Offers over £1.25m are being sought for a landmark investment and development opportunity in what is described as “one of the best known retail locations” in Gloucester city centre.
Bruton Knowles and Prime Retail have jointly been instructed to sell 2-4 Southgate Street, a prominent corner unit overlooking The Cross. The retail section of the property is currently occupied by Vodafone.
“This elegant four-storey building is highly visible along the length of the prime Eastgate shopping street which has top tenants including Primark, Marks & Spencer, Top Shop, H&M, BHS, Starbucks, Waterstones and The Body Shop,” explained Julian Capewell, of Bruton Knowles. “It also benefits from the vastly increased activity around Gloucester’s Quays.
“The Cross is situated at the intersection of the pedestrianised Eastgate, Southgate, Westgate and Northgate, so footfall is exceptional,” he added. “These prime thoroughfares link to Gloucester’s various shopping pitches and centres, car parks and the principal transport hubs.”
Vodafone has occupied the ground and basement sales areas of the site since October, 2014, and has recently completed a comprehensive refurbishment. It acquired the lease on assignment from the collapsed Phones 4 U.
The mobile retailer — whose 10 year lease expires in May 2022 — is paying £85,000 in annual rent, reviewed upwards only to market value on 16th May, 2017. The lease also incorporates a tenant option to break on that date.
The upper floors of the building have already been granted planning permission for conversion either to clothing manufacture or light industrial use or to professional or financial offices.
Capewell feels the building could well offer scope for development. “We also believe these premises offer the potential of a residential conversion, subject to planning consent,” said the agent, adding that: “The vendor will provide a top-up of £14,500 per annum for a period of one year from completion, bringing the annual total income to £99,500.”
Posted by Cliff Goodwin
Photo by Bruton Knowles
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