Retail/Bookmakers Investment, 27 High Street, Leamington Spa, CV31 1LN

Description

FINAL AND BEST OFFERS NO LATER THAN FRIDAY 17th DECEMBER 2021 AT 12 NOON

Freehold Retail/Bookmakers Investment with Ground Rent from Upper Floors

Location

27 High Street is a prominent and very busy location, situated in the centre of south Leamington Spa, predominantly comprising retail, restaurants and bars, and a short walk from town centre dwellings in addition to the town's railway station and other amenities. The site is identified on the attached location plan.

Services

It is believed that all mains services are connected to the building.

Tenure

The property is to be sold freehold subject to an expired occupational business lease to William Hill (Midlands) Limited.

The lease was originally for a term of twenty years commencing 3rd March 2000. The lease therefore expired on 2nd March 2020. The lease is protected by the Landlord and Tenant Act 1954. No Section 25 Notice has been served. The tenant is currently paying a rent of £XXX per annum.

The tenant is to maintain the demise in a good and substantial repair and condition. The demise comprises the ground floor shop and the flat roof over the single storey section. The tenant has positive covenants to decorate both the interior of the demise and the exterior.

Upper Floors
The upper floors are let to Servite Houses for a term of 99 years which commenced on 16th March 2000. The passing ground rent is currently £XXX per annum which increases by £XXX per annum every twenty years. The demise includes the separate front door to the upper floors and all upper floors. The tenant is responsible for maintaining and decorating the exterior of the upper floors and roof. The permitted use is as residential accommodation.


Planning

Ground floor Sui Generis as a Licenced Betting Office with the upper floors falling within Class C3.

Rent

Freehold Price
The freehold price is £XXX subject to contract and Title. The current rental income is £XXX per annum (exclusive) and due to increase at renewal.

VAT
VAT is not applicable.


Rates

The rateable value of the retail unit is £XXX

Legal Costs

Each party will be responsible for their own legal costs.

EPC

Not available

Retail/Sui Generis Investment Producing £XXX Per Annum

Excellent Rental Growth Prospects.


Outstanding Lease Renewal

Price: £XXX

Busy Town Centre Location

Ground Floor Let to William Hill with Lease Renewal Negotiations Pending

Fine Period Building




( Agency Pilot Software ref: 548 )