Vivian House, 21 Market Hill, Southam, CV47 0HF

Description



Mixed use fully occupied investment for sale.



Location



Market Hill is located at the heart of the market town of Southam, an ever growing and vibrant town in the heart of Warwickshire, situated approximately 8 miles east of Leamington Spa, 12 miles south west of Rugby, 15 miles south east of Coventry and within 25 miles of Birmingham International Airport and the NEC.

Southam has grown considerably in recent years with a number of significant residential developments being undertaken coupled with the expansion of the local business parks and other local amenities.

Market Hill is the prime retailing pitch within the town centre. There are excellent car parking provisions nearby and on street, excellent public transport with other amenities such as the local Library and Police Station being very close by. The location is occupied by a mixture of retail units, restaurants, pubs, fast food outlets and office space. The Dallas Burston Polo Grounds are also nearby.



Services



Mains electricity, gas, water and drainage are connected to the property.

Heating throughout the property is by way of three separate gas fired boilers.



Tenure



For sale freehold subject to occupational leases and Assured Shorthold Tenancy (AST).

There are currently two leases in place and one Assured Shorthold Tenancy agreement.

The basement is currently let to Inside I.T. Solutions Limited on an effective full repairing basis for a term of three years commencing 23.11.22 and ending 22.11.25. There are no future rent reviews or break clauses. The passing rent is currently £8,500 (exclusive) per annum.

The ground and first floors are currently let to the three partners of Southam Dental Care on an effective full repairing basis for a term of fifteen years commencing 15.12.17 and ending 14.12.32. There are no future break clauses. The lease contains annual RPI rent reviews. The passing rent is currently £16,173 (exclusive) per annum.

The second floor flat is currently let on an AST which will soon switch to a periodic tenancy. The passing rent is currently £8,100 (exclusive) per annum.

Total Annual Income: £32,774 (exclusive)



Planning



Class E (business) and C3 (residential)



Rent



Price
£415,000 (exclusive) for the freehold.

Reflecting a net initial yield of 7.57% based on purchaser's costs of 4.3%.



Rates



Rates and Council Tax
The rateable value for the current year is:
Basement: £6,100
Ground and First Floor: £14,250

Flat Council Tax Band B



Service Charge



A service charge is levied for provision of communal services as well as maintenance and upkeep of the communal and external areas of the building.



Legal Costs



Each party will be responsible for their own legal costs associated with the transaction.



EPC



Basement: E (107)
Ground and First Floor: TBA
Second Floor Flat: E (40)



Charming Grade II Listed Building



Fully Let and Income Producing



Dental Practice, Office and Residential



Popular Town Centre Location



Total Rental Income: £32,774 (exclusive) Per Annum



Net Initial Yield of 7.57% (Purchaser's Costs 4.3%)












( Agency Pilot Software ref: 621 )