The property is of two storey part rendered masonry construction with a single storey side loading bay extension.
The property predominantly has a flat roofs with profiled steel over-cladding with the loading bay extension having lightweight steel trussing supporting the profiled steel-clad roof. The property has solid concrete flooring and single glazed timber framed windows on the upper floors and a single glazed timber framed display window on the ground floor.
The building is divided to provide open plan sales area together with a sales counter and store with office, together with a loading bay storage area within the single storey extension. Two staircases lead from the ground floor sales area and offices to the first floor which is divided by partitioning to provide six offices/stores/staff rest rooms, together with small hallway, kitchen and two toilets. The ground floor sales and storage have vinyl plastic tiled floor covering with emulsion walls and ceiling together with suspended fluorescent lighting, wall mounted electricity and telephone points and heating provided by a Powermatic gas fired space heater and wall mounted electric storage heaters.
The property has an EPC Rating of E-115.
Tenancy
The property is let to J.P. McDougall & Co. Limited on a 10‑year full repairing and insuring lease, subject to a Schedule of Condition, from 21 January 2025 to 20 January 2035 at a passing rent of £65,000 per annum. The lease incorporates a rent review and tenant break clause on the fifth anniversary.
Covenant
J.J.P. McDougall & Co. Limited is a long-established UK company incorporated on 18 March 1931 (Company Number 00254941), operating as a merchant of paints, wall coverings and allied products under the Dulux Decorator Centre brand.
The company is a wholly-owned subsidiary of Dulux Limited, which is itself ultimately owned by the Dutch multinational AkzoNobel N.V.
The company operates an extensive network of decorator centre branches across the UK with over 1,100 staff. It has a Creditsafe risk score of 96 (Very Low Risk) with an international rating of A, a recommended credit limit of £3.85 million and a contract limit of £58 million.
From their latest published accounts, the key financial highlights are as follows:
| |
31/12/2024 |
31/12/2023 |
| Turnover |
£232,146,000 |
£230,482,000 |
| Pre-tax Profit |
£11,289,000 |
£13,116,000 |
| Net Worth |
£35,777,000 |
£29,224,000 |
Address :
60-66 Fairview Road
Cheltenham
GL52 2EH
The property is situated on the northern side of Fairview Road (A46), opposite its junction with Sherborne Place, approximately 200 metres east from its junction with Winchcombe Street, approximately ¼ of a mile north from town’s main shopping areas of the High Street and Promenade.
Properties in the immediate vicinity comprise a mixture of residential and commercial units including Holy Trinity Church of England Primary School, which is located to the rear (north), whilst opposite the property are Bences Builders Merchants and Obsidian Kitchen and Bathroom Sales Showrooms.
The Rateable Value listed on the Valuation Office Agency website is £68,000.
(Approximate net internal areas)
| Ground floor showrooms/offices |
299.74 m2 |
(3,108 ft2) |
| Loading bay/store |
162.62 m2 |
(1,750 ft2) |
| First Floor |
106.31 m2 |
(1,144 ft2) |
| TOTAL |
557.67 M2 |
(6,002 FT2) |
The property has been used as a trade counter for the sale, storage and distribution of paints and other decoration products, and the lease permits other uses within Class E (Retail) or B8 (Storage and Distribution).
Terms
We are instructed to seek offers in the region of £900,000 which reflects a net initial yield of 7.80% after purchasers' costs at 6.86% or gross yield of 7.22%.
VAT
The property is elected for VAT purposes; however, it is proposed the sale is treated as a Transfer of a Going Concern.
Legal Costs
Each party to bear their own costs incurred in the transaction.
ASH Chartered Surveyors for themselves and for the vendors or lessors of this property for whom they act, give notice that:
- these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract;
- ASH Chartered Surveyors cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy;
- no employee of ASH Chartered Surveyors has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property;
- rents quoted in these particulars may be subject to VAT in addition; (v) ASH Chartered Surveyors will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and
- the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements.
Code of Practice for Commercial Leases in England and Wales
You should be aware that the Code of practice on commercial leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licenced conveyancer before agreeing or signing a business tenancy agreement. The Code is available through professional institutions and trade associations.
Money Laundering Regulations
As part of our obligations under the UK Money Laundering Regulations 2017, ASH will require any tenant/purchaser
to provide proof of identity along with any other required documentation to satisfy anti-money laundering regulations.
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