Retail premises for sale in Retail Investment, 35 Westgate Street, Gloucester GL1

Key Points

Price reduced to £300,000 at this level reflects a gross yield of 8.33% and a net yield of 8.09% after purchasers costs of 3%.

Tenancy in place.

Refurbished to a high standard.

Restaurant with fully fitted commercial kitchen.

Kitchen includes extraction equipment.

Rear entrance off Bull Lane.

Description

The property is a mid-terrace building with accommodation over 2 floors. It has been refurbished to a high standard throughout to provide a restaurant with a fully fitted commercial kitchen including extraction equipment, seating areas on both the ground and first floors with ancillary storage, an office and WC facilities.

All of the services have been upgraded and the property has been finished to a high specification throughout. The retail unit has a fully glazed frontage and is accessed off Westgate Street with an entrance to the rear off Bull Lane.

Tenancy

The property is let to Hieu Van Pham, Dat Hong Nguyen & Nguyen Quang Auh for a period of 5 years from 9th November 2021 at a rent of £25,000 per annum on a full repairing and insuring basis. The lease includes a rent review and break clause on the 3rd anniversary of the term. The lease includes a summary of the equipment that belongs to the landlord.

Location

The property is situated in a prominent position on Westgate Street within close proximity of the Cathedral and approximately 100m from Gloucester Cross, which is traditionally regarded as the City centre. Occupiers in the immediate area include McDonalds, The Works, Coventry Building Society and a range of local businesses. Gloucester is well connected to the motorway network, being served by three junctions of the M5; junction 11 provides access via the A40 (3 miles), junction12 to the south (5 miles) and junction 11a (3 miles) connects to the Brockworth Bypass, Cirencester/Swindon and the M4 motorway at junction 15 (34 miles).