Property description
LOCATION
The Gauntlet is proudly located within the centre of Glastonbury, along the prime retail pitch of the High Street. It is in itself a popular tourist destination. The Gauntlet also forms an essential and busy passageway between St Johns car park and the High Street. Each unit within the parade of shops offers space that is perfectly refurbished for its many occupiers.
Glastonbury itself is located about 25 miles south of Bristol and approximately 30 miles to the west of Warminster. Glastonbury boasts a population of some 9,000 (approximation based on the 2011 census) and is within 1 mile of Street, which has a population of about 12,000 (based on the 2011 census). Furthermore, Glastonbury is a popular tourist destination, arguably most famous for the Glastonbury Festival but also for its leisure attractions including not only The Gauntlet itself, but also The Tribunal (adjacent to The Gauntlet), The George & Pilgrims Hotel, Glastonbury Lake Village, Glastonbury Abbey, Somerset Rural Life Museum and Chalice Well.
DESCRIPTION
Popular, historical, attractive and well maintained retail parade known as The Gauntlet
Commercial and residential investment that is fully let, located on the prime pitch
Award winning development with LABC and Mendip built in awards, developed in 2007
Exceptional level of occupational demand, no void periods in about 3 years
Management opportunity with potential to add value through active asset management
Adjacent to the main public car park for Glastonbury, a high footfall thoroughfare
Rich in British History and Heritage, Grade II Listed
Complete with a number of assets including souvenirs, intellectual property & publishing
Rarely available, once in a lifetime investment opportunity
Leases to independent retailers including A1 and A3 on 3-10 year terms, within the 1954 Act
The general tone of the parade is considered to be reversionary
A full maintenance schedule has been recently completed, including roof & windows
Close to the towns popular market and a number of attractions including The Abbey
Rental income £116,028 pax (commercial plus residential income)
Plus income from maintenance rent / letting of current management office: £129,616 pax
There is an additional income from lettings and estate management (c. £20,000 pa)
Potential to increase retail rents by £12,000 pax to MV plus £17,000 pax from new lettings
POA (may consider a split of commercial & residential)
Attractive 5.33% NIY / 6.52% RY
Reversionary rent (only) £158,616
Plus management to provide a total income of £178,616 / 7.77% gross
ACCOMMODATION
Constructed in 2007 following a 4 year redevelopment by the current proud owners, the building has been recognised nationally with two building awards granted by LABC and Mendip. The building is of two storey construction, boasting a fine selection of 16 beautifully restored retail units (four are combined to two double units) on the ground floor, with 7 first floor residential dwellings above. The individual units are currently in use as retail and cafe / restaurant uses, under use classes A1 and A3 of the Town & Country Use Classes Order 1987 (as amended).
SERVICES
Mains water, electricity and drainage are available and are believed to be connected. Prospective purchasers are advised to make their own enquiries.
TERMS
Freehold available subject to the occupational leases. The commercial leases are held on effectively full repairing and insuring terms. Residential leases are all ASTs. The combined annual rent passing is £116,028 pax, and total rental income £129,616 pax. A full rental schedule is available on request. Leases are typically granted on 3-10 year terms. The WAULT is currently about 2.5 years. The property is elected for VAT.
There is the potential to rent the existing management office at £3,588 pax. The maintenance rent provides an income of £10,000 pax. There are opportunities to add value by way of renting the storage space at about £5,000 pax and also the market stalls at about £12,500 pax. The commercial rents are also considered to be below market value and an uplift of about £12,000 pax would not be an unreasonable aspiration. There is a management income of about £20,000 pa.
Included in the price are the publishing rights to the books associated with the Scheme and intellectual property including the website. There is also about £25,000 worth of assets including souvenirs, stock and materials associated with The Gauntlet.
The property is available subject to the above terms and occupational leases , POA , 5.33% NIY, plus assets and with asset management opportunities to reflect a 6.52% reversionary yield with an income of £158,616 pax in the short term, part of which would be immediate with effective asset management.
Management on top would total £178,616 pax at 7.77 % gross.
OUTGOINGS
According to the Valuation Office Agency the charging authority is Mendip and the individual premises are described as shop and premises.
The rateable values (RV) are understood to vary between £3,100 and £8,000 for the period 2015-16. By multiplying the RV by the standard UBR (2015/16 rate is 0.493), this gives the annual rates payable. For further information and clarification please contact the charging authority.
OTHER
Available on request. The residential properties are typically classed as B for energy performance and efficiency.