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Please note that this is an off-market opportunity that is available to qualified buyers only.
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Excellent opportunity to acquire an unbroken apartment block, with freehold, located in the centre Cheltenham, and priced at a very attractive rental yield.
The block comprises 10x 1-bed, 1-bathroom apartments spread over two floors and has been extensively refurbished in the past 5 years.
It is currently generating gross rental income of £78,840 pa and is fully tenanted. There are no rental arrears as of the end of April 2020.
Cheltenham is an affluent, historic spa town situated on the edge of the Cotswolds, 8 miles northeast of Gloucester.
Cheltenham is famous for its period Regency architecture, the Cheltenham Racecourse as well as being home to Government Communications Headquarters (GCHQ).
The area is also home to a number of major corporations, particularly in the areas of technology, engineering, aerospace, and defence. Examples include GE Aviation Systems, Kohler Mira, Spirax-Sarco Engineering, Douglas Equipment, and Vertex Data Science, as well as household names such as SuperGroup (owner of the Superdry clothes label) and Endsleigh Insurance. As such, data from the Office of National Statistics shows that average household incomes, employment levels and rates of higher education are substantially higher than the national average.
The strength of the local economy has underpinned the robust performance of the local property market, with apartment prices having increased by 3.1% and 19.2% over the past 1 and 5 years, respectively (Source: Zoopla, May 2020). Rental demand is also strong, and this apartment block in particular has a stable track record of letting well to professionals. The gross rental yield of 6.6% (at a purchase price of £1,200,000) is significantly above market levels, which are typically in the region of 4.0%-4.5% (Source: based on data from Home.co.uk and Zoopla as at May 2020). This underscores the attractive pricing of the apartment block and the desirability of the apartments to its tenants.
Cheltenham also benefits from good transport links. The M5 can be reached within a 7 minutes drive, which provides access to Bristol to the south (50 minutes drive) and Birmingham to the north (1-hour drive). Gloucester is reached via the A40 and is a 20 minutes drive, enabling many people to live in Cheltenham and commute to Gloucester for work. Cheltenham railway station has direct trains to Bristol Temple Meads (40 minutes travel) and London Paddington (around 2 hours), making the town a popular weekend getaway for Londoners.
Vendor is seeking offers over £1,200,000.
Documents available on request, please contact for viewings or further questions.
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Cheltenham is a town and borough in the south-west of England, on the edge of the Cotswolds. It is around 9 miles east of Gloucester, 25 miles south of Worcester and 96 miles northwest of London.
The town is near the M5 motorway which runs from West Bromwich near Birmingham to Exeter in Devon, the A417 to Swindon and the A40 to Oxford and London.
Cheltenham Spa railway station is located on the Bristol-Birmingham main line. It is managed by Great Western Railway and offers services to Gloucester, Bristol, Swindon, London Paddington, Cardiff Central, Bridgend, Maesteg, Plymouth and the South West, Birmingham, Derby, the North West, the North East and Scotland.
Cheltenham is well-known for its regency architecture and considered to be one of the most complete regency towns in England and several of its buildings are listed. Some of these include the Cheltenham Synagogue, Cheltenham Town Hall, Montpellier Caryatids, Pittville Pump Room, The Playhouse Theatre and The Promenade and Long Gardens.
Other local points of interest are Neptune’s Fountain, the Hare and Minotaur bronze sculpture, Imperial Gardens and the Holst Birthplace Museum.
Located on the edge of the Cotswold there are numerous options for day trips and weekends away. For example, visits to Bourton on the Water, Stow on the Wold, Moreton in Marsh, Bibury, Cirencester. Or Adam Henson’s Cotswold Farm Park or Sudeley Castle and Gardens or a drive along The Romantic Road.
The town is also well-known for its numerous festivals that take place throughout the year, such as the Cheltenham Festival (horse racing), Cheltenham Literature Festival, Cheltenham Jazz Festival, the Cheltenham Science Festival, Cheltenham Food & Drink Festival and the Cheltenham Music Festival.
Aside from cultural experiences Cheltenham also has a lot on offer for food fanatics, with many small and independent restaurants as well as a Michelin Star restaurant. The town is also a great shopping destination with numerous shops housed in beautiful regency buildings. One can find here the usual High Street favourites as well as independent retailers. The Brewery Quarter has been connected to the High Street which saw pedestrianised areas extended and old office blocks torn down. The Promenade, Montpellier, The Suffolks and Bath Road offer unique shopping experiences that are not to be missed.
Cheltenham offers employment in a variety of sectors and some of the town’s employers are the Government Communications Headquarters (GCHQ), Vertex Data Science, Chelsea Building Society, Nelson Thornes, Spirax-Sarco Engineering, Kohler Mira, SuperGroup plc (headquarter of Superdry), to name a few.
Point of reference - not exact location,
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