Retail premises for sale in Cricklade Street

Guide price £5,850,000 < Back to search results

  • image
  • image
  • image
  • image
  • image
  • image
  • image
  • image
  • image
  • image

Property Description

Investment Highlights
Cirencester is an attractive, historic and popular provincial town currently enjoying sustained economic and population growth.

The properties within the portfolio are situated in central positions within the Conservation Area.

Multi-let to 17 commercial and 19 residential tenants producing a passing rent of £440,300 per annum.

We are instructed to seek offers in the region of £5,850,000 (five million eight hundred and fifty thousand pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 7.06% after allowing for the usual purchaser’s costs.

The properties are located in Cirencester, an affluent market town 75 miles west of London, 60 miles south of Birmingham and 15 miles north west of Swindon. Cheltenham and Gloucester lie 18 miles to the north west. Junction 15 of the M4 and Junction 11a of the M5 are approximately 20 minutes by car. Mainline rail to London. Paddington from Kemble station (5 miles from Cirencester) takes approximately 60 minutes by fast train, Swindon (15 minutes), Gloucester and Cheltenham (30 & 40 minutes). Airports: London Heathrow 70 miles. Birmingham 60 miles. Bristol 50 miles.

Cirencester has a population of circa. 90,000 within a 10 mile radius. In excess of 2 million persons within a one hour driving time. The socio-economic demographics are excellent with an above average proportion of adults in the most affluent social groups. Spending levels per capita are significantly above the promis average.

Originally established by the Romans in the first century and then second only in England to London in size and importance, Cirencester is the main commercial centre for the Cotswolds, a globally renowned tourist destination.

Prime retailing is focused on Cricklade Street the town’s historic retailing thoroughfare. National multiples in this pitch include Waterstones, Boots, Costa Coffee, The Bodyshop, SeaSalt, Poundland and Superdrug.

Market Place/Dyer Street offers a blend of larger floor plates attracting the likes of Argos, M&S Simply Food and fashion stores including Crew, Joules and Fat Face.
Bishops Walk which has a frontage onto Cricklade Street is the town’s only covered shopping centre.

The portfolio is situated in the central district of the town centre just off prime retailing locations in Cricklade Street, Market Street and Dyer Street. The portfolio is essentially in two sections. One part on the east side of Cricklade Street and the other off Westway and Northway which links into Market Place/Dyer Street.

The Cricklade Street element of the portfolio comprises two blocks of buildings providing retail type uses at ground floor with residential upper parts. A range of materials and design styles have been employed in construction. The Mews, with pedestrian access off Cricklade Street, forms part of this element and provides mainly small size office accommodation.

Northway House comprises the second element and is a modern two-storey purpose-built block constructed in the 1980’s. It provides retail and office space, located between Dyer Street (M&S Food Hall and other traders) and a major town centre car park.

All the properties lie within a Conservation area but are not Listed.

A Tenancy Schedule is available buy downloading the PDF Brochure from the "additional links" tab at the foot of this listing.

The portfolio provides a wide range of commercial tenants. A number of these are strong covenants including Timpson Ltd, Citizens Advice Bureau, Knight Frank, Leaders and Cook Trading. Also a number of locally based businesses together with a range of residential tenants.

The properties are considered to be let at or about current market value.

Residential tenants 19 £143,820 per annum
Residential rents (32.5%)

Commercial tenants 17 £296,480 per annum
Commercial rents (67.5 %)

Total Tenants 36

Total Rents £440,300 per annum

Subject to Contract
We are instructed to seek offers in the region of £5,850,000 (five million eight hundred and fifty thousand pounds) for the freehold interest in the entire portfolio, subject to contract and exclusive of VAT. This reflects a net initial yield in the order of 7.06% after allowing for normal purchaser’s costs.

Location

Bird Eye View