Land at rear of Space Business Centre Tewkesbury Road Cheltenham Gloucestershire GL51 9FL

Land at rear of Space Business Centre
Tewkesbury Road
Cheltenham
Gloucestershire
GL51 9FL

Freehold Car Park Investment

Let to Listers Group Limited until 2028 (2)
Fixed rental increases with the rent rising to £22,000 p.a.x by January 2022
Located adjacent to Cheltenham Space Business Centre in an established industrial location
Comprises approximately 0.52 acres (0.21 hectares)

Lot
87
Auction
24th May 2018
Rent
£22,000 per Annum Exclusive
Status
Sold
Price
£285,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Car Park Investment

Let to Listers Group Limited until 2028 (2)
Fixed rental increases with the rent rising to £22,000 p.a.x by January 2022
Located adjacent to Cheltenham Space Business Centre in an established industrial location
Comprises approximately 0.52 acres (0.21 hectares)

Lot 87
Auction 24th May 2018
Rent £22,000 per Annum Exclusive
Status Sold
Price £285,000
Sector
Other
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 1.3 miles north-west of Cheltenham town centre,; 8 miles north-east of Gloucester
Roads: A40, M5 (Junction 11)
Rail: Cheltenham Spa
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 a predominantly industrial location off the A4019, 1.3 miles north of Cheltenham town centre. The site is adjacent to the Cheltenham Space Business Centre, which comprises approximately 29,000 sq ft of office and light industrial space. Other nearby occupiers include Kwik Fit, The Range and American Golf.

Tenure

Freehold.

Location

Miles: 1.3 miles north-west of Cheltenham town centre,; 8 miles north-east of Gloucester
Roads: A40, M5 (Junction 11)
Rail: Cheltenham Spa
Air: Bristol Airport, Birmingham Airport

Situation

Tenure

Freehold.

Description

The property comprises a flat site of approximately 0.52 acres (0.21 hectares), which is currently used for car parking.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

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

Description

The property comprises a flat site of approximately 0.52 acres (0.21 hectares), which is currently used for car parking.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

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

Tenancy & Accommodation

Use	Site Area	Tenant	Term	Rent p.a.x	Reviews
Car Park	0.5 acres (0.2 hectares)	LISTERS GROUP LIMITED (1)	10 years from 18/01/2018 until 17/01/2028 (2)	£22,000 (3)	18/01/2023 (3)
Total				£22,000 (3)

(1) For the year ending 31st March 2017, Listers Group Limited reported a turnover of £1,225,996,000, pre-tax profits of £16,027,000 and a total net worth of £70,543,000 (Source: Experian Group 17/04/2018). Listers was established 35 years ago and is now one of the largest privately- and family-owned automotive groups in the UK (Source: www.listers.co.uk 17/04/2018). Listers occupy a car showroom nearby on Tewksbury Road and use this site for vehicle storage.
(2) The lease provides a tenant option to determine in the instance that the circumstances outlined in clause 28 of the lease are met. Please refer to the legal pack for further information.
(3) For the purposes of clarification, the current rent is £18,000 p.a.x. The lease provides fixed rental increases to £19,000 on 18/01/2019, £20,000 on 18/01/2020, £21,000 on 18/01/2021 and £22,000 on 18/01/2022. The seller has agreed to adjust the completion monies so that the unit will effectively produce £22,000 p.a.x. from completion of the sale.