For sale

Gloucester - 35 Westgate Street (Retail Investment)

Investment Gloucester For sale 193.63 m2 (2084ft2)

Retail Investment opportunity in Gloucester City Centre. Fully refurbished restaurant let on a 5 year lease at a rent of £25,000 per annum.

The property is a mid-terrace building with accommodation over 2 floors. It has been refurbished to a high standard throughout to provide a restaurant with a fully fitted commercial kitchen including extraction equipment, seating areas on both the ground and first floors with ancillary storage, an office and WC facilities.

All of the services have been upgraded and the property has been finished to a high specification throughout. The retail unit has a fully glazed frontage and is accessed off Westgate Street with an entrance to the rear off Bull Lane.

Tenancy

The property is let to Hieu Van Pham, Dat Hong Nguyen & Nguyen Quang Auh for a period of 5 years from 9th November 2021 at a rent of £25,000 per annum on a full repairing and insuring basis. The lease includes a rent review and break clause on the 3rd anniversary of the term. The lease includes a summary of the equipment that belongs to the landlord.

Address and Location

Address :

35 Westgate Street
Gloucester
Gloucester
GL1 2NW

The property is situated in a prominent position on Westgate Street within close proximity of the Cathedral and approximately 100m from Gloucester Cross, which is traditionally regarded as the City centre. Occupiers in the immediate area include McDonalds, The Works, Coventry Building Society and a range of local businesses. Gloucester is well connected to the motorway network, being served by three junctions of the M5; junction 11 provides access via the A40 (3 miles), junction12 to the south (5 miles) and junction 11a (3 miles) connects to the Brockworth Bypass, Cirencester/Swindon and the M4 motorway at junction 15 (34 miles).

Rates

The Rateable Value appearing on the Valuation Office Agency website is £22,500.

 

Accommodation

(Approximate net internal area)

Ground floor    
Seating area and kitchen 112.51 sq m  (1,211 sq ft)
Storeroom   23.37 sq m     (252 sq ft)
First Floor    
Seating area and office   57.73 sq m     (621 sq ft)
TOTAL 193.61 sq m (2,084 sq ft)

Planning

The property is used as a restaurant within Class E Of the Use Classes Order 1987.

Terms

Terms

The property is offered freehold subject to the occupational tenancy in place. The quoting price is £325,000 and a purchase at this level reflects a gross yield of 7.69% and net yield of 7.48% after purchaser’s costs.

VAT

The property is not elected for VAT purposes.

Costs

Legal Costs

Each party to bear their own legal costs incurred in the transaction.

Property Disclaimer

ASH Chartered Surveyors for themselves and for the vendors or lessors of this property for whom they act, give notice that:

  1. 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;
  2. 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;
  3. 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;
  4. 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
  5. 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.

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Investment Gloucester For sale 193.63 m2 (2084ft2) Price: £325,000

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