Future of Cheltenham Wetherspoon pub as building goes up for sale
Summary
A striking Regency property is on the market for £2.36 million in the heart of Cheltenham – and it’s home to one of the town’s two Wetherspoon pubs. The five-storey building, at 15-21 Clarence Street, is well-known to Cheltonians as the site of The Bank House pub, which has been open in the centre of Cheltenham since 2009. The site on the market comprises two buildings which were built around the 1830s.
Details
The three-storey section was originally home to a Cheltenham and Gloucester bank, which moved out in the 1850s. It was then combined with the adjoining building following the Second World War, and Wetherspoon acquired the premises in 2009, opening the chain’s second pub in Cheltenham. The pub is known as The Bank House, as a callback to the building’s history.
The Bank House was one of the 32 pubs put up for sale by the company in autumn 2022, but Wetherspoon acted to take it off the market months later to keep it as part of its chain. Last week a spokesperson for JD Wetherspoon confirmed the pub has a leasehold interest and will remain unaffected as and when the building is sold this time around.
The current lease is not due to expire until January 2036, suggesting it’s set to stay for at least a decade to come and potentially longer if the lease is extended. The freehold of the building itself is now available to purchase, with offers in excess of £2,360,000 being accepted.
Wetherspoon pays £157,000 a year in rent for their tenancy in the building – meaning the new owners of the building stand to make this additional income from the pub’s leasehold. The premises are arranged over a ground and first floor pub, with accommodation in the basement, second and third floors. The building has a total floor space of 13,778 sq ft (1,280 sq metres) spread out over five floors.
And the property’s extensive upper floors and central location within Cheltenham is expected to provide an attractive potential for future redevelopment, subject to the relevant planning permissions. Possible suggested conversions include residential, office, or even hotel space.
Agents Green & Partners state in the listing: “The property is well located in the centre of Cheltenham on Clarence Street with very close proximity to the main retail thoroughfares of Promenade and High Street. Nearby occupiers include Space NK, Wagamama, Waterstones, Oliver Bonus, Fat Face, Crew and Franco Manca.
“The property’s extensive upper floors and central location provide an attractive proposition for futurere development potential subject to vacant possession and the relevant planning permissions.
Report source: Gloucestershire Live