CHELTENHAM 163/165 HIGH STREET GL50 1DF - Prime Retail Unit Let on a Long Lease with Excellent Long Term Development Potential - Allsop
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163/165 HIGH STREET CHELTENHAM GL50 1DF Prime Retail Unit Let on a Long Lease with Excellent Long Term Development Potential
163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
CHELTENHAM IS AN ATTRACTIVE REGENCY SPA TOWN WITH A LARGE AND AFFLUENT CATCHMENT
INVESTMENT CONSIDERATIONS PROPOSAL
■ Cheltenham is an attractive Regency Spa town ■ The property is arranged over ground, first and second ■ We are instructed to seek offers in excess
with a large and affluent catchment floors totalling approximately 5,714 sq ft of £3,130,000 (Three Million One Hundred
■ Situated in a prime position on the pedestrianised ■ Passing rent of £200,000 p.a. and Thirty Thousand Pounds) subject to
High Street, diagonally opposite the entrance to the Regent contract and exclusive of VAT. This equates
■ Freehold
Arcade Shopping Centre to an attractive net initial yield of 6% after
■ Long term potential to redevelop the upper parts
deductions for standard purchaser’s costs.
■ Let to the strong covenant of Pret A Manger (Europe) Ltd and add additional floors subject to necessary
■ Unexpired lease term of over 10 years expiring 1st May 2032 consents
■ The next rent review is 2nd May 2022
163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
LOCATION
Cheltenham is an attractive Regency Spa town located in Gloucestershire,
approximately 40 miles north east of Bristol, 40 miles south of Birmingham
and 88 miles west of London. The town is known as ‘The Western Gateway
to the Cotswolds’ being a popular leisure and tourist destination. Redditch
ROAD
The town benefits from excellent road communications with the A40 M5
running through the town connecting to the M40 east whilst Junctions 10
and 11 of the M5 motorway are located 3.5 miles the north west offering WORCESTER
A49
access to London, the north and the south west.
A44
RAIL
Cheltenham Spa Rail Station provides national rail services to London,
Evesham
Bristol, Birmingham, Manchester and Glasgow with a fastest journey
time to London Paddington Station of 2 hours. Hereford A438
A
A46
AIR A465
M50
Cheltenham is well-positioned being within 2 hours drive of three A449 A424
international airports, Bristol, Birmingham and London Heathrow, A49
with the fastest journey time to Birmingham Airport of 1 hour. A417
Gloucestershire
Airport CHELTENHAM
A40
GLOUCESTER A436
Monmouth
DEMOGRAPHICS & RETAILING IN CHELTENHAM
A429
Guildford is an attractive and popular tourist and commuter town and includes a large A417
student population. Stroud
A48 M5
Cirencester
Primary catchment Estimated shopping Over 1 million staying visitors
A419
of 253,000 population of 226,000 in Cheltenham every year
M48 A433
Town centre retail floor space in Cheltenham mix of national multiples and local retailers NEWPORT A429
is estimated at 1.3 million sq ft including reflecting the demographic profile of the town. M4 SWINDON
approximately 17,000 sq ft within the Regent M49
Cheltenham benefits from an affluent A46
Arcade. The prime retail pitch comprises the population catchment which is expected to M4
pedestrianised High Street where retailers increase significantly between 2020 and 2025,CARDIFF
include M&S, John Lewis, Superdrug, H&M further improving the high proportion of
and Sainsbury’s Local. This is complemented adults of working age categorised within the A346
by the Promenade and Regent Street, running most affluent AB social group. BRISTOL
perpendicular to High Street comprising a
Bristol Marlboroug
Airport
M5 A38 A37 BATH
A36
163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
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© Crown Copyright, ES 100004106. For identification purposes only.
163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
SITUATION
The property is well-positioned on the north east side of the
pedestrianised High Street.
Nearby occupiers include M&S, John Lewis as well as being located
diagonally opposite the Regent Arcade.
DESCRIPTION
The property comprises an attractive period building arranged over ground
and two upper floors.
The ground floor is fitted out to Pret’s standard corporate specification providing
sales and seating accommodation. To the rear of the first floor provides a staff
kitchen and customer WC’s. The front part of the first floor and second floor are
ancillary accommodation and largely underutilised by the tenant.
The property benefits from excellent frontage to the High Street and outdoor.
TENURE
Freehold.
TENANCY
Tenant Floor Area Area Lease Lease Rent Rent pa Comment
Sq ft Sq m Start Expiry Review
Pret A Ground 2,561 238.0 02/05/2017 01/05/2032 02/05/2022 £200,000 Full repairing and
Manger insuring lease.
(Europe) ITZA 1,076 100.0 Upwards only rent
Ltd First 2,389 222.0 reviews.
Second 764 71.0
Total 5,714 531
COVENANT
Pret A Manger (Europe) Ltd – Very Low Risk (93)
Pret A Manger began in 1986 as a hand-made grab-and-go sandwich and organic
coffee shop and has since grown to over 373 locations in the UK and well as a global
presence expanding across Europe, USA, Asia and Dubai.
28/12/2017 03/01/2019 02/01/2020
Turnover £636,931,000 £710,036,000 £708,359,000
Pre-Tax Profit £64,885,000 £48,808,000 -£26,014,000
Net Worth £439,803,000 £387,238,000 £359,726,000
163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
REDEVELOPMENT POTENTIAL
An incoming purchaser would benefit from
a secure lease to Pret A Manger with a longer
term development opportunity in the heart
of Cheltenham.
We are of the opinion the property offers potential
to redevelop the upper parts to residential
accommodation subject to vacant possession and
the necessary consents.
Residential values in the area are particularly strong
achieving in the region of between £325-£350 psf
capital value.
Taking into account the height of the adjacent
property, it sets a precedent for the potential to
add additional storeys.
Buskers Court, adjoining the property has recently
been converted to residential accommodation
with a private entrance from the High Street and
from Albion Street to the rear. A two bedroom
flat in Buskers Court is currently on the market for
£215,000 for 652 sq ft reflecting £330 psf.163/165 HIGH STREET
CHELTENHAM Prime Retail Unit Let on a Long Lease with
GL50 1DF Excellent Long Term Development Potential
FLOORPLANS
Second Floor
First Floor
Ground FloorEPC Available upon request. VAT The property has been elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern. ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/CheltenhamPret PROPOSAL Offers sought in excess of £3,130,000 (Three Million One Hundred and Thirty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6% assuming purchasers costs of 6.46%. For further information or to make arrangements for viewing please contact: Lottie Hayward Freddie Foley 07817 549 237 07765 982 637 lottie.hayward@allsop.co.uk freddie.foley@allsop.co.uk allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.21
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