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Gloucestershire Business News

Retail and office investment: 102-106 Church Street, Tewkesbury

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 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.

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 un-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.

Energy Performance Certificate (EPC):

EPC certificates are available on request.

102: D89

103-105: B48

106: C68

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 close to the Cotswolds and the scenic villages of Stow-on-the-Wold and Bourton-on-the-Water. The world-renowned Cheltenham Racecourse, which attracts over 700,000 visitors a year, is situated approximately 6 miles to the south of Tewkesbury.

Tewkesbury is served by a direct train service to Worcester, Gloucester, Cheltenham and Birmingham and an indirect service to London Paddington (fastest journey time of 2 hours and 19 minutes). Air travel is available from Birmingham, Cardiff, and Bristol Airports, which provide both National and International flights.

The town itself has a population of approximately 10,704 (2011 census) and the larger catchment population is circa 80,000 people.

Situation:

The property is situated in a prominent location overlooking Tewkesbury Cross, the traditional centre and prime retail pitch of Tewkesbury. It is at the junction of High Street, Church Street and Barton Street and is highly visible from the three main access roads into Tewkesbury.

The High Street is home to a variety of both independent and national retailers including: M&Co, Halifax, Boots, Lloyds Bank, Coffee #1, Greggs and WH Smith and the major high street banks and building societies.

The town has a twice-weekly market located in the Spring Gardens car park, just off the High Street.

Supermarket shopping is available from Tesco in the town centre as well as Morrisons and Aldi on the outskirts of town.

The town centre offers free, on street parking for an hour maximum as well as a selection of Pay & Display short and long stay car parks around the town.

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.

More information is available here: CHURCH_STREET_TEWKESBURY.pdf (alderking.com) 

Tenure:

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

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.

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.

Contact:

Alder King Property Consultants 

Adrian Rowley

01452 627133

arowley@alderking.com 

Oli Stretton

0117 317 1121

ostretton@alderking.com 

Lucy Costain

0117 317 1108

lcostain@alderking.com 

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