Description
Town centre retail investment with two upper floors and basement
Location
Warwick Street is one of Leamington Spa's principal retailing locations, hosting many interesting and noteworthy shops, restaurants and cafes. 90 Warwick Street is an attractive Regency building situated close to the north entrance of the Royal Priors shopping centre. Other notable retailers such as Berylune, Sarah Horne Flowers, Waterstones, and the popular Libertine Burger restaurant, are close by. Parking is available within the Chandos Street surface car park and The Royal Priors multi-storey car park, as well as on street.
Services
Mains electricity, water and drainage are connected to the property.
Tenure
For Sale (Freehold) subject to a an occupational lease, and subject to full repairing and insuring terms of the whole.
90 Warwick Street is currently let to SCOPE, a charity founded in 1957 and opening their first charity shop in 1970. The charity turned over in excess of £41,000,000 for the year ended March 2022. The building still held subject a ten year lease commencing on 25th March 2019 and expiring on 24th March 2029. The lease contains a tenant only break clause dated 24th March 2023.
The current passing rent is £21,000 per annum; however, from 25th March 2025 the rent can be reviewed and will become payable at £26,000 per annum as a minimum, deemed the current market rent.
Planning
Class E (Business) formerly A1 Retail
Rent
Price
£350,000 for the freehold interest, subject to the existing occupational lease.
VAT
We are advised that VAT is not applicable.
Rates
The rateable value for the current year is £20,000.
Legal Costs
Each party will be responsible for their own legal costs associated with the transaction.
EPC
TBA
TOWN CENTRE INVESTMENT FOR SALE
CURRENT RENTAL INCOME £21,000 PER ANNUM EXCLUSIVE WITH A MINIMUM INCREASE TO £26,000 PER ANNUM EXCLUSIVE IN MARCH 2025
FUTURE DEVELOPMENT POTENTIAL OF UPPER FLOORS (stpc)
ATTRACTIVE PERIOD BUILDING
BUSY TOWN CENTRE LOCATION
LET TO SCOPE CHARITY
LEASE EXPIRES MARCH 2029 ( Agency Pilot Software ref: 643 )
