55 Parade, Leamington Spa, Warwickshire, CV32 4BA

Prime Investment Opportunity with Asset Management Potential

Property details

Type Investment
Tenure Freehold, subject to the existing tenancy.
Price £750,000
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Features
  • Located in Prime Trading Position in Royal Leamington Spa
  • Freehold four storey property – 3,525 sq. ft. ( 327.60 sq m)
  • Fully let to Toni & Guy ( South) Ltd until 30/12/2027
  • Passing rent - £45,000 per annum
  • Offers based on £750,000 are sought. A purchase at this level represents a net initial yield of 5.69%
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:
Basement - 774 sq ft
Ground Floor - 713 sq ft
First Floor (Retail) - 588 sq ft
Second Floor - 559 sq ft
Third Floor (Inc Landing) - 593 sq ft
Fourth Floor (Attic) - 298 sq ft
Total - 3,525 sq ft
Price
Offers in the region of £750,000 are sought for the freehold interest. A purchase at this level reflects a net initial yield of 5.69% after the usual purchasers costs.
Tenancy
The property is currently let to Toni & Guy ( South Ltd) Limited on a five year lease from 31/12/2012, expiring 30/12/2027 at a passing rent of £45,000 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.