10 Parade, Leamington Spa, Warwickshire, CV32 4DW

Prominent retail investment opportunity

Property details

Type Investment, Retail
Tenure Long Leasehold. A new 999 year lease from completion at a peppercorn ground rent.
Price Offers in the region of £295,000
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Features
  • Prominent retail investment opportunity
  • Royal Leamington Spa is an affluent spa town, with attractive Regency architecture
  • Located in Prime Trading Position close to Tesco, Greggs and Poundland
  • Currently let to Leaders Limited on a 10-year lease, expiring 04/07/2028
  • Passing rent - £25,000 per annum
  • Offers in the region of £295,000 are sought. A purchase at this level represents a net initial yield of 8.21%
Location
Royal Leamington Spa is an affluent spa town in the county of Warwickshire. The town is located approximately 3 miles east of Warwick, 10 miles south of Coventry and 20 miles south east of Birmingham. Royal Leamington Spa benefits from excellent road communications with direct access to the M40 (Junctions 13, 14 and 15). The M6, to the north (Junction 3) and the M1, to the east (Junctions 16 and 17), are also within easy reach. The town’s National Rail station provides direct services to Oxford (35 minutes), Birmingham (Moor Street, New Street, Snow Hill and International stations: 35 minutes, or less) and London (Marylebone and Euston: 1 hour and 20 minutes). Birmingham Airport is located approximately 16 miles north west of the town, offering a wide variety of domestic and international flights. Retailing in Leamington Spa Royal Priors is the town’s dominant shopping centre, providing approximately 130,000 sq ft of accommodation, accessed via Parade and Warwick Street and is anchored by Topman/Topshop and M&S. Regent Court, situated south of Royal Priors, is a smaller, open air scheme, with a strong dining quarter and representation from numerous national chains, including Côte Brasserie, Gourmet Burger Kitchen, Las Iguanas, and Wagamama.
Description

The subject property is a mid-parade, ground floor retail property with an approximate area of 1,154 sq ft.

Accommodation
Ground floor retail - 1,154 sq ft/107.21 sq m
Price
Offers in the region of £295,000 are sought. A purchase at this level would equate to a net initial yield of 8.21%, based on a passing rent of £25,000 per annum.
Tenancy
The property is currently let to Leaders Limited on a ten-year lease from 05/07/2018, expiring 04/07/2028 at a passing rent of £25,000 per annum. There is a break clause and rent review on 05/07/2023.

Tenant profile
Leaders, founded in 1983, are one of the UK’s largest independent residential property groups with over 128 branches specialising in lettings, sales and buy-to-let investments
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.