Property Information
Address:
2-6 EASTGATE STREET, GLOUCESTER
, GL1 1NN
Price: Property no longer available.
Size: 170000 sq ft15793 sqm
Primary Category: Shop
All Categories:
Shop,
Property Ref/Movehut: MH470021
Property Ref/Agent: GLOUCESTER - 2-6 EASTGATE STREET, GL1 1NN
*Please use the agent ref when calling the agent directly.
Property description
INVESTMENT SUMMARY
Gloucester is an historic cathedral city, which is ranked in the top 75 UK retail centres and is the 9th fastest growing city in the UK.
Located in the 100% prime retail pitch, which has improved dramatically since the opening of a new Marks & Spencer store nearby in 2012.
Comprises two well configured retail units.
Both leases have been granted since 2011 and are off rebased rents.
Let to the excellent covenants of Poundworld Retail limited and Hutchison 3G UK Limited.
Weighted Average Unexpired Lease Term of 5.4 years.
Seeking offers in excess of ?4,480,000, reflecting a net initial yield of 7% , for the freehold interest.
LOCATION
Gloucester is an attractive and historic cathedral city situated between the River Severn and the Cotswolds and is the County Town of Gloucestershire. It is located 35 miles north of Bristol, 54 miles south of Birmingham and 104 miles west of London.
DESCRIPTION
The property comprises a three storey, purpose built retail building, which consists of two well configured shop units. 2 Eastgate Street has ground floor sales accommodation with ancillary/potential sales accommodation at first floor. 4-6 Eastgate Street has ground floor sales accommodation with ancillary floor space on the first and second floors. It is serviced from the rear via a dedicated service area.
SITUATION
The subject property is located in the 100% prime retail pitch. Nearby retailers include Marks & Spencer, Clarks, Waterstones, Body Shop, Top Shop/Top Man and Carphone Warehouse. Marks & Spencer relocated to Eastgate Street in 2012, having previously traded from two separate stores on Northgate Street and Southgate Street. In addition, other new retailers that have been attracted to Eastgate Street since 2011 include Poundworld, Carphone Warehouse and Top Shop / Top Man.
VAT
The property is elected for VAT and it is proposed that the sale is dealt with as a Transfer Of a Going Concern.
PROPOSAL
We are instructed to seek offers in excess of ?4,480,000 (Four Million Four Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 7% after purchaser??s costs at 5.80%.
EPC
EPC??s are available on request
;