This mixed-use investment comprises a Grade II listed terrace of shops, formerly a terrace of houses built circa 1820-30 with later additions. The properties are three storeys with attic to the return, plus basement levels.

Notable features included in the listing include the iron veranda and balcony, stucco detailing on the continuous first floor sill band, horizontal rustication to ground floor, end pilasters, continuous cornice and sashes throughout.

The upper floors of 20 Clarence Street and 21 Promenade were converted to 7 apartments in 2014. Total approx. floor area of 411 sq m (4,423 sq ft).

Investment summary:

Freehold mixed-use investment on the prestigious tree lined shopping street of Promenade.

5 x commercial tenants on leases plus 7 x residential apartments let on Assured Shorthold Tenancies.

Located in the spa town of Cheltenham, renowned for its many festivals and race meets.

Total net commercial floor area approx 1,032.9 sq m (11,118 sq ft).

Plus 7 x one-bedroom apartments (including 2 x duplex).

Passing rent of £331,460 per annum.

Good occupational demand.

KBW Property Consultants are seeking offers of £4,415,000 for our client's interest, subject to contract and exclusive of VAT. A purchase at this price reflects a Net Initial Yield of 7.05%, after purchaser's costs of 6.56%.

EPC:

Part 20 Clarence & 21 Promenade: D (96)

23 Promenade: D (80)

25 Promenade: D (84)

Upper Floors of 23 and 25 Promenade: E (108)

Flat 1: G (19) - exemption

Flat 2: G (4) - exemption

Flat 3: E (42)

Flat 4: E (50)

Flat 5: F (24) - exemption

Flat 6: G (15) - exemption

Flat 7: E (40)

Proposal:

We are seeking offers of £4,415,000 for our client's interest, subject to contract and exclusive of VAT. A purchase at this price reflects a Net Initial Yield of 7.05%, after purchaser's costs of 6.56%.

Location:

Cheltenham is a spa town located in Gloucestershire, famous for its Regency architecture as well as various festivals that attract visitors throughout the year. It is also home to the UK's intelligence, security and cyber agency; GCHQ (Government Communications Headquarters).

Approx. Journey Times:

Birmingham (1hr 10min)

Bristol (1hr)

Oxford (1 hr 10min)

London (2hr 30min)

20 Clarence Street and 21-25 Promenade is located on the prestigious tree lined shopping street of Promenade, in a prime section where the inner road system joins Clarence Street passing 'Boots Corner'.

Nearby occupiers include Waterstones, Natwest, Watches of Switzerland, Travelbag, Laura Leigh Hairdressers, Superdry and Cavendish House. Well connected, junction 10 of the M5 motorway is approximately 4.5 miles to the west and junction 11 approximately 7 miles to the south. Cheltenham is located approximately 42 miles from Bristol, 68 miles from Birmingham and 100 miles from London. Cheltenham Spa Railway Station provides direct services to London, Bristol and Birmingham.

Accommodation:

The approximate NIA floor areas for the commercial are as follows:

Part 20 Clarence Street & 21 Promenade 

Ground floor: 78.04 sq m (840 sq ft)

Basement: 51.00 sq m (549 sq ft)

Total: 129.04 sq m (1,389 sq ft)

21 Promenade

Ground floor: 74.23 sq m (799 sq ft)

Basement: 53.88 sq m (580 sq ft)

Total: 128.11 sq m (1,379 sq ft)

23 Promenade

Ground floor: 175.03 sq m (164 sq ft)

Mezz Ancillary: 15.24 sq m (948 sq ft)

Basement: 88.07 sq m (1,884 sq ft)

Total: 278.34 sq m (2,996 sq ft)

25 Promenade

Ground floor: 84.91 sq m (914 sq ft)

Basement: 72.93 sq m (785 sq ft)

Total: 157.84 sq m (1,699 sq ft)

Upper Floors of 23 and 25 Promenade

First Floor: 180.60 sq m (1,944 sq ft)

Second Floor: 91.23 sq m (982 sq ft sq ft)

Third Floor: 67.73 sq m (729 sq ft)

Total: 340.49 sq m (3,665 sq ft)

Contact KBW Property Consultants for covenant and lease terms details.

Documents:

Further information including title plan, EPC, lease documents available upon request.

VAT:

The property is elected for VAT.

Contact:

KBW Property Consultants

Richard Knightley

07917 155 760

richard.knightley@kbw.co.uk 

Laura Hatten

07769 254 158

laura.hatten@kbw.co.uk