Retail investment, 167 Barnwood Road, Gloucester
The property comprises part of the ground floor of a modern part two, part three storey building.
The retail unit has a fully glazed frontage to Barnwood Road and has been fitted out by the tenants The Co-Operative as a convenience store.
It benefits from 15 allocated parking spaces and bin stores are provided.
The property has an EPC Rating of B-26 and it is valid until December 2024.
The property is let to Kenmare Estates Ltd (trading as The Cooperative Food) for a period of 15 years from 25th March 2018 at a rent of £47,500 per annum. The lease includes rent reviews on every 5th anniversary and a tenant's break clause on the 10th anniversary.
A copy of the tenancy agreement can be provided upon request.
The flats on the upper floors have been sold by way of a 125-year lease from 15th December 2014.
The property is in the largely residential area of Barnwood which is within 3 miles of Gloucester City Centre and allows good access to Cheltenham and the M5 Motorway at Junctions 11 and 11a.
The property is situated in a prominent position immediately adjacent to the main Barnwood Road, which is surrounded by a large residential area with high demand for service and amenities such as supermarkets.
The total approximate net Internal area is 368 sq m (3,961 sq ft).
The Rateable Value currently appearing on the Valuation Office Agency website is £47,250.
The property has been used as a convenience store which falls withink Class E (previously Class A1) of the Use Classes Order 1987.
We are instructed to seek offers in the region of £800,000 for the freehold interest in the property subject to the tenancy outlined.
A purchase at this level would represent a gross yield of 5.94% or net yield of approximately 5.61% after purchaser's costs.
The property is subject to VAT; however, the sale will be treated as a Transfer of a Going Concern (TOGC) for a qualifying purchaser.
A charge is levied by the landlord to cover the costs associated with the upkeep and maintenance of the communal areas.
Each party to bear their own costs incurred in the transaction.
Simon McKeag: 07737 691453
Fraser Mitchell: 01452 300433
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