59A Warwick Street, Leamington Spa, Warwickshire, CV32 5JR

Freehold Town Centre Retail Investment Opportunity

Property details

Type Investment
Tenure Freehold – Subject to the existing tenancy.
Price Offers in the region of £210,000 plus VAT
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Features
  • Prominent Retail Investment Opportunity
  • Royal Leamington Spa is an affluent Spa town, with attractive Regency architecture
  • Located in Prime Trading Position close to Café Nero, Oxfam & Tesco
  • Currently let to Timpson Limited until 29/02/2028
  • Passing rent - £15,250 per annum
  • Offers in the region of £210,000 are sought. A purchase at this level represents a net initial yield of 7.09%
Description

The property comprises a Freehold two story grade II listed property affording ground floor retail accommodation with ancillary areas above. The property extends to 393 sq. ft. (36.52 sq m) with an ITZA area of 290 sq. ft.

Location
The property is situated on the popular retailing pitch of Warwick Street, right in the heart of Leamington Spa town centre and a short distance from The Parade (the town’s primary retailing pitch). Royal Leamington Spa is an attractive and affluent Spa town located in the heart of Warwickshire, approximately 2 miles east of Warwick, 8 miles South of Coventry and 18 miles southeast of Birmingham. The town provides an attractive retail environment, comprising Regency and Victorian architecture set along wide, boulevard style streets. The town boasts a wide range of major national retailers as well as high end boutique style retailers and strong independent provision for both fashion and specialty shopping. Notable nearby occupiers include Café Nero, Esquires, Green King, Oliver Bonas, Oxfam, and Tesco.
Tenure
Freehold – Subject to the existing tenancy.
Tenancy
The entire property is let to Timpson Limited for a term of 10 years from 1/3/2018, expiring 29/2/2028, with no break clauses. The passing rent is £15,250 per annum.

TENANT PROFILE
Timpson has been established since 1865 and is the UK’s leading retail service provider employing over 5,600 people, with 2,000 owned stores and 119 "Snappy Snaps" franchises throughout the UK and Ireland. For the year ending 1st October 2022 Timpson Limited reported a turnover of £182,927,000, a pre-tax profit of £24,723,000, shareholders’ funds and a net worth of £118,642,000 (Source: Experian 13.10.2023). Website: https://www.timpson.co.uk/)
Business Rates
The property has a Rateable value of £10,500.
Additional Information
Price -
Offers in the region of £210,000 are sought. A purchase at this level would equate to a net initial yield of 7.09%, based on a passing rent of £15,250 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.