59A Warwick Street, Leamington Spa, Warwickshire, CV32 5JR
Freehold Grade II Listed Retail Investment Property Let to a National Covenant in Leamington Spa
A Freehold Grade II Listed Retail Investment Property Let to a National Covenant Current Rental Income: £15,250
Property DescriptionThe 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).
LocationThe 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 speciality shopping.
Notable nearby occupiers include Café Nero, Esquires, Green King, Oliver Bonas, Oxfam, and Tesco.
Energy Performance RatingC.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe entire property is let to Timpson Limited for a term of 10 years from 1st March 2018, expiring 29th February 2028, with no break clauses. The passing rent is £15,250 per annum.
Tenant ProfileTimpson 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/
Value Added TaxWe understand VAT is applicable on this transaction and it is anticipated the sale will be treated as a TOGC. Further details will be available within the legal pack.
Auctioneer's Note1. A member of Bond Wolfe has a vested interest in the property.
2. Please note offers may be considered prior to the Auction Sale.
ViewingsExternal viewings only.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.