80, 82 and 82A Promenade Cheltenham Gloucestershire GL50 1NB

80, 82 and 82A Promenade
Cheltenham
Gloucestershire
GL50 1NB

Prime Freehold Retail Parade Investment

Three shops situated on Cheltenham’s most exclusive shopping thoroughfare
Located in heart of Cheltenham, an affluent and attractive Cotswold spa town
Nearby occupiers include Molton Brown, Reiss, Hobbs, GAP, White Company, Jack Wills, Jo Malone and Karen Millen

Lot
15
Auction
7th December 2017
Rent
£302,200 per Annum Exclusive
Status
Sold
Price
£4,350,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Barts Charity

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Prime Freehold Retail Parade Investment

Three shops situated on Cheltenham’s most exclusive shopping thoroughfare
Located in heart of Cheltenham, an affluent and attractive Cotswold spa town
Nearby occupiers include Molton Brown, Reiss, Hobbs, GAP, White Company, Jack Wills, Jo Malone and Karen Millen

Lot 15
Auction 7th December 2017
Rent £302,200 per Annum Exclusive
Status Sold
Price £4,350,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Barts Charity

Property Information

Location

Miles: 8 miles north-east of Gloucester
Roads: M5, A40, A4019
Rail: Cheltenham Spa Rail
Air: Bristol Airport, Birmingham Airport

Situation

Cheltenham is an affluent and attractive Cotswold spa town situated some 8 miles north-east of Gloucester. The property is situated in an excellent trading position on the eastern side of Promenade, Cheltenham’s most exclusive shopping thoroughfare. Regent Arcade Shopping Centre is located to the rear of the property with other nearby occupiers including Molton Brown, The White Company, Jack Wills, Jo Malone, Karen Millen, Russell and Bromley, Reiss and Cavendish House Department Store (House of Fraser). John Lewis is due to open in the town in 2018 adding further to its strong retailing experience.

Tenure

Freehold.

Location

Miles: 8 miles north-east of Gloucester
Roads: M5, A40, A4019
Rail: Cheltenham Spa Rail
Air: Bristol Airport, Birmingham Airport

Situation

Tenure

Freehold.

Description

The property comprises three shops housed within three of the town’s famous Regency houses. No. 80 comprises ground floor retail/ancillary accommodation with further ancillary accommodation on first and second floors. No. 82 comprises retail accommodation on lower ground, ground and upper ground with first floor ancillary accommodation. No. 82A comprises retail accommodation on ground, lower ground and upper ground with ancillary accommodation on mezzanine, first and second floors.

NB: VAT is applicable to 82A Promenade only.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reversion
80	Ground First Second	Retail/Ancillary Ancillary Ancillary	114.36 sq m 77.11 sq m 18.67 sq m	(1,231 sq ft) (830 sq ft) (201 sq ft)	INDIVIDUAL t/a Mayther Cards (1)	Approx 15 years 6 months from 21/12/2006	£154,500 (increased at Dec 2016 rent review)	23/06/2022
82	Ground Lower Ground Upper Ground First	Retail Retail Retail Ancillary	19.88 sq m 34.37 sq m 25.36 sq m 47.01 sq m	(214 sq ft) (370 sq ft) (273 sq ft) (506 sq ft)	TOAST (MAIL ORDER) LIMITED (2) t/a Toast Ladieswear	10 years from 30/11/2009	£72,700 (increased at Nov 2014 rent review)	29/11/2019
82A	Ground Lower Ground Upper Ground Mezzanine First Second	Retail Retail/Ancillary Retail Ancillary Ancillary Ancillary	13.56 sq m 58.25 sq m 49.33 sq m 1.95 sq m 58.34 sq m 62.52 sq m	(146 sq ft) (627 sq ft) (531 sq ft) (21 sq ft) (628 sq ft) (673 sq ft)	THE HALCYON GALLERY LIMITED (3) with guarantees (4) t/a Castle Fine Art (5)	15 years from 31/01/2006	£75,000 (increased at January 2016 rent review)	30/01/2021
Totals (6)			580.71 sq m	(6,251 sq ft)			£302,200

(1) Mayther Cards is a privately owned business with branches in Bath, Marlow, Henley, Central London, Marlborough and Cheltenham.
(2) For the year ending 31st January 2017, Toast (Mail Order) Limited reported a turnover of £16,724,000, pre-tax profits of £1,078,000 and a total net worth of £3,389,000 (Source: Experian 30/10/2017). Go to www. toa.st/uk
(3) For the year ending 30th April 2016, The Halcyon Gallery Limited reported a turnover of £61,994,502, pre-tax profits of £2,032,340 and a total net worth of £14,910,375 (Source: Experian 30/10/2017).
(4) The lease is guaranteed by Halcyon Fine Art Group Holdings Limited and Coast Retail Limited is also liable by way of an Authorised Guarantee Agreement.
(5) Castle Galleries is part of the Halcyon Group, one of the largest and most prestigious art groups in the world. With a current estate of 36 galleries, Castle Galleries is the UK’s leading group of high street art galleries (Source: www.castlegalleries.com 06/11/2017).
(6) The floor areas stated above have been agreed at a previous review.