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Gloucestershire Business News

Cheltenham - 5 Rotunda Terrace, Montpellier Street

Description:

• Retail investment situated opposite the new Ivy Restaurant; other occupiers in the area include Cote Brasserie, ASK, Harry Cooks, All Bar One and Cheltenham Wine Bar.

• The tenant, Indian Voojan (www.indianvoojan.co.uk), have been in occupation since 2008 and are part of a larger restaurant group in the area.

• There is an upcoming rent review on 24 October 2018.

The property is a Grade II Listed mid terrace building with retail accommodation arranged over the ground and first floors with a commercial kitchen in the basement and living accommodation on the second floor. The ground floor has been extended and the restaurant area provides up to 100 covers with a secondary seating area at first floor level providing an additional 25 covers.

There is living accommodation on the second floor and a commercial kitchen and storage in the basement. There is access at the rear to Royal Parade Mews.

TENANCY

The property is let to Abul Rakib, Abdul Rashid, Abdul Mannan and Ansar Afi by way of an assignment of a lease dated 14th December 2007 made between Radco Property & Investment Holding Limited and Mandarin Kite Ltd.

The reversionary lease is for a period of 15 years on a full repairing and insuring basis from 24th October 2013 and includes rent reviews on every 5th anniversary with the next one due on 24th October 2018.

A copy of the Lease is available upon request.

RECENT TRANSACTIONS

The following lettings have taken place within the area:

• 1 Montpellier Avenue was let to Alno for a term of 10 years at a rent devaluing to £70 per sq ft ITZA.

• 22 Montpellier Walk was let to Blakes for a term of 10 years at a rent devaluing to £80 per sq ft ITZA.

The passing rent of 5 Rotunda Terrace (£43,000) devalues to approximately £50 per sq ft ITZA allowing ZA/4 for the first floor and £625 per month for the living accommodation.

Location details:

The property is located in the sought after district of Montpellier having a wide range of fashion shops, banks, professional offices and restaurants. It is situated in the middle of Montpellier Street, a short distance from Montpellier Walk and The Promenade, the premier shopping street in the town.

Accommodation:

Approximate net internal area

Ground floor comprising restaurant and bar area: 106.13 sq m (1,142 sq ft)

First floor comprising additional covers, bar and WC facilities: 33.46 sq m (360 sq ft)

Basement comprising kitchen and storage: 56.44 sq m (608 sq ft)

Second floor comprising 2 bedrooms and bathroom: Bed 1 16'6 x 14'6, Bed 2 15'9 x 10'

Rates:

The Rateable Value currently appearing in the Valuation List is £27,750. The flat is listed within Band B for Council Tax purposes.

Planning:

The property has been used as a restaurant and a flat which falls within Classes A3 and C3 of the Use Classes Order 1987. The property is Grade II Listed and lies within a Conservation Area.

Terms:

We are instructed to seek offers in the region of £825,000 for the freehold interest in the property subject to the tenancy outlined. This reflects a net initial yield of approximately 4.88% after purchaser's costs of 6.8%.

VAT:

It is proposed that the sale is treated as a Transfer of a Going Concern.

Legal Costs:

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

Contact:

Ash & Co 

Simon McKeag 07737 691453

Rebecca Rigg 01452 300433

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