Retail Investment, 94 - 96 High Street, Cheltenham, GL50 1EG

Description
94-96 is an end of terrace four storey building of brick/block construction, with rendered painted elevations under pitched tiled roof. The ground floor incorporates a single glazed timber framed shop frontage. The building has predominantly timber framed windows with double glazed sky lights at third-floor level. The ground floor retail space benefits from a single storey extension to the rear which has a steel profile roof.

The accommodation is split to provide retail premises at ground and lower ground floors. A 6 -bedroom HMO is located on the upper floors of the property which is approached via an alleyway which runs down the right-hand side of the building from the main high street.

There are 6 separate bedsits on the upper floors and shared WC and shower facilities. Each room has its own built-in kitchenette.

In general, the accommodation has a mixture of painted lath and plaster/wallpapered walls and ceilings, with laminate, vinyl and carpeted floors throughout. Heating to the upper floors is provided via a gas-fired boiler with wall-mounted radiators. Lighting throughout the property is provided by a mixture of strip and pendant lighting. Electricity and water services are connected to the ground and upper floors. Gas is connected to the upper floors only.

TENANCIES
The retail unit is currently let to Blue Cross for a period of 5 years expiring 31st August 2027 at a rent of £17,500 per annum on an internal repairing and insuring basis. The lease is subject to a service charge which is currently running at £2,000 p.a. The tenant has a break clause on/after 1st September 2025.

When fully Let the HMO could produce a gross rent of £40,440 p.a. The rooms are let on Assured Shorthold Tenancies (ASTs). Copies of the lease documentation & Tenancy Agreements are available upon request.

EPCs - The HMO flats are rated within Band C to D and the Ground floor shop is rated Band C.

Location
The property is located in the Spa town of Cheltenham. There are excellent road communications with the M5 motorway lying on the Western fringes of the town and the main A40 road providing access to the West Country, Oxford and London to the East.

The property is situated in the pedestrianised area of Cheltenham’s High Street, close to its junction with Bath Road. This is a well-established retail location and major occupiers include a Sainsburys Convenience Store, Shoe Zone, Subway and Iceland. In addition, there are a number of public houses and cafes in the immediate area.