• Highly prominent roadside location

• Secure income – let to Kwik-Fit (Pre-Tax Profits £65.7m)

• In excess of 8 years unexpired lease term

• Freehold

• Large site offering potential future redevelopment opportunity, subject to planning

• Adjacent to the Northern Quarter proposed regeneration scheme

• £450,000, subject to contract

• 5% net initial yield

The property occupies a prominent position fronting the busy Steam Mills Road (A4151) which runs directly through Cinderford. Steam Mills Road extends on to the High Street to the south and leads up to the intersection with the A4136 and Morse Road to the north which, provides direct access to the surrounding areas.

The property sits directly opposite Murco Petrol Filling station, which is one of three petrol filling stations in the town, all of which are located on Steam Mills Road.

The immediate vicinity is made up of residential accommodation (adjacent) and light industrial and complementary businesses including Car Take Back, Abbey Scrap Cars and Nick King Car Sales to name a few.

The site benefits from being adjacent to The Northern Quarter which has outline planning permission. The scheme would comprise of up to 195 dwellings, a hotel of up to 32,000 sq ft, up to 200,000 sq ft for employment uses and a new educational campus which will include an 84,000 sq ft building. The scheme would provide car parking, footpaths, landscaping and associated works. Planning application number P0663/14/OUT.

A picture is available to download from the downloads section below displaying the proposed site plan from the Design and Access Statement. The shaded areas on the plan offer insight into where each use will be located within the scheme. The Kwik-Fit property is marked with a red X to the right of the plan.

The property comprises a single storey workshop providing MOT, tyre, exhaust, servicing and car and van repairs.

The property benefits from roller shutters, a large storage room, an internal office, a staff room and a forecourt for access and parking.

This Kwik-Fit is one of the only vehicle component stockists in Cinderford, offering a full range of services and being recognised as one of the leading vehicle repair garages in Cinderford. In addition, they service all makes of cars and vans, including high roof vans.

Freehold.

The property is let to Kwik-Fit Properties Limited, with a guarantee from Kwik-Fit Holdings Limited, on a full repairing and insuring lease for a term of 30 years from 27th February 1999, expiring on 23rd February 2029 (in excess of 8 years unexpired lease term)

The current passing rent is £23,369 per annum (£8.65 per sq ft / £93 per sq m overall). The lease benefits from an upwards only rent review on 27th February 2024.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers of £450,000 (Four Hundred and Fifty Thousand Pounds), subject to contract. This price reflects a net initial yield of 5%, assuming purchasers’ costs of 4.47%.

Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £3,000 + VAT

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