For Sale Cheltenham - Realla
For Sale Cheltenham
7 and 9 Pittville Street, Cheltenham. For Sale Separately or Together •
Two attractive retail Investments for sale. 7 Pittville Street let to Olive Clothing Limited and 9 Pittville Street let to Slam Trading t/a Socialites.
•
5 year leases (No. 7 from Jan 2017 and No. 9 from July 2016).
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Current rentals No. 7 £30,000 per annum, exclusive and No. 9 £28,000 p.a.x.
•
Prominent town centre location between prime High Street and M&S.
01242 584674
SUBJECT TO CONTRACT
Location Cheltenham is a renowned regency spa town with a population of some 113,000 and an estimated catchment of around 382,000. Cheltenham is a major retailing centre and attracts around 2 million visitors to the shopping and various festivals. The properties are in an excellent location within the town centre between Marks and Spencer and the prime High Street. John Lewis are undertaking a major development in Cheltenham which will consolidate the town`s retail offer. Pittville Street is a strong trading location with other occupiers including Leisure Lakes, Subway, Games Workshop and KFC.
Description Two adjoining, mid-terraced buildings with painted and rendered elevations under pitched, slated roofs. Accommodation is arranged over 4 floors. At No. 7 the ground floor and basement are used for trading, with stock at first floor and a recently refurbished top floor providing staff facilities. No. 9 is used for retail at ground, with basement staff facilities and storage on the upper floors.
Accommodation We calculate the following approximate net internal floor areas: 7 Pittville Street Ground floor sales: Basement sales: First floor stock: Second floor staff:
317 sq ft (29.43 sq m) 294 sq ft (27.3 sq m) 313 sq ft (29.09 sq m) 315 sq ft (29.27 sq m)
Olive Clothing Limited was incorporated in 2013. The business currently trades from Cheltenham with a strong on-line business and plan to open two additional stores during 2017. They are exempt from publishing accounts as a small company but are reported for the financial year to end September 2015 to have cash in the bank of £130,000 and a net worth of -£29,000. We understand they plan to open two additional stores in 2017. 9 Pittville Street is let to Slam Trading Limited who trade at Socialites (www.socialiteszero.com) for 5 years from July 2016 on full repairing and insuring terms at a rental of £28,000 per annum, exclusive. The Lease is excluded from the Security of Tenure Provisions of the Landlord and Tenant Act. The company was incorporated in 2012 and are a major player in the ecigarette sector trading from 67 stores across the UK. Accounts for the 9 months ending December 2015 report a turnover of £4.929M and a profit before tax of £176,647.
The Proposal For each of the properties we are instructed to seek offers based on £375,000 (Three Hundred and Seventy Five Thousand Pounds) subject to contract for the freehold interests. A purchase at this price would show an investor a net initial yield of approximately 7% after deducting purchase costs of 7.5 % for No. 7 and 7% on the same basis for No. 9.
EPC The Properties have ratings of: No. 7 D (93) No. 9 E (111)
9 Pittville Street
Value Added Tax Ground floor sales: Basement staff/store: First floor stock: Second floor stock:
332 sq ft (30.97 sq m) 212 sq ft (19.68 sq m) 299 sq ft (27.78 sq m) 274 sq ft (25.47 sq ft)
Tenancies and Tenant Information 7 Pittville Street is let to Olive Clothing Limited (www.oliveclothing.com) on a full repairing and insuring lease for a term of 5 years from January 2017 at a rental of £30,000 per annum, exclusive, without review. The Lease is excluded from the Security of Tenure Provisions of the Landlord and Tenant Act. Olive have traded from the property since 2010 and
We understand that VAT will be payable on the sale price. The intention would be to sell as a TOGC.
Contact: Oliver Workman/ Richard Crabb Email: [email protected]; [email protected] Tel: 01242 584674 Bevans Chartered Surveyors www.bevanscs.co.uk
Nick Bevan Consulting Limited t/a Bevans Chartered Surveyors for themselves and any of their agents give notice that; a) these particulars are prepared for the convenience of an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error, omission or mis-description shall not annul a sale or lease or be grounds on which compensation may be claimed neither do they constitute part of a contract. All measures are approximate. b) any intending purchaser or tenant must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. Nothing in this information shall be deemed a statement that a property is in good condition or otherwise nor that any services or facilities are in good working order. c) all transactions are subject to contract. d) all text, photographs and plans are for guidance only and must not be relied upon as statements of fact
Olive Clothing ground floor Socialites Ground floor
Olive Clothing basement
Olive Clothing Second floor
Nick Bevan Consulting Limited t/a Bevans Chartered Surveyors for themselves and any of their agents give notice that; a) these particulars are prepared for the convenience of an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error, omission or mis-description shall not annul a sale or lease or be grounds on which compensation may be claimed neither do they constitute part of a contract. All measures are approximate. b) any intending purchaser or tenant must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. Nothing in this information shall be deemed a statement that a property is in good condition or otherwise nor that any services or facilities are in good working order. c) all transactions are subject to contract. d) all text, photographs and plans are for guidance only and must not be relied upon as statements of fact
7 and 9 Pittville Street, Cheltenham. For Sale Separately or Together •
Two attractive retail Investments for sale. 7 Pittville Street let to Olive Clothing Limited and 9 Pittville Street let to Slam Trading t/a Socialites.
