Guide price £165,000 < Back to search results
The Cathedral City of Gloucester is located approximately 110 miles to the west of London and is served by the M5 motorway (junctions 11 & 12) linking to Birmingham 45 miles to the north, Bristol 37 miles to the south, and is the 53rd largest settlement in the United Kingdom by population, having a population of £121,688 (2011 census).
Gloucester railway station has frequent trains to London Paddington, Reading, Bristol, Cardiff Central, Nottingham and Birmingham.
County Chambers is located on Station Road, Gloucester, less than half of a mile from The Cross, the historic centre of the city and within close proximity of Gloucester bus & coach station and the city’s train station.
County Chambers is a three storey building of traditional brick construction under a pitched roof.
The ground floor provides two shop units, which are currently leased to separate independent traders, and each benefits from suspended ceiling, and single glazed shop front. There are WC provisions and store room/kitchenette to the rear of the premises, along with an exterior courtyard.
The first and second floors provide nine residential apartments, which are accessed via a centrally located door to the front elevation of the building, and these floors have been sold off on a single 999 year lease.
Net Internal Floor Areas
Shop unit 1: 581 sq ft 53.96 sq m
Shop unit 2: 438 sq ft 40.70 sq m
Both shop units are separately leased to independent traders and both leases are excluded from the security of tenure provisions of the Landlord & Tenant Act 1954 Part II. Rent deposits are held by the landlord for the duration of the leases.
Shop unit 1 is subject to a five year effectively full repairing and insuring lease by way of a service charge provision, dated 2nd November 2018. The rent passing is £8,000 per annum exclusive which increases to £9,000 per annum exclusive on 2nd November 2021 and remains at that level for the duration of the lease term.
Shop unit 2 is subject to a ten year effectively full repairing and insuring lease by way of a service charge provision, dated 29th June 2018. The rent passing is £7,500 per annum exclusive which increases to £8,500 per annum exclusive on 29th June 2020, to £9,500 per annum exclusive on 29th June 2023, to £10,500 per annum exclusive on 29th June 2025 and remains at that level for the duration of the lease term. There are tenant only break option on 29th June 2020 and 29th June 2023 and a mutual break option on 29th June 2025.
The first and second floors have been sold off on a 999 year lease (from 16th October 2013), which is subject to a peppercorn rent of £400 per annum, increasing by £200 every twenty five years.
The Vendor proposes to dispose of the Freehold interest, subject to the existing tenancies, on an unconditional basis.
Proposals are invited based on a guide price of £165,000. A purchase at that level would reflect a Net Initial Yield of 9.44% after allowing for purchaser’s costs.
The property is elected for VAT.