Investment: 146-148 Bath Road, Cheltenham
The property comprises 2 mid terrace three storey buildings which were extended and converted approximately 6 years ago to provide retail accommodation on the ground floor and 4 apartments on the upper floors.
Both retail units are self-contained and access to the apartments is provided via a communal entrance off the Bath Road.
The first and second floors comprise 2 No. two bedroom apartments and 2 No. one bedroom apartments.
Each benefits from an open plan/dining/living area with shower room. One fo the apartments benefits from a balcony which overlooks the Bath Road.
The EPC Ratings are as follows:
No. 146 - C65.
No. 148 - C67.
Flat 1 - E47.
Flat 2 - D66.
Flat 3 - D62.
Flat 4 - C73.
No. 146 Bath Road is let to S. Mannan & A. Rakib for a period of 15 years from 15th January 2015 on a full repairing and insuring basis.
There are rent reviews on every 5th anniversary. The current rent is £30,096 per annum and and the outstanding review is being negotiated at present.
No. 148 is to be let by way of a 999 year lease subject to a peppercorn rent.
The apartments are let on Assured Shorthold Tenancies (ASTs) with 3 occupied and the current income is:
Apartment 1: £750 per month.
Apartment 2: £995 per month.
Apartment 3: £750 per month.
Apartment 4: £850 per month.
Potential income when fully let: £40,140 per annum.
Copies of the tenancy agreements are available upon request.
The property is situated in the spa town of Cheltenham which has a population of approximately 110,000 and lies in the heart of the Cotswolds.
There are excellent road communications with the M5 motorway lying on the Western fringes of the town and the main A40 road providing access to the West Country, Oxford and London to the East.
There is in addition a main line railway station in the town forming a link to London Paddington with journey time of just under two hours.
The property is located in the popular Bath Road area having a wide range of shops, banks, professional offices and restaurants. It is situated a short distance from the junction with Suffolk Road and within ½ mile of Cheltenham Town Centre.
Approximate net internal areas
No. 146: 123.7 sq m (1,331 sq ft)
No. 148: 47.1 sq m (507 sq ft)
Apartment 1: 75 sq m (807 sq ft)
Apartment 2: 84 sq m (904 sq ft)
Apartment 3: 53 sq m (570 sq ft)
Apartment 4: 61 sq m (657 sq ft)
The Rateable Values currently appearing in the Valuation List are:
No. 146: £17,250
No. 148: £11,000
The apartments are listed within Band B for Council Tax purposes.
The ground floor of No. 146 has been used as a restaurant and No. 148 as a barber shop which fall within Classes A3 and A1 of the Use Classes Order 1987 respectively. The 2 upper floors are used as residential which fall within Class C3.
We are instructed to seek offers in the region of £1,250,000 for the freehold interest in the property subject to the tenancies outlined.
The property is not elected for VAT.
Each party to bear their own costs incurred in the transaction.
Simon McKeag: 07737 691453
Harry Pontifex: 01242 255242
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