Cheltenham - 20/22 Promenade
The Regency Spa town of Cheltenham is a strong retail and tourist destination and regarded as the ‘Gateway to the Cotswolds’. The town is situated approximately 100 miles west of London, 40 miles north of Bristol and 9 miles east of Gloucester. Cheltenham serves an extensive primary catchment area and dominates the retail provision in the region.
The town benefits from excellent transport links. By road, junctions 10 and 11 of the M5 motorway, lie circa 3.5 miles north west and west of the town centre, providing direct access to Birmingham, Bristol and the rest of the UK’s motorway network. By rail, Cheltenham Spa train station provides regular services to London Paddington, with a journey time of circa 2 hours. Regular services also operate to Bristol, Birmingham, Manchester, Newcastle and Glasgow.
The subject property occupies a prime location just off the pedestrianised section of Promenade. The other main retail and leisure provision is on High Street, Regent Arcade and The Brewery Quarter, all within a short walk of the property.
Key retailers in the immediate vicinity include Costa, T.M Lewin, Fat Face, Oliver Bonas, Hobbs, Hotter, Jigsaw,
Primark, Caffe Nero and Starbucks.
The premises form two self-contained units arranged on ground, basement, first and second floors and housed
within a period building. The property is Grade II listed and forms part of the Cheltenham Central Conservation Area.
The entire property is let to Coventry Building Society on a 10 year Full Repairing and Insuring lease from 16th January 2017 expiring 15th January 2027. There is a tenant only break option on the 16th January 2022 and a rent review on the same date.
Coventry Building Society have sub-let part to Carron Mann Ltd t/a Promenade Antiques on a lease expiring 14th January 2027 at a sub-rent of £9,660 pax. The sub-rent is due to increase by 10.5% of any uplift in the head rent.
Current Rent PAX
The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).
£1,650,000 (Subject to Contract and exclusive of VAT )
MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.