April 2021: Wednesday 14 April 2021 - 10:00am
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    Key features

    • Prime retail position in one of the UK's wealthiest towns
    • Situated on the famed Promenade
    • Let to The London Camera Exchange at a rent of £55,000 per annum until March 2023 with no arrears or rent concessions
    • Potential to negotiate possession of the upper floors and convert to residential
    • Planning permission and listed building consent to provide 2 x 1 bedroom flats


    Description

    This Grade II regency terraced building is arranged over basement, ground and two upper floors providing two retail units on the ground floor with ancillary upper parts.

    Additional information

    Tenure

    Freehold

    Accommodation

    Tenancy

    The entire property is let to the London Camera Exchange Limited on a full repairing lease for a term of 5 years from 27/03/2018 at a rental of £55,000 per annum.

    14 Promenade is sub-let to Carron Mann Limited, t/a Silver Moon on an annual basis at a rental of £13,000 per annum.

    Tenant Covenant

    The London Camera Exchange reported a turnover for year ending March 2019 of £32,903,919 and an operating profit of £1,350,938 before tax.

    Planning

    Planning permission was granted by Cheltenham Borough Council on the 13th January 2021 (Ref: 20/0219/FUL) for the conversion of the upper floors to residential to provide 2 x 1 bedroom self-contained flats.

    Rent

    Total current rent £55,000 per annum

    Notes

    Possession of the upper floors will be required to carry out the conversion - the occupiers have indicated that they may be prepared to negotiate the release of the upper floors - further information can be found in the legal pack, buyers will need to rely on their own enquiries in this regard.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Cheltenham is an affluent spa town on the edge of the Cotswolds situated some 40 miles north of Bristol and 100 miles west of London.

      Famed for the Gold Cup Horseracing Festival and a strong retail town centre.

      The property is situated in a prime location just off the pedestrianised section of Promenade, close to the junction with the High Street

      The property is immediately adjacent to TM Lewin and Keith Scarrott Shoes and close to Costa, The Coventry Building Society, Starbucks, Rymans, Boots and Primark.

      The Brewery Quarter and the newly opened Urban Outfitters are a short walk away..


      Transport

      Cheltenham - National Rail

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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