Retail premises to let in 24 Promenade, Cheltenham GL50

Cheltenham is an historic Spa Town which hosts a variety of international festivals including Literature, Music, Jazz and National Hunt Racing. The town has a strong retail offer including a John Lewis department store, Regent Arcade and is the headquarters of Superdry.

The Promenade has long been renowned as one of England’s best retail streets with Omega Watches, Trailfinders and Watches of Switzerland all opening branches in 2024. The property occupies a prominent corner position close to the junction of the Promenade with High Street. Adjacent units are occupied by Martin & Co Jewellers, Slaters Menswear, Ryman, Andrew Scott Jeweller, Yo Sushi and Coventry Building Society.

24 Promenade is a Grade II Listed Building with Ashlar stone elevations and extensive window display to the Promenade and County Court Road. Previously a public house, the property has been occupied since 2003 by Costa Coffee and the current planning use is understood to be Class E retail/café/financial services and business.

The property has rear loading facilities from County Court Road.

Approximate measurements & Net Internal Floor Areas
The accommodation comprises:

Ground Floor
Internal Width 5.00 m (16’3”)
widening in rear section to 14.20 m (46’8”)
Depth 15.50 m (50’8”)
Overall Floor Area 148.64 sq m 1,600 sq ft
Ancillary Office/Kitchen 26.29 sq m 228 sq ft

Basement Ancillary Storage Area

The upper floors contain self-contained residential accommodation which is not included in the proposed new lease.

Subject to Contract
The premises are offered to let on a new lease at a commencement rental of £57,500 per annum exclusive of rates and other outgoings. Rent will be reviewed on an upward only basis at the end of every fifth year of the term.

The tenant will be responsible for maintenance of the entrance doors and windows of the property and the landlord will maintain the exterior. The tenant will pay a due proportion (50%) of the external costs.

The landlord will insure the property and recover the appropriate proportion (50%) cost of the premium from the tenant.

The property is elected for VAT and VAT will be payable on rent, insurance and other costs arising.