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.
Opposite 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
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.
Opposite 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 Available
Guide* £550,000 - £570,000
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
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.
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
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
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
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)
£35,000
(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.
