• Gloucester is an historic Cathedral City and the county town of Gloucestershire

• Located in the 100% prime retail pitch

• Well configured floorspace

• Let to the highly secure covenant of Carphone Warehouse Limited

• Freehold

• Guide price £765,000, subject to contract

• 13.00% Net Initial Yield

Gloucester provides a primary catchment population of approximately 363,000 persons, ranking 66th of the PROMIS Centres. The catchment population is moderately affluent, ranking 85th of the PROMIS Centres and per capita spending levels are above average.

Visit England have projected a near doubling in economic activity from the visitor economy in Gloucestershire, from £728million in 2010 to £1.5billion by 2025.

Gloucester is one of the principal retailing centres in the South West with 1.48 million sq ft of city centre retail floor space, ranking the town 34th of the 200 PROMIS Centres. Prime retailing is located on the pedestrianised Eastgate Street, where principal retailers include Marks & Spencer, Boots, H&M and Primark.

Gloucester has a below average proportion of managed floorspace, with approximately 18% of the total retail floorspace accounted for by the city’s two principal dedicated shopping centres. Both schemes have their primary entrances on to Eastgate Street, both in close proximity to the subject property.

The Eastgate Shopping Centre provides 250,000 sq ft of retail space and is anchored by Marks & Spencer, which has both external and internal frontages. Other tenants include JD Sports and H&M. The centre also comprises a 370 space car park at first floor level. King’s Walk Shopping Centre provides approximately 400,000 sq ft of retail space and is anchored by Primark and WH Smith. The Centre also comprises a multi-storey car park with approximately 300 spaces. Reef completed the purchase of King’s Walk Shopping Centre in a strategic joint venture with Gloucester City Council in September 2017 and have ambitious plans to significantly enhance the Centre including extensions, façade treatments, installing an atrium roof, general refurbishment and improvement to the public realm.

The subject property comprises a three story retail unit of concrete frame construction with clad infill.

The property is currently arranged to provide well configured retail sales accommodation at ground floor with ancillary accommodation at first floor level. The adjacent building, let to TopShop, oversails the front of the property at first floor level and the entire second floor level.

The property has been measured by BKR Floor Plans and provides the following net internal floor areas:

Note that the property comprises the ground floor and first floor rear. The first floor front and second floor are owned by an adjoining landlord.

A set of floor plans is available to download and the measured survey report will be readdressed to a purchaser at a cost of £495 + VAT.

The entire property is let to The Carphone Warehouse Limited on Full Repairing and Insuring terms for 15 years from 9th March 2011, expiring 8th March 2026, at a current rent of £105,000 per annum. The lease provides for rent reviews every fifth year of the term. There is a tenant option to determine on 9th March 2021, subject to 6 months notice.

We devalue the passing rent to equate to approximately £97 Zone A, with the first floor valued at A/20.

Prime rents in Gloucester peaked at £145 Zone A and the passing rent therefore represents a rebased level.

We understand that the property is elected 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 in the region of £765,000 (Seven Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT for our client’s freehold interest. A purchase at this level would reflect a net initial yield of 13.00% after allowing for purchaser’s costs at 5.43%.

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

Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.

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