FOR SALE FREEHOLD. 38 / 40 / 40a WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS

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Abel Newman
5 years ago
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FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN

CV32 5JS An ideal private pension fund acquisition opportunity located on a

investment property. Total Net Rental Income 157,050 pa.

1 FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN LEAMINGTON SPA 38 / 40 / 40a WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS An ideal private pension fund acquisition opportunity located on a prominent town centre corner site comprising a mixed leisure, retail and office investment property. Total Net Rental Income 157,050 pa. Purchase Price Offers based on 2M subject to contract. Which shows a net initial yield of 7.42% after usual purchase costs of 5.85%.

FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN LEAMINGTON SPA 38 / 40 / 40a WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS INVESTMENT SUMMARY Well

2 FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN LEAMINGTON SPA 38 / 40 / 40a WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS INVESTMENT SUMMARY Well located corner block of property comprising refurbished period building and new build (2000) commercial premises with residential above (the residential has been sold off on long leases producing ground rental income). Commercial Leases on full repairing and insuring terms. Leases secured on basement wine bar, ground floor bar / restaurant, two lock up shops and self contained first / second floor office accommodation. LOCATION Royal Leamington Spa is a prosperous town in south Warwickshire, very well located being approximately 18 miles south east of Central Birmingham and 30 minutes from Birmingham International Airport. The town is in close proximity to the M40 corridor, providing rapid access to the Midlands Motorway Network. Leamington Spa additionally benefits from the recently completed high speed Chiltern Mainline Rail Services, to Birmingham and London Marylebone, the latter being only 1 hour 10 minutes travel time. Leamington is well regarded as a major retail centre, benefitting from a strong reputation of quality independent and family retailers, who provide a wide variety of specialised quality merchandise. Together with established High Street stores & restaurants, on the Parade, in the Royal Priors Shopping Centre and Regent Court Retail Centre. The property occupies a prominent site on the corner of Warwick Street and Windsor Street, approximately 100 metres west of Parade, the town s principle shopping thoroughfare. Occupiers close by include The Duke and Copperpot public houses, Yorkshire Bank, Next, Co-Operative Retail. There is ample time limited on street car parking near the vicinity as well as Covent Garden surface and multi storey car park approximately 75 m to the north. THE PROPERTY The property comprises a refurbished brick and rendered period building comprising two lock up shop units on the ground floor, long established basement wine bar and two floors of offices above the ground floor accessed from Warwick Street. Attached to this is a new build structure built in 2000 comprising a ground floor bar / restaurant with separate self-contained upper floor residential properties sold off on long leasehold interests with secured ground rental income ACCOMMODATION The floor area comprises as follows: Basement wine bar 1,798 sq ft ( sqm) First and Second Floor Offices 1,386 sq ft ( sqm) Ground Floor bar / restaurant 6,142 sq ft ( sq m) Ground Floor Shop two (40) 966 sq ft ( sq m) Ground Floor Shop one (40a) 363 sq ft ( sq m)

3 FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN LEAMINGTON SPA 40 WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS SCHEDULE OF TENANCIES Basement Wine Bar trading as Saint Bar let to Jay Burton, lease commencement 1 st October 2015 for a 10 year term at an initial rental of 35,000 pa, subject to rent review at 1 st October Mr Burton has run Saint Bar successfully for a period of circa. 10 years. Ground Floor Shop. Michael Frank Brough trading as Leamington Hearing Centre, 10 year lease from the 24 th June 2014, current rental 11,500 pa, subject to rent review at 24 th June 2017 and with the tenant break option at the 24 th June Car Parking space 40 Warwick Street let to Michael Frank Brough on a lease from the 1 st June 2013 at a passing rental of 750. Shop 2 40 Warwick Street let to Crowntree Investments Limited t/a Royal Regent for a 5 year term from 16 th June 2015 at 11,000 pa with rental increases phased at 12,000 in year 3, 12,500 in year 4 and 13,000 in year 5. Ground floor 38 Warwick Street and 1 3 Windsor Street let to Slug & Lettuce Co Ltd guaranteed by Bay Restaurant Holding Ltd (the parent company for these businesses is Stonegate Pub Company) for a 35 year term from the 29 th April 2002 at a current rental of 83,350 pa, subject to rent review on the 29 th April 2017 and thereafter at five yearly intervals, tenant break at the 29 th April The tenant has underlet the premises to Gastro Inns Ltd. First and Second Floor, 40 Warwick Street let to Oxfam on a lease from the 8 th February 2011 for 10 years subject to rent review on 8 th February 2016 with a tenant s only break on the 8 th February 2017 on 6 months notice. Current rental 9,450 per annum. Residential ground rent 21 residential tenants on ground leases producing 6,000 per annum. Total net rental 157,050 per annum. Further information in respect of tenant covenant is available on application.

4 FOR SALE FREEHOLD IDEAL PRIVATE PENSION FUND ACQUISITION OPPORTUNITY LOCATED IN LEAMINGTON SPA 38 / 40 / 40a WARWICK STREET AND 1 3 WINDSOR STREET LEAMINGTON SPA, CV32 5JS TENURE The property is held freehold. PLANNING Please note the buildings are not Listed but they are located within the Leamington Spa Conservation Area. RATING ASSESSMENT The property is assessed for rating purposes as follows:- RV Basement, 40 Warwick Street Saint Bar 35,000 Shop 1, 40 Warwick Street 12,750 Shop2, 40 Warwick Street 7,700 First Floor Offices 13,000 Second Floor Offices 4,450 Ground Floor bar / restaurant 70,000 SERVICE CHARGE A full recovery service charge is operated in respect of structural and external repairs and decorations. VAT VAT has been elected and is payable on the rent and will therefore be payable on the purchase price. PURCHASE PRICE Offers based on 2,000,000 subject to contract. VIEWING / FURTHER INFORMATION Through the sole selling agent; Bill Wareing FRICS, Wareing & Company . bill.wareing@wareingandcompany.co.uk Misrepresentations Act Unfair Contract Terms The Property Misdescriptions Act These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty in relation to the property.

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