For sale

Gloucester - 6-10 Longsmith Street, GL1 2HH

Investment Gloucester For sale 222.85 m2 (2399ft2)

The property is a three-storey building of concrete frame construction with two self-contained retail units on the ground floor with residential above.

The residential accommodation has recently been refurbished and comprises 5 single bedrooms, a communal kitchen/dining/living area, 3 WCs and 2 shower rooms.

Address and Location

Address :

6-10 Longsmith Street
Gloucester
GL1 2HH

The property is located on Longsmith Street close to the junction with Southgate Street and a short distance from Gloucester Cross. It is situated just outside the pedestrianised area close to the Eastgate Centre and occupiers in the area include Tesco, Barclays Bank, Greggs and Subway. Gloucester Docks, which is only a short distance away, has undergone a significant transformation with the development of Gloucester Quays and creation of new and refurbished apartments along with leisure and retail facilities.

Rates

See table in Accommodation.

Accommodation

Unit Tenant Terms Rent (per annum) Rent Review EPC Rates/Council Tax
6 Nicole Pestridge

For a term to expire 31-10-25.

£6,500 01-11-24 TBC £5,400
8 Miles Mann Limited

For a term to expire 31-12-28.

Years 1 & 2-£8,000 pa      Year 3 £8,750

01-01-25 TBC £6,800
10 Clearsprings Ready Homes Limited

For a term to expire 01-09-26.

£27,000 Annual E-47 Band C
   

TOTAL RENT

£41,500      

 

Planning

The property has been used for retail and residential.

Terms

Terms

We are instructed to seek offers in the region of £500,000 for the freehold interest in the property, subject to the tenancies outlined. A purchase at this level would reflect a gross yield of 8.3% or net initial yield of 7.95% after purchaser’s costs of 4.4%.

VAT

The property is not elected for VAT.

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.

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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Investment Gloucester For sale 222.85 m2 (2399ft2) Price: £500,000

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