8 Parade, Leamington Spa, Warwickshire, CV32 4DW

Prominent retail investment opportunity in Leamington Spa

Guide price*

£295,000+

Plus fees

Sold prior to auction, for an undisclosed amount

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Lot 204 Commercial Investment
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Auction details:

Thursday 16th May 2024 @ 08:30AM

Prominent retail investment opportunity

Property Description

The subject property is a mid-parade, ground floor retail property with an approximate area of 1,085 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.

Accommodation

Ground floor retail - 1,085 sq.ft./100.79 sq.m.

Energy Performance Rating

See legal pack.

Tenure

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

Tenancy Details

The property is currently let to Sharps Bedroom Limited on a renewed 3 year lease from 30/07/2023, expiring 29/07/2026 at a passing rent of £25,000 per annum, subject to annual break clauses at 6 months prior notice.

Tenant profile - Sharps Bedrooms is a privately owned fitted bedroom and home office retailer and manufacturer. The company has 77 showrooms across the United Kingdom, with its factory and headquarters in Bilston, West Midlands

Value Added Tax

We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.

Auctioneer's Note

A director of Bond Wolfe has a vested interest in this property.
DISCLAIMER

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 include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

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 has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. 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.

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