Unit 4c Lunn Poly House, Clarendon Avenue, Leamington Spa, Warwickshire, CV32 5PP

Description

The subject property is a mid-parade, ground floor retail property with an approximate area of 571 sq ft, as well as access to the rear service yard.

Location

Royal Leamington Spa is an affluent spa town in the county of Warwickshire. 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. 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, Monsoon/Accessorize, Joules, Mint Velvet and Hotel Chocolat. The local affluent population is well catered for by an excellent range of higher end retailers, including Jaeger, 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 and is anchored by Gap, Topman/Topshop and M&S. 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.

Accommodation

Ground floor retail: 571 sq ft/53.05 sq m

Tenure

Long Leasehold. A new 999 year lease from completion at a peppercorn ground rent.

Tenancy

The property is currently let to London Camera Exchange Limited on a renewed
five-year lease from 27/09/2022, expiring 26/09/2027 at a passing rent of £15,000 per annum. There is a break clause on 27/09/2025.

Tenant profile - The London Camera Exchange are a specialist supplier of new & secondhand cameras, lenses & photographic equipment. They have over 25 branches located across the UK and have been established for over 60 years.

Price

Offers in the region of £200,000 are sought. A purchase at this level would equate to a net initial yield of 7.33%, based on a passing rent of £15,000 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

The property has an EPC rating of B.

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.