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Lot 5
9/9a Southgate Street, Gloucester, Gloucestershire GL1 1TG

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Sold: £760,000

COMPLETION 31ST MAY 2017

SITUATION

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.

PROPERTY

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.

ACCOMMODATION

Ground Floor Shop
Gross Frontage 25'0"
Internal Width 24'6"
Reducing to 18'4"
Shop Depth 78'8"
Built Depth 105'8"
2 WCs
Basement
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

FREEHOLD

TENANCY

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

Note: 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.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.