Under offer to Cornish Bakehouse on a new 10 year lease (subject to option)
Prominent position on pedestrianised High Street
Nearby occupiers include Marks and Spencer, Pret a Manger, Costa Coffee, KFC and Mountain Warehouse
Affluent and Historic Spa Town
Lot 5
Auction 21st September 2023
Rent £65,000 per Annum Exclusive
Status Sold
Price £830,000
Sector High Street Retail
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 situated in the heart of Cheltenham's busy and attractive centre. The property is prominently position on the pedestrianised High Street at its junction with Pittville Street. Nearby occupiers include Marks and Spencer, Pret a Manger, Costa Coffee, KFC, Mountain Warehouse and many further 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 situated in the heart of Cheltenham's busy and attractive centre. The property is prominently position on the pedestrianised High Street at its junction with Pittville Street. Nearby occupiers include Marks and Spencer, Pret a Manger, Costa Coffee, KFC, Mountain Warehouse and many further national and luxury retailers.
Tenure
Freehold.
Description
The property comprises an attractive corner building arranged to provide retail accommodation on the ground and first floors, together with ancillary accommodation on the basement and second floors.
185-187 High Street is being offered for sale separately as Lot 25.
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 an attractive corner building arranged to provide retail accommodation on the ground and first floors, together with ancillary accommodation on the basement and second floors.
185-187 High Street is being offered for sale separately as Lot 25.
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
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First Second
Retail Ancillary Ancillary
130.50 65.50 55.00
(1,404) (705) (592)
THE CORNISH BAKERY SHOPS LIMITED (CRN: 02177016) (1)
10 years (2) (3)
£65,000
At the fifth anniversary of the term
Total
251.00
(2,701) (4)
£65,000
(1) For the year ending 26/05/2022 The Cornish Bakery Shops Ltd reported a Turnover of £20,892,358 a Pre-Tax Profit of £2,521,303 and a Net Worth of £4,011,022 (NorthRow 31/08/2022). The Cornish Bakery Shops Limited were incorporated in 1987, trade under the brand name of The Cornish Bakehouse and currently have 58 bakeries across England (www.cornish-bakehouse.co.uk). (2) Heads of Terms anticipate a 12 month rent free period. The seller will pay to the Buyer the rent that would have been due from completion of the sale until the end of the rent free period. (3) The lease provides for a tenant option to determine the lease at the fifth anniversary of the term. (4) The floor areas stated above 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.
