For Sale Cheltenham - Realla
For Sale Cheltenham
Ground Floor, 8-14 Portland Street, Cheltenham. Approx 3,595 sq ft (334.0 sq m)
Retail Investment for sale let to Feather & Black with guarantor from Wade Group Limited
New 10 year lease without break
Current rental £60,000 per annum, exclusive
Prominent town centre location close to major developments
Property Benefits from share transfer sale
01242 584674
SUBJECT TO CONTRACT
Location
Tenant & Covenant Information
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 tenant is Feather & Black Limited who retail beds, furniture, bedding and accessories and have traded successfully elsewhere in Cheltenham for many years and currently operate from 26 sites around the UK.
The property is in an excellent location within the town centre, with an extensive frontage to Portland Street. The north side of Cheltenham town centre is undergoing significant development with nearby leisure and residential schemes nearing completion and further schemes proposed.
Feather & Black are part of Wade Group Limited who are providing a guarantee for the first five of the lease and the latest published accounts for the year ending 2015 show a turnover of £54.778M and a gross profit of £29.282M (loss before tax £1.204). Net current assets were reported as £3.173M and net assets at £11.385M.
The Proposal A location plan is attached for identification purposes only.
Description The property was built in around 1993 with a selfcontained ground floor retail showroom and separate residential accommodation above which is not part of this sale. The retail unit has an attractive frontage and has been let to Bathroom Village who are re-locating in March 2017 when Feather & Black take occupation.
Accommodation We calculate the following approximate net internal areas accommodation and dimensions: Gross/Net Frontage: Shop Depth: Ground floor area:
81`10” (24.95m) 50`5” (15.50m 3,595 sq ft (334 sq m)
Tenancy The property is pre-let on a new, effectively full repairing and insuring lease for a term of 10 years from 15th March 2017 with a 5 year upwards only rent review. There are no breaks. For the first 5 years of the lease there is a guarantee provided by Wade Group Limited.
We are instructed to seek offers based on £800,000 (Eight Hundred Thousand Pounds) subject to contract for our client`s long leasehold interest. A purchase at this price would show an investor a net initial yield of approximately 7%. Our client is able to offer a sale of the property through a share sale of the UK company which holds the investment. We understand that Stamp Duty on this sale would be levied at 0.5% on the transfer value rather than commercial property rates. Please enquire for more information.
EPC The Property has a rating of C-56.
Value Added Tax We understand that VAT would not be payable as this sale is 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
Ground Floor, 8-14 Portland Street, Cheltenham. Approx 3,595 sq ft (334.0 sq m)
Retail Investment for sale let to Feather & Black with guarantor from Wade Group Limited
New 10 year lease without break
Current rental £60,000 per annum, exclusive
Prominent town centre location close to major developments
Property Benefits from share transfer sale
01242 584674
SUBJECT TO CONTRACT
Location
Tenant & Covenant Information
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 tenant is Feather & Black Limited who retail beds, furniture, bedding and accessories and have traded successfully elsewhere in Cheltenham for many years and currently operate from 26 sites around the UK.
The property is in an excellent location within the town centre, with an extensive frontage to Portland Street. The north side of Cheltenham town centre is undergoing significant development with nearby leisure and residential schemes nearing completion and further schemes proposed.
Feather & Black are part of Wade Group Limited who are providing a guarantee for the first five of the lease and the latest published accounts for the year ending 2015 show a turnover of £54.778M and a gross profit of £29.282M (loss before tax £1.204). Net current assets were reported as £3.173M and net assets at £11.385M.
The Proposal A location plan is attached for identification purposes only.
Description The property was built in around 1993 with a selfcontained ground floor retail showroom and separate residential accommodation above which is not part of this sale. The retail unit has an attractive frontage and has been let to Bathroom Village who are re-locating in March 2017 when Feather & Black take occupation.
Accommodation We calculate the following approximate net internal areas accommodation and dimensions: Gross/Net Frontage: Shop Depth: Ground floor area:
81`10” (24.95m) 50`5” (15.50m 3,595 sq ft (334 sq m)
Tenancy The property is pre-let on a new, effectively full repairing and insuring lease for a term of 10 years from 15th March 2017 with a 5 year upwards only rent review. There are no breaks. For the first 5 years of the lease there is a guarantee provided by Wade Group Limited.
We are instructed to seek offers based on £800,000 (Eight Hundred Thousand Pounds) subject to contract for our client`s long leasehold interest. A purchase at this price would show an investor a net initial yield of approximately 7%. Our client is able to offer a sale of the property through a share sale of the UK company which holds the investment. We understand that Stamp Duty on this sale would be levied at 0.5% on the transfer value rather than commercial property rates. Please enquire for more information.
EPC The Property has a rating of C-56.
Value Added Tax We understand that VAT would not be payable as this sale is 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
