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Gloucestershire Business News

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.

TENANCY

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.

Location:

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.

Accommodation:

The total approximate net Internal area is 368 sq m (3,961 sq ft).

Rates:

The Rateable Value currently appearing on the Valuation Office Agency website is £47,250.

Planning:

The property has been used as a convenience store which falls withink Class E (previously Class A1) of the Use Classes Order 1987.

Terms:

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.

Price:

£800,000

VAT:

The property is subject to VAT; however, the sale will be treated as a Transfer of a Going Concern (TOGC) for a qualifying purchaser.

Service charges:

A charge is levied by the landlord to cover the costs associated with the upkeep and maintenance of the communal areas.

Legal costs:

Each party to bear their own costs incurred in the transaction.

Contact:

Ash & Co 

Simon McKeag: 07737 691453

Fraser Mitchell: 01452 300433

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