A substantial unbroken freehold retail and office parade is to be sold at auction next month.
The property at 5-39 Winchcombe Street in Cheltenham is for sale with a guide price of £1.8m-£1.9m.
The parade currently comprises 11 retail units with office accommodation on the upper floors along with a number of parking spaces. There is potential for a change of use to a hotel, and the asset currently produces £187,500 in annual rental income, providing an excellent return on investment.
Nearby in Gloucester, a freehold office building currently let to the Secretary of State for Communities and Local Government on a lease expiring in 2028, is being offered with a guide price of £2.95m. At present, the property generates £330,000 in rental income and has prior approval for change of use for offices into 45 flats.
Jon Skerry of Acuitus comments: “Both of these properties offer excellent development potential for buyers, and are exactly the type of value-add situations which are proving popular in today’s market”.