Eastgate Street, Gloucester AWS
RETAIL INVESTMENT OPPORTUNITY FOR SALE
Eastgate Street, Gloucester Income Producing Ground Floor Retail Property 60 Eastgate Street Gloucester Approximately 665 sq ft (61.8 sq m)
Prominent trading location. Within close proximity to prime retail pitch, bus and train stations. Attractive net initial yield of approx. 8%
60 Eastgate Street, Gloucester Location
Description
Legal Costs
The property is located on Eastgate Street in close proximity to the city’s prime retail pitch as well as the bus and train station.
The property comprises of the ground floor of an end terraced building which has been converted internally specifically for a fast food takeaway outlet.
Each party is to be responsible for their own legal costs incurred in the transaction.
The Inner Ring Road is also close, which provides access to Junctions 11A and 12 of the M5 Motorway (approximately 4 miles via the A4302 and A417).
The property also benefits from a rear yard and separate stores/office building. Accommodation
Services We are advised that mains water, drainage, electricity are connected to the premises and confirm that we have not tested any of the service installations and any occupier must satisfy themselves independently as to the state and condition of such items.
Area
Sq ft
Sq m
Retail
382
35.5
Business Rates
Stores
283
26.3
Total
665
61.8
Interested parties should make their own enquiries to Tewkesbury Borough Council to ascertain the exact rates payable as a change in occupation may trigger an adjustment of the ratings assessment.
All measurements are approximate Net Internal Areas measured in accordance with the RICS Code of Measuring Practice 6th Edition. Proposal The long leasehold interest of the property is offered for sale with the benefit of a lease to the current occupying tenant. The occupying tenant holds a 10 year lease from November 2016 with a tenant’s option to break after the third anniversary of the term, currently paying £13,000 per annum with a rent review in November 2019, and thereafter every three years. Price £160,000 exclusive. A purchase at this price would reflect a net initial yield of 7.97%.
The rates payable may be affected by transitional relief and we recommend enquiries are made to the Local Billing Authority. Energy Performance Certificate Awaiting EPC.
60 Eastgate Street, Gloucester The Code for Leasing Business Premises in England and Wales 2007 Please see www.leasingbusinesspremises.co.uk.
Viewing Arrangements For further information or to arrange an inspection, please contact the agents.
Asbestos Regulations It is the responsibility of the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining it to comply with the Control of Asbestos Regulations 2012 (CAR 2012). The detection of asbestos and asbestos-related compounds is beyond the scope of Alder King and accordingly we recommend you obtain advice from a specialist source. VAT Under the Finance Acts 1989 and 1997, VAT may be levied on the Rent/Sale price. We recommend that the prospective tenants/purchasers establish the implications before entering into any agreement.
Alder King Property Consultants Brunswick House Gloucester Business Park Gloucester GL3 4AA
www.alderking.com John Hawkins
Vicki Grimshaw
01452 627135
01452 627131
[email protected]
[email protected]
Subject to Contract Alder King LLP is a Limited Liability Partnership registered in England and Wales. No OC306796. Registered Office: Pembroke House, 15 Pembroke Road, Clifton, Bristol, BS8 3BA. A list of all Members is available at the registered office. Important Notice These particulars do not constitute any offer of contract and although they are believed to be correct, their accuracy cannot be guaranteed and they are expressly excluded from any contract.
Ref: JH/N84965 Date: January 2017
Eastgate Street, Gloucester Income Producing Ground Floor Retail Property 60 Eastgate Street Gloucester Approximately 665 sq ft (61.8 sq m)
Prominent trading location. Within close proximity to prime retail pitch, bus and train stations. Attractive net initial yield of approx. 8%
60 Eastgate Street, Gloucester Location
Description
Legal Costs
The property is located on Eastgate Street in close proximity to the city’s prime retail pitch as well as the bus and train station.
The property comprises of the ground floor of an end terraced building which has been converted internally specifically for a fast food takeaway outlet.
Each party is to be responsible for their own legal costs incurred in the transaction.
The Inner Ring Road is also close, which provides access to Junctions 11A and 12 of the M5 Motorway (approximately 4 miles via the A4302 and A417).
The property also benefits from a rear yard and separate stores/office building. Accommodation
Services We are advised that mains water, drainage, electricity are connected to the premises and confirm that we have not tested any of the service installations and any occupier must satisfy themselves independently as to the state and condition of such items.
Area
Sq ft
Sq m
Retail
382
35.5
Business Rates
Stores
283
26.3
Total
665
61.8
Interested parties should make their own enquiries to Tewkesbury Borough Council to ascertain the exact rates payable as a change in occupation may trigger an adjustment of the ratings assessment.
All measurements are approximate Net Internal Areas measured in accordance with the RICS Code of Measuring Practice 6th Edition. Proposal The long leasehold interest of the property is offered for sale with the benefit of a lease to the current occupying tenant. The occupying tenant holds a 10 year lease from November 2016 with a tenant’s option to break after the third anniversary of the term, currently paying £13,000 per annum with a rent review in November 2019, and thereafter every three years. Price £160,000 exclusive. A purchase at this price would reflect a net initial yield of 7.97%.
The rates payable may be affected by transitional relief and we recommend enquiries are made to the Local Billing Authority. Energy Performance Certificate Awaiting EPC.
60 Eastgate Street, Gloucester The Code for Leasing Business Premises in England and Wales 2007 Please see www.leasingbusinesspremises.co.uk.
Viewing Arrangements For further information or to arrange an inspection, please contact the agents.
Asbestos Regulations It is the responsibility of the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining it to comply with the Control of Asbestos Regulations 2012 (CAR 2012). The detection of asbestos and asbestos-related compounds is beyond the scope of Alder King and accordingly we recommend you obtain advice from a specialist source. VAT Under the Finance Acts 1989 and 1997, VAT may be levied on the Rent/Sale price. We recommend that the prospective tenants/purchasers establish the implications before entering into any agreement.
Alder King Property Consultants Brunswick House Gloucester Business Park Gloucester GL3 4AA
www.alderking.com John Hawkins
Vicki Grimshaw
01452 627135
01452 627131
[email protected]
[email protected]
Subject to Contract Alder King LLP is a Limited Liability Partnership registered in England and Wales. No OC306796. Registered Office: Pembroke House, 15 Pembroke Road, Clifton, Bristol, BS8 3BA. A list of all Members is available at the registered office. Important Notice These particulars do not constitute any offer of contract and although they are believed to be correct, their accuracy cannot be guaranteed and they are expressly excluded from any contract.
Ref: JH/N84965 Date: January 2017
