Unit 6 let on a new 10 year lease to Poundstretcher Ltd (subject to option)
Prominent position in historic cathedral city
Close proximity to Eastgate Shopping Centre
Nearby occupiers include McDonald's, Marks & Spencer, Vodafone and Caffè Nero
Lot 31
Auction 23rd May 2019
Rent Gross: £55,000 per Annum Exclusive
Status Sold
Price £430,000
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of LaSalle Investment Management
Property Information
Location
Miles
9 miles west of Cheltenham
35 miles north-east of Bristol
Roads
A38, A40, A417, M5 (J11A)
Rail
Gloucester Train Station
Air
Bristol Airport
Situation
The property is situated on the northern side of the pedestrianised section of Southgate Street, close to its junctions with Westgate, Northgate and Eastgate Street, in the heart of the city centre. The Eastgate Shopping Centre is less than 50 metres away, with retailers including Marks & Spencer, H&M and JD Sports. Nearby occupiers include Costa Coffee, Vodafone and Ladbrokes.
Tenure
Leasehold. Held from Gloucester Council on a term of 99 years commencing 24 June 1937 at a peppercorn rent.
Location
Miles
9 miles west of Cheltenham
35 miles north-east of Bristol
Roads
A38, A40, A417, M5 (J11A)
Rail
Gloucester Train Station
Air
Bristol Airport
Situation
The property is situated on the northern side of the pedestrianised section of Southgate Street, close to its junctions with Westgate, Northgate and Eastgate Street, in the heart of the city centre. The Eastgate Shopping Centre is less than 50 metres away, with retailers including Marks & Spencer, H&M and JD Sports. Nearby occupiers include Costa Coffee, Vodafone and Ladbrokes.
Tenure
Leasehold. Held from Gloucester Council on a term of 99 years commencing 24 June 1937 at a peppercorn rent.
Description
The property comprises two ground floor retail units with first and second floor ancillary accommodation. Unit 6 provides access to a basement area which was not inspected by the auctioneers.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D for both units. See legal pack at www.acuitus.co.uk
Description
The property comprises two ground floor retail units with first and second floor ancillary accommodation. Unit 6 provides access to a basement area which was not inspected by the auctioneers.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D for both units. See legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
6
Ground First Second
Retail Ancillary Ancillary
675.96 sq m 635.29 sq m 117.20 sq m
(7,275 sq ft) (6,838 sq ft) (1,261 sq ft)
POUNDSTRETCHER LIMITED (1)
10 years from May 2019 (2)
£55,000
May 2024 (3) (May 2029)
4
Ground First Second
Retail Retail/Ancillary Ancillary
70.20 sq m 48.00 sq m 37.10 sq m
(755 sq ft) (516 sq ft) (399 sq ft)
STONEBEACH LTD (in administration) (4)
Total Commercial Area
1,583.75 sq m
(17,044 sq ft)
£55,000
(1) For the year ending 31 March 2018, Poundstretcher Limited reported a turnover of £387,442,689, pre-tax profits of £2,070,416 and a total net worth of £21,574,962 (Source: Experian Group 18/04/2019). (2) The lease is due to complete imminently - an agreement for lease is available within the legal pack. The lease provides a tenant option to determine on the 5th anniversary of the term. The tenant will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so the unit will effectively produce £55,000 p.a.x. (3) The rent review increase is geared to the higher of a) passing rent or b) the lower of 115% of the passing rent or OMRV. Refer to the lease for full details. (4) Unit 4 is currently let to Stonebeach Ltd (in administration) on a lease expiring 21/11/2022, however the tenant is not in occupation and has not paid the most recent quarter's rent. There has been occupier interest in the unit. Please refer to the auctioneers for further information.
