Former Trade Place premises - Stroud, Gloucestershire
By Matt Hall
This is a mixed use investment with a potential total income of £110,820 per annum exclusive. The property has a prominent location, finished to a high standard and of contemporary design. Generous parking allocation adjacent to the property and in an overflow car park.
The quoting price of £1,500,000 reflects a gross initial yield of approximately 7.39% or net initial yield of 6.96% after purchaser's costs of 6.10% assuming full occupancy.
The property comprises of a variety of units offering space for a range of uses including Retail, Offices and Leisure.
The property comprises two buildings of contemporary design that have been interlinked and are of steel frame construction with a combination of clad and rendered block elevations. Both have a pitched profile metal clad roof.
Internally the property has been finished to a high specification throughout using quality fixtures and fittings and materials. The units have a combination of carpet, tiled and wooden floor coverings reflecting the range of uses within the building and each tenant's requirements. The walls are a combination of paint plaster, timber cladding and brickwork and lit with a range of light fittings.
The majority of the units are accessed via the main entrance/plaza area, with a number fronting the A46 and on the lower ground floor benefiting from their own entrances. One of the units on the ground floor has a roller shutter door.
There are generous parking areas to the front and both sides of the building and there is an overflow car park a short distance from the property.
The property is located on the A46 Stroud Road on the edge of Nailsworth within a short distance of the town centre. Nailsworth is found on the A46, lying in one of the Stroud Valleys in the Cotswolds approximately four miles south of the centre of Stroud. Junction 18 of the M4 motorway can be found 15 miles to the south. Tetbury can be found 7 miles southeast. Junction 13 of the M5 motorway can be found 8 miles to the north.
Please see Tenancy Schedule.
The total gross area extends to approximately 1,397.6 sq m (15,044 sq ft). Please note these areas have been taken from architect plans.
Copies of the lease agreements are available upon request.
The entries presently appearing on the Valuation Office Agency website are as follows:
Ground floor right: £5,400
Ground floor left: £5,400
Part ground floor: £1,600
Unit A ground floor: £1,200
Unit B mezzanine: £950
Unit C (rear mezzanine): £2,550
Showroom ground floor: £19,000
Unit 2 lower ground floor: £7,300
Unit F: £4,200
Unit 3 lower ground floor: £2,300
Unit B ground floor: £6,800
Unit 1 lower ground floor: £4,350
Rear shop right: £3,000
Front office mezzanine: £2,275
Unit 2a lower ground floor: £4,450
The property is occupied by a range of uses and includes offices, general retail and a gymnasium.
We are instructed to seek offers in the region of £1,500,000 for the freehold interest in the property subject to the tenancies outlined. This reflects a gross initial yield of approximately 7.69% or net initial yield of 6.96% after purchaser's costs of 6.10%, assuming full occupancy.
Our client has elected to waive exemption of VAT and accordingly VAT will be payable on the purchase price although we anticipate the sale will be treated as a TOGC.
A charge is levied on the occupiers to cover the costs associated with the upkeep and maintenance of the communal areas.
Each party to bear their own legal costs incurred in the transaction.
Simon McKeag 07737 691453
Rebecca Rigg 01452 300433
Harry Pontifex 01242 255242
JOINT AGENTS - Peter Joy Estate Agents
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