Prominent frontage on Ormond Place and Regent Street
Located in the centre of this affluent Cotswold Spa Town
Nearby occupiers include Molton Brown, Jo Malone, The White Company, TK Maxx and Dubarry
Lot 18
Auction 21st September 2023
Rent £148,840 per Annum Exclusive
Status Sold
Price £1,500,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
8 miles north-east of Gloucester
Roads
M5, A40, A4019
Rail
Cheltenham Spa Railway Station
Air
Bristol Airport, Birmingham Airport
Situation
Cheltenham is a large and historic Spa Town on the edge of the Cotswolds approximately 8 miles north east of Gloucester and 35 miles north east of Bristol. The property is well positioned in the heart of Cheltenham's busy and attractive centre. The property is situated on Ormond Place, running between The Promenade and Regent Street. Nearby occupiers include Molton Brown, Jo Malone, The White Company, TK Maxx, Dubarry and many more national and luxury retailers.
Tenure
Freehold.
Location
Miles
8 miles north-east of Gloucester
Roads
M5, A40, A4019
Rail
Cheltenham Spa Railway Station
Air
Bristol Airport, Birmingham Airport
Situation
Cheltenham is a large and historic Spa Town on the edge of the Cotswolds approximately 8 miles north east of Gloucester and 35 miles north east of Bristol. The property is well positioned in the heart of Cheltenham's busy and attractive centre. The property is situated on Ormond Place, running between The Promenade and Regent Street. Nearby occupiers include Molton Brown, Jo Malone, The White Company, TK Maxx, Dubarry and many more national and luxury retailers.
Tenure
Freehold.
Description
The property, a highly attractive corner parade with frontages onto Ormond Place and Regent Street. It is currently arranged to provide four shops and two flats. The property comprises 1-3 Ormond Place, which is let to Toni & Guy on part ground and part first floors and Society Cafe occupying the remainder of the ground and first floors with basement ancillary accommodation, together with two flats on the second floor, and 2 Ormond Place, which is let to Lily Gins, providing ground and first floor retail accommodation, and The Regency Tea Rooms with ground, basement and first floor accommodation.
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, a highly attractive corner parade with frontages onto Ormond Place and Regent Street. It is currently arranged to provide four shops and two flats. The property comprises 1-3 Ormond Place, which is let to Toni & Guy on part ground and part first floors and Society Cafe occupying the remainder of the ground and first floors with basement ancillary accommodation, together with two flats on the second floor, and 2 Ormond Place, which is let to Lily Gins, providing ground and first floor retail accommodation, and The Regency Tea Rooms with ground, basement and first floor accommodation.
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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Unit 1 Ormond Place
Ground First
Retail Retail/Ancillary
100.45 78.75
(1,081) (847)
TONI & GUY (SOUTH) LTD (1)
10 year reversionary lease expiring 03/10/2032 (2)
£40,000
04/10/2027
Unit 2 Ormond Place
Ground Basement First
Retail Ancillary Retail/Ancillary
141.52 37.32 88.70
(1,523) (401) (954)
SOCIETY CAFE LTD (3)
10 years from 22/09/2022 expiring 21/09/2032 (4)
£57,500
22/09/2027
Unit 2a Ormond Terrace
Ground First
Retail Retail/Ancillary
39.39 33.81
(424) (364)
INDIVIDUAL t/a Lily Gins (5)
10 years from 17/03/2021 (6)
£17,500
17/03/2026
3 Ormond Terrace
Ground Basement First
Retail Ancillary Retail/Ancillary
25.60 36.40 41.00
(275) (391) (441)
INDIVIDUAL t/a The Regency Tea Rooms (7)
15 years from 05/07/2019 (8)
£18,000
05/07/2024 and 05/07/2029
1a Ormond Place
Second
Residential
Two bed flat
-
INDIVIDUAL
AST expiring 04/12/2023
£8,340
1b Ormond Place
Second
Residential
Two bed flat
-
INDIVIDUAL
AST holding over
£7,500
Total Approximate Commercial Floor Area
622.94
(6,701) (9)
£148,840
(1) Toni and Guy is an iconic British international chain of hairdressing salons, founded 60 years ago and operating from 457 salons in 41 countries (www.toniandguy.com). (2) The lease provides for a tenant option to determine the lease on 03/10/2027. (3) Society cafe was incorporated in 2011 and also operate cafes in Bath, Bristol and Oxford (www.society-cafe.com). (4) The lease provides for a tenant option to determine the lease on 21/09/2027. (5) Lily Gins is a bespoke cocktail bar. (6) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954. (7) The Regency Tea Rooms is a traditional tea room offering breakfast, elevenses, lunch, afternoon tea and can operate as a party venue (www.regencytearooms.co.uk). (8) The lease provides for a tenant option to determine the lease on 05/07/2024. (9) The floor areas for 1 Ormond Place, 2 Ormond Place and 3 Ormond Terrace have been are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
