80, 82 and 82A Promenade
Cheltenham
Gloucestershire
GL50 1NB

Prime Freehold Retail Parade Investment

  • Three shops situated on Cheltenham’s most exclusive shopping thoroughfare
  • Located in heart of Cheltenham, an affluent and attractive Cotswold spa town
  • Nearby occupiers include Molton Brown, Reiss, Hobbs, GAP, White Company, Jack Wills, Jo Malone and Karen Millen
  • Lot
    15
  • Auction
    07/Dec/2017
  • Rent
    £302,200 per Annum Exclusive
  • Status
    Sold
  • Price*
    £4,350,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Barts Charity
  • 80, 82 and 82A Promenade<br>Cheltenham<br>Gloucestershire<br>GL50 1NB
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  • Photos
  • Map

Property Information

Location
Miles
8 miles north-east of Gloucester
Roads
M5, A40, A4019
Rail
Cheltenham Spa Rail
Air
Bristol Airport, Birmingham Airport
Situation

Cheltenham is an affluent and attractive Cotswold spa town situated some 8 miles north-east of Gloucester. The property is situated in an excellent trading position on the eastern side of Promenade, Cheltenham’s most exclusive shopping thoroughfare. Regent Arcade Shopping Centre is located to the rear of the property with other nearby occupiers including Molton Brown, The White Company, Jack Wills, Jo Malone, Karen Millen, Russell and Bromley, Reiss and Cavendish House Department Store (House of Fraser). John Lewis is due to open in the town in 2018 adding further to its strong retailing experience.

Tenure

Freehold.

Description

The property comprises three shops housed within three of the town’s famous Regency houses. No. 80 comprises ground floor retail/ancillary accommodation with further ancillary accommodation on first and second floors. No. 82 comprises retail accommodation on lower ground, ground and upper ground with first floor ancillary accommodation. No. 82A comprises retail accommodation on ground, lower ground and upper ground with ancillary accommodation on mezzanine, first and second floors.

NB: VAT is applicable to 82A Promenade only.

Completion Period

Six Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
80Ground
First
Second
Retail/Ancillary
Ancillary
Ancillary
114.36 sq m
77.11 sq m
18.67 sq m
(1,231 sq ft)
(830 sq ft)
(201 sq ft)
INDIVIDUAL
t/a Mayther Cards (1)
Approx 15
years 6
months from
21/12/2006
£154,500
(increased
at Dec 2016
rent review)
23/06/2022
82Ground
Lower Ground
Upper Ground
First
Retail
Retail
Retail
Ancillary
19.88 sq m
34.37 sq m
25.36 sq m
47.01 sq m
(214 sq ft)
(370 sq ft)
(273 sq ft)
(506 sq ft)
TOAST (MAIL
ORDER) LIMITED (2)
t/a Toast Ladieswear
10 years
from
30/11/2009
£72,700
(increased
at Nov 2014
rent review)
29/11/2019
82AGround
Lower Ground
Upper Ground
Mezzanine
First
Second
Retail
Retail/Ancillary
Retail
Ancillary
Ancillary
Ancillary
13.56 sq m
58.25 sq m
49.33 sq m
1.95 sq m
58.34 sq m
62.52 sq m
(146 sq ft)
(627 sq ft)
(531 sq ft)
(21 sq ft)
(628 sq ft)
(673 sq ft)
THE HALCYON
GALLERY LIMITED
(3) with guarantees
(4) t/a Castle Fine Art
(5)
15 years from 31/01/2006 £75,000
(increased
at January
2016 rent
review)
30/01/2021
Totals (6)  
580.71 sq m
(6,251 sq ft)
  £302,200 

(1) Mayther Cards is a privately owned business with branches in Bath, Marlow, Henley, Central London, Marlborough and Cheltenham.
(2) For the year ending 31st January 2017, Toast (Mail Order) Limited reported a turnover of £16,724,000, pre-tax profits of £1,078,000 and a total net worth of £3,389,000 (Source: Experian 30/10/2017). Go to www. toa.st/uk
(3) For the year ending 30th April 2016, The Halcyon Gallery Limited reported a turnover of £61,994,502, pre-tax profits of £2,032,340 and a total net worth of £14,910,375 (Source: Experian 30/10/2017).
(4) The lease is guaranteed by Halcyon Fine Art Group Holdings Limited and Coast Retail Limited is also liable by way of an Authorised Guarantee Agreement.
(5) Castle Galleries is part of the Halcyon Group, one of the largest and most prestigious art groups in the world. With a current estate of 36 galleries, Castle Galleries is the UK’s leading group of high street art galleries (Source: www.castlegalleries.com 06/11/2017).
(6) The floor areas stated above have been agreed at a previous review.

Property Documents

  • Catalogue Page
    Updated Date
    14.11.17
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    14.11.17
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Associate Auctioneers
Gryphon Property Partners 12 Austin Friars
London
EC2N 2HE
Colin Hargreaves 0203 440 9804colin.hargreaves@gryphonpropertypartners.com
Seller's Solicitors
Taylor Wessing LLP 5 New Street Square
London
EC4A 3TW
Elena Giacon 44 20 7300 4801E.Giacon@taylorwessing.com

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