Offers in region of £295,000 < Back to search results
Cheltenham is a Regency Spa Town famed for The Gold Cup Horseracing Festival and a strong Retail Centre. The town hosts on an annual basis International Literature Music Science and Jazz Festivals meaning the town’s residential population of 115,000 persons and affluent catchment population of 388,000 persons is often swelled by festival goers throughout the year.
101 Montpellier Street is situated in the very heart of Cheltenham’s Regency town centre adjacent to the Promenade and Neptune’s Fountain and overlooking Cheltenham Ladies College.
101 Montpellier Street comprises a separate part of a larger Grade II* Listed Building and is arranged over ground and first floors. The ground floor currently serves as a retail caf/sandwich shop whilst the self-contained upper floor provides a one bedroom apartment. The apartment benefits from a car parking space immediately adjacent to the property.
A single car parking space is provided for the residential apartment immediately adjacent to the building. A bin/cycle store is accessed externally serving the property.
The ground floor shop is let to a private individual for a term of 10 years from July 2016 terminating on 1st July 2026. The rent payable is £10,000 per annum with rent reviews taking place every 3 years. The lease is excluded from Security of Tenure Provisions of the Landlord & Tenant Act 1954. The tenant has traded continuously from the premises for approximately 3.5 years.
The residential apartment is currently let on Airbnb basis/holiday rental. Rents before commission and expenses for the past 3 years show the following figures
2017 - £15,000 per annum
2018 - £18,000 per annum
2019 - £17,000 per annum
The property is freehold except for part of the rear section of the shop which is on a long leasehold basis at a peppercorn rent. Further details can be provided.
The property is not currently elected for VAT.
Subject to Contract
Offers based on £295,000 are invited for the freehold and long leasehold interest of this property. Based on current income receivable, this shows a gross yield of approximately 9.15% before costs. It also shows a price of approximately £365 per sq ft overall inclusive of the car parking space.