5-7 Northgate Street Gloucester Gloucestershire GL1 2AN

5-7 Northgate Street
Gloucester
Gloucestershire
GL1 2AN

Freehold High Street Retail Investment

Comprises two retail units
Let to Kokoro UK Limited 2037 (subject to option) and FT Enterprises London Limited on a new 5 year lease.
Prime pedestrianised city centre location.
Near to the Eastgate Shopping Centre in City Centre Location
Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero, and Holland & Barrett

Lot
27
Auction
12th December 2024
Rent
£60,000 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Freehold High Street Retail Investment

Comprises two retail units
Let to Kokoro UK Limited 2037 (subject to option) and FT Enterprises London Limited on a new 5 year lease.
Prime pedestrianised city centre location.
Near to the Eastgate Shopping Centre in City Centre Location
Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero, and Holland & Barrett

Lot 27
Auction 12th December 2024
Rent £60,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 8 miles south-west of Cheltenham, 29 miles south of Worcester, 35 miles north-east of Bristol
Roads: M5 (Junction 11, 11A and 12), A430, A38
Rail: Gloucester Railway Station (London Paddington 1 Hour 55 Minutes)
Air: Bristol Airport

Situation

The property is situated on the west side of Northgate Street, close to the intersection to the Cross, which leads onto Eastgate Street, the prime section of Gloucester. The property is diagonally opposite the Eastgate Shopping Centre and 200m from the King's Walk Shopping Centre.

Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero and Holland & Barrett.

Tenure

Freehold.

Location

Miles: 8 miles south-west of Cheltenham, 29 miles south of Worcester, 35 miles north-east of Bristol
Roads: M5 (Junction 11, 11A and 12), A430, A38
Rail: Gloucester Railway Station (London Paddington 1 Hour 55 Minutes)
Air: Bristol Airport

Situation

Tenure

Freehold.

Description

The property comprises two ground floor shops with ancillary accommodation on the first floor. Number 5 features a second floor, which is used as a plant room and 7 Northgate Street also has ancillary accommodation on the second floor.

Number 5 benefits from a loading bay and yard to the rear.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

C and C

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

C and C

Tenancy & Accommodation

Address	Floor	Use	Floor Areas Approx sq m (1)	Floor Areas Approx sq ft (1)	Tenant	Term	Rent p.a.x.	Rent Review (Reversion)
5 Northgate Street	Ground First Second	Retail Ancillary Plant room	178.20 89.45	(1,918) (963)	KOKORO UK LIMITED (crn: 07729027) (2)	15 years from 11th November 2022 (3)	£35,000	11/11/2027 (10/11/2037)
7 Northgate Street	Ground First Second	Retail Ancillary Ancillary	87.40 74.72 23.40	(941) (804) (252)	FT Enterprises London Limited (crn08058489) t/a iCrack (4)	5 years from 23rd September 2024	£25,000 (5)	(22/09/2029)
Total Approximate Floor Area			453.17	(4,878)			£60,000

(1) The floor areas stated above have been taken from the Valuation Office Agency (https://www.gov.uk/find-business-rates)
(2) KOKORO is a Korean Japanese restaurant, founded by Rak-Kyu Park in the UK more than a decade ago now operating from 70 locations across the UK (www.kokorouk.com). For the year ending 31/08/2023, Kokoro UK Limited (07729027) reported a turnover of £12,754,086, a pre-tax profit of £29,727 and a shareholders funds of £2,936,266.
(3) The lease provides for a tenants option to determine the lease on 10/11/2032 subject to 6 month written notice.
(4) FT Enterprises London Limited (crn08058489) were incorporated in May 2012 and for the year ending 31st May 2012 reported Current Assets of £150,082 and Shareholders Funds of £77,075. (Abridges Account for the Year ending 31st May 2023 as published at Companies House.)
(5) As to Unit 7, the lease provides for a 6 month rent free period until 23rd March 2025. The Seller will pay the Buyer the monies that would have been due to be paid as rent by the Tenant from completion of the sale until 23rd March 2025.

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.