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Gloucestershire Business News

Retail investment: 10-14 Promenade, Cheltenham

The property comprises a Regency Building arranged as two ground floor shops with ancillary accommodation at the basement and on two upper floors.

The property is Grade II Listed and is located within the Cheltenham Conservation Area.

  • Located on Cheltenham's famed Promenade.
  • Established Strong Retail Covenant.
  • Annual Rent - £55,000 per annum on FRI Lease
  • Offers in excess of £800,000 invited representing an initial yield of 6.5% a4er allowing for purchaser's costs.

Energy Performance Certificate (EPC): Not currently available - TBC.

Proposal:

Offers in the excess of £800,000 are invited for the freehold interest. A purchase at this level would provide a purchaser with a net initial yield of 6.5% after allowing for purchaser's costs.

Location:

The property is situated in a prime retail location close to the junction with High Street and adjacent to T M Lewin, Starbucks, Boots and Primark.

Cheltenham is a Regency Spa Town famed for The Gold Cup Horseracing Festival and a strong retail town centre. 

Traders in the centre include John Lewis Department Store, Anthropologie, Molton & Brown, Marks & Spencer and Primark. The Town has a residential population of 115,000 persons and a affluent catchment population of 388,000 persons.

Accommodation:

10-12 Promenade

Ground Floor Sales:

36.10 sq m (388 sq ft)

ITZA 32.56 sq m (350 sq ft)

Basement:

Stockroom: 26.61 sq m (286 sq ft)

Ancillary Storage/Staff: 9.20 sq m

First Floor:

Ancillary: 27.25 sq m (293 sq ft)

Second Floor:

Ancillary: 28.43 sq m (306 sq 4)

14 Promenade

Ground Floor Sales: 7.25 sq m (78 sq ft)

Basement Ancillary: 9.29 sq m (100 sq ft)

Services:

Mains electricity, water and drainage are connected to the premises.

Rateable value:

There are two separate rating assessments.

10-12 Promenade: £48,750

14 Promenade: £12,000

Tenancy:

The entire property is let to The London Camera Exchange Limited on full repairing lease for a term of five year from 27th March 2018 at a rental of £55,000 per annum.

14 Promenade is sub-let to Carron Mann Limited, t/a Silver Moon on an annual basis at rental of 13,000 per annum.

Tenant Covenant:

The London Camera Exchange reported a turnover for the period ending 31st March 2019 of £32,903,819 (2018 £32,576,982). 

This produced an operating profit of £1,350,938 before tax. Net current assets are stated at £5,362,523. (Source: Companies House).

VAT:

The property has been elected for VAT and any disposal price will attract VAT unless the sale proceeds by way of a Transfer of a Going Concern (TOGC).

Contact:

John Ryde Commercial

01242 576276

enquiries@johnryde.co.uk 

timsmith@johnryde.co.uk 

Savills

0117 910 2200

cburbidge@savills.com 

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