53-57 Parade, Leamington Spa, Warwickshire, CV32 4BA

Description

The property comprises three, adjoining, Regency buildings, providing retail, ancillary and office accommodation, arranged over basement, ground and three upper floors. The attractive façade includes anthemion decoration, twelve Tuscan-style pilasters, large sash windows and a continuous balcony, projecting over Roman Doric-style porches. There is a service yard located to the rear of the property.

The property provides 10,228 sq. ft (950.2 sq. m) of accommodation (NIA). A precise floor area breakdown for the retail, ancillary and office accommodation can be found in the tenancy and accommodation schedule.

The property is Grade II listed and lies within the Leamington Spa Conservation Area.

The local planning authority is Warwick District Council.

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 southeast 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 northwest of the town, offering a wide variety of domestic and international flights.

Tenancy

Please see tenancy schedule outlined in the detailed brochure.

Price

Offers in the region of £2,100,000 are sought for the Freehold interest, subject to the existing tenancies.

Planning

The upper floors of the property, comprising office and ancillary retail accommodation, present a compelling conversion opportunity, subject to obtaining necessary consents.
Indicative floor plans for a proposed residential conversion scheme are available on request.

Additional Information

SITUATION -
The property is situated in the centre of Royal Leamington Spa’s prime pitch, proximate to the Royal Priors Shopping Centre’s entrance, via Parade. Retailers in the immediate vicinity include Marks & Spencer, White Stuff , McDonalds, and Vodafone.

RETAILING IN LEAMINGTON SPA -
Royal Leamington Spa offers an attractive retailing environment, boasting Regency architecture set along boulevard style streets. The town’s relatively tight prime pitch is situated on Parade, between Warwick Street and Regent Street, home to numerous national retailers, including H&M, The Body Shop, Mint Velvet and Hotel Chocolat. The local affluent population is well catered for by an excellent range of higher end retailers, including , Farrow & Ball, Space NK and Bang & Olufsen.
Royal Priors is the town’s dominant shopping centre, providing approximately 130,000 sq. ft of accommodation, accessed via Parade and Warwick Street. 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.

CATCHMENTS & DEMOGRAPHICS -
Royal Leamington Spa has an affluent local population of 50,923 persons ( 2021 census data).
Retail expenditure is boosted by the town’s large student population, comprising students at the University of Warwick and Coventry University. The catchment also benefits from tourists visiting The Royal Pump Rooms, the most famous of Royal Leamington Spa’s Victorian spa baths and now the Leamington Spa Art Gallery & Museum, whilst the nearby Warwick Castle is one of the UK’s top tourist attractions.
Royal Leamington Spa is currently ranked as the fifth happiest place to live in the UK, according to Rightmove’s most recent ‘Happy at Home Index’. The survey rates locations according to twelve factors including community spirit, safety and local amenities, with Royal Leamington Spa scoring particularly highly for the friendliness of locals and access to nature and green space.

VAT

We are advised that VAT is applicable to the purchase price, although the sale is likely to be treated as 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.