£320,000 < Back to search results
The property is located in a highly visible position at the junction of Commercial Road and Southgate Street (A4301), less than a quarter of a mile from The Cross, the historic centre of the City, and a couple of minutes walk from The Docks, adjacent to which is Gloucester Quays Outlet Shopping Centre.
The immediate locality has seen substantial improvements over the last couple of years, with the refurbishment of a number of buildings, and improvements made by the City Council to the surroundings streets, including the introduction of a ‘shared space’ scheme, new street furniture and public art. City & Country are preparing for the redevelopment of the former hmp Gloucester and the wider Blackfriars area is the subject of substantial regeneration and development proposals.
15 Commercial Road stands in an end terrace/corner position and is built of brick and ashlar stone fronted elevations under a flat roof behind a parapet wall incorporating single glazed sash windows to the upper floors and a glazed retail frontages to all elevations on the ground.
The ground floor comprises a self contained shop with cellar (cellar not inspected).
The upper floors comprise two separately accessed, two bedroom flats (not inspected).
The ground floor shop is let by way of a lease for a term of years expiring on 25 July 2017 to Mr B Crosby trading as ‘Westend Framing & Art’ at a rent passing of £10,200 per annum exclusive. The lease is within the security of tenure provisions of the Landlord and Tenant Act 1954.
The ground floor tenant has indicated to our client that, in principle, he would like to renew his lease, for a term of years to be agreed, at a rent of £12,500 per annum exclusive.
The upper floor flats are each let on Assured Shorthold Tenancies, at rents of £450 per flat per calendar month.
The premises are offered for sale on a freehold basis subject to the tenancy interests mentioned above.