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94-96 High St 1,400 sq ft Retail Property Cheltenham GL50 1EG £650,000 (£464.29/sq ft) 8.49% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Four-storey Investment opportunity
- Includes a retail unit and 6-bedroom HMO on the upper floors
- Potential for further development
- Situated in the pedestrianised area of Cheltenham’s High Street, close to its junction with Bath Road
EXECUTIVE SUMMARY
The property is offered freehold subject to the occupational tenancies in place. Offers in excess of £650,000. A purchase at this level reflects a gross yield of 8.91 %. net yield of 8.49% after the purchaser’s costs. This is based on the HMO being fully let at the current rental figures quoted (the property comprises of a ground floor retail unit and HMO residential units on the upper floors).
The retail unit on the ground floor (1,400 SQ FT) is currently let to Blue Cross for a period of 5 years expiring 31st August 2027 at a rent of £17,500 per annum on an internal repairing and insuring basis. The lease is subject to a service charge which is currently running at £2,000 p.a. The tenant has a break clause on/after 1st September 2025. When fully Let the HMO could produce a gross rent of £40,440 p.a. The rooms are let on Assured Shorthold Tenancies (ASTs). Copies of the lease documentation & Tenancy Agreements are available upon request.
The retail unit on the ground floor (1,400 SQ FT) is currently let to Blue Cross for a period of 5 years expiring 31st August 2027 at a rent of £17,500 per annum on an internal repairing and insuring basis. The lease is subject to a service charge which is currently running at £2,000 p.a. The tenant has a break clause on/after 1st September 2025. When fully Let the HMO could produce a gross rent of £40,440 p.a. The rooms are let on Assured Shorthold Tenancies (ASTs). Copies of the lease documentation & Tenancy Agreements are available upon request.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Shopfront Retail / Residential
Property Size
1,400 sq ft
Costar Property Class
B
Year Built
1902
Price
£650,000
Price per sq ft
£464.29
Yield
8.49%
NOI
£55,185
Tenancy
Single
Number of Floors
5
Plot ratio
0.46
Total Plot Size
0.07 ac
Frontage
16 ft on High St
AMENITIES
- Security System
- Storage Space
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94-96 High St
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