TYPERetail - High Street, Other, Retail - High Street, Retail, Other Property Types & Opportunities
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON2nd October 2020
FOR SALE MIXED USE REDEVELOPMENT OPPORTUNITY IN RUGBY TOWN CENTRE
A two-storey retail parade located at the top of Railway Terrace within a short walk of Rugby Town Centre. Railway Terrace runs north to Rugby's mainline railway station and adjoins Church Street at the Town Centre end.
Rugby is an expanding market town situated close to the East/West Midlands border and strategically located for a number of major routes including the M1 motorway at Junction 18, the M6 motorway at Junction 1 and the A5. There is also quick and easy access to the A14 which leads to the east coast ports. Rugby is a bustling town with an increasing population currently in excess of 100,000 and sits within striking distance of Coventry to the west and Northamptonshire and Leicestershire to the east and north respectively. Rugby's main Central Shopping Centre is surrounded by the retail areas of the town and there are a number of major outlying industrial estates and a new retail park at Elliot's Field on the Leicester Road to the north of the town centre. Rugby town is also credited with being the birthplace of Rugby Football Union.
A rare mixed-use redevelopment opportunity in Rugby Town Centre. Existing layout is 5, 2 storey retail units currently let and producing an annual income of approximately £31,480. Full possession of the units is available as each of the tenants are currently holding over on their original fixed term leases. Please refer to the attached copy of the architectural drawings and the site plan for proposed development scheme.
The existing planning is for A1 Retail Use but these retail units now have outline planning consent for redevelopment into a mixed use scheme of 4 retail units to the ground floor and 4 large apartments over 2 storeys to the first and second floors as of December 2019. Plans Attached.
We are advised that all mains services are connected to the property.
We would advise interested parties to undertake their own enquiries as to the adequacy and availability of these services, which have not been tested or verified by Howkins and Harrison LLP.
The shops are currently variously rated for business rates purposes, but each retail unit assessed individually falls below the current small business rates relief threshold.
Strictly by prior appointment with sole agents Howkins and Harrison LLP on 01788 564 678. Please contact: