Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment occupying a prime pitch in Central Cheltenham and let to Specsavers.
Arranged across ground, first and second floors, the property is let to Specsavers Optical Superstores Limited on a five year lease expiring 10.01.2027 and paying £40,000 per annum.
The tenant is a long standing occupier of 15+ years, with the current lease being the most recent of a series of renewals. The tenant also did not exercise their 2025 break option, displaying confidence in the location. We therefore consider the property benefits from asset management potential via renewal/extension of the existing lease. We also consider there is an opportunity to improve the annual rent, with the adjacent Unit 2 paying £80,000 per annum.
The property includes substantial upper parts that may benefit from development/conversion potential to alternative uses, including residential (subject to the existing leases and any requisite consents).
The property occupies a prime pitch fronting the partially pedestrianised High Street and benefitting from a return frontage to Church Street. The area is characterised by other national retailers including Superdry, McDonalds, Primark, Caffe Nero and Marks & Spencer.
Tenure
Freehold
Tenancy
The property is let to Specsavers Optical Superstores Limited on a five year lease expiring 10.01.2027 and paying £40,000 per annum.
The tenant has shown confidence in the location via a series of renewals over the past 15+ years. Furthermore the tenant did not serve their 2025 break option.
The lease is on full repairing and insuring terms.
Specsavers Optical Superstores Limited
Source: ICANS
Rent