Substantial Freehold Retail Parade and Office Investment
Extensive 11 unit Town Centre retail parade with office upper floors
Change of use potential of the existing site (subject to planning consents)
Positive Pre-app received on potential hotel development
Total floor area of approx. 2,260.90 sq. m. (24,312 sq. ft.)
Popular trading location in central Cheltenham
Immediate asset management opportunities
Neighbours John Lewis with other nearby occupiers including H&M, Next, River Island, Pret a Manger and M&S
Lot 11
Auction 9th May 2024
Rent £187,500 per Annum
Status Sold
Price £1,700,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
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 (13 km) north east of Gloucester and 35 miles (56 km) north east of Bristol. The property is well located in the heart of Cheltenham's busy and attractive centre. The property is situated on Winchcombe Street, in between the busy High Street and Albion Street with 3 major car parks within 100 metres. The property neighbours John Lewis with other nearby occupiers including H&M, Next, River Island, Pret a Manger and M&S.
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 (13 km) north east of Gloucester and 35 miles (56 km) north east of Bristol. The property is well located in the heart of Cheltenham's busy and attractive centre. The property is situated on Winchcombe Street, in between the busy High Street and Albion Street with 3 major car parks within 100 metres. The property neighbours John Lewis with other nearby occupiers including H&M, Next, River Island, Pret a Manger and M&S.
Tenure
Freehold.
Description
The property comprises a substantial retail and office parade, currently arranged to provide 11 ground floor retail units with ancillary accommodation on the first floor, together with 6 office suites on the second floor upon a site area of 0.17 Ha (0.41 Acres). Additionally, there are 10 car parking spaces to the rear.
The whole existing site may be suitable for change of use subject to obtaining the necessary consents. The vendor has received a positive pre-app on a potential hotel development from Cheltenham City Council, full information is available in the legal pack.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial retail and office parade, currently arranged to provide 11 ground floor retail units with ancillary accommodation on the first floor, together with 6 office suites on the second floor upon a site area of 0.17 Ha (0.41 Acres). Additionally, there are 10 car parking spaces to the rear.
The whole existing site may be suitable for change of use subject to obtaining the necessary consents. The vendor has received a positive pre-app on a potential hotel development from Cheltenham City Council, full information is available in the legal pack.
VAT
VAT is applicable to this lot.
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
Lease Start
Lease Expiry
Rent p.a.
5-7 Winchcombe House
Ground First
Retail Retail/Ancillary
95.90 67.40
(1,032) (725)
STAR & FOOD CO LTD t/a Revival
23/04/2013
22/04/2028 (1)
£31,500
9 Winchcombe House
Ground First
Retail Ancillary
46.91 42.91
(504) (461)
INDIVIDUAL t/a Golden Stitches
09/04/2021
08/04/2024 (4)
£15,000
11-19 Winchcombe House
Ground First
Retail Ancillary
207.08 182.80
(2,228 (1,967)
LADBROKES BETTING & GAMING LIMITED
11/05/2011
10/05/2024 (6)
£75,000
21 Winchcombe House
Ground First
Retail Ancillary
29.90 27.10
(321) (291)
INDIVIDUAL t/a Emy Nails
14/04/2021
13/04/2026 (3)
£17,000
23 Winchcombe House
Ground First
Retail Ancillary
31.10 27.91
(334) (300)
INDIVIDUAL t/a Mobitech
03/06/2021
02/06/2026 (3)
£13,000
25 Winchcombe House
Ground First
Retail Ancillary
44.20 44.80
(475) (482)
VACANT POSSESSION
27 Winchcombe House
Ground First
Retail Ancillary
50.00 44.90
(528) (483)
VACANT POSSESSION
29 Winchcombe House
Ground First
Retail Ancillary
56.30 48.70
(606) (524)
TANIQUE (CHELTENHAM) LIMITED t/a Tanique
05/09/2023
04/09/2026 (3)
£16,000
31 Winchcombe House
Ground First
Retail Ancillary
48.20 45.30
(518) (487)
VACANT POSSESSION
33/35 Winchcombe House
Ground First
Retail Ancillary
107.89 112.55
(1,161) (1,211)
VACANT POSSESSION
37/39 Winchcombe House
Ground First
Retail Ancillary
80.30 35.90
(864) (386)
INDIVIDUALS t/a Cry Now Cry Later
13/12/2022
12/12/2025 (2)
£20,000
Suite 1
Second
Office
425.50
(4,580)
VACANT POSSESSION
Suite 2
Second
Office
70.00
(753)
VACANT POSSESSION
Suite 3
Second
Office
71.60
(770)
VACANT POSSESSION
Suite 4
Second
Office
32.92
(354)
VACANT POSSESSION
Suite 4A
Second
Office
62.35
(671)
VACANT POSSESSION
Suite 5
Second
Office
120.48
(1,296)
VACANT POSSESSION
Parking Space 12
STAR & FOOD CO LTD
05/01/2016
22/04/2028
Peppercorn
Parking Space 13
INDIVIDUAL
15/09/1995
-
Peppercorn
Parking Space 1-3, 6&8, 15-17
VACANT POSSESSION
Total
2,260.90
(24,312) (5)
£187,500
(1) 5 Winchcombe House and 7 Winchcombe House are let to Star & Food Co. Ltd. on two separate leases, 5 Winchcombe House is let for a term of 15 years from 23/04/2013 until 22/04/2028 at a current rent of £16,500 per annum exclusive, 7 Winchcombe House is let for a term of years from 05/01/2016 until 22/04/2028 at a current rent of £15,000 per annum exclusive. (2) The lease provides for a rolling option to determine the lease upon serving 3 months written notice. (3) The lease provides for a rolling option to determine the lease upon serving 6 months written notice. (4) The tenant is now occupying under a Tenancy at Will while negotiations for a renewal lease are ongoing. We understand terms have been agreed for a new three year lease (to be contracted out of the LTA 1954) at an annual rent of £15,000 plus VAT. The lease will contain a mutual break clause which may be exercised by either party on one months’ written notice at any time after 8 April 2025 (5) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (6) Renewal proceedings are ongoing with Ladbrokes Betting & Gaming Limited.
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.
