximity of the Cathedral and approximately 100m from Gloucester Cross, which is traditionally regarded as the City centre.
Occupiers in the immediate area include McDonalds, The Works, Coventry Building Society and a range of local businesses.
Gloucester is well connected to the motorway network, being served by three junctions of the M5; junction 11 provides access via the A40 (3 miles), junction12 to the south (5 miles) and junction 11a (3 miles) connects to the Brockworth Bypass, Cirencester/Swindon and the M4 motorway at junction 15 (34 miles).
(Approximate net internal area)
Seating area and kitchen: 112.51 sq m (1,211 sq ft)
Storeroom: 23.37 sq m (252 sq ft)
Seating area and office: 57.73 sq m (621 sq ft)
TOTAL: 193.61 sq m (2,084 sq ft)
The Rateable Value appearing on the Valuation Office Agency website is £22,500.
The property is used as a restaurant within Class E Of the Use Classes Order 1987.
The property is offered freehold subject to the occupational tenancy in place.
The quoting price is £325,000 and a purchase at this level reflects a gross yield of 7.69% and net yield of 7.48% after purchaser's costs.
The property is not elected for VAT purposes.
Each party to bear their own legal costs incurred in the transaction.
Simon McKeag: 07737 691453
Harry Pontifex: 01242 255242
Copyright 2023 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.