Offers over £800,000 < Back to search results
Cheltenham is a Regency Spa Town famed for The Gold Cup Horseracing Festival and a strong retail town centre. Traders in the centre include John Lewis Department Store, Anthropologe, Molton & Brown, Marks & Spencer and Primark. The Town has a residential population of 115,000 persons and a affluent catchment population of 388,000 persons.
The property is situated in a prime retail location close to the junction with High Street and adjacent to T M Lewin, Starbucks, Boots and Primark.
The property comprises a Regency Building arranged as two ground floor shops with ancillary accommodation at the basement and on two upper floors. The property is Grade II Listed and is located within the Cheltenham Conservation Area.
The entire property is let to The London Camera Exchange Limited on full repairing lease for a term of five year from 27th March 2018 at a rental of £55,000 per annum.
14 Promenade is sub-let to Carron Mann Limited, t/a Silver Moon on an annual basis at rental of 13,000 per annum.
The London Camera Exchange reported a turnover for the period ending 31st March 2019 of £32,903,819 (2018 £32,576,982). This produced a operating profit of £1,350,938 before tax. Net current assets are stated at £5,362,523. (Source: Companies House).
The property has been elected for VAT and any disposal price will attract VAT unless the sale proceeds by way of a Transfer of A Going Concern (togc).
Offers in the excess of £800,000 are invited for the freehold interest. A purchase at this level would provide a purchaser with a net initial yield of 6.5% after allowing for purchasers costs.