53 & 53A Parade, Leamington Spa, Warwickshire, CV32 4BA

Prime Investment Opportunity with Asset Management Potential

Property details

Type Investment
Tenure Freehold, subject to the existing tenancies.
Price £950,000
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Features
  • Prominent Mixed use Investment Opportunity
  • Located in Prime Trading Position in Royal Leamington Spa
  • Ground Floor Vacant Shop - 1,031 sq ft
  • Upper Floors Part Let Producing £22,000 per annum
  • Total passing rent - £62,000 per annum
  • Scope for Future Residential Conversion of Upper Floors (STP)
  • Freehold - Offers Based on £950,000, equating to an NIY of 6.17%
Location
Royal Leamington Spa is an affluent spa town in the county of Warwickshire, originally renowned for the medicinal properties of its water. 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.
Description

The subject property is a mid-parade, four story mixed retail/office property with an

approximate combined area of 3,065 sq ft ( 284.85 sq m)

Accommodation
The accommodation comprises the following approximate areas:
Ground Floor Retail - 1,031 sq ft
First Floor - 2,034 sq ft
Total - 3,065 sq ft
Price
Offers in the region of £950,000 are sought for the freehold interest. A purchase at this level
represents a net initial yield of 6.17%, after usual purchasers costs.
Tenancy
The ground floor is currently vacant and the vendor will provide a 12 month rent top up of £40,000 upon completion.

The upper floors are let to Bladeroom Group Ltd for a term of 10 years, expiring 3/12/2030, at a passing rent of £22,000 per annum.

The total rent is £62,000 per annum.
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.
Disclaimer
A director of Bond Wolfe has a vested interest in this property.