Unit 5 Tewkesbury Road Cheltenham GL51 9AD
kbw
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
For Sale
964.61 sq m (10,383 sq ft)
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw Location Cheltenham is a large spa town on the edge of the Cotswolds approximately 50 miles south of Birmingham, 40 miles north east of Bristol and 9 miles north east of Gloucester. The town is a major commercial centre with good transport connections to the Midlands and the south west with junctions 10 and 11 of the M5 motorway located approximately 4 miles to the west of the
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary town centre. The A417/9 provides good access to the M4 Motorway and London and regular train services to London Paddington, Birmingham and Bristol are provided from Cheltenham Spa railway station. Unit 5 Tewkesbury Road is located approximately 1 mile north west of the town centre on a main arterial route within an established out of town retail location. Nearby occupiers include The Range, Original Style and Kwik Fit with
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
Accommodation The approximate gross internal floor area is 964.61 sq m (10,383 sq ft) Cheltenham’s main out of town retail parks, Tesco superstore and various car dealerships in close proximity.
Description The unit is of steel portal frame construction with brick and block work
elevations at low level with profile steel cladding above underneath a lined and insulated pitched roof incorporating translucent panels. Having secured planning consent (16/00398/ COU) for use as an indoor trampoline park (Class D2) with ancillary cafeteria
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw
(Class A3), the Tenant has undertaken a substantial refurbishment and fit out of the unit.
Tenancy Let to Jumpstar (Cheltenham) Limited for a term of 10 years from
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
8th July 2016 subject to upward only open market rent review and Tenant only break option, both on the 5th anniversary of the term. Tenant break option is subject to serving no less than 6 months prior written notice. The annual rent is as follows:
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
Year 1 £110,000 exclusive Year 2 £115,000 exclusive Year 3 £120,000 exclusive Year 4 £125,000 exclusive Year 5 £130,000 exclusive
per annum per annum per annum per annum per annum
The Tenant is currently benefitting from a period of half rent until 7th October 2017, which the vendor will top up on completion. The Tenant has paid a deposit of £120,000 including VAT. £40,000 is to be released from the
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw deposit in the event that the Tenant’s net trading profits exceed 3 times the annual rent for a consecutive period of 3 years at any point during the lease term. The lease is drawn on full repairing and insuring terms with the Tenant’s reinstatement obligations limited by reference to a Schedule of Condition.
Covenant Jumpstar (Cheltenham) Limited (company registration number 9810887) registered at 475 Tyburn Road, Birmingham, B24 8DX.
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
Price £1,430,000 for the freehold interest with the benefit of the lease to Jumpstar (Cheltenham) Limited which represents an initial yield of 7.31% and a reversionary yield of 8.57%, after purchasers costs of 6.07%.
Rates
The above information was obtained from the Valuation Office website. Interested parties should make their own enquiries of the billing authority (Cheltenham Borough Council) to verify the current rates payable.
Legal Costs Each party to bear its own legal costs in connection with the transaction.
EPC The property has an energy rating of 62 (pre fit out). A copy of the Energy Performance Certificate can be made available on request.
Viewing
2010 Rateable Value £130,000*
VAT
*2017 Draft Valuation is also £130,000 however includes a mezzanine floor which has been reconfigured as part of the new Tenant’s fit out.
We are advised that VAT will be payable on the purchase price and any other charges and payments detailed. All figures quoted are exclusive of VAT (unless stated) and purchasers
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
must satisfy themselves as to the VAT position by taking appropriate professional advice
By prior appointment with the sole agent KBW.