•
5 year leases (No. 7 from Jan 2017 and No. 9 from July 2016).
•
Current rentals No. 7 £30,000 per annum, exclusive and No. 9 £28,000 p.a.x.
•
Prominent town centre location between prime High Street and M&S.
01242 584674
SUBJECT TO CONTRACT
Location Cheltenham is a renowned regency spa town with a population of some 113,000 and an estimated catchment of around 382,000. Cheltenham is a major retailing centre and attracts around 2 million visitors to the shopping and various festivals. The properties are in an excellent location within the town centre between Marks and Spencer and the prime High Street. John Lewis are undertaking a major development in Cheltenham which will consolidate the town`s retail offer. Pittville Street is a strong trading location with other occupiers including Leisure Lakes, Subway, Games Workshop and KFC.
Description Two adjoining, mid-terraced buildings with painted and rendered elevations under pitched, slated roofs. Accommodation is arranged over 4 floors. At No. 7 the ground floor and basement are used for trading, with stock at first floor and a recently refurbished top floor providing staff facilities. No. 9 is used for retail at ground, with basement staff facilities and storage on the upper floors.
Accommodation We calculate the following approximate net internal floor areas: 7 Pittville Street Ground floor sales: Basement sales: First floor stock: Second floor staff:
317 sq ft (29.43 sq m) 294 sq ft (27.3 sq m) 313 sq ft (29.09 sq m) 315 sq ft (29.27 sq m)
Olive Clothing Limited was incorporated in 2013. The business currently trades from Cheltenham with a strong on-line business and plan to open two additional stores during 2017. They are exempt from publishing accounts as a small company but are reported for the financial year to end September 2015 to have cash in the bank of £130,000 and a net worth of -£29,000. We understand they plan to open two additional stores in 2017. 9 Pittville Street is let to Slam Trading Limited who trade at Socialites (www.socialiteszero.com) for 5 years from July 2016 on full repairing and insuring terms at a rental of £28,000 per annum, exclusive. The Lease is excluded from the Security of Tenure Provisions of the Landlord and Tenant Act. The company was incorporated in 2012 and are a major player in the ecigarette sector trading from 67 stores across the UK. Accounts for the 9 months ending December 2015 report a turnover of £4.929M and a profit before tax of £176,647.
The Proposal For each of the properties we are instructed to seek offers based on £375,000 (Three Hundred and Seventy Five Thousand Pounds) subject to contract for the freehold interests. A purchase at this price would show an investor a net initial yield of approximately 7% after deducting purchase costs of 7.5 % for No. 7 and 7% on the same basis for No. 9.
EPC The Properties have ratings of: No. 7 D (93) No. 9 E (111)
9 Pittville Street
Value Added Tax Ground floor sales: Basement staff/store: First floor stock: Second floor stock:
332 sq ft (30.97 sq m) 212 sq ft (19.68 sq m) 299 sq ft (27.78 sq m) 274 sq ft (25.47 sq ft)
Tenancies and Tenant Information 7 Pittville Street is let to Olive Clothing Limited (www.oliveclothing.com) on a full repairing and insuring lease for a term of 5 years from January 2017 at a rental of £30,000 per annum, exclusive, without review. The Lease is excluded from the Security of Tenure Provisions of the Landlord and Tenant Act. Olive have traded from the property since 2010 and
We understand that VAT will be payable on the sale price. The intention would be to sell as a TOGC.
Contact: Oliver Workman/ Richard Crabb Email: [email protected]; [email protected] Tel: 01242 584674 Bevans Chartered Surveyors www.bevanscs.co.uk
Nick Bevan Consulting Limited t/a Bevans Chartered Surveyors for themselves and any of their agents give notice that; a) these particulars are prepared for the convenience of an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error, omission or mis-description shall not annul a sale or lease or be grounds on which compensation may be claimed neither do they constitute part of a contract. All measures are approximate. b) any intending purchaser or tenant must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. Nothing in this information shall be deemed a statement that a property is in good condition or otherwise nor that any services or facilities are in good working order. c) all transactions are subject to contract. d) all text, photographs and plans are for guidance only and must not be relied upon as statements of fact
Olive Clothing ground floor Socialites Ground floor
Olive Clothing basement
Olive Clothing Second floor
Nick Bevan Consulting Limited t/a Bevans Chartered Surveyors for themselves and any of their agents give notice that; a) these particulars are prepared for the convenience of an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error, omission or mis-description shall not annul a sale or lease or be grounds on which compensation may be claimed neither do they constitute part of a contract. All measures are approximate. b) any intending purchaser or tenant must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. Nothing in this information shall be deemed a statement that a property is in good condition or otherwise nor that any services or facilities are in good working order. c) all transactions are subject to contract. d) all text, photographs and plans are for guidance only and must not be relied upon as statements of fact
