Investment: 118-120 High Street, Cheltenham
An attractive Grade II Listed Building comprising ground floor retail and basement occupied by Costa Ltd, together with 3 self-contained upper floors with separate entrance directly from High Street.
The 2nd & 3rd floors comprise 3 existing residential apartments, whilst the1st floor comprises former offices with planning consent to convert to 2 residential apartments.
• Ground floor & basement let to Costa Ltd expiring February 2032
• Vacant upper parts for residential refurbishment & conversion.
• Offers sought in excess of £2,850,000
EPC: Ground floor/ basement: Rating A
Other floors: Available on request.
The Regency spa town at Cheltenham lies at the foot of the Cotswold Hills and within 3 miles of M5 Junction11. The town is famed for its racecourse, various annual festivals, as well as being a strong business centre with affluent population and an influx of tourists too.
118/120 High Street is situated in the core of the town centre, fronting onto the pedestrianised High Street almost directly opposite the new John Lewis department store which opened October 2018. Next have just opened an expanded 25,000 sq ft store too, showing great confidence in retailing in the town.
The property provides the following approximate net internal areas:
Ground floor sales: 144 sq m (1,550 sq ft)
Ground floor ancillary: 54 sq m (585 sq ft)
Basement ancillary: 65 sq m (700 sq ft)
1st floor: Former bank offices with high ceilings and excellent natural lighjt from tall windows. Planning consent to provide 2 x 2 bed apartments approx. 750 sq ft & 865 sq ft.
2nd floor: Vacant - 1 x 2 bed flat and 1 x 1 bed flat approx..765 sq ft and 650 sq ft.
3rd floor: Vacant 7 room apartment approx. 1,175 sq ft with potential to divide to form 2 x 2 bed apartments.
Planning and Listed Building Consents were granted 25th May 2018 for change of use at 1st floor from bank A2 use to residential C3 use to create 2 x 2 bedroom apartments.
The ground floor and basement benefits from mixed A1/A3 planning consent.
Tenancy - ground floor basement is let to Costa Ltd at passing rent of £125,000 pa on effective FRI basis for a term of 15 years from 3rd February 2017, expiring February 2032 subject to 5 yearly upward only rent reviews. Tenant Break Option in February 2027 on no less than 6 months' notice.
We are instructed to invite offers in excess of £2,850,000 for the benefit of the freehold interest subject to the lease on the ground floor & basement to Costa Ltd, but with vacant possession of the self-contained upper floors.
As an indication, valuation of the income from Costa at 5% would be at £2.35m net.
The freehold is currently not subject to payment of VAT.
All figures quoted are exclusive of VAT.
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