COMPLETION 31ST MAY 2017
In this popular tourist location approx. 350 yards from the Cathedral and occupying a prime trading position in this busy pedestrianised city centre and being close to the junction with Westgate Street. Nearby multiples include H. Samuel, Caffè Nero, Greggs, Tesco Express, Marks & Spencer, Barclays Bank, Topshop, Vodafone and many others.
In addition, The Eastgate Shopping Centre and Eastgate Market are a short distance away, as well as Gloucester Railway Station (2 hours to Paddington).
Gloucester is located approx 11 miles south of Worcester and 22 miles north of Bristol.
An attractive Grade I Listed building comprising a Deep Ground Floor Shop (with consent for A1 & A3 Use) and rear internal access to Basement Storage (height 6'6''). There is a separate return frontage providing self-contained access to a Bar/ Restaurant at first and second floor levels and a Residential Flat at third floor level all of which was previously known as The Old Bell Inn.
Ground Floor Shop
Gross Frontage 25'0"
Internal Width 24'6"
Reducing to 18'4"
Shop Depth 78'8"
Built Depth 105'8"
Area Approx. 1,850 sq ft
First Floor Bar/Restaurant
Area Approx. 1,685 sq ft¹
Second Floor Bar/Restaurant
Area Approx. 1,140 sq ft¹
Third Floor Flat (not inspected)
1 Bedroom, Living Room, Kitchen, Bathroom/WC
¹Areas taken from VOA
VAT is NOT applicable to this Lot
The entire property is let on a full repairing and insuring lease to Costa Ltd (having approx. 1,500 branches - wholly owned by Whitbread Group plc who for Y/E 03/03/16 reported a T/O of £2.92bn, Pre-Tax Profit of £495m and Shareholders' Funds of £2.65bn) for a term of 10 years from 9th January 2016 (renewal of a previous lease) at a current rent of £50,000 per annum exclusive.
Rent Review January 2021
Tenant's Break 2022
The Lessees sublet the entire upper part (first, second and third floors) to Mr Paul Soden t/a Tiger Eye (Restaurant/Bar) for a term from 21/2/17 to 3/2/26 (outside L & T Act 1954 renewal provisions) at £10,000 for year 1 rising to £14,000 p.a. with a Tenant's Break and Rent Review in 2021.