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Gloucestershire Business News

Investment - 102 - 106 Church Street, Tewkesbury, Gloucestershire

The property is a prominent mixed-use block providing retail and office uses fronting Church Road. The three ground floor retail units are let to Loungers, Folk2Folk Ltd and Longfield Hospice Care.

Folk2Folk have exercised their break option and will be vacating the unit in September 2019, Alder King is marketing the unit. The office accommodation is at first and second floor levels and benefits from a self-contained entrance. The occupied offices are fully carpeted and have Category II Lighting.

The office space at 106, above Longfield Hospice Care, is vacant and not refurbished. The property benefits from a large car park and service yard to the rear accessed via Back of Avon.

There is additional self-contained storage warehouse to the rear of number 106 accessible from both Tolsey Lane and the rear car park. This provides approximately 1,137 sq ft including a mezzanine level. This warehouse is let to Griffiths Technical Ltd.

EPC: EPC certificates are available on request.

Ratings are: 102 - D89, 103-105 - B48, 106 - C68

INVESTMENT SUMMARY

• Freehold retail and office investment on the prime retail pitch in Tewkesbury

• Multi-let to Loungers Ltd, Longfield Hospice Care, Tools4ever Ltd and Griffiths Technical Ltd

• Current passing rent of £101,700 per annum

• Weighted Average Unexpired Lease Term of 10.3 years to expiry and 5.6 years to earliest breaks

• Various asset management opportunities, subject to planning

• Seeking offers for the whole in excess of £1,300,000(One Million Three Hundred Thousand Pounds) reflecting a net initial yield of 7.35%

• Consideration will be given to offers for 102-105 Church Street (including the car park) and 106 Church Street as two separate lots.

Location:

Tewkesbury is a historic riverside town in Gloucestershire and is located 14 miles north of Gloucester and 16 miles south of Worcester. The town has good access to the motorway, being approximately 1.8 miles from Junction 9 of the M5 Motorway.

This junction provides access to Worcester onto Birmingham and the north, Cheltenham (10 miles), and Bristol (46 miles) and junction 1 of the M50 Motorway (2 miles). Tewkesbury is an affluent and attractive medieval market town and has 350 listed buildings of historical and architectural significance, including the famous Tewkesbury Abbey.

Tewkesbury is located very close to the Cotswolds and the scenic villages of Stow-on-the-Wold and Bourton-on-the-Water.

Planning:

105 and 106 Church Street are Grade II listed.

Tenancy:

The property is multi-let in accordance with the tenancy schedule below and produces a total rent roll of £101,700 per annum.

The Weighted Average Unexpired Lease Term is 10.3 years to expiry and 5.6 years to earliest breaks.

Tenure:

Tenure Freehold - held under three separate titles. There is a right of way over the rear car park for the adjoining owner.

VAT:

The property has been elected for VAT and this will be payable on the purchase price or dealt with by way of a TOGC.

Proposal:

We are instructed to seek offers in excess of £1,300,000 (One Million Three Hundred Thousand Pounds) reflecting a net initial yield of 7.38% assuming purchasers' costs of 5.99%.

Consideration will be given to offers for 102-105 and 106 in isolation.

Contact:

Alderking 

Oli Stretton

ostretton@alderking.com 

0117 317 1121

Lucy Costain

lcostain@alderking.com 

0117 317 1108

Adrian Rowley

arowley@alderking.com 

01452 627133

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