4 / 6 Southgate Street
Gloucester
Gloucestershire
GL1 2DH

City Centre Retail Investment

  • 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
    23/May/2019
  • Rent
    £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

Important Auction & Property Update
  • 4 / 6 Southgate Street<br>Gloucester<br>Gloucestershire<br>GL1 2DH
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* More information on the term "price" can be found here

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.

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

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
6Ground
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)
£55,000May 2024 (3)
(May 2029)
4Ground
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.

Property Documents

  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    957 KB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    15.08.19
    File Size
    144 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Seller's Solicitors
Forsters LLP 31 Hill Street
London
W1J 5LS
Grace Cassidy 02038 721 174grace.cassidy@forsters.co.uk

Useful Links

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