Promenade, Cheltenham

Cheltenham is widely regarded as one of the UK’s most desirable regional towns. It is the commercial and cultural centre of Gloucestershire and is recognized as the capital of the Cotswolds, an internationally known tourism and lifestyle destination (brochure pages 1–3). Cheltenham’s economy is underpinned by high value public and private sector employers (GCHQ, GE Aviation, Spirax Sarco, UCAS and the NHS) alongside a strong professional services cluster and higher education presence. The town’s cultural calendar — particularly the Cheltenham Literature Festival, Music and Jazz Festivals and the National Hunt Racing Festival — creates sustained demand for short stay accommodation, food & beverage and leisure occupiers, which directly supports the income model of Promenade facing hospitality and short stay residential stock (page 2).

Property description and heritage value Built in the mid 19th century and designated Grade II* listed, Nos. 47–49 occupy a commanding location on the Promenade adjacent to the Long Gardens. The elevation and frontage onto this formal civic space provide a high degree of visibility, prestige and pedestrian traffic. The refurbishment undertaken in the last five to six years has sensitively combined the retention of period fabric and features with the insertion of modern services, finishes and compliance measures expected for high quality hospitality and residential short stay use (page 8). The Grade II* listing imposes higher conservation and heritage obligations than standard Grade II listings; as such, any material changes to fabric, fenestration, or principal rooms will require listed building consent and careful liaison with local conservation officers.

Current accommodation, layout and use The building’s internal spatial arrangement supports a mixture of street facing commercial enterprises at lower levels and short stay residential accommodation on the upper levels:

Commercial: Includes a prominent bar/restaurant trading as Memsahib (ground/lower ground), a therapy suite and office space. The ground floor commercial units are let to Memsahib Gin Ltd (10 year lease from 10/01/2018 to 09/01/2028) and other businesses such as Adecco UK Ltd (unit in No. 49), with tenants and lease data detailed in the tenancy schedule on page 8.
Residential: 12 short stay (Airbnb) apartments located across the ground to third floors of No. 47 and the second and third floors of No. 49. These apartments are operated under a separate management arrangement (without formal contract) by an associated company; gross revenue from these lettings for the year ending 31 March 2025 is reported at £231,819 (page 8). The brochure notes these residential revenues are not included in the company’s consolidated annual income figure for Cavendish Homes Limited (page 9), and separate trading accounts for the short stay operation are available in the data room.
Detailed tenancy analysis and income profile The tenancy schedule (page 8) provides granular information on the commercial units at Nos. 47–49:

Ground & lower ground area: Memsahib Gin Ltd — 2,269 sq ft NIA, EPC B41, annual rent £30,000, lease to January 2028.
Ground unit in No. 49: Adecco UK Ltd — 922 sq ft NIA, EPC D98, annual rent £14,672, lease to September 2027.
First floor office (No. 49): let to an occupier (Ella Davies) — 701 sq ft NIA, annual rent £10,000, lease to March 2028. Aggregate commercial NIA of these units equals 3,892 sq ft (361.6 sq m) producing £54,672 per annum (page 8). The short stay accommodation yields a separate trading turnover of £231,819 (year to 31/03/2025) across 4,615 sq ft (487.3 sq m) GIA of apartment space (page 8).