34 The Parade, Leamington Spa, Warwickshire, CV32 4DN

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 (Junctions 13-15), providing rapid access to the Midlands Motorway Network. Leamington Spa additionally benefits from a high speed Chiltern Mainline Rail Services to Birmingham and London Marylebone. Birmingham International Airport is situated 19 miles north west of the town centre and provides national and international flights to over 150 destinations. The airport is accessible via the A452/A45 with a journey time of approximately 45 minutes or via a direct train service in 23 minutes. The property occupies a prime position along The Parade in the centre of Leamington Spa Town Centre, and nearby occupiers include Tesco, WH Smith, Boots and House of Fraser.

Description

The property comprises a prominent mid parade retail property trading as McDonald’s under their usual corporate fit out. There is access to the rear for deliveries via the service yard.

Accommodation

Total Area - 4,819 sq ft
Area ITZA - 920.96 sq ft

Price

£1,595,000 plus VAT is sought for the long leasehold interest. A purchase at this level reflects
net initial yield of 5.35%, allowing for usual purchaser’s costs of 6.14%.

Tenancy

The property is let in its entirety to McDonald’s Real Estate LLP on a 15 year lease from 24/06/2017 and expiring on 23/06/2032 at a passing rent of £90,500. There are no break clauses and a rent review on 24/06/2022, to open market value or a minimum of £80,000 pa.

VAT

The property is elected for VAT, although it is anticipated that the sale will be dealt with
by way of a TOGC.

EPC

Available upon request.

Legal Costs

Each party are 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.

Disclaimer

A director of Bond Wolfe has a vested interest in this property.