57 Parade, Leamington Spa, Warwickshire, CV32 4BA

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 property comprises a mid parade four storey property with a basement, ground floor retail

shop with ancillary accommodation to the remaining upper floors. There is potential future development of the upper floors, including conversion to residential use (subject to planning consent)

Accommodation

Basement - 865 sq ft
Ground Floor - 649 sq ft
First Floor (Retail) - 622 sq ft
Second Floor - 549 sq ft
Third Floor (Inc Landing) - 666 sq ft
Fourth Floor (Attic) - 287 sq ft
Total - 3,638 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 6.14% after the usual purchaser’s costs.

Tenancy

The property is currently let to Telefonica UK Limited ( trading as O2) on a renewed lease for a term expiring 20/7/2025 at a passing rent of £48,500 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

C Rating - 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.