£4m price tag on Superdry buildings
By Sarah Wood | 19th May 2023
Several buildings belonging to Cheltenham-based fashion brand, Superdry, have gone on the market.
The brand is selling eight units on The Runnings on the Kingsditch Trading Estate for £4,415,000.
The units are for sale through sole agents, KBW Property Consultants in Cheltenham.
Superdry intends to lease back six of the units on a 10-year lease, selling the remaining two with vacant possession, with scope for refurbishment or redevelopment.
The fashion brand proposes to lease back units 2, 3 and 4 Shaftesbury Industrial Estate (The Runnings), its staff café, staff offices and headquarters and part of the former Vibixa site.
Units 1 and 2/3 The Runnings are being offered with vacant possession.
The total area of the site is 1.96 acres (0.79 hectares), with a total floor area of approximately 46,440 sq ft (4,314 sq m).
The site as a whole is expected to earn rent of £248,443 per year, reflecting an average rent of £7.50 per sq ft.
Purchasers can expect a net initial yield of 6.9% from the site when fully let, and a capital value of £95 per sq ft, allowing for purchaser's costs at 6.56%.
The units are a combination of terraced, semi-detached and detached buildings of mostly steel portal frame construction, with a combination of brick and clad elevations.
Superdry has upgraded the buildings to provide more office and creative studio space, along with storage accommodation.
Some of the buildings are currently interconnected, with the majority having their own kitchen and WC facilities. All buildings have their own parking and loading facilities.
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