Ref 601130
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
For Sale
964.61 sq m (10,383 sq ft)
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw Location Cheltenham is a large spa town on the edge of the Cotswolds approximately 50 miles south of Birmingham, 40 miles north east of Bristol and 9 miles north east of Gloucester. The town is a major commercial centre with good transport connections to the Midlands and the south west with junctions 10 and 11 of the M5 motorway located approximately 4 miles to the west of the
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary town centre. The A417/9 provides good access to the M4 Motorway and London and regular train services to London Paddington, Birmingham and Bristol are provided from Cheltenham Spa railway station. Unit 5 Tewkesbury Road is located approximately 1 mile north west of the town centre on a main arterial route within an established out of town retail location. Nearby occupiers include The Range, Original Style and Kwik Fit with
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
Accommodation The approximate gross internal floor area is 964.61 sq m (10,383 sq ft) Cheltenham’s main out of town retail parks, Tesco superstore and various car dealerships in close proximity.
Description The unit is of steel portal frame construction with brick and block work
elevations at low level with profile steel cladding above underneath a lined and insulated pitched roof incorporating translucent panels. Having secured planning consent (16/00398/ COU) for use as an indoor trampoline park (Class D2) with ancillary cafeteria
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw
(Class A3), the Tenant has undertaken a substantial refurbishment and fit out of the unit.
Tenancy Let to Jumpstar (Cheltenham) Limited for a term of 10 years from
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
8th July 2016 subject to upward only open market rent review and Tenant only break option, both on the 5th anniversary of the term. Tenant break option is subject to serving no less than 6 months prior written notice. The annual rent is as follows:
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
Year 1 £110,000 exclusive Year 2 £115,000 exclusive Year 3 £120,000 exclusive Year 4 £125,000 exclusive Year 5 £130,000 exclusive
per annum per annum per annum per annum per annum
The Tenant is currently benefitting from a period of half rent until 7th October 2017, which the vendor will top up on completion. The Tenant has paid a deposit of £120,000 including VAT. £40,000 is to be released from the
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
kbw deposit in the event that the Tenant’s net trading profits exceed 3 times the annual rent for a consecutive period of 3 years at any point during the lease term. The lease is drawn on full repairing and insuring terms with the Tenant’s reinstatement obligations limited by reference to a Schedule of Condition.
Covenant Jumpstar (Cheltenham) Limited (company registration number 9810887) registered at 475 Tyburn Road, Birmingham, B24 8DX.
Unit 5 Tewkesbury Road Cheltenham GL51 9AD
• Freehold leisure investment • Prominent roadside unit let to Jumpstar (Cheltenham) Ltd • 10 year lease from 8th July 2016 subject to Tenant break option and rent review on 5th anniversary
Price £1,430,000 for the freehold interest with the benefit of the lease to Jumpstar (Cheltenham) Limited which represents an initial yield of 7.31% and a reversionary yield of 8.57%, after purchasers costs of 6.07%.
Rates
The above information was obtained from the Valuation Office website. Interested parties should make their own enquiries of the billing authority (Cheltenham Borough Council) to verify the current rates payable.
Legal Costs Each party to bear its own legal costs in connection with the transaction.
EPC The property has an energy rating of 62 (pre fit out). A copy of the Energy Performance Certificate can be made available on request.
Viewing
2010 Rateable Value £130,000*
VAT
*2017 Draft Valuation is also £130,000 however includes a mezzanine floor which has been reconfigured as part of the new Tenant’s fit out.
We are advised that VAT will be payable on the purchase price and any other charges and payments detailed. All figures quoted are exclusive of VAT (unless stated) and purchasers
Disclaimer: KBW Chartered Surveyors for themselves and for the clients of this property for whom they represent give notice that: a) the particulars are for guidance only and do not constitute an offer or contract. b) all descriptions, dimensions, areas, comments on condition and references to planning consents and permitted uses, and other details referred to are given without responsibility and intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to their correctness by inspection or otherwise. c) no person employed by KBW Chartered Surveyors has any authority to make any representation of warranty whatsoever in relation to this property.
must satisfy themselves as to the VAT position by taking appropriate professional advice
By prior appointment with the sole agent KBW.
Ref 601130
T. 01242 244744 E. [email protected] W. www.kbw.co.uk
