5-7 Northgate Street Gloucester Gloucestershire GL1 2AN

  • 5-7 Northgate Street<br>Gloucester<br>Gloucestershire<br>GL1 2AN

5-7 Northgate Street
Gloucester
Gloucestershire
GL1 2AN

Freehold High Street Retail Investment

  • Comprises two retail units
  • Let to Kokoro UK Limited 2037 (subject to option) and FT Enterprises London Limited on a new 5 year lease.
  • Prime pedestrianised city centre location.
  • Near to the Eastgate Shopping Centre in City Centre Location
  • Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero, and Holland & Barrett
  • Lot
    27
  • Auction
    12th December 2024
  • Rent
    £60,000 per Annum Exclusive
  • Status
    Available
  • Guide*
    £550,000 - £570,000
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Major Fund
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Freehold High Street Retail Investment

  • Comprises two retail units
  • Let to Kokoro UK Limited 2037 (subject to option) and FT Enterprises London Limited on a new 5 year lease.
  • Prime pedestrianised city centre location.
  • Near to the Eastgate Shopping Centre in City Centre Location
  • Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero, and Holland & Barrett
  • Lot 27
  • Auction 12th December 2024
  • Rent £60,000 per Annum Exclusive
  • Status Available
  • Guide* £550,000 - £570,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • On Behalf of a Major Fund

Property Information

Location
Miles
8 miles south-west of Cheltenham, 29 miles south of Worcester, 35 miles north-east of Bristol
Roads
M5 (Junction 11, 11A and 12), A430, A38
Rail
Gloucester Railway Station (London Paddington 1 Hour 55 Minutes)
Air
Bristol Airport
Situation

The property is situated on the west side of Northgate Street, close to the intersection to the Cross, which leads onto Eastgate Street, the prime section of Gloucester. The property is diagonally opposite the Eastgate Shopping Centre and 200m from the King's Walk Shopping Centre.

Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero and Holland & Barrett.

Tenure

Freehold.

Location
Miles
8 miles south-west of Cheltenham, 29 miles south of Worcester, 35 miles north-east of Bristol
Roads
M5 (Junction 11, 11A and 12), A430, A38
Rail
Gloucester Railway Station (London Paddington 1 Hour 55 Minutes)
Air
Bristol Airport
Situation

The property is situated on the west side of Northgate Street, close to the intersection to the Cross, which leads onto Eastgate Street, the prime section of Gloucester. The property is diagonally opposite the Eastgate Shopping Centre and 200m from the King's Walk Shopping Centre.

Nearby occupiers include Marks and Spencer, Waterstones, Poundland, Sports Direct, H.Samuel, TK Maxx, The Works, McDonalds, Caffe Nero and Holland & Barrett.

Tenure

Freehold.

Description

The property comprises two ground floor shops with ancillary accommodation on the first floor. Number 5 features a second floor, which is used as a plant room and 7 Northgate Street also has ancillary accommodation on the second floor.

Number 5 benefits from a loading bay and yard to the rear.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

C and C

Description

The property comprises two ground floor shops with ancillary accommodation on the first floor. Number 5 features a second floor, which is used as a plant room and 7 Northgate Street also has ancillary accommodation on the second floor.

Number 5 benefits from a loading bay and yard to the rear.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

C and C

Tenancy & Accommodation

Address Floor Use Floor Areas
Approx sq m (1)
Floor Areas
Approx sq ft (1)
Tenant Term Rent p.a.x. Rent Review (Reversion)
5 Northgate Street Ground
First
Second
Retail
Ancillary
Plant room
178.20
89.45
(1,918)
(963)
KOKORO UK LIMITED (crn: 07729027) (2) 15 years from 11th November 2022 (3)
£35,000
11/11/2027
(10/11/2037)
7 Northgate Street Ground
First
Second
Retail
Ancillary
Ancillary
87.40
74.72
23.40
(941)
(804)
(252)
FT Enterprises London Limited (crn08058489) t/a iCrack (4) 5 years from 23rd September 2024
£25,000 (5)
(22/09/2029)
Total Approximate Floor Area    
453.17
(4,878)
   
£60,000
 

(1) The floor areas stated above have been taken from the Valuation Office Agency (https://www.gov.uk/find-business-rates)
(2) KOKORO is a Korean Japanese restaurant, founded by Rak-Kyu Park in the UK more than a decade ago now operating from 70 locations across the UK (www.kokorouk.com). For the year ending 31/08/2023, Kokoro UK Limited (07729027) reported a turnover of £12,754,086, a pre-tax profit of £29,727 and a shareholders funds of £2,936,266.
(3) The lease provides for a tenants option to determine the lease on 10/11/2032 subject to 6 month written notice.
(4) FT Enterprises London Limited (crn08058489) were incorporated in May 2012 and for the year ending 31st May 2012 reported Current Assets of £150,082 and Shareholders Funds of £77,075. (Abridges Account for the Year ending 31st May 2023 as published at Companies House.)
(5) As to Unit 7, the lease provides for a 6 month rent free period until 23rd March 2025. The Seller will pay the Buyer the monies that would have been due to be paid as rent by the Tenant from completion of the sale until 23rd March 2025.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Anjali SawaliAnjali Sawali +44 (0)20 7034 4854 +44 (0)7854 316 621anjali.sawali@acuitus.co.uk
Seller's Solicitors
The Wilkes Partnership 41 Church St
Birmingham
West Midlands
B3 2RT
Bryan Poultney 0121 710 5832bpoultney@wilkes.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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