24 Promenade, Cheltenham GL50 1LR

A freehold investment opportunity located along The Promenade, Cheltenham, offered with current income of £57,750pa held on a 10 year FRI lease. Upper floors sold off.

LEASE TERMS & RENT
The current income from the building is £57,750 per annum exclusive, with future fixed uplifts.

The ground floor and basement are let to Knoops TPC Ltd on a 10-year lease from 27 August 2025. The current rent is £57,500 per annum exclusive, rising to £60,000 per annum exclusive in August 2030.

The lease includes a tenant break option at the end of the fifth year and is part guaranteed by Knoops Holdings Ltd.

The residential upper parts have been sold off on a 125-year ground lease from October 2008. The current ground rent is £250 per annum, increasing by £100 per annum every 25 years.

The upper parts contribute 50% of the service charge.

COVENANT STATUS
Knoops are a rapidly expanding retail chain trading from around 27 stores with 3 more including the subject property set to open shortly. They offer “fine chocolate” to the high street and home with gourmet chocolate drinks, chocolates and ingredients.

Cheltenham is a renowned spa town on the edge of the Cotswolds in Gloucestershire and claims to be the most complete regency town in England. The town is located off the M5 at it’s junctions with the A40 and the A4019 and has a resident population of around 118,800 (Census 2021). The property is located on “The Promenade” which has long been regarded as one of the prime retail streets. The property occupies a prominent corner position close to the junction of The Promenade with High Street.

Auction Details

The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non- refundable auctioneers fees apply:

• 10% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of 2% of the purchase price inc. VAT

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information

For full details about our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding registration process, your payment obligations, and how to view the Legal Pack (and any applicable home report for residential Scottish properties).

Guide Price & Reserve Price

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.