Retail shop let to Snappy Snaps.

Investment summary:

Single let three storey retail investment on Cheltenham's High St

• Let to Snappy Snaps Franchises Limited (Company No. 02632020)

• Situated on a busy section of the lower High Street, close to the popular Brewery Quarter leisure destination

• Total floor area of 1,994 sq ft (185.2 sq m) NIA approx.

• Passing rent of £32,750 per annum exclusive

• Circa 5 years left of a 10 year lease (inside the Act)

Proposal:

KBW Property Consultants are seeking offers of £425,000 for our client's interest, subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 7.39%, after allowing for purchaser's costs of 4.33%.

210 High Street is a Grade II listed building, believed to date back to circa 1820-50, with later additions and alterations, including circa 1970s shop fronts (Historic England), originally four terraced houses, with stucco over brick to front facades and red brick returns. Located within the central

conservation area of Cheltenham, the building comprises a three storey

end of terrace property with return frontage.

The Snappy Snaps brand has occupied the premises since around 2004, prior to that the property was used as a Bakery. Snappy Snaps continues its occupation today under Snappy Snaps Franchises Limited, on a new 10 year lease from 2019.

EPC: E (113).

Location:

With a population of around 120,000, Cheltenham is an important regional shopping location serving an extensive catchment area. The town is

renowned for its range and quality of shopping and its various festivals attract many visitors throughout the year. 210 High Street is located within the

heart of Cheltenham town centre, along a bus/taxi street, leading towards the popular leisure destination of the Brewery Quarter. The building

occupies a prominent population with return frontage facing Promenade. Nearby occupiers include Nationwide, F Hinds, Greggs, Caffe Nero, Specsavers, McDonalds, Primark & Poundland.

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:

Current usage and approximate floor areas are as follows:

Ground Floor (Retail): 559 sq ft (51.9 sq m)

Basement (Store): 438 sq ft (40.7 sq m)

First Floor (Ancillary): 383 sq ft (35.6 sq m)

Second Floor (Ancillary): 396 sq ft (36.8 sq m)

Third Floor (Ancillary): 218 sq ft (20.3 sq m)

Total: 1,994 sq ft (185.2 sqm)

Covenant and lease terms:

Snappy Snaps is a photo & digital specialists, providing a wide range of services to ensure the best results from photos every time. Services

include canvas and poster prints, photo gifts, custom framing, passport and visa photos, or refresh for LinkedIn profile photos.

Snappy Snaps Franchises Limited

Company Number: 02632020

Creditsafe Rating A - 78

Contract Limit £1,700,000

Credit Limit £345,000

Turnover as at 2023 accounts £8,471,723 with a Pretax Profit of £1,823,485 and Shareholder Funds of £3,922,859 (Filing date of accounts 15/06/2024).

Credit safe rating stated correct as at 26/06/24.

Snappy Snaps Franchises Limited hold a 10 year lease from December 19, 2019, expiring 18th December 2029. Current passing rent is £32,750 per annum exclusive. Rent reviews are upward only, to open market rental value, every five years (i.e. next due 19/12/2024). Tenant option to break 19th December 2024, subject to 6 month's notice not received and now passed.

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