Let to Pearson Professional Assessments Limited (t/a Cheltenham Theory Test Centre)
10 year lease renewal March 2020 (no breaks)
Tenant in occupation since 2015
Popular and attractive Regency Spa Town
Lot 31
Auction 16th June 2021
Rent £21,500 per Annum Exclusive
Status Sold
Price £270,000
Sector Office
Auction Venue Live Streamed Auction
Property Information
Location
Miles
9 miles north-east of Gloucester
27 miles south of Worcester
Roads
A40, M5 (J11)
Rail
Cheltenham
Air
Gloucester Airport
Situation
Cheltenham is a large and historic Spa Town on the edge of the Cotswolds approximately 9 miles north-east of Gloucester and 27 miles south of Worcester. The property is situated in a prominent position on the north side of Albion Street, at its junction with Albion Place, and close to Portland Street just to the north of High Street and a short walk to Cheltenham's main shopping facilities. Nearby occupiers include Turtle Bay, Subway, KFC, Papa John's and a number of independent shops.
Tenure
Long Leasehold. for a term of 999 years from completion at a peppercorn.
Location
Miles
9 miles north-east of Gloucester
27 miles south of Worcester
Roads
A40, M5 (J11)
Rail
Cheltenham
Air
Gloucester Airport
Situation
Cheltenham is a large and historic Spa Town on the edge of the Cotswolds approximately 9 miles north-east of Gloucester and 27 miles south of Worcester. The property is situated in a prominent position on the north side of Albion Street, at its junction with Albion Place, and close to Portland Street just to the north of High Street and a short walk to Cheltenham's main shopping facilities. Nearby occupiers include Turtle Bay, Subway, KFC, Papa John's and a number of independent shops.
Tenure
Long Leasehold. for a term of 999 years from completion at a peppercorn.
Description
The property comprises a ground floor test centre/office with two entrances onto Albion Street. The property, which was built in 2012 is used as a theory test centre for car, motorcycle and HGV/LGV candidates. The property forms part of a larger building which is not included in the sale.
VAT
VAT is applicable to this lot.
EPC
D. See legal pack at www.acuitus.co.uk.
Description
The property comprises a ground floor test centre/office with two entrances onto Albion Street. The property, which was built in 2012 is used as a theory test centre for car, motorcycle and HGV/LGV candidates. The property forms part of a larger building which is not included in the sale.
VAT
VAT is applicable to this lot.
EPC
D. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Office
133.41 sq m
(1,436 sq ft)
PEARSON PROFESSIONAL ASSESSMENTS LIMITED (1)
10 years from 11/03/2020 until 10/03/2030 on an effectively full repairing and insuring lease
£21,500
11/03/2025 (2)
Total
133.41 sq m
(1,436 sq ft)
£21,500
(1) For the year ending 31/12/2019, Pearson Professional Assessments Limited reported a turnover of £63,655,000, pre-tax profits of £8,083,000 and a total net worth of £11,882,000 (NorthRow 06/05/2021). Pearson is a well established education provider, with more than 20,000 employees that deliver products and services in nearly 200 countries (www.pearson.com). (2) Rent reviewed to the higher of open market or RPI.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
