Green and Partners advised Alterity Investments in the acquisition of two high street assets, located in heart of Cheltenham, an affluent and attractive Cotswold spa town.
80, 82 and 82A Promenade, Cheltenham
The property comprises three shops housed within three of the town’s famous Regency houses. The units are let to Maythers Cards, a privately owned stationery business with shops in five locations throughout the UK; Toast Ladieswear, a fully owned by French Connection clothes and homeware shop and a third store occupied by Castle Fine Art, one of the leading high street art galleries trading from over 36 stores.
The parade was purchased at an auction for £4.35 million reflecting a NIY of 6.52%.
84 Promenade, Cheltenham
The property comprises an attractive, mid-terraced, period building which has a Grade II Listed status. It is arranged over five levels, providing accommodation at basement, ground and first to third floor levels. The total area of the unit is approximately 355.38 sq m (3,825 sq ft).
The property is entirely let to The White Company, a homewares and fashion retailer, trading from 57 UK outlets, including concessions in the likes of Harrods
and Selfridges department stores in London. The company also has an international presence, with stores in Ireland (Kildare Village) and in the USA; Fifth Avenue, New York City and The Mall at Short Hills, New Jersey.
The transaction reflected £3.35 million at a NIY of 4.30%.
For more information please get in touch with Ed Smith or Patrick Over.